Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

GUANGDONG ELECTRIC POWER DEVELOPMENT CO. LTD.The Semi-annual Report 2025

August 2025

1Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

I. Important Notice Table of Contents and Definitions

The Board of Directors Directors and Senior Executives of the Company hereby guarantees that there are no

misstatement misleading representation or important omissions in this report and shall assume joint and several

liability for the authenticity accuracy and completeness of the contents hereof.Mr.Zheng Yunpeng The Company leader Mr. Liu Wei Chief financial officer and the Mr.Meng Fei the

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

authenticity and completeness of the financial report enclosed in this semi-annual report.With the exception of the following directors other directors attended the Board meeting to review the

semi-annual report.The name of director who did not The name of director who was

Position of absent director Reason

attend the meeting in person authorized

He Ruxin Director Due to business Zheng Yunpeng

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

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

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

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

2Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Table of Contents

I.Important Notice Table of contents and Definitions

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

IV. Corporate Governance Environmental and Social Responsibility

V. Important Events

VI. Change of share capital and shareholding of Principal Shareholders

VII. Corporate Bond

VIII. Financial Report

IX. Other submitted Date

3Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Documents available for inspection

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

person in charge of the accounting organ;

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

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

and Chinese version);

3.Chinese version of the semi-annual report.

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

holidays Saturday and Sunday).

4Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Definition

Terms to be defined Refers to Definition

Guangdong Energy Group Refers to Guangdong Energy Group Co. Ltd.Guangdong Energy Maoming Thermal Power Plant Co.Maoming Thermal Power Plant Refers to

Ltd.Jinghai Company Refers to Guangdong Yudean Jinghai Power Co. Ltd.Zhanjiang Electric Power Refers to Guangdong Yudean Zhanjiang Electric Power Co. Ltd.Guangdong Yudean Technology Engineering Management

Technology Engineering Company Refers to

Co. Ltd

Humen Company Refers to Guangdong Yudean Humen Power Co. Ltd.Bohe Company Refers to Guangdong Yudean Bohe Energy Co. Ltd.Xuwen Wind Power Refer to Guangdong Yudean Xuwen Wind Power Co. Ltd

Guangdong Yudean Huadu Natural Gas Thermal Power

Huadu Company Refers to

Co. Ltd.Dapu Power Plant Refers to Guangdong Yudean Dapu Power Generation Co. Ltd.Leizhou Wind Power Refers to Guangdong Yudean Leizhou Wind Power Co. Ltd.Dianbai Wind Power Refers to Guangdong Yudean Dianbai Wind Power Co. Ltd.Zhanjiang Electric Power Refers to Zhanjiang Electric Power Co. Ltd.Yuejia Company Refers to Guangdong Yuejia Electric Power Co. Ltd.Shaoguan Power Generation Plant Refers to Guangdong Yudean Shaoguan Power Generation Co. Ltd.Zhongyue Energy Refers to Zhanjiang Zhongyue Energy Co. Ltd.Electric Power Sales Company Refers to Guangdong Yudean Electric Power Sales Co. Ltd.Qujie Wind Power Refers to Guangdong Yudean Qujie Wind Power Co. Ltd.Guangdong Yudean Yangjiang Offshore Wind Power Co.Yangjiang Wind Power Company Refers to

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

Shibeishan Wind Power Refers to

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

Hongrui Technology Refers to

Development Co. Ltd.Guangdong Yudean Yongan Natural Gas Thermal Power

Yongan Company Refers to

Co. Ltd.Xupu Wind Power Company Refers to Hunan Xupu Yuefeng New Energy Co. Ltd.

5Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Wuxuan Wind Power Company Refers to Guangxi Wuxuan Yudean New Energy Co. Ltd.Pingdian Integrated Energy Company Refers to Huizhou Pingdian Integrated Energy Co. Ltd.Zhuhai Wind Power Company Refers to Guangdong Yudean Zhuhai Offshore Wind Power Co. Ltd.Binhaiwan Company Refers to Guangdong Yudean Binhaiwan Energy Co. Ltd.Dayawan Company Refers to Guangdong Yudean Dayawan Integrated Energy Co. Ltd.Qiming Energy Refers to Guangdong Yudean Qiming Energy Co. Ltd.Huaguoquan Company Refers to Shenzhen Huaguoquan Electric Industry Service Co. Ltd.Nanxiong New Energy Refers to Shaoguan Nanxiong Yuefeng New Energy Co. Ltd.Dananhai Company Refers to Guangdong Yudean Dananhai Intelligence Energy Co. Ltd.Guangdong Energy Qingzhou offshore wind power Co.Qingzhou offshore wind power Refers to

Ltd.Wanhaowei New Energy Refers to Zhanjiang Wanhaowei New Energy Co.Ltd.Wanchuang Henwei New Energy Refers to Zhanjiang Wanchuang Hengwei New Energy Co. Ltd.Nanhua New Energy Refers to Guangdong Guangye Nanhua New Energy Co. Ltd.Datang New Energy Refers to Guangdong Yueneng Datang New Energy Co. Ltd.Yueneng Wind Power Refers to Guangdong Yueneng Wind Power Co. Ltd.Tumu Thermal Power Refers to Tumushuke Thermal Power Co.Ltd.Sha C Company Refers to Guangdong Shajiao( plant C) Power Generation Co. Ltd.Guanghe Electric Power Refers to Guangdong Guanghe Electric Power Co. Ltd.Biomass Power Generation Refers to Guangdong Biomass Power Generation Co. Ltd.Xinhui Power Generation Refers to Guangdong Yudean Xinhui Power Generation Co.Ltd.Yunhe Power Generation Refers to Guangdong Yudean Yunhe Power Generation Co. Ltd.Yundian Energy Refers to Yunfu Yundian Energy Co. Ltd.Yuehua Power Generation Refers to Guangdong Yuehua Power Generation Co. Ltd.Guangdong Yudean Yuehua comprehensive energy Co.Yuehua comprehensive energy Refers to

Ltd.Huangpu Power Engineering Refers to Guangzhou Huangpu Power Engineering Co. Ltd.Bijie New Energy Refers to Guangdong Yudean Bijie New Energy Co. Ltd.Shangyang Energy Refers to Zhanjiang Shangyang Energy Technology Co. Ltd.Guidian Energy Refers to Zhanjiang Potou Guidian Energy Technology Co.Ltd.Shunfeng New Energy Refers to Xihua Shunfeng New Energy Co. Ltd.Jindian New Energy Refers to Wuzhi Jindian New Energy Technology Co. Ltd.Lianjiang New Energy Refers to Lianjiang Yuefeng New Energy Co. Ltd.Luoding Yuefeng Refers to Yunfu Luoding Yuefeng New Energy Co. Ltd.Zhaocheng Yuefeng Refers to Linfen Zhaocheng Yuefeng New Energy Co. Ltd.Wuhua New Energy Refers to Meizhou Wuhua Yuefeng New Energy Co. Ltd.Yingyang New Energy Refers to Laishui Yangyang New Energy Technology Co. Ltd.Lineng New Energy Co. Ltd. Refers to Laishui Lineng New Energy Technology Co. Ltd.Longmen New Energy Refers to Huizhou Longmeng Yuefeng New Energy Co.Ltd.Inner Mongolia New Energy Refers to Inner Mongolia Yuefeng New Energy Co. Ltd.Zhuhai New Energy Refers to Zhuhai Yuefeng New Energy Co. Ltd.Dunan New Energy Refers to Dacheng Dunan New Energy Co. Ltd.Gaotang New Energy Refers to Gaotang Shihui New Energy Co. Ltd.Shaoguan New Energy Refers to Guangdong Shaoguan Yuedianli New Energy Co. Ltd.

6Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Hanhai New Energy Refers to Tumushuke Yudean Hanhai New Energy Co. Ltd.Jinxiu Energy Refers to Yudean Jinxiu Energy Co. Ltd.Senhong Energy Refers to Nanjing Senhong New Energy Co. Ltd.Muhong New Energy Refers to Jinchang Muhong New Energy Co. Ltd.Senhai New Energy Refers to Nanjing Senhai New Energy Co. Ltd.Mujing New Energy Refers to Jinchang Jieyuan Mujing New Energy Co. Ltd.Huibo New Energy Refers to Guangdong Yudean Huibo New Energy Co. Ltd.Dongrun Zhongneng Refers to Taishan Dongrun Zhongneng New Energy Co. Ltd.Dongrun Qingneng New Energy Refers to Taishan Dongrun Qingneng New Energy Co. Ltd.Runze Jieyuan New Energy Refers to Taishan Runze Jieyuan New Energy Co. Ltd.Guangdong Yudean Maoming Natural gas Thermal Power

Maoming Natural Gas Refers to

Co. Ltd

Xingyue New Energy Refers to Meizhou Xingyue New Energy Co. Ltd.Huizin Thermal Power Refers to Guangdong Yudean Huixin Thermal Power Co. Ltd.Shache Energy Refers to Yudean Shache Comprehensive Energy Co. Ltd.Xinguangyao New Energy Refers to Laixi Xinguangyao New Energy Technology Co. Ltd.Telian New Energy Refers to Laixi Telian New Energy Technology Co. Ltd.Lianyao New Energy Refers to Pingdu Lianyao New Energy Technology Co.Ltd.Jiu Zhou New Energy Refers to Jiuzhou New Energy（Zhaoqing）Co. Ltd.Xiangtang Xiangdian Changshan Wind Power Generation

Changshan Wind Power Refers to

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

Xinjiang comprehensive energy Refers to Yudean Xinjiang comprehensive energy Co. Ltd.Gaozhou New Energy Refers to Gaozhou Yudean Intelligence New Energy Co. Ltd.Xintian Yuefeng Refers to Xintian Yuefeng New Energy Co. Ltd.Lanshan Yuefeng Refers to Lanshan Yuefeng New Energy Co. LTD.Lianjiang Hangneng Refers to Lianjiang Hangneng New Energy Co. Ltd.Woyang Herun New Energy Technology Co. Ltd.Herun New Energy Refers to.Guangxi Hangneng Refers to Guangxi Hangneng New Energy Co. Ltd.Jincheng Yuefeng Refers to Jincheng Yuefeng New Energy Co. Ltd.Baiyin Yuefeng Refers to Baiyin Yuefeng New Energy Co. Ltd.Yunan Yuexin Company Refers to Yunfu Yunan Yuexin Power Generation Co. Ltd.Yuncheng Wanquan Yuefeng Refers to Yuncheng Wanquan Yuefeng New Energy Co. Ltd.Guangneng Tuokexun New Energy Power Generation Co.Tokexun Energy Refers to

Ltd.Yehai Yuefeng Refers to Lingao Yehai Yuefeng New Energy Co. Ltd.Zhuhai Yuefeng Huafa Refers to Zhuhai Yuefeng Huafa New Energy Co. Ltd.

7Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Zhanjiang Yuefeng Baoxin Refers to Zhanjiang Yuefeng Baoxin Energy Co. ltd.Zhuhai Yuefeng Seas Refers to Zhuhai Yuefeng Seas Meadow Co. Ltd.Shantou Yuefeng New Energy Refers to Shantou Yuefeng New Energy Investment Partnership（LP）

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

Qinglong Manchu photovoltaic Refers to

Photovoltaic Technology Co. Ltd.Karamay integrated energy Refers to Guangneng Karamay integrated energy Co. Ltd.Hailan Longyue Refers to Hainan Longyue New Energy Co. Ltd.Zhongshan Energy Service Refers to Guangdong Energy Zhongshan Energy Service Co.Ltd.Yudean New Energy Development Refers to Guangdong Yudean New Energy Development Co. Ltd.Langle Yuefeng Refers to Yuncheng Changle Yuefeng New Energy Co. Ltd.Industry Fuel Refers to Guangdong Electric Industry Fuel Co. Ltd.Guoneng Taishan Company Refers to Guoneng Yudean Taishan Power Generation Co. Ltd.Guangdong Energy Finance Company Refers to Guangdong Energy Group Finance Co. Ltd.Yudean Shipping Company Refers to Guangdong Yudean Shipping Co. Ltd.Shanxi Energy Company Refers to Shanxi Yudean Energy Co. Ltd.Guangdong Energy Insurance Captive Company Refers to Guangdong Energy Property Insurance Captive Co. Ltd.Weixin Energy Co. Ltd. Refers to Yunnan Yuntou Weixin Energy Co. Ltd.Energy Financial Leasing Company Refers to Guangdong Energy Financial Leasing Co. Ltd.Yueqian Electric Power Refers to Guizhou Yueqian Electric Power Co. Ltd.Zhongxinkeng hydropower station Refers to Yangshan Zhongxinkeng Power Co. Ltd.Jiangkeng hydropower station Refers to Yangshan Jiangkeng hydropower station

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

Ltd.Sunshine Insurance Refers to Sunshine Insurance Group Co. Ltd.Shenzhen Capital Refers to Shenzhen Capital Group Co. Ltd.GMG Refers to GMG International Tendering Co. Ltd.Shenzhen Energy Refers to Shenzhen Energy Group Co. Ltd.Shenergy Company Refers to Shenergy Company Limited

Environmental Protection Company Refers to Guangdong Yudean Environmental Protection Co. Ltd.Yunfu B Power Plant Refers to Yunfu Power Plant (B Plant) Co. Ltd.Shantou Huaneng Wind Power Refers to Huaneng Shantou Wind Power Co. Ltd.

8Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

II. Company Profile & Financial Highlights.I. Company Profile

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

Stock exchange for listing Shenzhen Stock Exchange

Name in Chinese 广东电力发展股份有限公司

Abbreviation of Registered粤电力

Company Name in Chinese

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

English abbreviation (If any) GED

Legal Representative Zheng Yunpeng

Ⅱ. Contact person and contact manner

Board secretary Securities affairs Representative

Name Liu Wei Hang Xiaowen

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

Contact address

Road East GuangzhouGuangdong Province Road East GuangzhouGuangdong Province

Tel （020）87570251 （020）87570251

Fax （020）85138084 （020）85138084

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

III. Other info.

1. Way of contact

Whether registration address office 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 have no

change in reporting period found more details in annual report 2023.

2. Information inquiry

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

□ Applicable √ Not applicable

None of the official press website and place of enquiry have been changed in the semi reporting period. For

details please find the Annual Report 2024.

3. Other relevant information

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

□ Applicable √ Not applicable

9Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

IV. Summary of Accounting data and Financial index

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

□Yes √No

Changes of this period over

Reporting period Same period of last year

same period of Last year(%)

Operating income（Yuan） 23141441943 26078790971 -11.26%

Net profit attributable to the

shareholders of the listed 32474158 902938860 -96.40%

company（Yuan）

Net profit after deducting of

non-recurring gain/loss

attributable to the -21871771 886059830 -102.47%

shareholders of listed

company（Yuan）

Cash flow generated by

business operation net 4356121598 6006225071 -27.47%（Yuan）

Basic earning per

0.00620.1720-96.40%

share(Yuan/Share)

Diluted gains per

0.00620.1720-96.40%

share(Yuan/Share)

Weighted average ROE(%) 0.14% 4.03% -3.89%

As at the end of the reporting

As at the end of last year Changed over last year(%)

period

Gross assets（Yuan） 181156928432 175154232936 3.43%

Net assets attributable to

shareholders of the listed 22925045372 22894681796 0.13%

company（Yuan）

V.The differences between domestic and international accounting standards

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

disclosed in the financial reports of differences in net income and net assets.□ Applicable□√ Not applicable

None

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

Chinese accounting standards.□ Applicable √Not applicable

None

10Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

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

√Applicable □Not applicable

In RMB

Item Amount Note

Non-current asset disposal Mainly due to the profit and loss of

gain/loss(including the write-off part for Yuehua Zhanqiao land and buildings and

14650960 equipment disposal of Guanghe

which assets impairment provision is Zhanjiang Biomass Dapu and other

made) companies.Government subsidies recognized in

current gain and loss(excluding those Mainly due to the electricity sales

closely related to the Company’s 10930305 economic policy incentives and subsidies

business and granted under the state’s for power plant projects.policies)

Mainly due to the land compensation

income of Huizhou Pinghai Power Plant

Other non-business income and and the natural gas compensation income

101734047

expenditures other than the above of Huizhou Natural Gas Power

Generation and Guangqian Electric

Power.Less: Amount of influence of income tax 34561404

Influenced amount of minor

38407979

shareholders’ equity (after tax)

Total 54345929

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

□ Applicable√ Not applicable

None

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

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

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

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

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

Item Amount involved (RMB) Reason

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

12969171

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

-72907513

emission reduction obligation regulations and continue to occur.

11Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

III. Management Discussion & Analysis

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

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

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

in the “Guidelines for the Industry Classification of Listed Companies” by the China Securities RegulatoryCommission. Since its foundation the Company has always adhered to the business tenet of “Capital from thepeople using it for electricity and benefiting the public” and adheres to the business policy of “Centering on themain business of electricity with diversified development” focusing on the main business of power and making

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

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

and hydropower generation which provides reliable and clean energy to users through the grid company.As of June 302025 the Company had a controllable installed capacity of 43.1531 million kilowatts of which

40.5593 million kilowatts were owned by the Company and 2.5938 million kilowatts were controlled by the

Company. Among them: coal-fired power generation holding installed capacity of 20.01 million kilowatts

accounting for 49.34 per cent; gas power holding installed capacity of 11.847 million kilowatts accounting for

29.21 per cent; wind power holding installed capacity of 3.895 million kilowatts accounting for 9.60 per cent;

photovoltaic holding installed capacity of 4.5745 million kilowatts accounting for 11.28 per cent; hydroelectricity

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

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

installed capacity of 8.7023 million kilowatts accounting for 21.46%. In addition The entrusted management

installed capacity by the Company is 8.954 million kilowatts (6.65 million kilowatts of thermal power 2.204

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

capacity and entrusted management installed capacity are 51.7951 million kilowatts.The company's primary source of revenue is electricity production and sales with the majority of its main

business revenue originating from within Guangdong Province. The company's electricity sales prices are divided

into grid-connected electricity prices approved by the government price regulatory authority and transaction prices

generated through market transactions conducted in accordance with power market trading rules and related

documents. According to data from the Guangdong Provincial Power Trading Centre in 2025 the total volume of

bilateral negotiated transactions in Guangdong Province was 331.008 billion kilowatt-hours with an average

transaction price of 391.86 yuan per kilowatt-hour representing a year-on-year decrease of 15.84%. During the

reporting period the company's grid-connected electricity generation was 53.366 billion kilowatt-hours a

year-on-year decrease of 1.00%; The average grid-connected electricity price in the consolidated financial

statements was 480.01 yuan per MWh a decrease of 59.49 yuan per MWh year-on-year representing a decline of

11.02%; operating revenue was 2314144 million yuan a decrease of 293735 million yuan year-on-year

representing a decline of 11.26%.The Company's main business is thermal power generation the fuel costs account for a large proportion of

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

performance. During the reporting period the Company's fuel cost was 14988.17 million yuan accounting for

71.17% of the operating cost benefiting from the decline in fuel prices and the fuel cost decreased by 1913.99

million yuan YOY a decrease of 11.48%.

12Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

In the first half of 2025 with the gradual release of power generation business capacity the Company's

profitability has recovered the operating contribution of the new energy business has been further improved and

the overall performance has turned losses into profits compared with the first quarter. However due to the

intensification of competition in the electricity market and the impact of related policies the on-grid price of the

Company's thermal power and new energy power generation business fell significantly in the first half of the year

resulting in a decrease in revenue higher than the cost reduction and a YOY decline in average gross profit for

power generation therefore the Company's operating performance recorded sharp decline YOY. In the second

quarter of 2025 the Company achieved a net profit attributable to the parent Company of 32.48 million yuan a

YOY decrease of 870.46 million yuan. Among them the Company's coal-fired power business achieved a net

profit attributable to the parent company of 29 million yuan; the net profit attributable to the parent company of

the gas electricity business was -217.9 million yuan; the net profit attributable to the parent company of the

hydropower business was -5.27 million yuan; the net profit attributable to the parent company of the new energy

business was 102.88 million yuan; The Company's investment business achieved a net profit attributable to the

parent company of 120.47 million yuan.The Company shall comply with the disclosure requirements of power-related industries in the Guideline No.3 for

Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure.As of June 2025 the Company has a total of about 8469500 kilowatts of new energy such as wind power and

photovoltaics including about 2201500 kilowatts of offshore wind power about 1693400 kilowatts of onshore

wind power and about 4574500 kilowatts of photovoltaic power generation; In the first half of 2025 the

Company added 1193600 kilowatts of new energy installations including 500000 kilowatts of wind power and

693600 kilowatts of photovoltaics; the total installed capacity of photovoltaic projects such as Karamay project in

Xinjiang is 915000 kilowatts and a total of 200000 kilowatts of wind power projects are in areas such as Gansu

and Shanxi; the projects with decision completed to construct have a total of 672000 kilowatts. In the future the

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

goals of "carbon peak" and "carbon neutrality" implement the specific deployment of the "1310" of the

Guangdong Provincial Party Committee further expand high-quality new energy project resources and build an

ecological civilization power generation enterprise.II. Analysis On Core Competitiveness

1. The largest listed company of power in Guangdong

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

more than 181.156 billion yuan，It is the largest listed company with state-owned assets in Guangdong Province.As of June 30 2025 the Company as the largest listed power company in Guangdong Province It has a total of

34.9984 million kilowatts of unified dispatch units in the province accounting for 14.83% of the installed

capacity of Guangdong Province.

2. Strong background and resource advantages

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

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

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

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

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

13Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

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

and development of Guangdong Province's energy resources.

3. Comprehensive advantages of main business

During the "14th Five-Year Plan" period Guided by the national energy development strategy the Company

is implementing the "1310 strategy - to build a first-class green and low-carbon power listed company coordinate

safety and development optimize and strengthen coal gas and biomass power generation services and vigorously

develop new energy energy storage hydrogen energy and land park development. The Company has abundant

project reserves and broad development prospects; With clear main business reasonable structure outstanding

industrial position and market share it has strong comprehensive strength and broad development prospects.

4. Competitive advantage in electricity market

The company's generator set has large capacity high operation efficiency stable operation superior

environmental protection performance and strong market competitive advantage. In the first half of 2025 the

company completed a total of 50.49 billion kilowatt-hours of electricity in the market and the scale of electricity

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

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

over the province and its technical accumulation and comprehensive resources in the power industry the company

provides auxiliary value-added services such as peak regulation frequency modulation and backup for the power

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

consumption consultation for users thus realizing the transformation from a power generation enterprise to an

energy comprehensive service enterprise.

5. Advantage of financial resources

The company's total assets currently amount to 181.157 billion yuan and the cash flow of its stock business is

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

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

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

provide strong financial guarantee for the enterprise production and operation key project construction and rapid

development of new energy industries.

6. Regional development advantages

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

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

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

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

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

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

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

Changes in the financial data

In RMB

YOY

This report period Same period last year Causes of change

change（%）

Operating income 23141441943 26078790971. -11.26%

14Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Operating cost 21088563492 22607604729 -6.72%

Sale expenses 43731677 43812406 -0.18%

Administrative expenses 606233009 612823789 -1.08%

Financial expenses 1101122487 1136016260 -3.07%

The main reason is the decline in

Income tax expenses the scale of corporate profits225270964 443445689 -49.20%

resulting in a decrease in

corporate income tax.R & D Investment 321041294 323176647 -0.66%

The main reason is that the

decline in the Company's power

Cash flow generated by generation revenue exceeds the

43561215986006225071-27.47%

business operation net decline in costs resulting in a

YOY decrease in net cash flow

from operating activities.Net cash flow generated by

-6008546957-5579362986-7.69%

investment

Mainly due to the continuous

optimization of the Company's

Net cash flow generated by debt structure the increase in the

2350655724 -367933221 738.88% proportion of medium and

financing long-term financing and the

sharp decline in the scale of

maturing debt YOY.Net increasing of cash and Mainly due to a significant YOY

698242148 58849676 1086.48% increase in net cash flow from

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

□ Applicable √Not applicable

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

In RMB

This report period Same period last year

Increase /decrease

Amount Proportion Amount Proportion

Total operating

revenue 23141441943 100% 26078790971 100% -11.26%

On Industry

Electric power

Steam sales and 23024016646 99.49% 25944529404 99.49% -11.26%

labor income

Other 117425297 0.51% 134261567 0.51% -12.54%

On products

Sales Electric

2266948657997.96%2573499270398.69%-11.91%

Power

Flyash sales 68165891 0.29% 71679656 0.27% -4.90%

Thermal sales 282122770 1.22% 158977001 0.61% 77.46%

15Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Other 121666703 0.53% 113141611 0.43% 7.53%

Area

Guangdong 22204032561 95.95% 25222008969 96.72% -11.97%

Xinjiang 563971455 2.44% 592499860 2.27% -4.81%

Hunan 81754506 0.35% 49432632 0.19% 65.39%

Hebei 76735444 0.33% 43562606 0.17% 76.15%

Guangxi 55953791 0.24% 55975991 0.21% -0.04%

Yunnan 31118041 0.13% 30094272 0.12% 3.40%

Henan 15399857 0.07% 18907253 0.07% -18.55%

Shandong 16387452 0.07% 15532130 0.06% 5.51%

Inner mongolia 42351182 0.18% 21887814 0.08% 93.49%

Gansu 20092391 0.09% 8053227 0.03% 149.49%

Anhui 26854666 0.12% 20836217 0.08% 28.88%

Shanxi 6790597 0.03%

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

with Profit over 10%

√ Applicable □Not applicable

In RMB

Increase/decrea Increase/decrea

Increase/decreas

se of business se of gross

e of revenue in

Gross profit cost over the profit rate over

Turnover Operation cost the same period

rate(%) same period of the same period

of the previous

previous year of the previous

year(%)

(%) year (%)

On Industry

Electric power

Steam sales and 23024016646 21059973597 8.53% -11.26% -6.41% -4.74%

labor income

On Products

Sales Electric

22669486579207084536868.65%-11.91%-7.38%-4.47%

Power

Including：Fire

coal Generation 13887392086 12931328978 6.88% -19.70% -16.05% -4.04%

Power

Gas Generation

65470875986402964421.94%2.23%9.84%-6.79%

Power

Biomass

Generation 2235006895 1356828266 39.29% 9.74% 22.41% -6.28%

Power

Area

Guangdong 22204032561 20331489465 8.43% -11.97% -7.12% -4.78%

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

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

16Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

IV. Analysis of Non-core Business

□ Applicable √Not applicable

V. Analysis of assets and liabilities

1.Significant changes in asset composition

In RMB

End of Reporting period End of same period of last year

Change in Reason for

As a percentage As a

percentage significant

Amount of total Amount percentage of

(%) change

assets(%) total assets(%)

Monetary fund 16051714666 8.86% 15361820831 8.77% 0.09%

Accounts

88949812634.91%91017978415.20%-0.29%

receivable

Contract assets 327133 0% 1378872 0% 0%

Inventories 3247405078 1.79% 2577119489 1.47% 0.32%

Real estate

3284752200.18%3364935860.19%-0.01%

Investment

Long-term

equity 11264561442 6.22% 10812658939 6.17% 0.05%

investment

Fixed assets 72549633107 40.05% 73628798655 42.04% -1.99%

Mainly due to

the promotion

of investment

and

Construction in construction of

3707315967720.46%3138285076517.92%2.54%

process infrastructure

projects such as

Jinghai Units 5

and 6 and Dapu

Phase II.Usage right

119903534366.62%117004190756.68%-0.06%

assets

Short-term

113755410166.28%141089308338.06%-1.78%

loans

Contract

1157567440.06%384598280.02%0.04%

liabilities

Long-term

7450646468841.13%6954155940639.70%1.43%

loans

Lease liabilities 12910241360 7.13% 12376312142 7.07% 0.06%

2.Main assets overseas

□ Applicable √Not applicable

17Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

3.Asset and Liabilities Measured by Fair Value

√ Applicable □Not applicable

In RMB

Impairment Purchased Sold

Gain/Loss on Cumulative fair

provisions amount in amount

fair value value change Other

Item Opening amount in the the in the End of term

change in the recorded into changes

reporting reporting reporting

reporting period equity

period period period

Financial

assets

Other

equity

265028987310758820218157154592757878075

instrument

investments

Subtotal 2650289873 107588202 1815715459 2757878075

Total 2650289873 107588202 1815715459 2757878075

Financial

00

Liability

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

□ Yes √ No

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

On June 30 2025 individual subsidiaries of the Group pledged the right to impose electricity charges to banks to

obtain long-term loans of 4570263542 yuan which: the balance of long-term loans due within one year was

357839261 yuan (as of December 31 2024: 5171411604 yuan) including: the long-term borrowings due

within one year amounted to 451067263 yuan.

18Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

VI. Investment situation

1. General

√ Applicable □ Not applicable

Investment of the period Investment of same period of last year Scale of change

752135000825091532-8.84%

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

√Applicable □ Not applicable

In RMB

Progress

Gain or Less

up to Whether to Date of

Company Main Investment Investment Share Capital Investment Product Anticipated of the Disclosure

Partner Balance Involve in Disclosure(

Invested Business Way Amount Proportion Source Horizon Type Income Current Index(if any)

Sheet Lawsuit if any)

Investment

Date

Announcement

No.:2022-16.Dananha

Published in

i

Guangdong China

Intellige Securities

Yudean

nce Daily

Dananhai Thermal Capital Self Electric Securities

40000000 100% No Long-term Energy

April

-10364816 No

Intelligence power increase funds Power 222022 Times

Project Shanghai

Energy Co.is in Securities

Ltd.normal News

Securities

progress Daily and

http//.www.c

ninfo.com.cn

Guangdong Thermal Capital Self Huizhou Port Long-ter Electric

The

July Announcement

49070000 70% project -30134736 No

Yudean power increase Fund Investment m Power 172021was put No.:2024-36.

19Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Dayawan Group Co. into Published in

Integrated Ltd. operatio China

n on

Energy Co. (20%) SecuritiesJune 27 Daily

Ltd. Huizhou Port 2024 Securities

Investment Times and

Group Co. http//.www.c

ninfo.com.cn

Ltd.(10%)

Shanwei

Guangzhou Power

Development Plant Announcement

Guangdong Electric unit 5 No.:2023-13.and Unit

Yudean Group Co. Published in

6Red Bay Thermal Capital Self Ltd. (25%） Long-ter

Electrici China

expansio March

70000000 65% ty and 72894606 No Securities

Power power increase Funds Shanwei m n project 162023coal Daily

Generation Talent (2x1000 Securities

mw)

Co. Ltd. Development Times andproject

http//.www.c

Group Co. is in

ninfo.com.cnLtd. (10%） normal

progress

Announcement

Huizhou New No.:2024-46.materials

Guangdong

Industrial In Published in

Yudean

Self Park Electrici ChinaHuixin Thermal Capital Long-ter normal August

44970000 85% Investment ty and -3536375 No Securities

Thermal power increase Funds

and m coal operatio

312024

Daily

power Co.Construction n Securities

Ltd.Co. Ltd Times and

(15%) http//.www.c

ninfo.com.cn

Guangdong Maomin

Self Guangdong

Announcement

Yudean Thermal Capital Long-ter Electric g Bohe September

221100000 67% Energy Group -41471439 No No.:2024-48.

Bohe power increase Funds Power 172022

Co. Ltd. m Power

Energy Plant Published in

20Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Co. unit 3 China

Ltd. and 4 Securities

unit Daily

project Securities

(2x1000 Times and

mw) http//.www.c

project ninfo.com.cn

is in

normal

progress

Announcement

No.:2025-25.Guangdong

In Published in

Electric

Capital Self Guangdong Long-ter Electric normal ChinaJuly

Industry Fuel sales 30000000 50% Energy Group 26333063 No Securities

increase Funds m Power operatio 292025

Fuel Co. Co. Ltd. Daily

n Securities

Ltd. Times and

http//.www.c

ninfo.com.cn

Guangdong

Electric

Industry Fuel

Co. Ltd.

（18%）；

Guangdong

Guangdong

Electric In

EnergyGr

oup Data New Self

Development Long-ter normal Not

27000000 18% Co. Ltd. Data 89131 No

Enterprise processing establishment Funds m operatio applicable

（18%）；

Service

Guangdong n

Co. Ltd.Yudean

Shipping Co.Ltd.（18%）；

Guangdong

Energy Group

Natural gas

21Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Co. Ltd.

（18%）；

Guangdong

Energy Group

（10%）

TotAL -- -- 752135000 -- -- -- -- -- -- 13809434 -- -- --

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

Book value Book value

Mode of Changes in Cumulative Sale Gain/loss

Initial balance at the Purchase balance at the

Security Security accounting fair value fair value amount of the Accounting Source of the

Stock Abbreviation: investment beginning of amount in end of the

category code measureme of the changes in in the reporting items shares

cost the reporting the period reporting

nt period equity period period

period period

Other equity

Domestic and

HK6963 Sunshine insurance 356000000 FVM 884831222 152511903 681343125 1037343125 instrument Self funds

foreign stocks

Investment

Other equity

Domestic and

600642 Shenergy 235837988 FVM 527001051 -49423701 241739362 477577350 instrument Self funds

foreign stocks

Investment

Domestic and Other equity

000027 Shenzhen Energy 15890628 FVM 97977600 -1512000 80574972 96465600 Self funds

foreign stocks instrument

22Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Investment

Other equity

Domestic and

831039 NEEQ 3600000 FVM 13680000 6012000 16092000 19692000 instrument Self funds

foreign stocks

Investment

Total 611328616 -- 1523489873 107588202 1019749459 0 0 0 1631078075 -- --

In RMB

（2）Investment in Derivatives

□ Applicable √ Not applicable

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

5.Application of the raised capital

□ Applicable √ Not applicable

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

1.Situation of Significant Asset Sale

□ Applicable √ Not applicable

2.Sales of major equity

□ Applicable √ Not applicable

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

√ Applicable □ Not applicable

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

In RMB

23Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Sectors Registered

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

engaged in capital

Power

Guangdong Wind Power Generation generation and

Subsidiary 12690914586 61289730093 17446050730 1668200633 284807915 226850521

Co. Ltd. power station

construction.Power

generation and

Pinghai Power Generation Company Subsidiary 1370000000 3706235846 2251559663 1681842479 159134286 144925480

power station

construction.Power

Red Bay Power Generation generation and

Subsidiary 2749750000 7270642197 3196305393 2184779251 173630172 112145548

Company power station

construction.Power

Guangdong Yudean Jinghai Power generation and

Subsidiary 2919272000 12680818159 3366554655 2213247351 115303625 80350066

Generation Co. Ltd. power station

construction.Power

generation and

Huizhou Natural Gas Company Subsidiary 1499347500 3033538936 2085666039 1333054125 57460280 60973413

power station

construction.Power

Guangdong Shajiao（C）Power generation andSubsidiary 2500000000 5389646407 1709059435 2023368849 37317745 37151424

Generation Co. Ltd. power station

construction.Power

Guangdong Yuedan Daya Bay Subsidiary generation and 764000000 3658346591 610238648 1421814563 -43047024 -43049623

Integrated Energy Co. Ltd

power station

24Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

construction.Power

Guangdong Yudean Binhaiwan generation andSubsidiary 1040000000 5236877501 845143450 1235452032 -77959985 -77926480

Energy Co. Ltd. power station

construction.Mining and

Sharing

Shanxi Yudean Energy Co.Ltd. power 1620749100 13580226740 10148932051 217900571 324430535 294422917

Company

generation

Guangdong Energy Group Finance Sharing

Finance 3000000000 40474149598 4282417598 363978238 279594736 219141470

Co. Ltd. Company

Power

Guoneng Yudean Taishan Power Sharing generation and

466950000012578449526105071686123892347238176208107143964626

Generation Co. Ltd. Company power station

construction.Investment and

operation of

Guangdong Electric Industry Fuel Sharing coal 2040328900 20862903063 4937464059 12893934598 83292153 85252136

Co. Ltd. Company transportation

and other

projects

Guangdong Energy Finance leasing Sharing

Finance leasing 2000000000 16274615843 3089530002 171769507 51677763 44115985

Co. Ltd. Company

Power

Guizhou Yueqian Electric Power Sharing generation and 1907400000 5013438563 2131139906 1937463409 47599858 35650479

Co. Ltd. Company power station

construction.Transportation

Guangdong Yudean Shipping Co. Sharing

and port 2465800000 1347883687 391467505 529989261 28884171 27419982

Ltd. Company

operations

Power

Southern Offshore Wind Power Joint Sharing generation and 800000000 3661723597 1124628074 124590094 22633609 19260837

Development Co. Ltd Company

power station

25Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

construction.Guangdong Energy Property Sharing

Insurance 500000000 1166282832 640242377 14981124 15929591 12293567

Insurance Captive Co. Ltd. Company

Acquirement and disposal of subsidiaries in the Reporting period

√ Applicable □ Not applicable

Way of acquiring and disposing of

Impact on the whole producing operation

Company name subsidiary corporations within the

and performance

reporting period

It has no significant impact on the

Guangdong Yudean Heping Wind Power

Cancellation liquidation Company's existing business and

Co. Ltd.operating performance.Note

（1）During the reporting period due to the intensified competition in the electricity market and related policy reasons the on-grid tariff decreased year-on-year，The operating performance of some of the Company's thermal power plants and new energy projects declined YOY. Due to the continued high gas prices the

operation of some gas power plants under the Company was under pressure and the operating losses expanded YOY;

（2）Affected by the decline in coal prices the Company's investment income in Shanxi Energy has decreased year-on-year;

26Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

IX．Structured vehicle controlled by the Company

√Applicable □Not applicable

GF Securities Asset Management (Guangdong) Co. Ltd. ("GF Securities") issued the Guangdong Wind Power

Company New Energy Infrastructure Investment Green Carbon Neutrality Asset-Backed Special Plan in 2024

using the wind power projects held by the Group’s subsidiaries Dianping Yuanfeng and Herun New Energy as

the underlying assets. In accordance with the requirements of No. 33 of Accounting Standards for Business

Enterprises - Consolidation the company included one structured entity that meets the definition of "control" in

the scope of consolidated statements. As of June 30 2025 the equity of the aforementioned structured entity

attributable to the Group was RMB 175188800 and the equity attributable to other equity holders was presented

as minority shareholders' equity in the consolidated statements which the total amount was RMB 962400813.X. Risks facing the Company and countermeasures

1. Work safety risk

Entering the post-flood season it’s expected that the landfall typhoon will be strong and the impact will be heavy

and the phased and local meteorological disasters will be more prominent and the risk of three preventions will

increase. The peak summer and the spot freight adjustment rules of the electricity market lead to the deep

adjustment of the load of the unit and the frequent start and stop which affects the safety operation reliability and

economy of the unit. There are many projects such as infrastructure maintenance and technical transformation

involving a wide range of high-risk operation points and safety control is difficult.Counter measures: First closely monitor rainfall and flood conditions urge all units to strengthen consultation

and analysis and promptly initiate emergency response measures based on flood prevention and disaster relief

warning information and emergency response status released by local governments implement defensive

measures and strictly and effectively carry out flood and typhoon prevention work; Second strengthen equipment

maintenance operation management and technical supervision improve the equipment management system do a

good job of equipment operation and maintenance and improve the reliability of power generation equipment;

Third strengthen safety management for infrastructure maintenance and technical renovation projects resolutely

prevent and curb the occurrence of personal accidents and firmly uphold the foundation of safe production.

