GUANGDONG ELECTRIC POWER DEVELOPMENT CO. LTD.The Semi-annual Report 2026

August 2026

1I. Important Notice Table of Contents and Definitions

The Board of Directors Directors 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.Zheng Yunpeng The Company leader Mr. Liu Wei Chief financial officer and the Mr.Meng Fei the

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

authenticity and completeness of the financial report enclosed in this semi-annual report.Directors other than the following ones have attended the Board meeting to review the Summary- annual report.Name of absent director Position of absent director Reason Name of proxy

Li Baobing Director Due to circumstances Zheng Yunpeng

He Ruxin Director Due to circumstances Zheng Yunpeng

The main business of the company is the investment construction and operation management of power

projects and new energy projects. For the risks and countermeasures that the company may face in its future

development Refer to Section 10 of Chapter III of this annual report-situation faced and countermeasures for

relevant information.The Company Will not distribute cash dividend or bonus shares neither capitalizing of common reserves.

2Table of Contents

I.Important Notice Table of contents and Definitions

II. Company Profile & Financial Highlights.III. Management Discussion & Analysis

IV. Corporate Governance Environmental and Social Responsibility

V. Important Events

VI. Change of share capital and shareholding of Principal Shareholders

VII. Corporate Bond

VIII. Financial Report

3Documents available for inspection

1.Financial statements bearing the seal and signature of legal representative financial controller and the

person in charge of the accounting organ;

2.All original copies of official documents and notices which were disclosed in China Securities Journal

Securities Times Shanghai Securities News Securities Daily and Hong Kong Commercial Daily (Both English

and Chinese version);

3.Chinese version of the semi-annual report.

The documents mentioned above are kept in office and are ready for reference at any time (except public

holidays Saturday and Sunday).

4Definition

Terms to be defined Refers to Definition

Zhuhai Yuefeng Zhuke Refers to Zhuhai Yuefeng Zhuke New Energy Co. Ltd.Dongguan Ningzhou Energy Investment Partnership

Dongguan Ningzhou Refers to（LP）

Guangdong Beibuwan Offshore Wind Power

BeibuwanOffshore Wind Power Refers to

Development Co. Ltd.Yudean Testing Refers to Guangdong Yudean Testing Co. Ltd.Yudean Linghang Refers to Guangdong Yudean Linghang Electric Power Co. Ltd.Yudean Turpan New Energy Power Generation Co.Turpan New Energy Refers to

Ltd.Inner Mongolia Power Grid Company Refers to Inner Mongolia Electric Power（Group）Co. Ltd.Huaihua Ruisi New Energy Refers to Huaihua Ruisi New Energy Partnership（LP）

Zhanglang New Energy Refers to Gansu Zhuanglang New Energy Co. Ltd.Qiyang New Energy Refers to Qiyang Yudean New Energy Co.Ltd.Jinhui New Energy Refers to Zhuhai Jinhuiwan Yuefeng New Energy Co. Ltd.Guangdong Energy Maoming Thermal Power Plant

Maoming Thermal Power Plant Refers to

Co. Ltd.Jinghai Power Generation Refers to Guangdong Yudean Jinghai Power Generation Co.Ltd.Guangdong Yudean Zhanjiang WindPower Generation

Zhanjiang Wind Power Refers to

Co. Ltd.Guangdong Yudean Technology Engineering

Technology Engineering Company Refers to

Management Co. Ltd.Humen Power Generation Refers to Guangdong Yudean Humen Power Generation Co. Ltd.Bohe Energy Refers to Guangdong YudeanBohe Energy Co.Ltd.Guangdong Yudean Xuwen Wind Power Generation

Xuwen Wind Power Refers to

Co. Ltd.Guangdong Yudean Huadu Natural Gas Thermal Power

Huadu Natural Gas Refers to

Co. Ltd.Dapu Power Generation Refers to Guangdong YudeanDapu Power Generation Co. Ltd.Guangdong YudeanLeizhou Wind Power Generation

Leizhou Wind Power Refers to

Co. ltd.Dianbai Wind Power Refers to Guangdong Yudean Dianbai Wind Power Co. Ltd.Zhanjiang Electric Power Refers to Zhanjiang Electric Power Co. Ltd.Yuejia Electric Power Refers to Guangdong Yuejia Electric Power Co. Ltd.Guangdong Yudean Shaoguan Power Generation Co.Shaoguan Power Generation Plant Refers to

Ltd.Zhongyue Energy Refers to Zhanjiang Zhongyue Energy Co. Ltd.Electric Power Sales Company Refers to Guangdong Yudean Electric Power Sales Co. Ltd.Guangdong Yudean Qujie Wind Power Generation Co.Qujie Wind Power Refers to

Ltd.Guangdong Yudean Yangjiang Offshore Wind Power

Yangjiang Wind Power Refers to

Co. Ltd.Lincang Energy Refers to Lincang Yudean Energy Co. Ltd.Guangqian Electric Power Refers to Shenzhen Guangqian Electric Power Co. Ltd.Huizhou Natural Gas Refers to Guangdong Huizhou Natural Gas Power Co. Ltd.Pinghai Power Plant Refers to Guangdong Huizhou Pinghai Power Co. Ltd.Shibeishan Wind Power Refers to Guangdong Yudean Shibeishan Wind Power

5Development Co. Ltd.

Red Bay Power Generation Refers to Guangdong Red Bay Power Generation Co. Ltd.Wind Power Company Refers to Guangdong Wind Power Generation Co. Ltd.Tongdao Wind Power Company Refers to TongdaoYuexin Wind Power Generation Co. Ltd.YudeanPingyuan Refers to Guangdong YudeanPingyuan Wind Power Co. Ltd.Heping Wind Power Refers to Guangdong Yudean Heping Wind Power Co. Ltd.Huilai Wind Power Refers to Huilai Wind Power Generation Co.Ltd.Guangdong Yuejiang Hongrui Electric Technology

Hongrui Technology Refers to

Development Co. Ltd.Guangdong YudeanYongan Natural Gas Thermal Power

Yongan Natural Gas Refers to

Co. Ltd.Xupu Yuefeng Refers to Hunan Xupu Yuefeng New Energy Co. Ltd.WuxuanYuefeng Refers to Guangxi WuxuanYuefeng New Energy Co. Ltd.Pingdian Integrated Refers to Huizhou Pingdian Integrated Energy Co. Ltd.Guangdong Yudean Zhuhai Offshore Wind Power Co.Zhuhai Wind Power Refers to

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

Ltd.Qiming Company Refers to Guangdong Yudean Qiming Energy Co. Ltd.Shenzhen Huaguoquan Electric Industry Service Co.Huaguoquan Company Refers to

Ltd.Nanxiong New Energy Refers to ShaoguanNanxiongYuefeng New Energy Co. Ltd.Guangdong Yudean Dananhai Intelligence Energy Co.Dananhai Company Refers to

Ltd.Guangdong Energy Qingzhou offshore wind power Co.Qingzhou offshore wind power Refers to

Ltd.Wanhaowei New Energy Refers to Zhanjiang Wanhaowei New Energy Co.Ltd.Wanchuang Hengwei New Energy Refers to Zhanjiang Wanchuang Hengwei New Energy Co. Ltd.Nanhua New Energy Refers to Guangdong GuangyeNanhua New Energy Co. Ltd.Datang New Energy Refers to Guangdong Yueneng Datang New Energy Co. Ltd.Yueneng Wind Power Refers to Guangdong Yueneng Wind Power Co. Ltd.Tumu Thermal Power Refers to TumushukeThermal Power Co.Ltd.Guangdong Shajiao( plant C) Power Generation Co.Sha C Company Refers to

Ltd.Guanghe Electric Power Refers to Guangdong Guanghe Electric Power Co. Ltd.Biomass Power Generation Refers to Guangdong Biomass Power Generation Co. Ltd

Xinhui Power Generation Refers to Guangdong YudeanXinhui Power Generation Co.Ltd.Yunhe Power Generation Refers to Guangdong YudeanYunhe Power Generation Co. Ltd.Yundian Energy Refers to YunfuYundian Energy Co. Ltd.Yuehua Power Generation Refers to Guangdong Yuehua Power Generation Co. Ltd.Guangdong Yudean Yuehua Comprehensive energy Co.Yuehua Comprehensive energy Refers to

Ltd.Huangpu Power Engineering Refers to Guangzhou Huangpu Power Engineering Co. Ltd.Bijie New Energy Refers to Guangdong Yudean Bijie New Energy Co. Ltd.Shangyang Energy Refers to Zhanjiang Shangyang Energy Technology Co. Ltd.Guidian Energy Refers to Zhanjiang Potou Guidian Energy Technology Co.Ltd.Shunfeng New Energy Refers to Xihua Shunfeng New Energy Co. Ltd.Jindian New Energy Refers to Wuzhi Jindian New Energy Technology Co. Ltd.

6Lianjiang New Energy Refers to Lianjiang Yuefeng New Energy Co. Ltd.

LuodingYuefeng Refers to Yunfu Luoding Yuefeng New Energy Co. Ltd.Zhaocheng Yuefeng Refers to Linfen Zhaocheng Yuefeng New Energy Co. Ltd.Wuhua New Energy Refers to Meizhou Wuhua Yuefeng New Energy Co. Ltd.Yingyang New Energy Refers to Laishui Yangyang New Energy Technology Co. Ltd.Lineng New Energy Co. Ltd. Refers to LaishuiLineng New Energy Technology Co. Ltd.Longmen New Energy Refers to Huizhou LongmengYuefeng New Energy Co.Ltd.Inner Mongolia New Energy Refers to Inner Mongolia Yuefeng New Energy Co. Ltd.Zhuhai New Energy Refers to Zhuhai Yuefeng New Energy Co. Ltd.Dunan New Energy Refers to DachengDunan New Energy Co. Ltd.Gaotang New Energy Refers to GaotangShihui New Energy Co. Ltd.Shaoguan New Energy Refers to Guangdong ShaoguanYuedianli New Energy Co. Ltd.Hanhai New Energy Refers to Tumushuke Yudean Hanhai New Energy Co. ltd.Jinxiu Energy Refers to Yudean Jinxiu Energy Co. Ltd.Senhong Energy Refers to Nanjing Senhong New Energy Co. Ltd.Muhong New Energy Refers to Jinchang Muhong New Energy Co. Ltd.Senhai New Energy Refers to Nanjing Senhai New Energy Co. Ltd.Mujing New Energy Refers to JinchangJieyuan Mujing New Energy Co. Ltd.Huibo New Energy Refers to Guangdong Yudean Huibo New Energy Co. Ltd.Dongrun Zhongneng Refers to Taishan Dongrun Zhongneng New Energy Co. Ltd.Dongrun Qingneng New Energy Refers to Taishan Dongrun Qingneng New Energy Co. Ltd.Runze ieyuan New Energy Refers to Taishan RunzeJieyuan New Energy Co. Ltd.Guangdong Yudean Maoming Natural gas Thermal

Maoming Natural Gas Refers to

Power Co. Ltd

Xingyue New Energy Refers to Meizhou Xingyue New Energy Co. Ltd.Huixin Thermal Power Refers to Guangdong Yudean Huixin Thermal Power Co. Ltd.Shache Energy Refers to Yudean Shache Comprehensive Energy Co. Ltd.Xinguangyao New Energy Refers to Laixi Xinguangyao New Energy Technology Co. Ltd.Telian New Energy Refers to LaixiTelian New Energy Technology Co. Ltd.Lianyao New Energy Refers to PingduLianyao New Energy Technology Co.Ltd.Jiu Zhou New Energy Refers to Jiuzhou New Energy（Zhaoqing）Co. Ltd.XiangtangXiangdianChangshan Wind Power Generation

Changshan Wind Power Refers to

Co. Ltd.Luoding New Energy Refers to YunfuLuodingYudean New Energy Co. Ltd.Zhuhai Yudean New Energy Refers to Zhuhai Yudean New Energy Co. Ltd.Tumushuke Changhe Refers to Tumushuke Yudean Changhe New Energy Co. Ltd.Zhenneng New Energy Refers to YunfuYudean New Energy Co. Ltd.Zhonggong Energy Refers to Zhonggongt Energy Technology（Maoming）Co. Ltd.Yahua New Energy Refers to Yahua New Energy Technology （Gaozhou）Co. Ltd.Xinniang Company Refers to Guangdong Energy Group Xinjiang Company

Xinjiang comprehensive energy Refers to Yudean Xinjiang comprehensive energy Co. Ltd.Gaozhou New Energy Refers to GaozhouYudean Intelligence New Energy Co. Ltd.XintianYuefeng Refers to XintianYuefeng New Energy Co. Ltd.Lanshan Yuefeng Refers to Lanshan Yuefeng New Energy Co. LTD.Lianjiang Hangneng Refers to Lianjiang Hangneng New Energy Co. Ltd.Herun New Energy Refers to Woyang Herun New Energy Technology Co. Ltd.

7.

Guangxi Hangneng Refers to Guangxi Hangneng New Energy Co. Ltd.Jincheng Yuefeng Refers to Jincheng Yuefeng New Energy Co. Ltd.BaiyinYuefeng Refers to Baiyin Yuefeng New Energy Co. Ltd.Yunan Yuexin Company Refers to Yunfu Yunan Yuexin Power Generation Co. Ltd.Yuncheng WanquanYuefeng Refers to Yuncheng WanquanYuefeng New Energy Co. Ltd.GuangnengTuokexun New Energy Power Generation

Tokexun Energy Refers to

Co. Ltd.Yehai Yuefeng Refers to Lingao Yehai Yuefeng New Energy Co. Ltd.Zhuhai Yuefeng Huafa Refers to Zhuhai Yuefeng Huafa New Energy Co. Ltd.Zhanjiang Yuefeng Baoxin Refers to Zhanjiang Yuefeng Baoxin Energy Co. ltd.Zhuhai Yuefeng Seas Refers to Zhuhai Yuefeng Seas Meadow Co. Ltd.Shantou Yuefeng New Energy Investment Partnership

Shantou Yuefeng New Energy Refers to（LP）

Ruisi New Energy Refers to Guangzhou Yuefeng Ruisi New Energy Co. Ltd.XiangzhouYunjiang Refers to Xiangzhou Yunjiang New Energy Co. Ltd.XiangzhouHangjing Refers to Xiangzhou Hangjing New Energy Co. Ltd.Qinglong Manchu Autonomous County Jianhao

Qinglong Manchu photovoltaic Refers to

Photovoltaic Technology Co. Ltd.Karamay integrated energy Refers to Guangneng Karamay integrated energy Co. Ltd.Hainan Longyue Refers to Hainan Longyue New Energy Co. Ltd.Zhongshan Energy Service Refers to Guangdong Energy Zhongshan Energy Service Co.Ltd.Yudean New Energy Development Refers to Guangdong Yudean New Energy Development Co. Ltd.ChangleYuefeng Refers to Yuncheng Changle Yuefeng New Energy Co. Ltd.Industry Fuel Refers to Guangdong Electric Industry Fuel Co. Ltd.Taishan Company Refers to Guoneng Yudean Taishan Power Generation Co. Ltd.Guangdong Energy Finance Company Refers to Guangdong Energy Group Finance Co. Ltd.Yudean Shipping Company Refers to Guangdong Yudean Shipping Co. Ltd.Shanxi Energy Company Refers to Shanxi Yudean Energy Co. Ltd.Guangdong Energy Property Insurance Captive Co.Guangdong Energy Insurance Captive Company Refers to

Ltd.Weixin Energy Co. Ltd. Refers to Yunnan Yuntou Weixin Energy Co. Ltd.Energy Financial Leasing Company Refers to Guangdong Energy Financial Leasing Co. Ltd.Yueqian Electric Power Refers to Guizhou Yueqian Electric Power Co. Ltd.Yueqian Electric Power Refers to Guizhou Yueqian Electric Power Co. Ltd.Jiangkeng Hydropower station Refers to Yangshan Jiangkeng Hydropower station

Zhonghang Shenxin Refers to Zhonghang Shenxin Wind Power Co. Ltd.Yuexin Energy Refers to Zhanjiang Yuexin Energy Technology Co. Ltd.Southern Offshore wind power Union Development Co.Southern Offshore wind power Refers to

Ltd.Sunshine Insurance Refers to Sunshine Insurance Group Co. Ltd.Shenzhen Capital Refers to Shenzhen Capital Group Co. Ltd.GMGITC 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.Yunfu B Power Plant Refers to Yunfu Power Plant (B Plant) Co. Ltd.Shantou Huaneng Wind Power Refers to Huaneng Shantou Wind Power Co. Ltd.

8Guangdong Energy Group Refers to Guangdong Energy Group Co. Ltd.

Zhuhai Special Economic Zone Guangzhu Power

Guangzhu Power Generation Refers to

Generation Co. Ltd.Guangdong Yudean Environmental Protection Materials

Yudean Environmental Protection Materials Refers to

Co. Ltd

Tianxin Insurance Refers to Shenzhen Tianxin Insurance Brokers Co. Ltd.JieyangYudean Shipping Refers to Jieyang Yudean Shipping Service Co. Ltd.Shanwei Yudean Shipping Refers to Shanwei Yudean Shipping Service Co. ltd.Guangdong Zhuhai Gaolan Port Environmental

Gaolan Port Environmental Protection Refers to

Protection Technology Co. Ltd.Menghua New Energy Refers to Inner Mongolia Yudean Menghua New Energy Co. Ltd.Baiyun Ebo Refers to Baiyuan Ebo Yuemeng New Energy Co. Ltd.ShaoguanQujiang Refers to Shaoguan QujiangYudean New Energy Co. Ltd.Zhuhai Jinwan Refers to Guangdong Zhuhai Jinwan Power Generation Co. Ltd.Guangdong Yudean Zhongshan Thermal Power Plant

Yudean Zhongshan Thermal Power Plant Refers to

Co. Ltd.Yudean Real Estate Investment Refers to Guangdong Yudean Real Estate Investment Co. Ltd.Yudean Shipping Refers to Guangdong Yudean Shipping Co. Ltd.Yudean Information Technology Refers to Guangdong Yudean Information Technology Co. Ltd.Guangdong Yudean Xinfengjiang Power Generation

YudeanXinfengjiang Refers to

Co. Ltd.Yudean Property Management Refers to Guangdong Yudean Property Management Co. Ltd.Yudean Environmental Protection Refers to Guangdong Yudean Environmental Protection Co. Ltd.Yudean Shipping Refers to Guangdong Yudean Shipping Co. Ltd.Yangjiang Port Affairs Refers to Guangdong Yangjiang Port Affairs Co. Ltd.Yuelong Power Generation Refers to Guangdong Yuelong Power Generation Co. Ltd.Guangdong Energy Group Zhuhai Power Generation

Energy Group Zhuhai Power Plant Refers to

Plant

ShaJiao C Power Plant of Guangdong Energy Group

ShaJiao C Power Plant of Energy Group Refers to

Co. Ltd.Shaoguan Port Refers to Guangdong Shaoguan Port Co. Ltd.Natural Gas of Energy Group Refers to Guangdong Energy Group Natural Gas Co. Ltd

Guangdong Energy Group Scientific Research Institute

Scientific Research Institute of Energy Group Refers to

Co. Ltd.Guangdong Energy Group Huizhou Natural Gas

Huizhou Natural Gas of Energy Group Refers to

Development Co. Ltd.Guangdong Energy Group (Yunfu) Energy Storage

(Yunfu) Energy Storage of Energy Group Refers to

Power Generation Co. Ltd.Huizhou Liquefied Natural Gas Refers to Guangdong Huizhou Liquefied Natural Gas Co. Ltd.Dongguan Mingyuan Hotel Refers to Dongguan Mingyuan Hotel Co. Ltd

Guangdong Energy Enterprise Service Refers to Guangdong Energy Group Enterprise Service Co. Ltd.

9II. Company Profile & Financial Highlights.

I. Company Profile

Stock abbreviation Yue Dian Li A Yue Dian Li B Stock code： 000539.SZ200539.SZ

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粤电力

Company Name in Chinese(

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

English abbreviation (If any) GED

Legal Representative Zheng Yunpeng

Ⅱ. Contact person and contact manner

Board secretary Securities affairs Representative

Name Qin Xiao Hang Xiaowen

35F South Tower Yudean Plaza No.2 35F South Tower Yudean Plaza No.2

Contact address Tianhe Road East Tianhe Road East

GuangzhouGuangdong Province GuangzhouGuangdong Province

Tel (020)87570251 (020)87570251

Fax (020)85138084 (020)85138084

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

III. Other info.

1. Way of contact

Whether registrations address offices address and codes as well as website and email of the Company changed in

reporting period or not

□ Applicable √ Not applicable

Registrations address offices address and codes as well as website and email of the Company has no change

in reporting period found more details in Annual report 2025.

2. Information inquiry

Whether information disclosure and preparation place changed in reporting period or not

□ Applicable √ Not applicable

None of the official presses website and place of enquiry has been changed in the semi report period. found

more details in Annual report 2025.

3. Other relevant information

Did any change occur to other relevant information during the reporting period

□ Applicable √ Not applicable

IV. Summary of Accounting data and Financial index

Whether it has retroactive adjustment or re-statement on previous accounting data

□Yes √No

Reporting period Same period of last year Changes of this period over

10same period of Last year(%)

Operating income（Yuan） 26333085624 23141441943 13.79%

Net profit attributable to the

shareholders of the listed -545781406 32474158 -1780.66%

company（Yuan）

Net profit after deducting of

non-recurring gain/loss

attributable to the -641232514 -21871771 -2831.78%

shareholders of listed

company（Yuan）

Cash flow generated by

business operation net 5959027610 4356121598 36.80%（Yuan）

Basic earning per

-0.1040.0062-1780.66%

share(Yuan/Share)

Diluted gains per

-0.1040.0062-1780.66%

share(Yuan/Share)

Weighted average ROE(%) -2.36% 0.14% -2.50%

As at the end of the reporting Changed over last year

As at the end of last year

period （％）

Gross assets（Yuan） 188893075382 186034251274 1.54%

Net assets attributable to

shareholders of the listed 22753617497 23444357218 -2.95%

company（Yuan）

V.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

None

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

Chinese accounting standards.□ Applicable √Not applicable

None

VI. Item and amount of non-current gains and losses

√Applicable □Not applicable

In RMB

Item Amount Note

Mainly due to the comprehensive gains

Non-current asset disposal and losses from the disposal of land

gain/loss(including the write-off part for

13269231 reclaimed for the Honghaiwan Power

which assets impairment provision is

made) Plant and the disposal of scrapped

equipment and other assets of other units.Government subsidies recognized in Mainly due to various government

current gain and loss(excluding those subsidies for energy saving and carbon

closely related to the Company’s 6854598 reduction technological transformation

business and granted under the state’s etc. cumulatively received by the main

policies) subsidiaries.

11It is primarily the interest income from

Capital occupation charges on non-

the recovery of equity acquisition

financial enterprises that are recorded 4789368

deposits by Guangdong Wind Power

into current gains and losses

Company.It is primarily the typhoon insurance

compensation received by Yangjiang

Other non-business income and

169856604 Wind Power and the project assessment

expenditures other than the above

compensation paid by the EPC contractor

to Zhuhai Wind Power.Less: Amount of influence of income tax 48692450

Influenced amount of minor

50626243

shareholders’ equity (after tax)

Total 95451108

Details of other profit and loss items that meet the non-recurring profit and loss definition

□ Applicable√ Not applicable

None

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

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

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

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

recurring gains and losses it is necessary to explain the reason.√ Applicable □ Not applicable

Item Amount involved(Yuan) Reason

Value-added tax will be refunded Comply with national policies and

3415193

immediately regulations and continue to occur.Carbon emission quota used to fulfill the Comply with national policies and

-72586715

emission reduction obligation regulations and continue to occur.

12III. Management Discussion & Analysis

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

The Company shall comply with the disclosure requirements of power-related industries in the Guideline No.3 for

Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure.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 RegulatoryCommission. Since its foundation the Company has always adhered to the business tenet of “Capital from thepeople using it for electricity and benefiting the public” and adheres to the business policy of “Centering on themain business of electricity with diversified development” focusing on the main business of power and making

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

fired power plants it also has clean energy projects such as LNG power generation wind power generation and

hydropower generation which provides reliable and clean energy to users through the grid company.As of June 302026the Company had a controllable installed capacity of 47.7410 million kilowatts of which

45.0171 million kilowatts were owned by the Company and 2.7238 million kilowatts were owned by the

Company. Among them: coal-fired power generation holding installed capacity of 24.15 million kilowatts

accounting for 53.6 per cent; gas power holding installed capacity of 11.847 million kilowatts accounting for

26.32 per cent; wind power holding installed capacity of 3.8948 million kilowatts accounting for 8.65 per cent;

photovoltaic holding installed capacity of 4.8925 million kilowatts accounting for 10.87 per cent; hydroelectricity

holding installed capacity of 132800 kilowatts; Biomass holding installed capacity of 100000 kilowatts; the

above wind power hydropower photovoltaic biomass and other renewable energy power generation holding

installed capacity 9.0201 million kilowatts accounting for 20.04%. In addition The entrusted management

installed capacity by the Company is 9.0455 million kilowatts (6.65 million kilowatts of thermal power 2.2955

million kilowatts of hydropower and 100000 kilowatts of wind power) and the total controllable installed

capacity and entrusted management installed capacity are 56.4745 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. During the reporting period The Company's electricity sales were 65.714 billion

kWh a YOY increase of 23.14%; The average price of electricity sold in the consolidated statement was 445.90

yuan/ Thousand KWh a YOY decrease of 34.11 yuan/Thousand kWh a decrease of 7.11%; The operating

income was 26333.09 million yuan a YOY increase of 3191.65 million yuan or an increase of 13.79%.The Company's main business is thermal power generation the fuel costs account for a large proportion of

operating costs and fluctuations in coal and natural gas prices have a great impact on the Company's operating

performance. During the reporting period the Company's fuel cost was 19313.78 million yuan accounting for

76.25% of the operating cost Affected by increased power generation and rising market prices for coal and

natural gas and the fuel cost increased by 4325.61 million yuan YOY.In the first half of 2026 thanks to the commissioning of new coal-fired power projects and improvements in the

13generation efficiency of existing units the Company’s electricity supply to the grid increased by 23.14 per cent

year-on-year. However due to the continued decline in the comprehensive grid-connected electricity tariff a year-

on-year rise in fuel costs and lower-than-expected utilisation hours for new energy projects—coupled with the

impact of increased expenses such as depreciation labour costs and interest on newly commissioned units—the

gross profit margin of the Company’s power generation business continued to narrow. During the reporting period

the Company as a whole recorded a net profit attributable to shareholders of –545.78 million yuan representing a

loss compared with the previous year. Specifically the coal-fired power business recorded a net profit attributable

to shareholders of –544.90 million yuan; the gas-fired power business recorded a net profit attributable to

shareholders of –256.55 million yuan; the hydropower business recorded a net profit attributable to shareholders

of 6.03 million yuan; and the new energy business recorded a net profit attributable to shareholders of –97.89

million yuan; the Company’s head office investment operations recorded a net profit attributable to shareholders

of 194.64 million yuan.The Company shall comply with the disclosure requirements of power-related industries in the Guideline No.3 for

Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure.As of June 2026 the Company had a total installed capacity of approximately 8.7873 million kilowatts in new

energy sources such as wind power and photovoltaic power of which approximately 2.2015 million KW was

offshore wind power approximately 1.6934 million kilowatts was onshore wind power and approximately

4.8925 million kilowatts was photovoltaic power generation. In the first half of 2026 there were 300000

kilowatts of wind power projects under construction at Guangdong Huilai Shibeishan and Shanxi Yuncheng and

approximately 500000 kilowatts of photovoltaic projects under construction in Hainan Guangdong and other

regions in aggregate. In addition 1.79 million kilowatts of projects had completed decision-making and were

proposed for construction. In the future the Company will continue to actively grasp the general development

trend of accelerating energy transformation under the goals of "carbon peaking" and "carbon neutrality"

implement the specific deployment of "1310" by the Guangdong Provincial Committee further expand high-

quality new energy project resources and build an ecologically civilized power generation enterprise.II. Analysis On core Competitiveness

1. The largest listed company of power in Guangdong

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

more than 188.893 billion yuan，It is the largest listed company with state-owned assets in Guangdong Province.As of June 30 2026 the Company as the largest listed power company in Guangdong Province It has a total of

39.0597 million kilowatts of unified dispatch units in the province accounting for 14.10% of the installed

capacity of Guangdong Province.

2. Strong background and resource advantages

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

has been actively supporting listed companies to become better and stronger by using the advantages of its

resources technology and asset scale. As the only listed company and main force of Guangdong Energy Group

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

Guangdong Province and Guangdong Yudean Group. It has deeply cultivated the main power industry actively

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

and development of Guangdong Province's energy resources.

3. Comprehensive advantages of main business

14Guided by the national energy development strategy the Company implements the specific deployment of

"1310" by the Guangdong Provincial Committee of the Communist Party of China strives to build a first-class

green and low-carbon listed power company coordinates safety and development optimizes and strengthens its

coal-fired power gas-fired power and biomass power generation businesses and vigorously develops new energy.The Company has a rich project pipeline and broad development prospects; with a clear core business a rational

structure and prominent industry position and market share it possesses strong comprehensive strength and vast

development prospects.

4. Competitive advantage in electricity market

The Company's power generation units feature high parameters large capacity high operating efficiency

low coal consumption stable operation and superior environmental performance providing it with a strong

competitive advantage in the market. In the first half of 2026 the Company's cumulative grid-connected

electricity volume within Guangdong Province amounted to 62.058 billion kWh and its electricity sales scale

continued to rank first in the province with electricity sales prices better than the provincial average. The

Company fully leverages its three major advantages of scale brand and service utilizing its province-wide

marketing service network deep technical expertise in the power industry and integrated resources to provide

auxiliary value-added services to the power grid such as peak shaving frequency regulation and reserve services

and to provide users with high-quality value-added services including comprehensive energy conservation and

electricity consumption consulting.

5. Advantage of financial resources

The Company's total assets exceeded 180 billion yuan. and the cash flow of its stock business is abundant

which provides a good support for the Company's sustainable development. The Company is in good financial

condition with smooth financing channels such as bank credit bonds and securities markets and diversified

financing methods. The Company will make full use of internal and external financial resources to provide strong

financial guarantee for the enterprise production and operation key project construction and rapid development of

new energy industries.

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 development of the Guangdong-Hong Kong-Macao Greater Bay Area steadily promote

the construction of key energy projects and new energy development in the province actively seek to expand to

regions with better resource conditions and higher power demand. Based on Guangdong The Company will carry

out the layout in the whole country and help the implementation of the "30·60" goal.III.Main business analysis

Found more in "I. Main businesses of the Company in the reporting period"

Changes in the financial data

In RMB

Same period last YOY change

This report period Cause change

year （%）

Operating income 26333085624 23141441943 13.79%

Operating cost 25330875078 21088563492 20.12%

Sale expenses 45135169 43731677 3.21%

Administrative 642517426 606233009 5.99%

15expenses

Financial expenses 1145543754 1101122487 4.03%

Income tax expenses 187723646 225270964 -16.67%

This was primarily due

to the Company further

tightening and

quantifying its criteria

for classifying R&D

R & D Investment 173308351 321041294 -46.02% expenditure during the

reporting period

resulting in a year-on-

year decrease in

eligible R&D

expenditure.Increased revenue from

the commissioning of

new projects leading

to growth in cash

inflows; increased fuel

Cash flow procurement and

generated by business 5959027610 4356121598 36.80% inventory resulting in

operation net a year-on-year increase

in fuel payables

thereby driving an

increase in net cash

flow from operating

activities.it is primarily due to

the commissioning of

the Company's projects

under construction

Net cash flow

resulting in a

generated by -2123516891 -6008546957 64.66%

investment significant year-on-

year decrease in cash

paid for the acquisition

of fixed assets and

other long-term assets.It is primarily due to

the commissioning of

the Company's projects

under construction

resulting in a

Net cash flow

-2171495655 2350655724 -192.38% significant year-on-

generated by financing

year decrease in cash

inflows from financing

activities due to

reduced project fund-

raising needs.It is primarily

attributable to the year-

Net increasing of cash on-year increase in net

1664014879698242148138.31%

and cash equivalents cash flows from

operating and investing

activities.Major changes to the profit structure or sources of the Company in the reporting period

□ Applicable √Not applicable

The profit composition or sources of the Company have remained largely unchanged during the report period.

