GUANGDONG ELECTRIC POWER
DEVELOPMENT CO. LTD
The Semi-annual Report 2018
August 2018
I. Important Notice Table of Contents and Definitions
The Board of Directors Supervisory Committee Directors Supervisors and Senior Executives of the Company
hereby guarantees that there are no misstatement misleading representation or important omissions in this report
and shall assume joint and several liability for the authenticity accuracy and completeness of the contents hereof.Mr.Wang Jin The Company leader Mr. Liu Wei Chief financial officer and the Mr.Meng Fei the person in
charge of the accounting department (the person in charge of the accounting )hereby confirm the authenticity and
completeness of the financial report enclosed in this semi-annual report.
Directors other than the following ones have attended the Board meeting to review the interim report.
Name of absent director Position of absent director Reason Name of proxy
Rao Subo Director Due to busniess Zheng Yunpeng
Wen Lianhe Director Due to busniess Zheng Yunpeng
Wen Shufei Director Due to busniess Li Fangji
Chen Ze Director Due to busniess Wang Jin
Chen Changlai Director Due to busniess Wang Jin
Zhang Xueqiu Director Due to busniess Ma Xiaoqian
Shen Hongtao Independent Director Due to busniess Sha Qilin
This semi-annual report involves the forecasting description such as the future plans and does not constitute the
actual commitments of the company to the investors. Investors and stakeholders should all maintain sufficient
awareness of risks for this and understand the differences between plans forecasts and commitments.The Company is mainly engaged in thermal power generation. The business of thermal power generation is
greatly affected by factors including electric power demand and fuel price. Refer to Section X(4) of Chapter 4 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 for the
report period.
Table of Contents
2017 Semi- Annual Report
I. Important Notice and Definitions
II. Corporate Profile and Key Financial Results
III. Business Profile
IV. Performance Discussion and Analysis
V. Important Events
VI. Change of share capital and shareholding of Principal Shareholders
VII. Situation of the Preferred Shares
VIII.Information about Directors Supervisors and Senior Executives
IX. Corporate Bonds.
X.Financial Report
XI. Documents available for inspection
Definition
Terms to be defined Refers to Definition
Yudean Group Refers to Guangdong Yudean Group Co. Ltd.Zhanjiang Company Refers to Zhanjiang Electric Power Co. Ltd.Yuejiang Company Refers to Guangdong Shaoguan Yuejiang Power Generation Co. Ltd.Zhenneng Company Refers to Maoming Zhenneng Thermal Power Co. Ltd.Jinghai Company Refers to Guangdong Yudean Jinghai Power Co. Ltd.Zhanjiang Wind Power Company Refers to Guangdong Yudean Zhanjiang Wind Power Co. Ltd.Zhongyue Compamy Refers to Zhanjiang Zhongyue Energy Co. Ltd.
Bohe Company Refers to Guangdong Yudean Bohe Coal & Electricity Co. Ltd
Guangqian Company Refers to Shenzhen Guangqian Electric Power Co. Ltd.Huihou Natural Gas Company Refers to Guangdong Huizhou Natural Gas Power Co. Ltd.Red Bay Company Refers to Guangdong Red Bay Power Co. Ltd.Pinghai Power Plant Refers to Guangdong Hluizhou Pinghai Power Co. Ltd.Humen Power Company Refers to Guangdong Yudean Humen Power Co. Ltd.
Anxin Electric Inspection & Installation
Company
Refers to Guangdong Yudean Anxin Electric Inspection & Installation Co. Ltd
Guohua Taishan Refers to Guangdong Guohua Yudean Taishan Power Generation Co. Ltd.Yudean Industry Fuel Company Refers to Guangdong Power Industry Fuel Co. Ltd.Huadu Natural Gas Company Refers to Guangdong Huadu Natural GasT Thermal Power Co. Ltd.
Dapu Company Refers to Guangdong Dapu Power Generation Co. Ltd.
Wind Power Company Refers to Guangdong Wind Power Co. Ltd.Lincang Company Refers to Lincang Yuntou Yudean Hydroelectricity Development Co. Ltd.Qujie Wind Power Company Refers to Guangzhou Yudean Qujie Wind Power Generation Co. Ltd.
Electric Power Sales Company Refers to Guangdong Yudean Electric Power Sales Co. Ltd.
Weixin Yuntou Refers to Weixin Yuntou Yudean Zhaxi Energy Co. Ltd.
Binglang Jiang Company Refers to
Yunnan Baoshan Binlangjiang Hydroelectricity Development Co.Ltd.Yongan Natural Gas Company Refers to Guangdong Yudean Yongan Natural Gas Thermal Power Co. Ltd.Tongdao Wind Power Company Refers to Tongdao Yuexin Wind Power Generation Co. Ltd.Insurance Captive Company Refers to Guangdong Yudean Property Insurance Captive Co. Ltd.
II. Corporate Profile and Key Financial Results
I.Company information
Stock abbreviation Yue Dian Li A Yue Dian Li B Stock code： 000539、200539Stock exchange for listing Shenzhen Stock Exchange
Name in Chinese 广东电力发展股份有限公司
Abbreviation of Registered
Company Name in Chinese(If
any)粤电力
English name (If any) GUANGDONG ELECTRIC POWER DEVELOPMENT CO.LTD
English abbreviation (If any) GED
Legal Representative Wang Jin
Ⅱ.Contact person and contact manner
Board secretary Securities affairs Representative
Name Liu Wei Qin Xiao
Contact address
35F South Tower Yudean Plaza No.2
Tianhe Road East GuangzhouGuangdong
Province
36/F South Tower Yudean Plaza No.2
Tianhe Road East GuangzhouGuangdong
Province
Tel (020)87570276 (020)87570251
Fax (020)85138084 (020)85138084
E-mail liuw@ged.com.cn qinxiao@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 2017.
2. Information inquiry
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable
None of the official presses website and place of enquiry has been changed in the semi report period. For details
please find the Annual Report 2017.IV.Summary of Accounting data and Financial index
May the Company make retroactive adjustment or restatement of the accounting data of the previous years
□ Yes √ No
Reporting period Same period of last year YoY+/-（%）
Operating income（yuan） 13894985179 12385486577 12.19%
Net profit attributable to the shareholders
of the listed company（yuan）
448833518 128735725 248.65%
Net profit after deducting of non-recurring
gain/loss attributable to the shareholders of
413141718 156802731 163.48%
listed company（yuan）
Cash flow generated by business operation
net（yuan）
3795532708 1578925284 140.39%
Basic earning per share(yuan/Share) 0.0855 0.0245 248.98%
Diluted gains per share(yuan/Share) 0.0855 0.0245 248.98%
Weighted average income/asset ratio（%） 1.88% 0.55% 1.33%
As at the end of the
reporting period
As at the end of last year YoY+/-（%）
Gross assets（yuan） 72817272539 71007415323 2.55%
Shareholders’ equity attributable to
shareholders of the listed company（yuan）
23677112778 23695190653 -0.08%
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
In RMB
Net profit attributable to the shareholders of the
listed company
Net Assets attributable to the shareholders of
the listed company
Amount in the
reporting period
Amount in the previous
period
End of the reporting
period
Beginning of the
reporting period
According to CAS 448833518 128735725 23677112778 23695190653
Items and amount adjusted according to IAS
The difference arising from
recognition of goodwill after
merger of enterprises under
the same control
64623000 64623000
Difference arising from
recognition of land use value
after enterprise merger
-315000 -315000 17915000 18230000
Influence on minority interests 27060 27060 4783159 4756099
Accouding to IAS 448545578 128447785 23764433937 23782799752
2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese
accounting standards.
□ Applicable √Not applicable
The Company had no difference of the net profit or net assets disclosed in financial report under either foreign
accounting rules or Chinese GAAP(Generally Accepted Accounting Principles) in the period.
3.Note to the Difference in the Accounting Data based on the Accounting Standards of CAS and IAS.
√ Applicable □ Not applicable
(a) The difference arising from recognition of goodwill after merger of enterprises under the same control and
recognition of land value after enterprise merger.
As required by new Chinese accounting standards the goodwill formed by the merger of enterprises under
the same control shall not be recognized and capital surplus shall be adjusted. Under IFRS the golldwill
formed by the merger of enterprises under the same control shall be recognized and equal to the difference
between merger cost and share of fair value of recognizable net assets of the purchased party obtained in
merger. Meanwhile all assets of the purchased party obtained in merger shall be accounted for according to
their fair value while such assets shall be accounted for according to their book value according to original
Chinese accounting standards for business enterprises. Therefore this difference will continue to exist.
(b) Influence on minority interests
Housing reform loss occurred to the Company and some holding subsidiaries. Therefore there’s some
influence on minority interests.VI.Items and amount of deducted non-current gains and losses
√ Applicable □ Not applicable
In RMB
Items Amount Notes
Non-current asset disposal gain/loss(including the write-off part
for which assets impairment provision is made)
388507
Govemment subsidy recognized in current gain and
loss(excluding those closely related to the Company’s business
and granted under the state’s policies)
12471031
The sales company received a
reward of RMB 9.99 million
from the Nansha government
headquarters.
Effect on current gains/losses when a one-off adjustment is make
tocurent gains/losses according to requirements of taxation.
-395966
Other non-business income and expenditures other than the above 51190544
Zhanjiang Wind Power Company
received insurance compensation
for typhoon Tyson for a total of
RMB 45.4585 million.
Less: Amount of influence of income tax 16012521
Influenced amount of minor shareholders’ equity (after tax) 11949795
Total 35691800 --
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Compaines Offering their Securities to the Public-Non-recurring Gains and Losses and
its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure
for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as
recurring gains and losses it is necessary to explain the reason.
□ Applicable√ Not applicable
None of Non-recurring gain /loss items recorgnized as recurring gain /loss/items as defined by the information
disclosure explanatory Announcement No.1- Non –recurring gain/loss in the report period.
III. Business Profile
Ⅰ.Main Business the Company is Engaged in During the Report Period
Whether the company needs to comply with the disclosure requirements of the particular industry
No
We are mainly occupied in investment construction and management of electric power projects. We have been
upholding “electricity-oriented pluralistic development” with power as the mainstay and diversified structure of
power source. With the exception of development construction and operation of large-scale coal-burning
power-generating plants we also set our feet on clean energy projects like LNG power generation wind power
generation and hydroelectric generation which are reliably transmitted to innumerable users through power-grid
companies. As of June 302018 the controllable installed capacity is 20.66 million KW where the controllable
installed capacity of coal-burning power generation LNG generation and renewable energy generation like wind
power and hydropower is 17.35 million KW 2.8 million KW and 510，000 KW respectively.Income source is primarily contributed by power production and sales and main business income is derived from
Guangdong Province. The company electricity sales price is subject to the benchmark price verified by the price
authority per relevant policies based on National Development and Reform Commission (NDRC) and the
electricity transaction price through the market trade implementation per Guangdong Electricity Market Trade
Basic Rules and supporting files. In the reporting period the electricity sold is 36.311 billion KWH 4.065 billion
KWH YoY increase; average price stated in the consolidated statements is 439.58 Yuan/ Thousand KWH (tax
inclusive the same below) YoY drop of 4.81 Yuan/ Thousand KWH；the total operating income was RMB 13894.9852
million an increase of RMB 1509.4986 million or an increase of 12.19% YOY.The company's business is dominated by coal-fired power generation and the fuel costs account for a large portion
of operating costs thus the fluctuations in coal prices have a significant impact on the company's operating
performance. During the reporting period affected by the increase in power generation and the continuous increase
in coal prices the company’s fuel costs were RMB 9254.2627 million which accounted for 76% of the main
business costs an increase of RMB 1290.539 million or an increase of 16.21% Unit fuel costs rose by 3.4%
year-on-year.
During the reporting period the company's profitability improved significantly year-on-year due to the continued
tightness of the power balance the optimization of the depreciation period of fixed assets and the better
profitability of the associates，Realizing net profit attributable to shareholders of the parent company of RMB
448.8335 million a year-on-year increase of 248.65%; and the earnings per share was 0.0855 yuan.
Ⅱ.Major Changes in Main Assets
1.Major Changes in Main Assets
Main assets Major changes
Equity assets No major changes
Fixed assets No major changes
Intangible assets No major changes
Construction in process No major changes
2. Main Conditions of Overseas Assets
□ Applicable √ Not applicable
.Ⅲ Analysis On core Competitiveness
Whether the company needs to comply with the disclosure requirements of the particular industry
No
1. Regional power-generating company with installed capacity expanded in a stage-based and leap-frog way
The power-generating assets are mainly distributed in Guangdong. Major assets reorganization realized since
2012 has given great impetus to power-generating installed capacity. As of the end of the reporting period the
controllable installed capacity that the company has put into operation is 20.66 million kilowatts accounting for
about 17% of the united installed scale of capacity in Guangdong Province.
2. Yudean Group has oriented our company as a sole listed platform for domestic power-generating assets
integration
We are the shareholder of Yudean Group one of the biggest power-generating groups in south China which takes
advantage of its source assets scale to give sustaining support to our company’s advancement and expansion. It
has oriented us as a sole listed platform for domestic power-generating assets integration. We are endowed with a
priority offered by it in power source development asset acquisition.
3. State-of-the-art unit performance built on implementation of the energy-saving dispatching policy
By virtue of high parameters large capacity nice efficiency low coal consumption reliable operation and
environmental protection our thermal power generating unit units are given priority in energy-saving dispatching.
As a result our units are more competitive in on-grid price.
4. Stepwise optimization of industrial structure and power source structure
The 13th Five-Year Plan of the Company specified the overall strategy of taking power generation as the core
business optimizing the development of coal-fired power steadily developing gas power vigorously developing
clean energy such as wind power and hydropower continuously optimizing the power supply structure and heading
to an efficient clean and low-carbon road. In the first half of 2018 there were newly-added 300000 kilowatts of
offshore wind power projects of the company obtained the approval besides a number of gas and wind power
projects have been under construction. and a number of gas and wind power projects are under construction and
will be put into production successively from 2018 to 2020. According to the overall goal of the company's "13th
Five-Year Plan" it will strive to increase the proportion of clean energy from the current about 15% (including
natural gas power generation) to about 29% (including natural gas power generation) in the end of "13th
Five-Year Plan".
5. Experienced management sophisticated production technology
Administrators and technical experts are veterans in operation and management of power plants and key staff
have years of practical experience in the power sector. We have invested enormous efforts to the standard of
management intensifying management and paying high priority to launch energy-conserving and
consumption-reducing programs. Finally coal consumption on thermal power units is declining year by year in
return for these efforts.
6. Hold fast to the opportunity of “electric price reform” To realize the transformation from a power generation
enterprise to an energy comprehensive service enterprise.In July 2015 we established a wholly-funded electric marketing company aiming at competing with electricity
marketing sharing dividend from “electric price reform” The electricity sales company has already accumulated
plenty of clients based on the power generation enterprises. The company will continue promoting the electricity
sales business vigorously adopt positive measures subject to relevant polices of the national power system
reformation for expanding the power distribution and sales business and comprehensive energy services and
cultivating the new profit increase points.
IV. Management’s Discussion and Analysis
Ⅰ.General
During the reporting period the electricity consumption of the whole society in Guangdong Province was
293.05 billion kwh an increase of 9.3% YOY so the growth rate continued to rise. The West-to-east electricitytransmission was 9.27 billion kwh（The new units in the province are put into production totaling 1.219 millionKWH） the nuclear power and gas power will be increased by 0.6% and 4.8% respectively.the hydropower of the
province fell by 38.7%，the average utilization hours for the company holding coal-fired units are 2214 hoursincreased by 255 hours on year-on-year basis.
During the reporting period thanks to the continuous tightening of power balance the optimization and
adjustment of fixed assets depreciation period as well as the better profitability of associates the company's
profitability has been significantly improved year on year.As of June 2018 the total assets of the Company by
consolidated statements amounted to RMB 72.817 billion an increase of 2.55% YOY; and the interests
attributable to shareholders of the parent company was RMB 23.676 billion an decrease of 0.08% YOY. The
company achieved the operating income by consolidated statements of RMB 13.895 billion an increase of
12.19% YOY; the net profit attributable to shareholders of the parent company was RMB 448 million a YOY
increase of 248.65%; the earnings per share was RMB 0.0853. The company's liabilities by consolidated
statements totaled to RMB 43.308 billion with that the asset-liability ratio was 59.48%.
In 2018 the scale of power market transactions in Guangdong Province is expected to reach 160 billion kWh
accounting for 40% of the province's power generation up 45% year-on-year and the transaction scale continues
to expand. The company continues to strengthen marketing strive for the base electricity and compete for market
electricity. The subordinate power plants sign a bilateral negotiation transacted electricity quantity of 25.38 billion
kWh accounting for 23% of the size of the similar market; the market bidding electricity is 4.95 billion kWh
accounting for 22% of the size of the similar market; the electricity sold by the subsidiary companies accounts for
13.72% of the size of the similar trading market which continues to stay ahead. The company insists on
carrying out monthly business analysis and benchmarking analysis of technical and economic indicators insists
on the early warning mechanism for the completion of important indicators monitors the operation of subordinate
power plants and urges units with large indicator deviations to propose and implement improvement measures;
meanwhile for the main business elements conducts special analysis of electricity and coal consumption
etc.from time to time and optimizes business methods. The company actively responds to the tight balance of the
capital market makes overall planning and rationally allocates. In the first half of the year it successfully
registered 4 billion yuan of super & short-term financing and 5 billion yuan of medium-term notes issuing amount
in the Bank of China Market Dealers Association and under the very tight market funding circumstance it issued
a super & short-term financing of 500 million yuan at an interest rate of 4.25%.
According to the “Thirteenth Five-Year Development Planning Report” reviewed and approved by the Board of
Directors the company adheres to the development direction of clean energy. During the reporting period the
newly added 300000 kw offshore wind-power project was approved and the #4 unit (460000 kW) of Huizhou
Natural Gas Cogeneration Expansion Project and the Zhanjiang Qujie Wind Power Project (49500 kW) under
holding and construction by the company were put into operation. Some natural gas projects wind power projects
and other clean energy projects under key construction by the company have been steadily advanced. Among
them 25 wind turbines in the Shibanling wind power project in Zhanjiang have been hoisted and 14 wind
turbines are connected to the grid; the #5 and #6 units of Huizhou Natural Gas Cogeneration Expansion Project is
also scheduled to be put into production during the year.
2.Main business analysis
Refer to relevant contents of “1.Summarization” in “Discussion and Analysis of Management”.
Changes in the financial data
In RMB
This report period Same period last year
YOY change
（%）
Cause change
Operating income 13894985179 12385486577 12.19%
Operating cost 12200856427 11126689991 9.65%
Sale expenses 10316130 2788458 269.96%
In order to grasp the opportunity of
power market reform the company
strengthened its investment in the
power market marketing business so
the sales expenses increased
significantly year-on-year..
Administrative expenses 271706884 285963326 -4.99%
Financial expenses 631118798 637643570 -1.02%
Income tax expenses 307767578 148691823 106.98%
As the profitability of this year has
increased significantly compared with
the same period of the previous year
the income tax expenses have
increased significantly.R & D Investment 2238543 4001008 -44.05%
Due to the reduction of some R&D
projects this year R&D income has
decreased compared with the same
period of the previous year..
Cash flow generated by
business operation net
3795532708 1578925284 140.39%
Due to the increase in electricity
consumption and the transfer of power
generation rights from some of the
loss-making power plants the cash
flow from operating activities
increased..Net cash flow generated
by investment
-1699538040 -1328116995 -27.97%
Net cash flow generated
by financing
-1163991471 -538938738 115.98%
Due to the repayment of the company's
debt principal and interest of RMB
1.217 billion this year.
Net increasing of cash
and cash equivalents
932003290 -288130449
Mainly due to the increase in
electricity the transfer of power
generation rights from some
loss-making power plants and the
repayment of principal and interest of
corporate bonds this year etc.Major changes to the profit structure or sources of the Company in the reporting period
□ Applicable √Not applicable
Nil
Breakdown of main business
In RMB
Operating
revenue
operating costs
Gross profit
rate(%)
Increase/decrease of
reverse in the same
period of the
previous year(%)
Increase/decrease of
principal business
cost over the same
period of previous
year (%)
Increase/decrease
of gross profit rate
over the same
period of the
previous year (%)
Industry
Electric power
Steam sales and
13769537895 12199733160 11.40% 11.94% 9.75% 1.77%
labor income
Products
Electric power
Steam sales and
labor income
13769537895 12199733160 11.40% 11.94% 9.75% 1.77%
Area
Guangdong 13745181105 12174075316 11.43% 11.84% 9.58% 1.83%
Yunnan 24356790 25657843 -5.34% 107.34% 277.35% -47.46%
III.Non-core business analysis
□ Applicable √Not applicable
IV.Analysis of assets and liabilities
1.Significant changes in asset composition
In RMB
End of Reporting period End of same period of last year
Change in
percentage(%)
Reason for significant
change Amount
As a percentage
of total
assets(%)
Amount
As a percentage
of total
assets(%)
Monetary fund 5928583780 8.14% 4896743201 6.97% 1.17%
Accounts
receivable
2904469301 3.99% 2827797598 4.03% -0.04%
Inventories 2006400069 2.76% 1662109165 2.37% 0.39%
Real estate
Investment
7978840 0.01% 8614438 0.01% 0 %
Long-term equity
investment
5926328997 8.14% 5686638558 8.10% 0.04%
Fixed assets 40052143800 55 % 40224030838 57.27% -2.27%
Construction in
process
9122852147 12.53% 7137424507 10.16% 2.37%
Short-term loans 10035000000 13.78% 9565000000 13.62% 0.16%
Long-term loans 18349294665 25.20% 19321368430 27.51% -2.31%
2.Asset and Liabilities Measured by Fair Value
√ Applicable □Not applicable
In RMB
Item
Amount at year
beginning
Gain/loss on
fair value
change in the
reporting
period
Cumulative fair
value change
recorded into
equity
Impairment
provisions in
the reporting
period
Purchased
amount in the
reporting
period
Sold amount in
the reporting
period
Amount at year
end
Financial assets
3.Financial 408992985 -62469090 91195281 346523895
assets available
for sale
Subtotal of
financialassets
408992985 -62469090 91195281 346523895
Total 408992985 -62469090 91195281 346523895
Financial
Liability
0 0
Did great change take place in measurement of the principal assets in the reporting period ?
□ Yes √ No
3. Restricted asset rights as of the end of this Reporting Period
(1) Asset mortgage status
As at June 30 2018 the Company has the accounts receivable with a carrying amount of RMB 247930154
(December 31 2017: RMB 402847793) which together with online sales charging right of several power
generation subsidiaries was pledged to the bank to obtain long-term borrowings of RMB 3108669173
including: the long-term borrowings due within one year amounted to RMB304249030. The borrowings are
detailed as follows:
As at June 30 2018 the long-term pledge borrowings of the following subsidiaries were based on their power fee
charging rights and accounts receivable as pledges:
June 302018 December 312017
Yuejiang Power Generation 2147336405 2276504889
Leizhou Wind Power 48227190 188420594
Zhanjiang Wind Power 147705190 156465000
Xuwen Wind Power 74400578 77588224
Lincang Company 691000000
3108669173 2698978707
As at June 30 2018 the long-term pledge borrowings of the following subsidiaries due within one year were
based on their power fee charging rights and accounts receivable as pledges:
June 302018 December 312017
Yuejiang Power Generation 269566748 180897292
Leizhou Wind Power 1099615 1099615
Zhanjiang Wind Power 17520000 17520000
Xuwen Wind Power 10062668 10062668
Lincang Company 6000000
304249030 209579575
(2) Asset mortgage status
As at June 30 2018 the company has the power generation equipment with a carrying amount of RMB
667391617 (original value of RMB 2562570238) (December 31 2017: carrying amount RMB757878678 and
original value RMB 2562570238) which was mortgaged for a long-term borrowing of RMB 85000000
(December 31 2017: RMB 85000000). The borrowing is detailed as follows:
The long-term borrowing of Shenzhen Guangqian Power Co. Ltd. (“Guangqian Power”) is RMB 85000000
(December 31 2017: RMB 85000000 ) with an interest rate of 4.41% to 4.86% (December 31 2017: 4.41% to
4.86%).
V.Investment situation
1. General
√ Applicable □ Not applicable
Investment of the period Investment of same period of last year Scale of change
546000000 262000000 108.40%
2.Condition of Acquiring Significant Share Right Investment during the Report Period
√Applicable □ Not applicable
In RMB
Name of the
Company Invested
Main
Business
Investme
nt Way
Investment
Amount
Share
Proport
ion %
Capital
Source
Partner
Investm
ent
Horizon
Product
Type
Progress up to
Balance Sheet
Date
Anticipa
ted
Income
Gain or
Less or the
Current
Investment
Whether
to Involve
in
Lawsuit
Date of
Disclosure
(Note 5)
Disclosure Index
Guangdong
Yudean Qujie
Wind Power
Generation Co.Ltd.Wind
Power
generatio
n
Newlyes
tablished
448000000 100 % Ownfunds No
Long-ter
m
Electric
power
The construction
of the Wailuo
offshore wind
power project
(Phase I) started
construction in
early July this
year.
-- 5448294 No
March
242018
Announcement
No.:2018-16)Published in
China Securities Daily
Securities Times and
http//.www.cninfo.com.cn
Guangdong
Yudean Property
Insurance Co.Ltd.Property
Insurance
Newlyes
tablished
98000000 49 % Ownfunds
Guangdong
Yudean
Group
（shareholding ratio：
51%）
Long-ter
m
Insuran
ce
The company's
various business
activities are
carried out
normally
-- 1586857 No
April
282018
Announcement
No.:2018-28)Published in
China Securities Daily
Securities Times and
http//.www.cninfo.com.cn
Total -- -- 546000000 -- -- -- -- -- -- 0 7035151 -- -- --
3.Situation of the Significant Non-equity Investment Undergoing in the Report Period
□ Applicable √ Not applicable
4.Investment of Financial Asset
（1）Securities investment
√ Applicable □Not applicable
In RMB
Security
category
Security
code
Stock
Abbreviati
on:
Initial
investment
cost
Mode of
accounting
measurement
Book value
balance at
the
beginning of
the reporting
period
Changes in
fair value of
the this
period
Cumulative fair
value changes in
equity
Purchase
amount in
the this
period
Sale
amount in
the this
period
Gain/loss of
the reporting
period
Book value
balance at the
end of the
reporting
period
Accountin
g items
Source of
the shares
Domestic
and foreign
000027 Shenzhen 15890628 Fair value 76356000 -14112000 46353372 0 0 1008000 62244000
Financial
assets
Own-Fund
stocks Energy measurement available
for sales
s
Domestic
and foreign
stocks
600642 Shenergy 235837988
Fair value
measurement
325418985 -46647090 42933907 0 0 278771895
Financial
assets
available
for sales
Own-Fund
s
Domestic
and foreign
stocks
831039 NEEQ 3600000
Fair value
measurement
7218000 -1710000 1908000 0 0 270000 5508000
Financial
assets
available
for sales
Own-Fund
s
Total 255328616 -- 408992985 -62469090 91195279 0 0 1278000 346523895 -- --
Disclosure date for the notice of
approval by the Board (If any)
Disclosure date for the notice of
approval by shareholders’ Meeting (If
any)
（2）Investment in Derivatives
□ Applicable √ Not applicable
Nil
VI. Sales of major assets and equity
1. Sales of major assets
□ Applicable √ Not applicable
The Company had no sales of major assets in the reporting period.
2.Sales of major equity
□ Applicable √ Not applicable
Ⅶ.Analysis of the Main Share Holding Companies and Share Participating Companies
√ Applicable □ Not applicable
Situation of Main Subsidiaries and the Joint-stock Company with over 10% net profit influencing to the Company
In RMB
Company
name
Type
Main
business
Registered
capital
Total assets Net assets Turnover Operating profit Net Profit
Guangdong
Huizhou
Pinghai Power
Generation
Plant Co. Ltd.Subsidiary
Power
generation
and power
station
construction.
1370000000 6111071236 2148628831 1859200437 384290932 283060847
Shanxi
Yudean
Energy Co.
Ltd.Sharing
company
Coal
Investment
1000000000 3563660273 3318386995 786668 277283881 277283881
Guangdong
Yudean
Finance Co.
Ltd.Sharing
Company
financial
service
2000000000 20873857339 2747578134 353187954 280706643 226957586
Guangdong
Huizhou
Natural gas
Power
Generation
Co. Ltd.
Subsidiary
Power
generation
and power
station
construction.
1301296300 3829081435 1721580900 819208378 210381321 157838111
Guangdong
Red Bay
Power
Generation
Co. Ltd.
Subsidiary
Power
generation
and power
station
construction.
2749750000 7013700026 3245943612 2130697649 179266096 133881934
Shenzhen
Guangqian
Electric Power
Co. Ltd.
Subsidiary
Power
generation
and power
station
construction.
1030292500 2225434956 1411615869 704566725 140746307 105669017
Zhanjiang
Electric Power
Co. Ltd.
Subsidiary
Power
generation
and power
station
construction.
2875440000 4484294981 4037858393 1078438774 128458223 96981054
Guangdong
Yudean
Jinghai Power
Generation
Co. Ltd.
Subsidiary
Power
generation
and power
station
construction.
2919272000 9595441359 3480674608 2554248635 119987177 89849281
Guangdong
Guohua
Taishan Power
Generation
Co. Ltd.
Sharing
Company
Power
generation
and power
station
4669500000 12045163615 7938249598 4256108141 668133944 498549464
Zhanjiang
Zhongyue
Subsidiary Power
generation
1454300000 5080559073 980510057 744203000 -82000764 -56930670
Energy Co.
Ltd.and power
station
Guangdong
Yudean Dapu
Power
Generation
Co. Ltd.
Subsidiary
Power
generation
and power
station
1000000000 4812962877 889268786 596623588 -87071925 -67568303
Guangdong
Shaoguan
Yuejiang
Power
Generation
Co. Ltd.
Subsidiary
Power
generation
and power
station
construction.
1400000000 7453255220 644015820 1215847172 -134742255 -136937868
Acquirement and disposal of subsidiaries in the Reporting period
√ Applicable □ Not applicable
Company name
Way of acquiring and disposing of
subsidiary corporations within the
reporting period
Impact on the whole producing operation
and performance
Guangdong Yudean Zhencheng Energy
Co. Ltd.
Invested
No actual operation has been carried out
yet in reporting period.Notes
1. During the reporting period due to the recovery of demand for electricity from the society the company's
on-grid electricity increased and the joint ventures and associates also had better profitability. At the same time
due to the adjustment of the depreciation period of some fixed assets from June of last year the company's
operating results in the first half of 2018 improved year-on-year; however due to the continued high coal prices
the company's subordinate coal-fired power plants are generally at a low profit level and some of them such as
Yuejiang Company Zhanjiang Zhongyue and Dapu Company have had operating losses.
2. The profitability of the Company's clean energy business continued to increase In the first half of 2018 the net
profit attributable to shareholders of the parent company was RMB 196.25 million an increase of RMB 108.79
million over the same period of last year accounting for 43.72%.
3. Affected by the increase in the price of fuel Shanxi Energy a share-participating company gained a large
year-on-year increase in profitability. The company’s investment income from associates rose as a whole during
the reporting period.VIII．Structured vehicle controlled by the Company
□ Applicable √ Not applicable
IX. Prediction of business performance for January -September 2018
Estimation of accumulative net profit from the beginning of the year to the end of next report period to be loss
probably or the warning of its material change compared with the corresponding period of the last year and
explanation of reason.
□ Applicable √ Not applicable
X.Risks facing the Company and countermeasures
I.Risks
(I) The uncertainty of market electricity prices is still relatively large
In 2018 the scale of electricity trading in Guangdong market will reach 160 billion kWh accounting for 40% of
the province's power generation up 45% year-on-year of which the scale of bilateral negotiation transactions is
100 billion kWh and the annual contracted transaction scale is 10 billion kWh and the monthly centralized
bidding scale is 50 billion kWh. In the first half of the year the scale of the centralized bidding market was about
22.8 billion kWh of which the company competed for 4.95 billion kWh. The average price difference of monthly
concentrated competition transactions was between -46.5 and -36.5Li/kWh. The average on-grid price of the
consolidated statements was 439.58 yuan/thousand kWh with a decrease of 4.81 yuan / thousand kWh
year-on-year. In the second half of the year due to fierce competition among power generation companies
gradual increase in customer market awareness unit maintenance and other factors the uncertainty of the price
difference of market transactions will be still large and the intensity of fierce competition on the power generation
side will have a greater impact on the company's operating performance. .(II) West-east power transmission and expansion of provincial installations accelerate electricity competition
In June 2018 Western Electric added a DC line (designed capacity of 5 million kilowatts) transmitted from
Northwest Yunnan to Shenzhen which was put into operation step by step. The transmission capacity increased
greatly and the highest load reached 36.84 million kilowatts hit a new record high up 18.6% year-on-year. At the
same time due to objective factors such as the peak in the first half of the year only 2 new units for Central China
electric dispatching network were put into production and most of the newly put-into-production units will be
concentrated in the second half of the year including 2×1 million kilowatts units in Jiahu Bay 1.75 million
kilowatts unit in Taishan Nuclear Power and the units which have strong competitiveness with energy - saving
scheduling ranking near the top and this will greatly squeeze the conventional coal machine power generation
space.(III) The demand for coal in the summer peaks rises again and the price of coal has room to rebound.
Affected by the coal de-capacity policy the domestic coal supply and demand situation will continue to be tense
in the second half of the year. In particular with the gradual recovery of coal demand in the summer peaks and the
impact of extreme weather short-term demand is strong and coal price may rebound.(IV) Debt costs are facing the rising pressure
Under the influence of many factors such as economic “de-leverage” financial supervision and the US dollar
interest rate hike the market funds are generally in a tight balance. At the same time affected by the
“de-capacity” policy banks and other financial institutions have continued to shrink the amount of credit supply
for overcapacity industries such as coal and electricity the company’s financing cost and financing difficulty are
rising. In the first half of 2018 the company's comprehensive financing cost was 4.40% which was 14 basis
points higher than the same period of last year. The incremental financing cost of the subordinate coal-fired power
plants generally increased by 10%-20% in benchmark rates. In May of this year the super & short-term financing
rate of RMB 500 million was 4.25% which was increased by 135 and 169 basis points respectively comparing
with the two super & short-term interest rates issued by the Company in 2016.(V) There is still great uncertainty in the final impact of the retiring of Shajiao A Power Plant on the company.
In February 2018 the company received a “Letter on Printing and Distributing the Work Plan for
Decommissioning and Alternative Power Construction of Shajiao Power Plant” from Guangdong Development
and Reform Commission. According to the work plan the company's subordinate Shajiao A Power Plant's five
units totaling 1.29 million kilowatts will be gradually phased out between 2019 and 2023 and the construction of
alternative power sources will be implemented simultaneously. At present relevant matters concerning
decommissioning implementation plan alternative power supply construction plan supporting power grid
transformation plan staff placement and land development are still in the process of research and development
and there is still great uncertainty on the final impact of the company.II. Solutions
1. We will grasp the favorable opportunity in basic electricity quantity adjustment of the third quarter of
Guangdong province and strive for improving the targeted annual electricity quantity. We will scientifically
participate in bidding and the generation right transfer transaction actively endeavour to possess the share of
electricity and improve the marginal contribution level. We will blend the imported high-sulphur coals in a
reasonable way and lower the cost of fuel purchase. We will increase the stocktaking for coal yards and reduce the
loss of incoming coals. We will strengthen the study and judgement of the electricity market and prepare for the
spot market transactions ahead of schedule.