2. Increasingly fierce competition in the electricity market

With the gradual deepening of electricity reform the operating difficulties of generator sets in Guangdong

Province have become more and more intense. The large-scale grid connection of new energy squeezes the power

generation space of traditional units while in the normalization of low-price competition in market-oriented

transactions the profit space of coal power and gas power continues to narrow and the pricing power of

traditional units is further diluted especially due to high fuel costs the gas electricity often fall into the dilemma

in the low price environment of the spot market.Counter measures: First spare no effort to expand the market. Strengthen the power generation process

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

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

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

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

27Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

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

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

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

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

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

3. Risk of power structure adjustment

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

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

optimizing the energy structure thermal power will gradually change from the main power supply to the basic

power supply of peak shaving and frequency modulation and the installed capacity and power growth of new

energy such as wind power and photovoltaic power will further squeeze the living space of coal-fired power units.By the end of June 2025 the holding installed capacity of the Company's coal-fired power accounted for 49.3%

which was high with greater transformation pressure of clean and low-carbon power supply.Countermeasures: First steadily promote the transformation and upgrading of power supply structure strive to

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

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

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

completed on schedule. The second is to continue to enrich the reserve of new energy projects actively explore

the development space of new energy in other provinces and regions in China anchor high-quality development

goals and explore high-quality resources. The third is to continue to optimize carbon asset management make

full use of internal and external resources strengthen carbon emission data management and carbon asset

operation and management promote energy conservation and carbon reduction and realize the value-added and

income of carbon assets.XI. Formulation and implementation of market value management system and valuation boost plan

Whether the Company has established a market value management system

?Yes?No

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

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

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

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

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

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

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

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

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

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

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

and promote the Company's investment value to reasonably reflect the Company's quality.

28Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

XII. The implementation of the action plan of "Double improvement of quality and return".Whether the Company has disclosed the action plan of "Double improvement of quality and return".?Yes □No

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

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

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

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

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

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

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

30 2025 the Company has a controllable installed capacity of 43.1531 million kilowatts including 20.01 million

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

gas-fired power and 8.7023 million kW controlling installed capacity of new energy such as wind power and

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

51.7951 million kW. It is the largest listed power company in Guangdong Province in terms of installed capacity.

2. Strengthen science and technology leadership and actively cultivate and develop new productive forces. The

company actively implements a science and technology innovation-driven strategy and orderly builds a deeply

integrated “industry-academia-research-application” system. Since 2023 the company has added one

provincial-level recognised R&D platform three municipal-level recognised R&D platforms undertaken one

national key R&D project and three provincial key R&D projects; in 2025 it added 17 national industry R&D

achievements 26 authorised utility model patents and 11 invention patents.

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

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

profit must be distributed". It has been insisting on distributing dividends and cash to its shareholders except for

occasional losses incurred in fulfilling its power energy security responsibilities in 2021-2022. The Company's

cash dividend policy goal is normal dividends plus additional dividends. The Company's annual cash distribution

shall be not less than 10% of the distributable profit realized in the year and the cumulative profit distributed in

cash in the last three years shall be not less than 30% of the average annual distributable profit realized in the last

three years. When the Company distributes profits the proportion of cash dividends in the profit distribution shall

reach a minimum of 20%. Since its listing in 1993 it has distributed a total of 13.271 billion yuan in cash to

shareholders accounting for 41.96% of the Company's cumulative net profit attributable to the parent company in

historical profit years which is 4.81 times to the Company's raised funds which fully reflects the Company's good

operating performance and sincere returns to investors.

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

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

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

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

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

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

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

29Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

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

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

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

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

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

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

30Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

IV Corporate Governance Environmental and Social Responsibility

I. Changes of directors supervisors and senior executives

?Applicable □Not applicable

Name Positions Types Date Reason

Liang Chao Vice Chairman Dimission January 152025 Job relocation

Liang Chao Director Dimission January 152025 Job relocation

Liang Chao General Manager Dismissal January 152025 Job relocation

Chairman of the

Yang Hai Supervisory Dimission May 282025 Supervisory Board Reform

Committee

Shi Yan Supervisor Dimission May 282025 Supervisory Board Reform

Xu Ang Employee supervisor Dimission May 282025 Supervisory Board Reform

Li Qing Employee supervisor Dimission May 282025 Supervisory Board Reform

Sha Qilin Independent supervisor Dimission May 282025 Supervisory Board Reform

Ma Xiaoqian Independent supervisor Dimission May 282025 Supervisory Board Reform

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

□Applicable?Not applicable

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

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

employee incentives

□Applicable?Not applicable

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

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

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

environmental information according to law

?Yes □No

S/N Company Name Query Index

1 Bohe Energy

2 Dapu Power Generation

3 Rod Bay Power Generation

4 Jinghai Power Generation

5 Maoming Thermal Power plant Refer to the Guangdong Provincial Department of

6 Pinghai Power Generation Plant Ecology and Environment — Enterprise

Environmental Information Disclosure System

7 Shaoguan Power Generation Plant “Disclosure Report” module.

8 Yunhe Power Generation Plant

9 Zhanjiang Electric Power

10 Zhongyue Energy

31Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

11 Guangqian Power

12 Huizhou Natural gas

13 Yuehua Power Generation

14 Xinhui Power Generation

15 Binhaiwan Company

16 Shajiao C plant

17 Huadu Natural gas

18 Biomass Power Generation

19 Dayawan Company

20 Yongan Natural gas

The local ecological environment department requires

the local ecological environment department to disclose

it online and the disclosure report has been submitted

21 Tumushuke Thermal Power to the local ecological environment department but it

has not been disclosed so far. The power plant currently

discloses it on the bulletin board at the entrance of the

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

Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure.

1. The Company has strictly abode by the Environmental Protection Law of People's Republic of China the Law

of the People's Republic of China on the Prevention and Control of Atmospheric Pollution the Law of the

People's Republic of China on the Prevention and Control of Water Pollution and the Law of the People's

Republic of China on Prevention and Control of Environmental Pollution by Solid Waste to carry out production

and business activities. In the first half of 2025 the Company's thermal power plant's operating expenses for

implementing environmental protection policies and regulations were mainly due to the purchase of limestone and

denitration materials totaling about RMB 89.08 million. the Company paid environmental protection tax of 9.53

million yuan.

2. In the first half of 2025 the standard coal consumption of the Company's thermal power plant was

291.42g/kWh the sulfur dioxide emission performance value was 0.051g/kWh the nitrogen oxide emission

performance value was 0.122g/kWh and the soot emission performance value was 0.008g/kWh. Including: the

operation rate of desulfurization device of 100% with an average desulfurization efficiency of 99.86%; the

average operation rate of denitration device of 99.81% with an average denitration efficiency of 87.04%; and the

operation rate of dry dedusting device of 99.99% with an average dedusting efficiency of 99.86%.

3. In the first half of 2025 the Company added 500000 kilowatts of wind power and 693600 kilowatts of

photovoltaics which is expected to contribute about 2.472 billion kWh of clean energy per year save about

772900 tons of standard coal and reduce carbon dioxide emissions by about 2052900 tons which is equivalent

to rebuilding 5189 hectares of forest.Information related to environmental accidents of the listed company

32Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

In the first half of 2025 there were no environmental accidents in the Company.V. Social responsibilities

In 2025 the Company has actively responded to the national rural revitalization strategy thoroughly implemented

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

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

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

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

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

revitalization and regional development of Guangdong Province.

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

Since August 2021 the Company has selected village cadres to go to Jishui Village Bawan Town Lufeng City to

carry out rural revitalization work around the five major revitalizations of Jishui Village including industry

talents culture ecology and organization. In the first half of 2025 in order to do a good job in assistance the

Company applied for 240000 yuan of project funds to help Jishui Village enhance the "Pearl No. 5" style

improvement project in Jishui Village and help Jishui Village build a green and beautiful ecological county.Meanwhile youth forest tree planting activities were carried out to help the ecological construction of green and

beautiful Guangdong. 845 trees were planted in Honghaiwan Economic Development Zone and Jishui Village

Bawan Town Lufeng City Shanwei City (rural revitalization assistance point). Meanwhile the "online cloud

planting and breeding" activity was carried out through the Alipay Ant Forest public welfare platform to carry out

tree seeding adoption donation and protection of ancient and famous trees.

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

Jinghai Power Generation Company actively participates in rural revitalization and selects special personnel to

stay in Jinghai Town to carry out assistance in the town; By steadily promoting the expansion project of Huilai

Power Plant Units 5 and 6 (2×1000MW) it provides about 1500 jobs for surrounding villages and towns in the

first half of 2025; More than 30 volunteers were organized to go to Geshan Village Jinghai Town Huilai County

Jieyang City to participate in the activity practice the concept of "lucid waters and green mountains are golden

mountains and silver mountains" and "plant" the "millions of projects" with volunteer services adding new

colors to the ecological construction of Lumei Jinghai and planting more than 300 various ecological saplings in

the activity. Combining the characteristics of Geshan Village's ecological resources the Company helps to create

a "helping and co-building forest" with both economic benefits and landscape value which not only improves the

rural living environment but also injects green momentum into rural revitalization.

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

In 2025 Shaoguan Power Plant attaches great importance to rural revitalization work acts actively and achieves

remarkable results. The company conducted three visits to towns and villages to conduct research on rural

revitalization work and made every effort to promote the work of resident assistance to towns and villages. In

Dongping Town many condolence activities such as "New Year's condolences and blessings warm visits to

people's hearts in cold weather" were carried out. In terms of consolidating the achievements of poverty

alleviation Shaoguan Power Plant has carried out two rounds of normalized household visits to 211 poverty

33Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

return monitoring households in the town continued to consolidate the monitoring work of poverty prevention

dynamically screened out 33 key assistance objects effectively built a solid bottom line for poverty prevention

and continued to make efforts for rural revitalization.

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

Yunhe Power Generation Company actively helps rural revitalization promotes new energy to the countryside

carries out urban public charging stations and rural convenient charging station projects It vigorously promotes

the construction of the charging pile industry and has scientifically selected and built 8 new energy charging piles

providing stronger new momentum for the implementation of the rural revitalization strategy. Meanwhile

150000 yuan of funds were applied for the renovation of office locations the construction of "one hall and five

rooms" and related rooms and the construction of the Wangcun basketball court. The beneficiaries of the project

are all villagers of the assistance spot of Shuidong Village.

5. Zhanjiang Biomass Power Generation Company counterpart helps Gangmen Town Suixi County Zhanjiang

Province

Zhanjiang Biomass Power Generation Company actively participates in rural revitalization and has achieved

fruitful results in counterpart assistance. The first is to establish a "one person one household" monitoring

mechanism to build a solid line of defense against poverty. For 8 poverty alleviation households in the jurisdiction

a "quarterly tracking and monthly return visit" plan was formulated and the team was led to verify the medical

education and employment expenditures of each household which relieved the risk of 2 poor households

returning to poverty and the results of poverty alleviation were effectively consolidated; The second is to adapt to

local conditions promote the expansion of breeding bases take the initiative to contact experts from Zhanjiang

Ocean University introduce "ecological circular breeding" technology and guide villagers to scientifically

prevent epidemics and optimize feed. In the first half of the year the number of chickens and ducks growth rate in

the base increased by 40% YOY increasing the income of the collective economy by 20000 yuan; The third is to

take the initiative to promote the implementation of educational assistance. In the first half of the year the cadres

stationed in the village led the task force to take the lead in establishing the "Xincheng Village Education

Promotion Association" to find out the situation of students in difficulty and raise 30000 yuan for scholarships.

6. Zhongyue Energy Company counterpart helps Jijia Town Leizhou City

In the first half of 2025 in accordance with the village committee's mapping and reporting the joint checks of

civil affairs the agricultural office and the task force and the methods studied and determined by the town

leaders 20 households with difficulties in life were screened out which were visited and offered condolences.They went into their homes to talk face-to-face and did a good job of helping and solving difficulties according to

the household. Since 2025 the company has applied for 383000 yuan of assistance funds for projects such as

Jinpan Village Committee's Jinpan Village Road to Men to Wan Road Mechanized Farming Road rural greening

projects and road construction in public welfare villages; It actively carried out the investigation of large planting

and breeding households in the town compiled the information of 24 large planting and breeding households in 8

village committees involving 15 natural villages grasped the development status of the agricultural industry in

detail provided a basis for the accurate formulation of industrial assistance policies and injected strong impetus

into the rural revitalization of Jijia Town.

34Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

V. Important Events

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

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

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

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

the Company

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

□ Applicable √ Not applicable

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

□ Applicable √ Not applicable

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

Whether the semi-annual financial report had been audited

□Yes √ No

The semi-annual report was not audited

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

□ Applicable √ Not applicable

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

□ Applicable √ Not applicable

VII. Bankruptcy reorganization

□ Applicable √ Not applicable

No bankruptcy reorganization for the Company in reporting period

VIII. Litigations and arbitrations

Significant litigations and arbitrations

□ Applicable √ Not applicable

No such cases in the reporting period.Other lawsuits

?Applicable □Not applicable

Whether to Litigation Litigation Disclos Disclos

Basic situation of Amount Implementation

form (arbitration) (arbitration)tria ured ure

35Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

litigation involved estimated progress l results and of litigation date index

(arbitration) (Ten liabilities impact (arbitration)

thousand judgments

yuan)

Regarding Guangdong

Yudean Yangjiang

Offshore Wind Power

Co. Ltd. v. Fuzhou

Xinchuang

Electromechanical

In October 2024

Equipment Co. Ltd.the first-instance

Fujian Yongfu Electric

judgment rejected

Power Design Co.Yangjiang Offshore The first

Ltd. and Fujian

Wind Power instance was

Huajing Marine

Company's claim. lost and the

Technology Co. Ltd.In November of the three

on dispute over

same year defendants

liability for ship

Yangjiang Offshore were not liable

collision damage the 18872.71 No N/A

Wind Power for

claims of Guangdong

Company filed an compensation.Yudean Yangjiang

appeal under the The second

Offshore Wind Power

case number No. instance has not

Co. Ltd. include

7019(2024) Yue yet been

compensation for the

Min Zhong and the decided

costs of dismantling

second instance

repairing or relocating

was held on July 2

offshore wind power

2025.

facilities due to

damage as well as

operational losses or

expected profit losses

totaling RMB

188721402.30.

Principal action:

Guangdong Yudean

Yangjiang Offshore

Wind Power Co. Ltd.v. China Energy

Engineering Group

Guangdong Power

The pre-trial

Engineering Co. Ltd.conference of this

and Jiangsu Huaxi

case was held on

Village Marine Main Claim:

August 24 2024

Engineering Service 17673.92

and the principal

Co. Ltd. on disputes

No action and N/A N/A

over Construction

counterclaim were

Engineering Contract. Counter Claim:

merged for trial.The claims of 24940.53

Both are in the

Guangdong Yuedian

stage of judicial

Yangjiang Offshore

appraisal.Wind Power Co. Ltd.include: 1. Return of

project prepayment

and payment of

liquidated damages for

project delay totaling

RMB 176739200; 2.

36Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

The litigation costs

preservation fees

lawyer fees and

reasonable expenses

incurred in this case

shall be jointly borne

by the Guanghuo

Huaxi Consortium.Counter claim: China

Energy Engineering

Group Guangdong

Power Engineering

Co. Ltd. and Jiangsu

Huaxi Village Marine

Engineering Service

Co. Ltd. counter

claim Guangdong

Yudean Yangjiang

Offshore Wind Power

Co. Ltd. the claims

include: 1. Payment of

settlement amount of

RMB 249405281.97

and overdue interest of

RMB 63687176.18;

2. For the first claim

of unpaid amount

priority right to be

compensated from the

discounted or

auctioned price of the

project; 3. All

litigation costs

appraisal fees and

other expenses in this

case are borne by

Guangdong Yudean

Yangjiang Offshore

Wind Power

Company. The

reasonable expenses

are jointly borne by

the Guanghuo Huaxi

consortium.Guangdong Yuedian The Guangzhou

Qujie Wind Power Maritime Court

Co. Ltd. suing Jiangsu accepted the case

Longyuan Zhenhua on March 26 2025

Offshore Engineering and in May the

Co. Ltd. For defendant

Construction Project No Longyuan Zhenhua N/A N/A

Contract Dispute: Company added

This lawsuit: Qujie Hengtong Marine

Wind Power Company Engineering Co.suing Longyuan Ltd. as the third

Zhenhua Company: 1. party in the case

Compensation for and held a pre-trial

37Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

submarine cable Main Claim: conference on July

emergency repair costs 22684.52 3.of 57731301.75 yuan

and treatment costs of Counter Claim:

44795576.42 yuan 42261.91

totaling

102526878.17 yuan;

2. Compensation for

power generation

losses caused by

submarine cable

failures of

124318280 yuan

(final appraisal value

shall prevail); 3.Litigation costs shall

be borne by Longyuan

Zhenhua Company.Counterclaim:

Longyuan Zhenhua

Company sued Qujie

Wind Power

Company: 1. Pay a

total of 422619100

yuan in principal and

interest for the project;

2. Confirm that

Longyuan Zhenhua

Company has the

priority right to

receive compensation

for the construction

project price at the

discount or auction

price of the PC bid

section of the Wailuo

Phase II wind farm

project and the

priority compensation

amount is the principal

of the project payment

of 387850172.16

yuan and the

corresponding interest

in the counterclaim.Shandong Electric On May 26 2025

Power Equipment Co. the litigation

Ltd. sued Gaotang materials of the

Fengxu New Energy Gaotang County

Co. Ltd. Guangdong People's Court of

Wind Power Co. Ltd. Liaocheng City

4122.60 No N/A N/A

etc for equity transfer were received. On

dispute case June 3 it filed a

Shandong Electric jurisdictional

Power Company's objection with the

litigation claims: 1. court and requested

Gaotang Fengxu New that to be

38Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Energy Co. Ltd. and transferred to the

Guangdong Wind jurisdiction of the

Power Company Tianhe District

continue to perform People's Court of

the equity acquisition Guangzhou City in

framework agreement accordance with the

sign an equity transfer law. On June 4

agreement and because the

compensate the defendant Fu

performance guarantee Xiaosong and

amount of 41.226 companies under

million yuan; 2. Order his name (Gaotang

Shengshi Longhong Fengxu New

Electric Power Co. Energy Co. Ltd.Ltd. Shandong Shengshi Longhong

Fengxu New Energy Electric Power Co.Co. Ltd. Shandong Ltd. Shandong

Longhong New Fengxu New

Energy Co. Ltd. and Energy Co. Ltd.Fu Xiaosong are and Shandong

jointly and severally Longhong New

liable for the above Energy Co. Ltd.)

debts; 3. Order could not be

Guangdong Chengjian contacted the court

Investment had announced the

Engineering service and the

Guarantee Group Co. original court

Ltd. and Shenzhen session was invalid

Lianchuangda and postponed to

Investment Holding July 22. On June

Co. Ltd. to bear joint 30 a civil ruling

and several liability was received from

for the plaintiff's the Gaotang

losses within the scope County Court

of 33.106 million ruling that

yuan; Guangdong Wind

Power Company's

objection to

jurisdiction was

established and the

case was

transferred to the

Tianhe District

People's Court of

Guangzhou City.On July 10 it

received an appeal

from Shandong

Electric Power

Company.Congxing Technology The case was heard

Co. Ltd. (hereinafter in the Tianhe

referred to as District Court on

"Congxing November 25

5262.98 No Win the case N/A

Company") suing 2024 and on

Guangdong Electric March 31 2025

Power Development the court rendered a

Co. Ltd. (hereinafter first-instance

39Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

referred to as the judgment rejecting

"Company") Contract all the plaintiff

Dispute (Case No. Congxing

31786 (2024) Yue Company's claims.

0106 Min Chu) . In Congxing

this case Congxing Company appealed

Company sued the against the

Company for first-instance

economic judgment. On June

compensation capital 17 the Guangzhou

occupation fees and Intermediate

litigation costs totaling People's Court

52629800 yuan on conducted a

the grounds that the second-instance

Company violated the hearing and on

relevant agreements July 3 it made a

on land contribution in final judgment of

the "Establishment the second instance

Contract of rejecting Congxing

Guangdong Yuedian Company's appeal

Humen Power and upholding the

Generation Co. Ltd." original judgment.and constituted a

breach of contract.The plaintiff

Yunshengda

Construction Group

Co. Ltd. (hereinafter

referred to as

Yunshengda

Company) and the

defendants Lincang

Yuedian Energy Co.Ltd. (hereinafter

referred to as Lincang The case was heard

Company) Lincang in the Linxiang

Energy Investment District Court on

Yuedian Juzheng February 25 2025

Industrial Co. Ltd. and the case was

(hereinafter referred to reopened on April

as the Project 18 2025 due to the

6705.86 No N/A N/A

Company) Yunnan plaintiff's change of

Energy Investment claims in court. At

Juzheng Industrial present the case is

Investment Co. Ltd. still in the trial

and Guangdong stage and has not

Electric Power yet been judged in

Development Co. Ltd. the first instance.(hereinafter referred to

as the Company)

construction contract

dispute with case

number of No. 2372

(2024) Yun 0902 Min

Chu. On October 12

2024 the plaintiff

Yunshengda Company

filed a lawsuit with the

40Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Linxiang District

People's Court of

Lincang City Yunnan

Province (hereinafter

referred to as the

"Linxiang District

Court") demanding

that the defendant

Lincang Company and

the defendant the

Project Company pay

the payment of the

construction contract

and other payments

for the construction

project. On February

14 2025 the plaintiff

added Yunnan Energy

Investment Juzheng

Industrial Investment

Co. Ltd. and the

Company as

co-defendants.IX. Penalty and rectification

□ Applicable √ Not applicable

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

□ Applicable √ Not applicable

XI. Material related transactions

1. Related transactions in connection with daily operation

√Applicable □Not applicable

For details of related party transactions related to routine operations of the Company during the reporting period

please refer to "7. Other major related party transactions".

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

□Applicable √ Not applicable

No such cases in the reporting period.

3. Related party transactions of joint outbound investment

√ Applicable?Not applicable

For details of related party transactions related to routine operations of the Company during the reporting period

please refer to "7. Other major related party transactions".

4. Credits and liabilities with related parties

□Applicable √ Not applicable

41Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Whether has non-operational contact of related liability and debts or not

□Yes √ No

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

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

√ Applicable □Not applicable

Deposit business

The amount incurred

Beginning

Maximum daily Deposit Total amount

Ending

Related balance Total deposit

Relationship deposit limit interest rate withdrawn in

balance

party (10000 amount of the the current (10000(10000 yuan) range

yuan) current period period yuan)

(10000 yuan)

(10000 yuan)

Guangdo Controlled

ng by

Energy Guangdong

20000000.05%-1.30%1424081514539250894191480054

Group Energy

Finance Group Co.Co. Ltd. Ltd.Loan business

The amount of this period

Total

Total loan

Beginning repayment Ending

Loan limit amount of

Loan interest balance amount of balance

Related party Relationship (10000 the current

rate range (10000 the current (10000

yuan) period

yuan) period yuan)

(10000

(10000

yuan)

yuan)

Guangdong Controlled

Energy by

Group Guangdong 1.92%-3.10

390000010340464592843571431136187

Finance Co. Energy %

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

Total amount Actual amount incurred

Related party Relationship Business type

(10000 yuan) (10000 yuan)

Guangdong

Communications Controlled by the same

Credit extension 3900000 1136187

Group Finance Co. parent company

Ltd

42Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

6. Transactions with related finance company controlled by the Company

□ Applicable √ Not applicable

No such cases in the reporting period.

7. Other significant related-party transactions

√ Applicable □Not applicable

1. On January 202025 the 2nd meeting of the 11th Board of Directors of the company reviewed and passed the

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

2025" and this connected transaction matter was reviewed and approved for implementation by the company's

first extraordinary general meeting of shareholders in 2025.

2. On January 20 2025 the 2nd meeting of the 11th Board of Directors of the company reviewed and passed the

"Proposal on Signing the 'Financial Services Framework Agreement' with Guangdong Energy Group Finance Co.Ltd."and the "Proposal on Signing the 'Financing Leasing Cooperation Framework Agreement' with Guangdong

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

approved for implementation by the company's first extraordinary general meeting of shareholders in 2025.

3. On May 28 2025 the 5th meeting of the 11th Board of Directors of the company reviewed and passed the

"Proposal on Capital Increase of Guangdong Provincial Electric Power Industry Fuel Co. Ltd." In order to improve

the resilience and safety of the supply chain of Guangdong Electric Power Industry Chain the board of directors agreed that

the Company and Guangdong Energy Group Co. Ltd. (hereinafter referred to as "Guangdong Energy Group") will

simultaneously increase the capital to Guangdong Electric Power Industry Fuel Co. Ltd. (hereinafter referred to as "Fuel

Company") by 600 million yuan in accordance with the equity ratio for the establishment of Guangdong Energy Bohe Fuel

Supply Chain Co. Ltd. Among them the Company shall increase the capital by 300 million yuan according to the 50% equity

ratio.Website for temporary disclosure of the connected transaction

Announcement Date of disclosure Website for disclosure

Expected Announcement of Daily

January 222025 http//www.cninfo.com.cn.Connected Party Transactions in 2025

Financial Services Framework

Agreement < Financial Leasing

January 222025 http//www.cninfo.com.cn.Cooperation Framework Agreement >

and Related Transaction Announcement

A Announcement on Related-Party

Transactions of Increasing Capital to

May 292025 http//www.cninfo.com.cn.Guangdong Power Industry Fuel Co.Ltd.XII. Significant contracts and execution

1.Entrustments contracting and leasing

（1）Entrustment

√ Applicable □Not applicable

43Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Statement of Trusteeship Situation :

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

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

Trusteeship Agreement with Guangdong Energy Group wherein the shareholder's rights within the trusteeship

range except the ownership right of earning and right of disposition will be trusted to the Company 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 Guangdong 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);In the first half of 2025 the Company confirmed a custody income of RMB 900000.Gains/losses to the Company from projects that reached over 10% in total profit of the Company in reporting

period

□Applicable √ Not applicable

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

reporting period

(2) Contract

□ Applicable √ Not applicable

No contract for the Company in the reporting period.

(3) Lease

√ Applicable □Not applicable

Note

As the lessee the company has incurred a rental fee of RMB 16.81 million in the first half of 2025

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

Period.□ Applicable √ Not applicable

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

2.Significant Guarantees

√Applicable □ Not applicable

In RMB10000

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

Date of

Complete

Relevant Happening Actual Counter-

Name of the Guarantee Guaranty Guarantee Implemen Associated

disclosure Amount (Date of mount of guarantee

Company type （If any） term -tation or Parties

date/No Signing guarantee （If any）

not

agreement)

Guangdong Guaranteei Guangdon Two years

Energy October29 November g Yudean after the

200000 173680 ng of joint No No Yes

Group Co. 2020 192020 Yangjiang expiration of

Ltd. liabilities. Offshore the loan

44Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

wind agreement

power

Co. Ltd.provides

joint and

several

liability

guarantee

counter-g

uarantee

Total amount of approved Total actually amount

external guarantee in the 0 of external guarantee in -5264

report period(A1) the report period(A2)

Total amount of approved Total actual amount of

external guarantee at the external guarantee at

425459173680

end of the report the end of the report

period(A3) period(A4)

Guarantee of the company for its subsidiaries

Date of

Complete

Relevant Happening Actual Counter-

Name of the Guarantee Guaranty Guarantee Implemen Associated

disclosure Amount (Date of mount of guarantee

Company type （If any） term -tation or Parties

date/No Signing guarantee （If any）

not

agreement)

The duration of

each issue of c

orporate bonds

under the regist

ration approval

Guangdong

of Guangdong

Wind Guarantee

August March Wind Power

Power 200000 60000 ing of No No No No

312022 212023 Generation Co.

Generation joint

Ltd. will end

Co. Ltd.on the day that

is two years aft

er the latest due

date of the cor

porate bond.Total of actual

Total of guarantee for

guarantee for

subsidiaries approved 0 0

subsidiaries in the

in the period(B1)

period (B2)

Total of actual

Total of guarantee for

guarantee for

subsidiaries approved 441536 60000

subsidiaries at

at period-end(B3)

period-end(B4)

Guarantee of the subsidiaries for the controlling subsidiaries

Date of Complete

Relevant Actual Counter-

Name of the Happening Guarantee Guaranty Guarantee Implemen Associated

disclosure Amount mount of guarantee

Company (Date of type （If any） term -tation or Parties

date/No guarantee （If any）

Signing not

45Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

agreement)

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

Total amount of

Total guarantee quota

guarantee actually

approved in the

0 incurred in the -5264

reporting period

reporting period

（A1+B1+C1）

（A2+B2+C2）

Total guarantee quota Total balance of the

already approved at actual guarantee at

the end of the 866995 the end of the 233680

reporting period reporting period

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

guarantee in the net assets of the Company 10.19%(that is A4+B4+C4）%

Including：

Amount of guarantees provided for

shareholders the actual controller and their 173680

related parties (D)

Amount of debt guarantees provided directly

or indirectly for entities with a 233680

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

Proportion of total amount of guarantee in net

0

assets of the company exceed 50%（F）

Total amount of the three kinds of guarantees

233680

above (D+E+F)

Explanations on possibly bearing joint and

several liquidating responsibilities for undue N/A

guarantees (if any)

Explanations on external guarantee against

regulated procedures (if any) N/A

Explanation on guarantee with composite way:

Not applicable

3. Finance management on commission

□Applicable √ Not applicable

No such cases in the reporting period.

4. Other material contracts

□ Applicable √ Not applicable

No other material contracts in the period.

46Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

XIII. Explanation on other significant events

□Applicable √ Not applicable

XIV. Significant event of subsidiary of the Company

□ Applicable √ Not applicable

Abstract Annoucement Name Disclosure Date Website

To improve capital efficiency the Board of Directors has approved a

reduction of RMB 600 million in the registered capital of theAnnouncement on the

Company's wholly-owned subsidiary Zhanjiang Power Co. Ltd. OfCapital Reduction of

April 4 2025 cninfo.com.cn

this amount Yuedianli which holds a 76% stake will recover RMBZhanjiang Electric

456 million while Guohua Energy Co. Ltd. which holds a 24% stakePower Co. Ltd.

will recover RMB 144 million.

47Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

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 ChangeCapitalization

Share Bonus

Amount Proportion of common Other Subtotal Quantity Proportion

allotment shares

reserve fund

I. Share with

conditional 1897979337 36.15% -16050 -16050 1897963287 36.15%

subscription

1. State-owned

shares

2. State-owned

legal person 1893454257 36.06% 1893454257 36.06%

shares

3.Other

domestic 4525080 0.09% -16050 -16050 4509030 0.09%

shares

Of which：

Domestic legal 3535770 0.07% 3535770 0.07%

person shares

Domestic

natural person 989310 0.02% -16050 -16050 973260 0.02%

shares

4.Foreign

shares

Of which：

Foreign legal

person shares

Foreign

natural person

shares

II. Shares with

unconditional 3352304649 63.85% 16050 16050 3352320699 63.85%

subscription

1.Common

255389664948.64%1605016050255391269948.64%

shares in RMB

2.Foreign 798408000 15.21% 798408000 15.21%

48Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

shares in

domestic

market

3.Foreign

shares in

foreign market

4.Other

III. Total of

52502839865250283986

capital shares

Reasons for share changed

√ Applicable □ Not applicable

In February 2025 Ms. Ling Xiaoqing the former director of the Company purchased 16050 A shares of the

Company and these A shares have been converted into executive lock-in shares therefore the number of

restricted shares of the Company has correspondingly increased.Approval of Change of Shares

□Applicable √Not applicable

Ownership transfer of share changes

□Applicable √Not applicable

Progress on any share repurchase:

□ Applicable √ Not applicable

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

□ 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 be disclosed under requirement from security

regulators

□ Applicable √Not applicable

2. Change of shares with limited sales condition

√ Applicable □ Not applicable

In Shares

Number of Number of

Number of Number of

restricted restricted

restricted restricted Reasons for Release date of

Shareholder shares shares at the

shares at the shares released sales restriction sales restriction

increased this end of the

beginning in this period

period period

49Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Executive

Li Xiaoqing 16050 16050 0 0 February 2025

lock-in shares

Total 16050 16050 0 0 -- --

II. Securities issue and listing

□ Applicable √Not applicable

III. Number of shareholders and shareholding

In Shares

Total number of preferred

Total number of common

shareholders that had restored the

shareholders at the end of the 119280 0

voting right at the end of the reporting

reporting period

period (if any) (note 8)

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

Changes Number of share

Proportion Number of Amount of Amount of

Nature of in pledged/frozen

Shareholders of shares shares held at restricted un-restricted

shareholder reporting State of

held（%） period -end shares held shares held Amount

period share

Guangdong Energy State-owned 353811692 164466266 Not

67.39%018934542570

Group Co. Ltd. legal person 1 4 applicable

Guangzhou

State-owned Not

Development Group 2.22% 116693602 0 0 116693602 0

legal person applicable

Co. Ltd.Guangdong Electric

State-owned Not

Power Development 1.80% 94367341 0 0 94367341 0

legal person applicable

Corporation

Domestic

Not

Zheng Jianxiang Natural 0.51% 26552100 5100 0 26552100 0

applicable

person

CHINA

INTERNATIONAL Overseas

CAPITAL NotLegal 0.29% 15216066 -50000 0 15216066 0

CORPORATION applicable

HONG KONG person

SECURITIES LTD

VANGUARD TOTAL Overseas Not

INTERNATIONAL Legal 0.28% 14643412 -431800 0 14643412 0

STOCK INDEX FUND applicableperson

Agricultural Bank of

China－CSI 500 Domestic Not

exchange-traded Non-State 0.25% 13328900 -655100 0 13328900 0

owned legal applicablesecurities investment

fund

NOMURA Overseas Not

0.24%1259984300125998430

SINGAPORE Legal applicable

50Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

LIMITED person

Overseas

Chaokang Investment Not

Legal 0.22% 11656677 0 0 11656677 0

Co. Ltd. applicable

person

Domestic

Not

Zhou Zheng Natural 0.21% 10812795 0 0 10812795 0

applicable

person

Strategy investors or general legal

person becomes top 10 shareholders

Not applicable

due to rights issued (if applicable)（See Notes 3）

The third largest shareholder Guangdong Electric Power Development Corporation

Explanation on associated and the ninth largest shareholder Chaokang Investment Co. Ltd. Are the wholly-owned

relationship among the aforesaid subsidiaries of the largest shareholder Energy Group. These three companies have

shareholders relationships; whether the other shareholders have relationships or unanimous action was

unknown

Above shareholders entrusting or

entrusted with voting rights or Not applicable

waiving voting rights

Top 10 shareholders including the

special account for repurchase (if Not applicable

any) (see note 11)

Shareholding of top 10 shareholders of unrestricted shares(Excluding shares lent through refinancing and Top management

lock-in stock)

Quantity of unrestricted shares held Share type

Name of the shareholder

at the end of the reporting period Share type Quantity

Guangdong Energy Group Co.

