Guangdong Electric Power Development Co. Ltd. Summary of the Semi-Annual Report 2022

Stock code: 000539 Stock Abbreviation: Yue Dian Li A Yue Dian Li B

Announcement No.: 2022-40

Corporate bond code: 149113 Abbreviation of corporate bond:20 Yudean 01

Corporate bond code: 149369 Abbreviation of corporate bond:21 Yudean 01

Corporate bond code: 149418 Abbreviation of corporate bond:21 Yudean 02

Corporate bond code: 149711 Abbreviation of corporate bond:21 Yudean 03

Guangdong Electric power Development Co. Ltd.Summary of the Semi-Annual Report 2022

I. Important notes

This summary of the Semi-Annual Report is quoted out of the full text of the Annual Report. Investors desirous

to understand entirely the Company's operation results financial position and future development planning are

advised to carefully read the full text of the Semi-Annual Report which is published in the medium designated

by CSRC.Other directors attending the Meeting for annual report deliberation except for the followed:

The name of director who did Position of absent The name of director who

Reason

not attend the meeting in person director was authorized

Li Fangje Director Due to business Wang Jin

Li Baobing Director Due to business Zheng Yunpeng

Non-standard auditor’s opinion

□ Applicable √Not applicable

Preliminary plan for profit distribution to the common shareholders or turning the capital reserve into the share

capital for the reporting period which has been reviewed and approved at the board meeting

□ Applicable √Not applicable

The company will distribute no cash dividends or bonus shares and has no reserve capitalization plan.The preference share profit distribution pre-plan approved by the Board of Directors

□ Applicable √Not applicable

II. Basic information about the company

1. Company profile

Stock abbreviation Yue Dian Li A Yue Dian Li B Stock code 000539，200539

Stock exchange for listing Shenzhen Stock Exchange

Contact person and contact manner Board secretary Securities affairs Representative

Name Liu Wei Huang Xiaowen

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

Address Tianhe Road East Tianhe Road East

GuangzhouGuangdong Province GuangzhouGuangdong Province

Tel (020)87570251 (020)87570251

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

2. Major accounting data and financial indicators

May the Company make retroactive adjustment or restatement of the accounting data of the previous years

√Yes□ No

Retroactive adjustment or restatement of causes

1Guangdong Electric Power Development Co. Ltd. Summary of the Semi-Annual Report 2022

Merger of enterprises under the same control

Changes of this

period over same

Same period of last year

Reporting period period of Last

year(%)

Before adjustment After adjustment After adjustment

Operating income（Yuan） 22611239733 17781521221 20594038804 9.80%

Net profit attributable to the shareholders

-1375739165109028853326629275-521.19%

of the listed company（Yuan）

Net profit after deducting of non-

recurring gain/loss attributable to the -1399609834 90377204 267001900 -624.19%

shareholders of listed company（Yuan）

Cash flow generated by business

-20835851030968576433786846816-105.50%

operation net（Yuan）

Basic earning per share(Yuan/Share) -0.2620 0.0208 0.0622 -521.19%

Diluted gains per share(Yuan/Share) -0.2620 0.0208 0.0622 -521.19%

Weighted average ROE(%) -6.23% 0.40% 1.02% -7.25%

As at the end of Changed over last As at the end of last year

the reporting year（％）

period Before adjustment After adjustment After adjustment

Gross assets（Yuan） 117473162025 114271451479 114491142111 2.60%

Net assets attributable to shareholders of

219106448542318507980523402720821-6.38%

the listed company（Yuan）

Reasons of accounting policy change and correction of accounting errors

According to the relevant provisions of the Interpretation No.15 of Accounting Standards for Business

Enterprises (CK [2021] No.35) the income and cost related to the trial run sales are included in the current

profits and losses. The Company has calculated the trial run sales from January 1 2022 according to the

requirements of this Interpretation and made retrospective adjustments to the trial run sales that occurred from

January 1 2021 to January 1 2022.