2.We will continue to insist on business analysis and technical and economic indicator analysis. We will persist in
the early-warning mechanism for the completion situation of important indicators. We will improve the
operational benefits through improving weak links. We will make a good preparation in the financing channels
and a good management in the stock capital for the parent company. We will choose the right time and way to
conduct incremental financing adjust the structure of stock debt and reduce the debt risk. We will strengthen the
fund supervision for the factories with low operation revenue and help them solve the financial issues. We will
prevent partial capital risks and ensure the safety of capital.
3.We will continue to pay attention to energy industry and related policies about upstream and downstream
industries as well as the market dynamics. We will actively seek investment opportunities for high-quality projects.
We will emphasize promoting # 5 Unit and #Unit 6 of cogeneration extension project of natural gas in Huizhou
city and the wind power project of Shibanling in Zhanjiang city with total installed capacity of 969500 kilowatts
will be put into production. We will strive for the most beneficial construction plan of the power supply to
substitute the retired units of Shajiao A Power Plant.
V. Important Events
I. Annual General Meeting and Extraordinary Shareholders’ Meetings in the Reporting Period
1.Annual General Meeting
Meeting Type
Investor
participation
ratio
Convened
date
Disclosure
date
Index to disclosed information
First Provisional
Shareholders’ general
meeting of 2018
Provisional
Shareholders’
general meeting
72.87%
January
292018
January
302018
Announcement No.:2018-09.
Published in China Securities Daily Securiti
es Times and http//.www.cninfo.com.cn.Second Provisional
Shareholders’ general
meeting of 2018
Provisional
Shareholders’
general meeting
72.78% April 92018
April
102018
Announcement No.:2018-21.
Published in China Securities Daily Securiti
es Times and http//.www.cninfo.com.cn.
2017 Shareholders’ general
meeting
Annual
Shareholders’
General Meeting
72.80% June 112018
June
122018
Announcement No.:2018-33.
Published in China Securities Daily Securiti
es Times and http//.www.cninfo.com.cn.Third Provisional
Shareholders’ general
meeting of 2018
Provisional
Shareholders’
general meeting
72.65% June 282018
June
292018
Announcement No.:2018-38.
Published in China Securities Daily Securiti
es Times and http//.www.cninfo.com.cn.
2. Preferred stockholders restored voting rights to request to convene Provisional Shareholders’ Meeting.
□Applicable√Not applicable
II. Proposal for profit distribution and converting capital Reserve into share actual for the
reporting period
□ Applicable √Not applicable
For the reporting period the Company plans not to distribute cash dividends or bonus shares or convert capital
reserve into share capital.III. 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 are no commitments that the company shareholders actual controller offeror directors supervisors senior
management or other related parties have fulfilled during the reporting period and have not yet fulfilled by the end
of reporting period.IV. Particulars about engagement and disengagement of CPAs firm
Whether the semi-annual financial report had been audited?
□ Yes √ Not
The semi-annual report was not audited.
V.Explanations given by board of directors and supervisory board regarding “ Modified auditor’s” Issued
by CPAs firm for the reporting period
□ Applicable √ Not applicable
VI. Explanations given by Board of Directors regarding “ Modified auditor’s Report” Issued for last year
□ Applicable √ Not applicable
VII. Bankruptcy and restructuring
□ Applicable √ Not applicable
No such cases in the reporting period.VIII. Legal matters
Signifieant lawsuits or arbitrations
□ Applicable √ Not applicable
No such cases in the reporting period.Other legal matters
√ Applicable □Not applicable
Basic conditions of litigation (arbitration)
Amount
involved
（Tenthousand ）
Forming
of the
predicted
debt
Litigation
(arbitration)
progress
Litigation
(arbitration)
judgement result
and influence
Litigation
(arbitration)
judgement
execution
condition
Date
of
disclo
sure
Inde
x of
discl
osure
The company's holding subsidiary Guangdong YudeanPinghai Power Plant Co. Ltd received the “AdministrativePunishment Decision” issued by the Guangdong Provincial
Ocean & Fisheries Bureau on November 14 2016 (No.
019-2016 Yuehai Executive Punishment) and thepunishment decision “ordered Pinghai to return theillegally occupied sea areas and restore the sea areas to
their original state and sentenced 10 times fines to the use
fees of sea areas that shall be imposed within the period of
that illegally occupied 16.3947 hectares amounted to
RMB 172144350.00” for that Pinghai Power Plant carried
out the site leveling and bank protection work of Pinghai
power plant without approval and did the reclamation of
16.3947 hectares and its behavior violated the provisions
of Article 3 of the Law of the People's Republic of China
on the Administration of the Use of Sea areas. Based on
the audited net profit of RMB 3.238 billion attributable to
the shareholders of the parent company in 2015 the
amount involved in the above-mentioned administrative
penalty affects the net profit attributable to shareholders of
the parent company of about 77.4 million-which accounts
for 2.39% of the net profit of the most recently audited
period. In accordance with the "Accounting Standards for
Business Enterprises" the company has included the
above-mentioned fines in the current profit and loss in
2016. Pinghai Power Plant disagreed with the punishmentmeasures of the “Administrative Punishment Decision"and applied for administrative reconsideration to the
People's Government of Guangdong Province on January
16 2017 in accordance with Article 6 of the
"Administrative Reconsideration Law of the People's
Republic of China". On June 16 2017 the People's
Government of Guangdong Province issued a decision on
the administrative reconsideration which stated
17214.44 No
On December
28 2017 the
Guangzhou
Maritime
Court issued
an
administrative
decisionstated “Inaccordance
with the
provisions of
Article 69 of
the
Administrativ
e Procedure
Law of the
People's
Republic of
China the
decision is as
follows: the
claim of the
plaintiff
Guangdong
Huizhou
Pinghai Power
Plant Co. Ltdwas rejected”.Pinghai Power
Plant
disagreed with
the verdict
and lodged an
As of the end of
the reporting
period the
Guangdong
Higher People's
Court has not yet
heard the case.
According to the
“Asset Purchase
Agreement byShare Issuance”
signed between
Yudean Group
and the
Company in
2012 Yudean
Group shall
compensate the
Company for the
actual loss
caused by the
above-said
matter in
accordance with
the result of the
matter.
“According to the provisions of Item 1 of Paragraph 1 of
Article 28 of the Administrative Reconsideration Law of
the People's Republic of China the Administrative
Punishment Decision (No. 019-2016 Yuehai Executive
Punishment) made by the respondent’s Provincial
Department of Ocean and Fisheries is maintained.” Pinghai
Power Plant disagreed with the aforementioned
administrative reconsideration decision and filed an
administrative litigation to the Guangzhou Maritime Court
on July 18 2017.appeal to the
Guangdong
Provincial
Higher
People's Court
against the
verdict.IX. Punishments and rectifications
□ Applicable √ Not applicable
No such cases in the reporting period.
X. Credit conditions of the Company as well as its Controlling shareholder and actual Controller
□ Applicable √ Not applicable
XI.Equity incentive plans employee stock ownership plans or other incentive measures for employees
□ Applicable √ Not applicable
No such cases in the reporting period.XII.Material related transactions
1. Related transactions in connection with daily operation
□ Applicable √ Not applicable
No such cases in the reporting period.
2. Related-party transactions arising from asset acquisition or sold
□Applicable √ Not applicable
No such cases in the reporting period.
3. Related-party transitions with joint investments
□Applicable √ Not applicable
No such cases in the reporting period.
4. Related-party transitions with joint investments
□Applicable √ Not applicable
No such cases in the reporting period.
5. Credits and liabilities with related parties
√ Applicable □Not applicable
（1）2018 daily related transactions were carried out after examination and approval by 2018 Second provisional
shareholders' general meeting. Refer to (5) Related transactions of XII. Relationship between related parties and
the transactions between them of the Financial Report of this report for details.
(2) The Proposal on the Financial Services such as Making the Application of the Total Loan Limit of RMB 17
Billion and Handling the Deposit Settlement to the Related Party- Guangdong Yudean Finance Co. Ltd by the
Company and Some of its Subsidiaries was approved in the company’s 2017 annual general shareholder meeting
for implementation.
（3）According to the statement of the controlling shareholder Yudean Group Co. Ltd on promising to fulfill the
relevant matters in order to avoid horizontal competition and fulfill the promise of horizontal competition the
Company signed Stock Trusteeship Agreement with Yudean 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
where the Company will be charged by 2450000 yuan per year and which has been examined and approved by
the 2nd meeting of the 9th board of directors of the Company.
（4）In order to effectively protect the property value of power generation equipment reduce the risk cost
enhance the level of risk management and controlling and ensure the smooth progress of production and operation
activities the company signed "Insurance Cooperation Framework Agreement" with Yudean Property Insurance
Self-Insurance Co. Ltd. the related party wherein the self-insurance company provides the Company and the
controlling subsidiary with insurance service and risk management service. The total scale of fees shall not exceed
RMB 400 million yuan within the term of the agreement and which has been examined and approved by the 2nd
meeting of the 9th board of directors of the Company.
（5）In order to further enhance the ability of the self-insurance company in undertaking insurance business and
strengthen the enterprise's ability to resist risks. The Company with Yudean Group the related party jointly added
capital to the self-insurance company wherein the Company will add capital of 98 million yuan according to the
49% equity ratio and which has been examined and approved by the shareholders' meeting in 2017.
Website for temporary disclosure of the connected transaction
Announcement Date of disclosure Website for disclosure
Announcement on Related Transactions with Guangdong Yudean
Property Insurance Captive Co. Ltd . Signing of the Insurance
Cooperation Framework Agreement
January 132018 http//www.cninfo.com.cn.
Announcement on Related Transaction with Guangdong Yudean
Group Co. Ltd. Signing of the Energy Entrusting trusteeship
Agreement
January 132018 http//www.cninfo.com.cn.
Estimates announcement of the Daily Related Party Transactions of
2018
March 242018 http//www.cninfo.com.cn.
Announcement on the related party Transactions of Guangdong
Electric Power Development Co. Ltd. with Guangdong Yudean
Finance Co. Ltd.
April 282018 http//www.cninfo.com.cn.
Announcement on Related Party Transactions to Add Capital to
Guangdong Yudean Property Insurance Captive Co. Ltd.
April 282018 http//www.cninfo.com.cn.
XIII. Particulars about the non-operating occupation of funds by the Controlling shareholder and other
related parties of the Company
□Applicable √ Not applicable
The company was not involved in the non-operating occupation of funds by the controlling shareholder and other
related parties during the reporting period.XIV. Significant contracts and execution
1.Entrustments contracting and leasing
(1) Trusteeship
√ Applicable □Not applicable
Statement of Trusteeship Situation :
According to the statement of Yudean Group on fulfilling relevant matters and to avoid the horizontal competition
and fulfill the relevant commitment of the horizontal competition the Company signed Stock Trusteeship
Agreement with Yudean Group wherein the shareholder's rights within the trusteeship range except the
ownership right of earning and right of disposition will be trusted to the Company which is predicted to charge
245000 yuan as trustee fee per year. See details at the " Related Transaction Announcement on Stock Trusteeship
Agreement signed with Yudean Group Co. Ltd." published by the Company in China Securities Daily Securities
Times and http://www.cninfo.com.cn on January 13 2018(Announcement No.2018-04).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
No any lease for the Company in the reporting period..
2.Guarantees
√Applicable □ Not applicable
（1）Guarantees
Ten thousand
External Guarantee (Exclude controlled subsidiaries)
Name of the Company
Relevant
disclosure
date/No. of the
guaranteed
amount
Amount of
Guarantee
Date of
happening (Date
of signing
agreement)
Actual
mount of
guarantee
Guarantee
type
Guarantee
term
Complete
implement
ation or
not
Guarantee
for
associated
parties (Yes
or no)
Yunnan Baoshan
Binlangjiang
Hydroelectricity
Development Co. Ltd.
May 242007 4350
December
192007
2320
Guaranteei
ng of joint
liabilities.
15 Years No No
Yunnan Baoshan
Binlangjiang
Hydroelectricity
Development Co. Ltd.
December
192007
4350
November
302007
696
Guaranteei
ng of joint
liabilities.
15 years No No
Yunnan Baoshan
Binlangjiang
Hydroelectricity
Development Co. Ltd.
November
122008
7250
November
142008
58
Guaranteei
ng of joint
liabilities.
15 years No No
Yunnan Baoshan
Binlangjiang
Hydroelectricity
May 272009 9367 June 222009 5887
Guaranteei
ng of joint
liabilities.
15 years No No
Development Co. Ltd.
Yunnan Baoshan
Binlangjiang
Hydroelectricity
Development Co. Ltd.
May 272009 7250 May 272009 2175
Guaranteei
ng of joint
liabilities.
15 years No No
Total amount of approved external guarantee
in the report period(A1)
Total actually amount
of external guarantee
in the report
period(A2)
-1131
Total amount of approved external guarantee
at the end of the report period(A3)
190835
Total actually amount
of external guarantee
at the end of the report
period(A4)
11136
Guarantee of the company for its subsidiaries
Name of the
company guaranteed
Related
announcem
ent date
and no.
Amount of
guarantee
Date of
happening(date of
signing agreement)
Actually
guarantee
amount
Guarantee
type
Guarante
e term
Complete
impleme
ntation or
not
Guarantee
for related
party(yes or
no)
Zhanjiang Wind
Power Generation
Co. Ltd.
April
292009
18571.7 October 92010 7440
Guarantee
ing of
joint
liabilities.
18 years No No
Guangdong
Shaoguan Yuejiang
Power Generation
Co. Ltd.
November
162013
9000 January 282014 3510
Guarantee
ing of
joint
liabilities.
7 years No No
Guangdong
Shaoguan Yuejiang
Power Generation
Co. Ltd
November
162013
8100 January 292014 2610
Guarantee
ing of
joint
liabilities.
7 years No No
Total of guarantee for
subsidiaries approved in the
period(B1)
Total of actual guarantee
for subsidiaries in the
period (B2)
-1799
Total of guarantee for
subsidiaries approved at
period-end(B3)
141536
Total of actual guarantee
for subsidiaries at
period-end(B4)
14240
Guarantee of the subsidiaries for the controlling subsidiaries
Name of the
Company
guaranteed
Relevant
disclosure
date/No. of
the
guaranteed
amount
Amount
of
guarantee
Date of
happening
(Date o
signing
agreement)
Actual
mount of
guarantee
Guarantee
type
Guarantee
term
Complete
implemen
tation
or
not
Guarantee
for
associated
parties
(Yes or no)
The Company’s total guarantee(i.e.total of the first three main items)
Total guarantee quota approved
in the reportingperiod
（A1+B1+C1）
Total amount of guarantee
actually incurred in the
reporting period（A2+B2+C2）
-2930
Total guarantee quota already
approved at theendof the
reporting period（A3+B3+C3）
332371
Total balance of the actual
guarantee at the end of the
reporting period（A4+B4+C4）
25376
The proportion of the total amount of actually guarantee in the 1.07%
netassetsof the Company (that is A4+B4+C4）%
Including：
The debts guarantee amount provided for the
Guaranteed parties whose assets-liability ratio exceed
70% directly or indirectly（E）
17256
Total guarantee Amount of the abovementioned guarantees
（D+E+F）
17256
Description of the guarantee with complex method
(2) Illegal external guarantee
□ Applicable √ Not applicable
No Illegal external guarantee in the report period.
3. Other significant contract
□ Applicable √ Not applicable
No other significant contracts for the Company in reporting period.XV.Social responsibilities
1.Major environmental protection
The Listed Company and its subsidiary whether belongs to the key sewage units released from environmental
protection department
Yes
Company or
subsidiary name
Main
pollutant and
specific
pollutant
name
Emission
way
Emission
port
number
Emission
port
distributio
n condition
Emission
concentration
(mg/Nm3)
Implemented
pollutant
emission
standards
Total
emission
(Tons)
Verified
total
emission
(Tons)
Excessive
emission
condition
Shajiao A power
plant
Smoke
Concentra
ted
emission
through
chimney
2
Within the
factory
1.67
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1) special
emission limit
22.868
Not
approved
No
Shajiao A power
plant
SO2
Concentra
ted
emission
through
chimney
2
Within the
factory
16.79
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1) special
emission limit
230.51
Not
approved
No
Shajiao A power
plant
NOX
Concentra
ted
emission
through
chimney
2
Within the
factory
27.6515
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
381.68
Not
approved
No
(GB13223-201
1) special
emission limit
Guangdong Yudean
Dapu Power Plant
Smoke
Concentra
ted
emission
through
chimney
2
Within the
factory
2.46
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
13.531 593 No
Guangdong Yudean
Dapu Power Plant
SO2
Concentra
ted
emission
through
chimney
2
Within the
factory
13.32
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
73.430 1447 No
Guangdong Yudean
Dapu Power Plant
NOX
Concentra
ted
emission
through
chimney
2
Within the
factory
27.90
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
153.728 1502 No
Zhanjiang
Zhongyue Energy
Co. Ltd.
Smoke
Concentra
ted
emission
through
chimney
2
Within the
factory
2.29
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
21.62 480 No
Zhanjiang
Zhongyue Energy
Co. Ltd.
SO2
Concentra
ted
emission
through
chimney
2
Within the
factory
14.17
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
135.68 1200 No
Zhanjiang
Zhongyue Energy
Co. Ltd.
NOX
Concentra
ted
emission
through
chimney
2
Within the
factory
29.05
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
278.05 1587 No
Guangdong
Shaoguan Yujiang
Power Generation
Co. Ltd.
Smoke
Concentra
ted
emission
through
chimney
2
Within the
factory
330MW:
9.45；
600MW:
1.41
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
43.63 358.89 No
Guangdong
Shaoguan Yujiang
Power Generation
SO2
Concentra
ted
emission
2
Within the
factory
330MW:
115；600MW:
Emission
Standard of Air
Pollutants for
508.76 1151.78 No
Co. Ltd. through
chimney
14 Thermal Power
Plants
(GB13223-201
1)
Guangdong
Shaoguan Yujiang
Power Generation
Co. Ltd.
NOX
Concentra
ted
emission
through
chimney
2
Within the
factory
330MW:
120；600MW:
33
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
713.04 1404.5 No
Zhanjiang Electric
Power Co. Ltd.Smoke
Concentra
ted
emission
through
chimney
2
Within the
factory
2
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
25.458 26 No
Zhanjiang Electric
Power Co. Ltd.
SO2
Concentra
ted
emission
through
chimney
2
Within the
factory
8
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
115.746 117 No
Zhanjiang Electric
Power Co. Ltd.NOX
Concentra
ted
emission
through
chimney
2
Within the
factory
28
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
398.438 407 No
Guangdong Yudean
Jinghai Power
General Co. Ltd.Smoke
Concentra
ted
emission
through
chimney
2
Within the
factory
3.16
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
87.24
Not
approved
No
Guangdong Yudean
Jinghai Power
General Co. Ltd.
SO2
Concentra
ted
emission
through
chimney
2
Within the
factory
13.72
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
372.27
Not
approved
No
Guangdong Yudean
Jinghai Power
General Co. Ltd.NOX
Concentra
ted
emission
through
chimney
2
Within the
factory
33.43
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
911.61
Not
approved
No
Guangdong Red
Bay Power General
Smoke Concentra
ted
2 Within the 3.30
Emission
Standard of Air
69.89 Not No
Co. ltd. emission
through
chimney
factory Pollutants for
Thermal Power
Plants
(GB13223-201
1)
approved
Guangdong Red
Bay Power General
Co. ltd.
SO2
Concentra
ted
emission
through
chimney
2
Within the
factory
9.23
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
198.10
Not
approved
No
Guangdong Red
Bay Power General
Co. ltd.
NOX
Concentra
ted
emission
through
chimney
2
Within the
factory
34.97
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
755.03
Not
approved
No
Maoming
Zhenneng
Thermal power
Co. Ltd.
Smoke
Concentra
ted
emission
through
chimney
2
Within the
factory
1.77
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
19.08 84.06 No
Maoming
Zhenneng
Thermal power
Co. Ltd.
SO2
Concentra
ted
emission
through
chimney
2
Within the
factory
10.38
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
75.69 192.75 No
Maoming
Zhenneng
Thermal power
Co. Ltd.
NOX
Concentra
ted
emission
through
chimney
2
Within the
factory
26.73
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
290.68 344.79 No
Guangdong
Huizhou Pinghai
Power Plant Co.Ltd.Smoke
Concentra
ted
emission
through
chimney
2
Within the
factory
2.24
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
33.34
Not
approved
No
Guangdong
Huizhou Pinghai
Power Plant Co.Ltd.
SO2
Concentra
ted
emission
through
chimney
2
Within the
factory
21.94
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
370.31
Not
approved
No
Guangdong
Huizhou Pinghai
Power Plant Co.Ltd.NOX
Concentra
ted
emission
through
chimney
2
Within the
factory
47.82
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
602.74
Not
approved
No
Guangdong
Guohua Taishan
Power Generation
Co. Ltd.
Smoke
Concentra
ted
emission
through
chimney
6
Within the
factory
1.5
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
65
Not
approved
No
Guangdong
Guohua Taishan
Power Generation
Co. Ltd.
SO2
Concentra
ted
emission
through
chimney
6
Within the
factory
14
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
628
Not
approved
No
Guangdong
Guohua Taishan
Power Generation
Co. Ltd.
NOX
Concentra
ted
emission
through
chimney
6
Within the
factory
31
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
1341
Not
approved
No
Qianwan LNG
power plant
NOX
Concentra
ted
emission
through
chimney
3
Within the
factory
31.12
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
223.48
Not
approved
No
Huizhou LNG
power plant
NOX
Concentra
ted
emission
through
chimney
3
Within the
factory
35.43
Emission
Standard of Air
Pollutants for
Thermal Power
Plants
(GB13223-201
1)
363.4
Not
approved
No
Prevention and control of pollution facilities construction and operation
Within the report period the company responds positively to requirements of the newest environmental protection
policies strengthens the operation adjustment of the desulfurization and denitrification system and equipment
maintenance management intensifies the transformation of the energy-saving technologies and dust-cleaning
equipment improves the equipment operation efficiency decrease the smoke and dust discharging concentration
and guarantee compliance of each pollutant emission with the national and local environmental protection
requirements. In accordance with the national environmental protection plan each power plant of the company
implements positively requirements of Coal-fired Power Energy Saving and Emission Reduction Upgrading and
Transform Action Plan (2014-2020) and National Energy Administration Comprehensive Division Notice about
Decomposition and Implementation of Coal-fired Power Energy Saving and Emission Reduction Upgrading and
Transform Target Tasks etc. and promotes the ultra-low emission transformation project. At present the
company's subordinate coal-fired units have all completed ultra-low emission transformation work and the
emission concentration of export flue gas pollutants has been greatly reduced on the basis of the original
environmental emission standards reflecting the company's determination to fulfill its social responsibilities and
the responsibility to protect the environment mission.
Conditions of environmental impact assessment and other environmental protection administrative licensing of
construction projects
The company's construction projects that have been approved by government agencies have all undergone
environmental impact assessments and have obtained other necessary environmental protection administrative
licenses.
Emergency plan for emergency environmental incidents
Combining with the Environmental Protection Law of the People's Republic of China and the Opinions of the
Ministry of Environmental Protection on Strengthening Environmental Emergency Management Work and other
laws and regulations on the monitoring of environmental risks the company’s subordinate power generation
enterprises have formulated the Emergency Plan for Emergency Environmental Incidents according to their actual
conditions which has standardized and improved the handling of emergent environmental events from the aspects
of environmental accident risk analysis emergency command organization and responsibilities disposal
procedures and disposal measures improved the ability to respond to unexpected environmental events and
ensured that after an outbreak of an environmental incident the company can organize emergency rescue work in
a timely orderly and efficient manner to prevent pollution of the surrounding environment minimize the damage
and social harm caused by the incident maintain social stability and protect public health and property safety.
Environmental self-monitoring program
During the reporting period the company’s subordinate power generation companies organized annual
environmental self-monitoring programs in accordance with the national Administrative Measures on Automatic
Monitoring of Pollution Sources (No. 28 order of State Environmental Protection Administration) and other laws
and regulations and conducted self-monitoring of the environment in accordance with the monitoring program
and announced its own monitoring results in Guangdong Province's key pollution source regulatory information
platform and the national pollution source monitoring information and sharing platform. Both the announced rate
and completion rate had reached 100%.Other environmental information that should be disclosed
Nil
Other environmental protection related information
Nil
2.Overview of the annual targeted poverty alleviation
（1）Precise poverty plan
The Company will in depth implement the spirits of the Central work Conference on Poverty Alleviation and the
Development and General Secretary Xi Jinping's series of important speeches on poverty alleviation and the
development and in accordance with the Guangdong Provincial people's Government's "Opinions on the
implementation of Three years Strongly Tackling Difficulties on Precision Poverty Alleviation and Precision
Poverty Reduction in the New Time" and the overall plan and arrangement of Guangdong Province's 2016-2018
of new time of "Precision Poverty Alleviation and Precision Poverty Reduction" by adhering the concept of
innovation coordination green open and shared development the Company will strengthen the awareness of the
overall situation and the sense of responsibility of “The Rich fist leads latter and realize the common prosperity”
fully utilize the advantages carry out the measures of precision poverty alleviation to the village-under-aid
effectively enhance the local “vitality-making” function focus on boosting the village’s collective economic
strength developing the environment and society and people’s livelihood thus to increase the income of
poverty-alleviation objects so as to ensure the accomplishment of various project goals and tasks.
1. Soundly do the work of the poverty alleviation by industry development. Formulate the characteristic industry
development for the village-under-aid implement the “one village one product” industry promotion action tap
into the resources advantages precisely select the dominant industry and the dominant products support the
construction of characteristic agricultural bases with high participation of poverty households support the large
agricultural households and professional cooperatives small and micro enterprises and so forth agricultural
operation bodies to speed up the development. Explore the “Internet + Precision Poverty Alleviation” model
strengthen the training of rural E-commerce merchants in poor villages and encourage farmers to open online
stores for self-development.
2. Explore the poverty alleviation by shares. Promote the income-increase mode of poor village collective
economy allow the financial special poverty alleviation funds and other agricultural-related funds to invest in
facilities such as agriculture farming industrial parks hydropower rural tourism and so forth without changing
their use purposes and the resulting asset income can be converted to shares quantization to poor villages and
poor households. Cooperate with the local to explore and promote the rights confirmation of land management
with accordingly converting to shares guide poverty-stricken households especially those who are incapable of
working to voluntarily transfer the land management rights according to law and use assets such as land
agricultural facilities and poverty alleviation funds to price to convert into shares gaining the operating income
according to shares.
3. Cooperation in training and employment. Oriented towards enhancing the ability of the poor to get employment
assist to carry out the all kinds of policy training promote the relevant vocational and technical colleges to recruit
children from poor families thus to enable them to achieve skills to get out of poverty.
4. Improve the infrastructure. Cooperate with the local to improve the traffic conditions and development
environment in the village-under-aid; support and help key villages-under-aid of the safe drinking water projects;
improve farmland water conservancy facilities; improve sewage facilities; improve the garbage collection and
treatment and the cleaning system; improve village cultural and leisure activities public toilets landscaping and
greening and other facilities; ensure that the relevant indicators meet the provincial standards.
5. Boost the education culture. In coordination with the local education and cultural departments the Company
will vigorously promote the poverty alleviation through education so that all children in the villages-under-aid can
receive a good education increase the education subsidies for poor families ensure that children from poor
households do not drop out of school due to poverty pay attention to left-behind children and build left-behind
children's service centers.
6. Help to improve the environment. Cooperate with the local to raise funds by multi-channels to help
impoverished households complete the renovation of dilapidated buildings and fully complete the task of assisting
low-income people in housing reconstruction assisting in the improvement of domestic garbage disposal sewage
treatment public toilets and greening and beautification of villages. We will use the entire village as a platform to
accelerate the improvement of production and living conditions of poor villages and steadily promote the
construction of beautiful livable villages to realize the new appearance of the old villages.
7. Consolidate the grassroots foundation. Cooperate with the local people to adhere to the Party building and
poverty alleviation both at the same time with the party building to help the poor and with the poverty alleviation
to promote the party building. Organize and hold regular meetings of the "two committees" meetings of the
villages to study the work of aiding the poor; the assigned cadres should assist the "two committees of the village"
to do a good job in organizing the masses serving the masses uniting the masses and enhancing the ability of the
cadres of the "two committees" of the poor villages to lead the people out of poverty and run to health; It’s
necessary to constantly strengthen the development consciousness market awareness teaching ideas teaching
methods and teaching experience of cadres at the grass-root level mobilizing the grass-root level cadresstrengthen the grass-root organizations muster up the drive to fight against poverty and build up “Thenever-leaving Task Force on Poverty Alleviation” thus to lay the foundation for the sustainable and healthy
development of poor villages.
8. Lead multiple parties to participate in. Guide industries enterprises social organizations and individuals to
participate in poverty alleviation and encourage companies to actively undertake social responsibilities fully
stimulate the market's vitality and help villages to invest in industries develop training skills absorb employment
and help the poor with donated money through various forms such as resource development and joint construction
of villages and enterprises.
9. Strengthen the publicity for poverty alleviation. Adhere to the guidance of public opinion comprehensivelypublicize and accurately interpret the decision-making and deployment of “Precision poverty alleviation andPrecision poverty reduction” strengthen the ideological education and guidance and strengthen the cadres and the
masses' centripetal force and cohesion in poverty alleviation work and the development work. Guide the villagers
to change the obsolete customs and habits stimulate the impoverished people to work hard and develop good
enthusiasm and create a positive atmosphere for self-reliance hard-working and getting rid of poverty and
becoming better off.
（2）Half-year poverty relieving summary
During the reporting period the company conscientiously implemented the Guangdong Province's “PrecisionPoverty Alleviation and Precision Poverty Reduction in Three Years of Strongly Tackling Difficulties” program
and actively organized manpower material and financial resources for poverty alleviation. The 6 subordinate
companies namely the Yuejiang Company Honghai Wan Company Zhenneng Company Zhanjiang Company
Dapu Company Zhanjiang Wind Power Company actively carried out the precision poverty alleviation work and
achieved phased results.
I. Counterpart assistance of Yuejiang Company on Mixiashui VillageQuanan TownLuhe County
(1) Status of Pilot Projects of Comprehensive Development
According to the requirement of targeted poverty alleviation plan made after Mixiashui village was investigated
by Mayor Yin on May 2 Shaoguan municipal government office Shaoguan power plant villages and towns in
Nanxiong city as well as the resident working team in Xiashuimi village immediately got down to carry out the
pilot work of comprehensive development for Mixiashui village. They took over the Shudongpo farm in Xinfeng
county and visited and studied the development experience in Xiutian village in Matou Town Xinfeng County
successively. Up to now Mixiashui village has signed a 10-year-period contract of land circulation with its 200
mu of land which occupies 50% of the predicted circulation land where the rest of about 200 mu of land will be
done with its circulation in the near future. Meanwhile combined with the new rural construction we will enlarge
the integration of land ecology humanity history and natural landscape as well as other resources to speed up the
comprehensive development.
(2)Status of Industry Support
1.We will develop the leading industry of high-quality rice. We will make the cooperative come into play as a
platform . We will promote the mode of "Companies+ Cooperatives+ Growers" and implement the contract
farming and the incentive measures for growing and planting. We will uniformly do external selling through the
cooperative platform. We will open up the sales market for high-quality rice to improve the ability of bargaining
in the market. We will optimize sales channels to increase revenue. At present we have formulated and published
"Support Plan of the Leading Industry of High-quality Rice with the Participation of Mixiashui Village in
Quan’an Town Nanxiong City". We have reserved about 30000 yuan for rewarding the cooperative growers who
participate in growing high-quality rice upon the sales section. We have signed the contract of high-quality rice
growth with Nanxiong Xiangyi Industry and Trade Co. Ltd. and we have publicized through the villagers’
congress and many other venues. At present the high-quality rice grown in Mixiashui Village has been in planting
season. We plan to drive 16 poor households with labor ability and other non-poor households to develop the
growth of about 300 mu of high-quality rice.
2. We will build ecological aquaculture industry with characteristics. We have formulated and published “SupportPlan of Developing Ecological Aquaculture Industry with Characteristics by Breeding Giant Spiny Frogs inXiamishui Village in Quan’an Town Nanxiong City ” wherein we invest 30000 yuan to support one household
with labor ability which has the experience and willingness of breeding giant spiny frogs which is invested for the
labor and relevant work. The support team will help purchase construction materials to help that household to
build around 300 m2 of farm for breeding giant spiny frogs. And the support team will take Zhongzhi Cooperative
as a platform to invest 13000 yuan to purchase 65 pairs of giant spiny frogs. The frogs will be centralized to
foster and care and which will be cared by that poor household. The annual production number of froglings is
predicted to be 10000 which will benefit 16 poor households and they can get dividends every year. At present
130 giant spiny frogs have been introduced into the farm and the breeding is in good condition.
3.We will make a good implementation of the policy of "rewards instead of subsidies". We will continue to
implement the whole range of supporting measures of the policy of "rewards instead of subsidies" . We have
formulated and published "Supportive Measures to Guide the Poor Households with Labor Ability in Mixiashui
Village Quan'an Town Nanxiong to the Development and Production Project in 2018". Up to now there are 6
poor households breeding 137 piglets 6 poor households breeding 265 chicks and 3 poor households breeding 112
ducklings (goslings) in total. There are 2 poor households growing 2.3 mu of rice and 14 poor households growing
19.7 mu of peanuts in total.
(3)Status of Employment and the People’s Livelihood
1.We will implement the "Three Securities" policy in an all-round way.
First we will implement the housing security In 2018 17 households were listed into the households of
renovation of dilapidated houses 6 of which have been completed.Second we will implement the educational security. In 2018 18 households and 24 students have been
documented and given student ID cards and the enrolment rate was 100%.Third we will implement the medical security to cover the whole state. We will implement the medical security
policy in an all-round way. 39 households and 105 poor households subsidized to set up their documents and
applying for their medical cards have bought urban and rural medical insurance
2.Ensure the people’s livelihood.
First up to now all the poor households have been provided with adequate living materials such as oil and rice
which worth about 40000 yuan and has helped improving their life effectively.Second we have offered warm condolences at spring festival. On February 10 2018 Mayor Yin delegated Zhu
Zhizeng the deputy secretary of the party group of the municipal government to offer condolences to the poor
households and the village committee in Xiashui village into which 41500 yuan was invested.
4. Status of Public Infrastructure Project
1.We will make an orderly implementation for the project of irrigation and water conservancy.
About striving for the project of industrial funds:For irrigation and water conservancy project we will strive for
1622 mu of high-quality farmlands in scale which involves with more than 2430000 yuan of investment funds
of which construction is now ongoing and will be completed in the near future.For drinking water safety project
we have completed the designing work which will be listed into the construction plan and construction fund will
be arranged.
2.We will make a smooth development for the construction of transport infrastructure. We have earned the
hardening project index for 10 km of our village road which involves about 3 million yuan of investment funds
of which construction is now ongoing and will be completed in the near future.
3.We will orderly implement the public service projects. At present the project of the health station in Miaxiashui
village and the public service center of home-based care for the aged have been completed. The main project of
the health station in Miaxiashui village is now being at the period of decoration.
(5)Progress of Comprehensive Rural Reform
1. The villagers’ autonomy council has been set up with 9 villagers' groups (natural villages) which exercises the
function of autonomy for the public affairs inside and outside of the village. And the public service center has
been set up by the village committee to expand public services besides government services and provide villagers
with public services such as e-commerce platform. The funding gap of supporting this project is 19300 yuan.