1644662664 RMB Common shares 1644662664

Ltd.Guangzhou Development

116693602 RMB Common shares 116693602

Group Co. Ltd.Guangdong Electric Power

94367341 RMB Common shares 94367341

Development Corporation

Foreign shares placed in

Zheng Jianxiang 26552100 26552100

domestic exchange

CHINA INTERNATIONAL

CAPITAL CORPORATION Foreign shares placed in

1521606615216066

HONG KONG SECURITIES domestic exchange

LTD

VANGUARD TOTAL Foreign shares placed in

INTERNATIONAL STOCK 14643412 14643412

INDEX FUND domestic exchange

Agricultural Bank of China－

CSI 500 exchange-traded 13328900 RMB Common shares 13328900

securities investment fund

NOMURA SINGAPORE Foreign shares placed in

1259984312599843

LIMITED domestic exchange

51Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Foreign shares placed in

Chaokang Investment Co. Ltd. 11656677 11656677

domestic exchange

Foreign shares placed in

Zhou Zheng 10812795 10812795

domestic exchange

Explanation on associated

relationship or consistent

action among the top 10

The Third largest shareholder Guangdong Electric Power Development Corporation

shareholders of non-restricted

And the ninth largest shareholder Chaokang Investment Co. Ltd. Are the the wholly-owned

negotiable shares and that

subsidiaries of the largest shareholder Energy Group. These three companies have relationships;

between the top 10

whether the other shareholders have relationships or unanimous action was unknown

shareholders of non-restricted

negotiable shares and top 10

shareholders

Explanation on shareholders

participating in the margin

Not applicable

trading business(if any )(See

Notes 4)

Information of shareholders holding more than 5% of the shares the top 10 shareholders and the top 10

shareholders of unrestricted tradable shares participating in the lending of shares in securities lending and

borrowing business

□Applicable √ Not applicable

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

the previous period due to the securities lending/returning

□ Applicable √ Not applicable

Whether top ten common shareholders or top ten common shareholders with unrestricted shares held have a

buy-back agreement dealing in reporting period.□ Yes √ No

The top ten common shareholders or top ten common shareholders with unrestricted shares held of the Company

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

□ Applicable √ Not applicable

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

details in Annual Report 2024.V. Changes in controlling shareholders or actual controllers

Change of controlling shareholder during the reporting period

□Applicable?Not applicable

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

52Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Change of actual controller during the reporting period

□Applicable?Not applicable

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

VI. Preferred stock

□Applicable?Not applicable

The Company had no preferred stock in the period.

53Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

VII. Corporate Bond

√ Applicable □ Not applicable

I. Enterprise bond

□ Applicable √ Not applicable

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

√ Applicable □ Not applicable

I. Basic information of corporate bonds

In RMB 10000

Bond short Bond Interest

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

name balance rate

Public Issuance of

Corporate Bonds to

Using simple interest rate on a yearly basis

Qualified Investors in

regardless of compound interest. Due Shenzhen

2021 (Phase II) of 21Yudean April April April

149418.SZ 12500 2.45% payments once a year maturing debt at a Stock

Guandong Electric 02 272021 282021 282026

time. In the final phase interest is paid Exchange

Power Development

together with the principal redemption.Co.Ltd.Public Issuance of Using simple interest rate on a yearly basis

November November Shenzhen

Corporate Bonds to 21Yedean November regardless of compound interest. Due

149711.SZ 24 24 80000 3.41% Stock

Professional Investors 03 232021 payments once a year maturing debt at a

2021 2026 Exchange

in 2021 (Phase I) of time. In the final phase interest is paid

54Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Guandong Electric together with the principal redemption.Power Development

Co.Ltd.Public Issuance of

Green Corporate

Using simple interest rate on a yearly basis

Bonds to professional

regardless of compound interest. Due Shenzhen

Investors in G23 March March March

115042.SH 60000 3.15% payments once a year maturing debt at a Stock

2023(phase I)(Variety Yuefeng 2 202023 212023 212028

time. In the final phase interest is paid Exchange

2) of Guangdong

together with the principal redemption.Wind Power

Generation Co. Ltd.During the reporting period interest payment

21 Yudean 01 21 Yudean 03 and G23 Yuefeng 2 are bonds for professional investors

situation of the company bonds（If any）

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

Whether there are risks and countermeasures for ter

Nominating listing transactions（If any)Overdue and outstanding bonds

□ Applicable √ Not applicable

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

□ Applicable √ Not applicable

3.Adjustment of credit rating results during the reporting period

□ Applicable √ Not applicable

55Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

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

their impact on the rights and interests of bond investors

√ Applicable □ Not applicable

(1). Credit enhancement mechanism: 21 Yudean 02 and 21 Yudean 03 are not guaranteed.G23 Yuefeng 2 set up credit enhancement measures and Guangdong

Electric Power Development Co. Ltd. provided full and unconditional irrevocable joint liability guarantee.

(2). Debt repayment plan and other debt repayment guarantee measures: Yudean 02 21 Yudean 03 and G3 Yuefeng 2 debt repayment plans and other debt

repayment guarantee measures have not changed during the reporting period and the payment of their principal and interest will be handled by the bond registration

institution and relevant institutions. The specific matters of payment will be elaborated in the announcement disclosed by the issuer in the media specified by China

Securities Regulatory Commission Shenzhen Stock Exchange Shanghai Stock Exchange and China Securities Industry Association in accordance with relevant

regulations.III. Debt financing instruments of non-financial enterprises

√ Applicable □ Not applicable

1. Debt financing instruments of non-financial enterprises

In RMB10000

Bond

Value Bond

Bond name short Bond code Issue day Due day Interest rate Servicing way Trading

date balance

name

Using simple interest rate on a yearly

2022 MTN (Phase I)

basis regardless of compound interest.of Guangdong 22Yudean

August August August Due payments once a year maturing Interbank

Electric Power Fa 102281929.IB 60000 2.9%

242022 262022 262027 debt at a time. In the final phase market

Development Co. MTN001

interest is paid together with the

Ltd.principal redemption.

2023 MTN (Phase I) 23Yudean March March March Using simple interest rate on a yearly Interbank

102380558.IB 160000 3.35%

of Guangdong Fa 152023 172023 172028 basis regardless of compound interest. market

56Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Electric Power MTN001 Due payments once a year maturing

Development Co. debt at a time. In the final phase

Ltd. interest is paid together with the

principal redemption.Using simple interest rate on a yearly

2024 MTN (Phase I)

24 basis regardless of compound interest.

of Guangdong

Yudean May May May Due payments once a year maturing Interbank

Electric Power 102482034.IB 100000 2.41%

Fa 222024 242024 242029 debt at a time. In the final phase market

Development Co.MTN001 interest is paid together with the

Ltd.principal redemption.Using simple interest rate on a yearly

2024 MTN (Phase

24 basis regardless of compound interest.

II) of Guangdong

Yudean July July Due payments once a year maturing Interbank

Electric Power 102483012.IB July 152034 150000 2.54%

Fa 112024 152024 debt at a time. In the final phase market

Development Co.MTN002 interest is paid together with the

Ltd.principal redemption.Using simple interest rate on a yearly

2024 MTN (Phase 24 basis regardless of compound interest.

III) of Guangdong Yudean SeptembSeptember September Due payments once a year maturing Interbank

Electric Power 102484007.IB er 60000 2.52%

Fa 92024 112039 debt at a time. In the final phase marketDevelopment Co. 112024

MTN003 interest is paid together with theLtd.principal redemption.Using simple interest rate on a yearly

2024 MTN (Phase 24 basis regardless of compound interest.

IV) of Guangdong Yudean OctoberOctober October Due payments once a year maturing Interbank

Electric Power 102400984.IB 14 100000 2.47%

Fa 112024 142029 debt at a time. In the final phase marketDevelopment Co. 2024

MTN004 interest is paid together with theLtd.principal redemption.Using simple interest rate on a yearly

2024 MTN (Phase 24

basis regardless of compound interest.IV) of Guangdong Yudean October

October October Due payments once a year maturing Interbank

Electric Power Fa 102400985.IB 14 50000 2.70%

112024 142039 debt at a time. In the final phase market

Development Co. MTN004 2024

interest is paid together with the

Ltd. Variety 2) B

principal redemption.

57Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

24 Using simple interest rate on a yearly2024 MTN (Phase

V) of Guangdong Yudean

basis regardless of compound interest.October October October Due payments once a year maturing Interbank

Electric Power Fa 102484558.IB 100000 2.70%222024 242024 242039 debt at a time. In the final phase market

Development Co. MTN00 interest is paid together with the

Ltd. 5 principal redemption.Using simple interest rate on a yearly

2024 MTN (Phase

24 basis regardless of compound interest.

VI) of Guangdong Novemb November

Yudean November Due payments once a year maturing Interbank

Electric Power 102401037.IB er 13 13 80000 2.37%

FaMTN0 112024 debt at a time. In the final phase market

Development Co. 2024 2029

06A interest is paid together with the

Ltd. Variety 1)

principal redemption.Using simple interest rate on a yearly

2024 MTN (Phase

24Yudean basis regardless of compound interest.

VI) of Guangdong Novemb

Fa November November Due payments once a year maturing Interbank

Electric Power 102401038.IB er 100000 2.67%

MTN00 112024 132039 debt at a time. In the final phase market

Development Co. 132024

6B interest is paid together with the

Ltd. Variety 2)

principal redemption.Using simple interest rate on a yearly

2025 MTN (Phase I)

25 basis regardless of compound interest.

of Guangdong

Yudean June June June Due payments once a year maturing Interbank

Electric Power 102582339.IB 50000 2.18%

Fa 092025 112025 112035 debt at a time. In the final phase market

Development Co.MIN001 interest is paid together with the

Ltd

principal redemption.During the reporting period interest payment

N/A

situation of the company bonds（If any）

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

Applicable trading mechanism

relevant regulations promulgated by the National Interbank Funding Center

Whether there are risks and countermeasures for

N/Aterminating listing transactions（If any)Overdue and unpaid bonds

? Applicable √ Not applicable

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

□ Applicable √ Not applicable

58Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

3.Adjustment of credit rating results during the reporting period

□ Applicable √ Not applicable

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

their impact on the rights and interests of bond investors

□ Applicable √ Not applicable

IV. Convertible bond

□ Applicable √ Not applicable

No such cases in the reporting period.V. The loss within the scope of consolidated statements in the reporting period exceeded 10% of the net assets at the end of the previous year

□ Applicable √ Not applicable

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

59Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

In RMB10000

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

Item At the end of last year

period change

Current ratio 0.73 0.7 4.29%

Debt ratio 80.17% 79.47% 0.70%

Quick ratio 0.58 0.56 3.57%

At the same time rate of

Amount of this period Amount of last period

change

Net profit after deducting

454119738-99.62%

non-recurring profit and loss

EBITDA total debt ratio 3.26% 5% -1.74%

Time interest earned ratio 1 1.84 -45.65%

Cash interest guarantee times 2.97 3.82 -22.25%

EBITDATime interest earned

3.244.09-20.78%

ratio

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

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

60Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

VIII. Financial Report

I. Audit report

Has this semi-annual report been audited

□ Yes √ No

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

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

1. Consolidated balance sheet

Prepared by：Guangdong Electric Power Development Co. Ltd.June 302025

In RMB

Item June 302025 January 1 2025

Current asset：

Monetary fund 16051714666 15361820831

Settlement provision 0 0

Outgoing call loan 0 0

Transactional financial assets 0 0

Derivative financial assets 0 0

Notes receivable 90229 0

Account receivable 8894981263 9101797841

Financing of receivables 0 0

Prepayments 1364556023 1440632187

Insurance receivable 0 0

Reinsurance receivable 0 0

Provisions of Reinsurance contracts

00

receivable

Other account receivable 678565770 533352169

Including：Interest receivable 0 0

Dividend receivable 94351613 0

Repurchasing of financial assets 0 0

Inventories 3247405078 2577119489

Including：Data resources 0 0

Contract assets 327133 1378872

Assets held for sales 0 0

Non-current asset due within 1 year 0 0

Other current asset 1980415612 1971269586

Total of current assets 32218055774 30987370975

61Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Non-current assets：

Loans and payment on other’s behalf

00

disbursed

Creditor's right investment 0 0

Other investment on bonds 0 0

Long-term receivable 0 0

Long term share equity investment 11264561442 10812658939

Other equity instruments investment 2757878075 2650289873

Other non-current financial assets 0 0

Property investment 328475220 336493586

Fixed assets 72549633107 73628798655

Construction in progress 37073159677 31382850765

Production physical assets 0 0

Oil & gas assets 0 0

Use right assets 11990353436 11700419075

Intangible assets 3801320415 3786635293

Including：Data resources 0 0

Development expenses 0 0

Including：Data resources 0 0

Goodwill 2449886 2449886

Long-germ expenses to be amortized 65391125 55505161

Deferred income tax asset 1090641502 1099214779

Other non-current asset 8015008773 8711545949

Total of non-current assets 148938872658 144166861961

Total of assets 181156928432 175154232936

Current liabilities

Short-term loans 11375541016 14108930833

Loan from Central Bank 0 0

Borrowing funds 0 0

Transactional financial liabilities 0 0

Derivative financial liabilities 0 0

Notes payable 2102674053 2102292195

Account payable 4338983803 4279045681

Advance receipts 0 0

Contract liabilities 115756744 38459828

Selling of repurchased financial assets 0 0

Deposit taking and interbank deposit 0 0

Entrusted trading of securities 0 0

Entrusted selling of securities 0 0

Employees’ wage payable 801461973 556291188

Tax payable 261416546 303440015

Other account payable 16724832466 15825876579

Including：Interest payable 0 0

62Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Dividend payable 0 0

Fees and commissions payable 0 0

Reinsurance fee payable 0 0

Liabilities held for sales 0 0

Non-current liability due within 1 year 7923614161 6606678336

Other current liability 559303966 528095817

Total of current liability 44203584728 44349110472

Non-current liabilities：

Reserve fund for insurance contracts 0 0

Long-term loan 74506464688 69541559406

Bond payable 11482663991 11107429258

Including：preferred stock 0 0

Sustainable debt 0 0

Lease liability 12910241360 12376312142

Long-term payable 949941669 696347824

Long-term remuneration payable to staff 510259325 537138216

Expected liabilities 0 0

Deferred income 122635813 113262526

Deferred income tax liability 544932520 470213543

Other non-current liabilities 1028167 1028167

Total non-current liabilities 101028167533 94843291082

Total of liability 145231752261 139192401554

Owners’ equity

Share capital 5250283986 5250283986

Other equity instruments 0 0

Including：preferred stock 0 0

Sustainable debt 0 0

Capital reserves 5212572145 5203250383

Less：Shares in stock 0 0

Other comprehensive income 1350975283 1331876093

Special reserve 137243312 62769166

Surplus reserves 8903515135 8903515135

Common risk provision 0 0

Retained profit 2070455511 2142987033

Total of owner’s equity belong to the

2292504537222894681796

parent company

Minority shareholders’ equity 13000130799 13067149586

Total of owners’ equity 35925176171 35961831382

Total of liabilities and owners’ equity 181156928432 175154232936

Legal representative ：Zheng Yunpengn

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

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

63Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

2.Parent Company Balance Sheet

In RMB

Item June 302025 January 12025

Current asset：

Monetary fund 666564206 265985600

Transactional financial assets 0 0

Derivative financial assets 0 0

Notes receivable 0 0

Account receivable 0 0

Financing of receivables 0 0

Prepayments 28832367 29801383

Other account receivable 902341031 837741316

Including：Interest receivable 0 0

Dividend receivable 94351613 0

Inventories 1780293 1923411

Including：Data resources 0 0

Contractual assets 0 0

Assets held for sale 0 0

Non-current asset due within one year 0 0

Other current assets 459222 2704808

Total current assets 1599977119 1138156518

Non-current assets:

Loans and payments on behalf 0 0

Debt investment 0 0

Other debt investment 750000000 930000000

Long-term account receivable 47065012774 46167289906

Long-term equity investment 2757078075 2649489873

Investment in other equity instrument 0 0

Other non-current financial assets 3529655 3847454

Investment real estate 174676880 179180382

Fixed assets 0 0

Construction in progress 0 0

Productive biological asset 0 0

Oil and gas asset 16379082 1402273

Right-of-use assets 66374187 68528585

Including：Data resources 0 0

Development expenses 0 0

Including：Data resources 0 0

Goodwill 0 0

Long-term expenses to be amortized 660294 844193

Deferred income tax asset 0 0

64Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Other non-current asset 615757 616089

Total of non-current assets 50834326704 50001198755

Total of assets 52434303823 51139355273

Current liabilities

Short-term loans 1200778333 1986468042

Transactional financial liabilities 0 0

Derivative financial liabilities 0 0

Notes payable 0 0

Account payable 736887 1643506

Advance receipts 0 0

Contract Liabilities 67686 33846

Employees’ wage payable 126588300 157194609

Tax payable 607853 3979960

Other account payable 34521563 40238685

Including：Interest payable 0 0

Dividend payable 0 0

Liabilities held for sale 0 0

Non-current liability due within 1 year 1919798688 852771938

Other current liability 0 0

Total of current liabilities 3283099310 3042330586

Non-current liabilities：

Long-term loan 10544600000 10853100000

Bond payable 10883038518 10507849644

Including：preferred stock 0 0

Sustainable debt 0 0

Lease liability 9167925 0

Long-term payable 0 0

Long-term remuneration payable to staff 227553678 227553678

Expected liabilities 0 0

Deferred income 0 0

Deferred income tax liability 447398521 420501470

Other non-current liabilities 0 0

Total non-current liabilities 22111758642 22009004792

Total of liability 25394857952 25051335378

Owners’ equity

Share capital 5250283986 5250283986

Other equity instruments 0 0

Including：preferred stock 0 0

Sustainable debt 0 0

Capital reserves 4858815669 4849472205

Less：Shares in stock 0 0

Other comprehensive income 1387467963 1345335533

Special reserve 38111254 38111254

Surplus reserves 8903515135 8903515135

65Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Retained profit 6601251864 5701301782

Total of owners’ equity 27039445871 26088019895

Total of liabilities and owners’ equity 52434303823 51139355273

3.Consolidated Income statement

In RMB

Item The first half year of 2025 The first half year of 2024

I. Income from the key business 23141441943 26078790971

Incl：Business income 23141441943 26078790971

Interest income 0 0

Insurance fee earned 0 0

Fee and commission received 0 0

II. Total business cost 23303908273 24864237682

Incl：Business cost 21088563492 22607604729

Interest expense 0 0

Fee and commission paid 0 0

Insurance discharge payment 0 0

Net claim amount paid 0 0

Net amount of withdrawal of insurance

00

contract reserve

Insurance policy dividend paid 0 0

Reinsurance expenses 0 0

Business tax and surcharge 143216314 140803851

Sales expense 43731677 43812406

Administrative expense 606233009 612823789

R & D costs 321041294 323176647

Financial expenses 1101122487 1136016260

Including：Interest expense 1141097530 1215356585

Interest income 47640150 91313895

Add: Other income 23899477 27553751

Investment gain（“-”for loss） 413769521 545549269

Incl: investment gains from affiliates 263056887 432959549

Financial assets measured at amortized

00

cost cease to be recognized as income

Gains from currency exchange 0 0

Net exposure hedging income 0 0

Changing income of fair value 0 0

Credit impairment loss -7044073 -4240548

Impairment loss of assets -104 -2060

Assets disposal income 41534 10435

III. Operational profit（“-”for loss） 268200025 1783424136

Add ：Non-operational income 140098498 76597546

66Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Less: Non-operating expense 85732233 186294822

IV. Total profit(“-”for loss) 322566290 1673726860

Less：Income tax expenses 225270964 443445689

V. Net profit 97295326 1230281171

(I) Classification by business continuity

1.Net continuing operating profit 97295326 1230281171

2.Termination of operating net profit 0 0

(II) Classification by ownership

1.Net profit attributable to the owners of

32474158902938860

parent company

2.Minority shareholders’ equity 64821168 327342311

VI. Net after-tax of other comprehensive

19085240-319429526

income

Net of profit of other comprehensive inc

ome attributable to owners of the parent 19099190 -319429526

company.（I）Other comprehensive income items

that will not be reclassified into

19465091-319601321

gains/losses in the subsequent accounting

period

1.Re-measurement of defined benefit pla

-1255510

ns of changes in net debt or net assets

2.Other comprehensive income under the

equity method investee can not be reclas -61100510 3753032

sified into profit or loss.

3. Changes in the fair value of

80691152-323354353

investments in other equity instruments

4. Changes in the fair value of the

00

company’s credit risks

5.Other 0 0

(II)Other comprehensive income that wil

-365901171795

l be reclassified into profit or loss.

1.Other comprehensive income under the

equity method investee can be reclassifie -365901 171795

d into profit or loss.

2. Changes in the fair value of

00

investments in other debt obligations

3. Other comprehensive income arising

from the reclassification of financial 0 0

assets

4.Allowance for credit impairments in

00

investments in other debt obligations

5. Reserve for cash flow hedges 0 0

6.Translation differences in currency fina 0 0

67Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

ncial statements

7.Other 0 0

Net of profit of other comprehensive inc

ome attributable to Minority -13950 0

shareholders’ equity

VII. Total comprehensive income 116380566 910851645

Total comprehensive income attributable

51573348583509334

to the owner of the parent company

Total comprehensive income attributable

64807218327342311

minority shareholders

VIII. Earnings per share

（I）Basic earnings per share 0.0062 0.172

(II)Diluted earnings per share 0.0062 0.172

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

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

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

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

4. Income statement of the Parent Company

In RMB

Item The first half year of 2025 The first half year of 2024

I. Income from the key business 24361404 12200605

Incl：Business cost 16728421 11988776

Business tax and surcharge 528901 1148508

Sales expense 0 0

Administrative expense 51498383 92212910

R & D expense 552778 378600

Financial expenses 320088325 322963257

Including：Interest expenses 317935487 327978159

Interest income 492014 6659945

Add：Other income 210705 115021

Investment gain（“-”for loss） 1369732100 1466734197

Including: investment gains from

260834563394508211

affiliates

Financial assets measured at amortized

00

cost cease to be recognized as income

Net exposure hedging income 0 0

Changing income of fair value 0 0

Credit impairment loss -15532 -4807

Impairment loss of assets 0 -2060

Assets disposal income 0 -6971

II. Operational profit（“-”for loss） 1004891869 1050343934

68Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Add ：Non-operational income 93312 11756724

Less：Non-operational expenses 29419 19756

III. Total profit(“-”for loss) 1004955762 1062080902

Less：Income tax expenses 0 0

IV. Net profit 1004955762 1062080902

1.Net continuing operating profit 1004955762 1062080902

2.Termination of operating net profit 0 0

V. Net after-tax of other comprehensive

42132430-320843483

income

（I）Other comprehensive income items

that will not be reclassified into

42498331-321015278

gains/losses in the subsequent accounting

period

1.Re-measurement of defined benefit pla

00

ns of changes in net debt or net assets

2.Other comprehensive income under the

equity method investee can not be reclas -38192821 2339075

sified into profit or loss.

3. Changes in the fair value of

80691152-323354353

investments in other equity instruments

4. Changes in the fair value of the

00

company’s credit risks

5.Other 0 0

(II)Other comprehensive income that wil

-365901171795

l be reclassified into profit or loss

1.Other comprehensive income under the

equity method investee can be reclassifi -365901 171795

ed into profit or loss.

2. Changes in the fair value of

00

investments in other debt obligations

3. Other comprehensive income arising

from the reclassification of financial 0 0

assets

4.Allowance for credit impairments in

00

investments in other debt obligations

5. Reserve for cash flow hedges 0 0

6.Translation differences in currency fina

00

ncial statements

7.Other 0 0

VI. Total comprehensive income 1047088192 741237419

VII. Earnings per share

（I）Basic earnings per share 0.1914 0.2023

(II) Diluted earnings per share 0.1914 0.2023

69Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

5. Consolidated Cash flow statement

In RMB

Item The first half year of 2025 The first half year of 2024

I.Cash flows from operating activities

Cash received from sales of goods or

2618788981030155856337

rending of services

Net increase of customer deposits and

00

capital kept for brother company

Net increase of loans from central bank 0 0

Net increase of inter-bank loans from

00

other financial bodies

Cash received against original insurance

00

contract

Net cash received from reinsurance

00

business

Net increase of client deposit and

00

investment

Cash received from interest commission

00

charge and commission

Net increase of inter-bank fund received 0 0

Net increase of repurchasing business 0 0

Net cash received by agent in securities

00

trading

Tax returned 258723297 276914844

Other cash received from business

473613398399412989

operation

Sub-total of cash inflow 26920226505 30832184170

Cash paid for purchasing of merchandise

1948461043021060012921

and services

Net increase of client trade and advance 0 0

Net increase of savings in central bank

00

and brother company

Cash paid for original contract claim 0 0

Net increase in financial assets held for

00

trading purposes

Net increase for Outgoing call loan 0 0

Cash paid for interest processing fee and

00

commission

Cash paid to staffs or paid for staffs 1383468198 1331473771

Taxes paid 854209156 1432074491

Other cash paid for business activities 841817123 1002397916

Sub-total of cash outflow from business

2256410490724825959099

activities

70Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Net cash generated from /used in

43561215986006225071

operating activities

II. Cash flow generated by investing

Cash received from investment retrieving 0 0

Cash received as investment gains 142392458 301789602

Net cash retrieved from disposal of fixed

assets intangible assets and other 15892116 138401823

long-term assets

Net cash received from disposal of

00

subsidiaries or other operational units

Other investment-related cash received 101226000 400209930

Sub-total of cash inflow due to

259510574840401355

investment activities

Cash paid for construction of fixed

assets intangible assets and other 5928555799 6144744853

long-term assets

Cash paid as investment 327000000 51321388

Net increase of loan against pledge 0 0

Net cash received from subsidiaries and

00

other operational units

Other cash paid for investment activities 12501732 223698100

Sub-total of cash outflow due to

62680575316419764341

investment activities

Net cash flow generated by investment -6008546957 -5579362986

III.Cash flow generated by financing

Cash received as investment 142865000 56327600

Including: Cash received as investment

14286500056327600

from minor shareholders

Cash received as loans 18506711250 19341168585

Other financing –related cash received 0 0

Sub-total of cash inflow from financing

1864957625019397496185

activities

Cash to repay debts 14256275736 17478255109

Cash paid as dividend profit or interests 1547861180 1921200234

Including: Dividend and profit paid by

307347918424199447

subsidiaries to minor shareholders

Other cash paid for financing activities 494783610 365974063

Sub-total of cash outflow due to

1629892052619765429406

financing activities

Net cash flow generated by financing 2350655724 -367933221

IV. Influence of exchange rate

11783-79188

alternation on cash and cash equivalents

V.Net increase of cash and cash

69824214858849676

equivalents

71Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Add: balance of cash and cash

1183150492411954167156

equivalents at the beginning of term

VI. Balance of cash and cash equivalents

1252974707212013016832

at the end of term

6. Cash Flow Statement of the Parent Company

In RMB

Item The first half year of 2025 The first half year of 2024

I.Cash flows from operating activities

Cash received from sales of goods or

2148320922875455

rending of services

Tax returned 2082018 0

Other cash received from business

853335041415885

operation

Sub-total of cash inflow 32098577 64291340

Cash paid for purchases of merchandise

15649428717642

and services

Cash paid to staffs or paid for staff 72980276 146150402

Taxes paid 1136683 8546885

Other cash paid for business activities 29893490 58500292

Sub-total of cash outflow from business

105575391221915221

activities

Net cash generated from /used in

-73476814-157623881

operating activities

II. Cash flow generated by investing

Cash received from investment retrieving 290000000 1063550000

Cash received as investment gains 1102427948 1223895198

Net cash retrieved from disposal of fixed

assets intangible assets and other 15000 727565

long-term assets

Net cash received from disposal of

00

subsidiaries or other operational units

Other investment-related cash received 0 10265892

Sub-total of cash inflow due to

13924429482298438655

investment activities

Cash paid for construction of fixed

assets intangible assets and other 1308877 8679887

long-term assets

Cash paid as investment 832135000 931371532

Net cash received from subsidiaries and

00

other operational units

Other cash paid for investment activities 0 0

Sub-total of cash outflow due to 833443877 940051419

72Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

investment activities

Net cash flow generated by investment 558999071 1358387236

III. Cash flow generated by financing

Cash received as investment 0 0

Cash received as loans 1904000000 6384704415

Other financing –related cash received 0 0

Sub-total of cash inflow from financing

19040000006384704415

activities

Cash to repay debts 1624402540 7010850000

Cash paid as dividend profit or interests 359349831 456844435

Other cash paid for financing activities 5198686 3394682

Sub-total of cash outflow due to

19889510577471089117

financing activities

Net cash flow generated by financing -84951057 -1086384702

IV.Influence of exchange rate alternation

11783-79188

on cash and cash equivalents

V.Net increase of cash and cash

400582983114299465

equivalents

Add: balance of cash and cash

265969222640448760

equivalents at the beginning of term

VI. Balance of cash and cash equivalents

666552205754748225

at the end of term

73Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

7. Consolidated Statement on Change in Owners’ Equity

Amount in this period

In RMB

The first half year of 2025

Owner’s equity Attributable to the Parent Company

Item Other Equity instrument Commo

Minor

Less: Other Total of owners’

Capital Specialized Surplus n risk Retained shareholders’

Share Capital Preferred Sustainable Shares in Comprehensive Other Subtotal equity

Other reserves reserve reserves provisio profit equity

stock debt stock Income

n

I.Balance at the

5250283986000520325038301331876093627691668903515135021429870330228946817961306714958635961831382

end of last year

Add: Change of

accounting 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

policy

Correcting

000000000000000

of previous errors

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

II.Balance at the

beginning of 520325038 214298 3596183135250283986 0 0 0 0 1331876093 62769166 8903515135 0 0 22894681796 13067149586

3703382

current year

III.Changed in -725315 3036357

0000932176201909919074474146000-67018787-36655211

the current year 22 6

（1）Total

comprehensive 324741 51573340 0 0 0 0 0 19099190 0 0 0 0 64807218 116380566

588

income（II）Investment

or decreasing of 0 0 0 0 9321762 0 0 0 0 0 0 0 9321762 142865000 152186762

capital by owners

74Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

1．Ordinary Share

s invested by shar 0 0 0 0 0 0 0 0 0 0 0 0 0 142865000 142865000

eholders

2．Holders of oth

er equity instrum

000000000000000

ents invested capi

tal

3．Amount of

shares paid and

000000000000000

accounted as

owners’ equity

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

0000000000-1050056800-105005680-309002447-414008127

allotment

1.Providing of

000000000000000

surplus reserves

2.Providing of

common risk 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

provisions

3．Allotment to

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

shareholders)

4．Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

(IV) Internal

transferring of 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

owners’ equity

1. Capitalizing of

000000000000000

capital reserves

75Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

(or to capital

shares)

2. Capitalizing of

surplus reserves

000000000000000

(or to capital

shares)

3．Making up

losses by surplus 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

reserves.

4.Change amount

of defined benefit

plans that carry 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

forward Retained

earnings

5．Other

comprehensive

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

carry-over

retained earnings

6．Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

(V). Special

00000007447414600007447414634311442108785588

reserves

1. Provided this

0000000212340844000021234084486483343298824187

year

2．Used this term 0 0 0 0 0 0 0 -137866698 0 0 0 0 -137866698 -52171901 -190038599（VI）Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

IV. Balance at

52502839860005212572145013509752831372433128903515135020704555110229250453721300013079935925176171

the end of this

76Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

term

Amount in last year

In RMB

The first half year of 2024

Owner’s equity Attributable to the Parent Company

Minor Total of

Item Other Equity instrument Less: Other Common

Capital Specialized Surplus Retained shareholders’ owners’

Share Capital Preferred Sustainable Shares in Comprehensive risk Other Subtotal

Other reserves reserve reserves profit equity equity

stock debt stock Income provision

I.Balance at the end of last

525028398600052025728040149523769063758898903515135012837499560221417354601176912224233910857702

year

Add: Change of accounting

000000000000000

policy

Correcting of

000000000000000

previous errors

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

II.Balance at the beginning

525028398600052025728040149523769063758898903515135012837499560221417354601176912224233910857702

of current year

III.Changed in the current

0000100190810-3194295265035466800797933180053887740332418489571295892

year

（1）Total comprehensive 902938

000000-3194295260000583509334327342311910851645

income 860（II）Investment or

decreasing of capital by 0 0 0 0 10019081 0 0 0 0 0 0 0 10019081 110218806 120237887

owners

1．Ordinary Shares investe 0 0 0 0 0 0 0 0 0 0 0 0 0 106327600 106327600

77Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

d by shareholders

2．Holders of other equity i

000000000000000

nstruments invested capital

3．Amount of shares paid

and accounted as owners’ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

equity

4．Other 0 0 0 0 10019081 0 0 0 0 0 0 0 10019081 3891206 13910287（III）Profit allotment 0 0 0 0 0 0 0 0 0 0 -105005680 0 -105005680 -425900867 -530906547

1.Providing of surplus

000000000000000

reserves

2.Providing of common

000000000000000

risk provisions

3．Allotment to the owners

0000000000-1050056800-105005680-425900867-530906547

(or shareholders)

4．Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

(IV) Internal transferring

000000000000000

of owners’ equity

1. Capitalizing of capital

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

shares)

2. Capitalizing of surplus

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

shares)

3．Making up losses by

000000000000000

surplus reserves.

4.Change amount of

defined benefit plans that 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

carry forward Retained

78Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

earnings

5．Other comprehensive

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

earnings

6．Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

(V). Special reserves 0 0 0 0 0 0 0 50354668 0 0 0 0 50354668 20758239 71112907

1. Provided this year 0 0 0 0 0 0 0 193830276 0 0 0 0 193830276 88037497 281867773

2．Used this term 0 0 0 0 0 0 0 -143475608 0 0 0 0 -143475608 -67279258 -210754866（VI）Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

IV. Balance at the end of

5250283986000521259188501175808164567305578903515135020816831360226806128631180154073134482153594

this term

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

Amount in this period

In RMB

The first half year of 2025

Other Equity instrument Less: Other

Item Specialized Retained Total of owners’

Share capital Preferred Sustainable Capital reserves Shares in Comprehensive Surplus reserves Other

Other reserve profit equity

stock debt stock Income

I.Balance at the end of last 381112 890351513 5701301

5250283986000484947220501345335533026088019895

year 54 5 782

Add: Change of accounting

000000000000

policy

Correcting of previous errors 0 0 0 0 0 0 0 0 0 0 0 0

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

II.Balance at the beginning of 381112 890351513 5701301

5250283986000484947220501345335533026088019895

current year 54 5 782

79Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

III.Changed in the current year 899950080 0 0 0 9343464 0 42132430 0 0 0 951425976

2

（I）Total comprehensive 1004955

00000042132430001047088192

income 762

(II) Investment or decreasing

000093434640000009343464

of capital by owners

1．Ordinary Shares invested by

000000000000

shareholders

2．Holders of other equity instr

000000000000

uments invested capital

3.Amount of shares paid and

000000000000

accounted as owners’ equity

4．Other 0 0 0 0 9343464 0 0 0 0 0 0 9343464（III）Profit allotment -10500560 0 0 0 0 0 0 0 0 0 -105005680

80

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

2．Allotment to the owners (or -1050056

0000000000-105005680

shareholders) 80

3．Other 0 0 0 0 0 0 0 0 0 0 0 0

(IV) Internal transferring of

000000000000

owners’ equity

1. Capitalizing of capital

000000000000

reserves (or to capital shares)

2. Capitalizing of surplus

000000000000

reserves (or to capital shares)

3．Making up losses by surplus

000000000000

reserves.

4.Change amount of defined

000000000000

benefit plans that carry

80Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

forward Retained earnings

5．Other comprehensive

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

earnings

6．Other 0 0 0 0 0 0 0 0 0 0 0 0

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

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

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

IV. Balance at the end of this

52502839860004858815669013874679633811125489035151356601251864027039445871

term

Amount in last year

In RMB

The first half year of 2024

Other Equity instrument Less: Other

Item Share Specialized Surplus Total of owners’

Preferred Sustainable Capital reserves Shares Comprehensive Retained profit Other

Capital Other reserve reserves equity

stock debt in stock Income

I.Balance at the end of last

5250283986000484276799701508154355089035151355238305518025743026991

year

Add: Change of accounting policy 0 0 0 0 0 0 0 0 0 0 0 0

Correcting of previous errors 0 0 0 0 0 0 0 0 0 0 0 0

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

II.Balance at the beginning of

5250283986000484276799701508154355089035151355238305518025743026991

current year

III.Change in the current year 0 0 0 0 13910287 0 -320843483 0 0 957075222 0 650142026

（I）Total comprehensive income 0 0 0 0 0 0 -320843483 0 0 106208090 0 741237419

81Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

2

(II) Investment or decreasing of

00001391028700000013910287

capital by owners

1．Ordinary Shares invested by shar

000000000000

eholders

2．Holders of other equity instrume

000000000000

nts invested capital

3.Amount of shares paid and

000000000000

accounted as owners’ equity

4．Other 0 0 0 0 13910287 0 0 0 0 0 0 13910287（III）Profit allotment 0 0 0 0 0 0 0 0 0 -105005680 0 -105005680

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

2 ． Allotment to the owners (or

000000000-1050056800-105005680

shareholders)

3．Other 0 0 0 0 0 0 0 0 0 0 0 0

(IV) Internal transferring of

000000000000

owners’ equity

1. Capitalizing of capital reserves

000000000000

(or to capital shares)

2. Capitalizing of surplus reserves

000000000000

(or to capital shares)

3． Making up losses by surplus

000000000000

reserves.

4.Change amount of defined

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

Retained earnings

5 ． Other comprehensive income

000000000000

carry-over retained earnings

6．Other 0 0 0 0 0 0 0 0 0 0 0 0

82Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

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

1. Provided this year 0 0 0 0 0 0 0 311908 0 0 0 -311908

2．Used this term 0 0 0 0 0 0 0 -311908 0 0 0 -311908（VI）Other 0 0 0 0 0 0 0 0 0 0 0 0

IV. Balance at the end of this

5250283986000485667828401187310872089035151356195380740026393169017

term

83Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

III．Basic Information of the Company

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

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

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

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

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

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

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

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

June 2024 the total share capital of the Company is RMB 5250283986 with par value of RMB 1 each.The Company and its subsidiaries (collectively referred to as "the Group") are principally engaged in the

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

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

Autonomous Region. For the information of the Company's major subsidiaries included in the consolidation scope

in the current year please refer to Note IX.The financial statement has been approved for issue by the Company’s Board of Directors on August 302025.For the Consolidation scope changes of the Group please refer to IX and X(Equity in other entities

IV.Basis for the preparation of financial statements

1.Basis for the preparation

The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises

and corresponding application guidance interpretations and other related provisions issued by the Ministry of

Finance (collectively "Accounting Standards for Business Enterprises"). In addition the Company also

disclosed the relevant financial information in accordance with the Explanatory Announcement No. 15 on

Information Disclosure for Companies Offering Their Securities to the Public —General Requirements for

Financial Reporting (2023 version) issued by the China Securities Regulatory Commission.The financial statements are prepared on a going concern basis. The Company adopts the accrual basis of

accounting. Except for certain financial instruments the financial statements are prepared under the historical

cost. In the event that impairment of assets occurs a loss allowance is made accordingly in accordance with the

relevant regulations.

