2025 Annual Report Guangdong Electric Power Development Co. Ltd.2025 Annual Report March 20262025 Annual Report 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 Annual 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 Annual report.Directors other than the following ones have attended the Board meeting to review the 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 Li Fangji 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 please refer to "11. Company" in "Section III Management Discussion and Analysis" Prospects for Future Development" section.The preplan profit distribution of the Company deliberated and approved by the Board is: Total share of 5250283986 for Base on the Company‘s total share capital the Company would distribute cash dividend to all the shareholders at the rate of CNY 0.2 for every 10 shares (with tax inclusive) with 0 bonus shares（including tax） and not converting capital reserve into share capital.2025 Annual Report 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 Report2025 Annual Report 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. Original audit report seal with accounting firms and signature and seal from CPA; 3.All original copies of official documents and notices which were disclosed in Securities Times China Securities Securities Daily and Hong Kong Commercial Daily (Both English and Chinese version); 4.Chinese version of the Annual report. The documents mentioned above are kept in office and are ready for reference at any time (except public holidays Saturday and Sunday).2025 Annual Report Definition Terms to be defined Refers to Definition Guangdong Energy Group Refers to Guangdong Energy Group Co. Ltd.Zhuhai Yuefeng Zhuke New Energy Co.Zhuhai Yuefeng Zhuke Refers to Ltd.Dongguan Ningzhou Enetgy Investment Dongguan Ningzhou Refers to Partnership（LP） Guangdong Beibuwan Offshore Wind BeibuwanOffshore Wind Power Refers to Power Development Co. Ltd.Yudean Testing Refers to Guangdong Yudean Testing Co. Ltd.Guangdong YudeanLinghang Electric YudeanLinghang Refers to Power Co. Ltd.Yudean Turpan New Energy Power Turpan New Energy Refers to Generation Co. Ltd.Inner Mongolia Electric Power Inner Mongolia Power Grid Company Refers to（Group）Co. Ltd.Guangdong Energy Maoming Thermal Maoming Thermal Power Plant Refers to Power Plant Co. Ltd.Guangdong Yudean Jinghai Power Jinghai Power Generation Refers to GeneratrionCo.Ltd.Guangdong Yudean Zhanjiang Zhanjiang Wind Power Refers to WindPower Generation Co. Ltd.Guangdong Yudean Technology Technology Engineering Company Refers to Engineering Management Co. Ltd.Guangdong Yudean Humen Power Humen Power Generation Refers to Generation Co. Ltd.Guangdong YudeanBohe Energy Bohe Energy Refers to Co.Ltd.Guangdong Yudean Xuwen Wind Power Xuwen Wind Power Refers to Generation Co. Ltd.Guangdong Yudean Huadu Natural Gas Huadu Natural Gas Refers to Thermal Power Co. Ltd.Guangdong YudeanDapu Power Dapu Power Generation Refers to Generation Co. Ltd.Guangdong YudeanLeizhou Wind Power Leizhou Wind Power Refers to Genaration Co. ltd.Guangdong Yudean Dianbai Wind Dianbai Wind Power Refers to Power Co. Ltd.Zhanjiang Electric Power Refers to Zhanjiang Electric Power Co. Ltd.Guangdong Yuejia Electric Power Co.Yuejia Electric Power Refers to Ltd.Guangdong YudeanShaoguan Power Shaoguan Power Generation Plant Refers to Generation Co. Ltd.Zhongyue Energy Refers to Zhanjiang Zhongyue Energy Co. Ltd.Guangdong Yudean Electric Power Sales Electric Power Sales Company Refers to Co. Ltd.Guangdong Yudean Qujie Wind Power Qujie Wind Power Refers to Generation Cao. Ltd.Guangdong Yudean Yangjiang Offshore Yangjiang Wind Power Refers to Wind Power Co. 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Ltd.Guangdong GuangyeNanhua New Nanhua New Energy Refers to Energy Co. Ltd.Guangdong Yueneng Datang New Datang New Energy Refers to Energy Co. Ltd.Guangdong Yueneng Wind Power Co.Yueneng Wind Power Refers to Ltd.Tumu Thermal Power Refers to TumushukeThermal Power Co.Ltd.Guangdong Shajiao( plant C) Power Sha C Company Refers to Generation Co. Ltd.Guanghe Electric Power Refers to Guangdong Guanghe Electric Power Co.2025 Annual Report Ltd.Guangdong Biomass Power Generation Biomass Power Generation Refers to Co. Ltd Guangdong YudeanXinhui Power Xinhui Power Generation Refers to Generation Co.Ltd.Guangdong YudeanYunhe Power Yunhe Power Generation Refers to Generation Co. Ltde.Yundian Energy Refers to YunfuYundian Energy Co. Ltd.Guangdong Yuehua Power Generation Yuehua Power Generation Refers to Co. Ltd.Guangdong Yudean Yuehua Yuehua Comprehensive energy Refers to Comprehensive energy Co. Ltd.Guangzhou Huangpu Power Huangpu Power Engineering Refers to Engineering Co. Ltd.Guangdong Yudean Bijie New Energy Bijie New Energy Refers to Co. Ltd.Zhanjiang Shangyang Energy Shangyang Energy Refers to Technology Co. Ltd.Zhanjiang Potou Guidian Energy Guidian Energy Refers to Technology Co.Ltd.Shunfeng New Energy Refers to XihuaShunfeng New Energy Co. Ltd.WuzhiJindian New Energy Technology Jindian New Energy Refers to Co. Ltd.Lianjiangh Yuefeng New Energy Co.Lianjiang New Energy Refers to Ltd.YunfuLuoding Yuefeng New Energy LuodingYuefeng Refers to Co. Ltd.LinfenZhaocheng Yuefeng New Energy Zhaocheng Yuefeng Refers to Co. Ltd.Meizhou Wuhua Yuefeng New Energy Wuhua New Energy Refers to Co. Ltd.Laishui Yangyang New Energy Yingyang New Energy Refers to Technology Co. Ltd.LaishuiLineng New Energy Technology Lineng New Energy Co. Ltd. Refers to Co. Ltd.Huizhou LongmengYuefeng New Longmen New Energy Refers to Energy Co.Ltd.Inner Mongolia Yuefeng New Energy Inner Mongolia New Energy Refers to Co. Ltd.Zhuhai New Energy Refers to Zhuhai Yuefeng New Energy Co. Ltd.Dunan New Energy Refers to DachengDunan New Energy Co. Ltd.Gaotang New Energy Refers to GaotangShihui New Energy Co. Ltd.Guangdong ShaoguanYuedianli New Shaoguan New Energy Refers to Energy Co. Ltd.Tumushuke Yudean Hanhai New Energy Hanhai New Energy Refers to 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.JinchangJieyuan Mujing New Energy Mujing New Energy Refers to Co. Ltd.Guangdong Yudean Huibo New Energy Huibo New Energy Refers to Co. Ltd.DongrunZhongneng Refers to Taishan Dongrun Zhongneng New2025 Annual Report Energy Co. Ltd.Taishan Dongrun Qingneng New Energy DongrunQingneng New Energy Refers to Co. Ltd.Taishan RunzeJieyuan New Energy Co.RunzeJieyuan New Energy Refers to Ltd.Guangdong Yudean Maoming Natural Maoming Natural Gas Refers to gas Thermal Power Co. Ltd Xingyue New Energy Refers to Meizhou Xingyue New Energy Co. Ltd.Guangdong Yudean Huixin Thermal Huixin Thermal Power Refers to Power Co. Ltd.YudeanShache Comprehensive Energy Shache Energy Refers to Co. Ltd.Laixi Xinguangyao New Energy Xinguangyao New Energy Refers to Technology Co. Ltd.LaixiTelian New Energy Technology Telian New Energy Refers to Co. Ltd.PingduLianyao New Energy Technology Lianyao New Energy Refers to Co.Ltd.Jiuzhou New Energy（Zhaoqing）Co.Jiu Zhou New Energy Refers to Ltd.XiangtangXiangdianChangshan Wind Changshan Wind Power Refers to Power Generation Co. Ltd.YunfuLuodingYudean New Energy Co.Luoding New Energy Refers to Ltd.Zhuhai Yudean New Energy Refers to Zhuhai Yudean New Energy Co. Ltd.Tumushuke Yudean Changhe New Tumushuke Changhe Refers to Energy Co. Ltd.Zhenneng New Energy Refers to YunfuYudean New Energy Co. Ltd.Zhonggongt Energy Technology Zhonggong Energy Refers to（Maoming）Co. Ltde.Yahua New Energy Technology Yahua New Energy Refers to（Gaozhou）Co. Ltd.Guangdong Energy Group Xinjiang Xinniang Company Refers to Company Yudean Xinjiang comprehensive energy Xinjiang comprehensive energy Refers to Co. Ltd.GaozhouYudean Intelligence New Gaozhou New Energy Refers to Energy Co. Ltd.XintianYuefeng Refers to XintianYuefeng New Energy Co. Ltd.Lanshan Yuefeng New Energy Co.Lanshan Yuefeng Refers to LTD.Lianjiang Hangneng New Energy Co.Lianjiang Hangneng Refers to Ltd.Woyang Herun New Energy Technology Herun New Energy Refers to Co. Ltd..Guangxi Hangneng New Energy Co.Guangxi Hangneng Refers to Ltd.Jincheng Yuefeng Refers to Jincheng Yuefeng New Energy Co. Ltd.BaiyinYuefeng Refers to Baiyin Yuefeng New Energy Co. Ltd.Yunfu Yunan Yuexin Power Generation Yunan Yuexin Company Refers to Co. Ltd.Yuncheng WanquanYuefeng New Yuncheng WanquanYuefeng Refers to Energy Co. Ltd.GuangnengTuokexun New Energy Tokexun Energy Refers to Power Generation Co. Ltd.2025 Annual Report Lingao Yehai Yuefeng New Energy Co.Yehai Yuefeng Refers to Ltd.Zhuhai Yuefeng Huafa New Energy Co.Zhuhai Yuefeng Huafa Refers to Ltd.Zhanjiang Yuefeng Baoxin Energy Co.Zhanjiang Yuefeng Baoxin Refers to ltd.Zhuhai Yuefeng Seas Refers to Zhuhai Yuefeng Seas Meadow Co. Ltd.Shantou Yuefeng New Energy Shantou Yuefeng New Enegy Refers to Investment Partnership（LP） Guangzhou Yuefeng Ruisi New Energy Ruisi New Energy Refers to Co. Ltd.XiangzhouYunjiang New Energy Co.XiangzhouYunjiang Refers to Ltd.Xiangzhou Hangjing New Energy Co.XiangzhouHangjing Refers to Ltd.Qinglong Manchu Autonomous County Qinglong Manchu photovoltaic Refers to Jianhao Photovoltaic Technology Co.Ltd.Guangneng Karamay integrated energy Karamay integrated energy Refers to Co. Ltd.Hailan Longyue Refers to Hainan Longyue New Energy Co. Ltd.Guangdong Energy Zhongshan Energy Zhongshan Energy Service Refers to Service Co.Ltd.Guangdong Yudean New Energy Yudean New Energy Development Refers to Development Co. Ltd.Yuncheng Changle Yuefeng New ChangleYuefeng Refers to Energy Co. Ltd.Guangdong Electric Industry Fuel Co.Industry Fuel Refers to Ltd.Guoneng Yudean Taishan Power Taishan Company Refers to Generation Co. Ltd.Guangdong Energy Group Finance Co.Guangdong Energy Finance Company Refers to 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 Guangdong Energy Property Insurance Refers to Company CaptiveCo. Ltd.Weixin Energy Co. Ltd. Refers to Yunnan Yuntou Weixin Energy Co. Ltd.Guangdong Energy Financial Leasing Energy Financial Leasing Company Refers to Co. Ltd.Guizhou Yueqian Electric Power Co.Yueqian Electric Power Refers to Ltd.Yangshan Zhongxinkeng Power Co.Zhongxinkeng Hydropower station Refers to Ltd.Jiangkeng Hydropower station Refers to Yangshan Jiangkeng Hydropower station Zhonghang Shenxin Wind Power Co.ZhonghangShenxin Refers to Ltd.Zhanjiang Yuexin Energy Technology Yuexin Energy Refers to Co. Ltd.Southern Offshore wind power Union Southern Offshore wind power Refers to Development Co. Ltd.Sunshine Insurance Refers to Sunshine Insurance Group Co. Ltd.Shenzhen Capital Refers to Shenzhen Capital Group Co. Ltd.GMG Refers to GMG International Tendering Co. Ltd.Shenzhen Energy Refers to Shenzhen Energy Group Co. Ltd.Shenergy Company Refers to Shenergy Company Limited2025 Annual Report Guangdong Yudean Environmental Environmental Protection Company Refers to 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.Zhuhai Special Economic Zone Guangzhu Power Generation Refers to Guangzhu Power Generation Co. Ltd.Yudean Environmental Protection Guangdong Yudean Environmental Refers to Materials Protection Materials Co. Ltd Shenzhen Tianxin Insurance Brokers Tianxin Insurance Refers to Co. Ltd.Jieyang Yudean Shipping Service Co.JieyangYudean Shipping Refers to Ltd.Shanwei Yudean Shipping Service Co.Shanwei Yudean Shipping Refers to ltd.Guangdong Zhuhai Gaolan Port Gaolan Port Environmental Protection Refers to Environmental Protection Technology Co. Ltd.Inner Mongolia Yudean Menghua New Menghua New Energy Refers to Energy Co. Ltd.Baiyuan Ebo Yuemeng New Energy Co.Baiyun Ebo Refers to Ltd.Shaoguan QujiangYudean New Energy ShaoguanQujiang Refers to Co. Ltd.Guangdong Zhuhai Jinwan Power Zhuhai Jinwan Refers to Generation Co. Ltd.Guangdong Yudean Zhongshan Thermal Yudean Zhongshan Thermal Power Plant Refers to Power Plant Co. Ltd.Guangdong Yudean Real Estate Yudean Real Estate Investment Refers to Investment Co. Ltd.Yudean Shipping Refers to Guangdong Yudean Shipping Co. Ltd.Guangdong Yudean Information Yudean Information Technology Refers to Technology Co. Ltd.Guangdong Yudean Xinfengjiang Power YudeanXinfengjiang Refers to Generation Co. Ltd.Guangdong Yudean Property Yudean Property Management Refers to Management Co. Ltd.Guangdong Yudean Environmental Yudean Environmental Protection Refers to Protection Co. Ltd.Yudean Shipping Refers to Guangdong Yudean Shipping Co. Ltd.Guangdong Yangjiang Port Affairs Co.Yangjiang Port Affairs Refers to Ltd.Guangdong Yuelong Power Generation Yuelong Power Generation Refers to Co. Ltd.Guangdong Energy Group Zhuhai Power Energy Group Zhuhai Power Plant Refers to Generation Plant ShaJiao C Power Plant of Guangdong ShaJiao C Power Plant of Energy Group Refers to Energy Group Co. Ltd.Shaoguan Port Refers to Guangdong Shaoguan Port Co. Ltd.Guangdong Energy Group Natural Gas Natural Gas of Energy Group Refers to Co. Ltd Scientific Research Institute of Energy Guangdong Energy Group Scientific Refers to Group Research Institute Co. Ltd.Guangdong Energy Group Huizhou Huizhou Natural Gas of Energy Group Refers to Natural Gas Development Co. Ltd.(Yunfu) Energy Storage of Energy Guangdong Energy Group (Yunfu) Refers to Group Energy Storage Power Generation Co.2025 Annual Report Ltd.Guangdong Huizhou Liquefied Natural Huizhou Liquefied Natural Gas Refers to Gas Co. Ltd.Dongguan Mingyuan Hotel Refers to Dongguan Mingyuan Hotel Co. Ltd Guangdong Energy Group Enterprise Guangdong Energy Enterprise Service Refers to Service Co. Ltd.2025 Annual Report II. Company Profile & Financial Highlights. 1.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 Registered address 33-36/F South Tower Yudean Plaza No.2 Tianhe Road East GuangzhouGuangdong Province Postal code of the Registered 510630 Address On November 1992，First registration ：21/FNo.75 Meihua Road Guangzhou City Guangdong； On December 2002，Change to：10/F Baili Center GuafaGardenNo.498 Huanshi East Road Historical change of the Guangzhou; company's registered address On June 2005 Change to: 22-26/F South Tower Yudean Plaza No.2 Tianhe Road East GuangzhouGuangdong Province； On March 2017 Change to: 33-36/F South Tower Yudean Plaza No.2 Tianhe Road East GuangzhouGuangdong Province Office Address 33-36/F South Tower Yudean Plaza No.2 Tianhe Road East GuangzhouGuangdong Province Postal code of the office 510630 address Internet Web Site http://www.ged.com.cn E-mail ged@ged.com.cn 2. Contact person and contact manner Board secretary Securities affairs Representative Name Liu Wei Huang Xiaowen 35/F South Tower Yudean Plaza No.2 35/F South Tower Yudean Plaza No.2 Contact address Tianhe Road East Tianhe Road East GuangzhouGuangdong Province GuangzhouGuangdong Province Tel (020)87570251 (020)87570251 Fax (020)85138084 (020)85138084 E-mail liuw@ged.com.cn huangxiaowen@ged.com.cn 3. Information disclosure and placed Internet website designated by CSRC for publishing the Annual http://www.szse.cn/ report of the Company China Securities Daily Securities TimesSecurities Daily and Newspapers selected by the Company for information Hong Kong Commercial Daily(overseas newspaper for English disclosure version)（http://www.cninfo.com.cn） The place where the Annual report is prepared and placed Affair Dept. Of the Board of directors of the Company 4.Changes in Registration Unified social credit code 91440000617419493W Changes in principal business activities since listing (if any) On August 252021 The Company's main business consists of2025 Annual Report " investment construction and operation management of power projects production and sales of power technical consulting and services in the power industry leasing of terminal facilities general cargo warehousing loading and unloading and transportation services. (Projects subject to approval according to law Busin ess activities can only be carried out after being approved by the relevant departments)” is changed to “investment construction and operation management of power projects and new energy projects; production and sales of electric power; technical cons ulting and services in the power industry; leasing of terminal fa cilities; general cargo storage loading and unloading shipmen t service. (Projects subject to approval according to law Busin ess activities can only be carried out after being approved by th e relevant departments)" .Changes is the controlling shareholder in the past (is any) No change 5. Other Relevant Information CPAs engaged Grant Thornton Certified Public Accountants (Special General Name of the CPAs Partnership) 5/F Saite piazza No. 22 Jianguomenwai Avenue Chaoyang Office address District Beijing China Names of the Certified Public Accountants as the Deng Bitao LiZeyu signatories The sponsor performing persist ant supervision duties engaged by the Company in the reporting period.□Applicable √Not Applicable The Financial advisor performing persist ant supervision duties engaged by the Company in the reporting period □Applicable √Not Applicable 6.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 2025 2024 over same period of 2023 Last year(%) Operating income 5154117863057159067233-9.83%59708397738（Yuan） Net profit attributable to the shareholders of the listed company 599942339 964242757 -37.78% 974660299（Yuan） Net profit after deducting of non- recurring gain/loss attributable to the 475020118 931464092 -49.00% 1094042279 shareholders of listed company（Yuan） Cash flow generated by business operation net 10233219388 10975183923 -6.76% 8465642282（Yuan） Basic earning per 0.11430.1837-37.78%0.1856 share(Yuan/Share) Diluted gains per 0.1143 0.1837 -37.78% 0.18562025 Annual Report share(Yuan/Share) Weighted average 2.59%4.28%-1.69%4.59% ROE(%) Changed over last year End of 2025 End of 2024 End of 2023 （％） Gross assets（Yuan） 186034251274 175154232936 6.21% 161207283087 Net assets attributable to shareholders of the listed company 23444357218 22894681796 2.40% 22141735460（Yuan） The lower of the company’s net profit before and after the deduction of non-recurring gains and losses in the last three fiscal years is negative and the auditor's report of the previous year shows that the Company’s going concern ability is uncertain.□ Yes √No The lower of the Company's total profit net profit and net profit after deducting non-recurring gains and losses as audited for the reporting period was negative □ Yes √No Companies with equity incentives and employee stock ownership plans can disclose net profit after deducting the impact of share-based payments. 7.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 8.Main Financial Index by Quarters In RMB First quarter Second quarter Third quarter Fourth quarter Operating income 10573002085 12568439858 14575816774 13823919913 Net profit attributable to the shareholders of -382893805 415367963 551461801 16006380 the listed company Net profit after deducting of non- recurring gain/loss -416803667394931896532243557-35351668 attributable to the shareholders of listed company Net Cash flow generated by business 1998978028 2357143570 2433682897 3443414893 operation Whether significant variances exist between the above financial index or the index with its sum and the financial index of the quarterly report as well as semi-annual report index disclosed by the Company.□Yes □No2025 Annual Report 9.Items and amount of non-current gains and losses √Applicable □Not applicable In RMB Item Amount (2025) Amount (2024) Amount (2023) Notes Mainly due to the comprehensive gains Non-current asset and losses from the disposal disposal of land gain/loss(including the reclaimed for the 20344472986559198759 write-off part for which Honghaiwan Power assets impairment Plant and the disposal provision is made) of scrapped equipment and other assets of other units.Mainly due to various Government subsidies government subsidies recognized in current for energy saving and gain and loss(excluding carbon reduction those closely related to 25263860 52020222 42080981 technological the Company’s business and granted transformation etc.under the state’s cumulatively received policies) by the main subsidiaries.The photovoltaic modules of GaotangShihui New Energy Company a Asset impairment subsidiary of the provisions due acts of -2936502 -11738926 Company were God such as natural damaged due to strong disasters wind disasters resulting in demolition and reconstruction losses.Reverse of the provision for impairment of accounts --29440 receivable undergoing impairment test individually One-off costs incurred by the enterprise as a result of the relevant business activities no - -155298107 -168447926 longer continuing such as expenses for relocating employees Mainly due to the compensation funds for Other non-business the right to use sea income and areas received by 16778839731058875439135331 expenditures other than Guangqian Power the above Plant the compensation for natural gas supply2025 Annual Report received by Guangqian Power Plant and Huizhou Natural Gas Power Plant and insurance claims received by Yangjiang Wind Power and Yueneng Wind Power etc.Less: Amount of 430321573044539418264521 influence of income tax Influenced amount of minor shareholders’ 42505849 132446539 23114044 equity (after tax) Total 124922221 32778665 -119381980 -- 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 Items Amount involved(RMB) Reason Value-added tax will be refunded Comply with national policies and 24249716.00 immediately regulations and continue to occur.Carbon emission quota used to fulfill the Comply with national policies and -62242301.00 emission reduction obligation regulations and continue to occur.2025 Annual Report III. Management Discussion & Analysis I.Main Business the Company is Engaged in During the Report Period The Company shall comply with the disclosure requirements of power-related industries in the Guideline No.3 for Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure.The Company mainly engages in the investment construction and operation management of power projects and the production and sales of electric power. It belongs to the power heat production and supply industry classified in the “Guidelines for the Industry Classification of Listed Companies” by the China Securities Regulatory Commission. Since its foundation the Company has always adhered to the business tenet of “Capitalfrom the people using it for electricity and benefiting the public” and adheres to the business policy of “Centering on the main business of electricity with diversified development” focusing on the main business of powerand making the power structure go diversified.In addition to the development construction and operation of large-scale coal-fired power plants it also has clean energy projects such as LNG power generation wind power generation and hydropower generation which provides reliable and clean energy to users through the grid company.As of the end of 2025 the company has controllable installed capacity of 46.6831 million kilowatts including holding installed capacity of 43.9593 million kilowatts and equity participation installed capacity of 2.7238 million kilowatts. Including: The holding installed capacity for coal-fired power generation was 23.01 million kilowatts accounting for 52.34%; the holding installed capacity for gas and electricity of 11.847 million kilowatts accounting for 26.95%；wind power holding installed capacity of 3.995 million kilowatts accounting for 9.09%; photovoltaic holding installed capacity of 4.8745 million kilowatts accounting for 11.09%； hydropower Photovoltaic and biomass 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 9.1023 million kilowattsaccounting for20.71%..In addition the company is entrusted with managing the installed capacity of 8.954 millionkilowatts . The above controllable installed capacity and entrusted management installed capacity totaled 55.3251 million kilowatts.Income source is primarily contributed by power production and sales and main business income is derived from Guangdong Province. The company electricity sales price is subject to the benchmark price verified by the price authority per relevant policies based on National Development and Reform Commission (NDRC) and the electricity transaction price through the market trade implementation perGuangdong Electricity Market Trade Basic Rules and supporting files. In the reporting period the electricity sold is 121.213 billion kWhan increase of 1.56% YOY; average price stated in the consolidated statements is 471.30Yuan/ thousands kWh(tax included the same below ) a decrease of 61.86 yuan/ thousandskilowatt-hours or a decrease of 11.6% YOY;the total operating income was RMB 51541.18 million a decrease of RMB 5617.89 million or a decrease of 9.53% YOY.Since the Company's main business is thermal power and the fuel cost accounts for a relatively large part of the operating cost the fluctuation of coal and natural gas prices has a great impact on the Company's operating performance. During the reporting period the Company's fuel cost was RMB 33713.81 million accounting for 73.75% of the operating cost which benefited from the decline of fuel price. The fuel cost decreased by RMB 3827.46 million. In 2025 the Company achieved a net profit attributable to the parent company of RMB 599.94 million with a slight year-on-year decrease of 37.78% where the Company's coal- fired power business achieved a net profit attributable to the parent company of RMB 482.83 million; Its gas and electricity business achieved a net profit attributable to the parent company of RMB-21.55 million; Its2025 Annual Report hydropower business achieved a net profit attributable to the parent company or RMB 12.66 million; Its new energy business achieved a net profit attributable to the parent company of RMB 20.04 million; The Company's main investment business achieved a net profit attributable to the parent company of RMB 163.72 million while its biomass power generation and other businesses achieved a net profit attributable to the parent company of RMB -57.76 million.Main Production and Operation Information Items This reporting period Same period last year Total installed capacity ('0000 kW) 4395.93 3930.57 Installed capacity of units that are newly 465.36717.99 put into production ('0000 kW) Planned installed capacity of approved 80.00707.00 projects ('0000 kW) Planned installed capacity of projects 952.101202.10 under construction ('0000 kW) Power generation ('00000000 kWh) 1277.82 1258.30 On-grid electricity or electricity sales 1212.131193.51 ('00000000 kWh) Average on-grid price or selling price 471.30533.16 (RMB/ '00000000 kWh including tax) Average power consumption rate of 5.13%5.18% power plant (%) Power plant utilization hours (h) 3110 3494 1)Operation Information of Coal - fired Power Items 2025 2024 Total installed capacity ('0000 kW) 2301 1995 Installed capacity of units that are newly 3066 put into production ('0000 kW) Planned installed capacity of approved 00 projects ('0000 kW) Planned installed capacity of projects 500800 under construction ('0000 kW) Power generation ('00000000 kWh) 916.96 913.23 On-grid electricity or electricity sales 861.35857.34 ('00000000 kWh) Average on-grid price or selling price 0.410.48 (RMB/ '00000000 kWh including tax) Average power consumption rate of 6.076.12 power plant (%) Power plant utilization hours (h) 4554 4578 (2) Operation Information of Gasl - fired Power Items 2025 2024 Total installed capacity ('0000 kW) 1184.70 1184.70 Installed capacity of units that are newly 0478.80 put into production ('0000 kW) Planned installed capacity of approved 0150 projects ('0000 kW) Planned installed capacity of projects 394.6194.2 under construction ('0000 kW) Power generation ('00000000 kWh) 251.40 256.88 On-grid electricity or electricity sales 246.27251.76 ('00000000 kWh) Average on-grid price or selling price 0.670.68 (RMB/ '00000000 kWh including tax) Average power consumption rate of 2.051.99 power plant (%) Power plant utilization hours (h) 2122 2802 （3）Operation Information of wind power Items 2025 20242025 Annual Report Total installed capacity ('0000 kW) 399.50 339.50 Installed capacity of units that are newly 6060 put into production ('0000 kW) Planned installed capacity of approved 30175 projects ('0000 kW) Planned installed capacity of projects 20 70 under construction ('0000 kW) Power generation ('00000000 kWh) 54.35 51.77 On-grid electricity or electricity sales 49.53 51.82 ('00000000 kWh) Average on-grid price or selling price 0.600.68 (RMB/ '00000000 kWh including tax) Average power consumption rate of 4.63 4.42 power plant (%) Power plant utilization hours (h) 1360 1674 （4）Operation Information of photovoltaic business Items 2025 2024 Total installed capacity ('0000 kW) 487.45 388.09 Installed capacity of units that are newly 99.36173.19 put into production ('0000 kW) Planned installed capacity of approved 50382 projects ('0000 kW) Planned installed capacity of projects 37.5137.9 under construction ('0000 kW) Power generation ('00000000 kWh) 42.18 25.09 On-grid electricity or electricity sales 40.7224.47 ('00000000 kWh) Average on-grid price or selling price 0.280.28 (RMB/ '00000000 kWh including tax) Average power consumption rate of 3.302.43 power plant (%) Power plant utilization hours (h) 865 832 （5）Operation Information of water power Items 2025 2024 Total installed capacity ('0000 kW) 13.28 13.28 Installed capacity of units that are newly 00 put into production ('0000 kW) Planned installed capacity of approved 00 projects ('0000 kW) Planned installed capacity of projects 00 under construction ('0000 kW) Power generation ('00000000 kWh) 5.63 4.11 On-grid electricity or electricity sales 5.474.03 ('00000000 kWh) Average on-grid price or selling price 0.200.21 (RMB/ '00000000 kWh including tax) Average power consumption rate of 2.841.89 power plant (%) Power plant utilization hours (h) 4239 3095 （6）Operation Information of Biomass business Items 2025 2024 Total installed capacity ('0000 kW) 10 10 Installed capacity of units that are newly 00 put into production ('0000 kW) Planned installed capacity of approved 00 projects ('0000 kW) Planned installed capacity of projects 00 under construction ('0000 kW) Power generation ('00000000 kWh) 7.30 7.03 On-grid electricity or electricity sales 6.506.21 ('00000000 kWh) Average on-grid price or selling price 0.75 0.752025 Annual Report (RMB/ '00000000 kWh including tax) Average power consumption rate of 10.9611.66 power plant (%) Power plant utilization hours (h) 7300 7026 Electricity sales business of the Company √ Applicable □ Not applicable Guangdong Yudean Electric Power Sales Co. Ltd. ("Sales Company") a wholly-owned subsidiary of the Company founded in July 2015 is the first power sales company in Guangdong Province and its power sales qualification code is SD01. Based on the business of purchasing and selling electricity the company focuses on improving electricity efficiency It provides comprehensive energy services such as user green power and green certificates user-end energy storage virtual power plants and multi-energy complementarily in industrial parks aiming to improve energy utilization efficiency and energy consumption levels for industrial and commercial users thereby adding value to customers' energy.In 2025 the Guangdong Power Sales Company’s proxyuser electricity consumption reached 67.567 billion kilowatt-hours an increase of 9.46%YOY. The electricity volume of the holding subsidiary of the agency company is 62.658 billion kWh accounting for 57.90% of the on-grid electricity volume of the holding subsidiary.Reasons for the significant changes in the relevant data □ Applicable √Not applicable Related new energy power generation business By the end of 2025 the Company has a total controlled installed capacity of 43.9593 million kilowatts.Among them: the controlled installed capacity of wind power is 3.995 million kilowatts accounting for 9.09%; the controlled installed capacity of photovoltaic is 4.8745 million kilowatts accounting for 11.09%; the controlled installed capacity of hydropower is 132800 kilowatts; the controlled installed capacity of biomass is 100000 kilowatts. The total controlled installed capacity of the aforementioned renewable energy power generation including wind power hydropower photovoltaic and biomass is 9102300 kilowatts accounting for 20.71%. In the future the Company will continue to actively seize the development trend of accelerating energy transformation under the goals of “carbon peak” and “carbon neutrality”implement the specific “1310” deployment of the Guangdong Provincial Party Committee further expand new energy project resources vigorously promote leapfrog development in new energy and build an ecologically civilized power generation enterprise.II. Industry information of the Company during the reporting period The Company shall comply with the disclosure requirements of power-related industries in the Guideline No.3 for Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure.In 2025 the National Energy Administration issued the "Guiding Opinions on Energy Work in 2025" proposing goals such as continuously enhancing supply security capacity the green and low-carbon transition continuing to deepen and steadily improving development quality and efficiency. In addition the National Energy Administration issued the "Key Points of Energy Supervision Work in 2025" which focuses on strengthening supervision of green energy development around the low-carbon transition; strengthening electricity market construction and supervision around top-level design; and strengthening electricity safety2025 Annual Report supervision around risk prevention. Moreover the National Development and Reform Commission and the National Energy Administration jointly issued the "Notice on the Responsibility Weights for Renewable Energy Power Consumption in 2025 and Relevant Matters" which clarifies the responsibility weights for renewable energy power consumption in each province for 2025 and 2026. In conjunction with the demand for renewable energy consumption the supporting measures such as planning and construction of regulation capacity will be strengthened further improving the power system's consumption and regulation level and actively coordinating and implementing renewable energy power grid integration and cross-provincial and cross-regional transactions.It’s to promote the installed capacity growth and power consumption of new energy sources such as wind and solar power and accelerates the transformation of the energy structure.In terms of power supply with the deepening implementation of the "carbon peaking and carbon neutrality" target and the promotion of the new power system construction investment in non fossil energy power generation has grown rapidly. The installed capacity of new energy power generation (including wind power solar power and biomass power) has reached 1.84 billion kilowatts surpassing the installed capacity of thermal power for the first time. By the end of 2025 the cumulative installed power generation capacity in China was about 3.89 billion kilowatts with a year-on-year increase of 16.1% The installed capacity of renewable energy power generation is 2.34 billion kilowatts a YOY increase of 24%.By type biomass power generation was 47.43 million kilowatts nuclear power was 62.48 million kilowatts hydropower was 450 million kilowatts wind power was 640 million kilowatts and solar power was 1.2 billion kilowatts. The installed capacity of thermal power was 1.54 billion kilowatts of whichThe coal power is 1.259 billion kilowatts accounting for 32.4% of the total installed power generation capacity down about 7.5 percentage points YOY. By 2025 the cumulative installed capacity of wind and photovoltaic power has historically exceeded that of thermal power exceeding about 300 million kilowatts by the end of December. Affected by factors such as resources the growth rates of hydropower and wind power fluctuated greatly on a monthly basis. Coal-fired power fully played its role in basic guarantee and system regulation.According to the statistics of the national power industry published by the National Energy Administration the electricity consumption of the whole society in China in 2025 was 10.37 trillion kWh with a year-on-year increase of 5.0%. The electricity consumption of the primary industry was 149.4 billion kWh with a year-on- year increase of 9.9%; The electricity consumption of the secondary industry was 6.64 trillion kWh with a year-on-year increase of 3.7%; The electricity consumption of the tertiary industry was 1.99 trillion kWh with a year-on-year increase of 8.2%; The domestic electricity consumption of urban and rural residents was 1.59 trillion kWh with a year-on-year increase of 6.3%.According to the transaction results announced by Guangdong Power Exchange Center in December 2025 the average transaction price of bilateral negotiation transactions annual listing transactions and annual centralized competition transactions in the province in 2026 decreased year-on-year of which the electricity volume of bilateral negotiation transactions was 358.968 billion kWh and the average transaction price was RMB 372.14/thousand kWh (including tax the same below) down RMB 19.73/thousand kWh from the previous year. The decrease in medium and long-term market transaction tariff in Guangdong Province will have a negative impact on the Company's operating income. The Company will continue to optimize its electricity market trading strategy focus on controlling fuel procurement costs strictly control all costs and expenses and strive for its business goals to consolidate business results.III.Analysis On core Competitiveness2025 Annual Report 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 186.034 billion，It is the largest listed company with state-owned assets in Guangdong Province. Asof December 31 2025 the Company as the largest listed power company in Guangdong Province has a total of 36.0597 million kilowatts of market-oriented units in the province accounting for 13.83% of the total market- oriented units in the 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 Energy Group. It has deeply cultivated the main power industry actively played the value discovery function and resource allocation function of the capital market and assisted the reform and development of Guangdong Province's energy resources. 3. Comprehensive advantages of main business During the "14th Five-Year Plan" periodGuided 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 high parameters large capacity high operation efficiency low coal consumption stable operation superior environmental protection performance and strong market competitive advantage. In 2025 the company completed a total of 113.558 billion kilowatt-hoursof 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 exceeded 180 billion yuan. and the cash flow of its stock business is abundant which provides a good support for the Company's sustainable development. The Company is in good financial condition with smooth financing channels such as bank credit bonds and securities markets and diversified financing methods. The Company will make full use of internal and external financial resources to provide strong financial guarantee for the enterprise production and operation key project construction and rapid development of new energy industries. 6. Regional development advantages As the main energy source in Guangdong Province the company shoulders the important task of helping Guangdong Province to build a clean low-carbon safe and efficient modern energy system.The Company will actively integrate into the development of the Guangdong-Hong Kong-Macao Greater Bay Area steadily promote the construction of key energy projects and new energy development in the province actively seek to2025 Annual Report 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.IV.Main business analysis Ⅰ.General In 2025 the national economy rebounded to stimulate electricity consumption and the demand for electricity in Guangdong Province increased year-on-year reaching 958.973 billion kWh with a year-on-year increase of 4.93%. acccording to data released by Guangdong Power Grid. In terms of installed capacity according to data released by the Guangdong Power Exchange by the end of 2025 the installed capacity of Guangdong was 260.8 million kW with a year-on-year increase of 17.1% of whichThe installed capacity of new energy (wind power and photovoltaic) has reached 79.73 million kilowatts surpassing coal power to become the largest power source type in the province.During the reporting period the Company accumulated 121.213 billion kWh of on-grid electricity in consolidated statements with a year-on-year increase of 1.56% in which the on-grid electricity of coal machine is 86.135 billion kWh the on-grid electricity of gas machine is 24.627 billion kWh and the on-grid electricity of hydropower wind power and photovoltaic power is 10.451 billion kWh.During the reporting period the Company vigorously advanced the completion and commissioning of power generation projects such as the Shache and Dapu Phase II projects in Xinjiang; coupled with further increases in the generating capacity of certain coal-fired units electricity supplied to the grid saw a year-on-year increase. The Company capitalised on the favourable window presented by falling fuel prices to continue driving energy-saving and consumption-reduction upgrades for thermal power units and to strengthen control over financing costs. However due to a significant year-on-year decline in feed-in tariffs which placed considerable pressure on the Company’s revenue these measures were unable to offset the adverse impact of reduced revenue on profits. Coupled with increased costs arising from the commissioning of new projects the Company’s average gross margin on power generation declined During the reporting period the Company achieved consolidated revenue of RMB 51.541 billion a year-on-year decrease of 9.83%; net profit attributable to shareholders was RMB 600 million a year-on-year decrease of 38%. Against the backdrop of operational pressures the Company prioritised the prevention of debt risks implemented comprehensive measures to increase equity capital and reasonably reduced the debt-to-equity ratio. At the end of the reporting period the Company’s total assets on a consolidated basis stood at RMB 186.0 billion representing a year-on-year increase of 6.21%; total liabilities on a consolidated basis amounted to RMB 144.6 billion up 3.86% year-on-year; the debt-to-asset ratio was 77.71% a decrease of 1.76 percentage points year-on-year; and equity attributable to shareholders of the parent company was RMB 23.4 billion up 2.40% year-on-year.In 2025The Company added 3 million kilowatts of coal-fired power generation capacity through self- construction and acquisitions and added 993600 kilowatts of photovoltaic capacity and 600000 kilowatts of wind power capacity. It also has increased capacity by 60000 kilowatts through coal power technological upgrades. By the end of 2025 the Company hasthe controlled installed capacity of 20.9493 million kilowatts of clean energy generation including natural gaspower wind power hydropower photovoltaics and biomass accounting for 47.66%. In addition the Company has actively promoted the construction of projects such as the Dananhai gas power project the Xinjiang Toksun wind power project and the Yunfu natural gas cogeneration project continuously optimizing the power structure and promoting the Company's green and low-carbon transformation.2025 Annual Report 2. Revenue and cost (1)Component of Business Income In RMB 20252024 Increase /decrease Amount Proportion Amount Proportion Total operating 51541178630.00100%57159067233.00100%-9.83% revenue On Industry Electric power Steam sales and 51267794729.00 99.47% 56860158480.00 99.48% -9.84% labor income Other 273383901.00 0.53% 298908753.00 0.52% -8.54% On products Sales Electric 50555016115.0098.09%56312348835.0098.52%-10.22% Power Steam income 561291129.00 1.09% 403680647.00 0.71% 39.04% Labor income 151487485.00 0.29% 144128998.00 0.25% 5.11% Comprehensive utilization of fly 159397986.00 0.31% 183757839.00 0.32% -13.26% ash Lease revenue 30484661.00 0.06% 45418339.00 0.08% -32.88% Other 83501254.00 0.16% 69732575.00 0.12% 19.74% Area Guangdong 49571582302.00 96.18% 55381560273.00 96.89% -10.49% Xinjiang 1215594267.00 2.36% 1202032506.00 2.10% 1.13% Hunan 116067563.00 0.23% 115911321.00 0.20% 0.13% Hebei 114153300.00 0.22% 76542815.00 0.13% 49.14% Yunnan 143361727.00 0.28% 84487161.00 0.15% 69.68% Guangxi 120527113.00 0.23% 98148241.00 0.17% 22.80% Henan 95792464.00 0.19% 47190592.00 0.08% 102.99% Shandong 31305292.00 0.06% 27933096.00 0.05% 12.07% Inner Mongolia 29667929.00 0.06% 60238215.00 0.11% -50.75% Anhui 34765904.00 0.07% 43919200.00 0.08% -20.84% Ganshu 23200039.00 0.05% 19484407.00 0.03% 19.07% Shanxi 45160730.00 0.09% 1619406.00 0.01% 2688.72% Sub-sale model Direct selling 51541178630.00 100.00% 57159067233.00 100.00% -9.83% (2)Situation of Industry Product and District Occupying the Company’s Business Income and Operating Profit with Profit over 10% √ Applicable □Not applicable The Company shall comply with the disclosure requirements of power-related industries in the Guideline No.3 for Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure.In RMB Increase/decre Increase/decrea Increase/decrea ase of business se of gross se of revenue in Gross profit cost over the profit rate over Turnover Operation cost the same period rate(%) same period of the same period of the previous previous year of the previous year(%) (%) year (%) On products Sales Electric 505550161154504842686210.89%-10.22%-8.08%-2.08% Power2025 Annual Report Including： Fire coal Generation 31452751695 28738609865 8.63% -14.00% -13.52% -0.50% Power Gas Generation 14556524890 13531192578 7.04% -3.83% 1.81% -5.15% Power Biomass Generation 4545739530 2778624419 38.87% -1.29% 11.75% -7.13% Power Area Guangdong 49571582302 44090171540 11.06% -10.49% -8.03% -2.38% Sub-sale model Direct selling 51541178630 45711465052 11.31% -9.83% -7.69% -2.05% Reasons for great changes in related financial indicators √ Applicable □ Not applicable (1) During the reporting period due to intensified competition in the electricity market and changes in relevant policies the Company's average on-grid electricity price decreased by 11.60% YOY resulting in a 10.22% YOY decrease in electricity sales revenue. Because the unit price of coal decreased by 15.81% YOY the Company's electricity sales business costs decreased by 8.08% YOY. Considering the afore-said factors the gross profit margin of the power generation business decreased by 2.08% YOY. (2) Affected by factors such as the commissioning of power generation units the increased depreciation expenses and labor costs YOY the Company's renewable energy power generation business operating costs increased by 11.75% YOY. (3)Whether the Company’s Physical Sales Income Exceeded Service Income √ Yes □ No Classification Items Unit 2025 2024 Changes Sales volume '00000000 kWh 1212.13 1193.51 1.56% Electric power Production '00000000 kWh 1277.83 1258.30 1.55% production Inventory '00000000 kWh Explanation for a year-on –year change of over 30% □ Applicable √Not applicable (4) Performance of the major sales contract major procurement contract signed by the Company till end of the Period √ Applicable □Not applicable Implementation of Signed Major Sales Contracts as of this Reporting Period √ Applicable □Not applicable In RMB10000 Descri ption of Amount Accum Amount Amo the of sales ulated Accounts Total Total fulfilled unt to Whether Contract Counterpar failure to revenue recogniz receivable contract fulfilled during the be fulfilled object ty fulfill amount amount reporting fulfill properly recogniz ed sales collection the period ed ed in this revenue situation contract period amount properly CHINA Normal Quantity SOUTHER 489303 regular of 4893031 Yes N POWER electricity 1 settlement GRID good2025 Annual Report payback low recovery risk Implementation of Signed Major Purchase Contracts as of this Reporting Period □ Applicable √Not applicable (5)Component of business cost Industry classification In RMB 20252024 Increase/ Industry Items Proportion in Proportion in the Amount the operating Amount operating costs Decrease costs (%) (%) Electric power thermal Fuel cost 33713814856 73.75% 37541273997 75.81% -2.06% production and supply Electric power thermal Depreciation 627780523313.73%5631939490.1911.37%2.36% production and expense supply Electric power thermal Labor cost 2160231271 4.73% 2091735709.96 4.22% 0.51% production and supply Electric power thermal Other 3559613692 7.79% 4255947848.85 8.59% -0.80% production and supply Note The Company is in power sector and mainly engaged in power generation at present. The cost is composed of fuel cost depreciation expenses labour cost and other expenses. During the reporting periodFuel cost accounts for about 73.75% of total cost.2025 Annual Report (6)Whether Changes Occurred in Consolidation Scope in the Report Period √Yes □No (1) Addition of subsidiaries in this year: Nature Paid-in capital at the end of Proportion (%) Acquired Name period(Yuan) Dongguan Ningzhou Energy Investment Partnership （LP） Investment management 4745908400 20.02% Investment establishment Guangdong Beibuwan Offshore Wind Power Development Co. Ltd. Wind Power Generation 500000000 38.22% Investment establishment Guangdong Yudean Testing Co. Ltd. Maintenance service 5000000 100.00% Investment establishment Guangdong Yudean Linghang Electric Power Co. Ltd. Investment management 300000 100.00% Investment establishment Yudean Turpan New Energy Power Generation Co. Ltd. Wind Power Generation 20000000 100.00% Investment establishment (2) Reduction of subsidiaries in this year: Paid-in capital before Shareholding ratio Subsidiary name Business nature cancellation (RMB) before cancellation Guangdong Yudean Heping Wind Power Co. Ltd. Wind Power generation 30000000 76.44% Laishui Yingyang New Energy Technology Co. Ltd. Solar electrical energy generation 77060000 76.44% Nanjing Senhong New Energy Co. Ltd. Solar electrical energy generation 120495920 100% Nanjing Linyuan Senhai New Energy Co. Ltd. Solar electrical energy generation 120495920 100% Taishan Dongrun Zhongneng New Energy Co. Ltd. Solar electrical energy generation 45063020 100% Pingdu Linyao New Energy Technology Co. ltd. Solar electrical energy generation 180000 99% Tumushuke Yudean Changhe New Energy Co. Ltd. Solar electrical energy generation 3500000 100%2025 Annual Report In the year the Company's subsidiaries Guangdong Yudean Heping Wind Power Co. Ltd.Laishui Yingyang New Energy Technology Co. Ltd. Nanjing Senhong New Energy Co. Ltd. Nanjing Linyuan SenhaiNew Energy Co.Ltd. Taishan Dongrun Zhongneng New Energy Co. Ltd. Pingdu Lianyao New Energy Technology Co. Ltdand Tumushuke Yudean Changhe New Energy Co. Ltd.underwent liquidation and deregistration. The liquidation and deregistration of the above - mentioned companies will correspondingly change the scope of our company's consolidated financial statements. However it will not have a significant impact on our company's existing business operations and operating performance nor will it damage the interests of the company and its shareholders (7)Relevant Situation of Significant Changes or Adjustment of the Business Product or Service in the Company’s Report Period □ Applicable √Not applicable (8)Situation of Main Customers and Main Supplier Information of the Company’s sales customers Total sales amount to top 5 customers (Yuan) 50948955699 Proportion of sales to top 5 customers in the annual sales(%) 98.86% Proportion of the sales volume to the top five customers in the 0.44% total sales to the related parties in the year Information of the Company’s top 5 customers No Name Amount（RMB） Proportion 1 GPGC 48930311846 94.93% 2 STATE GRID 1469592517 2.86% Guangdong Energy Group 32364269590.46% Co. Ltd.Exxonmobil(Huizhou ) 42253340750.44% Chemical Co. Ltd.Inner Mongolia Electric 5872903020.17% Power (Group) Co. Ltd.Total -- 50948955699 98.86% Other explanation : √Applicable □Not applicable Guangdong Energy Group Co. Ltd. (hereinafter referred to as "Energy Group") is the controlling shareholder of the Company and has an associated relationship with the Company. The amount of related suppliers between the Company and Energy Group listed here covers all related transactions between the Company and Energy Group and its subsidiaries.Principal suppliers Total purchase of top 5 Suppliers（Yuan） 39399532268.00 Percentage of total purchase of top 5 suppliers In total annual 80.30% purchase(%) Proportion of purchase amount from the top 5 suppliers in the 68.45% total purchase amount from the related parties in the year Information about the top 5 suppliers No Name Amount（Yuan） Proportion2025 Annual Report 1 Guangdong Energy Group 33590222516.00 68.45% Guangdong Dapeng LNG 21793942428.003.66% Co. Ltd.China Energy Construction 31710387637.003.49% Group Co. Ltd.Guangdong Zhujiang 4 Investment Electric Fuel Co. 1362440561.00 2.78% Ltd. 5 POWERCHINA 942539126.00 1.92% Total -- 39399532268.00 80.30% Other explanation : √ Applicable □Not applicable Guangdong Energy Group Co. Ltd. (hereinafter referred to as "Energy Group") is the controlling shareholder of the Company and has an associated relationship with the Company. The amount of related suppliers between the Company and Energy Group listed here covers all related transactions between the Company and Energy Group and its subsidiaries.During the reporting period the Company's trading business revenue accounted for more than 10%of its operating revenue □ Applicable √Not applicable 3.Expenses In RMB Increase/Decrease 2025 2024 Notes (%) Sale expenses 100752930 101150886 -0.39% Administration 165335983516263519931.66% expenses Financial expenses 2185982384 2285029760 -4.33% On one hand due to the decrease in fuel costs during the reporting period the Company's R&D expenses decreased by 20% YOY; on the other hand R & Development the Company further 5671988111286783600-55.92% expenses tightened and quantified the standards for accumulating R&D expenses and the R&D fuel expenses meeting the new standards decreased YOY during the reporting period. 4.R& D Expenses √ Applicable □Not applicable Expected impact on Enterprise Project purpose Project progress Goal to be achieved the future development of the Company Develop a dedicated CO2 emissions ≥120 Establishing a 660MW burner with wide g/kWh (power industrial Direct coupling power adaptability for generation load demonstration of direct generation technology biomass complete the In progress rate >30%) annual coal and biomass co- of coal and biomass integration verification stable operation time firing power generation of key technologies for ≥6000 h minimum will help verify various coal and biomass co- power generation load technical indicators of2025 Annual Report fired power generation rate 30% (CO2 the system build an on a pilot-scale emission reduction integrated operation platform with a ≥320 g/kWh) heat pattern of the co-firing biomass co-firing ratio transfer coefficient of power generation of 0~100%; complete the boiler tail heating system and establish the industrial surface ≥68 methods for evaluating demonstration of W/(m2·°C) error of capacity limits. It will 660MW coal and online measurement of form comprehensive biomass direct co-fired coupled combustion evaluation standards power generation ratio based on 14C for the direct coal and technology. method ≤±4% ash and biomass co-firing slag utilization rate power generation 100% air pollutant system thereby emissions better than providing technical and ultra-low emission theoretical support for requirements; develop the large-scale full-process system promotion and software for coupled application of biomass power generation and co-firing power establish a generation technology comprehensive which is of great evaluation method for significance for carbon coal and biomass reduction in the power coupled power industry.generation systems based on life cycle carbon emissions.Construct a megawatt- level natural gas Complete the research The demonstration of chemical looping and development of zero-carbon emission combustion power key technologies and power generation Research and generation device demonstration technology using demonstration project complete the research verification. Formulate natural gas will not on key technologies for and development of industry standards for only provide new zero-carbon power key technologies and carbon capture and solutions for carbon In progress generation using the demonstration develop and launch reduction efforts but megawatt-scale gas verification of natural engineering design and also promote the chemical loop gas chemical looping operation technological combustion combustion and commissioning development of power achieve efficient zero- standards for chemical companies in achieving carbon and low-NOx loop combustion peak carbon and combustion of natural devices. carbon neutrality.gas.To reduce the Develop a set of This project will operational risks for intelligent inspection reduce operation and frontline power operation robots to maintenance costs generation personnel achieve autonomous improve the efficiency and in combination navigation meter of power plant Research with typical application reading infrared inspection and development and scenarios in the group's temperature maintenance lower the demonstration of robot power plants carry out In progress measurement partial risks of inspection applications in research development discharge detection operations ensure the electrical switching and demonstration of verification of safe and stable operations the application of protection plate status operation of robots in electrical and other intelligent equipment and switching operations， inspection functions. enhance the intelligentto replace operators to Using its onboard 3D management level of complete a series of vision recognition the distribution room.2025 Annual Report daily switching tasks in system to the switchgear room autonomously locate such as operating operation targets trolley circuit breakers develop technology switching knob-type that integrates multiple switches checking sensors and compliant protective devices and control algorithms pressing switches on enabling the robot to and off effectively automatically check improving the safety operation orders reliability and level of accurately find intelligence of operation positions electrical operations in upon receiving the group's power instructions and generation enterprises. flexibly complete a series of tasks such as switching electrical power on and off verifying electrical operations and operating grounding switches.Meet the food-grade carbon source demandfor the “MicroalgaeCO2 Emission Reduction and Utilization in Thermal Build a 3000-ton/year Power Units Industrial flue gas carbon capture Demonstration Project This project not only system based on at a Thousand achieves the resource chemical absorption.Tons/Year Scale” utilization of CO2 High-concentration guided by major meeting the industrial CO2 is obtained Research and corporate needs and production needs of the through thermal application of key aiming for plant but also helps desorption and after technologies for coal- industrialization In progress enterprises produce compression fired flue gas carbon focusing on green and low-carbon dehydration and capture overcoming the key products providing adsorption the CO2 bottlenecks of long- strong support for the quality meets the term stable and realization of carbon production environmentally neutrality and carbon requirements of friendly operation of peak goals.downstream flue gas carbon capture microalgae projects.in the thermal power industry and promote the establishment of the group's thermal power CCUS industry chain.Research and Carry out heating The project plans to This project as an demonstration flexibility construct a steam exploration of a new application of deep transformation for the compressor which will type of energy storage peak shaving and wide- unit to achieve be used to boost the application is range frequency functions of heat- In progress original heating steam innovative and regulation technology power decoupling and provide external demonstrative and will for coal power units deep peak regulation heating at low loads reduce unit startup time based on steam wide-range frequency achieving thermal and startup costs compression and regulation and fast electric decoupling and expand the unit's deep2025 Annual Report extraction steam start-up reducing unit reducing the number of peak shaving energy storage start-up time and start- peak shaving capability and enhance up costs. shutdowns. frequency regulation Meanwhile a steam capability achieving extraction and storage good social and unit will be built to economic benefits.achieve peak shaving and frequency regulation of heat storage.Combined with The project aligns with theoretical research the international such as experimental development trends of simulation and biomass energy technical equipment technology and development this industry focusing on project aims to break the key core through key scientific technologies of issues such as biomass biomass direct Develop a non-contact low-temperature combustion power real-time monitoring oxidation mechanism generation. It fully and intelligent non-spherical particle leverages the strengths prediction system for aerodynamics and of the applying biomass pile combustion model organization and forms spontaneous high-temperature strong partnerships combustion; establish a cracking and effective with domestic and biomass 'suspension- group conversion international grate' composite mechanism of collaborators to combustion boiler composite polymer overcome the technical design process based denitrification agent bottlenecks of biomass on a new feeding and inhibition direct combustion Research and system; propose a new mechanism of spray power generation application of key compound material on molten salt achieving a leap- technologies for safe denitrification agent corrosion behavior and forward development flexible and efficient Completed formula for the tofrom the below five of China's biomass direct combustion furnace coupling low- key technologies and direct combustion biomass power nitrogen combustion to equipment: non-contact power generation generation develop efficient in- temperature/humidity technology. The furnace composite real-time detection project serves major collaborative method and technology national needs such as denitrification for biomass material ensuring energy technology; regulate stack biomass security controlling spraying processes and "suspension-grate" environmental spraying components composite combustion pollution and to inhibit potassium- technology and developing a circular containing molten salt process biomass economy. Meanwhile corrosion and develop efficient combustion the project can also anti-corrosion spraying operation optimization enable Chinese technology and technology efficient technological products equipment.composite in areas such as collaborative anticorrosion and denitrification denitrification to enter technology in biomass the international direct combustion market achieving furnace and efficient mutual benefits and anti-corrosion spraying win-win outcomes for technology for biomass China and Denmark in boilers. the field of energy2025 Annual Report development.Carry out pilot demonstrations of energy storage power Complete the study on stations withthe control strategies of “integrated multipleResearch and Construct the country's the energy storage uses and time-sharing application project on first semi-solid batterysystem during the reuse” while providing key technologies for energy storage power“black start and new solutions for theblack start and station applied to gasfrequency regulation” rapid recovery and frequency regulation turbine power plants Completed application of large gas sustainable coordination of gas for auxiliary frequency units including the development of the turbine combined cycle regulation and multi- coordinated control power system and units based on semi- scenario integrated between energy storage enhancing solid state battery black start energy and units and theCompany's energy storage systems storage.intelligent regulation advantages in the strategies research and application of new energy storage technologies.Construct a system for RDF-derived fuel pre- treatment and its By partially replacing blending with coal feed coal with RDF fuel to form a continuous derived from feeding mechanism Reduce coal costs for combustible industrial that actively adjusts the power plants improve solid waste for co- feed rate of RDF- the economic firing in boilers for derived fuel enabling efficiency of power Research and power generation or stable combustion of plants achieve application of high- by gasifying RDF- RDF fuel and coal in efficient and integrated efficiency power derived fuel to produce boilers; reduce resource utilization of generation technology Completed combustible gas and pollutant emissions industrial solid waste coupling coal with then introducing it into during combustion while also reducing biomass and industrial boilers for co-firing avoid slagging and carbon dioxide solid waste the method achieves corrosion problems emissions from power efficient coordinated caused by alkali plants and implementdisposal of combustible metals sulfur chlorine the national “dualindustrial solid waste etc. in general carbon” strategy.and coal-fired power industrial solid waste generation. and achieve large- scale clean resource utilization of industrial organic solid waste.The project aims to Build 1 set of This project aims to create typical integrated and create typical application scenarios of complementary rural application scenarios the complementary comprehensive energy for the agricultural- agricultural and solar system; study 2 sets of photovoltaic Research and industry assist in the agricultural production complementary demonstration of the transformation of rural technology application industry support the integration of rural Completed industries build an models for agrivoltaic transformation of rural revitalization and integrated and complementary industries build an energy technology complementary new systems; study 5 integrated and energy system in rural agrivoltaic complementary rural areas and promote complementary new energy system rural revitalization. It agricultural technical and promote rural focuses on rural new specifications; study 1 revitalization. It2025 Annual Report energy application set of new energy focuses on rural new scenarios using promotion integrated energy application agricultural-solar rural revitalization scenarios from the technology research development model; perspectives of land-sharing/sunlight- study 1 set of agricultural- sharing assisted successful cases of photovoltaic development model agrivoltaic technology research research agricultural- complementary studies on land solar industry collaborative industry sharing/sun sharing upgrading and development; build 1 cooperative research on ways to typical application development models increase farmers' scenario for the agricultural- income as well as the agrivoltaic photovoltaic industry creation of typical complementary upgrading and paths application scenarios as industry. for increasing farmers' entry points to build incomes as well as the demonstrative models creation of typical that can be visited application scenarios to replicated and learned form the entry points from. and to establish demonstrative models that can be visited replicated and learned from.Based on on-site prioritizedrequirements of coastal power plant Complete the steel structure and the investigation and new long-lasting and research on the current economical anti- corrosion status of steel corrosion technologies Taking Unit 1 of structures and it aims to tackle theShantou Honghaiwan equipment in coastal “long-termPower Plant as the power plants set up effectiveness” application monitoring equipment “economy” and demonstration object and corrosion “safety” of anti- formulate a new long- monitoring systems corrosion technology Research on key term economic anti- complete the research from three dimensions: technologies for long- corrosion plan for on the coating failure construction process term economic anti- coastal power plants mechanisms of steel protection technology corrosion of steel complete at least 1500 structures and and corrosion structures and Completed square meters of anti- equipment in coastal resistance equipment in coastal corrosion power plants as well reinforcement power plants under demonstration as the research on new upgrades to solve the high salt and high application and anti-corrosion technical bottlenecks of humidity conditions develop a preventive technologies for steel corrosion prevention anti-corrosion structures and for steel structures and management outline equipment in coastal equipment in high-salt implementation rules power plants and and high-humidity and maintenance work develop new long-term environments of packages. economical anti- coastal power plants.corrosion solutions and Focus on solving the application corrosion prevention demonstrations for issues of special and coastal power plants. key parts improve the anti-corrosion processes for steel structures and2025 Annual Report equipment and thereby promote them in coastal power plants within the thermal power sector.Company's research and development personnel situation 2025 2024 Increase /decrease Number of Research and Development persons 1705 1630 4.60% (persons) Proportion of Research and 16.24%15.90%0.34% Development persons Academic structure of R&D personnel Bachelor 1247 1136 9.77% Master 92 102 -9.80% Doctor 1 1 0% Age composition of R&D personnel Under 30 years old 331 201 64.68% 30-40 years old 563 493 14.20% Over 40 years old 811 936 -13.35% The Company's R & D investment situation 2025 2024 Increase /decrease Amount of Research and Development Investment 567198811 1286783600 -55.92% (Yuan) Proportion of Research and Development Investment 1.10% 2.25% -1.15% of Operation Revenue Amount of Research and Development Investment 0 0 0% Capitalization (Yuan) Proportion of Capitalization Research and Development Investment of 0% 0% 0% Research and Development Investment Reasons and influence of significant changes in R&D personnel composition of the Company □ Applicable √Not applicable The Reason of the Prominent Change in Total Amount of Research and Development Input Occupying the Business Income Year on Year □Applicable √ Not applicable Reasons for the drastic change of capitalization rate of R&D investment and its rationality explanation □ Applicable √Not applicable 5.Cash Flow In RMB Item 2025 2024 Increase/Decrease(%) Subtotal of cash inflow received from operation 58806128329 65207631915 -9.82% activities Subtotal of cash outflow received from operation 48572908941 54232447992 -10.44% activities2025 Annual Report Net cash flow arising from 1023321938810975183923-6.76% operating activities Subtotal of cash inflow received from investing 3700261648 4638611820 -20.23% activities Subtotal of cash outflow for 1458406013018896013590-22.82% investment activities Net cash flow arising from -10883798482-1425740177023.66% investment activities Subtotal cash inflow received 4045732175042994850605-5.90% from financing activities Subtotal cash outflow for 3929584422239835215834-1.35% financing activities Net cash flow arising from 11614775283159634771-63.24% financing activities Net increase in cash and cash 510910023-122662232516.52% equivalents Notes to the year-on-year change of the relevant data √Applicable □ Not applicable (1) Net cash flow from operating activities decreased by 6.76% year-on-year primarily due to a year-on-year decline in electricity prices which resulted in a 10.22% year-on-year decrease in the Company’s power generation revenue. (2) Cash inflows from investing activities decreased by 20.23% year-on-year mainly attributable to a year-on- year reduction in the recovery of maturing time deposits by the Company’s subsidiary Guangdong Wind Power Company; Cash outflows from investing activities decreased by 22.82% year-on-year primarily due to the completion and commissioning of projects a reduction in cash paid for the acquisition of fixed assets intangible assets and other long-term assets as well as a decrease in new fixed-term deposit investments.Taking these factors into account net cash flow from investing activities for the year increased by 23.66% year- on-year. (3) Net cash inflow from financing activities decreased by 63.24% year-on-year primarily due to a reduction in the Company’s financing scale the continued optimisation of its financing structure (with the proportion of medium- and long-term financing steadily increasing) and a year-on-year decrease in the scale of maturing debt.Taking all the above factors into account the Company’s net increase in cash and cash equivalents for the 2025 financial year increased by 516.52% year-on-year.Reasons for the significant difference between the net cash flow generated by the Company's operating activities during the reporting period and the net profit of this year □ Applicable √Not applicable V. Analysis of Non-core Business □Applicable√Not applicable VI. Condition of Asset and Liabilities 1.Condition of Asset Causing Significant Change In RMB End of 2025 End of 2024 Proportion Notes to the Proportion in Proportion in increase/decrea significant Amount the total Amount the total se change assets(%) assets(%)2025 Annual Report Monetary fund 14839620180 7.98% 15361820831 8.77% -0.79% Accounts 95831849055.15%91017978415.20%-0.05% receivable Contract assets 899846 0.00% 1378872 0.00% 0.00% Inventories 2293819795 1.23% 2577119489 1.47% -0.24% Real estate 3237774840.17%3364935860.19%-0.02% investment Long-term Equity 11543456219 6.21% 10812658939 6.17% 0.04% Investment Fixed assets 85896557515 46.17% 73628798655 42.04% 4.13% Construction in 3158247817016.98%3138285076517.92%-0.94% process Use right assets 11196458460 6.02% 11700419075 6.68% -0.66% Short-term 97410111575.24%141089308338.06%-2.82% loans Contract 771033020.02%384598280.02%0.00% liabilities Long-term 7160941454438.49%6954155940639.70%-1.21% borrowing Lease liabilities 12394114636 5.98% 12376312142 7.07% -1.09% Overseas assets account for a relatively high proportion.