16Component of Business Income

In RMB

This report period Same period last year

Increase /decrease

Amount Proportion Amount Proportion

Total operating

26333085624100%23141441943100%13.79%

revenue

On Industry

Electric power

Steam sales and 26248017402 99.68% 23024016646 99.49% 14%

labor income

Other 85068222 0.32% 117425297 0.51% -27.56%

On products

Sales Electric

2593068940198.47%2266948657997.96%14.39%

Power

Flyash sales 43087730 0.16% 68165891 0.29% -36.79%

Thermal sales 236766495 0.90% 282122770 1.22% -16.08%

Other 122541998 0.47% 121666703 0.53% 0.72%

Area

Guangdong 25374461544 96.37% 22204032561 95.95% 14.28%

Xinjiang 598862232 2.27% 563971455 2.44% 6.19%

Hunan 63857831 0.24% 81754506 0.35% -21.89%

Hebei 82319551 0.31% 76735444 0.33% 7.28%

Guangxi 64142271 0.24% 55953791 0.24% 14.63%

Yunnan 34088336 0.13% 31118041 0.13% 9.55%

Henan 16413838 0.06% 15399857 0.07% 6.58%

Shanxi 14146797 0.05% 6790597 0.03% 108.33%

Shandong 13480001 0.05% 16387452 0.07% -17.74%

Inner Mongolia 38785394 0.15% 42351182 0.18% -8.42%

Gansu 12169098 0.05% 20092391 0.09% -39.43%

Anhui 20358731 0.08% 26854666 0.12% -24.19%

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

with Profit over 10%

√ Applicable □Not applicable

In RMB

Increase/decrea Increase/decrea

Increase/decrea

se of business se of gross

se of revenue in

Gross profit cost over the profit rate over

Turnover Operation cost the same period

rate(%) same period of the same period

of the previous

previous year of the previous

year(%)

(%) year (%)

On Industry

Electric power

Steam sales and 26248017402 25300553855 3.61% 14% 20.14% -4.92%

labor income

On Products

Sales Electric

25930689401250246513373.49%14.39%20.84%-5.16%

Power

Including：Fire

coal Generation 16828695651 16657464034 1.02% 21.18% 28.81% -5.86%

Power

Gas

Generation 6655105218 6606855619 0.73% 1.65% 2.91% -1.21%

Power

Biomass 2446888532 1760331684 28.06% 9.48% 29.74% -11.23%

17Generation

Power

Area

Guangdong 25374461544 24444657896 3.66% 14.28% 20.23% -4.77%

Under circumstances of adjustment in reporting period for statistic scope of main business data adjusted main

business based on latest on year’s scope of period-end.□ Applicable √Not applicable

IV. Analysis of Non-core Business

□ Applicable √Not applicable

V. Analysis of assets and liabilities

1.Significant changes in asset composition

In RMB

End of same period of last

End of Reporting period

year

Reason for

As a Change in

As a significant

percentage of percentage(%)

Amount percentage of Amount change

total

total assets(%)

assets(%)

Monetary fund 15856225093 8.39% 14839620180 7.98% 0.41%

Accounts

104689426645.54%95831849055.15%0.39%

receivable

Contract assets 230219 0% 899846 0% 0%

Inventories 3934096806 2.08% 2293819795 1.23% 0.85%

Real estate

3196789590.17%3237774840.17%0%

Investment

Long-term

equity 11784474417 6.24% 11543456219 6.21% 0.03%

investment

Fixed assets 101009972681 53.47% 85896557515 46.17% 7.30%

Primarily due

to the transfer

from

construction in

progress to

fixed assets

upon

Construction in commissioning

152896750428.09%3158247817016.98%-8.89%

process of projects

under

construction

including

Jinghai Units 3

and 4 and the

Bohe Phase II

project.Usage right

108323260775.73%111964584606.02%-0.29%

assets

Short -term

98307844945.20%97410111575.24%-0.04%

loans

Contract

883465560.05%771033020.04%0.01%

liabilities

18Long-term

6743228933835.70%7160941454438.49%-2.79%

loans

Lease liabilities 12109264251 6.41% 12394114636 6.66% -0.25%

2.Main assets overseas

□ Applicable √Not applicable

3.Asset and Liabilities Measured by Fair Value

√ Applicable □Not applicable

In RMB

Gain/Loss on Cumulative Impairment Purchased Sold

fair value fair value provisions amount in amount Other

Opening

Item change in the change in the the in the chang End of term

amount

reporting recorded into reporting reporting reportin es

period equity period period g period

Financial

assets

4. Other

equity

3009689888-152155024191537224800002857534864

instrument

investments

Total 3009689888 -152155024 1915372248 0 0 0 0 2857534864

Financial

00000000

Liability

Other change

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

□ Yes √ No

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

On June 30 2026 individual subsidiaries of the Group pledged the right to impose electricity charges to

banks to obtain long-term loans of 3606305646 yuan which: the balance of long-term loans due within one year

was 373905838yuan (as of December 31 2025. Some subsidiaries of the Group have pledged their electricity

billing rights to a bank to obtain a long-term loan of 3935009425 yuan including: the long-term borrowings due

within one year amounted to 456142964 yuan .VI. Investment situation

1. General

√ Applicable □ Not applicable

Investment of same period of last

Investment of the period Scale of change

year

455231000752135000-39.47%

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

√Applicable □ Not applicable

In RMB

Name of Whether

Share Progress up Gain or Less or Date of

the Main Investm Investment Capital Investment Product Anticipated to Involve Disclosure

Propor Partner to Balance the Current Disclosure

Company Business ent Way Amount Source Horizon Type Income in Index(if any)

tion % Sheet Date Investment (if any)

Invested Lawsuit

Published in

Guangzhou China

Development Shanwei Securities

Electric Group

Power Plant Daily

Co. Ltd.unit 5 and SecuritiesGuangdong （ Share TimesYudean Proportion： Unit 6 Electricit ShanghaiRed Bay Thermal Capital Self 25%） expansion March Securities

Power 438665000 65%

Long-term y and -31746670.44 No

power increase Funds Shanwei project 162023 News

Generation Talent coal Securities

(2x1000mw)

Co. Ltd. Development Daily and

Group Co. project is in http//.www.cLtd. （ Share normal ninfo.com.cn.Proportion： (Announcemprogress

10%） ent No.:

2023-13.

Qiyang

Yudean New Energy Electricit

Capital Self Project

New Power 16566000 100% No Long-term Funds y and 0 No No increase progress

Energy Generation coal

Co. Ltd.Total -- -- 455231000 -- -- -- -- -- -- -31746670.44 -- -- --

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

20In RMB

Book value Book value

Changes in Purchase Sale Gain/loss

Initial Mode of balance at the Cumulative fair balance at the Source

Security Security Stock fair value of amount amount of the Accounting

investment accounting beginning of value changes end of the of the

category code Abbreviation: the this in the this in the this reporting items

cost measurement the reporting in equity reporting shares

period period period period

period period

Domestic Other

and Sunshine equity Self

foreign HK6963

FVM

insurance 356000000 1226572760 -192998260 677574500 0 0 0 1033574500 instrument funds

stocks Investment

Domestic Other

and equity Self

600642 Shenergy foreign 235837988

FVM 432040906 52755637 248958555 0 0 0 484796543 instrument funds

stocks Investment

Domestic Other

and Shenzhen equity Self

FVM

foreign 000027 Energy 15890628 98582400 -4838401 77853371 0 0 0 93743999 instrument funds

stocks Investment

Domestic Other

and GMGITC equity Self

foreign 831039 3600000

FVM

20232000 -7074000 9558000 0 0 0 13158000 instrument funds

stocks Investment

-

Total 611328616 -- 1777428066 1013944426 0 0 0 1625273042 -- --

152155024

（2）Investment in Derivatives

□ Applicable √ Not applicable

The Company had no investment in derivatives in the reporting period.

5.Application of the raised capital

□ Applicable √ Not applicable

The Company had no application of the raised capital in the reporting period.VII. Sales of major assets and equity

1.Situation of Significant Asset Sale

□ Applicable √ Not applicable

212.Sales of major equity

□ Applicable √ Not applicable

VIII. Analysis of the Main Share Holding Companies and Share Participating Companies

√ Applicable □ Not applicable

Situation of Main Subsidiaries and the Joint-stock Company with over 10% net profit influencing to the Company

In RMB

Sectors engaged

Company Name Company type Registered capital Total assets Net assets Turnover Operating profit Net Profit

in

Guangdong

Power generation

Huizhou Pinghai

Subsidiary and power station 1370000000 3479476242 2275625419 2068633957 209909620 155918526

Power Generation

construction.Co. Ltd.Guangdong

Power generation

Shajiao（C）

Subsidiary and power station 2500000000 4861740872 2123252150 755022102 27294276 75491854

Power Generation construction.Co. Ltd.Dongguan

Ningzhou Energy Power generation

Investment Subsidiary and power station 4745908400 5786145095 4921139055 1567480207 68671927 68794434

Partnership construction.（LP）

Yudean Shache Power generation

Integrated Energy Subsidiary and power station 1256610470 4855981135 1116149195 103646833 -64723661 -64723661

Co. Ltd. construction.Zhanjiang Power generation

Zhongyue Energy Subsidiary and power station 2021300000 2930868705 294771236 981667149 -43886062 -66523646

Co.Ltd. construction.GuangdongYudean Power generation

Power Plant Co. Subsidiary and power station 1070000000 4279715863 574537558 1425570201 -53529407 -67056899

Ltd. construction.GuangdongYudean Power generation

Huadu Natural Subsidiary and power station 497000000 2074776665 -35736231 378631380 -82692426 -82597413

gas Co. Ltd construction.Power generation

GuangdongYudean Subsidiary 550000000 2216467848 344528362 255351104 -94182104 -94182103

and power station

22Yongan Natural construction.

gas Co. Ltd.GuangdongYudean

Power generation

Dapu Power

Subsidiary and power station 1907100000 10605425933 1263129168 1791632394 -163696185 -128181594

Generation Co. construction.ltd.Guangdong

Power generation

Yuedan Daya Bay

Subsidiary and power station 764000000 3672717118 521422462 1234347238 -148661535 -148595002

Integrated Energy construction.Co. Ltd

GuangdongEnergy

Power generation

Maoming

Subsidiary and power station 1437985100 2293819640 142213093 737742472 -167128681 -178247236

Thermal Power construction.Plant Co. Ltd.Shanxi Yudean Mining and power

Sharing Company 1620749100 14182544397 10761750378 174643232 304220685 277520694

Energy Co.Ltd. generation

Investment and

Guangdong

operation of coal

Electric Industry Sharing Company 2640328900 20480302345 5204315488 18437428622 238847175 255157534

transportation and

Fuel Co. Ltd.other projects

Guangdong

Energy Group Sharing Company Finance 3000000000 40726642923 4551862731 351088600 272399875 209860303

Finance Co. Ltd.Acquirement and disposal of subsidiaries in the Reporting period

√ Applicable □ Not applicable

Way of acquiring and disposing of

Impact on the whole producing operation and

Company name subsidiary corporations within the

performance

reporting period

Huaihua Ruisi New Energy Partnership It has no significant impact on the Company's

Investment establishment

(LP) existing business and operating performance.It has no significant impact on the Company's

Qiyang Yudean New Energy Co. Ltd. Investment establishment

existing business and operating performance.Guangdong Yudean Bijie New Energy It has no significant impact on the Company's

Cancellation liquidation

Co. Ltd. existing business and operating performance.Guangdong Yudean Qiming Energy Co. It has no significant impact on the Company's

Cancellation liquidation

Ltd. existing business and operating performance.

23Note

(1) Affected by factors such as the continued decline in the comprehensive on-grid tariff and rising fuel prices

the operating performance of some of the Company's subordinate thermal power plants decreased year-on-year

during the reporting period.

(2) During the reporting period due to lower-than-expected utilization hours of photovoltaic power generation

projects combined with the impact of project commissioning and transfer to fixed assets which resulted in a year-

on-year increase in depreciation and interest expenses the loss of the Company's subordinate Shache Company

widened year-on-year.

(3) During the reporting period the profitability of the Company's equity-investee finance company and Shanxi

Energy Company remained largely flat year-on-year; the equity-investee fuel company driven by an increase in

purchase and sales business volume recorded a 43% year-on-year increase in operating revenue and the

Company's investment income from equity investees grew year-on-year.IX．Structured vehicle controlled by the Company

√Applicable □Not applicable

GF Securities issued the Guangdong Wind Power Company New Energy Infrastructure Investment Green Carbon

Neutral Asset-Backed Special Plan in 2024 with the wind farm projects held by the Company's subsidiaries

Pingyuan Wind Power and Herun New Energy as the underlying assets; China Securities Co. Ltd. issued the

Guangdong Electric Power-Binhaiwan Energy Infrastructure Investment Asset-Backed Special Plan in 2025 with

the natural gas power plant project held by the Company's subsidiary Binhaiwan Company as the underlying

assets; GF Securities issued the Guangdong Wind Power Company New Energy Infrastructure Investment Green

Carbon Neutral Asset-Backed Special Plan during the current period with the new energy power generation

projects held by the Company's subsidiaries Lanshan Yuefeng and Qinglong Manchu Photovoltaic as the

underlying assets. In accordance with the "Accounting Standards for Business Enterprises No. 33 – Consolidated

Financial Statements" the Company has included three structured entities that meet the definition of "control"

within the scope of consolidated statement. As of June 30 2026 the equity of the above structured entities

attributable to the Group amounted to RMB 1607760517; the equity of other equity holders is presented as non-

controlling interests in the consolidated statements totaling RMB 6554043895.X. Risks facing the Company and countermeasures

1. Work safety risk

First In the post-flood season typhoons are characterized by higher intensity and greater impact with frequent

local meteorological disasters such as heavy rainfall and strong winds leading to continuously escalating safety

risks in the fields of flood control typhoon prevention and drought relief; Second Currently the critical period

for ensuring power supply during the summer peak demand overlaps deeply with the dispatch and operation of the

electricity spot market resulting in increased frequency of deep peak shaving and start-stop operations of units

which places significant pressure on the intrinsic safety and operational stability of equipment.Thirdinfrastructure

construction maintenance and technical upgrade projects are being advanced intensively with high-risk

operations covering a wide scope and the difficulty of on-site full-process safety management and control has

increased.

24Response measures: First make every effort to carry out all flood control and typhoon prevention work during the

post-flood season closely monitor rainfall and flood conditions strengthen duty attendance Timely obtain early

warning and emergency response information strengthen coordination and analysis promptly activate the

emergency response and proactively implement preventive measures in advance. Second in light of the

characteristics of summer peak demand and spot electricity dispatch conditions strengthen equipment

maintenance and overhaul daily operational inspections and specialized technical supervision in a targeted

manner meticulously and in detail enhance the operational reliability and condition stability of unit equipment

and ensure safe and stable power supply. Third focus on infrastructure maintenance and technical upgrade

projects achieve full-coverage safety management at operation sites strictly implement rigid systems such as

high-risk operation approval on-site attendant supervision and safety measure verification consolidate safety

responsibilities at all levels rigorously investigate and penalize rule-breaking operations strengthen personnel

safety training resolutely prevent and curb all types of personal injury accidents firmly hold the bottom line of

work safety and ensure a stable and controllable production situation.

2. Increasingly fierce competition in the electricity market

As market-oriented reforms in the electricity sector continue to deepen competition in Guangdong Province’s

generation market is becoming increasingly fierce with traditional power generation units facing price pressures

and their profit margins continuing to narrow; compounded by the high proportion of medium- and long-term

transactions and falling contract prices for long-term agreements power stations are facing significant pressure on

their operating revenue and profits.Countermeasures: First spare no effort to expand the market. Strengthen the power generation process

management optimize the operation mode of the units ensure the implementation of various types of electricity

contracts for thermal power units and ensure that new energy units can generate more electricity at full capacity

striving to achieve the Company's annual electricity target. Second strengthen the analysis and judgment of the

electricity market dynamically optimize market competition strategies continuously improve and strengthen the

construction of the electricity marketing system strive for the tariff of electricity traded in the market above the

market average level further improve the collaborative operation mechanism of the electricity spot market and

scientifically formulate the trading strategies. Third focus on cost control. Strengthen the idea of leading an

austere life strictly control general management expenses and non production expenses strive to control power

generation and operating costs and improve the Company's market competitiveness.

3. Risk of power structure adjustment

Under the background of carbon peaking and carbon neutrality as well as the "30*60" goal energy production

and consumption are accelerating towards low carbon transformation. According to China's requirements of

optimizing the energy structure It will promote the transformation of coal-fired power from a basic guarantee

power source to a supporting and regulating power source. The growth in installed capacity and power generation

of new energy sources such as wind power and photovoltaic power will further squeeze the power generation

space of traditional energy units.By the end of June 2026 the holding installed capacity of the Company's coal-

fired power accounted for 53.65% which was high with greater transformation pressure of clean and low-carbon

power supply.Countermeasures: First steadily promote the transformation and upgrading of power supply structure strive to

achieve greater breakthroughs in structural adjustment Solidly promote Dananhai gas and electricity project

Xinjiang Karamay photovoltaic project Yunfu natural gas cogeneration project Huizhou New Materials

Industrial Park cogeneration project etc. to ensure that the project investment and construction plan are

25completed on schedule. The second is to actively explore the development space of new energy in other provinces

and regions in China anchor high-quality development goals and explore high-quality resources. The third is to

continue to optimize carbon asset management make full use of internal and external resources strengthen carbon

emission data management and carbon asset operation and management promote energy conservation and carbon

reduction and realize the value-added and income of carbon assets. The Fourth is to Actively lay out the new

energy storage industry solidly advance the Zhuhai Fushan independent energy storage power station and the

Guangdong Province thermal power combined frequency regulation energy storage projects and continuously

enrich the pipeline of energy storage projects.XI. Formulation and implementation of market value management system and valuation boost plan

Whether the Company has established a market value management system

□Yes□ No

Whether the Company has disclosed plans for valuation boost.□Yes□No

In accordance with The Company Law of the People's Republic of China The Securities Law of the People's

Republic of China the Rules for the Listing of Stocks on the Shenzhen Stock Exchange the Regulatory

Guidelines for Listed Companies No. 10 - Market Value Management and other relevant laws and regulations and

the articles of association of the Company the Company formulates the Market Value Management System of

Guangdong Electric Power Development Co. Ltd. The Company will firmly establish a sense of returning

shareholders take measures to protect the interests of investors especially small and medium-sized investors be

honest and trustworthy standardize operations focus on the main business operate steadily promote the

improvement of business level and development quality with the cultivation and application of new quality

productivity and on this basis do a good job in investor relations management enhance the quality and

transparency of information disclosure and actively take measures to boost investor confidence when necessary

and promote the Company's investment value to reasonably reflect the Company's quality.XII. The implementation of the action plan of "Double improvement of quality and return".Whether the Company has disclosed the action plan of "Double improvement of quality and return".□Yes □No

1.Focus on the main responsibility and main business and build a first-class green and low-carbon power

listed company. Since its establishment the Company has always adhered to the business philosophy of "drawing

capital from the people using capital for electricity and benefiting the public" and the business policy of

"focusing on electricity with diversified development" focusing on the main business of electricity. It has

diversified power structure and various energy projects such as large-scale coal-fired power generation natural

gas power generation biomass power generation wind power generation solar power generation and

hydropower generation to provide reliable and clean energy to users through the power grid company. As of June

30 2026 the Company has a controllable installed capacity of 47.7410 million kilowatts including 24.15 million

kW controlling installed capacity of coal-fired power 11.847 million kW controlling installed capacity of gas-

fired power and 8.7873 million kW controlling installed capacity of new energy such as wind power and

26photovoltaic power and a total controllable installed capacity and entrusted management installed capacity of

56.4745 million kW. It is the largest listed power company in Guangdong Province in terms of installed capacity.

2. Strengthen technological leadership actively cultivate and develop new productive forces. The Company

actively implements the strategy driven by scientific and technological innovation and orderly constructs a deep

integration system of "Industry-University-Research Institution Cooperation". Since 2023 the Company has

added one provincial-level certified R&D platform and three municipal level certified R&D platforms undertaken

one national key R&D project and three provincial key R&D projects; In 2026 49 new utility model patents were

granted and 11 invention patents.

3. Value shareholder returns stabilize dividends and share the fruits of business development. The Company

attaches great importance to protecting the rights and interests of investors and adheres to the principle of "Any

profit must be distributed" Except for the periodic losses incurred during 2021-2022 in fulfilling the responsibility

of power and energy security the Company has consistently adhered to distributing cash dividends to

shareholders. The Company's cash dividend policy objective is normal dividend plus extra dividend. The

Company's annual profit distributed in cash shall not be less than 10% of the distributable profit realized in that

year and the cumulative profit distributed in cash over the most recent three years shall not be less than 30% of

the average annual distributable profit realized over the most recent three years. When the Company distributes

profits the proportion of cash dividends in such profit distribution shall be at least 20%.Since its listing in 1993

the Company has accumulated cash distributions to shareholders of RMB 13.376 billion which fully demonstrates

the Company's sound operating performance and its sincere return to investors.

4. Standardize information disclosure and strengthen investor relation management. The Company strictly

adheres to the provisions of laws and regulations such as the Company Law and the Management Measures for

Information Disclosure of Listed Companies and follows the principles of "truthfulness accuracy completeness

timeliness and fairness" to fulfill its information disclosure obligations in accordance with the law. Its

information disclosure has been rated "A" by the Shenzhen Stock Exchange for eleven consecutive years. The

Company will continue to focus on improving transparency and lead by investor demand and enhance the

pertinence and effectiveness of information disclosure through voluntary release of disclosure announcement on

quarterly power generation completion information and other measures; At the same time it will continue to

strengthen investor relation management establish a multi-channel and multi-level investor communication

system through on-site investor research investor hotlines emails the Shenzhen Stock Exchange's platform

(irm.cninfo.com.cn) performance briefings and other forms increase investors' (especially the medium and small

investors') understanding of the Company's production and operation and build a positive interactive investor

relationship to provide investors with a real transparent and compliant Guangdong Electric Power.

27IV Corporate Governance Enviornmental and Social Responsibility

I. Changes of directors supervisors and senior executives

□Applicable □Not applicable

Name Positions Types Date Reason

Executive Deputy

Wang Peipei Dimission June 252026 Job changes

General Manager

Liu Wei Board Secretary Dimission August 182026 Job changes

Qin Xiao Board Secretary Admission August 182026 Job changes

II. Profit distribution plan and capitalizing of common reserves plan for the Period

□Applicable□Not applicable

The Company has no plans of cash dividend distributed no bonus shares and has no share converted from capital

reserve either for the semi-annual.III. Implementation of the company’s stock incentive plan employee stock ownership plan or other

employee incentives

□Applicable□Not applicable

The Company had no implementation of the company’s stock incentive plan employee stock ownership plan or

other employee incentives in the reporting period.IV. Environmental information disclosure situation

Whether the listed companies and their main subsidiaries are included in the list of enterprises that disclose

environmental information according to law

□Yes □No

Number of enterprises in the mandatory Environmental information disclosure list(In

20

Units)

S/N Company Name Query Index

1 Bohe Energy

2 Dapu Power Generation

3 Red Bay Power Generation

4 Jinghai Power Generation

5 Maoming Thermal Power plant

6 Pinghai Power Generation Plan Refer to the Guangdong Provincial

7 Shaoguan Power Generation Plant Department of Ecology and Environment

—Enterprise Environmental Information

8 Yunhe Power Generation Plant Disclosure System “Disclosure Report”

9 Zhanjiang Electric Power module

10 Zhongyue Energy

11 Guangqian Power

12 Huizhou Natural gas

13 Yuehua Power Generation

14 Xinhui Power Generation

2815 Binhaiwan Energy

16 Huadu Natural gas

17 Biomass Power Generation

18 Dayawan Company

19 Yongan Natural gas

Refer to “Disclosure Reports” module of

the Corps Enterprises Environmental

20 Tumushuke Thermal Power

Information Disclosure System in

accordance with the law

The Company is required to comply with the disclosure requirements for the ‘Electricity Supply Sector’ set out

in the Shenzhen Stock Exchange’s‘Guideline No. 3 on Self-Regulatory Supervision of Listed Companies -

Industry Information Disclosure’

1. The Company strictly complies with the relevant laws of People’s Republic of China in the course of its

production and business operations. In the first half of 2026 the Company’s thermal power stations incurred

operating expenses totalling approximately 99.86 million yuan primarily for the purchase of desulphurisation and

denitrification materials in accordance with environmental protection policies and regulations; the Company paid

environmental protection tax amounting to 51.14 million yuan.

2. In the first half of 2026 the Company’s thermal power stations recorded a comprehensive standard coal

consumption for electricity generation of 287.70 grams per kilowatt-hour with performance values for sulphur

dioxide emissions of 0.052 grams per kilowatt-hour nitrogen oxides emissions of 0.126 grams per kilowatt-hour

and particulate matter emissions of 0.008 grams per kilowatt-hour. Specifically the desulphurisation units

operated at 100 per cent capacity with an average desulphurisation efficiency of 98.91 per cent; the denitrification

units operated at an average capacity of 99.83 per cent with an average denitrification efficiency of 88.03 per cent;

and the dry dust removal units operated at 100 per cent capacity with an average dust removal efficiency of 99.88

per cent.

3. In the first half of 2026 the Company launched a special campaign to control and reduce coal consumption in

coal-fired power units completing flow-optimisation retrofits on two units resulting in a year-on-year reduction

in coal consumption for power generation of 7.38 grams per kilowatt-hour.

4. The Company continued to focus on carbon asset management and carbon resource development helping

regulated enterprises reduce compliance costs by approximately 6 million yuan.Details of environmental incidents involving the listed company

In the first half of 2026 the Company did not experience any environmental incidents.V. Social responsibilities

In 2026 the Company has actively responded to the national rural revitalization strategy thoroughly implemented

the deployment of the "High-quality Development Project of 100 Counties 1000 Towns and 100 Villages" in

Guangdong Province and actively carried out consumption assistance in combination with the local development

situation continuously explored and practiced new consumption poverty alleviation models and set up a special

working group to solidly promote the work of helping villages in towns accurately met the needs of the assistance

areas and continued to deliver key resources such as funds technology and talents so as to contribute to the rural

revitalization and regional development of Guangdong Province.

291.HongHaiwan Power Generation Company counterpart helps Jishui Village Bawan Town Lufeng City

The Company has selected village cadres to go to Jishui Village Bawan Town Lufeng City to carry out rural

revitalization work around the five major revitalizations of Jishui Village including industry talents culture

ecology and organization. In 2026

In 2026 Red Bay Power Generation Company applied for project funds of RMB 280000 to support the Jishui

Village farmland irrigation channel construction project effectively ensuring crop irrigation water improving

grain yield and multiple cropping index and contributing to agricultural production increase and farmers' income

growth; carried out youth forest tree-planting activities to support the ecological construction of Green and

Beautiful Guangdong planting a total of 684 trees respectively in Shanwei Red Bay Economic Development Zone

and Jishui Village Bawan Town Lufeng City Shanwei City (a rural revitalization support point). Meanwhile

through the Alipay Ant Forest public welfare platform it carried out "online cloud planting and breeding"

activities including tree adoption nurturing donation and protection of ancient and famous trees.

2.Jinghai Power Generation Company counterpart helps Huilai County Jieyang City

In 2026 Jinghai Power Generation Company participated in the unveiling ceremony of the "Energy Hut" at Hailai

No.2 Middle School in Jinghai Town HuiLai County Jieyang City. and conducted special lectures on power

science popularization inside the Energy Hut teaching knowledge on power safety and power generation

environmental protection integrating the power plant's professional knowledge into practice which not only

enhanced students' understanding of the energy sector but also strengthened the promotion of safety and

environmental awareness; It invited more than 30 teachers and student representatives from Jinghai Town Central

Primary School to visit the plant area and held a public open day for environmental protection facilities allowing

them to experience the production process and environmental practices of green power up close helping rural

students broaden their horizons and increase their knowledge and further demonstrating Jinghai Power

Generation Company's green and open corporate image.

3. Shaoguan Power Plant counterpart helps Dongping Town Ruyuan Yao Autonomous County Shaoguan City

In 2026 Shaoguan Power Plant made every effort to promote rural revitalization in Dongping Town: organized

multiple field surveys to consolidate support responsibilities; completed two rounds of visits to 211 monitored

households and provided targeted support to 39 key households; carried out New Year outreach activities to

convey the Company's warmth; promoted agricultural product consumption through multiple channels; planned to

donate RMB 100000 to support the construction of a basketball court in Changxi Village; and over 40 volunteers

from the Company carried out tree-planting activities. Through multiple measures it continuously empowered

rural revitalization.

4. Yunhe Power Generation Company counterpart helps Yaogu Town Yunfu Yuncheng District

First Joint construction and co-building planting and protecting greenery to foster new social norms. The Yunhe

Power Generation Company has collaborated with all the affiliated units within the group and in collaboration

with the Yaogu Town People's Government carried out a themed event titled "Planting New Green with Youth

Nurturing the Original Aspiration with Clean Breeze". Over 80 participants including Party members and cadres

from the supporting units members of the resident working team in Yaogu Town and youth volunteers took part

in the event. Through practical actions they contributed to the greening and beautification of rural areas and

promoted a culture of integrity and upright conduct. Second Deepening consumption support to help increase

30farmers' income. Yunhe Power Generation Company organized a consumption support activity centrally

purchasing agricultural specialty products such as sword flower rice and peanut oil from Shuidong Village

through the Shuidong Economic Joint Cooperative of Yaogu Town Yuncheng District Yunfu City with a total

procurement amount of RMB 129000. Through market-oriented procurement it directly benefited farmers and

promoted the transformation from "blood transfusion-style support" to "blood production-style support"

effectively stimulating the endogenous driving force of rural industries.

5. Zhongyue Energy Company counterpart helps Jijia Town Leizhou City

In 2026 First Zhongyue Energy Company following a multi-tiered screening process that involved preliminary

reporting by village committees joint review by the Civil Affairs Office the Agricultural Office and the resident

working team and final approval by town leadership identified 60 households in financial difficulty for visitation

and support activities. Second The Company conducted in-home visits engaging in face-to-face conversations

with residents distributing care packages and providing tailored assistance based on the specific circumstances of

each household. In collaboration with the Leizhou Calligraphers Association the Company held a Spring Festival

couplet giveaway event at the small square in front of the Jijia Town Government office under the theme "Party

Leadership Empowers Rural Revitalization – Welcoming Spring with Blessings Warming Every Home". Festive

couplets were distributed free of charge to local residents adding to the joyful atmosphere of the upcoming New

Year. Third Actively responding to the call for the ecological construction of Green and Beautiful Guangdong it

twice organized Party members and young employees to go to Jijia Town Leizhou City to carry out activities

themed on jointly building the "Hundred-Thousand-Ten-Thousand Project" support forest and on jointly building

beautiful town entry corridors. Fourth To support primary and secondary education in Jijia Town the company

conducted surveys and visits to local schools and compiled a list of educational assistance needs. Through various

channels the Company reached out to local dignitaries charitable foundations and public welfare organizations

to secure donations of a wide range of supplies including integrated teaching machines desks and chairs a

reading room books water purifiers dining tables sports shoes and clothing. In addition it provided financial

support to 15 students from low-income families and awarded 51 outstanding students contributing to improved

teaching quality and the development of campus culture. Fifth The company conducted a comprehensive

assessment of the current state of agricultural industry development in Jijia Town Leizhou City to establish a

foundation for the formulation of targeted industrial assistance policies. It also led relevant enterprises on on-site

inspections creating conditions for increased agricultural efficiency and higher farmer incomes.

31V. Important Events

I. The fulfilled commitments in the reporting period and under-fulfillment commitments by the end of the

reporting period made by the company shareholder actual controller acquirer director supervisor

senior management personnel and other related parities.□ Applicable √Not applicable

There is no commitment that has not been fulfilled by actual controller shareholders related parties acquirers of

the Company

II. Particulars about the non-operating occupation of funds by the controlling shareholder

□ Applicable √ Not applicable

No non-operational fund occupation from controlling shareholders and its related party in period.III. External guarantee out of the regulations

□ Applicable √ Not applicable

No external guarantee out of the regulations occurred in the period.IV. Appointment and non-reappointment (dismissal) of CPA

Whether the semi-annual financial report had been audited

□Yes √ No

The semi-annual report was not audited

V. Explanation on “non Qualified Opinion” from CPA by the Board and Supervisory Committee

□ Applicable √ Not applicable

VI. Explanation from the Board for “non Qualified Opinion” of last year’s

□ Applicable √ Not applicable

VII. Bankruptcy reorganization

□ Applicable √ Not applicable

No bankruptcy reorganization for the Company in reporting period

VIII. Litigations and arbitrations

Significant litigations and arbitrations

□ Applicable √ Not applicable

No such cases in the reporting period.Other lawsuits

□Applicable □Not applicable

32Implementa

Amount Whether to Litigation

Litigation tion on of

involved form (arbitration) Disclosure Disclosure

Basic situation of litigation(arbitration) (arbitration) litigation

(Ten thousand estimated trial results date index

progress (arbitration)

yuan) liabilities and impact

judgments

On 30 June 2026

the Guangzhou

Maritime Court

delivered its first-

instance judgement

dismissing all claims

brought by the

Case of Yangjiang Wind Power Company v China Energy Engineering

plaintiff Yangjiang

Group Guangdong Thermal Power Engineering Co. Ltd. and Jiangsu

Offshore Wind

Huaxicun Marine Engineering Services Co. Ltd. concerning a construction

Power Company

contract dispute:

and ordering

Main Action: Yangjiang Wind Power Company’s claims include: 1. The

Yangjiang Offshore

return of the advance payment for the works and the payment of liquidated This case is

Wind Power

damages for delay in completion totalling 176739200 yuan; 2. That the currently

Company to pay the

litigation costs preservation fees legal fees and all reasonable expenses Claim: under appeal

Guanghuo-Huaxi

incurred in connection with this case be borne jointly by the Guanghuo- 17673.92 and it is not

Consortium the final

Huaxi Consortium. No yet possible No

settlement amount

Counterclaim: China Energy Construction Group Guangdong Thermal Counterclaim: to predict the

of 13944300 yuan

Power Engineering Co. Ltd. and Jiangsu Huaxicun Marine Engineering 24940.53 outcome or

plus corresponding

Services Co. Ltd. have filed a counterclaim against Yangjiang Wind Power its

interest as well as to

Company with the following claims: 1. Payment of the settlement amount implications.bear the full

of 249405300 yuan and interest on late payment of 63687200 yuan; 2. A

litigation costs of the

right of priority to be repaid from the proceeds of the valuation or auction of

main action

the project works in respect of the outstanding amount under Claim 1; 3. All

amounting to

costs in this case including litigation costs and expert assessment fees shall

925500 yuan a

be borne by Yangjiang Wind Power Company.portion of the

counterclaim costs

amounting to 35700

yuan and expert

assessment fees of

9376 yuan.