2. Continuous operation.

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

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

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

84Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Specific accounting policies and accounting estimates tips:

The Company determines specific accounting policies and accounting estimates based on the characteristics of

production and operation which are mainly reflected in the measurement of expected credit losses(“ECL”) of

receivables and contract assets costing of inventory depreciation of fixed assets amortization of intangible

assets and right-of-use assets. Specific accounting policies are detailed in Notes V.11 Notes V.17 Notes V.24

Notes V.29 Notes V.30 Notes V.37 Notes V.40 and Notes V.41.Details of the Group’s critical judgements critical accounting estimates and key assumptions used in

determining significant accounting policies are set forth in Note V.42.

1.Complying with the statements in Accounting Standards for Business Enterprises

The financial Report and statements are prepared with compliance to the requirement of the Enterprise

Accounting Standard. They reflect the financial position as of June 30 2025 as well as the business performance

and cash flow situation in the first half of 2025 of the Company frankly and completely.

2. Accounting period

Fiscal year is dated from Gregorian calendar Jan. 1 to Gregorian calendar December 31.The accounting of the financial statements during the period starts from January 1 2025 to 6 months ended June

302025.

3.Operating cycle

The business cycles for principal activities are usually less than 12 months.

4.Standard currency for bookkeeping

The Company and domestic subsidiaries use Renminbi (RMB) as their recording currency. The currency used by

the Company in preparing these financial statements is Renminbi (RMB).

5.Determination method and selection basis of importance standard

?Applicable □Not applicable

Item Criterion of importance

The Group determines significant long-term equity investments

by taking into account factors such as the book value of joint

Significant long-term equity investment ventures and associated enterprises the proportion of long-term

equity investment income calculated by equity method to the

consolidated net profit of the Group.The Group recognizes fixed asset items with signs of

Significant Fixed assets impairment and asset balances greater than RMB 500 million

as important fixed asset items.The Group determines major construction in progress in

Significant Construction in progress consideration of the proportion of construction in progress to

the total construction in progress of the Group.The Group determines the subsidiaries with significant

Subsidiaries with significant minority interests minority shareholders' equity in consideration of the proportion

of minority shareholders' equity of subsidiaries to the total

85Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

minority shareholders' equity of the Group.The Group determines significant long-term equity investments

by taking into account factors such as the book value of joint

Basic information of important joint ventures and associated

ventures and associated enterprises the proportion of important

enterprises

joint ventures and associated enterprises income calculated by

equity method to the consolidated net profit of the Group.

6. Accounting process method of enterprise consolidation under same and different controlling.

(1) Business combinations involving enterprises under common control

The consideration paid and net assets obtained by the Company in a business combination are measured at the

carrying amount. If the acquiree is acquired from a third party by the ultimate controlling party in a prior year

the consideration paid and net assets obtained by the Company are measured based on the carrying amounts of

the acquiree’s assets and liabilities (including the goodwill arising from the acquisition of the acquiree by the

ultimate controlling party) presented in the consolidated financial statements of the ultimate controlling party.The difference between the carrying amount of the net assets obtained from the combination and the carrying

amount of the consideration paid for the combination is treated as an adjustment to capital surplus (share

premium). If the capital surplus (share premium) is not sufficient to absorb the difference the remaining

balance is adjusted against retained earnings

Realize business combinations under the same control through multiple transactions in stages

The assets and liabilities acquired by the acquirer from the acquiree in the merger are measured at the book

value in the consolidated financial statements of the ultimate controlling party on the merger date. The

difference between the sum of the book value of the investments held before the merger and the book value of

the newly paid consideration on the merger date and the book value of the net assets acquired in the merger is

adjusted to the capital reserves. If the capital reserves are insufficient to offset the retained earnings are

adjusted. For long-term equity investments held by the acquirer before obtaining control of the acquiree the

related profits and losses other comprehensive income and other changes in owner's equity recognized between

the date of acquiring the original equity and the later of the dates when both the acquirer and the acquiree are

under the same ultimate control and up to the merger date should be offset against the beginning retained

earnings or current profits and losses during the comparative reporting period.

(2) Business combinations not involving enterprises under common control

For business combinations involving enterprises not under common control the Company adopts concentration

test to judge whether the acquired production and operation activities or asset groups constitute a business. If

the concentration test is passed the Company conducts accounting treatment according to the relevant asset

purchase principle; if the concentration test fails the Company will further judge whether it constitutes a

business based on whether the relevant groups obtained in the merger have at least one input and one

substantive processing process and the combination of the two has a significant contribution to the output

capacity.The cost of combination and identifiable net assets obtained by the Group in a business combination are

measured at fair value at the acquisition date. Where the cost of the combination exceeds the Group’s interest in

the fair value of the acquiree’s identifiable net assets the difference is recognised as goodwill; where the cost of

86Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

combination is lower than the Group’s interest in the fair value of the acquiree’s identifiable net assets the

difference is recognised in profit or loss for the current period.Realize business combinations not under common control through multiple transactions and steps

The cost of combination is the sum of the consideration paid on the acquisition date and the fair value of the

equity already held by the acquirer in the acquiree on the acquisition date. For the equity already held by the

acquirer in the acquiree before the acquisition date it is remeasured at its fair value on the acquisition date and

the difference between the fair value and its book value is recognized in the current investment income. The

equity already held by the acquirer in the acquiree before the acquisition date involving other comprehensive

income and other changes in owner's equity is transferred to the current income on the acquisition date except

for other comprehensive income arising from the remeasurement of net liabilities or net assets of the defined

benefit plan by the investee and other comprehensive income related to non-trading equity instrument

investments originally designated to be measured at fair value with changes recognized in other comprehensive

income.

(3) Handling of transaction costs in business combinations

The intermediary fees incurred for auditing legal services evaluation and consultation as well as other related

management expenses for the purpose of corporate mergers are recorded profit or loss profit or loss for the

current period. When they are incurred. The transaction costs of equity securities or debt securities issued as

merger consideration are included in the initial recognition amount of the equity securities or debt securities.

7. Judgment criteria for control and method for preparing consolidated financial statements

(1) Judgment criteria for control

The scope of consolidation for consolidated financial statements is determined on a control basis. Control refers

to the power that the Company has over the invested entity the variable returns it enjoys through participating

in the relevant activities of the invested entity and the ability to use its power over the invested entity to affect

its return amount. When changes in relevant facts and circumstances lead to changes in the relevant elements

involved in the definition of control the Company will conduct a reassessment.

(2) Preparation of consolidated financial statements

The consolidated financial statements are prepared by the Company based on the financial statements of the

Company and its subsidiaries and other relevant information. When preparing the consolidated financial

statements the accounting policies and accounting periods of the subsidiaries shall be consistent with those

established by the Company. All significant intra-company balances and transactions shall be eliminated.Where a subsidiary or business was acquired during the reporting period through a business combination

involving entities under common control the financial performance and the cash flows of the subsidiary are

included in the consolidated income statement and consolidated cash flow statement of the Company as if the

combination had occurred at the date that the ultimate controlling party first obtained control.Where a subsidiary or business was acquired during the reporting period through a business combination

involving entities not under common control its revenue expenses and profit from the acquisition date to the

end of the reporting period are included in the consolidated income statement and its cash flows are included in

the consolidated cash flow statement.Minority interests of the subsidiary that is not attributable to the Company are presented separately in the

shareholders’ equity section within the consolidated balance sheet. Net profit or loss attributable to

87Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

non-controlling shareholders is presented separately as minority interests below the net profit within the

consolidated income statement. When the amount of loss for the current period attributable to the non

controlling shareholders of a subsidiary exceeds the non-controlling shareholders’ share of the opening owners’

equity of the subsidiary the excess is adjusted to minority interests

(3) Acquire the subsidiaries’ non-controlling interests

Where the Company acquires a non-controlling interest from a subsidiary’s non-controlling shareholders or

disposes of a portion of an interest in a subsidiary without a change in control the difference between the

proportion interests of the subsidiary’s net assets being acquired or disposed and the amount of the

consideration paid or received is adjusted to the capital reserve in the consolidated balance sheet with any

excess adjusted to retained earnings.

(4) Handling of losing control over a subsidiary

When the Company loses control over a subsidiary due to partial disposal of equity investment or other reasons

the remaining equity interests is re-measured at its fair value at the date when the control is lost. The resulting

gain or loss is the total of consideration received from the disposal of equity investment and the remaining

equity investment at its fair value deducted the total of proportion interests of the subsidiary’s net asset and

goodwill calculated based on the original shareholding ratio since the acquisition date. Any resulting gain or

loss is recognized as investment income for the current period.Other comprehensive income related to the equity investment in the original subsidiary is accounted for on the

same basis as the direct disposal of related assets or liabilities by the original subsidiary upon the loss of control.All other changes in owner's equity related to the original subsidiary and accounted for using the equity method

are transferred to the current period profit or loss upon the loss of control.

88Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

8. Classification and Accounting Treatment for Joint Arrangement

A joint arrangement is an arrangement of which two or more parties have joint control. The Company classifies

joint arrangements into joint operations and joint ventures.

(1) Joint operation

A joint operation is a joint arrangement whereby the Company has rights to the assets and obligations for the

liabilities relating to the arrangement. The Company is not involved in joint operations.

(2) Joint venture

A joint venture is a joint arrangement whereby the Company has rights to the net assets of the arrangement.The Company adopts equity method of long-term equity investment to account for its investment in joint

venture.

9. Cash and cash equivalents

Cash and cash equivalents comprise cash on hand deposits that can be readily drawn on demand and

short-term and highly liquid investments that are readily convertible to known amounts of cash and which are

subject to an insignificant risk of changes in value.

10.Foreign currency transactions

Foreign currency transactions are translated to the functional currency of the Company at the spot exchange

rates on the dates of the transactions.Monetary items denominated in foreign currencies are translated at the spot exchange rate at the balance sheet

date. The resulting exchange differences between the spot exchange rate at balance sheet date and the spot

exchange rate at initial recognition or at the previous balance sheet date are recognized in profit or loss.Non-monetary items that are measured at historical cost in foreign currencies are translated to functional

currency using the spot exchange rate at the transaction date. Non-monetary items that are measured at fair

value in foreign currencies are translated using the spot exchange rate at the date when the fair value is

determined. The resulting exchange differences are recognized in profit or loss or other comprehensive income

according to the nature of the non-monetary items.

11.Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or

an equity instrument of another entity.

(1) Recognition and derecognition of financial instruments

A financial asset or a financial liability is recognized when the Company becomes a party to the contractual

provisions of a financial instrument.A financial asset is derecognised when one of the following criteria is met:

89Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

The contractual rights to the cash flows from the financial asset expire; or

The financial asset has been transferred and met the following conditions for derecognition.A financial liability (or partially) is derecognized when its contractual obligation (or partially) is ceased. When

the Company (debtor) enters into an agreement with the creditor to replace the existing financial liability with a

new assumed financial liability and contractual terms are different in substance the existing financial liability

is derecognized while a new financial liability is recognized.Conventionally traded financial assets are recognized and derecognized at the transaction date.

(2) Classification and measurement of financial assets

Based on the Company’s business model for managing the financial assets and the contractual cash flow

characteristics of the financial assets financial assets are classified as: financial assets measured at amortized

cost financial assets measured at fair value through other comprehensive income and financial assets measured

at fair value through profit or loss.At initial recognition the financial assets are measured at fair value. For financial assets measured at fair value

through profit or loss the transaction costs are expensed in profit or loss for the current period. For other types

of financial assets the transaction costs are included in the initially recognised amounts. Accounts receivable

arising from sale of products or rendering of services (excluding or without regard to significant financing

components) the Company recognizes the amount of consideration that it is expected to be entitled to receive as

the initially recognised amounts.Financial assets measured at amortized cost

The Company classifies financial assets that meet all of the following conditions and are not designated as

financial assets at fair value through profit or loss as financial assets measured at amortized cost:

The objective of the Company’s business model is to hold the financial assets to collect the contractual cash

flows;

The contractual terms of the financial asset stipulate that the cash flows generated on specific dates are solely

payments on the principal and interest based on the outstanding principal amount.After initial recognition such financial assets are measured at amortized cost using the effective interest method.Gains or losses arising from financial assets measured at amortized cost that are not part of any hedging

relationship are recognized in the current period profit or loss when they are derecognized amortized using the

effective interest method or recognized as impaired.Financial assets measured at fair value through other comprehensive income

The Company classifies financial assets that meet all of the following conditions and are not designated as

financial assets measured at fair value through profit or loss as financial assets measured at fair value through

in other comprehensive income:

The business model of our company for managing this financial asset aims both at collecting contractual cash

flows and at selling the financial asset;

90Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

The contractual terms of the financial asset stipulate that the cash flows generated on specific dates are solely

payments on the principal and interest based on the outstanding principal amount. After initial recognition

subsequent measurements of such financial assets are measured at fair value. Interests calculated using the

effective interest method impairment losses or gains and exchange gains or losses are recognized in the current

period profit or loss while other gains or losses are recorded in other comprehensive income. Upon

derecognition the cumulative gains or losses previously recorded in other comprehensive incomeare transferred

out of other comprehensive income and recognized in the current period profit or loss.Financial assets measured at fair value through profit or loss

In addition to the financial assets at amortized cost and those measured at fair value through other

comprehensive income as mentioned above the Company categorizes all other financial assets as those

measured at fair value through profit or loss. Upon initial recognition in order to eliminate or significantly

reduce accounting mismatches the Company irrevocably designates some financial assets that should be

measured at amortized cost or at fair value through in other comprehensive income as financial assets measured

at fair value through profit or loss.After initial recognition subsequent measurements of such financial assets are measured at fair value and any

gains or losses (including interest and dividend income) arising therefrom are recorded in the current period

profit or loss unless the financial asset is part of a hedging relationship.However for non-trading equity instrument investments the Company irrevocably designates them as financial

assets measured at fair value through other comprehensive income upon initial recognition. This designation is

made on an individual investment basis and the relevant investments meet the definition of equity instruments

from the perspective of the issuer.After initial recognition subsequent measurements of such financial assets are measured at fair value. Dividend

income that meets the criteria is recorded in profit or loss while other gains or losses and changes in fair value

are recorded in other comprehensive income. Upon derecognition the cumulative gains or losses previously

recorded in other comprehensive income are transferred out of other comprehensive income and recorded in

retained earnings.The business model for managing financial assets refers to how the company manages its financial assets to

generate cash flows. The business model determines whether the source of cash flows from the financial assets

managed by the company is from the collection of contractual cash flows the sale of financial assets or a

combination of both.The company determines its business model for managing financial assets based on objective facts and the

specific business objectives for managing financial assets determined by key management personnel. The

Company evaluates the contractual cash flow characteristics of financial assets to determine whether the

contractual cash flows generated by the relevant financial assets on a specific date are solely payments of

principal and interest based on the outstanding principal amount. The principal refers to the fair value of the

financial asset at initial recognition; interest includes consideration for the time value of money credit risk

associated with the outstanding principal amount during a specific period as well as other basic borrowing risks

costs and profits. In addition the Company evaluates contract terms that may lead to changes in the time

distribution or amount of contractual cash flows of financial assets to determine whether they meet the

requirements of the aforementioned contractual cash flow characteristics.Only when the company changes its business model for managing financial assets all affected relevant financial

assets will be reclassified on the first day of the first reporting period following the change in business model.Otherwise financial assets shall not be reclassified after initial recognition.

(3) Classification and measurement of financial liabilities

91Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

The financial liabilities of the Company are classified at initial recognition as either financial liabilities

measured at fair value through profit or loss or financial liabilities measured at amortized cost. For financial

liabilities not classified as measured at fair value through profit or loss the transaction costs are included in

their initially recognised amounts.Financial liabilities measured at fair value through profit or loss

Financial liabilities measured at fair value through profit or loss include trading financial liabilities and financial

liabilities designated at initial recognition as measured at fair value through profit or loss. For such financial

liabilities subsequently measured at fair value and gains or losses arising from changes in fair value as well as

dividend and interest expenses related to these financial liabilities are recognized in current profit or loss.Financial liabilities measured at amortized cost

Other financial liabilities are subsequently measured at amortized cost using the effective interest method and

gains or losses arising from derecognition or amortization are recognized in the current period profit or loss.Distinction between financial liabilities and equity instruments

A financial liability is recognized if one of the following conditions is satisfied:

1 A contractual obligation to deliver cash or another financial asset to another entity;

* A contractual obligation to exchange financial assets or financial liabilities with another entity under

potentially unfavorable conditions;

2 A non-derivative instrument contract that will or may be settled in the Company’s own equity instruments

and the Company is obliged to deliver a variable number of the Company’s own equity instruments;

* A derivative instrument contract that will or may be settled in the Company’s own equity instruments in the

future except for a derivative instrument contract that is settled by the exchange of a fixed number of the

Company’s own equity instruments for a fixed amount of cash or other financial assets.An equity instrument is a contract that evidences a residual interest in the assets of the Company after deducting

all of its liabilities.If the Company does not have an unconditional right to avoid delivering cash or another financial asset to settle

a contractual obligation the obligation meets the definition of a financial liability.If a financial instrument will or may be settled by the Company’s own equity instruments classification of the

instrument depends on whether the Company’s own equity instruments work as the replacement of cash or other

financial instrument or represent the investor’s residual interest in the Company’s assets after deducting all its

liabilities. In the former case the instrument is classified as a financial liability; in the latter case the instrument

is classified as an equity instrument.

(4) Fair value of financial instruments

For the determination of fair value of financial assets and financial liabilities please refer to Note III.12.

(5) Impairment of financial assets

Based on ECL the Company performs impairment accounting treatment on the following items and recognizes

loss provisions:

Financial assets measured at amortized cost;

Receivables and debt instrument investments measured at fair value through other comprehensive income;

Contract assets as defined in "Accounting Standards for Business Enterprises No. 14 - Revenue"; Lease

receivables;

Financial guarantee contract (except for those measured at fair value through profit and loss the transfer of

financial assets does not meet the conditions for derecognition or continue to involve in the transferred financial

assets)

Measurement of ECL

92Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

ECL refers to the weighted average of credit losses for financial instruments calculated by weighting the risk of

default occurring. Credit loss is defined as the difference between all contractual cash flows receivable by the

entity under the agreement and all expected cash flows to be collected discounted at the original effective

interest rate. This represents the present value of all cash shortfalls.The Company measures the expected credit losses of financial instruments at different stages separately. The

financial instrument is at the first stage when there is no significant increase in credit risk since initial

recognition. The Company measures the loss allowance according to the expected credit losses in the next 12

months. The financial instrument is at the second stage when there is significant increase in credit risk since

initial recognition and credit loss has not yet occurred. The Company then measures the loss allowance

according to expected credit losses over the lifetime of a financial instrument. The financial instrument is at the

third stage when there is significant increase in credit risk since initial recognition and credit loss occurred. The

Company then measures the loss allowance according to expected credit losses over the lifetime of a financial

instrument.For financial instrument that has low credit risk at the balance sheet date the Company assumes there is no

significant increase in its credit risk since initial recognition. The Company measures the loss allowance

according to the expected credit losses in the next 12 months.Lifetime expected credit losses are the expected credit losses that result from all possible default events over the

expected life of a financial instrument. Expected credit losses in the next 12 months are the portion of expected

losses that result from default events that are possible within the 12 months after the balance sheet date (or a

shorter period if the expected life of the instrument is less than 12 months).The maximum period considered when estimating expected credit losses is the maximum contractual period

(including extension options) over which the Company is exposed to credit risk. For the financial instruments at

the first and second stage as well as financial instruments that have low credit risk the Company calculates the

interest income based on the book value without loss allowance deducted and effective interest rate. While for

the financial instruments at the third stage the Company calculates the interest income based on the amortized

cost of the book value less loss allowance and effective interest rate. For accounts receivable such as notes

receivable accounts receivable accounts receivable financing other receivables and contract assets if the

credit risk characteristics of a particular customer are significantly different from those of other customers in the

group or if there is a significant change in the credit risk characteristics of that customer the company will

individually accrue bad debt reserves for that account receivable. Apart from the account receivables for which

bad debt reserves are individually accrued the company divides account receivables into groups based on credit

risk characteristics and calculates bad debt reserves on a group basis.Notes receivable accounts receivable contract assets and other receivables

For notes receivable accounts receivable and contract assets regardless of whether there is a significant

financing component the Company consistently measures their loss provisions at an amount equivalent to the

ECL over the entire duration.For various financial assets whose ECL are calculated on an individual basis their credit risk characteristics are

significantly different from those of other financial assets within the same category. When it is not possible to

assess the ECL of an individual financial asset at a reasonable cost the Company categorizes accounts

receivable into several groups based on credit risk characteristics. The ECL are calculated on a group basis and

the basis and method for determining the group are as follows:

Combination Combination name

Group of Notes receivable Notes receivable

Group of account receivable Receivables from sale of electricity

93Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Group of Account receivable Receivables of renewable energy subsidies

Group 3 of account receivable Receivables from related parties

Group 4 of account receivable Receivables from steam sales and others

Group 1 of contract assets Receivables from related parties

Group 2 of contract assets Other contract assets

Group 1 of other receivables Receivables from business units reserves receivable and other receivables

For notes receivable and contract assets classified as groups the Company calculates ECL by referencing

historical credit loss experience considering current conditions and forecasting future economic conditions

based on the exposure to default risk and the expected credit loss rate over the entire duration.For accounts receivable classified into groups the Company calculates ECL by referring to historical credit loss

experience combining current conditions with predictions of future economic conditions and using default risk

exposure and expected credit loss rate over the entire duration. For other receivables classified into portfolios

the Company calculates ECL by referring to historical credit loss experience combining current conditions with

predictions of future economic conditions and using default risk exposure and expected credit loss rate within

the next 12 months or over the entire duration.The Company recognises the loss provision made or reversed into profit or loss for the current period.Debt investment other debt investments

For debt investments and other debt investments the Company calculates ECL based on the nature of the

investment various types of counterparties and risk exposures through default risk exposures and expected

credit loss rates within the next 12 months or throughout the entire duration

Assessment of significant increase in credit risk

In assessing whether the credit risk of a financial instrument has increased significantly since initial recognition

the Company compares the risk of default occurring on the financial instrument assessed at the balance sheet

date with that assessed at the date of initial recognition. When determining whether the credit risk has increased

significantly since initial recognition the Company considers the reasonable and supportable information that is

available without undue cost or effort including forward-looking information. In particular the following

information is taken into account:

Debtors fail to make payments of principal or interest on their contractually due dates;

An actual or expected significant deterioration in a financial instrument’s external or internal credit rating (if

available);

An actual or expected significant deterioration in the operating results of the debtor; and Existing or

anticipated changes in the technological market economic or legal environment that have a significant

adverse effect on the debtor’s ability to meet its obligation to the Company.Depending on the nature of the financial instruments the Company assesses whether there is a significant

increase in credit risk on either an individual basis or a collective basis. When the assessment is performed on a

collective basis the financial instruments are classified into groups based on shared credit risk characteristics

such as past due status and credit risk ratings.If the overdue period exceeds 30 days the Company determines that the credit risk of the financial instrument

has significantly increased.Credit-impaired financial assets

At each balance sheet date the Company assesses whether financial assets measured at amortized cost and debt

investments measured at fair value through other comprehensive income are creditimpaired. A financial asset is

credit-impaired when one or more events that have adverse impact on the expected future cash flows of

94Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following

observable information:

Significant financial difficulty of the debtor or issuer;

A breach of contract by the debtor such as default or overdue in interest or principal payments; For economic

or contractual reasons relating to the debtor’s financial difficulty the Company having granted to the debtor a

concession that would not otherwise consider;

It is probable that the debtor will enter into bankruptcy or other financial restructuring;

The disappearance of an active market for that financial asset because of issuer’s or debtor’s financial

difficulties.Presentation of allowance for expected credit losses

In order to reflect the change of the credit risk of financial instruments since the initial recognition the

Company re-measures the expected credit losses at each balance sheet date. Any increase or recovered amount

of the loss allowance which generated shall be recognized as loss allowance or gain in the profit or loss for the

current period. For financial asset measured at amortized cost the loss allowance shall offset against the

carrying amount of the financial asset as stated in the balance sheet; for the debt investment measured at fair

value through other comprehensive income the Company recognizes its loss allowance in other comprehensive

income and does not offset against the carrying amount of the financial asset.Write-off

The gross carrying amount of a financial asset is written off (either partially or entirely) to the extent that there

is no realistic prospect of recovery of the contractual cash flows. A write-off constitutes a derecognition event.This is generally the case when the Company determines that the debtor does not have assets or sources of

income that could generate sufficient cash flows to repay the amounts subject to the write-off. However

financial assets that are written off could still be subject to enforcement activities in order to comply with the

Company’s procedures for recovery of amounts due.Subsequent recoveries of an asset that was previously written off are recognized as a reversal of impairment in

profit or loss in the period when the recovery occurs.

(6) Transfer of financial assets

Transfer of financial assets is the transfer or delivery of financial assets to another party (the transferee) other

than the issuer of financial assets.A financial asset is derecognized if the Company transfers substantially all the risks and rewards of ownership

of the financial asset to the transferee. A financial asset is not derecognized if the Company retains substantially

all the risks and rewards of ownership of the financial asset.The Company neither transfers nor retains substantially all the risks and rewards of ownership of the financial

asset the accounting treatments are as follows: if control over the financial assets is surrendered the Company

derecognizes the financial assets and recognizes any assets and liabilities arising; if the Company retains the

control of the financial assets financial assets to the extent of the continuing involvement in the transferred

financial assets by the Company as well as any related liability.

(7) Offset between financial assets and financial liabilities

When the Company has an enforceable legal right to offset the recognized financial assets against the financial

liabilities and the Company plans to settle by net amount or realize the financial assets and settle the financial

liabilities the amount after being offset will be presented in the balance sheet. Otherwise financial assets and

financial liabilities are presented separately in the balance sheet and not allowed to offset against each other.

95Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

12.Note receivable

See Note V (11) Financial Instruments for details.

13.Account receivable

See Note V (11) Financial Instruments for details.

14.Financing receivable

Not applicable

15.Other account receivable

Determination method of expected credit loss of other receivables and accounting treatment method

See Note V (11) Financial Instruments for details.

16.Contract assets

See Note V (11) Financial Instruments for details.

17.Inventories

(1) Classification of inventories

Inventories in the Company mainly comprise fuel and spare parts

(2)Valuation of inventories

The inventory of the Company is priced at actual cost upon acquisition. Cost of fuel is calculated using the

weighted average method. Spare parts are amortised in full amount when issued for use.

(3) Basis for determining and method of calculating inventory reserves

On the balance sheet date inventory is measured at the lower of cost and net realizable value. When the net

realizable value is lower than the cost an inventory reserve is accrued.Net realizable value is determined based on the estimated selling price in the ordinary course of business less

the estimated costs necessary to make the sale and related taxes. When determining the net realizable value of

inventory it is based on conclusive evidence obtained while considering the purpose of holding inventory and

the impact of events after the balance sheet date. Among them spare parts are recognised provision for decline

in the value of inventories based on factors such as inventory age and storage status

For inventories with a large quantity and low unit price the company accrues inventory reserves based on

inventory categories.On the balance sheet date if the factors that previously caused the write-down of inventory value have

disappeared the inventory reserves shall be reversed within the originally accrued amount.

(4)Inventory system

The inventory system of the Company adopts the perpetual inventory system.

(5) Amortization method of low-value consumables

Low value consumables are amortised in full amount

96Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

18.Held-for-sale assets

Not applicable

19.Creditor's rights investment

Not applicable

20.Other Creditor's rights investment

Not applicable

21.Long-term account receivable

See Note V (11) Financial Instruments for details.

22.Long-term equity investments

Long-term equity investments comprise the Company’s long-term equity investments in its subsidiaries and the

Company’s long-term equity investments in its joint ventures and associates. If the Company is able to exert

significant influence over the invested entity it is considered as the Company's associated enterprise.

(1) Determination of initial investment cost

For long-term equity investments acquired through a business combination involving enterprises under common

control the investment cost shall be the absorbing party’s share of the carrying amount of owners’ equity of the

party being absorbed in the consolidated financial statements of the ultimate controlling party at the

combination date; for long-term equity investments acquired through a business combination involving

enterprises not under common control the investment cost shall be the combination cost.For long-term equity investments acquired not through a business combination: for long-term equity

investments acquired by payment in cash the initial investment cost shall be the purchase price actually paid;

for long-term equity investments acquired by issuing equity securities the initial investment cost shall be the

fair value of the equity securities issued.

(2)Subsequent measurement and recognition of profit or loss

Investments in subsidiaries are accounted for using the cost method unless the investment meets the conditions

for held-for-sale; investments in associates and joint ventures are accounted for using the equity method.For long-term equity investments accounted for using the cost method except for the actual payment made at

the time of investment or the cash dividends or profits included in the consideration that have been declared but

not yet distributed the cash dividends or profits declared and distributed by the investee are recognized as

investment income in profit or loss for the current period.For long-term equity investments accounted for using the equity method where the initial investment cost

exceeds the Company’s share of the fair value of the investee’s identifiable net assets at the time of acquisition

the investments are initially measured at that cost; where the initial investment cost is less than the Company’s

share of the fair value of the investee’s identifiable net assets at the time of acquisition the difference is

included in profit or loss for the current period and the cost of the long-term equity investment is adjusted

upwards accordingly

When accounting using the equity method investment income and other comprehensive income are recognized

based on the share of net profit or loss and other comprehensive income realized by the invested entity that

should be enjoyed or shared and the book value of the long-term equity investments is adjusted accordingly.The portion of profits or cash dividends declared and distributed by the invested entity that should be enjoyed is

calculated and the book value of the long-term equity investments is correspondingly reduced. For other

97Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

changes in the owner's equity of the invested entity other than net profit or loss other comprehensive income

and profit distribution the book value of the long-term equity investment is adjusted and included in capital

reserves (other capital reserves). When recognizing the share of net profit or loss of the invested entity that

should be enjoyed the fair value of the identifiable assets and other items of the invested entity at the time of

investment acquisition is used as the basis and the net profit of the invested entity is adjusted according to the

accounting policies and accounting periods of the company before recognition.If due to reasons such as additional investments the investor is able to exert significant influence or joint

control over the investee but does not constitute control on the transition date the sum of the fair value of the

original equity and the newly added investment cost shall be regarded as the initial investment cost accounted

for using the equity method. If the original equity is classified as a nontrading equity instrument investment

measured at fair value with changes recognized in other comprehensive income the cumulative fair value

changes previously recognized in other comprehensive income related to it shall be transferred to retained

earnings when accounting for it using the equity method.If joint control or significant influence over the investee is lost due to reasons such as the disposal of a portion

of equity investment the remaining equity after disposal shall be accounted for in accordance with "Accounting

Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments" on the

date when joint control or significant influence is lost. The difference between fair value and book value shall

be recorded in the profit or loss for the current period. For other comprehensive income recognized from the

original equity investment accounted for using the equity method accounting treatment shall be conducted on

the same basis as the direct disposal of related assets or liabilities by the investee when the equity method is no

longer used for accounting. All other changes in owner's equity related to the original equity investment shall be

transferred to the profit or loss for the current period.If control over the invested entity is lost due to reasons such as the disposal of a portion of equity investment

and the remaining equity after disposal can jointly control or exert significant influence over the invested entity

the equity method shall be adopted for accounting and the remaining equity shall be adjusted as if it had been

accounted for using the equity method from the time of acquisition. If the remaining equity after disposal cannot

jointly control or exert significant influence over the invested entity accounting treatment shall be conducted in

accordance with the relevant provisions of "Accounting Standards for Business Enterprises No. 22 -

Recognition and Measurement of Financial Instruments" and the difference between its fair value and book

value at the date of loss of control shall be recognized in profit or loss for the current period.If the Company's shareholding ratio decreases due to capital increases by other investors resulting in the loss of

control but still enabling joint control or significant influence over the invested entity the Company shall

recognize its share of the net assets increased by the invested entity due to the capital increase based on the new

shareholding ratio. The difference between this share and the original book value of the long-term equity

investment corresponding to the decreased shareholding ratio shall be recorded in profit or loss for the current

period. Subsequently adjustments shall be made using the equity method as if the new shareholding ratio had

been applied from the time of investment acquisition.The unrealized internal transaction losses and gains between the Company and its associated enterprises and

joint ventures are calculated based on the shareholding ratio and attributed to the Company. The investment

losses and gains are recognized on an offset basis. Any losses resulting from transactions between the Company

and its investees which are attributable to asset impairment losses are not eliminated.

(3) Basis for determining existence of control joint control or significant influence over investees

Joint control is the agreed sharing of control over an arrangement and the decision of activities relating to such

arrangement requires the unanimous consent of the Company and other parties sharing control. In determining

98Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

whether joint control exists the first step is to assess whether all participating parties or a combination of

participating parties collectively control the arrangement. The second step is to determine whether decisions

regarding the relevant activities of the arrangement must be unanimously agreed upon by these collectively

controlling parties. If all participating parties or a group of participating parties must act in unison to decide on

the relevant activities of an arrangement it is considered that all participating parties or a group of

participating parties collectively control the arrangement. If there are two or more combinations of

participating parties capable of collectively controlling an arrangement it does not constitute joint control.When determining whether joint control exists protective rights enjoyed are not considered.Significant influence is the power to participate in making the decisions on financial and operating policies of

the investee but is not control or joint control over making those policies. When determining whether the

investor can exert significant influence on the invested entity the consideration includes the voting shares

directly or indirectly held by the investor in the invested entity as well as the impact of the current executable

potential voting rights held by the investor and other parties after assuming that they are converted into equity

in the invested entity including the impact of the current convertible warrants share options and convertible

corporate bonds issued by the invested entity.When the Company directly or indirectly through its subsidiaries holds more than 20% (inclusive) but less

than 50% of the voting shares of the invested entity it is generally considered to have significant influence

over the invested entity unless there is clear evidence indicating that it cannot participate in the production and

operation decisions of the invested entity in such circumstances and does not exert significant influence. When

the Company holds less than 20% (exclusive) of the voting shares of the invested entity it is generally not

considered to have significant influence over the invested entity unless there is clear evidence indicating that it

can participate in the production and operation decisions of the invested entity in such circumstances and exert

significant influence.

(4) Impairment testing method and impairment provision method

The method for calculating asset impairment for investments in subsidiaries associates and joint ventures is

provided in the Note V. 30.

23. Investment properties

The measurement mode of investment property

The measurement by the cost method

Depreciation or amortization method

Investment property refers to real estate held for the purpose of generating rentals or capital appreciation or

both. The investment properties of the Company include land use rights that have been leased out land use

rights held for transfer after appreciation and buildings that have been leased out.The investment properties of the Company are initially measured at their acquisition costs and are subject to

depreciation or amortization on a regular basis in accordance with the relevant provisions for fixed assets or

intangible assets. The estimated useful lives the net residual values that are expressed as a percentage of cost

and the annual depreciation (amortization) rates of investment properties are as follows:

Estimated net residual values Annual depreciation

Category Estimated useful lives

(%) (amortization) rates (%)

House and building 20 to 40 years 5 4.75 to 2.38

Land-use rights 50 to 60 years 0 2 to 1.67

The investment property’s estimated useful life estimated net residual value and depreciation (amortization)

method applied are reviewed and adjusted as appropriate at each year-end.

99Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

When an investment property is transferred to owner-occupied property it is reclassified to fixed asset and

intangible assets with the carrying amounts determined at the carrying amounts of the investment property at the

date of the transfer. An investment property is derecognised on disposal or when the investment property is

permanently withdrawn from use and no future economic benefits are expected from its disposal. The net

amount of proceeds from sale transfer retirement or damage of an investment property after its carrying

amount and related taxes and expenses is recognised in profit or loss for the current period.For investment properties measured using the cost model the method for calculating asset impairment is

provided in Note V.30

24.Fixed assets

(1) Recognition and initial measurement of fixed assets

The fixed assets of the company refer to tangible assets held for the purpose of producing goods providing

services leasing or business management with a service life exceeding one accounting year including

buildings power generation equipment motor vehicles and other equipment.Fixed assets are recognised when it is probable that the related economic benefits will flow into the Group and

the costs can be reliably measured.Fixed assets purchased or constructed by the Group are initially measured at cost at the time of acquisition. The

fixed assets contributed by the State shareholders at the reorganization of the Company into a corporation entity

are recognised based on the evaluated amounts approved by the state-owned assets administration department.Subsequent expenditures incurred for a fixed asset are included in the cost of the fixed asset when it is probable

that the associated economic benefits will flow to the Group and the related cost can be reliably measured. The

carrying amount of the replaced part is derecognised. All the other subsequent expenditures are recognised in

profit or loss for the period in which they are incurred.