2.We will steadily carry out the work of building new socialist countrysides. We have declared 9 village groups as
the clean and tidy villages including Shangmen Longjiangkeng Chengsi Liaowu Yaowu Liuwu Shigang
Shijiaowan Rongshuxia. At present Rongshuxia and Shijiaowan is now carrying out the work of building new
countrysides. We will carry out the project of "Three Clean-up" and "Three Demolition" where the funding gap
of supporting this project is 16163 yuan.
(6)Progress of Implementing the Economic Project for Village Collectives
We will develop the village collective economy and enhance the ability of the village committee to provide public
services. We plan to take the form of purchasing shops and participating in the asset income project arranged by
Nanxiong city to form sustained asset income increase the income of the village collective economy and draw
appropriate proportion of the income as public welfare fund to benefit the poor masses. According to the spirit of
the meeting held by the party office of Shaoguan municipal government on January 29 the form of purchasing
shops to develop the collective economy adopted by the committee of Mixiashui village was agreed in principle
and the shops will be purchased with the joint contribution of Mixiashui village and Yangli village under the
coordination of Quan’an town.II. Counterpart assistance of Red Bay Company on Outian Village Luoxi Town Luhe County
1. Actively Complete and Promote the Construction of Projects for the Village
(1)We will help the economic development project of the village collectives. We will establish Outian
Commercial Development Co. Ltd. and arrange the poor households to carry on the project of growing sweet
potatoes and breeding bees.We will promote the project of targeted poverty alleviation in Xinhe industrial park and buy a share in it. In order
to build up a long-term effective poverty alleviation mechanism to prevent the phenomenon of repoverty we will
take the village as the main body to buy a share in industrial park utilizing the support fund. The supporting unit
will invest supporting fund of 1 million yuan for the village in which the villagers will obtain dividend by 10%
(minimum) every year. And the unit will invest 500000 yuan in the tourism project of Luoxi Valley OCT in
which 10% of dividend (minimum) will be given to the villagers every year to help the poor people out of poverty.
3.We will carry out the training project of labor skill and employment transfer for the poor people. According to
the needs of the poor we will separately organize agricultural applicable technology training for 50 people and
relevant contents of employment transfer for 50 people in which the training fund is 15620 yuan.
4.We will actively introduce the project of Luoxi Valley OCT. The resident working team in the village actively
coordinates and communicates with Shenzhen OCT East and actively contacts with relevant departments in the
county. In June 2017 Shenzhen OCT East Group officially settled in Outian village and started the rural tourism
project of Luoxi Valley OCT. In June 2018 the project was officially put into use. Through developing the rural
tourism industry the poor households have been led to get rid of poverty and become rich.
5.We will complete the fund investment of 980000 yuan in the construction of the cultural activity center in
Outian Village.
(2).Fully Deploy Actively Implement and Actively Promote the Completion of Household Project Construction.
1.We will actively implement poverty reduction plan. According to the plan delivered by the county’s poverty
alleviation office we have completed the poverty alleviation for 51 households and 222 people before the first
half year and 5 households and 18 people are yet to shake off poverty of which main reason is that the renovation
of dilapidated houses haven’t been checked and accepted yet. The economic income of the village has reached the
conditions for poverty alleviation. We have overfulfiled the poverty alleviation plan delivered by the poverty
alleviation office of the county.
2.We will vigorously promote the support of medical insurance and social insurance. We have completed
supporting 240 villagers to pay the expense of medical insurance and social insurance.
3.We have completed the cost-of-living allowance for 60 students from poor households
(3)We will strengthen the work of grass-roots party building. To lay a favorable political foundation for shaking
the village off poverty and building it into a new countryside the working team will actively participate in and
carry out the special study activities of "Three sessions One lesson" "Two Studies One Action" and "the Spirit
of the 19th Party Congress" in the village.
(4)Status of Dilapidated House Renovation. There are 22 poor households of renovation of dilapidated house 10
of which have been done with acceptance and 12 of which are yet to be done with acceptance.III. Counterpart assistance of Zhenneng Company on Xinpo Village Shalang Town Dianbai District Maoming
City
(I) Status of increasing-income projects
1. Implement the family vegetable basket project. It is mainly to mobilize and assist poor households to carry out
decentralized breeding and help the units to set up a prize fund to provide seedlings production materials and
rewards and assist them in selling agricultural products. In the second half of 2017 baby chickens and technical
training were distributed to 16 poor households and a minimum-guarantee recycling agreement was signed.
During the Spring Festival of 2018 poor households were assisted in selling the grown chickens which increased
the income of poor households by about RMB44000 .
2. Adopt the mode of “company + cooperative + poor households”. The local agricultural planting company
cooperates with Kaiyuan Professional Planting Cooperative in Dianbai District Maoming City (composed of poor
laborers referred to as “Kaiyuan Cooperative”) to invest a total of 500000 yuan including special financia funds
of poor households and support funds of support units to establish a 60-mu leek planting base and the company
will be responsible for the follow-up investment. In March 2018 the project gave a dividend of RMB600 / person
to every poor household.
3. Adopt the mode of “company + cooperative + poor households”. The photovoltaic company cooperates with
Kaiyuan Cooperative to make the financial pooling funds of the poor households buying shares and build 200KW
photovoltaic power stations at the top of the office building of Xinpo Village Committee at the roof of teaching
building of Xinpi Primary School and in the back mountain. The project started construction in late October 2017.It plans to connect to the grid before the Spring Festival in 2018. Currently photovoltaic panels laying has been
completed of which 120KW has been connected to the grid for power generation. Due to problems such as
insufficient transformer capacity it is actively negotiating and communicating with the local power supply
department and the rest is planned to be connected to the grid for power generation around July 20. The project is
expected to increase the income of poor households by RMB1200 / person ? year and dividends will be paid to
households in December 2018.(II)Status of transferring employment
34 persons from poor households were mobilized to work outside the home to raise family income. 18 persons
living in poverty were encouraged to conduct semi-agricultural and semi-industrial work that mainly consisted of
plasterers and casual workers.(III) Status of housing renovation
In Xinpi Village 21 poor households applied for renovation of dilapidated houses. The resident team actively
communicated with relevant departments applied for risk-changing indicators convened a meeting of poor
households for mobilization and timely reformed dilapidated buildings in strict accordance with the requirements.
In 2016 and 2017 17 households were renovated and received the subsidy funds in full. On the other hand assist
poor households in housing maintenance. After in-depth investigation the doors and windows of the poor
households Xu Simei and Cai Yasi were damaged and affected their residence. To this end Maoming Zhenneng
Thermal Power Co. Ltd. subsidized more than 23000 yuan to help them install aluminum alloy windows and
renovate water and electricity lines during the Spring Festival of 2018 which has improved the living
environment and ensured housing security. In addition there are 4 households that have not undergone renovation
of dilapidated buildings. The resident cadres have already learned about the situation on the spot and the reported
list application has been included in the scope of the 2018 dilapidated housing renovation. One of the households
Liao Huaguang completed the house capping in June 2018.(IV) Status of education subsidy
Help 40 students to apply for the education subsidy for the 2017-2018 school year. It has implemented the first
semester subsidy fund of 1500 yuan/person which ensures that poor children of school age do not drop out of
school due to poverty.(V) Status of security policy
Purchase medical insurance for all poor households improve the minimum living allowance and five guarantees
treatment and truly realize the insurance coverage; help the poor patients with severe illnesses to apply for
medical assistance and reduce the economic burden; carry out the Spring Festival July 1st condolences and send
consolation gifts and holiday greetings to poor households.IV. Counterpart assistance of Zhanjiang Company on Waiyuan Village Nanxing Town Leizhou City
In the past six months under the unified arrangement and leadership of Zhanjiang City and Leizhou Poverty
Alleviation Office the company’s poverty alleviation has earnestly implemented the relevant regulations of the
province city county and town. Under the great attention and careful guidance of leaders at all levels the poverty
alleviation staffs has worked carefully and actively organized human material and financial resources to
contribute to poverty alleviation: 1.Have completed the Spring Festival condolences to poor households in 2018; 2.Helped poor households purchase fertilizers used them for agricultural production increased crop yields and
increased economic income; 3. Met the inspection of 2017 poverty alleviation work in Zhanjiang City; 4. The
company invested 50000 yuan to build a basketball court of Huang Pai Primary School for the students who did
not have a basketball court in the Huang Pai Primary School of Waiyuan Village Committee; 5.Assisted
Zhanjiang Municipal Meteorological Bureau to purchase desks for pupils of Huang Pai Primary School; 6.Organized and took part in the activities of “three cleanups three dismantling and three rectifications” organized
by Nanxing Town; 7. Completed the reporting work of the newly-increased poor households and the terminated
poor households; 8. Organized party members to learn important speeches of Xi Jinping. 9. Met the inspection of
Zhanjiang Discipline Inspection Group of the State-owned Assets Supervision and Administration Commission;
10. Met the condolences of the “July 1st” of Zhanjiang Municipal Meteorological Bureau on the party members;
11. Tracked and promoted the poor households to step up the renovation of dangerous buildings.
V. Counterpart assistance of Dapu Company on Xiamu Village Fenglang Town Dapu County Meizhou City
In the first half of 2018 the company continued to send a middle management officer as the first secretary to
assist Jianghai Sub-district Office in Haizhu District of Guangzhou to help Xiamu Village Fenglang Town Dabu
County Meizhou City and carried out the following assistance work:
1. In January 2018 invested 21600 yuan for holiday condolences on 72 poor households in Xiamu Village;
2. Carried out to celebrate the 97th anniversary of the founding of the party organized and condoled 15
60-year-old party members organized party members to study at Sanheba Battle Memorial Hall of the Red
Education Base and organized party members and cadres to visit and learn at the new rural construction
demonstration site in Beitang Village Xihe Town Dapu County;
3. Cooperated with the work of “three clears three demolition and three rectifications” for the construction of new
rural areas and dismantled the waste latrines pig pens and dangerous houses with an area of about 6000 square
meters;
4. Strived for industry funds to do a good job in rural drinking water projects;
5. Self-raised funds of 0.3 million yuan for helping poor households to raise cattle; the third party branch of Dabu
Power Plant raised 0.3 million yuan to carry out the activities of co-building a grassroots party branch with Xiamu
Village and the construction of a loving kitchen in Xiamu Primary School;
6. Completed the acceptance of cultural activity room of Dankeng Group and did a good job in planning and
designing the Party Group Activity Center of Xiamu Village.VI. Counterpart assistance of Zhanjiang Wind Power Co. Ltd. on Houhai Village Xinliao Town Xuwen County
In the first half of 2018 Zhanjiang Wind Power Company carried out the following poverty alleviation work
according to the precise poverty alleviation plan:
1. During the Spring Festival of 2018 20000 yuan of poverty alleviation funds were invested to carry out
condolence activities for poor households. 33 poor households were condoled totaling 56 people.
2. Invested in poverty alleviation funds of 80000 yuan purchased sheep and poultry for poor households and
benefited 4 poor households totaling 15 people.
3. Invested in poverty alleviation funds of 20000 yuan purchased production materials (fertilizers) for poor
households and benefited 4 poor households totaling 24 people.
4. Invested in poverty alleviation funds of 80000 yuan for poor households carried out the renovation of
dilapidated buildings for poor households benefited 7 poor households totaling 41 people.
(3)Targeted Poverty Alleviation Result
Index
Measurement
unit
Quantity / Status
I. General situation —— ——
Thereinto： 1.Capital Ten thousand 109.6
2. Cash supplies Ten thousand 33.35
3. Ecological protection to poverty alleviation Person 960
II.Breakdown Input —— ——
1. Poverty alleviation by industrial development —— ——
Among them: 1.1 Project type of poverty alleviation by industrial
development
——
Poverty Alleviation by agriculture and
forestry; poverty alleviation through
tourism; poverty alleviation from asset
income
1.2 Number of poverty alleviation projects in industrial development a 9
1.3 Investment amount of industrial development poverty alleviation
project
Ten thousand 162.3
1.4 The number of poverty population who had been helped to create a
file
Person 421
2. Poverty alleviation by transfer employment —— ——
Among them: 2.1 Investment amount of vocational skill training Ten thousand 0.3
2.2 Number of people of vocational skill training Person 110
2.3 Quantity of employment of poverty population who had been helped
create a file
Person 332
3. Poverty alleviation by relocation —— ——
4. Educational poverty alleviation —— ——
Among them: 4.1 Investment amount of subsidizing poverty students Ten thousand 0.12
4.2 Number of subsidized poverty students Person 46
4.3 Improving the investment amount for education in poor areas Ten thousand 0.13
5. Health poverty alleviation —— ——
6. Ecological protection poverty alleviation —— ——
7. Guarantee of all the details —— ——
8. Social poverty alleviation —— ——
9. Other projects —— ——
Among them: 9.1 Number of project 个 5
9.2 Investment amount Ten thousand 43.55
9.3 Number of poverty population who had been helped to create a file a 153
III. Awards (Content and level) —— ——
（4）Subsequent targeted poverty alleviation programThe year 2018 is the critical year as the connection link for “targeted poverty alleviation and overcoming in threeyears”. The company and holding subsidiaries will continue implementing the province city and county’s relevant
regulations on the targeted poverty alleviation and find out ways for targeted poverty alleviation based on the
local conditions. Firstly insist the party and style construction promote the ideological building of the assistance
object village “two committees” members and intensify the results of “two studies and one action” learning
activity. Secondly insist study and improve capacity insist the thorough learning on the spirit of Xi Jinping series
important speeches the spirit of relevant targeted poverty alleviation papers the village business knowledge and
the way to communicate with the public and improve further the work capacity for people. Thirdly intensify the
key points and promote the implementation each poverty alleviation work team will continue focusing on the
targeted poverty alleviation grasp the poverty alleviation central work and coordinate overall and implement
relevant work. For the poor households poverty alleviation projects and village group projects listed in the filing
and issuing cards obtain positively support from relevant authority subject to the formulated target tasks assist
the assistance object villages and poor households in implementing the poverty alleviation projects and guarantee
the overall completion of the poverty alleviation target tasks in the practical style.XVI.Other material events
√ Applicable □Not applicable
1. Announcement of Guangdong Power Development Co. Ltd. on receiving the letter from Guangdong
Development and Reform Commission on Printing and Distributing the Work Plan for Decommissioning and
Alternative Power Construction of Shajiao Power Plant (Announcement No.: 2018-12) on the 9th of February
2018It was disclosed on China Securities Journal Securities Times and Juchao Information Network .
2. Announcement of Guangdong Electric Power Development Co. Ltd. on the “Return of the Results of “12Yudean Debt”” (Announcement No.: 2018-14) on China Securities Journal Securities Times and Juchao Website
on March 17 2018 Disclosure.XVII. Material events of subsidiaries
√ Applicable □Not applicable
The company's holding subsidiary Guangdong Yudean Pinghai Power Plant Co. Ltd received the
“Administrative Punishment Decision” issued by the Guangdong Provincial Ocean & Fisheries Bureau onNovember 14 2016 (No. 019-2016 Yuehai Executive Punishment) and the punishment decision “ordered Pinghaito return the illegally occupied sea areas and restore the sea areas to their original state and sentenced 10 times
fines to the use fees of sea areas that shall be imposed within the period of that illegally occupied 16.3947 hectaresamounted to RMB 172144350.00” for that Pinghai Power Plant carried out the site leveling and bank protection
work of Pinghai power plant without approval and did the reclamation of 16.3947 hectares and its behavior
violated the provisions of Article 3 of the Law of the People's Republic of China on the Administration of the Use
of Sea areas. Based on the audited net profit of RMB 3.238 billion attributable to the shareholders of the parent
company in 2015 the amount involved in the above-mentioned administrative penalty affects the net profit
attributable to shareholders of the parent company of about 77.4 million-which accounts for 2.39% of the net
profit of the most recently audited period.Pinghai Power Plant disagreed with the punishment measures of the “Administrative Punishment Decision" andapplied for administrative reconsideration to the People's Government of Guangdong Province on January 16
2017 in accordance with Article 6 of the "Administrative Reconsideration Law of the People's Republic of China".
On June 16 2017 the People's Government of Guangdong Province issued a decision on the administrativereconsideration which stated “According to the provisions of Item 1 of Paragraph 1 of Article 28 of the
Administrative Reconsideration Law of the People's Republic of China the Administrative Punishment Decision
(No. 019-2016 Yuehai Executive Punishment) made by the respondent’s Provincial Department of Ocean and
Fisheries is maintained.” Pinghai Power Plant disagreed with the aforementioned administrative reconsideration
decision and filed an administrative litigation to the Guangzhou Maritime Court on July 18 2017. On December
28 2017 the Guangzhou Maritime Court issued an administrative decision stated “In accordance with the
provisions of Article 69 of the Administrative Procedure Law of the People's Republic of China the decision is asfollows: the claim of the plaintiff Guangdong Huizhou Pinghai Power Plant Co. Ltd was rejected”. Pinghai Power
Plant disagreed with the verdict and lodged an appeal to the Guangdong Provincial Higher People's Court against
the verdict which has not yet been determined. According to the net profit of RMB 937 million attributable to
shareholders of the parent company in the previous year (2016) the amount involved in the above lawsuit affects
the net profit attributable to shareholders of the parent company of approximately RMB 77.4 million which
accounts for approximately 8.26 % of the net profit of the most recently audited period which does not constitute
a major impact on the Company.
As of the disclosure date of this report the above-mentioned administrative punishment and the administrativelitigation matter are still in the process of multi-party communication and coordination. According to the “AssetPurchase Agreement by Share Issuance” signed between Yudean Group and the Company in 2012 Yudean Group
shall compensate the Company for the actual loss caused by the above-said matter in accordance with the result of
the matter.
VI. 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 Change
Amount Proportion
Share
allotment
Bonus
shares
Capitalization
of common
reserve fund
Other Subtotal Quantity Proportion
I. Share with conditional
subscription
1897968946 36.15% 1897968946 36.15%
2. State-owned legal
person shares
1893342621 36.06% 1893342621 36.06%
3.Other domestic shares 4626325 0.09% 4626325 0.09%
Of which：Domestic legal
person shares
4620666 0.09% 4620666 0.09%
Domestic natural person
shares
5659 0 % 5659 0 %
II. Shares with
unconditional subscription
3352315040 63.85% 3352315040 63.85%
1.Common shares in RMB 2553907040 48.64% 2553907040 48.64%
2.Foreign shares in
domestic market
798408000 15.21% 798408000 15.21%
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
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.Issuing and listing
□ Applicable √Not applicable
III. Shareholders and shareholding
In Shares
Total number of common
shareholders at the end of the
reporting period
97149
Total number of preferred
shareholders that had restored the
voting right at the end of the
reporting period (if any) (note 8)
0
Particulars about shares held above 5% by shareholders or top ten shareholders
Shareholders
Nature of
shareholder
Proportion
of shares
held（%）
Number of
shares held at
period -end
Changes in
reporting
period
Amount of
restricted shares
held
Amount of
un-restricted
shares held
Number of share
pledged/frozen
State of
share
Amount
Guangdong Yudean
Group Co. Ltd.State-owned
legal person
67.39% 3538005285 1893342621 1644662664
China Securities
Finance Co. Ltd.
State-owned
legal person
2.78% 145748980 145748980
Guangdong Guangfa
Electric Power
Investment Co. Ltd.State-owned
legal person
2.22% 116693602 116693602
Guangdong Electric
Power Development
Corporation
State-owned
legal person
1.80% 94367341 94367341
Harbin Daoli District
Charity Foundation
Domestic
Non-State
owned legal
person
0.76% 39877666 -2140795 39877666
Li Zhuo
Domestic
Natural
person
0.61% 31820943 117100 31820943
National Social Security
Fund 103 portfolio
Domestic
Non-State
owned legal
person
0.48% 24994982 2000000 24994982
Zheng Jianxiang
Domestic
Natural
person
0.41% 21766298 84300 21766298
Harbin Hali Industry
Co. Ltd.
Domestic
Non-State
owned legal
person
0.41% 21283765 -784800 21283765
CHINA INT'L
CAPITAL CORP
HONG KONG
SECURITIES LTD
Overseas
Legal
person
0.29% 15316067 15316067
Explanation on associated
relationship among the aforesaid
shareholders
The fourth largest shareholder Guangdong Electric Power Development Corporation is the
wholly-owned subsidiaries of the largest shareholder Yudean Group. These two companies
have relationships; whether the other shareholders have relationships or unanimous acting
was unknown
Shareholding of top 10 shareholders of unrestricted shares
Name of the shareholder Quantity of unrestricted shares held at the end of Share type
the reporting period Share type Quantity
Guangdong Yudean Group Co. Ltd. 1644662664
RMB Common
shares
1644662664
China Securities Finance Co. Ltd. 145748980
RMB Common
shares
145748980
Shenzhen Guangfa Electric Power
Investment Co. Ltd.
116693602
RMB Common
shares
116693602
Guangdong Electric Power Development
Corporation
94367341
RMB Common
shares
94367341
Harbin Daoli District Charity Foundation 39877666
RMB Common
shares
39877666
Li Zhuo 31820943
RMB Common
shares
31820943
National Social Security Fund 103
portfolio
24994982
RMB Common
shares
24994982
Zheng Jianxiang 21766298
Foreign shares
placed in
domestic
exchange
21766298
Harbin Hali Industry Co. Ltd. 21283765
RMB Common
shares
21283765
CHINA INT'L CAPITAL CORP HONG
KONG SECURITIES LTD
15316067
Foreign shares
placed in
domestic
exchange
15316067
Explanation on associated relationship or
consistent action among the top 10
shareholders of non-restricted negotiable
shares and that between the top 10
shareholders of non-restricted negotiable
shares and top 10 shareholders
The fourth largest shareholder Guangdong Electric Power Development Corporation is
the wholly-owned subsidiaries of the largest shareholder Yudean Group. These two
companies have relationships; whether the other shareholders have relationships or
unanimous acting was unknown.
Explanation on shareholders participating
in the margin trading business(if
any )(See Notes 4)
The Fifth largest shareholder Harbin Daoli District Charity Foundation holds507156 A
shares of the Company through stock account with credit transaction and guarantee and
holds39370510114 A shares through ordinary stock account hold 39877666 shares of
the Company's stock totally.The Sixth largest shareholder Li Zhuo holds313620 A shares of the Company through
stock account with credit transaction and guarantee and holds31507323 A shares through
ordinary stock account hold31820943 shares of the Company's stock totally.The Ninth largest shareholder Harbin Hali Industry Co. Ltd. holds341120 A shares of the
Company through stock account with credit transaction and guarantee and holds
20942645 A shares through ordinary stock account hold 21283765 shares of the
Company's stock totally.
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. 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.
VII. Situation of the Preferred Shares
□Applicable √Not applicable
The Company had no preferred shares in the reporting period
VIII. Information about Directors Supervisors and Senior Executives
I. Change in shares held by directors supervisors and senior executives
□Applicable √Not applicable
There was no change in shareholding of directors supervisors and senior management staffs for the specific
information please refer to the 2017 Annual Report.II. Changes in directors supervisors and senior management staffs
√ Applicable □ Not applicable
Name Title Type Date Reason
Wang Jin Board chairman Elected June 112018
Elected as chairman of the company by the fourth
meeting of the ninth board of directors
Zheng Yunpeng Director Elected June 282018
Elected as Director of the Ninth Board of Directors of
the Company by the Third Provisional General
shareholder’s Meeting of 2018
Zheng Yunpeng General Manager Appointment June 112018
Appointed as general manager of the company at the
4th meeting of the 9th Board of Directors
Li Fangji Director Elected June 282018
Elected as Director of the Ninth Board of Directors of
the Company by the Third Provisional General
shareholder’s Meeting of 2018
Li Baobing Supervisor Elected June 282018
Elected as Supervisor of the Ninth Board of supervisors
of the Company by the Third Provisional General
shareholder’s Meeting of 2018
Huang Zhenhai Board chairman Resignation June 112018 Job changes
Huang Zhenhai Director Resignation June 282018 Job changes
Yao Jiheng Director Resignation June 282018 Job changes
Yao Jiheng General Manager Dismissal June 112018 Job changes
Zhao Li Supervisor Resignation June 282018 Job changes
IX. Corporate Bond
Whether the company has corporate bonds that have been publicly issued and listed on the stock exchange and
not yet due or due butnot folly cashed on the approval date of annual report
Yes
1.Basic information of corporate bonds
Bond name
Bond short
name
Bond code Issue day Due day
Bond
balance (Ten
thousand )
Interest
rate
Servicing way
2012 Corporate bonds of
Guangdong Electric Power
Development Co. Ltd..
12 Yudean
Bond
112162.SZ
March
182013
March
172020
4030.65 4.95%
Using simple interest rate on a
yearly basis regardless of
compound interest. Due
payments once a year
maturing debt at a time. In the
final phase interest is paid
together with the principal
redemption.
Corporate bonds listed or trading places Shenzhen Stock Exchange
Investor Proper Arrangement Not applicable
During the reporting period interest
payment situation of the company bonds
1. Status of bond redemption
According to the “Prospectus for Public Offering 2012 Corporate Bond by Guangdong
Electric Power Development Co. Ltd.” (hereinafter referred to as the “Prospectus”) thecompany released “the First Suggestive Announcement of Guangdong Electric Power
Development Co. Ltd on the Coupon Rate of ‘12 Yuedian Debt’ Will Not Raised andon the Bondholders' Repurchase Implementation Measures” (Announcement No.:
2018-07)” “the Second Suggestive Announcement of Guangdong Electric Power
Development Co. Ltd on the Coupon Rate of ‘12 Yuedian Debt’ Will Not Raised andon the Bondholders' Repurchase Implementation Measures” (Announcement No.:
2018-08)” “the Third Suggestive Announcement of Guangdong Electric Power
Development Co. Ltd on the Coupon Rate of ‘12 Yuedian Debt’ Will Not Raised andon the Bondholders' Repurchase Implementation Measures” (Announcement No.:
2018-10)” respectively on January 29 2018 January 30 2018 and January 31 2018.
The bondholders have the right to choose to sell all or part of the “12 Yuedian Debt”
held to the company in full or in part at par value during the investor's put-back
declaration period and the put-back price is RMB100/sheet (excluding interest). The
put-back declaration date is from January 29 2018 to January 31 2018. According to
the bond put-back declaration data provided by China Securities Depository and
Clearing Co. Ltd. Shenzhen Branch the put-back quantity of “12 Yuedian Debt” was
11596935 sheets and the put-back amount was RMB 1217087933.25 (including
interest) and the remaining custody quantity was 403065 sheets. On March 16 2018the company paid the principal and interest of some of the bonds of this “12 Yuedian
Debt” back to the designated bank account of China Securities Depository and Clearing
Co. Ltd. Shenzhen Branch in full amount and paid to the investor’s fund account on
March 19 2018.
2. Status of bond interest payment
On March 19 2018 the company paid the bond interest for the current year to all the
current bondholders who have registered in China Securities Depository and Clearing
Co. Ltd. Shenzhen Branch by the closing of Shenzhen Stock Exchange on the
afternoon of March 16 2018.
If the corporate bonds attached to special
clauses to the issuer or the investors such
as option clause and exchangeable clause
please specify the implementation status
of the corresponding clauses. (When
applicable)
The term of the current bonds is 7 years attaching the option that the issuer will redeem
at the end of the fifth year the option that the issuer raises the coupon rate and the
option that the investors will put back.
1. On January 29 2018 the company disclosed the “Announcement of GuangdongPower Development Co. Ltd. on Abandoning the Exercise of the Issuer’s Redemption
Option of “12 Yuedian Debt” (Announcement No.: 2018-06). March 19 2018 is the 5th
interest-bearing annual interest payment date of “12 Yuedian Debt”. According to the
“Prospectus” the company has the right to decide whether to exercise the issuer’s
redemption option on the 30th transaction date before the interest payment date of the
5th interest-bearing year of the current bond. The company decided to abandon the
exercise of the "12 Yuedian Debt" issuer's redemption option that is "12 Yuedian
Debt" continued to exist within the duration.
2. The company released “the First Suggestive Announcement of Guangdong ElectricPower Development Co. Ltd on the Coupon Rate of ‘12 Yuedian Debt’ Will NotRaised and on the Bondholders' Repurchase Implementation Measures”
(Announcement No.: 2018-07)” “the Second Suggestive Announcement of Guangdong
Electric Power Development Co. Ltd on the Coupon Rate of ‘12 Yuedian Debt’ WillNot Raised and on the Bondholders' Repurchase Implementation Measures”
(Announcement No.: 2018-08)” “the Third Suggestive Announcement of Guangdong
Electric Power Development Co. Ltd on the Coupon Rate of ‘12 Yuedian Debt’ WillNot Raised and on the Bondholders' Repurchase Implementation Measures”
(Announcement No.: 2018-10)” respectively on January 29 2018 January 30 2018 and
January 31 2018. According to the “Prospectus” the issuer has the right to decide toraise the coupon rate for the next two years at the end of the fifth year of the “12Yuedian Debt”. In January 2018 the company's current bond has a coupon rate of
4.95% for the first five years of the duration of the bond. At the end of the fifth year of
the bond's duration the company chose not to raise the coupon rate which is the 2-year
coupon rate after the current bond's duration will still remain at 4.95%. According to the
"Prospectus" the bondholders can declare the put-back in a specified manner within 3
trading days from the date of the issuer's announcement on whether to raise the coupon
rate and the increase rate of the current bond. The “12 Yuedian Debt” put-back
declaration date is from January 29 2018 to January 31 2018.
3. On March 17 2018 the company disclosed the “Announcement of GuangdongPower Development Co. Ltd. on the Put-back Results of the Corporate Bonds ‘12Yuedian Debt’” (Announcement No.: 2018-14). According to the bond put-back
declaration data provided by China Securities Depository and Clearing Co. Ltd.Shenzhen Branch the put-back quantity of “12 Yuedian Debt” was 11596935 sheets
and the put-back amount was RMB 1217087933.25 (including interest) and the
remaining custody quantity was 403065 sheets. On March 16 2018 the company paid
the principal and interest of some of the bonds of this “12 Yuedian Debt” back to the
designated bank account of China Securities Depository and Clearing Co. Ltd.Shenzhen Branch in full amount and paid to the investor’s fund account on March 19
2018.
2. Bond trustee and the credit rating agency information
Bond trustee：
Name
CITIC Securities Co.
Ltd.Office
22/F CITIC Securities
Building No.48. Liangmaqiao
Road Chaoyang District
Beijing
Contact
Song
Yilan
Yang Xin
Tel 010-60838888
The credit rating agencies which follow and rate the corporate bond during the reporting period
Name CCXR Office address
8/F Anji Building No.760 Tibet South Road
Huangpu District Shanghai.
During the report period the bond trustee Not applicable
credit rating agency employed by the
company that have changed reasons for
the change performing procedures
relevant influence on investorsetc(If
applicable).
3. The usage of corporate bonds to raise money
The usage and performance of raised funds
from Corporate bonds
According to the relevant contents in the Prospectus of the Issuance of Bonds
announced on March 14 2013 the company planned to use RMB 820 million of the
raised funds to repay the loans thus to adjust the debt structure; the remaining RMB
380 million of the raised funds planned for supplementing the company’s liquidity so
as to improve the company’s funds status.
At the end of balance (Ten thousand) 0
Special fund raising account operation
The net amount of the funds raised by the bonds had been remitted to the company’s
designated bank account on March 20 2013 of which the amount of RMB 820 million
of the raised funds had been used for repaying the loans so as to adjust the debt
structure; the remaining RMB 380 million of the raised funds used for supplementing
the company’s liquidity so as to improve the company’s funds status.Whether the usage of the raised money
corresponding to the purposes of promise
use plans and other agreement
Yes
IV.Corporate bond rating information
On June 11 2018 CCXR traced and analyzed the credit status of the company and the company’s bonds of
“12-Yudean Bonds” maintained the credit rating of AAA for the main body of the company with a stable outlook;
maintained the credit rating of AAA for the corporate bonds.(The rating results were disclosed on the website:
http://www.ccxr.com.cn/ with the title of Tracking and Rating Report for the 2012-Corpoprate Bonds of
Guangdong Electric Power Development Co. Ltd(2018).
V.Corporate bond credit mechanism the debt repayment plans and other security measures
(1)The credit-raising mechanism: No guarantee of the company’s bonds. After the comprehensive assessment by
CCXR the credit rating of the main body of the company is AAA with a stable outlook and the credit rating of
the corporate bonds is AAA.
(2)The repayment plan: The interest of the bonds commenced from the date of March 18 2013 and the interest of
the bonds shall be paid once each year within the duration of the bonds after the commencement date of the
interest. The date of March 18 of each year in the period from 2014 to 2020 shall be the interest paying day for
paying the recent full year’s bond interests (If it is not a working day the payment day will be postponed to the
first working day after the day).
During the reporting period some investors exercised the put-back option. The put-back quantity of “12 Yudean
Debt” was 11596935 sheets and the put-back amount was RMB 1217087933.25 (including interest). On
March 16 2018 the company paid the principal and interest of some of the bonds of this “12 Yuedian Debt” back
to the designated bank account of China Securities Depository and Clearing Co. Ltd. Shenzhen Branch in full
amount and paid to the investor’s fund account on March 16 2018.The quantity of remaining bonds is 403065 sheets and the maturity date is March 18 2020. The principal and the
final interest will be paid at the expire date. and the corresponding principal and the last full year’s interest will be
repaid.
(3) Safeguard measures for the repayment: in order to fully and effectively safeguard the interests of the
bondholders the company had made a series of work plans for the full repayment of the bonds that can be
implemented on time including the designated department and personnel arrangement of repaying the bonds
establishment of the management measures doing good organization and coordination strengthening the
information disclosure and so on strived to form a set of safeguard measures for ensuing the repayment of the
bonds.
6.During the reporting period the bondholder meeting
During the reporting period the company did not hold bondholders meeting.
7.During the reporting period the bond trustee perform his duties
The company’s bond trustee- CITIC Securities Co. Ltd safeguarded the legal rights of the bond holders with in
accordance with the law and performed the obligations stipulated in the Prospectus of the Issuance of Bonds and
other publicly disclosed documents hence continuously followed up and acquainted the relevant information of
the company during the entrusting period issued and provided the regular report of the bond trustee with in
accordance with the company’s information being followed up and acquainted.
During the reporting period CITIC Securities Co. Ltd issued the Report of the 2012 Corporate Bonds Trustee for
Guangdong Electric Power Development Co. Ltd(year of 2017) on May 28 2018 and the report was disclosed on
the cninf website on May 30 2018 by the company.
8.During the reporting period the company's major accounting data and financial indicators for last 2 years
Ten thousand
Items June 302018 June 302017 At the same time rate of change
Current ratio 61.99% 60.09% 1.90%
Debt ratio 59.48% 58.17% 1.31%
Quick ratio 41.80% 41.95% -0.15%
Reporting period The same period of last year At the same time rate of change
EBITDA interest coverage ratio 2.56 1.7 50.59%
Loans repayment rate 100 % 100 % 0 %
Interest payment rate 100 % 100 % 0 %
The material reasons for the changed ratio of the accounting data or financial indicators exceeds 30% over the last
year
√ Applicable □Not applicable
The reason for the increase in EBITDA interest coverage ratio by 52.35% is mainly due to the year-on-year
increase in this year’s electricity consumption and the adjustment of some depreciation periods of fixed assets
from June of last year resulting in better profitability this year.
9. The company fails to repay the debt
□ Applicable √ Not applicable
No such cases in the reporting period.
10. Information about the repayment of interest and principal for other bonds or debt financing instruments
Nil
11.Information about the bank credit obtaining and use as well as repayment of the bank loans during the
reporting period
In ther report period the company signed an unconditional available bank amount limit of about RMB 55.3 billion
of which the used amount limit was RMB 29.4 billion thus the remaining available bank amount limit was about
RMB 25.9 billion. In this year the company repaid bank loans of about RMB5.9 billion and the balance of bank
loans was RMB 30.8 billion.