3. Shareholders and shareholding

In RMB

Total Number of common Number of shareholders of preferred

shareholders at the end of 94373 stocks of which voting rights recovered 0

the reporting period in the report period(If any)

Shareholdings of Top 10 shareholders

Number or share

Proportion Amount of

Shareholders Number of pledged/frozen Nature of of shares

shares held at

shareholder held

restricted

period -end State of share Amount

（%）

shares held

Guangdong Energy Group State-owned legal

67.39%35380052851893342621

Co. Ltd. person

Guangzhou Development State-owned legal

2.22%1166936020

Group Co. Ltd. person

Guangdong Electric Power State-owned legal

1.80%943673410

Development Corporation person

ICBC－First Seafront fund

New Economy flexible

Other 0.82% 43245455 0

allocation of hybrid

securities investment fund

The National Social

Other 0.70% 36986590 0

Security Fund 102 portfolio

Domestic Natural

Zheng Jianxiang 0.49% 25514900 0

person

Ningbo Bank－Boshi

Other 0.36% 18915500 0

Growth advantage hybrid

2Guangdong Electric Power Development Co. Ltd. Summary of the Semi-Annual Report 2022

securities investment fund

China Securities Finance State-owned legal

0.35%182460450

Co. Ltd. person

VANGUARD TOTAL

Overseas Legal

INTERNATIONAL 0.30% 15855512 0

person

STOCK INDEX FUND

CHINA

INTERNATIONAL

Overseas Legal

CAPITAL 0.29% 15216066 0

person

CORPORATION HONG

KONG SECURITIES LTD

Explanation on associated The Third largest shareholder Guangdong Electric Power Development Corporation is the wholly-

relationship among the owned subsidiaries of the largest shareholder Energy Group. These two companies have

aforesaid shareholders relationships; whether the other shareholders have relationships or unanimous acting was unknown

Explanation on

shareholders participating

Not applicable

in the margin trading

business(if any )

4. Change of the controlling shareholder or the actual controller

Change of the controlling shareholder in the reporting period

□ Applicable √ Not Applicable

There was no any change of the controlling shareholder of the Company in the reporting period.Change of the actual controller in the reporting period

□ Applicable √ Not applicable

There was no any change of the actual controller of the Company in the reporting period.

5.Number of preference shareholders and shareholdings of top 10 of them

□ Applicable √ Not applicable

No preference shareholders in the reporting period

6. Corporate bonds that existed on the date when this Report was authorized for issue

√Applicable□ Not applicable

（1）Basic information of corporate bonds

Bond short Bond balance (Ten Tradin

Bond name Bond code Issue day Due day

name thousand yuan ) g

Public Issuance of Corporate

Bonds to Qualified Investors in

2020 (Phase I) of Guandong

20 Yudean 01 149113.SZ April 292020 April 292025 1500000000 2.45%

Electric Power Development

Co.Ltd.Public Issuance of Corporate

Bonds to Qualified Investors in

2021 (Phase I) of Guandong

21 Yudean 01 149369.SZ January 272021 January 272024 1000000000 3.57%

Electric Power Development

Co.Ltd.Public Issuance of Corporate

Bonds to Qualified Investors in

2021 (Phase II) of Guandong 21Yudean 02 149418.SZ April 282021 April 282026 1500000000 3.50%

Electric Power Development

Co.Ltd.

3Guangdong Electric Power Development Co. Ltd. Summary of the Semi-Annual Report 2022

Public Issuance of Corporate

Bonds to Professional Investors in

November

2021 (Phase I) of Guandong 21Yedean 03 149711.SZ November 242021 800000000 3.41%

242026

Electric Power Development

Co.Ltd.Public Issuance of Corporate

Bonds to Professional Investors in

2021 (Phase I) of Guandong 21Pinghai 01 188197.SH June 42021 June 42023 200000000 3.57%

Huizhou Ping Power Generation

Co.Ltd.