(2) Depreciation methods

The method for Expected useful life Estimated residual

Category Depreciation

depreciation （Year） value

House and building Straight-line method 10 to 50 years 5% 9.50% to 1.90%

Generation equipment Straight-line method 5 to 30 years 0% to 5% 20% to 3.17%

Transportation Straight-line method

5 to 10 years 0% to 5% 20% to 9.50%

equipment

Other equipment Straight-line method 5 to 22 years 0% to 5% 20% to 4.32%

The Company adopts the straight-line method for depreciation accrual. Depreciation is accrued for fixed assets

from the time they reach their intended usable condition and ceases when they are derecognized or classified as

non-current assets held for sale.Except for fixed assets purchased using work safety funds other fixed assets are depreciated using the

straight-line method to allocate the cost of the assets to their estimated net residual values over their estimated

100Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

useful lives. For the fixed assets that have been provided for impairment loss the related depreciation charge is

prospectively determined based upon the adjusted carrying amounts over their remaining useful lives.The impairment test method and impairment provision method for fixed assets are described in Note V.30.At the end of each year the Company reviews the useful life estimated net residual value and depreciation

method of its fixed assets.Disposals of fixed assets

A fixed asset is derecognised on disposal or when no future economic benefits are expected from its use or

disposal. The amount of proceeds from disposals on sale transfer retirement or damage of a fixed asset net of

its carrying amount and related taxes and expenses is recognised in profit or loss for the current period.

25.Construction in progress

Construction in progress is measured at actual cost including various necessary engineering expenditures

incurred during the construction period borrowing costs that should be capitalized before the project reaches its

intended usable state and other related expenses.Construction in progress is transferred to fixed assets when the asset is ready for its intended use and

depreciation is charged starting from the following month. When the construction in progress completes its trial

operation period and meets the contract design objectives and comprehensive quality indicators that comply

with industry technical standards the company deems it to have reached its intended operational condition.The method for calculating asset impairment for construction in progress is provided in Note V.30.

26.Borrowing costs

(1) Recognition principle for capitalization of borrowing costs

The borrowing costs incurred by the Company which can be directly attributed to the acquisition construction

or production of assets eligible for capitalization shall be capitalized and included in the cost of the relevant

assets. Other borrowing costs shall be recognized as expenses based on their actual amount at the time of

occurrence and included in profit or loss for the current period. Borrowing costs that meet the following

conditions shall commence capitalization:

* Asset expenditure has already occurred which includes expenditure incurred in the form of cash payments

transfers of non-cash assets or the assumption of interest-bearing debts for the acquisition construction or

production of assets eligible for capitalization;

* The borrowing costs have already been incurred;

* The acquisition construction or production activities necessary to prepare the asset for its intended use or

sale have commenced.

(2) Capitalization period of borrowing costs

When the assets eligible for capitalization acquired constructed or produced by the company reach the

expected usable or marketable state the capitalization of borrowing costs ceases. Borrowing costs incurred after

101Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

the assets eligible for capitalization reach the expected usable or marketable state are recognized as expenses

based on their actual amount at the time of occurrence and recognized profit or loss for the current period.Capitalization of borrowing costs is suspended during periods in which the acquisition or construction of an

asset is interrupted abnormally and the interruption lasts for more than 3 months until the acquisition or

construction is resumed; borrowing costs incurred during normal interruptions shall continue to be capitalized.

(3) Calculation method for capitalization rate and capitalization amount of borrowing costs

The amount of interest expenses actually incurred on special borrowings in the current period after deducting

the interest income earned on the unused borrowing funds deposited in the bank or the investment income

earned from temporary investments shall be capitalized. For general borrowings the capitalization amount

shall be determined by multiplying the weighted average of asset expenditures exceeding the special borrowings

by the capitalization rate of the general borrowings used. The capitalization rate shall be calculated and

determined based on the weighted average interest rate of the general borrowings.During the capitalization period the exchange differences on foreign currency specific borrowings are fully

capitalized; the exchange differences on foreign currency general borrowings are recorded profit or loss for the

current period.During the capitalization period the exchange differences on foreign currency specific borrowings are fully

capitalized; the exchange differences on foreign currency general borrowings are recorded profit or loss for the

current period.

27.Biological Assets

Not applicable

28.Oil & Gas assets

Not applicable

29. Intangible assets

（1） Service life and its determination basis estimation amortization method or review procedure

The intangible assets of the company primarily comprise land use rights sea area use rights rights to use

supporting power transmission and transformation projects software non-patented technology and others.Intangible assets are initially measured at cost and their useful lives are assessed upon acquisition. If the useful

life is finite an amortization method that reflects the expected realization of economic benefits related to the

asset is adopted starting from the point when the intangible asset is ready for use and amortization is carried

out over the expected useful life. If the expected realization method cannot be reliably determined the

straight-line method is used for amortization. Intangible assets with an uncertain useful life are not amortized.The amortization method for intangible assets with limited service life is as follows:

Expected useful Amortization

Category Notes

lives (years) method

If the cost of purchasing land and buildings cannot

be reasonably allocated between the land use rights

Straight line

Land-use rights 20 to 70 years and the buildings the entire amount shall be treated

method

as fixed assets. For allocated land with an uncertain

useful life no amortization shall be accrued.

102Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Expected useful Amortization

Category Notes

lives (years) method

Straight line

Sea use rights 25 to 50 years

method

Straight line

Other intangible assets 2 to 60 years

method

At the end of each year the Company reviews the useful life and amortization method of intangible assets with

a limited useful life. If the review results in a difference from previous estimates the original estimates are

adjusted and treated as a change in accounting estimates.If it is estimated on the balance sheet date that an intangible asset can no longer bring future economic benefits

to the enterprise the entire book value of the intangible asset shall be transferred to profit or loss for the current

period.The method for calculating asset impairment for intangible assets is provided in Note V.30.

（2）Collection scope of R&D expenditure and related accounting treatment methods

The expenditure on an internal research and development project is classified into expenditure on the research

phase and expenditure on the development phase based on its nature and whether there is material uncertainty that

the research and development activities can form an intangible asset at the end of the project.Expenditure on the research phase is recognised in profit or loss in the period in which it is incurred. Expenditure

on the development phase is capitalized only if all of the following conditions are satisfied:

management intends to complete the intangible asset and use or sell it;

it can be demonstrated how the intangible asset will generate economic benefits: products with the application of

intangible assets or the intangible assets themselves can prove to have market value intangible assets for internal

use application can prove to be of usefulness;

there are adequate technical financial and other resources to complete the development and the ability to use or

sell the intangible asset;

it is technically feasible to complete the intangible asset so that it will be available for use or sale; and

the expenditure attributable to the intangible asset during its development phase can be reliably measured.Other development expenditures that do not meet the conditions above are recognised in profit or loss in the

period in which they are incurred. Development costs previously recognised as expenses are not recognised as an

asset in a subsequent period. Capitalized expenditure on the development phase is presented as development costs

in the balance sheet and transferred to intangible assets at the date that the asset is ready for its intended use.

30. Impairment of long-term assets

The impairment of assets such as long-term equity investments in subsidiaries associates and joint ventures

investment properties measured using the cost model fixed assets construction in progress right-of-use assets

intangible assets goodwill etc. (excluding inventories deferred tax assets and financial assets) shall be

determined according to the following methods:

On the balance sheet date we assess whether there are any indications that assets may be impaired. If there are

such indications the company will estimate their recoverable amounts and conduct an impairment test.Impairment tests are conducted annually for goodwill formed through business combinations intangible assets

103Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

with uncertain useful lives and intangible assets that have not yet reached their intended use regardless of

whether there are any indications of impairment.The recoverable amount is determined based on the higher of the net amount after deducting disposal expenses

from the fair value of the asset and the present value of the expected future cash flows of the asset. The

Company estimates the recoverable amount of an individual asset; if it is difficult to estimate the recoverable

amount of an individual asset the recoverable amount of the asset group to which the asset belongs is

determined. The identification of an asset group is based on whether the main cash inflows generated by the

asset group are independent of the cash inflows of other assets or asset groups.When the recoverable amount of an asset or asset group is lower than its carrying amount the Company will

reduce its carrying amount to the recoverable amount and the reduced amount will be recorded profit or loss for

the current period. At the same time a corresponding provision for asset impairment will be made.Regarding the impairment test of goodwill the carrying value of goodwill formed through business

combinations is amortized to the relevant asset groups using a reasonable method from the acquisition date. If it

is difficult to allocate to the relevant asset groups it is amortized to the relevant combinations of asset groups.The relevant asset groups or combinations of asset groups are those that can benefit from the synergistic effects

of business combinations and are not larger than the reporting segments determined by the company.During impairment testing if there are signs of impairment in the asset group or combination of asset groups

related to goodwill the impairment test is first conducted on the asset group or combination of asset groups

excluding goodwill. The recoverable amount is calculated and the corresponding impairment loss is recognized.Then the impairment test is conducted on the asset group or combination of asset groups including goodwill.The book value is compared with the recoverable amount. If the recoverable amount is lower than the book

value the impairment loss of goodwill is recognized.Once the asset impairment loss is recognized it will not be reversed in subsequent accounting periods.

31. Long-term prepaid expenses

The long-term deferred expenses incurred by the company are priced at actual cost and amortized evenly over

the expected benefit period. For long-term deferred expense items that do not benefit future accounting periods

their amortized value is fully recorded in profit or loss for the current period.

32.Contract Liabilities

See Note V (37) Revenue for details.

33. Employee benefits

(1) Short-term employee benefits

Short-term employee benefits include wages or salaries bonus allowances and subsidies staff welfare

premiums or contributions on medical insurance work injury insurance and maternity insurance housing funds

union running costs and employee education costs and short-term paid absences. The short-term employee

benefits actually occurred are recognised as a liability in the accounting period in which the service is rendered

by the employees with a corresponding charge to the profit or loss for the current period or the cost of relevant

assets.

104Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

(2) Post-employment benefits

The Company classifies post-employment benefit plans as either defined contribution plans or defined benefit

plans. Defined contribution plans are post-employment benefit plans under which the Company pays fixed

contributions into a separate fund and will have no obligation to pay further contributions; and defined benefit

plans are post-employment benefit plans other than defined contribution plans. During the reporting period the

Company’s post-employment benefits mainly include basic pensions unemployment insurance and

supplementary pensions and all of them belong to the defined contribution plans; non-planned expenses

provided to retired employees fall under defined benefit plans.Basic pensions

The Group’s employees participate in the basic pension plan set up and administered by local authorities of

Ministry of Human Resource and Social Security. Monthly payments of premiums on the basic pensions are

calculated according to the bases and percentage prescribed by the relevant local authorities. When employees

retire the relevant local authorities are obliged to pay the basic pensions to them

Supplementary pensions

The Company purchases supplementary pensions for employees and pays insurance premium according to the

policies of the parent company Guangdong Energy Group. The amounts based on the above calculations are

recognised as liabilities in the accounting period in which the service has been rendered by the employees with

a corresponding charge to the profit or loss for the current period or the cost of relevant assets.Defined benefit plan

For defined benefit plan the Company uses the projected unit credit method and includes the obligation of the

defined benefit plan in the accounting period in which the service has been rendered by the employees with a

corresponding charge to the profit or loss for the period. The cost of employee benefits arising from defined

benefit plans is classified into the following parts: Service costs (including current service costs and settlement

gains and losses);

Net interest on net liabilities of defined benefit plans (including interest expenses on defined benefit plan

obligations); as well as remeasurement the changes arising from the net liability of the defined benefit plan.Service costs and net interest on net liabilities of defined benefit plans are recorded in profit or loss for the

current period. Changes arising from the remeasurement of net liabilities of defined benefit plans including

actuarial gains or losses are recorded in other comprehensive income.

105Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

(3) Termination benefits

The Company recognises a liability arising from compensation for termination of the employment relationship

with employees with a corresponding charge to profit or loss for the current period at the earlier of the

following dates: when the Company cannot unilaterally withdraw an employment termination plan or a

curtailment proposal; or when the Company recognises costs or expenses for a restructuring that involves the

payment of termination benefits.For the implementation of internal employee retirement plans the economic compensation before the official

retirement date is considered as a dismissal benefit. From the date when the employee ceases to provide services

until the normal retirement date the proposed payment of wages for early retired employees and social

insurance premiums are included in profit or loss for the current period on a one-time basis. The economic

compensation after the official retirement date (such as normal pension benefits) is treated as post-employment

benefits.

(4)Other long-term benefits

Early retirement benefits:

The Company offers early retirement benefits to those employees who accept early retirement arrangements.The early retirement benefits refer to the salaries and social security contributions to be paid to and for the

employees who accept voluntary retirement before the normal retirement date prescribed by the State as

approved by the management. The Group pays early retirement benefits to those early retired employees from

the early retirement date until the normal retirement date. The Group accounts for the early retirement benefits

in accordance with the treatment for termination benefits in which the salaries and social security

contributions to be paid to and for the early retired employees from the off-duty date to the normal retirement

date are recognised as liabilities with a corresponding charge to the profit or loss for the current period. The

differences arising from the changes in the respective actuarial assumptions of the early retirement benefits and

the adjustments of benefitstandards are recognised in profit or loss in the period in which they occur. The

termination benefits expected to be paid within one year from the balance sheet date are presented as

Employee benefits payable.

34． Provisions

If the obligations related to contingencies simultaneously meet the following conditions the Company will

recognize them as provisions：

(1) This obligation is a present obligation undertaken by the Company;

(2) It is probable that an outflow of economic benefits will be required to settle the obligation;

(3) The amount of the obligation can be reliably measured.

A provision is initially measured at the best estimate of the expenditure required to settle the related present

obligation. Factors surrounding a contingency such as the risks uncertainties and the time value of money are

taken into account as a whole in reaching the best estimate of a provision. Where the effect of the time value of

money is material the best estimate is determined by discounting the related future cash outflows. The carrying

amount of provisions is reviewed at each balance sheet date and adjusted to reflect the current best estimate.

106Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

If the expenditure required to settle the confirmed provisions is expected to be fully or partially compensated

by a third party or other parties the compensation amount can only be separately recognized as an asset when it

is virtually certain that it will be received. The recognized compensation amount shall not exceed the book

value of the confirmed liability.

35. Share payment

Not applicable

36. Other financial instruments such as preferred stocks and perpetual bonds

Not applicable

37. Revenue

Accounting policies adopted for income recognition and measurement

(1) General principles

The Company recognizes revenue when it has fulfilled its performance obligations under the contract that is

when the customer obtains control over the relevant goods or services.If a contract contains two or more performance obligations the Company on the contract start date allocates

the transaction price to each individual performance obligation based on the relative proportion of the separate

selling prices of the goods or services promised under each individual performance obligation and measures

revenue based on the transaction price allocated to each individual performance obligation.When one of the following conditions is met it is considered fulfilling the performance obligation within a

certain time period; otherwise it is considered fulfilling the performance obligation at a certain point in time:

* Customers obtain and consume the economic benefits brought by the company's performance while the

company is fulfilling its contract. * Customers have the ability to control the goods that are in progress during

the company's fulfillment process. * The goods produced by the company during the performance of the

contract have irreplaceableuse and the company has the right to collect payments for the accumulated

performance completed to date throughout the contract period.For performance obligations that are fulfilled within a certain period the Company recognizes revenue based on

the progress of fulfillment during that period. When the progress of fulfillment cannot be reasonably determined

if the costs already incurred by the Company are expected to be compensated revenue is recognized at the

amount of the costs already incurred until the progress of fulfillment can be reasonably determined.For performance obligations that are fulfilled at a certain point in time the Company recognizes revenue at the

point when the customer obtains control over the relevant goods or services. In determining whether the

customer has obtained control over the goods or services the Company considers the following indicators:

* The company has a current right to receive payment for the goods or services which means the customer has

a current obligation to pay for the goods.* The company has transferred the legal ownership of the product to the customer meaning that the customer

now holds the legal ownership of the product.* The company has transferred the physical possession of the product to the customer meaning that the

customer has physically taken possession of the product.* The company has transferred the significant risks and rewards of ownership of the goods to the customer

meaning that the customer has assumed the significant risks and rewards of ownership of the goods.* The customer has accepted the product or service.* Other signs indicating that the customer has obtained control over the goods.

(2) Specific methods

107Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

When the customer obtains control over the relevant goods or services the company recognizes revenue based

on the expected amount of consideration it is entitled to receive.* Revenue from sale of electricity and heat energy Revenue is recognised when electricity and heat energy are

supplied to grid companies or customers and they obtain control over electricity. * Revenue from sale of

by-products

* Revenue from the sale of goods is recognised when the Company transfers by-products (such as coal ash)

produced by electricity generation to the designated delivery place pursuant to the contract or agreement the

resource utilization enterprise confirms receipt and obtains control over the by-products.* Provision of electric power transaction service

For the electric power transaction service provided by the Company to external parties upon the receipt of the

service revenue is recognised based on the difference between the purchase price and the selling price of

electricity

* Rendering of services

The Company provides maintenance services to external clients and recognizes revenue over a period of time

based on the progress of the services completed. The progress of the completed services is determined by the

proportion of incurred costs to the estimated total costs. On the balance sheet date the company re-estimates the

progress of the completed services to reflect changes in performance.When recognizing revenue based on the progress of completed labor services the Company recognizes the

portion for which it has obtained unconditional rights to receive payment as accounts receivable and the

remaining portion as contract assets. Loss provisions are recognized for accounts receivable and contract assets

based on expected credit losses for details please refer to(Note V5 (11). If the contract price received or

receivable by the Company exceeds the labor services completed the excess is recognized as contract liabilities.The Company presents contract assets and contract liabilities under the same contract on a net basis.Contract costs include contract performance costs and contract acquisition costs. The costs incurred by the

Company for providing maintenance services are recognized as contract performance costs and are carried

forward and included in the main business costs based on the progress of the completed services when revenue

is recognized.

108Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

38. Contract Costs

Contract costs include incremental costs incurred for obtaining the contract and contract performance costs.Incremental costs incurred to obtain a contract refer to costs that would not have been incurred if the company

did not obtain the contract (such as sales commissions). If such costs are expected to be recoverable the

company recognizes them as contract acquisition costs and recognizes them as an asset. Other expenses

incurred by the company to obtain a contract other than the incremental costs expected to be recoverable are

recognized in profit or loss for the period when they are incurred.For costs incurred in the performance of a contract if they do not fall within the scope of other enterprise

accounting standards such as inventories and simultaneously meet the following conditions the company

recognizes them as contract performance costs and recognizes them as an asset:

* The costs are directly attributable to a contract or an anticipated contract including direct labor direct

materials overheads (or similar expenses) costs that are explicitly chargeable to the customer and other costs

that are incurred solely in connection with the contract;

* The costs enhance the Company's future resources for fulfilling its performance obligations;

* The costs are expected to be recovered.Assets recognized for costs of obtaining a contract or costs to fulfill a contract (hereinafter referred to as "assets

related to contract cost") shall be amortized on the same basis as revenue recognition of goods or services

related to such assets and recognized into profit or loss for the current period when incurred.When the carrying amount of an asset related to contract costs exceeds the difference between the following

two items the Company makes an impairment provision for the excess and recognizes it as an asset impairment

loss:

1 The remaining consideration that the Company expects to receive in exchange for the goods or services to

which the asset relates;

2 The costs to be incurred for the transfer of the relevant goods or services

109Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

39. Government grants

Government subsidies are recognized when the conditions attached to the subsidies are met and the subsidies

can be received. For government subsidies for monetary assets they are measured at the received or receivable

amount.For government subsidies for non-monetary assets they are measured at fair value; if the fair value cannot be

reliably obtained they are measured at a nominal amount of 1 yuan.Government subsidies related to assets refer to those obtained by the company and used for the acquisition

construction or formation of long-term assets through other means; otherwise they are considered government

subsidies related to income.For government documents that do not explicitly specify the recipients of subsidies if the subsidy can form

long-term assets the portion of the government subsidy corresponding to the asset value shall be regarded as

government subsidies related to assets and the remaining portion shall be regarded as government subsidies

related to income; if it is difficult to distinguish the entire government subsidy shall be regarded as government

subsidies related to income.Government subsidies related to assets are recognized as deferred income and are recorded in profit or loss over

the useful life of the relevant assets using a reasonable and systematic method.Government subsidies related to income which are used to compensate for related costs or losses already

incurred are recorded in the current profit or loss. Those used to compensate for related costs or losses in future

periods are recorded in deferred income and are recorded in the current profit or loss during the period when the

related costs or losses are recognized.Government subsidies measured at their nominal amounts are directly recorded in the current profit or loss. The

Company adopts a consistent approach to handling the same or similar government subsidy transactions.Government subsidies related to daily activities are recorded in other income based on the substance of the

economic transaction. Government subsidies unrelated to daily activities are recorded in nonoperating income.When confirmed government subsidies need to be returned if the book value of the relevant assets was offset

during initial recognition the book value of the assets should be adjusted. If there is a balance of related

deferred income the book balance of the related deferred income should be offset and the excess should be

recorded in profit or loss for the current period. In other cases it should be directly recorded in t profit or loss

for the current period.

40. Deferred tax assets and deferred tax liabilities

Income tax comprises current income tax and deferred income tax. Except for the adjusted goodwill arising

from business combinations or the deferred income tax related to transactions or events directly recognized in

owner's equity which is recorded in owner's equity all other income taxes are recognized as income tax

expenses and recorded in profit or loss for the current period.The Company recognizes deferred income tax using the balance sheet liability method based on the temporary

differences between the carrying amount of assets and liabilities at the balance sheet date and their tax bases.

110Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

The deferred income tax liabilities are recognized for all taxable temporary differences unless the taxable

temporary difference arises from the following transactions:

(1) Initial recognition of goodwill or initial recognition of assets or liabilities arising from transactions that

meet the following criteria: the transaction is not a business combination and at the time of occurrence it

neither affects accounting profit nor affects taxable income (except for individual transactions where the

initially recognized assets and liabilities result in equal amounts of taxable temporary differences and deductible

temporary differences);

(2) For taxable temporary differences related to investments in subsidiaries joint ventures and associated

enterprises the timing of the reversal of such temporary differences can be controlled and it is likely that such

temporary differences will not reverse in the foreseeable future.For deductible temporary differences deductible losses that can be carried forward to future years and tax

credits the Company recognizes the resulting deferred tax assets to the extent that it is likely to obtain future

taxable income that can be used to offset the deductible temporary differences deductible losses and tax credits

unless the deductible temporary differences arise from the following transactions:

(1) The transaction is not a business combination and at the time of transaction it neither affects accounting

profit nor affects taxable income (except for individual transactions where the initial recognition of assets and

liabilities results in equal amounts of taxable temporary differences and deductible temporary differences);

(2) For deductible temporary differences related to investments in subsidiaries joint ventures and associated

enterprises corresponding deferred tax assets are recognized when both of the following conditions are met: the

temporary differences are likely to be reversed in the foreseeable future and it is likely that future taxable

income will be available to offset the deductible temporary differences.On the balance sheet date the Company measures deferred tax assets and deferred tax liabilities at the tax rate

applicable during the expected period of asset recovery or liability settlement and reflects the income tax

impact of the expected asset recovery or liability settlement method on the balance sheet date.On the balance sheet date the Company reviews the carrying amount of deferred tax assets. If it is likely that

sufficient taxable income will not be available in future periods to offset the benefit of the deferred tax asset the

carrying amount of the deferred tax asset is reduced. When sufficient taxable income is likely to be available

the reduced amount is reversed.On the balance sheet date deferred tax assets and deferred tax liabilities are presented at the net amount after

offsetting when both of the following conditions are met:

(1) The taxable entity within the company has the statutory right to settle current income tax assets and current

income tax liabilities on a net basis;

(2) Deferred tax assets and deferred tax liabilities are related to income taxes levied by the same tax authority

on the same taxable entity within the company.

41. Leases

(1) The Group as the lessee

111Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

At the lease commencement date the Company recognises the right-of-use asset and measures the lease liability

at the present value of the lease payments that are not paid at that date. Lease payments include fixed payments

the exercise price of a purchase option or termination penalty if the lessee is reasonably certain to exercise that

option etc. Variable lease payments in proportion to sales are excluded from lease payments and recognised in

profit or loss as incurred. Lease liabilities that are due within one year (inclusive) as from the balance sheet date

are included in the current portion of noncurrent liabilities. Right-of-use assets of the Group comprise leased

land use rights buildings machinery and equipment and motor vehicles.Right-of-use assets are measured initially at cost which comprises the amount of the initial measurement of

lease liabilities any lease payments made at or before the commencement date and any initial direct costs less

any lease incentives received. If there is reasonable certainty that the Group will obtain ownership of the

underlying asset by the end of the lease term the asset is depreciated over its remaining useful life; otherwise

the asset is depreciated over the shorter of the lease term and its remaining useful life. The carrying amount of

the right-of-use asset is reduced to the recoverable amount when the recoverable amount is below the carrying

amount. .For details，please refer to Note III.30.For short-term leases with a term of 12 months or less and leases of an individual asset (when new) of low value

the Company chooses to include the lease payments in the cost of the underlying assets or in the profit or loss

for the current period on a straight-line basis over the lease term instead of recognizing right-of-use assets and

lease liabilities.The Group accounts for a lease modification as a separate lease if both:

* The modification increases the scope of the lease by adding the right to use one or more underlying assets;

* The consideration for the lease increases by an amount commensurate with the stand-alone price for the

increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the

contract.When lease modifications are not accounted for as a separate lease except for contract modifications that can

adopt a simplified method as stipulated by the Ministry of Finance the company redetermines the lease term on

the effective date of the lease modification and uses the revised discount rate to discount the lease payment

amount after modification thereby remeasuring the lease liability. If the lease modification results in a

reduction in the scope of the lease or a shortened lease term the company correspondingly reduces the book

value of the right-to-use asset and includes the related gains or losses from partial or complete termination of

the lease in profit or loss for the current period.For other lease modifications that result in a remeasurement of the lease liability the company correspondingly

adjusts the book value of the right-to-use asset. For eligible rent reductions agreed upon in existing lease

contracts the Company opts to adopt a simplified approach. Upon reaching an agreement to terminate the

original payment obligation the undiscounted amount of the reduction is recorded in profit or loss for the

current period and the lease liability is adjusted accordingly.

（2）The Group as the lessor

Leases that have essentially transferred almost all risks and rewards related to the ownership of the leased asset

are classified as financial leases. Other leases are classified as operating leases. Operating leases

Where the Company leases out self-owned buildings and land use rights under operating leases rental income

therefrom is recognised on a straight-line basis over the lease term. Variable rental that is linked to a certain

percentage of sales is recognised in rental income as incurred.

112Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

For the qualified rent concessions agreed on existing lease contracts the Company applies the practical

expedient to account for the concessions as variable lease payments and record the concessions in profit or loss

during the waiving period

Except that the above changes in qualified contract which are accounted for by applying the practical expedient

for a lease modification the Company accounts for it as a new lease from the effective date of the modification

and considers any lease payments received in advance and receivable relating to the lease before modification

as receivables of the new lease

42. Other significant accounting policies and estimates

（1）Work safety funds

In accordance with relevant regulations the Company allocates work safety funds in accordance with the

"Administrative Measures for the Allocation and Use of Work Safety Expenses in Enterprises" (Cai Zi [2022]

No. 136). Subsidiaries engaged in power generation business shall appropriate work safety funds based on the

actual revenue in the previous year and at the following percentages:

3% for the proportion of revenue up to RMB 10 million in the previous year;

1.5% for the proportion of revenue between RMB 100 million and RMB 1 billion in the previous year;

1% for the proportion of revenue between RMB 100 million and RMB 1 billion in the previous year;

0.8% for the proportion of revenue between RMB 1 billion and RMB 5 billion in the previous year;

0.6% for the proportion of revenue between RMB5000 million and RMB10000 million in the

previous year;

0.2% for the proportion of revenue exceeding RMB 10 billion in the previous year.

Work safety funds are recognised in profit or loss as the "Specific reserve" item for the current period when

appropriated.When using the special reserve if the expenditures are expenses in nature the expenses incurred are offset

against the specific reserve directly when incurred. If they result in the formation of fixed assets the incurred

expenditures shall first be collected under the "Construction in Progress" account. Once the safety project is

completed and reaches its intended usable state the fixed assets shall be recognized. Simultaneously the special

reserves shall be offset against the cost of forming the fixed assets and the accumulated depreciation of the

same amount shall be recognized. No further depreciation shall be accrued for this fixed asset in subsequent

periods.

（2）Carbon emission use rights

Categorized as an Enterprise with High Emissions the Group needs to fulfill its emission reduction obligations

and recognise carbon emission related assets and expenditures per relevant regulations:

(i) The present obligations incurred by the Group in fulfilling its emission reduction obligations are measured at

the best estimate of the expenditure required and recognised as other payables and non-operating expenses.(ii) The Group purchases carbon emission allowances and recognises related carbon emission rights assets

based on the cost paid or payable at the acquisition date and the balance is included in other current assets; the

Group makes no accounting treatment for carbon emission allowances purchased at nil consideration;

(iii) The Group uses the purchased carbon emission allowances to fulfill its emission reduction obligations and

recognises the book balance of the allowances used as a reduction of carbon emission rights assets; the Group

makes no accounting treatment if it uses carbon emission allowances purchased at nil consideration to fulfill its

obligations;

113Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

(iv) The Group sells carbon emission allowances and recognises related non-operating income or non-operating

expenses based on the difference between the amount received or receivable at the date of sale and the book

balance of the allowances sold

（3）Segment information

The Group identifies operating segments based on the internal organisation structure management requirements

and internal reporting system and discloses segment information of reportable segments which is determined

on the basis of operating segments.An operating segment is a component of the Group that satisfies all of the following conditions: (a) the

component is able to earn revenue and incur expenses from its ordinary activities; (b) whose operating results

are regularly reviewed by the Group’s management to make decisions about resources to be allocated to the

segment and to assess its performance and (c) for which the information on financial position operating results

and cash flows is available to the Group. Two or more operating segments that have similar economic

characteristics and satisfy certain conditions can be aggregated into one single operating segment.

（4）Critical accounting estimates and judgements

The Group continually evaluates the critical accounting estimates and key judgements applied based on

historical experience and other factors including expectations of future events that are believed to be reasonable

under the circumstances.(a)Critical judgements in applying the accounting policies

(i) Classification of financial assets

Significant judgements made by the Group in the classification of financial assets include analysis on business

models and contractual cash flow characteristics.The Group determines the business model for financial asset management at the level of different groups and

factors to be considered include the methods of evaluation on financial asset performance and reporting of

financial asset performance to key management personnel risks affecting financial asset performance and

management methods for such risks the ways in which related business management personnel are remunerated

etc.When assessing whether contractual cash flow characteristics of financial assets are consistent with basic

lending arrangement key judgements made by the Group include: the possibility of changes in timing or

amount of the principal during the duration due to reasons such as early repayment; whether interest only

includes time value of money credit risks other basic lending risks and considerations for costs and profits. For

example whether the amount of prepayment only reflects the principal outstanding and the interest based on the

principal outstanding as well as the reasonable compensation due to the early termination of the contract.(ii) Determination of significant increase in credit risk

When the Group classifies financial instruments into different stages its criteria for significant increase in credit

risk and credit-impaired are as follows:

Judgement of the Group for significant increase in credit risk is mainly based on whether one or more of the

following indicators changed significantly: business environment of the debtor internal and external credit

rating significant changes in actual or expected operating results significant decrease in value of collateral or

credit rate of guarantor etc.Judgement of the Group on the occurred credit impairment is mainly based on whether it meets one or more of

the following conditions: the debtor is suffering significant financial difficulties engaged in other debt

restructuring or it is probable that the debtor will enter bankruptcy etc.(iii) Timing of revenue recognition

114Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

With regard to sale of electricity to grid companies the Group supplies electricity to grid companies in

accordance with the contract. Thereafter the grid companies have the right to sell electricity and the discretion

in pricing and take the risks of any price fluctuation or loss of the products. The Group believes that the grid

companies obtain control over electric power upon the receiving of the electric power. Therefore revenue is

recognised upon the receiving of the electric power of grid companies.(b) Critical accounting estimates and key assumptions

(i) Assessment on impairment of fixed assets

A fixed asset is tested for impairment by the Group if there is any indication that it may be impaired at the

balance sheet date by calculating and comparing the recoverable amount of the fixed asset with its carrying

amount to check the difference. If the result of the impairment test indicates that the recoverable amount of an

asset is less than its carrying amount a provision for impairment and an asset impairment loss are recognised

for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is

the higher of an asset’s fair value less costs to sell and the present value of the future cash flows expected to be

derived from the asset. The determination of the recoverable amount involves accounting estimates.When assessing whether the above assets are impaired management mainly evaluates and analyses: (i) whether

events affecting asset impairment occurred; (ii) whether the present value of expected cash flows arising from

the continuing use or disposals of the asset is lower than its carrying amount; and (iii) whether the significant

assumptions used in the calculation of the present value of the estimated cash flows are appropriate

The calculation of the present value of future cash flows involves management’s significant estimates and

judgements including the discount rate the growth rate of the estimated on-grid electricity price the growth

rate of the estimated electricity sale and the variability rate of the estimated price of coal used in power

generation. Changes in these assumptions may have material impact on the present value used in the

impairment test and cause impairment in the above-mentioned long-term assets of the Group

(ii) Measurement of ECL

The Group calculates ECL through exposure at default and ECL rates and determines the ECL rates based on

probability of default and loss given default. In determining the ECL rates the Group uses data such as internal

historical credit loss experience etc. and adjusts historical data based on current conditions and

forward-looking information.When considering forward-looking information the Group considered different macroeconomic scenarios.Significant macroeconomic assumptions and parameters related to the estimation of ECL include the risk of

economic downturn external market environment technological environment changes in customer conditions

Gross Domestic Product (“GDP”) and Consumer Price Index (“CPI”) etc. The Group regularly monitors and

reviews assumptions and parameters related to the calculation of ECL

(iii) Income taxes and deferred income taxes

The Group is subject to income taxes in numerous jurisdictions. There are some transactions and events for

which the ultimate tax determination is uncertain during the ordinary course of business. Significant judgement

is required from the Group in determining the provision for income tax in each of these jurisdictions. Where the

final tax outcomes of these matters are different from the amounts that were initially recorded such differences

will impact the income tax and deferred income tax provisions in the period in which such determination is

made.As stated in Note 6 some subsidiaries of the Group are high-tech enterprises. The high-tech enterprise

certificate is effective for three years. Upon expiration application for high-tech enterprise identification should

be submitted again to the relevant government authorities. Based on the historical experience of reassessment

for high-tech enterprise upon expiration and the actual condition of the subsidiaries the Group considers that

115Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

the subsidiaries are able to obtain the qualification for high-tech enterprises in future years and therefore a

preferential tax rate of 15% is used to calculate the corresponding deferred income tax. If some subsidiaries

cannot obtain the qualification for high-tech enterprise upon expiration then the subsidiaries are subject to a

statutory tax rate of 25% for the calculation of the income tax which further influences the recognised deferred

tax assets deferred tax liabilities and income tax expenses.A deferred tax asset is recognised for the carry forward of unused deductible losses to the extent that it is

probable that future taxable profits will be available against which the deductible losses can be utilised. Future

taxable profits include taxable profits that can be achieved through normal operations and the increase in

taxable profits due to the reversal of taxable temporary differences arising from previous period in future period.The Group determines the future taxable profits based on the future financial forecast which requires

management’s significant estimates and judgements including the estimated electricity sale estimated on-grid

electricity price the estimated price of coal used in power generation and other operating expenses. If there is

any difference between the actual and the estimates adjustment may be made to the carrying amount of

deferred tax assets.

43.Change of main accounting policies and estimations

(1)Change of main accounting policies

□Applicable?Not applicable

(2) Change of main accounting estimations

□Applicable√ Not applicable

（3）The information of the adjusting items related to the financial statements at the beginning of the

year of first implementation due to the first implementation of new accounting standards from 2025.Adjustment description

□Applicable√ Not applicable

44.Other

Not applicable

VI. Taxation

1. Main categories and rates of taxes

Class of tax Tax basis Tax rate

Taxable value-added amount (Tax payable

is calculated using the taxable sales amount

VAT multiplied by the applicable tax rate less 3%5%6%9% and 13%

deductible VAT input of the current period)

Revenue from hydropower sales

City maintenance and construction tax Amount of VAT paid 5% to 7%

Corporate income tax Taxable income 12.5%15%20% and 25%

Education surcharges Amount of VAT paid 3%

116Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Local education surcharges Amount of VAT paid 2%

Property’s rental income or the residual

House property tax value from original value less the deduction 12% and 1.2%

proportion

Calculated and paid based on the pollution

Calculated and paid based on the

equivalent values or the discharge of

Environmental protection tax applicable tax amounts of different

taxable pollutants multiplied by the

pollutants

applicable tax amounts

In case there exist any taxpayer paying corporate income tax at different tax rates disclose the information

Name of taxpayer Income tax rates

Zhangjiang Electric Power Co. Ltd. 15%

Guangdong Yudean Zhanjiang Biomass Power Generation Co.