Yangjiang Offshore

33Wind Power

Company

dissatisfied with the

first-instance

judgement lodged

an appeal.Longyuan Zhenhua Company was the contractor for the PC package of

Phase II of the Zhanjiang Wailuo Offshore Wind Farm Project. The project

contract was signed on 29 March 2020 with construction commencing on As the case is

28 April 2020 and handover taking place on 30 June 2022. However since currently at

16 December 2021 the wind farm has experienced repeated subsea cable the forensic

faults resulting in losses of approximately 226845200 yuan to Qujie Wind assessment

Claim:

Power Company. This counterclaim is stage it is not

22684.52

Main Claim: Qujie Wind Power Company has brought an action for breach currently at the stage yet possible

No No

of contract on the grounds that the works were not carried out in accordance of judicial expert to predict the

Counterclaim:

with the design seeking compensation of 102526900 yuan for emergency assessment. outcome of

42261.91

repair and remediation costs 124318300 yuan for lost electricity the

generation and the payment of legal costs. proceedings

Counterclaim: Longyuan Zhenhua Company filed a counterclaim seeking or their

payment of 422619100 yuan in project costs and interest as well as implications.priority repayment of the principal sum of 387850200 yuan and the

corresponding interest.On 30 September 2022 Guangdong Wind Power Company and Shandong On 30 March 2026

Electric Power Company amongst others signed the ‘Framework the People’s Court

Agreement for the Acquisition of 100 per cent Equity in Gaotang Fengxu of Gaotang County

New Energy Co. Ltd.’ stipulating that the project was to be connected to Shandong Province

the grid at full capacity by 30 September 2023. As the counterparty failed to delivered a first-

complete construction for over 17 months thereby rendering the contractual instance judgement

objective unachievable Guangdong Wind Power Company exercised its dismissing all claims

“right of unilateral termination” on 11 March 2025 and issued a letter brought by the Victory in the

4122.60 No No

terminating the agreement; on 24 March it honoured the performance bond plaintiff Shandong first instance.of 41226000 yuan issued by Shandong Power Company. In April of the Electric Power

same year Shandong Electric Power Company brought an action before the Company against

Gaotang County People’s Court seeking: 1. the continued performance of Guangdong Wind

the agreement and compensation of 41226000 yuan; 2. that Shengshi Power Company.Longhong Power Co. Ltd. and others bear joint and several liability for the Shandong Electric

debt; and 3. that Guangdong Chengjiantou Engineering Guarantee Group Power Company

Co. Ltd. and others bear joint and several liability up to the amount of dissatisfied with the

3433106000 yuan. first-instance

judgement lodged

an appeal.The case brought by the claimant Longyuan Zhenhua Company against the

defendant Qujie Wind Power Company concerning a dispute over a

construction contract bears the case number (2025) Yue 72 Min Chu 2986.Main Claim: Longyuan Zhenhua Company seeks payment from Qujie Wind

Power Company of the outstanding principal sum of RMB 330704740.09

for the remaining works under contracts including the ‘Contract for the PC

Lot of the Guangdong Yuedian Zhanjiang Xinliao Offshore Wind Power

Project’ the ‘Technical Agreement for the PC Lot of the Guangdong

Yuedian Zhanjiang Xinliao Offshore Wind Power Project’ and the ‘Second

Supplementary Agreement to the Contract for the PC Lot of the Guangdong

Yuedian Zhanjiang Xinliao Offshore Wind Farm Project’ totalling RMB As the case is

330704740.09 together with interest on overdue payments of RMB currently at

1896893.63 (calculated provisionally up to 25 July 2025) making a total the forensic

of 332601633.72 ten thousand yuan. The claimant further requests the assessment

Claim: All these

court to rule that the claimant is entitled to a priority right of payment in stage it is not

33260.16 counterclaims are

respect of the construction project costs from the proceeds of the sale by yet possible

No currently at the stage No

valuation or auction of the works under the PC Lot of the Guangdong to predict the

Counterclaim: of judicial expert

Yuedian Zhanjiang Xinliao Offshore Wind Farm Project with the amount outcome of

15404.82 assessment.

subject to priority payment being the principal sum of RMB 330704740.09 the

and the corresponding interest. proceedings

Counterclaim: Qujie Wind Power Company has filed a counterclaim or their

seeking an order requiring the counter-defendant to compensate the counter- implications.plaintiff for the costs of emergency repairs to the submarine cable

amounting to 11070485.65 yuan and the loss of electricity generation

caused by the submarine cable fault amounting to 12118224.41 yuan to

pay a penalty of 4572230.52 yuan for failing to carry out the works in

accordance with the design scheme a penalty of 120000000 yuan for the

unauthorised departure of vessels and machinery; the administrative fines of

5612274.90 yuan already paid by the counter-plaintiff; and technical

service fees of 675000 yuan incurred by the counter-plaintiff for

supplementary on maritime use rights; the total of the above amounts to

154048215.48 yuan.

On 9 February 2021 Zhengli Offshore Engineering Longyuan Zhenhua and On 19 May 2026

Victory in the

Qujie Wind Power entered into the ‘Irrevocable Payment Agreement for the 8100.00 No the judgment of the No

first instance.Wailuo Offshore Wind Farm Phase II and Xinliao Offshore Wind Farm court of first

35Projects’ (hereinafter referred to as the ‘Payment Agency Agreement’) instance was

under which Longyuan Zhenhua authorised Qujie Wind Power to pay received ruling in

construction costs to Zhengli Offshore Engineering in accordance with the favour of the

terms of the Payment Agency Agreement. Zhengli Offshore Engineering defendant Qu Jie

claims that in relation to the construction of the Guangdong Yuedian Wind Power

Wailuo Phase II Offshore Wind Farm and the Guangdong Yuedian Xinliao Company.Offshore Wind Farm covered by the ‘Construction Contract’ with Longyuan Longyuan Zhenhua

Zhenhua a total of RMB 87765000 in construction costs remains unpaid Company

as agreed. The plaintiff Zhengli Marine Engineering Co. Ltd. seeks an dissatisfied with the

order requiring Defendant 1 Longyuan Zhenhua Co. Ltd. to pay judgment of the

construction costs of RMB 87765000 plus interest; and seeks an order court of first

requiring Defendant 2 Qujie Wind Power Co. Ltd. to bear joint and instance lodged an

several liability for the construction costs of RMB 81000000 plus interest appeal on 4 June

that Defendant 1 Longyuan Zhenhua Co. Ltd. is required to pay to the 2026.plaintiff Zhengli Marine Engineering Co. Ltd. under the first claim.On 16 October 2021 Gaotang Shihui Company and Shengshi Longhong

Power Co. Ltd. (hereinafter referred to as ‘Longhong Company’) entered

into the ‘EPC Contract for the 47.3 MW Distributed Photovoltaic Project of

Gaotang Shihui New Energy Co. Ltd.’ (hereinafter referred to as the ‘EPC

Contract’). To ensure the fulfilment of Longhong Company’s performance

obligations under the ‘EPC Contract’ Longhong Company in accordance

with the terms of the ‘EPC Contract’ applied to the Yubei Sub-branch of

the China Construction Bank to issue an independent letter of guarantee in

Not yet

favour of Gaotang Shihui Company valid for three years and payable on

possible to

demand with a guarantee amount of 34 million yuan valid from 26 April

predict the

2023 to 26 April 2026. The court hearing

outcome of

On 17 April 2026 Gaotang Shihui Company considering that Longhong 3400.00 No will take place on 8 No

the

Company had breached the EPC Contract formally submitted a complete July 2026.proceedings

set of claim documents to the Yubei Branch of the China Construction Bank

or their

in accordance with the terms of the guarantee requesting the bank to pay

implications.the sum of 34 million yuan under the guarantee. As of the payment deadline

stipulated in the guarantee namely 28 April 2026 the Yubei Branch of the

China Construction Bank had still not paid any sum to Gaotang Shihui

Company.Chongqing Xingnong Financing Guarantee Group Co. Ltd. (hereinafter

referred to as ‘Chongqing Xingnong Guarantee Company’) as the counter-

guarantor of this performance bond filed a civil statement of claim with the

Chongqing Liangjiang New Area People’s Court naming Shihui Company

36as the defendant and the Yubei Branch of the China Construction Bank as

the third party on the grounds of fraud relating to the independent

performance bond. The claims sought were as follows: 1. A declaration that

the claim made under the ‘Performance Bond’ constitutes bond fraud; 2. a

request for a ruling in accordance with the law that the Chongqing Yubei

Sub-branch suspend payment under the ‘Performance Guarantee’; 3. a

request for a judgement ordering Shihui Company to bear the litigation costs

in this case.

37IX. Penalty and rectification

□ Applicable √ Not applicable

During the reporting period the Company had no Penalty and rectification.X. Integrity of the company and its controlling shareholders and actual controllers

□ Applicable √ Not applicable

XI. Material related transactions

1. Related transactions in connection with daily operation

□Applicable □Not applicable

The related transactions to the company's daily operations that occurred during the reporting period are

detailed in "7. Other Major Related Transactions".

2. Related-party transactions arising from asset acquisition or sale

□Applicable √ Not applicable

No such cases in the reporting period.

3. Related party transactions of joint outbound investment

□Applicable □Not applicable

The related transactions to the company's daily operations that occurred during the reporting period are

detailed in "7. Other Major Related Transactions".

4. Credits and liabilities with related parties

□Applicable √ Not applicable

No non-operational contact of related liability or debts in Period

5. Transactions with related finance company especially one that is controlled by the Company

√ Applicable □Not applicable

Deposit business

The amount incurred

Maximum

Beginning Total deposit Total amount Ending

daily deposit Deposit

balance(Ten amount of withdrawn in balance(Ten

Related party Relationship limitd(Ten interest rate

thousand the current the current thousand

thousand rangeyuan） period（Ten period（Ten yuan）yuan） thousand thousandyuan） yuan）

Guangdong Controlled

Energy by

Group Guangdong

20000000.05%-1%1325466550343754036381425265

Finance Co. Energy

Ltd. Group Co.Ltd.Loan business

The amount of this

Loan Beginning Ending

Loant period

limit((Ten balance((Ten balance((Ten

Related party Relationship interest rate Total loan Total

thousand thousand thousand

range amount of repaymentyuan） yuan） yuan）

the current amount of

38period(Ten the current

thousand period(Tenyuan） thousandyuan）

Guangdong Controlled

Energy by

Group Guangdong 1.92%-

4000000114273883935646701162003

Finance Co. Energy 2.92%

Ltd. Group Co.Ltd.Credit extension or other financial services

Actual amount

Total amount(Ten

Related party Relationship Business type incurred(Ten thousandthousand yuan）yuan）

Guangdong

Communications Controlled by the same

Credit extension 4000000 1162003

Group Finance Co. parent company

Ltd

6. Transactions with related finance company controlled by the Company

□ Applicable √ Not applicable

A non-controlled financial company of the company.

7. Other significant related-party transactions

√ Applicable □Not applicable

（1）. On January 212026 the 9th meeting of the 11th Board of Directors of the company reviewed and passed

the "Proposal on Daily Connected Transactions between the Company and Guangdong Energy Group Co. Ltd. in

2026" and this connected transaction matter was reviewed and approved for implementation by the company's

first extraordinary general meeting of shareholders in 2026.

（2）. On January 21 2026 the 9th meeting of the 11th Board of Directors of the company reviewed and passed

the "Proposal on Signing the 'Financial Services Framework Agreement' with Guangdong Energy Group Finance

Co. Ltd."and the "Proposal on Signing the 'Financing Leasing Cooperation Framework Agreement' with

Guangdong Energy Financing Leasing Co. Ltd." The above-mentioned connected transaction matters were

reviewed and approved for implementation by the company's first extraordinary general meeting of shareholders

in 2026.

（3）On June 52026 the 12th meeting of the 11th Board of Directors of the company reviewed and passed the "

Proposal on the Investment and Construction of the Zhuhai Fushan 200MW/400MWh Independent Energy

Storage Power Station Project". Zhuhai Yudean New Energy Co. Ltd. shall act as the investment entity to invest

in and construct the Zhuhai Fushan 200MW/400MWh Independent Energy Storage Power Station Project. The

total investment of the project is 424.42 million yuan with the capital set at 20% of the total investment

amounting to 84.884 million yuan After the capital increase and share expansion the equity structure of Zhuhai

Yudean New Energy Co. Ltd. will be: Guangdong Yudean New Energy Development Co. Ltd. holds 51% of the

shares and Guangdong Energy Storage Industry Development Co. Ltd. holds 49% of the shares.Website for temporary disclosure of the connected transaction

Announcement Date of disclosure Website for disclosure

39Expected Announcement of Daily

January 232026 http//www.cninfo.com.cn.Connected Party Transactions in 2026

Financial Services Framework

Agreement < Financial Leasing

January 232026 http//www.cninfo.com.cn.Cooperation Framework Agreement >

and Related Transaction Announcement

Resolutions of the 12th Meeting of the

June 6 2026 http//www.cninfo.com.cn.Eleventh Board of Directors

XII. Significant contracts and execution

1.Entrustments contracting and leasing

（1）Entrustment

√ Applicable □Not applicable

Statement of Trusteeship Situation :

According to the statement of Guangdong Energy Group on fulfilling relevant matters and to avoid the

horizontal competition and fulfill the relevant commitment of the horizontal competition the Company signed

Stock Trusteeship Agreementwith Guangdong Energy Group wherein the shareholder's rights within the

trusteeship range except the ownership right of earning and right of disposition will be trusted to the Company

The custody fee collected from each company directly holding the first-class target of Guangdong Energy Group

is RMB 100000/year; The custody fee collected from each company indirectly holding the secondary target is

RMB 50000/year.published by the Company in China Securities Daily Securities Times and

http://www.cninfo.com.cn on January 13 2018(Announcement No.2018-04). In the first half of 2026 the

Company confirmed a custody income of RMB 900000.Gains/losses to the Company from projects that reached over 10% in total profit of the Company in reporting

period

□Applicable √ Not applicable

No gains or losses to the Company from projects that reached over 10% in total profit of the Company in

reporting period

(2) Contract

□ Applicable √ Not applicable

No any contract for the Company in the reporting period.

(3) Lease

□ Applicable √ Not applicable

Note

As the lessee the company has incurred a rental fee of RMB 13.12 million in the first half of 2026

Project which generates profit or loss reaching over 10% of total profits of the Company during the Reporting

Period

□ Applicable √ Not applicable

There were no leases with a 10% or greater impact on the Company’s gross profit in the Reporting Period.

402.Significant Guarantees

√Applicable □ Not applicable

In RMB10000

Guarantee of the Company for the controlling subsidiaries (Exclude controlled subsidiaries)

Relevant Date of Guarantee

disclosure Amount happening Guaranty Counter- Complete for

Name of the Actual mount of Guaranteedate/No. of of (Date of Guarantee type （If guarantee implementation associatedCompany guarantee termthe guaranteed Guarantee signing any） （If any） or not parties

amount agreement) (Yes or no)

Guangdong

Yudean

Yangjiang

Two ortwo

Offshore

years

wind power

after the

Guangdong Co. Ltd.November Guaranteeing of expiratio

Energy Group October292020 200000 163152 No provides No Yes

192020 joint liabilities. n of the

Co. Ltd. joint and

loan

several

agreemen

liability

t

guarantee

counter-

guarantee

Total amount of approved external Total actually amount of external

guarantee in the report period(A1) guarantee in the report period(A2)

Total amount of approved external Total actually amount of external

guarantee at the end of the report 425459 guarantee at the end of the report 163152

period(A3) period(A4)

Guarantee of the company for its subsidiaries

Relevant Date of Guarantee

disclosure Amount happening Guaranty Counter- Complete for

Name of the Actual mount of Guaranteedate/No. of of (Date of Guarantee type （If guarantee implementation associatedCompany guarantee termthe guaranteed Guarantee signing any） （If any） or not parties

amount agreement) (Yes or no)

Total of guarantee for subsidiaries approved Total of actual guarantee for

in the period(B1) subsidiaries in the period (B2)

Total of guarantee for subsidiaries approved Total of actual guarantee for

3000000

at period-end(B3) subsidiaries at period-end(B4)

41Guarantee of the subsidiaries for the controlling subsidiaries

Relevant Date of Guarantee

disclosure Amount happening Guaranty Counter- Complete for

Name of the Actual mount of Guaranteedate/No. of of (Date of Guarantee type （If guarantee implementation associatedCompany guarantee termthe guaranteed Guarantee signing any） （If any） or not parties

amount agreement) (Yes or no)

Total of guarantee for subsidiaries approved Total of actual guarantee for

00

in the period(C1) subsidiaries in the period (C2)

Total of guarantee for subsidiaries approved Total of actual guarantee for

00

at period-end(C3) subsidiaries at period-end(C4)

The Company’s total guarantee(i.e.total of the first three main items)

Total amount of guarantee actually

Total guarantee quota approved in the

0 incurred in the reporting period -65264

reporting period（A1+B1+C1）

（A2+B2+C2）

Total guarantee quota already approved at Total balance of the actual guarantee at

the end of the reporting period 725459 the end of the reporting period 163152

（A3+B3+C3） （A4+B4+C4）The proportion of the total amount of actually guarantee in the net assets

7.17%of the Company (that is A4+B4+C4）%

Including：

Amount of guarantees provided for shareholders the actual controller

163152

and their related parties (D)

Amount of debt guarantees provided directly or indirectly for entities

163152

with a liability-to-asset ratio over 70% (E)

Proportion of total amount of guarantee in net assets of the company

0

exceed 50%（F）

Total amount of the three kinds of guarantees above (D+E+F) 163152

Explanation on guarantee with composite way:

Not applicable

423. Finance management on commission

□Applicable √ Not applicable

No such cases in the reporting period.

4. Other material contracts

□ Applicable √ Not applicable

No other material contracts in the period.XIII.Particulars about researches visits and interviews received in this reporting period

√ Applicable □Not applicable

Main contents

Reception Way of Types of Visitors discussed and

Place of reception Basic index

time reception visitors received information

provided

Gao Ziming

Please refer to

Zhang Zhuoran

the investor

from Guosheng

activity record

Securities; Sun See details on

Meeting room on form for details

January Yicheng from the Interactive

the 35th floor of the Field research Organization of the

302026 Company Jiashi Fund; Exchange discussion. No

Sima Chaoyang platform.information is

form Penghua

provided by the

Fund;Wei Wei

Company

from CPIC

Please refer to

the investor

Zeng Panshui activity record

See details on

Meeting room on from Guotai form for details

February the Interactive

the 35th floor of the Field research Organization Fund; Xue of the

102026 Company Exchange Yang From discussion. No

platform.Fuguo Fund information is

provided by the

Company

Yanshi Guotai

Haitong; Jiang

Tao from

Sinolink

Securities;

Please refer to

Rong Lingqi

the investor

from Guangfa

activity record

Securities; Liu See details on

Meeting room on form for details

April Yahui From the Interactive

the 33rd floor of the Field research Organization of the

142026 Company Changjiang Exchange discussion. No

Securities; platform.information is

Wang Lu From

provided by the

Shenwan

Company

Hongyuan;

Deng Siping

from Huayuan

Public Utilities;

Song Yingying

43from China

Merchants

Securities;Qiu

Jichun from

CITIC

Securities;

Huang Bo from

Huatai

Securities; Sun

Yixuan Jiang

Shan From

Orient

Securities;Yang

Peng From

Dehui

Investment;

Wang Runqing

Jincan Fund

Investors who Please refer to

participated in the investor

the Company's activity record

Online See details on

performance form for details

April Online communication the Interactive

Individual briefing of the

162026 communication via internet Exchange

through the discussion. No

platforms platform.panoramic information is

network provided by the

platform Company

Cai YI

ZhuLixian

from

Industrial

Securities; Please refer to

Gao Xing the investor

from Chia activity record

See details on

Meeting room on Securities; form for details

May the Interactive

the 35th floor of the Field research Organization Huang Bo of the

182026 Company Exchange from Huatai discussion. No

platform.Securities; information is

Zhong Qi provided by the

from Guohai Company

Securities; Cui

Jiacheng from

Guosen

Securities

Please refer to

the investor

activity record

Online See details on

form for details

May Online communication the Interactive

Individual Investors of the

222026 communication via internet Exchange

discussion. No

platforms platform.information is

provided by the

Company

Song Please refer to

Wuhan China Optics See details on

Shangqian from the investor

May Valley Science and the Interactive

Field research Organization Changjiang activity record

292026 Technology Exchange

Securities; form for details

Exhibition Center platform.Zhang Chenjie of the

44from Guotai discussion. No

Haitong; Wu information is

Shu from ICBC provided by the

UBS Asset Company

Management

Co. Ltd.;

Huang Hai

from Hongde

Fund

45XIV. Explanation on other significant events

□ Applicable □ Not applicable

XV. Significant event of subsidiary of the Company

□ Applicable □ Not applicable

Summary of Material Matters 公告名称 Disclosure Date Website Search Index

Pursuant to the Letter on Issuing the Work Plan for the Decommissioning of Shajiao Power

Plant and Construction of Alternative Power Sources (No. 578〔2018〕Yue Fa Gai Neng Dian

Letter) and the Letter on Issuing the Work Plan for Promoting the Decommissioning of Shajiao

Power Plant and Construction of Alternative Power Sources (No. 1537〔2019〕Yue Fa Gai

Neng Yuan Letter) issued by the Development and Reform Commission of Guangdong Province Announcement on Voluntary Information

(for details please refer to the Company’s Announcements No. 2018-12 and No. 2019-21) the Disclosure by Guangdong Electric Power

three generating units of the 3×660 MW coal-fired power generation project of Shajiao C Power January 52026 http://www.cninfo.com.cn Development Co. Ltd. on the Shutdown of Shajiao

Plant operated by Guangdong Guanghe Power Co. Ltd. an indirectly held subsidiary of C Power Plant

Guangdong Electric Power Development Co. Ltd. (hereinafter referred to as the “Company”)

were shut down in phases in an orderly manner on 31 December 2025. As of the first three

quarters of 2025 the Company had a total controlling installed capacity of 40559300 kW of

which Shajiao C Power Plant accounted for 1.98 million kW representing 4.88% of the

Company's controlling installed capacity.On February 11 2026 the Unit 6 of the expansion project (2×1000MW) for Units 5 and 6 at

Huilai Power Plant invested and built by Guangdong YudeanJinghai Power Co. Ltd. a Announcement on Voluntary Information

subsidiary of Guangdong Electric Power Development Co. Ltd. passed a 168-hour full-load Disclosure by Guangdong Electric Power February 122026 http://www.cninfo.com.cn

trial run and successfully connected to the grid officially starting commercial operation. Development Co. Ltd. in Respect of the

Commissioning of the Expansion Project (2×1000

MW) for Units 5 and 6 of Huilai Power Plant

2 On February 2 2026 the No. 4 unit of the Maoming Bohe Power Plant 2×1000 MW Units Announcement on Voluntary Information

Project for Units 3 and 4 (the "Project") invested and built by Guangdong Power Development Disclosure by Guangdong Electric Power

Co. Ltd. (hereinafter referred to as "the Company")'s controlling subsidiary Guangdong Yudean Development Co. Ltd. in Respect of the February 32026 http://www.cninfo.com.cn

Bohe Energy Co. Ltd. successfully completed 168 hours of full-load trial operation and was Commissioning of the Maoming Bohe Power Plant

connected to the grid officially starting commercial operation. 2×1000 MW Units Project for Units 3 and 4

46VI. Change of share capital and shareholding of Principal Shareholders

I. Changes in share capital

1. Changes in share capital

In shares

Before the change Increase/decrease（+，-） After the ChangeAmount Proportion Share Bonus Capitalization of common reserve

Other Subtotal Quantity Proportion

allotment shares fund

I. Share with conditional subscription 1896489087 36.12% 1896489087 36.12%

1. State-owned shares 0

2. State-owned legal person shares 1893342621 36.06% 1893342621 36.06%

3.Other domestic shares 3146466 0.06% 3146466 0.06%

Of which：Domestic legal person

31464660.06%31464660.06%

shares

Domestic natural person shares 0 0% 0 0%

4.Foreign shares 0 0

Of which：Foreign legal person

00

shares

Foreign natural person shares 0 0

II. Shares with unconditional

335379489963.88%335379489963.88%

subscription

1.Common shares in RMB 2555386899 48.67% 2555386899 48.67%

2.Foreign shares in domestic market 798408000 15.21% 798408000 15.21%

3.Foreign shares in foreign market 0 0

4.Other

III. Total of capital shares 5250283986 100% 5250283986 100%

Reasons for share changed

□Applicable √Not applicable

Approval of Change of Shares

□Applicable √Not applicable

Ownership transfer of share changes

□Applicable √Not applicable

Progress on any share repurchase:

□ Applicable √ Not applicable

Progress on reducing the repurchased shares by means of centralized bidding:

47□ Applicable √ Not applicable

Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to common shareholders of Company in latest year

and period

□ Applicable √ Not applicable

Other information necessary to disclose for the company or need to disclosed under requirement from security regulators

□ Applicable √Not applicable

2. Change of shares with limited sales condition

□ Applicable √Not applicable

II. Securities issue and listing

□ Applicable √Not applicable

III. Number of shareholders and shareholding

In Shares

Total number of common Total number of preferred

shareholders at the end of the 188248 shareholders that had restored the voting right at the end of 0

reporting period the reporting period (if any) (note 8)

Particulars about shares held above 5% by shareholders or top ten shareholders(Excludes shares lent through refinancing)

Number of shares Amount of Amount of un-

Nature of Proportion of

Number of share pledged/frozen

Changes in

Shareholders held at period - restricted shares restricted shares

shareholder shares held（%） reporting period State of share Amount

end held held

Guangdong Energy State-owned legal

65.74% 3451556619 -86560302 1893342621 1558213998 Pledge 902262089

Group Co. Ltd. person

Guangdong Electric

Power State-owned legal

1.80% 94367341 0 0 94367341 Not applicable 0

Development person

Corporation

Guangzhou

State-owned legal

Development 1.36% 71151542 -45542060 0 71151542 Not applicable 0

person

Group Co. Ltd.Domestic Natural

Zheng Jianxiang 0.51% 26859300 0 0 26859300 Not applicable 0

person

HKSCC Overseas Legal 0.38% 19764240 11033534 0 19764240 Not applicable 0

48person

CHINA

INTERNATIONAL

CAPITAL Overseas Legal

0.29% 15216066 0 0 15216066 Not applicable 0

CORPORATION person

HONG KONG

SECURITIES LTD

VANGUARD

TOTAL

Overseas Legal

INTERNATIONAL 0.28% 14620512 0 0 14620512 Not applicable 0

person

STOCK INDEX

FUND

NOMURA

Overseas Legal

SINGAPORE 0.24% 12599843 0 0 12599843 Not applicable 0

person

LIMITED

Chaokang

Overseas Legal

Investment Co. 0.22% 11656677 0 0 11656677 Not applicable 0

person

Ltd.Domestic Natural

Zhou Zheng 0.21% 10812795 0 0 10812795 Not applicable 0

person

Strategy investors or general legal person

becomes top 10 shareholders due to

Not applicablerights issued (if applicable)（See Notes

3）

The second largest shareholder Guangdong Electric Power Development Corporation

Explanation on associated relationship

And the ninth largest shareholder Chaokang Investment Co. Ltd. Are the wholly-owned subsidiaries of the largest shareholder Energy Group.among the aforesaid shareholders

These three companies have relationships; whether the other shareholders have relationships or unanimous acting was unknown

Above shareholders entrusting or

entrusted with voting rights or waiving Not applicable

voting rights

Top 10 shareholders including the special

account for repurchase (if any) (see note Not applicable

11)

Shareholding of top 10 shareholders of unrestricted shares(Excluding shares lent through refinancing and Top management lock-in stock)

Share type

Name of the shareholder Quantity of unrestricted shares held at the end of the reporting period

Share type Quantity

RMB Common

Guangdong Energy Group Co. Ltd. 1558213998 1558213998

shares

Guangdong Electric Power Development RMB Common

9436734194367341

Corporation shares

49Guangzhou Development Group Co. RMB Common

7115154271151542

Ltd. shares

Foreign shares

placed in

Zheng Jianxiang 26859300 26859300

domestic

exchange

RMB Common

HKSCC 19764240 19764240

shares

Foreign shares

CHINA INTERNATIONAL CAPITAL

placed in

CORPORATION HONG KONG 15216066 15216066

domestic

SECURITIES LTD exchange

Foreign shares

VANGUARD TOTAL

placed in

INTERNATIONAL STOCK INDEX 14620512 14620512

domestic

FUND exchange

Foreign shares

placed in

NOMURA SINGAPORE LIMITED 12599843 12599843

domestic

exchange

Foreign shares

placed in

Chaokang Investment Co. Ltd. 11656677 11656677

domestic

exchange

Foreign shares

placed in

Zhou Zheng 10812795 10812795

domestic

exchange

Explanation on associated relationship or

consistent action among the top 10

The Second largest shareholder Guangdong Electric Power Development Corporation

shareholders of non-restricted negotiable

And the ninth largest shareholder Chaokang Investment Co. Ltd. Are the wholly-owned subsidiaries of the largest shareholder Energy Group.shares and that between the top 10

These three companies have relationships; whether the other shareholders have relationships or unanimous acting was unknown

shareholders of non-restricted negotiable

shares and top 10 shareholders

Explanation on shareholders participating

in the margin trading business(if Not applicable

any )(See Notes 4)

Information of shareholders holding more than 5% of the shares the top 10 shareholders and the top 10 shareholders of unrestricted tradable shares participating in

the lending of shares in securities lending and borrowing business

□Applicable □Not applicable

50The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have changed compared with

the previous period due to the securities lending/returning

□ Applicable √ Not applicable

Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a buy-

back agreement dealing in reporting period.□ Yes √ No

The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company

have no buy –back agreement dealing in reporting period.IV. Changes in shareholdings of directors supervisors and executive officers

□ Applicable √ Not applicable

Shares held by directors supervisors and senior executives have no changes in reporting period found more

details in Annual Report 2025.V. Changes in controlling shareholders or actual controllers

Change of controlling shareholder during the reporting period

□Applicable□Not applicable

The Company had no change of controlling shareholder during the reporting period

Change of actual controller during the reporting period

□Applicable□Not applicable

The Company had no change of actual controller during the reporting period

VI. Preferred stock

□Applicable□Not applicable

The Company had no preferred stock in the Period.

51VII. Corporate Bond

□Applicable □Not applicable

I. Enterprise bond

□ Applicable √ Not applicable

No such cases in the reporting period.II. Corporate bond

√ Applicable □ Not applicable

I. Basic information of corporate bonds

In RMB 10000

Bond short Bond Interest

Bond name Bond code Issue day Value date Due day Servicing way Trading

name balance rate

Using simple interest

rate on a yearly basis

regardless of

compound interest.Public Issuance of Corporate Bonds to November November Shenzhen

November Due payments once a

Professional Investors in 2021 (Phase I) of 21Yedean 03 149711.SZ 24 24 80000 3.41% Stock

232021 year maturing debt at

Guandong Electric Power Development Co.Ltd. 2021 2026 Exchange

a time. In the final

phase interest is paid

together with the

principal redemption.During the reporting period interest payment situation of the company bonds（If

21 Yudean 03 is bonds for professional investorsany）

Applicable trading mechanism Matching transaction click transaction inquiry transaction bidding transaction negotiation transaction

Whether there are risks and countermeasures for terminating listing transactions

No

（If any)

52Overdue and outstanding bonds

□ Applicable √ Not applicable

2.. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor

□ Applicable √ Not applicable

3.Adjustment of credit rating results during the reporting period

□ Applicable √ Not applicable

4. The implementation and changes of guarantee debt repayment plan and other debt repayment guarantee measures during the reporting period and

their impact on the rights and interests of bond investors

□ Applicable √ Not applicable

III. Debt financing instruments of non-financial enterprises

√ Applicable □ Not applicable

1. Debt financing instruments of non-financial enterprises

In RMB10000

Bond short Bond Interest

Bond name Bond code Issue day Value date Due day Servicing way Trading

name balance rate

Using simple interest rate on a yearly basis

2022 MTN (Phase I) of

regardless of compound interest. Due

Guangdong Electric 22Yudean Fa August August August Interbank

102281929.IB 60000 2.9% payments once a year maturing debt at a

Power Development Co. MTN001 242022 262022 262027 market

time. In the final phase interest is paid

Ltd.together with the principal redemption.

2023 MTN (Phase I) of Using simple interest rate on a yearly basis

Guangdong Electric 23Yudean Fa March March March regardless of compound interest. Due Interbank

102380558.IB 160000 3.35%

Power Development Co. MTN001 152023 172023 172028 payments once a year maturing debt at a market

Ltd. time. In the final phase interest is paid

53together with the principal redemption.