（2） Financial indicators as of the end of the reporting period

In RMB

Items At the end of the reporting period At the end of last year

Debt ratio 73.72% 71.34%

Net profit after deducting non-recurring

-21568139148

profit and loss

Current ratio 0.61 0.61

Quick ratio 0.47 0.47

Amount of this period Amount of last period At the same time rate of change

EBITDATime interest earned ratio 1.01 4.25

Repayment of debt (%) 100% 100%

Payment of interest (%) 100% 100%

III. Significant events

In the first half of 2022 due to factors such as the new cronovirus epidemic and the weather the demand for

electricity in Guangdong Province has declined. From January to June the electricity consumption of the whole

society in Guangdong Province was 355.608 billion kWh a YOY decrease of 2.4%; the industrial electricity

consumption was 212.082 billion kWh a YOY decrease of 3.4%; the electricity consumption in the

manufacturing industry was 174.914 billion kWh a YOY decrease of 4.3%. During the reporting period the

Company completed the on-grid electricity of 46.349 billion kWh a YOY decrease of 6.46%

In 2022 the scale of electricity market-oriented transactions in Guangdong Province has continued to expand.According to the data of the Guangdong Electric Power Exchange Center in 2022 the province's bilateral

negotiated transaction volume is 254.16 billion kWh a YOY increase of 18.15% and the transaction price is

RMB497.04/1000 kWh with an average price difference of +3.404 cent/kWh; the average on-grid electricity

price of the Company's consolidated statement is 542.74 yuan/1000 kWh (tax included the same below) a

YOY increase of 84.74 yuan/1000 kWh an increase of 18.5%.Benefiting from the rise in the electricity price the Company's operating income increased slightly but due to

the high prices of coal and other fuels the Company's thermal power plants suffered large losses. In the first

half of 2022 the company's thermal power business achieved net profit attributable to its parent of -1959.68

million yuan and the new energy business achieved net profit attributable to its parent of 322.77 million yuan a

year-on-year increase of 39.49%. Although the profit contribution by the Company's new energy power

generation business has increased significantly YOY the proportion of this business is relatively small and it is

difficult to make up for the loss of the Company's thermal power business resulting in a sharp decline in the

Company's main business gross profit margin and net profit attributable to the parent company. As of June 30

2022 the total assets of the Company's consolidated statements are 117.473 billion yuan a YOY increase of

2.6% the total liabilities are 86.606 billion yuan a YOY increase of 6.23% and the Company's asset-liability

ratio is 73.72%; the equity attributable to shareholders of the parent company is 21.911 billion yuan a YOY

4Guangdong Electric Power Development Co. Ltd. Summary of the Semi-Annual Report 2022

decrease of 6.38%. The Company achieved the consolidated income of 22.611 billion yuan a YOY increase of

9.8%; the net profit attributable to shareholders of the parent company was -1.376 billion yuan a YOY decrease

of 521.19%; and the earnings per share was -0.26 yuan compared with 0.06 yuan in the same period last year.In order to promote the reasonable return of coal prices in the first half of 2022 the National Development and

Reform Commission successively issued the "Notice on Further Improving the Coal Market Price Formation

Mechanism" (No. 303[2022] Fa Gai Price) and related documents. On the basis of insisting that coal prices are

formed by the market a reasonable range of medium and long-term transaction prices for coal (domestic

thermal coal) is proposed. If the coal price can fall back to a reasonable range under the guidance of strong

national policies in the future the Company's operating pressure will be released to a certain extent and the

profit outlook is expected to improve.The Company's new energy development is based in Guangdong and orient towards the whole country showing

a "4+N" regional layout of key development in four provinces of Guangdong Xinjiang Qinghai and Guizhou

and an active expansion in other regions in China. As of June 30 2022 the Company has put into operation of

21 new energy projects with a total installed capacity of 1.9704 million kilowatts; There are 14 new energy

projects under construction process with a total installed capacity of 2.046 million kilowatts including the 1

million kilowatts Yangjiang Qingzhou I and Qingzhou II offshore wind power projects Xinjiang Hanhai

photovoltaic 400 thousand kilowatts project Zhanjiang Potou photovoltaic220000 kilowatts project. In the

future the Company will actively grasp the development trend of accelerating energy transformation under the

goals of "carbon peak" and "carbon neutrality" implement the "1+2+3+X" strategy and further actively expand

new energy project resources through self-construction and acquisitions and other forms thus fully promoting

the leap-forward development of new energy and building an ecological civilization power generation

enterprise

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