15%

Ltd.Guangdong Wind Power Generation Co. Ltd. 15%

2. Tax preference

Corporate income tax incentives

Pursuant to the approval documents (Cai Shui [2008] No. 46 and Guo Shui Fa [2009] No. 80) the Company

and several subsidiaries are approved to engage in wind power projects and photovoltaic projects since 1

January 2008 and are exempted from enterprise income tax in the first three years counting from the year when

revenue from production and operations of those projects is recorded for the first time and can enjoy half rate

reduction in the following three years (“three-year exemptions and three-year halves”).Pursuant to the Supplementary Notice on Issues Concerning the Preferential Enterprise Income Tax Policies for

Public Infrastructure Projects (Cai Shui [2014] No. 55) enterprises invest and operate public infrastructure

projects in compliance with the List of Public Infrastructure Projects Enjoying Enterprise Income Tax

Preferential those which adopt one-off approval and are subject to construction in batches (such as terminals

berths airport terminals runways sections generator units etc.) are subject to income tax calculated in units of

each batch and enjoy the tax preferential policy of “three-year exemptions and three-year halves” when the

following conditions are satisfied: (i) different batches are space-independent; (ii) each batch has its own

revenue function; (iii) they are accounted for in units of each batch and are subject to income tax individually

while the period expenses are allocated rationally.The subsidiaries which enjoy this tax preference are listed as below

The first year of generating

Name Project name

operating income

Guangdong Yudean Qujie Wind Power Phase I of the Offshore Wind Power Project in the

2019

Generation Co. Ltd Luo Hai

Guangdong Yudean Qujie Wind Power

Qujiewai Luo Hai Wind Power Project Phase II 2021

Generation Co. Ltd

Guangdong Yudean Qujie Wind Power

Xinliao Offshore Wind Power Project 2021

Generation Co. Ltd

Guangdong Yudean Pingyuan Wind Power

Pingyuan Maoping Project 2020

Co. Ltd

117Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

The first year of generating

Name Project name

operating income

Guangdong Yudean Pingyuan Wind Power

Pingyuan Sishui Project 2021

Co. Ltd

广东 Guangdong Yudean Zhanjiang Wind

Zhanjiang Linfen Hongdong Photovoltaic Project 2023

Power Generation Co. Ltd

Pingdu Lianyao New Energy Technology

Jiulian Photovoltaic Project in Laixi City Qingdao 2024

Co. Ltd

LaiShui LiNeng New Energy Technology Laishui 80MW Photovoltaic Power Generation

2024

Co. Ltd Project

Agricultural-Photovoltaic Complementary

Lan Shan Yue Feng New Energy Co. Ltd 2024

Photovoltaic Project in Lanshannan City

In 2022 the Group's subsidiaries Zhanjiang Wind Power and Biomass Power Generation obtained the

"High-tech Enterprise Certificate" (certificate numbers GR202244006758 and GR202244008597) jointly issued

by the Guangdong Provincial Department of Science and Technology the Guangdong Provincial Department of

Finance and the Guangdong Tax Service under the State Taxation Administration. The certificate is valid for 3

years and was issued on December 22 2022. According to Article 28 of the "Enterprise Income Tax Law of the

People's Republic of China" the applicable enterprise income tax rate for Zhanjiang Wind Power and Biomass

Power Generation from 1 January 2025 to 30 June 2025 is 15%.In 2024 the Group's subsidiary Guangdong Wind Power obtained the "High-tech Enterprise Certificate"

(Certificate No. GR202444008116) jointly issued by the Guangdong Provincial Department of Science and

Technology the Guangdong Provincial Department of Finance and the Guangdong Provincial Tax Service of

the State Taxation Administration. The certificate is valid for 3 years and was issued on December 11 2024.According to Article 28 of the "Enterprise Income Tax Law of the People's Republic of China" the applicable

enterprise income tax rate for Guangdong Wind Power from 1 January 2025 to 30 June 2025 is 15%.According to the "Notice of the State Taxation Administration Guangxi Zhuang Autonomous Region Tax

Bureau on Clarifying the Exemption Policy for the Local Sharing Part of Enterprise Income Tax under Certain

Circumstances" (Cai Shui [2023] No. 5) for enterprises newly established in the Beibu Gulf Economic Zone

from 2014 to 2020 and those newly established in the Pearl River-Xijiang Economic Belt (Guangxi) from 2016

to 2020 which have not previously applied for the exemption of the local sharing part of enterprise income tax

the following exemption policy for the local sharing part of enterprise income tax shall be implemented: For

enterprises that meet the conditions for the preferential tax policy for enterprise income tax under the national

western development program during the period from 2021 to 2025 they shall be exempt from the local sharing

part of enterprise income tax for five consecutive years starting from the tax year in which they first meet the

conditions for the preferential tax policy for enterprise income tax under the western development program. The

subsidiaries of our company Guangxi Wuxuan Yuefeng New Energy Co. Ltd. and Guangxi Hangneng enjoy

the above tax benefits from 1 January 2025 to 30 June 2025.According to the approval provided in Announcement No. 6 of 2023 by the State Taxation Administration

"Announcement of the Ministry of Finance and the State Taxation Administration on Preferential Income Tax

Policies for Small and Micro Enterprises and Self-Employed Individuals" for small and micro-profit enterprises

with annual taxable income not exceeding 1 million yuan the taxable income shall be calculated at a reduced

118Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

rate of 25% and the enterprise income tax shall be paid at a rate of 20%. The aforementioned small and micro

enterprises refer to those engaged in industries not restricted or prohibited by the state and simultaneously

meeting three conditions: (1) annual taxable amount do not exceed RMB 3 million (2) number of employees do

not exceed 300 staff and (3) total assets do not exceed RMB 50 million. Some subsidiaries of the Company

enjoy the above tax benefits from 1 January 2025 to 30 June 2025.According to the Notice on Issues Concerning the Implementation of the Preferential Income Tax Catalogue for

Enterprises Engaged in Comprehensive Resource Utilization (Cai Shui [2008] No. 47) from January 1 2008

enterprises that use resources listed in the Preferential Income Tax Catalogue for Enterprises Engaged in

Comprehensive Resource Utilization (2008 Edition) as their main raw materials to produce products that meet

relevant national or industry standards within the aforementioned catalogue will have their income calculated at

a reduced rate of 90% for the total income of the enterprise for the current year. The subsidiaries of our group

Zhanjiang Electric Power Co. Ltd. and Pinghai Power Plant use fly ash to produce commercial fly ash which

meets the aforementioned preferential income tax conditions for comprehensive resource utilization and will

enjoy the aforementioned tax benefits from 1 January 2025 to 30 June 2025.According to the "Notice of the Ministry of Finance and the State Administration of Taxation on Issues

Concerning the Implementation of the Preferential Income Tax Catalogue for Enterprises Using Specialized

Equipment for Environmental Protection the Preferential Income Tax Catalogue for Enterprises Using

Specialized Equipment for Energy and Water Conservation and the Preferential Income Tax Catalogue for

Enterprises Using Specialized Equipment for Safe Production" (Cai Shui [2008] No. 48) enterprises that

purchase and actually use specialized equipment for environmental protection energy and water conservation

and safe production within the scope of the "Preferential Income Tax Catalogue for Enterprises Using Special

Equipment for Environmental Protection" the "Preferential Income Tax Catalogue for Enterprises Using

Special Equipment for Energy and Water Conservation" and the "Preferential Income Tax Catalogue for

Enterprises Using Specialized Equipment for Safe Production" from January 1 2008 can offset 10% of the

investment amount in specialized equipment against the current year's enterprise income tax payable. If the

current year's enterprise income tax payable is less than 10% of the investment amount it can be carried

forward to future years but the carry-forward period shall not exceed five taxable years. Some subsidiaries of

the group enjoy the above tax benefits from 1 January 2025 to 30 June 2025.VAT tax incentives

According to the "Notice on the Catalogue of Products and Services for Comprehensive Resource Utilization

Eligible for Value-Added Tax Preferences" (Cai Shui [2015] No. 78) taxpayers who sell self-produced

products for comprehensive resource utilization and provide services for comprehensive resource utilization can

enjoy the immediate refund policy for value-added tax. From 1 January 2025 to 30 June 2025 the subsidiaries

of the Group includes Guangdong Yudean Zhanjiang Biomass Power Generation Co. Ltd. Guangdong

Huizhou Pinghai Power Co. Ltd. Guangdong Yudean Technology Engineering Management Co. Ltd. and

Guangdong Yudean Yunhe Power Co. Ltd. enjoyed the immediate tax refund policy for value-added tax.According to the "Notice on the Value-Added Tax (VAT) Policy for Wind Power Generation" (Cai Shui [2015]

No. 74) a policy of immediate refund of 50% of the VAT levied on the sale of self-produced electricity

products generated by wind power by taxpayers is implemented. The subsidiaries of the Group including

Guangdong Yudean Zhanjiang Wind Power Generation Co. Ltd. Guangdong Yudean Dianbai Wind Power Co.

119Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Ltd. Guangdong Yudean Xuwen Wind Power Electricity Co. Ltd. Guangdong Yueneng Wind Power Co. Ltd.Guangdong Yudean Shibeishan Wind Power Co. Ltd. Leizhou Wind Power Huilai Wind Power Co. Ltd.Hunan Xupu Yuefeng New Energy Co. Ltd. Tongdao Yuexin Wind Power Generation Co. Ltd. Guangxi

Wuxuan Yuefeng New Energy Co. Ltd. and Dacheng County Dun'An New Energy Co. Ltd. enjoy the

aforementioned tax benefits from 1 January 2025 to 30 June 2025.

3.Other

Not applicable

VII. Notes on major items in consolidated financial statements

1. Monetary funds

In RMB

Items Closing balance Opening balance

Cash on hand 41462 34030

Cash at bank 1191214389 1041257330

Other cash balance 24299955 33925897

Deposit funds from the financial

1483615886014286603574

company

Total 16051714666 15361820831

Other note

（a）As of June 30 2025 the Group had no funds deposited overseas (December 31 2024: None).（b） As of June 30 2025 Other monetary funds amounted to RM24299955 (On December 31 2024:

RMB33925897) which mainly were deposits such as ecological protection deposits and performance guarantee

deposits.Other note

2. Transactional financial assets

Not applicable

3. Derivative financial assets

Not applicable

4. Notes receivable

(1) Notes receivable listed by category

In RMB

Items Year-end balance Year-beginning balance

Bank acceptance 90229 0

Total 90229 0

（2）By accrual of bad debt provision

In RMB

Category Amount in year-end Balance Year-beginning

120Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Book Balance Bad debt provision Book Balance Bad debt provision

Book Book

Amount Proportion(%) Amount Proportion(%) Amou Proportion Amount Proportion

value value

nt (%) (%)

Of which

Notes

receivable

for bad debt 90229 100% 0 0% 90229

provision by

portfolio

Of which

Note

90229100%00%90229

receivable

Total 90229 100% 0 0% 90229

Name of bad debt provision by portfolio: portfolio of notes receivable

In RMB

Year-end balance

Name

Book Balance Bad debt provision Proportion(%)

Portfolio of notes receivable 90229 0 0%

Total 90229 0

Note：

If the provision for bad debts of notes receivable is made in accordance with the general model of expected

credit losses please refer to the disclosure of other account receivable to disclose related information about

bad-debt provisions:

□Applicable ?Not applicable

(3) Bad debt provision accrual collected or reversal in the period

Not applicable.Including important amount of bad debt provision collected or reversal in the period:

□Applicable ?Not applicable

121Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

(4) Notes receivable pledged at period-end

Not applicable

(5) Note receivable which has endorsed and discount at period-end and has not expired on balance sheet

date

Not applicable

(6) Note receivable actually written-off in the period

Not applicable

122Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

5. Account receivable

(1) Accounts receivable disclosed by category

In RMB

Aging Amount in year-end Balance Year-beginning

Within 1 year （Including 1 year） 6765821339 7592777022

1-2 years 1268197050 1107402430

2-3 years 579222935 327271840

Over 3 years 325186483 110384075

3-4 years 280916196 84314866

4-5 years 30450108 20232717

Over 5 years 13820179 5836492

Total 8938427807 9137835367

（2） According to the bad debt provision method classification disclosure

In RMB

Amount in year-end Balance Year-beginning

Category Book Balance Bad debt provision Book value Book Balance Bad debt provision Book value

Amount Proportion(%) Amount Proportion(%) Amount Proportion(%) Amount Proportion(%)

Of which

Accrual of

bad debt

8938427807100%434465440.49%88949812639137835367100%360375260.39%9101797841

provision by

portfolio

Of which

Electricity 8761704315 98.02% 37914154 0.43% 8723790161 8998642889 98.48% 30986374 0.34% 8967656515

123Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

sales

receivable

Related party

409820290.46%00%40982029378896720.41%00%37889672

receivable

Steam sale

and other 135741463 1.52% 5532390 4.08% 130209073 101302806 1.11% 5051152 4.99% 96251654

receivable

Total 8938427807 100% 43446544 0.49% 8894981263 9137835367 100% 36037526 0.39% 9101797841

Accrual of bad debt provision by portfolio: Electricity sales receivable

In RMB

Closing balance

Name

Book balance Bad debt provision Proportion%

Electricity sales receivable 8761704315 37914154 0.43%

Total 8761704315 37914154

124Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Note：

Portfolio 1.As at 30 June 2025 the Group’s receivables from sale of electricity amounted to RMB 8761704315

(31 December 2024: RMB8998642889) which mainly comprised receivables of RMB 8586156670 from China

Southern Power Grid Co. Ltd. and its subsidiaries (collectively referred to as “China Southern Power Grid”)

and RMB 175547645 from State Grid Corporation of China (“State Grid”) and its subsidiaries. Considering the

favorable credit history of China Southern Power Grid and State Grid the Group held that there was no

significant credit risk arising from receivables from sale of electricity. Since the possibility of material losses

due to the default by China Southern Power Grid and State Grid was extremely low the Group made no

provision for the ECL of the receivables from sale of electricity (31 December 2024: Nil)

For the receivables of renewable energy subsidies the Group has made provision for bad debts based on the

expected credit loss model the balance of which is RMB 37914154 as of June 30 2025(31 December 2024:

RMB30986374)

As of June 30 2025 the right to collect electric charges of the Group’s certain subsidiaries was pledged to

banks to obtain long-term borrowings with a principal of RMB4570263542 including current portion of

long-term borrowings with a principal of RMB357839261. (December 31 2024: long-term borrowings with a

principal of RMB5171411604 including current portion of long-term borrowings with a principal of

RMB451067263.).Accrual of bad debt provision by portfolio: Related party receivable

In RMB

Closing balance

Name

Book balance Bad debt provision Proportion%

Related party receivable 40982029 0%

Total 40982029

Note：

Portfolio 2：- Related party receivable：As at 30 June 2025 the amount of receivables from related parties of theGroup was RMB40982029（December 312024:RMB37889672) and the historical loss rate was extremely low.Therefore The Group believes that there is no significant credit risk in the receivables from related parties and

the possibility of significant losses due to their default is extremely low. The Group's expected credit loss rate forreceivables from related parties is 0%. （December 312024:0%).Accrual of bad debt provision by portfolio: Steam sale and other receivable

In RMB

Closing balance

Name

Book balance Bad debt provision Proportion%

Steam sale and other

13574146355323904.08%

receivable

Total 135741463 5532390

Note：

Portfolio 3- For other fund receivable except Portfolio 1 and Portfolio 2 Bad debt provision according to the

expected credit loss mode

Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of

125Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

other receivables if the provision for bad debts of bills receivable is accrued according to the general model of

expected credit loss:

□Applicable?Not applicable

(3) Accounts receivable withdrawn reversed or collected during the reporting period

The withdrawal amount of the bad debt provision：

In RMB

Amount of change in the current period

Opening Reversed or

Category Closing balance

balance Accrual collected Write-off Other

amount

Account

36037526754694613792843446544

receivable

Total 36037526 7546946 137928 0 0 43446544

The important amount of bad debt provision recovered or reversed in the current period therein to:

Not applicable

(4) The actual write-off accounts receivable

Not applicable

（5） Accounts receivable and contract assets of the top five ending balances collected by debtor

In RMB

Ending balance of

Proportion of total bad debt provision

Ending balance of

ending balance of for accounts

Ending balance of Ending balance of accounts

Unit name accounts receivable and

accounts receivable contract assets receivable and

receivable and impairment

contract assets

contract assets provision for

contract assets

GPGC 8333440130 8333440130 93.23% 37576621

Shenzhen

Power supply 210584732 210584732 2.36% 0

Bureau

State Grid

Xinjiang Electric 87347571 87347571 0.98% 0

Power Co. Ltd.ExxonMobil

(Huizhou) 49371688 49371688 0.55% 493717

Chemical Co. Ltd

State Grid Henan

35861142358611420.40%337533

Electric Power

126Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Co. Ltd.Total 8716605263 0 8716605263 97.52% 38407871

6.Contract assets

（1） Contract asset

In RMB

Closing balance Opening balance

Items Provision for Provision for

Book balance inventory Book value Book balance inventory Book value

impairment impairment

Accounts

receivable from 289580 0 289580 1366342 0 1366342

related parties

Contract assets

376571043755312530012530

of third parties

Total 327237 104 327133 1378872 0 1378872

（2） Amount and reasons of major changes in book value during the reporting period

Not applicable

(3) By accrual of bad debt provision

In RMB

Closing balance Opening balance

Book balance Bad debt provision Book balance Bad debt provision

Category Book Book

Proportion Proportion Proportion Proportion

Amount Amount value Amount Amount value

%%%%

Of which

Accrual

of bad

debt

327237100%1040.03%3271331378872100%00%1378872

provision

by

portfolio

Of which

Related

party 289580 88.49% 0 0% 289580 1366342 99.09% 0 0% 1366342

receivable

Other

contract

3765711.51%1040.28%37553125300.91%00%12530

asset

payments

Total 327237 100% 104 0.03% 327133 1378872 100% 0 0% 1378872

Accrual of bad debt provision by portfolio: Related party receivable

In RMB

127Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Closing balance

Name

Book balance Bad debt provision Proportion%

Related party receivable 289580 0 0%

Total 289580 0

Note：

Portfolio 2：- Related party receivable：As at 30 June 2025 the amount of receivables from related parties of theGroup was RMB289580（December 312024:RMB1366342) and the historical loss rate was extremely low.Therefore The Group believes that there is no significant credit risk in the receivables from related parties and

the possibility of significant losses due to their default is extremely low. The Group's expected credit loss rate forreceivables from related parties is 0%. （December 312024:0%).Accrual of bad debt provision by portfolio: Other contract asset payments

In RMB

Closing balance

Name

Book balance Bad debt provision Proportion%

Other contract asset

376571040.28%

payments

Total 37657 104

Note

Portfolio 2- For other contract asset payments except Contract assets other than portfolio 1.Provision for bad debts is made according to the general model of expected credit losses

□Applicable?Not applicable

(4) Bad debt provision accrual collected or reversal in the period

In RMB

Item Accrual Collected or reversal Write off Reason

Other contract asset

10400

payments

Total 104 0 0

Thereinto the important amount of bad debt provision recovered or reversed in the current period:

Not applicable.

（5） Contract assets actually written off in the current period

Not applicable

7. Receivable financing

Not applicable

8. Other account receivable

In RMB

128Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Items Closing balance Opening balance

Interest receivable 0 0

Dividend receivable 94351613 0

Other accounts receivable 584214157 533352169

Total 678565770 533352169

（1）Interest receivable

1) Category of interest receivable

Not applicable

2) Significant overdue interest

Not applicable

3）Bad-debt provision

□Applicable?Not applicable

4) Accounts receivable withdraw reversed or collected during the reporting period

Not applicable

5)Interest receivable actually written off in the current period

Not applicable

(2) Dividend receivable

1) Category

In RMB

Item (or the invested entity) Closing balance Opening balance

Sunshine insurance 66500000

Shenneng Co. Ltd 24989513

Jiangkeng Hydroelectricity 1603300

Zhongxinkeng Electric 1258800

Total 94351613 0

2) Important dividend receivable with over one year age

Not applicable

3) Accrual of bad debt provision

?Applicable ?Not applicable

129Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

4） Bad debt provision accrual collected or reversal in the period

Not applicable

5) Dividends receivable actually written off in the current period

Not applicable

（3） Other accounts receivable

1) Other accounts receivable classified by the nature of accounts

In RMB

Nature Closing book balance Opening book balance

Land receivable deposit 142994352 143994333

Related party receivable 96161520 104804456

Supplementary medical insurance fund

97287629104146571

receivable

Land receivable deposit 32113116 24007176

Compensation receivable for electricity

charges during the demolition and 14198400 14198400

construction period

Current account 135776998 92392021

Insurance compensation receivable 0 0

Other 120335590 104827605

Less：Bad-debt provision -54653448 -55018393

Total 584214157 533352169

2） Disclosure by aging

In RMB

Aging Closing book balance Opening book balanceWithin 1 year(Including 1 year） 265977120 218929350

1-2 years 53491898 50821608

2-3 years 43785509 31300019

Over 3 years 275613078 287319585

3-4 years 23304041 287319585

4-5 years 252309037

Total 638867605 588370562

130Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

3）According to the bad debt provision method classification disclosure bad-debt provision

?Applicable □Not applicable

In RMB

Closing balance Opening balance

Book balance Bad debt provision Book balance Bad debt provision

Category

Proportion Book value Proportion Proportion Book value

Amount Proportion % Amount Amount Amount

%%%

Accrual of

bad debt

41559662865.05%283975856.83%38719904342061581071.49%285975856.80%392018225

provision

by single

Of which

Accrual of

bad debt

provision 223270977 34.95% 26255863 11.76% 197015114 167754752 28.51% 26420808 15.75% 141333944

by

portfolio

Of which

Other

22327097734.95%2625586311.76%19701511416775475228.51%2642080815.75%141333944

Portfolio

Total 638867605 100% 54653448 8.55% 584214157 588370562 100% 55018393 9.35% 533352169

131Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Accrual of bad debt provision by portfolio: Other portfolio

In RMB

Opening balance Closing balance

Name Bad debt Bad debt

Book balance Book balance Proportion Reason

provision provision %

The counterparty is a

Land

government unit and the

withdrawal 143994333 0 142994352 0 0%

risk of ECL is extremely

receivable

low

The counterparty is a

Receivables

government unit and the

from related 104804456 0 96161520 0 0%

risk of ECL is extremely

parties

low

The counterparty is

Taikang Pension which

mainly provides custody

Supplementary

services for the Group’s

medical

104146571 0 97287629 0 0% supplementary medical

insurance fund

insurance fund. The

receivable

historical loss rate is 0

and the risk of ECL is

extremely low.The counterparty is a

Land deposits government unit and the

2400717603211311600%

receivable risk of ECL is extremely

low

Compensation The demolition and

receivable for construction project is

electricity initiated by the

charges during government-owned

1419840001419840000%

the demolition industrial park which

and pays compensation

construction expenses and the risk of

period ECL is extremely low.Other The counterparty is a

government government unit and the

8672890444402600%

payments risk of ECL is extremely

receivable low

The counterparty is a

government unit with a

Other 28597585 28597585 28397585 28397585 100% historical loss rate of 0;

therefore the risk of ECL

is extremely low

Total 420615810 28597585 415596628 28397585

Accrual of bad debt provision by portfolio: Other portfolio

In RMB

Closing balance

Name

Book balance Bad debt provision Proportion%

Other portfolio 223270977 26255863 11.76%

Total 223270977 26255863

132Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Note：

Provision for bad debts is made according to the general model of expected credit losses

In RMB

Stage 1 Stage 2 Stage 3

Expected credit losses

Bad Debt Reserves Expected credit losses Expected credit loss for the entire duration Total

over the next 12 over life (no credit

(credit impairment

months impairment)

occurred)

Balance as at January

2642080802859758555018393

12025

Balance as at January

1 2025 in current

--Transfer to the

0000

second stage

-- Transfer to the third

0000

stage

-- Reversal to the

0000

second stage

-- Reversal to the first

0000

stage

Provision in Current

36587900365879

Year

Reversal in Current

-5308240-200000-730824

Year

Conversion in Current

0000

Year

Write off in Current

0000

Year

Other change 0 0 0 0

Balance as at 30 June.

2625586302839758554653448

2025

Basis for division of each stage and accrual ratio for bad-debt provision

Loss provision changes in current period change in book balance with significant amount

□ Applicable √Not applicable

4) Accounts receivable withdraw reversed or collected during the reporting period

The withdrawal amount of the bad debt provision：

In RMB

Amount of change in the current period

Opening Reversed or

Category Closing balance

balance Accrual collected Write-off Other

amount

Other 55018393 365879 730824 54653448

133Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

receivable

Total 55018393 365879 730824 54653448

Where the current bad debts back or recover significant amounts:

Not applicable

5）Other account receivables actually cancel after write-off

Not applicable

6)Top 5 of the closing balance of the other accounts receivable collected according to the arrears party

In RMB

Portion in total

Year-end Bad debt provision of

Name Nature Aging other

balance year-end balance

receivables(%)

Meixian

Chengjiangzhen

Land withdrawal

People's 126885400 4-5 years 19.86%

receivable

Government of

Meizhou City

Supplementary

Taikang Pension medical insurance 97287629 Within 5 years 15.23%

fund receivable

Huaneng Turpan

Wind Power Receivable of Unit

75963770 Within 1 year 11.89%

Generation Co. current

Ltd

Guangdong

Yudean Receivables from

Environmental sale of by-products 40555495 Within 1 year 6.35%

Protection Co. to related parties

Ltd.Maoming Bohe

New Port Area

Land withdrawal

Construction 23446000 4-5 years 3.67%

receivable

Headquarters

Office

Total 364138294 57% 0

7） Other receivables reported due to centralized management of funds

Not applicable

9. Accounts paid in advance

(1) Accounts paid in advance by ageing

In RMB

134Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Ending balance Opening balance

Account age

Amount Ratio Amount Ratio

Within 1 year 1196433578 87.68% 1433330668 99.49%

1-2 years 163705414 12% 3926780 0.27%

2-3 years 1308313 0.10% 2833371 0.20%

Over 3 years 3108718 0.22% 541368 0.04%

Total 1364556023 1440632187

Notes of the reasons of the prepayment ages over 1 year with significant amount but failed to settle in time

As at June 302025 advances to suppliers aged more than 1 year were RMB168122445( December 312024

RMB7301519) 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 Amount Proportion %

the company

Guangdong Power Industry

Related party 791210398 57.98%

Fuel Co. Ltd.Guangdong Zhutou Electric

Third party 155488751 11.39%

Power fuel Co. Ltd.Hubei Carbon Emission

Rights Trading Center Co. Third party 110469832 8.10%

Ltd.GE Commercial (Shanghai)

Third party 85196233 6.24%

Co. Ltd

Taikang Pension Guangdong

Third party 15890128 1.16%

Branch

Total 1158255342 84.87%

10. Inventories

Whether the company need to comply with the disclosure requirements of the real estate industry

No

（1）Category of Inventory

In RMB

Closing book balance Opening book balance

Item Provision for Provision for

Book balance inventory Book value Book balance inventory Book value

impairment impairment

Raw

32466867754749484131991919342622327114474948412574832273

materials

135Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Goods-in-

000000

process

Stock

commodit 0 0 0 0 0 0

ies

Turnover

0000

materials

Consuma

ble

000000

biological

assets

Contract

performa 0 0 0 0 0 0

nce cost

Goods in

000000

transit

Other 48213144 0 48213144 2287216 0 2287216

Total 3294899919 47494841 3247405078 2624614330 47494841 2577119489

（2）Data resources recognized as inventory

Not applicable.

(3) Inventory depreciation reserve

In RMB

Beginning Increased in current period Decreased in current period Year-end

Item

of term Provision Other Transferred back Other balance

Raw materials 47494841 47494841

Goods-in-process 0 0

Stock

00

commodities

Turnover

00

materials

Consumable

00

biological assets

Contract

performance 0 0

cost

Total 47494841 47494841

Inventory depreciation provision by portfolio

Not applicable.

136Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

(4) Explanation on inventories with capitalization of borrowing costs included at ending balance

Not applicable

(5) Assets unsettled formed by construction contract which has been completed at period-end

11. Assets divided as held-to-sold

Not applicable

12. Non-current assets due within 1 year

Not applicable

13. Other current assets

In RMB

Items Year-end balance Year-beginning balance

VAT to be deducted 1824399991 1817634077

Advance tax payment 129749391 128279470

Carbon emission rights assets 17781065 17781065

Other 8485165 7574974

Total 1980415612 1971269586

14.Creditor's right investment

(1)Creditor's right investment

Not applicable

Loss provision changes in current period change in book balance with significant amount

□Applicable √ Not applicable

15.Other creditor's rights investment

Not applicable

Loss provision changes in current period change in book balance with significant amount

□Applicable √ Not applicable

Other note: Not applicable

137Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

138Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

16. Other equity instruments investment

In RMB

Losses

Gains

accumulated

Gains included Losses included accumulated in Dividend

in other

in other in other other income Reason designated as being measured

comprehens

Item name Beginning balance comprehensive comprehensive comprehensive recognized in Ending balance at fair value and change being included

ive income

income in the income in the income at the end the current in other comprehensive income

at the end of

current period current period of the current period

the current

period

period

The Group has not participated in or

influenced the financial and business

decisions of the above-mentioned

Shenneng investee in any way. Therefore the

5270010514942370124173936224989512477577350

Co. Ltd Group has no significant impact on the

above-mentioned investee and uses it

as other equity instruments for

investment accounting.The Group has not participated in or

influenced the financial and business

Sunshine decisions of the above-mentioned

Insurance investee in any way. Therefore the

884831222152511903681343125665000001037343125

Group Co. Group has no significant impact on the

Ltd. above-mentioned investee and uses it

as other equity instruments for

investment accounting.Shenzhen The Group has not participated in or

Capital 1124000000 0 795966000 22038083 1124000000

Group Co. influenced the financial and business

139Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Ltd. decisions of the above-mentioned

investee in any way. Therefore the

Group has no significant impact on the

above-mentioned investee and uses it

as other equity instruments for

investment accounting.The Group has not participated in or

influenced the financial and business

decisions of the above-mentioned

investee in any way. Therefore the

Other 114457600 4500000 96666972 2628000 118957600

Group has no significant impact on the

above-mentioned investee and uses it

as other equity instruments for

investment accounting.Total 2650289873 157011903 49423701 1815715459 0 116155595 2757878075

140Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

There is a termination recognition in this period.Not applicable

Itemized disclosure of the current non - trading equity instrument investment

In RMB

Reasons for

Amount of being measured Reasons for

other at fair value other

comprehensive and whose comprehensive

Recognized Accumulating Accumulating

Name income changes are income

dividend income gains losses

transferred to included in transferred to

retained other retained

earning comprehensive earnings

income

Consideration

Shenneng Co.

24989512 241739362 of strategic Not applicable

Ltd

investments

Sunshine Consideration

Insurance 66500000 681343125 of strategic Not applicable

Group Co. Ltd. investments

Shenzhen Consideration

Capital Group 22038083 795966000 of strategic Not applicable

Co. Ltd. investments

Consideration

Other 2628000 96666972 of strategic Not applicable

investments

17.Long-term receivable

Not applicable

141Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

18. Long-term equity investment

In RMB

Changes in Current period

Impairment Investment Balance

Other Declaration Provisi

Invested Beginning provision Disin profit and loss Other Ending at year-end

Additional comprehensi of cash on for

enterprise balance begin- year vestm confirmed by changes of Other balance of

investment ve income dividends or impair

balance ent equity equity impairment

adjustment profits ment

method

I. Joint ventures

Guangdong

Electric

104030594403000000000263330630205229023282400001345408897

Industrial

Fuel Co. Ltd.Zhanjiang

Yuexin

Distributed

2550310000-1195863000001354447

Energy and

Technique

Co.Zhonghang

Shenneng

Wind Power 168647135 0 0 0 -761161 0 0 0 0 0 167885974

Generation

Co. Ltd.Subtotal 1211503389 0 300000000 0 24376039 0 2052290 23282400 0 0 1514649318

II. Associates

Taishan Power

206486061900031433416051396870002101433722

Generation

ShanxiYudean

393262674300011718899906660450004050481787

Energy

Yudean

1264363190009596994-3659021346215000137013626

Shipping

YueqianElect 272287737 0 0 0 4634562 -13339 139228 0 0 0 277048188

142Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

ric Power

Energy

Group

179187472400087656588-61087170092152103001726292039

Finance

Company

Yudean

309986789000602384800229187300313718764

Captive

Weixin

122614153000000000122614153

Yuntou

Guangdong

Energy

Financing 823842858 0 0 0 11028996 0 0 0 0 0 834871854 0

Leasing Co.Ltd.South

Offshore

Wind Power

2146250490003585554000002182106030

Joint

Development

Co. Ltd.Other 64614712 20819280 27000000 0 2088930 0 0 2862101 0 0 90841541 20819280

Subtotal 9601155550 143433433 27000000 0 273237887 -61466411 7291175 97306077 0 0 9749912124 143433433

Total 10812658939 143433433 327000000 0 297613926 -61466411 9343465 120588477 0 0 11264561442 143433433

The recoverable amount is determined on the basis of the net amount of fair value less disposal costs

□Applicable?Not applicable

The recoverable amount is determined by the present value of the projected future cash flows

□Applicable?Not applicable

143Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

19. Other non-current financial assets

Not applicable

20. Investment property

(1) Investment property adopted the cost measurement mode

√Applicable □ Not applicable

In RMB

Items House Building Land use right Construction in process Total

I. Original price

1. Balance at

48948596946042801535528770

period-beginning

2.Increase in the current

period

(1) Purchase

(2)Inventory\Fixed

assets\ Transferred from c

onstruction in progress

(3)Increased of Enterprise

Combination

3.Decreased amount of

85265738526573

the period

（1）Dispose

（2）Other out 8526573 8526573

4.Balance at period-end 480959396 46042801 527002197

II.Accumulated

amortization

1.Opening balance 185181820 13853364 199035184

2.Increased amount of the

37098584520684161926

period

(1) Withdrawal 3709858 452068 4161926

3.Decreased amount of

46701334670133

the period

（1）Dispose

（2）Other out 4670133 4670133

4.Balance at period-end 184221545 14305432 198526977

III.Impairment provision

1.Balance at

period-beginning

2.Increased amount of the

144Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

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

29673785131737369328475220

-end

2.Book value at

30430414932189437336493586

period-beginning

The recoverable amount is determined on the basis of the net amount of fair value less disposal costs

□Applicable?Not applicable

The recoverable amount is determined by the present value of the projected future cash flows

?Applicable?Not applicable

(2) Investment property adopted fair value measurement mode

□ Applicable √Not applicable

(3) Converted to investment real estate and measured at fair value

Not applicable

(4) Investment real estate without certificate of ownership

Not applicable

21. Fixed assets

In RMB

Items Closing balance Opening balance

Fixed assets 72323800978 73507162717

Disposal of fixed assets 225832129 121635938

Total 72549633107 73628798655

(1) List of Fixed assets

In RMB

House and Generation

Items Transportations Other equipment Total

building equipment

I. Original price

1. Balance at

389504327071103780168707296022851630744434151688796296

period-beginning

145Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

2.Increase in the

1762291061580967953217345741128457811891777414

current period

(1) Purchase 65082643 64286359 6353525 16772079 152494606

（2）Transferred f

111146463151668159415381049960737021739282808

rom construction i

n progress

(3)Increased of

Enterprise

Combination

3.Decreased

amount of the 38735649 821440601 11677804 38946883 910800937

period

（1）Dispose 20693289 595959160 11677804 38946883 667277136

（2）Other out 18042360 225481441 243523801

4. Balance at

390879261641111375442227396590551704643332152669772773

period-end

II. Accumulated

depreciation

1.Opening balance 14372472485 59561296584 515563167 1311268875 75760601111

2.Increased

amount of the 494045227 2193515513 20377146 62047476 2769985362

period

(1) Withdrawal 494045227 2193515513 20377146 62047476 2769985362

（2）Increased in

Enterprise

Combination

3.Decreased

amount of the 19416034 472248165 9147355 26734184 527545738

period

（1）Dispose 9629960 353476117 9147355 26734184 398987616

（2）Other out 9786074 118772048 128558122

4.Closing balance 14847101678 61282563932 526792958 1346582167 78003040735

III. Impairment

provision

1.Opening balance 1014348663 1401265401 1212465 4205939 2421032468

2.Increase in the

reporting period

（1）Withdrawal

3.Decreased

amount of the 1763446 76336091 1871 78101408

period

146Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

（1）Dispose 72894575 1871 72896446

（2）Other out 1763446 3441516 5204962

4. Closing balance 1012585217 1324929310 1212465 4204068 2342931060

IV. Book value

1.Book value of

232282392694853005098021165363235385709772323800978

the period-end

2.Book value of

235636115594941545488521282665331526962073507162717

the period-begin

(2) List of temporarily idle fixed assets

Not applicable

(3) Fixed assets leased in the operating leases

Not applicable

(4) Fixed assets without certificate of title completed

In RMB

Item Book value Reason

Temporarily in the government approval

House building 1921958080

stage

Other note

On June 30 2025 after consulting the Group's legal advisers the management believed that there would be no

substantive legal obstacles to the handling of these property certificates and would not have a significant adverse

impact on the normal operation of the Group.