2024 MTN (Phase I) of Using simple interest rate on a yearly basis

regardless of compound interest. Due

Guangdong Electric 24 Yudean Fa May May May Interbank

102482034.IB 100000 2.41% payments once a year maturing debt at a

Power Development Co. MTN001 222024 242024 242029 market time. In the final phase interest is paid

Ltd. together with the principal redemption.Using simple interest rate on a yearly basis

2024 MTN (Phase II) of

regardless of compound interest. Due

Guangdong Electric 24 Yudean Fa July July July Interbank

102483012.IB 150000 2.54% payments once a year maturing debt at a

Power Development Co. MTN002 112024 152024 152034 market

time. In the final phase interest is paid

Ltd.together with the principal redemption.Using simple interest rate on a yearly basis

2024 MTN (Phase III) of

regardless of compound interest. Due

Guangdong Electric 24 Yudean Fa September September September Interbank

102484007.IB 60000 2.52% payments once a year maturing debt at a

Power Development Co. MTN003 92024 112024 112039 market

time. In the final phase interest is paid

Ltd.together with the principal redemption.Using simple interest rate on a yearly basis

2024 MTN (Phase IV) of

regardless of compound interest. Due

Guangdong Electric 24 Yudean Fa October October 14 October Interbank

102400984.IB 100000 2.47% payments once a year maturing debt at a

Power Development Co. MTN004A 112024 2024 142029 market

time. In the final phase interest is paid

Ltd. Variety 1

together with the principal redemption.Using simple interest rate on a yearly basis

2024 MTN (Phase IV) of

regardless of compound interest. Due

Guangdong Electric 24 Yudean Fa October October 14 October Interbank

102400985.IB 50000 2.7% payments once a year maturing debt at a

Power Development Co. MTN004B 112024 2024 142039 market

time. In the final phase interest is paid

Ltd. Variety 2)

together with the principal redemption.Using simple interest rate on a yearly basis

2024 MTN (Phase V) of

regardless of compound interest. Due

Guangdong Electric 24 Yudean Fa October October October Interbank

102484558.IB 100000 2.7% payments once a year maturing debt at a

Power Development Co. MTN005 222024 242024 242039 market

time. In the final phase interest is paid

Ltd.together with the principal redemption.Using simple interest rate on a yearly basis

2024 MTN (Phase VI) of

November November regardless of compound interest. Due

Guangdong Electric 24 Yudean Fa November Interbank

102401037.IB 13 13 80000 2.37% payments once a year maturing debt at a

Power Development Co. MTN006A 112024 market

2024 2029 time. In the final phase interest is paid

Ltd. Variety 1)

together with the principal redemption.

2024 MTN (Phase VI) of Using simple interest rate on a yearly basis

Guangdong Electric 24Yudean Fa November November November regardless of compound interest. Due Interbank

102401038.IB 100000 2.67%

Power Development Co. MTN006B 112024 132024 132039 payments once a year maturing debt at a market

Ltd. Variety 2) time. In the final phase interest is paid

54together with the principal redemption.

Using simple interest rate on a yearly basis

2025 MTN (Phase I) of

regardless of compound interest. Due

Guangdong Electric 25 Yudean Fa June June Interbank

102582339.IB June 92025 50000 2.18% payments once a year maturing debt at a

Power Development Co. MIN001 112025 112035 market

time. In the final phase interest is paid

Ltd

together with the principal redemption.Using simple interest rate on a yearly basis

2025 MTN (Phase II) of

regardless of compound interest. Due

Guangdong Electric 25 Yudean Fa September September September Interbank

102501586.IB 80000 2.2% payments once a year maturing debt at a

Power Development Co. MIN002 112025 152025 152030 market

time. In the final phase interest is paid

Ltd

together with the principal redemption.Using simple interest rate on a yearly basis

2025 MTN (Phase III) of

regardless of compound interest. Due

Guangdong Electric 25 Yudean Fa October October October Interbank

102584320.IB 90000 2.18% payments once a year maturing debt at a

Power Development Co. MIN003 172025 212025 212030 market

time. In the final phase interest is paid

Ltd

together with the principal redemption.Using simple interest rate on a yearly basis

2026 MTN (Phase I) of

26 Yudean Fa regardless of compound interest. Due

Guangdong Electric April April April Interbank

MTN001(M 102681477.IB 90000 1.83% payments once a year maturing debt at a

Power Development Co. 162026 202026 202031 market

& A) time. In the final phase interest is paid

Ltd (M & A)

together with the principal redemption.During the reporting period interest payment situation of the

N/A

company bonds（If any）

Circulation and transfer in the national inter-bank bond market its listing and circulation will be carried out in accordance with

Applicable trading mechanism

the relevant regulations promulgate d by the National Interbank Funding Center

Whether there are risks and countermeasures for terminating

Nolisting transactions（If any)Overdue and unpaid bonds

□ Applicable √ Not applicable

2. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor

□ Applicable √ Not applicable

3.Adjustment of credit rating results during the reporting period

□ Applicable √ Not applicable

554.The implementation and changes of guarantee debt repayment plan and other debt repayment guarantee

measures during the reporting period and their impact on the rights and interests of bond investors

□ Applicable √ Not applicable

IV. Convertible bond

□ Applicable √ Not applicable

No such cases in the reporting period

V. The loss within the scope of consolidated statements in the reporting period exceeded 10% of the net

assets at the end of the previous year

□ Applicable √ Not applicable

VI. Main accounting data and financial indicators of the Company in recent two years by the end of the

reporting period

In RMB10000

At the end of the reporting At the same time rate of

Item At the end of last year

period change

Current ratio 0.67 0.67 0%

Debt ratio 77.53% 77.71% -0.18%

Quick ratio 0.52 0.54 -3.70%

At the same time rate of

Amount of this period Amount of last period

change

Net profit after deducting

-83868454-18573.13%

non-recurring profit and loss

EBITDA total debt ratio 3.05% 3.26% -0.21%

Time interest earned ratio 0.51 1 -49%

Cash interest guarantee times 4.5 2.97 51.52%

EBITDATime interest earned

3.373.244.01%

ratio

Repayment of debt (%) 100% 100% 0%

Payment of interest (%) 100% 100% 0%

56VIII. Financial Report

I. Audit report

Has this semi-annual report been audited

□ Yes √ No

The semi-annual financial report has not been audited.II. Financial statements

Currency unit for the statements in the notes to these financial statements: RMB

1. Consolidated balance sheet

Prepared by：Guangdong Electric Power Development Co. Ltd.June 302026

In RMB

Item June 302026 January 1 2026

Current asset：

Monetary fund 15856225093 14839620180

Settlement provision 0 0

Outgoing call loan 0 0

Transactional financial assets 0 0

Derivative financial assets 0 0

Notes receivable 700000 0

Account receivable 10468942664 9583184905

Financing of receivables 0 0

Prepayments 1723383482 974124953

Insurance receivable 0 0

Reinsurance receivable 0 0

Provisions of Reinsurance contracts

00

receivable

Other account receivable 704398419 527513970

Including：Interest receivable 0 0

Dividend receivable 195124964 0

Repurchasing of financial assets 0 0

Inventories 3934096806 2293819795

Including：Data resources 0 0

Contract assets 230219 899846

Assets held for sales 0 0

Non-current asset due within 1 year 0 0

Other current asset 2354486288 2428213159

Total of current assets 35042462971 30647376808

Non-current assets：

Loans and payment on other’s behalf

00

disbursed

Creditor's right investment 0 0

Other investment on bonds 0 0

Long-term receivable 0 0

Long term share equity investment 11784474417 11543456219

Other equity instruments investment 2857534864 3009689888

57Other non-current financial assets 0 0

Property investment 319678959 323777484

Fixed assets 101009972681 85896557515

Construction in progress 15289675042 31582478170

Production physical assets 0 0

Oil & gas assets 0 0

Use right assets 10832326077 11196458460

Intangible assets 3602647907 3699548596

Including：Data resources 0 0

Development expenses 0 0

Including：Data resources 0 0

Goodwill 2449886 2449886

Long-germ expenses to be amortized 58500830 62228755

Deferred income tax asset 1009516374 959061443

Other non-current asset 7083835374 7111168050

Total of non-current assets 153850612411 155386874466

Total of assets 188893075382 186034251274

Current liabilities

Short-term loans 9830784494 9741011157

Loan from Central Bank 0 0

Borrowing funds 0 0

Transactional financial liabilities 0 0

Derivative financial liabilities 0 0

Notes payable 2732162525 1519972657

Account payable 8278151231 4294766903

Advance receipts 64838148 67892003

Contract liabilities 88346556 77103302

Selling of repurchased financial assets 0 0

Deposit taking and interbank deposit 0 0

Entrusted trading of securities 0 0

Entrusted selling of securities 0 0

Employees’ wage payable 884444555 592492474

Tax payable 250171435 311343314

Other account payable 17335490304 18806427609

Including：Interest payable 0 0

Dividend payable 105171555 0

Fees and commissions payable 0 0

Reinsurance fee payable 0 0

Liabilities held for sales 0 0

Non-current liability due within 1 year 11877481284 9886200377

Other current liability 635996024 520439919

Total of current liability 51977866556 45817649715

Non-current liabilities：

Reserve fund for insurance contracts 0 0

Long-term loan 67432289338 71609414544

Bond payable 12683561348 12382296595

Including：preferred stock 0 0

Sustainable debt 0 0

Lease liability 12109264251 12394114636

Long-term payable 968819418 1109330338

Long-term remuneration payable to staff 561055072 592113141

Expected liabilities 0 0

Deferred income 180997422 141794312

Deferred income tax liability 525122735 523854149

Other non-current liabilities 1028167 1028167

58Total non-current liabilities 94462137751 98753945882

Total of liability 146440004307 144571595597

Owners’ equity

Share capital 5250283986 5250283986

Other equity instruments 0 0

Including：preferred stock 0 0

Sustainable debt 0 0

Capital reserves 5039493779 5028330125

Less：Shares in stock 0 0

Other comprehensive income 1418748932 1533837247

Special reserve 154439059 90467033

Surplus reserves 8903515135 8903515135

Common risk provision 0 0

Retained profit 1987136606 2637923692

Total of owner’s equity belong to the

2275361749723444357218

parent company

Minority shareholders’ equity 19699453578 18018298459

Total of owners’ equity 42453071075 41462655677

Total of liabilities and owners’ equity 188893075382 186034251274

Legal representative ：Zheng Yunpengn

Person-in-charge of the accounting work：Liu Wei

Person-in -charge of the accounting organ：Meng Fei

2.Parent Company Balance Sheet

In RMB

Item June 302026 January 12026

Current asset：

Monetary fund 648835318 764421673

Transactional financial assets 0 0

Derivative financial assets 0 0

Notes receivable 0 0

Account receivable 0 0

Financing of receivables 0 0

Prepayments 32721569 33136661

Other account receivable 268870942 70195880

Including：Interest receivable 0 0

Dividend receivable 195124964 0

Inventories 4282400 4371073

Including：Data resources 0 0

Contractual assets 0 0

Assets held for sale 0 0

Non-current asset due within one year 0 0

Other current assets 3036850 2183422

Total current assets 957747079 874308709

Non-current assets:

Debt investment 0 0

Other debt investment 0 0

Long-term account receivable 197765867 195555835

Long-term equity investment 51571650528 50908455350

Investment in other equity instrument 2857273042 3009428066

Other non-current financial assets 1000000 1000000

Investment real estate 2894057 3211856

59Fixed assets 151476020 155838530

Construction in progress 12704204 9517518

Productive biological asset 0 0

Oil and gas asset 0 0

Right-of-use assets 13480472 16988825

Intangible assets 62737622 65316066

Including：Data resources 0 0

Development expenses 0 0

Including：Data resources 0 0

Goodwill 0 0

Long-germ expenses to be amortized 684218 859478

Deferred income tax asset 0 0

Other non-current asset 615767 615758

Total of non-current assets 54872281797 54366787282

Total of assets 55830028876 55241095991

Current liabilities

Short-term loans 1801055278 1400905972

Transactional financial liabilities 0 0

Derivative financial liabilities 0 0

Notes payable 0 0

Account payable 1018212 1695429

Advance receipts 0 0

Contract Liabilities 872464 104963

Employees’ wage payable 122613785 146613413

Tax payable 646281 9202636

Other account payable 140751684 41736245

Including：Interest payable 0 0

Dividend payable 105005680 0

Liabilities held for sales 0 0

Non-current liability due within 1 year 6886861156 4293530164

Other current liability 0 0

Total of current liability 8953818860 5893788822

Non-current liabilities：

Long-term loan 6054225300 9818725300

Bond payable 12683561348 11782624637

Including：preferred stock 0 0

Sustainable debt 0 0

Lease liability 5732561 9970350

Long-term payable 0 0

Long-term remuneration payable to staff 245701966 245701966

Expected liabilities 0 0

Deferred income 1310411 1310410

Deferred income tax liability 472587999 510428489

Other non-current liabilities 0 0

Total non-current liabilities 19463119585 22368761152

Total of liability 28416938445 28262549974

Owners’ equity

Share capital 5250283986 5250283986

Other equity instruments 0 0

Including：preferred stock 0 0

Sustainable debt 0 0

Capital reserves 4872713341 4861549687

Less：Shares in stock 0 0

Other comprehensive income 1461084653 1576172968

Special reserve 34003127 48826625

60Surplus reserves 8903515135 8903515135

Retained profit 6891490189 6338197616

Total of owners’ equity 27413090431 26978546017

Total of liabilities and owners’ equity 55830028876 55241095991

3.Consolidated Income statement

In RMB

Item The first half year of 2026 The first half year of 2025

I. Income from the key business 26333085624 23141441943

Incl：Business income 26333085624 23141441943

Interest income 0 0

Insurance fee earned 0 0

Fee and commission received 0 0

II. Total business cost 27512047590 23303908273

Incl：Business cost 25330875078 21088563492

Interest expense 0 0

Fee and commission paid 0 0

Insurance discharge payment 0 0

Net claim amount paid 0 0

Net amount of withdrawal of insurance

00

contract reserve

Insurance policy dividend paid 0 0

Reinsurance expenses 0 0

Business tax and surcharge 174667812 143216314

Sales expense 45135169 43731677

Administrative expense 642517426 606233009

R & D costs 173308351 321041294

Financial expenses 1145543754 1101122487

Including：Interest expense 1178549854 1141097530

Interest income 39291534 47640150

Add: Other income 10269792 23899477

Investment gain（“-”for loss） 555647455 413769521

Incl: investment gains from affiliates 432794674 263056887

Financial assets measured at amortized

00

cost cease to be recognized as income

Gains from currency exchange 0 0

Net exposure hedging income 0 0

Changing income of fair value 0 0

Credit impairment loss -7177292 -7044073

Impairment loss of assets 16133 -104

Assets disposal income 25316299 41534

III. Operational profit（“-”for loss） -594889579 268200025

Add ：Non-operational income 202692178 140098498

Less: Non-operating expense 112679990 85732233

IV. Total profit(“-”for loss) -504877391 322566290

Less：Income tax expenses 187723646 225270964

V. Net profit -692601037 97295326

(I) Classification by business continuity

1.Net continuing operating profit -692601037 97295326

2.Termination of operating net profit 0 0

(II) Classification by ownership

1.Net profit attributable to the owners of

-54578140632474158

parent company

2.Minority shareholders’ equity -146819631 64821168

VI. Net after-tax of other comprehensive -115088315 19085240

61income

Net of profit of other comprehensive inc

-11508831519099190

ome attributable to owners of the parent

company.（I）Other comprehensive income items

that will not be reclassified into

-11411626819465091

gains/losses in the subsequent accounting

period

1.Re-

measurement of defined benefit plans of 0 -125551

changes in net debt or net assets

2.Other comprehensive income under the

equity method investee can not be reclas 0 -61100510

sified into profit or loss.

3. Changes in the fair value of

-11411626880691152

investments in other equity instruments

4. Changes in the fair value of the

00

company’s credit risks

5.Other 0 0（II）

Other comprehensive income that will be -972047 -365901

reclassified into profit or loss.

1.Other comprehensive income under the

-972047-365901

equity method investee can be reclassifi

ed into profit or loss.

2. Changes in the fair value of

00

investments in other debt obligations

3. Other comprehensive income arising

from the reclassification of financial 0 0

assets

4.Allowance for credit impairments in

00

investments in other debt obligations

5. Reserve for cash flow hedges 0 0

6.Translation differences in currency fina

00

ncial statements

7.Other 0 0

Net of profit of other comprehensive inc

ome attributable to Minority 0 -13950

shareholders’ equity

VII. Total comprehensive income -807689352 116380566

Total comprehensive income attributable

-66086972151573348

to the owner of the parent company

Total comprehensive income attributable

-14681963164807218

minority shareholders

VIII. Earnings per share

（I）Basic earnings per share -0.104 0.0062

(II)Diluted earnings per share -0.104 0.0062

As for the enterprise combined under the same control net profit of 0 Yuan achieved by the merged party

before combination while 0 Yuan achieved last period.Legal representative ：Zheng Yunpeng

Person-in-charge of the accounting work：Liu Wei

Person-in -charge of the accounting organ：Meng Fei

4. Income statement of the Parent Company

In RMB

62Item The first half year of 2026 The first half year of 2025

I. Income from the key business 30371551 24361404

Incl：Business cost 13858252 16728421

Business tax and surcharge 1577140 528901

Sales expense 0 0

Administrative expense 54402440 51498383

R & D expense 1731587 552778

Financial expenses 336638419 320088325

Including：Interest expenses 334769555 317935487

Interest income 666125 492014

Add：Other income 87679 210705

Investment gain（“-”for loss） 1037467749 1369732100

Including: investment gains from

400279670260834563

affiliates

Financial assets measured at amortized

00

cost cease to be recognized as income

Net exposure hedging income 0 0

Changing income of fair value 0 0

Credit impairment loss -22454 -15532

Impairment loss of assets 0 0

Assets disposal income 0 0

II. Operational profit（“-”for loss） 659696687 1004891869

Add ：Non-operational income 37930 93312

Less：Non -operational expenses 1238098 29419

III. Total profit(“-”for loss) 658496519 1004955762

Less：Income tax expenses 198266 0

IV. Net profit 658298253 1004955762

1.Net continuing operating profit 658298253 1004955762

2.Termination of operating net profit 0 0

V. Net after-tax of other comprehensive

-11508831542132430

income

（I）Other comprehensive income items

that will not be reclassified into

-11411626842498331

gains/losses in the subsequent accounting

period

1.Re-

measurement of defined benefit plans of 0 0

changes in net debt or net assets

2.Other comprehensive income under the

equity method investee can not be reclas 0 -38192821

sified into profit or loss.

3. Changes in the fair value of

-11411626880691152

investments in other equity instruments

4. Changes in the fair value of the

00

company’s credit risks

5.Other 0 0

(II)Other comprehensive income that wil -972047 -365901

l be reclassified into profit or loss

1.Other comprehensive income under the

-972047-365901

equity method investee can be reclassifi

ed into profit or loss.

2. Changes in the fair value of

00

investments in other debt obligations

3. Other comprehensive income arising

from the reclassification of financial 0 0

assets

4.Allowance for credit impairments in

00

investments in other debt obligations

5. Reserve for cash flow hedges 0 0

636.Translation differences in currency fina

00

ncial statements

7.Other 0 0

VI. Total comprehensive income 543209938 1047088192

VII. Earnings per share

（I）Basic earnings per share 0.1254 0.1914

(II)Diluted earnings per share 0.1254 0.1914

5. Consolidated Cash flow statement

In RMB

Item The first half year of 2026 The first half year of 2025

I.Cash flows from operating activities

Cash received from sales of goods or

3033270140826187889810

rending of services

Net increase of customer deposits and

00

capital kept for brother company

Net increase of loans from central bank 0 0

Net increase of inter-bank loans from

00

other financial bodies

Cash received against original insurance

00

contract

Net cash received from reinsurance

00

business

Net increase of client deposit and

00

investment

Cash received from interest commission

00

charge and commission

Net increase of inter-bank fund received 0 0

Net increase of repurchasing business 0 0

Net cash received by agent in securities

00

trading

Tax returned 61996573 258723297

Other cash received from business

254123624473613398

operation

Sub-total of cash inflow 30648821605 26920226505

Cash paid for purchasing of merchandise

2137804439319484610430

and services

Net increase of client trade and advance 0 0

Net increase of savings in central bank

00

and brother company

Cash paid for original contract claim 0 0

Net increase in financial assets held for

00

trading purposes

Net increase for Outgoing call loan 0 0

Cash paid for interest processing fee

00

and commission

Cash paid to staffs or paid for staffs 1421115045 1383468198

Taxes paid 1030519112 854209156

Other cash paid for business activities 860115445 841817123

Sub-total of cash outflow from business

2468979399522564104907

activities

Net cash generated from /used in

59590276104356121598

operating activities

II. Cash flow generated by investing

Cash received from investment retrieving 0 0

Cash received as investment gains 129695899 142392458

Net cash retrieved from disposal of fixed

assets intangible assets and other long- 110016817 15892116

term assets

Net cash received from disposal of 0 0

64subsidiaries or other operational units

Other investment-related cash received 846238699 101226000

Sub-total of cash inflow due to

1085951415259510574

investment activities

Cash paid for construction of fixed

assets intangible assets and other 3019468306 5928555799

long-term assets

Cash paid as investment 0 327000000

Net increase of loan against pledge 0 0

Net cash received from subsidiaries and

00

other operational units

Other cash paid for investment activities 190000000 12501732

Sub-total of cash outflow due to

32094683066268057531

investment activities

Net cash flow generated by investment -2123516891 -6008546957

III.Cash flow generated by financing

Cash received as investment 2075492000 142865000

Including: Cash received as investment

2075492000142865000

from minor shareholders

Cash received as loans 10503607035 18506711250

Other financing –related cash received 0 0

Sub-total of cash inflow from financing

1257909903518649576250

activities

Cash to repay debts 12266703030 14256275736

Cash paid as dividend profit or interests 1414299677 1547861180

Including: Dividend and profit paid by

273308163307347918

subsidiaries to minor shareholders

Other cash paid for financing activities 1069591983 494783610

Sub-total of cash outflow due to

1475059469016298920526

financing activities

Net cash flow generated by financing -2171495655 2350655724

IV. Influence of exchange rate

-18511783

alternation on cash and cash equivalents

V.Net increase of cash and cash

1664014879698242148

equivalents

Add: balance of cash and cash

1234241494711831504924

equivalents at the beginning of term

VI ..Balance of cash and cash

1400642982612529747072

equivalents at the end of term

6. Cash Flow Statement of the Parent Company

In RMB

Item The first half year of 2026 The first half year of 2025

I.Cash flows from operating activities

Cash received from sales of goods or

2193416121483209

rending of services

Tax returned 0 2082018

Other cash received from business

325349878533350

operation

Sub-total of cash inflow 54469148 32098577

Cash paid for purchasing of merchandise

53061051564942

and services

Cash paid to staffs or paid for staffs 65937939 72980276

Taxes paid 8793066 1136683

Other cash paid for business activities 63176375 29893490

Sub-total of cash outflow from business

143213485105575391

activities

Net cash generated from /used in

-88744337-73476814

operating activities

65II. Cash flow generated by investing

Cash received from investment retrieving 4800556 290000000

Cash received as investment gains 639902549 1102427948

Net cash retrieved from disposal of fixed

assets intangible assets and other long- 0 15000

term assets

Net cash received from disposal of

00

subsidiaries or other operational units

Other investment-related cash received 0 0

Sub-total of cash inflow due to

6447031051392442948

investment activities

Cash paid for construction of fixed

assets intangible assets and other 4203787 1308877

long-term assets

Cash paid as investment 457121000 832135000

Net cash received from subsidiaries and

00

other operational units

Other cash paid for investment activities 0 0

Sub-total of cash outflow due to

461324787833443877

investment activities

Net cash flow generated by investment 183378318 558999071

III. Cash flow generated by financing

Cash received as investment 0 0

Cash received as loans 1950000000 1904000000

Other financing –related ash received 0 0

Sub-total of cash inflow from financing

19500000001904000000

activities

Cash to repay debts 1899500000 1624402540

Cash paid as dividend profit or interests 256635984 359349831

Other cash paid for financing activities 4089711 5198686

Sub-total of cash outflow due to

21602256951988951057

financing activities

Net cash flow generated by financing -210225695 -84951057

IV. Influence of exchange rate

-18511783

alternation on cash and cash equivalents

V.Net increase of cash and cash

-115591899400582983

equivalents

Add: balance of cash and cash

764409926265969222

equivalents at the beginning of term

VI ..Balance of cash and cash

648818027666552205

equivalents at the end of term

667. Consolidated Statement on Change in Owners’ Equity

Amount in this period

In RMB

The first half year of 2026

Owner’s equity Attributable to the Parent Company

Item Other Equity instrument Minor

Less: Other Common Total of

Specialized Surplus Retained shareholders’ Share Capital Preferred Capital reserves Shares Comprehensi risk Other Subtotal owners’ equity

Sustainable Other reserve reserves profit

equity

stock in stock ve Income provision

debt

I.Balance at

the end of 5250283986 0 0 0 5028330125 0 1533837247 90467033 8903515135 0 2637923692 0 23444357218 18018298459 41462655677

last year

Add:

Change

of

account 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

ing

policy

Correct

ing of

previous 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

errors

Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

II.Balance at

the

beginning of 5250283986 0 0 0 5028330125 0 1533837247 90467033 8903515135 0 2637923692 0 23444357218 18018298459 41462655677

current year

III.Changed

in the 0 0 0 0 11163654 0 -115088315 63972026 0 0 -650787086 0 -690739721 1681155119 990415398

current year

（1）Total

comprehensi 0 0 0 0 0 0 -115088315 0 0 0 -545781406 0 -660869721 -146819631 -807689352

ve income（II）

Investment

or

00001116365400000001116365420754920002086655654

decreasing

of capital by

owners

1．Ordinary

Shares inve 0 0 0 0 0 0 0 0 0 0 0 0 0 2075492000 2075492000

sted by share

67holders

2．Holders

of other equi

ty instrumen 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

ts invested c

apital

3．Amount

of shares

paid and

000000000000000

accounted as

owners’

equity

4．Other 0 0 0 0 11163654 0 0 0 0 0 0 0 11163654 0 11163654（III）Profit

0000000000-1050056800-105005680-273099807-378105487

allotment

1.Providing

of surplus 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

reserves

2.Providing

of common

risk 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

provisions

3．Allotmen

t to the

owners (or 0 0 0 0 0 0 0 0 0 0 -105005680 0 -105005680 -273099807 -378105487

shareholders

)

4．Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

(IV) Internal

transferring

of owners’ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

equity

1.

Capitalizing

of capital

reserves (or 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

to capital

shares)

2.

Capitalizing

of surplus

reserves (or 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

to capital

shares)

3．Making

up losses by

000000000000000

surplus

reserves.

684.Change

amount of

defined

benefit plans

that carry 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

forward

Retained

earnings

5．Other

comprehensi

ve income

000000000000000

carry-over

retained

earnings

6．Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

(V). Special

reserves 0 0 0 0 0 0 0 63972026 0 0 0 0 63972026 25582557 89554583

1. Provided

this year 0 0 0 0 0 0 0 190232140 0 0 0 0 190232140 68409823 258641963

2．Used this

0000000-1262601140000-126260114-42827266-169087380

term（VI）Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

IV. Balance

at the end of 5250283986 0 0 0 5039493779 0 1418748932 154439059 8903515135 0 1987136606 0 22753617497 19699453578 42453071075

this term

Amount in last year

In RMB

The first half year of 2025

Owner’s equity Attributable to the Parent Company

Item Other Equity Minor

instrument Less: Other Common

Total of

Capital Specialized Surplus Retained shareholders’

Share Capital Shares Comprehensive risk Other Subtotal owners’ equity

Preferre reserves reserve reserves profit equity

Sustainable Other in stock Income provision

d stock

debt

I.Balance

2142981306714958

at the end 5250283986 0 0 0 5203250383 0 1331876093 62769166 8903515135 0 0 22894681796 35961831382

of last year 7033 6

Add: 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

69Chang

e of

accoun

ting

policy

Correc

ting of

000000000000000

previous

errors

000000000000000

Other

II.Balance

at the

2142981306714958

beginning 5250283986 0 0 0 5203250383 0 1331876093 62769166 8903515135 0 0 22894681796 35961831382

of current 7033 6

year

III.Change

-

d in the

000093217620190991907447414600725315030363576-67018787-36655211

current

year 22

（1）Total

comprehen 324741

0000001909919000005157334864807218116380566

sive 58

income（II）

Investment

or

0000932176200000009321762142865000152186762

decreasing

of capital

by owners

1．Ordinar

y Shares in

0000000000000142865000142865000

vested by s

hareholders

2．Holders

of other eq

uity instru 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

ments inves

ted capital

3．Amount

of shares

paid and 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

accounted

as owners’

70equity

4．Other 0 0 0 0 9321762 0 0 0 0 0 0 0 9321762 0 9321762（III） -

Profit 0 0 0 0 0 0 0 0 0 0 105005 0 -105005680 -309002447 -414008127

allotment 680

1.Providing

of surplus 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

reserves

2.Providing

of common 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

risk

provisions

3．Allotme

nt to the -

owners (or 0 0 0 0 0 0 0 0 0 0 105005 0 -105005680 -309002447 -414008127

shareholder 680

s)

4．Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

(IV)

Internal

transferring 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

of owners’

equity

1.

Capitalizin

g of capital

000000000000000

reserves (or

to capital

shares)

2.

Capitalizin

g of surplus

000000000000000

reserves (or

to capital

shares)

3．Making

up losses

000000000000000

by surplus

reserves.

4.Change

amount of 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

defined

71benefit

plans that

carry

forward

Retained

earnings

5．Other

comprehen

sive

income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

carry-over

retained

earnings

6．Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

(V).Special 0 0 0 0 0 0 0 74474146 0 0 0 0 74474146 34311442 108785588

reserves

1. Provided

0000000212340844000021234084486483343298824187

this year

2．Used -

00000000000-137866698-52171901-190038599

this term 137866698（VI）

000000000000000

Other

IV.Balance at 207045 1300013079

52502839860005212572145013509752831372433128903515135002292504537235925176171

the end of 5511 9

this term

8.Statement of change in owner’s Equity of the Parent Company

Amount in this period

In RMB

The first half year of 2026

Other Equity instrument Less:

Item Other Share Specialized Surplus Othe Total of owners’

Share capital Othe Capital reserves Comprehensive Retained profit

Preferred stock Sustainabl s in reserve reserves r equity

r Income

e debt stock

I.Balance at the end of last

52502839860004861549687015761729684882662589035151356338197616026978546017

year

72Add: Change of accounting

000000000000

policy

Correcting of previous

000000000000

errors

Other 0 0 0 0 0 0 0 0 0 0 0 0

II.Balance at the beginning

52502839860004861549687015761729684882662589035151356338197616026978546017

of current year

III.Changed in the current

0000111636540-115088315-1482349805532925730434544414

year

（I）Total comprehensive

000000-115088315006582982530543209938

income

(II) Investment or decreasing of

00001116365400000011163654

capital by owners

1．Ordinary Shares invested by

000000000000

shareholders

2．Holders of other equity instr

000000000000

uments invested capital

3.Amount of shares paid and

000000000000

accounted as owners’ equity

4．Other 0 0 0 0 11163654 0 0 0 0 0 0 11163654（III）Profit allotment 0 0 0 0 0 0 0 0 0 -105005680 0 -105005680

1.Providing of surplus reserves 0 0 0 0 0 0 0 0 0 0 0 0

2．Allotment to the owners (or

000000000-1050056800-105005680

shareholders)

3．Other 0 0 0 0 0 0 0 0 0 0 0 0

(IV) Internal transferring of

000000000000

owners’ equity

1. Capitalizing of capital

000000000000

reserves (or to capital shares)

2. Capitalizing of surplus

000000000000

reserves (or to capital shares)

3．Making up losses by

000000000000

surplus reserves.

4.Change amount of defined

benefit plans that carry forward 0 0 0 0 0 0 0 0 0 0 0 0

Retained earnings

5．Other comprehensive

income carry-over retained 0 0 0 0 0 0 0 0 0 0 0 0

earnings

6．Other 0 0 0 0 0 0 0 0 0 0 0 0

(V) Special reserves 0 0 0 0 0 0 0 -14823498 0 0 0 -14823498

1. Provided this year 0 0 0 0 0 0 0 693433 0 0 0 693433

732．Used this term 0 0 0 0 0 0 0 -15516931 0 0 0 -15516931（VI）Other 0 0 0 0 0 0 0 0 0 0 0 0

IV. Balance at the end of

52502839860004872713341014610846533400312789035151356891490189027413090431

this term

Amount in last year

In RMB

The first half year of 2025

Other Equity instrument Less:

Item Other Shares Specialized Surplus Retained Total of

Share Capital Sustainable Capital reserves Comprehensive Other

Preferred stock Other in reserve reserves profit owners’ equity

debt Income stock

I.Balance at the

52502839860004849472205013453355333811125489035151355701301782026088019895

end of last year

Add: Change of

000000000000

accounting policy

Correcting of

000000000000

previous errors

Other 0 0 0 0 0 0 0 0 0 0 0 0

II.Balance at the

beginning of current 5250283986 0 0 0 4849472205 0 1345335533 38111254 8903515135 5701301782 0 26088019895

year

III.Changed in the

00009343464042132430008999500820951425976

current year

（I）Total

000000421324300100495576201047088192

comprehensive income

(II) Investment or

decreasing of capital by 0 0 0 0 9343464 0 0 0 0 0 0 9343464

owners

1．Ordinary Shares inv

000000000000

ested by shareholders

2．Holders of other eq

uity instruments investe 0 0 0 0 0 0 0 0 0 0 0 0

d capital

3.Amount of shares

paid and accounted as 0 0 0 0 0 0 0 0 0 0 0 0

owners’ equity

4．Other 0 0 0 0 9343464 0 0 0 0 0 0 9343464（III）Profit allotment 0 0 0 0 0 0 0 0 0 -105005680 0 -105005680

1.Providing of surplus

000000000000

reserves

2．Allotment to the 0 0 0 0 0 0 0 0 0 -105005680 0 -105005680

74owners (or

shareholders)

3．Other 0 0 0 0 0 0 0 0 0 0 0 0

(IV) Internal

transferring of owners’ 0 0 0 0 0 0 0 0 0 0 0 0

equity

1. Capitalizing of

capital reserves (or to 0 0 0 0 0 0 0 0 0 0 0 0

capital shares)

2. Capitalizing of

surplus reserves (or to 0 0 0 0 0 0 0 0 0 0 0 0

capital shares)

3．Making up losses

000000000000

by surplus reserves.