□ Applicable √ Not applicable 2.Asset and Liabilities Measured by Fair Value √Applicable □ Not applicable In RMB Impair Gain/Loss ment on fair Cumulative Purchased Sold provis value fair value amount in amount in Opening ions in Other Closing Item change in change the the amount the changes amount the recorded into reporting reporting reporti reporting equity period period ng period period Financial assets 4. Other equity 265028987335940001520675272723009689888 Instrument Investment Subtotal of financial 2650289873 359400015 2067527272 3009689888 assets Total 2650289873 359400015 2067527272 3009689888 Financial 0000.000.000.000.000.00 Liability Other changes None Whether the measurement attribute of the company's main assets has changed significantly during the reporting period □ Yes √ No 3. Restricted asset rights as of the end of this Reporting Period On December 31 2025 individual subsidiaries of the Group pledged the right to impose electricity charges to banks to obtain long-term loans of 3935009425yuan which: the balance of long-term loans due within one year2025 Annual Report was456142964 yuan (as of December 31 2024:5171411604 yuan). including: the long-term borrowings due within one year amounted to 451067263yuan .VII. Investment situation 1. General √ Applicable □ Not applicable Investment of same period of last Investment of the period Scale of change year 5934848800.00 2590462500.00 129.10%2025 Annual Report 2.Condition of Acquiring Significant Share Right Investment during the Report Period √Applicable □ Not applicable In RMB Wh eth er Progress to Capit Gain or Less Name of the Share Investm up to Anticipa Inv Date of Main Investment Investment al Produc or the Company Propor Partner ent Balance ted olv Disclosur Disclosure Index(if any) Business Way Amount Sour t Type Current Invested tion % Horizon Sheet Income e e(if any) ce Investment Date in La ws uit Announcement No.:2022-16.Guangdong Dananhai Published in YudeanDanan Intelligence hai Thermal Capital Self Electric Energy April China Securities 100000000.00 100.00% No Long-term Intelligence -39507962.00 No power increase funds Power Project is 222022 DailySecuritiesTimes Shanghai Energy Co. normal Securities News Securities Daily Ltd. progress and http//.www.cninfo.com.cn Huizhou Port Investment Group Co.Ltd.（ ShareGuangdong Yudean Proportion： Announcement No.:2021-43.Dayawan Thermal Capital Self 20%） Electric In normal Published in 49070000.00 70.00% Long-term 9860546.50 No July 172021 Integrated power increase Fund Huizhou Port Power operation China Securities Daily Securities Energy Co. Times and http//.www.cninfo.com.cn Investment Ltd.Group Co.Ltd.（ ShareProportion:10 %） The preliminary Guangdong work for the Yudean Thermal Capital Self Electric Guangzhou Qiming 15000000.00 100.00% No Long-term -23460884.00 No Not applicable power increase Funds Power Gas and Energy Co.Electricity Ltd.Project has been halted Guangdong Thermal Capital 17540000.00 90.00% Self YunfuYunda Long-term Electric In normal -46400248.12 No April Announcement No.:2022-16.2025 Annual Report YudeanYunhe power increase Funds Investment Power operation 222022 Published in Power General China Securities Daily Securities Holdings Co.Co. Ltd. Times and http//.www.cninfo.com.cnLtd.（ ShareProportion： 10%） Guangzhou Development Electric Group Co. Ltd.Gua （ Share Published inngdong Proportion： China Securities Daily SecuritiesYudean Red Thermal Capital Self 25%） Electricity In normal March Times Shanghai Securities News Long-term Bay Power 130000000.00 65.00% power increase Funds Shanwei operation 123845307.95 No and coal 162023 Securities Daily and Generation Talent http//.www.cninfo.com.cn.(Announc Co. Ltd. Development ement No.: 2023-13 .Group Co.Ltd. （ ShareProportion： 10%） Guangdong Published in YudeanDapu China Securities Daily Securities Thermal Capital Self Electricity In normal Power 410000000.00 100.00% Long-term Funds No operation 3144262.00 No Times power increase and coal Generation andhttp//.www.cninfo.com.cn.(Anno Co. Ltd. uncement No.: 2022-47 .Huizhou New materials Guangdong Industrial Park Published in YudeanHuixin Investment and China Securities Daily Securities Thermal Capital Self Electricity In normal Thermal 264960300.00 85.00% Construction Long-term -15347143.55 No Times power increase Funds and coal operation power Co. Co. Ltd andhttp//.www.cninfo.com.cn.(AnnoLtd. （Share uncement No.: 2024-46Proportion： 15%） Guangdong Qichuang Guangdong Investment Published in YudeanJinghai Development China Securities Daily Securities Thermal Capital Self Electricity In normal Power 526470100.00 65.00% Co. Ltd.(share Long-term Times power increase Funds and coal operation 82569804.85 No Generation proportion:17. andhttp//.www.cninfo.com.cn.(Anno Co. Ltd. 48)Guangzhou uncement No.: 2024-70 Development Electric Power2025 Annual Report Group Co.Ltd.(Share proportion:10 %); Jieyang Investment Holding Co.Ltd(share proportion :7.5 2%） Maoming Bohe Power Guangdong Plant unit 3 Guangdong Energy Group Announcement No.:2024-48.and 4 unit YudeanBo Thermal Capital Self Co. Ltd. Electric September Published in 321600000.00 67.00% Long-term project 7880758.42 Nohe Energy power increase Funds （Share Power 172022 China Securities Daily Securities (2x1000mw) Co. Ltd. Proportion:33 Times and http//.www.cninfo.com.cn project is in %） normal progress Guangdong Guangdong Energy Group Announcement No.:2025-25.Electric Fuel Capital Self Co. Ltd. Electric In normal Published in Long-termIndustry Fuel sales increase 300000000.00 50.00% Funds Power operation 85682458.00 No May 292025 （Share China Securities Daily SecuritiesCo. Ltd.Proportion:50 Times and http//.www.cninfo.com.cn %） Guangdong Electric Industry Fuel Co. Ltd.（Shareproportion :18 Guangdong%）； EnergyGroup Data New Self Guangdong In normal Enterprise processin establishm 27000000.00 18.00% Long-term Funds Data operation 32824.00 No Not applicable Electric Service Co. g ent Development Ltd.Co. Ltd.（Shareproportion： 18%）； Guangdong Yudean2025 Annual Report Shipping Co.Ltd.（Shareproportion： 18%）； Guangdong Energy Group Natural gas Co. Ltd.（Shareproportion： 18%）； Guangdong Energy Group （Shareproportion： 10%） ShaoguanQujia Guangdong ng Asset YudeanShaog Thermal Capit Self Management Electricity In normal uan Power 1596000000.00 95.36% Long-term 748727.29 Nopower al increase Funds Centre（Share and coal operationGeneration Proportion： Plant Co. Ltd. 4.64%） Zhanjiang Tengsheng Zhanjiang Asset Zhongyue Thermal Capit Self Management Electricity In normal 567000000.00 92.81% Long-term 12562681.27 No Energy Co. power al increase Funds Co. Ltd. and coal operationLtd. （ShareProportion： 7.19%） LincangYudea Thermal Capit Self Electricity In normal n Energy Co. 660000000.00 100.00% No Long-term operation 12655295.00 No power al increase Funds and coal Ltd.China Kangfu Dongguan International Ningzhou Investme New Lease Co. Ltd. Investment Energy nt Self In normalestablishm 949908400.00 19.99% （Share Long-term Manageme 28274690.34 NoInvestment Manage Funds operation ent Proportion： nt Partnership ment 80%）； （LP） Guangzhou2025 Annual Report Yudean Linghang Electric Power Co. Ltd.（ShareProportion： 0.01%） Guangzhou Investme New Investment Linghang nt Self In normal establishm 300000.00 100.00% No Long-term Manageme operation 39248.00 No Electric Power Manage Funds ent nt Co. Ltd. ment Total -- -- 5934848800.00 -- -- -- -- -- -- 0.00 242580365.95 -- -- -- 3.Situation of the Significant Non-equity Investment Undergoing in the Report Period □ Applicable √ Not applicable 4.Investment of Financial Asset （1）Securities investment √ Applicable □Not applicable In RMB Purch Book value ase Sale Mode of Changes in Cumulative Gain/los Book value Sourc Stock Initial balance at the amou amoun Security Securit accounting fair value of fair value s of the balance at the Accounting e of Abbreviation investment beginning of nt in t in the category y code measureme the this changes in reporting end of the items the : cost the reporting the this nt period equity period reporting period shares period this period period Domesti Other c and HK696 Sunshine equity Self 356000000 FVM 884831222 341741538 870572760 1226572760 foreign 3 insurance instrument funds stocks Investment Domesti Other c and Shenergy equity Self 600642 235837988 FVM 527001051 -94960145 196202918 432040906 foreign instrument funds stocks Investment2025 Annual Report Domesti Other c and Shenzhen equity Self 000027 15890628 FVM 97977600 604800 82691772 98582400 foreign Energy instrument funds stocks Investment Domesti Other c and equity Self 831039 NEEQ 3600000 FVM 13680000 6552000 16632000 20232000 foreign instrument funds stocks Investment Total 611328616 -- 884831222 341741538 870572760 1777428066 -- -- （2）Investment in Derivatives □ Applicable √ Not applicable The Company had no investment in derivatives in the reporting period.VIII. Sales of major assets and equity 1.Situation of Significant Asset Sale □ Applicable √ Not applicable None 2.Sales of major equity * □ Applicable √ Not applicable IX. Analysis of the Main Share Holding Companies and Share Participating Companies √ Applicable □ Not applicable Situation of Main Subsidiaries and the Joint-stock Company with over 10% net profit influencing to the Company In RMB Sectors engaged Company Name Company type Registered capital Total assets Revenue Net assets Operating profit Net Profit in Guangdong Yudean Power generation Jinghai Power Subsidiary and power station 4174107540 14734780638 5382612412 5001041662 183737857.00 127030469.00 Generation Co. Ltd. construction.Red Bay Power Subsidiary Power generation 2749750000 7953751591 4680929335 3343129430 321315245.00 190531243.002025 Annual Report Generation Company and power station construction.Guangdong Huizhou Power generation Pinghai Power Subsidiary and power station 1370000000 3369768332 3701512112 2366176040 484106982.00 404893595.00 Generation Co. Ltd. construction.Power generation Shenzhen Guangqian Subsidiary and power station 1030292500 1820004299 1376702991 1696994718 168984882.00 175469257.00 Electric Co. Ltd.construction.Guangdong Yuehua Power generation Power Generation Subsidiary and power station 1314714000 3691778564 2047253125 458113591 -191123913.00 -177348024.00 Co. Ltd construction.Guangdong Shajiao Power generation （C）Power Subsidiary and power station 2500000000 5005913120 4456522985 2037794741 303247217.00 318473500.00 Generation Co. construction.Ltd.Guangdong Wind Power generation Power Generation Subsidiary and power station 12690914586 60733648844 3249586267 17640194080 262049336.00 228132789.00 Co. Ltd. construction.Shanxi Yudean Mining and Sharing Company 1620749100 13908799057 378278681 10481940153 698607640.00 669728226.00 Energy Co.Ltd. power generation Guangdong Energy Group Finance Co. Sharing Company Finance 3000000000 38741556727 722928701 4484211650 518991800.00 395025618.00 Ltd.Investment and Guangdong Electric operation of coal Industry Fuel Co. Sharing Company 2640328900 17524556843 27684386809 5025939031 152043316.00 163122093.00 transportation and Ltd.other projects Guoneng Yudean Power generation Taishan Power Sharing Company and power station 4669500000 11762484715 9036830631 10369733248 643547133.00 448521576.00 Generation Co. Ltd. construction.2025 Annual Report Acquirement and disposal of subsidiaries in the Reporting period √ Applicable □ Not applicable Way of acquiring and disposing of Impact on the whole producing Company name subsidiary corporations within the operation and performance reporting period During the reporting period a Dongguan Ningzhou Energy Investment Investment establishment partnership was established for the Partnership（LP） smooth issuance of REITs projects.During the reporting period Beibuwan Company is carrying out the preliminary work such as project sea area boundary Guangdong Beibuwan Offshore Wind Investment establishment surveys and offshore site applications Power Development Co. Ltd planning to develop and construct offshore wind power at the offshore sites during the '15th Five-Year Plan' period.During the reporting period the Company operated normally and there Guangdong Yudean Testing Co. Ltd. Investment establishment was no significant impact on the Company's existing business operations and performance.During the reporting period an Guangzhou Yudean Linghang Electric investment management company was Investment establishment Power Co. Ltd. established for the smooth issuance of REITs projects.During the reporting period the 250 MW YeudianXiaocaohu wind power project Yudean Turpan New Energy Power is currently carrying out turbine Investment establishment Generation Co. Ltd. procurement work and civil construction contract negotiations with plans to start construction on March 10 2026.It has no significant impact on the Guangdong Yudean Heping Wind Power Cancellation liquidation Company's existing business and Co. Ltd.operating performance.It has no significant impact on the LaishuiYingyang New Energy Cancellation liquidation Company's existing business and Technology Co. Ltd.operating performance.It has no significant impact on the Nanjing Senhong New Energy Co. Ltd. Cancellation liquidation Company's existing business and operating performance.It has no significant impact on the Nanjing Linyuan Senhai New Energy Cancellation liquidation Company's existing business and Co. Ltd.operating performance.It has no significant impact on the Taishan Dongrun Zhongneng New Cancellation liquidation Company's existing business and Energy Co. Ltd.operating performance.It has no significant impact on the PingduLianyao New Energy Technology Cancellation liquidation Company's existing business and Co. ltd.operating performance.It has no significant impact on the TumushukeYudeanChasnghe New Cancellation liquidation Company's existing business and Energy Co. Ltd.operating performance.Note (1) During the reporting period due to a year-on-year decrease in tariff the operating performance of the Company's subsidiary thermal power plants declined; (2) Affected by the decline in coal prices the Company's investment income in Shanxi Energy has decreased year-on-year;2025 Annual Report （3） During the reporting period affected by factors such as changes in electricity market policies declining market tariff and asset impairment provisions the net profit of the Company's subsidiary Guangdong Wind Power Company decreased by 45% year-on-year.X．Structured vehicle controlled by the Company √Applicable □ Not applicable GF Securities issued the Guangdong Wind Power Company New Energy Infrastructure Investment Green Carbon Neutral Asset-Backed Special Plan in 2024 using the wind farm projects held by the Company's subsidiaries Pingyuan Wind Power and Herun New Energy as underlying assets. CSC issued the Guangdong Electric Power - Binhai Bay Energy Infrastructure Investment Asset-Backed Special Plan in this reporting period using the natural gas power plant project held by the Company's subsidiary Binhai Bay Company as underlying assets. In accordance with the provisions of Accounting Standards for Business Enterprises No. 33 - Consolidated Financial Statements the Company included 2 structured entities that meet the definition of "control" in the scope of consolidated statement (as of December 31 2024: 1 structured entity).As of December 31 2025 the equity of the aforementioned structured entity attributable to the Group was RMB1234284365 and the equity attributable to other equity holders was presented as minority shareholders' equity in the consolidated statements which the total amount was RMB4739312244.XI. Prospect for future development of the Company (I) The Development Trend of the Industry In 2025 institutional reforms in the electricity sector continued to deepen. The National Energy Administration set out objectives including the continuous enhancement of supply security the deepening of the green and low-carbon transition and the steady improvement in the quality and efficiency of development. It placed particular emphasis on strengthening the regulation of green energy development in support of the low- carbon transition; strengthening the development and regulation of the electricity market in line with top-level design; and strengthening electricity safety regulation to prevent risks. Concurrently the National Development and Reform Commission and the National Energy Administration have defined the renewable energy consumption responsibility weights for each province for 2025 and 2026. In line with the demand for renewable energy integration they are simultaneously strengthening supporting measures such as the planning and construction of balancing capacity to further enhance the power system’s integration and control capabilities whilst actively coordinating the implementation of grid integration and consumption of renewable energy as well as inter-provincial and inter-regional trading. This aims to promote the growth of installed capacity and power consumption for new energy sources such as wind and solar power thereby accelerating the transformation of the energy structure. In-depth research and planning will be conducted on strategies and measures to reduce carbon emissions from coal-fired power generation and a special campaign for the upgrading of next-generation coal- fired power plants will be implemented in phases and in a step-by-step manner.(II) Corporate development strategy In the future the Company will focus on energy production and supply take into account comprehensive energy services focus on the goals of carbon peaking and carbon neutrality implement the "1310" deployment of the provincial party committee based in Guangdong and facing the whole country and build a first-class green low-carbon power listed company It will grasp the window phase of thermal power development and2025 Annual Report accelerate the development and construction of key projects; steadily promote the high-quality development of new energy increase the proportion of new energy and accelerate the green and low-carbon transformation.(III) Production and operation plans In 2026 the budgeted target for electricity supplied to the grid under the consolidated financial statements is 136.87 billion kilowatt-hours representing an increase of 15.657 billion kilowatt-hours compared with the actual electricity supplied to the grid in 2025 of 121.213 billion kilowatt-hours; The budgeted target for operating revenue is 52.882 billion yuan an increase of 1.614 billion yuan compared to the actual operating revenue of 51.268 billion yuan in 2025. Based on the actual progress of power generation projects and in line with project milestones the Company plans to invest RMB 10.333 billion in 2026 (of which approximately RMB 580 million will be contributed as equity capital) primarily for thermal power new energy technical upgrades and technological development capital injections into equity-held entities and project acquisitions.(IV) Possible risks and countermeasures 1. Work safety risks: First extreme weather events are becoming increasingly frequent posing certain adverse effects on the normal production and operation of the enterprise. Second there will be many unit maintenance tasks in 2026 making safety risk management and control difficult. Third a number of newly constructed units are successively entering the trial production period and equipment systems require running-in.Countermeasures: First closely monitor rainfall and flood conditions urge all units to strictly follow the flood wind and drought prevention early warning information and emergency response situations issued by local governments strengthen consultation judgment and emergency duty promptly initiate emergency responses according to plan requirements and strictly implement emergency response measures; Second strengthen production safety management enhance operational safety control and increase supervision intensity over key links and processes through methods such as expert guidance and regular inspections to ensure construction operation safety. Third strengthen the safety management and control of newly commissioned units enhance equipment O&M management strictly control production process management and ensure the stable operation of units. 2. Competition risk in electricity market: According to the trading results published by the Guangdong Power Trading Centre in December 2025 the average transaction prices for the province’s 2026 annual bilateral negotiated trading annual listed trading and annual centralised competitive trading all fell year-on-year. The significant reduction in electricity prices for a high proportion of long-term contracts has placed considerable pressure on power plants’ revenue and profits. At the same time as the penetration rate of renewable energy continues to rise and new coal-fired gas-fired and nuclear power plants reach a peak in commissioning traditional power generation companies are facing increasingly fierce market competition.Countermeasures: First deepen the analysis and judgment of the electricity market dynamically optimize bidding strategies improve the electricity marketing system and accurately grasp market opportunities; continuously improve the spot market coordination mechanism scientifically formulate trading plans and enhance market profitability. Second focus on cost control meticulously manage fuel power generation and operating costs and effectively enhance the Company's core competitiveness.2025 Annual Report 3. Risk of power supply structure adjustment: Against the backdrop of the ‘30*60’ targets for carbon peaking and carbon neutrality the transition towards low-carbon energy production and consumption is accelerating. In accordance with national requirements to optimise the energy structure coal-fired power generation will be transitioned from a base-load power source to a supporting and regulating power source whilst the growth in installed capacity and electricity generation from new energy sources such as wind and solar power will further squeeze the generation capacity of traditional energy units. As of the end of December 2025 the proportion of the Company’s coal-fired power generation capacity under its control stood at 52.34% which is relatively high resulting in significant pressure to transition towards cleaner and lower-carbon power generation.Countermeasures: Firstly steadily promote the transformation and upgrading of the power supply structure strive to achieve greater breakthroughs in structural adjustment accelerate the progress of key energy projects and solidly promote projects such as the Dahuanghai gas power Yunfu natural gas cogeneration projects and Pingyuan Wind Power to ensure that project investment and construction plans are completed on schedule.Secondly continuously enrich the reserve of new energy projects actively explore the development space of new energy in other provinces and regions in China and increase the development of wind and photovoltaic power projects in the central and eastern regions in China with good utilization conditions and relatively developed economy.XII.Particulars about researches visits and interviews received in this reporting period √ Applicable □Not applicable Main contents Reception Place of Way of Types of Visitors discussed and Basic index time reception reception visitors received information provided Please refer to the investor For details ple activity record ase refer to the form for details February "Record Form Online research Written inquiry Other Investors of the 142025 of Investor Rel discussion. No ations Activitie information is s provided by the Company Please refer to Investors the investor For details ple participating in activity record ase refer to the Online platform the Company's form for details The panoramic "Record Form April 152025 for online Other performance of the network of Investor Rel communication briefing discussion. No ations Activitie through information is s www.p5w.net provided by the Company CITIC Please refer to Securities the investor For details ple Huatai activity record ase refer to the SecuritiesYunn form for details Meeting room "Record Form May 72025 Field research Organization engFundGuoxi of the of the Company of Investor Rel n Securities discussion. No ations Activitie Guotai Haitong information is s Securities provided by the Guangfa Company2025 Annual Report Securities Changjiang Securities Huafu Securities Huayuan Company SOIC Securities Zeen Investment Mawang Investment Judefu Fund Bank of America: Xia RujunGaryTsa ngCissy Guan Public Investment Please refer to Fund: the investor Almadhyani For details ple activity record Abdulaziz ase refer to the form for details Meeting room Abu Dhabi "Record Form May 162025 Field research Organization of the of the Company Investment: of Investor Rel discussion. No Yang Paul ations Activitie information is Q Fund s provided by the Management: Company Liang Owen HSBC Asset Management:W angYijie Ishana Capital:He Tiffany Please refer to the investor For details ple CUAM Fund: activity record ase refer to the Wen Yufeng form for details "Record Form June 52025 Online research Other Organization He Wang Liu of the of Investor Rel Sheng Lao discussion. No ations Activitie Jienan information is s provided by the Company ShenwanHongy uan: Wang Lu China Please refer to Merchants the investor Securities: Lu For details ple activity record Xiangxue ase refer to the form for details Meeting room Guosheng "Record Form June 52025 Field research Organization of the of the Company Securities: Gao of Investor Rel discussion. No Ziming ations Activitie information is XindaSecurities s provided by the :XingQinhao Company Guangfa Securities: Shao Ruicheng2025 Annual Report Everbright Securities: Jiang Shan Please refer to the investor For details ple activity record ase refer to the form for details "Record Form August 112025 Online research Written inquiry Other Investors of the of Investor Rel discussion. No ations Activitie information is s provided by the Company Huatai Securities: Wang Weijia Huang BoGuotai Haitong Securities: Yan Shi CITIC Securities: Qiu Jichun Guoxin Please refer to Securities: the investor For details ple Zheng Hanlin activity record ase refer to the China form for details September Meeting room "Record Form Field research Organization Merchants of the 12025 of the Company of Investor Rel Securities: Lu discussion. No ations Activitie Xiangxue information is s Huafu provided by the Securities: Company Wang Erxin Everbright Securities: Jiang Shan Huarun Bank: Jiao Ling Wu Sirui Jiayi Asset: Chen Chaojun Please refer to Investors the investor For details ple participating in activity record ase refer to the Online platform the Company's form for details September The panoramic "Record Form for online Other performance of the 192025 network of Investor Rel communication briefing discussion. No ations Activitie through information is s www.p5w.net provided by the Company Guosheng Please refer to Securities: Gao the investor ZimingZhang For details ple activity record Zhuoran ase refer to the Pudong form for details November Dongzheng "Record Form Shangri-La Field research Organization of the 112025 Asset of Investor Rel Shanghai discussion. No Management: ations Activitie information is Zhang Haorui s provided by the ZhongouFund : Company Zheng Sien2025 Annual Report Xingquan Fund: Su YupengTianho ngFund:Chen Yuguang Mogen Fund: Wang Lijun CITIC Securities: Qiu Jichun Xinsizhe Please refer to Investment: the investor For details ple Yang Jiayi activity record ase refer to the Ningdian form for details November Futian Shangri- "Record Form Field research Organization Investment: of the 122025 la Shenzhen of Investor Rel Zhang discussion. No ations Activitie Xucheng information is s Qianfang Fund: provided by the OWEN Company LIANGMingh ui Fund: Cai Huilian Changjiang Securities: Song Shangqian ShenwanHongy uan: Wang Lu Guotai Haitong: Yan Shi China Merchants Securities: Lu Xiangxue Huatai Securities: Please refer to Huang Bo the investor Xinda For details ple activity record Securities: ase refer to the form for details November Meeting room Xing Qinhao "Record Form Field research Organization of the 142025 of the Company Everbright of Investor Rel discussion. No Securities: ations Activitie information is Jiangshan s provided by the Huayuan Company Securities: Dou Pengchao Nailao Fund: Pan Jun Pingan Life: Jin HaofengPinga n Securities: Deng Guangjian Yinsheng Assets: Wang Dong Guangzhou Financial2025 Annual Report Holdings: Liu Ting Yunneng Capital : Jiao Leisheng Lluo Yang Houfang Investment: Wang Lanlan Huafu Securities: Wang ErxinYouShiw en Jujiao Investment :Fa n Na An Xiaorui Jiang Bin Muen Capital :Wang Qian Yuexing Holding: Chen Guangze Huarun Bank: Wu Sirui Please refer to the investor For details ple ICM Limited: activity record ase refer to the Charles form for details November Meeting room "Record Form Field research Organization Jillings、Mark of the 142025 of the Company of Investor Rel Lebell、Gillian discussion. No ations Activitie Zhao information is s provided by the Company Please refer to the investor For details ple activity record ase refer to the form for details December "Record Form Online research Written inquiry Individual Investors of the 112025 of Investor Rel discussion. No ations Activitie information is s provided by the Company XIII. 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 returning2025 Annual Report 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.XIV. 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 December 31 2025 the Company has a controllable installed capacity of 46.6831 million kilowattsAmong which the installed capacity under the Company's control is 43.9593 millionkilowatts and the equity interest in installed capacity of associates is 2.7238 millionkilowatts . Of which: the controlled installed capacity of coal-fired power is 23.01 million kilowatts; that of gas power is 11.847 million kilowatts; that of wind power is 3.995 million kilowatts ; that of photovoltaic power is 4.8745 million kilowatts; that of hydropower is 132800 kilowatts ; that of biomass power is 100000 kilowatts ; the total controlled installed capacity of the above renewable energy power generation including wind power hydropower photovoltaic biomass etc. is 9.1023million kilowatts . 2. Strengthen technological leadership actively cultivate and develop new productive forces. The Company actively implements the strategy driven by scientific and technological innovation and orderly constructs a deep integration system of "Industry-University-Research Institution Cooperation". The Company actively implements the strategy driven by scientific and technological innovation and orderly constructs a deep integration system of "Industry-University-Research Institution Cooperation". Since 2023 the Company has added one provincial-level certified R&D platform and three municipal level certified R&D platforms undertaken one national key R&D project and three provincial key R&D projects; In 2025 it applied for 25 new national industry R&D achievements and added 97 new authorized utility model patents and 22 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 proportion2025 Annual Report 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 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 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.2025 Annual Report IV Corporate Governance Enviornmental and Social Responsibility I. General situation The company is strictly in accordance with “Company Law” “Securities Law” “Governance Standards ofListed Company” “Listing Rules of Stocks” and other laws and regulations requirements constantly perfects the corporate governance structure standardizes corporate operations and further enhances the level of corporate governance. The company has established the corporate “Articles of Association” the rules of procedure of three meetings’ operation the working rules of the board of directors special committee the working rules of the general manager of company and working conditions and internal control system which basically covers all aspects of the operation management like financial management investment management information disclosure associated trade external guarantees and fund-raising. These systems are implemented better. During the reporting period the company has amended part of the clauses in “Inside Information Management System” based on the original systems and the requirements of the CSRC.In 2025 the Company implemented the Guidelines for Corporate Governance of Listed Companies and the relevant requirements of China Securities Regulatory Commission on improving the quality of listed companies and earnestly achieved a steady and prudent management abided by laws and regulations highlighted and refined its main business respected investors and constantly improved the corporate governance level and the development quality of listed companies. The Board of Directors organized 7 on-site meetings and 3 communication meetings and completed the examination and approval of 45 proposals of the Board of Directors including regular reports internal control evaluation comprehensive risk management profit distribution plan major investment and financing major related party transactions etc. all of which were passed and effectively implemented. The Board of Directors also convened 3 general meeting of shareholders and all 15 proposals submitted at the general meeting of shareholders were passed and effectively implemented.The Company successfully completed the preparation and disclosure of regular reports and temporary announcements and issued 110 announcements throughout the year. The information disclosure has been assessed as "A" by Shenzhen Stock Exchange for eight consecutive years.Does there exist any difference in compliance with the corporate governance the PRC Company Law and the relevant provisions of CSRC □ Yes √ No There exist no difference in compliance with the corporate governance the PRC Company Law and the relevant provisions of CSRC.II. Independence and Completeness in business personnel assets organization and finance The company has implemented separation of operation separation of human resource separation of assets separate ion of organization and financial independence between controlling shareholder. And it has a complete business and operations management ability. 1. Separation of operation: the Company is principally engaged in the electricity generation and sales to Guangdong Electric Power Holding Co.(“GPHC”) directly. The Company has subcontracted the subsidiary of Yudean the holding company to purchase the fuels which is solely for the purpose of better utilization of large-scale purchase and cost control. 2. Separation of human resource: the General Manager and all his subordinates Secretary to the Board of Directors Financial Manager are paid by the Company and take no position in the holding company. 3. Separation of assets: the Company has independent production system supporting system and other facilities. The Company owns its intangible assets such as intellectual property rights trademarks and non-patent technology; 4. Separation of organization: the Company2025 Annual Report has established integrated operating institution of its own.5.. Financial independence: the Company has an independent financial department and has established independent accounting system and financial management system. It opened independent bank accounts for its own operation.III. Competition situations of the industry √Applicable □ Not Applicable Types of Time Schedule Name of the Property of relationship Problems and Countermeasur of Works and Problem Types Controlling the Controlling with listed Causes es Follow-up Shareholders Shareholders companies Program Energy On January 3 Our company Group was 2018 the will actively established company fulfill the when disclosed trusteeship and Guangdong Announcement responsibilities Provincial on Controlling according to theGovernment Shareholders' “Equitytook the lead Commitment to Custodyin the Perform Agreement” implementati Related Matters and participate on of the (public notice in the“plant and No.: 2018-01); managementnetwork on January 13 and decision-separation” 2018 the making and power company inspection and system disclosed supervision of reform in Announcement the custody China and of Related target. The was Transactions on company will separated the "Equity cooperate with and formed Custody Energy Group from Agreement" to push forward Guangdong signed with the defect Provincial Guangdong rectification of Power Energy Group the underlying Guangdong Horizontal Controlling Group Co. Ltd. assets study Energy Group Local SASAC competitions shareholder Corporation. (public notice the rectification Co. Ltd.It is the No.: 2018-04). and solution to largest and In order to the defects and most avoid obstacles in the powerful competition in relevant assets power the same that do not generation industry and to meet the listing enterprise in fulfill the conditions Guangdong relevant promote Province. horizontal relevant Yudean competition rectification Power is the commitments work from the only listed Energy Group aspects of company has signed the improving under the Entrusted project Energy Management approval or Group and is Agreement approval engaged in with the procedures power company and clarifying land production all the and property business. At shareholders' ownership present rights other enhancing asset Energy than the profitability Group still ownership and has some income and implementing remaining disposal rights legal2025 Annual Report power of the company compliance.generation that temporarily For custody assets that fails to meet the assets that meet have not listing the listing been conditions in conditions in included in the company's the future Yudean custody area of Energy Group Power the Energy will in temporarily. Group are accordance Considering escrowed to our with the unified the situation company. deployment of of these the Guangdong power Provincial generation Party assets it is Committee and temporarily the provincial not in line government with the and the overall listing requirements conditions for the reform and it is of state-owned difficult to enterprises solve these actively create problems in conditions for the short the injection term. into listed Therefore companies in there is a accordance certain with the status degree of of the assets horizontal under custody competition. combined with enterprise restructuring structural adjustment arrangements electricity market and capital market conditions.IV. Information about Directors and Senior Executives 1.Basic situation Amount of Amount of Reaso Number of Shares shares shares ns for shares held Starting Expiry held at the increased decreased Other increas Ag Office at the end of Name Sex Positions date of date of year- at the at the changes(shar e or e status the tenure tenure begin(shar reporting reporting es) decreas period(share e) period(shar period(shar e of s) e) e) shares Novemb Zheng Board February Male In office Yunpeng 57 chairman er 202023 192027 Novemb August Li Fangji Male 58 Director In office er 22021 192027 Novemb Li August Male 51 Director In office Baobing er 22021 192027 Novemb April2120 He Ruxin Male 49 Director In office er 23 1920272025 Annual Report Novemb Chen Mal Employee August 50 In office director er Yanzhi e 22021 192027 Zhang Novemb November Cunshen Male 57 Director In office er 192024 g 192027 Novemb Zhang Femal Independe September In office Hanyu e 60 nt director er 162022 192027 Novemb Wu Independe September Male 50 In office Zhanchi nt director er 162022 192027 Novemb Cai Independe September Male 46 In office Guowei nt director er 162022 192027 Novemb Zhao Independe April2620 Male 53 In office Zengli nt director er 24 192027 Executive Novemb Wang Deputy July Male 43 In office er Peipei General 232024 192027 Manager Guo Deputy Novemb In August Yongxio Male 51 General er Office 22021 ng Manager 192027 Deputy GM Novemb Finance In August Liu Wei Male 46 er manager Office 22021 192027 Board secretary Novemb Femal General February Qin Xiao e 42 In office Counsel er 202023 192027 Chairman of the Supervisor Dimissio April2620 May Yang Hai Male 51 y n 24 282025 Committe e Femal Dimissio August May Shi Yan 48 Supervisor e n 22021 282025 Employee Dimissio February May 28 Xu Ang Male 58 supervisor n 232024 2025 Employee Dimissio August May Li Qing Male 48 supervisor n 22021 282025 Independe Dimissio August May Sha Qilin Male 65 nt supervisor n 22021 282025 Independe Ma Dimissio April2620 May 28 Male nt Xiaoqian 61 supervisor n 24 2025 Vice Liang Dimissio January January Male 56 Board Chao n 192024 152025 chairman Liang General Dimissio December January Male 56 Chao Manager n 292023 152025 Total -- -- -- -- -- -- 0 0 0 0 0 --2025 Annual Report Indicate whether any director supervisor or senior management resigned before the expiry of their tenure during the Reporting Period √Yes □ No Mr. Liang Chao former Vice Chairman and General Manager left his position due to work reassignment.Changes of directors and senior executives √ Applicable □ Not applicable Name Positions Types Date Reason Chairman of the Adjustment of Yang Hai Supervisory Dimission May 282025 governance structure Committee Adjustment of Shi Yan Supervisor Dimission May 282025 governance structure Adjustment of Xu Ang Employee supervisor Dimission May 282025 governance structure Adjustment of Li Qing Employee supervisor Dimission May 282025 governance structure Adjustment of Sha Qilin Independent supervisor Dimission May 282025 governance structure Adjustment of Ma Xiaoqian Independent supervisor Dimission May 282025 governance structure Vice board chairman Liang Chao Dimission January 152025 Job changes General Manager 2.Posts holding Work Experience in the past five years of Directors supervisors and senior Executives in Current office Mr. Zheng Yunpeng born in October 1968 Bachelor of South China University of Technology and MBA of Jinan University is a senior engineer. Currently he is the general manager of Guangdong Electric Power Development Co. Ltd. He had served as Deputy Minister of Strategy Development Department of Guangdong Yudean Asset Management Co. Ltd. Deputy Minister of Strategy Development Department of Guangdong Energy Group Co. Ltd. Minister of Strategy Development Department of Guangdong Energy Group Co. Ltd.Secretary of the Party Branch and General Manager of Branch Company of Guangdong Yudean Environmental Protection Engineering Management Company Factory Director and Secretary of the Party Committee of Huangpu Power Plant General Manager of Yuehua Power Generation Company General Manager and Secretary of the Party Branch of Guangdong Yudean Natural Gas Co. Ltd. and the Deputy Secretary of the Party Committee and Vice chairman of Guangdong Electric Power Development Co. Ltd.Mr. Li Fangji born in November 1967 is a senior engineer. He holds a bachelor degree from Beijing Institute of Water Resources and Electric Power Economics and Management and a master degree in engineering from Tianjin University. He currently serves as Deputy Chief Engineer of Guangdong Energy Group Co. Ltd. and concurrently serves as Minister of Strategy Development Department and Secretary of Party Branch of Energy Group Corporation. He had served as Engineer of Shenzhen Energy Corporation Assistant to General Manager and Deputy General Manager of Shenzhen Qianwan Electric Power Development Co. Ltd. Assistant to General Manager Chairman of the Labor Union Deputy General Manager General Manager and Secretary of the Party Committee of Shenzhen Guangqian Electric Power Co. Ltd. Secretary of Party Committee and General Manager of Guangdong YudeanJinghai Power Generation Co. Ltd.，Minister ofstrategy Development Dept and party branch secretary of Energy Group.2025 Annual Report Mr. Li Baobing born in September 1974 graduated from Xi'an Jiaotong University with a master degree is a senior economist. Currently he is the Minister of Finance Department and Secretary of the Party Branch of Guangdong Energy Group Co. Ltd.He served as Assistant to General Manager of Budget and Finance Department and Director of Asset Management Department of Guangzhou Lingnan International Enterprise Group Co. Ltd. Manager of Investment Department and Deputy General Manager of Guangdong Yudean Finance Co. Ltd. and had concurrently served as General Manager of Shenzhen Tianxin Insurance Brokers Co.Ltd.andVice Minister，Minister and Secretary of the Party Branch of Finance Department of Guangdong EnergyGroup Co. Ltd.Mr. He Ruxin born in July 1976 holds a bachelor's degree in law from Fudan University a master's degree in business administration from South China University of Technology and is a senior economist. He is currently the Deputy General Counsel and Deputy General Manager of the Legal Practice and Capital Operation Department of Guangdong Energy Group Co. Ltd. He used to be the specialist and office secretary of the personnel section of Shanwei Electric Power Industry Bureau and the deputy director and legal affairs supervisor of the office of Shanwei Power Supply Branch ofGuangdong PowerGrid Group; Specialist and Head of Comprehensive Department of Shanwei Power Plant Preparation Group; Minister of the Comprehensive Department and Human Resources Department of Guangdong Red Bay Power Generation Co. Ltd. Minister of the Comprehensive Department and Secretary of the Board of Directors Minister of the Human Resources Department and Secretary of the Board of Directors Minister of the Production and Operation Department of Guangdong Red Bay Power Generation Co. Ltd. and served as the Manager of the Board of Directors Work Division Manager of the Capital Operation Division Deputy Minister of the LegalAffairs and Capital Operation Department of Guangdong Yudean Group Co. Ltd.Mr. Chen Yanzhi born in July 1975 graduated from Guangdong University of Technology with a bachelor's degree Senior Political Engineer. He is currently the Deputy Secretary of the Party Committee and Chairman of the Trade Union of Guangdong Electric Power Development Co. Ltd. He used to be the Assistant Engineer of the Technical Improvement Company of Guangdong Electric Power Industry Bureau the special person in charge of the Labor and Wage Division the special person in charge of the personnel of Tianshengqiao First-class Hydropower Development Co. Ltd. the special person in charge of the Human Resources Department and the Manager and Deputy Head of the Personnel Division of Guangdong Yudean Group Co. Ltd. Deputy Party Secretary and Chairman of the Trade Union of Guangdong Electric Power Development Co. Ltd.Mr. Zhang Cunsheng born in March 1968 holds a bachelor's degree in engineering from Xi'an Jiaotong University and a master's degree in engineering from Huazhong University of Science and Technology Senior Engineer. He is currently the Party Secretary Chairman and General Manager of Guangzhou Development Electric Power Group Co.Ltd. He is also the vice chairman of Foshan Hengyi Thermal Power Co. Ltd. the vice chairman of Guangzhou Hengyun Enterprises Holdings Limited and the director of Guangdong Electric Power Development Co.Ltd. He used to be the manager of the Production Management Department the manager of the Maintenance Department the manager of the SHE Department the deputy factory director and the factory director of the Guangzhou Zhujiang Power Plant the general manager of Guangzhou Development Nansha Power Co. Ltd. the vice president and president of the power business of Guangzhou Holdings the deputy general manager and the deputy secretary of the party committee of Guangzhou Development Power Group Co.Ltd.Ms. Zhang Hanyu was born in January 1965 with a Doctor of Philosophy from Renmin University of China.She is currently the vice chairman of Shenzhen Hualing Derui Equity Investment Fund Management Company and concurrently holds an independent director of JSTI Group Co. Ltd. She used to serve asLecturer at Capital2025 Annual Report University of Economics and Business Section Chief of China Securities Regulatory Commission Assistant General Manager of China Securities Depository and Clearing Corporation and Deputy General Manager of Ping An Securities.Mr. Wu Zhanchi was born in October 1975 with a Doctor of Management from Southwestern University of Finance and Economics. He is a Professor and doctoral supervisor and he is non-practicing member of Chinese Institute of Certified Public Accountants. He is currently a professor of Jinan University an expert of the Guangdong Provincial Department of Finance and the State-owned Assets Supervision and Administration Commission an independent director of Jitai Co. Ltd an independent director of Jiahe Intelligent Co. Ltd an independent director of Shenzhen Baiguoyuan Co. Ltd.. He used to be the auditor of Hunan Yingte Accounting Firm and the executive director of the Accounting Master Education Center of Jinan University.Mr. Cai Guowei was born in November 1979 with a Doctor of Economics from Sun Yat-Sen University.He is professor and doctoral supervisor. He is currently a professor and doctoral supervisor of Lingnan College of Sun Yat-sen University and he is the head of the Institute of Digital Economy and Policy of Sun Yat-sen University. He is also the executive director of the China World Economics Association the deputy secretary- general and director of the Guangdong Economic Association the director of the China Institutional Economics ForumanIndependent director of Guangdong Electric Power Development Co. Ltd and An Independent director of Guangzhou Guangri Co. Ltd Mr. Zhao Zengli born in August 1972 holds a PhD in Engineering Thermophysics from the University of Science and Technology of China Researcher. Currently he is the director of the Research Office of Waste Treatment and Resource Utilization of GuangZhou Institute of Energy Conversion Chinese Academy of Sciences. He is also an independent director of Guangdong Electric Power Development Co. Ltd.Mr. Wang Peipei born in October 1982 Bachelor of Engineering from Xi'an Jiaotong University and Master of Engineering from South China University of Technology Senior Engineer. Currently he serves as a Member of the Party Committee and Executive Deputy General Manager of Guangdong Electric Power Development Co. Ltd. He previously held positions including Head of the Equipment Department Head of the Safety and Production Department and Deputy General Manager of Guangdong Red Bay Power Generation Co. Ltd.During this period he was seconded to serve as Deputy Director of the Electricity Safety Supervision Division of the Southern Regulatory Bureau of the National Energy Administration. He also served as Party Branch Secretary and General Manager of the Tumushuke Branch of Guangdong Electric Power Development Co. Ltd.Party Branch Secretary and General Manager of the Xinjiang Branch of Guangdong Electric Power Development Co. Ltd. concurrently serving as Chairman and General Manager of Tumushuke Thermal Power Company Deputy Head of the Preparation Group for Guangdong Energy Group Xinjiang Co. Ltd. and Deputy Party Committee Secretary and General Manager of Guangdong Energy Group Xinjiang Co. Ltd.Mr. Guo Yongxiong born in January 1974 Bachelor of Engineering from Hehai University Master of Engineering from South China University of Technology is Senior Engineer. Currently he is deputy general manager of Guangdong Electric Power Development Co. Ltd. He used to be in charge for the production preparation department of Zhuhai Guangzhu Power Generation Co. Ltd specially in charge of Engineering Department for steam turbines of Guangdong Zhuhai Power Generation Co. Ltd as a loaned staff borrowed by Zhuhai Power Plant and used to be team leader and planning supervisor of Zhuhai Power Plant Maintenance Department Engineer of Zhuhai Guangzhu Power Generation Co. Ltd Planning Director of Planning and Contract Department and Planning Director of Zhuhai Power Plant Unit 3 and 4 Extension OfficeDeputy Manager of Planning and Contract Department and Planning Director of Jinwan Power Generation Company Manager of Human Resources Department Manager of Equipment Department Party Committee Member2025 Annual Report Chief Engineer of Guangdong Zhuhai Jinwan Power Generation Co. Ltd and served as Deputy General Manager of Guangdong Red Bay Power Generation Co. Ltd.Mr. Liu Wei born in April 1979 is Bachelor of finance from Zhongnan University of Economics and Law.He is an economist and currently serves as the Company’s deputy general manager chief financial officer secretary of the board of directors had served as the specialist of the financial department of Guangdong Electric Power Group Co. Ltd the specialist and the principal officer for the board affairs department the representative of the company's securities affairs of Guangdong Yudean Group Co. Ltd the manager of the board affairs department.Ms. Qin Xiao born in July 1983 holds a bachelor's degree in engineering and economics from Wuhan University and is an economist. She is currently the general counsel of Guangdong Electric Power Development Co. Ltd. and Guangdong Wind Power Generation Co. Ltd. She used to be the specialist of the human resources department of Shajiao A Power Plant the specialist of the planning and development department the specialistdepartment assistant department head and minister of the board of directors affairs department of Guangdong Electric Power Development Co. Ltd. and the general counsel of Guangdong Electric Power Industrial Fuel Co. Ltd.Cases where the controlling shareholder or actual controller concurrently serves as both Chairman and General Manager of the listed company □Applicable□Not applicable Office taking in shareholder companies √Applicable □Not applicable Does he /she receive Names of the Names of the Titles engaged in Sharing date of Expiry date of remuneration or persons in office shareholders the shareholders office term office term allowance from the shareholder Vice chief engineer General Manager of Guangdong Operating Li Fangji Energy Group Co. Management April 12018 Yes Ltd.Dept and Secretary of Party Branch Vice Chief accountant Guangdong General Manager Li Baobing Energy Group Co. of the Finance September 12019 Yes Ltd. Department and Secretary of the Party Branch Deputy General legal Guangdong Energy He Ruxin practice and February 12025 Yes Group Co. Ltd.capital operation Dept Explanation of position s held in None the shareholder's entity Offices taken in other organizations √Applicable □Not applicable2025 Annual Report Drawing Start date of office Endate of office remuneration and Name Other unit Title term term allowance from of other unit(Y/N) Guangdong Huizhou Pinghai Vice Board Zheng Yunpeng April 12023 No Power Generation chairman Co. Ltd.Guangdong Yudean Technology Zheng Yunpeng Board chairman September 12022 No Engineering Management Co.Ltd.Guangdong Li Fangji Electric Power Director June 12021 No Trading Center Guangzhou Electric Power Li Fangji Director March 12021 No Trading Center Co. Ltd.Guangdong Li Baobing Energy Group Board chairman June12022 No Finance Co. Ltd.Guangdong Energy Property Li Baobing Director June 12023 No Insurance Captive Co. Ltd.CSPG Energy Co.Li Baobing Supervisor September 12022 No Ltd.Northern Unit He Ruxin Director April 12023 No Power Co. Ltd.Guangdong He Ruxin Energy Finance Director December 12023 No Leasing Co. Ltd.Guangdong Energy Group Southwest Full-time non- Chen Yanzhi September 112025 Yes (Guizhou) Power executive director Investment Co.Ltd.Guangzhou Party Secretary Development Zhang Cunsheng Chairman general December 262024 Yes Power Group Co.manager Ltd.Independent Zhang Hanyu JSTI September 12021 Yes Director Wu Zhanchi Jinan University Professor July 1 2006 Yes Guangzhou Jitai Independent Wu Zhanchi April 12021 Yes Chemical Co. Ltd. Director Shenzhen Baiguoyuan Independent Wu Zhanchi April 12020 Yes Industrial (Group) Director Co. Ltd Shenzhen Minbao Independent Wu Zhanchi Photoelectricity July 12019 July 142025 Yes Director Co. Ltd.Sun Yat-sen Cai Guowei Professor June 12015 Yes University2025 Annual Report Guangzhou Independent Cai Guowei April 12024 Yes Guangri Co. Ltd. Director Guangzhou Institute of Energy Director of the Zhao Zengli Research Chinese May 12016 Yes research office Academy of Sciences Tumushuke Yudean Hanhai Wang Peiper Executive director February 12022 No New Energy Co.Ltd Tumushuke Wang Peiper Thermal Power Board chairman December 12021 No Co.Ltd Guoneng Yudean Taishan Power Guo Yongxiong Director November 12023 No Generation Co.Ltd.Guangdong Guo Yongxiong Yudean Bijie New Executive director October 12021 No Energy Co. Ltd.Guandong Energy Guo Yongxiong Group Xinjiang Director December 12022 No Co. Ltd.Guangdong Guo Yongxiong Yudean Shipping Director January 142026 No Co. Ltd.Guangdong Wind Liu Wei Power Generation Director March 12024 No Co. Ltd.Zhanjiang Vice Board Qin Xiao Zhongyue Energy April 12024 No chairman Co. Ltd.Guangdong Yuejia Vice Board Qin Xiao Electric Power October 12023 No chairman Co. Ltd.Guangdong Energy Property Qin Xiao Director June 12023 No Insurance Captive Co. Ltd.Yunnan Nengtou Vice Board Qin Xiao Weixin Energy November 282025 No chairman Co. Ltd.Guangzhou Zhujiang Natural Vice Board Qin Xiao gas Power April 12022 No chairman Generation Co.Ltd Explanation of positions held in None other entities Punishments to the current and leaving board directors supervisors and senior managers during the report period by securities regulators in the recent three years □ Applicable √Not applicable 3. Remuneration to directors supervisors and senior executives Decision-making procedures basis for determination and actual payment of the remuneration to directors 2025 Annual Report supervisors and senior executives Directors supervisors and senior executives of the Company shall obtain labor remuneration and enjoy corresponding employee benefits according to their position and the Company's wage system. Except such remuneration and benefits no other remuneration and fringe benefits shall be additionally provided；The allowance for the independent directors and independent supervisors of the Company shall be paid according to the standards approved by the shareholders' general meeting.At the end of the report period the directors supervisors and senior executives received the actual remuneration before tax was total RMB 5.6429 million .Remuneration to directors supervisors and senior executives in the reporting period In RMB10000 Remuneration Total actually Office remuneration receives at the Name Sex Age Positions status received from end of the the shareholder reporting period Zheng Male 57 Board chairman In office 99.47 No Yunpeng Li Fangji Male 58 Director In office 0 Yes Li Baobing Male 51 Director In office 0 Yes He Ruxin Male 49 Director In office 0 Yes Employee Chen Yanzhi Male 50 In office 77.13 Yes director Zhang Male 57 Director In office 0 No Cunsheng Independent Zhao Zengli Male 53 In office 11.80 No director Independent Zhang Hanyu Female 60 In office 11.80 No director Independent Wu Zhanchi Male 50 In office 11.93 No director Independent Cai Guowei Male 46 In office 11.26 No director Executive Wang Peipei Male 43 In office 83.80 No Deputy GM Guo Male 52 Deputy GM In office 94.56 No Yongxiong Deputy General manager Liu Wei Male 46 In office 93.26 No Finance Manager Board secretary General Qin Xiao Female 42 In office 68.74 No Counsel Total -- -- -- -- 564.29 -- Directors and senior management of the Company receive remuneration and enjoy employee benefits in accordance with Basis for assessing the actual remuneration received by all the Company’s remuneration policy based on the positions directors and senior management at the end of the reporting they hold within the Company; no additional remuneration or period benefits are provided. Allowances for independent directors are paid in accordance with the standards approved by the general meeting of shareholders.Completion of the assessment for the actual remuneration The remuneration assessment work has been completed received by all directors and senior management at the end of2025 Annual Report the reporting period For directors and senior executives of the company who receive remuneration from the company the performance- Deferred payment arrangements for the actual remuneration related annual salary and term-based incentives are subject to received by all directors and senior management at the end of deferred payment with the performance-related annual salary the reporting period deferred for one year and the term-based incentives deferred for three years.Claw back status of the actual remuneration received by all No situation of suspension or recovery of remuneration for directors and senior management at the end of the reporting directors and senior management has occurred.period Other □Applicable □Not applicable V. Performance of duties by directors during the reporting period 1. Attendance of directors at the board meetings and the general meeting of shareholders Attendance of directors at the board meetings and the general meeting of shareholders Number of Number of Whether to board Number of board Number of Number of attend the General meetings board meetings board Name of board board meetings of attended meetings attended by meetings director meetings meeting in shareholders during the attended in means of attended by absent from person twice attended reporting person communicati proxy in a row period on Zheng 10 7 3 0 0 No 3 Yunpeng Li Fangji 10 5 3 2 0 No 2 Li Baobing 10 5 3 2 0 No 3 He Ruxin 10 4 3 3 0 No 3 Chen Yanzhi 10 7 3 0 0 No 3 Zhang 10 5 3 2 0 No 1 Cunsheng Zhang Hanyu 10 7 3 0 0 No 3 Wu Zhanchai 10 7 3 0 0 No 3 Cai Guowei 10 6 3 1 0 No 3 Zhao Zengli 10 7 3 0 0 No 3 Explanation of failure to attend the board meeting in person twice in a row None 2. Directors' objections to related matters of the Company Whether the director raises any objection to the relevant matters of the Company □ Yes √ No During the reporting period the directors did not raise any objection to the relevant matters of the Company. 