(5) Information of impairment test of fixed assets

□Applicable?Not applicable

（6） liquidation of fixed assets

In RMB

Items Closing balance Opening balance

Generation equipment 136679331 103795315

Other equipment 89152798 17840623

Total 225832129 121635938

22. Construction in progress

In RMB

Item Closing balance Opening balance

Construction in progress 36921887604 31341212969

Engineering Material 151272073 41637796

Total 37073159677 31382850765

147Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

(1) List of construction in progress

In RMB

Closing balance Opening balance

Items Provision for Provision for

Book balance Book value Book balance Book value

impairment impairment

Qingzhou

offshore wind 12864189615 0 12864189615 12691249231 0 12691249231

power project

Dapu Phase II

Expansion 4618507888 0 4618507888 3646167763 0 3646167763

Project

Bohe Power

Plant Phase II 3179796144 0 3179796144 2446503296 0 2446503296

Project

Jinghai Power

Plant Unit 5

and 6 3104027098 55389093 3048638005 807408490 55389093 752019397

expansion

project

Shache

integrated

energy 1940873603 0 1940873603 1874628732 0 1874628732

photovoltaic

project

Yunhe natural

gas

135343698501353436985122667091101226670911

cogeneration

project

Dananhai

cogeneration 1082818930 0 1082818930 894037106 0 894037106

project

Xiangzhou

Hangjing

photovoltaic

88676154308867615438663807420866380742

integration

projectphase

II

TuokexunCou

nty 1 million

70922853507092285355028974160502897416

kilowatt wind

power project

Honghaiwan

Unit 5 and 6

6276510202644644760120457340115701526446447374710568

construction

project

Lanshan Nan

City

agricultural

and

57235808705723580872033459240203345924

photovoltaic

complementar

y photovoltaic

project

Jincheng

Yuefeng 557281056 0 557281056 418032508 0 418032508

170MW

148Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

photovoltaic

project

Xiangzhou

Yunjiang

wind solar

energy and 477616086 0 477616086 452572118 0 452572118

energy storage

integration

project

Hongdong

County200M

W centralized

photovoltaic 452534662 0 452534662 382657376 0 382657376

power

generation

project

Laishui

Lineng

Laishui

County

80MW

affordable 321028797 0 321028797 227916733 0 227916733

on-grid price

photovoltaic

power

generation

project

Yahua New

Energy

50MW

agriculture

and

photovoltaic 315897198 0 315897198 323164342 0 323164342

complementar

y new energy

photovoltaic

power station

project

Qinglong

Jianhao

Tumenzi

215MW/Lian

gshuihe

30380285886059782951968801311992298605978122593251

25MW

photovoltaic

power

generation

project

Zhanjiang

Potou

Qiantang

120MW

29364159502936415952316476190231647619

fishery and

photovoltaic

complementar

y project

Huibo 292636146 0 292636146 282720095 0 282720095

149Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

100MW

photovoltaic

composite

project

Jingyuan

100000

27394949602739494961538641330153864133

kilowatt wind

power project

100MW wind

power project

in Wangxian

27070746402707074641754440190175444019

Township

Wanrong

County

Guidian

150MW

26830366002683036602653548450265354845

photovoltaic

project

Wuhua

Huangnizhai 163793050 0 163793050 154681906 0 154681906

project

Jinghai No. 3

and No. 4

steam turbine

13227348001322734801322734800132273480

flow

transformation

project

Shaoguan

Nanxiong

Yuefeng New

Energy 108834885 0 108834885 103180744 0 103180744

Company

photovoltaic

project

Huadu

cogeneration 88101058 0 88101058 84234472 0 84234472

project

Inner

Mongolia

Yuefeng

1812677401812677434569691034569691

300MW

photovoltaic

park project

Jinchang

Muhong

Jinchang

District Xipo

100MW 1861238 0 1861238 90453 0 90453

photovoltaic

power

generation

project

350000

kilowatts

photovoltaic 407020 0 407020 670388068 0 670388068

project of the

45th

150Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Regiment of

the Third

Division of

the Corps

Zhaoqing

Dinghu

natural gas 0 0 0 37676940 0 37676940

cogeneration

project

Zhanjiang

Lianjiang

Changshan

farm

agricultural 0 0 0 5390253 0 5390253

photovoltaic

power

generation

project

Technical

transformation

1941037412209154261173188315118215316892173828521604148837

projects and

others

Total 37221483383 299595779 36921887604 31649037339 307824370 31341212969

151Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

(2) Changes of significant construction in progress

In RMB

Including：

Capitalization

Current Capitalization

Amount at year Increase at Transferred to Other Balance in Proportion Progress of interest Source of

Name Budget amount of of interest

beginning this period fixed assets decrease year-end (%) of work accumulated fundscapitalizatio ratio（%)balance

n of interest

Qingzhou

offshore Financial

wind 17107250000 12691249231 172940384 0 0 12864189615 79.03% 82.18% 546442814 110070886 2.08% institution

power loan

project

Bohe Financial

Power

7483510000 2446503296 733292848 0 0 3179796144 45.27% 47.12% 63714433 26855277 2.45% institution

Plant Phase

II Project loan

Dapu Financial

Phase II

8134220000 3646167763 972340125 0 0 4618507888 54.94% 44.96% 88868244 31295366 2.71% institution

Expansion

Project loan

Jinghai

Power Financial

Plant Unit

8049770000 807408490 2296618608 0 0 3104027098 10.84% 10.32% 69205782 32146589 2.60% institution

5 and 6

expansion loan

project

Shache

integrated Financial

energy 5191474847 1874628732 66244871 0 0 1940873603 90.49% 99.01% 93924052 58300282 2.62% institution

photovoltai loan

c project

Yunhe Financial

natural gas

2809700000 1226670911 126766074 0 0 1353436985 56.98% 56.05% 26494823 11038349 2.10% institution

cogeneratio

n project loan

152Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Dananhai Financial

cogeneratio 2855450000 894037106 188781824 0 0 1082818930 31.67% 31.38% 36738326 13208597 2.14% institution

n project loan

Xiangzhou

Hangjing

photovoltai Financial

c 991800000 866380742 20380801 0 0 886761543 87.75% 96.05% 23095823 13552990 2.72% institution

integration loan

projectphas

e II

Tuokexun

County 1

million Financial

kilowatt 1460000000 502897416 206331119 0 0 709228535 34.59% 50.14% 6846740 5788802 2.30% institution

wind loan

power

project

Honghaiwa

n Unit 5 Financial

and 6 7820820000 401157015 226494005 0 0 627651020 4.12% 7.4% 27462728 13024928 2.46% institution

constructio loan

n project

Lanshan

Nan City

agricultural

and Financial

photovoltai

990870000 203345924 369012163 0 0 572358087 19.99% 21.01% 10088631 5230508 2.60% institution

c

complemen loan

tary

photovoltai

c project

Jincheng

Yuefeng Financial

170MW 884703700 418032508 139248548 0 0 557281056 35.03% 56.42% 10537779 4757551 2.18% institution

photovoltai loan

c project

153Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Xiangzhou

Yunjiang

wind solar Financial

energy and

522000000 452572118 25043968 0 0 477616086 87.37% 96.02% 15791992 5172283 2.65% institution

energy

storage loan

integration

project

Hongdong

County200

MW Financial

centralized

516560000 382657376 69877286 0 0 452534662 76.14% 79.99% 19111470 3018551 3.10% institution

photovoltai

c power loan

generation

project

Laishui

Lineng

Laishui

County

80MW Financial

affordable

376000000 227916733 93112064 0 0 321028797 63.61% 65.25% 12329458 3114373 2.30% institution

on-grid

price loan

photovoltai

c power

generation

project

Yahua

New

Energy

50MW Financial

agriculture

667970944 323164342 0 0 7267144 315897198 65.68% 48.41% 7305902 0 0% institution

and

photovoltai loan

c

complemen

tary new

154Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

energy

photovoltai

c power

station

project

Qinglong

Jianhao

Tumenzi

215MW/Li Financial

angshuihe

1188000000 131199229 228490866 55887237 0 303802858 98% 98% 54819521 4443138 3.16% institution

25MW

photovoltai loan

c power

generation

project

Zhanjiang

Potou

Qiantang

120MW Financial

fishery and 500232000 231647619 61993976 0 0 293641595 45.23% 51.2% 13491054 2222547 2.57% institution

photovoltai loan

c

complemen

tary project

Huibo

100MW Financial

photovoltai

651393000 282720095 9972155 0 56104 292636146 34.98% 40.02% 10781815 3302204 2.50% institution

c

composite loan

project

Jingyuan

100000 Financial

kilowatt

681220000 153864133 120085363 0 0 273949496 22.47% 30.18% 3648876 2779303 2.54% institution

wind

power loan

project

100MW Financial

610594600175444019952634450027070746428.89%51.16%434863529179702.76%

wind institution

155Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

power loan

project in

Wangxian

Township

Wanrong

County

Guidian Financial

150MW

589200000 265354845 2948815 0 0 268303660 49.67% 48.81% 8176656 2160333 2.16% institution

photovoltai

c project loan

Wuhua Financial

Huangnizh 336020000 154681906 9111144 0 0 163793050 49.77% 49.39% 9128456 1333777 3.38% institution

ai project loan

Jinghai No.

3 and No. 4

steam Financial

turbine 373000000 132273480 0 0 0 132273480 35.46% 35.46% 380191 331458 2.15% institution

flow loan

transformat

ion project

Shaoguan

Nanxiong

Yuefeng Financial

New

158417400 103180744 5654141 0 0 108834885 75.27% 75.27% 2374489 759731 3.06% institution

Energy

Company loan

photovoltai

c project

Huadu Financial

cogeneratio 3536710000 84234472 8478235 4611649 0 88101058 71.02% 98.35% 77118516 0 0% institution

n project loan

Inner

Mongolia Financial

Yuefeng

1572760000 34569691 14697440 31140357 0 18126774 88.99% 95.01% 31154397 0 0% institution

300MW

photovoltai loan

c park

156Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

project

Jinchang

Muhong

Jinchang

District Financial

Xipo

598705600 90453 1770785 0 0 1861238 97.21% 97.21% 10079140 0 0% institution

100MW

photovoltai loan

c power

generation

project

350000

kilowatts

photovoltai

c project of Financial

the 45th

1156680800 670388068 351369792 1021350840 0 407020 58.26% 90.30% 5282506 0 0% institution

Regiment

of the loan

Third

Division of

the Corps

Zhaoqing

Dinghu Financial

natural gas 2998180000 37676940 1858835 39535775 0 0 100% 100% 100000000 0 0% institution

cogeneratio loan

n project

Zhanjiang

Lianjiang

Changshan

farm Financial

agricultural 294690000 5390253 0 5390253 0 0 100% 100% 7554912 0 0% institution

photovoltai loan

c power

generation

project

Total 81107902891 29827505650 6618179680 1157916111 7323248 35280445971 1396298161 356825793

157Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

(3) List of the withdrawal of the impairment provision of the construction in progress

In RMB

Item Opening balance Increase Decrease Ending balance Reason

Humen Power

No new provision

Plant 2*1000MW 137373040. 137373040.added in this period

Unit Project

Impairment of

projects under

No new provision

construction in the 55389093. 55389093.added in this period

early stage of

Jinghai unit

Impairment of

projects under

construction in the No new provision

46630454.46630454.

early stage of added in this period

Guangqian Power

Phase II

Impairment of

early-stage wind

No new provision

power projects 9421025. 8228591. 1192434.added in this period

under construction

in the province

Impairment of the

Shibei Mountain No new provision

13927888.13927888.

Wind Turbine added in this period

Project

Qinglong Jianhao

Tumenzi 215MW

and Liangshuihe

No new provision

25MW 8605978. 8605978.

added in this period

Photovoltaic

Power Generation

Projects

Other engineering No new provision

36476892.36476892.

projects added in this period

Other 307824370. 8228591. 299595779. --

Other Notes：

The reason for the reduction in this period is the cancellation of its subsidiaries.

（4） Information of impairment test of construction in progress

□Applicable?Not applicable

(5) Engineering materials

In RMB

End of term Beginning of term

Items Provision for Provision for

Book balance Book value Book balance Book value

impairment impairment

158Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Engineering

151272073.151272073.41637796.41637796.

material

Total 151272073. 151272073. 41637796. 41637796.

23. Productive biological assets

(1) Productive biological assets measured at cost methods

□ Applicable √ Not applicable

(2) Productive biological assets measured at fair value

□ Applicable √ Not applicable

(3)Productive biological assets measured at fair value

□Applicable?Not applicable

24. Oil and gas assets

□Applicable?Not applicable

25. Right-of-use assets

（1） Right-of-use assets

In RMB

House and Machinery Transportation

Item Land use right Total

buildings equipment equipment

I. Original price

1.Opening balance 828311424. 98231470. 12912058960. 18659094. 13857260948.

2.Increased

amount of the 29892123. 302055981. 361411893. 1221916. 694581913.period

（1）New lease

29892123.302055981.361411893.1221916.694581913.

contracts

3. Decreased

amount of the 4148830. 726359. 0. 34922. 4910111.period

（1）Modification

4148830.726359.0.34922.4910111.

of leases

（2）Leases

transferred out 0. 0. 0. 0. 0.upon maturity

4.Closing balance 854054717. 399561092. 13273470853. 19846088. 14546932750.

159Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

II. Accumulated

depreciation

1.Opening balance 64527355. 48696978. 2031826849. 11790691. 2156841873.

2.Increased

amount of the 16949375. 42594402. 338558073. 1837357. 399939207.period

（1）Withdrawal 16949375. 42594402. 338558073. 1837357. 399939207.

3.Decreased

amount of the 0. 201766. 0. 0. 201766.period

(1)Disposal 0. 201766. 0. 0. 201766.

（2）Leases

transferred out 0. 0. 0. 0. 0.upon maturity

4.Closing balance 81476730. 91089614. 2370384922. 13628048. 2556579314.

III. Impairment

provision

1.Opening balance

2.Increased

amount of the

period

（1）Withdrawal

3.Decreased

amount of the

period

(1)Disposal

4.Closing balance

IV. Book value

1.Closing book

772577987.308471478.10903085931.6218040.11990353436

value

2.Opening book 763784069. 49534492. 10880232111. 6868403 11700419075

（2） Information of impairment test of right-of-use assets

□Applicable?Not applicable

160Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

26. Intangible assets

(1) Information

In RMB

Transmission

and

Non-patent

Items Land use right Patent Sea use right Transformation Software Other Total

Technology

Supporting

Project

I. Original price

1. Balance at

397109069641591075554648678260331315321440501659321145215034379

period-beginning

2.Increase in the

78670288182240371527474700687868184849742

current period

（2）Purchase 78670288 182240 371527 4747006 878681 84849742

（2）Internal R & D

（3）Increased from

Enterprise

Combination

3. Decreased

34125246046404945892

amount of the period

(1)Dispose 341252 4604640 4945892

4. Balance at

404976098418224041249823555020205260331315321582867668107955294938229

period-end

II.Accumulated

amortization

1. Balance at 780618500 28472669 72364370 260331315 199323363 27877994 1368988211

161Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

period-beginning

2. Increase in the

43973444537451509956991615012360649232654270140486

current period

(1) Withdrawal 43973444 53745 1509956 9916150 12360649 2326542 70140486

3.Decreased amount

003177970046039614921758

of the period

(1)Dispose 317797 4603961 4921758

4. Balance at

824591944537452966482882280520260331315207080051302045361434206939

period-end

III. Impairment

provision

1. Balance at

56502373246016144834159410875

period-beginning

2. Increase in the

current period

(1) Withdrawal

3.Decreased amount

of the period

(1)Dispose

4. Balance at

56502373246016144834159410875

period-end

4. Book value

1.Book value at

31686666671284959124834472739685114054475366062593801320415

period -end

2.Book value at

313396982310658245482284308121668797380541203786635293

period-beginning

162Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

The proportion of intangible assets formed by the end of the company's internal R&D to the total balance of intangible assets.

（2） Data resources recognized as intangible assets

In RMB

Intangible assets of Intangible assets of Intangible assets of

Items outsourced data self processed data data resources obtained Total

resources resources by other means

1. Ending book value 0

2. Beginning book

0

value

（3）Details of Land use right failed to accomplish certification of property

In RMB

Items Book value Reason

Land use right 52072406 The procedures have not been completed

163Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

（4）Information of impairment test of intangible assets

□Applicable?Not applicable

27. Goodwill

(1) Original book value of goodwill

In RMB

Name of the Increase Decrease

investees or the Opening

The merger of Closing balanceevents formed balance disposition

goodwill enterprises

Tumushuke

Thermal Power 119488672 119488672

Co. Ltd.Guangdong

Guangye

61589956158995

Nanhua New

Energy Co. Ltd

Other 39372264 39372264

Total 165019931 165019931

（2）Impairment provision of goodwill

In RMB

Name of the Increase Decrease

investees or the Opening

Closing balance

events formed balance Provision disposition

goodwill

Tumushuke

Thermal Power 119488672 119488672

Co. Ltd.Guangdong

Guangye

61589956158995

Nanhua New

Energy Co. Ltd

Other 36922378 36922378

Total 162570045 162570045

（3） Information about the asset group or asset group portfolio where the goodwill is located

Not applicable.

(4) The specific method of determining the recoverable amount

The recoverable amount is determined on the basis of the net amount by fair value less disposal costs

□Applicable?Not applicable

The recoverable amount is determined by the present value of the projected future cash flows

164Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

?Applicable □Not applicable

(5) Status of completion of performance commitment and corresponding goodwill impairment

When goodwill is formed there is a performance commitment and the reporting period or the previous period in

the reporting period is within the performance commitment period

□Applicable?Not applicable

28.Long-term amortization expenses

In RMB

Balance in Increase at this Amortization Balance in

Items Other decrease

year-begin period balance year-end

Improvement of

698426215133027290373919213550

use right assets

Road use right 30392941 844614 29548327

Other 18127958 1498710 16629248

Total 55505161 15133027 5247063 65391125

29.Deferred income tax assets/deferred income tax liabilities

(1)Details of the unrecognized deferred income tax assets

In RMB

Balance in year-end Balance in year-begin

Items Deductible temporary Deferred income tax Deductible temporary Deferred income tax

difference assets difference assets

Provision for asset

910741001224592827919919108226760522

impairments

Intra-group

539094141134773535512732957128183239

transactions

Deductible losses 1810352287 452588072 1835121929 458780482

Employee benefits

3049191837622979628854912972137283

payable

Lease Liabilities 2081250210 520147424 1441792757 357536654

Depreciation of fixed

2259469915575598626705232965313187

assets

Other 107551779 26887944 102268681 25567170

Total 5979855592 1490975584 5367436890 1334278537

(2)Details of the un-recognized deferred income tax liabilities

In RMB

Items Balance in year-end Balance in year-begin

Temporarily Deferred Income Tax Temporarily Deferred Income Tax

165Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Deductable or Taxable liabilities Deductable or Taxable liabilities

Difference Difference

Non-same control

enterprise merger

1624741524061853811963288929908222

assets evaluation and

appreciation

Changes in fair value

of other creditor's 0 0 0 0

rights investment

Changes in fair value

of other equity 1815715461 453928865 1708127258 427031815

instruments

Right to use assets 1745105023 424891571 927757509 223639538

Depreciation of fixed

76502027191255077198242017995605

assets

Amortization of

145358573633964145358573633964

land use rights

Interest receivable 12272627 3068157 12272627 3068157

Total 3826605147 945266602 2854308560 705277301

(3) Deferred income tax assets or liabilities listed by net amount after offset

In RMB

End balance of Trade-off between the Opening balance of

Trade-off between the

deferred income tax deferred income tax deferred income tax

Items deferred income tax

assets or liabilities after assets and liabilities at assets or liabilities after

assets and liabilities

offset period-begin offset

Deferred income tax

40033408210906415022350637581099214779

assets

Deferred income

400334082544932520235063758470213543

liabilities

(4)Details of income tax assets not recognized

In RMB

Items Balance in year-end Balance in year-begin

Deductible temporary difference 4769256512 3308593716

Deductible loss 11197405737 11916108217

Total 15966662249 15224701933

(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

2025702217783948443650

202625027113353667099962

202743361462864248817127

202812086586701125934980

166Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

202915285386231925812498

20309191330400

Total 11197405737 11916108217

30. Other non-current assets

In RMB

Balance in year-end Balance in year-begin

Book balance Provision Book value Book balance Provision Book value

Item for for

devaluation devaluati

on

Prepayments

for equipment 3927184042 3927184042 4684276206 4684276206

fund

Input VAT to

3757274124375727412435619944663561994466

be deducted

Prepayment for

equity 259600000 259600000 392026000 392026000

acquisition

Prepayment for

64638830646388306663475466634754

land use rights

Other 6311777 6311777 6614523 6614523

Total 8015008773 8015008773 8711545949 8711545949

31. Assets with restricted ownership or right to use

I

In RMB

End of period Beginning of period

Item Restricted Restricted

Book balance Book value Book balance Book balance Book value

type type

Monetary

24299955 Deposit Restricted 33925897 33925897 Deposit Restricted

funds

Pledge of Pledge of

Account

1143585738 electricity fee Restricted 1018036904 1018036904 electricity fee Restricted

receivable

charge right charge right

Total 1167885693 1051962801 1051962801

32. Short-term borrowings

(1) Category of short-term borrowings

In RMB

Items Closing balance Opening balance

167Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Credit loans 11375541016 14108930833

Total 11375541016 14108930833

(2) Overdue outstanding short-term loans

Total 0 Yuan overdue outstanding short-term loans at period-end including the following significant amount

33. Transactional financial liabilities

Not applicable

34. Derivative financial liability

In RMB

Items Closing balance Opening balance

Total 0 0

35.Notes payable

In RMB

Item Closing balance Opening balance

Commercial acceptance 140000000 160000000

Bank acceptance bills 480000000 570000000

LC 1482674053 1372292195

Total 2102674053 2102292195

36. Accounts payable

(1) List of accounts payable

In RMB

Item Closing balance Opening balance

Fuel payable 3620581660 3109496277

Materials and spare parts payable 404380896 581559457

Repair expenses payable 84889545 229642687

Contracted operation expenses payable 57202494 71348385

Carbon emission allowances payable 23605641 28790799

Management fees payable for frequency

540575023319353

modulation and energy storage

Other 142917817 234888723

Total 4338983803 4279045681

（2）Significant accounts payable that are aged over one year

In RMB

168Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Items Closing balance Opening balance

Fuel payable and freight payable 52172152 Not yet settled

Total 52172152

Other note：

As at 30 June 2025 accounts payable with ageing over one year amounted to RMB 52172152 ( December 31，

2024: RMB 63727791) mainly unsettled fuel payable

37.Other payable

In RMB

Items Closing balance Opening balance

Interest payable 0 0

Dividend payable 0 0

Other payable 16724832466 15825876579

Total 16724832466 15825876579

（1） Interest payable

Not applicable

(2) Dividend Payable

In RMB

Items Closing balance Opening balance

Total 0 0

Note: Including significant unpaid dividends payable over one year the unpaid reason shall be disclosed:

The balance of dividends payable at the end of the period is the dividends payable to non-tradable shareholders

who have not yet gone through the equity division reform procedures and this part of the dividends will be paid

after the formalities are completed.

（3）Other payable

1）Disclosure by nature

In RMB

Items Closing balance Opening balance

Construction and equipment expenses

1548179257614794509103

payable

Engineering quality guarantee payable 588601218 327109608

Carbon emission allowances payable 322775318 246618393

Advances payable to third parties 5475453 6804566

Land compensation 60748250 15958335

Other 265439651 434876574

Total 16724832466 15825876579

169Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

2) Other payables with large amount and aging of over one year

In RMB

Items Closing balance Reason

Construction and equipment expenses

payable Engineering quality guarantee 8380752303 Fail to meet payment terms

payable

Total 8380752303

Other note

As at 30 June 2025 other payables of RMB 8380752303 (31 December 2024: RMB3830441329) aged

over one year mainly represented construction and equipment expenses payable and warranty payable not being

settled because the comprehensive acceptance and settlement of relevant projects were yet to be completed or

projects were still within their warranty periods.

38. Advance from customers

(1) List of Advance from customers

In RMB

Land advance payment Items Closing balance Opening balance

Total 0 0

（2）Significant payable aging more than 1 year

Not applicable

39.Contract Liabilities

In RMB

Item Closing balance Opening balance

Advance service payment 45596227 32643110

Other 70160517 5816718

Total 115756744 38459828

Major contract liabilities with over one year

Not applicable

Significant changes in the book value in the current period

Not applicable

40.Payable Employee wages

(1) List of Payroll payable

In RMB

Item Balance in year-begin Increase in this period Decrease in this period Balance in year-end

1.Short-term

compensation 427772873 1332851718 1051410859 709213732

2.Post-employment

benefits - defined 3091283 218482174 216578683 4994774

contribution plans

170Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

3.Dismissal welfare 116916244 26004879 61566271 81354852

4. Other benefits due

8510788234510449572775898615

within one year

Total 556291188 1579683875 1334513090 801461973

（2）Short-term remuneration

In RMB

Item Balance in year-begin Increase in this period Decrease in this period Balance in year-end

1.Wages bonuses

allowances and 2399430 993918647 738669708 257648369

subsidies

2.Employee welfare 3885406 89518720 77687919 15716207

3. Social insurance

2602865599580795889414976266679541

premiums

Including：Medical

2602865598875888682365904266679541

insurance

Work injury insurance 0 7049072 7049072 0

4. Public reserves for

867609764470796782070949397

housing

5.Union funds and staff

1507603073682931137570609150019009

education fee

6. Short-term paid

0000

absence

7. Short-term

0000

profit-sharing plan

8. Other short-term

10354411191323751128557718201209

remuneration

Total 427772873 1332851718 1051410859 709213732

（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

553111438723451429269621000694

insurance premiums

2.Unemployment

739071030236974192136221

insurance

3. Annuity payment 3028582 67506806 66677529 3857859

Total 3091283 218482174 216578683 4994774

41.Tax Payable

In RMB

171Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Items Closing balance Opening balance

VAT 86329489 111421392

Enterprise Income tax 103431387 116285242

Individual Income tax 1624839 42378114

City Construction tax 2653225 3500301

House property Tax 39773780 11355848

Education surcharges 2234689 2760974

Land use tax 10379814 2059907

Other 14989323 13678237

Total 261416546 303440015

42. Liabilities classified as holding for sale

In RMB

Item Closing balance Opening balance

Total 0 0

43.Non-current liabilities due within 1 year

In RMB

Item Closing balance Opening balance

Long-term loans due in 1 year 7154020702 5906727792

Bond payable due in 1 year 304399943 124279404

Long-term Account payable due in 1

2746859244542852

year

Lease liabilities due in 1 year 437724924 531128288

Total 7923614161 6606678336

44. Other current-liabilities

In RMB

Item Closing balance Opening balance

Output VAT to be written off 559303966 528095817

Total 559303966 528095817

45.Long-term borrowings

（1）Long-term borrowings

In RMB

Items Closing balance Opening balance

Pledged borrowings 4112424282 5173278170

172Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Mortgage borrowings 0 0

Guarantee loan 1115281636 1346902531

Credit loans 69278758770 63021378705

Total 74506464688 69541559406

Explanation on category of long-term loans:

Not applicable

Other note: including interest rate section

Not applicable

46.Bond payable

（1）Bond payable

I

In RMB

Items Closing balance Opening balance

21 Yudean 02 125450185 126964454

21 Yudean03 816335883 802658147

22 Yudean Fa MTN001 614113857 605252536

23 Yudean Fa MTN001 1614676954 1641303369

24 Yudean Fa MTN001 1001645953 1013579788

24 Yudean Fa MTN002 1533812728 1514602351

24 Yudean Fa MTN003 610676983 603064342

24 Yudean Fa MTN004A 1016749949 1004289973

24 Yudean Fa MTN004B 508080912 501275303

24 Yudean Fa MTN005 1015488983 1001880113

24 Yudean Fa MTN006A 811281241 801718882

24 Yudean Fa MTN006B 1014238693 1000796146

25 Yudean Fa MTN001 499592496 0

G23 Yuefeng 2 614369116 614323258

Less：Bonds payable and due within one

-313849942-124279404

year

Total 11482663991 11107429258

173Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

（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

Premium/d Transfer out to

Accrual

Interest Release Bond Opening Issued in iscount Paid in the non-current Closing Whether

Bond Face value Issuing amount interest by

rate date period balance the Period amortizatio Period liabilities due balance default

face value

n within one year

21

April 3+2

Yudean 1500000000 2.45% 1500000000 126964454 0 1531250 -16981 3062500 125450185 No

272021 years

02

21

November 5

Yudean 800000000 3.41% 800000000 802658147 0 13640000 -37736 0 816335883 No

232021 years

03

22

Yudean

August 5

Fa 600000000 2.90% 600000000 605252536 0 8700000 -161321 0 614113857 No

242022 years

MTN00

23

Yudean

March 5

Fa 1600000000 3.35% 1600000000 1641303369 0 26800000 -173585 53600000 1614676954 No

152023 years

MTN00

1

24Yude

an Fa May 5

1000000000 2.41% 1000000000 1013579788 0 12050000 -116165 24100000 1001645953 No

MTN00 222024 years

1

24

Yudean

July 10

Fa 1500000000 2.54% 1500000000 1514602351 0 19050000 -160377 0 1533812728 No

112024 years

MTN00

24

September 15

Yudean 600000000 2.52% 600000000 603064342 0 7560000 -52641 0 610676983 No

92024 Years

Fa

174Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

MTN00

24

Yudean

October 5

Fa 1000000000 2.47% 1000000000 1004289973 0 12350000 -109976 0 1016749949 No

112024 years

MTN00

4A

24

Yudean

October 15

Fa 500000000 2.70% 500000000 501275303 0 6750000 -55609 0 508080912 No

112024 years

MTN00

4B

24

Yudean

October 15

Fa 1000000000 2.70% 1000000000 1001880113 0 13500000 -108870 0 1015488983 No

222024 years

MTN00

5

24

Yudean

November 5

Fa 800000000 2.37% 800000000 801718882 0 9480000 -82359 0 811281241 No

112024 years

MTN00

6A

24

Yudean

November 15

Fa 1000000000 2.67% 1000000000 1000796146 0 13350000 -92547 0 1014238693 No

112024 years

MTN00

6B

25

Yudean

June 10

Fa 500000000 2.18% 500000000 0 500000000 597260 1004764 0 499592496 No

92025 years

MTN00

1

G23

March 20 5

Yuefeng 600000000 3.15% 600000000 614323258 0 9495858 0 9450000 614369116 No

2023 years

2

Less：

Bonds -124279404 -189570538 -313849942 No

payable

175Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

and due

within

one year

Total 13000000000 11107429258 500000000 154854368 -163403 90212500 -189570538 11482663991

176Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

(3) Note to conditions and time of share transfer of convertible bonds

Not applicable

（4）Other financial instruments that are classified as financial liabilities

Not applicable

47. Lease liability

In RMB

Item Closing balance Opening balance

Net lease liabilities 12910241360 12376312142

Total 12910241360 12376312142

48. Long-term payable

In RMB

Item Closing balance Opening balance

Long-term payable 924981669 671387824

Special payable 24960000 24960000

Total 949941669 696347824

(1) Long-term payable listed by nature of the account

In RMB

Item Closing balance Opening balance

Equipment and construction expenses

536809735295079986

payable

Sea area usage fee payable 415640526 420850690

Less：Long-term payables due within one

-27468592-44542852

year

Total 924981669 671387824

（2）Specific payable

In RMB

Items Opening balance Increase Decrease Closing balance Cause

Supporting funds

for efficiency

improvement and

capacity expansion

Supporting funds

of Guanlanzihe 24960000 24960000

for expansion

Hydropower

Station and

Nanrongtian

Hydropower

177Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Station

Total 24960000 24960000

Other note:

Note: The special payables of the Company are the expansion supporting funds allocated by the central and

provincial governments according to the "Notice on Printing and Distributing the Implementation Rules for the

Construction and Management of Rural Hydropower Efficiency Expansion and Renovation Projects in Yunnan

Province" (Yunshui Dian [2013] No. 46) issued by the Yunnan Provincial Water Resources Department and the

Yunnan Provincial Finance Department. There is no specific repayment deadline and the state-owned

administrative asset income shall be levied at an annual interest rate of 4% and handed over to Yunnan Provincial

Water Conservancy and Hydropower Investment Co. Ltd. Our company will include the corresponding interest in

this part in the financial expenses.

49. Long-term employee salary payable

（1）Long-term employee salary payable

In RMB

Item Closing balance Opening balance

I.Post-employment benefits - defined con

9355768287919397

tribution plans

II. Dismissal benefits 402217136 434734312

III.Other long-term benefits 14484507 14484507

Total 510259325 537138216

(2) Changes of defined benefit plans

Present value of the defined benefit plan's obligations:

Not applicable

Net liabilities (net assets) of the defined benefit plan

Not applicable

Explanation of the content of the defined benefit plan and its related risks as well as the impact on the

Company's future cash flows time and uncertainty:

Not applicable

Explanation of significant actuarial assumptions and sensitivity analysis results for the defined benefit plan:

Not applicable

50.Predicted liabilities

In RMB

Items Closing balance Opening balance Reason

Total 0 0

Other explanations including relevant important assumption and estimation explanations of important estimated

liabilities:

178Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Not applicable

51.Deferred income

In RMB

Beginning of Increased this Decreased

Item End of term Reason

term term this term

Government Asset-related

113262526 13260682 3887395 122635813 government

Subsidy grants received

Total 113262526 13260682 3887395 122635813

52. Other non-current liabilities

In RMB

Items Closing balance Opening balance

Housing revolving fund 985667 985667

Other 42500 42500

Total 1028167 1028167

53.Stock capital

In RMB

Changed（+，-）Year-beginning Issuance

Capitalizatio Balance in year-end

balance of new Bonus shares Other Subtotal

n of public

share

reserve

Total of

52502839865250283986

shares

54. Other equity instruments

(1) Basic information of preferred stock perpetual capital securities and other financial instruments

outstanding issued at period-end

Not applicable

(2) Change list of preferred stock perpetual capital securities and other financial instruments

outstanding issued at period-end

In RMB

Outstanding Period-begin Current increased Current decreased Period-end

financial

instrument Amount Book value Amount Book value Amount Book value Amount Book value

Total 0 0

179Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

55. Capital reserves

In RMB

Item Year-beginning Increase in the Decrease in the Year-end balance

balance current period current period

Share premium 4909978015 0 21702 4909956313

Revaluation reserve 119593718 0 0 119593718

Investment From

38897635500388976355

GEGC

Share of interests in the

investee in proportion -158866523 9343464 0 -149523059

to the shareholding

Transfer of capital

surplus recognised

204745920020474592

under the previous

accounting system

Other -76905774 0 0 -76905774

Total 5203250383 9343464 21702 5212572145

Other explanations including the increase or decrease in this period and the reasons for such change:

In the first half of 2025 the capital increase of minority shareholders of some subsidiaries of the Company led

to the dilution of the equity ratio resulting in a total net reduction in capital reserve of 21702 yuan. Changes in

other equity interests of invested units in proportion to shareholding resulted in an increase in capital reserve of

9343464 yuan.

56.Treasury stock

In RMB

Item Year-beginning Increase in the current Decrease in the current Year-end balance

balance period period

Total 0 0

Other explanations including the increase or decrease in this period and the reasons for such change:

Not applicable.

57. Other comprehensive income

In RMB

Amount of current period

Less： Less：Prior

Amount period After-tax

transferred included in After-tax attributed

Year-beginning Amount Less：

Item Closinginto profit other attributed to to

balance incurred before Income tax balance

and loss in composite the parent minority

income tax expenses

the current income company shareholde

period that transfered to r

recognized retained

180Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

into other income in the

comprehensi current

ve income in period

prior period

I. Other

comprehen

sive

income

that will

not be 1329658738 46362141 0 0 26897050 19465091 0 1349123829

subsequent

ly

reclassified

to profit or

loss

Including:

Changes

arising

from

remeasure -47392454 -125551 0 0 0 -125551 0 -47518005

ment of

defined

benefit

plans

Other

comprehen

sive

income

that cannot

be 96233166 -61100510 0 0 0 -61100510 0 35132656

transferred

to profit or

loss under

equity

method

Changes in

fair value

of

investment

1280818026107588202268970508069115201361509178

s in other

equity

instrument

s

181Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

II. Other

comprehen

sive

income

that will be

2217355-365901000-36590101851454

subsequent

ly

reclassified

to profit or

loss

Including：

Share of

other

comprehen

sive

income of

the

investee

that cannot 2217355 -365901 0 0 0 -365901 0 1851454

be

transferred

to profit or

loss

accounted

for using

the equity

method

Total of

other

comprehen 1331876093 45996240 0 0 26897050 19099190 0 1350975283

sive

income

Other explanations including the adjustment of the effective part of cash flow hedging profit and loss to the

initial recognition amount of the hedged item:

58. Special reserves

In RMB

Year-beginning Increase in the current Decrease in the current

Item Year-end balance

balance period period

Safety in production 62769166 212340844 137866698 137243312

Total 62769166 212340844 137866698 137243312

Other explanations including the increase or decrease in this period and the reasons for such change:

182Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

The Company set aside special reserves of 212340844 yuan this year and the actual use is 137866698 yuan.

