Guangdong Electric Power Development Co. Ltd. Summary of the Semi-Annual Report 2025

Stock code: 000539，200539 Stock Abbreviation: Yue Dian Li A，Yue Dian Li B

Announcement No.: 2025-33

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

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

Guangdong Electric power Development Co. Ltd.Summary of the Semi-Annual Report 2025

1Guangdong Electric Power Development Co. Ltd. Summary of the Semi-Annual Report 2025

I. Important notes

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

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

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

designated by CSRC.With the exception of the following directors other directors attended the Board meeting to review the

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

Position of absent director Reason

attend the meeting in person authorized

He Ruxin Director Due to business Zheng Yunpeng

Non-standard auditor’s opinion

□ Applicable √Not applicable

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

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

□ Applicable √Not applicable

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

□ Applicable √Not applicable

II. Basic information about the company

1. Company profile

Yue Dian Li A

Stock abbreviation Stock code 000539.SZ，200539.SZYue Dian Li B

Stock exchange for listing Shenzhen Stock Exchange

Contact person and contact manner Board secretary Securities affairs Representative

Name Liu Wei Huang Xiaowen

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

Address Tianhe Road East Tianhe Road East

GuangzhouGuangdong Province GuangzhouGuangdong Province

Tel （020）87570251 （020）87570251

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

2. Major accounting data and financial indicators

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

□Yes √No

Changes of this period

Reporting period Same period of lastyear over same period ofLast year(%)

Operating income（Yuan） 23141441943 26078790971 -11.26%

Net profit attributable to the shareholders of

the listed company Yuan 32474158 902938860 -96.40%（ ）

Net profit after deducting of non-recurring

gain/loss attributable to the shareholders of -21871771 886059830 -102.47%

listed company（Yuan）

2Guangdong Electric Power Development Co. Ltd. Summary of the Semi-Annual Report 2025

Cash flow generated by business operation net

Yuan 4356121598 6006225071 -27.47%（ ）

Basic earning per share (Yuan/Share) 0.0062 0.1720 -96.40%

Diluted gains per share (Yuan/Share) 0.0062 0.1720 -96.40%

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

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

reporting period year （％）

Gross assets（Yuan） 181156928432 175154232936 3.43%

Net assets attributable to shareholders of the

listed company Yuan 22925045372 22894681796 0.13%（ ）

3. Shareholders and shareholding

In RMB

Number of shareholders of

Total Number of common

preferred stocks of which voting

shareholders at the end of the 119280 0

rights recovered in the report

reporting period

period(If any)

Shareholdings of Top 10 shareholders(Excludes shares lent through refinancing)

Amount of Number or share pledged/frozen

Shareholders Nature of Proportion Number of

shareholder of shares shares held at restrictedheld（%） period -end State of share Amount

shares held

Guangdong Energy State-owned

Group Co. Ltd. legal person 67.39% 3538116921 1893454257 Not applicable 3538116921

Guangzhou

Development Group State-ownedlegal person 2.22% 116693602 0 Not applicable 116693602Co. Ltd.Guangdong Electric

Power Development State-owned 1.80% 94367341 0 Not applicable 94367341

Corporation legal person

Domestic

Zheng Jianxiang Natural 0.51% 26552100 0 Not applicable 26552100

person

CHINA

INTERNATIONAL

CAPITAL Overseas

CORPORATION Legal person 0.29% 15216066 0 Not applicable 15216066

HONG KONG

SECURITIES LTD

VANGUARD

TOTAL

INTERNATIONAL OverseasLegal person 0.28% 14643412 0 Not applicable 14643412STOCK INDEX

FUND

Agricultural Bank of

China－CSI 500 Domestic

exchange-traded Non-State 0.25% 13328900 0 Not applicable 13328900

securities investment owned legal

fund

NOMURA

SINGAPORE OverseasLegal person 0.24% 12599843 0 Not applicable 12599843LIMITED

Chaokang Investment Overseas

Co. Ltd. Legal person 0.22% 11656677 0 Not applicable 11656677

Domestic

Zhou Zheng Natural 0.21% 10812795 0 Not applicable 10812795

person

Explanation on associated The Third largest shareholder Guangdong Electric Power Development Corporation

relationship among the aforesaid and the ninth largest shareholder Chaokang Investment Co. Ltd. Are the wholly-owned

3Guangdong Electric Power Development Co. Ltd. Summary of the Semi-Annual Report 2025

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

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

unknown

Explanation on shareholders

participating in the margin Not applicable

trading business(if any )