12. Information about fulfillment of the stipulations or commitments specified in the Prospectus of the issuance of
the bonds during the reporting period
The company had committed to pay the principal and interests to the bondholders according to the stipulations of
the prospectus of “Yudean Bonds” issuance. During the reporting period the company strictly fulfilled the above
commitments. On March 19 2018 the company paid the principal and interest of some of put-back bonds to the
investors who exercised the put-back option and paid the bond interest to all the current bondholders who have
registered in China Securities Depository and Clearing Co. Ltd. Shenzhen Branch by the closing of Shenzhen
Stock Exchange on the afternoon of March 16 2018.
13. Major events occurred during the reporting period
Nil
14. Whether the corporate bonds have a guarantor
□ Yes √No
X. Financial Report
I. Audit report
Has this semi-annual report been audited?
□ Yes √ No
The semi-annual financial report has not been audited.II. Financial statements
Currency unit for the statements in the notes to these financial statements:RMB
1. Consolidated balance sheet
Prepared by：Guangdong Electric Power Development Co. Ltd.In RMB
Items Year-end balance Year-beginning balance
Current asset：
Monetary fund 5928583780 4996580490
Settlement provision
Outgoing call loan
Financial assets measured at fair
value with variations accounted into
current income account
Derivative financial assets
Bill receivable
Account receivable 2904469301 2826237259
Prepayments 1248732740 826786279
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts
receivable
Interest receivable 18297556 14923771
Dividend receivable
Other account receivable 284543125 208907993
Repurchasing of financial assets
Inventories 2006400069 1527634773
Assets held for sales
Non-current asset due in 1 year 29563053
Other current asset 1158190094 1137582469
Total of current assets 13549216665 11568216087
Non-current assets：
Loans and payment on other’s behalf
disbursed
Disposable financial asset 1181164895 1243633985
Expired investment in possess
Long-term receivable 85579950 84358065
Long term share equity investment 5926328997 5801006412
Property investment 7978840 8296639
Fixed assets 40052143800 40996206316
Construction in progress 9122852147 8467687340
Engineering material 1520320 35869033
Fixed asset disposal 23208206 14662233
Production physical assets
Gas & petrol
Intangible assets 1641585490 1665784490
R & D petrol 220000
Goodwill 27486780 27486780
Long-germ expenses to be amortized 25421496 27007371
Deffered income tax asset 383354821 372553039
Other non-current asset 789210132 694647533
Total of non-current assets 59268055874 59439199236
Total of assets 72817272539 71007415323
Current liabilities
Short-term loans 10035000000 9270000000
Loan from Central Bank
Deposit received and hold for others
Call loan received
Financial liabilities measured at fair
value with variations accounted into
current income account
Derivative financial liabilities
Bill payable 379154349 297611800
Account payable 3445873804 2219027261
Advance payment 1012373 1938223
Selling of repurchased financial assets
Fees and commissions receivable
Employees’ wage payable 205323023 157738628
Tax payable 545937219 277285402
Interest payable 108616102 98553104
Dividend payable 9703930 9703930
Other account payable 3877083060 3908512671
Reinsurance fee payable
Insurance contract provision
Entrusted trading of securities
Entrusted selling of securities
Liabilities held for sales
Non-current liability due in 1 year 2746720705 3012690360
Other current liability 501475694
Total of current liability 21855900259 19253061379
Non-current liabilities：
Long-term loan 18349294665 19465723869
Bond payable 737132231 698168211
Including：preferred stock
Sustainable debt
Long-term payable 2025988562 1548259241
Long-term payable employees’s
remuneration
76355637 91622907
Special payable 82873507 64605011
Expected liabilities
Differed income 140446414 142520263
Differed income tax liability 23800387 24188860
Other non-current liabilities 16405569 16405569
Total non-current liabilities 21452296972 22051493931
Total of liability 43308197231 41304555310
Owners’ equity
Share capital 5250283986 5250283986
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 5004250685 5004250685
Less：Shares in stock
Other comprehensive income 90149706 137001523
Special reserves
Surplus reserves 7834155143 7590363724
Common risk provision
Undistributed profit 5498273258 5713290735
Total of owner’s equity belong to the
parent company
23677112778 23695190653
Minority shareholders’ equity 5831962530 6007669360
Total of owners’ equity 29509075308 29702860013
Total of liabilities and owners’ equity 72817272539 71007415323
Legal representative ：Wang Jin
Person-in-charge of the accounting work：Liu Wei
Person-in -charge of the accounting organ：Meng Fei
2. Balance sheet of Parent Company
In RMB
Items Year-end balance Year-beginning balance
Current asset：
Monetary fund 410194401 429724538
Financial assets measured at fair value
with variations accounted into current
income account
Derivative financial assets
Bill receivable
Account receivable 252706285 195462150
Prepayments 57034300 57189222
Interest receivable 2272245 1698504
Dividend receivable 5536791 17536791
Other account receivable 113693257 27984304
Inventories 162944786 151849683
Assets held for sales
Non-current asset due in 1 year
Other current asset
Total of current assets 1004382065 881445192
Non-current assets：
Disposable financial asset 1181164895 1243633985
Expired investment in possess
Long-term receivable 401460000 401460000
Long term share equity investment 23758530989 23370412702
Property investment 7978840 8296639
Fixed assets 1012466133 1054459265
Construction in progress 65781924 49949168
Engineering material
Fixed asset disposal 362958
Production physical assets
Gas & petrol
Intangible assets 86949287 88660312
R & D petrol
Goodwill
Long-germ expenses to be amortized
Differed income tax asset 59208834 43591562
Other non-current asset 356004000 356004000
Total of non-current assets 26929907860 26616467633
Total of assets 27934289925 27497912825
Current liabilities
Short-term loans 2330000000 1700000000
Financial liabilities measured at fair
value with variations accounted into
current income account
Derivative financial liabilities
Bill payable
Account payable 225543595 221325935
Advance payment
Employees’ wage payable 32296362 32124015
Tax payable 45771467 38907195
Interest payable 4182675 49765772
Dividend payable 9703930 9703930
Other account payable 93057916 119738967
Liabilities held for sales
Non-current liability due in 1 year 1197935476
Other current liability 501475694
Total of current liability 3242031639 3369501290
Non-current liabilities：
Long-term loan 1500000000 1500000000
Bond payable 38718405
Including：preferred stock
Sustainable debt
Long-term payable
Employees’ wage payable 20030914 22265631
Special payable 6529402 8775514
Expected liabilities
Differed income 53869596 53869596
Differed income tax liability
Other non-current liabilities
Total of Non-current liabilities 1619148317 1584910741
Total of liability 4861179956 4954412031
Owners’ equity
Share capital 5250283986 5250283986
Other equity instrument
Including：preferred stock
Sustainable debt
Capital reserves 5605794601 5605794601
Less：Shares in stock
Other comprehensive income 90149706 137001523
Special reserves
Surplus reserves 7834155143 7590363724
Undistributed profit 4292726533 3960056960
Total of owners’ equity 23073109969 22543500794
Total of liabilities and owners’ equity 27934289925 27497912825
3.Consolidated Income statement
In RMB
Item Report period Same period of the previous year
I. Income from the key business 13894985179 12385486577
Incl：Business income 13894985179 12385486577
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 13213530804 12161604003
Incl：Business cost 12200856427 11126689991
Interest expense
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Insurance policy dividend paid
Insurance policy dividend paid
Reinsurance expenses
Business tax and surcharge 99532565 108518658
Sales expense 10316130 2788458
Administrative expense 271706884 285963326
Financial expenses 631118798 637643570
Asset impairment loss
Add：Gains from change of fir value（“-”for loss）
Investment gain（“-”for loss） 291018592 227542910
Incl: investment gains from affiliates 272404985 225418910
Gains from currency exchange（“-”for loss）
Assets disposal income 388507 612592
Other income 17030759 7350208
III. Operational profit（“-”for loss） 989892233 459388284
Add ：Non-operational income 52608901 1934790
Less：Non business expenses 1814323 32918442
IV.Total profit(“-”for loss) 1040686811 428404632
Less：Income tax expenses 307767578 148691823
V. Net profit 732919233 279712809
1.Net continuing operating profit 732919233 279712809
2.Termination of operating net profit
Net profit attributable to the owners of
parent company
448833518 128735725
Minority shareholders’ equity 284085715 150977084
VI. Other comprehensive income -46851817 16923651
Net of profit of other comprehensive inco
me attributable to owners of the parent co
mpany.
-46851817 16923651
（I）Other comprehensive income items
that will not be reclassified into
gains/losses in the subsequent accounting
period
1.Re-measurement of defined benefit pla
ns of changes in net debt or net assets
2.Other comprehensive income under the
equity method investee can not be reclass
ified into profit or loss.（II）
Other comprehensive income that will be
reclassified into profit or loss.
-46851817 16923651
1.Other comprehensive income under the
equity method investee can be reclassifie
d into profit or loss.
2.Gains and losses from changes in fair v
alue available for sale financial assets
-46851817 16923651
3.Held-to-maturity investments reclassifi
ed to gains and losses of available for sal
e financial assets
4.The effective portion of cash flow hedg
es and losses
5.Translation differences in currency fina
ncial statements
6.Other
Net of profit of other comprehensive inco
me attributable to Minority shareholders’
equity
VII. Total comprehensive income 686067416 296636460
Total comprehensive income attributable
to the owner of the parent company
401981701 145659376
Total comprehensive income attributable
minority shareholders
284085715 150977084
VIII. Earnings per share
（I）Basic earnings per share 0.0855 0.0245
(II)Diluted earnings per share 0.0855 0.0245
Legal representative ：Wang Jin
Person-in-charge of the accounting work：Liu Wei
Person-in -charge of the accounting organ：Meng Fei
4. Income statement of the Parent Company
In RMB
Items Report period Same period of the previous year
I. Income from the key business 1148346022 939765302
Incl：Business cost 1083181215 887126339
Business tax and surcharge 4615124 4342801
Sales expense 917618 4589
Administrative expense 38461379 41977719
Financial expenses 100072564 98104367
Asset impairment loss
Add：Gains from change of fir value（“-”for loss）
Investment gain（“-”for loss） 1075719889 1110477171
Incl: investment gains from affiliates 270075688 221764316
Assets disposal income -32933
Other income 284896 1576903
II. Operational profit（“-”for loss） 997069974 1020263561
Add ：Non-operational income 127262 280853
Less：Non business expenses 676668 195341
III.Total profit(“-”for loss) 996520568 1020349073
Less：Income tax expenses -17582572
IV. Net profit（“-”for net loss） 996520568 1037931645
1.Net continuing operating profit 996520568 1037931645
2.Termination of operating net profit
5. After-tax net amount of other misc.
incomes
-46851818 16923651
（I）Other comprehensive income items
that will not be reclassified into
gains/losses in the subsequent
accounting period
1.Re-measurement of defined benefit pl
ans of changes in net debt or net assets
2.Other comprehensive income under th
e equity method investee can not be recl
assified into profit or loss.（II）
Other comprehensive income that will b
e reclassified into profit or loss.
-46851818 16923651
1.Other comprehensive income under th
e equity method investee can be reclassi
fied into profit or loss.
2.Gains and losses from changes in fair
value available for sale financial assets
-46851818 16923651
3.Held-to-maturity investments reclassif
ied to gains and losses of available for s
ale financial assets
4.The effective portion of cash flow hed
ges and losses
5.Translation differences in currency fin
ancial statements
6.Other
VI. Total comprehensive income 949668750 1054855296
VII. Earnings per share
（I）Basic earnings per share 0.1898 0.1980
(II)Diluted earnings per share 0.1898 0.1980
5. Consolidated Cash flow statement
In RMB
Items Amount in this period Amount in last period
I.Cash flows from operating activities
Cash received from sales of goods or
rending of services
16141817697 14454635418
Net increase of customer deposits
and capital kept for brother company
Net increase of loans from central bank
Net increase of inter-bank loans from
other financial bodies
Cash received against original insurance
contract
Net cash received from reinsurance
business
Net increase of client deposit and
investment
Net increase of trade financial asset
disposal
Cash received as interest processing fee
and commission
Net increase of inter-bank fund received
Net increase of repurchasing business
Tax returned 21858952 1968626
Other cash received from business
operation
214249915 107871299
Sub-total of cash inflow 16377926564 14564475343
Cash paid for purchasing of
merchandise and services
10919230182 11194266293
Net increase of client trade and advance
Net increase of savings n central bank
and brother company
Cash paid for original contract claim
Cash paid for interest processing fee
and commission
Cash paid for policy dividend
Cash paid to staffs or paid for staffs 729285216 701259423
Taxes paid 691950014 793835100
Other cash paid for business activities 241928444 296189243
Sub-total of cash outflow from business
activities
12582393856 12985550059
Cash flow generated by business
operation net
3795532708 1578925284
II.Cash flow generated by investing
Cash received from investment
retrieving
Cash received as investment gains 165708684 120542102
Net cash retrieved from disposal of
fixed assets intangible assets and other
long-term assets
2295896 1073872
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash received
Sub-total of cash inflow due to
investment activities
168004580 121615974
Cash paid for construction of
fixed assets intangible assets
and other long-term assets
1769542620 1292607275
Cash paid as investment 98000000 157125694
Net increase of loan against pledge
Net cash received from subsidiaries and
other operational units
Other cash paid for investment
activities
Sub-total of cash outflow due to
investment activities
1867542620 1449732969
Net cash flow generated by investment -1699538040 -1328116995
III.Cash flow generated by financing
Cash received as investment 4000000 10500000
Incl: Cash received as investment from
minor shareholders
4000000 10500000
Cash received as loans 7575961501 7502176648
Cash received from bond placing
Other financing –related ash received 42440
Sub-total of cash inflow from financing
activities
7579961501 7512719088
Cash to repay debts 7102027135 6449239681
Cash paid as dividend profit or
interests
1505845837 1596924345
Incl: Dividend and profit paid by 327712545 349333461
subsidiaries to minor shareholders
Other cash paid for financing activities 136080000 5493800
Sub-total of cash outflow due to
financing activities
8743952972 8051657826
Net cash flow generated by financing -1163991471 -538938738
IV. Influence of exchange rate
alternation on cash and cash equivalents
93
V.Net increase of cash and cash
equivalents
932003290 -288130449
Add: balance of cash and cash
equivalents at the beginning of term
4996580490 5184873650
VI ..Balance of cash and cash
equivalents at the end of term
5928583780 4896743201
6. Cash Flow Statement of the Parent Company
In RMB
Items Amount in this period Amount in last period
I.Cash flows from operating activities
Cash received from sales of goods or rending
of services
1280393400 1114632756
Tax returned 271389
Other cash received from business operation 30151895 10413502
Sub-total of cash inflow 1310545295 1125317647
Cash paid for purchasing of merchandise and
services
1071447386 1190011447
Cash paid to staffs or paid for staffs 142438363 145782543
Taxes paid 30081576 13903632
Other cash paid for business activities 34140083 21655404
Sub-total of cash outflow from business
activities
1278107408 1371353026
Cash flow generated by business operation
net
32437887 -246035379
II.Cash flow generated by investing
Cash received from investment retrieving 187920000 100000000
Cash received as investment gains 959750429 1001942001
Net cash retrieved from disposal of fixed
assets intangible assets and other long-term
assets
19137
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash received
Sub-total of cash inflow due to investment
activities
1147689566 1101942001
Cash paid for construction of
fixed assets intangible assets
57108206 57903755
and other long-term assets
Cash paid as investment 546000000 288602154
Net cash received from subsidiaries and
other operational units
Other cash paid for investment activities
Sub-total of cash outflow due to
investment activities
603108206 346505909
Net cash flow generated by investment 544581360 755436092
III.Cash flow generated by financing
Cash received as investment
Cash received as loans 3030805608 1901037089
Cash received from bond placing
Other financing –related ash received 42440
Sub-total of cash inflow from financing
activities
3030805608 1901079529
Cash to repay debts 3059693500 1500000000
Cash paid as dividend profit or interests 567661585 565442833
Other cash paid for financing activities
Sub-total of cash outflow due to financing
activities
3627355085 2065442833
Net cash flow generated by financing -596549477 -164363304
IV. Influence of exchange rate alternation on
cash and cash equivalents
93
V.Net increase of cash and cash equivalents -19530137 345037409
Add: balance of cash and cash equivalents at
the beginning of term
429724538 326073538
VI ..Balance of cash and cash equivalents at
the end of term
410194401 671110947
7. Consolidated Statement on Change in Owners’ Equity
Amount in this period
In RMB
Items
Amount in this period
Owner’s equity Attributable to the Parent Company
Minor
shareholders’
equity
Total of owners’
equity Share Capital
Other Equity
instrusment
Capital reserves
Less:
Shares in
stock
Other
Comprehensi
ve Income
Specialized
reserve
Surplus
reserves
Common
risk
provision
Retained
profits preferr
ed
stock
Sustain
able
debt
Other
I.Balance at the end of
last year
5250283986 5004250685 137001523 7590363724 5713290735 6007669360 29702860013
Add: Change of
accounting policy
Correcting of previous
errors
Merger of entities under
common control
Other
II.Balance at the
beginning of current
year
5250283986 5004250685 137001523 7590363724 5713290735 6007669360 29702860013
III.Changed in the
current year
-46851817 243791419 -215017477 -175706830 -193784705
（1）Total
comprehensive income
-46851817 448833518 284085715 686067416（II）Investment or
decreasing of capital by
owners
-36857 -132080000 -132116857
1．Ordinary Shares inv
ested by hareholders
4000000 4000000
2．Holders of other equ
ity instruments invested
capital
3．Amount of shares
paid and accounted as
owners’ equity
4．Other -36857 -136080000 -136116857（III）Profit allotment 243791419 -663814138 -327712545 -747735264
1.Providing of surplus
reserves
243791419 -243791419
2.Providing of
common risk provisions
3．Allotment to the
owners (or shareholders)
-420022719 -327712545 -747735264
4．Other
(IV) Internal
transferring of owners’
equity
1. Capitalizing of capital
reserves (or to capital
shares)
2. Capitalizing of
surplus reserves (or to
capital shares)
3．Making up losses by
surplus reserves.
4. Other
(VI Special reserves
1. Provided this year
2．Used this term（VII）Other
IV. Balance at the end of
this term
5250283986 5004250685 90149706 7834155143 5498273258 5831962530 29509075308
Amount in last year
In RMB
Items
Amount in last year
Owner’s equity Attributable to the Parent Company
Minor
shareholders’
equity
Total of owners’
equity Share Capital
Other Equity
instrusment
Capital reserves
Less:
Shares in
stock
Other
Comprehensi
ve Income
Specialized
reserve
Surplus
reserves
Common
risk
provision
Retained
profits preferr
ed
stock
Sustain
able
debt
Other
I.Balance at the end of
last year
5250283986 5003007478 145059015 6845001818 6135494928 5957717537 29336564762
Add: Change of
accounting policy
Correcting of previous
errors
Merger of entities under
common control
Other
II.Balance at the
beginning of current
year
5250283986 5003007478 145059015 6845001818 6135494928 5957717537 29336564762
III.Changed in the
current year
42440 16923651 745361906 -1036648900 -154856378 -429177281
（1）Total
comprehensive income
16923651 128735725 150977083 296636459（II）Investment or
decreasing of capital by
owners
42440 43500000 43542440
1．Ordinary Shares inv
ested by hareholders
43500000 43500000
2．Holders of other equ
ity instruments invested
capital
3．Allotment to the
owners (or shareholders)
4．Other 42440 42440
(IV) Internal
transferring of owners’
equity
745361906 -1165384625 -349333461 -769356180
1. Capitalizing of capital
reserves (or to capital
shares)
745361906 -745361906
2. Capitalizing of
surplus reserves (or to
capital shares)
3．Making up losses by
surplus reserves.
-420022719 -349333461 -769356180
4. Other
(VI )Special reserves
1. Provided this year
2．Used this term（VII）Other
IV. Balance at the end of
this term
(V) Special reserves
1. Provided this year
2．Used this term（VI）Other
IV. Balance at the end of
this term
5250283986 5003049918 161982666 7590363724 5098846028 5802861159 28907387481
8.Statement of change in owner’s Equity of the Parent Company
Amount in this period
In RMB
Items
Amount in this period
Share Capital
Other Equity instrument
Capital reserves
Less: Shares
in stock
Other
Comprehensive
Income
Specialize
d reserve
Surplus
reserves
Retained
profits
Total of owners’
equity preferred
stock
Sustainable
debt
Other
I.Balance at the end of last
year
5250283986 5605794601 137001523 7590363724 3960056960 22543500794
Add: Change of accounting
policy
Correcting of previous errors
Other
II.Balance at the beginning
of current year
5250283986 5605794601 137001523 7590363724 3960056960 22543500794
III.Changed in the current
year
-46851817 243791419 332669573 529609175
（I）Total comprehensive
income
-46851817 996520568 949668751
(II) Investment or decreasing
of capital by owners
-36857 -36857
1．Ordinary Shares invested
by hareholders
2．Holders of other equity in
struments invested capital
3.Amount of shares paid and
accounted as owners’ equity
4．Other -36857 -36857（III）Profit allotment 243791419 -663814138 -420022719
1.Providing of surplus 243791419 -243791419
reserves
2．Allotment to the owners
(or shareholders)
-420022719 -420022719
3．Other
(IV)Internal transferring of
owners’ equity
1. Capitalizing of capital
reserves (or to capital shares)
2. Capitalizing of surplus
reserves (or to capital shares)
3．Making up losses by
surplus reserves.
4. Other
(V) Special reserves
1. Provided this year
2．Used this term（VI）Other
IV. Balance at the end of this
term
5250283986 5605794601 90149706 7834155143 4292726533 23073109969
Amount in last year
In RMB
Items
Amount in last year
Share Capital
Other Equity instrusment
Capital reserves
Less: Shares
in stock
Other
Comprehensiv
e Income
Specialize
d reserve
Surplus
reserves
Retained
profits
Total of owners’
equity preferred
stock
Sustainable
debt
Other
I.Balance at the end of last
year
5250283986 5605752163 145059015 6845001818 4428894674 22274991656
Add: Change of accounting
policy
Correcting of previous errors
Other
II.Balance at the beginning
of current year
5250283986 5605752163 145059015 6845001818 4428894674 22274991656
III.Changed in the current
year
42440 16923651 745361906 -127452980 634875017
（I）Total comprehensive
income
16923651 1037931645 1054855296
(II) Investment or decreasing
of capital by owners
42440 42440
1．Ordinary Shares invested
by hareholders
2．Holders of other equity in
struments invested capital
3.Amount of shares paid and
accounted as owners’ equity
4．Other 42440 42440（III）Profit allotment 745361906 -1165384625 -420022719
1.Providing of surplus
reserves
745361906 -745361906
2．Allotment to the owners
(or shareholders)
-420022719 -420022719
3．Other
(IV)Internal transferring of
owners’ equity
1. Capitalizing of capital
reserves (or to capital shares)
2. Capitalizing of surplus
reserves (or to capital shares)
3．Making up losses by
surplus reserves.
4. Other
(V) Special reserves
1. Provided this year
2．Used this term（VI）Other
IV. Balance at the end of this
term
5250283986 5605794603 161982666 7590363724 4301441694 22909866673
III．Basic Information of the Company
Guangdong Electric Power Development Co. Ltd. (the “Company”) is a limited liability company jointly
established by Guangdong Electric Power Holding Company China Construction Bank Guangdong Province
Trust Investment Company Guangdong Power Development Co. Ltd Guangdong International Trust China
Guangfa Bank(now named as Guangdong Province 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 City Guangdong Province the People’s Republic of China. The Company’s parent company is
Guangdong Province Yudean Group Co. Ltd. (“Yudean”) The actual controller of the company is the
State-owned Assets Supervision and Administration Commission of the People’s Government of Guangdong
Province.The Company’s issuing RMB ordinary shares (“A-share”) and domestic listed foreign shares (“B-share”) are
listed for transactions in Shenzhen Stock Exchange respectively on 26 November 1993 and 28 June 1995. As at 31
December 2016 the total share capital of the Company is RMB 5250283986 with par value of RMB 1 each.
The financial statement has been approved for issue by the Company’s Board of Directors on 29 August 2018.The Company and its subsidiaries (hereinafter collectively referred to as the “Group”) are principally engaged in the
development and operation of power plants in Guangdong Province Yunnan Province Hunan Province and
Guangxi Zhuang Autonomous Region.
For the Consolidation scope changed of the Group please refer to VIII.
For the information of subsidiaries of the Company please refer to Note IX.
IV.Basis for the preparation of financial statements
1.Basis for the preparation
The financial statements are prepared in accordance with the Accounting Standard for Business Enterprises -
Basic Standard and the specific accounting standards and other relevant regulations issued by the Ministry of
Finance on 15 February 2006 and in subsequent periods (hereafter collectively referred to as “the AccountingStandard for Business Enterprises” or “CAS”) and “Information Disclosure Rule No. 15 for Companies withPublic Traded Securities - Financial Reporting General Provision” issued by China Security Regulatory
Commission.
2. Continuous operation.
The Company since 12 months after the reporting period does not exist on the company's continued viability of si
gnificant concern events or circumstances.V. Significant accounting policies and accounting estimates
Specific accounting policies and accounting estimates tips:
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. The critical accounting estimates and key assumptions that have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within the next accounting year are outlined
below:
(a) Estimates on impairment of other long-term assets
Fixed assets construction in progress intangible assets with finite useful lives investment properties that are
measured at cost and long-term equity investments in subsidiaries joint ventures and associates are tested for
impairment if there’s indications that the assets may be impaired the balance sheet date.When assessing whether there’s indication that the above assets are impaired management mainly evaluate and
analyse: (1) whether events affecting asset impairment occurred; (2) whether the present value of expected cash
flows arising from the continuing use or disposal of the asset is lower than its carrying amount; (3) whether the
assumptions used in estimating the present value of future cash flows is appropriate.Relevant assumptions adopted by the Group to determine impairment e.g. changes in assumptions on discount
rate and growth rate used to calculate the present value of future cash flows may have material impact on the
present value used in the impairment test and cause impairment in the above-mentioned long-term assets of the
Group.(b) Enterprise income tax
The Group pays corporate income tax in many areas. In normal business activities there are uncertainties in
the final tax treatment of partial transactions and matters. When counting and drawing the income tax costs in
various areas the Group needs to make a major judgement. If there is any difference between the final
determination of these tax matters and the amount originally recorded the difference will have an impact on the
amount of the income tax expenses and the deferred income tax during the period of final determination above.(c) Deferred tax assets
Whether to confirm the assets of the deferred income tax assets arising from deductible losses and deductible
temporary differences largely depends on the management’s judgement that whether to acquire sufficient amount
of income of future taxable which can be used to deduct deductible losses and deductible temporary differences in
the future period while the calculation of this amount of income of future taxable needs applying plenty of
judgement and estimation and it needs combined consideration for the tax planning strategy and the influence
from the overall economic environment in the meanwhile. Different judgement and estimation will have an impact
on the confirmation and the amount of the deferred income tax assets.When assessing whether there will be sufficient future taxable profits available against which the deductible
temporary differences can be utilised the Group recognises deferred tax assets to the extent that it is probable that
future taxable profits will be available against which the deductible temporary differences can be utilised using
tax rates that would apply in the period when the asset would be utilised. In determining the amount of deferred
tax assets the Group exercises judgements about the estimated timing and amount of taxable profits of the
following periods and of the tax rates applicable in the future according to the existing tax policies and other
relevant regulations. Differences between such estimates and the actual timing and amount of future taxable
profits will affect the amount of deferred tax assets.
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 2018 as well as the business performance
and cash flow situation in the first half of 2018 of the Company frankly and completely.
2. Accounting period
Fiscal year is dated from Gregorian calendar Jan. 1 to Gregorian calendar Decmber. 31.
The accounting of the financial statements during the period starts from January 1 2018 to 6 months ended June 3
02018.
3.Business cycle
The Company’s normal business cycle is the period from the acquisition of assets such as those for the generation
of electricity to the realisation of cash or cash equivalents.The business cycles for principal activities are usually
less than 12 months.
4. Functional currency
The Company’s functional currency is Renminbi and these financial statements are presented in Renminbi.
5. Accounting process method of enterprise consolidation under same and different controlling.
(1) Business combinations involving enterprises under common control
The consideration the combining party paid for the combination and the carrying amount of the net assets
obtained are measured at carrying amount. The difference between the carrying amount of the net assets obtained
and the carrying amount of consideration paid for the combination is adjusted to share premium (capital premium)
in the capital reserve. If the balance of share premium (capital premium) is insufficient any excess is adjusted to
retained earnings. Any costs directly attributable to the combination are recognized in profit or loss for the current
period when occurred. The transaction costs of issuing equity or debt securities for business combinations.
(2) Business combinations not involving enterprises under common control
The acquirer’s combining costs and the identifiable net assets obtained at the acquisition date are measured at fair
value. If the combining costs are greater than the fair value of identifiable net assets at the acquisition date the
difference is recognized as goodwill; if the combining costs are less than the fair value of identifiable net assets at
the acquisition date the difference is recognized in profit or loss for the current period. The direct
acquisition-related costs arising from the business combination are recognized as expenses in the periods in which
the costs are incurred. The costs of the issuance of equity or debt securities as a part of the consideration paid for
the acquisition are included as a part of initial recognition amount of the equity or debt securities.
6.Preparation of the consolidated financial statements
The consolidated financial statements comprise the financial statements of the Company and all of its subsidiaries.Subsidiaries are consolidated from the date on which the Group obtains control and are de-consolidated from the
date that such control ceases. For a subsidiary that is acquired in a business combination involving enterprises
under common control it is included in the consolidated financial statements from the date when it together with
the Company comes under common control of the ultimate controlling party. The portion of the net profits
realised before the combination date is presented separately in the consolidated income statement.In the preparation of consolidated financial statements if the accounting policies or accounting period among the
Company and subsidiaries are inconsistent the financial statements of subsidiaries have been adjusted to conform
to the Company’s policies and accounting period. For business combination not obtained under common control
the financial statements have been adjusted based on the fair value of net recognisable asset on the acquisition
date.
All significant intra-group balances transactions and unrealised profits are eliminated in the consolidated financial
statements. The portion of subsidiaries’ owners’ equity and the portion of subsidiaries’ net profits and losses and
comprehensive incomes for the period not attributable to the Company are recognised as minority interests net
profit attributed to minority interests and total comprehensive incomes attributed to minority interests and
presented separately in the consolidated financial statements under owners’ equity net profits and total
comprehensive income respectively. When the Company sells assets to subsidiaries the unrealised gains and
losses should fully offset the net profit attributed to shareholders of the parent company; when subsidiaries sell
assets to the Company the unrealised gains and losses should be assigned and offset between the net profit
attributed to shareholders of the parent company and minority interests according to the Company’s distribution
ratio of the subsidiary. The unrealised gains and losses between subsidiaries should be assigned and offset
between the net profit attributed to shareholders of the parent company and minority interests according to the
parent company’s distribution ratio of the subsidiary.In preparing the consolidated financial statements where the accounting policies and the accounting periods of the
Company and subsidiaries are inconsistent the financial statements of the subsidiaries are adjusted in accordance
with the accounting policies and the accounting period of the Company. For subsidiaries acquired from business
combinations involving enterprises not under common control the individual financial statements of the
subsidiaries are adjusted based on the fair value of the identifiable net assets at the acquisition date.
7. The joint-venture arrangement classification and pooling of interests accounting processing methods
The joint-venture arrangement comprises the pooling of interests and joint-venture enterprise. The pooling of
interests is the joint-venture arrangement where the participant possesses the relevant assets arranged and will
undertake relevant debts. The joint venture enterprise is the arrangement where the participant only reserves rights
on the net assets. The Group based on the rights and obligations in the normal operation of the joint-venture
arrangement determines the classes of the joint-venture arrangement. And it also takes account of the structure
and legal form of the joint-venture arrangement the agreed terms and conditions other relevant facts and
conditions etc. among the joint-venture arrangement upon evaluation of rights and obligations.The Group determines the following projects sharing interests in the pooling of interests and conducts the
accounting processing based on relevant accounting standards for business enterprises:
(I) determining assets possessed solely and the jointly-possessed assets based on its share;
(II) determining debts undertaken solely and the shared debts based on its share;
(III) determining the revenues produced by the pooling of interests owned by the on-sale group;
(IV) determining the revenues produced by the pooling of interests through sale based on the group share;
(V) determining the fees occurred solely and those of the pooling of interests based on the its share.If the Group invests or sells the assets etc. to the pooling of interests (except for the business constituted by the
assets) it will only ascertain the partial profits and losses produced by such trade and attributable to the other
participants of the pooling of interests before selling such assets etc. to any third party. If the invested or sold
assets have the impairment losses per Accounting Standards for Business Enterprises No. 8 - Assets Impairment
the group will ascertain such losses wholly.If the Group purchases the assets etc. from the pooling of interests (except for the business constituted by the
assets) it will only ascertain the partial profits and losses produced by such trade and attributable to the other
participants of the pooling of interests before selling such assets etc. to any third party. If the purchased assets
have the impairment losses per Accounting Standards for Business Enterprises No. 8 - Assets Impairment the
group will ascertain such losses wholly based on its share.
8.Cash and cash equivalents
Cash and cash equivalents comprise cash on hand demand deposits and short-term highly liquid investments
which are readily convertible into known amounts of cash and are subject to an insignificant risk of change in
value.
9.Foreign currency transactions
Foreign currency transactions are translated into recording currency using the exchange rates prevailing at the
dates of the transactions. At the balance sheet date monetary items denominated in foreign currencies are
translated into RMB using the spot exchange rates on the balance sheet date. Exchange differences arising from
these translations are recognised in profit or loss for the current period except for those attributable to foreign
currency borrowings that have been taken out specifically for acquisition or construction of qualifying assets
which are capitalised as part of the cost of those assets. Non-monetary items denominated in foreign currencies
that are measured at historical costs are translated at the balance sheet date using the spot exchange rates at the
date of the transactions. The effect of exchange rate changes on cash is presented separately in the cash flow
statement.Notes： Methods to be explained: the determination method of the converted exchange rate when foreign currency
transactions occur the conversion method of the monetary items of foreign currency adopted on the balance sheet
date the method of dealing with exchange gains and losses and the accounting method of converting foreign
currency statements.
10. Financial instruments
(a) Financial assets
(i) Classification of financial assets
Financial assets are classified into the following categories at initial recognition: financial assets at fair value
through profit or loss receivables available-for-sale financial assets and held-to-maturity investments. The
classification of financial assets depends on the Group’s intention and ability to hold the financial assets. The
financial assets of the Group in current year include receivables and available-for-sale financial assets.Receivables
Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an
active market.
Available-for-sale financial assets
Available-for-sale financial assets include non-derivative financial assets that are designated upon initial
recognition as available for sale and other financial assets which do not fall into any of the above categories.(ii) Recognition and measurement
Financial assets are recognized at fair value on the balance sheet when the Group becomes a party to the
contractual provisions of the financial instrument. In the case of financial assets at fair value through profit or loss
the related transaction costs occurred at the time of acquisition is recognized in profit or loss for the current period.
For other financial assets transaction costs that are attributable to the acquisition of the financial assets are
included in their initial recognition amounts.