59. Surplus reserves

In RMB

Year-beginning Increase in the current Decrease in the current

Item Year-end balance

balance period period

Statutory surplus

30168938703016893870

reserve

Discretionary surplus

58866212655886621265

reserve

Total 8903515135 8903515135

Explanation: including changes and reasons for changes

Not applicable

60. Retained profit

In RMB

Item Current period Prior period

Retained profit at period-end before

21429870331283749956

adjustment

Retained profit at period-begin after

21429870331283749956

adjustment

Add: net profit attributable to

shareholders of parent company for this 32474158 902938860

year

Dividend payable for ordinary shares 105005680 105005680

Retained profit at the end of this term 2070455511 2081683136

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 is 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

Amount of current period Amount of previous period

Item

Income Cost Income Cost

Main business 23024016646 21059973597 25944529404 22502230247

Other business 117425297 28589895 134261567 105374482

Total 23141441943 21088563492 26078790971 22607604729

Income related information:

183Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

In RMB

Division 1 Division 2 Total

Contract

Cos

classification Income Cost Income Cost Income Income Cost

t

Business 23141441943 21088563492 23141441943 21088563492

Including：

Electric

22669486579207084536862266948657920708453686

power

Fly ash coal

681658913595306681658913595306

sales revenue

Thermal

282122770256777579282122770256777579

Energy

Other 121666703 119736921 121666703 119736921

Area 23141441943 21088563492 23141441943 21088563492

Including：

Guangdong 22204032561 20331489465 22204032561 20331489465

Xinjiang 563971455 511305365 563971455 511305365

Hunan 81754506 44087408 81754506 44087408

Hebei 76735444 42414174 76735444 42414174

Guangxi 55953791 37439484 55953791 37439484

Yunnan 31118041 14989757 31118041 14989757

Henan 15399857 9033544 15399857 9033544

Shanxi 6790597 973472 6790597 973472

Shandong 16387452 10567133 16387452 10567133

Inner

42351182457741974235118245774197

Mongolia

Gansu 20092391 27919515 20092391 27919515

Anhui 26854666 12569978 26854666 12569978

Market type 23141441943 21088563492 23141441943 21088563492

Including

Power

22669486579207084536862266948657920708453686

market

Other market 471955364 380109806 471955364 380109806

Contract type 23141441943 21088563492 23141441943 21088563492

Including

Sell goods 23019775240 20968826571 23019775240 20968826571

Service 110094085 115878298 110094085 115878298

Assets use

115726183858623115726183858623

rights

By the time of

commodity 23141441943 21088563492 23141441943 21088563492

transfer

184Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Including

Recognize at

a certain time 23019775240 20968826571 23019775240 20968826571

point

Recognize in

a certain 121666703 119736921 121666703 119736921

period of time

Contract term

Including

Sales channel

Including

Total 23141441943 21088563492 23141441943 21088563492

Information related to performance obligations:

The types of

The nature of The expected quality

The time to Whether it is

the goods that refunds to assurance

fulfill the Important the main

Item the company customers provided by the

performance payment terms responsible

promises to borne by the company and

obligation person

transfer company related

obligations

Electric power Cash Electric power According to

June 302025 settlement/mont Yes Not applicable the industry

hly settlement warranty

Heat energy Cash Heat energy According to

June 302025 settlement/mont Yes Not applicable the industry

hly settlement warranty

Power Cash Power According to

generation June 302025 settlement/mont generation Yes Not applicable the industry

by-products hly settlement by-products warranty

Labor service Cash Labor service According to

June 302025 settlement/mont Yes Not applicable the industry

hly settlement warranty

Information related to the transaction price apportioned to the residual performance obligation:

The income corresponding to the performance obligations that have not been performed or have been performed

incompletely but the contract has been signed at the end of the reporting period is RMB348407428 of which

RMB97655518 is expected to be recognized as income in 2025 RMB96213989 is expected to be recognized

as income in 2026 RMB154537921 is expected to be recognized as income in 2027.Information related to variable consideration in the contract:

Not applicable

Major contract changes or major transaction price adjustments:

185Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Not applicable

62. Business tax

In RMB

Item Amount of current period Amount of previous period

Urban construction tax 29509307 37209891

Education surcharge 22818061 30069730

Property tax 45938241 36335868

Land use tax 14167219 11456432

vehicle and vessel usage tax 73892 91730

Stamp tax 13810586 16171101

Environmental protection tax 9532149 5749595

Other 7366859 3719504

Total 143216314 140803851

63.Administrative expenses

In RMB

Item Amount of current period Amount of previous period

Employee’s remuneration 368545366 366908237

Amortization of intangible assets 50902238 44730391

Depreciation expenses 50588722 40644092

Fire safety expenses 28646946 24783110

Property management expenses 18915521 21195951

Long-term deferred amortization of

315835421017353

expenses

Agency fee 9810716 9481501

Publicity expense 1721366 8529449

Rental expenses 5471930 8052260

Afforestation fees 6115381 6489193

Travel expenses 6420338 5859078

Repair fee 2939784 5395181

Office expenses 4887682 4494963

Consulting fee 5116284 4490690

Information system maintenance fee 9272432 3309825

Entertainment expenses 1735530 2215455

Insurance expenses 1715469 854291

Low value easy to consume amortization 601556 661708

Board fee 331340 285541

Other 29336054 33425520

Total 606233009 612823789

64.Selling expenses

In RMB

Item Amount of current period Amount of previous period

186Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Employee’s remuneration 37297407 38292162

Business expense 860367 1035943

Depreciation expenses 1447437 332859

Publicity Expenses 30874 227859

Other 4095592 3923583

Total 43731677 43812406

65. R&D Expense

In RMB

Item Amount of current period Amount of previous period

Direct input fee 236272514 214683952

Employee’s remuneration 54910105 58717736

Other 25746959 46443641

Outsourced research and development

41117163331318

expenses

Total 321041294 323176647

66.Financial Expenses

In RMB

Item Amount of current period Amount of previous period

Interest expenses 1141097530 1215356585

Interest income -47640150 -91313895

Bank charges and others 7665107 11973570

Total 1101122487 1136016260

Other note：

None

67.Other income

In RMB

Other sources of revenue Amount of the Current Term Amount of the Previous Term

Revenue from timely levy and refund of

1296917116007406

VAT

Amortization of the deferred income

35223953971808

related to the assets

Other 7407911 7574537

68.Net exposure hedging income

In RMB

Item Amount of the Current Term Amount of the Previous Term

Total 0 0

187Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

69. Gains on the changes in the fair value

In RMB

Item Amount of the Current Term Amount of the Previous Term

Total 0 0

70. Investment income

In RMB

Item Amount of this period Amount of last period

Long-term equity investment income by

297613926432959549

equity method

Dividends earned during the holding

period on investments in other equity 116155595 112589720

instrument

Other

Total 413769521 545549269

Other note

None

71. Credit impairment loss

In RMB

Item Amount of this period Amount of last period

Loss of bad accounts receivable -7409018 -6206975

Loss of bad debts in other receivables 364945 1966427

Total -7044073 -4240548

Other note

None

72. Losses from asset impairment

In RMB

Item Amount of this period Amount of last period

IV. Impairment loss of fixed assets -2060

XI. Impairment loss of the contract assets -104

Total -104 -2060

Other note

None

188Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

73.Assets disposal income

In RMB

Source Amount of this period Amount of last period

Early lease withdrawal and disposal

415340

income

Total 0 10435

74. Non-Operation income

In RMB

Item Amount of current period Amount of previous period Recorded in the amount of the

non-recurring gains and

losses

Gain on disposal of

249953251010348024995325

non-current assets

A fine net income 3114237 2033020 3114237

Income from carbon emission

018816350

quota trading

liquidated damages income 1086897 1858508 1086897

Claims and Compensation

108044369372668108044369

Income

Other 2857670 60348235 2857670

Total 140098498 76597546 140098498

Other note：

75.Non-current expenses

In RMB

Amount of current period Amount of previous period The amount of non-operating

Item

gains & losses

Foreign donations 119302 114856 119302

Carbon emission allowances

used to fulfil the emission 72907513 150950755

reduction obligation

Loss on obsolescence of

10385900970166410385900

non-current assets

Fine for delaying payment 1732820 5782976 1732820

Other 586698 19744571 586698

Total 85732233 186294822 12824720

76. Income tax expenses

（1）Income tax expenses

In RMB

189Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Item Amount of current period Amount of previous period

Current income tax expense 168875760 252861744

Deferred income tax expense 56395204 190583945

Total 225270964 443445689

（2）Adjustment on accounting profit and income tax expenses

In RMB

Item Amount of current period

Total profits 322566290

Income tax expenses calculated on legal / applicable tax rate 80641573

Effect of different tax rate applicable to the subsidiary

-3685134

Company

Impact of adjusting the income tax of prior period -174409291

Influence of non taxable income 2841999

Impact of non-deductible costs expenses and losses -9287856

Utilisation of previously unrecognised deductible losses or

203845079

temporary differences

Utilisation of deductible temporary differences for which no

125324594

deferred tax asset was recognised in previous periods

Income tax expenses 225270964

Other note

None

77. Other comprehensive income

Refer to the notes (56)

78. Items of cash flow statement

(1) Cash related to business activities

Cash received from other activities relating to operation

In RMB

Items Amount of current period Amount of previous period

Interest income 37392453 49472945

Government Subsidy 22247807 3629340

Claims and compensation income 26001802 27205502

Rental fee 10344333 16994298

Return the fuel advance payment 96450000 111566739

Land compensation 60748250

Compensation for reclamation works and

53797467

breakwater royalties

Other 166631286 190544165

Total 473613398 399412989

190Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Explanation on other cash received in relation to operation activities: N/A

Other cash paid in relation to operation activities

In RMB

Items Amount of current period Amount of previous period

Carbon emission quota and trading

58366041119438117

reserve fund

Information system maintenance fee 11968874 60613415

Repair and maintenance costs 186805860 47789696

Insurance premium 43774545 42749755

Water and electricity 34188560 35711836

3073261531977204

Fire-fighting and security fees 31627267 29893350

Agency fees 16227658 21670333

Equipment cleaning sanitation and

1093538817028714

greening fees

Auxiliary service fee for energy storage

427460316779238

and frequency regulation

Automobile fee 11630510 12874857

Rental fee 15284167 12017479

Travel expense 10533401 8228214

Labour union fee 6730198 6613745

Office fee 6197607 6187549

Business fee 2338836 3101189

Enterprise promotion fee 3402574 3068458

R & D 20088252 2889708

Other 336710167 523765059

Total 841817123 1002397916

Explanation on other cash paid in relation to operation activities: N/A

（2）Cash related to Investment activities

Cash receivable related to other Investment activities

In RMB

Items Amount of current period Amount of previous period

Take back the large deposit certificate of

400000000

the finance Company

Return of the equity acquisition advance

101226000

payment

Other 209930

Total 101226000 400209930

Related for important cash related to investment activities

191Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

In RMB

Item Amount of current period Amount of previous period

Return of the equity acquisition advance

101226000

payment

Total 101226000

Explanation on other cash received from investment activities:

None.Cash paid related to investment activities

In RMB

Item Amount of current period Amount of previous period

Equity acquisition deposit 223380000

Deposit in time deposit 11467182

Other 1034550 318100

Total 12501732 223698100

Important cash received in relation to the investment activities

In RMB

Item Amount of current period Amount of previous period

Equity Acquisition Project of Xiangzhou

52200000

Yunjiang New Energy Co. Ltd.Equity Acquisition Project of Xiangzhou

99180000

Hangjing New Energy Co. Ltd.Equity Acquisition Project of Kekdalazfo

72000000

New Energy Co. Ltd.Total 223380000

Explanation of other cash payments related to fund-raising activities:

None

（3）Cash related to Financing activities

Other cash received in relation to financing activities

In RMB

Item Current period incurred Prior period incurred

Total 0 0

Explanation on other cash received in relation to financing activities:

None

Other cash paid related with financing activities

In RMB

192Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Item Current period incurred Prior period incurred

Repayments of lease liabilities and

445517523307846245

long-term payables

Other 49266087 58127818

Total 494783610 365974063

Explanation on other cash paid related with financing activities:

Changes in various liabilities arising from fund-raising activities

□Applicable?Not applicable

(3) Statement of cash flows on a net basis

None

(4) Major activities and financial impacts that do not involve cash receipts and expenditures in the

current period but affect the financial position of the enterprise or may affect the cash flow of the

enterprise in the future

None

79. Supplementary information to statement of cash flow

(1) Supplementary information to statement of cash flow

In RMB

Supplementary information Current amount Amount of the previous period

1．Net profit adjusted to cash flow of

operation activities:

Net profit 97295326 1230281171

Add: Assets impairment provision 7044177 4242608

Depreciation of fixed assets

consumption of oil assets and 2769985362 3154045598

depreciation of productive biology assets

Depreciation of right-of-use assets 399939207 303483268

Amortization of intangible assets 70140486 62885821

Amortization of long-term deferred

524706314446767

expenses

Loss from disposal of fixed assets

intangible assets and other long-term -41534 -10435

assets (gain is listed with “-”)

Losses on scrapping of fixed assets (gain

-14609425-401816

is listed with “-”)

Gain/loss of fair value changes (gain is

00

listed with “-”)

Financial expenses (gain is listed with

11410975301215356585

“-”)

Investment loss (gain is listed with “-”) -413769521 -545549269

Decrease of deferred income tax asset -156697047 191687089

193Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

(increase is listed with “-”)

Increase of deferred income tax liability

213092251-108887929

(decrease is listed with “-”)

Decrease of inventory (increase is listed

-670285589-1616079923

with “-”)

Decrease of operating receivable

225037896869415221

accounts (increase is listed with “-”)

Increase of operating payable accounts

6826454161231310315

(decrease is listed with “-”)

Other

Net cash flow arising from operating

43561215986006225071

activities

2. Material investment and financing not

involved in cash flow

Conversion of debt into capital

Switching Company bonds due within

one year

Financing lease of fixed assets

3. Net change of cash and cash

equivalents:

Balance of cash at period end 12529747072 12013016832

Less: Balance of cash equivalent at

1183150492411954167156

year-begin

Add: Balance at year-end of cash

equivalents

Less: Balance at year-begin of cash

equivalents

Net increased amount of cash and cash

69824214858849676

equivalents

(2) Net cash paid for obtaining subsidiary in the Period

None

(3)Net cash received by disposing subsidiary in the Period

None

(4) Constitution of cash and cash equivalent

In RMB

Item Ending balance Opening balance

I. Cash 12529747072 11831504924

194Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Including: Cash on hand 41462 34030

Bank deposit available for payment at

1252970561011831470894

any time

III. Balance of cash and cash

1252974707211831504924

equivalents at the period -end

(5) Situations where the scope of use is limited but still classified as cash and cash equivalents

None

( 6) Monetary funds that do not belong to cash and cash equivalents

In RMB

Amount of the previous Reason for not belonging to

Item Amount of the current period

period cash and cash equivalents

The liquidity does not meet

Deposit certificates for

3462067182 4000000000 the definition of cash and

finance Company

cash equivalents

The liquidity does not meet

Other Monetary funds 24299955 21411917 the definition of cash and

cash equivalents

Accrued balance is not actual

Interest receivable 35600457 77066007

balance

Total 3521967594 4098477924

(7) Description of other major activities

80. Notes of changes of owners’ equity

Explain the name and adjusted amount in “Other” at end of last period:

81. Foreign currency monetary items

(1) Foreign currency monetary items

In RMB

Closing foreign currency Closing convert to RMB

Item Exchange rate

balance balance

Monetary capital

Including：USD 0.80 7.1875 5.75

Euro 0.00 0.0000 0.00

HKD 13614 0.9127 12426

Account receivable

Including：USD

Euro

195Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

HKD

Long –term borrowings

Including：USD

Euro

HKD

(2) Note to overseas operating entities including important overseas operating entities which should be

disclosed about its principal business place functional currency for bookkeeping and basis for the choice.In case of any change in function currency the cause should be disclosed.□ Applicable √ Not applicable

82. Leasing

(1) The Company acts as the lessee

?Applicable □Not applicable

Variable lease payments that are not included in the measurement of lease liabilities

?Applicable □Not applicable

The amount of variable lease payments included in the cost of relevant assets or profit or loss for the period is

330189 yuan.

Simplified processing of lease costs for short-term leases or lease for low-value assets

?Applicable □Not applicable

The amount of short-term lease expenses included in the simplified treatment of the cost of related assets or

profit or loss for the period was 2010980 yuan.Cases involving sale-leaseback transactions

(2) The Company acts as the lessor

Operating lease as a lessor

?Applicable □Not applicable

In RMB

Including: the income related to the

Item Lease income variable lease payments not included in

the lease collection amount

House and building 11572618

Total 11572618

Financial lease as a lessor

□Applicable?Not applicable

Annual undiscounted lease receipts for the next five years

□Applicable?Not applicable

196Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Adjustment table for undiscounted lease receipts and net lease investments

(3) Recognition of financial lease sales gains and losses as a producer or distributor

□Applicable?Not applicable

83. Data resources

None

84. Other

None

VIII. R&D expenditure

None

IX. Changes of merge scope

1. Business merger not under same control

(1) Business merger not under same control in reporting period

None

Other note:

None

（2）Combination cost and goodwill

None

(3) Identifiable assets and liabilities on purchasing date under the acquiree

None

(4) Gains or losses arising from re-measured by fair value for the equity held before purchasing date

Whether it is a business combination realized by two or more transactions of exchange and a transaction of

obtained control rights in the Period or not

□Yes?No

197Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

(5) On purchasing date or period-end of the combination combination consideration or fair value of

identifiable assets and liability for the acquiree are unable to confirm rationally

None

(6) Other Note:

None

2. Enterprise combine under the same control

(1) Enterprise combined under the same control in the Period

None

(2) Combination cost

None

Other Note:

None

(3) Book value of the assets and liability of the combined party on combination date

None

Other Note:

None

3. Counter purchase

Basic transaction information basis of counter purchase whether making up business due to the assets and

liability reserved by listed company and basis determination of combination cost amount and calculation on

adjusted equity by equity transaction:

None

4. Subsidiary disposal

Whether lost controlling rights while dispose subsidiary in one go or not

□Yes?No

Whether lost controlling rights in the Period while dispose subsidiary in two or more steps or not

198Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

□Yes?No

5. Other reasons for consolidation range changed

Reasons for changed on consolidation range (such as new subsidiary established subsidiary liquidated etc.)And

relevant information:

Situation of liquidation subsidiaries in this year:

Major business Nature of Registered Shareholding(%)

Name Place of registration

location business capital Direct Indirect

Guangdong Yudean Heping Wind

Heyuan Heyuan Electric Power 137000000 76.44%

Power Co. Ltd.

199Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

6.Other

None

X. Equity in other entity

1. Equity in subsidiary

（1）Composition of enterprise group

In RMB

Business Share-holding ratio

Subsidiary Registered capital Main operation Registered place Acquired way

nature Directly Indirectly

Maoming

Electric

Thermal 1437985100 Maoming Maoming 46.54% 0% Establish

Power

power Plant

Jinghai

Electric

Power 2919272000 Jieyang Jieyang 65% 0% Establish

Power

Generation

Zhangjiang Electric

449420000 Zhanjiang Zhanjiang 0% 53.51% Establish

Wind Power Power

Technology

Engineering Repair200000000 Guangzhou Guangzhou 100% 0% Establish

services

Company

Humen

Electric

Power 150000000 Dongguan Dongguan 60% 0% Establish

Power

Generation

Bohe Electric

3118000000 Maoming Maoming 67% 0% Establish

Company Power

Xuwen Wind 173190000 Zhanjiang Zhanjiang Electric 0% 53.51% Establish

200Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Power Power

Huadu Electric

497000000 Guangzhou Guangzhou 65% 0% Establish

Natural gas Power

Dapu Power Electric

1907100000 Meizhou Meizhou 100% 0% Establish

Generation Power

Leizhou Electric

109803900 Zhanjiang Zhanjiang 0% 62.52% Establish

Wind Power Power

Dianbai Electric

171872900 Maoming Maoming 0% 76.44% Establish

Wind Power Power

Business combinations involving

Zhanjiang Electric

2875440000 Zhanjiang Zhanjiang 0% 76% enterprises under common

Company Power

control

Business combinations involving

Yuejia Electric

756000000 Meizhou Meizhou 58% 0% enterprises under common

Company Power

control

Shaoguan Business combinations involving

Electric

Power 1070000000 Shaoguan Shaoguan 90% 0% enterprises under common

Power

Generation control

Business combinations involving

Zhongyue Electric

1454300000 Zhanjiang Zhanjiang 90% 0% enterprises under common

Company Power

control

Electric

Electric sales 500000000 Guangzhou Guangzhou 100% 0% Establish

Power

Qujie Wind Electric

2519567500 Zhanjiang Zhanjiang 0% 75.16% Establish

Power Power

Yangjiang Electric

1192660000 Yangjiang Yangjiang 0% 69.87% Establish

Wind Power Power

Lincang Electric Business combinations involving

459790000 Linfen Linfen 100% 0% enterprises not under common

Company Power control

201Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Business combinations involving

Guangqian Electric

1030292500 Shenzhen Shenzhen 100% 0% enterprises under common

Company Power

control

Business combinations involving

Huizhou Electric

1499347500 Huizhou Huizhou 67% 0% enterprises under common

Natural gas Power

control

Pinghai Business combinations involving

Electric

Power 1370000000 Huizhou Huizhou 45% 0% enterprises under common

Power

Generation control

Business combinations involving

Shibeishan Electric

231700000 Jieyang Jieyang 0% 53.51% enterprises under common

Wind Power Power

control

Business combinations involving

Red Bay Electric

2749750000 Shanwei Shanwei 65% 0% enterprises under common

Company Power

control

Guangdong Electric Business combinations involving

12690914586 Guangzhou Guangzhou 76.44% 0% enterprises not under common

Wind Power Power control

Tongdao Electric

106500000 Huaihua Huaihua 0% 76.44% Establish

Wind Power Power

Huilai Wind Electric

Business combinations involving

59000000 Jieyang Jieyang 0% 68.67% enterprises not under common

Power Power control

Hongrui Electric

20000000 Shaoguan Shaoguan 0% 90% Establish

Technology Power

Yongan Electric

550000000 Zhaoqing Zhaoqing 90% 0% Establish

Natural gas Power

Xupu Wind Electric

104910000 Huaihua Huaihua 0% 76.44% Establish

Power Power

Wuxuan Electric

96520000 Laibin Laibin 0% 76.44% Establish

Wind Power Power

202Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Pingdian

Integrated Electric

20000000 Huizhou Huizhou 0% 45% Establish

Energy Power

Company

Zhuhai Wind Electric

1128634000 Zhuhai Zhuhai 0% 56.78% Establish

Power Power

Electric

Binhai Bay 1040000000 Dongguan Dongguan 100% 0% Establish

Power

Dayawan Electric

764000000 Huizhou Huizhou 70% 0% Establish

Company Power

Qiming Electric

53000000 Guangzhou Guangzhou 100% 0% Establish

Company Power

Huaguoquan Business combinations involving

2650000 Shenzhen Shenzhen Lease 100% 0% enterprises not under common

Company control

Nanxiong Electric

75000000 Shaoguan Shaoguan 0% 76.44% Establish

New Energy Power

Dananhai Electric

291000000 Jieyang Jieyang 100% 0% Establish

Company Power

Qingzhou

Electric

Offshore 2421000000 Yangjiang Yangjiang 0% 76.44% Establish

Power

wind power

Wanhaowei Electric

100046000 Zhanjiang Zhanjiang 0% 76.44% Establish

New Energy Power

Wanchuang

Electric

Hengwei 100046000 Zhanjiang Zhanjiang 0% 76.44% Establish

Power

New Energy

Nanhua New Electric Business combinations involving

135234900 Zhanjiang Zhanjiang 0% 38.98% enterprises not under common

Energy Power control

Datang New 145938900 Guangzhou Guangzhou Electric 0% 38.98% Business combinations involving

203Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Energy Power enterprises not under common

control

Yueneng Electric Business combinations involving

130000000 Zhanjiang Zhanjiang 0% 38.98% enterprises not under common

Wind Power Power control

Tumu

Thermal Electric Business combinations involving

1006523900 Tumusuke Tumusuke 79.48% 0% enterprises not under common

power Power control

Company

Business combinations involving

Sha C Electric

2500000000 Guangzhou Guangzhou 51% 0% enterprises under common

Company Power

control

Guanghe Business combinations involving

Electric

Electric 2240816893 Guangzhou Guangzhou 0% 51% enterprises under common

Power

Power control

Biomass Business combinations involving

Electric

power 621040000 Zhanjiang Zhanjiang 0% 51% enterprises under common

Power

generation control

Xinhui Business combinations involving

Electric

power 613902063 Jiangmen Jiangmen 0% 45.90% enterprises under common

Power

generation control

Business combinations involving

Yunhe power Electric

1080293258 Yunfu Yunfu 90% 0% enterprises under common

generation Power

control

Business combinations involving

Yundian Electric

40000000 Yunfu Yunfu 0% 56.25% enterprises under common

Energy Power

control

Yuehua Business combinations involving

Electric

power 1314714000 Guangzhou Guangzhou 51% 0% enterprises under common

Power

generation control

204Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Yunhua

Business combinations involving

Integrated Electric

60500000 Guangzhou Guangzhou 0% 51% enterprises under common

Energy Power

control

Company

Bijie New Electric

10000000 Bijie Bijie 100% 0% Establish

Energy Power

Shangyang Electric

120820000 Zhanjiang Zhanjiang 0% 90% Acquisition of assets

Energy Power

Guidian Electric

120820000 Zhanjiang Zhanjiang 0% 90% Acquisition of assets

Energy Power

Shunfeng Electric

22293880 Zhoukou Zhoukou 0% 76.44% Acquisition of assets

New Energy Power

Jiandian New Electric

31350000 Jiaozhuo Jiaozhuo 0% 76.44% Acquisition of assets

Energy Power

Lianjiang Electric

140070000 Zhanjiang Zhanjiang 0% 76.44% Establish

New Energy Power

Zhaocheng Electric

100000 Linfen Linfen 0% 76.44% Establish

Yuefeng Power

Wuhua New Electric

30800000 Meizhou Meizhou 0% 76.44% Establish

Energy Power

Yingyang Electric

77050000 Baoding Baoding 0% 76.44% Acquisition of assets

New Energy Power

Lineng New Electric

77050000 Baoding Baoding 0% 76.44% Acquisition of assets

Energy Power

Inner New Electric

314550000 Hoheot Hoheot 0% 76.44% Establish

Energy Power

Zhuhai Electric

285297600 Zhuhai Zhuhai 0% 76.44% Establish

Yuefeng Power

Dunan New 160000000 Langfang Langfang Electric 0% 61.15% Acquisition of assets

205Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Energy Power

Gaotang Electric

36096000 Liaocheng Liaocheng 0% 76.44% Acquisition of assets

NewEnergy Power

Shaoguan Electric

48317720 Shaoguan Shaoguan 100% 0% Establish

New Energy Power

Hanhai New Electric

5000000 Tumusuke Tumusuke 100% 0% Establish

Energy Power

Jinxiu Electric

2913100 Laibin Laibin 90% 0% Establish

Energy Power

Senhong Electric

10000000 Nanjing Nanjing 100% 0% Acquisition of assets

New Energy Power

Muhong Electric

1000000 Jinchang Jinchang 0% 100% Acquisition of assets

New Energy Power

Senhai New Electric

1000000 Nanjing Nanjing 100% 0% Acquisition of assets

Energy Power

Mujin New Electric

120495920 Jingcheng Jinchang 0% 100% Acquisition of assets

Energy Power

Huibo New Electric

5000000 Huozhou Huizhou 100% 0% Establish

Energy Power

Dongrun

Electric

Zhongneng 1000000 Jiangmen Jiangmen 100% 0% Acquisition of assets

Power

New Energy

Dongrun

Electric

Qingneng 22304520 Jiangmen Jiangmen 0% 100% Acquisition of assets

Power

New Energy

Runze

Electric

Jieyuan New 22758500 Jiangmen Jiangmen 0% 100% Acquisition of assets

Power

Energy

Maoming 135700000 Maoming Maoming Electric 85% 0% Establish

206Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Natural gas Power

Xingyue Electric

9977500 Meizhou Meizhou 100% 0% Establish

New Energy Power

Huixin

Electric

Thermo 13500000 Huizhou Huizhou 85% 0% Establish

Power

Electricity

Shache Electric

1206110470 Kashgar Kashgar 100% 0% Acquisition of assets

Energy Power

Xinguangyao Electric

46522828 Qingdao Qingdao 99% 0% Acquisition of assets

New Energy Power

Telian New Electric

45774873 Qingdao Qingdao 0% 99% Acquisition of assets

Energy Power

Lianyao New Electric

1000000 Qingdao Qingdao 0% 99% Acquisition of assets

Energy Power

Jiuzhou New Electric

40680000 Zhaoqing Zhaoqing 100% 0% Acquisition of assets

Energy Power

Changshan Electric

110740000 Xiangtan Xiangtan 100% 0% Acquisition of assets

Wind Power Power

Luoding Electric

500000 Yunfu Yunfu 100% 0% Establish

New Energy Power

Zhuhai New Electric

5000000 Zhuhai Zhuhai 100% 0% Establish

Energy Power

Tumusuke Electric

500000 Tumusuke Tumusuke 100% 0% Establish

Changhae Power

Zhenneng Electric

1000000 Yunfu Yunfu 100% 0% Establish

New Energy Power

Zhonggong Electric

1000000 Maoming Maoming 100% 0% Acquisition of assets

Energy Power

Yanhua New 152969360 Maoming Maoming Electric 100% 0% Acquisition of assets

207Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Energy Power

Xinjiang Electric

1300000000 Urumqi Urumqi 100% 0% Establish

Company Power

Xinjiang Electric

20000000 Urumqi Urumqi 100% 0% Establish

Energy Power

Gaozhou Electric

1476800 Maoming Maoming 100% 0% Establish

NewEnergy Power

Xintian Electric

2000000 Yongzhou Yongzhou 0% 76.44% Establish

Yuefeng Power

Lanshan Electric

2000000 Yongzhou Yongzhou 0% 76.44% Establish

Yuefeng Power

Lianjiang Electric

84400000 Zhanjiang Zhanjiang 0% 76.44% Acquisition of assets

Hangneng Power

Guangxi Electric

179000000 Laibin Laibin 0% 76.44% Acquisition of assets

Hangneng Power

Jincheng Electric

1000000 Jincheng Jincheng 0% 69.53% Establish

Yuefeng Power

Baiyin Electric

100000 Baiyin Baiyin 0% 76.44% Establish

Yuefeng Power

Yuncheng Electric

122118900 Yuncheng Yuncheng 0% 72.62% Establish

Wanquan Power

Tuokexun Electric

20000000 Turpan Turpan 0% 100% Establish

Energy Power

Yehai Electric

112010000 Hainan Hainan 0% 76.44% Establish

Yuefeng Power

Zhuhai Electric

50000000 Zhuhai Zhuhai 0% 38.98% Establish

Yuefeng Power

Zhanjiang Electric

50000000 Zhanjiang Zhanjiang 0% 38.98% Establish

Yuefeng Power

208Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Zhuhai Electric

10000000 Zhuhai Zhuhai 0% 76.44% Establish

Yuefeng Power

Shantou Electric

1110750000 Shantou Shantou 0% 15.40% Establish

Yuefeng Power

Herun New Electric

75170000 Haozhou Haozhou 0% 15.40% Acquisition of assets

Energy Power

Dianping Electric

203580000 Meizhou Meizhou 0% 15.40% Establish

Yuanfeng Power

Ruisi New Electric

300000 Guangzhou Guangzhou 0% 76.44% Establish

Energy Power

Xiangzhou Electric

105420000 Laibin Laibin 0% 76.44% Acquisition of assets

Yunjiang Power

Xiangzhou Electric

199980000 Laibin Laibin 0% 76.44% Acquisition of assets

Hangjing Power

Qinglong Electric

237600000 Qingdao Qingdao 0% 76.44% Acquisition of assets

Manzhu Power

Karamay

integrated Electric

20000000 karamay karamay city 0% 100% Establish

energy Power

source

Hannan Electric

90000000 Hainan Hainan 0% 100% Acquisition of assets

Longyao Power

ZhongshanE Electric

nergy 15000000 Zhongshan Zhongshan 0% 100% Establish

Service Power

Yudean New Electric

100000000 Guangzhou Guangzhou 100% 0% Establish

Energy Power

Explanation on share-holding ratio in subsidiary different from ratio of voting right：

(1) On 30 November 2018 Maoming Thermal merged Guangdong Energy Maoming Thermal Power Station Co. Ltd. wholly-owned by GEGC. After the merger

GEGC held 30.12% equity of Maoming Thermal. According to the agreement between the Company and GEGC Guangdong Electric Power Development Co. Ltd.

209Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

a subsidiary of Guangdong Energy Group Company holds 15.02% equity the delegated shareholder and director from GEGC maintain consensus with those of the

Company while exercising the voting rights during the shareholders’ meeting and the Board of Directors’ meeting at Maoming Thermal. Therefore the Company

owns control power over Maoming Thermal.

(2) Pinghai Power was acquired from GEGC by the Group in 2012 through offering non-public shares. According to the agreement between GEGC and Guangdong

Huaxia Electric Power Development Co. Ltd. (“Huaxia Electric”) which holds 40% equity in Pinghai Power the delegated shareholder and director from Huaxia

Electric maintain consensus with those of GEGC when exercising their voting rights during the shareholders’ meeting and Board of Directors’ meeting at Pinghai

Power; besides after GEGC transfers its 45% equity in Pinghai Power to the Company the delegated shareholder and director from Huaxia Electric also reach

consensus with those of the Company when exercising their voting rights during the shareholders’ meeting and Board of Directors’ meeting at Pinghai Power.Therefore the Company owns the control power over Pinghai Power.

2. Basis for holding half or less voting rights but still controlling the investee and holding more than half voting rights but not controlling the investee:

1) As of June 30 2024 Guangdong Wind Power a subsidiary of the Group held 51% shares of AVIC Shenxin. According to the Articles of Association of AVIC

Shenxin the resolutions made at the shareholders' meeting must be unanimously approved by shareholders representing more than two thirds of the voting rights.Therefore Guangdong Wind Power a subsidiary of the Group and Inner Mongolia Electric Power Survey & Design Institute Co. Ltd. which holds 49% of the

shares jointly control AVIC Shenxin.

2) Guangdong Wind Power a subsidiary of the Group held 54.6% shares of Yuexin Energy. According to the company's Articles of Association if the Guangdong

Wind Power fails to reach the control requirement China Aviation Industry Renewable Energy Corporation will control Yuexin Energy.GF Securities Asset Management (Guangdong) Co. Ltd. ("GF Securities") issued the Guangdong Wind Power Company New Energy Infrastructure Investment

Green Carbon Neutrality Asset-Backed Special Plan in 2024 using the wind power projects held by the Group’s subsidiaries Dianping Yuanfeng and Herun New

Energy as the underlying assets. In accordance with the requirements of No. 33 of Accounting Standards for Business Enterprises - Consolidation the company

included one structured entity that meets the definition of "control" in the scope of consolidated statements. As of June 30 2025 the equity of the aforementioned

structured entity attributable to the Group was RMB175188800 and the equity attributable to other equity holders was presented as minority shareholders' equity

in the consolidated statements whose the total amount was RMB 962400813.Basis for determining to be an agent or consignor:

Not applicable

Other note:

None

210Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

（2）Significant not wholly-owned subsidiaries

In RMB

Profit or loss

Holding proportion of Dividend declared to Closing balance of

Name attributable to

non-controlling interest non-controlling interest non-controlling interest

non-controlling interest

Wind Power

23.56%45714316415132903647027418.96

Company

Pinghai Power

55%797090141447171951233060235

Generation

Jinghai Company 35% 28537617 0 1178709223.35

Red Bay Company 35% 40080789 0 1068386733.70

Zhanjiang Electric 24% -999752 4948184 861227840.20

Huizhou Natural gas 33% 20121226 114580006 688270414.02

Bohe Company 33% -20426231 0 788444384.26

Explanation on share-holding ratio of minority different from ratio of voting right:

None.

（3）Main financial information of significant not wholly-owned subsidiaries

In RMB

Closing balance Beginning balance

Subsidiaries Current Non-curren Current Non-curren Total Current Non-current Current Non-current Total

Total assets Total assets

assets t assets liabilities t Liabilities liabilities assets assets liabilities Liabilities liabilities

Wind

Power 10213868886 51075861207 61289730093 9402055371 34441623992 43843679363 10147737294 50182786247 60330523541 9116738970 33831030437 42947769407

Company

Pinghai

Power 1545739299 2160496547 3706235846 928686263 525989920 1454676183 1418525113 2230480194 3649005307 736053942 543759151 1279813093

Generation

211Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

Jinghai

21019078071057891035212680818159652942307227848404329314263504145484516785034985759958343742458479704021094829166694279956

Company

Red Bay

155534519457152970027270642197272589927413484375294074336804150531156456828484287188159992309528535610906090594185894415

Company

Zhanjiang

2779823182115499449939348176823155490123502361335057262627130986991205638041391873674027052842335233444305761867

Electric

Huizhou

72392403023096149053033538936945934529193836994787289757123539323993574672970592860510351612103320234613671846

Natural gas

Bohe

13425186389657372792109998914301657273967696163487986189088451330215572920593368910536149261184376782465860847428429852566

Company

In RMB

Amount of current period Amount of previous period

Subsidiaries Total Cash flow Total Cash flow from

Operating revenue Net profit comprehensive from operating Operating revenue Net profit comprehensi

operating activities

income activities ve income

Wind Power

16682006332268505212268505218803314401683513925318149169318149169964623921

Company

Pinghai Power

16818424791449254801449254801700837371810201016134952787134952787597774788

Generation

Jinghai

221324735180350066803500663272877642957829113217139250217139250680317715

Company

Red Bay

21847792511121455481121455483266139532360735992155446980155446980527483178

Company

Zhanjiang

900748380-8369913-836991338383241163075942368033363680333626246886

Electric

Huizhou

133305412560973413609734133972743551852297784196132247196132247383223562

Natural gas

Bohe Company 935488571 -61897670 -61897670 326576596 1724373686 166992706 166992706 822476414

Other note：

212Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

(4) Significant restrictions of using enterprise group assets and pay off enterprise group debt

None

(5) Provide financial support or other support for structure entities are incorporate into the scope of

consolidated financial statements

None

213Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2025

2. The transaction of the Company with its owner’s equity share changed but still controlling the

subsidiary

(1) Note to owner’s equity share changed in subsidiary

None

(2) The transaction’s influence to equity of minority shareholders and attributable to the owner's equity

of the parent company

None

3. Equity in joint venture arrangement or associated enterprise

(1) Significant joint venture arrangement or associated enterprise

Shareholding Ratio (%) The accounting

Name of Main Places of Registration Nature of treatment of

Subsidiary Operation Place Business direct indirect investment in

associates

Industry Fuel Guangzhou Guangzhou Fuel trade 50% Equity method

Coal

Transportation

Shanxi Yudean

Taiyuan Taiyuan and port 40% Equity method

Energy