4.Change amount of

defined benefit plans

000000000000

that carry forward

Retained earnings

5．Other

comprehensive income

000000000000

carry-over retained

earnings

6．Other 0 0 0 0 0 0 0 0 0 0 0 0

(V) Special reserves 0 0 0 0 0 0 0 0 0 0 0 0

1. Provided this year 0 0 0 0 0 0 0 260781 0 0 0 260781

2．Used this term 0 0 0 0 0 0 0 -260781 0 0 0 -260781（VI）Other 0 0 0 0 0 0 0 0 0 0 0 0

IV. Balance at the end

52502839860004858815669013874679633811125489035151356601251864027039445871

of this term

75Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

III．Basic Information of the Company

Guangdong Electric Power Development Co. Ltd. (hereinafter “Guangdong Electric Power” “the Company”) is a

limited liability company jointly established by Guangdong Electric Power Holding Company China

Construction Bank Guangdong Province Trust Investment Company Guangdong Power Development Co. Ltd.Guangdong International Trust and China Guangfa Bank (currently named as Guangdong Guangkong Group Co.Ltd.). The address of the Company's registered office and head office is F33-F36 South Tower Building of

Yudean Square on 2nd Tianhe East Road Guangzhou Guangdong Province the People's Republic of China ("the

PRC"). The Company's parent company is Guangdong Energy Group Co. Ltd. ("GEGC") and its ultimate

controlling shareholder is the State-owned Assets Supervision and Administration Commission of the People's

Government of Guangdong Province.The Company’s issuing RMB ordinary shares (“A-share”) and domestic listed foreign shares (“B-share”) are

listed for transactions in Shenzhen Stock Exchange respectively on 26 November 1993 and 28 June 1995. On 30

June 2025 the total share capital of the Company is RMB 5250283986 with par value of RMB 1 each.The Company and its subsidiaries (collectively referred to as "the Group") are principally engaged in the

businesses of developing and operating electric power projects in Guangdong Province Yunnan Province

Xinjiang Uygur Autonomous Region Hunan Province Guangxi Zhuang Autonomous Region and Inner Mongolia

Autonomous Region.The financial statement has been approved for issue by the Company’s Board of Directors on August 2420 26.For the Consolidation scope changed of the Group please refer to IX and X(Equity in other entities

IV.Basis for the preparation of financial statements

1.Basis for the preparation

The financial statements are prepared in accordance with the Accounting 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.

2. Continuous operation.

This financial statement is prepared on a going-concern basis.When preparing the financial statements for this year the Board of Directors of the Company made a full

evaluation on the Company's going-concern ability for 12 months from the end of the reporting period and the

evaluation results showed no major doubts about its going-concern ability.V. Significant accounting policies and accounting estimates

76Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Specific accounting policies and accounting estimates tips:

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 fixed assets amortization of intangible

assets and right-of-use assets. Specific accounting policies are detailed in Notes V.11 Notes V.17 Notes V.24

Notes V.29 Notes V.30 Notes V.37 Notes V.40 and Notes V.41.Details of the Group’s critical judgements critical accounting estimates and key assumptions used in

determining significant accounting policies are set forth in Note V.42.

1.Complying with the statements in Accounting Standards for Business Enterprises

The financial Report and statements are prepared with compliance to the requirement of the Enterprise

Accounting Standard. They reflect the financial position as of June 30 2025 as well as the business performance

and cash flow situation in the first half of 2026 of the Company frankly and completely.

2. Accounting period

Fiscal year is dated from Gregorian calendar Jan. 1 to Gregorian calendar December 31.The accounting of the financial statements during the period starts from January 1 2026 to 6 months ended June

302026.

3.Operating cycle

The business cycles for principal activities are usually less than 12 months.

4.Standard currency for bookkeeping

The Company and domestic subsidiaries use Renminbi (RMB) as their recording currency. The currency used by

the Company in preparing these financial statements is Renminbi (RMB).

5.Determination method and selection basis of importance standard

□Applicable □Not applicable

Item Criterion of importance

The Group determines significant long-term equity investments

by taking into account factors such as the book value of joint

Significant long-term equity investment ventures and associated enterprises the proportion of long-term

equity investment income calculated by equity method to the

consolidated net profit of the Group.The Group recognizes fixed asset items with signs of

Significant Fixed assets impairment and asset balances greater than RMB 500 million

as important fixed asset items.The Group determines major construction in progress in

Significant Construction in progress consideration of the proportion of construction in progress to

the total construction in progress of the Group.The Group determines the subsidiaries with significant

minority shareholders' equity in consideration of the proportion

Subsidiaries with significant minority interests

of minority shareholders' equity of subsidiaries to the total

minority shareholders' equity of the Group.The Group determines significant long-term equity investments

by taking into account factors such as the book value of joint

Basic information of important joint ventures and associated

ventures and associated enterprises the proportion of important

enterprises

joint ventures and associated enterprises income calculated by

equity method to the consolidated net profit of the Group.

77Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

6. Accounting process method of enterprise consolidation under same and different controlling.

(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 not involving enterprises 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 recognised 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 recognised 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 acquisition date and

the difference between the fair value and its book value is recognized in the current investment income. The

78Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

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.Minority 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 minority 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’ share of the opening owners’

equity of the subsidiary the excess is adjusted to minority 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

79Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

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.

80Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

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.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 derecognised when one of the following criteria is met:

81Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

The contractual rights to the cash flows from the financial asset expire; or

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 recognised amounts. Accounts receivable

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 recognised 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:

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;

82Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

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 incomeare 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 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

83Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

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 recognised 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::

* A contractual obligation to deliver cash or another financial asset to another entity;

* A contractual obligation to exchange financial assets or financial liabilities with another entity under

potentially unfavorable conditions;

* 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;

* 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 ECL

84Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

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 expected credit losses 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. The Company measures the loss allowance according to the expected credit losses 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 expected credit losses 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 expected credit losses 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 expected credit losses in the next 12 months.Lifetime expected credit losses are the expected credit losses that result from all possible default events over the

expected life of a financial instrument. Expected credit losses 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 expected credit losses 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 accounts receivable such as notes

receivable accounts receivable accounts receivable financing 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 account receivable. Apart from the account receivables for which

bad debt reserves are individually accrued the company divides account receivables into groups based on credit

risk characteristics and calculates bad debt reserves on a group basis.Notes receivable accounts receivable contract assets and other receivables

For notes receivable accounts receivable 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 accounts

receivable 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 of Notes receivable Notes receivable

Group of account receivable Receivables from sale of electricity

Group of Account receivable Receive of renewable energy subsidies

85Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Group 3 of account receivable Receivables from related parties

Group 4 of account receivable 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 accounts receivable 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 recognises 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.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 creditimpaired. 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 creditimpaired includes the following observable

information:

86Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

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 expected credit losses 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 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.Note receivable

See Note V (11) Financial Instruments for details.

87Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

13.Account receivable

See Note V (11) Financial Instruments for details.

14.Financing receivable

Not applicable

15.Other account receivable

Determination method of expected credit loss of other receivables and accounting treatment method

See Note V (11) Financial Instruments for details.

16.Contract assets

See Note V (11) Financial Instruments for details.

17.Inventories

18.Held-for-sale assets

Not applicable

19.Creditor's rights investment

Not applicable

20.Other Creditor's rights investment

Not applicable

21.Long-term account receivable

See Note V (11) Financial Instruments for details.

22.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 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.

88Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

(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 nontrading 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 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

89Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

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.

(1) 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 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.

(2) 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 V. 30.

90Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

23. Investment properties

The measurement mode of investment property

The measurement by the cost method

Depreciation or amortization method

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 fixed assets 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:

Estimated net residual values Annual depreciation

Category Estimated useful lives

(%) (amortization) rates (%)

House and building 20 to 40 years 5 4.75 to 2.38

Land-use rights 50 to 60 years 0 2 to1.67

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 fixed asset 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 derecognised on disposal or when the investment property is

permanently withdrawn from use and no future economic benefits are expected from its disposal. The net

amount of proceeds from sale transfer retirement or damage of an investment property after its carrying

amount and related taxes and expenses is recognised in profit or loss for the current period.For investment properties measured using the cost model the method for calculating asset impairment is

provided in Note V.30

24.Fixed assets

(1) Recognition and initial measurement of fixed assets

The fixed assets of the company refer to tangible assets held for the purpose of producing goods providing

services leasing or business management with a service life exceeding one accounting year including

buildings power generation equipment motor vehicles and other equipment.Fixed assets are recognised when it is probable that the related economic benefits will flow into the Group and

the costs can be reliably measured.Fixed assets purchased or constructed by the Group are initially measured at cost at the time of acquisition. The

fixed assets contributed by the State shareholders at the reorganization of the Company into a corporation entity

are recognised based on the evaluated amounts approved by the state-owned assets administration department.Subsequent expenditures incurred for a fixed asset are included in the cost of the fixed asset 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 derecognised. All the other subsequent expenditures are recognised in

profit or loss for the period in which they are incurred.

91Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

(2) Depreciation methods

The method for Expected useful life Estimated residual

Category Depreciation

depreciation （Year） value

House and building Straight-line method 10 to 50 years 5% 9.50% to 1.90%

Generation equipment Straight-line method 5 to 30 years 0% to 5% 20% to 3.17%

Transportation Straight-line method

5 to 10 years 0% to 5% 20% to 9.50%

equipment

Other equipment Straight-line method 5 to 22 years 0% to 5% 20% to4.32%

The Company adopts the straight-line method for depreciation accrual. Depreciation is accrued for fixed assets

from the time they reach their intended usable condition and ceases when they are derecognized or classified as

non-current assets held for sale.Except for fixed assets purchased using work safety funds other fixed assets are depreciated using the straight-

line method to allocate the cost of the assets to their estimated net residual values over their estimated useful

lives. For the fixed assets that have been provided for impairment loss the related depreciation charge is

prospectively determined based upon the adjusted carrying amounts over their remaining useful lives.The impairment test method and impairment provision method for fixed assets are described in Note V.30.At the end of each year the Company reviews the useful life estimated net residual value and depreciation

method of its fixed assets.Disposals of fixed assets

A fixed asset is derecognised on disposal or when no future economic benefits are expected from its use or

disposal. The amount of proceeds from disposals on sale transfer retirement or damage of a fixed asset net of

its carrying amount and related taxes and expenses is recognised in profit or loss for the current period.

25.Construction in progress

26.Borrowing costs

92Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

(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:

* 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;

* The borrowing costs have already been incurred;

* 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 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.

27.Biological Assets

Not applicable

28.Oil & Gas assets

Not applicable

93Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

29. Intangible assets

（1） Service life and its determination basis estimation amortization method or review procedure

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:

Expected useful Amortization

Category Notes

lives (years) method

If the cost of purchasing land and buildings cannot

be reasonably allocated between the land use rights

Straight line

Land-use rights 20 to 70 years and the buildings the entire amount shall be treated

method

as fixed assets. For allocated land with an uncertain

useful life no amortization shall be accrued.Straight line

Sea use rights 25 to 50 years

method

Straight line

Other intangible assets 2 to 60 years

method

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 V.30.

（2）Collection scope of R&D expenditure and related accounting treatment methods

The expenditure on an internal research and development project is classified into expenditure on the

research phase and expenditure on the development phase based on its nature and whether there is material

uncertainty that the research and development activities can form an intangible asset at the end of the project.Expenditure on the research phase is recognised in profit or loss in the period in which it is incurred.Expenditure on the development phase is capitalized only if all of the following conditions are satisfied:

management intends to complete the intangible asset and use or sell it;

it can be demonstrated how the intangible asset will generate economic benefits: products with the

application of intangible assets or the intangible assets themselves can prove to have market value intangible

assets for internal use application can prove to be of usefulness;

there are adequate technical financial and other resources to complete the development and the ability to use

or sell the intangible asset;

it is technically feasible to complete the intangible asset so that it will be available for use or sale; and

94Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

the expenditure attributable to the intangible asset during its development phase can be reliably measured.Other development expenditures that do not meet the conditions above are recognised in profit or loss in the

period in which they are incurred. Development costs previously recognised as expenses are not recognised as an

asset in a subsequent period. Capitalized expenditure on the development phase is presented as development costs

in the balance sheet and transferred to intangible assets at the date that the asset is ready for its intended use.

30. Impairment of long-term assets

The impairment of assets such as long-term equity investments in subsidiaries associates and joint ventures

investment properties measured using the cost model fixed assets 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.

95Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Once the asset impairment loss is recognized it will not be reversed in subsequent accounting periods.

31. 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.

32.Constract Liabilities

See Note V (37) Revenue for details.

33. Employee benefits

(1) 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 recognised 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.

(2) 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

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

recognised as liabilities in the accounting period in which the service has been rendered by the employees with

a corresponding charge to the profit or loss for the current period or the cost of relevant assets.Defined benefit plan

For defined benefit plan the 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

96Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

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.

97Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

(3) Termination benefits

The Company recognises 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 recognises 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 onetime basis. The economic

compensation after the official retirement date (such as normal pension benefits) is treated as post-employment

benefits.

(4)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 recognised 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 benefitstandards are recognised 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.

34． 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.

98Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

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.

35. Share payment

Not applicable

36. Other financial instruments such as preferred stocks and perpetual bonds

Not applicable

37. Revenue

Accounting policies adopted for income recognition and measurement

(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:

* Customers obtain and consume the economic benefits brought by the company's performance while the

company is fulfilling its contract. * Customers have the ability to control the goods that are in progress during

the company's fulfillment process. * The goods produced by the company during the performance of the

contract have irreplaceable 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:

* 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.* 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.* The company has transferred the physical possession of the product to the customer meaning that the

customer has physically taken possession of the product.* 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.* The customer has accepted the product or service.* Other signs indicating that the customer has obtained control over the goods.

(2) Specific methods

99Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

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.* Revenue from sale of electricity and heat energy Revenue is recognised when electricity and heat energy are

supplied to grid companies or customers and they obtain control over electricity. * Revenue from sale of by-

products

Revenue from the sale of goods is recognised when the Company transfers by-products (such as coal ash)

produced by electricity 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.* 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 recognised based on the difference between the purchase price and the selling price of

electricity

* 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 accounts receivable and the

remaining portion as contract assets. Loss provisions are recognized for accounts receivable and contract assets

based on expected credit losses 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.

38. 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:

* 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;

* The costs enhance the Company's future resources for fulfilling its performance obligations; * The costs are

expected to be recovered.

100Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Assets recognized for costs of obtaining a contract or costs to fulfill 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:

* The remaining consideration that the Company expects to receive in exchange for the goods or services to

which the asset relates;

* The costs to be incurred for the transfer of the relevant goods or services

39. 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 no

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.

40. 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.

101Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

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.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.

41. Leases

102Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

(1) The Group as the lessee

At the lease commencement date the Company recognises 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 recognised 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 noncurrent 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，please refer 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:

* The modification increases the scope of the lease by adding the right to use one or more underlying assets;

* 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 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.

（2）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

there from is recognised on a straight-line basis over the lease term. Variable rental that is linked to a certain

percentage of sales is recognised in rental income as incurred.

103Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

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

42. Other significant accounting policies and estimates

（1）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 RMB 10 million in the previous year;

1.5% for the proportion of revenue between RMB 100 million and RMB 1 billion in the previous year;

1% for the proportion of revenue between RMB 100 million and RMB 1 billion in previous year;

0.8% for the proportion of revenue between RMB 1 billion and RMB 5 billion in the previous year;

* 0.6% for the proportion of revenue between RMB5000 million and RMB10000 million in the previous

year;

0.2% for the proportion of revenue exceeding RMB 10 billion in the previous year.

Work safety funds are recognised 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 fixed assets 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 fixed assets shall be recognized. Simultaneously the special

reserves shall be offset against the cost of forming the fixed assets and the accumulated depreciation of the

same amount shall be recognized. No further depreciation shall be accrued for this fixed asset in subsequent

periods.

（2）Carbon emission use rights

Categorized as an Enterprise with High Emissions the Group needs to fulfill its emission reduction

obligations and recognise carbon emission related assets and expenditures per relevant regulations:

(i) The present obligations incurred by the Group in fulfilling its emission reduction obligations are

measured at the best estimate of the expenditure required and recognised as other payables and non-operating

expenses.(ii) The Group purchases carbon emission allowances and recognises related carbon emission rights assets

based on the cost paid or payable at the acquisition date and the balance is included in other current assets; the

Group makes no accounting treatment for carbon emission allowances purchased at nil consideration;

(iii) The Group uses the purchased carbon emission allowances to fulfill its emission reduction obligations

and recognises the book balance of the allowances used as a reduction of carbon emission rights assets; the

Group makes no accounting treatment if it uses carbon emission allowances purchased at nil consideration to

fulfill its obligations;

104Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

(iv) The Group sells carbon emission allowances and recognises related non-operating income or non-

operating expenses based on the difference between the amount received or receivable at the date of sale and the

book balance of the allowances sold

（3）Segment information

The Group identifies operating segments based on the internal organisation structure management

requirements and internal reporting system and discloses segment information of reportable segments which is

determined on the basis of operating segments.An operating segment is a component of the Group that satisfies all of the following conditions: (a) the

component is able to earn revenue and incur expenses from its ordinary activities; (b) whose operating results

are regularly reviewed by the Group’s management to make decisions about resources to be allocated to the

segment and to assess its performance and (c) for which the information on financial position operating results

and cash flows is available to the Group. Two or more operating segments that have similar economic

characteristics and satisfy certain conditions can be aggregated into one single operating segment.

（4）Critical accounting estimates and judgements

The Group continually evaluates the critical accounting estimates and key judgements applied based on

historical experience and other factors including expectations of future events that are believed to be reasonable

under the circumstances.(a)Critical judgements in applying the accounting policies

(i) Classification of financial assets

Significant judgements made by the Group in the classification of financial assets include analysis on

business models and contractual cash flow characteristics.The Group determines the business model for financial asset management at the level of different groups

and factors to be considered include the methods of evaluation on financial asset performance and reporting of

financial asset performance to key management personnel risks affecting financial asset performance and

management methods for such risks the ways in which related business management personnel are remunerated

etc.When assessing whether contractual cash flow characteristics of financial assets are consistent with basic

lending arrangement key judgements made by the Group include: the possibility of changes in timing or

amount of the principal during the duration due to reasons such as early repayment; whether interest only

include time value of money credit risks other basic lending risks and considerations for costs and profits. For

example whether the amount of prepayment only reflects the principal outstanding and the interest based on the

principal outstanding as well as the reasonable compensation due to the early termination of the contract.(ii) Determination of significant increase in credit risk

When the Group classifies financial instruments into different stages its criteria for significant increase in

credit risk and credit-impaired are as follows:

Judgement of the Group for significant increase in credit risk is mainly based on whether one or more of

the following indicators changed significantly: business environment of the debtor internal and external credit

rating significant changes in actual or expected operating results significant decrease in value of collateral or

credit rate of guarantor etc.Judgement of the Group on the occurred credit impairment is mainly based on whether it meets one or

more of the following conditions: the debtor is suffering significant financial difficulties engaged in other debt

restructuring or it is probable that the debtor will enter bankruptcy etc.(iii) Timing of revenue recognition

105Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

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

recognised upon the receiving of the electric power of grid companies.(b) Critical accounting estimates and key assumptions

(i) Assessment on impairment of fixed assets

A fixed asset is tested for impairment by the Group if there is any indication that it may be impaired at the

balance sheet date by calculating and comparing the recoverable amount of the fixed asset with its carrying

amount to check the difference. If the result of the impairment test indicates that the recoverable amount of an

asset is less than its carrying amount a provision for impairment and an asset impairment loss are recognised

for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is

the higher of an asset’s fair value less costs to sell and the present value of the future cash flows expected to be

derived from the asset. The determination of the recoverable amount involves accounting estimates.When assessing whether the above assets are impaired management mainly evaluates and analyses: (i)

whether events affecting asset impairment occurred; (ii) whether the present value of expected cash flows

arising from the continuing use or disposals of the asset is lower than its carrying amount; and (iii) whether the

significant assumptions used in the calculation of the present value of the estimated cash flows are appropriate

The calculation of the present value of future cash flows involves management’s significant estimates and

judgements including the discount rate the growth rate of the estimated on-grid electricity price the growth

rate of the estimated electricity sale and the variability rate of the estimated price of coal used in power

generation. Changes in these assumptions may have material impact on the present value used in the

impairment test and cause impairment in the above-mentioned long-term assets of the Group

(ii) Measurement of 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. 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”) etc. The Group regularly monitors and

reviews assumptions and parameters related to the calculation of ECL

(iii) Income taxes and deferred income taxes

The Group 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 Group 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 6 some subsidiaries of the Group are high-tech enterprises. The high-tech enterprise

certificate is effective for three years. Upon expiration application for high-tech enterprise identification should

be submitted again to the relevant government authorities. Based on the historical experience of reassessment

for high-tech enterprise upon expiration and the actual condition of the subsidiaries the Group considers that

106Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

the subsidiaries are able to obtain the qualification for high-tech enterprises in future years and therefore a

preferential tax rate of 15% is used to calculate the corresponding deferred income tax. If some subsidiaries

cannot obtain the qualification for high-tech enterprise upon expiration then the subsidiaries are subject to a

statutory tax rate of 25% for the calculation of the income tax which further influences the recognised deferred

tax assets deferred tax liabilities and income tax expenses.A deferred tax asset is recognised for the carry forward of unused deductible losses to the extent that it is

probable that future taxable profits will be available against which the deductible losses can be utilised. Future

taxable profits include taxable profits that can be achieved through normal operations and the increase in

taxable profits due to the reversal of taxable temporary differences arising from previous period in future period.The Group determines the future taxable profits based on the future financial forecast which requires

management’s significant estimates and judgements including the estimated electricity sale estimated on-grid

electricity price the estimated price of coal used in power generation and other operating expenses. If there is

any difference between the actual and the estimates adjustment may be made to the carrying amount of

deferred tax assets.

43.Change of main accounting policies and estimations

(1)Change of main accounting policies

□Applicable □Not applicable

(2) Change of main accounting estimations

√Applicable□ Not applicable

In RMB

Contents and reasons for Names of significantly

changes in accounting affected financial statement Effective date of application Impact amount

estimates items

Pursuant to the provisions of

the "Accounting Standards for

Business Enterprises No. 4 –

Fixed Assets" an enterprise

shall at least at the end of

each annual year review the

useful lives estimated

residual values and

depreciation methods of its

fixed assets. In order to more

objectively and accurately

reflect the Company's asset

usage conditions and Fixed asset April 12026 119011499

operating results and to meet

the needs of the Company's

business development and

fixed asset management the

Company based on the

current usage status and

designed useful lives of its

fixed assets and taking into

account industry conditions

reviewed and reassessed the

estimated useful lives of its

natural gas turbines and

107Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

related equipment.Given that compared with the

depreciation policies of

comparable listed companies

in the industry and in light of

the actual usage of the

Company's assets the current

depreciation lives of the

Company's natural gas

turbines and related

equipment are relatively low.Therefore in order to more

fairly and accurately reflect

the impact of fixed assets on

the Company's operating

results the Company plans to

adjust the depreciation lives

of its natural gas turbines and

related equipment.Business cost April 12026 -119011499

Income tax expense April 12026 10576766

Net profit attributable to

shareholders of the parent April 22026 71665679

company

The specific depreciation lives before and after the change are as follows:

Depreciation life before

Fixed asset category Depreciation life after adjustment (years)

adjustment (years)

Natural gas turbines and related equipment 13 20

（3）The information of the adjusting items related to the financial statements at the beginning of the

year of first implementation due to the first implementation of new accounting standards from

2026.Adjustment description

□Applicable√ Not applicable

44.Other

Not applicable

VI. Taxation

1. Main categories and rates of taxes

Class of tax Tax basis Tax rate

Taxable value-added amount (Tax

payable is calculated using the taxable

sales amount multiplied by the applicable

VAT 3%5%6%9% and 13%

tax rate less deductible VAT input of the

current period) Revenue from

hydropower sales

City maintenance and construction tax Amount of VAT paid 5% to7%

Corporate income tax Taxable income 12.5%15%20% and 25%

108Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Education surcharges Amount of VAT paid 3%

Local education surcharges Amount of VAT paid 2%

Property’s rental income or the residual

House property tax value from original value less the 12% and 1.2%

deducting proportion

Calculated and paid based on the

Calculated and paid based on the

pollution equivalent values or the

Environmental protection tax applicable tax amounts of different

discharge of taxable pollutants multiplied

pollutants

by the applicable tax amounts

In case there exist any taxpayer paying corporate income tax at different tax rates disclose the information

Name of taxpayer Income tax rates

Guangdong Yudean Zhanjiang Biomass Power Generation Co.

15%

Ltd.Guangdong Wind Power Generation Co. Ltd. 15%

2. Tax preference

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

since 1 January 2008 and are exempted from enterprise income tax in the first three years counting from the

year when revenue from production and operations of those projects is recorded for the first time and can enjoy

half rate reduction in the following three years (“three-year exemptions and three-year halves”).Pursuant to the Supplementary Notice on Issues Concerning the Preferential Enterprise Income Tax

Policies for Public Infrastructure Projects (Cai Shui [2014] No. 55) enterprises invest and operate public

infrastructure projects in compliance with the List of Public Infrastructure Projects Enjoying Enterprise Income

Tax Preferential those which adopt one-off approval and are subject to construction in batches (such as

terminals berths airport terminals runways sections generator units etc.) are subject to income tax calculated

in units of each batch and enjoy the tax preferential policy of “three-year exemptions and three-year halves”

when the following conditions are satisfied: (i) different batches are space-independent; (ii) each batch has its

own revenue function; (iii) they are accounted for in units of each batch and are subject to income tax

individually while the period expenses are allocated rationally.The subsidiaries which enjoy this tax preference as listed as below

The first year of generating

Name Project name

operating income

Guangdong Yudean Qujie Wind Power

Qujiewai Luo Hai Wind Power Project Phase II 2021

Generation Co. Ltd

Guangdong Yudean Qujie Wind Power

Xinliao Offshore Wind Power Project 2021

Generation Co. Ltd

Guangdong Yudean Pingyuan Wind

Pingyuan Sishui Project 2021

Power Co. Ltd

Guangdong Yudean Zhanjiang Wind

Zhanjiang Linfen Hongdong Photovoltaic Project 2023

Power Generation Co. Ltd

LaiShui LiNeng New Energy Technology

Laishui 80MW Photovoltaic Power Generation Project 2024

Co. Ltd

Agricultural-Photovoltaic Complementary

Lan Shan Yue Feng New Energy Co. Ltd 2024

Photovoltaic Project in Lanshannan City

Xiangzhou Yunjiang New Energy Co. Xiangzhou Yunjiang Wind-Solar-Storage Integrated

2025

Ltd Project Phase III

Xiangzhou Hangjing New Energy Co. Xiangzhou Hangjing Photovoltaic Integrated Project

2025

Ltd Phase Il

Guangneng Toksun New Energy Power Guangdong Energy Toksun County 1000 MW Wind

2025

Co. Ltd. Power Project

109Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

The first year of generating

Name Project name

operating income

Baiyin Yuefeng New Energy Co. Ltd. Jingyuan 100000 KW Wind Power Project 2026

In 2022 the Group's subsidiaries Zhanjiang Wind Power and Biomass Power Generation obtained the "High-

tech Enterprise Certificate" (certificate numbers GR202244006758 and GR202244008597) jointly 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. According to Article 28 of the "Enterprise Income Tax Law of the

People's Republic of China" the applicable enterprise income tax rate for Zhanjiang Wind Power and Biomass

Power Generation from 1 January 2026 to 30 June 2026 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 from 1 January 2026 to June 2026 is 15%.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 from 1 January 2026 to June 2026.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 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 from 1 January 2026 to June 2026.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 energy and water conservation

and safe production within the scope of the "Preferential Income Tax Catalogue for Enterprises Using Special

110Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

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. Some subsidiaries of

the group enjoy the above tax benefits from 1 January 2026 to June 2026.VAT tax incentives

Pursuant to Announcement No. 10 in 2025 of the State Taxation Administration the "Announcement

on Adjusting Value-Added Tax Policies for Wind Power Generation etc." a policy of immediate VAT

refund at 50% is applied to the sale of self-produced electricity generated from offshore wind power by

taxpayers. The Group's subsidiaries Guangdong Energy Qingzhou Offshore Wind Power Co. Ltd.Guangdong Yuedean Zhuhai Offshore Wind Power Co. Ltd. and Guangdong Yuedean Yangjiang

Offshore Wind Power Co. Ltd. enjoyed the above tax incentives from January to June 2026.

3.Other

Not applicable

VII. Notes on major items in consolidated financial statements

1. Monetary funds

In RMB

Item Year-end balance Year-beginning balance

Cash on hand 31700 36244

Cash at bank 1655900525 1537957020

Other cash balance 30192654 25738324

Deposit funds from the financial

1417010021413275888592

company

Total 15856225093 14839620180

Including: total overseas deposits 0 0

Other note

As of June 30 2026 the Group had no funds deposited overseas (December 31 2025: None).As of June 30 2026 Other monetary funds amounted to RM30192654 (On December 31 2025:

RMB25738324) which mainly are deposits such as ecological protection deposits and performance guarantee

deposits.