Financial assets at fair value through profit or loss and available-for-sale financial assets are subsequently
measured at fair value. Investments in equity instruments are measured at cost when they do not have a quoted
market price in an active market and whose fair value cannot be reliably measured. Receivables are measured at
amortized cost using the effective interest method.Gain or loss arising from a change in fair value of an available-for-sale financial asset is recognized directly in
equity except for impairment losses and foreign exchange gains and losses arising from the translation of
monetary financial assets. When such financial asset is derecognized the cumulative gain or loss previously
recognized directly in equity is recycled into profit or loss for the current period.The Group assesses the carrying amount of financial assets other than those at fair value through profit or loss at
each balance sheet date. If there is objective evidence that the financial asset is impaired an impairment loss is
provided for.Objective evidence indicating impairment of financial assets refers to the matter that actually occurs after the
initial recognition of financial assets it will affect estimated future cash flows of financial assets and its impact
can be reliably measured.(iii) Impairment of financial assets
The objective evidence of which provided for available-for-sale equity instruments being impaired includes an
investment in an equity instrument with serious or prolonged decline.The Group assesses available-for-sale equity instruments at each balance sheet date on an individual basis.If the fair value of equity instruments is less than its initial investment cost of more than 50% (inclusive) or less
than its initial investment cost for more than one year (inclusive) it indicates that the equity instruments are
impaired. If the fair value of equity instruments is less than its initial investment cost of more than 20% ( inclusive)
to 50% (exclusive) the Group will consider other relevant factors to judge that whether equity instruments are
impaired. The Group calculates the initial investment cost of initial available-for-sale equity instruments
investment using the weighted average method.When an impairment loss on a financial asset carried at amortised cost has incurred the amount of loss is
measured at the difference between the asset’s carrying amount and the present value of estimated future cash
flows (excluding future credit losses not incurred). If there is objective evidence that the value of the financial
asset is recovered and the recovery is related objectively to an event after the impairment is recognised the
previously recognised impairment loss is reversed and the amount of reversal is recorded in profit or loss.When an impairment loss on an available-for-sale financial asset has incurred the difference between the present
value of the discounted cash flow of its book value and market return on a similar financial asset is recognised as
impairment loss and recorded in current profit or loss. Recognised impairment loss cannot be reversed in
subsequent periods.(iv) Derecognition of financial assets
A financial asset is derecognised when any of the below criteria is met: (i) the contractual rights to receive the
cash flows from the financial asset expire; (ii) the financial asset has been transferred and the Group transfers
substantially all the risks and rewards of ownership of the financial asset to the transferee; or (iii) the financial
asset has been transferred and the Group has not retained control of the financial asset although the Group neither
transfers nor retains substantially all the risks and rewards of ownership of the financial asset.On derecognition of a financial asset the difference between the carrying amount and the sum of the consideration
received and the cumulative changes in fair value that have been recognised directly in equity is recognised in
profit or loss
(b) Financial liabilities
Financial liabilities are classified into the following categories at initial recognition: financial liabilities at fair
value through profit or loss and other financial liabilities. The financial liabilities of the Group are other comprise
financial liabilities including payables borrowings and debentures payable.Payables including accounts payable and other payables are recognised initially at fair value and subsequently
measured at amortised cost using the effective interest method.
Borrowings and bonds payable are recognised initially at fair value net of transaction costs incurred and
subsequently measured at amortised cost using the effective interest method.Other financial liabilities with maturities no more than one year (inclusive) are classified as current liabilities.Other financial liabilities with maturities over one year (inclusive) but are due within one year since the balance
sheet date are classified as the current portion of non-current liabilities. Others are classified as non-current
liabilities.
A financial liability is derecognised or partly derecognised when the current obligation is discharged or partly
discharged. The difference between the carrying amount of the financial liability or the derecognised part of the
financial liability and the consideration paid is recognised in profit or loss.(c) Determination of the fair value of the financial instruments
The fair value of a financial instrument that is traded in an active market is determined at the quoted price in the
active market. The fair value of a financial instrument that is not traded in an active market is determined by using
a valuation technique. Valuation techniques include using prices of recent market transactions between
knowledgeable and willing parties reference to the current fair value of another financial asset that is substantially
the same with this instrument and discounted cash flow analysis etc. When a valuation technique is used to
establish the fair value of a financial instrument it makes the maximum use of observable market inputs and relies
as little as possible on entity-specific inputs. When the observable inputs are not available or are unrealistic to
obtained unobservable inputs shall be used
Notes: Methods to be explained: the determination method of the converted exchange rate when foreign currency
transactions occur the conversion method of the monetary items of foreign currency adopted on the balance sheet
date the method of dealing with exchange gains and losses and the accounting method of converting foreign
currency statements.
11.Account receivable
（1）Bad debt provision on receivable accounts with major amount individually
Criteria and norm of individual significance
The top five accounts receivable in amount any other receivables
with an individual amount more than RMB 5000000 and all
long-term receivables
Measurement of impairment allowances for receivables of
individual significance
Separate impairment test. If there exists objective evidence that
the Group will not be able to collect the amount under the
original terms a provision for impairment of that receivable is
made.
(2)The accounts receivable of bad debt provisions made by credit risk Group
Name Method
In Group Accounts on age basis in the portfolio：
□ Applicable √ Not applicable
In Group adopting balance percentage method for bad debt provision：
□ Applicable √ Not applicable
In Group adopting other method for bad debt provision：
□ Applicable √ Not applicable
(3) Accounts receivable that are individually insignificant but with bad debt provision provided on an
individual basis
Reason for separate provision for bad debts
When objective evidence indicates the Group can’t receive money
according originalterms provision for bad debts recognized.Method of provision for bad debts
The bad debt will be recognized when the present value of estimated
future cash flow below their book value.
12. Inventories
Whether the company needs to comply with the disclosure requirements of the particular industry
No
(a) Classification
Inventories include fuel and spare parts measured at the lower of cost and net realisable value..(b) Cost of inventories transferred out
Cost of fuel transferred out is calculated using the weighted average method. Spare parts are amortised in full
when received for use.(c) Basis for determining the net realisable value of inventories and provisioning methods for decline in value of
inventories
Any excess of the cost over the net realisable value of inventories is recognised as a provision for diminution in
the value of inventories. Net realisable value is measured by the estimated selling price in the ordinary course of
business less the estimated costs necessary to make the sale and relevant taxes.(d) The Group maintains a perpetual inventory system..
13. Divided as assets held for sale
The non-liquid assets or the treatment group complied with the following conditions will be classified into the
possessed assets for sale: (I) the non-liquid assets or the treatment group is ready for sale subject to the common
terms and conditions for such assets or the treatment group under the current conditions; (II) the group has already
made a resolution on treatment of such non-liquid assets or the treatment group and obtained proper approval; (III)
the Group has already concluded an irrevocable transfer agreement with the assignee; (IV) such transfer will be
completed within one year.The non-liquid assets complied with the conditions for the possessed assets for sale (excluding the financial assets
the investment real estate calculated based on its fair value and the deferred income tax assets) will be the lower
amount between the book value and the fair value minus the treatment cost. If the fair value minus the treatment
cost is lower than the original book value then it will be deemed as the asset deprecation loss.The non-liquid assets classified into the processed assets ready for sale and the assets and debts in the treatment
group comprise the liquid assets and liquid debts to be listed separately in the balance sheet.
14. Long-term equity investments
Long-term equity investments comprise the Company’s long-term equity investments in its subsidiaries and the
Group’s long-term equity investments in its associates.Subsidiaries are the investees over which the Company is able to exercise control. Associates are the investees
over which the Group has significant influence but not control on their financial and operating policies.Investments in subsidiaries are presented in the Company’s financial statements using the cost method and are
adjusted to the equity method when preparing the consolidated financial statements. Investments in associates are
accounted for using the equity method.
(a) Determination of investment cost
For long-term equity investments acquired through a business combination: for long-term equity investments
acquired through a business combination involving enterprises under common control the investment cost shall
be the absorbing party’s share of the carrying amount of owners’ equity of the party being absorbed at the
combination date; for long-term equity investment acquired through a business combination involving enterprises
not under common control the investment cost shall be the combination cost. For long-term equity investments
acquired not through a business combination: if the long-term equity investments are acquired in cash the initial
investment cost shall be the purchase price actually paid; if the long-term equity investments are acquired by
issuing equity securities the initial investment cost shall be the fair value of the equity securities.(b) Subsequent measurement and recognition of related profit and loss
For long-term equity investments accounted for using the cost method they are measured at the initial investment
costs and cash dividends or profit distribution declared by the investees are recognised as investment income in
profit or loss.
For long-term equity investments accounted for using the equity method where the initial investment cost exceeds
the Group’s share of the fair value of the investee’s identifiable net assets at the time of acquisition the investment
is initially measured at cost. Where the initial investment cost is less than the Group’s share of the fair value of the
investee’s identifiable net assets at the time of acquisition the difference is included in profit or loss for the
current period and the cost of the long-term equity investment is adjusted accordingly.
For long-term equity investments accounted for using the equity method the Group recognises the investment
income or losses according to its share of net profit or loss of the investee. The Group discontinues recognising its
share of net losses of an investee after the carrying amount of the long-term equity investment together with any
long-term interests that in substance form part of the investor’s net investment in the investee are reduced to zero.However if the Group has obligations for additional losses and the criteria with respect to recognition of
provisions under the accounting standards on contingencies are satisfied the Group continues recognising the
investment losses and the provisions. The Company shall adjust the carrying amount of the long term investment
for other changes in shareholders’ equity of the investee (other than net profits or losses) and include the
corresponding adjustment in shareholders’ equity. The carrying amount of the investment is reduced by the
Group’s share of the profit distribution or cash dividends declared by an investee. The unrealised profits or losses
arising from the intra-group transactions amongst the Group and its investees are eliminated in proportion to the
Group’s equity interest in the investees and then based on which the investment gains or losses are recognised.
For the loss on the intra-group transaction amongst the Group and its investees attributable to asset impairment
any unrealised loss is not eliminated.(c) Basis for determining existence of control and significant influence over investees
Control is the power to govern the investee so as to obtain variable returns by participating in the related business
activities of the investees and the ability to affect the returns by exercising its power over the investees.Joint control is the contractually agreed sharing of control over an investee’s economic activities and exists only
when the strategic financial and operating decisions relating to the activities require the unanimous consent of the
Group and the parties sharing the control.Significant influence is the power to participate in the financial and operating policy decisions of the investee but
is not control or joint control over those policies.(d) Impairment of long-term equity invest
The carrying amount of long-term equity investments in subsidiaries joint venture and associates is reduced to
the recoverable amount when the recoverable amount is less than the carrying amount
15. Investment properties
The measurement mode of investment property
The measurement by the cost method
Depreciation or amortization method
Investment properties including land use rights that have already been leased out and buildings that are held for
the purpose of leasing are measured initially at cost. Subsequent expenditures incurred in relation to an investment
properties are included in the cost of the investment property when it is probable that the associated economic
benefits will flow to the Group and their costs can be reliably measured; otherwise the expenditures are
recognised in profit or loss in the period in which they are incurred.The Group adopts the cost model for subsequent measurement of investment properties. Buildings and land use
rights are depreciated or amortised to their estimated net residual values over their estimated useful lives. The
estimated useful lives the estimated net residual values that are expressed as a percentage of cost and the annual
depreciation (amortisation) rates of investment properties are as follows:
Estimated useful lives Estimated net residual value Annual depreciation rates Building
30 years 5% 3.17% When an investment property is transferred to owner-occupied properties it is
reclassified as fixed asset at the date of the transfer. The carrying amount of the fixed asset shall be measured on
the basis of fair value of the investment property.The investment property’s estimated useful life net residual value and depreciation (amortisation) method applied
are reviewed and adjusted as appropriate at each year-end.
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.
16. Fixed assets
（1）Recognition of fixed assets
Fixed assets comprise plant and building power generator equipment motor vehicles and other equipment. Fixed
asset is recognised when it is probable that the related economic benefits will flow to the Group and its cost can be
reliably measured. Fixed assets purchased or constructed by the Group are initially measured at cost at the
acquisition date. The fixed assets injected by the state-owned shareholder during the restructuring of corporation
were initially recorded at the valuated amount approved by the relevant authorities managing state-owned assets.Subsequent expenditures incurred for a fixed asset are included in the cost of the fixed asset when it is probable
that the economic benefits associated with the fixed asset will flow to the Group and the costs can be reliably
measured. The carrying amount of those parts that are replaced is derecognised and all the other subsequent
expenditures are recognised in income statement when they are incurred.
（2）Depreciation of fixed assets
Category The method for
depreciation
Expected useful life（Year）
Estimated residual value Depreciation
House and building Straight-line method 10-50 years 0% - 5% 1.90% - 10 %
Generation equipment Straight-line method 5-31 years 0% - 5% 3.06% - 20 %
Transportation
equipment
Straight-line method
5-10 years 0% - 5% 9.50% - 20 %
Other equipment Straight-line method 5-25 years 0% - 5% 3.80% - 20 %
(3)Cognizance evidence and pricing method of financial leasing fixed assets
The lease that essentially transfers all the risks and returns related to the ownership of the asset is classified as
finance lease. The entry value of the fixed assets under finance lease the lower of its fair value and the present
value of the minimum lease payments. The difference between the entry value of the fixed asset under finance
lease and the present value of the minimum lease payment is recognised as unrecognised financing charges. Fixed
assets under finance lease share the same depreciation method with company owned fixed assets. If there is
reasonable certainty that the Group will obtain ownership of a leased asset at the end of the lease term the leased
asset is depreciated over its estimated useful life. Otherwise the leased asset is depreciated over the shorter of the
lease term and its estimated useful life.
17.Construction in progress
Construction in progress is measured at its actual costs incurred. Actual costs include construction cost
installation cost capitalised borrowing costs and any other costs directly attributable to bringing the asset to
working condition for its intended use. When the construction in progress is ready for its intended use it is
transferred to fixed assets and starts depreciation the following month. When recoverable amount of the
construction in progress is lower than its carrying value its carrying value is then reduced to the recoverable
amount.
18.Borrowing costs
The borrowing costs that are directly attributable to the acquisition and construction of a fixed asset that needs a
substantially long period of time of acquisition and construction for its intended use commence to be capitalised
and recorded as part of the cost of the asset when expenditures for the asset and borrowing costs have been
incurred and the activities relating to the acquisition and construction that are necessary to prepare the asset for its
intended use have commenced. The capitalisation of borrowing costs ceases when the asset under acquisition or
construction becomes ready for its intended use the borrowing costs incurred thereafter are recognised in income
statement. Capitalisation of borrowing costs is suspended when the acquisition or construction of a fixed asset is
interrupted abnormally and the interruption lasts for more than 3 months until the acquisition or construction is
resumed.
For the specific borrowings obtained for the acquisition or construction of a fixed asset qualifying for
capitalisation the amount of borrowing costs eligible for capitalisation is determined by deducting any interest
income earned from depositing the unused specific borrowings in the banks or any investment income arising on
the temporary investment of those borrowings during the capitalisation period.
For the general borrowings obtained for the acquisition or construction of a fixed asset qualifying for
capitalisation the amount of borrowing costs eligible for capitalisation is determined by applying the weighted
average effective interest rate of general borrowings to the weighted average of the excess amount of cumulative
expenditures on the asset over the amount of specific borrowings. The effective interest rate is the rate at which
the estimated future cash flows during the period of expected duration of the borrowings or applicable shorter
period are discounted to the initial amount of the borrowings.
19.Biological Assets
20.Oil & Gas assets
21.Intangible assets
1. Valuation Method Service Life and Impairment Test of Intangible Assets
Intangible assets mainly including land use rights sea use rights software associated projects for electricity
transmission and transformation microwave engineering and transportation engineering are measured at cost.Intangible assets contributed by the state-owned shareholders at the incorporation of a limited company are
initially recorded at the valuation amount recognised by the state-owned assets supervision and administration
department.(a) Land use right and sea use right
Land use rights are amortised on a straight-line basis over their approved period of 20 to 70 years. If the purchase
costs of land and attached buildings cannot be reasonably allocated between the land use right and the buildings
the purchase costs are recognised as fixed assets.
(a)Associated projects for electricity transmission and transformation microwave engineering and transportation
engineering
Projects for electricity transmission and transformation and microwave engineering are undertaken by the Group
for the grid connection project for loading to Guangdong Guangdian Power Grid. From the start of use they are
amortised on a straight-line basis over their benefit period of 16 years.Transportation engineering projects are amortised on a straight-line basis over their benefit period of 10 years to
20 years
(c) Other intangible assets
Besides land use right sea use right associated projects for electricity transmission and transformation
microwave engineering and transportation engineering other intangible assets are amortized on a straight-line
basis over their expected life of 2 years to 25 years.(d) Periodic review on useful life and method of amortisation
For intangible assets with finite useful life their expected life and amortisation method are reviewed and adjusted
at the end of every year.(e) Impairment of intangible assets
The carrying amount of intangible assets is reduced to the recoverable amount when the recoverable amount is
less than the carrying amount.
（2）Accounting policies for the internal research and development expenditure
The internal R&D project expenditure is classified into the research expenditure and the development expenditure
based on the property thereof and the large uncertainty existence for the final formation of the intangible assets of
the R&D activities.The expenditure for the planned survey evaluation and selection phases for the R&D projects is that for the
research phase and will be included into the current profits and losses upon occurrence; the expenditure for
relevant design and test phases applied finally for the R&D projects is that for the development phase among
which that complied with the following conditions will be capitalized:
The development of R&D projects has been demonstrated sufficiently by the technology team;
The Management Layer has already approved the budget for the development of R&D projects;
The Management Layer has already approved the budget for the development of R&D projects;
It has sufficient technical and capital support for the project development activities and following large-scale
production;
The expenditure related to the development may be collected reliably.The expenditure of the development phase in unconformity with conditions above will be included into the current
profits and losses upon occurrence. The expenditure of the previous periods included into the profits and losses
will not be re-deemed as the asset in the following periods. The capitalized expenditure in the development phase
is listed as the development expenditure in the balance sheet and will become the intangible asset from the date
when the project meeting the intended usage.
22. Impairment of long-term assets
Fixed assets construction in progress intangible assets with finite useful lives investment property measured at
cost and long-term equity investments in subsidiaries joint venture and associates are tested for impairment if
there is any indication that an asset may be impaired at the balance date. If the result of the impairment test
indicates that the recoverable amount of the asset is less than its carrying amount a provision for impairment and
an impairment loss are recognised for the amount by which the asset’s carrying amount exceeds its recoverable
amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and the present value of the
future cash flows expected to be derived from the asset. A provision for asset impairment is determined and
recognised on an individual asset basis. If it is not possible to estimate the recoverable amount of an individual
asset the recoverable amount of the group of assets to which the asset belongs is determined. A group of assets is
the smallest group of assets that is able to generate independent cash inflows.Goodwill that is separately presented in the financial statements is tested at least annually for impairment
irrespective of whether there is any indication that it may be impaired. In conducting the test the carrying value of
goodwill is allocated to the related asset group or groups of asset groups which are expected to benefit from the
synergies of the business combination. If the result of the test indicates that the recoverable amount of an asset
group or a group of asset groups including the allocated goodwill is lower than its carrying amount the
corresponding impairment loss is recognised. The impairment loss is first deducted from the carrying amount of
goodwill that is allocated to the asset group or group of asset groups and then deducted from the carrying
amounts of other assets within the asset group or group of asset groups in proportion to the carrying amounts of
assets other than goodwill.Once the asset impairment loss mentioned above is recognised it is not allowed to be reversed for the value
recovered in the subsequent periods.
23.Long-term deferred expenses
Long-term prepaid expenses include the expenditure for improvements to fixed assets held under operating leases
and other expenditures that have been incurred but should be recognised as expenses over more than one year in
the currentand subsequent periods. Long-term prepaid expenses are amortised on the straight-line basis over the
expected beneficial period and are presented at actual expenditure net of accumulated amortisation.
24. Employee benefits
(1) Short-term employee benefits
Short-term remunerations mainly include wages or salaries bonuses allowances and subsidies staff welfare
medical insurance work injury insurance maternity insurance housing funds labour union funds employee
education funds short-term paid absence. Short-term remunerations are recognised as current liabilities in the
accounting period in which the service has been rendered by the employees and as costs of assets or expenses to
whichever the employee service is attributable. Non-monetary benefits are measured at fair value.
（2）Post –employment benefits
The Company’s post-employment benefits scheme includes both Defined Contribution Plan (DCP) and Defined
Benefit Plan (DBP). A DCP is a pension plan under which the Company pays fixed contributions into a separate
entity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient
assets to pay all employees the benefits relating to employee service in the current and prior periods. A DBP is a
pension plan that is not a defined contribution plan. During the periods of reporting the Company’s
post-employment benefits scheme mainly includes basic pension insurance and unemployment insurances both of
which are DCP.
Basic pension insurance
Employees of the Group have entered into the social pension insurance scheme organised by local labour and
social security department. The Group pays basic pension insurances to local labour and social security
department monthly according to local insurance base and corresponding rate. Local labour and social security
department is obligated to pay basic pensions to retired employees.Supplementary pension insurance
The company purchases supplementary pension insurance on behalf of employees and pays pension insurances
according to the policies of Yudean 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.
(3) Termination benefits
The Group provides compensation for terminating the employment relationship with employees before the end of
the employment contracts or as an offer to encourage employees to accept voluntary redundancy before the end of
the employment contracts. The Group recognises a liability arising from compensation for termination of the
employment relationship with employees with a corresponding charge to profit or loss at the earlier of the
following dates: 1) when the Group cannot unilaterally withdraw the offer of termination benefits because of an
employment termination plan or a curtailment proposal; 2) when the Group recognises costs or expenses related to
the restructuring that involves the payment of termination benefits.
Early retirement benefits
The Group provides early retirement benefits for employees who enrolled in internal retirement arrangement.
Early retirement benefits refer to wages and social benefit paid by the Group on behalf of the employees who have
not meet retirement age requirement but voluntarily retire after permission from the Group’s management level.The Group starts paying early retirement benefits to early retired employees from the start date of their early
retirement until they reach the statutory retirement age. For the accounting treatment of early retirement benefits
the Group adopts the same method as termination benefits that is upon confirming the termination benefits
comply with relevant conditions proposed payment of early retirement wages. and social security from the start
date of termination of services to the date of statutory retirement age are recognised as liability and recorded into
profit and loss at lump sum. The discrepancy caused by change in actuarial assumption and adjustment of welfare
standard is recorded into current profit or loss.
Early retirement benefits that are expected to be paid within one year after balance sheet date are disclosed as
current liabilities.
(4) Other long-term employee benefits
According to the Urban Employee Basic Medical Insurance (UEBMI) policy governing the Company and some of
the Group’s subsidiaries if an employee’s UEBMI contribution period who participates in basic medical insurance
for urban residents fails to reach the time requirement when the employee reaches the statutory retirement age
the employee shall continue to contribute to the UEBMI till the contribution period meets the required time. The
Group determines the amount to be contributed in the residual service period of an employee based on the present
value of the future cash flow expected to be paid for UEBMI till the required time is met which will be
recognised as long-term employee benefits liabilities with a corresponding charge to profit or loss or included in
cost of related assets.
25. Estimated Liabilities
Provisions for product warranties onerous contracts etc. are recognised when the Group has a present obligation
it is probable that an outflow of economic benefits will be required to settle the obligation and the amount of the
obligation can be measured reliably.
A provision is initially measured at the best estimate of the expenditure required to settle the related present
obligation. Factors surrounding a contingency such as the risks uncertainties and the time value of money are
taken into account as a whole in reaching the best estimate of a provision. Where the effect of the time value of
money is material the best estimate is determined by discounting the related future cash outflows. The increase in
the discounted amount of the provision arising from passage of time is recognised as interest expense.The carrying amount of provisions is reviewed at each balance sheet date and adjusted to reflect the current best
estimate.The provisions expected to be settled within one year since the balance sheet date are classified as current
liabilities.
26.Share-based payments
27.Preferred shares perpetual capital secutities and other financial instruments
28. Revenue
Whether the company needs to comply with the disclosure requirements of the particular industry
No
The amount of revenue is determined in accordance with the fair value of the consideration received or receivable
for the sale of goods and services in the ordinary course of the Group’s activities.Revenue is shown net of discounts and returns. Revenue is recognised in profit or loss when it is probable that the
economic benefits will flow to the Group the revenue and costs can be measured reliably and the following
respective conditions are met：
(a) Revenue from sales of electricity and heat energy
Revenue is recognised when electricity and heat energy are supplied to grid companies or customers.(b) Revenue from sales of by-products
Revenue from the sales of goods is recognised when the Group transfers by-products (such as coal ash) produced
by electricity generations to the designated delivery place pursuant to the contract or agreement and the recipient
resource utilisation confirms receipt.(c) Rendering of services
Revenue from rendering of services is measured at the fair value of the consideration received or receivable under
the contract or agreement.The Group provides external bidding agency service and maintenance service.The Group provides external bidding agency service upon the completion of the bidding service revenue is
recognised based on the pricing difference between the electricity consumption of bidding and auction price and
the customer’s conventional price of electricity.The Group provides external maintenance service revenue is recognised according to the percentage completion
method determined by percentage of the total cost incurred.(d) Revenue from sale of certified emission reductions (CERs)
The Group sells CERs provided by its natural gas facilities and wind power facilities. These facilities are
registered with the Clean Development Mechanism (CDM) Executive Board (EB) of the United Nations as CDM
projects under the Kyoto Protocol. The Company also sells voluntary emission reductions (“VERs”) attributable
to the electricity generated from CDM projects before getting registered with CDMEB.Revenue related to CERs and VERs is recognised when the following conditions are met:
- The counterparty has committed to buy CERs or VERs;
- The amount of income from selling CERs or VERs can be reliably measured;
- The Company has generated the related electricity.(e) Transfer of asset usage rights
Interest income is recognised based on the length of time of the deposits or principal outstanding and the
applicable effective interest rate. Rental income for operation lease is recognised according to straight-line method
of allocation over the rental period.
29. Government grants
1. Judgment Basis and Accounting Treatment Method of Government Grants related to Assets
Government grants related to assets refer to government grants which are obtained by the Group for the purposes
of purchase construction or acquisition of the long-term assets. Government grants related to income refer to the
government grants other than those related to assets.Government grants related to assets will be recorded as deferred income and recognised evenly in profit or loss
over the useful lives of the related assets. However the government grants measured at their nominal amounts will
be directly recorded in profit and loss for the current period.
2. Judgment Basis and Accounting Treatment Method of Government subsidy related to Income
Government grants related to income will be recorded as deferred income and recognised in profit or loss in the
period in which the related expenses are recognised if the grants are intended to compensate for future expenses or
losses and otherwise recognised in profit or loss for the current period if the grants are used to compensate for
expenses or losses that have been incurred.The Group applies the presentation method consistently to the similar government grants in the financial
statements.Government grants that are related to ordinary activities are included in operating profit otherwise they are
recorded in non-operating income or expenses.
30. Deferred income tax assets/Deferred income tax liability
Deferred tax assets and deferred tax liabilities are calculated and recognised based on the differences arising
between the tax bases of assets and liabilities and their carrying amounts (temporary differences). Deferred tax
asset is recognised for the deductible losses that can be carried forward to subsequent years for deduction of the
taxable profit in accordance with the tax laws. No deferred tax liabilities is recognised for the temporary
differences resulting from the initial recognition of Goodwill. No deferred tax asset or deferred tax liability is
recognised for the temporary differences resulting from the initial recognition of assets or liabilities due to a
transaction other than a business combination which affects neither accounting profit nor taxable profit (or
deductible loss). At the balance sheet date deferred tax assets and deferred tax liabilities are measured at the tax
rates that are expected to apply to the period when the asset is realised or the liability is settled.
Deferred tax assets are only recognised for deductible temporary differences deductible losses and tax credits to
the extent that it is probable that taxable profit will be available in the future against which the deductible
temporary differences deductible losses and tax credits can be utilised.
Deferred tax liabilities are recognised for temporary differences arising from investments in subsidiaries joint
venture and associates except where the Group is able to control the timing of reversal of the temporary
difference and it is probable that the temporary difference will not reverse in the foreseeable future. When it is
probable that the temporary differences arising from investments in subsidiaries and associates will be reversed in
the foreseeable future and that the taxable profit will be available in the future against which the temporary
differences can be utilised the corresponding deferred tax assets are recognised.
Deferred tax assets and liabilities are offset when:
?the deferred taxes are relate to the same tax payer within the Group and same fiscal authority and;?
? that tax payer has a legally enforceable right to offset current tax assets against current tax liabilities.
31. Leases
（1）Accounting of operational leasing
Operating lease expenses are recorded in relevant cost of capital or current profit or loss according to straight-line
method over the lease period.Operating lease revenue are recognised according to straight-line method over the lease period.
（2）Accounting treatment of financing leasing
When the Group acquires an asset under a finance lease the asset is measured at an amount equal to the lower of
its fair value and the present value of the minimum lease payments each determined at the inception of the lease.The difference between the fair value of the leased assets and the minimum lease payments is recognised as
unrecognised finance charges. Unrecognised finance charge under finance lease is amortised using an effective
interest method over the lease term. The minimum lease payment net of unrecognised finance charges are
disclosed as long-term payable.
32. Other significant accounting policies and estimates
33.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
34.Other
VI.Taxation
1.Main categories and rates of taxes
Tax items Tax basis Tax rate
VAT
Taxable value added amount (Tax
payable is calculated using the taxable
sales amount multiplied by the
applicable tax rate less deductible VAT
input of current period)3%，6%，10%，11%，16%及 17%（According to the “Noticeof the Ministry of Finance and the State Administration ofTaxation on Adjusting the Value-Added Tax Rate” (Cai Shui
[2018] No. 32) and related regulations since May 1 2018 the tax
rates for the group's original business which were applicable to
17% and 11% will be adjusted to 16% and 10% respectively）
City maintenance and
construction tax
Amount of VAT business tax and
consumption tax paid
5% and7%
Corporate income tax Taxable income 0% and 25%
Education surcharges Based on VAT paid 3%
Local education
surcharges
Based on VAT paid 2%
House property tax
The rental income or residual value of
the property
12% and1.2%
In case there exist any taxpayer paying corporate income tax at different tax rates disclose the information
Name of taxpayer Income tax rates
Dianbai Wind power 0%
Qujie Wind Power 0%
Leizhou Wind Power 0%
2.Tax preferences
Pursuant to the approval documents (Caishui [2008] No. 46 and Guo Shui Fa [2009] No. 80) Xuwen Wind Power
Dianbai Wind Power Qujie Wind Power and Leizhou Wind Power are exempted from enterprise income tax in the
first three years counting from the year profits are recorded and can enjoy half rate reduction in the following
three years. As the local taxation bureau considered that Xuwen Wind Power posted profits for the first time in
2012 and Dianbai Wind Power posted profits for the first time in 2016 Qujie Wind Power posted profits for the
first time in 2016 and Leizhou Wind Power posted profits for the first time in 2017 the applicable enterprise
income tax rates for Dianbai Wind Power Qujie Wind Power and Leizhou Wind Power are 0% 0% and 0% in
first half of 2018 (2017:0% 0% and 0%) respectively.In addition 50% of VAT levied on the sales of electricity generated by Guangdong Yudean Shibeishan Wind
Power Co. Ltd. (“Shibeishan”) Guangdong Yudean Zhanjiang Wind Power Generation Co. Ltd. (“ZhanjiangWind Power”) Xuwen Wind Power Dianbai Wind Power Qujie Wind Power and Leizhou Wind Power and
Huilai Wind Power will be refunded immediately in accordance with the Notice Concerning Value Added Tax
Policies on Wind Power Generation (Cai Shui [2015] No.74)
3.Other
VII. Notes of consolidated financial statements
1.Monetary Capital
In RMB
Items Year-end balance Year-beginning balance
Cash 51361 37745
Bank deposit 5928532419 4996542745
Total 5928583780 4996580490
Other notes
As of June 302018The company’s deposit in Yudean Finance company is 3605937699 yuan (4152300806 yuan
before December 31 2017).The deposit in Yudean Finance means that deposited in Guangdong Yudean Finance
Co. Ltd. (“Yudean Finance”). Yuedian Finance is one financial institution approved by People's Bank of China
and is a subsidiary of Yuden Group Co. Ltd.
2.Financial assets measured at fair value throuth current profit and loss
In RMB
Items Year-end balance Year-beginning balance
Other notes
3.Derivative financial assets
□Applicable √ Not applicable
4.Note receivable
（1）Classification bill receivable
In RMB
Items Year-end balance Year-beginning balance
（2）Note receivable pledged by the Company at the period -end
In RMB
Items Amount
（3）Note receivable endorsed or discounted by the Company as at June 30.2018 but not expired on the balance
sheet date
In RMB
Items Amount derecognized as at June 302018
Amount underecognized ats at june
302018
（4）There is no notes transferred to accounts receivable because drawer of the notes fails to exuted the contract or
agreement
In RMB
Items Amount
Other notes
5.Account receivable
（1）Classification Account receivable :
In RMB
Category
Year-end balance Year-beginning balance
Book balance
Provision for bad
debts
Book
Value
Book balance
Provision for
bad debts
Book Value
Amount
Proportion
（%）
Amount
Proportion
（%）
Amount
Proportion（%）
Amou
nt
Propo
rtion
（%）
Accounts receivable
of individual
significance and
subject to individual
impairment
assessment
2864336
117
98.62%
2864336
117
2781066903 98.40% 2781066903
Accounts receivable
of individual
insignificance but
subject ot individual
impairment
assessment
4013318
4
1.38%
4013318
4
45170356 1.60% 45170356
Total
2904469
301
100 %
2904469
301
2826237259 100 % 2826237259
Receivable accounts with large amount individually and bad debt provisions were provided.
√Applicable □Not applicable
In RMB
Content of account
receivable（Unit）
End of term
Account receivable Provision for bad debts Proportion of provision Reason for provision
GPGC 2665000237 0 0 %
Shenzhen Powe supply
Bureau
142006674 0 0 %
GPGCZhanjiang Power
supply Bureau
39623537 0 0 %
GPGCJieyang Power
supply Bureau
9694907 0 0 %
YPGC 8010762 0 0 %
Total 2864336117 -- --
Account reveivable on which bad debt proisions are provided on age basis in the group
□Applicable √Not applicable
Receivable accounts on which had debt provisions are provided on percentage analyze basis in a portfolio
□Applicable √Not applicable
Receivable accounts on which had debt provisions are provided by other ways in the portfolio
（2）Accounts receivable withdraw reversed or collected during the reporting period
The withdrawal amount of the bad debt provision during the reporting period was of RMB 0.00;The amount of the
reversed or collected part during the reporting period was of RMB0.00.Where the current bad debts back or recover significant amounts:
In RMB
Name Back or withdraw money Method
（3）The current accounts receivable written-offs situation
In RMB
Items Amount written-offs situation
Account receivables actually written-offs during the reporting period：
In RMB
Name
Nature of account
receivable
Amount written-off
Reason for
written-off
Verification
procedures
Arising form related
transactions(Y/N)
Explanation for written-off of account receivables：
（4）The ending balance of other receivable owed by the imputation of the top five parties
Name Amount in year-end
Bad debt provision
Proportion%
Proportion%
Total 2864336117 - 98.62%
GPGC 2665000237 0 91.76%
Shenzhen Powe supply Bureau 142006674 0 4.89%
GPGCZhanjiang Power supply
Bureau
39623537 0 1.36%
GPGCJieyang Power supply
Bureau
9694907 0 0.33%
YPGC 8010762 0 0.28%
(5) Account receivable which terminate the recognition owning to the transfer of the financial assets
(6) The amount of the assets and liabilities formed by the transfer and the continues involvement of accounts
receivable
Other notes：
6.Prepayments
（1）Age analysis
In RMB
Aging
Year-end balance Year-beginning balance
Amount Proportion Amount Proportion
Within 1 year 1216078228 97.39% 825247024 99.81%
1-2 years 31850748 2.55% 963292 0.12%
2-3 years 264115 0.02% 8640 0 %
Over 3 years 539649 0.04% 567323 0.07%
Total 1248732740 -- 826786279 --
Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in time:：
As at June 302018 advances to suppliers aged more than 1 year were RMB 32654512 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 % Reason
Guangdong Power Industry Fuel Co. Ltd. The joint venture
with Guangdong
group control
544340420 43.59% According to
the annual
assessment
of rolling
balance
Guangdong Zhutui Electric Power fuel Co.Ltd.Non-related party
282194545 22.60%
Guangzhu Railway Co. Ltd. Gaolan Port
Station income accounts
Non-related party
65337935 5.23%
Guangzhou Port Co. Ltd. Xiji Port Branch Non-related party 61293969 4.91%
Guangshen Railway Co. Ltd. Guangzou
Freight Center
Non-related party
52218982 4.18%
Total 1005385851 80.51%
Other notes：
7.Interest receivable
（1）Classification Interest receivable
In RMB
Items Balance in year-end Balance in Year-beginning
Fixed deposit 18297556 14923771
Total 18297556 14923771
（2）Important overdue interest
Name Balance in year-end Overdue date Reason
Is there any impairment
and its judgment basis?