3. Other descriptions of directors' performance of duties Whether the directors' suggestions on the Company have been adopted √ Yes □No The director's statement on whether the relevant suggestions of the Company have been adopted or not In 2025 the directors of the Company faithfully and diligently performed their corresponding duties in strict2025 Annual Report accordance with the Company Law Securities Law Listing Rules for Stocks of Shenzhen Stock Exchange and other relevant laws and regulations as well as the Articles of Association and the Rules of Procedure of the Board of Directors paid close attention to the Company's standardized operation production and management carefully reviewed the reports and related documents submitted by the Company actively attended the Company's board meetings special committee meetings and general meeting of shareholders carefully considered all proposals made professional independent objective and fair judgments and put forward constructive opinions and suggestions on the Company's development strategy corporate governance and business decisions which played an important role in the Company's scientific decision-making and steady development. During the reporting period the Company's directors performed their duties diligently honestly and faithfully ensured scientific timely and efficient decision-making through continuous supervision and promotion of the implementation of the resolutions of the Board of Directors and earnestly protected the overall interests of the Company and the legitimate rights and interests of minority shareholders.VI. Situation of special committees under the Board of Directors during the reporting period Put forward Other Number of Details of Committee Member Convening Meeting important information meetings objections (if name information date content opinions and of duty convened any) suggestions performance 1. 1. All Deliberated proposals on the were accounting deliberated statements and passed.2.and notes in It is believed the 2024 that the Annual Company's Report and financial the 2024 report fairly Financial reflects the Report; 2.financial Deliberated status on the operating Wu Proposal on results and Zhanchi Li the 2024 cash flows of Audit and Baobing He Internal March the Company Compliance Ruxin 4 Control 262025 in 2024. The Committee Zhang Hanyu Evaluation accounting and Cai Report; 3.statements Guowei Deliberated and notes are on the prepared Proposal on truthfully and the 2025 accurately in Internal compliance Control Self- with Evaluation regulatory Work Plan; requirements 4. and no Deliberated significant on the errors or Proposal on omissions the 2024 have been Compliance found.and Risk2025 Annual Report Control Management Work Report; 5.Deliberated on the Proposal on Provision for Asset Impairment. 1．All proposals were deliberated and passed. 2. It is believed that the Company's financial 1. report Deliberated truthfully on the reflects the Proposal on financial the <2025 status and Q1 Financial operating April Report>; 2. results of the 292025 Deliberated first quarter on the of 2025 and financial the financial statements in statements the 2025 Q1 are true Report. accurate and in compliance with regulatory requirements with no significant errors or omissions found. 1. 1．All Deliberated proposals on the were Proposal on deliberated the <2025 and passed.Semi-Annual 2. It is Financial believed that August Report>; 2. the 272025 Deliberated Company's on the financial financial report statements truthfully and notes in reflects the the 2025 financial Semi-Annual status and2025 Annual Report Report; 3. operating Deliberated results of the on the Semi-Annual Proposal on Financial Engaging the Report of Company's 2025 and the Annual Audit financial Institution. statements are true accurate and in compliance with regulatory requirements with no significant errors or omissions found. 1．All proposals 1. were Deliberated deliberated on the and passed.Proposal on 2. It is the <2025 believed that Third the Quarter Company's Financial financial Report>; 2.report Deliberated truthfully on the reflects the financial financial statements in status and the 2025 operating October Third results of the 292025 Quarter third quarter Report; 3.of 2025 and Deliberated the financial on the statements Proposal on are true Revising the accurate and .omissions found.Wu Zhanchi 1. 1．All Audit and Li Deliberated proposals March Compliance Baobing He 1 on the were 262025 Committee Ruxin Company's deliberated Zhang Hanyu 2024 Budget and passed.2025 Annual Report and Cai Execution 2. It is Guowei Report; 2. suggested Deliberated that the on the Company Company's adhere to the 2025 Budget general Report. principle of pursuing progress while ensuring stability accelerate green and low-carbon development deeply explore potential for quality and efficiency improvement consolidate and expand the momentum of stable recovery and improvement and ensure the full achievement of annual operational objectives. 1. Deliberated on the Proposal on the 2024 Operating Performance Assessment Wu Zhanchi Results for Li Members of All proposals Audit and Baobing He the December were Compliance Ruxin 1 Company's 262025 deliberated Committee Zhang Hanyu Management and passed.and Cai ; 2.Guowei Deliberated on the Proposal on Documents including the Work Plan for Term- based and Contractual2025 Annual Report Management of the Management of Guangdong Electric Power Development Co. Ltd.、 VII.The working status of the board of supervisors The board of supervisors finds out whether the company has risks during the monitoring activities during the re porting period □ Yes √ No The Supervisory Committee has no objection to the supervision matters during the reporting period.VIII. Particulars about employees. 1.Number of staff professional structure and educational background Number of in-service staff of the parent company（person） 223 Number of in-service staff of the main subsidiaries（person） 10274 Total number of the in-service staff（person） 10497 Total number of staff receiving remuneration in the current 11484 period（person） The number of the parent company and the main 2496 subsidiary’s retired staffs who need to bear the cost（person） Professional Classified according by Professions Number of persons（person） Production 6142 Sales 212 Technical 2088 Financial 274 Administrative 1781 Total 10497 Education Classified according by education background Number of persons（person） Doctor 1 Master 485 Universities 6333 Colleges 2436 Technical secondary school 353 High school and Below 889 Total 10497 2. Remuneration policies The company’s staff received the salaries and enjoyed the benefits according to the relevant provisions stipulated in the company’s Salary Management Approach. The salary of the company’s staff (Except the management staff who categorized in the annual salary system) basically constituted by the basic salary post salary performance salary allowance overtime wages and special bounties and so on.2025 Annual Report 3.Training plan The company formulated the Temporary Provisions for the Management of Staff Education and Training.The staff training was adhered to the principle of learning integrated with application learning by the needs and stressing of practical effect focused on the main contents of the post and the practical operation skills. The training contents included the new staff orientation training post training continuing education overseas training and other trainings. 4. Outsourcing situation □ Applicable √ Not applicable IX. Specification of profit distribution and capitalizing of common reserves Formulation implementation or adjustment of the profit distribution policy especially the cash dividend policy during the reporting period √Applicable□ Not applicable The profit distribution policy in the Articles of Association is as follows: Article 168 The company attaches great importance to providing reasonable investment returns to investors especially small and medium-sized investors. The company's dividend policy is as follows: (1) The company's dividends are distributed according to the proportion of shares held by shareholders. (2) The company may distribute dividends in cash stocks a combination of cash and stocks or other methods permitted by laws and regulations and shall give priority to the profit distribution method of cash dividends. If conditions for cash dividends are met cash dividends shall be adopted for profit distribution. (3) When the net profit attributable to shareholders of the parent company realized by the company in the current year is positive and the accumulated distributable profit at the end of the year is also positive dividends can be distributed. (4) The company's cash dividend policy aims to provide both regular dividends and additional dividends. The company distributes no less than 10% of its distributable profits for the current year in cash each year and the cumulative profit distributed in cash over the past three years should not be less than 30% of the average annual distributable profits achieved over the past three years. When distributing profits the minimum proportion of cash dividends in the total profit distribution should reach 20%. (5) The company may carry out interim profit distribution. (6) When the company's asset-liability ratio at the end of the year is significantly higher than the industry average profit distribution may be waived.On May 28 2025 the company's 2024 annual general meeting of shareholders passed the "Proposal on Amending the Company's Articles of Association Rules of Procedure for Shareholders' Meetings and Rules of Procedure for Board Meetings" by special resolution agreeing to revise the company's articles of association and policies related to profit distribution in accordance with the latest requirements of the "Guidance on the Articles of Association of Listed Companies". During the reporting period the company strictly implemented the profit distribution policy in accordance with the relevant provisions of the "Articles of Association". In the future the company will continue to maintain the continuity rationality and stability of cash dividends actively returning value to shareholders.Special description of cash dividend policy Whether it meets the requirements of the Articles of Yes Association or the resolution of the general meeting of2025 Annual Report shareholders: Whether the dividend standard and proportion are explicit and Yes clear: Whether the relevant decision-making procedures and Yes mechanisms are complete: Whether the independent directors have performed their duties Yes and played their due role: If the Company does not distribute cash dividends specific reasons as well as the measures to be taken to enhance investor Not applicable returns should be disclosed: Whether the minority shareholders have the opportunity to fully express their opinions and demands and whether their Yes legitimate rights and interests have been fully protected: Whether the cash dividend policy is adjusted or changed and whether the conditions and procedures are compliant and Yes transparent: The Company was profitable during the reporting period and the parent company's profit available for distribution to shareholders was positive but no cash dividend distribution proposal was made.□Applicable √ Not applicable Profit distribution and capitalization of capital reserve for the reporting period □Applicable □Not applicable Bonus shares for every ten shares(Shares) 0 Cash dividend for every ten shares (Yuan)(Tax-included) 0.2 A total number of shares as the distribution basis(shares) 5250283986 Cash dividend amount (yuan including tax 105005680 Other means (such as repurchase of shares) cash dividend 0.00 amount (yuan) Total cash dividend (yuan including tax) 105005680 Distributable profit (yuan) 6301244121 The proportion of the total cash dividend (including other 100% means) in the total profit distribution Proportion of cash dividend in the distributable profit The Company is in a fast growth stage there for the cash dividend will reach 20% of the profit distribution at least. Cash dividend distribution policy.Details of profit distribution or reserve capitalization Preplan According to the company's articles of association "when a company distributes its after-tax profit for the year 10% of the profit shall be withdrawn and included in the company's legal reserve. If the accumulated amount of the company's legal reserve is 50% or more of the company's registered capital it can be withdrawn no more." In view of the net profit of the Parent Company for the year 2024 being a loss and the accumulated legal reserve of the Parent Company amounting to 57% of the registered capital of the Company as at the end of the year 2025 no legal reserve and arbitrary reserve will be withdrawn in the year 2025. . In order to reflect the Company's sincere return to investors in the case that the company's profit in the past Three years has not been able to make up for the large losses incurred in 2021-2022 the Company still decided to pay appropriate cash dividends with the ratio of cash dividends to net profit attributable to shareholders of the parent company amounting to 17.50%. The Company's dividend proposal for 2025 is as follows: based on the total share capital of the Company of 5250283986 shares for every 10 A shares RMB0.2 (including tax) will be distributed. Based on the total share capital of the Company of 5250283986 shares A shares will be distributed RMB 0.2 per 10 shares (tax included); B shares will be distributed RMB0.2 per 10 shares (tax included).X. Implementation Situation of Stock Incentive Plan of the Company Employee Stock Ownership Plan or Other Employee Incentive Measures □Applicable √ Not applicable None2025 Annual Report XI. Construction and implementation of internal control system during the reporting period 1. Construction and implementation of internal control (I) Organization setup and operation The Company has established a perfect organizational structure system and its corporate governance structure internal organization design and operation mechanism meet the requirements of modern enterprise system. The Board of Directors of the Company shall bear the ultimate responsibility for the evaluation of internal control; The Audit and Compliance Committee shall be responsible for organizing leading and supervising the internal control evaluation reviewing the internal control evaluation report and examining and approving the rectification opinions of major and important defects in internal control. The management of the Company is responsible for organizing the implementation of the internal control evaluation proposing the business or matters that should be focused on in the internal control evaluation and examining and approving the internal control evaluation plan and the internal control evaluation report.As the centralized department of internal control management the Board Affairs Department of the Company is responsible for organizing the internal control self-inspection testing and evaluation in the Company proposing rectification schemes and specific rectification plans for the design and operation defects found supervising the completion of rectification and cooperating with the internal audit department and external auditors to carry out internal control evaluation at the enterprise level.The Board of Directors the Audit and Compliance Committee the management and functional departments of the Company earnestly perform their duties of internal control and management. Every year the Company conducts a comprehensive self-evaluation on the effectiveness of the internal control system timely corrects the internal control defects continuously optimizes the internal control system and effectively improves the Company's management level and risk prevention ability.(II) Establishment and implementation of internal control system According to the Basic Standards for Internal Control of Enterprises and its supporting guidelines Guideline No.1 for Self-discipline Supervision of Listed Companies of Shenzhen Stock Exchange -Standardized Operation ofListed Companies on Main Board Listing Rules for Stocks of Shenzhen Stock Exchange and relevant laws and regulations combined with the actual situation of the Company from the perspective of business management function management and post management the Company formulates basic management systems including financial accounting system procurement system asset management system engineering project management system human resource management system administrative management system internal audit system guarantee management system related party transaction system investment and financing management system and subsidiary management system to make decisions and management on major issues of the Company.(III) Overall evaluation In 2025 the Company conscientiously implemented the latest regulatory standards and normative requirements in terms of national and industry laws and regulations state-owned assets supervision etc.continuously improved the compliance of the standard system did a good job in revising improving and elevating the internal control system strictly implemented the internal management system and standardized major decision-making behaviors effectively prevented decision-making risks enhanced scientific decision-making and avoided decision-making mistakes; carried out in-depth internal control self-evaluation continuously strengthened the rectification of internal control defects formed an effective internal control management closed loop of "control-evaluation-improvement-control" continuously and dynamically improved the internal control2025 Annual Report management system and ensured that the Company maintained effective internal control in all major aspects according to the requirements of the enterprise internal control standard system and relevant regulations and no factors that affect the evaluation conclusion of internal control effectiveness would occur. 2.Details of major internal control defects found during the reporting period □ Yes √ No XII. Management and control of the Company's subsidiaries during the reporting period Problems Measures Subsequen Company Integration Integration Solution encountered in taken for t planned name plan progress progress integration solution solution No No No No No No No Anomalies in the management and control of subsidiaries □Yes□No XIII.Internal control self-evaluation report or internal control audit report 1.Self-evaluation report on internal control Disclosure date of appraisal report on March 302026 internal control Disclosure index of appraisal report on Juchao Website:（http://www.cninfo.com.cn） Self-evaluation report of internal internal control control in 2025 The ratio of the total assets of units included in the scope of evaluation accounting for the total assets on the 93.20% company's consolidated financial statements The ratio of the operating income of units included in the scope of evaluation accounting for the operating income on 99.57% the company's consolidated financial statements Standards of Defects Evaluation Category Financial Report Non-financial Report A. significant deficiency：* the ineffective environmental control; * A. significant deficiency：(1) The irregularities appearing between company lacks democratic and scientific company directors supervisors and decision-making procedures; (2) Serious senior executives; * serious mistakes in violation of national laws and the financial statements of the current regulations; (3) The company's important period found by external audit but not the business lacks institutional control or the inner control in the process of operating; system control fails. B. Important * ineffective supervision of inner defects: (1) Large-scale and long-term interruption of important business may control from directorate and inner audit Qualitative criteria cause the company to deviate from the institution.B. significant deficiency：* control goal in the field; (2) The accounting policy chosen and applied is important defects of the previous year not based on the GAAP; * anti- have not been rectified; (3) There are irregularity procedure and control deficiencies in the company's important measures are not established; * very business systems. C. General defects: other internal control deficiencies in few relative control measures are financial reporting that do not constitute established or implemented in terms of material defects or important defects.the accounting treatment related to unconventional or special transaction; C.common deficiency means apart from2025 Annual Report the above “significant deficiency” and “serious deficiency” other deficiencies exist in the inner control process.A. Quantitative standards for material defects: (1) The amount of misstatement≥ 0.5% of operating income; (2) the amount of misstatement ≥ 5% of the total profit; (3) The amount of misstatement ≥ 0.5% of the total (1)A significant deficiency means assets. B. Quantitative standards for that the direct property loss is between important defects: (1) 0.2% of operating 50 million yuan .(2) the significant income≤misstatement amount< 0.5% of Quantitative standard deficiency means hat the direct property operating income; (2) 5% of total profits≤ misstatement amount< 1% of loss is between 30 million yuan total profits; (3) 0.2% of total assets≤ (including 30 million yuan) ; the serious misstatement amount < 0.5% of total deficiency means that the direct property assets. C. General defect quantitative loss is between 30 million.standards: (1) The amount of misstatement < 0.2% of operating income; (2) the amount of misstatement < 1% of the total profit; (3) The amount of misstatement < 0.2% of total assets.Number of major defects in financial 0 reporting（a） Number of major defects in non financial 0 reporting (a) Number of important defects in financial 0 reporting（a） Number of important defects in non 0 financial reporting（a） 2. Internal Control audit report √ Applicable □Not applicable Review opinions in the internal control audit report We believe that Guangdong Electric Power Development Co. Ltd. has maintained effective internal control over financial reporting in all material respects as of 31 December 2025 as per the Basic Rules for Enterprise Internal Control and relevant regulations.Disclosure date of audit report of internal control Disclosure Index of audit report of internal control March 272026 Juchao Website: （http://www.cninfo.com.cn）2025 Audit Internal audit report’s opinion report of internal control Type of audit report on internal control Unqualified auditor’s report Whether there is significant defect in non-financial report No Whether the accounting firm has issued a non-standard opinion on the internal control audit report □Yes□No Whether the opinion in the internal control audit report issued by the accounting firm is consistent with that in the Board of Directors' self-evaluation report □Yes □No Whether a non-standard internal control audit opinion was issued for the reporting period or the previous year □Yes □No2025 Annual Report XIV. Rectification of issues identified in the self-inspection of the special actionon corporate governance of listed companies None XV.Environmental information disclosure situation Whether the listed companies and their main subsidiaries are included in the list of enterprises that disclose environmental information according to law □Yes □No Number of enterprises in the mandatory Environmental information disclosure 21 list(In Units) S/N Company Name Query Index Guangdong Rod Bay Power Generation Co.Ltd.Guangdong Yudean Jinghai Power Generation Co. Ltd.Guangdong Huizhou Pinghai Power Generation Co. Ltd. 4 Huizhou Natural gas 5 Guangdong YudeanBinhaiwanEnergyCo. Ltd. 6 Dayawan Company 7 Bohe Company 8 Dapu Power Generation Co. Ltd. Guangdong Energy Maoming Thermal Power 9 Refer to the Guangdong Provincial Plant Co. Ltd.Department of Ecology and Environment — Guangdong Yudean Shaoguan Power 10 Enterprise Environmental Information Generation Co. Ltd. Disclosure System “Disclosure Report” Guangdong Yudean Yunhe Power Generation 11 module (https://www-app.gdeeicn/ Co. Ltd. gdeepub/front/dal/dal/newindex) 12 Zhanjiang Electric Power 13 Zhangjiang Zhongyue Energy Co. Ltd. 14 Shenzhen Guangqian Electoric Power Co. Ltd. Guangdong Yuehua Power Generation Co. 15 Ltd.Guangdong Yudean Xinhui Power Generation 16 Co. Ltd. 17 Shajiao C plant 18 Huadu Natural gas 19 Biomass Power Generation 20 Yongan Natural gas The report has been submitted to the Environmental Information Disclosure System of Xinjiang Production and 21 Tumushuke Thermal Power Construction Corps in accordance with the requirements of the local ecological environment department.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.2025 Annual Report 1. The Company strictly abides by the Environmental Protection Law of the People's Republic of China Air Pollution Prevention Law of the People's Republic of China Water Pollution Prevention Law of the People's Republic of China and Law of the People's Republic of China on Prevention and Control of Environmental Pollution by Solid Waste and the current environmental protection policies and regulations have no impact on the Company. In 2025 the operating expenses required by the Company's thermal power plants to implement environmental protection policies and regulations are mainly to purchase limestone and denitration materials totaling about RMB 277.49 million the company paid environmental protection tax amounting to 24.1675 million yuan 2. In 2025 according to the standard the coal consumption for comprehensive power supply of the Company's thermal power plants is 291.45 g/kWh of coal the sulfur dioxide emission performance value is 0.052g/kWh nitrogen oxide emission performance value is 0.122g/kWh and soot emission performance value is 0.008g/kWh. Where the commissioning rate of desulfurization device is 100% and the average desulfurization efficiency is 98.97%; The average operation rate of denitration device is 99.94% and the average denitration efficiency is 88.12; The average operation rate of wet electric dust removal is 99.99% and the average dust removal efficiency is 99.87%. 3.In 2025 the Company coordinated the promotion of the "three transformations" for coal-fired power units and the decommissioning arrangement for Shajiao C Power Plant after its service life expired enhancing regulation performance and reducing energy consumption. In 2025 the net coal consumption rate for production power supply of coal-fired power units decreased by 2.37 g/kWh year-on-year. 4.The Company accelerated the comprehensive management of carbon assets with enterprises subject to emissions control fully completing the quota settlement for the second compliance period of the national carbon Information related to environmental accidents of the listed company In 2025 there were no environmental accidents in the Company.XVI. Social responsibilities For details of the Company's social responsibility report please refer to the Social Responsibility Report 2025 published by the Company on CNINF (http://www.cninfo.com.cn) XVII. Consolidate and expand the achievements of poverty alleviation and rural revitalization 1. Dapu Power Generation Company’s Targeted Assistance to Lianjiangkou Town Yingde City In 2025 Dapu Power Generation Company actively participated in the local ‘Hundred Thousand and Ten Thousand Project’ initiative contributing to rural revitalisation. Firstly the company implemented consumption-based poverty alleviation by purchasing agricultural products from assisted producers for its employees; secondly it distributed trade union vouchers for the purchase of food household goods and daily necessities featuring Guangdong’s renowned specialities and premium products thereby contributing the trade union’s strength to rural revitalisation; Thirdly the company organised all Party members to donate to the 2025 “30 June” Rural Revitalisation Campaign raising a total of 61800 yuan thereby leveraging Party-building initiatives to drive rural revitalisation. 2. Yunhe Power Generation Company’s Targeted Assistance to Yaogu Town Lianyun District2025 Annual ReportIn 2025 Yunhe Power Generation Company resolutely implemented the “Hundred Thousand TenThousand Project” and remained committed to its town-based rural revitalisation assistance work. Firstly five new energy charging station projects were constructed in Shuidong Village and other locations within Yaogu Town with an investment of 180000 yuan identifying new growth points for the village’s collective economic development; secondly a total of 259000 yuan worth of agricultural products was procured through the Yaogu Town resident work team and the Group’s designated assistance points; thirdly an application was made to allocate 150000 yuan in assistance funds for the optimisation and upgrading project of the Party-Mass Service Centre in Shuidong Village Yaogu Town Yuncheng District. 3. Shaoguan Power Plant’s Targeted Assistance to Dongping Town Ruyuan Yao Autonomous County In 2025 upholding the sense of responsibility expected of a state-owned enterprise Shaoguan Power Plant established a comprehensive consumption-based assistance system tailored to the actual needs of Dongping Town Ruyuan Yao Autonomous County utilising multiple platforms and channels to help open up sales channels for the town’s agricultural products. The company’s trade union established a regular procurement mechanism purchasing 149200 yuan worth of agricultural products—including tea ginger and citrus fruits— from Dongping Town in 2025 benefiting over 120 farming households. Whilst providing industrial support the company continued to focus on improving people’s livelihoods implementing multiple measures to consolidate the achievements of the poverty alleviation campaign. Throughout the year the work team visited and offered condolences to 252 households that had been lifted out of poverty and families in need distributing 80400 yuan in relief funds and supplies. 4. Zhongyue Energy Company’s Targeted Assistance to Jijia Town Leizhou City In 2025 Zhongyue Energy Company actively implemented the deployment of the ‘Hundred Thousand and Ten Thousand Project’ adhering to its commitment to rural revitalisation through town-based assistance and village support. It organised a themed fundraising campaign titled ‘Great Love Assistance Energy Blessing for the Town’ raising 11700 yuan and paid 8400 yuan in special trade union fees all of which were allocated to supporting road construction rural greening and providing relief to local residents in need in Jijia Town Leizhou City. The company completed the paving of a 160-metre-long 4-metre-wide road and the construction of a 380-metre-long 4-metre-wide agricultural access road thereby eliminating hazards such as road subsidence and waterlogging. These projects improved travel conditions for local villagers enhanced agricultural transport infrastructure and provided a solid foundation for the development of the agricultural industry. 5. Honghaiwan Power Generation Company’s Targeted Assistance to Ba Wan Town Lufeng City In 2025 Honghaiwan Power Generation Company focused its rural revitalisation efforts on the five key areas of industry talent culture ecology and organisation in Jishui Village Ba Wan Town Lufeng City the village designated for its targeted assistance. The company made every effort to advance the development and construction of key power generation projects integrating these into the county’s high-quality development strategy. The total investment in the construction of Units 5 and 6 of the Honghaiwan Power Generation Company’s Phase II clean coal-fired power expansion project amounts to 7.94 billion yuan. Upon commissioning the project is expected to generate an additional average annual tax revenue of approximately2025 Annual Report 200 million yuan. During the construction phase it will provide around 1400 job opportunities annually whilst simultaneously boosting rental income for properties in surrounding rural areas. 6. Huizhou Natural Gas’s Targeted Assistance to Lianping County Heyuan City In 2025 to further advance the vertical assistance to Lianping County under the ‘Hundred-Thousand- Million Project’ Huizhou Natural Gas Power Generation Company organised a voluntary tree-planting event for the 2025 ‘Comprehensive Assistance Forest’ in the ‘Lantern Dance and Rural Charm’ rural revitalisation demonstration zone. By coordinating the efforts of all assisting units the initiative added fresh greenery to the green and beautiful landscape of Lianping. To help establish the distinctive brand of Lianping’s Eagle-BeakPeaches boost the income of fruit farmers and village collectives advance the “Hundred-Thousand-MillionProject” in a more substantive manner and fully leverage the positive role of young people in assisting and revitalising agriculture the company also organised four Youth League members to participate in the second “Youth Cultivating Lianping” public welfare live-streaming event to promote Lianping’s Eagle-Beak Peaches and help farmers increase their income.2025 Annual Report V. Important Events I. Commitments to fulfill the situation 1.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 2.The existence of the company's assets or projects earnings forecasts and earnings reporting period is still in the forecast period the company has assets or projects meet the original profit forecast made and the reasons explained □ Applicable √ Not applicable 3. The Company's performance commitments □ Applicable √ Not applicable II. Particulars about the non-operating occupation of funds by the controlling shareholder □ Applicable √ Not applicable No such cases in the reporting period.III. Illegal provision of guarantees for external parties □ Applicable √ Not applicable No such cases in the reporting period.IV. Explanation of the Board of Directors on the latest "Non-standard Audit Report" □ Applicable √ Not applicable V. Notes for “non-standard audit report” of CPAs firm during the Reporting Period by board of directors and supervisory board □ Applicable √ Not applicable VI. Explain change of the accounting policy accounting estimate and measurement methods as compared with the financial reporting of last year.□ Applicable √ Not applicable No such cases in the reporting period.2025 Annual Report VII.Explain change of the consolidation scope as compared with the financial reporting of last year.√ Applicable □ Not applicable (1) Addition of subsidiaries in this year: Nature Paid-in capital at the end of Proportion (%) Name period(Yuan) Acquired Dongguan Ningzhou Energy Investment Partnership（LP） Investment and asset management 4745908400 20.02% Investment establishment Guangdong Beibuwan Offshore Wind Power Development Co. Ltd. Wind Power Generation 500000000 38.22% Investment establishment Guangdong Yudean Testing Co. Ltd. Maintenance service 5000000 100.00% Investment establishment Guangdong Yudean Linghang Electric Power Co. Ltd. Investment and asset management 300000 100.00% Investment establishment Yudean Turpan New Energy Power Generation Co. Ltd Wind Power Generation 20000000 100.00% Investment establishment (2) Reduction of subsidiaries in this year: Shareholding Subsidiary name Business nature ratio before Paid-in capital before cancellation (RMB) cancellation Guangdong Yudean Heping Wind Power Co. Ltd. Wind Power Generation 30000000 76.44% LaishuiYingyang New Energy Technology Co. Ltd. Solar electrical energy generation 77060000 76.44% Nanjing Senhong New Energy Co. Ltd. Solar electrical energy generation 120495920 100% Nanjing Linyuan Senhai New Energy Co. Ltd. Solar electrical energy generation 120495920 100% Taishan Dongrun Zhongneng New Energy Co. Ltd. Solar electrical energy generation 45063020 100% PingduLianyao New Energy Technology Co. Ltd. Solar electrical energy generation 180000 99% Tumushuke Yudean Changhe New Energy Co. Ltd. Solar electrical energy generation 3500000 100%2025 Annual Report In the year the Company's subsidiaries Guangdong Yudean Heping Wind Power Co. Ltd.LaishuiYingyang New Energy Technology Co. Ltd. Nanjing Senhong New Energy Co. Ltd. Nanjing Linyuan Senhai New Energy Co.Ltd. Taishan Dongrun Zhongneng New Energy Co. Ltd. Pingdu Lianyao New Energy Technology Co. Ltd andTumushuke Yudean Changhe New Energy Co. Ltd.underwent liquidation and deregistration. The liquidation and deregistration of the above - mentioned companies will correspondingly change the scope of our company's consolidated financial statements. However it will not have a significant impact on our company's existing business operations and operating performance nor will it damage the interests of the company and its shareholders VIII. Engagement/Disengagement of CPAs CPAs currently engaged Grant Thornton Certified Public Accountants (Special General Name of the domestic CPAs Partnership) Remuneration for domestic accounting firm (Ten thousands 735.15 yuan) Successive years of the domestic CPAs offering auditing 2 years services Names of certified public accountants from the domestic Deng Bitao Li Zeyu accounting firm Continuous years of audit services of certified public 2 years accountants of domestic public accounting firmsName of the Overseas CPAs（If any Not applicableSuccessive years of the overseas CPAs offering auditing Not applicable services（If any） Names of certified public accountants from the Overseas Not applicable accounting firm（If any） Name of CPA（If any） Not applicable Continuous years of audit services of certified public accountants of overseas public accounting firms（if any） Has the CPAs been changed in the current period □Yes □No Description of the CPAs financial advisers or sponsors engaged for internal control auditing □Applicable √ Not applicable IX. Situation of Facing Listing Suspension and Listing Termination after the Disclosure of the Yearly Report □Applicable √ Not applicable X. Relevant Matters of Bankruptcy Reorganization □Applicable √ Not applicable No such cases in the reporting period.XI. Matters of Important Lawsuit and Arbitration □Applicable √ Not applicable No such cases in the reporting period.Whether Imple Amount t o form Litigatio mentati Discl Disclo Basic situation of involved (Ten est Litigation(ar n(arbitra on of osure sure d litigation(arbitration) tho usand yu imated bitration)pro gress tion)trial results litigati inde ate an) lia and im pact on(arbi x bilities tration)2025 Annual Report judgme nts Longyuan Zhenhua is the contractor for the PC package of Phase II of the Zhanjiang Wailuo Offshore Wind Farm Project. The project contract was signed on 29 March 2020 with construction commencing on 28 April 2020 and handover taking place on 30 June 2022. However since 16 December 2021 the wind farm has experienced multiple subsea cable faults resulting in losses of approximately 226845200 yuan for Qujie Wind Power Company. Qujie Wind Claim: The case is currently Power Company brought 22684.52; No being heard at first No No an action for breach of Counterclaim: instance contract on the grounds that 42261.91 the works were not carried out in accordance with the design claiming compensation of 102526900 yuan for emergency repairs and remediation costs 124318300 yuan for loss of electricity generation and legal costs. Longyuan Zhenhua Company filed a counterclaim seeking payment of 422619100 yuan in project costs and interest and priority satisfaction of the principal sum of 38785020 yuan and corresponding interest.Case of Yangjiang Wind Power Company v China Energy Engineering Group Guangdong Huodian Engineering Co. Ltd. and Jiangsu Huaxicun Marine Engineering Services Co.Ltd. (Construction Contract Claim: All these Dispute): Original Claim: 17673.92; counterclaims are No No No Yangjiang Wind Power Counterclaim: currently at the stage Company’s claims include: 24940.53 of judicial appraisal 1. The return of the advance payment for the works and the payment of liquidated damages for delay totalling 176739200 yuan; 2. That the litigation costs2025 Annual Report preservation fees legal fees and all reasonable expenses incurred in connection with this case be borne jointly by the Guanghuo-Huaxi Joint Venture.Counterclaim: China Energy Engineering Group Guangdong Thermal Power Engineering Co. Ltd. and Jiangsu Huaxicun Marine Engineering Services Co.Ltd. have filed a counterclaim against Yangjiang Wind Power Company with claims including: 1. Payment of the settlement amount of 249405300 yuan and interest on overdue payments of 63687200 yuan; 2. A right of priority to be repaid from the proceeds of the valuation or auction of the project works in respect of the outstanding amount under Claim 1; 3. All costs of this case including litigation costs and expert fees shall be borne by Yangjiang Wind Power Company.On 30 September 2022 Guangdong Wind Power Company and Shandong Electric Power Company among others entered into the ‘Framework Agreement for the Acquisition of 100% Equity in Gaotang Fengxu New Energy Co.Ltd.’ stipulating that the project should be connected to the grid at full capacity by 30 September 2023. As the counterparty failed to complete construction for over 17 months rendering the contractual objective No first-instance unachievable Guangdong 4122.60 No judgment has yet No No Wind Power Company been handed down.exercised its “right ofunilateral termination” on 11 March 2025 and issued a letter terminating the agreement. On 24 March it honoured the performance bond of RMB 41226000 issued by Shandong Electric Power Company.In April of the same year Shandong Electric Power Company filed a lawsuit with the Gaotang County People’s Court seeking: 1.the continued performance of the agreement and2025 Annual Report compensation of 41.226 million yuan; 2. joint and several liability for the debt to be borne by Shengshi Longhong Electric Power Co. Ltd. and others; and 3.joint and several liability to be borne by Guangdong Chengjiantou Engineering Guarantee Group Co. Ltd.and others within the limit of 33.106 million yuan.The case of Congxing The case was heard Technology Co. Ltd.at the Tianhe (hereinafter referred to as District Court on 25 “Congxing”) v. Guangdong November 2024. On Power Development Co. 31 March 2025 the Ltd. (hereinafter referred to court delivered its as “the Company”) first-instance concerning a contractual judgment dispute (Case No. (2024) dismissing all of the Yue 0106 Min Chu 31786).plaintiff Congxing In this case Congxing Company’s claims.Company alleges that the Congxing Company Company breached the dissatisfied with the provisions regarding land Winning the 5262.98 No first-instance No contributions in the case judgment lodged an ‘Contract for the appeal. On 3 July Establishment of 2025 the Guangdong Yuedian Guangzhou Humen Power Generation Intermediate Co. Ltd.’ constituting a People’s Court breach of contract.delivered its final Congxing Company is judgment on appeal seeking economic dismissing compensation capital Congxing occupation fees and Company’s appeal litigation costs totalling and upholding the RMB 52.6298 million from original judgment.the Company.The plaintiff Yunshengda The case was heard Construction Group Co. at first instance on Ltd. (hereinafter referred to 18 April 2025. On as ‘Yunshengda’) and the 28 July 2025 the defendants Lincang Linxiang District Yuedian Energy Co. Ltd. Court delivered its (hereinafter referred to as judgment at first ‘Lincang’) and Lincang instance ruling that Energy Investment Defendant 1 Winning the Yuedian Juzheng Industrial 6705.86 No (Lincang Company) No case Co. Ltd. (hereinafter Defendant 2 (Projectreferred to as the “Project Company) andCompany”) Yunnan Defendant 3 Energy Investment Juzheng (Yunnan Energy Industrial Investment Co. Investment Ltd. and Guangdong Company) should Power Development Co. bear joint and Ltd. (hereinafter referred to several liabilityas the “Joint-Stock whilst the2025 Annual ReportCompany”) concerning a Shareholding dispute over a construction Company should not contract case number bear any liability. (2024) Yun 0902 Min Chu 2372. On 12 October 2024 the plaintiff Yunshengda Company filed a lawsuit with the Linxiang District People’s Court of Lincang City Yunnan Province (hereinafter referred to asthe “Linxiang DistrictCourt”) seeking payment from the first defendant Lincang Company and the second defendant the Project Company for sums due under the construction contract and other related payments. On 14 February 2025 the plaintiff added Yunnan Energy Investment Juzheng Industrial Investment Co. Ltd. and the Shareholding Company as co-defendants.In the case of Yangjiang According to the In October 2024 the Wind Power Company v. Civil Mediation company lost the Fuzhou Xinchuang Agreement case at first instance.Mechanical & Electrical Yangjiang Yangjiang Wind Equipment Co. Ltd. Offshore Wind Power Company Fujian Yongfu Electric Power lodged an appeal.Power Design Co. Ltd. and Company’s On 2 July 2025 the Fujian Huajing Marine final recovery Guangdong Technology Co. Ltd. amount Provincial High concerning liability for (including the Court held a hearing damage caused by a vessel litigation costs on the appeal. On 30 collision Yangjiang Wind 18872.14 No paid on a priority No September 2025 the Power Company’s claims basis) was Guangdong include: compensation for 8.0527 million Provincial High the costs of dismantling yuan Court issued a ‘Civil repairing or replacing the representing Mediation Order’ offshore wind power 21.04 per cent of confirming the terms facilities damaged in the the total making of the ‘Mediation incident as well as losses it the creditor Agreement’ and of operating income and with the highest ruling that the case loss of anticipated profits recovery rate be settled by totalling RMB among all mediation. 188721400. creditors. XII. Situation of Punishment and Rectification √Applicable □ Not applicable For details of the related-party transactions related to the daily operations of the company during the reporting period please refer to "7. Other significant related-party transactions".XIII. Credit Condition of the Company and its Controlling Shareholders and Actual Controllers □Applicable √ Not applicable2025 Annual Report XIV. Material related transactions 1. Related transactions in connection with daily operation √Applicable □ Not applicable For details of related-party transactions occurring during the reporting period that are related to the Company’s day-to-day operations please refer to “7. Other Significant 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 occurring during the reporting period that are related to the Company’s day-to-day operations please refer to “7. Other Significant Related-Party Transactions”. 4. Credits and liabilities with related parties □Applicable √ Not applicable No such cases in the reporting period. 5. Transactions with related finance company especially one that is controlled by the Company √ Applicable □Not applicable Deposit business The amount of this period The amount Maximum of this period daily Beginning Deposit Total amount deposit balance Total deposit Total deposit Related party Relationship interest rate amount amount is withdrawn limit (RMB range for this (RMB '0000) (RMB (RMB '0000) '0000) '0000) period(RMB '0000) Guangdong Controlled by Energy Group Guangdong 0.05%- 2000000142408112023251121218661325466 Finance Co. Energy Group 1.15% Ltd. Co. Ltd.Loan business The amount of this period Total Loan Loant Beginning Total Ending repayment Related party Relationship limit(RMB interest rate balance(RM loan amount balance(RM amount of '0000) range B '0000) of the current the current B '0000) period(RMB period(RMB '0000) '0000) Guangdong Controlled Energy by Group Guangdong 1.70%- 390000010340469563868476941142738 Finance Co. Energy 3.45% Ltd. Group Co.Ltd.Credit extension or other financial services Total amount(RMB Actual amount Related party Relationship Business type '0000) incurred(RMB '0000) Guangdong Controlled by the same Credit extension 3900000 11427382025 Annual Report Communications parent company Group Finance Co.Ltd 6. Transactions between the financial company controlled by the Company and related parties □ Applicable √Not applicable There is no deposit loan credit or other financial business between the financial company controlled by the Company and related parties. 7. Other significant related-party transactions √ Applicable □Not applicable （1）2025 daily related transactions were carried out after examination and approval by 2025 first provisional shareholders' general meeting. Refer to (5) Related transactions of XIV. Relationship between related parties and the transactions between them of the Financial Report of this report for details. （2）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. （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 292026 http//www.cninfo.com.cn.Guangdong Power Industry Fuel Co.Ltd.XV. Significant contracts and execution 1.Entrustments contracting and leasing （1）Entrustment √ Applicable □ Not applicable Statement of Trusteeship Situation2025 Annual Report According to the statement of Guangdong Energy Group on fulfilling relevant matters and to avoid the horizontal competition and fulfill the relevant commitment of the horizontal competition the Company signed Stock Trusteeship Agreementwith Guangdong Energy Group wherein the shareholder's rights within the trusteeship range except the ownership right of earning and right of disposition will be trusted to the Company The custody fee collected from each company directly holding the first-class target of Guangdong Energy Group is RMB 100000/year; The custody fee collected from each company indirectly holding the secondary target is RMB 50000/year.published by the Company in China Securities Daily Securities Times and http://www.cninfo.com.cnon January 13 2018(Announcement No.2018-04). the custody fee actually collected by the Company was RMB 1.6981 million in 2025.Gains/losses to the Company from projects that reached over 10% in total profit of the Company in reporting period □Applicable √ Not applicable No gains or losses to the Company from projects that reached over 10% in total profit of the Company in reporting period (2) Contract □ Applicable √ Not applicable No any contract for the Company in the reporting period. (3) Lease √Applicable □ Not applicable Note As the lessee the company has incurred a rental fee of RMB 29.69 million in this year.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.2025 Annual Report 2.Significant Guarantees √Applicable □ Not applicable In RMB 10000 Guarantee of the Company for the controlling subsidiaries (Exclude controlled subsidiaries) Relevant Date of disclosure Complete happening Actual Counter- Guarantee for Name of the date/No. of Amount of Guarantee Guaranty implementati (Date of mount of guarantee Guarantee term associated parties Company the Guarantee type （If any） on signing guarantee （If any） (Yes or no) guaranteed or not agreement) amount Guangdong Yudean Yangjiang Offshore wind Guangdong power Co. Two ortwo years Guaranteeing Energy Octobe November Ltd. provides after the 200000 168416 of joint No No Yes Group Co. 292020 192020 liabilities. joint and expiration of the Ltd. several loan agreement liability guarantee counter- guarantee Total amount of approved Total actually amount of external guarantee in the 0 external guarantee in the -10528 report period(A1) report period(A2) Total amount of approved Total actually amount of external guarantee at the 425459 external guarantee at the end 168416 end of the report of the report period(A4) period(A3) Guarantee of the company for its subsidiaries Relevant Date of disclosure Complete happening Actual Counter- Guarantee forName of the date/No. of Amount of Guarantee Guaranty（If implementati (Date of mount of guarantee Guarantee term associated partiesCompany the Guarantee type any） on signing guarantee （If any） (Yes or no) guaranteed or not agreement) amount Guangdong The duration of ea August March Guaranteeing Wind Power 200000 60000 No No ch issue of corpora No No 312022 212023 of joint Generation te bonds under the2025 Annual Report Co. Ltd. registration approv al of Guangdong Wind Power Gener ation Co. Ltd. will end on the day tha t is two years after the latest due date of the corporate bo nd.Total of guarantee for Total of actual guarantee for subsidiaries approved in 0 subsidiaries in the period 0 the period(B1) (B2) Total of guarantee for Total of actual guarantee for subsidiaries approved at 441536 subsidiaries at period- 60000 period-end(B3) end(B4) Guarantee of the subsidiaries for the controlling subsidiaries Relevant Date of Guarantee disclosure Complete happening Actual Counter- forName of the date/No. of Amount of Guarantee Guaranty（If implementati(Date of mount of guarantee（If Guarantee term associatedCompany the Guarantee type any） onsigning guarantee any） parties guaranteed or not agreement) (Yes or no) amount The Company’s total guarantee(i.e.total of the first three main items) Total amount of guarantee Total guarantee quota actually incurred in the approved in the reporting 0 reporting period -10528 period（A1+B1+C1） （A2+B2+C2） Total guarantee quota Total balance of the actual already approved at the guarantee at the end of the end of the reporting 866995 reporting period 228416 period（A3+B3+C3） （A4+B4+C4） The proportion of the total amount of actually guarantee in 9.74%the net assets of the Company (that is A4+B4+C4）% Including： Amount of guarantees provided for shareholders the 168416 actual controller and their related parties (D) Amount of debt guarantees provided directly or indirectly for entities with a liability-to-asset ratio over 228416 70% (E) Proportion of total amount of guarantee in net assets 0 of the company exceed 50%（F）2025 Annual Report Total amount of the three kinds of guarantees above 228416 (D+E+F) Explanation on guarantee with composite way: None 3. Finance management on commission (1)Situation of Entrusted Finance □ Applicable √ Not applicable No any Entrusted Finance for the Company in the reporting period.. （2）Situation of Entrusted Loans □ Applicable √ Not applicable No any Entrusted loans for the Company in the reporting period.. 4. Other significant contract □ Applicable √ Not applicable No other significant contracts for the Company in reporting period.XVI. Use of Raised Funds □Applicable √ Not applicable No such cases in the reporting period.XVII. Explanation on other significant events □Applicable □Not applicable Summary of important matters Name Date of disclosure Website for disclosure To improve the efficiency of capital utilisation the Board of Directors has approved a Announcement by Guangdong Power 4 March 2025 http//www.cninfo.com.cn. reduction of 600 million yuan in the registered capital of the Company’s subsidiary Development Co. Ltd. regarding the2025 Annual Report Zhanjiang Power Co. Ltd. Of this amount Guangdong Power which holds a 76% stake will capital reduction of Zhanjiang Power recover 456 million yuan whilst Guohua Energy Co. Ltd. which holds a 24% stake will Co. Ltd.recover 144 million yuan.The Sixth Meeting of the Eleventh Board of Directors of Guangdong Power Development http//www.cninfo.com.cn.Co. Ltd. considered and approved the ‘Proposal on Applying for the Issuance of an Energy Infrastructure Investment Asset-Backed Special Plan (REITs-style)’. To effectively utilise existing assets improve the capital structure and ensure safe and sustainable development Announcement by Guangdong Power the Board agreed and approved that Guangdong Power Development Co. Ltd. should issue Development Co. Ltd. Regarding the an asset-backed special plan (REITs-like) with a total scale not exceeding RMB 3.801 billion Application for the Issuance of a 5 August 2025 and a term not exceeding 30 years using the Dongguan Ningzhou Site Replacement Power Special Asset-Backed Plan for Energy Project held by its wholly-owned subsidiary Guangdong Yuedian Binhaiwan Energy Co. Infrastructure Investment (REITs-style) Ltd. as the underlying assets. The Company will subscribe to subordinated asset-backed securities with a holding amount not exceeding RMB 1 million. The specific implementation plan and product terms are subject to final confirmation by the relevant regulatory authorities.The second teleconference of the 11th Board of Directors of Guangdong Power Development http//www.cninfo.com.cn.Co. Ltd. in 2025 reviewed and approved the ‘Proposal Regarding Guangdong Wind Power Co. Ltd.’s Application for the Issuance of a Green Asset-Backed Special Plan for New Energy Infrastructure Investment (REITs-style) in 2025’. To assist Guangdong Wind Power Co. Ltd. in effectively utilising its existing assets introducing equity development Announcement by Guangdong Power funds and improving its capital structure the Board agreed and approved Guangdong Wind Development Co. Ltd. regarding its Power Co. Ltd. to apply to the exchange for the registration and issuance of a series of subsidiary’s application to issue a 9 October 2025 REITs-style products with a shelf registration limit not exceeding RMB 3 billion using the Green Asset-Backed Special Plan new energy power generation assets held by its subsidiaries as underlying assets. The number (REITs-like) for investment in new of issuance tranches shall not exceed three The specific projects included in each tranche as energy infrastructure well as the product’s issuance scale and term shall be determined in light of actual circumstances and market conditions. The Board also agreed that Guangdong Wind Power Company shall subscribe to subordinated asset-backed securities with the holding amount for each tranche not exceeding RMB 1 million.Unit 3 of the 2×1000MW Units 3 and 4 project at the Maoming Bohu Power Station— Announcement by Guangdong Power http//www.cninfo.com.cn.developed by Guangdong Yuedian Bohu Energy Co. Ltd. a subsidiary of Guangdong Development Co. Ltd. on the Electric Power Development Co. Ltd.—has successfully completed a 168-hour full-load trial Voluntary Disclosure of Information run been connected to the grid and has officially commenced commercial operation. Regarding the Commissioning of Unit 8 December 2025 3 of the 2×1000MW Units 3 and 4 Project at the Maoming Bohu Power Station Units 3 and 4 of the Phase II project at the Guangdong Yuedian Dapu Power Station Announcement by Guangdong Power http//www.cninfo.com.cn.developed by Guangdong Yuedian Dapu Power Generation Co. Ltd. – a subsidiary of Development Co. Ltd. on the Guangdong Electric Power Development Co. Ltd. – have successfully completed full-load Voluntary Disclosure of Information trial operations been connected to the grid and commenced commercial operation. With this Regarding the Commissioning of Unit 27 December 2025 both 1000 MW ultra-supercritical double-reheat coal-fired generating units of the project 3 of the 2×1000MW Units 3 and 4 have been fully commissioned and are now in operation. Project at the Maoming Bohu Power Station2025 Annual Report XVIII. Significant event of subsidiary of the Company □ Applicable □Not applicable2025 Annual Report 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 ChangeCapitaliz ation of Proporti Share Bonus Proporti Amount common Other Subtotal Quantity on allotment shares on reserve fund I. Share with condition 189796328736.15%-1474200-1474200189648908736.12% al subscripti on 1. State- owned shares 2. State- owned legal 1893454257 36.06% -111636 -111636 1893342621 36.06% person shares 3.Other domestic 4509030 0.09% -1362564 -1362564 3146466 0.06% shares Of which： Domestic 35357700.07%-389304-38930431464660.06% legal person shares Domestic natural 9732600.02%-973260-97326000.00% person shares 4.Foreign shares Of which： Foreign legal person shares Foreign natural person shares II. Shares with unconditi 335232069963.85%14742001474200335379489963.88% onal subscripti on 1.Commo n shares 2553912699 48.64% 1474200 1474200 2555386899 48.67% in RMB 2.Foreign shares in 79840800015.21%79840800015.21% domestic market 3.Foreign2025 Annual Report shares in foreign market 4.Other III. Total of capital 5250283986 100.00% 0.00 0.00 5250283986 100.00% shares Reasons for share changed √ Applicable □ Not applicable Due to the completion of the share-trading reform certain corporate shareholders have completed the procedures for lifting the trading restrictions on their shares. As a result 1474200 A-shares of the company which were previously subject to trading restrictions were released from their trading restrictions and became tradable on October 29 2025. Consequently the number of shares with trading restrictions in the company decreased while the number of shares without trading restrictions increased. For detailed information please refer to the "Announcement on the Listing and Trading of Shares Subject to Share-trading Reform" (Announcement No. 2025-45) disclosed by the company on October 25 2025. Approval of Change of Shares □Applicable √Not applicable Ownership transfer of share changes □Applicable √Not applicable Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to common shareholders of Company in latest year and period □ Applicable √ Not applicable Other information necessary to disclose for the company or need to disclosed under requirement from security regulators □ Applicable √Not applicable 2. Change of shares with limited sales condition √ Applicable □ Not applicable In Shares Number of Number of Number of Number of restricted restricted restricted restricted Reasons for Release date of Shareholder shares in shares at the shares at the shares released sales restriction sales restriction increased this end of the beginning in this period period period Trade Union The procedures Committee of related to the Guangdong split-share Provincial 389304 0 389304 0 structure 2025-10 Prison reform have not Administration yet been Bureau completed The procedures related to the split-share Luo Guoliang 973260 0 973260 0 structure 2025-10 reform have not yet been completed Guangdong Repayment of Energy Group 1893454257 0 111636 1893342621 shares 2025-10 Co. Ltd. advanced on2025 Annual Report behalf Total 1894816821 0 1474200 1893342621 -- -- Ⅱ. Issuing and listing 1.Explanation of the Situation of the Security Issue(No Preferred Shares) in the Report Period □Applicable √Not applicable 2.Change of asset and liability structure caused by change of total capital shares and structure □Applicable √Not applicable 3.About the existing employees’ shares □Applicable √Not applicable Ⅲ.Shareholders and actual controlling shareholder 1. Number of shareholders and shareholding In Shares Total Total The total number of shareholde number of Total common rs at the preferred preferred shareholders at shareho end of the sharehold the end of the month from lders at the 101956 102671 0 0 month ers voting the date of disclosing the end of the from the rights (if annual report(if any)(See reporting date of any)(See Notes 8) period disclosing Notes 8) Particulars about shares held above 5% by shareholders or top ten shareholders(Excludes shares lent through refinancing) Nature Proportion Changes Number of share Number of Amount of Amount of of of shares in pledged/frozen Shareholders shares held at restricted un-restricted sharehol held reporting State of period -end shares held shares held Amount der （%） period share State- Guangdong owned Energy Group legal 67.39% 3538116921 0 1893342621 1644774300 Pledge 411899314 Co. Ltd.person Guangzhou State- Development owned Not Group Co. legal 2.22% 116693602 0 0 116693602 applicable 0 Ltd. person Guangdong State- Electric owned Not Power legal 1.80% 94367341 0 0 94367341 applicable 0 Development person Corporation Domestic Zheng Not Natural 0.51% 26859300 0 0 26859300 0 Jianxiang applicable person CHINA INTERNATI ONAL CAPITAL Overseas Not CORPORATI Legal 0.29% 15216066 0 0 15216066 applicable 0 ON HONG person KONG SECURITIES LTD VANGUARD Overseas 0.28% 14620512 0 0 14620512 Not 02025 Annual Report TOTAL Legal applicable INTERNATI person ONAL STOCK INDEX FUND Agricultural Bank of China －CSI 500 exchange- Not Other 0.25% 13193000 162600 0 13193000 0 traded applicable securities investment fund NOMURA Overseas Not SINGAPORE Legal 0.24% 12599843 0 0 12599843 applicable 0 LIMITED person Chaokang Overseas Not Investment Legal 0.22% 11656677 0 0 11656677 applicable 0 Co. Ltd. person Domestic Not Zhou Zheng Natural 0.21% 10812795 0 0 10812795 applicable 0 person Strategy investors or general legal person becomes top 10 shareholders due to Not applicable rights issued (ifapplicable)（See Notes 3） Explanation on The Third largest shareholder Guangdong Electric Power Development Corporation associated relationship And the ninth largest shareholder Chaokang Investment Co. Ltd. Are the the wholly-owned among the aforesaid subsidiaries of the largest shareholder Energy Group. These three companies have relationships; shareholders whether the other shareholders have relationships or unanimous acting was unknown Above shareholders entrusting or entrusted Not applicable with voting rights or waiving voting rights Top 10 shareholders including the special Not applicable account for repurchase (if any) (see note 10) Shareholding of top 10 shareholders of unrestricted shares(Excluding shares lent through refinancing and Top management lock- in stock) Share type Name of the Quantity of unrestricted shares held at the end of the reporting period Share shareholder Quantity type RMB Guangdong Energy 16447743 1644774300 Common Group Co. Ltd. 00 shares Guangzhou RMB 11669360 Development Group Co. 116693602 Common Ltd. 2 shares Guangdong Electric RMB Power Development 94367341 Common 94367341 Corporation shares Foreign Zheng Jianxiang 26859300 shares 26859300 placed in2025 Annual Report domestic exchange CHINA Foreign INTERNATIONAL shares CAPITAL 15216066 placed in 15216066 CORPORATION domestic HONG KONG exchange SECURITIES LTD Foreign VANGUARD TOTAL shares INTERNATIONAL 14620512 placed in 14620512 STOCK INDEX FUND domestic exchange Agricultural Bank of China－CSI 500 RMB exchange-traded 12673800 Common 12673800 securities investment shares fund Foreign shares NOMURA 12599843 placed in 12599843 SINGAPORE LIMITED domestic exchange Foreign shares Chaokang Investment 11656677 placed in 11656677 Co. Ltd.domestic exchange RMB Zhou Zheng 10812795 Common 10812795 shares Explanation on associated relationship or consistent action among the top 10 shareholders The Third largest shareholder Guangdong Electric Power Development Corporation of non-restricted And the ninth largest shareholder Chaokang Investment Co. Ltd. Are the wholly-owned subsidiaries negotiable shares and of the largest shareholder Energy Group. These three companies have relationships; whether the other that between the top 10 shareholders have relationships or unanimous acting was unknown shareholders of non- restricted negotiable shares and top 10 shareholders Explanation on shareholders participating in the None margin 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 un-restrict shares held have a buy-2025 Annual Report back agreement dealing in reporting period.□ Yes √ No The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company have no buy –back agreement dealing in reporting period. 2.Controlling shareholder Nature of Controlling Shareholders: Local state holding Type of Controlling Shareholders: Legal person Name of the Legal Date of Principal business Controlling Organization code representative/Leader incorporation activities shareholder Management and sales of the electricity investment construction operation management，electricity power(Thermal Power)，The industry of Guangdong transportationresources Zhang Fan August 32001 91440000730486022G Energy Group Co. Ltd. environmental protection，newsource of energy electricity investment; investment planning and consulting ; information consulting service; sales of production materials.The equity of the controlling shareholder in other domestic and foreign listed Unknown companies held or partly held by it in the report period Change of the actual controller in the reporting period □Applicable √Not applicable No such cases in the Reporting Period. 