2. Transactional financial assets

In RMB

Item Year-end balance Year-beginning balance

Including ：

Including ：

Total 0 0

111Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

3. Derivative financial assets

In RMB

Item Year-end balance Year-beginning balance

Total 0 0

4. Notes receivable

(1) Notes receivable listed by category

In RMB

Item Year-end balance Year-beginning balance

Bank acceptance 700000 0

Total 700000 0

（2）By accrual of bad debt provision

In RMB

Amount in year-end Balance Year-beginning

Book Balance Bad debt provision Book Balance Bad debt provision Boo

Category Amount Proportion Amount Proportion Book Amount Proportion Amount Proportion k

(%) (%) value (%) (%) valu

e

Of

which

Notes

receivable

for bad

debt 700000 100% 0 0% 700000 0 0% 0 0% 0

provision

by

portfolio

Of which

Note

receivable 700000 100% 0 0% 700000 0 0% 0 0% 0

portfolio

Total 700000 100% 0 0% 700000 0 0% 0 0% 0

Name of bad debt provision by portfolio: portfolio of notes receivable

In RMB

Year-end balance

Name

Book Balance Bad debt provision Proportion(%)

Portfolio of notes receivable 700000 0 0%

Total 700000 0

Note：

None

If the provision for bad debts of notes receivable is made in accordance with the general model of expected

credit losses please refer to the disclosure of other account receivable to disclose related information about bad-

debt provisions:

□Applicable □Not applicable

112Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

(3) Bad debt provision accrual collected or reversal in the period

Accrual of bad debt provision in the period:

None

Including important amount of bad debt provision collected or reversal in the period:

□Applicable □Not applicable

(4) Note receivable pledged at period-end

None

(5) Note receivable which have endorsed and discount at period-end and has not expired on balance sheet

date

None

(6) Note receivable actually written-off in the period

None

5. Account receivable

(1) Accounts receivable disclosed by category

In RMB

Aging Amount in year-end Balance Year-beginning

Within 1 year （Including 1 year） 7561269115 7369698391

1-2 years 1379441511 1457893486

2-3 years 880705778 570345518

Over 3 year 695112288 228531999

3-4 years 531550618 91034702

4-5 years 56301686 72734446

Over 5 years 107259984 64762851

Total 10516528692 9626469394

113Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

（2） According to the bad debt provision method classification disclosure

In RMB

Amount in year-end Balance Year-beginning

Category Book Balance Bad debt provision Book Balance Bad debt provision

Book value Book value

Amount Proportion(%) Amount Proportion(%) Amount Proportion(%) Amount Proportion(%)

Of which

Accrual of bad debt

10516528692100%475860280.45%104689426649626469394100%432844890.45%9583184905

provision by portfolio

Of which

Electricity sales

1033390957798.26%399227230.39%10293986854948164776598.50%359032820.38%9445744483

receivable

Related party

408749830.39%00%40874983483220280.50%00%48322028

receivable

Steam sale and other

1417441321.35%76633055.41%134080827964996011%73812077.65%89118394

receivable

Total 10516528692 100% 47586028 0.45% 10468942664 9626469394 100% 43284489 0.45% 9583184905

Accrual of bad debt provision by portfolio:：Electricity sales receivable

In RMB

Closing balance

Name

Book balance Bad debt provision Proportion%

Electricity sales receivable 10333909577 39922723 0.39%

Total 10333909577 39922723

Note：

Portfolio 1.As at 30 June 2026 the Group’s receivables from sale of electricity amounted to RMB 10333909577 (31 December 2025:RMB 9481647765) whichmainly comprised receivables of RMB 10173762353 from China Southern Power Grid Co. Ltd. and its subsidiaries (collectively referred to as “China SouthernPower Grid”) and RMB 153040515 from State Grid Corporation of China (“State Grid”) and its subsidiaries. Considering the favorable credit history of China

Southern Power Grid and State Grid is the amount that should be collected from Inner Mongolia Electric Power (Group) Co. Ltd.Receivables for electricity sales including general electricity sales proceeds and receivables for renewable energy subsidies;

114Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Considering the favorable credit history of China Southern Power Grid and State Grid the Group held that

there was no significant credit risk arising from receivables from sale of electricity. Since the possibility of

material losses due to the default by China Southern Power Grid and State Grid was extremely low the Group

made no provision for the ECL of the receivables from sale of electricity (31 December 2025: Nil)

For the receivables of renewable energy subsidies the Group has made provision for bad debts based on

the expected credit loss model the balance of which is RMB39922723 as of June 30 2026(31 December 2025:

RMB35903282)

On 30 June 2026 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 RMB3606305646 including current portion of long-

term borrowings with a principal of RMB373905838. (December 31 2025: longterm borrowings with a

principal of RMB3935009425 including current portion of long-term borrowings with a principal of

RMB456142964.).Accrual of bad debt provision by portfolio: Related party receivable

In RMB

Closing balance

Name

Book balance Bad debt provision Proportion%

Related party receivable 40874983 0 0%

Total 40874983 0

Note：

Portfolio 2：- Related party receivable：As at 30 June 2026 the amount of receivables from related partiesof the Group was RMB40874983（December 312025:RMB48322028) and the historical loss rate was extremelylow. Therefore The Group believes that there is no significant credit risk in the receivables from related parties

and the possibility of significant losses due to their default is extremely low. The Group's expected credit loss ratefor receivables from related parties is 0%. （December 312025:0%).Accrual of bad debt provision by portfolio: Steam sale and other receivable

In RMB

Closing balance

Name

Book balance Bad debt provision Proportion%

Steam sale and other

14174413276633055.41%

receivable

Total 141744132 7663305

Note：

Portfolio 3- For other fund receivable except Portfolio 1 and Portfolio 2 Bad provision according to the

expected credit loss mode

Relevant information of the provision for bad debts will be disclosed with reference to the disclosure

method of other receivables if the provision for bad debts of bills receivable is accrued according to the general

model of expected credit loss:

□Applicable □Not applicable

(3) Accounts receivable withdraw reversed or collected during the reporting period

The withdrawal amount of the bad debt provision：

In RMB

115Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Amount of change in the current period

Opening Reversed or

Category Closing balance

balance Accrual collected Write-off Other

amount

Account

432844894338370368310047586028

receivable

Total 43284489 4338370 36831 0 0 47586028

Including important amount of bad debt provision collected or reversal in the period:

None

(4) Account receivables actually write-off during the reporting period

None

（5） Accounts receivable and contract assets of the top five ending balances collected by debtor

In RMB

Ending balance of

Proportion of total bad debt provision

Ending balance of

Ending balance of ending balance of for accounts

Ending balance of accounts

Unit name accounts accounts receivable and

contract assets receivable and

receivable receivable and impairment

contract assets

contract assets provision for

contract assets

GPGC 10051344821 0 10051344821 96.01% 39666713

Shenzhen Power

10047402801004740280.96%0

supply Bureau

State Grid

Xinjiang Electric 74918749 0 74918749 0.72% 0

Power Co. Ltd.ExxonMobil

(Huizhou) 34833813 0 34833813 0.33% 348338

Chemical Co. Ltd

State Grid Henan

Electric Power 27372849 0 27372849 0.26% 256010

Co. Ltd.Total 10288944260 0 10288944260 98.28% 40271061

6.Contract assets

（1） Contract asset

In RMB

Closing balance Opening balance

Provision for Provision for

Items

Book balance inventory Book value Book balance inventory Book value

impairment impairment

Accounts

receivable from 214270 0 214270 874768 0 874768

related parties

Other

contract asset 15984 35 15949 26345 1267 25078

payments

Total 230254 35 230219 901113 1267 899846

116Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

(2) The significant amount change in book value during the reporting period and its reason

None

(3) By accrual of bad debt provision

In RMB

Closing balance Opening balance

Category Book balance Bad debt provision Book balance Bad debt provision

Book value Book value

Amount Proportion % Amount Proportion % Amount Proportion % Amount Proportion %

Of which

Accrual of bad debt provision by portfolio 230254 100% 35 0.02% 230219 901113 100% 1267 0.14% 899846

Of which

Related party receivable 214270 93.06% 0 0% 214270 874768 97.08% 0 0% 874768

Other contract asset payments 15984 6.94% 35 0.22% 15949 26345 2.92% 1267 4.81% 25078

Total 230254 100% 35 0.02% 230219 901113 100% 1267 0.14% 899846

Accrual of bad debt provision by portfolio: Related party receivable

In RMB

Closing balance

Name

Book balance Bad debt provision Proportion%

Related party receivable 214270 0 0%

Total 214270 0

Note：

Portfolio 1：- Related party receivable：As at 30 June 2026 the amount of receivables from related parties of the Group was RMB214270（December

312025:RMB874768) and the historical loss rate was extremely low. Therefore The Group believes that there is no significant credit risk in the receivables from

related parties and the possibility of significant losses due to their default is extremely low. The Group's expected credit loss rate for receivables from related partiesis 0%. （December 312025:0%).

117Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Accrual of bad debt provision by portfolio: Other contract asset payments

In RMB

Closing balance

Name

Book balance Bad debt provision Proportion%

Other contract asset

15984350.22%

payments

Total 15984 35

Note

Portfolio 2- For other contract asset payments except Contract assets other than portfolio 1.Provision for bad debts is made according to the general model of expected credit losses

□Applicable □Not applicable

(4) Bad debt provision accrual collected or reversal in the period

In RMB

Item Accrual Collected or reversal Write off Reason

Other contract asset Partial receipts in the

012320

payments current period

Total 0 1232 0

Thereinto the important amount of bad debt provision recovered or reversed in the current period:

None

（5） Contract assets actually written off in the current periodNone

None

6、Contract assets

（1） Classification of receivables financing

None

（2） According to the bad debt provision method classification disclosure

None

（3） Bad debt provision accrual collected or reversal in the period

None

（4）Financing of accounts receivable pledged by the Company at the end of the period

None

118Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

（5）Financing of accounts receivable that have been endorsed or discounted by the Company at the end

of the period and have not yet matured on the balance sheet date

None

（6） Financing situation of accounts receivable actually written off in this period

None

（7） Changes in accounts receivable financing and fair value changes in the current period

None

（8）Other note

None

8. Other account receivable

In RMB

Items Closing balance Opening balance

Interest receivable 0 0

Dividend receivable 195124964 0

Other accounts receivable 509273455 527513970

Total 704398419 527513970

(1) Interest receivable

1) Category

None

2) Important overdue interest

None

3) Accrual of bad debt provision

□Applicable □Not applicable

4） Bad debt provision accrual collected or reversal in the period

None

119Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

5)Interest receivable actually written off in the current period

None

(2) Dividend receivable

1) Category

In RMB

Item (or the invested entity) Closing balance Opening balance

Guangdong Guohua Yudean Taishan

1004809290

Power Generation Co. Ltd.Sunshine insurance 66500000 0

Shenneng Co. Ltd 25544835 0

Shenzhen Energy Group 2419200 0

GMGITC 180000 0

Total 195124964 0

2) Important dividend receivable with over one year aged

None

3) Accrual of bad debt provision

□Applicable □Not applicable

4） Bad debt provision accrual collected or reversal in the period

None

5) Dividends receivable actually written off in the current period

None

（3） Other accounts receivable

1) Other accounts receivable classified by the nature of accounts

In RMB

Nature Closing book balance Opening book balance

Land receivable deposit 124994352 129994352

Related party receivable 104027971 149546884

Supplementary medical insurance fund

94156113107422266

receivable

Land receivable deposit 27178680 27178680

Compensation receivable for electricity

charges during the demolition and 14198400 14198400

construction period

Current account 93870871 73550152

Other 118828398 90728812

120Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Less：Bad-debt provision -67981330 -65105576

Total 509273455 527513970

121Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

2） Disclosure by aging

In RMB

Aging Closing book balance Opening book balanceWithin 1 year(Including 1 year） 191377048 208124629

1-2 years 40990049 72391679

2-3 years 68370786 34402258

Over 3 years 276516902 277700980

3-4 years 15819366 28042645

Total 27300127 71672003

233397409177986332

577254785592619546

3）According to the bad debt provision method classification disclosure Bad-debt provision

□Applicable □Not applicable

In RMB

Closing balance Opening balance

Category Book balance Bad debt provision Book Book balance Bad debt provision Book

Amount Proportion % Amount Proportion % value Amount Proportion % Amount Proportion % value

Accrual of bad debt provision by

43015036874.52%408037349.49%38934663448788138282.33%408037348.36%447077648

single

Of which

Accrual of bad debt provision by

14710441725.48%2717759618.48%11992682110473816417.67%2430184223.20%80436322

portfolio

Of which

Other Portfolio 147104417 25.48% 27177596 18.48% 119926821 104738164 17.67% 24301842 23.20% 80436322

Total 577254785 100% 67981330 11.78% 509273455 592619546 100% 65105576 10.99% 527513970

122Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Accrual of bad debt provision by portfolio: Accrual of bad debt provision by single

In RMB

Opening balance Closing balance

Name Bad debt Bad debt

Book balance Book balance Proportion% Reason

provision provision

The

counterparty is

Land

a government

withdrawal 129994352 0 124994352 0 0%

unit and the

receivable

risk of ECL is

extremely low

The other party

is an affiliated

party. The

Receivables

historical loss

from related 149546884 0 104027971 0 0%

rate is 0 and

parties

the risk of ECL

is extremely

low.The

counterparty is

Taikang

Pension which

mainly

provides

custody

Supplementary

services for the

medical

107422266 0 94156113 0 0% Group’s

insurance fund

supplementary

receivable

medical

insurance fund.The historical

loss rate is 0

and the risk of

ECL is

extremely low

The

counterparty is

Land deposits a government

2717868002717868000%

receivable unit and the

risk of ECL is

extremely low

The demolition

and

construction

Compensation project is

receivable for initiated by the

electricity government-

charges during owned

1419840001419840000%

the demolition industrial park

and which pays

construction compensation

period expenses and

the risk of ECL

is extremely

low.

123Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

The

counterparty is

a government

Other

uni The

government

18737066 0 24791118 0 0% historical loss

payments

rate is 0 and

receivable

the risk of ECL

is extremely

low.Due to the

financial

difficulties of

the other party

Other 40803734 40803734 40803734 40803734 100%

it is expected

that the funds

cannot be

recovered.Total 487881382 40803734 430150368 40803734

Accrual of bad debt provision by portfolio: Other portfolio

In RMB

Closing balance

Name

Book balance Bad debt provision Proportion%

Other portfolio 147104417 27177596 18.48%

Total 147104417 27177596

Note：

Provision for bad debts is made according to the general model of expected credit losses

In RMB

Stage 1 Stage 2 Stage 3

Expected credit losses

Expected credit losses Expected credit loss

Bad Debt Reserves for the entire duration Total

over the next 12 over life (no credit

(credit impairment

months impairment)

occurred)

Balance as at January

243018424080373465105576

12026

Balance as at January

1 2026 in current

Provision in Current

29917052991705

Year

Reversal in Current

-115951-115951

Year

Balance as at 30 June.

271775964080373467981330

2026

Basis for division of each stage and accrual ratio for bad-debt provision

Loss provision changes in current period change in book balance with significant amount

□ Applicable √Not applicable

4) Accounts receivable withdraw reversed or collected during the reporting period

The withdrawal amount of the bad debt provision：

In RMB

Category Opening Amount of change in the current period Closing balance

124Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

balance Reversed or

Accrual collected Write-off Other

amount

Other

6510557629917051159510067981330

receivable

Total 65105576 2991705 115951 0 0 67981330

Important amount of bad debt provision switch-back or collection in the period:

None

5） Other account receivables actually write-off during the reporting period

None

6)Top 5 of the closing balance of the other accounts receivable collected according to the arrears party

In RMB

Portion in total Bad debt provision

Name Nature Year-end balance Aging other of year-end

receivables(%) balance

Meixian

Chengjiangzhen

Land withdrawal

People's 121885400 Over 5 years 21.11%

receivable

Government of

Meizhou City

Supplementary

Taikang Pension medical insurance 94156113 Within 5 years 16.31%

fund receivable

Guangdong

Accounts

Electric Power

Receivable for 45721636 Within 3 years 7.92%

Industry Fuel Co.Coal Settlements

Ltd.Guangdong

Yudean Receivables from

Environmental sale of by-products 29024166 Within 1 year 5.03%

Protection Co. to related parties

Ltd.Guangdong Accounts

Hongyu Smart Receivable from 28000000 Within 1 year 4.85%

Energy Co. Ltd. Units

Total 318787315 55.22%

7） Other receivables reported due to centralized management of funds

Other note：None

9. Accounts paid in advance

(1) Accounts paid in advance by ageing

In RMB

Account age Ending balance Opening balance

125Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Amount Ratio Amount Ratio

Within 1 year 1677318532 97.33% 938091782 96.30%

1-2 years 16065435 0.93% 32732201 3.36%

2-3 years 28132413 1.63% 1864092 0.19%

Over 3 years 1867102 0.11% 1436878 0.15%

Total 1723383482 974124953

Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in time

As at June 302026 advances to suppliers aged more than 1 year were RMB46064950( December 312025

RMB36033171) mainly including prepayments for spare parts and materials.

（2）The ending balance of Prepayments owed by the imputation of the top five parties

Name Relationship with the company Amount Proportion %

Guangdong Electric Related party

Power Industry Fuel Co. 780750000 45.30%

Ltd.China National Petroleum Third party

Corporation (CNPC)

23658117813.73%

Natural Gas Sales

Guangdong Branch

Guangdong Zhutou

Electric Power fuel Co. Third party 108056498 6.27%

Ltd.Hubei Carbon

Emission Rights

Third party 64100667 3.72%

Trading Center Co.Ltd.Carbon Emission Rights

Registration and

Third party 62289483 3.61%

Settlement (Wuhan) Co.Ltd.Total 1251777826 72.63%

10. Inventories

Whether the company need to comply with the disclosure requirements of the real estate industry

No

（1）Category of Inventory

In RMB

Closing book balance Opening book balance

Provision for Provision for

Item

Book balance inventory Book value Book balance inventory Book value

impairment impairment

Raw materials 3999806272 66124627 3933681645 2361946446 69179186 2292767260

Other 415161 415161 1052535 1052535

Total 4000221433 66124627 3934096806 2362998981 69179186 2293819795

（2）Data resources recognized as inventory

In RMB

Items Inventory of Inventory of self Inventory of data Total

126Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

outsourced data processed data resources obtained by

resources resources other means

1. Ending book value 0

2. Beginning book

0

value

(3) Inventory depreciation reserve

In RMB

Increased in current period Decreased in current period

Item Raw Beginning of Year-end

Transferred

materials ms term Provision Other Other balance

back

Raw materials 69179186 3054559 66124627

Total 69179186 3054559 66124627

Provision for inventory price decline that is made on a portfolio basis

None

(4) The explanation of the ending balance of the inventory contains the capitalized amount of borrowing

costs

Not applicable

(5) Explanation of the amortization amount of contract performance costs for the current period

11. Assets held for sale

None

12. Non-current asset due within one year

None

（1） Debt investment due within one year

□Applicable □Not applicable

（2）Other Debt investment due within one year

□Applicable □Not applicable

13. Other current assets

In RMB

Items Year-end balance Year-beginning balance

Contract acquisition cost 0 0

127Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Cost of returned goods receivable 0 0

Compensatory assets 0 0

VAT to be deducted 2324121150 2354384466

Advance tax payment 16626284 71607948

Carbon emission rights assets 13573193 2218624

Other 165661 2121

Total 2354486288 2428213159

Other note：None

14. Debt investment

（1）Debt investment

None

（2） Important debt investment

None

（3） Accrual of impairment provision

None

(4) Information of debt investment actually written off in the current period

None

Information of write-off of important debt investments thereinto.Debt Investment Write-off Explanation:

Change of book balance of loss provision with amount has major changes in the period

□Applicable □Not applicable

15. Other debt investment

None

128Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

16. Other equity instruments investment

In RMB

Gains accumulated Losses accumulated

Gains included in Losses included in Dividend

in other in other Reason designated as being

other other income

Beginning comprehensive comprehensive Ending measured at fair value and change

Item name comprehensive comprehensive recognized in

balance income at the end income at the end balance being included in other

income in the income in the the current

of the current of the current comprehensive income

current period current period period

period period

The Group has not participated in

or influenced the financial and

business decisions of the above-

mentioned investee in any way.Shenneng

432040906 52755637 0 248958555 0 25544835 484796543 Therefore the Group has no

Co. Ltd significant impact on the above-

mentioned investee and uses it as

other equity instruments for

investment accounting.The Group has not participated in

or influenced the financial and

Sunshine business decisions of the above-

mentioned investee in any way.Insurance

1226572760 0 192998260 677574500 0 66500000 1033574500 Therefore the Group has no

Group Co. significant impact on the above-

Ltd. mentioned investee and uses it as

other equity instruments for

investment accounting.The Group has not participated in

or influenced the financial and

Shenzhen business decisions of the above-

mentioned investee in any way.Capital

1232000000 0 0 903966000 0 28208746 1232000000 Therefore the Group has no

Group Co. significant impact on the above-

Ltd. mentioned investee and uses it as

other equity instruments for

investment accounting.The Group has not participated in

or influenced the financial and

business decisions of the above-

Other 119076222 0 11912401 84873193 0 2599200 107163821 mentioned investee in any way.Therefore the Group has no

significant impact on the above-

mentioned investee and uses it as

129Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

other equity instruments for

investment accounting.Total 3009689888 52755637 204910661 1915372248 0 122852781 2857534864

Derecognition incurred in the current period

None

Itemized disclosure of the current non - trading equity instrument investment

In RMB

Amount of other comprehensive Reasons for being measured at fair value Reasons for other

Recognized Accumulating Accumulating

Name income transferred to retained and whose changes are included in other comprehensive income

dividend income gains losses

earning comprehensive income transferred to retained earnings

Shenneng Co.

25544835 248958555 0 0 Consideration of strategic investments Not applicable

Ltd

Sunshine

Insurance Group 66500000 677574500 0 0 Consideration of strategic investments Not applicable

Co. Ltd.Shenzhen Capital

28208746 903966000 0 0 Consideration of strategic investments Not applicable

Group Co. Ltd.Other 2599200 84873193 0 0 Consideration of strategic investments Not applicable

130Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

17. Long-term account receivable

Not Applicable

18. Long-term equity investment

In RMB

Changes in Current period

Impairment Investment Balance at

Invested Beginning provision profit and Other Declaration Provision Other

enterprise balance begin- year Additional loss comprehensiv of cash for Othe

Ending balance year-end of

Disinvestment changes of

balance investment confirmed by e income dividends or impairmen r impairment equity

equity adjustment profits t

method

I. Joint ventures

Guangdong

Electric

140659515400011565849803421682188218000015068535340

Industrial

Fuel Co. Ltd.Zhonghang

172808867000-69717000001727391500

Shenxin

Yuexin

1307114000-255619200000-12490780

Eenergy

Subtotal 1580711135 0 0 0 113032589 0 3421682 18821800 0 0 1678343606 0

II. Associates

Shanxi

Yudean 4182897544 0 0 0 110730931 0 915812 0 0 0 4294544287 0

Energy

Taishan

Power 2073641468 0 0 0 77777547 0 4141772 100480929 0 0 2055079858 0

Generation

Energy Group

Finance 1807009660 0 0 0 83944121 0 0 56883689 0 0 1834070092 0

Company

131Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Guangdong

Energy

Financing 844967278 0 0 0 9793399 0 0 0 0 0 854760677 0

Leasing Co.Ltd.Yudean

321210185000458283702303881729740003242936700

Captive

Yueqian

Electric 276842078 0 0 0 11309420 0 2262657 24022383 0 0 266391772 0

Power

Yudean

14663160700017800215-9720471913430001636511180

Shipping

Weixin

0122614153000000000122614153

Yuntou

South

Offshore

Wind Power

2202328580004146236000002243790940

Joint

Development

Co. Ltd.Guangdong

Energy

2703282400027131002954200270304130

Enterprise

Services

Other 62279582 20819280 0 0 -349752 0 0 0 0 0 61929830 20819280

Subtotal 9962745084 143433433 0 0 319762085 -972047 7741972 183146283 0 0 10106130811 143433433

Total 11543456219 143433433 0 0 432794674 -972047 11163654 201968083 0 0 11784474417 143433433

The recoverable amount is determined on the basis of the net amount of fair value less disposal costs

□Applicable □Not applicable

The recoverable amount is determined by the present value of the projected future cash flows

□Applicable □Not applicable

132Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

19. Other non-current financial assets

None

20. Investment property

(1) Investment property adopted the cost measurement mode

√Applicable □ Not applicable

In RMB

Items House Building Land use right Construction in process Total

I. Original price

1. Balance at period-

47740609946042801523448900

beginning

2.Increase in the

0000

current period

(1) Purchase 0 0 0 0

(2)Inventory\Fixed

assets\ Transferred fro

0000

m construction in progr

ess

(3)Increased of

Enterprise 0 0 0 0

Combination

3.Decreased amount of

0000

the period

（1）Dispose 0 0 0 0

（2）Other out 0 0 0 0

4.Balance at period-

477406099460428010523448900

end

II.Accumulated

amortization

1.Opening balance 184913916 14757500 0 199671416

2.Increased amount of

364645745206804098525

the period

(1) Withdrawal 3646457 452068 0 4098525

3.Decreased amount of

0000

the period

（1）Dispose 0 0 0 0

（2）Other out 0 0 0 0

4.Balance at period-

18856037315209568203769941

end

III. Impairment

provision

1.Balance at period-

0000

beginning

2.Increased amount of

0000

the period

(1) Withdrawal 0 0 0 0

3.Decreased amount of

0000

the period

（1）Dispose 0 0 0 0

（2）Other out 0 0 0 0

4.Balance at period-

000

end

133Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

IV.Book value

1.Book value at period

288845726308332330319678959

-end

2.Book value at period-

292492183312853010323777484

beginning

The recoverable amount is determined on the basis of the net amount of fair value less disposal costs

□Applicable □Not applicable

The recoverable amount is determined by the present value of the projected future cash flows

□Applicable □Not applicable

The reason for the obvious discrepancy between the foregoing information and the information used in the

impairment test of previous years or the external information

The reason for the obvious discrepancy between the information used in the Company's impairment test in

previous years and the actual situation in the current year

Other note

(2) Investment real estate measured at fair value

□Applicable □Not applicable

(3) Converted to investment real estate and measured at fair value

None

（4）Investment real estate without property rights certificate

None

21. Fixed assets

In RMB

Item Closing balance Opening balance

Fixed assets 100862040635 85751864102

Disposal of fixed assets 147932046 144693413

Total 101009972681 85896557515

(1) List of Fixed assets

In RMB

House and Generation

Item Transportations Other equipment Total

building equipment

I. Original price

1. Balance at

412555690421239985637968179799962286594330168358707164

period-beginning

2.Increase in the

88572287717738416373193529582095336218664445570

current period

(1) Purchase 5057273 101885381 6531937 14094552 127569143

（2） Transferred 880665604 17636530992 12821021 6858810 18536876427

from construction i

134Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

n progress

(3)Increased of

00000

Enterprise

Combination

3.Decreased

amount of the 44929222 253103856 1287376 55663232 354983686

period

（1）Dispose 44929222 253103856 1287376 55663232 354983686

4. Balance at

420963626971414838763138360455782251884460186668169048

period-end

II. Accumulated

depreciation

1.Opening balance 15307376285 63081025774 530852890 1355546391 80274801340

2.Increased

amount of the 533135595 2719285845 24630320 73016019 3350067779

period

(1) Withdrawal 533135595 2719285845 24630320 73016019 3350067779

3.Decreased

amount of the 25924013 58528721 928730 45599622 130981086

period

（1）Dispose 25924013 58528721 928730 45599622 130981086

4.Closing balance 15814587867 65741782898 554554480 1382962788 83493888033

III. Impairment

provision

1.Opening balance 945250038 1381539301 1212465 4039918 2332041722

2.Increase in the

00000

reporting period

（1）Withdrawal 0 0 0 0 0

3.Decreased

amount of the 640752 18617877 0 542713 19801342

period

（1）Dispose 640752 18617877 0 542713 19801342

4. Closing balance 944609286 1362921424 1212465 3497205 2312240380

IV. Book value

1.Book value of

2533716554474379171991280278633865424467100862040635

the period-end

2.Book value of

250029427195953599872128591464192700802185751864102

the period-begin

(2) Fixed assets temporary idle

None

（(3) Fixed assets leasing-out by operational leaseNone

(4) Fixed assets without property rights certificate

In RMB

Item Book value Reasons for failing to complete the

135Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

property rights certificate

Temporarily in the government approval

House building 4013450346

stage

Other note

After consulting the Group's legal advisers the management believed that there would be no substantive

legal obstacles to the handling of these property certificates and would not have a significant adverse impact on

the normal operation of the Group.

(5) Information of impairment test of fixed assets

□Applicable □Not applicable

（6） liquidation of fixed assets

In RMB

Item Closing balance Opening balance

Generation equipment 129122642 132906108

Other equipment 18809404 11787305

Total 147932046 144693413

Other note

Not Applicable

22. Construction in progress

In RMB

Item Closing balance Opening balance

Construction in progress 15196583029 31568774393

Engineering Material 93092013 13703777

Total 15289675042 31582478170

(1) List of construction in progress

In RMB

Closing balance Opening balance

Item Provision for Provision for

Book balance Book value Book balance Book value

impairment impairment

Qingzhou

offshore wind 3966128019 0 3966128019 13075502556 0 13075502556

power project

Bohe Power

Plant Phase II 0 0 0 2485625431 0 2485625431

Project

Hongdong

County100MW

centralized

photovoltaic 0 0 0 473434501 0 473434501

power

generation

project

Guidian Potou 273276210 0 273276210 270692386 0 270692386

136Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

120MW

photovoltaic

project

100MW

Fishery-

Photovoltaic

Complementary

26066208202606620822578526600257852660

Project in

Qiantang

Potou

Zhanjiang City

Dananhai

cogeneration 1330825919 0 1330825919 1256758863 0 1256758863

project

Laishui Lineng

Laishui County

80MW

affordable on-

grid price 341510126 0 341510126 331106308 0 331106308

photovoltaic

power

generation

project

Yunhe natural

gas

151185366701511853667147141355901471413559

cogeneration

project

Yahua New

Energy

150MW

agriculture and

photovoltaic

33332935003333293503305642400330564240

complementary

new energy

photovoltaic

power station

project

Wuhua

Huangnizhai 241616113 0 241616113 211131019 0 211131019

project

Jinghai Power

Plant Unit 5

and 6 1159814613 55389093 1104425520 6339282461 55389093 6283893368

expansion

project

Huadu

cogeneration 13846520 0 13846520 91404023 0 91404023

project

Tuokexun

County 1

million kilowatt 689486590 0 689486590 831706906 0 831706906

wind power

project

Honghaiwan

Unit 5 and 6

145111105726446447142466461091956260226446447893116155

construction

project

137Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Huibo 100MW

photovoltaic

29662980402966298042920407450292040745

composite

project

100MW wind

power project

in Wangxian

31097007503109700753040648090304064809

Township

Wanrong

County

ingyuan

100000

43187992904318799293799303660379930366

kilowatt wind

power project

Jinghai No. 3

and No. 4

steam turbine

23175261102317526111653549250165354925

flow

transformation

project

Yehai Yuefeng

Lingao Bohou

Town 100MW

Agrivoltaic 144698027 0 144698027 132801599 0 132801599

Power

Generation

Project

Huizhou

Advanced

Materials

Industrial Park 401864115 0 401864115 320071710 0 320071710

Cogeneration

and Cooling

Project

Karamay Silk

Road New

Cloud

Intelligent

Computing 390915765 0 390915765 377365229 0 377365229

Center

Supporting

Renewable

Energy Project

Other

infrastructure 1769931092 273683115 1496247977 1628275581 295332546 1332943035

projects

Total 15552101684 355518655 15196583029 31945942479 377168086 31568774393

138Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

(2) Changes of significant construction in progress

In RMB

Including：

Capitalization

Progres Current Capitalizatio

Amount at year Increase at Transferred to Other Balance in year- Proportion( of interest Source of

Name Budget s of amount of n of interest

beginning this period fixed assets decrease end %) accumulated fundswork capitalizatio ratio（%)balance

n of interest

Financial

Qingzhou

institution

offshore wind 17107250000 13075502556 92852028 9202226565 0 3966128019 81.81% 99.5% 702372413 53643214 1.81%

loan and

power project

Other

Financial

Bohe Power

institution

Plant Phase II 7483510000 2485625431 17293966 2502919397 0 0 84.12% 100% 95786590 3015263 2.24%

loan and

Project

Other

Hongdong

County100M

Financial

W centralized

institution

photovoltaic 516560000 473434501 6837474 480271975 0 0 94.54% 100% 25124472 1877948 2.43%

loan and

power

Other

generation

project

Guidian Potou Financial

120MW institution

58920000027069238625838240027327621051.01%51.01%1286850618361003.45%

photovoltaic loan and

project Other

100MW

Fishery-

Photovoltaic

Financial

Complementar

institution

y Project in 500232000 257852660 2809422 0 0 260662082 50.91% 55% 16145559 2169778 2.36%

loan and

Qiantang

Other

Potou

Zhanjiang

City

Dananhai Financial

285545000012567588637406705600133082591946.90%46.90%67427563155036461.92%

Cogeneration institution

139Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Project loan and

Other

Laishui

Lieneng

Laishui

County

Financial

80MW

institution

Gridconnected 385279200 331106308 10403818 0 0 341510126 93.83% 98% 19394271 3528862 2.20%

loan and

Photovoltaic

Other

Power

Generation

Project at

Parity Pricing

Yunhe Natural

Financial

Gas Thermal

institution

Power 2809700000 1471413559 40440108 0 0 1511853667 67.09% 92.38% 55917762 15583317 2.72%

loan and

Cogeneration

Other

Project

Yahua New

Energy

150MW

Financial

Agrivoltaic

institution

Renewable 500000000 330564240 2765110 0 0 333329350 67% 50% 12099343 1562214 3.53%

loan and

Energy

Other

Photovoltaic

Power Station

Project

Wuhua Financial

Huangni institution

336020000211131019304850940024161611373.61%73.61%1236060419920523.38%

Village loan and

Project Other

Expansion

Financial

project of

institution

Units 5 and 6 8049770000 6339282461 753680429 5933148277 0 1159814613 89.18% 90% 132722445 13532369 2.50%

loan and

at Jinghai

Other

Power Plant

Huadu Financial

35367100009140402343409568189845901384652071.50%90%7711851600%

Combined institution

140Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Heat and loan and

Power Other

Generation

Project

1000000 kW

Financial

Wind Power

institution

Project in 1460000000 831706906 13176273 155396589 0 689486590 57.87% 90% 20827968 6673819 2.48%

loan and

Tuokexun

Other

County

Infrastructure

construction Financial

project for institution

78208200009195626025323660698176140145111105717.52%50%70356759246346542.27%

units 5 and 6 loan and

at Honghai Other

Bay

Huibo Financial

100MW institution

65139300029204074545890590029662980437.09%45%1649143527583802%

Photovoltaic loan and

Hybrid Project Other

100MW Wind

Power Project Financial

in Wangxian institution

61059460030406480969052660031097007551.17%73%1034414130469692.31%

Township loan and

Wanrong Other

County

Jingyuan Financial

100000 kW institution

681220000379930366519495630043187992963.16%98%1285730849262832.54%

Wind Power loan and

Project Other

Flow passage

renovation Financial

project for institution

373000000165354925663976860023175261162.13%62.13%11335986266132.50%

Jinghai No. 3 loan and

and No. 4 Other

steam turbines

Yehai Financial

Yuefeng 560030000 132801599 11896428 0 0 144698027 26.01% 38.53% 2937016 1724356 2.85% institution

Lingao Bohou loan and

141Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Town 100MW Other

Agrivoltaic

Power

Generation

Project

Huizhou

Advanced

Financial

Materials

institution

Industrial Park 2626090000 320071710 81792405 0 0 401864115 15.30% 25.41% 4330416 2720336 2.92%

loan and

Cogeneration

Other

and Cooling

Project

Karamay Silk

Road New

Cloud

Intelligent Financial

Computing institution

970000000377365229135505360039091576549.42%90%1106990553905882.58%

Center loan and

Supporting Other

Renewable

Energy

Project

Total 60422828800 30317666898 1821182570 18356678876 0 13782170592 1379686590 166746761

142Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

(3) List of the withdrawal of the impairment provision of the construction in progress