Other notes：
8.Dividend receivable
（1）Dividend receivable
In RMB
Items Amount in year-end Amount in year-beginning
（2）Dividend receivable aging over 1 years
In RMB
Items Amount in year-end Age Reason
Whether the impairment
and its judgment basis
Other notes：
9. Other accounts receivable
(1) Other accounts receivable disclosed by category
In RMB
Category
Amount in year-end Amount in year- begin
Book Balance
Bad debt
provision
Book value
Book Balance Bad debt provision
Book value
Amount
Proport
ion(%)
Amount
Propor
tion(%
)
Amount
Proporti
on(%)
Amount
Proportio
n(%)
Other accounts
receivable of
individual
significance and
subject to
individual
impairment
assessment
208585420 71.58% 0 0 % 208585420 171216800 79.36% 0 0 % 171216800
Other accounts
receivable of
individual
insignificance
but subject to
individual
impairment
assessment
82804232 28.42% 6846527 8.27% 75957705 44537720 20.64% 6846527 15.37% 37691193
Total 291389652 100 % 6846527 2.35% 284543125 215754520 100 % 6846527 4.59% 208907993
Other receivable accounts with large amount and were provided had debt provisions individually at end of period.
√ Applicable □ Not applicable
In RMB
Other receivable（Unit）
End of term
Other receivable Bad debt provision Proportion Reason
Guangdong Yudean Property
Insurance Captive Co. Ltd.
98000000 0 0 %
Guangdong Yudean Enviornmental
Pretection Co. Ltd.
87139420 0 0 %
Maoming Bohe Xingang District
Construction Headquarters office
23446000 0 0 %
Total 208585420 0 -- --
Other receivable accounts in Group on which bad debt provisions were provided on age analyze basis：
□Applicable √Not applicable
Other receivable account in Group on which bad debt provisions were provided on percentage basis：
□Applicable √Not applicable
Other Receivable accounts on which bad debt provisions are provided by other ways in the portfolio：
√ Applicable □ Not applicable
In RMB
Nature Book balance Bad debt provision
Prepayments for construction 32614038 2266145
Income receivable from by product
sales
100262617 2803641
Reserve funds 8872740 34619
Other 24445537 1742122
Total 166042932 6846527
（2）Bad debt provision accrual collected or switch back
Bad debt provision accrual was RMB0.00 the acount collected or switches back amounting to RMB 0.00.
Significant amount of reversed or recovered bad debt provision：
In RMB
Name Amount Method
(3) Other account receivables actually cancel after wtite-off
In RMB
Items Amount
Of WhichOther receivable write-off：
In RMB
Name Nature Amount Reason program
Whether the money
is generated by
related party
transactions
Notes：
(4) Other account receivables category by nature of money
In RMB
Naature Ending book balance Beginning book balance
Prepayments for construction 100262617 140445384
Reserve funds 98000000 0
Prepayments for construction 32614038 6236199
Land fund 23446000 23446000
Petty cash 8720740 6996288
Government Grants 3900720 6474557
Other 24445537 32156092
Total 291389652 215754520
（5）The ending balance of other receivables owed by the imputation of the top five parties
In RMB
Name Nature
Year-end
balance
Age
Portion in total other
receivables(%)
Bad debt provision
of year-end balance
Guangdong Yudean Property
Insurance Captive Co. Ltd.Investment to be
transferred
98000000 Within 1 year 33.63% 0
Guangdong Yudean
Environmental Protection Co.
Ltd.Sales of by-products
receivable
87139420 Within 1 year 29.90% 0
Maoming Bohe Xingang
District Construction
Headquarters office
Land cushion
receivable
23446000 Within 1 year 8.05% 0
Huidong Finance Bureau VAT return 3900720 Within 1 year 1.34% 0
Maoming Petrochemical
Shengli cement Co. Ltd.Sales of by-products
receivable
3148056 Within 1 year 1.08% 0
Total -- 215634196 -- 74 % 0
(6) Account receivables with government subsidies involved
In RMB
Name Project name Amount in year-end At the end of aging Estimated time amount
and basis
Huilai State Taxation
Bureau
VAT return 3900720 Within 1 year
It is expected to be fully
recovered in December
2018
Total -- 3900720 -- --
(7) Other account receivables recognition terminated due to transfer of financial assets
(8) Other account receivables transferred and assets & liability formed by its continuous involvement
Other Notes
10.Inventory
Whether the company needs to comply with the disclosure requirements of the particular industry
No
（1）Inventory types
In RMB
Items
Year-end balance Year-beginning balance
Book Balance
Provision for bad
debts
Book value Book Balance
Provision for bad
debts
Book value
Raw materials 1308064351 0 1308064351 807187691 0 807187691
Parts 663909599 17420859 646488740 714566924 17420859 697146065
Other 51846978 51846978 23301017 23301017
Total 2023820928 17420859 2006400069 1545055632 17420859 1527634773
Whether the company is required to comply with the "Shenzhen Stock Exchange Industry Information Disclosure
Guidelines No. 4 - listed companies engaged in seed industry planting business" disclosure requirements
No
(2) Inventory depreciation reserve
In RMB
Items
Beginning of
term
Increased in current period Decreased in current period
End of term
Provision Other Transferred back Other
Raw materials 0 0 0 0 0 0
Parts 17420859 0 0 0 0 17420859
Total 17420859 0 0 0 0 17420859
(3) Explanation on inventories with capitalization of borrowing costs included at ending balance
(4) Assets unsettled formed by construction contract which has completed at period-end
In RMB
Items Amount
Other notes：
11. Divided into assets held for sale
In RMB
Items Ending book value Fair value Estimated disposal cost Estimated disposal time
Other notes：
12. Non-current assets due within 1 year
In RMB
Items Year-end balance Year-beginning balance
After-sale leaseback deposit 29563053
Total 29563053
Other notes：
13. Other current assets
In RMB
Items Year-end balance Year-beginning balance
Deductible VAT 1137109120 1106133996
Prepayment of income tax 20552076 31389365
Other 528898 59108
Total 1158190094 1137582469
Other notes：
14. Available-for-sale financial assets
(1) Available-for-sale financial assets
In RMB
Items
Balance in year -end Amount at year beginning
Book balance
Provision for
impairment
Book value Book balance
Provision for
impairment
Book value
Available-for-sale
liabilities instruments
1206175581 25010686 1181164895 1268644671 25010686 1243633985
According to the fair
value measurement
346523895 346523895 408992985 408992985
According to the Cost
measurement
859651686 25010686 834641000 859651686 25010686 834641000
Total 1206175581 25010686 1181164895 1268644671 25010686 1243633985
(2) Available-for-sale financial assets measured at fair value at period-end
In RMB
Classification
Available-for-sale equity
instruments
Available-for-sale liabilities instruments Total
Cost of the equity
instruments/amortized
cost of the liabilities
instruments
0
Fair value 346523895 346523895
Changed amount of the
fair value accumulatively
included in other
comprehensive income
91195279 91195279
（3）Available-for –sale financial assets measured at cost at the end of the year
In RMB
Investee
Book balance Provision for impairment Percenta
ge of
sharehol
ding in
Cash
dividends
for the
year
Balance of
term
Increa
se
Decre
ase
End of term
Balance of
term
Increase
Decre
ase
End of term
investees
%
ShenzhenChuangxin
Imvestment Group
Co. Ltd.
115000000 115000000 3.67% 16978500
Sun Insurance 356000000 356000000 3.38%
South Sea Wind
Electricity
Development Co.
Ltd.
70000000 70000000 10 %
Yunnan Weixin
Energy Co. Ltd.
318651686 318651686 25010686 25010686 19.55%
Total 859651686 859651686 25010686 25010686 -- 16978500
(4) Changes of the impairment of the available-for-sale financial assets during the reporting period
In RMB
Type
Available-for-sale Equity
instruments
Available-for-sale Debt
instruments
Total
⑸Relevant description of the end of the fair value of the equity instruments at the end of a serious decline in fair
value or non temporary decline but not related to impairment provision
Project Investment cost Ending fair value
Decrease in fair
value relative to
cost
Continuous fall
time (month)
Provision for
impairment
Reasons for
impairment
Other notes
In RMB
15. Held-to-maturity investment
(1) Held-to-maturity investment
In RMB
Items
Year-end balance Year-beginning balance
Book balance
Provision for
impairment
Book value Book balance
Provision for
impairment
Book value
(2) Important held-to-maturity investment at period-end
In RMB
Project Face value Interest rate Actual interest rate Expiring date
(3) Reclassify of held-to-maturity investment in the period
Other notes
16. Long-term account receivables
（1）Long-term account receivables
In RMB
Items
End of term Beginning of term
Range of rate
Book balance
Provision for
impairment
Book value Book balance
Provision for
impairment
Book value
After-sale
leaseback deposit
85579950 0 85579950 84358065 0 84358065 4.12%-5.31%
Total 85579950 85579950 84358065 84358065 --
(2) Long-term account receivables recognition terminated due to transfer of financial assets
(3) Long-term account receivables transferred and assets & liability formed by its continuous involvement
Other notes
17. Long-term equity investment
In RMB
Investees
Opening
balance
Increase/decrease
Closing
balance
Closing
balance
of
impairm
ent
provisio
n
Add
invest
ment
Reduce
invest
ment
Investment
gains and
losses
recognized
under the
equity
method
Adjustme
nt of
other
comprehe
nsive
income
Other
equity
changes
Declaration of
cash dividends
or profit
Withdra
wn
impair
ment
provisio
n
Other
I. Joint ventures
IndustrialFu
el
605678402 41278498 75493986 571462914
Subtotal 605678402 41278498 75493986 571462914
II. Associates
Shanxi
Yudean
Enerty
12164412
46
110913552 1327354798
Yudean
Finance
700701205 56739397 57221066 700219536
Taishan
Power
Generation
19614756
09
81699809 2043175418
Yudean
Shipping
941757936 -2354123 8469538 930934275
West
Investment
153696713 -20427697 133269016
YangshanJian
gkeng
5673426 239442 852810 5060058
YangshanZho
ngxinkeng
7509371 399953 7909324
Yudean 145321830 1586857 146908687
Captive
HuanengShan
tou Wind
Power
62750674 2329297 5045000 60034971
Subtotal
51953280
10
231126487 71588414 5354866083
Total
58010064
12
272404985 147082400 5926328997
Other notes
18. Investment real estate
(1) Investment real estate by cost measurement
√ Applicable □Not applicable
In RMB
Items House Building Land use right Construction in process Total
I. Original price
1. Balance at
period-beginning
20135165 20135165
2.Increase in the current
period
(1) Purchase
（ 2 ） Inventory\Fixed
assets\ Transferred from
construction in progress
(3)Increased of
Enterprise Combination
3.Decreased amount of
the period
（1）Dispose
（2）Other out
4. Balance at period-end 20135165 20135165
II.Accumulated
amortization
1.Opening balance 11838526 11838526
2.Increased amount ofthe
period
317799 317799
(1) Withdrawal 317799 317799
3.Decreased amount of
the period
（1）Dispose
（2）Other out
4. Balance at
period-end
12156325 12156325
III. Impairment provision
1. Balance at
period-beginning
2.Increased amount of
the period
(1) Withdrawal
3.Decreased amount of
the period
（1）Dispose
（2）Other out
4. Balance at period-end
IV.Book value
1.Book value at period
-end
7978840 7978840
2.Book value at
period-beginning
8296639 8296639
(2) Details of fixed assets failed to accomplish certification of property
□ Applicable √ Not appliucable
(3) Investment real estate without certificate of ownership
In RMB
Items Book balue Reason
Other notes
19. Fixed assets
(1) List of fixed assets
In RMB
Items House building
Machinery
eqiupment
Transportations Other equipment Total
I. Original price
1. Balance at
period-beginning
18246875839 55080195082 609324301 1272376920 75208772142
2.Increase in the
current period
192671528 849141807 6870707 30713856 1079397898
(1) Purchase 68898071 283870259 6870707 19522861 379161898
（2） Transferred fr
om construction in p
rogress
44235622 565271548 11190995 700236000
(3)Increased of
Enterprise
Combination
3.Decreased amount
of the period
70138146 314759967 13262328 8071059 406231500
（1）Disposal 70138146 314759967 13262328 8071059 406231500
4. Balance at
period-end
18372202656 55605298145 602177227 1302260512 75881938540
II. Accumulated
depreciation
1.Opening balance 6130373600 25913014678 451460572 831112010 33325960860
2.Increased amount
of the period
207329321 1383970690 10548816 74456910 1676305737
(1) Withdrawal 207329321 1383970690 10548816 74456910 1676305737
3.Decrease in the
reporting period
1579766 23140514 13436339 1546080 39702699
（1）Disposal 1579766 23140514 13436339 1546080 39702699
4.Closing balance 6336123155 27273844854 448573049 904022840 34962563898
III. Impairment
provision
1.Opening balance 117320986 764055146 1233218 3995616 886604966
2.Increase in the
reporting period
（1）Withdrawal
3.Decrease in
the reporting period
19374124 19374124
（1）Disposal 19374124 19374124
4. Closing balance 117320986 744681022 1233218 3995616 867230842
IV. Book value
1.Book value of the
period-end
11918758515 27586772269 152370960 394242056 40052143800
2.Book value of the
period-begin
11999181253 28403125258 156630511 437269294 40996206316
(2) Fixed assets temporarily idled
In RMB
Items Original book value
Accumulated
depreciation
Provision for
impairment
Book value Remark
(3) Fixed assets rented by finance leases
In RMB
Items Original book value
Accumulated
depreciation
Accumulated
depreciation
Book value
Zhongyue financing
leasing assets
900000000 333870539.14 140480000 425649460.86
Yuejiang financing 1121850800 207448862.69 914401937.31
leasing assets
Jinghai financing leasing
assets
1600000000 1100416666.67 499583333.33
(4) Fixed assets leased in the operating leases
In RMB
Items End book value
House and Building 11633387
(5) Fixed assets without certificate of title completed
In RMB
Items Book value Reason
House and Building 207852565
Temporarily in the government approved
stage
Other notes
20. Project under construction
(1)Project under construction
In RMB
Items
Year-end balance Year-beginning balance
Book balance Provision for
devaluation
Book value Book balance Provision for
devaluation
Book value
Bohe Coal integration project 5336568924 5336568924 5301125305 5301125305
Lincang Dayakou Hydropower
Station
38410774 38410774 29048654 29048654
Huizhou Natural Gas thermal and
power cogeneration expansion
project
2104340077 2104340077 1368242612 1368242612
Xuwen Shiban ling wind power
project
224437179 224437179 224363966 224363966
Xuwen Qujie Wind Power project 312791806 312791806
Red Bay No.5&6 generator units 26446446 26446446 26446446 26446446
Humen Electric 2*1000MW
project
137373040 137373040 137373040 137373040
Jinghai 1-4# generators ultra-low
emission reduction alteration
project
41786331 41786331
Zhanjiang Wind 1-4# generators
ultra-low emission renovation
project
56453163 56453163 43214650 43214650
Zhongyue 1 2 # generator units
alteration project
347979947 347979947 317584933 317584933
Other infrastructure construction
projects
602385167 14906223 587478944 462343094 14906223 447436871
Technology improvement and other
projects
401623156 886463 400736693 356532229 886463 355645766
Total 9276017873 153165726 9122852147 8620853066 153165726 8467687340
(2) Changes of significant construction in progress
In RMB
Name Budget
Amount at year
beginning
Increase at
this period
Transferred to
fixed assets
Other
decrease
Balance in
year-end
Proportion
(%)
Progress of
work
Capitalisation
of interest
accumulated
balance
Including：
Current
amount of
capitalization
of interest
Capitalis
ation of
interestratio（%)Source of
funds
Bohe Coal integration project 9785950000 5301125305 73359059 37915440 5336568924 54.92% 54.92% 228418223 76695262 4.75%
Borrowing
proprietary
funding
Lincang Dayakou
Hydropower Station
1209578400 29048654 9362120 38410774 93.63% 93.63% 168665127 4.36%
Borrowing
proprietary
funding
Huizhou Natural Gas thermal
and power cogeneration
expansion project
3516060000 1368242612 738748745 2012956 638324 2104340077 59.91% 59.91% 43607827 23311179 4.28%
Borrowing
proprietary
funding
Xuwen Shiban ling wind
power project
460639300 224363966 73213 224437179 53.99% 61% 8328342 185538 4.36%
Borrowing
proprietary
funding
Xuwen Qujie Wind Power
project
466450000 312791806 35122278 347914084 77.99% 100% 11684059 288789 4.36%
Borrowing
proprietary
funding
Red Bay No.5&6 generator
units
7714370000 26446446 26446446 0.34% 0.50% Other
Humen Electric 2*1000MW
project
137373040 137373040 Other
Jinghai 1-4# generators
ultra-low emission reduction
alteration project
558000000 41786331 96723817 138510148 70.35% 100% Other
Zhanjiang Wind 1-4#
generators ultra-low emission
renovation project
259000000 43214650 13238513 56453163 66.84% 66.84% Other
Zhongyue 1 2 # generator
units alteration project
531200000 317584933 30395014 347979947 65.51% 100% 9595833 7295556 4.90% Borrowing
proprietary
funding
Other infrastructure
construction projects
462343094 140412273 37982 332218 602385167 Other
Technology improvement and
other projects
356532229 219732973 173845390 796656 401623156 Other
Total 24501247700 8620853066 1357168005 700236000 1767198 9276017873 -- -- 470299411 107776324 --
（3）Provision for impairment of construction projects
In RMB
Items Amount Reason
Other notes
21. Engineering Material
In RMB
Items End of term Beginning of term
Spectial equipment 34372179
Spectial Material 1520320 1496854
Total 1520320 35869033
Other notes：
22.Liquidation of fixed assets
In RMB
Items End of term Beginning of term
Power Equipment parts scrapped due to tec
hnical innovation
22879388 14622066
Other equipment 328818 40167
Total 23208206 14662233
Other notes：
23. Productive biological assets
(1) Measured by cost
□ Applicable √ Not applicable
(2) Measured by fair value
□ Applicable √ Not applicable
24. Oil-and-gas assets
□ Applicable √ Not applicable
25. Intangible assets
（1）Information
In RMB
Items Land use right Patent
Non-patent
Technology
Software Franchise right Sea use right
Transportation
project
Electric
transmission
project and
microwave
project
Other Total
I. Original price
1.Opening balance 1812995669 812297 109832029 13720736 129906544 22468672 442517684 138450 2532392081
2.Increased amount ofthe
period
17845 2906569 8360328 11284742
(1) Purchase 2906569 8360328 11266897
(2)Internal Development 17845 17845
(3)Increased of Enterprise
Combination
3.Decreased amount of the period 84000 1651145 8360328 10095473
（1）Disposal 84000 1651145 8360328 10095473
4. Balance at period-end 1812995669 746142 111087453 13720736 129906544 22468672 442517684 138450 2533581350
II.Accumulated amortization
1. Balance at period-beginning 295026101 414369 79987831 9910705 20484400 21447068 405126139 832396613
2. Increase in the current period 20032020 99081 5486015 366236 1034226 27017578
(1) Withdrawal 20032020 99081 5486015 366236 1034226 27017578
3.Decreased amount of the period 84000 1545309 1629309
（1）Disposal 84000 1545309 1629309
4. Balance at period-end 315058121 429450 83928537 10276941 21518626 21447068 405126139 857784882
III. Impairment provision
1. Balance at period-beginning 1021604 33189374 34210978
2. Increase in the current period
(1) Withdrawal
3.Decreased amount of the period
（1）Disposal
4. Balance at period-end 1021604 33189374 34210978
4. Book value
1.Book value at period -end 1497937548 316692 27158916 3443795 108387918 4202171 138450 1641585490
2.Book value at period-beginning 1517969568 397928 29844198 3810031 109422144 4202171 138450 1665784490
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
⑵Details of Land use right failed to accomplish certification of property
In RMB
Items Book value Reason
Land use right 46622491 Land use approval procedure in progress
Other notes：
26. Development expenditure
In RMB
Items
Beginning
balance
Increase in the period Decrease in period
Ending
balance
R & D
expenses
0 220000 220000
Total 0 220000 220000
Other notes：
27. Goodwill
(1) Original book value of goodwill
In RMB
Name of the investees or the events
formed goodwill
Opening balance Increase Decrease Closing balance
Province Wind Power 2449886 2449886
Linchang Company 25036894 25036894
Total 27486780 27486780
（2）Impairment tprovision of goodwill
In RMB
Name of the
investees or the
events formed
goodwill
Opening balance Increase Decrease Closing balance
Notes of the testing process of goodwill impairment parameters and the recognition method of goodwill
impairment losses:
Other notes:
28.Long-term amortization expenses
In RMB
Items
Balance in
year-begin
Increase at this
period
Amortization
balance
Other decrease Balance in year-end
Leasehold
improvement
5689613 39217 649962 0 5078868
Long-term lease
charges
19343794 0 1014083 0 18329711
Other 1973964 48356 9403 0 2012917
Total 27007371 87573 1673448 0 25421496
Other notes:
29.Deferred income tax assets/deferred income tax liabilities
(1)Details of the un-recognized deferred income tax assets
In RMB
Items
Balance in year-end Balance in year-begin
Deductible temporary
difference
Deferred income tax
assets
Deductible temporary
difference
Deferred income tax
assets
Provision for asset
impairment
591175459 147786043 601414037 150345688
Deductible losses 533806281 135767775 543075416 135768855
Depreciation for fixed
assets
76893416 19223353 76893416 19223353
Employee benefits
payable
86241170 21560293 86241170 21560293
Net income from testrun
included in construction
in progress
117089330 26510083 117089330 26510083
Government grant 56576917 14144229 56576917 14144229
Amortisation of land use
right
3170586 792647 3170586 792647
Intra-Group transactions 193909804 48477451 202928868 50732217
Total 1658862963 414261874 1687389740 419077365
(2)Details of the un-recognized deferred income tax liabilities
In RMB
Items
Balance in year-end Balance in year-begin
Temporarily Deductable
or Taxable Difference
Deferred Income Tax
liabilities
Temporarily Deductable
or Taxable Difference
Deferred Income Tax
liabilities
Changes in fair value of
tradable financial assets
91195279 22798819 153664369 38416092
Net incme/expensess
included in the
Construction in project
37809283 9452322 37809283 9452322
Appreciation of
acquisition subsidiaries
89825196 22456299 91379088 22844772
Total 218829758 54707440 282852740 70713186
(3) Deferred income tax assets or liabilities listed by net amount after off-set
In RMB
Items
Trade-off between the
deferred income tax
assets and liabilities
End balance of deferred
income tax assets or
liabilities after off-set
Trade-off between the
deferred income tax
assets and liabilities at
Opening balance of
deferred income tax
assets or liabilities after
period-begin off-set
Deferred income tax
assets
-30907053 383354821 -46524326 372553039
Deferred income
liabilities
-30907053 23800387 -46524326 24188860
(4)Details of income tax assets not recognized
In RMB
Items Balance in year-end Balance in year-begin
Deductible temporary difference 936551327 936551327
Deductible loss 647719380 587890568
Total 1584270707 1524441895
(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
2018 2504832 2504832
2019 8513773 8513773
2020 5008444 5008444
2021 148194058 148194058
2022 423669461 423669461
2023 59828812
Total 647719380 587890568 --
Other notes：
30 .Other non-current assets
In RMB
Items Balance in year-end Balance in year-begin
Prepayments for construction fund 458299003 350347973
Unrealised losses on sale and lease back 164317675 173916629
Prepayments for equipment fund 162119598 165761100
Prepayments for land 3732680 3732680
Other 741176 889151
Total 789210132 694647533
Other notes：
31.Short –term loans
（1）Short-term loans by category
In RMB
Items Balance in year-end Balance in year-begin
Credit loans 10035000000 9270000000
Total 10035000000 9270000000
Notes：
(2) Situation of Overdue Outstanding Short-Term Borrowing
Final overdue outstanding short-term borrowing was zero and situation of important overdue outstanding
short-term borrowing was as follows:
In RMB
Unit Closing balance Interest rate Time Overdue interest rate
Other notes：
32. Financial liabilities measured at fair value through current profit and loss
In RMB
Items Closing balance Opening balance
Other notes：
33. Derivative financial liabilities
□ Applicable√ Not applicable
34. Note payable
In RMB
Items Balance in year-end Balance in year-begin
Commercial acceptance 0 0
Bank acceptance bills 379154349 297611800
Total 379154349 297611800
Amount due in next fiscal period is RMB0.00.
35. Account payable
（1）Account payable
In RMB
Items Balance in year-end Balance in year-begin
Fuel payable 2549155940 1530075127
Materials and spare parts payable 508121868 483460431
Management fee payable 140818531 89461265
Other 247777465 116030438
Total 3445873804 2219027261
（2）Significant accounts payable that aged over one year
In RMB
Items Balance in year-end
The reason for not repaid or carried forwar
d
Fuel payable 11753524
After both parties to confirm the amount
paid
Materials and spare parts payable 23919364 Time arrangement for payable
Management fee payable 89461265 Time arrangement for payable
Other 885156 Time arrangement for payable
Total 126019309 --
Other notes：
36.Received in advance
（1）Received in advance
In RMB
Items Balance in year-end Balance in year-begin
Advances for grid payment 827575 1713424
Other 184798 224799
Total 1012373 1938223
(2) Accounts payable with major amount and aging of over one year
In RMB
Items Closing balance Reason
（3）Information of unliquidated completed assets formed in the construction contract at the end of the
period
In RMB
Items Amount
Other notes：
37. Employee compensation payable
(1)Classification of employee compensation payable
In RMB
Items Balance in year-begin Increase at this period Decrease at this period Balance in year-end
I. Short –term wages 140101582 637509323 590161560 187449345
II. Welfare afterlwaving
of position-fixed
provision scheme
87840673 87840673
III. Termination benefit 17637046 7627657 7391025 17873678
Total 157738628 732977653 685393258 205323023
（2）Short-term remuneration
In RMB
Items Balance in year-begin Increase in this period Payable in this period Balance in year-end
1.Wages bonuses
allowances and subsidies
50978 461286210 422361314 38975874
2.Employee welfare 1864884 30709908 32260881 313911
3. Social insurance
premiums
50409762 34207639 25682034 58935367
Including：Medical
insurance
50409762 31802045 23276440 58935367
Work injury insurance 913648 913648
Maternity insurance 1491946 1491946
Other
4. Public reserves for
housing 61606082 61606082
5.Union funds and staff
education fee 82841668 38062977 35189155 85715490
8.Other
Short-term remuneration
4934290 11636507 13062094 3508703
Total 140101582 637509323 590161560 187449345
（3）Defined contribution plans listed
In RMB
Items Balance in year-begin Increase in this period Payable in this period Balance in year-end
1. Basic old-age
insurance premiums
0 64520553 64520553 0
2.Unemployment
insurance
0 1701968 1701968 0
3. Annuity payment 21618152 21618152
Total 87840673 87840673
Other notes：
38.Tax Payable
In RMB
Items Balance in year-end Balance in year-begin
VAT 272341172 159547521
Enterprise Income tax 214826641 59224530
Individual Income tax 4011332 29612341
City Construction tax 5314229 3500667
Land use tax 6873548 14990255
Discharge fees 0 2996840
House property Tax 26495646 2877522
Education surcharges 4443925 2895952
Environmental protection tax 2225123
Other 9405603 1639774
Total 545937219 277285402
Other notes：
39. Interest payable
In RMB
Items Balance in year-end Balance in year-begin
Long-term loans interest of installment and
interest charge
81263909 36701382
Enterprise bond interest 15288925 50486869
Short term loan interest payable 11709102 11010687
Other 354166 354166
Total 108616102 98553104
Interest overdue without paid：
In RMB
Borrower Amount Reason
Other notes：
40. Dividends payable
In RMB
Items Balance in year-end Balance in year-begin
Common dividends 9703930 9703930
Total 9703930 9703930
Other explanation including dividends payable with over one yearage and disclosure un-payment reasons：
41.Other payable
（1）Disclosure by nature
In RMB
Items Balance in year-end Balance in year-begin
Construction and equipment payable 3327361062 3430308319
Engineering quality guarantee payable 195098255 156112962
State Oceanic Administration penalty
payable
172144350 172144350
Volume Purchase payable 4000000 4000000
Advance payment 7655833 12726072
Other 170823560 133220968
Total 3877083060 3908512671
(2) Other payables with large amount and aging of over one year
In RMB
Items End of term Reason
Construction and equipment payable 540764879
State Oceanic Administration penalty
payable
172144350
Engineering quality guarantee payable 68696174
Volume Purchase payable 4000000
Other 57599186
Total 843204589 --
Other notes
Mainly used to cope with project funds and retention money. Since the project has not finished the project and
acceptance and final s ettlement or in the warranty period of acceptance the project funds and retention money
has not been settled.
42. Divided into liability held for sale
In RMB
Items Closing balance Opening balance
Other notes：
43.Non-current liabilities due within 1 year
In RMB
Items Balance in year-end Balance in year-begin
Long-term loans due in 1 year 2454827399 1445497943
Bond payable due in 1 year 1197935476
Long-term Account payable due in 1 year 291893306 369256941
Total 2746720705 3012690360
Other notes：
44.Other current liabilities
In RMB
Items Balance in year-end Balance in year-begin
Short-term bond payable 501475694 0
0
Total 501475694
Changes in short-term debentures payable：
In RMB
Name Face value
Issuance
date
Maturit
y period
Issuance
amounts
Balance
at the
beginnin
g of the
year
Issuance
during the
year
Interest at
face value
Amortisa
tion of
siscounts
or
premium
Repay
ment
for the
period
Balance at
the end of
the year
First batch of
short-term
financing bonds
issued by
Guangdong
Electric Power
Development Co.
Ltd. of 2018
500000000 06/06/2018 180 天 500000000 0 500000000 1475694 0 0 501475694
Total -- -- -- 500000000 500000000 1475694 501475694
Other notes：
45.Long-term borrowings
（1）Long-term term borrowings
In RMB
Items Balance in year-end Balance in year-begin
Pledged borrowings 2804420143 2489399132
Mortgage borrowings 85000000 85000000
Guarantee loan 13834275771 1606812500
Credit loans 1625598751 15284512237
Total 18349294665 19465723869
Notes of short-term loans category:
Other notes including interest rate range:
46.Bond payable
（1）Bond payable
In RMB
Items Balance in year-end Balance in year-begin
16 Pinghai01 698413826 698168211
12 Yudean Bond 38718405
Total 737132231 698168211
（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
Name of
the bond
Book value
Issue
date
Perio
d
Issue amount
Opening
balance
The
curre
nt
issue
Withdraw
interest at
par
Overflow
discount
amount
Pay in current
period
Other
Closing
balance
16
Pinghai01
700000000
2016/
3+2
years
700000000 698168211 0 10910278 -10664663 0 698413826
12 Yudean
Bond
1200000000
2013/
5+2
years
1200000000 0 0 476429 0 1159693500 1197935476 38718405
(3) Note to conditions and time of share transfer of convertible bonds
（4）Other financial instruments that are classified as financial liabilities
The issuance of preferred stock and other financial instruments such as perpetual debt
Table of changes in financial instruments such as preferred stock and perpetual debt
In RMB
External
financial
Balance in year-begin Increase at this period Decrease at this period Balance in year-end
Amount Book value Amount Book value Amount Book value Amount Book value
instruments
Other Notes
47. Long-term payable
(1) Long-term payable listed by nature of the account
In RMB
Items Balance in year-end Balance in year-begin
Financing lease 1935988562 1458259241
Share repurchase payable 90000000 90000000
Total
Other Notes
48. Long-term employee salary payable
（1）Long-term employee salary payable
In RMB
Items Balance in year-end Balance in year-begin
II. Termination benefits 44022009 52525697
III. Other Long-term benefits 32333628 39097210
Total 76355637 91622907
(2) Changes of defined benefit plans
Present worth of defined benefit plans obligation:
In RMB
Items Closing balance Opening balance
Plan assets：
In RMB
Items Closing balance Opening balance
Net liabilities(net assets) of defined benefit plans
In RMB
Items Closing balance Opening balance
Notes to the influence of the content and related risk of defined benefit plans to the future cash flows time and
uncertainty of the Company:
Notes to analysis results of major actuarial assumptions and sensibility of defined benefit plans
Other notes:
49. Specific payable
In RMB
Items Beginning of term Increased this term Decreased this term End of term Reason
Supply of water
electricity and heat and
39645011 20843665 2575169 57913507
property management
Supporting funds for
expansion
24960000 24960000
Total 64605011 20843665 2575169 82873507 --
Other notes：
50. Estimates liabilities
In RMB
Items Balance in year-end Balance in year-begin Reason
Other notes：
51.Deferred income
In RMB
Items Beginning of term Increased this term Decreased this term End of term Reason
Government subsidy 142520263 0 2073849 140446414
Total 142520263 0 2073849 140446414 --
Details of government subsidies：
In RMB
Items
Beginning of
term
New
subsidy in
current
period
Amount
transferred to
non-operational
income
Other income
recorded in
the current
period
Amount of
cost
deducted in
the current
period
Other
chang
es
End of term
Asset-related
orincome-rel
ated
Shajiao A Zhenkou
Pump house
28560022 28560022
Related to
assets
Energy saving funds 20863104 1231347 19631757
Related to
assets
Tax refund for
PRC-produced
equipment
17221559 17221559
Related to
assets
Development and
competitiveness funds
from SASAC
8666666 8666666
Related to
assets
Incentives for energy
efficiency of power
plant by Dongguan
city
8781631 8781631
Related to
assets
5# generation set of
desulfurization project
3076924 3076924
Related to
assets
Expansion on flow
reconstruction project
3887055 3887055
Related to
assets
Sha A – 2016 central
finance energy saving
fund
3783124 3783124
Related to
assets
Refurbishment on air
preheater
3093442 3093442
Related to
assets
Dianbai Reshui wind 3000000 3000000 Related to
power plant project assets
Special prize funds of
recycle economy and
energy saving by
Shenzhen city
2707321 2707321
Related to
assets
Refurbishment on air
preheater
2585029 2585029
Related to
assets
Special funds for
differential electricity
price
1026886 148696 878190
Related to
assets
Water-freshing project 1076924 1076924
Related to
assets
Special prize funds of
recycle economy and
energy saving by
Shaoguan city
923896 101051 822845
Related to
assets
Circulating water
pump special fund for
technological
renovation
1000000 1000000
Related to
assets
1&2# Air preheater
energy saving project
1000000 1000000
Related to
assets
Social security
treatment clearing
account relating to
firm’s stable position
subsidy
102370 102370
Related to
income
Comprehensive
technology upgrading
for the energy saving
of 1&2# generator
units turbine
10000000 10000000
Related to
assets
Second incentives for
comprehensive and
typical demonstration
projects under
financial policies of
energy saving
8100000 8100000
Related to
assets
Energy saving funds
used as policy
liquidation subsidies
in previous year
4165231 195623 3969608
Related to
assets
Government subsidies
from the financial
treasury payment
centre of Qujiang
District Shaoguan
3568379 151258 3417121
Related to
assets
Specific funds for
denitrification and
energy saving
reconstruction of
300MW generator
units.