3．Information about the controlling shareholder of the Company Actual controller nature：Local state owned assets management Actual controller type：Legal person Legal Name of the Date of Principal business representative/person Organization code controlling shareholder establishment activities in charge As the special institution directly State-owned Assets subordinate to supervision and Guangdong Provincial administration People's Government Commission of Zhi Guangnan June 262004 114400007583361658 Guangdong performed the Provincial obligation of provincial People’s Government state-asset contributor entrusted by the provincial government.Equity of other Unknown2025 Annual Report domestic/foreign listed company with share controlling and share participation by controlling shareholder in reporting period Changes of the actual controller in the reporting period □Applicable √Not applicable No Changes of the actual controller in the reporting period Block Diagram of the ownership and control relations between the company and the actual controller The actual controller controls the company by means of trust or managing the assets in other way □Applicable √Not applicable 4.The cumulative number of shares pledged by the controlling shareholder or the largest shareholder of the company and its person acting in concert accounts for 80% of the number of shares held by the company □Applicable √Not applicable 5.Particulars about other legal person shareholders with over 10% share held □Applicable √Not applicable 6.Situation of Share Limitation Reduction of Controlling Shareholders Actual Controllers Restructuring Party and Other Commitment Subjects □Applicable √Not applicable IV. Specific implementation of share repurchase during the reporting period Progress in implementation of share repurchase □ Applicable √Not applicable Implementation progress of reducing repurchased shares by centralized bidding □ Applicable √Not applicable V. Preferred stock □Applicable□Not applicable The Company had no preferred stock in the Period.2025 Annual Report 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 1. Basic information of corporate bonds In RMB 10000 Bond Bond short Bond Issue Value Interes Servicing Bond name Due day balanc Trading name code day date t rate way e Using simple interest rate on a yearly basis Public Issuance of regardless of Corporate Bonds compound to Qualified interest. Due Investors in 2021 payments Shenzhen (Phase II) of 21Yudean 149418 April April April 12500 2.45% once a year Stock Guandong Electric 02 .SZ 272021 282021 282026 maturing Exchange Power debt at a Development time. In the Co.Ltd.final phase interest is paid together with the principal redemption.Using simple interest rate on a yearly basis Public Issuance of regardless of Corporate Bonds compound to Professional interest. Due Investors in 2021 payments Shenzhen 21Yedean 149711 Nov 23 Nov 24 Nov 24 (Phase I) of 80000 3.41% once a year Stock 03 .SZ 2021 2021 2026 Guandong Electric maturing Exchange Power debt at a Development time. In the Co.Ltd. final phase interest is paid together with the principal redemption.Public Issuance of Using Green Corporate simple Shenzhen G23 115042 March March March Bonds to 0 3.15% interest rate Stock Yuefeng 2 202023 212023 212028 professional .SH on a yearly Exchange Investors in basis2025 Annual Report 2023(phase regardless of I)(Variety 2) of compound Guangdong Wind interest. Due Power Generation payments Co. Ltd. once a year maturing debt at a time. In the final phase interest is paid together with the principal redemption.During the reporting period interest 21Yudean 02 21Yedean 03 and G23 Yuefeng 2 are bonds for professionalpayment situation of the company bonds（Ifinvestorsany） Matching transaction click transaction inquiry transaction bidding transaction n Applicable trading mechanism egotiation transaction Whether there are risks and countermeasures Nofor terminating 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 1. Some bonds of the Company have option clauses as follows: Bond codes: 149418.SZ115042.SH Bond abbreviation: 21Yudean 02 G23 Yuefeng 2 Types of terms included in bonds: adjustment of coupon rate option and resale option Trigger and implementation of option clause: During the reporting period 21Yudean 02 triggered the option clause. G23 Yuefeng 2 triggers the provisions for the option to adjust the coupon rate and the put optionclause. Guangdong Wind Power Co. Ltd.issued a coupon rate adjustment announcement on February 11 2026. It will reduce the coupon rate to 1.405%.From February 11 2026 to February 26 2026 the Company issued three suggestive announcements on the implementation measures of coupon rate non-adjustment and investors' resale.After Guangdong Wind Power Co. Ltd. issued the coupon rate adjustment announcement the investors exercised the put option with a put registration scale of 600 million yuan leaving a balance of 0.00 billion yuan for G23 Yuefeng 2 after the put.Some bonds of the Company have investor protection clauses as follows: Bond code: 149711.SZ Bond abbreviation: 21 Yudean 03 Types of terms included in bonds: the issuer's commitment to debt repayment safeguards and remedies for negative matters Trigger and implementation of investor protection clauses: The trigger and implementation of investor protection clauses were not involved in the reporting period. 3.Information of intermediary agency Name of Contact person of Name of bond Name of signing intermediary Office Address intermediary Tel project accountant agency agency2025 Annual Report Public Issuance of Corporate Bonds CITIC Securities 9/F Taikang to Qualified Co. Ltd. (lead Group Building Investors in 2021 principal Building 1 Yard (Phase II) of Not applicable Liu Renshuo 010-56051956 underwriter/bookk 16 Jinghui Street Guandong Electric eeping Chaoyang District Power manager/trustee) Beijing Development Co.Ltd.Public Issuance of Corporate Bonds to Qualified 22/F CITIC Investors in 2021 Securities CITIC Securities Building No.48 (Phase II) of Co. Ltd. (joint Not applicable Song Yilan 010-60836755 Liangmaqiao Guandong Electric lead underwriter) Road Chaoyang Power District Beijing Development Co.Ltd.Public Issuance of 23/F Fuli Center Corporate Bonds Huaxia to Qualified Beijing Zhong Lun Road Zhujiang Investors in 2021 Not applicable Liang Qinghua 020-28262689 Law Firm New City Tianhe (Phase II) of District Guandong Electric Guangzhou Power 11/F Public Issuance of Pricewaterhouse PricewaterhouseC Corporate Bonds Wang Bin Li Coopers Zhongtian oopers Center to Qualified Yanhua Certified Public No.202Lingzhan Investors in 2021 （2019-2020）； Wang Bin 020-38192000 Accountants Enterprise Paazza (Phase II) of Wang Bin Guo (Special General Hubin Road Guandong Electric Biyu（2018） Partnership) Huangpu District Power Shanghai Public Issuance of Building 6 Yinhe Corporate Bonds SOHO No.2 to Qualified China Cheng Xin International Nanzhugan Investors in 2021 Not applicable Fang Zibin 010-66428877 Credit Rating Co. Hutong (Phase II) of Ltd. Dongcheng Guandong Electric District Beijing Power Public Issuance of Corporate Bonds China Securities to Professional 9/F Taikang Co. Ltd. (lead Investors in 2021 Group Building principal (Phase I) of Building 1 Yard Not applicable Liu Renshuo 010-56051956 underwriter/bookk Guandong Electric 16 Jinghui Street eeping Power Chaoyang manager/trustee) DevelopmenCo.Lt d.Public Issuance of 29/F 10/F and Corporate Bonds 11/F Chow Tai to Professional Fook Finance Centre NO.6 Investors in 2021 Zhujiang Dong (Phase I) of ETR Law Firm Not applicable Wang Xing 020-37181333 Road Tianhe Guandong Electric District Power Guangzhou City Development Guangdong Co.Ltd. Province2025 Annual Report Public Issuance of 11/F Corporate Bonds PricewaterhouseC PricewaterhouseC to Professional Wang Bin Li oopers Zhongtian oopers Center Investors in 2021 Yanhua Certified Public No.202Lingzhan (Phase I) of （2019-2020）； Wang Bin 020-38192000 Guandong Electric Accountants Enterprise Paazza Wang Bin Guo Power (Special General Hubin Road Biyu（2018） Development Partnership) Huangpu District Co.Ltd. Shanghai Public Issuance of Corporate Bonds Building 5 Yinhe to Professional China Cheng SOHO No.2 Investors in 2021 Xin International Nanzhugan (Phase II) of Not applicable Sheng Lei 010-66428877 Credit Rating Co. Hutong Guandong Electric Ltd. Dongcheng Power District Beijing Development Co.Ltd.Public Issuance of Green Corporate Bonds to 43/F Guangfa professional Securities Chen Jieyi Li Investors in Guangfa Securities Building No.26 Manjia Wang Not applicable 020-66335451 2023(phase Co. Ltd. Machang Road Sihui Yang I)(Variety 2) of Tianhe District Mingchuan Guangzhou Guangdong Wind Power Generation Co. Ltd.Public Issuance of Green Corporate Bonds to 16/22/23Floor professional International Shengang Zhan Xinda Chi Investors in Finance Center Securities Co. Not applicable Cheng Liang 021-20639666 2023(phase 1589 Century Ltd. Hanbing I)(Variety 2) of Avenue Pudong Guangdong Wind Shanghai Power Generation Co. Ltd.Public Issuance of 11/F Green Corporate Bonds to PricewaterhouseC PricewaterhouseC professional oopers Zhongtian oopers Center Investors in Certified Public No.202Lingzhan Li Xiaolei Fan Fan Xin Tang Di 020-38192097 2023(phase Accountants Enterprise Paazza Xin I)(Variety 2) of (Special General Hubin Road Guangdong Wind Partnership) Huangpu District Power Generation Co. Ltd. Shanghai Public Issuance of Green Corporate Bonds to Building 5 Yinhe professional China Cheng Xin SOHO No.2 Investors in International Nanzhugan Wang Linbo Not applicable 010-66428877 2023(phase Credit Rating Co. Hutong LiuYinle I)(Variety 2) of Ltd. Dongcheng Guangdong Wind District Beijing Power Generation Co. Ltd.Public Issuance of Green Corporate 313/F Industrial Bonds to Bank Building Chen Ling Yan professional Goldsun Law Firm Not applicable 020-38790290 No.101Tianhe Lixin Investors in Road Guangzhou 2023(phase I)(Variety 2) of2025 Annual Report Guangdong Wind Power Generation Co. Ltd.Whether the above agency changes during the reporting period □Yes□No2025 Annual Report 4. Use of raised funds In RMB10000 Actual use of raised Whether it is Total Bond Agreed Actual use of Operation of Rectification of consistent with the funds (classified by Bond amount Used Unused special account illegal use of purpose use plan and abbrevia purpose of purpose excluding funds for each Code of raised amount amount for raised funds (if raised funds (if other agreements tion raised funds temporary category funds any) any) stipulated in the replenishment) prospectus Intended for Used to repay All used to repay 21 repaying the The special fund- 149418. interest bearing the Company's Yudean 150000 Company's 150000 0 raising account No Yes SZ liabilities (excluding interest bearing 02 interest operates properly corporate bonds) debts bearing debt Raised funds of no more than RMB 500 million (including RMB 500 million) used to repay the RMB 500 million Used to repay 21 Company's used to repay the The special fund- 149711. interest bearing Yudean 80000 interest 80000 Company's 0 raising account No Yes SZ liabilities (excluding 03 bearing debts interest bearing operates properly corporate bonds) and the debt remaining amount to supplement the Company's working capital etc Raised funds of no more Used to supplement RMB 300 million 21 than RMB The special fund- 149711. daily operating funds to supplement the Yudean 80000 500 million 80000 0 raising account No Yes SZ (excluding temporary Company's 03 (including operates properly cash flow) working capital RMB 500 million) used2025 Annual Report to repay the Company's interest bearing debts and the remaining amount to supplement the Company's working capital etc Intended for the The construction construction Used for the and acquisition of G23 and The special fund- 115042. construction and projects in the Yuefeng 60000 acquisition of 38318 21682 raising account No Yes SH operation of physical green industry 2 projects in operates properly projects sector amounted to the green RMB 383.18 industry sector2025 Annual Report The raised funds are used for construction projects □Applicable □ Not applicable Whether the net income of the project decreased by more than 50% compared to Changes in Where there the net income was any disclosure in of the significant the project and change in the prospectus their project Project during the impact on during the changes reporting the issuer's Bond Project progress and operational reporting and Bond code period or debt abbreviation benefits period that procedure whether any paying may affect implementa other ability and the tion status significant investor's investment adverse equity as and use plan changes that well as of the raised may affect counterme funds the asures operational efficiency of the project occurred during the reporting period G23 Yuefeng 2 raised funds amounted RMB 600 million with a cumulative use of RMB 383.18 million of which RMB 44 million was used for the construction of the Phase II (80MW) of the Photovoltaic Composite Project in Yulin Village Sanzao Zhuhai Guangdong; RMB 134.64 million was used for the construction of the Agricultural Not and Photovoltaic Not 115042.SH G23 Yuefeng 2 No No applicable Complementary Project applicable (200MW) in Lanshannan City; RMB 1.41 million was used for the construction of the Shixi Photovoltaic Power Generation Project (70 MW) in Baidu Village Dachong Village Shixi Village Dapingtang Village and Zhishiping Village in Dapingtang Town Xintian County; RMB 61.13 million was used for the acquisition of Guangdong AVIC Liangdong2025 Annual Report Photovoltaic Project (Acquisition) (90MW); RMB 56 million was used for the deposit of Guangdong Lianjiang Liangdong Photovoltaic Project (Acquisition) (80MW) project; RMB 86 million was used for the acquisition of the AVIC Xiangzhou Photovoltaic Integration (160MW in this phase) Project.The Phase II of the Guangdong Zhuhai Sanzhao Yulin Village Photovoltaic Composite Project (80MW) commenced on schedule and was connected to the grid in December 2023 generating an actual electricity output of 46.24 million kWh from January to December 2025; the LanshanNanshi Agricultural- Photovoltaic Complementary Project (200MW) was fully connected to the grid in May 2025 with an actual settled grid electricity of 150250300 kWh from January to December 2025; the Xintian County Dapingtang Town Baidu Village Dachong Village Shixi Village Dapingtang Village and Zhishiping Village Shixi Photovoltaic Power Generation Project (70MW) has obtained land pre-approval but has not yet received system connection approval and has not started construction; the Guangdong ZhonghangLiandong Photovoltaic Project (acquisition) (90MW) was connected to the grid at the end of October 2023 generating an actual electricity output of 47.5 million kWh from January to December 2025; the Guangdong Lianjiang Liandong Photovoltaic Project (acquisition) (80MW) is not yet fully connected to the grid and is currently under construction; the ZhonghangXiangzhou Photovoltaic Integration Project (current phase 160MW) was fully connected to the grid in December 2023 generating an actual electricity output of 156139200 kWh from January to December 2025.During the reporting period the Company changed the use of funds raised from the above bonds □ Applicable √ Not applicable2025 Annual Report 5.Adjustment of credit rating results during the reporting period □ Applicable √ Not applicable 6．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: 21 Yudean 02 21 Yudean 03 and G3 Yuefeng2 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 Issue Value Bond Interes Servicing Bond name Bond code Due day Trading short name day date balance t rate way Using simple interest rate on a yearly basis regardless of compound 2022 MTN interest. (Phase I) of Due 22Yudean Guangdong 102281929. August August August payments Interbank Fa 60000 2.9% Electric Power MTN001 IB 242022 262022 262027 once a year market Development maturing Co. Ltd.debt at a time. In the final phase interest is paid together with the principal redemption. 2023 MTN 23Yudean 102380558. March March March Using Interbank 1600003.35% (Phase I) of Fa IB 152023 172023 172028 simple market2025 Annual Report Guangdong MTN001 interest rate Electric Power on a yearly Development basis Co. Ltd.regardless of compound interest.Due payments once a year maturing debt at a time. In the final phase interest is paid together with the principal redemption.Using simple interest rate on a yearly basis regardless of compound 2024 MTN interest. (Phase I) of Due 24 Yudean Guangdong 102482034. May May May payments Interbank Fa 100000 2.41% Electric Power IB 222024 242024 242029 MTN001 once a year market Development maturing Co. Ltd.debt at a time. In the final phase interest is paid together with the principal redemption.Using simple interest rate on a yearly basis 2024 MTN regardless (Phase II) of of 24 Yudean Guangdong 102483012. July July July compound Interbank Fa 150000 2.54% Electric Power 112024 152024 152034 MTN002 IB interest. market Development Due Co. Ltd.payments once a year maturing debt at a time. In the final phase2025 Annual Report interest is paid together with the principal redemption.Using simple interest rate on a yearly basis regardless of compound 2024 MTN interest. (Phase III) of Due 24 Yudean Septem Septem Septemb Guangdong 102484007. payments Interbank Fa ber ber er 60000 2.52% Electric Power MTN003 IB once a year market 92024 112024 112039 Development maturing Co. Ltd. debt at a time. In the final phase interest is paid together with the principal redemption.Using simple interest rate on a yearly basis regardless of compound 2024 MTN interest. (Phase IV) of Due 24 Yudean October Guangdong 102400984. October October payments Interbank Fa 14 100000 2.47% Electric Power MTN004 IB 112024 142029 once a year market 2024 Development maturing Co. Ltd. debt at a time. In the final phase interest is paid together with the principal redemption.Using 2024 MTN simple (Phase IV) of interest rate Guangdong 24 Yudean October 102400985. October October on a yearly Interbank Electric Power Fa 14 50000 2.70% IB 112024 142039 basis market Development MTN004B 2024 regardless Co. Ltd.of Variety 2) compound2025 Annual Report interest.Due payments once a year maturing debt at a time. In the final phase interest is paid together with the principal redemption.Using simple interest rate on a yearly basis regardless of compound 2024 MTN interest. (Phase V) of Due 24 Yudean Guangdong 102484558. October October October payments Interbank Fa 100000 2.70% Electric Power MTN005 IB 222024 242024 242039 once a year market Development maturing Co. Ltd. debt at a time. In the final phase interest is paid together with the principal redemption.Using simple interest rate on a yearly basis regardless of compound 2024 MTN interest.(Phase VI) of Due Guangdong 24 Yudean Novem Novemb Novemb 102401037. payments Interbank Electric Power FaMTN006 ber er 13 er 13 80000 2.37% IB once a year market Development A 112024 2024 2029 maturing Co. Ltd.debt at a Variety 1) time. In the final phase interest is paid together with the principal redemption.2025 Annual Report Using simple interest rate on a yearly basis regardless of compound 2024 MTN interest.(Phase VI) of 24Yudean Due Guangdong Novem Novemb Novemb Fa 102401038. payments Interbank Electric Power ber er er 100000 2.67% MTN006 IB once a year market Development 112024 132024 132039 B maturing Co. Ltd.debt at a Variety 2) time. In the final phase interest is paid together with the principal redemption.Using simple interest rate on a yearly basis regardless of compound 2025 MTN interest. (Phase I) of Due Guangdong 25 Yudean 102582339. June June June payments Interbank 500002.18% Electric Power Fa MIN001 IB 92025 112025 112035 once a year market Development maturing Co. Ltd debt at a time. In the final phase interest is paid together with the principal redemption.Guangdong Electric Power One time Development repayment 25 Yudean 012582055. August August October Interbank Co. Ltd.2025 0 1.50% of principal Fa SCP001 IB 222025 252025 242025 market phase I Ultra- and interest short term due financing bills Using 2025 MTN simple (Phase II) of 25 Yudean Septem Septem Septemb interest rate Guangdong 102501586. on a yearly Interbank Fa ber ber er 80000 2.20% Electric Power IB basis market Development MTN002 112025 152025 152030 regardless Co. Ltd. of compound2025 Annual Report interest.Due payments once a year maturing debt at a time. In the final phase interest is paid together with the principal redemption.Using simple interest rate on a yearly basis regardless of compound 2025 MTN interest. (Phase III) of 25 Yudean Due Guangdong 102584320. October October October payments Interbank Fa 90000 2.18% Electric Power IB 172025 212025 212030 once a year market MTN003 Development maturing debt at a Co. Ltd.time. In the final phase interest is paid together with the principal redemption.During the reporting period interest payment None situation of the company bonds（If any） Circulation and transfer in the national inter-bank bond market its listing and Applicable trading mechanism circulation will be carried out in accordance with the relevant regulations promulgated by the National Interbank Funding Center Whether there are risks and countermeasures Nonefor terminating 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 3.Information of intermediary agency Name of Contact person of Name of bond Name of signing intermediary Office Address intermediary Tel project accountant agency agency Industry Bank Industry Bank (lead principal No.398 Jiangbin Zhao Xinle Ye 010-89926570、 2022 MTN (Phase Not applicable underwriter/bookk Road Taijiang Huishan 020-38988015 I) of Guangdong eeping manager District Fuzhou Electric Power No. 55 Development Co. ICBC(joint lead Fuxingmennei Not applicable Sheng Xue 010-66106736 Ltd. underwriter) Street Xicheng District Beijing Beijing Zhong Lun 3133 36 and Not Applicable Liang Qinghua 020-28262689 Law Firm 37/F SK Building2025 Annual Report A6 JianguomenwaiStr eet Chaoyang District Beijing 11/F PricewaterhouseC PricewaterhouseC Chen Junjun Li oopers Zhongtian oopers No.2 Xiaolei(2021)； Certified Public Enterprise Wang Bin Li Du Weiwei 020-38192558 Accountants Building No.202Yanhua（2019-(Special General Hubin RoadPartnership) Huangpu District 2020） Shanghai Industry Bank Industry Bank (lead principal No.398 Jiangbin Zhao Xinle Ye 010-89926570、 Not applicable underwriter/bookk Road Taijiang Huishan 020-38988015 eeping manager District Fuzhou Agricultural No.69 Jianguo Bank of China Mennei Street Corporation Not applicable Liu Zhaoying 010-85109688 Chaoyang District Limited (co-lead Beijing underwriter) 2023 MTN (Phase 3133 36 and I) of Guangdong 37/F SK Building Electric Power Beijing Zhong Lun A6 Development Co. Not Applicable Liang Qinghua 020-28262689 Law Firm Jianguomenwai Ltd. Street Chaoyang District Beijing 11/F PricewaterhouseC PricewaterhouseC Li Xiaolei Fan oopers Zhongtian oopers No.2 Xin（2022）Chen Certified Public Enterprise Junjun Li Du Weiwei 020-38192558 Accountants Building No.202 Xiaolei(2021)； (Special General Hubin Road Wang Bin Li Partnership) Huangpu District Yanhua（2020） Shanghai Industry Bank Industry Bank (lead principal No.398 Jiangbin Zhao Xinle Ye 010-89926570、 Not applicable underwriter/bookk Road Taijiang Huishan 020-38988015 eeping manager District Fuzhou Haitong Securities Chen Shilong No.689 （principal Liao Meing DongGuangdong Road Not applicable 010-88027899 underwriter/bookk Raoqi Qiu Yi Shanghaieeping manager） Chen Nanhong China Securities 9/F Taikang Co. Ltd. (lead Group Building principal Building 1 Yard Not applicable Huang Yimao 010-56051910 2024 MTN (Phase underwriter/bookk 16 Jinghui Street I) of Guangdong eeping Chaoyang Electric Power manager/trustee) Development Co. China Merchants China Merchants Ltd. Bank Building Bank Co. Ltd Hu Qianyu No.7088 Not applicable 0755-88026140 (joint lead ZhouHuan Shennan Road underwriter) Shenzhen No.1788 Zheshang Hongning Road Bank(joint lead Not applicable Wu Tanbing 020-89299807 Xiaoshan District underwriter) Hangzhou Guangfa Securities Wang Lixin Ye Guangfa Building No.26 Runxuan Wu Securities(joint Not applicable 020-66338888 Machang Road Xueting Wang lead underwriter) Tianhe District Zhifan2025 Annual Report Guangzhou Unit 0104 23 and31/F Fuli Center No. 10 Beijing Zhong Lun Huaxia Road Liang Qinghua Not applicable 020-28261656 Law Firm Zhujiang HuJie Xincheng Tianhe District Guangzhou 11/F PricewaterhouseC PricewaterhouseC Li Xiaolei Fan oopers Zhongtian oopers No.2 Xin（2022）Chen Certified Public Enterprise Junjun Li Du Weiwei 020-38192558 Accountants Building No.202 Xiaolei(2021)； (Special General Hubin Road Wang Bin Li Partnership) Huangpu District Yanhua（2020） Shanghai Industry Bank Industry Bank (lead principal No.398 Jiangbin Zhao Xinle 010-89926570、 Not applicable underwriter/bookk Road Taijiang YeHuishan 020-38988015 eeping manager District Fuzhou Guangfa Securities GuangfaBank(lead Wang Lixin Ye Building No.26 principal Runxuan Wu Machang Road Not applicable 020-66338888 underwriter/bookk Xueting Wang Tianhe District eeping manager Zhifan Guangzhou China Merchants China Merchants Bank Building Bank Co. Ltd Hu Qianyu No.7088 Not applicable 0755-88026140 (joint lead ZhouHuan Shennan Road underwriter) Shenzhen Agricultural Bank No.69 Jianguo of China Mennei Street Corporation Not applicable Liu Zhaoying 010-85109688 Chaoyang District Limited (co-lead Beijing underwriter) 2024 MTN (Phase No.22 Jianguo Huaxia Bank Co.II) of Guangdong Meinei Street Ltd (joint lead Not applicable Yu Yazhuo 010-85237084 Electric Power Dongcheng underwriter) Development Co. District Beijing Ltd. No.1 Bank of Fuxingmenwai China(joint lead Not applicable Zhang Shun 010-66595482 Street Xicheng underwriter) District Beijing No.8 SPD Bank Building No.909 SPD Bank(joint Li Yansha 021-31884090、 Shibo Road Not applicable lead underwriter) ZhangNingning 020-38156424 Pudong District Shanghai Unit 0104 23 and31/F Fuli Center No. 10 Beijing Zhong Lun Huaxia Road Liang Qinghua Not applicable 020-28261656 Law Firm Zhujiang HuJie Xincheng Tianhe District Guangzhou PricewaterhouseC 11/F Li Xiaolei Fan oopers Zhongtian PricewaterhouseC Du Weiwei 020-38192558Certified Public oopers No.2 Xin（2022-2025 Annual ReportAccountants Enterprise 2023）Chen (Special General Building No.202 Junjun Li Partnership) Hubin Road Xiaolei(2021) Huangpu District Shanghai Building 5 Yinhe China Cheng Xin SOHO No.2 International Nanzhugan Not applicable Sheng Lei 010-66428877 Credit Rating Co. Hutong Ltd. Dongcheng District Beijing Guangfa Securities Wang Lixin Ye Guangfa Building No.26 Runxuan Wu Securities(joint Machang Road Not applicable 020-66338888 Xueting Wang lead underwriter) Tianhe District Zhifan Guangzhou China Merchants China Merchants Bank Building Bank Co. Ltd Hu Qianyu Zhou No.7088 Not applicable 0755-88026140 (joint lead Huan Shennan Road underwriter) Shenzhen China Securities 9/F Taikang Co. Ltd. (lead Group Building principal Building 1 Yard Not applicable Huang Yimao 010-56051910 underwriter/bookk 16 Jinghui Street eeping Chaoyang manager/trustee) North Block Zhuoyue Times Wang Hongfeng CITIC Square (Phase II) Chen Tianya Securities(joint Not Applicable 0755-23835409 No.8 Central ZhngChenling lead underwriter) Third Road Futian Wang Xudong District Shenzhen 2024 MTN (Phase Haitong Securities Chen Shilong III) of Guangdong No.689 （principal LiaomengElectric Power Guangdong Road Not applicable 010-88027899 underwriter/bookk Dongraoqi Qiu Development Co. Shanghaieeping manager） Yi Chen Nanhong Ltd.Guangfa Industry Bank Bank(lead No.398 Jiangbin Zhao Xinle Ye 010-89926570、 principal Not applicable Road Taijiang Huishan 020-38988015 underwriter/bookk District Fuzhou eeping manager No.1 Guanghua CITIC Bank(joint Road Chaoyang Not applicable Jia Yuanxiang 010-66635912 lead underwriter) District Beijing No.1 Bank of Fuxingmenwai China(joint lead Not applicable Zhang Shun 010-66595482 Street Xicheng underwriter) District Beijing South Tower of Ping An Financial Ping AnBank(joint Center No.5023 Not applicable Ha Xin 0755-88673599 lead underwriter) Yitian Road Futian District Shenzhen Unit 0104 23 Beijing Zhong Lun and31/F Fuli Liang Qinghua Not applicable 020-28261656 Law Firm Center No. 10 HuJie Huaxia Road2025 Annual Report Zhujiang Xincheng Tianhe District Guangzhou 11/F PricewaterhouseC PricewaterhouseC Li Xiaolei Fanoopers Zhongtian oopers No.2 Xin（2022-Certified Public Enterprise 2023）Chen Du Weiwei 020-38192558 Accountants Building No.202 (Special General Hubin Road Junjun Li Partnership) Huangpu District Xiaolei(2021) Shanghai Building 5 Yinhe China Cheng Xin SOHO No.2 International Nanzhugan Not applicable Sheng Lei 010-66428877 Credit Rating Co. Hutong Ltd. Dongcheng District Beijing Guangfa Securities Guangfa Securities Wang Lixin Ye Building No.26 （principal Runxuan WuMachang Road Not applicable 020-66338888 underwriter/bookk Xueting Wang Tianhe Districteeping manager） Zhifan Guangzhou China Merchants China Merchants Bank Building Bank Co. Ltd Hu Qianyu No.7088 Not applicable 0755-88026140 (joint lead ZhouHuan Shennan Road underwriter) Shenzhen No.8 SPD Bank Building No.909 SPD Bank(joint Li Yansha Zhang 021-31884090、 Shibo Road Not applicable lead underwriter) Ningning 020-38156424 Pudong District Shanghai No.1 Bank of Fuxingmenwai China(joint lead Not applicable Zhang Shun 010-66595482 Street Xicheng underwriter) 2024 MTN (Phase District Beijing IV) of Guangdong China Securities 9/F Taikang Electric Power Co. Ltd. (lead Group Building Development Co. principal Building 1 Yard Not applicable Huang Yimao 010-56051910 Ltd. underwriter/bookk 16 Jinghui Street eeping Chaoyang manager/trustee) North Block Zhuoyue Times Wang Hongfeng CITIC Square (Phase II) Chen Tianya Securities(joint Not Applicable 0755-23835409 No.8 Central ZhngChenling lead underwriter) Third Road Futian Wang Xudong District Shenzhen Industry Bank Industry Bank (lead principal No.398 Jiangbin Zhao Xinle 010-89926570、 Not Applicable underwriter/bookk Road Taijiang YeHuishan 020-38988015 eeping manager District Fuzhou Unit 0104 23 and31/F Fuli Beijing Zhong Lun Center No. 10 Liang Qinghua Not applicable 020-28261656 Law Firm Huaxia Road HuJie Zhujiang Xincheng Tianhe2025 Annual Report District Guangzhou 11/F PricewaterhouseC PricewaterhouseC oopers Zhongtian oopers No.2 Li Xiaolei Fanxin Certified Public Enterprise （2022-2023） Du Weiwei 020-38192558 Accountants Building No.202 Chen Junjun Li (Special General Hubin Road Xiaolei(2021) Partnership) Huangpu District Shanghai Building 5 Yinhe China Cheng Xin SOHO No.2 International Nanzhugan Not applicable Sheng Lei 010-66428877 Credit Rating Co. Hutong Ltd. Dongcheng District Beijing China Merchants China Merchants Bank Co. Ltd(lead Bank Building Hu Qianyu principal No.7088 Not applicable 0755-88026140 ZhouHuan underwriter/bookk Shennan Road eeping manager Shenzhen Guangfa Securities Wang Lixin Ye Guangfa Building No.26 Runxuan Wu Securities(joint Machang Road Not applicable 020-66338888 Xueting Wang lead underwriter) Tianhe District Zhifan Guangzhou No.8 SPD Bank Building No.909 SPD Bank(joint Li Yansha 021-31884090、 Shibo Road Not applicable lead underwriter) ZhangNingning 020-38156424 Pudong District Shanghai No.1 Bank of Fuxingmenwai China(joint lead Not applicable Zhang Shun 010-66595482 Street Xicheng underwriter) District Beijing 9/F Taikang 2024 MTN (Phase China Securities Group Building V) of Guangdong Co. Ltd. joint lead Building 1 Yard Not applicable Huang Yimao 010-56051910 Electric Power underwriter) 16 Jinghui Street Development Co.Chaoyang Ltd.North Block Zhuoyue Times Wang Hongfeng CITIC Square (Phase II) Chen Tianya Securities(joint Not Applicable 0755-23835409 No.8 Central ZhngChenling lead underwriter) Third Road Futian Wang Xudong District Shenzhen Industry Bank Industry Bank (lead principal No.398 Jiangbin Zhao Xinle 010-89926570、 Not Applicable underwriter/bookk Road Taijiang YeHuishan 020-38988015 eeping manager District Fuzhou Unit 0104 23 and31/F Fuli Center No. 10 Beijing Zhong Lun Huaxia Road Liang Qinghua Not applicable 020-28261656 Law Firm Zhujiang Hu Jie Xincheng Tianhe District Guangzhou PricewaterhouseC 11/F Li Xiaolei Fanxin Du Weiwei 020-38192558 oopers Zhongtian PricewaterhouseC2025 Annual Report Certified Public oopers No.2 （2022-2023） Accountants Enterprise Chen Junjin Li (Special General Building No.202 Xiaolei(2021) Partnership) Hubin Road Huangpu District Shanghai Guangfa Securities Wang Lixin Ye Guangfa Building No.26 Runxuan Wu Securities(joint Machang Road Not applicable 020-66338888 Xueting Wang lead underwriter) Tianhe District Zhifan Guangzhou No.1 Guanghua CITIC Bank(joint Road Chaoyang Not applicable Jia Yuanxiang 010-66635912 lead underwriter) District Beijing Industry Bank Guangfa No.398 Jiangbin Zhao Xinle Ye 010-89926570、 Bank(joint lead Not applicable Road Taijiang Huishan 020-38988015 underwriter) District Fuzhou 9/F Taikang China Securities Group Building Co. Ltd. joint lead Building 1 Yard Not applicable Huang Yimao 010-56051910 underwriter) 16 Jinghui Street Chaoyang Haitong Securities Chen Shilong No.689 （principal LiaomengGuangdong Road Not applicable 010-88027899 underwriter/bookk Dongraoqi Qiu Shanghaieeping manager） Yi Chen Nanhong China Merchants China Merchants Bank Building Bank Co. Ltd Hu Qianyu Zhou No.7088 Not applicable 0755-88026140 2024 MTN (Phase (joint lead Huan Shennan Road VI) of Guangdong underwriter) Shenzhen Electric Power North Block Development Co. Zhuoyue Times Wang Hongfeng Ltd. CITIC Square (Phase II) Chen Tianya Securities(joint Not Applicable 0755-23835409 No.8 Central Zhang Chenling lead underwriter) Third Road Futian Wang Xudong District Shenzhen South Tower of Ping An Financial Ping AnBank(joint Center No.5023 Not applicable Ha Xin 0755-88673599 lead underwriter) Yitian Road Futian District Shenzhen No.1 Bank of Fuxingmenwai China(joint lead Not applicable Zhang Shun 010-66595482 Street Xicheng underwriter) District Beijing Unit 0104 23 and31/F Fuli Center No. 10 Beijing Zhong Lun Huaxia Road Liang Qinghua Not applicable 020-28261656 Law Firm Zhujiang HuJie Xincheng Tianhe District Guangzhou PricewaterhouseC 11/F Li Xiaolei Fan oopers Zhongtian PricewaterhouseC Du Weiwei 020-38192558Certified Public oopers No.2 Xin（2022-2025 Annual ReportAccountants Enterprise 2023）Chen (Special General Building No.202 Junjun Li Partnership) Hubin Road Xiaolei(2021) Huangpu District Shanghai Building 5 Yinhe China Cheng Xin SOHO No.2 International Nanzhugan Not applicable Sheng Lei 010-66428877 Credit Rating Co. Hutong Ltd. Dongcheng District Beijing 9/F Taikang China Securities Group Building Co. Ltd. joint lead Building 1 Yard Not applicable Huang Yimao 010-56051910 underwriter) 16 Jinghui Street Chaoyang Guangfa Securities Guangfa Securities Wang Lixin Ye (lead principal Building No.26 Runxuan Wu underwriter/bookk Machang Road Not applicable 020-66338888 Xueting Wang eeping Tianhe District Zhifan manager/trustee) Guangzhou North Block Zhuoyue Times Wang Hongfeng CITIC Square (Phase II) Chen Tianya Securities(joint Not Applicable 0755-23835409 No.8 Central ZhngChenling lead underwriter) Third Road Futian Wang Xudong District Shenzhen China Merchants China Merchants Bank Building Bank Co. Ltd Hu Qianyu Zhou No.7088 Not applicable 0755-88026140 (joint lead Huan Shennan Road underwriter) Shenzhen Industry Bank 2025 MTN (Phase Industry Bank No.398 Jiangbin Zhao Xinle Ye 010-89926570、 I) of Guangdong (joint lead Not applicable Road Taijiang Huishan 020-38988015 Electric Power underwriter) District Fuzhou Development Co.China Ltd. Buliding 1 No.1 Construction Naoshikou Street Not applicable Guang Guangxi 010-67594972 Bank(joint lead Beijing underwriter) No. 55 ICBC(joint lead Fuxingmennei Not applicable Sheng Xue 010-66106736 underwriter) Street Xicheng District Beijing 10 &11/f Chow Tai Fook Finance Certire No.6 ETR Law Firm Zhujiang Dong Not applicable Wang Xing 020-37181333 Road Tianhe District Guangzhou 5/F Saite piazza Grant Thornton No. 22 Certified Public Jianguomenwai Deng Bitao Li Accountants Li Zeyu 020-38963389 Avenue Chaoyang Zeyu（2024） (Special General District Beijing Partnership) China PricewaterhouseC 11/F Li XiaoleiFan Xin oopers Zhongtian PricewaterhouseC Du Dewei 020-38192558 Certified Public oopers No.2 （2022-2023）2025 Annual Report Accountants Enterprise (Special General Building No.202 Partnership) Hubin Road Huangpu District Shanghai Building 5 Yinhe China Cheng Xin SOHO No.2 International Nanzhugan Not applicable Sheng Lei 010-66428877 Credit Rating Co. Hutong Ltd. Dongcheng District Beijing China Construction Bank No.25 Finance (lead principal Street Xicheng Not applicable Gao Guangxi 010-67594972 underwriter/bookk District Beijing eeping manager No.1 Guanghua CITIC Bank(joint Road Chaoyang Not applicable Zhang Yao 010-66635950 lead underwriter) District Beijing 10 &11/f Chow Tai Fook Finance Certire No.6 Guangdong ETR Law Firm Zhujiang Dong Not applicable Wang Xing 020-37181333 Electric Power Road Tianhe Development Co. District Ltd.2025 I phase Guangzhou Ultra-short term 5/F Saite piazza Grant Thornton financing bills No. 22 Certified Public Jianguomenwai Deng Bitao Li Accountants Li Zeyu 020-38963389 Avenue Chaoyang Zeyu (Special General District Beijing Partnership) China 11/F PricewaterhouseC PricewaterhouseC oopers Zhongtian oopers No.2 Li Xiaolei Fan Certified Public EnterpriseXin（2022- Du Weiwei 020-38192558Accountants Building No.202(Special General Hubin Road 2023） Partnership) Huangpu District Shanghai Guangfa Securities Guangfa Securities Building No.26 Wang Lixin （principalMachang Road Not applicable YeRnxuan Wang 020-66338888 underwriter/bookk Tianhe District Zhifaneeping manager） Guangzhou Guangzhou Rural No.9 Yingri Road Commercial Bank Huangpu District Not applicable Zhang Wenhao 020-28019439 Co. Ltd. (joint 2025 MTN (Phase Guangzhou lead underwriter) II) of Guangdong 10 &11/f Chow Electric Power Tai Fook Finance Development Co.Certire No.6 Ltd.ETR Law Firm Zhujiang Dong Not applicable Wang Xing 020-37181333 Road Tianhe District Guangzhou Grant Thornton 5/F Saite piazza Certified Public No. 22 Deng Bitao Li Zeyu 020-38963389 Accountants Jianguomenwai LiZeyu（2024） (Special General Avenue Chaoyang2025 Annual Report Partnership) District Beijing China 11/F PricewaterhouseC PricewaterhouseC oopers Zhongtian oopers No.2 Li Xiaolei Fan Certified Public EnterpriseXin（2022- Du Weiwei 020-38192558Accountants Building No.202(Special General Hubin Road 2023） Partnership) Huangpu District Shanghai Building 5 Yinhe China Cheng Xin SOHO No.2 International Nanzhugan Not applicable Sheng Lei 010-66428877 Credit Rating Co. Hutong Ltd. Dongcheng District Beijing China Merchants China Merchants Bank Building Bank Co. Ltd Hu Qianyu Zhou No.7088 Not applicable 0755-88026140 (joint lead Huan Shennan Road underwriter) Shenzhen 10 &11/f Chow Tai Fook Finance Certire No.6 ETR Law Firm Zhujiang Dong Not applicable Wang Xing 020-37181333 Road Tianhe District Guangzhou 5/F Saite piazza 2025 MTN (Phase Grant Thornton No. 22 III) of Guangdong Certified Public Jianguomenwai Deng Bitao Li Electric Power Accountants Li Zeyu 020-38963389 Avenue Chaoyang Zeyu（2024） Development Co. (Special General District Beijing Ltd. Partnership) China 11/F PricewaterhouseC PricewaterhouseC oopers Zhongtian oopers No.2 Li Xiaolei Fan Certified Public EnterpristXin（2022- Du Weiwei 020-38192558Accountants Building No.202(Special General Hubin Road 2023） Partnership) Huangpu District Shanghai Building 5 Yinhe China Cheng Xin SOHO No.2 International Nanzhugan Not applicable Sheng Lei 010-66428877 Credit Rating Co. Hutong Ltd. Dongcheng District Beijing Whether the above agency changes during the reporting period □Yes□No 4. Use of raised funds In RMB10000 Whether it is consistent Operation of Rectification with the Total amount Agreed special Name of Unused of illegal use purpose use of raised purpose of Used amount account for bond project amount of raised plan and funds raised funds raised funds funds (if any) other (if any) agreements stipulated in2025 Annual Report the prospectus 2022 MTN (Phase I) of It intends to Guangdong repay loans Not Electric 60000 from 60000 0 No Yes applicable Power financial Development institutions.Co. Ltd.It intends to use RMB 1.5 billion to repay matured debt financing 2023 MTN instruments (Phase I) of RMB 96 Guangdong million to Not Electric 160000 160000 0 No Yes repay loans applicable Power from Development financial Co. Ltd.institutions and RMB 4 million to supplement working capital. 2024 MTN (Phase I) of It is intended Guangdong to repay Not Electric 100000 matured debt 100000 0 No Yes applicable Power financing Development instruments.Co. Ltd.It intends to use RMB 1.2 billion to repay matured debt financing 2024 MTN instruments (Phase II) of RMB 200 Guangdong million to Not Electric 150000 repay loans 150000 0 No Yes applicable Power from Development financial Co. Ltd. institutions and RMB 100 million to supplement working capital. 2024 MTN It intends to (Phase III) of use RMB Not Guangdong 60000 300 million 60000 0 No Yes applicable Electric to repay Power loans from2025 Annual Report Development financial Co. Ltd. institutions and RMB 300 million to supplement working capital.It intends to use RMB 1 billion to repay matured debt financing 2024 MTN instruments (Phase IV) of RMB 300 Guangdong million to Not Electric 150000 repay loans 150000 0 No Yes applicable Power from Development financial Co. Ltd institutions and RMB 200 million to supplement working capital.It intends to use RMB 700 million 2024 MTN to repay (Phase V) of matured debt Guangdong financing Not Electric 100000 instruments 100000 0 No Yes applicable Power and RMB Development 300 million Co. Ltd. to repay loans from financial institutions.It intends to use RMB 1.5 billion to 2024 MTN repay (Phase VI) of matured debt Guangdong financing Not Electric 180000 instruments 180000 0 No Yes applicable Power and RMB Development 300 million Co. Ltd. to repay loans from financial institutions.Guangdong It intends to Electric use RMB Not Power 50000 230 million 50000 0 No Yes applicable Development to repay Co. Ltd. Co. matured debt2025 Annual Report Ltd.2025 I financing phase Ultra- instruments short term and RMB financing 270 million bills to repay loans from financial institutions.Guangdong Electric Power It is intended Development to Co. Ltd. Co. Not 130000 supplement 130000 0 No Yes Ltd.2025 I applicable current phase Ultra- capital.short term financing bills It intends to use RMB 76.80 million 2025 MTN to repay (Phase II) of matured debt Guangdong financing Not Electric 80000 instruments 80000 0 No Yes applicable Power and RMB Development 723.2 million Co. Ltd to repay loans from financial institution 2025 MTN It intends to (Phase III) use RMB of 900 million Guangdong Not 90000 to repay 90000 0 No Yes Electric applicable matured debt Power financing Development instruments Co. Lt The raised funds are used for construction projects □ Applicable √ Not applicable During the reporting period the Company changed the use of funds raised from the above bonds □ Applicable √ Not applicable 5.Adjustment of credit rating results during the reporting period □ Applicable √ Not applicable 6 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.Guarantee：22Yudean Fa MTN001 23Yudean FAMTN00124 Yudean Fa MTN001 24 Yudean Fa MTN002 24 Yudean Fa MTN003 24 Yudean Fa MTN004A 24 Yudean Fa MTN004B 24 Yudean FA MTN00524Yudean Fa MTN006A24 Yudean Fa 006B 25 Yudean Fa SCP00125Yudean Fa MTN 002 and 25 Yudean Fa MTN0032025 Annual Report are not guaranteed. 2. Debt repayment plan and other debt repayment safeguards: The debt repayment plan of the above-mentioned debt financing instruments and other debt repayment guarantee measures of the Company have not changed during the reporting period.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.Overdue interest-bearing debts except bonds at the end of the reporting period □ Applicable √ Not applicable VII.Whether there are any violations of rules and regulations during the reporting period □ Yes √ No VIII. Main accounting data and financial indicators of the Company in recent two years by the end of the reporting period In RMB10000 At the end of the At the same time rate of Items At the end of last year reporting period change Current ratio 0.67 0.7 -4.29% Debt ratio 77.71% 79.47% -1.76% Quick ratio 0.54 0.56 -3.57% At the same time rate of Amount of this period Amount of last period change Net profit after deducting 86423158961-45.63% non-recurring profit and loss EBITDA total debt ratio 7.19% 7.75% -0.56% Time interest earned ratio 1.25 1.56 -19.87% Cash interest guarantee times 3.40 3.51 -3.13% EBITDATime interest earned 3.453.450.00% ratio Repayment of debt (%) 100.00% 100.00% 0.00% Payment of interest (%) 100.00% 100.00% 0.00%VIII. Financial Report Types of Audit Opinions Unqualified opinion Date of Signing of the Audit report 27 March 2026 Audit Firm Name Grant Thornton LLP Chartered Accountant Name Deng Bitao Li Zeyu Auditor’s Report Guangdong Electric Power Development Co. Ltd.For the year ended 31 December 2025 [English translation for reference only. Should there be any inconsistency between the Chinese and English versions the Chinese version shall prevail.]Grant Thornton Zhitong Certified Public Accountants LLPCONTENTS Auditor’s Report 1-7 Consolidated and company balance sheets 1-2 Consolidated and company income statements 3-4 Consolidated and company cash flow statements 5 Consolidated and company statements of changes in shareholders’ equity 6-9 Notes to the financial statements 10-147Grant Thornton Zhitong Certified Public Accountants LLP 5/F Scitech Place 22 Jianguomen Wai Avenue Beijing 100004 China T +86 10 8566 5588 F +86 10 8566 5120 www.grantthornton.cn (English Translation for Reference Only) Auditor's Report GTCNSZ (2026) NO. 440A004592 To the shareholders of Guangdong Electric Power Development Co. Ltd.I. Opinion We have audited the financial statements of Guangdong Electric Power Development Co. Ltd.(hereinafter “Guangdong Electric Power” “the Company”) which comprise the consolidated and company balance sheets as at 31 December 2025 the consolidated and company income statements the consolidated and company cash flow statements the consolidated and company statements of changes in shareholders’ equity for the year then ended and notes to the financial statements.In our opinion the accompanying financial statements present fairly in all material respects the consolidated and company’s financial position of Guangdong Electric Power as at 31 December 2025 as well as the financial performance and cash flows for the year then ended in accordance with the requirements of Accounting Standards for Business Enterprises (CASs).II. Basis for Opinion We conduct our audit in accordance with China Standards on Auditing (CSAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements Section of our report. We are independent of the Company in accordance with the Code of Ethics for Chinese Certified Public Accountant (the Ethics Code) and the Independence Standards for Certified Public Accountants regarding independence requirements for public interest entities. We fulfill our other ethical responsibilities in accordance with these requirements and the Ethics Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.III. Key Audit Matter Key audit matters are the matters in our professional judgement of the most significance in our audit of the financial statements of the current period. These matters are addressed in the context of our audit of the financial statements as a whole and forming our opinion thereon and we do not provide a separate opinion on these matters.(I) Impairment of power related property plant and equipment Refer to Note III.21 Note III.32 (2) and Note V. 10 in the Notes to the Financial Statements. 1. Description As of 31 December 2025 the carrying amount of property plant and equipment (PPE) in Guangdong Electric Power’s consolidated balance sheet amounted to RMB 85.9 billion. For the year ended 31 December 2025 the Company recorded an impairment loss on PPE of RMB 229 million in its consolidated income statement.The Company assesses on the balance sheet date whether there is any indication of impairment for PPE. For those with impairment indicators an impairment test is performed. If the results of the impairment test show that the recoverable amount of the asset or cash-generating unit (CGU) is lower than its carrying amount an impairment loss is recognized for the difference.In 2025 certain subsidiaries of Guangdong Electric Power were in a state of continuous operating losses indicating impairment for the PPE of these subsidiaries. In accordance with the asset utilization plan the management team (the Management) determined the recoverable amount of an asset or CGU as the higher of its fair value less costs of disposal and the present value of the expected future cash inflows from it. The calculation of the present value of the future net cash flows involved the Management’s significant judgements and estimates for the discount rate the on-grid electricity price the electricity sale volume and the fuel price for power generation.Because the carrying amount of PPE with indication of impairment was significant to the consolidated financial statements of the Company and the impairment testing of electricity generating CGUs involved the Management’s significant estimates and judgements the impairment of PPE related to power generation is identified as a key audit matter.2. How our audit addressed the Key Audit Matter Our audit procedures for the impairment of power generation related PPE mainly included： (1) Understanding assessing and testing the internal control procedure relevant to the impairment test of PPE and its effectiveness in operation; (2) Involving internal valuation specialists to review the reasonableness of the method applied by management for the impairment test; (3) Evaluating the reasonableness of the estimates of discount rate on-grid electricity price electricity sale volume and fuel price for power generation applied in calculating the present value of future net cash flows of power generation related PPE considering the historical operating results of the assets the subsidiaries as well as the industry: - For the estimation of the discount rate we involved the work of internal valuation specialists to evaluate its appropriateness; - For the estimation of the on-grid electricity price and the fuel price for power generation we referred to the historical and industry data as well as market trends; - For the estimation of the electricity sale volume we referred to the historical data approved budgets and business plans as well as the corresponding supporting documents; (4) Obtain the impairment test schedules prepared by management relating to PPE with impairment indicators verifying the input data and formulas used in the calculation of the present value of future cash flows as well as the accuracy of the results; (5) Comparing the key estimates used by management as to the present value of futu re cash flows in actual operation of the current year with the predicted values in the pr ior year assessing whether there is any indication of management bias; (6) Conducting sensitivity analysis on the discount rate and other key estimates used by management assessing whether changes in key estimates would lead to different conclusions and thereby assessing if there was any indication of management bias in the selecting estimates.(II) Recognition of deferred tax assets related to deductible losses Refer to Note V.16 in the Notes to the Financial Statements. 1. Description As at 31 December 2025 Guangdong Electric Power recognized RMB 340 million in the deferredtax assets accounting from the deductible losses incurred by certain subsidiaries. The management recognized these deferred tax assets within the limits of the future taxable income these subsidiaries were likely to obtain from the deductible losses basing on the financial forecast. The financial forecast of these subsidiaries in future periods involved the Management's significant judgements and estimates for the discount rate the on-grid electricity price the electricity sale volume and the fuel price for power generation.Because the deferred tax assets related to deductible losses were significant to the consolidated financial statements of Guangdong Electric Power and the financial forecast for future periods involved management ’s significant judgements and estimates the deferred tax assets related to deductible losses are identified as a key audit matter. 2. How our audit addressed the Key Audit Matter Our audit procedures for recognition of deferred tax assets related to deductible losses mainly included: (1) Understanding assessing and testing the internal control procedure relevant to the deferred tax assets related to deductible losses and its effectiveness in operation; (2) Inquiring with management about the approved financial forecast for future periods verifying the input data and formulas used in the calculation of the present value of future net cash flows as well as the accuracy of the results; (3) Inquiring with management about the annual income tax return files related to the deductible losses and verifying the accuracy of the deductible losses amount and its period; (4) Evaluating the reasonableness of the estimates of discount rate on-grid electricity price electricity sale volume and fuel price for power generation applied in calculating the expected taxable income for future periods considering the historical operating results of the assets the subsidiaries as well as the industry ; (5) Comparing the predicted taxable incomes of 2025 made in 2024 and the actual taxable income of 2025 examining the accuracy of the prediction and reviewing for any indication of management bias; (6) Reviewing whether the deferred tax assets were recognized within the limits of the estimated future taxable income expected to be realized during the deductible period.IV. Other Information The Management of Guangdong Electric Power is responsible for the other information. The other information comprises all the information excluding the financial statements and our auditor’s report in 2025 annual report of Guangdong Electric Power.Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements our responsibility includes reviewing the other information for any material inconsistency with the financial statements or our knowledge obtained in the audit or if there is any material misstatement.We are required to report any material misstatement of the other information. Although we have nothing to report in this regard based on the work we have performed.V. Responsibilities of Management and Those Charged with the Audit and Compliance Committee for the Financial Statements Management of Guangdong Electric Power is responsible for the preparation and fair presentation of these financial statements in accordance with the CASs and for the design performance and maintenance of such internal control enabling that the financial statements are free from material misstatement whether due to fraud or error.In preparing these financial statements management is responsible for assessing Guangdong Electric Power’s ability to continue as a going concern and disclosing (if applicable) the matters related to going concern. The management is compulsory to imply the going concern basis of accounting unless they intend to liquidate Guangdong Electric Power or to cease operations or has no realistic alternative but to do so.The Audit and Compliance Committee is responsible for overseeing Guangdong Electric Power’s financial reporting process.VI. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether these financial statements as a whole are free from material misstatement whether due to fraud or error and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with CSAs will always detect an existing material misstatement. Misstatements can arise from fraud or error. They are considered material ifindividually or in the aggregate they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.As part of an audit in accordance with CSAs we exercise professional judgement and maintain professional skepticism throughout the audit including: (1) Identifying and assessing the risks of material misstatement of the financial statements whether due to fraud or error designing and performing audit procedures responsive to those risks and obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion; the risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion forgery intentional omissions misrepresentations or the override of internal control; (2) Obtaining an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances; (3) Evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management; (4) Concluding on the appropriateness of the Management's use of the going concern basis of accounting and determining based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern; if we conclude that a material uncertainty exists we are required to draw attention in our auditor’s report to the related disclosures in these financial statements or if such disclosures are inadequate to modify our opinion ; our conclusions are based on the audit evidence obtained up to the date of our auditor’s report though future events or conditions may cause the Company to cease to continue as a going concern; (5) Evaluating the overall presentation structure and content of the financial statements and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation; (6) Obtaining sufficient appropriate audit evidence regarding the financial information of the entities or business activities within Guangdong Electric Power to express an opinion on the financial statements; we are responsible for the direction supervision and performance of the group audit; We remain solely responsible for our audit opinion.We communicate with those charged with the Audit and Compliance Committee regarding among other matters the planned scope and timing of the audit and significant audit findings including anysignificant deficiency in internal control that we identified during our audit.We also provide those charged with the Audit and Compliance Committee with a statement that we have complied with relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and where applicable related safeguards.From the matters communicated with those charged with the Audit and Compliance Committee we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when in extremely rare circumstances we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.Grant Thornton Zhitong Chinese Certified Public Accountant Bitao Deng Certified Public Accountants LLP (Engagement Partner) Chinese Certified Public Accountant Zeyu Li Beijing China 27 March 2026Consolidated and Company Balance Sheet 31 December 2025 Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB As at 31/12/2025 As at 31/12/2024 Item Note V.Consolidated Company Consolidated Company Current assets： Cash and bank balances 1 14839620180 764421673 15361820831 265985600 Financial assets held-for-trading Notes receivable Trade receivables 2 9583184905 9101797841 Financing of receivables Advances to suppliers 3 974124953 33136661 1440632187 29801383 Other receivables 4 527513970 70195880 533352169 837741316 Including: dividends receivable Inventories 5 2293819795 4371073 2577119489 1923411 Contract assets 899846 1378872 Other current assets 6 2428213159 2183422 1971269586 2704808 Total current assets 30647376808 874308709 30987370975 1138156518 Non-current assets： Long-term receivables 195555835 930000000 Long-term equity investments 7 11543456219 10812658939 46167289906 50908455350 Investments in other equity instruments 8 3009689888 2650289873 2649489873 3009428066 Other non-current financial assets 1000000 Investment properties 9 323777484 3211856 336493586 3847454 Property plant and equipment 10 85896557515 155838530 73628798655 179180382 Construction in progress 11 31582478170 9517518 31382850765 Right-of-use assets 12 11196458460 16988825 11700419075 1402273 Intangible assets 13 3699548596 65316066 3786635293 68528585 Goodwill 14 2449886 2449886 Long-term prepaid expenses 15 62228755 859478 55505161 844193 Deferred tax assets 16 959061443 1099214779 Other non-current assets 17 7111168050 615758 8711545949 616089 Total non-current assets 155386874466 144166861961 50001198755 54366787282 Total assets 186034251274 175154232936 51139355273 55241095991Consolidated and Company Balance Sheet (Continued) 31 December 2025 Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB As at 31/12/2025 As at 31/12/2024 Item Note V.Consolidated Company Consolidated Company Current liabilities: Short-term borrowings 19 9741011157 1400905972 14108930833 1986468042 Notes payable 20 1519972657 2102292195 Trade payable 21 4294766903 1695429 4279045681 1643506 Advances from customers 67892003 Contract liabilities 22 77103302 104963 38459828 33846 Employee benefits payable 23 592492474 146613413 556291188 157194609 Taxes payable 24 311343314 9202636 303440015 3979960 Other payables 25 18806427609 41736245 15825876579 40238685 Current portion of non-current liabilities 26 9886200377 4293530164 6606678336 852771938 Other current liabilities 27 520439919 528095817 Total current liabilities 45817649715 5893788822 44349110472 3042330586 Non-current liabilities: Long-term borrowings 28 71609414544 9818725300 69541559406 10853100000 Debentures payable 29 12382296595 11782624637 11107429258 10507849644 Lease liabilities 30 12394114636 9970350 12376312142 Long-term payables 31 1109330338 696347824 Long-term employee benefits payable 32 592113141 245701966 537138216 227553678 Deferred income 33 141794312 1310410 113262526 Deferred tax liabilities 16 523854149 510428489 470213543 420501470 Other non-current liabilities 34 1028167 1028167 Total non-current liabilities 98753945882 22368761152 94843291082 22009004792 Total liabilities 144571595597 28262549974 139192401554 25051335378 Shareholders’ equity: Share capital 35 5250283986 5250283986 5250283986 5250283986 Capital surplus 36 5028330125 4861549687 5203250383 4849472205 Other comprehensive income 37 1533837247 1576172968 1331876093 1345335533 Specific reserve 38 90467033 48826625 62769166 38111254 Surplus reserve 39 8903515135 8903515135 8903515135 8903515135 Undistributed profits 40 2637923692 6338197616 2142987033 5701301782 Total equity attributable to 23444357218269785460172289468179626088019895 shareholders of the Company Non-controlling interests 18018298459 13067149586 Total shareholders’ equity 41462655677 26978546017 35961831382 26088019895 Total liabilities and shareholders' 1860342512745524109599117515423293651139355273 equity Legal representative: Principal in charge of accounting: Head of accounting department: Zheng Yunpeng Liu Wei Meng FeiConsolidated and Company Income Statement Year ended 31/12/2025 Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB Year ended 31/12/2025 Year ended 31/12/2024 Item Note V.Consolidated Company Consolidated Company I. Revenue 41 51541178630 56107489 57159067233 36422477 Less: Cost of sales 41 45713513995 34193846 49520897046 44175640 Taxes and surcharges 42 383910501 8340424 375186682 8500625 Selling expenses 43 100752930 101150886 General and administrative expenses 44 1653359835 203121478 1626351993 344574290 Research and development expenses 45 567198811 2327637 1286783600 1995667 Financial expenses 46 2185982384 646825972 2285029760 644118641 Including: Interest expenses 46 2247806946 643679859 2430228046 648656512 Interest income 46 89069206 974320 162430466 8442173 Add: Other income 47 49513576 916380 77958729 400411 Investment income ("-" for losses) 48 791678742 1589202375 810226883 1802593102 Including: Share of profit of associates 48675523147600202060697637165626894645 and joint ventures Gains from changes in fair value ("-" for losses) Credit impairment ("-" for losses) 49 -17411129 -18627 -33253676 6972 Asset impairment losses ("-" for losses) 50 -371789173 -78629601 -356430968 -260107096 Gains on disposals of assets ("-" for losses) 51 20344472 -24892 98655 II. Operating profit ("-" for losses) 1408796662 672743767 2462266889 535951003 Add: Non-operating income 52 255499453 69129852 418066514 31954863 Less: Non-operating expenses 23 152889860 29634 425704912 212422 III. Profit before income tax ("-" for 15114062557418439852454628491567693444 losses) Less: Income tax expenses 54 479752990 -57529 699795265 -308500 IV. Net profit for the year ("-" for losses) 1031653265 741901514 1754833226 568001944 (I) Classified by continuity of operations Including: Net profit from continuing 10316532657419015141754833226568001944 operations ("-" for net loss) Net profit from discontinued operations ("-" for net loss) (II) Classified by ownership of the equity Including: Shareholders of the Company ("-" 599942339741901514964242757568001944 for net loss) non-controlling interests (“-” for net 431710926790590469 loss) V. Other comprehensive income net of 195631220230837435-162606661-162818822 tax Attributable to shareholders of the Company 201961154 230837435 -163361597 -162818822 (I) Other comprehensive income that will not 202607477231483758-163894627-163351852 be reclassified to profit or loss 1. Changes arising from remeasurement of -7990631-22965102339452854690 defined benefit plans 2. Share of other comprehensive income of the investee accounted for using equity -59081066-36173377-4191199-2163662 method that will not be reclassified to profit or loss 3. Changes in fair value of investments in 269679174269953645-162042880-162042880 other equity instruments (II) Other comprehensive income that will be -646323-646323533030533030 reclassified to profit or lossConsolidated and Company Income Statement Year ended 31/12/2025 Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB Year ended 31/12/2025 Year ended 31/12/2024 Item Note V.Consolidated Company Consolidated Company 1. Share of other comprehensive income of the investee accounted for using equity -646323-646323533030533030 method that will be reclassified to profit or loss Attributable to non-controlling interests -6329934 754936 VI. Total comprehensive income for the 12272844859727389491592226565405183122 year Attributable to shareholders of the Company 801903493 972738949 800881160 405183122 Attributable to non-controlling interests 425380992 791345405 VII. Earnings per share (I) Basic earnings per share 0.11 0.18 (II) Diluted earnings per share 0.11 0.18 Legal representative: Principal in charge of accounting: Head of accounting department: Zheng Yunpeng Liu Wei Meng FeiConsolidated and Company Cash Flow Statement Year ended 31/12/2025 Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB Note Year ended 31/12/2025 Year ended 31/12/2024 Item V. Consolidated Company Consolidated Company I. Cash flows from operating activities Cash received from sales of goods or rendering of 58028650269454397336437030782939635455 services Refund of taxes and surcharges 359576131 2082018 447914732 Cash received relating to other operating activities 55 417901929 64973881 389409354 120839379 Sub-total of cash inflows 58806128329 112495632 65207631915 160474834 Cash paid for goods and services 41560276405 9686873 46258982941 9776689 Cash paid to and on behalf of employees 3390100824 160944792 3216385328 268273419 Payments of taxes and surcharges 2149439720 8561051 3013049926 14669205 Cash paid relating to other operating activities 55 1473091992 86549078 1744029797 128337916 Sub-total of cash outflows 48572908941 265741794 54232447992 421057229 Net cash inflows from operating activities 10233219388 -153246162 10975183923 -260582395 II. Cash flows from investing activities Cash received from disposals of investments 3072438925 1286750000 Cash received from