In RMB

Item Opening balance Increase Decrease Ending balance Reason

Humen Power

Cease

Plant 2*1000MW 137373040 0 0 137373040

construction

Unit Project

Impairment of

projects under

Project

construction in the 55389093 0 0 55389093

stagnation

early stage of

Jinghai unit

Impairment of

projects under

construction in the Project

466304540046630454

early stage of stagnation

Guangqian Power

Phase II

Impairment of

early-stage wind

Project

power projects 1192434 0 0 1192434

stagnation

under construction

in the province

Impairment of the

Shibei Mountain Reconstruction of

139278880013927888

Wind Turbine wind turbines

Project

Shaoguan

Nanxiong

2725732 0 0 2725732 Project stagnation

Distributed Wind

Power Project

The relocation and

loss of surrounding

enterprises near

Yuehua Natural

the plant area led

Gas Cogeneration

to a reduction in

Project –

71428838 0 0 71428838 heat supply

Supporting Heat

customers

Network

resulting in the

Engineering

suspension of

project

construction

Xinhui Taishan

Guanghai Bay

403302 0 0 403302 Project stagnation

Gas-Fired Power

Project

Bijie City Dafang

County New 1435952 0 0 1435952 Project stagnation

Energy Project

Dafang County

Changshi Town

Shanba 80MW 523447 0 0 523447 Project stagnation

Agrivoltaic Power

Station Project

Qiming Natural

10513227 0 0 10513227 Cease construction

Gas Power

143Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Generation Project

Other engineering

35624679 0 21649431 13975248 Project stagnation

projects

Total 377168086 0 21649431 355518655 --

（4） Information of impairment test of construction in progress

□Applicable □Not applicable

(5) Engineering materials

In RMB

End of term Beginning of term

Items Provision for Provision for

Book balance Book value Book balance Book value

impairment impairment

Engineering

93092013930920131370377713703777

material

Total 93092013 93092013 13703777 13703777

23. Productive biological assets

(1) Productive biological assets measured at cost methods

□ Applicable √ Not applicable

(2) Productive biological assets measured at fair value

□ Applicable √ Not applicable

（3） Productive biological assets measured by fair value

□Applicable□Not applicable

24. Oil & Gas Assets

□ Applicable √ Not applicable

25. Right-of-use assets

（1） Right-of-use assets

In RMB

House and Machinery Transportation

Item Land use right Total

buildings equipment equipment

I. Original price

1.Opening balance 865357753 108251098 12853342751 24303991 13851255593

2.Increased

amount of the 12260120 6414702 224125927 0 242800749

period

（1）New lease

1226012064147022241259270242800749

contracts

144Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

3. Decreased

amount of the 12389381 9738 248859288 0 261258407

period

（1）Modification

1238938197382488592880261258407

of leases

4.Closing balance 865228492 114656062 12828609390 24303991 13832797935

II. Accumulated

depreciation

1.Opening balance 101158413 49739329 2492743766 11155625 2654797133

2.Increased

amount of the 17403001 13630830 333206308 1747477 365987616

period

（1）Withdrawal 17403001 13630830 333206308 1747477 365987616

3.Decreased

amount of the 6545378 0 13767513 0 20312891

period

(1)Disposal 6545378 0 13767513 0 20312891

4.Closing balance 112016036 63370159 2812182561 12903102 3000471858

III. Impairment

provision

1.Opening balance 0 0 0 0 0

2.Increased

amount of the 0 0 0 0 0

period

（1）Withdrawal 0 0 0 0 0

3.Decreased

amount of the 0 0 0 0 0

period

(1)Disposal 0 0 0 0 0

4.Closing balance

IV. Book value

1.Closing book

75321245651285903100164268291140088910832326077

value

2.Opening book 764199340 58511769 10360598985 13148366 11196458460

（2） Information of impairment test of right-of-use assets

□Applicable □Not applicable

Other note：

Not applicable

145Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

26. Intangible assets

(1) Information

In RMB

Land use Pate Non-patent Sea use Transmission and Transformation

Items Software Other Total

right nt Technology right Supporting Project

I. Original price

1. Balance at period-beginning 4022206510 6717344 9739909 552042028 260331315 323493529 99245560 5273776195

2.Increase in the current period 11851512 17500 0 0 0 628516 3462617 15960145

(1) Purchase 11851512 17500 0 0 0 628516 3462617 15960145

（2）Internal R & D

（3）Increased of Enterprise

Combination

3.Decreased amount of the

5808847100007566404065654875

period

(1)Dispose 58088471 0 0 0 0 7566404 0 65654875

4. Balance at period-end 3975969551 6734844 9739909 552042028 260331315 316555641 102708177 5224081465

II.Accumulated amortization

1. Balance at period-beginning 860648507 3591586 6085686 82260478 260331315 206577737 61646339 1481141648

2. Increase in the current period 43595622 237473 298883 9961854 0 10859110 3323325 68276267

(1) Withdrawal 43595622 237473 298883 9961854 0 10859110 3323325 68276267

3.Decreased amount of the

1529790700005772401021070308

period

(1)Dispose 15297907 0 0 0 0 5772401 0 21070308

4. Balance at period-end 888946222 3829059 6384569 92222332 260331315 211664446 64969664 1528347607

III. Impairment provision

1. Balance at period-beginning 56502373 0 2460161 0 0 448341 33675076 93085951

2. Increase in the current period 0 0 0 0 0 0 0 0

(1) Withdrawal 0 0 0 0 0 0 0 0

3.Decreased amount of the

00000000

period

(1)Dispose 0 0 0 0 0 0 0 0

146Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

4. Balance at period-end 56502373 0 2460161 0 0 448341 33675076 93085951

4. Book value

1.Book value at period -end 3030520956 2905785 895179 459819696 0 104442854 4063437 3602647907

2.Book value at period-

310505563031257581194062469781550011646745139241453699548596

beginning

The intangible assets by the end of the formation of the company's internal R & D accounted of the proportion of the balance of intangible assets

（2） Data resources recognized as intangible assets

In RMB

Intangible assets of Intangible assets of Intangible assets of

Item outsourced data self processed data data resources obtained Total

resources resources by other means

1. Ending book value 0

2. Beginning book

0

value

（3）Details of Land use right failed to accomplish certification of property

In RMB

Item Book value Reason

Land use right 32155846 The procedures have not been completed

Other note

（4）Information of impairment test of intangible assets

□Applicable □Not applicable

147Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

27. Goodwill

(1) Original book value of goodwill

In RMB

Name of the Increase Decrease

investees or the Opening

Closing balance

events formed balance The merger of disposition

goodwill enterprises

Tumushuke

Thermal Power 119488672 0 0 119488672

Co. Ltd.Guangdong

Guangye

6158995006158995

Nanhua New

Energy Co. Ltd

Other 39372264 0 0 39372264

Total 165019931 0 0 165019931

（2）Impairment provision of goodwill

In RMB

Name of the Increase Decrease

investees or the Opening

Closing balance

events formed balance Provision disposition

goodwill

Tumushuke

Thermal Power 119488672 0 0 119488672

Co. Ltd.Guangdong

Guangye

6158995006158995

Nanhua New

Energy Co. Ltd

Other 36922378 0 0 36922378

Total 162570045 0 0 162570045

(3)Information about the asset group or asset group portfolio to which the goodwill belongs

None

(4) The specific method of determining the recoverable amount

The recoverable amount is determined on the basis of the net amount by fair value less disposal costs

□Applicable □Not applicable

The recoverable amount is determined by the present value of the projected future cash flows

□Applicable □Not applicable

The reason for the obvious discrepancy between the foregoing information and the information used in the

impairment test of previous years or the external information

The reason for the obvious discrepancy between the information used in the Company's impairment test in

previous years and the actual situation in the current year

148Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

(5) Status of completion of performance commitment and corresponding goodwill impairment

When goodwill is formed there is a performance commitment and the reporting period or the previous period in

the reporting period is within the performance commitment period

□Applicable □Not applicable

28.Long-term amortization expenses

In RMB

Balance in year- Increase at this Amortization Balance in year-

Items Other decrease

begin period balance end

Improvement of

2548564651518211796801082114

use right assets

Road use right 28703716 0 844613 0 27859103

Capacity usage fee

for step-up 14307988 0 286160 0 14021828

substation

Other 16668487 0 1130702 0 15537785

Total 62228755 651518 4379443 0 58500830

29.Deferred income tax assets/deferred income tax liabilities

(1)Details of the un-recognized deferred income tax assets

In RMB

Balance in year-end Balance in year-begin

Deductible Deductible

Item Deferred income Deferred income

temporary temporary

tax assets tax assets

difference difference

Provision for asset

714168000178542000808442956202110740

impairments

Intra-group

451633856112908464469222255117305564

transactions

Deductible losses 1424887572 356221893 1359766199 339941550

Lease Liabilities 2387527752 596881938 2223936509 555984127

Employee benefits

2454270246135675624415914861039787

payable

Depreciation of fixed

2837515007093787528386248470965621

assets

Other 104452336 26113084 108242483 27060621

Total 5611848040 1402962010 5497632034 1374408010

(2)Details of the un-recognized deferred income tax liabilities

In RMB

Balance in year-end Balance in year-begin

Items Temporarily Temporarily

Deferred Income Tax Deferred Income Tax

Deductable or Taxable Deductable or Taxable

liabilities liabilities

Difference Difference

Non-same control

0000

enterprise merger

149Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

assets evaluation and

appreciation

Changes in fair value

of other creditor's 0 0 0 0

rights Investment

Changes in fair value

of other equity 1915910428 478977607 2068065452 517016363

instruments

Right to use assets 1694633496 423658374 1621870673 405467669

Depreciation of fixed

48993780122484455254395113135988

assets

Amortization of land

145656603641415141526633538166

use rights

Interest receivable 170120 42530 170118 42530

Other 0 0

Total 3674273484 918568371 3756802857 939200716

(3) Deferred income tax assets or liabilities listed by net amount after off-set

In RMB

End balance of Trade-off between the Opening balance of

Trade-off between the

deferred income tax deferred income tax deferred income tax

Items deferred income tax

assets or liabilities after assets and liabilities at assets or liabilities after

assets and liabilities

off-set period-begin off-set

Deferred income tax

3934456361009516374415346567959061443

assets

Deferred income

393445636525122735415346567523854149

liabilities

(4)Details of income tax assets not recognized

In RMB

Items Balance in year-end Balance in year-begin

Deductible temporary difference

46231872814980694234

Deductible loss

955070420612018511952

Total 14173891487 16999206186

(5)Deductible losses of the un-recognized deferred income tax asset will expire in the following years

In RMB

Year Balance in year-end Balance in year-begin Remark

202628447420642844742064

202745807172534580717253

202810701793461070179346

202915643698651564369865

203019585034241958503424

2031809392810

Total 12827904762 12018511952

Other note

None

30. Other non-current assets

In RMB

150Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Balance in year-end Balance in year-begin

Item Book balance Provision for Book value Book balance Provision for Book value

devaluation devaluation

Prepayments

for equipment 3205950673 0 3205950673 3261450679 0 3261450679

fund

Input VAT to

362515198703625151987357455204703574552047

be deducted

Prepayment for

equity 124200000 0 124200000 124200000 0 124200000

acquisition

Prepayment for

12826903401282690341266116290126611629

land use rights

Other 263680 0 263680 24353695 0 24353695

Total 7083835374 0 7083835374 7111168050 0 7111168050

31. Assets with restricted ownership or right to use

I

In RMB

End of period Beginning of period

Item Book Book Book Restricted Book Book Book Restricted

balance balance value type balance balance value type

Monetary Deposit

30192654 30192654 Restricted 25738324 25738324 Deposit Restricted

funds etc

power bill Pledge of

Account collection electricity

927066699 927066699 Restricted 958517625 958517625 Restricted

receivable right fee charge

pledge right

Total 957259353 957259353 984255949 984255949

Other note：

None

32. Short-term borrowings

(1) Category of short-term borrowings

In RMB

Items Closing balance Opening balance

Credit loans 9830784494 9741011157

Total 9830784494 9741011157

Explanation on short-term loans category:

(2) Overdue outstanding short-term loans

Total 0 Yuan overdue outstanding short-term loans at period-end including the followed significant amount:

None

33. Transactional financial liabilities

None

151Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

34. Derivative financial liability

None

35.Notes payable

In RMB

Item Closing balance Opening balance

Bank acceptance bills 955701088 650000000

LC 1776461437 869972657

Total 2732162525 1519972657

36. Accounts payable

(1) List of accounts payable

In RMB

Item Closing balance Opening balance

Fuel payable 5255560312 3030399013

Payment for electricity trading service

1478677806

fees

Materials and spare parts payable 374157262 387842726

Repair expenses payable 485187769 234655323

Contracted operation expenses payable 331768995 314416207

Carbon emission allowances payable 72434968 54374084

Management fees payable for

1020198818984762

frequency modulation and energy storage

Other 270162131 254094788

Total 8278151231 4294766903

（2）Significant accounts payable that aged over one year

In RMB

Item Closing balance Opening balance

Fuel payable and freight payable 65640150 Not yet settled

Total 65640150

37.Other payable

In RMB

Item Closing balance Opening balance

Interest payable 0 0

Dividend payable 105171555 0

Other payable 17230318749 18806427609

Total 17335490304 18806427609

(1) Interest payable

None

152Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

(2) Dividend Payable

In RMB

Item Closing balance Opening balance

Common stock dividend 105171555

Total 105171555 0

Note: Including significant unpaid dividends payable over one year the unpaid reason shall be disclosed:

（3）Other payable

1）Disclosure by nature

In RMB

Item Closing balance Opening balance

Construction and equipment expenses

1616613124617625958012

payable

Engineering quality guarantee payable 451915094 395767744

Carbon emission allowances payable 346324662 256889119

Advances payable to third parties 8878605 4969109

Environmental restoration cost 108749400 111415825

Other 148319742 411427800

Total 17230318749 18806427609

2) Other payables with large amount and aging of over one year

In RMB

Item Closing balance Reason

Construction and equipment expenses

payable Engineering quality guarantee 8950045390 Failure to meet payment terms

payable

Total 8950045390

Other note

As at 31 June 30 2026 other payables of RMB 8950045390 (31 December 2025: RMB7831706993) aged

over one year mainly represented construction and equipment expenses payable and warranty payable not being

settled because the comprehensive acceptance and settlement of relevant projects were yet to be completed or

projects were still within their warranty periods.

38. Advance from customers

(1) List of Advance from customers

In RMB

Land advance payment Items Closing balance Opening balance

Rental income 64838148 67892003

Total 64838148 67892003

（2）Significant payable aging more than 1 year

In RMB

Land advance payment Items Closing balance Opening balance

The advances from customers primarily

Rental income 64745129

related to the prepaid rental income

153Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

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.Not yet settled

Total 64745129

39.Contract Liabilities

In RMB

Item Closing balance Opening balance

Advance service payment 83560791 76228858

Other 4785765 874444

Total 88346556 77103302

Major contract liabilities with over one year

In RMB

Item Closing balance Opening balance

Not applicable

Significant changes in the book value in the current period

In RMB

Item Amount changes Reason for change

Not

applicable

40.Payable Employee wage

(1) List of Payroll payable

In RMB

Balance in year- Increase in this decrease in this Balance in year-

Item

begin period period end

1.Short-term

46429310514373825961113916695787759006

compensation

2.Post-employment

benefits - defined 3085162 238578391 234545615 7117938

contribution plans

3.Dismissal welfare 116664184 10884489 43273625 84275048

4. Other benefits due

84500235456132120215292563

within one year

Total 592492474 1686900037 1394947956 884444555

（2）Short-term remuneration

In RMB

Balance in year- Increase in this decrease in this Balance in year-

Item

begin period period end

1.Wages bonuses

allowances and 2686444 1052848121 767031626 288502939

subsidies

2.Employee welfare 3153149 105342275 86371965 22123459

3. Social insurance

2965238858089916779239497298183555

premiums

Including：Medical

2965238857203450970452141298106253

insurance

Work injury insurance 0 7711944 7634642 77302

Maternity insurance 0 1152714 1152714 0

0

154Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

4. Public reserves for

907921113876491098613251617116

housing

5.Union funds and staff

1511161963943912834728917155826407

education fee

6. Short-term paid

0000

absence

7. Short-term profit-

0000

sharing plan

8. Other short-term

10722639474662563668336521505530

remuneration

Total 464293105 1437382596 1113916695 787759006

（3）Defined contribution plans listed

In RMB

Balance in year- Increase in this Payable in this Balance in year-

Item

begin period period end

1.Basic old-age

493351542616971521332332177799

insurance premiums

2.Unemployment

72467531617743904199822

insurance

3. Annuity payment

302858176785077749733414840317

Total

30851622385783912345456157117938

41.Tax Payable

In RMB

Item Closing balance Opening balance

VAT 75196124 123386012

Consumption tax 0 0

Enterprise Income tax 119084954 79849719

Individual Income tax 1624541 40194293

City Construction tax 3342607 6574977

House property Tax 30525617 35697145

Education surcharges 2543908 5326932

Land use tax 8435053 6091965

Other 9418631 14222271

Total 250171435 311343314

42. Liabilities classified as holding for sale

In RMB

Item Closing balance Opening balance

Total 0 0

43.Non-current liabilities due within 1 year

In RMB

Item Closing balance Opening balance

Long-term loans due in 1 year 10159584948 7971497778

Bond payable due in 1 year 1004515107 1064288075

Long-term Account payable due in 1

517288601358639833

year

Lease liabilities due in 1 year 196092628 491774691

155Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Total 11877481284 9886200377

44. Other current-liabilities

In RMB

Item Closing balance Opening balance

Output VAT to be written off 635996024 520439919

Total 635996024 520439919

Changes of short-term bond payable:

None

45.Long-term borrowings

（1）Long-term borrowings

In RMB

Item Closing balance Opening balance

Pledged borrowings 1742886467 3589343331

Mortgage borrowings 0 0

Guarantee loan 933066104 1076114721

Credit loans 64756336767 66943956492

Total 67432289338 71609414544

Explanation on category of long-term loans:

Other note: including interest rate section

46.Bond payable

（1）Bond payable

I

In RMB

Item Closing balance Opening balance

21 Yudean 02 0 126998416

21 Yudean03 816411354 802733618

22 Yudean Fa MTN001 614436499 605575178

23 Yudean Fa MTN001 1615024124 1641650539

24 Yudean Fa MTN001 1001878283 1013812118

24 Yudean Fa MTN002 1534133483 1514923106

24 Yudean Fa MTN003 610782266 603169625

24 Yudean Fa MTN004A 1016969902 1004509926

24 Yudean Fa MTN004B 508192127 501386519

24 Yudean Fa MTN005 1015675936 1002065904

24 Yudean Fa MTN006A 811438257 801874743

24 Yudean Fa MTN006B 1014423787 1000981240

25 Yudean Fa MTN001 499693816 505093156

25 Yudean Fa MTN002 813409400 804541947

25 Yudean Fa MTN003 912769167 902853033

26 Yudean Fa MTN001MTN001(M &

9028380540

A)

G23 Yuefeng 2 0 614415602

156Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Less：Bonds payable and due within one

-1004515107-1064288075

year

Total 12683561348 12382296595

157Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

（2）Changes of bonds payable(Not including the other financial instrument of preferred stock and perpetual capital securities that classify as financial

liability

In RMB

Transfer

out to

Premium/ non-

Issued Accrual

Interest Release Bond discount Paid in the current Closing Whether

Bond Face value Issuing amount Opening balance in the interest by

rate date period amortizati Period liabilities balance default

Period face value

on due

within

one yea

21 Yudean April

1500000000 2.45% 5 years 1500000000 126998416 1055594 8490 128062500 0 No

02272021

21 Yudean November

800000000 3.41% 5 years 800000000 802733618 13640000 37736 816411354 No

03232021

22 Yudean August

600000000 2.90% 5 years 600000000 605575178 8700000 161321 614436499 No

Fa MTN001 242022

23 Yudean March152

1600000000 3.35% 5 years 1600000000 1641650539 26800000 173585 53600000 1615024124 No

Fa MTN001 023

24Yudean May

1000000000 2.41% 5 years 1000000000 1013812118 12050000 116165 24100000 1001878283 No

Fa MTN001 222024

24 Yudean July

1500000000 2.54% 10 years 1500000000 1514923106 19050000 160377 1534133483 No

Fa MTN002 112024

24 Yudean September

600000000 2.52% 15 years 600000000 603169625 7560000 52641 610782266 No

Fa MTN003 92024

24 Yudean

October

Fa 1000000000 2.47% 5 years 1000000000 1004509926 12350000 109976 1016969902 No

112024

MTN004A

24 Yudean

October

Fa 500000000 2.70% 15 years 500000000 501386519 6750000 55608 508192127 No

112024

MTN004B

24 Yudean October

1000000000 2.70% 15 years 1000000000 1002065904 13500000 110032 1015675936 No

Fa MTN005 222024

24 Yudean

Novembe

Fa 800000000 2.37% 5 years 800000000 801874743 9480000 83514 811438257 No

112024

MTN006A

24 Yudean November

1000000000 2.67% 15 years 1000000000 1000981240 13350000 92547 1014423787 No

Fa 112024

158Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

MTN006B

25 Yudean June

500000000 2.18% 10 years 500000000 505093156 5450000 50660 10900000 499693816 No

Fa MTN001 92025

25 Yudean September

800000000 2.20% 5 years 800000000 804541947 8800000 67453 813409400 No

Fa MTN002 112025

25 Yudean October

900000000 2.18% 5 years 900000000 902853033 9810000 106134 912769167 No

Fa MTN003 172025

26 Yudean

Fa

April1620 90000

MTN001M 900000000 1.83% 5 years 900000000 3241356 -403302 902838054 No

260000

TN001(M &

A))

G23 March202

600000000 3.15% 5 years 600000000 614415602 4155411 328987 618900000 0 No

Yuefeng 2 023

Less：

Bonds

5977296

payable and -1064288075 -1004515107 No

8

due within

one year

900005977296

Total 15600000000 12382296595 175742361 1311924 835562500 12683561348

00008

(3) Note to conditions and time of share transfer of convertible bonds

None

(4) Other financial instruments classify as financial liability

Outstanding other financial instruments as preferred stock and perpetual bonds at period-end

None

159Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

47. Lease liability

In RMB

Item Closing balance Opening balance

Net lease liabilities 12109264251 12394114636

Total 12109264251 12394114636

48. Long-term payable

In RMB

Item Closing balance Opening balance

Long-term payable 943859418 1084370338

Special payable 24960000 24960000

Total 968819418 1109330338

(1) Long-term payable listed by nature of the account

In RMB

Item Closing balance Opening balance

Equipment and construction expenses

10453158491030843602

payable

Sea area usage fee payable 415832170 412166569

Less：Long-term payables due due

-517288601-358639833

within one year

Total 943859418 1084370338

Other note:

（2）Specific payable

In RMB

Item Opening balance Increase Decrease Closing balance Cause

Supporting funds

for efficiency

improvement and

capacity expansion

of Guanlanzihe Supporting funds

2496000024960000

Hydropower for expansion

Station and

Nanrongtian

Hydropower

Station

Total 24960000 24960000

Other note:

Note: The special payables of the Company are the expansion supporting funds allocated by the central 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.

160Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

49. Long-term employee salary payable

（1）Long-term employee salary payable

In RMB

Item Closing balance Opening balance

I.Post-employment benefits -

9072254590929292

defined contribution plans

II. Dismissal benefits 459588837 490440159

III.Other long-term benefits 10743690 10743690

Total 561055072 592113141

(2) Changes of defined benefit plans

None

50.Predicted liabilities

In RMB

Items Closing balance Opening balance Reason

Total 0 0

Other explanations including relevant important assumption and estimation explanations of important estimated

liabilities:None

51.Deferred income

In RMB

Beginning of Increased this Decreased

Item End of term Reason

term term this term

Asset-related

Government

141794312 42647774 3444664 180997422 government

Subsidy

grants received

Total 141794312 42647774 3444664 180997422

Other note：

None

52. Other non-current liabilities

In RMB

Items Closing balance Opening balance

Housing revolving fund 985667 985667

Other 42500 42500

Total 1028167 1028167

Other note：None

53.Stock capital

In RMB

161Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Changed（+，-）Year- Balance in

beginning Issuance of Capitalizatio

Bonus shares Other Subtotal year-end

balance new share n of public

reserve

Total of

52502839865250283986

shares

Other note：None

54. Other equity instruments

(1) Basic information of preferred stock perpetual capital securities and other financial instruments

outstanding issued at period-end

(2) Change list of preferred stock perpetual capital securities and other financial instruments

outstanding issued at period-end

In RMB

Outsta Period-begin Current increased Current decreased Period-end

nding

financial Amount Book value Amount Book value Amount Book value Amount Book value

instrument

Total 0 0

Changes of other equity instrument change reasons and relevant accounting treatment basis:

Other note: None

55. Capital reserves

In RMB

Item Year-beginning Increase in the Decrease in the Year-end balance

balance current period current period

Share premium 4719093789 0 0 4719093789

Other capital reserves 0 0 0 0

Revaluation reserve 119593718 0 0 119593718

Investment From

38897635500388976355

GEGC

Share of interests in the

investee in proportion -142902555 11163654 0 -131738901

to the shareholding

Transfer of capital

surplus recognised

204745920020474592

under the previous

accounting system

Other -76905774 0 0 -76905774

Total 5028330125 11163654 0 5039493779

Other explanations including the increase or decrease in this period and the reasons for such change:

162Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

In the first half of 2026 Changes in other equity interests of invested units in proportion to shareholding resulted in an increase in capital reserve of 11163654 yuan.

56.Treasury stock

In RMB

Item Year-beginning Increase in the Decrease in the Year-end balance

balance current period current period

Total 0 0

Other explanations including the increase or decrease in this period and the reasons for such change:

57. Other comprehensive income

In RMB

Amount of current period

Less：Amount transferred Less：Prior period

Year- Amount into profit and loss in the included in other After-tax After-tax Closing

Item beginning Less：incurred current period that composite income attribute to the attribute to

balance Income tax balance before income recognized into other transfer to retained parent minority

expenses

tax comprehensive income in income in the company shareholder

prior period current period

I. Other comprehensive

income that will not be

1532266215-15215502400-38038756-11411626801418149947

subsequently reclassified to

profit or loss

Including: Changes arising

from remeasurement of -55383085 0 0 0 0 0 0 -55383085

defined benefit plans

Other comprehensive income

that cannot be transferred to

3715210000000037152100

profit or loss under equity

method

Changes in fair value of

investments in other equity 1550497200 -152155024 0 0 -38038756 -114116268 0 1436380932

instruments

II. Other comprehensive

income that will be

1571032-972047000-9720470598985

subsequently reclassified to

profit or loss

163Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Including：Share of other

comprehensive income of the

investee that cannot be

1571032-972047000-9720470598985

transferred to profit or loss

accounted for using the equity

method

Total of other comprehensive

1533837247-15312707100-38038756-11508831501418748932

income

Other explanations including the adjustment of the effective part of cash flow hedging profit and loss to the initial recognition amount of the hedged item:

Not applicable

58. Special reserves

In RMB

Item Year-beginning Increase in the Decrease in the Year-end balance

balance current period current period

Safety in production 90467033 190232140 126260114 154439059

Total 90467033 190232140 126260114 154439059

Other explanations including the increase or decrease in this period and the reasons for such change:

The Company set aside special reserves of 190232140 yuan this year and the actual use is 126260114 yuan.

59. Surplus reserves

In RMB

Item Year-beginning Increase in the Decrease in the Year-end balance

balance current period current period

Statutory surplus

30168938703016893870

reserve

Discretionary surplus

58866212655886621265

reserve

Total 8903515135 8903515135

Explanation: including changes and reasons for changes

Not applicable

164Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

60. Retained profit

In RMB

Item Current period Prior period

Retained profit at period-end before

26379236922142987033

adjustment

Retained profit at period-begin after

00

adjustment

Adjusted beginning undistributed

26379236922142987033

profit

Add: net profit attributable to

shareholders of parent company for this -545781406 32474158

year

Capital reserve to cover losses 0

Less： Extract the legal surplus reserve

0

fund

Extract any surplus reserve fund 0

Extract general risk reserve 0

Dividend payable for ordinary shares 105005680 105005680

Retained profit at the end of this term 1987136606 2070455511

As regards the details of adjusted the beginning undistributed profits

(1)As the retroactive adjustment on Enterprise Accounting Standards and its related new regulations the

affected beginning undistributed profits are RMB 0.

(2) As the change of the accounting policy the affected beginning undistributed profits are RMB 0.

(3) As the correction of significant accounting error the affected beginning undistributed profits are RMB

0.

(4) As the change of consolidation scope caused by the same control the affected beginning undistributed

profits are RMB 0

(5) Other adjustment of the total affected beginning undistributed profits are RMB 0 .

Detailed explanation of using capital reserve to cover losses:

Not applicable

61. Business income Business cost

In RMB

Amount of current period Amount of previous period

Item

Income Cost Income Cost

Main business 26248017402 25300553855 23024016646 21059973597

Other business 85068222 30321223 117425297 28589895

Total 26333085624 25330875078 23141441943 21088563492

Income related information:

In RMB

Contract Division 1 Division 2 Total

classification Income Cost Income Cost Income Cost Income Cost

2633308525330875

Business 26333085624 25330875078

624078

Including：

165Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Electric 25930689 25024651

2593068940125024651337

power 401 337

Fly ash coal

430877304574156430877304574156

sales revenue

Thermal 23676649 22869995

236766495228699950

Energy 5 0

12254199

Other 122541998 72949635 72949635

8

2633308525330875

Area 26333085624 25330875078

624078

Including：

2537446124444657

Guangdong 25374461544 24444657896

544896

5988622355300797

Xinjiang 598862232 553007974

24

Hunan 63857831 61261203 63857831 61261203

Hebei 82319551 58392633 82319551 58392633

Guangxi 64142271 74893679 64142271 74893679

Yunnan 34088336 16203585 34088336 16203585

Henan 16413838 10323222 16413838 10323222

Shanxi 14146797 20171541 14146797 20171541

Shangdong 13480001 11236583 13480001 11236583

Inner

38785394400088323878539440008832

Mongolia

Gansu 12169098 28092873 12169098 28092873

Anhui 20358731 12625057 20358731 12625057

2633308525330875

Market type 26333085624 25330875078

624078

Including

Power 25930689 25024651

2593068940125024651337

market 401 337

4023962230622374

Other market 402396223 306223741

31

2633308525330875

Contract type 26333085624 25330875078

624078

Including

2621054325257925

Sell goods 26210543626 25257925443

626443

10463365

Service 104633655 66707183 66707183

5

Assets use

179083436242452179083436242452

rights

By the time

2633308525330875

of commodity 26333085624 25330875078

624078

transfer

Including

Recognize at

2621054325257925

a certain time 26210543626 25257925443

point 626 443

Recognize in

12254199

a certain 122541998 72949635 72949635

period of time 8

Constrict 26333085 25330875

2633308562425330875078

term 624 078

166Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Including

General 26333085 25330875

2633308562425330875078

contract 624 078

Sales channel

Including

2633308525330875

Total 26333085624 25330875078

624078

Information related to performance obligations:

The types of

The nature of The expected quality

The time to Whether it is

the goods that refunds to assurance

fulfill the Important the main

Item the company customers provided by the

performance payment terms responsible

promises to borne by the company and

obligation person

transfer company related

obligations

Electric power Cash Electric power According to

June 302026 settlement/mont Yes Not applicable the industry

hly settlement warranty

Heat energy Cash Heat energy According to

June 302026 settlement/mont Yes Not applicable the industry

hly settlement warranty

Power Cash Power According to

generation by- June 302026 settlement/mont generation by- Yes Not applicable the industry

products hly settlement products warranty

Labor service Cash Labor service According to

June 302026 settlement/mont Yes Not applicable the industry

hly settlement warranty

Other note

Information related to the transaction price apportioned to the residual performance obligation:

The income corresponding to the performance obligations that have not been performed or have been

performed incompletely but the contract has been signed at the end of the reporting period is RMB477741094.0

of which RMB184393771 is expected to be recognized as income in 2026 RMB128942230 is expected to be

recognized as income in 2027 RMB164405093 is expected to be recognized as income in 2028.Information related to variable consideration in the contract:

Not applicable

Significant contract changes or significant transaction price adjustments

None

62. Business tax and subjoin

In RMB

Item Amount of current period Amount of previous period

Consumption tax 0

Urban construction tax 34052200 29509307

Education surcharge 25737278 22818061

Resource tax 976483

Property tax 33280064 45938241

Land use tax 10310143 14167219

vehicle and vessel usage tax 73408 73892

Stamp tax 12545400 13810586

Environmental protection tax 51136708 9532149

Other 6556128 7366859

Total 174667812 143216314

167Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Other note:

None

63.Administrative expenses

In RMB

Item Amount of current period Amount of previous period

Employee’s remuneration 392222032 368545366

Amortization of intangible assets 48873089 50902238

Depreciation expenses 48851516 50588722

Fire safety expenses 29963309 28646946

Property management expenses 21506239 18915521

Long-term deferred amortization of

27680203158354

expenses

Agency fee 9038437 9810716

Publicity expense 1752889 1721366

Rental expenses 5715289 5471930

A forestation fees 6367400 6115381

Travel expenses 7949089 6420338

Repair fee 1294206 2939784

Office expenses 4824530 4887682

Consulting fee 8842634 5116284

Information system maintenance fee 14418041 9272432

Entertainment expenses 540210 1735530

Insurance expenses 5571420 1715469

Low value easy to consume amortization 1084526 601556

Board fee 244297 331340

Other 30690253 29336054

Total 642517426 606233009

64.Selling expenses

In RMB

Item Amount of current period Amount of previous period

Employee’s remuneration 39977492 37297407

Business expense 590431 860367

Depreciation expenses 1391988 1447437

Publicity Expenses 97160 30874

Other 3078098 4095592

Total 45135169 43731677

65. R&D Expense

In RMB

Item Amount of current period Amount of previous period

Direct input fee 83699651 236272514

Employee’s remuneration 64955725 54910105

Outsourced research and development

22395394111716

expenses

Other 22413436 25746959

Total 173308351 321041294

168Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

66.Financial Expenses

In RMB

Item Amount of current period Amount of previous period

Interest expenses 1178549854 1141097530

Interest income -39291534 -47640150

Bank charges and others 6285434 7665107

Total 1145543754 1101122487

67.Other income

In RMB

Other sources of revenue Amount of the Current Term Amount of the Previous Term

Revenue from timely levy and refund of

341519312969171

VAT

Amortization of the deferred income

34446643522395

related to the assets

Other 3409935 7407911

68.Net exposure hedging income

In RMB

Item Amount of the Current Term Amount of the Previous Term

Total 0 0

69. Gains on the changes in the fair value

In RMB

Item Amount of the Current Term Amount of the Previous Term

Total 0 0

70. Investment income

In RMB

Item Amount of this period Amount of last period

Long-term equity investment income by

432794674297613926

equity method

Dividends earned during the holding

period on investments in other equity 122852781 116155595

instrument

Total 555647455 413769521

Other note:

None

71. Credit impairment loss

In RMB

Item Amount of this period Amount of last period

Loss of bad accounts receivable -4301538 -7409018

169Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Loss of bad debts in other receivables -2875754 364945

Total -7177292 -7044073

Other note:

None

72. Losses from asset impairment

In RMB

Item Amount of this period Amount of last period

I. Loss of inventory falling price and loss

14900

of contract performance cost impairment

XI. Impairment loss of the contract assets 1233 -104

Total 16133 -104

Other note:

None

73.Assets disposal income

In RMB

Source Amount of this period Amount of last period

Gains on disposals of PPE 25316299 0

Early lease withdrawal and disposal

041534

income

74. Non-Operation income

In RMB

Item Amount of current period Amount of previous period Recorded in the amount of the

non-recurring gains and

losses

Gain on disposal of non-

1822632249953251822632

current assets

Claims and compensation

172938203108044369172938203

income

A fine net income 13215725 3114237 13215725

Waived payables 5030266 0 5030266

Interest income from capital

478936804789368

occupation

Income from penalties

153612810868971536128

and fines

Income from carbon emission

59995059995

quota trading

Other 3299861 2857670 3299861

Total 202692178 140098498 202692178

Other note:

None

75.Non-current expenses

In RMB

170Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Amount of current period Amount of previous The amount of non-operating

Item

period gains & losses

Foreign donations 26315 119302 26315

Carbon emission allowances

used to fulfill the emission 72586715 72907513 0

reduction obligation

Loss on obsolescence of non-

138697001038590013869700

current assets

Fine for delaying payment 21614294 1732820 21614294

Costs for repairing damaged

325321903253219

assets due to the wind disaster

Other 1329747 586698 1329747

Total 112679990 85732233 40093275

Other note:

None

76. Income tax expenses

（1）Income tax expenses

In RMB

Item Amount of current period Amount of previous period

Current income tax expense 198871235 168875760

Deferred income tax expense -11147589 56395204

Total 187723646 225270964

（2）Adjustment on accounting profit and income tax expenses

In RMB

Item Amount of current period

Total profits -504877391

Income tax expenses calculated on legal / applicable tax rate -126219348

Effect of different tax rate applicable to the subsidiary

-7960186

Company

Impact of adjusting the income tax of prior period 0

Influence of non taxable income -108198669

Impact of non-deductible costs expenses and losses 4418226

Utilisation of previously unrecognized deductible losses or

-36494077

temporary differences

Utilization of deductible temporary differences for which no

462177700

deferred tax asset was recognised in previous periods

0

Income tax expenses 187723646

Other note:

None

77. Other comprehensive income

Refer to the notes VII(57)

78. Items of cash flow statement

171Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

(1) Cash related to business activities

Cash received from other activities relating to operation

In RMB

Item Amount of current period Amount of previous period

Interest income 28553510 37392453

Government Subsidy 53947011 22247807

Claims and compensation income 117960613 26001802

Rental fee 30311284 10344333

Return the fuel advance payment 1484213.20 96450000

Land compensation 5000000 60748250

Compensation for reclamation works and

53797467

breakwater royalties

Other 16866992.80 166631286

Total 254123624 473613398

Explanation on other cash received in relation to operation activities: None

Other cash paid in relation to operation activities

In RMB

Item Amount of current period Amount of previous period

Carbon emission quota and trading

17508828558366041

reserve fund

Information system maintenance fee 15752190 11968874

Repair and maintenance costs 104111958 186805860

Insurance premium 156285204 43774545

Water and electricity 47327405 34188560

Property management service fee 29975288 30732615

Fire-fighting and security fees 29314546 31627267

Agency fees 14985000 16227658

Equipment cleaning sanitation and

998881410935388

greening fees

Auxiliary service fee for energy storage

15123144274603

and frequency regulation

Automobile fee 13048711 11630510

Rental fee 10849353 15284167

Travel expense 18396974 10533401

Labour union fee 3964713 6730198

Office fee 7014482 6197607

Business fee 1078250 2338836

Enterprise propagate fee 1800958 3402574

R & D 35071277 20088252

Other 184549723 336710167

Total 860115445 841817123

Explanation on other cash paid in relation to operation activities: None

（2）Cash related to Investment activities

Cash receivable related to other Investment activities

In RMB

Item Amount of current period Amount of previous period

Take back the large deposit certificate of 846238699

172Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

the finance Company

Return of the equity acquisition advance

101226000

payment

Total 846238699 101226000

Related for important cash related to investment activities

In RMB

Item Amount of current period Amount of previous period

Return of the equity acquisition advance

846238699

payment

Total 846238699

Explanation on other cash received from investment activities:

None.Cash paid related with investment activities

In RMB

Item Amount of current period Amount of previous period

Equity Acquisition Deposit

Deposit in time deposit 190000000 11467182

Other 1034550

Total 190000000 12501732

Important cash received in relation to the investment activities

In RMB

Item Amount of current period Amount of previous period

Deposit in time deposit 190000000

Total 190000000

Explanation of other cash payments related to fund-raising activities:

None

（3）Cash related to Financing activities

Other cash received in relation to financing activities

In RMB

Item Current period incurred Prior period incurred

Total 0 0

Explanation on other cash received in relation to financing activities:

Other cash paid related with financing activities

In RMB

Item Current period incurred Prior period incurred

Repayments of lease liabilities and long-

1069361494445517523

term payables

Other 230489 49266087

173Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Total 1069591983 494783610

Explanation on other cash paid related with financing activities:

None

Changes in various liabilities arising from fund-raising activities

□Applicable □Not applicable

(4) Statement of cash flows on a net basis

None

(5) Major activities and financial impacts that do not involve cash receipts and expenditures in the

current period but affect the financial position of the enterprise or may affect the cash flow of the

enterprise in the future

None

79. Supplementary information to statement of cash flow

(1) Supplementary information to statement of cash flow

In RMB

Supplementary information Current amount Amount of the previous period

1．Net profit adjusted to cash flow of

operation activities:

Net profit -692601037 97295326

Add: Assets impairment provision 7161159 7044177

Depreciation of fixed assets

consumption of oil assets and 3350067779 2769985362

depreciation of productive biology assets

Depreciation of right-of-use assets 365987616 399939207

Amortization of intangible assets 68276267 70140486

Amortization of long-term deferred

43794435247063

expenses

Loss from disposal of fixed assets

intangible assets and other long-term -25316299 -41534

assets (gain is listed with “-”)

Losses on scrapping of fixed assets (gain

12047068-14609425

is listed with “-”)

Gain/loss of fair value changes (gain is

00

listed with “-”)Financial expenses (gain is listed with “-

11785498541141097530

”)

Investment loss (gain is listed with “-”) -555647455 -413769521

Decrease of deferred income tax asset

-50454931-156697047

(increase is listed with “-”)

Increase of deferred income tax liability

39307342213092251

(decrease is listed with “-”)

Decrease of inventory (increase is listed

-1640277011-670285589

with “-”)

Decrease of operating receivable

-1494934519225037896

accounts (increase is listed with “-”)

Increase of operating payable accounts

5392482334682645416

(decrease is listed with “-”)

174Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Other

Net cash flow arising from operating

59590276104356121598

activities

2. Material investment and financing not

involved in cash flow

Conversion of debt into capital

Switching Company bonds due within

one year

Financing lease of fixed assets

3. Net change of cash and cash

equivalents:

Balance of cash at period end 14006429826 12529747072

Less: Balance of cash equivalent at year-

1234241494711831504924

begin

Add: Balance at year-end of cash

equivalents

Less: Balance at year-begin of cash

equivalents

Net increased amount of cash and cash

1664014879698242148

equivalent

(2) Net cash paid for obtaining subsidiary in the Period

None

（3）Net cash received by disposing subsidiary in the Period

None

(4) Constitution of cash and cash equivalent

In RMB

Item Ending balance Opening balance

I. Cash 14006429826 12342414947

Including: Cash on hand 31700 36244

Bank deposit available for payment at

1400639812612342378703

any time

III. Balance of cash and cash equivalents

1400642982612342414947

at the period -end

(5) Situations where the scope of use is limited but still classified as cash and cash equivalents

None

(6) Monetary funds that do not belong to cash and cash equivalents

In RMB

Amount of the previous Reason for not belonging to

Item Amount of the current period

period cash and cash equivalents

The liquidity does not meet

Deposit certificates for

1794000000 2450238699 the definition of cash and

finance Company

cash equivalents

175Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

The liquidity does not meet

Other Monetary funds 30192654 25738324 the definition of cash and

cash equivalents

Accrued balance is not actual

Interest receivable 25602613 21228210

balance

Total 1849795267 2497205233

Other note：

None

(7) Description of other major activities

None

80. Notes of changes of owners’ equity

Explain the name and adjusted amount in “Other” at end of last period:

81. Foreign currency monetary items

(1) Foreign currency monetary items

In RMB

Closing foreign currency Closing convert to RMB

Item Exchange rate

balance balance

Monetary capital 13191.03

Including：USD 190.91 7.0288 1341.87

Euro

HKD 13614.32 0.8703 11849.16

Account receivable

Including：USD

Euro

HKD

Long –term borrowings

Including：USD

Euro

HKD

Other note：

None

(2)The nature of the lack of convertibility of currencies and its financial implications the adopted spot

exchange rates and their estimation processes as well as the risks faced by enterprises due to the lack of

convertibility of currencies

□Applicable □Not applicable

(3) Note to overseas operating entities including important overseas operating entities which should be

disclosed about its principal business place function currency for bookkeeping and basis for the choice.In case of any change in function currency the cause should be disclosed.□ Applicable √ Not applicable

176Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

（4）The situation where the accounting currency of an overseas operation lacks convertibility with the

reporting currency of the enterprise

□Applicable □Not applicable

82. Leasing

(1) The Company acts as the lessee

□Applicable □Not applicable

Variable lease payments that are not included in the measurement of lease liabilities

□Applicable □Not applicable

The amount of variable lease payments included in the cost of relevant assets or profit or loss for the period is

141509 yuan.

Simplified processing of lease costs for short-term leases or lease for low-value assets

□Applicable □Not applicable

The amount of short-term lease expenses included in the simplified treatment of the cost of related assets or

profit or loss for the period was 2178215 yuan.Cases involving sale-leaseback transactions

None

(2) The Company acts as the lessor

Operating lease as a lessor

□Applicable □Not applicable

In RMB

Including: the income related to the

Item Lease income variable lease payments not included in

the lease collection amount

House and building 30311284

Total 30311284

Financial lease as a lessor

□Applicable □Not applicable

Annual undiscounted lease receipts for the next five years

□Applicable □Not applicable

Adjustment table for undiscounted lease receipts and net lease investments

(3) Recognition of financial lease sales gains and losses as a producer or distributor

□Applicable □Not applicable

177Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

83. Data resources

None

84. Other

None

VIII. R&D expenditure

None

IX. Changes of consolidation scope

1. Enterprise combined under different control

(1) Enterprise combined under different control in the Period

None

(2) Combination cost and goodwill

None

(3) Identifiable assets and liability on purchasing date under the acquiree

None

(4) Gains or losses arising from re-measured by fair value for the equity held before purchasing date

Whether it is a business combination realized by two or more transactions of exchange and a transaction of

obtained control rights in the Period or not

178Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

(5) On purchasing date or period-end of the combination combination consideration or fair value of

identifiable assets and liability for the acquiree are un-able to confirm rationally

None

(6) Other Note:

None

2. Enterprise combine under the same control

(1) Enterprise combined under the same control in the Period

None

(2) Combination cost

None

(3) Book value of the assets and liability of the combined party on combination date

Contingent liability of the combined party bear during combination:

None

3. Counter purchase

Basic transaction information basis of counter purchase whether making up business due to the assets and

liability reserved by listed company and basis determination of combination cost amount and calculation on

adjusted equity by equity transaction:

None

4. Subsidiary disposal

Whether lost controlling rights while dispose subsidiary on one time or not

□Yes □No

Whether lost controlling rights in the Period while dispose subsidiary on two or more steps or not

□Yes□No

5. Other reasons for consolidation range changed

Reasons for changed on consolidation range (such as new subsidiary established subsidiary liquidated etc.)And

relevant information:

179Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Addition of subsidiaries in this priod

Shareholding(%)

Major business

Name Place of registration Nature of business Acquired way

location

Direct Indirect

Huaihua Ruisi New Energy Huaihua Huaihua Electric Power 15.32 Establish

Qiyang New Energy Yongzhou Yongzhou Electric Power 100 Establish

Situation of liquidation subsidiaries in this year:

Major business Shareholding(%)

Name Place of registration Nature of business Acquired way

location Direct Indirect

Bejie New Energy Bijie Bijie Electric Power 100 Establish Establish

Qiming Company Guangzhou Guangzhou Electric Power 100 Establish Establish

180Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

6.Other

None

X. Equity in other entity

1. Equity in subsidiary

（1）Constitute of enterprise group

In RMB

Shareholding(%)

Registered Main Registered Business Acquired

Subsidiary

capital operation place nature Direct way

Maoming

Electric

Termal 1437985100 Maoming Maoming 46.54% Establish

Power

Power Plant

Jinghai Powr Electric

4174107540 Jieyang Jieyang 65% Establish

Generation Power

Zhangjiang Electric

449420000 Zhanjiang Zhanjiang 53.51% Establish

Wind Power Power

Technology

Repair

Engineering 200000000 Guangzhou Guangzhou 100% Establish

services

Compan

Humen

Electric

Power 150000000 Dongguan Dongguan 60% Establish

Power

Generation

Bohe Electric

3118000000 Maoming Maoming 67% Establish

Company Power

Xuwen Wind Electric

173190000 Zhanjiang Zhanjiang 53.51% Establish

Power Power

Huadu Electric

497000000 Guangzhou Guangzhou 65% Establish

Natural gas Power

Dapu Power Electric

1907100000 Meizhou Meizhou 100% Establish

Generation Power

Leizhou Electric

109803900 Zhanjiang Zhanjiang 62.52% Establish

Wind Power Power

Dianbai Electric

171872900 Maoming Maoming 76.44% Establish

Wind Power Power

Business

combinations

involving

Zhanjiang Electric

2275440000 Zhanjiang Zhanjiang 76% enterprises

Company Power under

common

control

Business

combinations

involving

Yuejia Electric

756000000 Meizhou Meizhou 58% enterprises

Company Power under

common

control

Business

combinations

Shaoguan

Electric involving

Power 1070000000 Shaoguan Shaoguan 95.36%

Power enterprises

Generation under

common

181Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

control

Business

combinations

involving

Zhongyue Electric

2021300000 Zhanjiang Zhanjiang 92.81% enterprises

Company Power under

common

control

Electric

Electric sales 500000000 Guangzhou Guangzhou 100% Establish

Power

Qujie Wind Electric

2527239000 Zhanjiang Zhanjiang 75.16% Establish

Power Power

Yangjiang Electric

1192660000 Yangjiang Yangjiang 69.87% Establish

Wind Power Power

Business

combinations

involving

Lincang Electric

1119790000 Linang Lincang 100% enterprises

Company Power

not under

common

control

Business

combinations

involving

Guangqian Electric

1030292500 Shenzhen Shhenzhen 100% enterprises

Company Power under

common

control

Business

combinations

involving

Huizhou Electric

1499347500 Huizhou Huizhou 67% enterprises

Natural gas Power under

common

control

Business

combinations

Pinghai involving

Electric

Power 1370000000 Huizhou Huizhou 45% enterprises

Power

Generation under

common

control

Business

combinations

involving

Shibeishan Electric

231700000 Jieyang Jieyang 53.51% enterprises

Wind Power Power under

common

control

Business

combinations

involving

Red Bay Electric

2749750000 Shanwei Shanwei 65% enterprises

Company Power under

common

control

Business

combinations

involving

Guangdong 1269091460 Electric

Guangzhou Guangzhou 76.44% enterprises

Wind Power 0 Power

not under

common

control

182Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Tongdao Electric

106500000 Huaihua Huaihua 76.44% Establish

Wind Power Power

Business

combinations

involving

Huilai Wind Electric

59000000 Jieyang Jieyang 68.67% enterprises

Power Power

not under

common

control

Hongrui Electric

20000000 Shaoguan Shaoguan 95.36% Establish

Technology Power

Yongan Electric

550000000 Zhaoqing Zhaoqing 90% Establish

Natural gas Power

Xupu Wind Electric

104910000 Huaihua Huaihua 76.44% Establish

Power Power

Wuxuan Electric

96520000 Laibin Laibin 76.44% Establish

Wind Power Power

Pingdian

Integrated Electric

20000000 Huizhou Huizhou 45% Establish

Energy Power

Company

Zhuhai Wind Electric

1128634000 Zhuhai Zhuhai 56.78% Establish

Power Power

Dayawan Electric

764000000 Huizhou Huizhou 70% Establish

Company Power

Business

combinations

involving

Huaguoquan

2650000 Shenzhen Shenzhen Lease 100% enterprises

Company

not under

common

control

Nanxiong Electric

108053600 Shaoguan Shaoguan 76.44% Establish

New Energy Power

Dananhai Electric

431000000 Jieyang Jieyang 100% Establish

Company Power

Qingzhou

Electric

Offshore 3293270000 Yangjiang Yangjiang 76.44% Establish

Power

wind power

Wanhaowei Electric

100046000 Zhanjiang Zhanjiang 76.44% Establish

New Energy Power

Wanchuang

Electric

Hengwei 100046000 Zhanjiang Zhanjiang 76.44% Establish

Power

New Energy

Business

combinations

involving

Nanhua New Electric

135234900 Zhanjiang Zhanjiang 38.98% enterprises

Energy Power

not under

common

control

Business

combinations

involving

Datang New Electric

145938900 Guangzhou Guangzhou 38.98% enterprises

Energy Power

not under

common

control

183Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Business

combinations

involving

Yueneng Electric

130000000 Zhanjiang Zhanjiang 38.98% enterprises

Wind Power Power

not under

common

control

Business

combinations

Tumu

involving

Termal Electric

1006523900 Tumusuke Tumusuke 79.48% enterprises

power Power

not under

Company

common

control

Business

combinations

involving

Sha C Electric

2500000000 Guangzhou Guangzhou 51% enterprises

Company Power under

common

control

Business

combinations

Guanghe involving

Electric

Electric 1763816893 Guangzhou Guangzhou 51% enterprises

Power

Power under

common

control

Business

combinations

Biomass involving

Electric

power 871040000 Zhanjiang Zhanjiang 51% enterprises

Power

generation under

common

control

Business

combinations

Xinhui involving

Electric

power 1092773533 Jiangmen Jiangmen 45.90% enterprises

Power

generation under

common

control

Business

combinations

involving

Yunhe power Electric

1086689318 Yunfu Yunfu 90% enterprises

generation Power under

common

control

Business

combinations

involving

Yundian Electric

40000000 Yunfu Yunfu 56.25% enterprises

Energy Power under

common

control

Business

combinations

Yuehua involving

Electric

power 1314714000 Guangzhou Guangzhou 51% enterprises

Power

generation under

common

control

Yunhua 60500000 Guangzhou Guangzhou Electric 51% Business

184Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Integrated Power combinations

Energy involving

enterprises

Company

under

common

control

Shangyang Electric Acquisition

120820000 Zhanjiang Zhanjiang 92.81%

Energy Power of assets

Guidian Electric Acquisition

120820000 Zhanjiang Zhanjiang 92.81%

Energy Power of assets

Shunfeng Electric Acquisition

22293880 Zhoukou Zhoukou 76.44%

New Energy Power of assets

Jiandian New Electric Acquisition

31350000 Jiaozhuo Jiaozhuo 76.44%

Energy Power of assets

Lianjiang Electric

140070000 Zhanjiang Zhanjiang 76.44% Establish

New Energy Power

Zhaocheng Electric

100000 Linfen Linfen 76.44% Establish

Yuefeng Power

Wuhua New Electric

38590000 Meizhou Meizhou 76.44% Establish

Energy Power

Lineng New Electric Acquisition

77050000 Baoding Baoding 76.44%

Energy Power of assets

Inner New Electric

314550000 Hoheot Hoheot 76.44% Establish

Energy Power

Zhuhai New Electric

285297600 Zhuhai Zhuhai 76.44% Establish

Energy Power

Dunan New Electric Acquisition

160000000 Langfang Langfeng 61.15%

Energy Power of assets

Gaotang

Electric Acquisition

New 36096000 Liaocheng Liaocheng 76.44%

Power of assets

Energy

Shaoguan Electric

48317720 Shaoguan Shaoguan 100% Establish

New Energy Power

Hanhai New Electric

644050000 Tumusuke Tumusuke 100% Establish

Energy Power

Jinxiu Electric

2913100 Laibin Laibin 90% Establish

Enegy Power

Muhong Electric Acquisition

1000000 Jinchang Jinchang 100%

New Energy Power of assets

Mujin New Electric Acquisition

120495920 Jinchang Jinchang 100%

Energy Power of assets

Huibo New Electric

99923134 Huozhou Huizhou 100% Establish

Energy Power

Dongrun

Electric Acquisition

Zhongneng 22304520 Jiangmen Jiangmen 100%

Power of assets

New Energy

Runze

Electric Acquisition

Jieyuan New 22758500 Jiangmen Jiangmen 100%

Power of assets

Energy

Maoming Electric

135700000 Maoming Maoming 85% Establish

Natural gas Power

Xingyue Electric

9977500 Meizhou Meizhou 100% Establish

New Energy Power

Huixin

Electric

Thermo 293500000 Huozhou Huizhou 85% Establish

Power

Electricity

Shache Electric Acquisition

1256610470 Kashgar Kashgar 100%

Energy Power of assets

185Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Xinguangyao Electric Acquisition

46522828 Qingdao Qingdao 99%

New Energy Power of assets

Telian New Electric Acquisition

45774873 Qingdao Qingdao 99%

Energy Power of assets

Jiuzhou New Electric Acquisition

40680000 Zhaoqing Zhaoqing 100%

Energy Power of assets

Changshan Electric Acquisition

110740000 Xiangtan Xiangtan 100%

Wind Power Power of assets

Luoding Electric

1844520 Yunfu Yunfu 100% Establish

New Energy Power

Zhuhai New Electric

5000000 Zhuhai Zhuhai 100% Establish

Enegy Power

Zhenneng Electric

10000000 Yunfu Yuunfu 100% Establish

New Energy Power

Zhonggong Electric Acquisition

152969360 Maoming Maomjing 100%

Energy Power of assets

Yahua New Electric Acquisition

152969360 Maoming Maomjing 100%

Energy Power of assets

Xinjiang Electric

1300000000 Urumai Urumai 100% Establish

Company Power

Xinjiang Electric

50000000 Urumai Urumai 100% Establish

Energy Power

Gaozhou Electric

1476800 Maoming Maoming 100% Establish

NewEnergy Power

Xintian Electric

2000000 Yongzhou Yongzhou 76.44% Establish

Yuefeng Power

Lianjiang Electric Acquisition

84400000 Zhanjiang Zhanjiang 76.44%

Hangneng Power of assets

Guangxi Electric Acquisition

179000000 Laibin Laibin 76.44%

Hangneng Power of assets

Jincheng Electric

176940000 Jincheng Jincheng 68.80% Establish

Yuefeng Power

Baiyin Electric

128187900 Baiyin Baiyin 76.44% Establish

Yuefeng Power

Yuncheng Electric

122118900 Yuncheng Yuncheng 72.62% Establish

Wanquan Power

Tuokexun Electric

370000000 Turpan Turpan 100% Establish

Energy Power

Yehai Electric

112010000 Hainan Hainan 76.44% Establish

Yuefeng Power

Zhuhai Electric

50000000 Zhuhai Zhuhai 38.98% Establish

Yuefeng Power

Zhanjiang Electric

50000000 Zhanjiang Zhanjiang 38.98% Establish

Yuefeng Power

Zhuhai Electric

17191660 Zhuhai Zhuhai 76.44% Establish

Yuefeng Power

Shantou Electric

1110750000 Shantou Shantou 15.40% Establish

Yuefeng Power

Herun New Electric Acquisition

136533400 Haozhou Haozhou 15.40%

Energy Power of assets

Pingyuan Electric

221074300 Meizhou Meizhou 15.40% Establish

Wind Power Power

Yuefeng Electric

300000 Guangzhou Guangzhou 76.44% Establish

Ruisi Power

Xiangzhou Electric Acquisition

105420000 laibin Laibin 76.44%

Yunjiang Power of assets

Xiangzhou 199980000 laibin Laibin Electric 76.44% Acquisition

186Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Hangjing Power of assets

Karamay

integrated Electric

20000000 karamay karamay city 100% Establish

energy Power

source

Hannan Electric Acquisition

90000000 Qinghai Qinghai 100%

Longyao Power of assets

Zhongshan

Electric

Energy 15000000 Zhongshan Zhongshan 100% Establish

Power

Service

Yudean New Electric

100000000 Guangzhou Guangzhou 100% Establish

Energy Power

Dongguan Electric

4745908400 Dongguan Dongguan 19.99% 0.03% Establish

Ningzhou Power

Binhaiwan Electric

1040000000 Dongguan Dongguan 19.99% 0.03% Establish

Company Power

Beibuwan Electric

1000000000 Zhangjiang Zhangjiang 38.22% Establish

Wind Power Power

Yudean

5000000 Guangzhou Guangzhou Mantenace 100% Establish

Testing

Yudean Electric

300000 Guangzhou Guangzhou 100% Establish

Linghang Power

Turpan New Electric

10000000 Turpan Turpan 100% Establish

Energy Power

Ruisi New Electric

2144750000 Huaihua Huaihua 15.32% Establish

Energy Power

Lanshan Electric

198174000 Yongzhou Yongzhou 15.32% Establish

Yuefeng Power

Qinglong Qinhuangda Electric Acquisition

237600000 Qinhuangdao 15.32%

Photovoltaic o Power of assets

Qiyang New Electric

100000 Yongzhou Yongzhou 100% Establish

Energy Power

Explanation on share-holding ratio in subsidiary different from ratio of voting right：

(1) On 30 November 2018 Maoming Thermal merged Guangdong Energy Maoming Thermal Power

Station Co. Ltd. wholly-owned by GEGC. After the merger GEGC held 30.12% equity of Maoming Thermal.According to the agreement between the Company and GEGC Guangdong Electric Power Development Co.Ltd. a subsidiary of Guangdong Energy Group Company holds 15.02% equity 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 power over Maoming Thermal.

(2) 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 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 the control power

over Pinghai Power.

2. Basis for holding half or less voting rights but still controlling the investee and holding more than half

voting rights but not controlling the investee:

187Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

1) Guangdong Wind Power a subsidiary of the Group held 51% shares of AVIC Shenxin. According to the

Articles of Association of AVIC Shenxin the resolutions made at the shareholders' meeting must be

unanimously approved by shareholders representing more than two thirds of the voting rights. Therefore

Guangdong Wind Power a subsidiary of the Group and Inner Mongolia Electric Power Survey & Design

Institute Co. Ltd. which holds 49% of the shares jointly control AVIC Shenxin.

2) Guangdong Wind Power a subsidiary of the Group held 54.6% shares of Yuexin Energy. According to

the company's Articles of Association if the Guangdong Wind Power fails to reach the control requirement

China Aviation Industry Renewable Energy Corporation will control Yuexin Energy.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 one structured entity that meets the definition of "control" in

the scope of consolidated statements. As of June 30 2026 the equity of the aforementioned structured entity

attributable to the Group was RMB1607760517 and the equity attributable to other equity holders was

presented as minority shareholders' equity in the consolidated statements which the total amount was

RMB6554043895.Basis on determining to be an agent or consignor:

Not applicable

Other note:

None

（2）Significant not wholly-owned subsidiaries

In RMB

Profit or loss

Holding proportion of Dividend declared to Closing balance of

Name attributable to non-

non-controlling interest non-controlling interest non-controlling interest

controlling interest

Wind Power Company 23.56% 1012593 0 3649413594

Pinghai Power

55%857551891396921411239197184

Generation

Jinghai Company 35% 18353889 40014598 1730768988

Red Bay Company 35% -17094361 60017341 1369675598

Zhanjiang Electric 24% -6395305 0 709320942

Huizhou Natural gas 33% 8790979 29961184 678546947

Bohe Company 33% -25345331 0 836727603

Explanation on share-holding ratio of minority different from ratio of voting right:

None

Other note：

None

188Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

（3）Main financial information of significant not wholly-owned subsidiaries

In RMB

Closing balance Beginning balance

Subsidiaries Current Non-current Current Non-current Total Current Non-current Current Non-current Total

Total assets Total assets

assets assets liabilities Liabilities liabilities assets assets liabilities Liabilities liabilities

Wind Power 4075822184

Company 9744566623 50440542904 60185109527 8453131817 32305090028 9587839589 51145809255 60733648844 8851512551 34241942213 43093454764 5

Pinghai

Power 1549057112 1930419130 3479476242 687439881 516410942 1203850823 1325685147 2044083185 3369768332 568431350 435160942 1003592292

Generation

Jinghai 1068861115

Company 2313750200 13319915207 15633665407 8448919795 2239691360 1785011932 12949768706 14734780638 7715483163 2018255813 9733738976 5

Red Bay

Company 2108500443 7298106249 9406606692 3064056122 2445233290 5509289412 1194433147 6759318444 7953751591 2472180952 2138441209 4610622161

Zhanjiang

Electric 2449345797 1098068314 3547414111 547732368 44177818 591910186 2270033896 1150073078 3420106974 399425137 44356381 443781518

Huizhou

Natural gas 691974479 2145693586 2837668065 781117440 6991865 788109305 446097044 2251325689 2697422733 582248258 5025144 587273402

Bohe

Company 1602886057 10809391727 12412277784 3466048423 6305889058 9771937481 1418060787 11228805008 12646865795 3321748125 6727241443 10048989568

In RMB

Amount of current period Amount of previous period

Subsidiaries Operating Total comprehensive Cash flow from Operating Total comprehensive Cash flow from

Net profit Net profit

revenue income operating activities revenue income operating activities

Wind Power

1621002989393218373932183720128890631668200633226850521226850521880331440

Company

Pinghai Power

20686339571559185261559185263819509201681842479144925480144925480170083737

Generation

Jinghai Company 3634106987 52439683 52439683 1043968051 2213247351 80350066 80350066 327287764

Red Bay Company 1770911612 -48841031 -48841031 348231391 2184779251 112145548 112145548 326613953

Zhanjiang Electric 923772472 -26647104 -26647104 36433058 900748380 -8369913 -8369913 3838324

Huizhou Natural

1292823675199971041999710415715764613330541256097341360973413397274355

gas

Bohe Company 2991299747 36240901 36240901 383948310 935488571 -61897670 -61897670 326576596

Othe note：

None

189Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

(4) Significant restrictions of using enterprise group assets and pay off enterprise group debt

None

(5) Provide financial support or other support for structure entities incorporate into the scope of

consolidated financial statements

None

Other note

None

2. The transaction of the Company with its owner’s equity share changed but still controlling the

subsidiary

(1) Note to owner’s equity share changed in subsidiary

None

(2) The transaction’s influence to equity of minority shareholders and attributable to the owner's equity

of the parent company

In RMB

Purchase cost/disposal consideration

--Cash

--Fair value of non-cash assets

Purchase cost/total disposal consideration

Less: Subsidiary's share of net assets calculated based on the

proportion of acquired/disposed equity

Difference

Including: Adjust capital public reserve

Adjust surplus public reserve

Adjusted retained profit

Other note

None

3. Equity in joint venture arrangement or associated enterprise

(1) Significant joint venture arrangement or associated enterprise

Shareholding Ratio (%) The accounting

Name of Main Places of Registration Nature of treatment of

Subsidiary Operation Place Business direct indirect investment in

associates

Industry Fuel Guangzhou Guangzhou Fuel trade 50% Equity method

Coal

Transportation

Shanxi Yudean

Taiyuan Taiyuan and port 40% Equity method

Enerty

operations

investment

Energy Finance Guangzhou Guangzhou Financial 25% 15% Equity method

Taishan Power Power

Taishan Taishan 20% Equity method

Generation Generation

190Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2026

Energy

Financing Financing

Guangzhou Guangzhou 25% Equity method

Leasing Leasing

Company

None

Basis of the voting rights with 20% below but with major influence or without major influence but with

over 20% (20% included) voting rights hold:

None