5330700 245874 5084826
Related to
assets
Total 142520263 2073849 140446414 --
Other notes：
52.Other Non-current liabilities
In RMB
Items Balance in year-end Balance in year-begin
Capital injection 16405569 16405569
Total 16405569 16405569
Other notes：
As at 31 December 2017 and June 302018 the Group’s other non-current liabilities represented the capital
injection received by Yuejiang Power from minority shareholders. However such capital injection was recorded
as other non-current liabilities as the registration for changes of business license has not been completed.
53.Stock capital
In RMB
Balance in
year-begin
Changed（+，-）
Balance in
year-end Issuance of
new share
Bonus shares
Capitalization
of public
reserve
Other Subtotal
Total of capital
shares
5250283986.
00
5250283986.
00
Other notes：
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
Financial
instruments
outstanding
issued
Opening period Increase Decrease 少 Closing period
Amount Book value Amount Book value Amount Book value Amount Book value
Changes reason of change and basis of relevant accounting treatment of other equity instruments in reporting
period:
Notes:
55. Capital reserves
In RMB
Items Year-beginning balance Increase in the current
period
Decrease in the current
period
Year-end balance
Share premium 4445477866 4445477866
Other capital reserves 2919327 2919327
Estimate Increase 119593718 119593718
Investment from Yudean 395000000 395000000
Group
Transfer of original
institutional capital
reserve
20474592 20474592
Enjoy the rights of associ
ated enterprise base on sh
are holding
20785182 20785182
Total 5004250685 5004250685
Other exlanation including changes and reasons for changes：
56.Treasury stock
In RMB
Items Year-beginning balance Increase in the current
Decrease in the current
period
Year-end balance
Other notes including changes and reason of change:
57. Other comprehensive income
In RMB
Items
Year-beginning
balance
Amount of current period
Year-end
balance
Amount for t
he period bef
ore income ta
x
Less：
Previously rec
ognized in prof
it or loss in oth
er comprehensi
ve income
Less：Income
tax
After - tax a
ttributable t
o the parent
company
After - tax at
tributable to
minority sha
reholders
2.Other comprehensive income
reclassifiable to profit or loss in
subsequent periods
137001523 -62469090 -15617273 -46851817 90149706
Indluding：Share of other
comprehensive income of the
investee under the equity
method that w8ill be
reclassified to profit or loss
21753244 21753246
Gains or losses on changes in
fair value of available-for-sale
financial assets
115248279 -62469090 -15617273 -46851817 68396462
Total Other comprehensive
income
137001523 -62469090 -15617273 -46851817 90149706
Other explanation including the active part of the hedging gains/losses of cash flow transfer to initial
recognization adjustment fro the arbitraged items：
58. Special reserves
In RMB
Items Year-beginning balance Increase in the current
Decrease in the current
period
Year-end balance
Other notes including changes and reason of change:
59. Surplus reserve
In RMB
Items Year-beginning balance Increase in the current
period
Decrease in the current
period
Year-end balance
Statutory surplus reserve 2641707753 69654691 2711362443
Optional surplus reserves 4948655971 174136728 5122792700
Total 7590363724 243791419 7834155143
Other explanation including changes reasons for changes：
60. Retained profits
In RMB
Items Amount of this period Amount of last period
Before adjustments: Retained profits in last period
end
5713290735 6135494928
Adjustment period undistributed profit total 0 0
After adjustments: Retained profits at the period
beginning 5713290735 6135494928
Add: Net profit attributable to owners of the
Company for the period
448833518 128735725
Less: Appropriation to statutory surplus reserve 69654691 212960545
Drawing discretionary surplus reserve 174136728 532401361
DrawingCommon risk provision 420022719 420022719
Less：Other 36857
Retained profits at the period end 5498273258 5098846028
As regards the details of adjusted the beginning undistributed profits
(1)As the retroactive adjustment on Enterprise Accounting Standards and its related new regulations the affected
beginning undistributed profits are RMB 0.00.
(2) As the change of the accounting policy the affected beginning undistributed profits are RMB 0.00.
(3) As the correction of significant accounting error the affected beginning undistributed profits are RMB 0.00 .
(4) As the change of consolidation scope caused by the same control the affected beginning undistributed profits
are RMB 0.00
(5) Other adjustment of the total affected beginning undistributed profits are RMB 0.00 .
61. Business income Business cost
In RMB
Items
Amount of current period Amount of previous period
Income Cost Income Cost
Main business 13769537895 12199733160 12301242987 11116293804
Other business 125447284 1123267 84243590 10396187
Total 13894985179 12200856427 12385486577 11126689991
62. Business tax and subjoin
In RMB
Items Amount of current period Amount of previous period
Urban construction tax 28091275 33337926
Education surcharge 13922867 22968052
Property tax 27082866 28969819
Land use tax 7021580 11746353
vehicle and vessel usage tax 94146 139338
Stamp tax 7610193 6935121
Local Educational Surcharges 9171847 4211962
Environmental protection tax 6184766 0
Other 353025 210087
Total 99532565 108518658
Other notes:
63.Sales expenses
In RMB
Items Amount of current period Amount of previous period
Business expense 817279 593379
Employee’s remuneration 6876798 1854626
Publicity Expenses 92459 16136
Depreciation expenses 61663 2093
Advertising 0 68154
Market transaction service charge 1806329 0
Other 661602 254070
Total 10316130 2788458
Other notes:
64.Administrative expenses
In RMB
Items Amount of current period Amount of previous period
Employee’s remuneration 147444649 145944344
Depreciation expenses 21770448 23689115
Repair charge 1900338 2334351
Office expenses 4691502 4765055
Insurance expenses 1492619 1287175
Travel expenses 2432849 2717016
Board of directors 372681 335076
Entertainment expenses 1701606 1635200
Lowsuit expenses 548624 502783
Amortiation of Intangible assets 26304830 26453221
Sewage charges 0 10527064
Consulting fee 758257 1662697
Agency Charge 3353003 3701672
Tax fee 1211 13453
Property Management 8534397 10341583
Fire guard fee 20205693 16957562
Health afforestation fees 4332777 5628871
Other 25861400 27467088
Total 271706884 285963326
Other notes：
65.Financial Expenses
In RMB
Items Amount of current period Amount of previous period
Interest expenses 657904963 668634978
Interest income -29906705 -32830879
Other 3120540 1839471
Total 631118798 637643570
Other notes：
66.Loss of assets impairment
In RMB
Items Amount of current period Amount of previous period
Other notes：
67. Gains from changes in fair value
In RMB
Source of the gains from changes in fair
value
Amount of this period Amount of last period
Other notes：
68. Investment income
In RMB
Items Amount of this period Amount of last period
Long-term equity investment income by equity
method
272404985 225418910
Hold the investment income during from
available-for-sale financial assets
18256500 2124000
Other 357107
Total 291018592 227542910
Other notes：
69. Assets disposal income
In RMB
Source Amount of current period Amount of previous period
Income form disposal of fixed assets 388507 612592
70.Other income
In RMB
Source Amount of current period Amount of previous period
Amortisation of government grant 2073849 2065231
VAT refund 4559728 5092977
2017 Nansha headquarters Enterprise
Award
9990000 0
Other 407182 192000
71. Non-Operation income
In RMB
Items Amount of current period Amount of previous period Recorded in the amount of the
non-recurring gains and losses
Government Subsidy 3087100 3087100
Insurance indemnity 45458540 557310 45458540
Other 4063261 1096627 4063261
Total 52608901 1934790 52608901
Government subsidy reckoned into current gains/losses
In RMB
Items
Issuing
subject
Reason Nature
Whether the
impact of
subsidies on the
current profit
and loss
Whether
special
subsidies
Amount of
current
period
Amount of
previous
period
Assets-relate
d/income
-related
Other notes：
72．Non-current expenses
In RMB
Items
Amount of current period Amount of previous period The amount of non-operating
gains & lossed
Foreign donations 550000 60000 550000
Fine for delaying payment 395966 32317140 395966
Other 868357 541302 868357
Total 1814323 32918442 1814323
Other notes：
73. Income tax expenses
（1）Income tax expenses
In RMB
Items Amount of current period Amount of previous period
Current income tax expense 308558550 201520623
Deferred income tax expense -2265559 -57560692
Settlement difference adjustment 1474587 4731892
Total 307767578 148691823
（2）Adjustment on accounting profit and income tax expenses
In RMB
Items Amount of current period
Total profits 1040686811
Income tax expenses calculated on legal / applicable tax rate 260171703
Impact of different tax rates of subsidiaries -1908656
Effect of tax preferential from subsidiaries 1474587
Non-taxable income -47122869
Cost expense and loss not deductible for tax purposes 847064
Deductible losses of unrecognized deferred tax assets in current period 2559645
Temporary difference on unrecognized deferred tax assets in current period 94305749
Income tax expense 307767578
Other notes：
74 .Other comprehensive income
More details can be seen in Note 57.
75.Items of Cash flow statement
（1）Other cash received from business operation
In RMB
Items Amount of current period Amount of previous period
Interest income 27629939 32593073
Government Subsidy 20517100 7182767
Insurance indemnity 46053407 8879625
Rent income 4887200 3011552
Other 115162269 56204282
Total 214249915 107871299
Explanation on other cash received in relateion to peration activities：
(2)Other cash paid related to oprating activities
In RMB
Items Amount of current period Amount of previous period
Sewage charges 1487368 9416665
Insurance expenses 18676033 50406954
Equipment cleaning and hygiene green fee 11320655 19328512
Transportation fee 11072669 13833959
Fire guard fee 16380176 16074970
Business fee 1787193 1802406
Agency Charge 3259329 5007819
Office Expense 5596884 4589452
Travel expenses 3334922 4115623
Rental fee 5065084 6470575
Enterprise publicity expenses 1714510 1380424
Information system maintenance 2475084 3020926
Water and electrical 12191809 9807005
R&D 1481032 2872231
Property Management fee 14805188 9809876
Union expenses 7710630 5527990
Other 123569878 132723856
Total 241928444 296189243
Explanation on other cash paid in relation to peration activities：
(3)Cash received related to other investment activities
In RMB
Items Amount of current period Amount of previous period
Explanation on cash received from other investment activities：
(4)Cash paid related to other investment activities
In RMB
Items Amount of current period Amount of previous period
Explanation on cash payable from other investment activities：
（5）Other cash received in relation to financing activities
In RMB
Items Amount of current period Amount of previous period
Fractional income 42440
Total 42440
Explanation on other cash received in relation to financing activities：
（6）Cash paid related with financing activities
IIn RMB
Items Amount of current period Amount of previous period
Yuejia Compan paid the minority
shareholders capital
136080000 5493800
Total 136080000 5493800
Explanation on cash paid related with financing activities：
76. Supplement Information for cash flow statement
（1）Supplement Information for cash flow statement
In RMB
Items Amount of current period Amount of previous period
I. Adjusting net profit to cash flow from operating
activities -- --
Net profit 732919233 279712809
Depreciation of fixed assets oil and gas assets and
consumable biological assets 1676623536 1893466852
Amortization of intangible assets 27017578 27092745
Amortization of Long-term deferred expenses 1673448 3053545
Loss on disposal of fixed assets intangible assets
and other long-term deferred assets
-388507 -612592
Financial cost 682245650 687249045
Loss on investment -291018592 -227542910
Decrease in deferred income tax assets -10801782 -39022910
Increased of deferred income tax liabilities -388473 -12896565
Decrease of inventories -478765296 -148955924
Decease of operating receivables -590048116 -6141117
Increased of operating Payable 2046464029 -876477694
Net cash flows arising from operating activities 3795532708 1578925284
II. Significant investment and financing activities
that without cash flows:
-- --
III．Movement of cash and cash equivalents： -- --
Ending balance of cash equivalents 5928583780 4896743201
Less: Beginning balance of cash equivalents 4996580490 5184873650
Net increase of cash and cash equivalents 932003290 -288130449
(2) Net Cash paid of obtaining the subsidiary
In RMB
Amount
Including --
Including --
Including --
Other notes：
(3) Net Cash receive of disposal of the subsidiary
In RMB
Amount
Including --
Including --
Including --
Other notes：
（4）Composition of cash and cash equivalents
In RMB
Items Balance in year-end Balance in year-Beginning
I. Cash 5928583780 4996580490
Including：Cash at hand 51361 37745
Demand bank deposit 5928532419 4996542745
III. Balance of cash and cash equivalents at
the period end
5928583780 4996580490
Other notes：
77. Note of statement of changes in the owner's equity
Explain "other" project name and adjustment amount of the adjustment of closing balance in previous year etc.:
78. The assets with the ownership or use right restricted
In RMB
Items Closing book value Causation of limitation
Fixed assets 667391617 Long-term loans mortgage assets
Account receivable 247930154
Unit construction financing Electricity bill
pledge the transferor
Total 915321771 --
Other notes：
79. Foreign currency monetary items
(1) Foreign currency monetary items
In RMB
Items
Closing foreign currency
balance
Exchange rate
Closing convert to RMB
balance
Monetary capital -- -- 12084
Including：USD 190 6.44 1233
HKD 12882 0.84 10861
Long –term loans -- -- 77909323
Including：USD 11386333 6.44 73304073
Euro 601786 7.65 4605250
Other notes：
(2) Note to overseas operating entities including important overseas operating entities wich 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
80. Hedging
Disclose hedging items by type of hedging as well as relevant arbitrage tool qualitative and quantitative
information for arbitrage project:
81.Other
VIII. Changes of consolidation scope
1. Enterprise consolidation not under the same control
（1）Business combinations not under common control in the reporting period
In RMB
Acquiree
Timing of
acquisition of
equities
Costs for
acquisition of
equities
Proportion of
equities
acquired (%)
Method of
acquisition of
equities
Acquistition
date
Recognition
basis of the
acquisition
date
Revenue of
the acquiree
from the
acquisition
date
Net profit of
the acquiree
from the
acquisition
date
Other notes：
（2）Combination cost and goodwill
In RMB
Combination cost
Notes to determination method consideration and changes of fair value of combined cost:
The main formation reason for the large goodwill:
Other notes:
(3) The identifiable assets and liabilities of acquiree at purchase date
In RMB
Fair value on the acquisition date Book value on the acquisition date
Determination method for fair value of the identifiable assets and liabilities:
Contingent liability of the acquiree bear during combination:
Other explanation:
(4) The profit or loss from equity held by the date before acquisition in accordance with the fair value
measured again
Whether there is a transaction that through multiple transaction step by step to realize enterprises merger and
gaining the controlduring the reporting period
□ Yes √ No
(5) Note to merger could not be determined reasonable consideration or Identifiable assets Fair value of
liabilities of the acquiree at acquisition date or closing period of the merge
(6) Other notes:
2. Business combination under the same control
(1) Business combination under the same control during the reporting period
In RMB
Combined Proportion of Basis Combination date Recognition Income from Net profits Income Net profits
party the profits basis of
combination
date
the
period-begin
to the
combination
date of the
combination
from the
reporting
period to the
combination
date of the
combination
during the
period of
comparison
during the
period of
compairsion
Other notes：
(2) Combination cost
In RMB
Combination cost
Notes to contingent consideration or other changes:
Other notes:
(3) The book value of the assets and liabilities of the combined party at combining date
In RMB
Combination date Last closing period
Notes to contingent consideration or other changes:
Other notes:
3. Counter purchase
Basic information of trading the basis of transactions constitute counter purchase the retain assets liabilities of
the listed companies whether constituted a business and its basis the determination of the combination costs the
amount and calculation of adjusted rights and interests in accordance with the equity transaction process.
4. The disposal of subsidiary
Whether there is a single disposal of the investment to subsidiary and lost control
□ Yes √ No
Whether there are multiple transactions step by step dispose the investment to subsidiary and lost control in
reporting period
□ Yes √ No
5. Other reasons for the changes in combination scope
Notes to reasons for the changes in combination scope (Newly established subsidiary and subsidiary of liquidation)
and relevant information:
Subsidiary
Main
operation
Registered
place
Business
nature
Registered
capital
shareholding
ratio
Acquired
way
Guangdong Yudean Zhencheng
Energy Co. Ltd.
Maoming
Guangdong
Maoming
Guangdong
Electric
power
20000000 53.29% Establish
6.Other
IX. Equity in other entity
1. Equity in subsidiary
（1）Constitute of enterprise group
Subsidiary Main operation
Registered
place
Business nature
Share-holding ratio
Acquired way
Directly Indirectly
Maoming Zhenneng Maoming Maoming
Electric
66.61% Establish
Jianghai Power Jieyang Jieyang Electric 65 % Establish
Zhangjiang Wind Power Zhanjiang Zhangjiang Electric 70 % Establish
Anxin Electric Power Maintenance Dongguan Dongguan Electric 100 % Establish
Humen Power Dongguan Dongguan Electric 60 % Establish
Bohe Electric Power Maoming Maoming
Electric
100 % Establish
Yuheng Electronic Zhanjiang Zhanjiang Electric 76 %
Business
combination under
common contro
Xuwen Wind Power Zhangjiang Zhanjiang
Electric
70 % Establish
Huadu Natural gas Guangzhou Guangzhou Electric 65 % Establish
Dapu Power Meizhou Meizhou
Electric
100 % Establish
Leizhou Wind Power Leizhou Leizhou Electric 80 % 14 % Establish
Dianbai Wind Power Maoming Maoming
Electric
100 % Establish
Zhanjiang Power Zhangjiang Zhangjiang Electric 76 %
Business
combination under
common contro
Yuejia Power Meizhou Meizhou
Electric
58 %
Business
combination under
common contro
Yuejiang Power Shaoguan Shaoguan Electric 90 %
Business
combination under
common contro
Zhongyue Energy Zhanjiang Zhanjiang
Electric
90 %
Business
combination under
common contro
Electric sales Guangzhou Guangzhou Electric 100 % Establish
Qujie Wind Power Zhanjiang Zhanjiang
Electric
100 % Establish
Yangjiang Wind Power Yangjiang Yangjiang Electric 100 % Establish
Lincang Energy Lincang Lincang
Electric
100 %
Business
combinations
involving
enterprises not
under common
contro
Guangqian Electric Power Shenzhen Shenzhen Electric 100 %
Business
combination under
common contro
Huizhou Natural gas Huizhou Huizhou
Electric
67 %
Business
combination under
common contro
Pinghai Power Plant Huizhou Huizhou
Electric
45 %
Business
combination under
common contro
Shibeishan Wind Power Jieyang Jieyang Electric 70 % Business
combination under
common contro
Red Bay Power Shanwei Shanwei
Electric
65 %
Business
combination under
common contro l
Guangdong Wind Power Guangzhou Guangzhou Electric 100 %
Business
combinations
involving
enterprises not
under common
contro
Tongdao Company Huaihua Hunan Huihua Electric 100 % Establish
Pingyuan Wind power Meizhou Meizhou Electric 100 % Establish
Heping Wind power Heyuan Heyuan
Electric
100 % Establish
Huilai Wind Power Jieyang Jieyang
Electric
70 %
Business
combinations
involving
enterprises not
under common
contro
Hongrui Technology Shaoguan Shaoguan
Electric
90 % Establish
Yongan Natural gas Zhaoqing Zhaoqing
Electric
90 % Establish
Xupu Yuefeng Huaihua Hunan
Xupu Huaihai
Hunan
Electric
100 % Establish
Wuxuan Yuefeng Guangxi
Wuxuan
Guangxi
Electric
100 % Establish
Pingdian Comprehensive Huizhou Huizhou
Electric
45 % Establish
Guangdong Yudean Zhencheng
Energy Co. Ltd.
Maoming Maoming
Electric
53.29% Establish
Explanation on share-holding ratio in subsidiary different from ratio of voting right：
Pinghai power was bought by the Company in 2012 by offered non-public shares from Yudean. According to
the agreement between Yudean and Huaxia Electric which holds 40% share interest in Pinghai Power the
delegated shareholder and director from Huaxia Electric maintain consensus with those of Yudean when
exercising their voting rights during shareholder and board meeting; while after Yudean transferred its 45%
shareholding of Pinghai Power to the Company the delegated shareholder and director from Huaxia Electric also
maintain consensus with those of the Company when exercising their voting rights during shareholder and board
meeting. On account of the above facts with the control power of Pinghai Power Huaxia Electric enjoys variable
returns through involving in its relevant activities and has the ability to make use of its power to influence the
amount of returns. Therefore the Company owns the control power over Pinghai Power.The voting rights proportion of the Company over its subsidiary: Zhanjiang Wind Power Xuwen Wind Power
Zhanjiang Wind Power Xuwen Wind Power Leizhou Wind Power Yuejia Electric and Shibeishan are 60.00%
60.00% 60.00% 56.00% and 60.00% respectively determined based on relevant rules of these subsidiaries’
articles of association. As such the Company’s voting proportion and shareholding percentage are not consistent.
Basis for controlling the invested entity with half or below voting rights held and without controlling invested
entity but with over half and over voting rights：
Controlling basis for the structuring entity included in consolidated range：
Basis on determinning to be a agent or consignor：
Other notes：
（2）Significant not wholly-owned subsidiaries
In RMB
Name
Holding proportion of
non-controlling interest
Profit or loss attributable
to non-controlling
interest
Dividend declared to
non-controlling interest
Closing balance of
non-controlling interest
Jinghai Power 35 % 31447248 73436079 1218236113
Zhanjiang Power 24 % 23275453 24408218 969086014
Huizhou Natural gas 33 % 52086577 61921153 568121697
Pinghai Power plant 55 % 155683466 92894460 1181745857
Red Bay 35 % 46858677 75052635 1136080264
Other notes：
（3）Main financial information of significant not wholly-owned subsidiaries
In RMB
Subsidiaries
Closing balance Beginning balance
Current assets
Non-current
assets
Total assets
Current
liabilities
Non-current
Liabilities
Total
liabilities
Current assets
Non-current
assets
Total assets
Current
liabilities
Non-current
Liabilities
Total
liabilities
Jinghai Power 1291377828 8304063530 9595441359 2828384057 3286382693 6114766751 1220230956 8519603527 9739834483 2649314880 3489876908 6139191788
Zhanjiang
Power
2937351050 1546943930 4484294981 415452954 30983634 446436588 2809749417 1600195341 4409944758 335297509 32069003 367366512
Huizhou
Natural gas
498388297 3330693138 3829081435 936930535 1170570000 2107500535 531864001 2867325353 3399189354 819036708 828770000 1647806708
Pinghai Power
plant
1417733360 4693337876 6111071236 1472131579 2490310826 3962442405 1009047306 4875445336 5884492642 1359960430 2490065211 3850025641
Red Bay 995062116 6018637910 7013700026 1860756414 1907000000 3767756414 1010276845 6165453533 7175730378 1942232599 1907000000 3849232599
In RMB
Subsidiaries
Current term Last term
Operating revenue Net profit
Total
comprehensive
income
Cash flow from
operating activities
Operating revenue Net profit
Total
comprehensive
income
Cash flow from
operating activities
Jinghai Power 2554248635 89849281 89849281 622618317 2039554638 24957651 24957651 413666161
Zhanjiang Power 1078438774 96981054 96981054 218826214 788546128 54502661 54502661 179237568
Huizhou Natural
gas
819208378 157838111 157838111 437818955 674243898 55574470 55574470 -52602855
Pinghai Power plant 1859200437 283060847 283060847 268101867 1648628423 249002746 249002746 545126473
Red Bay 2130697649 133881934 133881934 403607731 1859528654 82409392 82409392 444425499
Other notes
(4) Significant restrictions of using enterprise group assets and pay off enterprise group debt
(5) Provide financial support or other support for structure entities incorporate into the scope of
Other notes
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
(2) The transaction’s influence to equity of minority shareholders and attributable to the owner's equity of
the parent company
3. Equity in joint venture arrangement or associated enterprise
(1) Significant joint venture arrangement or associated enterprise
Name of
Subsidiary
Main Places of
Operation
Registration
Place
Nature of
Business
Shareholding Ratio (%) Obtaining
Method direct indirect
Joint ventures：
Industry Fuel Guangzhou Guangzhou Fuel trade 50 % Equity method
Associates ：
Yudean Finance Guangzhou Guangzhou Finance 25 % Equity method
Shanxi Yudean
Enerty
Taiyuan Taiyuan Coal investment 40 % Equity method
Taishan Power
Generation
Taishan Taishan Electric 20 % Equity method
Notes to holding proportion of joint venture or associated enterprise different from voting proportion:
Basis of holding less than 20% of the voting rights but has a significant impact or holding 20% or more voting
rights but does not have a significant impact:
（2）Main financial information of Significant joint venture
In RMB
Amount of current period Amount of previous period
Industry Fuel Industry Fuel
Current assets 3526766109 3023652373
Including ：Cash and cash equivalent 811774238 1486090950
Non-current assets 69698622 238031473
Total of assets 3596464731 3261683846
Current liabilities 2619543245 2049097586
Total liabilities 2619543245 2049097586
Attributable to shareholders of the parent
company
976921487 1212586260
Share of net assets calculated by stake 488460743 606293130
--Other 83002171 -614728
Book value of equity investment in joint
venture
571462914 605678402
Business income 12060789171 9762707487
Financial expenses 3124608 -5148310
Income tax 27987136 23646185
Net profit 82556997 70938555
Total comprehensive income 82556997 70938555
Dividends received from the joint venture
this year
75493986 59231115
Other notes
(3) Main financial information of significant associated enterprise
In RMB
Closing balance/This period Opening balance/Last period
Yudean Finance Shanxi Enerty
Taishan Power
Generation
Yudean Finance Shanxi Enerty
Taishan Power
Generation
Current assets 7154248179 228631586 1692269597 8683630097 120102116 940022602
Non-current assets 13719609159 3335028687 10352894018 13100038881 3144442198 13059475755
Total of assets 20873857339 3563660273 12045163615 21783668978 3264544314 13999498357
Current liabilities 18126279205 95273278 2771414017 19034164167 73441200 2890641148
Non-current
liabilities
150000000 1335500000 150000000 1300500000
Total liabilities 18126279205 245273278 4106914017 19034164167 223441200 4191141148
Minority shareholder
Equity
2747578134 3318386995 7938249598 2749504811 3041103114 9807378045
Attributable to
shareholders of the
parent company
686894536 1327354798 1587649920 687376205 1216441246 1961475609
Share of net assets
calculated by stake
13325000 13325000
--Goodwill 455525498
Book value of equity
investment in
associates
700219536 1327354798 2043175418 700701205 1216441246 1961475609
Business income 353187954 786668 4256108141 288014924 558089 3240744080
Net profit 226957586 277283881 498549464 184657686 262966125 315111648
Total comprehensive
income
226957586 277283881 498549464 184657686 262966125 315111648
Dividends received
from the associated
enterprise this
year
57221065.82 42295033 8000000
Other notes
(4) Summary financial information of insignificant joint venture or associated enterprise
In RMB
Amount of current period Amount of previous period
Joint venture: -- --
The total number of the following -- --
Associated enterprise： -- --
Total investment book value 1284116331 1316709950
The total number of the following -- --
--Net profit -18107558 -6772948
Other comprehensive income -18107558 -6772948
Total comprehensive income
Other notes
(5) Note to the significant restrictions of the ability of joint venture or associated enterprise transfer funds
to the Company
(6) The excess loss of joint venture or associated enterprise
In RMB
Name
The cumulative recognized
losses in previous
accumulatively derecognied
The derecognized losses or the
share of net profit in reporting
period
The noncumulative
unrecognized losses in reporting
period
Other notes
(7) The unrecognized commitment related to joint venture investment
(8) Contingent liabilities related to joint venture or associated enterprise investment
4. Significant common operation
Name
Main operating place
Registration place
Registration place Business nature
Proportion/share portion
Directly Indirectly
Note to holding proportion or share portion in common operation different from voting proportion:
Basis of common operation as a single entity classify as common operation
Other notes
5. Equity of structure entity not including in the scope of consolidated financial statements
Related notes to structure entity not including in the scope of consolidated financial statements
6.Other
X.Risk related to financial instruments
XI. Disclosure of fair value
1. Ending fair value of the assets and liabiliies measured by fair value
In RMB
Items
Ending fair value
First-order Second-order Third-order Total
1. Sustaining measured by
fair value
-- -- -- --（II）Available-for –sale
financial assets
346523895 346523895
（2）Investment interest
tools
346523895 346523895
II. Non –persistent
measure
-- -- -- --
2.Recognized basis for the market price sustaining and non-persistent measured by fair value oon first-order
3. Valuation technique and qualitative and quantitative information on major parameters for the fair value measure
sustaining and non-persistent on second-order
4. Valuation technique adopted and nature and amount determination of important parameters for
consistent and inconsistent fair value measurement items at level 3
5. Sensitiveness analysis on unobservable parameters and adjustment information between opening and
closing book value of consistent fair value measurement items at level 3
6. Explain the reason for conversion and the policy governing when the conversion happens if conversion
happens among consistent fair value measurement items at different levels
7. Changes in the valuation technique in the current period and the reason for change
8. Fair value of financial assets and liabilities not measured at fair value
9.Other
XII.Related parties and related-party transactions
1. Parent company information of the enterprise
Parent company
name
Registrati
on place
Nature Registered capital
Share ratio of parent
company against the
company(%)
Vote right ratio of
parent company
against the
company(%)
Guangdong
Yudean Group
Guangzho
u
Power plant operatingelectricity
assets management electricity
generation
23000000000 67.39% 67.39%
Explanation on parent company of the enterprise
On August 8 2001 Guangdong Provincial Government had taken the lead in the implementation of the reform of
electric power system. Guangdong Electric power Group was established by inheriting the electricity generation
business of Guangdong electric Power Group Company and its registered capital is RMB 23 billion with 76%
stake held by Guangdong Provincial People's Government and 24% stake held by China Hua Neng Group
owning more than 13000 staff now and the company is the strongest
Ultimate controller os the Company is Guangdong Provincial People’s Govemment state owned assets supervision
and Administration Commission.Notes：
2.Subsidiary of the Enterprise
See to Notes IX.1.
3.Cooperative enterprise and joint venture
See Notes IX.2.Other cooperative enterprise and joint venture that have related transaction with the Company in the Period or
occurred in pervious period：
Name Relationship
Industry Fuel Joint venture
Guangdong Yudean Finance Associate
Guangdong Yudean Shipping Associate
Other notes
4.Other related party
Other related party Relationship with the Enterprisse
Maoming Thermal power Plant Controlled by Yudean
Shaoguan Power Generation plant Controlled by Yudean
Yudean Environmental protection Controlled by Yudean
Yudean Property Controlled by Yudean
Huangpu Electric Power Engineering Controlled by Yudean
Yangjiang Port Controlled by Yudean
Yudean Real Estate Controlled by Yudean
Yudean Information Technology Controlled by Yudean
Huangpu Yuehua Huma resources Controlled by Yudean
Yudean Natural gas Controlled by Yudean
Yudean Finance lease Controlled by Yudean
Yudean Changtan Power Generation Controlled by Yudean
Zhuhai Jinwan Controlled by Yudean
Yudean New Energy Controlled by Yudean
Yunhe Power Generation Controlled by Yudean
Yuelong Power Generation Controlled by Yudean
Guanghe Electric Power Controlled by Yudean
Yudean Menghua New Energy Controlled by Yudean
Chongshan Thermal power plant Controlled by Yudean
Shenzhen Tianxin Controlled by Yudean
Qujiang New Energy Controlled by Yudean
The Group Controlled by Yudean
Yudean Insurance Captive Controlled by Yudean
Yuehua Power Generation Controlled by Yudean
Sha A Plant Controlled by Yudean
Other notes
5. Related transactions.
（1）Related transactions on purchasing goods and receiving services
Acquisition of goods and reception of labor service
In RMB
Related party Content Current amount
Approval trading
limit
Whether over the
trading limit(Y/N)
Last amount
Fuel Company Fuel purchase 7135671591 No 6815959245
Yudean
Environment
Protection
Material purchase 74236581 No 57013375
Yudean Shipping
Acceptance of tugboat
services
8252359 No 12606792
Yudean Property
Management
Acceptance of
management services
12018032 No 12828482
Guangzhou
Huangpu Electric
Power Engineering
Co. Ltd.
Maintenance services 5023823 No 2987898
Yangjiang Port
Acceptance of tugboat
services
3910865 No 3327803
Yudean Real Estate Leasing service 27293 No 32966
Yudean Information
Acceptance of
management services
1103961 No 454427
Huangpu Yuehua Human receivaces 2925678 No 1438679
Yudean Natural gas Fuel purchase 38228155 No 99369938
Yudean Finance
lease
Leasing service 194654 No
Yudean Changtan
Power Generation
Acceptance of
management services
226415 No
Maoming Thermal Leasing service 595944 No 74003
power plant
Shaoguan Power
Generation
Leasing service 24000 No
Yunhe Power
Generation
Electric purchase 26020204 No 777641
Yuehua Power
Generation
Electric purchase 25056294 No 20367239
Zhuhai Jinwan Electric purchase 51056560 No 14669222
Guanghe Electric
Power
Electric purchase 54456828 No 10249291
Yuelong Power
Generation
Electric purchase 17468048 No 3699971
Sales of goods and services
In RMB
Related parties Content Occurred current term Occurred in previous term
Yudean Environment Protection Sale of Material 52048796 34746789
Shajiao C
Providing maintenance
services
6794858 1113144
Zhuhai Jinwan Power
Generation Co. Ltd.Providing maintenance
services
2934438 126904
Yudean New Energy Service 7518
Yudean Yunhe Power
Generation
Providing maintenance
services
12374579 9463005
Yudean Shipping Leasing service 21622
Notes
（2）Related trusteeship or contracting
Related trusteeship or contracting in which the Company is the undertake
In RMB
Name of the
employer
Name of the
undertaker
Asset situation of
the undertaker
Start date Terminating date Pricing basis
Gains from the
deal in report
period
Notes
Lists of entrust/contractee
In RMB
Name of the
entruster/contract
ee
Name of the
entrustee/
contractor
Type Initial date Due date Pricing basis
Clarge
recognized in the
reporting period
Notes
(3) Information of related lease
The company eas lessor:
In RMB
Name of lessee Category of leased assets
The lease income confirmed in
this year
The lease income confirmed in
last year
Shipping Company Property Leasing 21622
The Company was lessee：
In RMB
Lessor Category of leased assets
The lease income confirmed in
this year
Category of leased assets
Yudean Real Estate Leasing service 27293 32966
Maoming Thermal power plant Leasing service 595944 74003
Shaoguan Power Generation
Plant
Leasing service 24000
Yudean Finance lease Equipment leasing 194654
Notes
In the first half of 2018 the Group leased fixed assets to Yudean Financial Leasing in the form of sale and
leaseback. The leased price of the leased property was RMB 600000000 the lease term was 6 years and the
lease rate was 6.19%.