returns on investments 344118042 1379281404 369217899 1398587081 Net cash received from disposals of PPE 18542600643697500269393921731415 intangible assets and other long-term assets Net proceeds from disposals of subsidiaries Cash received relating to other investing activities 55 3170717600 44002685 4000000000 5747705 Sub-total of cash inflows 3700261648 4539420514 4638611820 2691816201 Cash paid to acquire PPE intangible assets and 1235506013086198291516186172326261422 other long-term assets Cash paid to acquire investments 327000000 6210248800 436802500 2976736406 Net proceeds from disposal of subsidiaries 159949367 Cash received from other investing activities 55 1902000000 3137400000 Sub-total of cash outflows 14584060130 6218868629 18896013590 3002997828 Net cash flows used in investing activities -10883798482 -1679448115 -14257401770 -311181627 III. Cash flows from financing activities Cash received from investors 4876841600 988015495 Including: Proceeds from non-controlling 4876841600988015495 interests of subsidiaries Cash received from borrowings 32080732233 4989625300 33607130695 6885000000 Cash received from issuance of debentures 3499747917 3499747917 8399704415 8399704415 Cash received from other financing activities 55 Sub-total of cash inflows 40457321750 8489373217 42994850605 15284704415 Cash repayments of borrowings 33349142543 5414202540 35368302890 14285350000 Cash payments for distribution of dividends 33940463107330883563349754074799943022 profits or interest expenses Including: dividends and profits distributed to non- 446617376544111743 controlling interests of subsidiaries Cash paid for other financing activities 55 2552655369 10958945 1117158870 2047722 Sub-total of cash outflows 39295844222 6158249841 39835215834 15087340744 Net cash inflows from financing activities 1161477528 2331123376 3159634771 197363671 IV. Effect of foreign exchange rate changes on 1158911605-79156-79188 cash and cash equivalents V. Net (decrease)/increase in cash and cash 510910023498440704-122662232-374479539 equivalents Add: cash and cash equivalents at the beginning 1183150492426596922211954167156640448761 of the year VI. Cash and cash equivalents at the end of the 1234241494776440992611831504924265969222 year Legal representative: Principal in charge of accounting: Head of accounting department: Zheng Yunpeng Liu Wei Meng FeiConsolidated Statement of Changes in Shareholders' Equity Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB Year ended 31/12/2025 Attributable to shareholders of the Company Total Item Other non-controlling Capital Specific Surplus Undistributed shareholders’ Share capital comprehensive interests surplus reserve reserve profits equity income I. Balance at the end of last year 5250283986 5203250383 1331876093 62769166 8903515135 2142987033 13067149586 35961831382 Add: changes in accounting policies Correction of prior period errors Effects of business combination under common control Others II. Balance at the beginning of the year 5250283986 5203250383 1331876093 62769166 8903515135 2142987033 13067149586 35961831382 III. Changes in equity during the year ( "- " for decrease) -174920258 201961154 27697867 494936659 4951148873 5500824295 (I) Total comprehensive income 201961154 599942339 425380992 1227284485 (II) Shareholders' contributions and decrease of capital -174920258 4971612980 4796692722 1. Ordinary shares invested by shareholders 4788400247 4788400247 2.Others -174920265 183212733 8292468 (III) Profit distribution -105005680 -448271906 -553277586 1. Appropriation to surplus reserve 2. Distribution to shareholders -105005680 -448271906 -553277586 3. Others (IV) Transfer within equity 1. Capital reserve converted into share capital 2. Surplus reserve converted into share capital 3. Surplus reserve for making up losses 4. Others (V) Specific reserve 27697867 2426807 30124674 1. Appropriation in the current year 448235305 183313887 631549192 2. Utilization in the current year -420537438 -180887080 -601424518 (VI) Others IV. Balance at the end of the year 5250283986 5028330125 1533837247 90467033 8903515135 2637923692 18018298459 41462655677 Legal representative: Zheng Yunpeng Principal in charge of accounting: Liu Wei Head of accounting department: Meng FeiConsolidated Statement of Changes in Shareholders' Equity Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB Year ended 31/12/2024 Attributable to shareholders of the Company Total Item Other Minority Capital Specific Surplus Undistributed shareholders’ Share capital comprehensive interests surplus reserve reserve profits equity income I. Balance at the end of last year 5250283986 5202572804 1495237690 6375889 8903515135 1283749956 11769122242 33910857702 Add: Changes in accounting policies Correction of prior period errors Effects of business combination under common control Others II. Balance at the beginning of the year 5250283986 5202572804 1495237690 6375889 8903515135 1283749956 11769122242 33910857702 III. Changes in equity during the year ( "- " for decrease) 677579 -163361597 56393277 859237077 1298027344 2050973680 (I) Total comprehensive income -163361597 964242757 791345405 1592226565 (II) Shareholders' contributions and decrease of capital 677579 1044042125 1044719704 1. Ordinary shares invested by shareholders 1038015495 1038015495 2.Others 677579 6026630 6704209 (III) Profit distribution -105005680 -547580179 -652585859 1. Appropriation to surplus reserve 2. Distribution to shareholders -105005680 -547580179 -652585859 3. Others (IV) Transfer within equity 1. Capital reserve converted into share capital 2. Surplus reserve converted into share capital 3. Surplus reserve for making up losses 4. Others (V) Specific reserve 56393277 10219993 66613270 1. Appropriation in the current year 460118200 187722287 647840487 2. Utilization in the current year -403724923 -177502294 -581227217 (VI) Others IV. Balance at the end of the year 5250283986 5203250383 1331876093 62769166 8903515135 2142987033 13067149586 35961831382 Legal representative: Zheng Yunpeng Principal in charge of accounting: Liu Wei Head of accounting department: Meng FeiStatement of Changes in Shareholders' Equity Year ended 31/12/2025 Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB Year ended 31/12/2025 Other Total Item Specific Surplus Undistributed Share capital Capital surplus comprehensive shareholders’ reserve reserve profits income equity I. Balance at the end of last year 5250283986 4849472205 1345335533 38111254 8903515135 5701301782 26088019895 Add: Changes in accounting policies Correction of prior period errors Effects of business combination under common control Others II. Balance at the beginning of the year 5250283986 4849472205 1345335533 38111254 8903515135 5701301782 26088019895 III. Changes in equity during the year ( "- " for decrease) 12077482 230837435 10715371 636895834 890526122 (I) Total comprehensive income 230837435 741901514 972738949 (II) Shareholders' contributions and decrease of capital 12077482 12077482 1. Ordinary shares invested by shareholders 2. Others 12077482 12077482 (III) Profit distribution -105005680 -105005680 1. Appropriation to surplus reserve 2. Distribution to shareholders -105005680 -105005680 3. Others (IV) Transfer within equity 1. Capital reserve converted into share capital 2. Surplus reserve converted into share capital 3. Surplus reserve for making up losses 4.Others (V) Specific reserve 10715371 10715371 1. Appropriation in the current year 1025418 1025418 2. Utilization in the current year -1025418 -1025418 3. Collection from subsidiaries 10715371 10715371 (VI) Others IV. Balance at the end of the year 5250283986 4861549687 1576172968 48826625 8903515135 6338197616 26978546017 Legal representative: Zheng Yunpeng Principal in charge of accounting: Liu Wei Head of accounting department: Meng FeiStatement of Changes in Shareholders' Equity Year ended 31/12/2025 Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB Year ended 31/12/2024 Other Total Item Specific Surplus Undistributed Share capital Capital surplus comprehensive shareholders’ reserve reserve profits income equity I. Balance at the end of last year 5250283986 4842767997 1508154355 8903515135 5238305518 25743026991 Add: Changes in accounting policies Correction of prior period errors Effects of business combination under common control - Others II. Balance at the beginning of the year 5250283986 4842767997 1508154355 8903515135 5238305518 25743026991 III. Changes in equity during the year ( "- " for decrease) 6704208 -162818822 38111254 462996264 344992904 (I) Total comprehensive income -162818822 568001944 405183122 (II) Shareholders' contributions and decrease of capital 6704208 6704208 1. Ordinary shares invested by shareholders 2. Others 6704208 6704208 (III) Profit distribution -105005680 -105005680 1. Appropriation to surplus reserve 2. Distribution to shareholders -105005680 -105005680 3. Others (IV) Transfer within equity 1. Capital reserve converted into share capital 2. Surplus reserve converted into share capital 3. Surplus reserve for making up losses 4. Others (V) Specific reserve 38111254 38111254 1. Appropriation in the current year 3170867 3170867 2. Utilization in the current year -3170867 -3170867 3. Collection from subsidiaries 38111254 38111254 (VI) Others IV. Balance at the end of the year 5250283986 4849472205 1345335533 38111254 8903515135 5701301782 26088019895 Legal representative: Zheng Yunpeng Principal in charge of accounting: Liu Wei Head of accounting department: Meng FeiGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Notes to the financial statements I. Basic information of the Company Guangdong Electric Power Development Co. Ltd. (hereinafter “Guangdong Electric Power” “theCompany”) 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 Yuedian Square on 2nd Tianhe East Road Guangzhou Guangdong Province the People's Republic of China (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 RMB ordinary shares (A-share) and domestic listed foreign shares (B-share) issued were listed for transactions in Shenzhen Stock Exchange respectively on 26 November 1993 and 28 June 1995. As at 31 December 2025 the total share capital of the Company was RMB 5250283986 with face value of RMB 1 per share.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 of the PRC. For the details of the Company's major subsidiaries included in the consolidation scope in the current year please refer to Note VI. 1.These financial statements were authorized for issue by the 10rd meeting of the 11th Company's Board of Directors on 27 March 2026.II. Basis for preparing financial statements 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.III. Significant accounting policies and accounting estimates 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 PPEGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] amortization of intangible assets and right-of-use assets impairment of long-term assets timing of revenue recognition and deferred tax assets and deferred tax liabilities. Specific accounting policies are detailed in Notes III.11 Notes III.13 Notes III.16 Notes III.20 Notes III.21 Notes III.25 Notes III.28 and Notes III.30.Details of the Group’s critical judgements critical accounting estimates and key assumptions used in determining significant accounting policies are set forth in Note III.32. 1. Statement of compliance with the Accounting Standard for Business Enterprises The financial statements of the Company for the year ended 31 December 2025 are in compliance with the Accounting Standards for Business Enterprises and truly and completely present the consolidated and the Company’s financial position of the Group and the Company as at 31 December 2025 and their financial performance cash flows and other information for the year then ended. 2. Accounting year The Company’s accounting year starts on 1 January and ends on 31 December. 3. Business Cycle The business cycle of the Company is 12 months. 4. Recording currency The Company and domestic subsidiaries use Renminbi (RMB) as their recording currency. The currency used by the Company in preparing these financial statements is RMB. 5. Method for determining importance criteria and basis for selection Item Importance criteria The Company determines significant long-term equity investments based on a Significant long-term comprehensive consideration of factors such as the book value of joint ventures and equity investment associated enterprises and the proportion of long-term equity investment income accounted for by the equity method in the Company's consolidated net profit.Significant property plant The Company recognizes PPE projects with signs of impairment and asset balances and equipment (PPE) exceeding RMB 500 million as significant PPE projects.The Company determines significant projects construction in progress based on the Significant construction in proportion of projects construction in progress in the Company's total projects under progress construction.Subsidiaries with The Company determines subsidiaries with significant non-controlling interests significant minority based on the proportion of the non-controlling interests of these subsidiaries to the shareholders' interests total non-controlling interests of the Company.The Company determines significant joint ventures and associated enterprises Basic information of based on a comprehensive consideration of factors such as the book value of these significant joint ventures enterprises the proportion of long-term equity investment income accounted for by and associated the equity method in the Company's consolidated net profit and other relevant enterprises factors. 6. Accounting treatment methods for business combinations under common control and not under common control (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 ultimateGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 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 involving enterprises not 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 recognized as goodwill; where the cost of combination is lower than the Group’s interest in the fair value of the acquiree’s identifiable net assets the difference is recognized 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.Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] (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.non-controlling interests of the subsidiary that is not attributable to the Company are presented separately in the shareholders’ equity section within the consolidated balance sheet. Net profit or loss attributable to non-controlling shareholders is presented separately as non-controlling 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 non-controlling 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.Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] (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. 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.Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 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 derecognized when one of the following criteria is met: * 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 recognized amounts.Trade receivables 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 recognized 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.Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 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; * 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 income are 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 areGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 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 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 recognized amounts.Financial liabilities measured at fair value through profit or loss Financial liabilities measured at fair value through profit or loss include trading financial liabilities and financial liabilities designated at initial recognition as measured at fair value through profit or loss. For such financial liabilities subsequently measured at fair value and gains or losses arising from changes in fair value as well as dividend and interest expenses related to these financial liabilities are recognized in current profit or loss.Financial liabilities measured at amortized cost Other financial liabilities are subsequently measured at amortized cost using the effective interest method and gains or losses arising from derecognition or amortization are recognized in the current period profit or loss.Distinction between financial liabilities and equity instruments A financial liability is recognized if one of the following conditions is satisfied:: * A contractual obligation to deliver cash or another financial asset to another entity; * A contractual obligation to exchange financial assets or financial liabilities with another entity under potentially unfavorable conditions; * A non-derivative instrument contract that will or may be settled in the Company’s own equity instruments and the Company is obliged to deliver a variable number of the Company’s own equity instruments; * A derivative instrument contract that will or may be settled in the Company’s own equity instruments in the future except for a derivative instrument contract that is settled by the exchange of a fixed number of the Company’s own equity instruments for a fixed amount of cash or other financial assets.An equity instrument is a contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.If the Company does not have an unconditional right to avoid delivering cash or another financial assetGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 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 expected credit losses Expected credit losses (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 ECL 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 ECL in the next 12 months. The financial instrument is at the second stage when there is significant increase in credit risk since initial recognition and credit loss is not yet occurred. The Company then measures the loss allowance according to ECL 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 ECL 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 ECL in the next 12 months.Lifetime ECL are the ECL that result from all possible default events over the expected life of a financial instrument. The ECL in the next 12 months are the portion of expected losses that result from defaultGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 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 ECL 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 total receivables such as notes receivable trade receivables financing of receivables 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 t receivable. Apart from the trade receivables for which bad debt reserves are individually accrued the Company divides receivables into groups based on credit risk characteristics and calculates bad debt reserves on a group basis.Notes receivable trade receivables contract assets and other receivables For notes receivable trade receivables 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 total receivables 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 1 of notes receivable Notes receivable Group 1 of trade receivables Receivables from sale of electricity Group 2 of trade receivables Receivable for renewable energy subsidies Group 3 of trade receivables Receivables from related parties Group 4 of trade receivables 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 trade receivables classified into groups the Company calculates ECL by referring to historical credit loss experience combining current conditions with predictions of future economic conditions and usingGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 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 recognizes 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 credit- impaired. A financial asset is credit-impaired when one or more events that have adverse impact on the expected future cash flows of financial asset have occurred. Evidence that a financial asset is 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 concessions that would not otherwise consider; * It is probable that the debtor will enter into bankruptcy or other financial restructuring;Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] * 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 ECL at each balance sheet date. Any increase or recovered amount of the loss allowance which generated shall be recognized as loss allowance or gain in the profit or loss for the current period. For financial asset measured at amortized cost the loss allowance shall offset against the carrying amount of the financial asset as stated in the balance sheet; for the debt investment measured at fair value through other comprehensive income the Company recognizes its loss allowance in other comprehensive income and does not offset against the carrying amount of the financial asset.Write-off The gross carrying amount of a financial asset is written off (either partially or entirely) to the extent that there is no realistic prospect of recovery of the contractual cash flows. A write-off constitutes a derecognition event. This is generally the case when the Company determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. However financial assets that are written off could still be subject to enforcement activities in order to comply with the Company’s procedures for recovery of amounts due.Subsequent recoveries of an asset that was previously written off are recognized as a reversal of impairment in profit or loss in the period when the recovery occurs. (6) Transfer of financial assets Transfer of financial assets is the transfer or delivery of financial assets to another party (the transferee) other than the issuer of financial assets.A financial asset is derecognized if the Company transfers substantially all the risks and rewards of ownership of the financial asset to the transferee. A financial asset is not derecognized if the Company retains substantially all the risks and rewards of ownership of the financial asset.The Company neither transfers nor retains substantially all the risks and rewards of ownership of the financial asset the accounting treatments are as following: if control over the financial assets is surrendered the Company derecognizes the financial assets and recognizes any assets and liabilities arose; if the Company retains the control of the financial assets financial assets to the extent of the continuing involvement in the transferred financial assets by the Company as well as any relating liability. (7) Offset between financial assets and financial liabilities When the Company has an enforceable legal right to offset the recognized financial assets against the financial liabilities and the Company plans to settle by net amount or realize the financial assets and settle the financial liabilities the amount after being offset will be presented in the balance sheet.Otherwise financial assets and financial liabilities are presented separately in the balance sheet and not allowed to offset against each other.Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 12. Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.The Company measures related assets or liabilities at fair value assuming the assets or liabilities are transferred in an orderly transaction in their principal market. In the absence of a principal market the Company assumes that the transaction is occurred in the most advantageous market for the underlying asset or liability. Principal market (or the most advantageous market) is the trading market that the Company can normally enter into a transaction at the measurement date. The Company adopts the assumptions that would be used by market participants in achieving the maximized economic benefit when pricing the assets or liabilities.For financial assets or financial liabilities that have an active market the Company uses the quoted prices in the active market as their fair value. Otherwise the Company uses the valuation technique to determine their fair value.The fair value of a financial instrument that is traded in an active market is determined at the quoted price in the active market. The fair value of a financial instrument that is not traded in an active market is determined by using a valuation technique The Company uses valuation techniques that are appropriate in the current circumstances and there are sufficient data and other information are available for measuring the fair value. The Company uses the relevant observable inputs for measurement and only use unobservable input when the observable inputs are unavailable or impractical to obtain.For assets and liabilities measured or disclosed at fair value in the financial statements the level of fair value is determined by the significant lowest level input to the entire fair value measurement: Level 1 inputs are the unadjusted quoted prices in the active markets for identical assets or liabilities that can be obtained at the measurement date; Level 2 inputs are the direct or indirect observable inputs of related assets or liabilities other than quoted prices in Level 1; Level 3 inputs are the unobservable inputs for the assets or liabilities.At each balance sheet date the Company revalues assets and liabilities being measured at fair value continuously in the financial statements to determine whether any change between the levels of fair value measurement. 13. 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 amortized 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 ofGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 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 recognized 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 amortized in full amount 14. 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 investmentGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] cost exceeds the Company’s share of the fair value of the investee’s identifiable net assets at the time of acquisition the investments is initially measured at that cost; where the initial investment cost is less than the Company’s share of the fair value of the investee’s identifiable net assets at the time of acquisition the difference is included in profit or loss for the current period and the cost of the long-term equity investment is adjusted upwards accordingly When accounting using the equity method investment income and other comprehensive income are recognized based on the share of net profit or loss and other comprehensive income realized by the invested entity that should be enjoyed or shared and the book value of the long-term equity investments is adjusted accordingly. The portion of profits or cash dividends declared and distributed by the invested entity that should be enjoyed is calculated and the book value of the long-term equity investments is correspondingly reduced. For other changes in the owner's equity of the invested entity other than net profit or loss other comprehensive income and profit distribution the book value of the long-term equity investment is adjusted and included in capital reserves (other capital reserves). When recognizing the share of net profit or loss of the invested entity that should be enjoyed the fair value of the identifiable assets and other items of the invested entity at the time of investment acquisition is used as the basis and the net profit of the invested entity is adjusted according to the accounting policies and accounting periods of the Company before recognition.If due to reasons such as additional investments the investor is able to exert significant influence or joint control over the investee but does not constitute control on the transition date the sum of the fair value of the original equity and the newly added investment cost shall be regarded as the initial investment cost accounted for using the equity method. If the original equity is classified as a non- trading 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 inGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 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 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 III. 21. 15. Investment properties Investment property refers to real estate held for the purpose of generating rentals or capitalGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 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 property plant and equipment 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 Annual depreciation Category Estimated useful lives residual values (%) (amortization) rates (%) Buildings 20 to 40 years 5 4.75 to 2.38 Land-use rights 50 to 60 years 0 2.00 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.When an investment property is transferred to owner-occupied property it is reclassified to PPE 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 derecognized 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 recognized 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 Notes III.21. 16. Property plant and equipment (PPE) (1) Recognition and initial measurement of PPE The PPE 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.PPE are recognized when it is probable that the related economic benefits will flow into the Group and the costs can be reliably measured.PPE purchased or constructed by the Group are initially measured at cost at the time of acquisition. The PPE contributed by the State shareholders at the reorganization of the Company into a corporation entity are recognized based on the evaluated amounts approved by the state-owned assets administration department.Subsequent expenditures incurred for a PPE are included in the cost of the PPE 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 derecognized. All the other subsequent expenditures are recognized in profit or loss for the period in which they are incurred. (2) Depreciation methods for PPE The Company adopts the straight-line method for depreciation accrual. Depreciation is accrued for PPEGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] from the time they reach their intended usable condition and ceases when they are derecognized or classified as non-current assets held for sale. Without considering impairment provision the Company determines the annual depreciation rate for various types of PPE based on their category estimated useful lives and expected net residual value as follows: Category Estimated useful lives Estimated net residual value Annual depreciation rate Buildings 10 to 50 years 5% 9.50% to 1.90 % Power generation 5 to 30 years 0% to 5 % 20.00% to 3.17% equipment Motor vehicles 5 to 10 years 0% to 5% 20:00 % to 9:50% Other equipment 5 to 22 years 0% to 5% 20.00% to 4.32% Except for PPE purchased using work safety funds other PPE are depreciated using the straight-line method to allocate the cost of the assets to their estimated net residual values over their estimated useful lives. For the PPE 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. (3) The impairment test method and impairment provision method for PPE are described in Note III.21. (4) At the end of each year the Company reviews the useful life estimated net residual value and depreciation method of its PPE.If there is a discrepancy between the estimated useful lives and the original estimate the useful lives of the PPE should be adjusted; if there is a discrepancy between the estimated net residual value and the original estimate the estimated net residual value should be adjusted. (5) Disposals of PPE A PPE is derecognized 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 PPE net of its carrying amount and related taxes and expenses is recognized in profit or loss for the current period. 17. 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 PPE 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 III.21. 18. Construction materials The engineering materials of the Company refer to various materials prepared for ongoing projects including engineering materials equipment not yet installed and tools and instruments prepared for production.Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Engineering materials purchased are measured at cost. When engineering materials are requisitioned they are transferred to projects in progress. Upon completion of the project any remaining engineering materials are transferred to inventory.The method for calculating asset impairment for construction material is provided in Note III.21.In the balance sheet the ending balance of construction material is presented under the item Construction in Progress. 19. 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 the assets eligible for capitalization reach the expected usable or marketable state are recognized as expenses based on their actual amount at the time of occurrence and recorded profit or loss for the current period.Capitalization of borrowing costs is suspended during periods in which the acquisition or construction of an asset is interrupted abnormally and the interruption lasts for more than 3 months until the acquisition or construction is resumed; borrowing costs incurred during normal interruptions shall continue to be capitalized. (3) Calculation method for capitalization rate and capitalization amount of borrowing costs The amount of interest expenses actually incurred on special borrowings in the current period after deducting the interest income earned on the unused borrowing funds deposited in the bank or the investment income earned from temporary investments shall be capitalized. For general borrowings the capitalization amount shall be determined by multiplying the weighted average of asset expenditures exceeding the special borrowings by the capitalization rate of the general borrowings used. The capitalization rate shall be calculated and determined based on the weighted average interest rate of the general borrowings.During the capitalization period the exchange differences on foreign currency specific borrowings are fully capitalized; the exchange differences on foreign currency general borrowings are recorded profit or loss for the current period.Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 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. 20. Intangible assets 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 Land-use rights 20 to 70 Straight line method and the buildings the entire amount shall be treated as PPE. For allocated land with an uncertain useful life no amortization shall be accrued.Sea use rights 25 to 50 Straight line method Other intangible 2 to 60 Straight line method assets 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 III.21. 21. Impairment of assets The impairment of assets such as long-term equity investments in subsidiaries associates and joint ventures investment properties measured using the cost model PPE construction in progress right-of- use assets intangible assets goodwill etc. (excluding inventories deferred tax assets and financial assets) shall be determined according to the following methods: On the balance sheet date we assess whether there are any indications that assets may be impaired. If there are such indications the Company will estimate their recoverable amounts and conduct an impairment test. Impairment tests are conducted annually for goodwill formed through business combinations intangible assets with uncertain useful lives and intangible assets that have not yet reached their intended use regardless of whether there are any indications of impairment.The recoverable amount is determined based on the higher of the net amount after deducting disposalGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 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. 22. 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. 23. Employee benefits (1) Scope of employee benefits Employee benefits refers to various forms of remuneration or compensation given by enterprises to obtain services provided by employees or terminate labor relations. Employee benefits refer to all forms of consideration or compensation given by the Company in exchange for service rendered by employees or for termination of employment relationship which include short-term employee benefits post-employment benefits termination benefits and other long-term employee benefits. The benefits provided by enterprises to employees' spouses children dependents survivors of deceased employees and other beneficiaries also belong to employee benefits.Based on liquidity employee benefits is separately presented in the Employee benefits payable and Long-term employee benefits payable items on the balance sheet. (2) Short-term employee benefits Short-term employee benefits include wages or salaries bonus allowances and subsidies staff welfareGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 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 recognized 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. (3) 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 recognized 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 are classified into the following parts: Service costs (including current service costs and settlement gains and losses); Net interest on net liabilities of defined benefit plans (including interest expenses on defined benefit plan obligations); as well as remeasure the changes arising from the net liability of the defined benefit plan.Service costs and net interest on net liabilities of defined benefit plans are recorded in profit or loss for the current period. Changes arising from the remeasurement of net liabilities of defined benefit plans including actuarial gains or losses are recorded in other comprehensive income. (4) Termination benefits The Company recognizes a liability arising from compensation for termination of the employmentGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 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 recognizes 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. (5) 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 recognized 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 benefit standards are recognized 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. 24． 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.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 compensationGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] amount shall not exceed the book value of the confirmed liability. 25. Revenue (1) General principles The Company recognizes revenue when it has fulfilled its performance obligations under the contract that is when the customer obtains control over the relevant goods or services.If a contract contains two or more performance obligations the Company on the contract start date allocates the transaction price to each individual performance obligation based on the relative proportion of the separate selling prices of the goods or services promised under each individual performance obligation and measures revenue based on the transaction price allocated to each individual performance obligation.When one of the following conditions is met it is considered fulfilling the performance obligation within a certain time period; otherwise it is considered fulfilling the performance obligation at a certain point in time: * Customers obtain and consume the economic benefits brought by the Company's performance while the Company is fulfilling its contract.* Customers have the ability to control the goods that are in progress during the Company's fulfillment process.* The goods produced by the Company during the performance of the contract have irreplaceable uses and the Company has the right to collect payments for the accumulated performance completed to date throughout the contract period.For performance obligations that are fulfilled within a certain period the Company recognizes revenue based on the progress of fulfillment during that period. When the progress of fulfillment cannot be reasonably determined if the costs already incurred by the Company are expected to be compensated revenue is recognized at the amount of the costs already incurred until the progress of fulfillment can be reasonably determined.For performance obligations that are fulfilled at a certain point in time the Company recognizes revenue at the point when the customer obtains control over the relevant goods or services. In determining whether the customer has obtained control over the goods or services the Company considers the following indicators: * The Company has a current right to receive payment for the goods or services which means the customer has a current obligation to pay for the goods.* The Company has transferred the legal ownership of the product to the customer meaning that the customer now holds the legal ownership of the product.* The Company has transferred the physical possession of the product to the customer meaning that the customer has physically taken possession of the product.* The Company has transferred the significant risks and rewards of ownership of the goods to the customer meaning that the customer has assumed the significant risks and rewards of ownership of the goods.* The customer has accepted the product or service.* Other signs indicating that the customer has obtained control over the goods.Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] (2) Specific methods 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 recognized 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 recognized when the Company transfers by-products (such as coal ash) produced by power generations to the designated delivery place pursuant to the contract or agreement the resource utilization enterprise confirms receipt and obtains control over the by-products.* Provision of electric power transaction service For the electric power transaction service provided by the Company to external parties upon the receipt of the service revenue is recognized 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 trade receivables and the remaining portion as contract assets. Loss provisions are recognized for trade receivables and contract assets based on ECL 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. 26. 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.Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 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 fulfil a contract (hereinafter referred to as assets related to contract cost) shall be amortized on the same basis as revenue recognition of goods or services related to such assets and recognized into profit or loss for the current period when incurred.When the carrying amount of an asset related to contract costs exceeds the difference between the following two items the Company makes an impairment provision for the excess and recognizes it as an asset impairment loss: * The remaining consideration that the Company expects to receive in exchange for the goods or services to which the asset relates; * The costs to be incurred for the transfer of the relevant goods or services. 27. 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 non-Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] operating income.When confirmed government subsidies need to be returned if the book value of the relevant assets was offset during initial recognition the book value of the assets should be adjusted. If there is a balance of related deferred income the book balance of the related deferred income should be offset and the excess should be recorded in profit or loss for the current period. In other cases it should be directly recorded in t profit or loss for the current period. 28. 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.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.Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 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. 29. Leases (1) Identification of leases On the commencement date of the contract the Company as the lessee or lessor evaluates whether the customer in the contract is entitled to almost all economic benefits arising from the use of the identified asset during the usage period and has the right to dominate the use of the identified asset during that period. If one party in the contract relinquishes the right to control the use of one or more identified assets for a certain period in exchange for consideration the Company deems the contract as a lease or contains a lease. (2) The Group as the lessee At the lease commencement date the Company recognizes 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 recognized 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 non- current 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，pleaserefer to NoteIII.30.For short-term leases with a term of 12 months or less and leases of an individual asset (when new) of low value the Company chooses to include the lease payments in the cost of the underlying assets or in the profit or loss for the current period on a straight-line basis over the lease term instead of recognizing right-of-use assets and lease liabilities.The Group accounts for a lease modification as a separate lease if both:Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] * 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. (3) 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 recognized on a straight-line basis over the lease term. Variable rental that is linked to a certain percentage of sales is recognized in rental income as incurred.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. 30. Right-of-use assets (1) Criteria for the recognition of right-of-use assets The Company's right-of-use assets refer to the Company's right to use the leased assets during the lease term as the lessee.On the commencement date the right-of-use assets shall be initially measured at cost. The cost includes: the initial measurement of the lease liability; the amount of lease payments paid on or before the commencement date of the lease term the relevant benefited amount of lease incentive is deducted if there is a lease incentive; initial direct costs incurred by the Company as the lessee; the costs whichGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] the Company as the lessee expects to incur in dismantling and removing the leased assets restoring the premises on which the leased assets are located or restoring the leased assets to the agreed lease terms. The Company as the lessee shall recognize and measure the costs of demolition and restoration in accordance with the Accounting Standards for Business Enterprises No.13 – Contingencies. Subsequent adjustments for any remeasurement of lease liabilities are recorded. (2) Depreciation method for right-of-use assets The Company adopts the straight-line method for depreciation. If the Company as the lessee can reasonably determine that it will obtain ownership of the leased asset upon the expiration of the lease term depreciation will be accrued over the remaining useful life of the leased asset. If it is not reasonably certain that ownership of the leased asset will be obtained upon the expiration of the lease term depreciation will be accrued over the shorter of the lease term or the remaining useful life of the leased asset. (3) The impairment test method and impairment provision method for right-to-use assets are described in Notes III.21. 31. 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 RMB10 million in the previous year; * 1.5% for the proportion of revenue between RMB10 million and RMB100 million in the previous year; * 1% for the proportion of revenue between RMB100 million and RMB1 billion in the previous year; * 0.8% for the proportion of revenue between RMB1 billion and RMB5 billion in the previous year; * 0.6% for the proportion of revenue between RMB5 billion and RMB10 billion in the previous year; * 0.2% for the proportion of revenue exceeding RMB10 billion in the previous year.Work safety funds are recognized 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 PPE 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 PPE shall be recognized.Simultaneously the special reserves shall be offset against the cost of forming the PPE and the accumulated depreciation of the same amount shall be recognized. No further depreciation shall be accrued for this PPE in subsequent periods. 32. Critical accounting estimates and judgements The Company 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.Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] (1) Critical judgements in applying the accounting policies * Classification of financial assets Significant judgements made by the Company in the classification of financial assets include analysis on business models and contractual cash flow characteristics.The Company determines the business model for managing financial assets at the portfolio level taking into account factors such as the methods for evaluating and reporting financial asset performance to key management personnel the risks affecting financial asset performance and their management methods as well as the methods for compensating relevant business management personnel.When assessing whether the contractual cash flows of financial assets are consistent with the underlying borrowing arrangements the Company makes the following key judgments: whether the time distribution or amount of principal may change during the term due to reasons such as early repayment; whether the interest solely comprises the time value of money credit risk other fundamental borrowing risks as well as the consideration for costs and profits. For instance whether the amount of early repayment solely reflects the principal that has not yet been paid and the interest based on the outstanding principal as well as reasonable compensation paid due to early termination of the contract.* Determination of significant increase in credit risk When distinguishing the different stages of financial instruments the Company's judgment on significant increase in credit risk and credit impairment that has occurred is as follows: The main criteria for the Company to determine a significant increase in credit risk are significant changes in one or more of the following indicators: the debtor's operating environment internal and external credit ratings significant changes in actual or expected operating results significant decline in the value of collateral or the credit rating of the guarantor etc.The main criteria for the Company to determine whether credit impairment has occurred are meeting one or more of the following conditions: the debtor experiences significant financial difficulties engages in other debt restructurings or is likely to go bankrupt.* Timing of revenue recognition 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 recognized upon the receiving of the electric power of grid companies. (2) Critical accounting estimates and key assumptions The critical accounting estimates and key assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next accounting year are outlined below: * Accounting estimates on impairment of PPE Property plant and equipment are tested for impairment by the Group if there is any indication that they may be impaired at the balance sheet date by calculating and comparing the recoverable amounts of the PPE with their carrying amount to check the difference. If the result of the impairment test indicatesGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] that the recoverable amount of the relevant asset is less than its carrying amount a provision for impairment and an asset impairment loss are recognized 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 aforementioned assets are impaired the Management primarily evaluates and analyzes from the following aspects: (i) whether events affecting asset impairment have occurred; (ii) whether the expected present value of cash flows from the continued use or disposal of the asset is lower than its carrying amount; and (iii) whether the assumptions used in estimating the present value of future cash flows are appropriate.The calculation of the present value of future cash flows involves significant estimates and judgments by management including the discount rate expected on-grid electricity prices expected electricity sale volume and expected fuel prices for power generation. Changes in these assumptions may have a significant impact on the present value used in impairment testing and result in the impairment of the Company's aforementioned long-term assets.* 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 or ageing matrix. 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). The Group regularly monitors and reviews assumptions and parameters related to the calculation of ECL. In 2023 the Group considered the uncertainty under different macroeconomic scenarios and updated the relevant assumptions and parameters.* Accounting estimates on impairment of goodwill The Group tests whether goodwill has suffered any impairment at least annually. The recoverable amount of asset group or group of asset groups is the higher of fair value less the cost of disposal and the present value of the future cash flows expected to be derived from them. These calculations require the use of estimates.* Income tax and deferred income taxes The Company 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 Company 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 IV certain subsidiaries of the Company are high-tech enterprises. The qualification of high-tech enterprises is valid for three years and upon expiration a new application for high-techGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] enterprise recognition must be submitted to the relevant government departments. Based on historical experience of re-recognition of high-tech enterprises upon expiration in previous years and the actual situation of these subsidiaries the Company believes that these subsidiaries will continue to obtain high-tech enterprise recognition in future years and thus calculate their corresponding deferred income tax at a preferential tax rate of 15%. If certain subsidiaries fail to obtain re-recognition upon expiration of their high-tech enterprise qualification in the future income tax will need to be calculated at the statutory tax rate of 25% which will affect the recognized deferred income tax assets deferred income tax liabilities and income tax expenses.For deductible losses that can be carried forward to future years the Company recognizes corresponding deferred tax assets to the extent that it is likely to obtain taxable income in future periods that can be used to offset the deductible losses. The taxable income obtained in future periods includes the taxable income that the Company can achieve through normal production and operation activities as well as the taxable income that will increase when the taxable temporary differences arising in previous periods are reversed in future periods. The Company determines the taxable income in future periods based on financial forecasts which involve significant estimates and judgments by management including expected electricity sale volume expected on-grid electricity prices expected fuel prices for power generation and other operating expenses. Any discrepancies between actual conditions and estimates may result in adjustments to the carrying amount of the deferred tax assets. 33. Significant changes in accounting policies and accounting estimates (1) Significant changes in accounting policies There was no change in significant accounting policies during the reporting period. (2) Significant changes in accounting estimates There was no change in significant accounting estimates during the reporting period.IV. Taxation 1. Main type of taxes and corresponding tax rates Tax type Tax basis Tax rate Taxable value-added amount (Tax payable is calculated using the taxable sale amount Value-added tax (VAT) multiplied by the applicable tax rate less 3% 5% 6% 9% and 13% deductible input VAT of the current period) and taxable value-added amount of hydroelectric generation City maintenance and Amount of VAT paid From 5% to 7% construction tax Corporate income tax Taxable income 12.5% 15% 20% and 25% Educational surcharge Amount of VAT paid 3% Local educational Amount of VAT paid 2% surcharge Real estate’s rental income or the residual value from Property tax 12% and 1.2% original value less the deducting proportion The tax shall be calculated Calculated and paid based on the pollution equivalent Environmental protection and paid according to the values or the discharge of taxable pollutants multiplied by tax specific tax rates applicable the applicable tax amounts to different pollutantsGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Subject of taxation Income tax rate Guangdong Yuedian Zhanjiang Biomass Power Generation Co. Ltd. (Biomass Power 15% Generation) Guangdong Wind Power Generation Co. Ltd. (Guangdong Wind Power) 15% Except for Biomass Power Generation and Guangdong Wind Power which are high-tech enterprises and are subject to a statutory tax rate of 15% certain subsidiaries experienced a reduction or exemption in their income tax rates due to other tax preference. For details refer to Note IV. 2. Apart from these companies all other entities of the Company are subject to a statutory income tax rate of 25%. 2. Tax preference (1) 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 from 1 January 2008 and are exempted from enterprise income tax in the first three years from the year when the Company generates revenue from operations of those projects and can enjoy 50% discount in tax rate in the following three years (Three-year Exemptions and Three-year Halves 3E3H).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 “3E3H” when the following conditions are satisfied: (i) different batches are space-independent; (ii) each batch has its own revenue function; (iii) they are accounted for in units of each batch and are subject to income tax individually while the period expenses are allocated rationally.The subsidiaries which enjoy this tax preference as listed as below.The first year of generating Corporate name Project name operating income Guangdong Yuedian Qujie Wind Qujie Wailuo Offshore Wind Power Project 2021 Power Co. Ltd. Phase II Guangdong Yuedian Qujie Wind Xinliao Offshore Wind Power Project 2021 Power Co. Ltd.Guangdong Yuedian Pingyuan Pingyuan Maoping Project 2020 Wind Power Co. Ltd.Guangdong Yuedian Pingyuan Pingyuan Sishui Project 2021 Wind Power Co. Ltd.Guangdong Yuedian Zhanjiang Zhanjiang Linfen Hongdong Photovoltaic 2023 Wind Power Co. Ltd. Project Laishui Lineng New Energy Laishui 80MW Photovoltaic Power Project 2024 Technology Co. Ltd.Lanshan Yuefeng New Energy Lanshannan Agricultural-Photovoltaic 2024 Co. Ltd. Complementary Photovoltaic Project Xiangzhou Yunjiang New Energy Xiangzhou Yunjiang Wind-Solar-Storage 2025 Co. Ltd. Integrated Project Phase III Xiangzhou Hangjing New Energy Xiangzhou Hangjing Photovoltaic Integrated 2025 Co. Ltd. Project Phase IlGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] The first year of generating Corporate name Project name operating income Guangneng Toksun New Energy Guangdong Energy Toksun County 1000 MW 2025 Power Co. Ltd. Wind Power Project In 2022 the Group's subsidiaries Biomass Power Generation obtained the High-tech Enterprise Certificate (certificate numbers GR202244008597) 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. On December 19 2025 Biomass Power Generation renewed its High-tech Enterprise Certificate (certificate numbers GR202544009668) which was valid for three years from the date of issue. According to Article 28 of the Enterprise Income Tax Law of the People's Republic of China the applicable enterprise income tax rate for Biomass Power Generation in 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 in 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. Guangxi Hangneng New Energy Co. Ltd.Xiangzhou Yunjiang New Energy Co. Ltd.enjoy the above tax benefits in 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 rate of 25% and the enterprise income tax shall be paid at a rate of 20%. The aforementioned small and micro enterprises refer to those engaged in industries not restricted or prohibited by the state and simultaneously meeting three conditions: (1) annual taxable amount do not exceed RMB 3 million (2) number of employees do not exceed 300 staffs and (3) total assets do not exceed RMB50 million. Certain subsidiaries of the Company enjoy the above tax benefits in 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 aforementionedGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] catalogue will have their income calculated at a reduced rate of 90% for the total income of the enterprise for the current year. The subsidiaries of our group Zhanjiang Electric Power Co. Ltd. and Guangdong Huizhou Pinghai Power Generation Co. Ltd. use fly ash to produce commercial fly ash which meets the aforementioned preferential income tax conditions for comprehensive resource utilization and will enjoy the aforementioned tax benefits in 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. Certain subsidiaries of the group enjoy the above tax benefits in 2025. (2) Value-added tax (VAT) 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 VAT. In 2025 the subsidiaries of the Group includes Guangdong Huizhou Pinghai Power Co. Ltd. Guangdong Yuedian Yunhe Power Co.Ltd. Guangdong Energy Maoming Thermal Power Plant Co. Ltd. Guangdong Yuedian Zhanjiang Biomass Power Generation Co. Ltd. and Guangdong Yuedian Technology Engineering Management Co. Ltd. enjoyed the immediate tax refund policy for VAT.According to the 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 Yueneng Wind Power Co. Ltd. Guangdong Yuedian Dianbai Wind Power Co. Ltd. Huilai Wind Power Co. Ltd.Guangdong Yuedian Shibeishan Wind Power Co. Ltd. Guangdong Yuedian Zhanjiang Wind Power Generation Co. Ltd. Guangdong Yuedian Xuwen Wind Power Electricity Co. Ltd. and Guangdong Yuedian Leizhou Wind Power Co. Ltd. enjoy the aforementioned tax benefits in 2025.V. Notes to the consolidated financial statements 1. Cash and bank balances Item 31/12/2025 31/12/2024 Cash on hand 36244 34030 Cash at bank 1537957020 1041257330 Energy Group Finance Company 13275888592 14286603574 - Deposits 13254660382 14240813564Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Item 31/12/2025 31/12/2024 - Interest receivable 21228210 45790010 Other cash balances 25738324 33925897 Total 14839620180 15361820831 Including: total overseas deposits Note 1: As at 31 December 2025 there’s no fund that were mortgaged pledged frozen or deposited offshore with restricted repatriation.Note 2: Information on time deposits in Energy Group Finance Company as at 31 December 2025 is as follows: Item 31/12/2025 31/12/2024 Time deposits 2450238699 3450600000 Note 3: Deposits in Energy Group Finance Company refer to the deposits in Energy Group Finance Company. Energy Group Finance Company is a financial institution established with the approval of the People’s Bank of China. Both the Company and Energy Group Finance Company are controlled by Guangdong Energy Group Co. Ltd. (Guangdong Energy Group GEGC).Note 4: As at 31 December 2025 other cash balances of RMB 25783324 (December 31 2024: RMB 33925897) mainly represented special funds for power trading ecological protection and guarantees. There were no other cash balances deposited in Energy Group Finance Company. (December 31 2024: RMB 0). 2. Trade receivables (1) Disclosed by aging Aging of accounts 31/12/2025 31/12/2024 Within 1 year 7369698391 7592777022 1 to 2 years 1457893486 1107402430 2 to 3 years 570345518 327271840 Over 3 years 228531999 110384075 Subtotal 9626469394 9137835367 Less: Provision for loss allowance 43284489 36037526 Total 9583184905 9101797841 Note 1: Of the total balanceThe trade receivables for over three years are receivables from renewable energy subsidies and the Group accrued the provision for estimated credit loss over the entire life cycle. (2) Disclosed by method of loss allowance 31/12/2025 Book balance Loss allowance Category Expected Proportion Book value Amount Amount credit loss (%) rate (%)Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 31/12/2025 Book balance Loss allowance Category Expected Proportion Book value Amount Amount credit loss (%) rate (%) Provision for loss allowance on an individual basis Provision for loss allowance on a 9626469394100.00432844890.459583184905 collective basis Including: Trade receivables from sale of 589131958261.205891319582 electricity Trade receivables from renewable 359032818337.30359032821.003554424901 energy subsidies Trade receivables from related parties 48322028 0.50 48322028 Trade receivables from sale of steam 964996011.0073812077.6589118394 and others Total 9626469394 100.00 43284489 0.45 9583184905 Continued: 31/12/2024 Book balance Loss allowance Category Expected Proportion Book value Amount Amount credit loss (%) rate (%) Provide for loss allowance on an - individual basis Provision for loss allowance on a 9137835367100.00360375260.399101797841 collective basis Including: Trade receivables from sale of 590000543864.575900005438 electricity Trade receivables from renewable 309863745133.91309863741.003067651077 energy subsidies Trade receivables from related parties 37889672 0.41 37889672 Trade receivables from sale of steam 1013028061.1150511524.9996251654 and others Total 9137835367 100.00 36037526 0.39 9101797841 Provision for loss allowance on a collective basis Group 1: Receivables from sale of electricity As at 31 December 2025 the Group’s receivables from sale of electricity other than receivables from renewable energy subsidies are as follows.Item 31/12/2025 31/12/2024 China Southern Power Grid Co. Ltd. and its subsidiaries (collectively referred to as 57018484525720572959 Southern Grid) State Grid Corporation of China and its subsidiaries (collectively referred to as 181865979179432479 State Grid )Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Inner Mongolia Electric Power (Group) Co. Ltd (IM Grid). 7605151 Total 5891319582 5900005438 Note 1: Considering the favorable credibility of Southern Grid State Grid and IM Grid there was no significant credit risk arising from receivable from sale of electricity. Since the possibility of material losses due to the default by Southern Grid State Grid and IM Grid was extremely low the corresponding expected credit loss amount is very small and has a minimal impact on the Company's financial position and operating results. Therefore the Company did not provide estimated credit loss for the receivables from sale of electricity.Group 2: Receivables from renewable energy subsidies As at 31 December 2025 the Group’s receivables from renewable energy subsidies are as follows: 31/12/202531/12/2024 Item Expected Expected Loss Loss Book balance credit loss Book balance credit loss allowance allowance rate (%) rate (%) Renewable energy subsidies 3590328183 35903282 1.00 3098637451 30986374 1.00 receivable As at 31 December 2025 the Company uses an external evaluation method (referring to data from peer companies) in determining the expected credit loss rate for receivables of renewable energy subsidies.The expected credit loss rate of Group 2 is 1%.Group 3: Receivables from related parties As at 31 December 2025 the Group’s receivables from related parties are RMB 48322028 (December 31 2024: RMB 37889672) and the historical loss rate is extremely low .Therefore there was no significant credit risk arising from receivables from related parties. Since the possibility of material losses due to the default by related parties was extremely low the Group did not provide estimated credit loss for the receivables from related parties (December 31 2024: nil).Group 4: Receivables from sale of steam and others 31/12/202531/12/2024 Item Expected Expected Book Loss Book Loss credit loss credit loss balance allowance balance allowance rate (%) rate (%) Within 1 year 79445355 602998 0.76 93120216 1240536 1.33 1 to 2 years 9765806 2687295 27.52 8182590 3810616 46.57 2 to 3 years 7288440 4090914 56.13 More than 3 years Total 96499601 7381207 7.65 101302806 5051152 4.99 Note: As of 31 December 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 RMB 3935009425 including current portion of long-term borrowings with a principal of RMB 456142964 (December 31 2024: long- term borrowings with a principal of RMB 5171411604 including current portion of long-term borrowings with a principal of RMB 451067263).Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] (3) Addition recoveries or reversals of loss allowance in current period Item Loss allowance As at 1/1/2025 36037526 Addition in the current period 7248897 Recoveries or reversals in the current period Written-off in the current period 1934 As at 31/12/2025 43284489 (4) Trade receivabless that were written off in the current period Item Amount Written off in the current period 1934 (5) As at 31 December 2025 the top five largest trade receivabless and contract assets by debtors are as follows: Trade Contract Provision for Proportion of Item receivables_31/12/2025 asset_31/12/2025 loss allowance total balance(%) Total amount of the top five largest trade 9447731926 36250749 98.20% receivables 3. Advances to suppliers (1) Disclosed by aging 31/12/202531/12/2024 Aging Book balance Book balance Loss Loss Proportion Amount allowance Proportion Amount allowance (%)(%) Within 1 year 938091782 96.29 1433330668 99.48 1 to 2 years 32732201 3.36 3926780 0.27 2 to 3 years 1864092 0.19 2833371 0.20 More than 3 years 1551878 0.16 115000 656368 0.05 115000 Total 974239953 100.00 115000 1440747187 100.00 115000 As at 31 December 2025 advances to suppliers with aging over one year amounted to RMB 36148171 (December 31 2024: RMB 7416519) mainly including prepayments for fuels. (2) Provision for impairment in the current period Item 2025 2024 As at 1/1/2025 115000 115000 Provision for the current year Write-off in the current period Reversal in the current period As at 31/12/2025 115000 115000Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] (3) As at 31 December 2025 the five largest advances to suppliers by debtors are as follows: The total amount of advances to five largest debtors is RMB 846704788 accounting for 86.91% of total balance. 4. Other receivables Item 31/12/2025 31/12/2024 Interest receivables Dividends receivable Other receivables 527513970 533352169 Total 527513970 533352169 (1) Other receivables * Disclosed by aging Aging 31/12/2025 31/12/2024 Within 1 year 208124629 218929350 1 to 2 years 72391679 50821608 2 to 3 years 34402258 31300019 More than 3 years 277700980 287319585 Subtotals 592619546 588370562 Less: Provision for loss allowance 65105576 55018393 Total 527513970 533352169 Note: Other receivables with aging for more than three years mainly include RMB 59898988 of supplementary medical insurance receivable from Taikang Pension Insurance Co. Ltd. Guangdong Branch (Taikang Pension). Taikang Pension mainly provides custody services for the Company’s supplementary medical insurance fund. The historical loss rate is 0% and the risk of estimated credit loss is extremely low. On the other hands there is RMB 126885400 of land withdrawal receivable from the People's Government of Chengjiang Town Meixian District Meizhou City. As the counterparty is a government unit the risk of estimated credit loss is extremely low.* Disclosed by nature of receivable Item 31/12/2025 31/12/2024 Land withdrawal receivable 129994352 143994333 Supplementary medical insurance fund receivable 107422266 104146571 Receivables from sale of by-products 37218739 50166012 Including : Receivables from related parties 36357610 44546617 Receivables from business units 72689023 86772626 Current trade receivabless from related parties 113189274 60257839 Land deposits receivable 27178680 24007176 Compensation receivable for electricity charges during the demolition and construction 1419840014198400 period Others 90728812 104827605Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Item 31/12/2025 31/12/2024 Subtotal 592619546 588370562 Less: Provision for loss allowance 65105576 55018393 Total 527513970 533352169Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] * Provision for loss allowance 31/12/2025 Book balance Provision for loss allowance Category Estimated Proportion Book value Amount Amount credit loss rate (%) (%) Provision for loss allowance on an 48788138282.33408037348.36447077648 individual basis Provision for loss allowance on a 10473816417.672430184223.2080436322 collective basis Total 592619546 100.00 65105576 10.99 527513970 Continued: 31/12/2024 Book balance Provision for loss allowance Category Estimated Book value Amount Proportion (%) Amount credit loss rate (%) Provision for loss allowances on 42061581071.49285975856.80392018225 an individual basis Provision for loss allowance on a 16775475228.512642080815.75141333944 collective basis Total 588370562 100.00 55018393 9.35 533352169 As at 31 December 2025 provision for loss allowances in Stage 1 are analyzed as follows: Estimated credit Provision for Book loss rate (%) over Category loss Book value Reason balance the next 12 allowance months Provide for loss allowances on an individual basis The counterparty is a Land withdrawal receivable 129994352 129994352 government unit and the risk of ECL is extremely low.The counterparty is a related Receivables from related party with a historical loss rate of 149546884149546884 parties 0; therefore the risk of ECL is extremely low.The counterparty is Taikang Pension which mainly provides Supplementary medical custody services for the Group’s insurance fund 107422266 107422266 supplementary medical receivable insurance fund. The historical loss rate is 0 and the risk of ECL is extremely low.The counterparty is a government unit with a historical Land deposits receivable 27178680 27178680 loss rate of 0; therefore the risk of ECL is extremely low.The demolition and construction Compensation receivable for project is initiated by the electricity charges during the government-owned industrial 1419840014198400 demolition and construction park which pays compensation period expenses and the risk of ECL is extremely low.Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Estimated credit Provision for Book loss rate (%) over Category loss Book value Reason balance the next 12 allowance months The counterparty is a government unit with a historical Others 18737066 18737066 loss rate of 0; therefore the risk of ECL is extremely low Provision for loss allowances on a collective basis Other receivables on a 10473816423.202430184280436322 collective basis Total 551815812 4.40 24301842 527513970 As at 31 December 2025 provision for loss allowances in Stage 2 are analyzed as follows: The Company did not have interest receivable dividends receivable or other receivables that were in Stage 2.As at 31 December 2025 provision for loss allowances in Stage 3 are analyzed as follows: Estimated credit Book Provision for Book Category loss rate (%) over Reason balance loss allowance value the entire duration Provide for loss allowances on an individual basis Unrecoverable by Receivables from estimation since the 20181784100.0020181784 business units counterparty is financially difficult.Unrecoverable by estimation since the Others 20621950 100.00 20621950 counterparty is financially difficult.Total 40803734 100.00 40803734 As at 31 December 2025 provision for loss allowances in Stage 1 are analyzed as follows: Estimated Provision Book credit loss rate Category for loss Book value Reason balance (%) within the allowance next 12 months Provide for loss allowances on an individual basis Land withdrawal The counterparty is a government unit and 143994333143994333 receivable the risk of ECL is extremely low.The counterparty is a related party with a Receivables from 104804456 104804456 historical loss rate of 0; therefore the risk related parties of ECL is extremely low.The counterparty is Taikang Pension Supplementary medical which mainly provides custody services for insurance fund 104146571 104146571 the Group’s supplementary medical receivable insurance fund. The historical loss rate is 0 and the risk of ECL is extremely low. The counterparty is a government unit Land deposits 24007176 24007176 with a historical loss rate of 0; therefore receivable the risk of ECL is extremely low.Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Estimated Provision Book credit loss rate Category for loss Book value Reason balance (%) within the allowance next 12 months Insurance compensation receivable Compensation The demolition and construction project is receivable for electricity initiated by the government-owned charges during the 14198400 14198400 industrial park which pays compensation demolition and expenses and the risk of ECL is extremely construction period low.The counterparty is a government unit Others 867289 867289 with a historical loss rate of 0; therefore the risk of ECL is extremely low Provision for loss allowances on a collective basis Other receivables on a 16775475215.7526420808141333944 collective basis Total 559772977 4.72 26420808 533352169 As at 31 December 2025 provision for loss allowances in Stage 2 are analyzed as follows: The Company did not have interest receivable dividends receivable or other receivables that were in Stage 2.As at 31 December 2025 provision for loss allowances in Stage 3 are analyzed as follows: estimated credit loss Book Provision for Book Category rate (%) over the entire Reason balance loss allowance value duration Provision for loss allowances on an individual basis Unrecoverable by estimation Receivables from 24247040 100.00 24247040 since the counterparty is business units financially difficult.Unrecoverable by estimation Others 4350545 100.00 4350545 since the counterparty is financially difficult.Total 28597585 100.00 28597585 * Recognitions or recoveries or reversals of loss allowance in current period Stage 1 Stage 2 Stage 3 Provision for loss Estimated credit loss Estimated credit loss over the Estimated credit loss over Amount allowance over the next 12 entire duration (no credit the entire duration (credit months impairment has occurred) impairment has occurred) As at 1/1/2025 26420808 28597585 55018393 Movement in the current period - Transfer to the second stage - Transfer to the third stage -1804881 1804881 - Reversed to the second stage - Reversed to the first stage Additions 770984 10401268 11172252Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Stage 1 Stage 2 Stage 3 Provision for loss Estimated credit loss Estimated credit loss over the Estimated credit loss over Amount allowance over the next 12 entire duration (no credit the entire duration (credit months impairment has occurred) impairment has occurred) Addition due to consolidation Reversals -1010020 -1010020 Written-off -75049 -75049 As at 31/12/2025 24301842 40803734 65105576 * Other receivables that were written off in the current period Item Amount Written off in the current period 75049 * As at 31 December 2025 top five largest other receivables by debtors are as follows: Other receivables Proportion (%) Provision for Debtor Nature Aging as at 31/12/2025 of Total Balance loss allowance People’s Government of More Land withdrawal Chengjiang Town Meixian 126885400 than 3 21.41 receivable District Meizhou City years Supplementary Within 5 Taikang Pension medical insurance fund 104699135 17.67 years receivable Guangdong Electric Power Receivables for coal Within 3 Industry Fuel Co. Ltd. (Industry 54738075 9.24 settlement years Fuel) Guangdong Energy Financial Receivables from related Within 1 Leasing Co. Ltd. (Financial 33507710 5.65 party transactions year Leasing) Guangdong Yuedian Receivables from related Within 1 Environmental Protection Co. parties for sale of by- 26637552 4.49 year Ltd. (Yuedian Environmental) products Total 346467872 -- 58.46 5. Inventories (1) Inventories by categories 31/12/202531/12/2024 Item Book balance Provision Book value Book balance Provision Book value Fuel 1511472004 1511472004 1805708131 1805708131 Spare parts 850474442 69179186 781295256 816618983 47494841 769124142 Others 1052535 1052535 2287216 2287216 Total 2362998981 69179186 2293819795 2624614330 47494841 2577119489 (2) Provision for inventories Item 31/12/2024 Increase Written off 31/12/2025 Spare parts 47494841 21698425 14080 69179186Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Provision for inventories (Continued) Basis for determining net realizable value/remaining Reasons for reversal or write- Item consideration and the costs that will be incurred off in the current period The carrying amount is higher than the amount of net realizable Spare parts Disposal/Use/Scrap value of the disposal proceeds less costs to sell. 6. Other current assets Item 31/12/2025 31/12/2024 Input VAT to be deducted/to be certified 2354384466 1817634077 Prepayment of income tax 71607948 128279470 Carbon emission rights assets 2218624 17781065 Others 2121 7574974 Total 2428213159 1971269586 7. Long-term equity investments Item 31/12/2025 31/12/2024 Joint ventures 1580711135 1211503389 Associates 10106178517 9744588983 Subtotal 11686889652 10956092372 Less: Provision for impairment of long-term equity investments 143433433 143433433 Total 11543456219 10812658939Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 31/12/2024 Changes in increase or decrease in the current period 31/12/2025 Investment Declared Invested entity Provision Reduction income Other Provision Provision Addition in Other cash Book value for in recognized comprehensive for Others Book value for investment movements dividends or impairment investment by equity income impairment impairment profits method * Joint ventures Guangdong Electric Power Industry Fuel 10403059443000000008568245820154351873717232824001406595154 Co. Ltd. (Industrial Fuel) China Aviation Shenxin Wind Power Co. Ltd. 168647135 4161732 172808867 (China Aviation Shenxin) Zhanjiang Yuexin Distributed Energy and Technique Co. 2550310 -1243196 1307114 Ltd. (Yuexin Energy) Subtotals 1211503389 300000000 88600994 2015435 1873717 23282400 1580711135 * Associates Shanxi Yuedian Energy Co. Ltd. 393262674326732363981882171347204182897544 (Shanxi Yuedian Energy) Guoneng Yuedian Taishan Power 206486061989704315-172075115535860217942073641468 Generation Co.Ltd.Guangdong Energy Group Finance Co. 1791874724158010247-6108717010363962921521031807009660 Ltd. (Energy Group Finance Company) Guangdong Energy Finance Leasing 82384285821124420844967278 Company (Energy Finance LeasingGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 31/12/2024 Changes in increase or decrease in the current period 31/12/2025 Investment Declared Invested entity Provision Reduction income Other Provision Provision Addition in Other cash Book value for in recognized comprehensive for Others Book value for investment movements dividends or impairment investment by equity income impairment impairment profits method Company) Guangdong Energy Property Insurance 309986789 13515269 2291873 321210185 Captive Co. Ltd.Guangdong Yuedian Shipping 12643631921467919-629116-643515146631607 Co. Ltd. (Yuedian Shipping) Guizhou Yueqian Power Co. Ltd. 272287737 5391285 -9331 -827613 276842078 (Yueqian Power) Yunnan Energy Investment Weixin 122614153122614153 Co. Ltd. (Weixin Yuntou) Southern Offshore wind power Union Development Co. 21462504917507881823110214552727 Ltd.(Southern Offshore Wind Power) Guangdong Energy Group Corporate Services Co. Ltd. 27000000 32824 27032824 (Energy Corporate Services) Others 64614712 20819280 8601447 5256446 67959713 20819280 Subtotals 9601155550 143433433 27000000 586922153 -61742824 14090251 204680046 9962745084 143433433 Total 10812658939 143433433 327000000 675523147 -59727389 15963968 227962446 11543456219 143433433Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Note 1: As at 31 December 2025 the Company’s subsidiary Guangdong Wind Power Company (Guangdong Wind Power) held 51% shares of China Aviation Shenxin. According to the articles of association of China Aviation Shenxin the resolution of the shareholders’ meeting must be unanimously adopted by shareholders representing more than 2/3 of the voting rights. Therefore China Aviation Shenxin is jointly controlled by the Company’s subsidiary Provincial Wind Power and Inner Mongolia Electric Power Survey & Design Institute Co. Ltd. which holds 49% shares of China Aviation Shenxin.Note 2: The Company determines significant long-term equity investments based on a comprehensive consideration of factors such as the book value of joint ventures and associated enterprises and the proportion of long-term equity investment income accounted for by the equity method in the Company's consolidated net profit. In 2025 the Company had no significant impairment of long-term equity investments.In the current year the change in other equity of long-term equity investments in joint ventures amounted to RMB 1873717 (2024: RMB 549222) which was recorded in capital reserves.In the current year the change in other equity of long-term equity investments in associated enterprises recorded in capital reserves amounted to RMB 14090251 (2024: RMB 6154986). 8. Investments in other equity instruments Item 31/12/2025 31/12/2024 Shenergy Company Limited (Shenergy) 432040906 527001051 Sunshine Insurance Group Company Limited (Sunshine Insurance) 1226572760 884831222 Shenzhen Capital Group Co. Ltd. (SCG) 1232000000 1124000000 Others 119076222 114457600 Total 3009689888 2650289873 Note: The Company does not participate in or influence the financial and operating decisions of the above investees in any ways. Therefore the Company has no significant influence on the above investees and accordingly they are accounted for as investments in other equity instruments.As at 31 December 2025 the Company held 55532250 tradable A shares in Shenergy with fair value of RMB 432040906 and the investment cost was RMB 235837988. The investment was stated at fair value with reference to the market price. During the year losses at fair value amounted to RMB 94960145 (2024: Gains of RMB 170484007) and other comprehensive income was adjusted downwards accordingly.As at 31 December 2025 the Company held 350000000 shares in Sunshine Insurance including 238000000 domestic shares and 112000000 tradable HK shares. The fair value was RMB 1226572760 and the investment cost was RMB 356000000. The investment was stated at fair value with reference to the market price. During the year gains at fair value amounted to RMB 341741538 (2024: Loss of RMB 494168780) and other comprehensive income was adjusted upwards accordingly. As at 31 December 2025 the fair value of the equity that the Company held in Shenzhen Capital Group (SCG) amounted to RMB 1232000000 and the investment cost was RMB 328034000. The Company used the discounted cash flow model and the market comparable company model to estimate the value of this investment. During the current year gains at fair value amounted to RMB 108000000 (2024: Gains of RMB 110000000) and other comprehensive income was adjusted upwards accordingly.Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Gains and losses Gains and losses Dividend Accumulated gains recognized in other accumulated in other income for and losses transferred Reason for Item comprehensive income comprehensive income the current to retained earnings derecognition in the current period at the end of the period period due to derecognition Shenergy Company -94960145 196202918 24989512 Limited Sunshine Insurance Group 341741538 870572760 66500000 Company Limited Shenzhen Capital Group 108000000 903966000 22038083 Co. Ltd.Others 4618622 96785594 2628000 9. Investment properties (1) Investment property measured at cost Item Buildings Land use rights Total I.Original book value 1. As at 1/1/2025 489485969 46042801 535528770 2. Additions in the current period 169488 169488 (1) Outsourcing (2) PPE transfers in 169488 169488 3. Reduction in the current period 12249358 12249358 (1) Disposal (2) Other transfers out 12249358 12249358 4. As at 31/12/2025 477406099 46042801 523448900 II. Accumulated depreciation and accumulated amortization 1. As at 1/1/2025 185181820 13853364 199035184 2. Additions in the current period 7572111 904136 8476247 (1) Accrual or amortization 7411097 904136 8315233 (2) PPE transfers in 161014 161014 3. Reduction in the current period 7840015 7840015 (1) Disposal (2) Other transfers out 7840015 7840015 4. As at 31/12/2025 184913916 14757500 199671416 III. Impairment provision 1. As at 1/1/2025 2. Additions in the current period 3. Reduction in the current period 4. As at 31/12/2025 IV. Book value 1. As at 31/12/2025 292492183 31285301 323777484 2. As at 1/1/2025 304304149 32189437 336493586Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] In 2025 depreciation expense of investment properties was RMB 8315233 (2024: RMB 8650211) among which depreciation expenses recorded in cost of sale and general and administrative expenses were RMB 7679635 and RMB 635598 respectively (2024: RMB 8014613 and RMB 635598). 10. Property plant and equipment (PPE) Item 31/12/2025 31/12/2024 PPE 85751864102 73507162717 Disposals of PPE 144693413 121635938 Total 85896557515 73628798655 (1) PPE * PPE Power Motor Other Item Buildings generation Total vehicles equipment equipment I. Original book value: 1. As at 1/1/2025 38950432707 110378016870 729602285 1630744434 151688796296 2. Additions in the current 24643588151558329467311259531770822124618868470051 period (1) Acquisition 79481593 327516571 38047876 634785046 1079831086 (2) Transfer-in of construction 237262786413853997743745474417343620016374609248 in progress (CIP) (3) Consolidated increase 1401780359 1401780359 (4) Transfer-in of investment 1224935812249358 properties 3. Reduction in the current 159222480196274774724217606523713502198559183 period (1) Disposal or scrapping 159052992 1962747747 24217606 52371350 2198389695 (2) Transfer-out of investment 169488169488 properties 4. As at 31/12/2025 41255569042 123998563796 817979996 2286594330 168358707164 II. Accumulated depreciation 1. As at 1/1/2025 14372472485 59561296584 515563167 1311268875 75760601111 2. Additions in the current 985522186482776096238040589922418725943565609 period (1) Accrual 977682171 4570806533 38040589 92241872 5678771165 (2) Transfer-in of right-of-use 256954429256954429 assets (3) Transfer-in of investment 78400157840015 properties 3. Reduction in the current 50618386130803177222750866479643561429365380 period (1) Disposal or scrapping 50457372 1308031772 22750866 47964356 1429204366 (2) Transfer-out of investment 161014161014 properties 4. As at 31/12/2025 15307376285 63081025774 530852890 1355546391 80274801340 III. Impairment provision 1. As at 1/1/2025 1014348663 1401265401 1212465 4205939 2421032468 2. Additions in the current 160197302213448523571237368153 periodGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Power Motor Other Item Buildings generation Total vehicles equipment equipment (1) Accrual 16019730 212738874 3571 228762175 (2) Transfer-in of CIP - 8605978 - 8605978 3. Reduction in the current 85118355241070952169592326358899 period (1) Disposal or scrapping 85118355 241070952 169592 326358899 4. As at 31/12/2025 945250038 1381539301 1212465 4039918 2332041722 IV. Book value 1. As at 31/12/2025 25002942719 59535998721 285914641 927008021 85751864102 2. As at 1/1/2025 23563611559 49415454885 212826653 315269620 73507162717 Note 1: As at 31 December 2025 there were no power generation equipment or buildings used as collateral for long-term borrowings. (December 31 2024: None).In 2025 depreciation expense of PPE recorded in cost of sale General and administrative expenses construction in progress research and development expenses and selling expenses are set out as follows: Item 2025 2024 Construction in progress 12580925 8045170 Cost of sale 5515082581 5026021242 Research and development expenses 70657480 80994510 Selling expenses 2454504 2336060 Administrative expenses 77995675 74235433 Total 5678771165 5191632415 * Impairment of PPE Increased in the c Decreased in the Item 31/12/2024 urrent 31/12/2025 current year year Lincang Yuedian Energy Co. Ltd. (Lincang Energy) 758537917 2039246 756498671 Guangdong Yuedian Zhanjiang Biomass Power 2992522145746907293505307 Generation Co. Ltd. (Biomass Power Generation) Guangdong Yuedian Bohe Energy Co. Ltd. (Bohe 24258168331389974211191709 Energy) Tumushuke Thermal Power Co.Ltd. 190878282 190878282 Guangdong Yuedian Jinghai Power Generation Co. 1668096333586455514645256188028932 Ltd. (Jinghai Power) Guangdong Yuehua Power Generation Co. Ltd. 135139793 135139793 Guangdong Yuedian Shaoguan Power Plant Co. 1114573962391719812418790122955804 Ltd. (Shaoguan Power Plant) Guangdong Electric Power Development Co. Ltd. 15470657838245760116460818 Shajiao A Power Plant (Shajiao A Power Plant) Guangdong Yuedian Shibeishan Wind Power Co. 5282760052827600 Ltd. (Shibeishan Wind Power) Gaotang Shihui New Energy Co. Ltd. (Gaotang New 5269365952693659 Energy) Guangdong Guangye Nanhua New Energy Co. Ltd. 66866324263513249321764 (Nanhua New Energy)Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Increased in the c Decreased in the Item 31/12/2024 urrent 31/12/2025 current year year Guangdong Yueneng Wind Power Co. Ltd. 117389263047649142215417 (Yueneng Wind Power) Guangdong YueDian YunHe Power Generation Co. 1028870128232492207374536447448 Ltd. (Yunhe Power) Guangdong Energy Maoming Thermal Power Plant 297516841367095416080730 Co. Ltd. (Maoming Thermal Power) Guangdong Red Bay Power Co. Ltd. (Red Bay 12244555710841443714031120 Power) Guoyang County Herun New Energy Technology 1206583412065834 Co. Ltd. (Herun New Energy) Shenzhen Guangqian Electric Co. Ltd. 8912678 2876814 619759 11169733 Qinglong Manchu Autonomous County Jianhao 99996386059789605941 Photovoltaic Technology Co. Ltd. (Jianhao PV).Zhanjiang Zhongyue Energy Co. Ltd. (Zhongyue 1041656210360299380533 Energy) Zhanjiang Electric Power Co. Ltd. 18822875 10392229 8430646 Guangdong Huizhou Natural Gas Power Co. Ltd. 3113647 1666 3111981 Guangdong Yuedian Yangjiang Offshore Wind 8045918480459184 Power Co. Ltd. (Yangjiang Wind Power) Guangdong Yuedian Pingyuan Wind Power Co. Ltd. 52049635204963 (Pingyuan Wind Power) Total 2421032468 237368153 326358899 2332041722 For the Company's significant PPE for which there are impairment indications and the asset balances exceed RMB 500 million the relevant impairment assumptions are presented as follows: Note 1: In 2025 some power generation equipment of the Company’s subsidiaries —Shihui New Energy Jinghai Power Yunhe Power Shaoguan Power Plant Herun New Energy and Shenzhen Guangqian Electric Power Co. Ltd.— was subject to technical renovation and other improvement activities. The equipment parts which were to be removed or replaced were terminated or disposed of in advance.. As a result relevant assets showed indicators of impairment and an impairment provision of RMB 155650552 was recognized. In addition Jianhao PV recognized PPE impairment transferred from CIP impairment amounting to RMB 8605978.Note 2: The Company’s subsidiary Nanhua New Energy is principally engaged in wind power generation with its generating units located in Zhanjiang Guangdong. In 2025 due to changes in market electricity prices and other factors the Company incurred operating losses and the long-term assets of Nanhua New Energy exhibited indicators of impairment. Nanhua New Energy was treated as a cash-generating unit (CGU including goodwill) and was subjected to an impairment test. The recoverable amount of the CGU was determined based on the present value of expected future net cash flows amounting to RMB 275905137. Accordingly an impairment provision of RMB 42635132 was recognized. The carrying value of goodwill attributable to Nanhua New Energy has been reduced to zero and the PPE impairment provision for the year amounted to RMB 42635132.The Company determines the on-grid electricity price electricity sale and fuel price on the basis of historical experience and forecasts of market development. The key estimates in the forecast period are projected based on the Group's five-year profitability forecasts and the discount rate is a pre-tax discount rate that reflects specific risks of relevant assets. The key assumptions applied in calculating discounted future cash flows are as follows: Item Key parameterGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Item Key parameter Prediction period year 5 years On-grid electricity price during the forecast period (RMB/MWh) 408.65 On-grid electricity price during the stable period (RMB/MWh) 408.65 Subsidized electricity price during the forecast period (RMB/MWh) 157.00 Subsidized electricity price during the stable period (RMB/MWh) 157.00 Electricity sale during the forecast period (MWh) 82665.00 Electricity sale during the stable period (MWh) 82665.00 Pre-tax discount rates 6.54% Note 3: The Company’s subsidiary Yueneng Wind Power is principally engaged in wind power generation with its generating units located in Zhanjiang Guangdong. In 2025 due to changes in market electricity prices and other factors the Company incurred operating losses and the long-term assets of Yueneng Wind Power exhibited indicators of impairment. Yueneng Wind Power was treated as a cash-generating unit (CGU including goodwill) and was subjected to an impairment test. The recoverable amount of the CGU was determined based on the present value of expected future net cash flows amounting to RMB 231328122. Accordingly an impairment provision of RMB 64151567 was recognized. The carrying value of goodwill attributable to Yueneng Wind Power has been reduced to zero and the PPE impairment provision for the year amounted to RMB 30476491 while the intangible assets impairment provision amounted to RMB 33675076.The Company determines the on-grid electricity price electricity sale and fuel price on the basis of historical experience and forecasts of market development. The key estimates in the forecast period are projected based on the Group's five-year profitability forecasts and the discount rate is a pre-tax discount rate that reflects specific risks of relevant assets. The key assumptions applied in calculating discounted future cash flows are as follows: Item Key parameter Prediction period year 5 years On-grid electricity price during the forecast period (RMB/MWh) 552.20 On-grid electricity price during the stable period (RMB/MWh) 552.20 Subsidized electricity price during the forecast period (RMB/MWh) 208.80 Subsidized electricity price during the stable period (RMB/MWh) 208.80 Electricity sale during the forecast period (MWh) 77220.00 to 88357.50 Electricity sale during the stable period (MWh) 88357.50 Pre-tax discount rates 6.63% * PPE without property certificates Item Book value as at 31/12/2025 Reasons for not obtaining certificates of ownership Buildings 3549551057 Pending to government approval As at 31 December 2025 management believed that there were neither substantial legal obstacles in obtaining the certificates nor material adverse impact on the normal operation of the Company.Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] (2) Disposals of PPE Item 31/12/2025 31/12/2024 Reason for transfer to disposals of PPE Parts of power generation equipment 132906108 103795315 Scrapped but not yet disposed Other equipment 11787305 17840623 Scrapped but not yet disposed Total 144693413 121635938 11. Construction in progress (CIP) Item 31/12/2025 31/12/2024 CIP 31568774393 31341212969 Engineering materials 13703777 41637796 Total 31582478170 31382850765 (1) CIP * Details of CIP 31/12/202531/12/2024 Project Provision for Provision for Book balance Book value Book balance Book value impairment impairment Qingzhou Offshore Wind Power Project 13075502556 13075502556 12691249231 12691249231 Shache Integrated Energy Photovoltaic Project 1874628732 1874628732 Phase II expansion project of Dapu 3646167763 3646167763 Inner Mongolia Yuefeng 300MW Photovoltaic Park Project 34569691 34569691 Zhaoqing Dinghu Natural Gas Cogeneration Project 37676940 37676940 100MW Photovoltaic Power Generation Project on Xipo Muhong Jinchang 9045390453 District Jinchang Phase II project of Bohe Power Plant 2485625431 2485625431 2446503296 2446503296 Hongdong County 200MW Centralized Photovoltaic Power Generation Project 473434501 473434501 382657376 382657376Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 31/12/202531/12/2024 Project Provision for Provision for Book balance Book value Book balance Book value impairment impairment Guizhou Power Grid's 150MW Photovoltaic Project 270692386 270692386 265354845 265354845 120MW Fishery-Photovoltaic Complementary Project in Qiantang Potou 257852660257852660231647619231647619 Zhanjiang City Dananhai Cogeneration Project 1256758863 1256758863 894037106 894037106 Laishui Lieneng Laishui County 80MW Grid-Connected Photovoltaic Power 331106308331106308227916733227916733 Generation Project at Parity Price Yunhe Natural Gas Thermal Power Cogeneration Project 1471413559 1471413559 1226670911 1226670911 Jincheng Yuefeng 170MW Photovoltaic Project 418032508 418032508 Yahua New Energy's 50MW Agricultural-Photovoltaic Complementary 330564240330564240323164342323164342 Renewable Energy Photovoltaic Power Station Project Wuhua Huangni Village Project 211131019 211131019 154681906 154681906 Agrivoltaic Power Generation Project at Changshan Farm Lianjiang Zhanjiang 5390253 5390253 Expansion project of Unit 5 and Unit 6 at Jinghai Power Plant 6339282461 55389093 6283893368 807408490 55389093 752019397 Huadu Cogeneration Project 91404023 91404023 84234472 84234472 Xiangzhou Hangjing Photovoltaic Integration Phase II Project 866380742 866380742 350000 kW Photovoltaic Project of the 45th Regiment of the Third Division of the 670388068670388068 Corps 1 million kilowatts wind power project in Tuokexun County 831706906 831706906 502897416 502897416 Xiangzhou Yunjiang Wind-Solar-Storage Integrated Project 452572118 452572118 Infrastructure construction project for units 5 and 6 at Honghai Bay 919562602 26446447 893116155 401157015 26446447 374710568 Huibo 100MW Photovoltaic Hybrid Project 292040745 292040745 282720095 282720095 Agricultural-Photovoltaic Complementary Photovoltaic Project in Lanshannan 203345924203345924 City 100MW Wind Power Project in Wangxian Township Wanrong County 304064809 304064809 175444019 175444019 Jingyuan 100000 kW Wind Power Project 379930366 379930366 153864133 153864133 Flow passage renovation project for Jinghai No. 3 and No. 4 steam turbines 165354925 165354925 132273480 132273480Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 31/12/202531/12/2024 Project Provision for Provision for Book balance Book value Book balance Book value impairment impairment Yehai Yuefeng Lingao Bohou Town 100MW Agrivoltaic Power Generation 1328015991328015992395673623956736 Project Huizhou Advanced Materials Industrial Park Cogeneration and Cooling Project 320071710 320071710 13438368 13438368 Karamay Silk Road New Cloud Intelligent Computing Center Supporting 37736522937736522935627843562784 Renewable Energy Project Other infrastructure projects 1034070419 284948812 749121607 1026078305 215605096 810473209 Technical transformation and other projects 594205162 10383734 583821428 988875469 10383734 978491735 Total 31945942479 377168086 31568774393 31649037339 307824370 31341212969 * Changes in significant CIP Accumulated Including: Capitalized Ratio of capitalized Increase in the Transferred to Other Project 1/1/2025 capitalized interest for the current interest for the current 31/12/2025 current period PPE changes interest period period Qingzhou Offshore Wind Power Project 12691249231 384253325 648729199 212357271 2.24 13075502556 Shache Integrated Energy Photovoltaic Project 1874628732 149246229 2023874961 65898719 30274949 2.43 Phase II expansion project of Dapu 3646167763 2503519464 6149687227 123801488 66228610 2.71 Inner Mongolia Yuefeng 300MW Photovoltaic 34569691 75472 34645163 31154397 not applicable Park Project Zhaoqing Dinghu Natural Gas Cogeneration 37676940 3398986 41075926 93550365 not applicable Project 100MW Photovoltaic Power Generation Project 90453 1770785 1861238 10079140 not applicable at Xipo Muhongjinchang District Jinchang Phase II project of Bohe Power Plant 2446503296 2897789751 2858667616 92771327 55912171 2.00 2485625431 200MW centralized photovoltaic power 382657376907771252324652471536052.43473434501 generation project in Hongdong County Guizhou Power Grid's 150MW Photovoltaic 26535484553375411103240645433123.45270692386 Project 120MW Fishery-Photovoltaic Complementary 231647619262050411397578145283112.52257852660 Project in Qiantang Potou Zhanjiang City Dananhai Cogeneration Project 894037106 362721757 51923917 28394188 2.07 1256758863Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Accumulated Including: Capitalized Ratio of capitalized Increase in the Transferred to Other Project 1/1/2025 capitalized interest for the current interest for the current 31/12/2025 current period PPE changes interest period period Laishui Lieneng Laishui County 80MW Grid- connected Photovoltaic Power Generation 227916733 103189575 15865409 6650324 2.65 331106308 Project at Parity Pricing Yunhe Natural Gas Thermal Power Cogeneration 122667091124490889916625140334445248779712.721471413559 Project Jincheng Yuefeng 170MW Photovoltaic Project 418032508 359988834 778021342 13320200 7539972 2.19 Yahua New Energy 50MW Agrivoltaic Renewable 32316434273998981053712958304782.58330564240 Energy Photovoltaic Power Station Project Wuhua Huangni Village Project 154681906 56449113 10368552 2787020 3.38 211131019 Agrivoltaic Power Generation Project at 539025353902537554912 Changshan Farm Lianjiang Zhanjiang Expansion project of Units 5 and 6 at Jinghai 8074084905531873971119190076821308842.506339282461 Power Plant Huadu Combined Heat and Power Generation 842344721251917253496217711851691404023 Project Xiangzhou Hangjing Photovoltaic Integration 8663807422209483888847558016282115162821152.76 Phase II Project 350000 kW Photovoltaic Project of the 45th 670388068317778654988166722515952351722.320 Regiment of the Third Division of the Corps 1000000 kW Wind Power Project in Tuokexun 50289741632880949014154149130962112.33831706906 County Xiangzhou Yunjiang Wind-Solar-Storage 45257211825638237478210355591814959181492.710 Integrated Project Infrastructure construction project for units 5 and 40115701551840558745722105312843052.35919562602 6 at Honghai Bay Huibo 100MW Photovoltaic Hybrid Project 282720095 9320650 13733055 6253445 2.00 292040745 Agricultural-Photovoltaic Complementary 2033459243745646445779105681328408384259602.820 Photovoltaic Project in Lanshannan City 100MW Wind Power Project in Wangxian 175444019128620790729717258665082.31304064809 Township Wanrong County Jingyuan 100000 kW Wind Power Project 153864133 226066233 7931025 7061452 2.60 379930366 Flow passage renovation project for Jinghai No. 3 132273480330814455069854582522.15165354925 and No. 4 steam turbines Yehai Yuefeng Lingao Bohou Town 100MW 23956736108844863121266012126602.85132801599 Agrivoltaic Power Generation ProjectGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Accumulated Including: Capitalized Ratio of capitalized Increase in the Transferred to Other Project 1/1/2025 capitalized interest for the current interest for the current 31/12/2025 current period PPE changes interest period period Huizhou Advanced Materials Industrial Park 13438368306633342161008016100802.14320071710 Cogeneration and Cooling Project Karamay Silk Road New Cloud Intelligent Computing Center Supporting Renewable Energy 3562784 462273726 88471281 5663754 5663754 2.32 377365229 Project Other infrastructure projects 1026078305 830332835 822340721 402530136 120147568 not applicable 1034070419 Technical transformation and other projects 988875469 265736422 632294423 28112306 5453991 not applicable 594205162 Total 31649037339 16699626694 16374609248 28112306 2006911484 762494697 31945942479 Changes in significant CIP (Continued) Proportion of Project Project name Budget Investment to the Source of Funds progress % budget (%) Qingzhou Offshore Wind Power Project 17107250000 81.27 99.45 Borrowing and self-financing Shache Integrated Energy Photovoltaic Project 12917064600 91.64 100.00 Borrowing and self-financing Phase II expansion project of Dapu 8134220000 85.60 100.00 Borrowing and self-financing Inner Mongolia Yuefeng 300MW Photovoltaic Park Project 1572760000 88.99 100.00 Borrowing and self-financing Zhaoqing Dinghu Natural Gas Cogeneration Project 2998180000 83.65 100.00 Borrowing and self-financing 100MW Photovoltaic Power Generation Project on Xipo Muhong Jinchang District Jinchang 598705600 97.51 100.00 Borrowing and self-financing Phase II project of Bohe Power Plant 7483510000 83.89 97.52 Borrowing and self-financing Hongdong County 200MW Centralized Photovoltaic Power Generation Project 516560000 93.22 99.00 Borrowing and self-financing Guizhou Power Grid's 150MW Photovoltaic Project 589200000 50.57 49.00 Borrowing and self-financing 120MW Fishery-Photovoltaic Complementary Project in Qiantang Potou Zhanjiang City 500232000 50.35 54.00 Borrowing and self-financing Dananhai Cogeneration Project 2855450000 44.31 44.01 Borrowing and self-financing Laishui Lieneng Laishui County 80MW Grid-Connected Photovoltaic Power Generation Project 376000000 91.07 95.00 Borrowing and self-financing at Parity Price Yunhe Natural Gas Cogeneration Project 2809700000 65.65 90.60 Borrowing and self-financingGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Proportion of Project Project name Budget Investment to the Source of Funds progress % budget (%) Jincheng Yuefeng 170MW Photovoltaic Project 884703700 75.62 100.00 Borrowing and self-financing Yahua New Energy 50MW Agricultural-Photovoltaic Complementary Renewable Energy 667970944 66.79 48.42 Borrowing and self-financing Photovoltaic Power Station Project Wuhua Huangni Village Project 336020000 64.54 64.21 Borrowing and self-financing Agrivoltaic Power Generation Project at Changshan Farm Lianjiang Zhanjiang 294690000 82.89 100.00 Borrowing and self-financing Expansion project of Units 5 and 6 at Jinghai Power Plant 8049770000 79.82 79.30 Borrowing and self-financing Huadu Combined Heat and Power Generation Project 3536710000 71.38 88.96 Borrowing and self-financing Xiangzhou Hangjing Photovoltaic Integration Phase II Project 991800000 89.59 100.00 Borrowing and self-financing 350000 kW photovoltaic project of the 45th Regiment of the Third Division of the Corps 1156680800 85.43 100.00 Borrowing and self-financing 1 million kilowatts wind power project in Tuokexun County 1460000000 56.97 85.00 Borrowing and self-financing Xiangzhou Yunjiang Wind-Solar-Storage Integrated Project 522000000 91.61 100.00 Borrowing and self-financing Infrastructure construction project for Units 5 and 6 at Honghai Bay 7820820000 10.71 44.58 Borrowing and self-financing Huibo 100MW Photovoltaic Hybrid Project 651393000 36.39 40.10 Borrowing and self-financing Agricultural-Photovoltaic Complementary Project in Lanshan Nan City 990870000 57.43 100.00 Borrowing and self-financing 100MW Wind Power Project in Wangxian Township Wanrong County 610594600 50.04 70.00 Borrowing and self-financing Jingyuan 100000 kW Wind Power Project 681220000 55.53 93.60 Borrowing and self-financing Flow passage renovation project for Jinghai No. 3 and No. 4 steam turbines 373000000 44.33 44.30 Borrowing and self-financing Yehai Yuefeng Lingao Bohou Town 100MW Agrivoltaic Power Generation Project 560030000 23.89 35.67 Borrowing and self-financing Huizhou Advanced Materials Industrial Park Cogeneration and Cooling Project 2626090000 12.19 13.60 Borrowing and self-financing Karamay Silk Road New Cloud Intelligent Computing Center Supporting Renewable Energy 970000000 48.02 85.00 Borrowing and self-financing Project Other infrastructure projects not applicable not applicable not applicable Borrowing and self-financing Technical renovation and other projects not applicable not applicable not applicable Borrowing and self-financing Total 91643195244 -- -- --Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only]Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] * Provision for impairment of CIP Provision for Increase due to Reason for Decrease in loss allowance in consolidation provision Project 1/1/2025 the current 31/12/2025 the current period period Humen Power Plant Cease 137373040137373040 2*1000MW Unit Project construction Impairment of projects Project under construction in the 55389093 55389093 stagnation early stage of Jinghai unit Impairment of projects under construction in the Project 4663045446630454 early stage of Guangqian stagnation Power Phase II Impairment of early-stage Project wind power projects under 9421025 8228591 1192434 stagnation construction in the province Impairment of the Shibei reconstruction of Mountain Wind Turbine 13927888 13927888 wind turbines Project Qinglong Jianhao Tumenzi 215MW and Liangshuihe 8605978 8605978 Asset acquisition 25MW Photovoltaic Power Generation Projects Shaoguan Nanxiong Project Distributed Wind Power 2725732 2725732 stagnation Project The relocation and loss of surrounding enterprises near Yuehua Natural Gas the plant area Cogeneration Project – led to a reduction 7142883871428838 Supporting Heat Network in heat supply Engineering customers resulting in the suspension of project construction Xinhui Taishan Guanghai Project Bay Gas-Fired Power 403302 403302 stagnation Project Bijie City Dafang County Project 14359521435952 New Energy Project stagnation Dafang County Changshi Town Shanba 80MW Project 523447523447 Agrivoltaic Power Station stagnation Project Qiming Natural Gas Power Cease 1051322710513227 Generation Project construction Project Other engineering projects 36476892 852213 35624679 stagnation Total: 307824370 87030498 17686782 377168086 -Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 12. Right-of-use assets Machinery and Motor Item Land use rights Buildings Total equipment Vehicles I. Original book value: 1. As at 1/1/2025 828311424 98231470 12912058960 18659094 13857260948 2. Increase in the current period 144555687 37105680 1266646172 13812801 1462120340 (1) Add new lease contract 144555687 37105680 1266646172 13812801 1462120340 3. Decrease in the current period 107509358 27086052 1325362381 8167904 1468125695 (1) Lease modification 28969323 7712687 36682010 (2) Lease transfer-out 78540035 27086052 1317649694 8167904 1431443685 4. As at 31/12/2025 865357753 108251098 12853342751 24303991 13851255593 II. Accumulated depreciation 1. As at 1/1/2025 64527355 48696978 2031826849 11790691 2156841873 2. Increase in the current period 41064310 26624124 718671609 7490931 793850974 (1) Accrual 41064310 26624124 718671609 7490931 793850974 (2) Consolidation increase 3. Decrease in the current period 4433252 25581773 257754692 8125997 295895714 (1) Lease modification 915584 800263 1715847 (2) Lease transfer-out 3517668 25581773 256954429 8125997 294179867 4. As at 31/12/2025 101158413 49739329 2492743766 11155625 2654797133 III. Impairment provision 1. As at 1/1/2025 2. Increase in the current period (1) Accrual 3. Decrease in the current period (1) Transfer out upon lease expiration 4. As at 31/12/2025 IV. Book value 1. As at 31/12/2025 764199340 58511769 10360598985 13148366 11196458460 2. As at 1/1/2025 763784069 49534492 10880232111 6868403 11700419075 The depreciation expense in the current period recorded in operating costs general and administrative expenses construction in progress research and development expenses and selling expenses: Item 2025 2024 Construction in progress 199307719 188908969 Cost of sale 568241717 557751857 Research and development expenses 734833 Selling expenses 415063 400132 General and administrative expenses 25151642 14045007 Total 793850974 761105965Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 13. Intangible assets (1) Intangible assets Land use Use rights of Non- rights associated projects for patented Item Software Total and use right electricity transmission technology of sea area and transformation and others I. Original book value 1. As at 1/1/2025 4525739374 260331315 321440501 107523189 5215034379 2. Increase in the current period 109505574 21115142 8604153 139224869 (1) Purchase 99949410 9603805 7012032 116565247 (2) Transfers from CIP 9556164 11511337 1592121 22659622 (3) Consolidated increase 3. Decrease in the current period 60996410 19062114 424529 80483053 (1) Disposal 60996410 19062114 424529 80483053 4. As at 31/12/2025 4574248538 260331315 323493529 115702813 5273776195 II. Accumulated amortization 1. As at 1/1/2025 852982870 260331315 199323363 56350663 1368988211 2. Increase in the current period 108512211 25423020 15057854 148993085 (1) Accrual 108512211 25423020 15057854 148993085 (2) Consolidated increase 3. Decrease in the current period 18586096 18168646 84906 36839648 (1) Disposal 18586096 18168646 84906 36839648 4. As at 31/12/2025 942908985 260331315 206577737 71323611 1481141648 III. Provision for impairment 1. As at 1/1/2025 56502373 448341 2460161 59410875 2. Increase in the current period 33675076 33675076 3. Decrease in the current period 4. As at 31/12/2025 56502373 448341 36135237 93085951 IV. Book value 1. As at 31/12/2025 3574837180 116467451 8243965 3699548596 2. As at 1/1/2025 3616254131 121668797 48712365 3786635293 Note: As at 31 December 2025 there was no intangible assets arising from internal research and development of the Company. (2) The depreciation expense in the current period recorded in operating costs general and administrative expenses construction in progress research and development expenses and selling expenses: Item 2025 2024 Construction in progress 15414879 19208496 Cost of sale 29914170 22451611 Research and development expenses 992914 1327668 General and administrative expenses 102671122 102208295 Total 148993085 145196070Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] (3) Land use rights without property certificates Book value as at Reasons for not having Item 31/12/2025 obtained the property certificate Land use rights 22176972 Filing documents are in preparation 14. Goodwill (1) Original value Increase in the Decrease in the Name of the invested entities 1/1/2025 31/12/2025 current period current period Tumushuke Thermal Power 119488672 119488672 Nanhua New Energy 6158995 6158995 Others 39372264 39372264 Total 165019931 165019931 (2) Provision for impairment Increase in the Decrease in the Name of the invested entities 1/1/2025 31/12/2025 current period current period Tumushuke Thermal Power 119488672 119488672 Nanhua New Energy 6158995 6158995 Others 36922378 36922378 Total 162570045 162570045 Note: All goodwill had been allocated by the Company to the relevant CGU or CGU groups at the acquisition date. In 2025 the allocation of goodwill remained unchanged. In test for impairment of goodwill the Company compares the carrying amount of relevant CGU (including goodwill) with its recoverable amount. If the recoverable amount is lower than the carrying amount the difference is recorded in profit or loss for the current period. The Company determines the on-grid electricity price electricity sale and fuel price on the basis of historical experience and forecasts of market development.The key estimates applied in the forecast period are projected based on the Group’s five-year profitability forecasts and the discount rate is the pre-tax discount rate that reflects specific risks of relevant assets. 15. Long-term prepaid expenses Increase in Decrease in the current period the Item 1/1/2025 current Other 31/12/2025 Amortization period decreases Improvement to right-of-use assets 6984262 1184679 5134337 486040 2548564 Road use rights 30392941 1689225 28703716 Capacity usage fee for step-up 1430798814307988 substation Others 18127958 1973377 3432848 16668487 Total 55505161 17466044 10256410 486040 62228755Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 16. Deferred tax assets (DTA) and deferred tax liabilities (DTL) (1) DTA and DTL before offsetting 31/12/202531/12/2024 Item Deductible/taxable Deductible/taxable Deferred tax Deferred tax temporary temporary assets/liabilities assets/liabilities differences differences Deferred tax assets: Deductible loss 1359766199 339941550 1835121929 458780482 Lease liabilities 2223936509 555984127 1441792757 357536654 Provision for assets 808442956202110739919919108226760522 impairment Unrealized profits from 469222255117305564512732957128183239 intra-group transactions Employee benefits payable 244159148 61039787 288549129 72137283 Depreciation of PPE 283862484 70965621 267052329 65313187 Others 108242483 27060621 102268681 25567170 Subtotals 5497632034 1374408009 5367436890 1334278537 Deferred tax liabilities: Changes in fair value of investments in other equity instruments included in 2067397639 516849410 1708127258 427031815 other comprehensive income Right-of-use assets 1622538486 405634622 927757509 223639538 Revaluation reserve of business combinations 11963288929908222 involving enterprises not under common control Depreciation of PPE 52543951 13135988 71982420 17995605 Amortization of land use 141526633538166145358573633964 rights Interest receivable 170118 42530 12272627 3068157 Subtotals 3756802857 939200716 2854308560 705277301 Expected recovery period of DTA and DTL: 31/12/202531/12/2024 Expected to be Expected to be Item Expected to be Expected to be recovered recovered recovered recovered within 1 year within 1 year after 1 year after 1 year (inclusive) (inclusive) DTA 183338026 1191069983 107379274 1226899263 DTL 48708245 890492471 26887618 678389683 (2) The net balances of DTA and DTL after offsetting Item 31/12/2025 31/12/2024Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Offsetting Balance after Offsetting Balance after amount offsetting amount offsetting DTA 415346566 959061443 235063758 1099214779 DTL 415346566 523854149 235063758 470213543 (3) Details of deductible temporary differences and deductible losses for unrecognized DTA Item 31/12/2025 31/12/2024 Deductible temporary difference 4980694234 3308593716 Deductible loss 12018511952 11916108217 Total 16999206186 15224701933 (4) Deductible tax losses that are not recognized as DTA which will expire in following years Year 31/12/2025 31/12/2024 Notes 2025——948443650 202628447420643667099962 202745807172534248817127 202810701793461125934980 202915643698651925812498 20301958503424—— Total 12018511952 11916108217 Management considers that as at the maturity date for the above deductible losses the relevant subject of tax payment has no sufficient taxable profits to deduct the above deductible losses. Therefore no related DTA was recognized. 17. Other non-current assets 31/12/202531/12/2024 Item Provision Provision Book Book for Book value for Book value balance balance impairment impairment Advances for engineering and 3261450679 3261450679 4684276206 4684276206 equipment Input VAT to be 3574552047357455204735619944663561994466 deducted Deposits prepaid for equity 124200000 124200000 392026000 392026000 acquisition Prepayment for 1266116291266116296663475466634754 land use rights Others 24353695 24353695 6614523 6614523 Total 7111168050 7 111168050 8711545949 8711545949 Note 1: In August 2022 Guangdong Wind Power and Shanxi Hengyang New Energy Co. Ltd.(Hengyang New Energy) signed the Framework Agreement for Acquiring Equity of Wuxiang Lvheng 100MW Photovoltaic Power Generation Project and Guangdong Wind Power paid a deposit of RMB 52200000 as agreed in the agreement in 2022Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Note 2: In May 2024 Guangdong Energy Group Xinjiang Co. Ltd. (GEGC Xinjiang) a subsidiary of our company signed a framework agreement with Jiangsu Saifapower Electric Power Development Co.Ltd. (Saifapower Electric Power) to acquire 100% of the equity held by Saifapower Electric Power in Kekedala Zhongfu New Energy Co. Ltd. As of 31 December 2025 GEGC Xinjiang had paid a transaction deposit of RMB 72000000 to Saifapower Electric Power. 18. Assets with restricted ownership or use rights Item Book value Reason for restriction Cash and cash equivalents 25738324 Deposits Trade receivables 958517625 Pledge of collecting electricity fee rights 19. Short-term borrowings (1) Classification of short-term loans Item 31/12/2025 31/12/2024 Fiduciary loan 9741011157 14108930833 Note 1: As at 31 December 2025 the Company had no overdue short-term loans.As at 31 December 2025 the short-tem borrowings provided by the related party Energy Group Finance Company were as follows: Loans provided by Energy Group Finance Company 31/12/2025 31/12/2024 Principal 4441738486 4533991823 Interest payable 2759966 3651215 20. Notes payable Types 31/12/2025 31/12/2024 Commercial acceptance bill 160000000 Bank acceptance bill 650000000 570000000 Supply chain financing letter of 8699726571372292195 credit Total 1519972657 2102292195 Note 1: As at 31 December 2025 the Company had no notes payables that were due but unpaid (December 31 2024: nil). Note 2: In 2025 the Company entered into supply chain financing agreements with banking financial institutions under which the banking institutions advanced payment to fuel suppliers. The Company accounted for the payment obligations related to supply chain financing in notes payable and reported the repayments to the financial institutions as cash paid for goods purchased and services received. 21. Trade payable Item 31/12/2025 31/12/2024 Fuel payable 3030399013 3109496277 Materials and spare parts payable 387842726 581559457Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Item 31/12/2025 31/12/2024 Repair expenses payable 234655323 229642687 Desulfurization and denitrification expenses payable 54374084 28790799 Contracted operation expenses payable 314416207 71348385 Management fees payable for frequency modulation and energy storage 18984762 23319353 Others 254094788 234888723 Total 4294766903 4279045681 Note 1: As at 31 December 2025 trade payables with ageing over one year amounted to RMB 159059062 (December 31 2024: RMB 63727791) including mainly unsettled trade payable for materials and spare parts as well as pipeline transportation fees.Note 2: Other trade payables primarily consist of coal transportation fees payable amounting to RMB 112609019 and pipeline transportation fees payable amounting to RMB 51991577. 22. Advances from customers Item 31/12/2025 31/12/2024 Rental income 67892003 Note: The advances from customers primarily related to the prepaid rental income received by the Company’s subsidiary GEGC Xinjiang for granting the right to use the step-up collection substation to Huaneng Turpan Wind Power Co. Ltd. 23. Contract liabilities Item 31/12/2025 31/12/2024 Advance receipts for goods and services 76228858 32643110 Others 874444 5816718 Subtotal 77103302 38459828 Less: Contractual liabilities included in other non-current liabilities Total 77103302 38459828 24. Employee benefits payable Increase in the Decrease in the Item 1/1/2025 31/12/2025 current period current period Short-term employee benefits payable 427772873 2985235606 2948715374 464293105 Post-employment benefits - defined 30912834448494354448555563085162 contribution plans Termination benefits 116916244 130751876 131003936 116664184 Other benefits maturing within one year 8510788 42179575 42240340 8450023 Total 556291188 3603016492 3566815206 592492474 (1) Short-term employee benefits payable Increase in the Decrease in the Item 1/1/2025 31/12/2025 current period current periodGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Increase in the Decrease in the Item 1/1/2025 31/12/2025 current period current period Wages salaries bonus allowances 2399430214529620121450091872686444 and subsidies Employee welfare expenses 3885406 235000306 235732563 3153149 Social insurance contributions 260286559 220208853 183971527 296523885 Including: 1. Medical insurance and 260286559206945744170708418296523885 maternity insurance 2. Industrial injury insurance 1326310913263109 premium Housing fund 86760 215164485 215160453 90792 Labour union funds and employee 1507603079598341795627528151116196 education funds Other short-term employee benefits 10354411 73582344 73214116 10722639 Total 427772873 2985235606 2948715374 464293105 (2) Defined contribution plan Increase in the Decrease in the Item 1/1/2025 31/12/2025 current period current period Post-employment benefits Including: Basic pensions 55311 288648070 288654046 49335 Unemployment insurance 7390 14326664 14326808 7246 Enterprise annuity contribution 3028582 141874701 141874702 3028581 Total 3091283 444849435 444855556 3085162 (3) Early retirement benefits payable and employee resettlement compensation Item 31/12/2025 31/12/2024 Early retirement benefits payable 116664184 116916244 Note: The retirement expenses outside the basic pension pool that are expected to be paid within one year from the date of the balance sheet are listed as the defined contribution plan. For details please refer to Note V. 34. 25. Taxes payable Taxation 31/12/2025 31/12/2024 Enterprise income tax payable 79849719 116285242 Unpaid value added tax 123386012 111421392 Individual income tax payable 40194293 42378114 Property tax payable 35697145 11355848 City maintenance and construction tax payable 6574977 3500301 Educational surcharge payable 5326932 2760974 Land use tax payable 6091965 2059907 Others 14222271 13678237 Total 311343314 303440015Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 26. Other payables Item 31/12/2025 31/12/2024 Construction and equipment expenses payable 17625958012 14794509103 Project warranty payable 395767744 327109608 Carbon emission allowances payable 256889119 246618393 Advances payable to third parties 4969109 6804566 Environmental restoration costs 111415825 Land compensation 15958335 Others 411427800 434876574 Total 18806427609 15825876579 Note 1: As at 31 December 2025 other payables of RMB 7831706993 (December 31 2024: RMB 3830441329) ) with aging over one year mainly represented construction and equipment expenses payable and warranty payable yet to be settled since the comprehensive acceptance and settlement of relevant projects were yet to be completed or projects were still within their warranty periods.Note 2: In 2025 the Company’s subsidiaries Guangdong Huizhou Natural Gas Power Co. Ltd. and Red Bay Power provided for environmental restoration costs amounting to RMB 111415825.Note 3: In 2024 Yuehua Power Generation received land compensation of RMB 15958335 from Guangzhou Development District Key Projects Promotion Center. In 2025 the compensation met the recognition criteria and was recognized in profit or loss for the period. 27. Current portion of non-current liabilities Item 31/12/2025 31/12/2024 Current portion of long-term borrowings 7971497778 5906727792 Current portion of long-term payables 358639833 44542852 Current portion of debentures payable 1064288075 124279404 Current portion of lease liabilities 491774691 531128288 Total 9886200377 6606678336 (1) Current portion of long-term borrowings Item 31/12/2025 31/12/2024 Pledged loan 362302615 525709397 Guaranteed loan 141954575 134038051 Fiduciary loan 7467240588 5246980344 Total 7971497778 5906727792 28. Other current liabilities Item 31/12/2025 31/12/2024 Short-term debentures payable Output VAT to be written off 520439919 528095817 Total 520439919 528095817Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] (1) Short-term debentures payable Issuance Maturity Bond Name Face value Coupon rate Issue Amount date period First batch of super short-term financing notes issued by 1300000000 1.50% 2025-8-22 60 days 1300000000 Guangdong Electric Power 2025 (25 Yuedianfa SCP001) Short-term debentures payable (continued) Issued in the Interest at Amortization Repayment in Default Bond Name 1/1/2025 current face of premium the current 31/12/2025 or not period value or discount period 25 Yuedianfa 1300000000 3205479 1303205479 No SCP001 29. Long-term borrowings Interest rate Interest rate Item 31/12/2025 31/12/2024 range range Fiduciary loan 74411197080 1.50%-3.45% 68928106497 1.55%-4.06% Pledged loan 3951645946 1.96%-3.00% 5173278170 2.26%-3.56% Guaranteed loan 1218069296 2.65%-3.60% 1346902531 3.10%-4.30% Subtotal 79580912322 75448287198 Less: current portion of long-term borrowings 7971497778 5906727792 Total 71609414544 69541559406 Note 1: As at 31 December 2025 the right for collecting electricity of certain subsidiaries was treated as pledge for long-term pledged loan.Note 2: The Company has no overdue long-term borrowings.Note 3: As of 31 December 2025 the principal balance of long-term borrowings borrowed by the Company’s subsidiary Dacheng County Dun'An New Energy Co. Ltd. (Dun'An New Energy) from Industrial Bank Co. Ltd. Hohhot Branch amounted to RMB 513638084 including current portion of long-term borrowings amounting to RMB 30106673 which was secured by Beijing Guangdun New Energy Technology Co. Ltd. (2024: RMB 542391920 including current portion of long-term borrowings amounting to RMB 28753836). The annual interest rate of the loan is 2.80% (2024: 3.40%) and the remaining principal will mature in installments by December 11 2037.As of 31 December 2025 the principal balance of long-term borrowings borrowed by the Company’s subsidiary Guangdong Yuedian Xuwen Wind Power Electricity Co. Ltd. (Xuwen Wind Power) from the Energy Group Finance Company amounted to RMB 3826625 including current portion of long-term borrowings amounting to RMB 588235 which was secured by Zhanjiang Wind Power (2024: RMB 4411765 including current portion of long-term borrowings amounting to RMB 588235). The annual interest rate of the loan is 2.65% (2024: 3.1%). The remaining principal will mature in installments by November 28 2031.As of 31 December 2025 the principal balance of long-term borrowings borrowed by Tumushuke Thermal Power a subsidiary of the Company from Shanghai Pudong Development Bank and Urumqi Bank amounted to RMB 664650000 including current portion of long-term borrowings amounting to RMB 103050000. The borrowings were guaranteed by the Third Division of Xinjiang Production andGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Construction Corps (2024: RMB 760750000 including current portion of long-term borrowings of RMB 96100000) with an annual interest rate of 2.95% (2024: 3.90%). The remaining principal will mature in installments by June 27 2032.As of 31 December 2025 the principal balance of long-term borrowings borrowed by Tumushuke Thermal Power a subsidiary of the Company from Bank of China amounted to RMB 31283652 including current portion of long-term borrowings amounting to RMB 5872652. The borrowings were guaranteed by Thermoelectric Branch of Xinjiang Jintai Electric Power Co. Ltd (2024: RMB 37252866 with no current portion of long-term borrowings) with a loan interest rate of 3.60% (2024: 4.20% to 4.30%). The remaining principal will mature in installments by December 15 2031. 