（4）Status of related party guarantee
As a guarantor for the company
In RMB
Guarantor Guarantee amount Start date End date
Execution accomplished
or not
As a secured party for the company
In RMB
Guarantor Guarantee amount Start date End date
Execution accomplished
or not
Yudean Group 1500000000 August 14 2013 August 132022 No
Statement on related guarantees
(5) Inter-bank lending of capital of related parties：
In RMB
Related party
Amount borrowed and
loaned
Initial date Due date Notes
Borrowed
Guangdong Yudean
Finance Co. Ltd.
100000000 November 302017 November 292018
Guangdong Yudean
Finance Co. Ltd.
250000000 February 262018 February 252019
Guangdong Yudean
Finance Co. Ltd.
50000000 February 282018 February 272019
Guangdong Yudean
Finance Co. Ltd.
200000000 May 222018 May 212019
Guangdong Yudean
Finance Co. Ltd.
100000000 May 282018 May 272019
Guangdong Yudean
Finance Co. Ltd.
200000000 March 52018 March 42019
Guangdong Yudean
Finance Co. Ltd.
250000000 March 62018 March 52019
Guangdong Yudean
Finance Co. Ltd.
250000000 March 82018 March 72019
Guangdong Yudean
Finance Co. Ltd.
8436800 March 242014 March 242019
Guangdong Yudean
Finance Co. Ltd.
8540000 April 242014 April 242019
Guangdong Yudean
Finance Co. Ltd.
34250000 June 242014 June 252019
Guangdong Yudean
Finance Co. Ltd.
27940000 July 192014 July 192019
Guangdong Yudean
Finance Co. Ltd.
17090000 December 192016 December 182021
Guangdong Yudean
Finance Co. Ltd.
37720000 June 282017 June 272022
Guangdong Yudean
Finance Co. Ltd.
17448000 February 12018 February 12023
Guangdong Yudean
Finance Co. Ltd.
12460000 November 122014 October 272029
Guangdong Yudean
Finance Co. Ltd.
75000000 December 102014 October 272029
Guangdong Yudean
Finance Co. Ltd.
100000000 February 42015 October 272029
Guangdong Yudean
Finance Co. Ltd.
45000000 June 172015 October 272029
Guangdong Yudean
Finance Co. Ltd.
25000000 July 232015 October 272029
Guangdong Yudean
Finance Co. Ltd.
24000000 September 152015 October 272029
Guangdong Yudean
Finance Co. Ltd.
30000000 September 282015 October 272029
Guangdong Yudean
Finance Co. Ltd.
19000000 October 132015 October 272029
Guangdong Yudean
Finance Co. Ltd.
144500000 December 162015 October 272029
Guangdong Yudean
Finance Co. Ltd.
10750000 November 122014 October 272029
Guangdong Yudean
Finance Co. Ltd.
75000000 December 102014 October 272029
Guangdong Yudean
Finance Co. Ltd.
100000000 February 42015 October 272029
Guangdong Yudean
Finance Co. Ltd.
45000000 June 172015 October 272029
Guangdong Yudean
Finance Co. Ltd.
25000000 July 232015 October 272029
Guangdong Yudean
Finance Co. Ltd.
24000000 September 152015 October 272029
Guangdong Yudean
Finance Co. Ltd.
30000000 September 282015 October 272029
Guangdong Yudean
Finance Co. Ltd.
19000000 October 132015 October 272029
Guangdong Yudean
Finance Co. Ltd.
144500000 December 162015 October 272029
Guangdong Yudean
Finance Co. Ltd.
12000000 June 212018 June 302018
Guangdong Yudean
Finance Co. Ltd.
175000000 December 132017 December 122018
Guangdong Yudean
Finance Co. Ltd.
100000000 September 272017 September 262018
Guangdong Yudean
Finance Co. Ltd.
150000000 November 72017 November 62018
Guangdong Yudean
Finance Co. Ltd.
100000000 June 192017 June 182020
Guangdong Yudean
Finance Co. Ltd.
67000000 March 142018 February 272019
Guangdong Yudean
Finance Co. Ltd.
50000000 April 132018 September 282018
Guangdong Yudean
Finance Co. Ltd.
32154349.10 April 132018 September 282018
Guangdong Yudean
Finance Co. Ltd.
25000000 September 72017 September 62018
Guangdong Yudean
Finance Co. Ltd.
30000000 November 82017 November 72018
Guangdong Yudean
Finance Co. Ltd.
65000000 December 122017 December 112018
Guangdong Yudean
Finance Co. Ltd.
42000000 April 252018 April 242019
Guangdong Yudean
Finance Co. Ltd.
40000000 May 232018 May 222019
Guangdong Yudean
Finance Co. Ltd.
90000000 June 62018 June 52019
Guangdong Yudean
Finance Co. Ltd.
63000000 June 192018 June 182019
Guangdong Yudean
Finance Co. Ltd.
150000000 September 152017 September 142018
Guangdong Yudean
Finance Co. Ltd.
110000000 December 112017 December 102018
Guangdong Yudean
Finance Co. Ltd.
50000000 April 42018 April 32019
Guangdong Yudean
Finance Co. Ltd.
100000000 May 152018 May 142019
Guangdong Yudean
Finance Co. Ltd.
100000000 May 292018 May 302019
Guangdong Yudean
Finance Co. Ltd.
100000000 June 132018 June 122019
Guangdong Yudean
Finance Co. Ltd.
150000000 June 282018 June 272019
Guangdong Yudean
Finance Co. Ltd.
60000000 June 222018 June 212019
Guangdong Yudean
Finance Co. Ltd.
89300000 June 232017 June 222032
Guangdong Yudean
Finance Co. Ltd.
5305000 July 282017 June 222032
Guangdong Yudean
Finance Co. Ltd.
12145000 August 242017 June 222032
Guangdong Yudean
Finance Co. Ltd.
50190000 September 222017 June 222032
Guangdong Yudean
Finance Co. Ltd.
14645000 November 22017 June 222032
Guangdong Yudean
Finance Co. Ltd.
43400000 November 282017 June 222032
Guangdong Yudean
Finance Co. Ltd.
29110000 December 182017 June 222032
Guangdong Yudean
Finance Co. Ltd.
21610000 May 102018 June 222032
Guangdong Yudean
Finance Co. Ltd.
13600000 May 292018 June 222032
Guangdong Yudean
Finance Co. Ltd.
17300000 June 132018 June 222032
Guangdong Yudean
Finance Co. Ltd.
69600000 June 202018 June 222032
Guangdong Yudean
Finance Co. Ltd.
183102299 December 252013 December 242028
Guangdong Yudean
Finance Co. Ltd.
430000000 December 62007 December 52025
Guangdong Yudean
Finance Co. Ltd.
200000000 August 152017 August 142018
Guangdong Yudean
Finance Co. Ltd.
70000000 September 182017 September 172018
Guangdong Yudean
Finance Co. Ltd.
30000000 November 282017 November 272018
Guangdong Yudean
Finance Co. Ltd.
100000000 November 302017 November 292018
Guangdong Yudean
Finance Co. Ltd.
100000000 December 132017 December 122018
Guangdong Yudean
Finance Co. Ltd.
80000000 March 192018 March 182019
Guangdong Yudean
Finance Co. Ltd.
100000000 April 32018 April 22019
Guangdong Yudean
Finance Co. Ltd.
80000000 April 272018 April 262019
Guangdong Yudean
Finance Co. Ltd.
100000000 May 312018 May 302019
Guangdong Yudean
Finance Co. Ltd.
80000000 June 142018 June 132019
Guangdong Yudean
Finance Co. Ltd.
120000000 June 192018 June 182019
Guangdong Yudean
Finance Co. Ltd.
30000000 July 202017 July 192018
Guangdong Yudean
Finance Co. Ltd.
20000000 August 12017 July 312018
Guangdong Yudean
Finance Co. Ltd.
10000000 August 252017 August 242018
Guangdong Yudean
Finance Co. Ltd.
20000000 August 302017 August 292018
Guangdong Yudean
Finance Co. Ltd.
15000000 August 312017 August 302018
Guangdong Yudean
Finance Co. Ltd.
10000000 September 122017 September 112018
Guangdong Yudean
Finance Co. Ltd.
5000000 March 142018 March 132019
Guangdong Yudean
Finance Co. Ltd.
5000000 March 152018 March 142019
Guangdong Yudean
Finance Co. Ltd.
5000000 March 162018 March 152019
Guangdong Yudean
Finance Co. Ltd.
5000000 March 192018 March 182019
Guangdong Yudean
Finance Co. Ltd.
5000000 May 102018 May 92019
Guangdong Yudean
Finance Co. Ltd.
10000000 May 112018 May 102019
Guangdong Yudean
Finance Co. Ltd.
5000000 May 112018 May 102019
Guangdong Yudean
Finance Co. Ltd.
10000000 May 142018 May 132019
Guangdong Yudean
Finance Co. Ltd.
5000000 May 152018 May 142019
Guangdong Yudean
Finance Co. Ltd.
15000000 June 42018 June 32019
Guangdong Yudean
Finance Co. Ltd.
5000000 June 62018 June 52019
Guangdong Yudean
Finance Co. Ltd.
5000000 June 82018 June 72019
Guangdong Yudean
Finance Co. Ltd.
10000000 June 142018 June 132019
Guangdong Yudean
Finance Co. Ltd.
5000000 June 192018 June 182019
Guangdong Yudean
Finance Co. Ltd.
100000000 June 262018 June 252019
Guangdong Yudean
Finance Co. Ltd.
22800000 December 82016 August 152031
Guangdong Yudean
Finance Co. Ltd.
100000000 May 222018 May 212019
Guangdong Yudean
Finance Co. Ltd.
100000000 June 222018 June 212019
Guangdong Yudean
Finance Co. Ltd.
50000000 May 142018 May 132019
Guangdong Yudean
Finance Co. Ltd.
50000000 January 12018 July 32018
Guangdong Yudean
Finance Co. Ltd.
50000000 Janupary 12018 July 52018
Guangdong Yudean
Finance Co. Ltd.
50000000 January 12018 August 292018
Guangdong Yudean
Finance Co. Ltd.
100000000 January 12018 September 142018
Guangdong Yudean
Finance Co. Ltd.
50000000 January 12018 September 262018
Guangdong Yudean
Finance Co. Ltd.
50000000 January 12018 November 252018
Guangdong Yudean
Finance Co. Ltd.
50000000 January 12018 December 142018
Guangdong Yudean
Finance Co. Ltd.
120000000 January 12018 October 132029
Guangdong Yudean
Finance Co. Ltd.
10000000 January 12018 October 132029
Guangdong Yudean
Finance Co. Ltd.
250000000 July 132017 July 122018
Guangdong Yudean
Finance Co. Ltd.
50000000 September 302017 September 282018
Guangdong Yudean
Finance Co. Ltd.
150000000 October 122017 October 112018
Guangdong Yudean
Finance Co. Ltd.
200000000 December 142017 December 132018
Guangdong Yudean
Finance Co. Ltd.
200000000 December 152017 December 142018
Guangdong Yudean
Finance Co. Ltd.
200000000 June 82018 June 72019
Guangdong Yudean
Finance Co. Ltd.
150000000 June 222018 June 222019
Loaned
(6) Related party asset transfer and debt restructuring
In RMB
Related party Amount borrowed and loaned Amount of current period Amount of previous period
(7) Rewards for the key management personnel
In RMB
Items Amount of current period Amount of previous period
Rewards for the key management
personnel
3039268 2904056
（8）Other related transactions
(a)Allocation of common expenses
In the first half of 2018 the common expenses received by the Group from Shajiao C was RMB1930694.49.( In
the first half of 2017 the common expenses received by the Group from Shajiao C was RMB1498424.06.)
(b) Interest income
In RMB
Items June 302018 June 302017
Deposit interest of Yudean 26032498 27050894
Proportion(%) 87.14% 82.39%
(c)Interest expense
In RMB
Items June 302018 June 302017
Loan interest paid to Yudean Finance 169618760 138471921
Proprotion(%) 25.81% 20.71%
(d)Joiont investment
Attributable to Yudean Proportion %
Yudean Finance 65%
Fuel Company 50%
Shan\xi Energy 60%
West Investment 35%
Yudean Shipping 45%
Yudean Insurnce 51%
6. Payables and receivables of the related party
（1）Receivables
In RMB
6. Payables and receivables of the related party
（1）Receivables
In RMB
Name Related party
Amount at year end Amount at year begiing
Balance of Book Bad debt provision Balance of Book Bad debt provision
Monetary fund
Guangdong Yudean
Finance Co. Ltd.
3605937699 4152300806
Account receivable Shajiao C 5710788 13185631
Account receivable
Guangdong
ZhuhaiJinwan Power
4923611
Account receivable
Yuelong Power
Generation
15550
Account receivable Yudean New Energy 762132
Account receivable
Guanghe Electric
Power
35177
Account receivable
Yunhe Power
Generation
133950 2526785
Other receivable
Guangdong Yudean
Finance Co. Ltd.
19000
Other receivable Yudean Real Estate 1265672 1274519
Other receivable Shajiao C 2183792 253097
Other receivable Yudean PM 413282 413282
Other receivable
Guangdong Yudean
Environmental
protection
87139420 136540065
Other receivable
Yudean Menghua
New Energy
241844
Other receivable Yudean Insurnce 98000000
Interest receivable
Guangdong Yudean
Finance Co. Ltd.
18297556 14923771
Prepayment Industry fuel 544340420 589294868
Prepayment Yudean Natural ga 28536944
Prepayment
Yudean
InformationTechnolo
gy
611415
Prepayment Shenzhen Tianxin 10140
（2）Payables
In RMB
Name Related party Amount at year end Amount at year beginning
Account payable Industry fuel 1996938187 1463573252
Account payable Shipping Company 2130700
Account payable
Yudean Environmental
Protection
85779003 62871339
Account payable Yudean InformationTechnology 667200 68000
Account payable Yudean Property 3626307
Account payable
Huangpu Electric power
Engineering
2031512 3335568
Account payable
Huangpu Yuehua Human
Resources
1400000 566250
Account payable Manming Thermal power 90955718 89461265
Account payable
Shaoguan Power Generation
Plant
3544826
Account payable Yunhe Power Generation 1006553
Account payable Zhuhai Jinwan 218925
Account payable Zhuhai Hengda Energy 37183
Account payable Yuelong Power Generation 34071
Other payable Yudean Insurnce 86838
Other payable Yudean Shipping 920000 4280000
Other payable Shajiao C 4602
Other payable Yudean Property 244398 5300494
Other payable Yudean InformationTechnology 669900 1028740
Other payable
Huangpu Electric Power
Engineering
1374524 2451285
Other payable Manming Thermal power 4000000 7187525
Other payable Shaoguan Power Generation 7655833 11024853
Other payable Qujiang Yudean New Energy 9000
Other payable Shenzhen Tianxin 70000 70000
Other payable
Huangpu Yuehua Human
Resources
1701219
Other payable Yudean Real Estate 1360639
Other payable
Yudean Environmental
Protection
631264
Interest payable Yudean Finance 18995040 10451874
Note payable Industry fuel 0 67611800
Note payable Yudean Finance 379154349 230000000
Short-term loan Yudean Finance 6197000000 5637000000
Non-current liability due in 1
year
Yudean Finance 185706035 191763707
Long-term loan Yudean Finance 2795375704 2533388877
7. Related party commitment
8.Other
XIII. Stock payment
1. The Stock payment overall situation
□ Applicable √ Not applicable
2. The Stock payment settled by equity
□ Applicable √ Not applicable
3. The Stock payment settled by cash
□ Applicable √ Not applicable
4. Modification and termination of the stock payment
5.Other
XIV. Commitments
1.Importance commitment events
Important commitments of existence of balance sheet date
(a) The Seventh Session of the Board passed the Proposal of Capital Injection in Guangdong Yudean Bohe Coal
Power Co. Ltd. during its 11th meeting on 29 October 2012 pursuant to which the Company agreed to inject
RMB 854570000 in cash to Bohe Coal for the construction of terminal project. The injection would be made
in batches based on the capital requirement of the project. On 22 August 2013 the Seventh Session of the
Board passed the Proposal of Invest to Establish Guangdong Maoming Bohe Electric Power Generation
Project during its 15th meeting pursuant to which the Company agreed to inject RMB 1375000000 to Bohe
Coal for the construction of Bohe electric plant. The injection of the initial capital of Bohe Coal of RMB
285000000 was completed. The subsequent injection of RMB 1090000000 will be made in batches based
on the capital requirement of the project. The aforesaid capital commitment is totalled at RMB 2229570000.
As at June 30 2018 the Company injected RMB 2229000000 to Bohe Coal.(b) The 3rd meeting of the 9th Board of Directors held by the company on April 16 2018 passed the “Proposalon Increasing Capital to Guangdong Yudean Property Insurance Captive Co. Ltd.” In order to further enhance the
ability to undertake insurance business and enhance the corporate’s anti-risk ability the board of directors agreed
that the company would increase the capital to Guangdong Yudean Property Insurance Co. Ltd. by RMB 98
million according to the proportion of 49%. On June 30 2018 the company's accumulated capital injection was
completed.(c) The Eighth Session of the Board passed the Proposal of Investment in the Establishment of 2×400MW Fuel
Gas - Steam Thermal Power Cogeneration Project in Guangdong Yudean Huadu Natural Gas Thermal Power Co.Ltd. during its 15th meeting dated 24 April 2017. To promote the subsequent development of natural gas thermal
power project in Huadu the Company is required to inject a total capital of RMB 467110800 to Guangdong
Yudean Huadu Natural Gas Thermal Power Co. Ltd. based on its shareholding proportion of 65% in this company.In addition to the whole capital injected since the incorporation of the project company the Company still need to
inject another RMB 369610800. As at 31 December 2017 the Company had injected RMB 89050000 and the
accumulated injection of capital was RMB 186550000.(d) The Seventh Session of the Board passed the Proposal of Investment in Phase II Thermal Power Cogeneration
Project of Huizhou LNG Electric during its 14th meeting in April 2013. According to the proposal the Board
permits the Company to invest in Phase II Thermal Power Cogeneration Project of Huizhou LNG Electric with the
contribution ratio of 67%. The capital is about RMB 569000000 in total which will be made in batches based on
the project progress and capital requirement. The Company injected RMB 42670000 and RMB 52330000
respectively in September and December 2017.(e) The 2018 first communication meeting of the 9th Board of Directors held on March 13 2018 reviewed andapproved the “Proposal on Investment and Construction of Zhanjiang Wailuo Offshore Wind Power Project(Phase I) Project); in order to actively implement the energy development planning of the State and Guangdong
Province vigorously develop clean energy and accelerate the optimization of the company's power generation
structure the board of directors agreed to invest in the construction of Guangdong Yudean Zhanjiang Wailuo
Offshore Wind Power Project (Phase I) by Guangdong Yuedian Qujie Wind Power Co. Ltd. (hereinafter referred
to as “Qujie Wind Power Company”) a wholly-owned subsidiary of the company. The project has an installed
capacity of 198MW with a total investment of RMB 373.45 million; the capital fund is calculated to be RMB
749.89 on the base of 20%. According to the project construction progress and capital demand the company will
increase capital to Qujie Wind Power Company in due time to resolve it. The company injected capital of
RMB100000000 and RMB300000000 in April and May 2018 respectively.
(f) The 2018 first communication meeting of the 9th Board of Directors held on March 13 2018 reviewed andapproved the “Proposal on Launching the Preliminary Work of Zhanjiang Wailuo Offshore Wind Power Project(Phase II) in order to give full play to regional resource information and personnel advantages that Zhanjiang
Wailuo Offshore Wind Power Project (Phase I) has had seize the opportunity to accelerate the development of
offshore wind power the board of directors agreed the company to start the Preliminary Work of Zhanjiang
Wailuo Offshore Wind Power Project (Phase II) the total planned installed-capacity is 200MW and the
company's wholly-owned subsidiary Qujie Wind Power Co. Ltd. is responsible for the specific pre-work matters.The pre-work expenses are controlled by 48 million yuan which is solved by the company through the capital
increase to Qujie Wind Power Company. The company injected capital of RMB 48000000 in May 2018.
2.Contingency
（1）Significant contingency at banlance sheet date
On June 30 2018 the Company provided joint and several liability guarantee for bank borrowings of RMB
111360000 for Yunnan Baoshan binglangjiang Hydropower Development Co. Ltd. which is in process.
On June 30 2018 the Company provided joint liability guarantee for the investment of RMB74400578 in
Zhanjiang Wind Power. The bank loan of RMB 68000000 generated by the Company for Yuejiang Power was
held by the Company Provide joint liability guarantee.
（2）The Company have no significant contingency to disclose also should be stated
The was no significant contingency in the Company.
3.Other
XV. Post-balance-sheet events
1. Significant events had not adjusted
In RMB
Items Content
Influence number to the
financial position and operating
results
Reason of unable to estimate
influence number
2. Profit distribution
3. Sales return
4.Notes of ohter significant events
XVI. Other signifiant enents
1.The accounting errors correction in previous period
（1）Retrospective restatement
In RMB
Content Processing program
Name of the influenced report
items during comparison period
Cumulative impact
（2）Prospective application
Content Processing program Reason of adopting prospective application
2. Debt restructuring
3. Replacement of assets
（1）Non-monetary assets exchange
（2）Other assets replacement
4. Pension plan
5.Discontinuing operation
In RMB
Items Income Expense Total profits Income tax Net profit
Termination of
the business
profits
attributable of the
parent company
owner
Other notes
6. Segment information
(1) Recognition basis and accounting policies of reportable segment
In RMB
Items
Parent
Company
Jinghai Power Pinghai Power Red Bay
Maoming
Zhenneng
Zhanjiang
Power
Zhongyue
Enerty
Other Partial offset Total
Main Buinsess
Income
1127894766 2532988182 1834351612 2116368301 843474722 1067245376 741032613 3513663221 -7480897.76 13769537895
Main Buinsess
Cost
1082555502 2269891780 1381071515 1831365552 860757673 958336068 749376337 3075755154 -9376421.17 12199733160
Profit Total 995881177 119799041 384369227 178479245 -59935407 128194156 -78871119 213931996 -841800901.30 1040047416
Assets Total 27933650530 9595441359 6111071236 7013700026 3027926326 4484294981 5080559073 30258104012 -20687475003 72817272539
Liability Total 4861179955 6114766751 3962442405 3767756414 2094568231 446436588 4100049015 20165061979 -2204064107 43308197231
(3) There was no reportable segment or the total amount of assets and liabilities of each part of reportable
segment shall disclose the reason.
（4）Other notes
7. Other important transactions and events have an impact on investors’ decision-making
8.Other
XVII. Notes s of main items in financial reports of parent company
（1）Account receivable
1.Classification accojunt receivables.
In RMB
Category
Amount in year-end Amount in year-beginning
Book Balance
Bad debt
provision
Book value
Book Balance
Bad debt
provision
Book value
Amount
Proport
ion(%)
Amount
Proport
ion(%)
Amount Proporti
on(%)
Amo
unt
Proport
ion(%)
Accounts receivable of
individual significance
and subject to individual
impairment assessment
252706285 100 % 252706285
1954621
50
100 % 195462150
Total 252706285 100 % 252706285
1954621
50
100 % 195462150
Receivable accounts with large amount individually and bad debt provisions were provided.
√Applicable □Not applicable
In RMB
Content of account receivable（Unit）
End of term
Account receivable
Provision for bad
debts
Proportion of provision Reason for provision
GPGC 250507138 0 %
Full amount recovery is
expected
Dongguan Depu Energy
Technology Co. Ltd.
2199147 0 %
Full amount recovery is
expected
Total 252706285 -- --
Account reveivable on which bad debt proisions are provided on age basis in the group
□Applicable √Not applicable
Receivable accounts on which had debt provisions are provided on percentage analyze basis in a portfolio
□Applicable √Not applicable
Receivable accounts on which had debt provisions are provided by other ways in the portfolio
（2）Accounts receivable withdraw reversed or collected during the reporting period
The withdrawal amount of the bad debt provision during the reporting period was of RMB 0.00;The amount of the
reversed or collected part during the reporting period was of RMB0.00.Where the current bad debts back or recover significant amounts:
In RMB
Name Back or withdraw money Method
（3）The current accounts receivable written-offs situation
In RMB
Items Amount written-offs situation
Account receivables actually written-offs during the reporting period：
In RMB
Name
Nature of account
receivable
Amount written-off
Reason for
written-off
Verification
procedures
Arising form related
transactions(Y/N)
Explanation for written-off of account receivables：
（4）The ending balance of other receivable owed by the imputation of the top five parties
In RMB
Account receivable(Unit ) End of term lance
Account receivable Bad debt provision Proportion Reason
GPGC 250507138
Dongguan Depu Energy Technology
Co. Ltd.
2199147
Total 252706285
(5) Account receivable which terminate the recognition owning to the transfer of the financial assets
(6) The amount of the assets and liabilities formed by the transfer and the continues involvement of accounts
receivable
Other notes：
2. Other accounts receivable
(1) Other accounts receivable disclosed by category
In RMB
Category
Amount in year-end Amount in year- begin
Book Balance
Bad debt
provision
Book value
Book Balance
Bad debt
provision
Book value
Amount
Proportio
n(%)
Amou
nt
Propo
rtion(
%)
Amount
Proporti
on(%)
Amou
nt
Propor
tion(%
)
Other accounts receivable of
individual significance and
subject to individual
impairment assessment
106747436 93.89% 106747436 22394109 80.02% 22394109
Other accounts receivable of
individual insignificance but
subject to individual
impairment assessment
6945821 6.11% 6945821 5590195 19.98% 5590195
Total 113693257 100 % 113693257 27984304 100 % 27984304
Other receivable accounts with large amount and were provided had debt provisions individually at end of period.
√ Applicable □ Not applicable
In RMB
Other receivable（Unit）
End of term
Other receivable Bad debt provision Proportion Reason
Guangdong Yudean Property
Insurance Captive Co. Ltd.
98000000
Guangdong Yudean
Environmental protection
Co. Ltd.
8747436
Total 106747436 -- --
Other receivable accounts in Group on which bad debt provisions were provided on age analyze basis：
□Applicable √Not applicable
Other receivable account in Group on which bad debt provisions were provided on percentage basis：
□Applicable √Not applicable
Other Receivable accounts on which bad debt provisions are provided by other ways in the portfolio：
□Applicable √Not applicable
（2）Bad debt provision accrual collected or switch back
Bad debt provision accrual was RMB0.00 the acount collected or switches back amounting to RMB 0.00.
Significant amount of reversed or recovered bad debt provision：
In RMB
Name Amount Method
(3) Other account receivables actually cancel after wtite-off
In RMB
Items Amount
Of WhichOther receivable write-off：
In RMB
Name Nature Amount Reason program
Whether the money
is generated by
related party
transactions
Notes：
(4) Other account receivables category by nature of money
In RMB
Naature Ending book balance Beginning book balance
Investment to be transferred 98000000
Sales of fly ash 8747436 22394109
Petty cash 1667931 901951
Other 5277890 4688244
Total 113693257 27984304
（5）The ending balance of other receivables owed by the imputation of the top five parties
In RMB
Name Nature Year-end balance Age
Portion in total other
receivables(%)
Bad debt provision
of year-end balance
Yudean Insurance
Investment to
be transferred
98000000 Within 1 year 86.20%
Guangdong Yudean
Environmental Protection Co.
Ltd.Sales of fly ash 8747436 Within 1 year 7.69%
Guangdong Yudean Group
Shajiao C
Water and
electricity
rental
2183792 Within 1 year 1.92%
advances
Employee Petty cash 1667931 Within 1 year 1.47%
Guangdong Yudean Real Estate
Investment Co. Ltd.
Deposit 597764 Within 1 year 0.53%
Total -- 111196923 -- 97.81%
(6) Accounts receivable involved with government subsidies
In RMB
Name of units Project of government Closing balance Closing age
Estimated received time
amount and basis
(7) Other account receivable which terminate the recognition owning to the transfer of the financial assets
(8) The amount of the assets and liabilities formed by the transfer and the continues involvement of other
accounts receivable
Other Notes：
3.Long –term share equity investment
In RMB
Items
End of term Beginning of term
Book Balance
Impairment
provision
Book value Book Balance
Impairment
provision
Book value
Investment in
subsidiaries
19030371604 1138134640 17892236964 18770291604 1138134640 17632156964
Investment in
joint ventures and
associates
5866294025 5866294025 5738255738 5738255738
Total 24896665629 1138134640 23758530989 24508547342 1138134640 23370412702
（1）Investment in subsidiaries
In RMB
Name of investee Opening balance Increase Decrease Closing balance
Impairment
provision
Impairment
provision for
the year
Shenzhen Guangqian Electric
PowerCo. Ltd.
1353153223 1353153223
Guangdong Yudean Bohe Electric 2229000000 2229000000
Yudean Dapu Power Generation 1000000000 1000000000
Guangdong Wind Power Generation
Co. Ltd.
827419390 827419390
Lincang Yudean Energy Co. Ltd. 427689439 427689439
Yudean Qujie Wind Power
Generation Co. Ltd.
231750000 448000000 679750000
Yudean Electric Sale 230000000 230000000
Guangdong Yudean Anxin 20000000 20000000
Tongdao Yuexin Wind Power 10000000 10000000
Zhanjiang Zhongyue Energy 1150248115 1150248115 187248115
Shaoguan Yuejiang Power Generation 1153694674 1153694674 408494674
Yudean Yongan Natural Gas 90000000 90000000
Yudean Leizhou Wind Power 80800000 80800000
Zhanjiang Electric Power 2185334400 2185334400
Yudean Zhanjiang Wind Power 242277000 242277000
Huizhou Natural gas 1072506646 1072506646
Maoming Zhenneng 687458978 687458978
Jinghai Power Generation 1930395668 1930395668
Red Bay Power Generation 2220023386 2220023386
Yudean Huadu Natural gas 186550000 186550000
Yudean Humen Power Generation 90000000 90000000 86807584
Yuejia Electric Power 631679338 187920000 443759338 455584267
Huizhou Pinghai Power Generation 720311347 720311347
Total 18770291604 448000000 187920000 19030371604 1138134640
（2）Investment in joint ventures and associates
In RMB
Name of
investee
Beginning of
term
Increase/decrease in this period
End of term
Balanc
e of the
provisi
on on
for
impair
ment
Incre
ase
in
inves
tmen
t
Decre
ase in
invest
ment
Investment
income under
equity method
Other
comprehe
nsive
income
Other
change
s in
eqiuty
Announced
for
distributing
cash
dividend or
profit
Provisi
on for
impair
ment
Other
I.Joint venture
Industry Fuel 605678402 41278498 75493986 571462914
Subtotal 605678402 41278498 75493986 571462914
II. Associatesd
Yangshan
Jiangkeng
5673426 239442 852810 5060058
Yangshan
Zhongxinkeng
7509371 399953 7909324
West
Investment
153696713 -20427697 133269016
Yudean
Shipping
941757936 -2354123 8469538 930934275
Shanxi Yudean
Enerty
1216441246 110913552 1327354798
Yudean
Finance
700701205 56739397 57221066 700219536
Taishan Power 1961475609 81699809 2043175418
Yudean
Insurance
145321830 1586857 146908686
Subtotal 5132577336 228797190 66543414 5294831111
Total 5738255738 270075688 142037400 5866294025
（3）Other notes
4. Business income Business cost
In RMB
Items
Amount of current period Amount of previous period
Income Cost Income Cost
Main business 1127894766 1082555502 928897921 885653373
Other business 20451256 625713 10867381 1472966
Total 1148346022 1083181215 939765302 887126339
Other notes：
5. Investment income
In RMB
Items Amount of current period Amount of previous period
Long-term equity investment income
accounted by cost method
777396415 877823419
Long-term equity investment income
accounted by equity method
270075688 221764316
Investment return on investments held to
maturity during the holding period
9634179 8780663
Investment income received from holding of
available-for –sale financial assets
18256500 2124000
Other 357107 -15227
Total 1075719889 1110477171
6.Other
XVIII. Supplement information
1. Particulars about current non-recurring gains and loss
√ Applicable □ Not applicable
In RMB
Items Amount Notes
Gains/losses from the disposal of
non-current asset
388507
Governmental subsidy calculated intocurrent gains and loess（while closely relatedwith the normal business of the Company
excluding the fixed-amount or
fixed-proportion governmental subsidyaccording to the unified national standard）
12471031
The sales company received a reward of
RMB 9.99 million from the Nansha
government headquarters.
Effect on current gains/losses when a one-off
adjustment is make tocurent gains/losses
according to requirements of taxation.
-395966
Other non-business income and expenditures
other than the above
51190544
Zhanjiang Wind Power Company received
insurance compensation for typhoon Tyson
for a total of RMB 45.54585 million.Less：Influence amount of income tax 16012521
Influenced amount of minor shareholders’
equity
11949795
Total 35691800 --
Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in
the Explanatory Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the
Public-Extraordinary Gains and Losses or classifies any extraordinary gain/loss item mentioned in the said
explanatory announcement as a recurrent gain/loss item.
□ Applicable √Not applicable
2. Return on net asset and earnngs per share
Profit of report period Weightedaverage retureon eqiuty(%)
Earningspershare
Basicearningspershare(yuan/share）
Diluted eqrnings per
share(yuan/share)
Net profit attributable to the
Common stock shareholders of
Company.
1.88% 0.0855 0.0855
Net profit attributable to the
Common stock shareholders of
Company after deducting of
non-recurring gain/loss.
1.73% 0.0787 0.0787
3.The differences between domestic and international accounting standards
（1）Simultaneously pursuant to both Chinese accounting standards and international accounting standards
disclosed in the financial reports of differences in net income and net assets.
√ Applicable □ Not applicable
In RMB
Net profit Net assets
Amount in the reporting
period
Amount in the previous
period
End of the reporting
period
Beginning of the
reporting period
According to CAS 448833518 128735725 23677112778 23695190653
Items and amount adjusted according to IAS
The difference arising
from recognition of
goodwill after merger of
enterprises under the same
control
64623000 64623000
Difference arising
fromrecognition of land
use value after enterprise
merger
-315000 -315000 17915000 18230000
Influence on minority
interests
27060 27060 4783159 4756099
According to IAS 448545578 128447785 23764433937 23782799752
(2) Discrepancy in net profit and net assets as disclosed in the financial report respectively according to the
accounting standards outside Mainland China and CAS
□ Applicable √ Not Applicable
(3) Note to the discrepancy in accounting data under the accounting standards outside Mainland China. In case
the discrepancy in data which have been audited by an overseas auditing agent has been adjusted please specify
the name of the overseas auditing agent.(a) The difference arising from recognition of goodwill after merger of enterprises under the same control and
recognition of land value after enterprise merger.
As required by new Chinese accounting standards the goodwill formed by the merger of enterprises under
the same control shall not be recognized and capital surplus shall be adjusted. Under IFRS the golldwill
formed by the merger of enterprises under the same control shall be recognized and equal to the difference
between merger cost and share of fair value of recognizable net assets of the purchased party obtained in
merger. Meanwhile all assets of the purchased party obtained in merger shall be accounted for according to
their fair value while such assets shall be accounted for according to their book value according to original
Chinese accounting standards for business enterprises. Therefore this difference will continue to exist.
(b) Influence on minority interests
Housing reform loss occurred to the Company and some holding subsidiaries. Therefore there’s some
influence on minority interests.
4.Other
XI. Documents available for inspection
1.Text of Semi-ammual report carrying the signature of Chairman of the Board;
2.Financial statements bearing the seal and signature of legal representative financial controller and the person in
charge of the accounting organ;
3.All original copies of official documents and notices which were disclosed in Securities Times China
Secunities and Hong Kong Commercial Daily (Both English and Chinese version);
4.The article of association of the Company;
5. English 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).The Board of Directors of Guangdong Electric Power Development Co. Ltd.
Chairman of the Board: Wang Jin
August 31 2018
沪公网安备31011802005267号