30. Debentures payable Item 31/12/2025 31/12/2024 21 Yuedian 02 126998416 126964454 21 Yuedian 03 802733618 802658147 22 Yuedianfa MTN001 605575178 605252536 23 Yuedianfa MTN001 1641650539 1641303369 24 Yuedianfa MTN001 1013812118 1013579788 24 Yuedianfa MTN002 1514923106 1514602351 24 Yuedianfa MTN003 603169625 603064342 24 Yuedianfa MTN004A 1004509926 1004289973 24 Yuedianfa MTN004B 501386519 501275303 24 Yuedianfa MTN005 1002065904 1001880113 24 Yuedianfa MTN006A 801874743 801718882 24 Yuedianfa MTN006B 1000981240 1000796146 25 Yuedianfa MTN001 505093156 25 Yuedianfa MTN002 804541947 25 Yuedianfa MTN003 902853033 G23 Yuefeng 2 614415602 614323258 Subtotal 13446584670 11231708662 Less: Current portion of debentures payable 1064288075 124279404 Total 12382296595 11107429258Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] (1) Changes in debentures payable Bond Name Face value Coupon rate Issuance date Maturity period Issue Amount 21 Yuedian 02 1500000000 2.45% 2021/4/27 5 years 1500000000 21 Yuedian 03 800000000 3.41% 2021/11/23 5 years 800000000 22 Yuedianfa MTN001 600000000 2.90% 2022/8/24 5 years 600000000 23 Yuedianfa MTN001 1600000000 3.35% 2023/3/15 5 years 1600000000 24 Yuedianfa MTN001 1000000000 2.41% 2024/5/22 5 years 1000000000 24 Yuedianfa MTN002 1500000000 2.54% 2024/7/11 10 Years 1500000000 24 Yuedianfa MTN003 600000000 2.52% 2024/9/9 15 years 600000000 24 Yuedianfa MTN004A 1000000000 2.47% 2024/10/11 5 years 1000000000 24 Yuedianfa MTN004B 500000000 2.70% 2024/10/11 15 years 500000000 24 Yuedianfa MTN005 1000000000 2.70% 2024/10/22 15 years 1000000000 24 Yuedianfa MTN006A 800000000 2.37% 2024/11/11 5 years 800000000 24 Yuedianfa MTN006B 1000000000 2.67% 2024/11/11 15 years 1000000000 25 Yuedianfa MTN001 500000000 2.18% 2025/6/9 10 Years 500000000 25 Yuedianfa MTN002 800000000 2.20% 2025/9/11 5 years 800000000 25 Yuedianfa MTN003 900000000 2.18% 2025/10/17 5 years 900000000 G23 Yuefeng 2 600000000 3.15% 2023/3/20 5 years 600000000 Subtotals 14700000000 14700000000Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Changes in debentures payable (continued) Issued in the Interest at Amortization of Repayment in the Bond Name 1/1/2025 31/12/2025 Default or not current period face value premium or discount current period 21 Yuedian 02 126964454 3062500 33962 3062500 126998416 No 21 Yuedian 03 802658147 27280000 75471 27280000 802733618 No 22 Yuedianfa MTN001 605252536 17400000 322642 17400000 605575178 No 23 Yuedianfa MTN001 1641303369 53600000 347170 53600000 1641650539 No 24 Yuedianfa MTN001 1013579788 24100000 232330 24100000 1013812118 No 24 Yuedianfa MTN002 1514602351 38100000 320755 38100000 1514923106 No 24 Yuedianfa MTN003 603064342 15120000 105283 15120000 603169625 No 24 Yuedianfa MTN004A 1004289973 24700000 219953 24700000 1004509926 No 24 Yuedianfa MTN004B 501275303 13500000 111216 13500000 501386519 No 24 Yuedianfa MTN005 1001880113 27000000 185791 27000000 1002065904 No 24 Yuedianfa MTN006A 801718882 18960000 155861 18960000 801874743 No 24 Yuedianfa MTN006B 1000796146 26700000 185094 26700000 1000981240 No 25 Yuedianfa MTN001 500000000 6047260 -954104 505093156 No 25 Yuedianfa MTN002 800000000 5171507 -629560 804541947 No 25 Yuedianfa MTN003 900000000 3861288 -1008255 902853033 No G23 Yuefeng 2 614323258 18900000 92344 18900000 614415602 No Subtotal 11231708662 2200000000 323502555 -204047 308422500 13446584670 Less: Current portion of debentures payable 124279404 1064288075 Total 11107429258 -- -- -- -- 12382296595Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] The details of debentures payable of the Company are as follows: As approved by CSRC Circular SFC License [2019] No. 2477 the Company issued 5-year book-entry corporate debentures in real-name system with face value of RMB 1500000000 (21 Yuedian 02) to the public on April 27 2021. The Company altogether raised RMB 1499791783 after deducting an issue expense of was RMB208217. The debenture’s annual interest rate was 3.50% starting from April 28 2021 and was changed to 2.45% from March 25 2024. It was payable annually on simple interest. As of 31 December 2025 debentures payable were measured at amortized cost using effective interest method with the effective interest rate of 2.45% (December 31 2024: 2.45%).As approved by CSRC Circular SFC License [2021] No. 3142 the Company issued 5-year book-entry corporate debentures in real-name system with face value of RMB 800000000 (21 Yuedian 03) to the public on November 23 2021. The Company altogether raised RMB 799565033 after deducting an issue expense of was RMB 434967. The debenture is subject to an annual interest rate of 3.41% starting from November 24 2021 and should be payable annually on simple interest. As of 31 December 2025 debentures payable were measured at amortized cost using effective interest method with the effective interest rate of 3.42% (December 31 2024: 3.42%).The Company’s application for registration of middle-term notes has been accepted by the National Association of Financial Market Institutional Investors (NAFMII) at its 61st meeting in 2022. The registration would be valid for 2 years starting from 23 May 2022. On 24 August 2022 the Company issued 5-year middle-term notes with face value of RMB 600000000 in the inter-bank market (22 Yuedianfa MTN001). The Company altogether raised RMB 598290000 after deducting an issue expense of RMB 1710000 which should be paid in five years. As at 31 December 2025 the issue expense of RMB 1368000 had been paid. The debenture is subject to an annual interest rate of 2.90% starting from 26 August 2022 and should be payable annually on simple interest. As at 31 December 2025 debentures payable were measured at amortized cost using effective interest method with the effective interest rate of 2.96% (31 December 2024: 2.96%).The Company’s application for registration of middle-term notes has been accepted by the NAFMII at its 154th meeting in 2022. The registered amount of RMB 9000000000 would be valid for 2 years starting from 7 December 2022. On 15 March 2023 the Company issued 5-year middle-term notes with face value of RMB 1600000000 in the inter-bank market (23 Yuedianfa MTN001). The Company altogether raised RMB 1599632000 after deducting an issue expense of RMB368000 which should be paid in installments over a five-year period. As at 31 December 2025 the issue expense of RMB 220800 had been paid. The debenture is subject to an annual interest rate of 3.35% starting from 17 March 2023 and should be payable annually on simple interest. As at 31 December 2025 debentures payable were measured at amortized cost using effective interest method with the effective interest rate of 3.36%(31 December 2024: 3.37%).The Company’s application for registration of middle-term notes has been approved by the NAFMII License (2022) No. MTN1252. The registered amount of RMB 9000000000 would be valid for 2 years starting from 7 December 2022. On 22 May 2024 the Company issued 5-year middle-term notes with face value of RMB 1000000000 in the inter-bank market (24 Yuedianfa MTN001). The Company altogether raised RMB 998768650 after deducting an issue expense of RMB 1231350 which should be paid in installments over a five-year period. As at 31 December 2025 the issue expense of RMB 492540 had been paid. The debenture is subject to an annual interest rate of 2.41% starting from 24 May 2024 and should be payable annually on simple interest. As at 31 December 2025 debentures payable were measured at amortized cost using effective interest method with the effective interest rate of 2.42%.Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] The Company’s application for registration of middle-term notes has been approved by the NAFMII License (2022) No. MTN1252. The registered amount of RMB 9000000000 would be valid for 2 years starting from 7 December 2022. On 11 July 2024 the Company issued 5-year middle-term notes with face value of RMB 1500000000 in the inter-bank market (24 Yuedianfa MTN002). The Company altogether raised RMB 1496600000 after deducting an issue expense of RMB 3400000 which should be paid in installments over a ten-year period. As at 31 December 2025 the issue expense of RMB 680000 had been paid. The debenture is subject to an annual interest rate of 2.54% starting from 15 July 2024 and should be payable annually on simple interest. As at 31 December 2025 debentures payable were measured at amortized cost using effective interest method with the effective interest rate of 2.54%.The Company’s application for registration of middle-term notes has been approved by the NAFMII License (2022) No. MTN1252. The registered amount of RMB 9000000000 would be valid for 2 years starting from 7 December 2022. On 9 September 2024 the Company issued 15-year middle-term notes with face value of RMB 600000000 in the inter-bank market (24 Yuedianfa MTN003). The Company altogether raised RMB 598326000 after deducting an issue expense of RMB 1674000 which should be paid in installments over a fifteen-year period. As at 31 December 2025 the issue expense of RMB 223200 had been paid. The debenture is subject to an annual interest rate of 2.52% starting from 11 September 2024 and should be payable annually on simple interest. As at 31 December 2025 debentures payable were measured at amortized cost using effective interest method with the effective interest rate of 2.54%.The Company’s application for registration of middle-term notes has been approved by the NAFMII License (2022) No. MTN1252. The registered amount of RMB 9000000000 would be valid for 2 years starting from 7 December 2022. On 11 October 2024 the Company issued 5-year middle-term notes with face value of RMB 1000000000 in the inter-bank market (24 Yuedianfa MTN004A). The Company altogether raised RMB 998834250 after deducting an issue expense of RMB 1165750 which should be paid in installments over a five-year period. As at 31 December 2025 the issue expense of RMB 466300 had been paid. The debenture is subject to an annual interest rate of 2.47% starting from 14 October 2024 and should be payable annually on simple interest. As at 31 December 2025 debentures payable were measured at amortized cost using effective interest method with the effective interest rate of 2.50%.The Company’s application for registration of middle-term notes has been approved by the NAFMII License (2022) No. MTN1252. The registered amount of RMB 9000000000 would be valid for 2 years starting from 7 December 2022. On 11 October 2024 the Company issued 15-year middle-term notes with face value of RMB 500000000 in the inter-bank market (24 Yuedianfa MTN004B). The Company altogether raised RMB 498231650 after deducting an issue expense of RMB1768350 which should be paid in installments over a five-year period. As at 31 December 2025 the issue expense of RMB 235780 had been paid. The debenture is subject to an annual interest rate of 2.70% starting from 14 October 2024 and should be payable annually on simple interest. As at 31 December 2025 debentures payable were measured at amortized cost using effective interest method with the effective interest rate of 2.73%.The Company’s application for registration of middle-term notes has been approved by the NAFMII License (2022) No. MTN1252. The registered amount of RMB 9000000000 would be valid for 2 years starting from 7 December 2022. On 22 October 2024 the Company issued 15-year middle-term notes with face value of RMB 1000000000 in the inter-bank market (24 Yuedianfa MTN005). The Company altogether raised RMB 996537931 after deducting an issue expense of RMB 3462069 which should be paid in installments over a fifteen-year period. As at 31 December 2025 the issue expense of RMBGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 461609 had been paid. The debenture is subject to an annual interest rate of 2.70% starting from 24 October 2024 and should be payable annually on simple interest. As at 31 December 2025 debentures payable were measured at amortized cost using effective interest method with the effective interest rate of 2.73%.The Company’s application for registration of middle-term notes has been approved by the NAFMII License (2022) No. MTN1252. The registered amount of RMB 9000000000 would be valid for 2 years starting from 7 December 2022. On 11 November 2024 the Company issued 5-year middle-term notes with face value of RMB 800000000 in the interbank market (24 Yuedianfa MTN006A ). The Company altogether raised RMB 799127000 after deducting an issue expense of RMB 873000 which should be paid in installments over a five-year period. As at 31 December 2025 the issue expense of RMB 349200 had been paid. The debenture is subject to an annual interest rate of 2.37% starting from 13 November 2024 and should be payable annually on simple interest. As at 31 December 2025 debentures payable were measured at amortized cost using effective interest method with the effective interest rate of 2.39%.The Company’s application for registration of middle-term notes has been approved by the NAFMII License (2022) No. MTN1252. The registered amount of RMB 9000000000 would be valid for 2 years starting from 7 December 2022. On 11 November 2024 the Company issued 15-year middle-term notes with face value of RMB 1000000000 in the interbank market (24 Yuedianfa MTN006B ). The Company altogether raised RMB 997507000 after deducting an issue expense of RMB 2493000 which should be paid in installments over a fifteen-year period. As at 31 December 2025 the issue expense of RMB 332400 had been paid. The debenture is subject to an annual interest rate of 2.67% starting from 13 November 2024 and should be payable annually on simple interest. As at 31 December 2025 debentures payable were measured at amortized cost using effective interest method with the effective interest rate of 2.69%.The Company’s application for registration of middle-term notes has been approved by the NAFMII License (2024) No. DFI65. On 9 June 2025 the Company issued 10-year middle-term notes with face value of RMB 500000000 in the inter-bank market (25 Yuedianfa MTN001 ). The Company altogether raised RMB 498926000 after deducting an issue expense of RMB 1074000 which should be paid in installments over a ten-year period. As at 31 December 2025 the issue expense of RMB 107400 had been paid. The debenture is subject to an annual interest rate of 2.18% starting from 11 June 2025 and should be payable annually on simple interest. As at 31 December 2025 debentures payable were measured at amortized cost using effective interest method with the effective interest rate of 2.20%.The Company’s application for registration of middle-term notes has been approved by the NAFMII License (2024) No. DFI65. On 11 September 2025 the Company issued 5-year middle-term notes with face value of RMB 800000000 in the inter-bank market (25 Yuedianfa MTN002 ). The Company altogether raised RMB 799285000 after deducting an issue expense of RMB 715000 which should be paid in installments over a five-year period. As at 31 December 2025 the issue expense of RMB 143000 had been paid. The debenture is subject to an annual interest rate of 2.20% starting from 15 September 2025 and should be payable annually on simple interest. As at 31 December 2025 debentures payable were measured at amortized cost using effective interest method with the effective interest rate of 2.22%.The Company’s application for registration of middle-term notes has been approved by the NAFMII License (2024) No. DFI65. On 17 October 2025 the Company issued 5-year middle-term notes with face value of RMB 900000000 in the inter-bank market (25 Yuedianfa MTN003 ). The Company altogether raised RMB 898750000 after deducting an issue expense of RMB 1250000 which shouldGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] be paid in installments over a five-year period. As at 31 December 2025 the issue expense of RMB 250000 had been paid. The debenture is subject to an annual interest rate of 2.18% starting from 21 October 2025 and should be payable annually on simple interest. As at 31 December 2025 debentures payable were measured at amortized cost using effective interest method with the effective interest rate of 2.21%.As approved by Shanghai Stock Exchange Announcement [2023] No. 13343 the Group’s subsidiary Guangdong Wind Power issued 5-year book-entry corporate debentures in real-name system with face value of RMB 600000000 (G23 Yuefeng 2) to the public on 20 March 2023. Guangdong Wind Power altogether raised RMB 599421962 after deducting an issue expense of RMB 578038 which should be paid at one time. As at 31 December 2023 the issue expense of RMB 578038 had been paid. The debenture is subject to an annual interest rate of 3.15% starting from 21 March 2023 and should be payable annually on simple interest. As at 31 December 2025 debentures payable were measured at amortized cost using effective interest method with the effective interest rate of 3.17% (31 December 2024:3.17%). 31. Lease liabilities Item 31/12/2025 31/12/2024 Lease liabilities 12885889327 12907440430 Less: Current portion of lease liabilities 491774691 531128288 Total 12394114636 12376312142 32. Long-term payables Item 31/12/2025 31/12/2024 Long-term payables 1084370338 671387824 Special payable 24960000 24960000 Total 1109330338 696347824 (1) Long-term payables Item 31/12/2025 31/12/2024 Equipment and construction expenses payable 1030843602 295079986 Sea area use fee payables 412166569 420850690 Subtotal 1443010171 715930676 Less: Current portion of long-term payables 358639833 44542852 Total 1084370338 671387824 (2) Special payable Increase Decrease in the in the Item 1/1/2025 31/12/2025 current current period period Supporting funds for efficiency improvement and capacity expansion of Guanlanzihe Hydropower Station and Nanrongtian 24960000 24960000 Hydropower Station Note: The special payables of the Company are the expansion supporting funds allocated by the centralGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 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. 33. Long-term Employee benefits payable Item 31/12/2025 31/12/2024 Early retirement benefits payable (Note 2) 606006956 554892032 Defined benefit plans payable (Note 3) 102208759 94908914 Other long-term employee benefits payable (Note 4) 13968342 18525563 Subtotal 722184057 668326509 Less: long-term employee benefits payable due within one year 130070916 131188293 Total 592113141 537138216 Note 1: The long-term employee benefits payable due within one year was included in the employee benefits payable Note 2: Early retirement benefits payable: according to the Company’s regulations for early retirement of employees the employees whose early retirement requests are approved by the Group could have early retirement before statutory retirement age. Employees can obtain salary on a monthly basis by a certain ratio of the original salary until they reach the statutory retirement age. Management expects the termination benefits to be paid in the future are determined by the present value of cash flow when accrued the above termination benefits. As at 31 December 2025 the Company calculated the expected expense for each employee eligible for early retirement in each year before the statutory retirement age in accordance with the related regulations for early retirement taking into account local salary growth rate and estimated the present value of future termination benefits by treasury bond interest rate of 1.70% (2024: 2%) of the same period. As at 31 December 2025 the Company accrued termination benefits of RMB 489342772 (31 December 2024: RMB 437975788) and recognized them in long-term employee benefits payable. The termination benefits due within one year totaling RMB 116664184 (31 December 2024: RMB 116916244) were recognized in employee benefits payable. Note 3: In accordance with the FAQ on Social Management of Retired Employees in State-owned Enterprises (Document No. 36 [2020]) issued by the Reform Office of the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council the Group made a one-time provision for the expected payments to retired employees eligible for the Group’s special retirement pensions in 2020 and made the payment on a monthly basis. The expected present values of cash flows of the Group’s special retirement pensions during the expected remaining life of the retired employees are recognized as long-term employee benefits payable and recorded in profit or loss for the current period. The Group’s special retirement pensions mainly include retirement subsidies military transfer subsidies and living allowances for retired primary and secondary school teachers. As at 31 December 2025 the Group calculated the expected special retirement pensions each year during retirees’ expected remaining life and estimated the present value of special retirement pensions in the future by treasury bond interest rate of 1.70% (2024: 2%) of the same period. As at 31 December 2025 the Group accrued defined benefit plans of RMB 93758736 and recognized them in long-term employee benefits payable (31 December 2024: RMB 86398126). The actual defined benefit plansGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] due within one year totaling RMB 8450023 are recognized in employee benefits payable (31 December 2024: RMB 8510788). Other comprehensive income of RMB -8265102 (2024: RMB 2339452) was adjusted due to actuarial differences in 2025. Note 4: According to relevant regulations on social medical insurance in places where the subsidiaries of the Company and the Group locate if individual employees participating basic medical insurance for urban residents are under their statutory ages of retirement but their estimated contribution years fail to meet the local standards the Group needs to make continuous contribution for the employees per annum till the standards are met even after their retirement. The expected present values of cash flows that shall be paid for medical insurance for the remaining contribution years of retired employees are recognized as long-term employee benefits payable and recorded in profit or loss for the current period.As at 31 December 2025 the balance of the Group’s other long-term employee benefits payable was mainly the additional payment of medical insurance made for retired employees. The Group calculated the expected expenses for each year from the end of the current year to regulated contribution years based on the local monthly average salary of the year and estimated the present value of cash expenses made by retired employees for medical insurance in the future with a treasury bond interest rate of 1.70% (2024: 2%) as discount rate. As at 31 December 2025 the Group accrued other long-term employee benefits payable of RMB 9011633 (31 December 2024: RMB 12764302) with actual payment of other long-term employee benefits payable due within one year of RMB 4956709 (31 December 2024: RMB 5761261) recognized in employee benefits payable. 34. Deferred income Increase in the Decrease in the Formation Item 1/1/2025 31/12/2025 current period current period reasons Government Government grants 1132625264138628112854495141794312 grants related to assets 35. Other non-current liabilities Item 31/12/2025 31/12/2024 Housing working Funds 985667 985667 Others 42500 42500 Total 1028167 1028167 36. Share capital Item 31/12/2025 31/12/2024 Shares subject to trading restriction - Shares held by domestic state-owned legal person 1893342621 1893454257 - Other domestic shares 3146466 4525080 Including: Shares held by domestic non-state-owned legal person 3146466 3535770 Shares held by domestic natural person 989310 Shares not subject to trading restriction - RMB-denominated ordinary shares 2555386899 2553896649 - Domestically-listed foreign shares 798408000 798408000 Total 5250283986 5250283986Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 37. Capital surplus Increase in the Decrease in the Item 1/1/2025 31/12/2025 current period current period Capital premium (Note 1) 4909978015 190884226 4719093789 Revaluation reserve 119593718 119593718 Investment from GEGC 388976355 388976355 Share of interests in the investee in -15886652315963968-142902555 proportion to the shareholding (Note 2) Transfer of capital surplus recognized 2047459220474592 under the previous accounting system Others -76905774 -76905774 Total 5203250383 15963968 190884226 5028330125 Note 1: In 2025 the capital surplus of the Company decreased by RMB 190884226 due to the disproportionate capital investment between the Company and minority shareholders in certain subsidiaries.Note 2: In 2025 capital surplus of joint ventures and associates calculated based on proportion of equity acquired increased by by RMB 15963968 . 38. Other comprehensive income Other comprehensive income attributable to the parent company in the balance sheet: Amount incurred in the current period Attributable Transfer of other 1/1/202531/12/2025 Item to the comprehensive (1)(4)=(1)+(2)+(3) parent income to retained company earnings in the after tax (2) current period (3) I. Other comprehensive income that will not be 13296587382026074771532266215 reclassified to profit or loss 1. Share of other comprehensive income of the investee accounted for using equity method that 96233166 -59081066 37152100 will not be reclassified to profit or loss 2. Changes in fair value of investments in other 12808180262696791741550497200 equity instruments 3.Changes arising from remeasurement of defined -47392454-7990631-55383085 benefit plans II. Other comprehensive income that will be reclassified to profit or 2217355 -646323 1571032 loss 1. Share of other comprehensive income of the investee accounted for using equity method that will be 2217355 -646323 1571032 reclassified to profit or loss Total 1331876093 201961154 1533837247 Other comprehensive income attributable to the parent company in the income statement: Item Amount incurred in the current periodGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Transfer of other Attributable to the comprehensive Attributable to Amount incurred parent company after income to Income tax minority before tax in the tax current expenses (3) shareholders current period (1) (5) = (1) + (2) + (3) + transfer-in after tax (4) (4) profit and loss (2) I. Other comprehensive income that will not be 286262091 -89984548 6329934 202607477 reclassified to profit or loss 1.Share of other comprehensive income of the investee accounted for using equity -59081066 -59081066 method that will not be reclassified to profit or loss 2. Changes in fair value of other 359400015-89984548263707269679174 equity instrument investments 3. Changes arising from remeasurement of defined -14056858 6066227 -7990631 benefit plans II. Other comprehensive income that will be -646323-646323 reclassified to profit or loss 1.Share of other comprehensive income of the investee accounted for using equity -646323 -646323 method that will be reclassified to profit or loss Total 285615768 -89984548 6329934 201961154 39. Specific reserve Increase in the Decrease in the Item 1/1/2025 31/12/2025 current period current period Safety production fee 62769166 448235305 420537438 90467033 40. Surplus reserve Increase in the Decrease in the Item 1/1/2025 31/12/2025 current period current period Statutory surplus reserve 3016893870 3016893870 Discretionary surplus reserve 5886621265 5886621265 Total 8903515135 8903515135 Note: In accordance with the Company Law of the People's Republic of China and the Company’s Articles of Association the Company should appropriate 10% of net profit for the year to the statutory surplus reserve and the Company can cease appropriation when the statutory surplus reserve accumulates to more than 50% of the registered capital. The Company appropriates for the discretionary surplus reserve after the shareholders’ meeting approves the proposal from the Board of Directors. The surplus reserve can be used to make up for the loss or increase the share capital after approval from the appropriate authorities. As at 31 December 2025 the accumulated statutory surplus reserve of the Company had exceeded 50% of the registered capital.According to the resolution of the shareholders’ meeting on 28 May 2025 no statutory surplus reserve or discretionary surplus reserve should be accrued (same as in 2024).Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 41. Undistributed profits Item 2025 2024 Undistributed profit at the end of the previous period before adjustment 2142987033 1283749956 Adjusted total of undistributed profits at the beginning of the period (increase + decrease -) Adjusted beginning undistributed profit 2142987033 1283749956 Add: net profit attributable to equity owners 599942339964242757 of the Company Less: dividends payable on ordinary shares 105005680 105005680 Undistributed profits at the end of the year 2637923692 2142987033 42. Revenue and cost of sale (1) Revenue and cost of sale 20252024 Item Revenue Cost of sale Revenue Cost of sale Main business 51267794729 45644699921 56860158480 49437424682 Other business 273383901 68814074 298908753 83472364 Total 51541178630 45713513995 57159067233 49520897046 (2) Revenue and cost of sale categorized by type 20252024 Item Revenue Cost of sale Revenue Cost of sale Main business Revenue from sale of electricity 50555016115 45050475805 56312348835 49008250157 Revenue from sale of steam 561291129 469115927 403680647 297428193 Rendering of service 151487485 125108189 144128998 131746332 Subtotal 51267794729 45644699921 56860158480 49437424682 Other businesses Revenue from utilization of coal 15939798637645481837578399692028 and ashes Rental income 30484661 12118919 45418339 9442030 Others 83501254 52930607 69732575 64338306 Subtotal 273383901 68814074 298908753 83472364 Total 51541178630 45713513995 57159067233 49520897046 (3) Revenue and cost of sale categorized by sales recognition method Details of revenue 2025 Item Sale of electricity steam and coal Services Leases Others Total ashes Revenue from main operations 51116307244 51116307244Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 2025 Item Sale of electricity steam and coal Services Leases Others Total ashes Including: recognized at a time 151487485151487485 point recognized over a time - period revenue from other 15939798661241604220639590 operations Including:recognized at a time 2225965022259650 point recognized over a time 3048466130484661 period Rental income 51275705230 151487485 30484661 83501254 51541178630 Total Details of cost of sales 2025 Item Sale of electricity steam and coal Services Leases Others Total ashes Cost of sale from main operations Including:recognized at a 4551959173245519591732 time point recognized over a 125108189125108189 time period Cost of sale from other operations Including:recognized at a 37645483400826537772813 time point recognized over a 1892234218922342 time period Rental income 12118919 12118919 Total 45523356280 125108189 12118919 52930607 45713513995 Details of revenue (continued) 2024 Item Sale of electricity steam and coal Services Leases Others Total ashes Revenue from main operations Including:recognized at a time 567160294824199723956758026721 point recognized over a time 102131759102131759 period Revenue from other operations Including:recognized at a time 18375783956663190240421029 pointGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 2024 Item Sale of electricity steam and coal Services Leases Others Total ashes recognized over a time 1306938513069385 period Rental income 45418339 45418339 Total 56899787321 144128998 45418339 69732575 57159067233 Details of cost of sale (continued) 2024 Item Sale of electricity steam Services Leases Others Total and coal ashes Cost of sale from main operations Including:recognized at a time 493056783503947594949345154299 point recognized over a time 9227038392270383 period Cost of sale from other operations Including:recognized at a time 96920285340672363098751 point recognized over a time 1093158310931583 period Rental income 9442030 9442030 Total 49315370378 131746332 9442030 64338306 49520897046 (4) Information related to remaining performance obligations Item Amount Revenue corresponding to the obligations under contracts not yet fully performed 199239465 Revenue which will be recognized in 2026 45099926 (5) Sales revenue from trial operation 20252024 Item Revenue Cost of sale Revenue Cost of sale Trial operation and sales 768703478 446784229 1083458544 1074494209 43. Taxes and surcharges Item 2025 2024 Property tax 132042670 125192325 City maintenance and construction tax 75991477 86167659 Education surcharges 58534989 68238371 Land use tax 39182829 38191260 Stamp tax 35202336 32385842 Environmental protection tax 25484959 24167539Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Item 2025 2024 Others 17471241 843686 Total 383910501 375186682 For details on the calculation standards for various taxes and surcharges please refer to the Note IV. 44. Selling expenses Item 2025 2024 Employee compensation 68201335 64092476 Labour insurance 16594110 14761949 Business entertainment 1820079 3256031 Depreciation 2869567 2736192 Travelling 3230188 2523492 Others 8037651 13780746 Total 100752930 101150886 45. General and administrative expenses Item 2025 2024 Employee compensation 864433880 792756435 Labour insurance 143146067 130705849 Agency service 66736229 104329398 Amortization of intangible assets 102671122 102208295 Depreciation 103782915 88916038 Fire safety 70612461 65897257 Property management 50474167 50007488 Office 69917567 45963009 Publicity 6690138 22379440 Rental 12870325 19479426 Travelling 17970186 19372323 Afforestation 14136940 16744318 Labour 14919501 12887967 Traffic 10983136 12115006 Maintenance 9710325 9842446 Business entertainment 2758968 7104997 Insurance 5568079 4400400 Others 85977829 121241901 Total 1653359835 1626351993 46. Research and development expenses Item 2025 2024 Material 262077521 984868135 Employee compensation 165697320 150098888Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Item 2025 2024 Depreciation and amortization 71650394 82322178 Outsourced research and development 51565934 59853693 Others 16207642 9640706 Total 567198811 1286783600 47. Financial expenses Item 2025 2024 Interest costs 2721483015 2784728456 Add: Interest costs on lease liabilities 288818628 344267568 Less: Amounts capitalized on qualifying assets 762494697 698767978 Subtotal of interest expenses 2247806946 2430228046 Less: Interest income 89069206 162430466 Amortization of discounts or premium of debentures payable 2586974 2783450 Exchange losses/(gains) - net -10417 78415 Service charge and others 24668087 14370315 Total 2185982384 2285029760 48. Other income Item 2025 2024 Government grants - Related to assets 12854495 34531250 - Related to income 36659081 43427479 Total 49513576 77958729 49. Investment income Item 2025 2024 Investment income from long-term equity investments under equity method 675523147 697637165 Dividend income earned during the holding period of investments in other 116155595112589718 equity instruments Total 791678742 810226883 Note: There was no significant restriction on remittance of investment income of the Group. 50. Losses on/ (Reversal of) credit impairment (losses are indicated by "-") Item 2025 2024 Losses on bad debts of trade receivables -7248897 -9687050 Reversal of bad debts of other receivables -10162232 -23566626 Total -17411129 -33253676 51. Asset impairment losses (losses are indicated by "-") Item 2025 2024Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Item 2025 2024 Impairment of PPE -228762175 -321598218 Impairment of CIP -87030498 -28686283 Impairment of intangible assets -33675076 Impairment of inventories -21698425 Impairment of loss on contract fulfillment costs -621732 Impairment of contract assets -1267 12529 Impairment of goodwill -6158996 Total -371789173 -356430968 52. Gains on disposals of assets (losses are indicated by "-") Item 2025 2024 Gains on disposals of intangible assets (losses are indicated by "-") 20319925 Gains on disposals of PPE (losses are indicated by "-") -170799 5479 Others 195346 93176 Total 20344472 98655 53. Non-operating income Amount recognized Item 2025 2024 in non-recurring profit or loss in 2025 Gains on scrap of non-current assets 72198570 83721465 72198570 Claims and compensation income 46757108 77932584 46757108 Compensation under the natural gas contract 47563813 47563813 Compensation for sea area use rights mountain excavation 4408599344085993 and land reclamation projects Compensation income from the Huizhou LNG receiving 2374410017738490023744100 terminal project Income from penalties and fines 13169760 24077139 13169760 Income from sale of carbon emission allowances 2725356 13189163 2725356 Waived payables 2135538 31827530 2135538 Compensation for electricity charges during the demolition and 6513028 construction period Others 3119215 3420705 3119215 Total 255499453 418066514 255499453 54. Non-operating expenses Amount recognized in Item 2025 2024 non-recurring profit or loss in 2025 Losses on scrap of non-current assets 65094390 85124076 65094390 Carbon emission allowances used to fulfil the emission 62242301318227152 reduction obligation Penalties and overdue fines 15806134 9621477 15806134Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Amount recognized in Item 2025 2024 non-recurring profit or loss in 2025 Others 9747035 12732207 9747035 Total 152889860 425704912 90647559 Note: In accordance with the Interim Provisions on the Accounting Treatment Regarding Carbon Emissions Rights Trading (Cai Kuai [2019] No. 22) the Interim Measures for the Administration of Carbon Emission Rights Trading and the Total Quota and Allocation Plan for the National Carbon Emission Trading in the Power Generation Industry for the Years 2023 and 2024 subsidiaries within the Group that were identified as key emission units recognized the expected performance obligations of carbon emission in 2025 as non-operating expenses on an accrual basis，and included relatedprovision for carbon emission allowances payable in other payables. 55. Income tax expense (1) Details of income tax expenses Item 2025 2024 Current income tax calculated based on tax law and related regulations 375776642 468464776 Deferred income tax 103976348 231330489 Total 479752990 699795265 (2) The relationship between income tax expenses and total profit Item 2025 2024 Total profit 1511406255 2454628491 Income tax calculated at applicable tax rates 377851564 613657122 Effect of preferential tax rates of subsidiaries 11940494 -87378135 Adjustment to current income tax for previous periods 11100896 19446011 Income not subject to tax (expressed with "-") -532716891 -211826795 Costs expenses and losses not deductible for tax purposes 31951274 22329468 Deductible losses of unrecognized deferred tax assets in the 413428609397784917 current period Transfer-out of deductible losses for which deferred tax asset was 3689901482268367 recognized Deductible temporary differences for which no deferred tax asset 13592871996005255 was recognized Utilization of previously unrecognized deductible losses or -4986323-230207917 temporary differences (expressed with "-") Others -1644366 -2283028 Income tax expense 479752990 699795265 56. Notes to the cash flow statement (1) Cash received relating to other operating activities Item 2025 2024 Interest income 104069884 147943742Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Item 2025 2024 Rental income 29585866 31649892 Revenue from sale of carbon emission allowances 41985802 51902388 Income from leased labour services 477210 16996935 Government grants 78097539 30039735 Income from claims and fines 127324929 99157788 Others 36360699 11718874 Total 417901929 389409354 (2) Cash paid relating to other operating activities Item 2025 2024 Carbon emission right allowances 111851457 376937529 Insurance expenses 272866401 247229280 Agency service fees 258079726 296502844 Utility fees 143069871 148708671 Research and development expenses 69734542 59081411 Fire safety expenses 55173840 55953927 Sewage and sanitary charges 11794269 15887006 Property management expenses 88913609 87651497 Office expenses 23678024 26262777 Rental expenses 31472381 45574654 Traffic expenses 21944689 19361888 Testing and inspection fees 27260856 16052239 Travelling expenses 34893720 30307790 Others 322358607 318518284 Total 1473091992 1744029797 (3) Cash received relating to other investing activities Item 2025 2024 Recovery of principal from fixed deposit 2900000000 4000000000 Recovery of prepaid equity earnest money 270717600 Total 3170717600 4000000000Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] (4) Cash paid relating to other investing activities Item 2025 2024 Transfer to fixed deposits 1902000000 2900000000 Prepaid equity earnest money 237400000 Total 1902000000 3137400000 (5) Cash paid relating to other financing activities Item 2025 2024 Refunds to minority shareholders 144000000 Repayments of lease liabilities and long-term payables 2406783636 1115122755 Agency fee for debenture issuance 1871733 2036115 Total 2552655369 1117158870 (6) Movements of liabilities arising from financing activities (including those to be paid within one year) Debentures Long-term Item Bank borrowings Lease liabilities Total payable payables As at 31/12/2024 89557218031 11231708662 12907440430 715930676 114412297799 Cash inflows from 31492764654349974791758796757935580480150 financing activities Cash outflows from -34725857587-1611579943-2239184651-167598985-38744221166 financing activities Interest accrued in the 2366032009326708034288818628287429723010301643 current year Movements that do not involve cash receipts and 1462120340 250315987 1712436327 payments Others 631766372 411334019 27651942 1070752333 As at 31/12/2025 89321923479 13446584670 12830528766 1443010171 117042047086 57. Supplementary information to the cash flow statement (1) Supplementary information to the cash flow statement Supplementary information 2025 2024 1. Reconciliation of net profit to cash flows from operating activities： Net profit 1031653265 1754833226 Add: Provision for asset impairment 371789173 356430968 Provision for/(Reversal of) credit impairment loss 17411129 33253676 Depreciation of PPE 5678771165 5183587245 Depreciation of investment properties 8315233 8650211 Depreciation of right-to-use assets 793850974 572196996 Amortization of intangible assets 148993085 125987574 Amortization of long-term prepaid expenses 10256410 10432684 Amortization of deferred income -12854495 -34531250 Gains on disposals of PPE intangible assets and other long-term -20344472-98655 assets (gains are indicated by "-" )Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Supplementary information 2025 2024 Net losses on scrap of non-current assets (gains are indicated by "-" ) -7104180 1402611 Loss from fair value change (gains are indicated by "-") Financial expenses (income is indicated by "-" ) 2250393920 2433011497 Investment losses (gains are indicated by "-" ) -791678742 -810226883 Increase in deferred income tax (decrease is indicated by "-" ) 103976348 231330490 Decrease in inventories (increase is indicated by a"-" ) 261615349 78385222 Decrease in operating receivables (increase is indicated by "-" ) -542559322 -456264238 Increase in operating payables (decrease is indicated by "-") 922546975 1496940300 Decrease in operating restricted cash (increase is indicated by "-" ) 8187573 -10137751 Net cash flow from operating activities 10233219388 10975183923 2. Significant operating investing and financing activities that do not involve cash receipts and payments: Right-of-use assets and sea use rights increased in the current period 1462120339 3213034501 3. Net increase/(decrease) in cash and cash equivalents: Cash at the end of the year 12342414947 11831504924 Less: cash at the beginning of the year 11831504924 11954167156 Add: cash equivalents at the end of the year Less: cash equivalents at the beginning of the year Net increase in cash and cash equivalents 510910023 -122662232 (2) Net cash paid for acquisition of subsidiaries in the current period The Company had no net cash outflow for the acquisition of subsidiaries during the current period. (3) Composition of cash and cash equivalents Item 31/12/2025 31/12/2024 1. I. Cash 12342414947 11831504924 2. Including: cash on hand 36244 34030 3. Cash at bank that can be readily drawn on demand 12342378703 11831470894 4. Other monetary funds that can be readily drawn on demand 5. II. Cash equivalents 6. III. Cash and cash equivalents at the end of the year 12342414947 11831504924 7. Including: restricted cash and cash equivalentsGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] (4) Cash and bank balances which are not classified as cash and cash equivalents Reasons for not being classified Item 31/12/2025 31/12/2024 as cash and cash equivalents Time deposit in finance The liquidity does not meet the definition of 24502386993450600000 company cash and cash equivalents The liquidity does not meet the definition of Other cash balances 25738324 33925897 cash and cash equivalents Interest receivable 21228210 45790010 Accrued balance is not actual balance Total 2497205233 3530315907 58. Monetary items denominated in foreign currency (1) Monetary items denominated in foreign currency Balance in foreign currency Balance translated to Item Exchange rate as at 31/12/2025 RMB as at 31/12/2025 Cash and bank balances 13640 Including：US dollars 191 7.0288 1342 HK dollars 13616 0.9032 12298 59. Lease (1) As the lessee Item 2025 Short-term rental fee 27763129 Low-value rental fee 1054551 Total 28817680 (2) As the lessor As the lessor the Group’s undiscounted lease proceeds receivable after the balance sheet date are as follows: After the balance sheet date 31/12/2025 31/12/2024 Within 1 year 29620766 26017606 1 to 2 years 18568807 22919546 2 to 3 years 13437312 15358994 3 to 4 years 10094145 11728648 4 to 5 years 8355791 10239307 More than 5 years 7527218 8745000 Total 87604039 95009101Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 60. Provision for asset impairment and losses Increase in the current year Decrease in the current year Balance of Balance of impairment Accrual Increase Increase Asset Reduction Reduction impairment Item provision at amount in from due to value due to due to provision at 1/1/2025 Total Resale Total current consolidat other recovery consolidati other 31/12/2025 period ion reasons reversal on reasons 1. Bad debt provision 91170919 18421149 18421149 1010020 76983 1087003 108505065 Including: provision for trade 36037526724889772488971934193443284489 receivables 2. Provision for impairment of 474948412169842521698425140801408069179186 inventories 3. Provision for impairment of contract 126712671267 assets 4. Provision for impairment of contract acquisition costs 5. Provision for impairment of contract 621732621732621732 performance costs 6. Provision for impairment of assets held for sale 7. Provision for impairment of debt investment ☆8. Provision for impairment of available-for-sale financial assets ☆9. Provision for impairment of held- to-maturity investments 10. Provision for impairment of long- 143433433143433433 term equity investments 11. Provision for impairment of investment properties 12. Provision for impairment of PPE 2421032468 228762175 8605978 237368153 326358899 326358899 2332041722 13. Provision for impairment of CIP 307824370 87030498 87030498 9080804 8605978 17686782 377168086 14. Provision for impairment of productive biological assets 15. Provision for impairment of oil and gas assets 16. Provision for impairment of right-of- use assetsGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Balance of Balance of Item impairment Increase in the current year Decrease in the current year impairment 17. Provision for impairment of provision at provision at 1/15/92042150 875 33675076 33675076 9intangible assets 31/1 320/280529551 18. Provision for impairment of goodwill 162570045 162570045 19. Provision for others Total 3232936951 390210322 8605978 398816300 1010020 335530766 8605978 345146764 3286606487 VI. Interests in other entities 1. Interests in subsidiaries (1) Constitution of the Group Registered Main business Place of Nature of Shareholding (%) Acquisition Name of subsidiary capital location Registration business Direct Indirect method Guangdong Yuedian Maoming Natural Gas Thermal Electricity 1437985100 Maoming Maoming 46.54 Investment Power Co. Ltd. (Maoming Natural Gas) generation Guangdong Yuedian Jinghai Power Co. Ltd. Electricity 4174107540 Jieyang Jieyang 65.00 Investment (Jinghai Power) generation Guangdong Yuedian Zhanjiang Wind Power Electricity 449420000 Zhanjiang Zhanjiang 53.51 Investment Generation Co. Ltd. (Zhanjiang Wind Power) generation Guangdong Yuedian Technology Engineering Maintenance Management Co. Ltd. (Technology Engineering 200000000 Guangzhou Guangzhou 100.00 Investment service Company) Guangdong Yuedian Humen Power Co. Ltd.(Humen Electricity 150000000 Dongguan Dongguan 60.00 Investment Electric) generation Guangdong Yuedian Bohe Energy Co. Ltd. (Bohe Electricity 3118000000 Maoming Maoming 67.00 Investment Energy) generation Guangdong Yuedian Xuwen Wind Power Electricity Electricity 173190000 Zhanjiang Zhanjiang 53.51 Investment Co. Ltd.(Xuwen Wind Power) generation Guangdong Yuedian Huadu Natural Gas Thermal Electricity 497000000 Guangzhou Guangzhou 65.00 Investment Power Co. Ltd.(Huadu Natural Gas) generation Guangdong Yuedian Dapu Power Generation Co. Electricity 1907100000 Meizhou Meizhou 100.00 Investment Ltd.(Dapu Power Generation) generation Guangdong Yuedian Leizhou Wind Power Co. Ltd. Electricity 109803900 Zhanjiang Zhanjiang 62.52 Investment (Leizhou Wind Power) generationGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Name of subsidiary Registered Main business Place of Nature of Shareholding (%) Acquisition capital location Registration business method Guangdong Yuedian Dianbai Wind Power Co. Ltd. Electricity 171872900 Maoming Maoming 76.44 Investment (Dianbai Wind Power) generation Zhanjiang Electric Power Co. Ltd.(Zhanjiang Electricity Business combinations involving 2275440000 Zhanjiang Zhanjiang 76.00 Electric) generation enterprises under common control Electricity Business combinations involving Guangdong Yuejia Electric Co. Ltd. (Yuejia Electric) 756000000 Meizhou Meizhou 58.00 generation enterprises under common control Guangdong Yuedian Shaoguan Power Plant Co. Electricity Business combinations involving 1070000000 Shaoguan Shaoguan 95.36 Ltd. (Shaoguan Power Plant) generation enterprises under common control Zhanjiang Zhongyue Energy Co. Ltd. (Zhongyue Electricity Business combinations involving 2021300000 Zhanjiang Zhanjiang 92.81 Energy) generation enterprises under common control Guangdong Yuedian Electricity Sales Co. Ltd. Electricity 500000000 Guangzhou Guangzhou 100.00 Investment ("Power Sales") generation Guangdong Yuedian Qujie Wind Power Generation Electricity 2519567500 Zhanjiang Zhanjiang 75.16 Investment Co. Ltd.(Qujie Wind Power Company ) generation Guangdong Yuedian Yangjiang Offshore Wind Electricity 1192660000 Yangjiang Yangjiang 69.87 Investment Power Co. Ltd. (Yangjiang Wind Power) generation Business combinations involving Electricity Lincang Yuedian Energy Co. Ltd. (Lincang Energy) 1119790000 Lincang Lincang 100.00 enterprises not under common generation control Shenzhen Guangqian Electric Power Co. Electricity Business combinations involving 1030292500 Shenzhen Shenzhen 100.00 Ltd.(Guangqian Company) generation enterprises under common control Guangdong Huizhou Natural Gas Power Co. Ltd. Electricity Business combinations involving 1499347500 Huizhou Huizhou 67.00 (Huizhou Natural Gas) generation enterprises under common control Guangdong Huizhou Pinghai Power Co. Electricity Business combinations involving 1370000000 Huizhou Huizhou 45.00 Ltd.(Pinghai Power) generation enterprises under common control Guangdong Yuedian Shibeishan Wind Power Co. Electricity Business combinations involving 231700000 Jieyang Jieyang 53.51 Ltd. (Shibeishan Wind Power generation enterprises under common control Guangdong Red Bay Power Co. Ltd.(Red Bay Electricity Business combinations involving 2749750000 Shanwei Shanwei 65.00 Power) generation enterprises under common control Business combinations involving Guangdong Wind Power Co. Ltd.(Guangdong Wind Electricity 12690914600 Guangzhou Guangzhou 76.44 enterprises not under common Power) generation control Tongdao Yuexin Wind Power Generation Co. Ltd. Electricity 106500000 Huaihua Huaihua 76.44 Investment (Tongdao Company) generation Business combinations involving Electricity Huilai Wind Power Co. Ltd. (Huilai Wind Power) 59000000 Jieyang Jieyang 68.67 enterprises not under common generation control Guangdong Yuejiang Hongrui Power Technology Electricity 20000000 Shaoguan Shaoguan 95.36 Investment Development Co. Ltd. (Hongrui Technology) generation Guangdong Yuedian Yongan Natural Gas Thermal 550000000 Zhaoqing Zhaoqing Electricity 90.00 InvestmentGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Name of subsidiary Registered Main business Place of Nature of Shareholding (%) Acquisition capital location Registration business method Power Co. Ltd. (Yongan Natural Gas) generation Hunan Xupu Yuefeng New Energy Co. Ltd. (Xupu Electricity 104910000 Huaihua Huaihua 76.44 Investment Yuefeng) generation Guangxi Wuxuan Yuefeng New Energy Co. Ltd. Electricity 96520000 Laibin Laibin 76.44 Investment (Wuxuan Yuefeng) generation Guangdong Huizhou Pinghai Power Co. Electricity 20000000 Huizhou Huizhou 45.00 Investment Ltd.(Pinghai Power Plant) generation Guangdong Yuedian Zhuhai Offshore Wind Power Electricity 1128634000 Zhuhai Zhuhai 56.78 Investment Co. Ltd. (Zhuhai Wind Power) generation Guangdong Yuedian Binhai Bay Energy Co. Ltd. Electricity 1040000000 Dongguan Dongguan 100.00 Investment (Binhai Bay Company) generation Guangdong Yuedian Daya Bay Integrated Energy Electricity 764000000 Huizhou Huizhou 70.00 Investment Co. Ltd. (Daya Bay Company) generation Guangdong Yuedian Qiming Energy Co. Ltd. Electricity 83000000 Guangzhou Guangzhou 100.00 Investment (Qiming Company) generation Business combinations involving Shenzhen Huaguoquan Electric Power Service Co. 2650000 Shenzhen Shenzhen Lease 100.00 enterprises not under common Ltd. (Huaguoquan Company) control Shaoguan Nanxiong Yuefeng New Energy Co. Ltd. Electricity 108053600 Shaoguan Shaoguan 76.44 Investment (Nanxiong New Energy) generation Guangdong Yuedian Dananhai Smart Energy Co. Electricity 431000000 Jieyang Jieyang 100.00 Investment Ltd. (Dananhai Company) generation Guangdong Energy Qingzhou Offshore Wind Power Electricity 3293270000 Yangjiang Yangjiang 76.44 Investment Co. Ltd. (Qingzhou Offshore Wind Power) generation Zhanjiang Wanhaowei New Energy Co. Ltd. Electricity 100046000 Zhanjiang Zhanjiang 76.44 Investment (Wanhaowei New Energy) generation Zhanjiang Wanchuang Hengwei New Energy Co. Electricity 100046000 Zhanjiang Zhanjiang 76.44 Investment Ltd. (Wanchuang Hengwei New Energy) generation Business combinations involving Guangdong Guangye Nanhua New Energy Co. Ltd. Electricity 135234900 Zhanjiang Zhanjiang 38.98 enterprises not under common (Nanhua New Energy) generation control Business combinations involving Guangdong Yueneng Datang New Energy Co. Ltd. Electricity 145938900 Guangzhou Guangzhou 38.98 enterprises not under common (Datang New Energy) generation control Business combinations involving Guangdong Yueneng Wind Power Co. Ltd. Electricity 130000000 Zhanjiang Zhanjiang 38.98 enterprises not under common (Yueneng Wind Power) generation control Business combinations involving Tumushuke Thermal Power Co.Ltd. (Tumushuke Electricity 1006523900 Tumxuk Tumxuk 79.48 enterprises not under common Thermal Power) generation controlGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Name of subsidiary Registered Main business Place of Nature of Shareholding (%) Acquisition capital location Registration business method Guangdong Province Shajiao C Company Electricity Business combinations involving 2500000000 Guangzhou Guangzhou 51.00 Generation Corporation (Shajiao C Company) generation enterprises under common control Guangdong Guanghe Power Co. Ltd. (Guanghe Electricity Business combinations involving 1763816893 Guangzhou Guangzhou 51.00 Power) generation enterprises under common control Guangdong Yuedian Zhanjiang Biomass Power Electricity Business combinations involving 871040000 Zhanjiang Zhanjiang 51.00 Generation Co. Ltd. (Biomass Power Generation) generation enterprises under common control Guangdong Yuedian Xinhui Power Generation Co. Electricity Business combinations involving 1092773533 Jiangmen Jiangmen 45.90 Ltd. (Xinhui Power) generation enterprises under common control Guangdong Yuedian Yunhe Power Co. Ltd. (Yunhe Electricity Business combinations involving 1086689318 Yunfu Yunfu 90.00 Power) generation enterprises under common control Electricity Business combinations involving Yunfu Yundian Energy Co. Ltd. (Yundian Energy) 40000000 Yunfu Yunfu 56.25 generation enterprises under common control Guangdong Yuehua Power Generation Co. Ltd. Electricity Business combinations involving 1314714000 Guangzhou Guangzhou 51.00 (Yuehua Power) generation enterprises under common control Guangdong Yuedian Yuehua Integrated Energy Co. Electricity Business combinations involving 60500000 Guangzhou Guangzhou 51.00 Ltd. (Yuehua Integrated Energy) generation enterprises under common control Guangdong Yuedian Bijie New Energy Co. Ltd. (Bijie Electricity 10000000 Bijie Bijie 100.00 Investment New Energy) generation Zhanjiang Shangyang Energy Technology Co. Ltd. Electricity 120820000 Zhanjiang Zhanjiang 92.81 Acquisition of assets (Shangyang Energy) generation Zhanjiang Potou District Guidian Energy Technology Electricity 120820000 Zhanjiang Zhanjiang 92.81 Acquisition of assets Co. Ltd. (Guidian Energy) generation Xihua County Shunfeng New Energy Co. Ltd. Electricity 22293880 Zhoukou Zhoukou 76.44 Acquisition of assets (Shunfeng New Energy) generation Wuzhi Jindian New Energy Technology Co. Ltd. Electricity 31350000 Jiaozuo Jiaozuo 76.44 Acquisition of assets (Jindian New Energy) generation Lianjiang Yuefeng New Energy Co. Ltd. (Lianjiang Electricity 140070000 Zhanjiang Zhanjiang 76.44 Investment New Energy) generation Linfen Zhaocheng Yuefeng New Energy Co. Ltd. Electricity 100000 Linfen Linfen 76.44 Investment (Zhaocheng Yuefeng) generation Meizhou Wuhua Yuefeng New Energy Co. Ltd. Electricity 38590000 Meizhou Meizhou 76.44 Investment (Wuhua New Energy generation Laishui Lineng New Energy Technology Co. Ltd. Electricity 77050000 Baoding Baoding 76.44 Acquisition of assets (Lineng New Energy) generation Inner Mongolia Yuefeng New Energy Co. Ltd. (Inner Electricity 314550000 Hohhot Hohhot 76.44 Investment Mongolia New Energy) generation Zhuhai Yuefeng New Energy Co. Ltd. (Zhuhai New Electricity 285297600 Zhuhai Zhuhai 76.44 Investment Energy) generation Dacheng County Dun'An New Energy Co. Ltd. Electricity 160000000 Langfang Langfang 61.15 Acquisition of assets (Dun'An New Energy generationGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Name of subsidiary Registered Main business Place of Nature of Shareholding (%) Acquisition capital location Registration business method Gaotang Shihui New Energy Co. Ltd. (Gaotang New Electricity 36096000 Liaocheng Liaocheng 76.44 Acquisition of assets Energy) generation Guangdong Shaoguan Guangdong Electric Power Electricity 48317720 Shaoguan Shaoguan 100.00 Investment New Energy Co. Ltd. (Shaoguan New Energy) generation Tumxuk Yuedian Hanhai New Energy Co. Ltd. Electricity 644050000 Tumxuk Tumxuk 100.00 Investment (Hanhai New Energy generation Yuedian Jinxiu Integrated Energy Co. Ltd. (Jinxiu Electricity 2913100 Laibin Laibin 90.00 Investment Integrated Energy) generation Jinchang Muhong New Energy Co. Ltd. (Muhong Electricity 1000000 Jinchang Jinchang 100.00 Acquisition of assets New Energy) generation Jinchang Jieyuan Mujin New Energy Co. Ltd. (Mujin Electricity 120495920 Jinchang Jinchang 100.00 Acquisition of assets New Energy) generation Guangdong Yuedian Huibo New Energy Co. Ltd. Electricity 99923134 Huizhou Huizhou 100.00 Investment (Huibo New Energy) generation Taishan Dongrun Qingneng New Energy Co. Ltd. Electricity 22304520 Jiangmen Jiangmen 100.00 Acquisition of assets (Dongrun Qingneng New Energy) generation Taishan Runze Jieyuan New Energy Co. Ltd. Electricity 22758500 Jiangmen Jiangmen 100.00 Acquisition of assets (Runze Jieyuan New Energy) generation Guangdong Yuedian Maoming Natural Gas Thermal Electricity 135700000 Maoming Maoming 85.00 Investment Power Co. Ltd. (Maoming Natural Gas) generation Meizhou Xingyue New Energy Co. Ltd. (Xingyue Electricity 9977500 Meizhou Meizhou 100.00 Investment New Energy) generation Guangdong Yuedian Huixin Thermal Power Co. Ltd. Electricity 525218000 Huizhou Huizhou 85.00 Investment (Huixin Thermal Power) generation Yuedian Shache Integrated Energy Co. Ltd. Electricity 1256610470 KASHGAR KASHGAR 100.00 Acquisition of assets (Shache Integrated Energy) generation Laixi Xinguangyao New Energy Technology Co. Ltd. Electricity 46522828 Qingdao Qingdao 99.00 Acquisition of assets (Xinguangyao New Energy) generation Laixi Telian New Energy Technology Co. Ltd. Electricity 45774873 Qingdao Qingdao 99.00 Acquisition of assets (Telian New Energy) generation Jiuzhou New Energy (Zhaoqing) Co. Ltd. (Jiuzhou Electricity 40680000 Zhaoqing Zhaoqing 100.00 Acquisition of assets New Energy) generation Xiangtan XEMC Changshan Wind Power Co. Ltd. Electricity 110740000 Xiangtan Xiangtan 100.00 Acquisition of assets (Changshan Wind Power) generation Yunfu Luoding Yuedian New Energy Co. Ltd. Electricity 1844520 Yunfu Yunfu 100.00 Investment (Luoding New Energy) generation Zhuhai Yuedian New Energy Co. Ltd. (Zhuhai Electricity 5000000 Zhuhai Zhuhai 100.00 Investment Yuedian New Energy) generation Yunfu Yuedian Zhenneng New Energy Co. Ltd. Electricity 10000000 Yunfu Yunfu 100.00 Investment (Zhenneng New Energy) generationGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Name of subsidiary Registered Main business Place of Nature of Shareholding (%) Acquisition capital location Registration business method Zhonggong Energy Technology (Maoming) Co. Ltd. Electricity 152969360 Maoming Maoming 100.00 Acquisition of assets (Zhonggong Energy) generation Yahua New Energy Technology (Gaozhou) Co. Ltd. Electricity 152969360 Maoming Maoming 100.00 Acquisition of assets (Yahua New Energy) generation Electricity GEGC Xinjiang Co. Ltd. (GEGC Xinjiang) 1300000000 Urumqi Urumqi 100.00 Investment generation Yuedian Xinjiang Integrated Energy Co. Ltd. Electricity 20000000 Urumqi Urumqi 100.00 Investment (Xinjiang Integrated Energy) generation Gaozhou Yuedian Smart New Energy Co. Ltd. Electricity 1476800 Maoming Maoming 100.00 Investment (Gaozhou New Energy) generation Xintian Yuefeng New Energy Co. Ltd. (Xintian Electricity 2000000 yongzhou yongzhou 76.44 Investment Yuefeng) generation Lanshan Yuefeng New Energy Co. Ltd. (Lanshan Electricity 198174000 yongzhou yongzhou 76.44 Investment Yuefeng) generation Lianjiang Hangneng New Energy Co. Ltd. (Lianjiang Electricity 84400000 Zhanjiang Zhanjiang 76.44 Acquisition of assets Hangneng) generation Guangxi Hangneng New Energy Co. Ltd. (Guangxi Electricity 179000000 Laibin Laibin 76.44 Acquisition of assets Hangneng) generation Jincheng Yuefeng New Energy Co. Ltd. (Jincheng Electricity 176940000 Jincheng Jincheng 68.80 Investment Yuefeng) generation Baiyin Yuefeng New Energy Co. Ltd. (Baiyin Electricity 128187900 Baiyin Baiyin 76.44 Investment Yuefeng) generation Yuncheng Wanquan Yuefeng New Energy Co. Ltd. Electricity 122118900 Yuncheng Yuncheng 72.62 Investment (Yuncheng Wanquan Yuefeng) generation Guangneng Toksun New Energy Power Generation Electricity 20000000 Turpan Turpan 100.00 Investment Co. Ltd. (Toksun Energy) generation Lingao County Yehai Yuefeng New Energy Co. Ltd. Electricity 112010000 Hainan Hainan 76.44 Investment (Yehai Yuefeng) generation Zhuhai Yuefeng New Energy Co. Ltd. (Zhuhai New Electricity 50000000 Zhuhai Zhuhai 38.98 Investment Energy) generation Zhanjiang Yuefengbao New Energy Co. Ltd. Electricity 50000000 Zhanjiang Zhanjiang 38.98 Investment (Zhanjiang Yuefengbao New Energy) generation Zhuhai Yuefeng New Energy Co. Ltd. (Zhuhai New Electricity 10000000 Zhuhai Zhuhai 76.44 Investment Energy) generation Shantou Yuefeng New Energy Investment Electricity Partnership (Limited Partnership) (Shantou Yuefeng 1110750000 Shantou Shantou 15.40 Investment generation New Energy) Guoyang County Herun New Energy Technology Electricity 136533400 Bozhou Bozhou 15.40 Acquisition of assets Co. Ltd. (Herun New Energy) generation Guangdong Yuedian Pingyuan Wind Power Co. Ltd. 221074300 Meizhou Meizhou Electricity 15.40 InvestmentGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Name of subsidiary Registered Main business Place of Nature of Shareholding (%) Acquisition capital location Registration business method (Pingyuan Wind Power) generation Guangzhou Yuefeng Ruisi New Energy Co. Ltd. Electricity 300000 Guangzhou Guangzhou 76.44 Investment (Ruisi New Energy) generation Xiangzhou Yunjiang New Energy Co. Ltd Laibin Zhuang Autonomous Laibin Zhuang Autonomous Electricity 105420000 76.44 Acquisition of assets (Xiangzhou Yunjiang) Region Region generation Xiangzhou Hangjign New Energy Co. Ltd Laibin Zhuang Autonomous Laibin Zhuang Autonomous Electricity 199980000 76.44 Acquisition of assets (Xiangzhou Hangjing) Region Region generation Qinglong Manchu Autonomous County Jianhao Electricity 237600000 Qinhuangdao Qinhuangdao 76.44 Acquisition of assets Photovoltaic Technology Co. Ltd. (Jianhao PV). generation Guangneng Karamay Integrated Energy Co. Ltd. Karamay Uygur Karamay Uygur Electricity 20000000 100.00 Investment (Karamay Integrated Energy) Autonomous Region Autonomous Region generation Hainan Prefecture Longyue New Energy Co. Ltd. Qinghai of Hainan Tibetan Qinghai of Hainan Tibetan Electricity 90000000 100.00 Acquisition of assets (Hainan Longyue) Autonomous Prefecture Autonomous Prefecture generation Guangdong Yuedian Zhongshan Thermal Power Electricity 15000000 Zhongshan Zhongshan 100.00 Investment Plant (Zhongshan Thermal) generation Guangdong Yuedian New Energy Development Co. Electricity 100000000 Guangzhou Guangzhou 100.00 Investment Ltd. (Yuedian New Energy Development) generation Dongguan Ningzhou Energy Investment Partnership Electricity 4745908400 Dongguan Dongguan 19.99 0.03 Investment (Limited Partnership) (Dongguan Ningzhou) generation Guangdong Beibu Gulf Offshore Wind Power Electricity Development Co. Ltd. (Beibu Gulf Offshore Wind 1000000000 Zhanjiang Zhanjiang 38.22 Investment generation Power) Guangdong Yuedian Testing Co. Ltd. (Yuedian Maintenance 5000000 Guangzhou Guangzhou 100.00 Investment Testing) service Guangzhou Yuedian Navigation Power Co. Ltd. Electricity 300000 Guangzhou Guangzhou 100.00 Investment (Yuedian Navigation) generation Yuedian Turpan New Energy Power Generation Co. Turpan Xinjiang Uygur Turpan Xinjiang Uygur Electricity 10000000 100.00 Investment Ltd. (Turpan New Energy) Autonomous Region Autonomous Region generation On 30 November 2018 Maoming Thermal merged Guangdong Energy Maoming Thermal Power Station Co. Ltd. which was wholly-owned by GEGC. After the merger GEGC held 30.12% equity of Maoming Thermal and its subsidiary Guangdong Power Development Co. Ltd. Held 15.02% equity of Maoming Thermal.According to the agreement between the Company and GEGC 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 over Maoming Thermal.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 ElectricGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 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 control over Pinghai Power.The Beibu Gulf Offshore Wind Power project was established in 2025 through investment by the Company’ s subsidiary Guangdong Wind Power. According to the Investment Agreement on Jointly Establishing Guangdong Beibu Gulf Offshore Wind Power Development Co. Ltd. signed by Guangdong Wind Power Zhanjiang Urban Development Group Co. Ltd. (Zhanjiang Urban Development) Yunda Energy Technology Group Co. Ltd. and Guangzhou Industrial Investment Holdings Park Development Group Co. Ltd. Zhanjiang Urban Development agreed to entrust its 1% voting right to Guangdong Wind Power. As a result Guangdong Wind Power is able to exercise a total voting right of 51% and therefore the Company has control over Beibu Gulf Offshore Wind Power.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 Pingyuan Wind Power and Herun New Energy as the underlying assets. In accordance with the agreement of the Shantou Yuefeng New Energy Partnership the Company has control over Shantou Yuefeng New Energy and the underlying assets. Therefore our company includes Shantou Yuefeng New Energy Herun New Energy and Pingyuan Wind Power in the scope of consolidation.In 2025 CITIC Securities Co. Ltd. (“CITIC Securities”) issued the Yuedian-Binhai Bay Energy Infrastructure Investment Asset-Backed Special Plan with the underlying assets being the alternative power project located at the Dongguan Ningzhou site held by the Company’s subsidiary Binhai Bay Company. According to the partnership agreement governing Dongguan Ningzhou the Company has control over both Dongguan Ningzhou and the underlying assets. Therefore the Company includes Dongguan Ningzhou and Binhai Bay Company within its consolidated scope. (2) Information on structured entities included in the consolidation scope 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 2 structured entities that meets the definition of control in the scope of consolidated statements (December 31 2024: 1). As of 31 December 2025 the equity of the aforementioned structured entity attributable to the Group was RMB 1234284365 and the equity attributable to other equity holders was presented as non-controlling interests in the consolidated statements which the total amount was RMB 4739312244.Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] (3) Change in scope of consolidation for the current period Addition of subsidiaries in 2025 Registered Shareholding (%) Acquisition Name Major business location Place of registration Nature of business capital Direct Indirect method Dongguan Ningzhou 4745908400 Dongguan Dongguan Electricity generation 19.99 0.03 Investment Beibu Gulf Offshore Wind Power 1000000000 Zhanjiang Zhanjiang Electricity generation 38.22 Investment Yuedian Testing 5000000 Guangzhou Guangzhou Maintenance service 100.00 Investment Yuedian Navigation 300000 Guangzhou Guangzhou Electricity generation 100.00 Investment Turpan Xinjiang Uygur Turpan Xinjiang Uygur Turpan New Energy 10000000 Electricity generation 100.00 Investment Autonomous Region Autonomous Region Note: The companies acquired through asset acquisition mentioned above are subsidiaries that our company and its subsidiaries acquired from third parties through asset purchases. As of the acquisition date these companies had no other operations or assets except for projects under construction PPE and right-to-use assets.The acquisition did not involve employees and did not constitute a business acquisition.Reduction of subsidiaries in this year In this current year our subsidiariesGuangdong Yuedian Heping Wind Power Co. Ltd. Laishui Yingyang New Energy Technology Co. Ltd. Nanjing Senhong New Energy Co. Ltd. Nanjing Linyuan Senhai New Energy Co. Ltd. Taishan Dongrun Zhongneng New Energy Co. Ltd. Pingdu Lianyao New Energy Technology Co.Ltd. and Tumushuke Yuedian Changhe New Energy Co. Ltd. were liquidated. The liquidation of these subsidiaries had impact on the scope of the Company's consolidation but it did not have a significant impact on the Company's business and performance and did not harm the interests of the Company and its shareholders. (4) Significant non-wholly-owned subsidiaries Shares held by minority Gains or losses attributable to Dividends distributed to Ending balance of minority Subsidiaries shareholders (%) minority shareholders in 2025 minority shareholders in 2025 shareholders' equity Guangdong Wind Power 23.56 47791272 41512585 3644741695 Pinghai Power 55.00 222691477 221234094 1301396822 Jinghai Power 35.00 44460664 1750364582Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Shares held by minority Gains or losses attributable to Dividends distributed to Ending balance of minority Subsidiaries shareholders (%) minority shareholders in 2025 minority shareholders in 2025 shareholders' equity Red Bay Power 35.00 66685935 1170095301 Zhanjiang Electric 24.00 -4314778 4948184 714318109 Huizhou Natural Gas 33.00 33290204 114580006 696349279 Bohe Energy 33.00 3881568 60322 857299155 (5) Major financial information of Significant non-wholly-owned subsidiaries (excluding those classified as held for sale) Balance at 31/12/2025 Name of subsidiary Non-Current Non-Current Current Assets Total Assets Current Liabilities Total Liabilities Assets Liabilities Guangdong Wind Power 9587839589 51145809255 60733648844 8851512551 34241942213 43093454764 Pinghai Power 1325685147 2044083185 3369768332 568431350 435160942 1003592292 Jinghai Power 1785011932 12949768706 14734780638 7715483163 2018255813 9733738976 Red Bay Power 1194433147 6759318444 7953751591 2472180952 2138441209 4610622161 Zhanjiang Electric 2270033896 1150073078 3420106974 399425137 44356381 443781518 Huizhou Natural Gas 446097044 2251325689 2697422733 582248258 5025144 587273402 Bohe Energy 1418060787 11228805008 12646865795 3321748125 6727241443 10048989568 Continued: Balance at 31/12/2024 Name of subsidiary Non-Current Non-Current Current Assets Total Assets Current Liabilities Total Liabilities Assets Liabilities Guangdong Wind Power 10147737294 50182786247 60330523541 9116738970 33831030437 42947769407 Pinghai Power 1418525113 2230480194 3649005307 736053942 543759151 1279813093 Jinghai Power 1454845167 8503498575 9958343742 4584797040 2109482916 6694279956 Red Bay Power 1505311564 5682848428 7188159992 3095285356 1090609059 4185894415Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Balance at 31/12/2024 Name of subsidiary Non-Current Non-Current Current Assets Total Assets Current Liabilities Total Liabilities Assets Liabilities Zhanjiang Electric 2713098699 1205638041 3918736740 270528423 35233444 305761867 Huizhou Natural Gas 571235393 2399357467 2970592860 510351612 103320234 613671846 Bohe Energy 1330215572 9205933689 10536149261 1843767824 6586084742 8429852566 (6) Major financial information of Significant non-wholly-owned subsidiaries (excluding those classified as held for sale) (Continued) 20252024 Name of subsidiary Total Cash flow from Total Cash flow from Operating Operating Net profit comprehensive operating Net profit comprehensive operating income income income activities income activities Guangdong Wind 3249586267228132789228132789226145912832848986504124516174124516172019626628 Power Pinghai Power 3701512112 404893595 404893595 555690601 4210021014 416802156 416802156 1153368687 Jinghai Power 5382612412 127030469 127030469 686457044 6474374567 287503430 287503430 1324461463 Red Bay Power 4680929335 190531243 190531243 874587578 4986810554 163411389 163411389 883776955 Zhanjiang Electric 2000234230 -17978240 -16031982 215913195 2385029791 22908261 26687348 118869439 Huizhou Natural Gas 3191070062 100879407 100879407 660587184 4063477988 385791266 385791266 536597090 Bohe Energy 2878765173 11762326 11762326 844260939 3621697933 70832340 70832340 961475403 2. Interest in joint ventures or associates (1) Significant joint ventures and associates Major Place of Shareholding (%) Accounting methods for investments Joint venture or associates Nature of business Operating location registration Direct Indirect in joint ventures or associates 1. Joint venture Industry Fuel Guangzhou Guangdong Guangzhou Guangdong Fuel trade 50.00 Equity methodGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Major Place of Shareholding (%) Accounting methods for investments Joint venture or associates Nature of business Operating location registration Direct Indirect in joint ventures or associates II. Joint ventures Taishan Power Taishan Guangdong Taishan Guangdong Power generation 20.00 Equity method Shanxi Yuedian Energy Taiyuan Shanxi Taiyuan Shanxi Mining Power generation 40.00 Equity method Energy Group Finance Company Guangzhou Guangdong Guangzhou Guangdong Financing 25.00 15.00 Equity method Energy Group Finance Leasing Company Guangzhou Guangdong Guangzhou Guangdong Finance lease 25.00 Equity methodGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] (2) Major financial information of significant joint ventures (excluding those classified as held for sale) Industry Fuel Item 31/12/202531/12/2024 Current assets 5928805453 7032124596 Non-current assets 11595751390 11266048972 Total Assets 17524556843 18298173568 Current liabilities 4708000422 8887142789 Non-current liabilities 7790617390 6030157091 Total liabilities 12498617812 14917299880 Net assets 5025939031 3380873688 Including: attributable to non-controlling interests 1925893095 1005163350 attributable to parent company 3100045936 2375710338 Shares of net assets based on shareholding 1550022968 1187855169 Adjustment - unrealized profits from internal transactions -143427814 -147549225 Book value of investment in joint ventures 1406595154 1040305944 Fair value of equity investments with public quotations Continued: Industry Fuel Item 20252024 Operating revenue 27684386809 31249741685 Financial expenses 220403181 243570625 Income tax expense 51253927 29412089 Net profit 163122093 21884285 Net profit from discontinued operations Other comprehensive income 4030870 2466172 Total comprehensive income 167152963 24350457 Dividends received from joint ventures for the current year 23282400 22340550 (3) Major financial information of significant associates (excluding those classified as held for sale) Taishan Power Shanxi Yuedian Energy Item 31/12/202531/12/202431/12/202531/12/2024 Current assets 4183081214 5064141651 3384275807 3181028055 Non-current assets 7579403501 7962143671 10524523250 9892646067 Total Assets 11762484715 13026285322 13908799057 13073674122 Current liabilities 1320559475 2700702426 517333084 469491364 Non-current liabilities 72191992 1279800 2909525820 2751338737 Total liabilities 1392751467 2701982226 3426858904 3220830101 Net assets 10369733248 10324303096 10481940153 9852844021Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Taishan Power Shanxi Yuedian Energy Item 31/12/202531/12/202431/12/202531/12/2024 Including: attributable to non-controlling 15259082469629021277161 interests attributable to parent company 10368207340 10324303096 10457243863 9831566860 Shares of net assets based on 2073641468206486061941828975443932626743 shareholding Adjustment - unrealized profits from internal transactions Book value of investment in joint ventures 2073641468 2064860619 4182897544 3932626743 Fair value of equity investments with public quotations Continued: Taishan Power Shanxi Yuedian Energy Item Amount incurred in Amount incurred in Amount incurred in Amount incurred in the current period the previous period the current period the previous period Operating revenue 9036830631 10561311141 378278681 305634415 Net profit 448521576 356524108 669728226 984920410 Net profit from discontinued operations Other comprehensive income -122909 Total comprehensive income 448398667 356524108 669728226 984920410 Dividends received from 8602179413495921917134720 associates in the current period Continued: Energy Group Finance Leasing Energy Group Finance Company Item Company 31/12/202531/12/202431/12/202531/12/2024 Current assets 19537225630 18442992152 1145499414 842915301 Non-current assets 19204331097 17838514637 14934349985 14223428947 Total Assets 38741556727 36281506789 16079849399 15066344248 Current liabilities 34245116035 31754463659 2336437884 1914624822 Non-current liabilities 12229042 80781319 10613499811 10106347993 Total liabilities 34257345077 31835244978 12949937695 12020972815 Net assets 4484211650 4446261811 3129911704 3045371433 Including: attributable to non-controlling interests attributable to parent company 4484211650 4446261811 3129911704 3045371433 Shares of net assets based on shareholding 1793684660 1778549724 782477926 761353506 Adjustment - unrealized profits from internal 13325000133250006248935262489352 transactions Book value of investment in joint ventures 1807009660 1791874724 844967278 823842858 Fair value of equity investments with public quotations Note: In 2025 the Company increased invested capital in Guangdong Energy Finance Leasing Company (Energy Group Finance Leasing Company) by RMB 2.5 million. As at 31 December 2025Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] one of the shareholders who holds 25% shares did not make additional capital investment resulting in a difference of RMB 62489352 between the book value of the Company's equity investments in its associates and amount of shares of net assets based on shareholding.Energy Group Finance Energy Group Finance Item Company Leasing Company 2025202420252024 Operating revenue 722928701 773766678 349361822 392604085 Net profit 395025618 374602045 84497679 115903379 Net profit from discontinued operations Other comprehensive income -152717925 -13516913 Total comprehensive income 242307693 361085132 84497679 115903379 Dividends received from associates in the 9215210392569944 current period (4) Major financial information of other insignificant joint ventures and associates Item 31/12/2025 31/12/2024 Joint venture Book value of investments 174115981 171197445 The total amount calculated based on the shareholding ratio of each item as below Net profit 5995234 424563 Other comprehensive income Total comprehensive income 5995234 424563 Associates Book value of investments 1054229134 987950606 The total amount calculated based on the shareholding ratio of each item as below Net profit 54582689 -73112329 Other comprehensive income -638447 -3294845 Total comprehensive income 53944242 -76407174 VII. Government grants 1. Government grants accounted in deferred income Increase in the Decrease in the Grant projects 1/1/2025 31/12/2025 current year current year Government grants 1132625264138628112854495141794312 related to assets VIII. Risk management of financial instruments The main financial instruments of the Company include monetary funds notes receivable trade receivables other receivables non-current assets due within one year other current assets investments in other equity instruments long-term receivables notes payable trade payable other payables short-term borrowings current portion of non-current liabilities long-term borrowings debentures payable lease liabilities and long-term payables. The detailed information of each financial instrument has been disclosed in the relevant notes.Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] The risks associated with these financial instruments as well as the risk management policies adopted by the Company to reduce these risks are described below. The management of the Company manages and monitors these risk exposures to ensure that the aforementioned risks are controlled within a limited scope. 1. Risk management objectives and policies The Company's operating activities are subject to various financial risks: market risk (primarily foreign exchange risk and interest rate risk) credit risk and liquidity risk. Our overall risk management plan addresses the unpredictability of financial markets striving to minimize potential adverse impacts on our financial performance. (1) Market risk Foreign exchange risk The Group's major operational activities are carried out in the Chinese mainland and a majority of the transactions are denominated in RMB. The Group is exposed to foreign exchange risk arising from the recognized assets and liabilities and future transactions denominated in foreign currencies primarily with respect to USD. The Group is exposed to foreign exchange risk arising from the recognized assets and liabilities and future transactions denominated in foreign currencies primarily with respect to USD.The Group's finance department at its headquarters is responsible for monitoring the amount of assets and liabilities and transactions denominated in foreign currencies to minimize the foreign exchange risk.Therefore the Group may consider taking proper measures to mitigate the foreign exchange risk as appropriate. During 2025 and 2024 the Group did not enter into any forward exchange contracts or currency swap contracts.As at 31 December 2025 and December 31 2024 the Company did not hold any financial liabilities dominated in foreign currency.Interest rate risk The Group's interest rate risk mainly arises from interest bearing borrowings including bank borrowings debentures payable lease liabilities and long-term payables. Financial liabilities issued at floating rates expose the Group to cash flow interest rate risk. Financial liabilities issued at fixed rates expose the Group to fair value interest rate risk. The Group determines the relative proportions of its fixed rate and floating rate contracts depending on the prevailing market conditions.The Group continuously monitors its interest rate position. Increases in interest rates will increase the cost of new borrowing and the interest expenses with respect to the Group's outstanding floating rate borrowings and therefore could have a material adverse effect on the Group's financial performance.The Group makes adjustments timely with reference to the latest market conditions and may enter into interest rate swap agreements to mitigate its exposure to interest rate risk. During 2025 and 2024 the Group did not enter into any interest rate swap agreements.The Group's interest bearing borrowings were mainly bank borrowings debentures payable lease liabilities and long-term payables with fixed and floating interest rates and the amounts of respective interest are as follows: Item 31/12/2025 31/12/2024 Short-term borrowingsGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Item 31/12/2025 31/12/2024 -- Fixed interest rate 4184822957 10141662928 -- Floating interest rate 5548374004 3942291347 Subtotal 9733196961 14083954275 Long-term borrowings and long-term borrowings due within one year -- Fixed interest rate 11030088175 1199600000 -- Floating interest rate 68542911753 74023691196 Subtotal 79572999928 75223291196 Debentures payable and Debentures payable due within one year -- Fixed interest rate 13446584670 11231708662 -- Floating interest rate Subtotal 13446584670 11231708662 Long-term payables and long-term payables due within one year -- Fixed interest rate 649438826 615321190 -- Floating interest rate 793571344 125569487 Subtotal 1443010170 740890677 Lease liabilities and lease liabilities due within one year -- Fixed interest rate 548920603 960891014 -- Floating interest rate 11065037163 11135372333 Subtotal 11613957766 12096263347 Total 115809749495 113376108157 As of 31 December 2025 the Company's debt with fixed interest rate amounted to RMB 29859855231 and that of floating interest rate was RMB 85949894264 (as of December 31 2024: fixed-interest-rate: RMB 24149183795 and floating-interest-rate debt was RMB 89226924363).As of 31 December 2025 if the floating rates increases or decreases by 10 basis points while other factors remain unchanged the Company's interest expenses will increase or decrease by approximately RMB 85949894 (as of December 31 2024: an increase or decrease of 10 basis points will result in an increase or decrease of approximately RMB 89226924). (2) Credit risks The credit risk of the Company primarily arises from monetary funds notes receivable trade receivables contract assets other receivables and long-term receivables. As of 31 December 2025 the carrying amount of our financial assets represents its maximum credit risk exposure.The Company's monetary funds primarily are consist of bank deposits in Energy Group Finance Company reputable state-owned banks with high credit ratings and other large and medium-sized listed banks. The Company believes that there is no significant credit risk associated with these deposits and they will not incur any significant losses due to default by the counterparty.In addition the Company establishes policies to control credit risk exposure for trade receivables trade payable contract assets other receivables and long-term receivables. Based on assessments of customers' financial status the possibility of obtaining guarantees from third parties credit records and other factors such as current market conditions the Company evaluates customers' creditworthinessGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] and sets corresponding credit periods. The Company regularly monitors customers' credit records. For customers with poor credit records the Company adopts measures such as written reminders shortening credit periods or canceling credit periods to ensure that the Company's overall credit risk remains within a controllable range.As of 31 December 2025 the Company did not held significant collateral due to debtors' mortgages or other credit enhancements (as of December 31 2024: none). (3) Liquidity risk Each subsidiary within the Company is responsible for its own cash flow forecast. As the Company had net current liabilities there was a certain degree of liquidity risk. In view of the above situation the Company had formulated certain plans and measures to alleviate the pressure on working capital and improve financial conditions.As of 31 December 2025 the financial liabilities and off-balance sheet guarantee items held by the Company are analyzed based on the maturity of undiscounted remaining contractual cash flows as follows: 31/12/2025 Book value as at Item One to two Two to five More than five 31/12/2025 Within one year Total years years years Financial liabilities Short-term borrowings 9839421691 9839421691 9741011157 Notes payable 1519972657 1519972657 1519972657 Trade payable 4294766903 4294766903 4294766903 Other payables 18806427609 18806427609 18806427609 Other current liabilities 520439919 520439919 520439919 Non-current liabilities due 994172768799417276879886200377 within one year long-term borrowings 1986101107 10427838508 20332210694 53730142429 86476292738 71609414544 Debentures payable 230070563 922435862 7345817152 6015720617 14514044194 12382296595 Lease liabilities 889906772 3148208568 9395043080 13433158420 12394114636 Long-term payables 350535065 453266126 524243564 1328044755 1109330338 Continued: 31/12/2024 Book value as at Item Within one One to two Two to five More than five total 31/12/2024 year years years years Financial liabilities Short-term 143723458111437234581114108930833 borrowings Notes payable 2102292195 2102292195 2102292195 Trade payable 4279045681 4279045681 4279045681 Other payables 15825876579 15825876579 15825876579 Other current 528095817528095817528095817 liabilities Non-current liabilities due 6985821004 6985821004 6606678336 within one yearGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 31/12/2024 Book value as at Item Within one One to two Two to five More than five total 31/12/2024 year years years years long-term 23838445181035655559622081496998456569294798047882659169541559406 borrowings Debentures 3557894802617529743623720015455722835661478280294311107429258 payable Lease liabilities 850060148 2798617305 10015643629 13664321082 12376312142 Long-term 765916432578428197657819031100216365696347824 payables As at 31/12/2025 the credit limits available to the Company from financial institutions are presented as follows: Item 31/12/2025 31/12/2024 Available credit limit from financial institutions 106589071457 112116120762 2. Capital management The objective of the Company's capital management policy is to ensure the sustainable operation to provide returns for shareholders and other stakeholders while maintaining an optimal capital structure to reduce capital costs.The total capital of the Company is the shareholders' equity listed in the consolidated balance sheet.The Company is not subject to external mandatory capital requirements and monitors its capital using the debt ratio.The debt ratio of the Company is presented as follows: Item 31/12/2025 31/12/2024 Asset-liability ratio 77.71% 79.47% IX. Fair value Fair value measurements are categorized into a hierarchy based on the lowest level of input that is significant to the measurement as a whole: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly.Level 3: if any unobservable input is used for the asset or liability. 1. Assets measured at fair value on a recurring basis As at 31 December 2025 the assets measured at fair value on a recurring basis by the above three levels are analyzed below.Item Level 1 Level 2 Level 3 Total 1. Fair value on a recurring basis Investments in other equity instruments 1777428066 1232261822 3009689888 2. Information of important unobservable input values used in the level 3 fair value measurementGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Fair value at Unobservable input Item Valuation method 31/12/2025 value Investments in other equity instruments Comparable company method and Average price-to-book Unlisted equity investment 1232261822 discounted cash flow method ratio liquidity discount For financial instruments traded in active market the Company determines their fair value based on the quoted prices in active market. For financial instruments which were not traded in an active market the Company uses valuation methods to determine their fair value. The Company used valuation models such as the discounted cash flow model and the market comparable company model to assess the fair value of investments in other equity instruments in level 3 in 2025. The main unobservable inputs used by the Company for its investments in Shenzhen Capital Group were average price-to-book ratio and liquidity discount. 3. Movement of fair value measurement of investments in other equity instruments in level 3 Total gain or losses Item 1/1/2025 Accounted in Accounted in other 31/12/2025 profit or loss comprehensive income Investments in other 11268000001054618221232261822 equity instruments 4. Items not measured at fair value but disclosed at fair values The financial assets and financial liabilities measured at amortized cost of the Company mainly include notes receivable trade receivables other receivables long-term receivables short-term borrowings trade payable lease liabilities long-term borrowings debentures payable and long-term payables.There was no significant difference between the book value and fair value of the financial assets and financial liabilities of the Company that are not measured at fair value.X. Related parties and related party transactions 1. Parent company Voting Place of Registered Shareholding Parent company Scope of business rights Registration capital (%) (%) Operating management of power Guangdong Energy generation enterprises capital Group Co. Ltd.Guangzhou management of power generation 23300000000 67.39% 67.39% (Guangdong Energy assets construction of electricity plants Group or GEGC) and power sales The ultimate controlling party of the Company is the State-owned Assets Supervision & Management Commission of Guangzhou Municipal People’s Government.In 2025 movement of registered capital of the parent company as follows: 1/1/2025 Increase Decrease 31/12/2025 2330000000023300000000 2. Subsidiaries of the Company For details of the subsidiaries please refer to Note VI. 1.Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 3. Joint ventures and associates For details of significant joint ventures and associates please refer to Note VI. 2.Joint ventures or associates Relationship Industrial Fuel Joint venture China Aviation Shenxin Joint venture Yuexin Energy Joint venture Shanxi Yuedian Energy Associates Taishan Power Associates Energy Group Finance Company Associates Energy Finance Leasing Company Associates Energy Property Insurance Captive Insurance Associates Yuedian Shipping Associates Yueqian Power Associates Weixin Yuntou Associates Jiangkeng Hydropower Station Associates Zhongshankeng Electric Power Associates Shantou Huaneng Wind Power Associates Southern Offshore Wind Power Associates Yunfu B Associates Guangdong Energy Group Corporate Services Co. Ltd. (Energy Corporate Services) Associates 4. Other related parties Related parties Relationship Zhuhai Special Economic Zone Guangzhu Power Generation Co. Ltd. Both are controlled by Guangdong (Guangzhu Power) Energy Group Guangdong Yuedian Environmental Protection Materials Co. Ltd. Both are controlled by Guangdong (Environmental Protection Materials) Energy Group Guangdong Zhuhai Gaolan Port Environmental Protection Technology Both are controlled by Guangdong Co. Ltd. (Gaolan Port Environmental Protection) Energy Group Inner Mongolia Yuedian Menghua New Energy Co. Ltd. (Menghua Both are controlled by Guangdong New Energy) Energy Group Both are controlled by Guangdong Bayan Obo Guangdong-Mongolia New Energy Co. Ltd. (Bayan Obo) Energy Group Both are controlled by Guangdong Shaoguan Qujiang Yuedian New Energy Co. Ltd. (Shaoguan Qujiang) Energy Group Both are controlled by Guangdong Guangdong Zhuhai Jinwan Power Generation Co. Ltd. (Zhuhai Jinwan) Energy Group Guangdong Yuedian Zhongshan Thermal Power Plant Co. Ltd. Both are controlled by Guangdong (Yuedian Zhongshan Thermal Power Plant) Energy Group Guangdong Yuedian Real Estate Investment Co. Ltd. (Yuedian Real Both are controlled by Guangdong Estate Investment) Energy Group Both are controlled by Guangdong Guangdong Yuedian Shipping Co. Ltd. (Yuedian Shipping) Energy Group Guangdong Yuedian Information Technology Co. Ltd. (Yuedian Both are controlled by Guangdong Information Technology) Energy GroupGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Related parties Relationship Guangdong Yuedian Xinfengjiang Power Generation Co. Ltd. (Yuedian Both are controlled by Guangdong Xinfengjiang) Energy Group Both are controlled by Guangdong Guangdong Yuedian Property Management Co. Ltd. (Yuedian PM) Energy Group Guangdong Yuedian Environmental Protection Co. Ltd. (Yuedian Both are controlled by Guangdong Environmental Protection) Energy Group Both are controlled by Guangdong Guangdong Yangjiang Port Co. Ltd. (Yangjiang Port) Energy Group Both are controlled by Guangdong Guangdong Yuelong Power Generation Co. Ltd. (Yuelong Power) Energy Group Guangdong Energy Group Co. Ltd. Zhuhai Power Plant (Zhuhai Both are controlled by Guangdong Power) Energy Group Guangdong Energy Group Co. Ltd. Shajiao C Power Plant (Energy Both are controlled by Guangdong Group Shajiao C Power Plant) Energy Group Both are controlled by Guangdong Guangdong Shaoguan Port Co. Ltd. (Shaoguan Port) Energy Group Guangdong Energy Group Natural Gas Co. Ltd. (Guangdong Energy Both are controlled by Guangdong Natural Gas) Energy Group Guangdong Energy Group Science and Technology Research Institute Both are controlled by Guangdong Co. Ltd. (Energy Group Science and Technology Research Institute) Energy Group Guangdong Huizhou Natural Gas Power Co. Ltd. (Huizhou Natural Both are controlled by Guangdong Gas) Energy Group Guangdong Energy Group (Yunfu) Energy Storage Power Generation Both are controlled by Guangdong Co. Ltd. (Guangdong Energy Group (Yunfu) Energy Storage) Energy Group Both are controlled by Guangdong Dongguan Mingyuan Hotel Co. Ltd. (Dongguan Mingyuan Hotel) Energy Group Both are controlled by Guangdong Guangdong Huizhou Liquefied Natural Gas Co. Ltd. (Huizhou LNG) Energy Group Guangdong Energy Bohe Fuel Supply Chain Co. Ltd. (Guangdong Both are controlled by Guangdong Energy Bohe Fuel Supply Chain) Energy Group Guangdong Energy Group Energy Conservation and Carbon Reduction Both are controlled by Guangdong Co. Ltd. (Guangdong Energy Group Energy Conservation and Carbon Energy Group Reduction) Guangdong Energy Group Corporate Services Co. Ltd. (Energy Both are controlled by Guangdong Corporate Services) Energy Group 5. Related party transactions (1) Purchases and sales * Purchase of goods and receiving of services: Type of related Pricing policy for related- Related parties 2025 2024 party transaction party transactions Industrial Fuel Purchase of fuel Agreement price 20020041729 23522405049 Guangdong Energy Natural Gas Purchase of fuel Agreement price 9310756743 9455829151 Guangdong Energy Bohe Fuel Purchase of fuel Agreement price 59679110 Supply Chain Guangdong Energy Group Co. Receipt of operational Agreement price 520628563 573102250 Ltd. services Purchase of materials/Receipt of Yuedian Environmental Agreement price 129041310 169702574 consulting services / Carbon emission allowances tradingGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Type of related Pricing policy for related- Related parties 2025 2024 party transaction party transactions Environmental Protection Purchase of materials Agreement price 81005986 96406939 Materials Energy Group Science and Purchase equipment/receive Agreement price 49986839 102765353 Technology Research Institute R&D services Receipt of insurance Energy Property Insurance Agreement price 26471944 15704247 services Yuedian PM Receipt of property services Agreement price 49091841 48063107 Yuedian Shipping Receipt of tug services Agreement price 41152397 28262170 Energy Corporate Services Receipt of other services Agreement price 23937317 Carbon emission allowances Guangzhu Power Agreement price 13911712 trading Guangdong Energy Group Receipt of consulting/other Energy Conservation and services/Carbon emission Agreement price 12632642 Carbon Reduction allowances trading Purchase of goods/Receipt Others Agreement price 42954835 41786988 of services * Sale of goods and rendering of services: Pricing policy for Related parties Type of related party transaction related party 2025 2024 transactions Environmental Protection Revenue from sale of by-products Agreement price 95744621 100380187 Materials /other services Gaolan Port Environmental Revenue from sale of by-products Agreement price 19745764 37120087 Protection /other services Provision of maintenance repair Guangdong Energy Group Agreement price 34185140 50525121 and other labour services Yuedian Zhongshan Provision of maintenance and Agreement price 21105683 21413945 Thermal Power Plant repair services Provision of maintenance and Guangzhu Power Agreement price 29923204 20024593 repair services Provision of maintenance repair Yunfu B Agreement price 1737167 2345313 and other labour services Bayun Ebo Provision of management services Agreement price 7724793 7253092 Transfer of land use rights for Huizhou LNG Agreement price 26917203 177393862 reclaimed land/other services Yuedian PM Provision of management services Agreement price 15027976 440901 Others Provision of services Agreement price 10347933 11312524 Note: In the current year Pinghai Power Plant a subsidiary of the Company entered into an agreement with Huizhou LNG. Under the agreement Huizhou LNG was obligated to pay compensation for reclamation costs to Pinghai Power Plant. Additionally Pinghai Power Plant provided paid usage services for the breakwater to Huizhou LNG. (2) Purchase of electricity Related parties 2025 2024 Guangzhu Power 12356539 34533526 Zhuhai Jinwan 19986513 5165045 Yuedian Zhongshan Thermal Power Plant 11735370 21685670 Yuelong Power 4627778 2493552Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] (3) Leases Increase of right-of-use assets in the current year as the lessee Name of the lessor Type of the leased asset 2025 2024 Energy Finance Leasing Company Lease of machinery and equipment 1296438673 2191682984 Others Housing rental 29762997 Interest expenses on lease liabilities in the current year as the lessee Name of the lessor Type of the leased asset 2025 2024 Energy Finance Leasing Company Lease of machinery and equipment 278869520 297797859 Others Housing rental 1310650 The short-term or low-value lease expenses paid as the lessee Name of the lessor Type of the leased asset 2025 2024 Yuedian Real Estate Investment Lease of houses 19517 15148051 The rental income obtained by the Company as the lessor Name of the lessee Type of the leased asset 2025 2024 Dongguan Mingyuan Hotel Tenancy of PPE 3986319 3870213 Yuedian PM Tenancy of PPE 595336 283746 Yuedian Environmental Protection Tenancy of PPE 163810 161905 Yuedian Shipping Tenancy of PPE 48440 48440 Yunfu B Tenancy of PPE 730521 8637532 Energy Group Science and Technology Tenancy of PPE 1158658 149799 Research Institute Guangdong Energy Natural Gas Tenancy of PPE 9981 9981 Huizhou Natural Gas Tenancy of PPE 1921309 Shanwei YueDian Shipping Tenancy of PPE 16294 16294 China Aviation Shenxin Tenancy of PPE 71560 71560 Red Bay Industrial Fuel Co. Ltd. (Industrial Tenancy of PPE 32587 Fuel) Guangdong Energy Group (Yunfu) Energy Tenancy of PPE 12186 Storage Energy Group Shajiao C Power Plant Tenancy of PPE 262857 Huizhou LNG Tenancy of PPE 1339158 (4) Guarantees * The Company as the guarantor Whether the Guaranteed Guaranteed guarantee Guaranteed party Starting date Maturity date amount interest has been fulfilledGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Whether the Guaranteed Guaranteed guarantee Guaranteed party Starting date Maturity date amount interest has been fulfilled Guangdong Energy 1684160000 9789304 2019/12/3 2043/9/15 No Group Corporation In order to perform the Loan Agreement for the Guangdong Yuedian Yangjiang Shapa offshore wind power project signed between the People's Republic of China (PRC) and New Development Bank (NDB) (Loan Agreement with NDB) on 3 December 2019 Project Agreement signed between NDB and the People's Government of Guangdong Province (provincial government) (Project Agreement with NDB) Loan Transfer Agreement signed between the Ministry of Finance and the provincial government (Loan Transfer Agreement with the Ministry of Finance) and Loan Transfer Agreement signed between the Department of Finance of Guangdong Province and GEGC (Loan Transfer Agreement with the Department of Finance of Guangdong Province) Yangjiang Wind Power signed Loan Transfer Agreement with GEGC (Loan Transfer Agreement with GEGC) in 2020 specifying that GEGC shall transfer loans of RMB 2000000000 (Project Loan) to Yangjiang Wind Power; meanwhile the Company signed a joint liability guarantee contract with GEGC specifying that the Company provides joint liability guarantee for all liabilities of Yangjiang Wind Power under the Loan Transfer Agreement with GEGC on behalf of GEGC to the Department of Finance of Guangdong Province from 3 December 2019 to 15 September 2043 and the guarantee scope includes but not limited to principal and interest. As at 31 December 2025 Yangjiang Wind Power borrowed pledged loan of RMB 1684160000 from NDB and the interest payable was RMB 9789304. The right to collect electric charges was pledged for such borrowings.The Project Loan above was transferred to the provincial government by the Ministry of Finance under the country's authorization according to the same loan conditions then transferred to GEGC by the Department of Finance of Guangdong Province under the provincial government's authorization and finally transferred to Yangjiang Wind Power by GEGC. The above Project Loan was actually provided in entrusted payment. The cash would not flow through the bank accounts of the Ministry of Finance Department of Finance of Guangdong Province and GEGC and Yangjiang Wind Power the actual debtor of the Project Loan directly withdrew and repaid the loan through its account of NDB. The Project Loan was guaranteed by the Company for GEGC and actually the Company provided guarantee for the Project Loan obtained by Yangjiang Wind Power from NDB. Therefore after consulting the Company's legal adviser management considered that joint liability guarantee provided by the Group for GEGC would not constitute GEGC's occupation of the Group's funds. (5) Lending among related parties According to the 2025 Framework Agreement on Financial Services between the Company and Energy Group Finance Company Energy Group Finance Company is committed to offering the Group a credit line of no more than RMB 39 billion in 2025. In 2025 the Group borrowed a total of RMB 9563857859 (2024: RMB 10109224870) from Energy Group Finance Company based on actual capital requirement. The Group paid an interest of RMB 266313323 (2024: RMB 319243449) for such borrowings.In 2025 the net decrease of the Group's deposits in Energy Group Finance Company was RMB 986153182 (2024: a net increase of RMB 69109167) and there was no other cash balances deposited in Energy Group Finance Company in 2025 or 2024. Interest due from Energy Group Finance Company amounted to RMB 80861477 (2024: RMB 147987728). In light of the frequent deposits and withdrawals the Group only disclosed the amount of net change in deposits.Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] According to the three-party agreement signed among the Group Energy Group Finance Company and Industry Fuel the notes opened by the Group in Energy Group Finance Company and issued to Industry Fuel represented the amount payable to Energy Group Finance Company if such notes were discounted with Energy Group Finance Company by Industry Fuel. Given the frequent transactions only the net change of the balance of commercial acceptance notes discounted with Energy Group Finance Company as at 31 December is disclosed. As at 31 December 2025 the net amount of Energy Group Finance Company's discounting of acceptance notes issued by the Group to Industry Fuel decreased by RMB 40000000 (2024: RMB 25000000). In 2025 the discounting interest charged by Energy Group Finance Company and borne by the Group which was included in the discounting interest expenses in the current year amounted to RMB 2435740 (2024: RMB5595178).Based on the Framework Agreement on Financial Lease between the Company and Energy Finance Leasing Company in 2025 Energy Finance Leasing Company is committed to offering the Group a credit line of no more than RMB 18 billion which is reusable during the one-year agreement period. In 2025 the new lease liabilities incurred in the transaction between the Group and Energy Finance Leasing Company were RMB 1307642676 (2024: RMB 2191682984) the finance lease payment was RMB 746151863 (2024: RMB 723763205). and no advance payment was received (2024: nil).The Company entered into new sale and leaseback transactions with Energy Finance Leasing Company resulting in an increase in long-term payables (including current portion) of RMB 662445430 (2024: nil). (6) Interest income Related parties Type of related party transaction 2025 2024 Energy Group Finance Company Interest on deposits 80861477 147987728 (7) Interest costs Related parties Content of related-party transactions 2025 2024 Energy Group Finance Company Interest on borrowings 266313323 319243449 Energy Group Finance Company Discount charges for notes 2435740 5595178 In 2025 the annual interest rate for loans issued by Energy Group Finance Company to our company ranged from 1.70% to 3.45% (2024: 2.00% to 3.45% ). (8) Joint investment As of 31 December 2025 the subsidiaries joint ventures and associates jointly invested by the Company Guangdong Energy Group Co. Ltd. and its subsidiaries include: Invested enterprise Percentage of equity attributable to GEGC Energy Property Insurance 51.00% Energy Group Finance Company 60.00% Energy Group Finance Leasing Company 75.00% Yuedian Shipping 65.00% Yueqian Power 68.70% Shanxi Yuedian Energy 60.00% Industry Fuel 50.00% Shajiao C Company 49.00%Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Guanghe Power 49.00% Biomass Power Generation 49.00% Xinhui Power 44.10% Maoming Thermal Power 45.14% Yangjiang Wind Power 10.96% Shibeishan Wind Power 30.00% Zhanjiang Wind Power 30.00% Qujie Wind Power Company 1.68% Bohe Energy 33.00% Yuejia Electric 25.00% Zhuhai Wind Power 5.72% (9) Remuneration of key management The Company has 5 key management personnel in 2025 compared to 7 in 2024. The payment of salaries is shown in the table below: Item 2025 2024 Remuneration of key management 5837927 7526869 6. Amount due to/from related parties (1) Amount due from related parties 31/12/202531/12/2024 Item Related parties Bad debt Bad debt Book balance Book balance reserves reserves Cash and bank Energy Group Finance 1327588859214286603574 balances Company Trade receivables Energy Group Company 6469246 13162597 Trade receivables Guangzhu Power 15598390 16519487 Yuedian Zhongshan Trade receivables 22782309 7669412 Thermal Power Plant Trade receivables other 3472083 538176 Yuedian Zhongshan Contract assets 103206 1269872 Thermal Power Plant Contract assets Others 771563 96470 Yuedian Environmental Other receivables 26495186 37861479 Protection Other receivables Industry Fuel 54738075 24677849 Energy Finance Leasing Other receivables 33507710 13533280 Company Other receivables Others 34805913 28731848 Advances to Industry Fuel 636106229 929673076 suppliers Advances to Guangdong Energy 21489959 suppliers Natural Gas Advances to Tianxin Insurance 23760250 30223522 suppliersGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 31/12/202531/12/2024 Item Related parties Bad debt Bad debt Book balance Book balance reserves reserves Advances to Others 7261439 5329456 suppliers Guangdong Energy Other non-current Group Energy 4323000 assets Conservation and Carbon Reduction Other non-current Tianxin Insurance 23837472 assets Other non-current Energy Group Finance 507222 assets Company (2) Amount due to related parties Item Related parties 31/12/2025 31/12/2024 Notes payable Energy Group Finance Company 150000000 350000000 Trade payables Industry Fuel 2255235465 1971547170 Trade payables Guangdong Energy Natural Gas 656143143 72412482 Trade payables Energy Group Company 314416207 71348385 Trade payables Yuedian Environmental 33840243 25726993 Trade payables Environmental Protection Materials 21771155 6470206 Trade payables Others 18114415 12307887 Other payables Yuedian Environmental 762414 21449528 Other payables Menghua New Energy 7640523 9222282 Other payables Yuedian PM 7395846 7168316 Other payables Yuedian Information Technology 7152456 3875757 Other payables Energy Corporate Services 9505945 Energy Group Science and Other payables 35827012 5624000 Technology Research Institute Other payables Others 25807630 22167217 Advance from customers Huizhou Natural Gas 1425115 Contract liabilities Huizhou LNG 34983686 Lease liabilities Energy Finance Leasing Company 8120455932 10257056614 Lease liabilities Others 19646041 Long-term trade payables Energy Finance Leasing Company 420971128 Short-term borrowings Energy Group Finance Company 4444498452 4537643038 Current portion of non-current liabilities Energy Group Finance Company 286611981 212355144 Current portion of non-current liabilities Energy Finance Leasing Company 772997883 237719635 Current portion of non-current liabilities Yuedian Real Estate Investment 12612258 Current portion of non-current liabilities Yunfu B 1002858 Current portion of non-current liabilities Yuelong Power 7025 long-term borrowings Energy Finance Leasing Company 6707954288 5806465747Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] XI. Commitments 1. Important commitment items (1) Capital commitments Capital expenditures contracted for by the Group but are not yet necessary to be recognized on the balance sheet as at the balance sheet date are as follows: Capital commitments that have been contracted but not 31/12/202531/12/2024 yet recognized in the financial statements Houses buildings and power generation equipment 6439124335 15655912347 The above capital commitments will be primarily used for the construction of new electric plants and the purchase of new generator units. (2) Investment commitments Note 1: In August 2022 Provincial Wind Power signed the Equity Acquisition Framework Agreement for the Wuxiang Lvheng 100MW Photovoltaic Power Generation Project with Shanxi Hengyang New Energy Co. Ltd. (Hengyang New Energy). According to the agreement Provincial Wind Power paid a deposit of RMB 52200000 for the equity acquisition in 2022.Note 2: In May 2024 GEGC Xinjiang a subsidiary of our company signed a framework agreement with Jiangsu Saifapower Electric Power Development Co. Ltd. (Saifapower Electric Power) to acquire 100% of the equity held by Seraphim Power in Kekedala Zhongfu New Energy Co. Ltd. As of 31 December 2025 GEGC Xinjiang had paid a transaction deposit of RMB 72000000 to Saifapower Electric Power. 2. Contingent matter As of 31 December 2025 the Company has no unsettled lawsuit external guarantees or other contingent matters that need to be disclosed.XII. Events after the balance sheet date 1. Profit distribution In accordance with the proposal at the Board of Directors’ meeting in March 2026 the Company proposed to distribute a cash dividend of RMB 0.2 per 10 shares to all shareholders based on total share capital of 5250283986 shares as at 31 December 2025. Such proposal is pending for approval at the meeting of Board of Shareholders and not recognized as a liability in the financial statements for the current year As of March 27 2026 (the date of approval of the report by the board of directors) the Company has no other events after the balance sheet date that should be disclosed.XIII. Other important matters 1. Division report As the Group's revenue and expenses assets and liabilities are primarily associated with sale of electric power and other related products the Group's management taking the sale of electric power as a whole business periodically obtains accounting information relating to its financial status operating results and cash flow for assessment. Therefore the electric power segment is the only division in theGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Group.The Group’s revenue from main operations derives from the development and operation of electric plants in China and all assets are within China.In 2025 the revenue earned by our power plants from Southern Grid Company and State Grid Corporation of China amounted to RMB 50399904363 (2024: RMB 56225050620) accounting for 97.79% of the Group’s revenue (2024: 98.37%). As of 31 December 2025 the Company had no other significant matters that should be disclosed.XIV. Notes to major items in the parent company's financial statements 1. Other receivables Item 31/12/2025 31/12/2024 Interest receivable Dividend receivable Other receivables 70195880 837741316 Total 70195880 837741316 (1) Other receivables * Disclosure by aging Aging of accounts 31/12/2025 31/12/2024 Within 1 year 3842103 791766134 1 to 2 years 25210806 6660864 2 to 3 years 6548058 5103479 Over 3 years 34716841 34314140 Subtotals 70317808 837844617 Less: provision for bad debts 121928 103301 Total 70195880 837741316 * Disclosure by nature of payment Items 31/12/2025 31/12/2024 Receivables from supplementary medical insurance funds 40048672 44370483 Receivables from related parties 27279842 788286071 Others 2989294 5188063 Subtotals 70317808 837844617 Less: bad debt provision 121928 103301 Total 70195880 837741316 * Provision for bad debts 31/12/2025 Category Book balance Provision for bad debts book valueGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] % of total Provision Amount Amount balance ratio Provision for bad debts on 6732851495.7567328514 an individual basis Provision for bad debts on a 29892944.251219284.082867366 collective basis Total 70317808 100.00 121928 0.17 70195880 (Continued): 31/12/2024 Category book balance Provision for bad debts % of total Provision book value Amount Amount balance ratio Provision for bad debts on 83517277399.68835172773 an individual basis Provision for bad debts on a 26718440.321033013.872568543 collective basis Total 837844617 100.00 103301 0.01 837741316 As at 31 December 2025 other receivables at Stage 1 for which the related provision for bad debts was provided on the individual basis are analyzed as follows: 12-month Provision Book Book Category ECL for bad Reason balance balance rates% debts Provision for bad debts on - an individual basis The counterparty is a related Receivables from related party with a historical loss rate 2727984227279842 parties of 0% ; therefore the risk of ECL is extremely low.The counterparty is Taikang Pension which mainly provides Supplementary medical custody services for the Group’s 4004867240048672 insurance fund receivable supplementary medical insurance fund. and the risk of ECL is extremely low.Provision for bad debts on a collective basis Other receivables portfolio 2989294 4.08 121928 2867366 Total 70317808 0.17 121928 70195880 Bad debt provision at Stage 2 at the end of the period At the end of the period the Company had no interest receivable dividends receivable or other receivables that were in Stage 2.Bad debt provision at Stage 3 at the end of the period At the end of the period the Company had no interest receivable dividends receivable or other receivables that were in Stage 2.As at 31 December 2024 other receivables at Stage 1 for which the related provision for bad debts wasGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] provided on the collective basis are analyzed as follows: 12-month Provision Book Category ECL for bad Book value Reason balance rates% debts Provision for bad debts on an individual basis The counterparty is a related party with a historical loss rate Receivables from related 788286071 788286071 of 0% ; parties therefore the risk of ECL is extremely low.The counterparty is Taikang Pension which mainly Supplementary medical provides custody services for insurance fund 44370483 44370483 the Group’s supplementary receivable medical insurance fund. and the risk of ECL is extremely low.Trade receivables from sales of auxiliary - products Others 2516219 2516219 - Provision for bad debts on a collective basis Other receivables 26718443.871033012568543 portfolio Total 837844617 0.01 103301 837741316 Bad debt provision at Stage 2 at the end of the previous year At the end of last year the Company had no interest receivable dividends receivable or other receivables that were in the second stage.Bad debt provision at the third stage at the end of last year At the end of last year the Company had no interest receivable dividends receivable or other receivables in the third stage.* Bad debt provision accrued recovered or reversed in the current period Stage 1 Stage 2 Stage 2 Bad debt reserves 12-month Lifetime ECL (credit Lifetime ECL (credit Total ECL not impaired) impaired) As at 31/12/2024 103301 103301 Opening balance in the current period -- Move to stage 2 -- Move to stage 3 -- Switch back to stage 2 --Return to stage 1 Provision for this period 18627 18627 Reversal in this periodGuangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Stage 1 Stage 2 Stage 2 Bad debt reserves 12-month Lifetime ECL (credit Lifetime ECL (credit Total ECL not impaired) impaired) Verification in this period As at 31/12/2025 121928 121928 * The actual write-off of other receivables in the current period: none * Top five units with the highest ending balances of other receivables collected by debtors Provision Book % of total Unit Name Nature Aging for bad balance balance debts Supplementary Within 1 year 1-2 years (inclusive) 2-3 Taikang Pension Co. Ltd. medical 40048672 years (inclusive) 3-4 years (inclusive) 56.95 Guangdong Branch insurance fund 4-5 years (inclusive) receivable Receivables from Guangdong Electric Power related 22804207 1-2 years (inclusive) 32.43 Industry Fuel Co. Ltd.parties Receivables from Guangdong Yuedian Real related 1045274 4-5 years (inclusive) beyond 5 years 1.49 Estate Investment Co. Ltd.parties Receivables from Guangdong Yuedian Binhai related 1002560 Within 1 year 1-2 years (inclusive) 1.43 Bay Energy Co. Ltd.parties Guangdong Yuedian New Receivables from Energy Development Co. related 569333 Within 1 year 1-2 years (inclusive) 0.81 Ltd. parties Total 65470046 93.11Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] 2. Long-term equity investments 31/12/202531/12/2024 Item Book balance Impairment provision Book value Book balance Impairment provision Book value Subsidiaries 44332871157 3994357453 40338513704 40225622357 3915727852 36309894505 Joint ventures 1549408238 1549408238 1187240439 1187240439 Associates 9143147561 122614153 9020533408 8792769115 122614153 8670154962 Total 55025426956 4116971606 50908455350 50205631911 4038342005 46167289906 (1) Subsidiaries Movements in the current year 31/12/2025 31/12/202431/12/202431/12/2025 Invested entity Provision Increase in Decrease in (impairment (book value) (impairment provision) for Others (book value) investments investments provision) impairment Huizhou Natural Gas 1205199446 1205199446 Guangqian Company 1353153223 1353153223 Red Bay Power 2389023386 130000000 2519023386 Lincang Energy 490989439 660000000 660000000 490989439 Zhanjiang Electric 2185334400 456000000 1729334400 Yuejia Electric 455584267 455584267 Shaoguan Power Plant 1509698674 1596000000 1596000000 1509698674 Maoming Thermal Power 687458978 687458978 Jinghai Power 2450395668 526470100 2976865768 Technology Engineering 200000000200000000 Company Humen Power Company 3192416 86807584 3192416 86807584 Zhongyue Energy 963000000 187248115 567000000 1530000000 187248115Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Invested entity 31/12/2024 31/12/2024 Movements in the current year 31/12/2025 31/12/2025 (book value) (impairment provision) (book value) (impairment Bohe Energy 1409581041 321600000 1731181041 provision) Pinghai Power Plant 720311347 720311347 Dapu Power Generation 1957100000 410000000 2367100000 Huadu Natural Gas 323050000 323050000 Wind Power Company 10519096881 10519096881 Power Sales 230000000 230000000 Yongan Natural Gas 495000000 495000000 Binhai Bay Company 1040000000 1040000000 Huaguoquan Company 49680900 49680900 Qiming Company 68000000 15000000 78629601 4370399 78629601 Daya Bay Company 423955001 49070000 473025001 Dananhai Company 331000000 100000000 431000000 Shajiao C Company 1169434134 389686648 1169434134 389686648 Yunhe Power 1319933927 17540000 1337473927 Yuehua Power 699347838 699347838 Bijie New Energy 17500000 17500000 Tumushuke Thermal Power 4286875 795713125 4286875 795713125 Shaoguan New Energy 46473000 46473000 Hanhai New Energy 644050000 644050000 Jinxiu Integrated Energy 2621800 2621800 Mujin New Energy 120495920 120495920 Muhong New Energy 120495920 120495920 Huibo New Energy 99923134 99923134 Xingyue New Energy 9977500 9977500Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] Invested entity 31/12/2024 31/12/2024 Movements in the current year 31/12/2025 31/12/2025 (book value) (impairment provision) (book value) (impairment Maoming Natural Gas 115345000 115345000 provision) Huixin Thermal Power 181475000 264960300 446435300 Dongrun Zhongneng New Energy 45063020 45063020 Shache Integrated Energy 1256610470 1256610470 Xinguangyao New Energy 46057600 46057600 Luoding New Energy 1844520 1844520 Jiuzhou New Energy 39000000 39000000 Changshan Wind Power 110740000 110740000 Tumxuk Changhe 3500000 3500000 Zhonggong Energy 152969360 152969360 Zhuhai Yuedian New Energy 2740000 2740000 Zhenneng New Energy 10000000 10000000 GEGC Xinjiang 1000000000 1000000000 Gaozhou New Energy 1476800 1476800 Yuedian New Energy 85000000286054860371054860 Development Yuedian Navigation 300000 300000 Dongguan Ningzhou 948808400 948808400 Total 36309894505 3915727852 5892803660 1785554860 78629601 40338513704 3994357453Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated) [English translation for reference only] (2) Joint ventures and associates Movements in the current year 31/12/2024 31/12/2024 Share of net Share of Announce the 31/12/2025 Invested entity (impairment Share of other Provision 31/12/2025 (book value) Increase in Decrease in profit/(loss) other distribution of (impairment comprehensive for Others (book value) provision) investments investments under equity changes in cash dividends provision) income impairment method equity or profits Associates: Taishan Power 2064860619 89704315 -17207 5115535 86021794 2073641468 Shanxi Yuedian 393262674326732363981882171347204182897544 Energy Energy Group Finance 1124890453 98756404 -38179481 6477476 57595064 1134349788 Company Energy Finance Leasing 823842858 21124420 844967278 Company Yuedian 12643631921467919-629116-643515146631607 Shipping Yueqian Power 272287737 5391285 -9331 -827613 276842078 Weixin Yuntou 122614153 122614153 Energy Property Insurance 309986789135152692291873321210185 Captive Insurance Energy Corporate 27000000 32824 27032824 Services Other 15223444 1324938 3587746 12960636 Subtotals 8670154962 122614153 27000000 518641013 -38835135 10203765 166631197 9020533408 122614153 Joint venture: Industry Fuel 1187240439 300000000 81561047 2015435 1873717 23282400 1549408238 Subtotals 1187240439 300000000 81561047 2015435 1873717 23282400 1549408238 Total 9857395401 122614153 327000000 600202060 -36819700 12077482 189913597 10569941646 1226141533. Revenue and cost of sale (1) Revenue and cost of sale 20252024 Items Income Expenses Income Expenses Main business Other business 56107489 34193846 36422477 44175640 Total 56107489 34193846 36422477 44175640 (2) Revenue and cost of sale are categorized by type 20252024 Items Revenue Cost of sale Revenue Cost of sale Main business: Subtotals Other businesses: Rental income 11513960 617597 11606363 85025 Others 44593529 33576249 24816114 44090615 Subtotals 56107489 34193846 36422477 44175640 Total 56107489 34193846 36422477 44175640 (3) Revenue and cost of sale are classified based on the time of goods transfer The Group's revenue is broken down as follows: 2025 Items Sale of electricity Services Leases Others Total steam and coal ash Revenue from main operations Including: recognized at a time point recognized over a time period Revenue from other operations Including: recognized at a time point 44593529 44593529 recognized over a time period 11513960 11513960 Total 11513960 44593529 56107489 The Group's cost of sale is broken down as follows: (continued) 2025 Sale of Items electricity Services Leases Others Total steam and coal ash Cost of sale from main operations Including: recognized at a time point2025 Sale of Items electricity Services Leases Others Total steam and coal ash recognized over a time period Cost of sale from other operations Including: recognized at a time point 33576249 33576249 recognized over a time period 617597 617597 Total 617597 33576249 34193846 The Group's revenue in last period is broken down as follows (continued): 2024 Items Sale of electricity steam and coal Services Leases Others Total ash Revenue from main operations Including: recognized at a time point recognized over a time period Revenue from other operations Including: recognized at a time point 24816114 24816114 recognized over a time period Rental income 11606363 11606363 Total 11606363 24816114 36422477 The Group's cost of sale is broken down as follows: (Cont’d) 2024 Items Sale of electricity Services Leases Others Total steam and coal ash Cost of sale from main operations Including: recognized at a time point recognized over a time period Cost of sale from other operations Including: recognized at a time point 44090615 44090615 recognized over a time period Rental income 85025 85025 Total 85025 44090615 44175640 (4) Information related to remaining performance obligations As of 31 December 2025 the Company has no outstanding performance obligations under contracts that have been signed.4. Investment income Items 2025 2024 Income from long-term equity investments under cost method 1040144111 1013878951 Income from long-term equity investments under equity method 600202060 626894645 Income generated from disposal of long-term equity -197061075 investments Interest income during the holding period of debt investment 29761684 49229786 Dividend income from other equity instrument investments 116155595 112589720 Total 1589202375 1802593102 XV. Additional information 1. Statement of non-recurring gains and losses Items 2025 2024 Description Income from sale of carbon emission allowances 2725356 13189163 Penalties and overdue fines -7799745 -9621477 Gains on scrap of non-current assets 72198570 83721465 Note 1 Losses on scrap of non-current assets -66409257 -85124076 Note 2 Gains on disposals of non-current assets 20344472 98655 Gains on land transfer of Huizhou LNG Receiving Terminal 23744100 177384900 Note 3 Government grants recognized in profit or loss for the current 2526386052020222 period Compensation for natural gas contract 47563813 Note 4 Compensation for sea area use rights mountain excavation 44085993 Note 5 and land reclamation projects Waived payables 2135538 31827530 Losses arising from force majeure events including natural -2936502 -11738926 Note 6 disasters Compensation for electricity costs during demolition and 6513028 reconstruction One-time costs arising from the discontinuance of relevant -155298107 operating activities Other non-recurring gains and losses 49544029 92698221 Total non-recurring gains and losses 210460227 195670598 Less: effect of income tax 43032157 30445394 Net non-recurring gains and losses 167428070 165225204 Less: attribution to non-controlling interests (after tax) 42505849 132446539 Non-recurring gains and losses attributable to ordinary 12492222132778665 shareholders Note 1: Gains on non-current asset scrap mainly arose from the disposal of residual PPE and spare parts by the Shajiao A Branch the disposal of the off-site coal conveying trestle by the subsidiary Yuehua and the disposal of No.1 gas turbine by the subsidiary Xinhui Power in 2025 amounting to a total scrap gain of RMB 61234857.Note 2: In February 2025 the subsidiary Red Bay Power signed an agreement with the Red Bay Economic Development Zone Management Committee for the staged recovery of reclaimed land. For the first batch of recovered land the Committee repurchased the land at a consideration of RMB 57791570. After offsetting the asset's carrying amount of RMB 32368012 and land VAT of RMB 5103632 the transaction resulted in a net disposal gain of RMB 20319926 satisfying the recognition conditions for non-current asset disposal gains.Note 3: In 2025 Pinghai Power Plant a subsidiary of the Company entered into an agreement with Huizhou LNG whereby Huizhou LNG agreed to compensate Pinghai Power Plant for its reclamation project costs at a price of RMB 36651767. In May 2025 Pinghai Power Plant received the compensation of RMB 36651767 from Huizhou LNG. Correspondingly the carrying amount of the assets related to the reclamation project totaling RMB 12907667 was transferred to disposal costs. This resulted in a net disposal gain of RMB 23744100 which satisfies the recognition conditions for compensation gains. Note 4: In 2025 two of the Company's subsidiaries Guangqian Electric and Huizhou Natural Gas received compensation for natural gas contract of RMB 47563813 from Guangdong Dapeng Liquefied Natural Gas Co. Ltd.Note 5: In December 2025 the Company's subsidiary Guangqian Electric signed a compensation agreement with the West-East Gas Pipeline Branch of State Grid for its sea area use rights as well as the mountain excavation and land reclamation project costs. The compensation received amounted to RMB 58360486 (or RMB 54128150 net of tax). After offsetting the use rights and the project’s carrying amount of RMB 10042157 a net gain of RMB 44085993 was recognized satisfying the recognition conditions for compensation gains.Note 6: In 2025 Gaotang New Energy a subsidiary of the Company compensated local farmers for losses to livestock and roof repairs totaling RMB 2936502. These damages were caused by photovoltaic panels blown off by gales onto farmers' properties.Basis for preparation of statement of non-recurring profit or loss for the Current Year China Security Regulatory Commission (CSRC) issued Explanatory Announcement for Information Disclosure of Companies Offering Securities to the Public No. 1 — Non-recurring Gains and Losses (revised in 2023] (2023 Explanatory Announcement No. 1) which was required to be implemented since the date of issuance. The Group prepared the statement of non-recurring gains and losses for the year ended 31 December 2023 in accordance with requirements in 2023 Explanatory Announcement No. 1. Pursuant to 2023 Explanatory Announcement No. 1 non-recurring gains and losses refers to those arising from transactions and events those are not directly related to the Company’s normal course of business also from transactions and events those even are related to the Company’s normal course of business but will interfere with the right judgement of users of the financial statements on the Company’s operation performance and profitability due to their special nature and occasional occurrence.Non-recurring gains and losses items defined according to the definition above and non-recurring gains and losses items listed which are defined as recurring gains and losses items are as follows: Reasons for regarding as recurring Items 2025 2024 profit or loss Constant occurrence conforming to VAT refund upon collection 24249716 25938507 national policies and regulationsReasons for regarding as recurring Items 2025 2024 profit or loss Carbon emission allowances used to Constant occurrence conforming to -62242301-318227152 fulfil the emission reduction obligation national policies and regulations 2. Return on equity (ROE) and earnings per share (EPS) EPS (RMB/share) Profit during 2025 Weighted average ROE (%) Basic Diluted Net profit attributable to ordinary shareholders 2.59 0.1143 0.1143 Net profit attributable to ordinary shareholders less the effect of non- 2.050.09050.0905 recurring gains and losses Guangdong Electric Power Development Co. Ltd. 27 March 2026