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

4. Change of the controlling shareholder or the actual controller

Change of the controlling shareholder in the reporting period

□ Applicable √ Not Applicable

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

□ Applicable √ Not applicable

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

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

□ Applicable √ Not applicable

No preference shareholders in the reporting period

6. Bonds existing on the approval date of semi-annual report

√Applicable□ Not applicable

（1）Basic information of corporate bonds

Bond name Bond short name Bond code Issue day Due day Bond balance Interest rate

Public Issuance of Corporate

Bonds to Qualified Investors

in 2021 (Phase II) of

Guangdong Electric Power 21Yudean 02 149418.SZ April 272021 April 282026 12500 2.45%

Development Co.Ltd.Public Issuance of Corporate

Bonds to Professional November 24

Investors in 2021 (Phase I) of 21Yedean 03 November 23149711.SZ 80000 3.41%

Guangdong Electric Power 2021 2026

Development Co.Ltd.Public Issuance of Green

Corporate Bonds to

professional Investors in G23 Yuefeng 2 115042.SH March 202023 March 212028 60000 3.15%

2023(phase I)(Variety 2) of

4Guangdong Electric Power Development Co. Ltd. Summary of the Semi-Annual Report 2025

Guangdong Wind Power

Generation Co. Ltd.

2022 MTN (Phase I) of

Guangdong Electric Power 22Yudean Fa 102281929 August AugustMTN001 242022 60000 2.9%Development Co. Ltd. .IB 262027

2023 MTN (Phase I) of

Guangdong Electric Power 23Yudean Fa 102380558MTN001 March 152023 March 172028 160000 3.35%Development Co. Ltd. .IB

2024 MTN (Phase I) of

Guangdong Electric Power 24 Yudean Fa 102482034 May 222024 May 242029 100000 2.41%

Development Co. Ltd. MTN001 .IB

2024 MTN (Phase II) of

Guangdong Electric Power 24 Yudean Fa 102483012MTN002 July 112024 July 152034 150000 2.54%Development Co. Ltd. .IB

2024 MTN (Phase III) of 24 Yudean Fa 102484007 September September

Guangdong Electric Power MTN003 60000 2.52%.IB 92024 112039

Development Co. Ltd.

2024 MTN (Phase IV) of 24 Yudean Fa 102400984 October October

Guangdong Electric Power MTN004 100000 2.47%.IB 112024 142029

Development Co. Ltd.

2024 MTN (Phase IV) of

Guangdong Electric Power 24 Yudean Fa 102400985 October October

500002.70%

Development Co. Ltd. MTN004B .IB 112024 142039

Variety 2)

2024 MTN (Phase V) of 24 Yudean Fa 102484558 October October

Guangdong Electric Power MTN005 100000 2.70%.IB 222024 242039

Development Co. Ltd.

2024 MTN (Phase VI) of

Guangdong Electric Power 24 Yudean 102401037 November November

800002.37%

Development Co. Ltd. FaMTN006A .IB 112024 132029

Variety 1)

2024 MTN (Phase VI) of

Guangdong Electric Power 24Yudean Fa 102401038 November November

1000002.67%

Development Co. Ltd. MTN006B .IB 112024 132039

Variety 2)

2025 MTN (Phase I) of

25 Yudean Fa 102582339

Guangdong Electric Power June 92025 June 112035 50000 2.18%

MIN001 .IB

Development Co. Ltd

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

In RMB 10000

Item At the end of the reporting At the same time rate ofperiod At the end of last year change

Debt ratio 80.17% 79.47% 0.70%

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

EBITDA Time interest earned

3.244.09-20.78%

ratio

III. Significant events

In the first half of 2025 Guangdong Province's electricity demand continued to rise steadily. From January to

June the province's total electricity consumption reached 433.32 billion kilowatt-hours representing a year-on-

year increase of 4.8%. Among this electricity consumption by the secondary industry accounted for 58.6% of

5Guangdong Electric Power Development Co. Ltd. Summary of the Semi-Annual Report 2025

total electricity consumption contributing to a 3.9 percentage point increase in overall electricity growth.During the reporting period electricity transmission from western regions to Guangdong increased by 11%

year-on-year. However the generation capacity of power plants within Guangdong Province was constrained

and combined with a higher number of power plant maintenance activities in the first half of the year the

company's cumulative grid-connected electricity generation under the consolidated financial statements reached

53.366 billion kilowatt-hours a decrease of 1.00% year-on-year.

According to data from the Guangdong Provincial Power Trading Centre the total volume of bilateral

negotiated transactions in Guangdong Province in 2025 was 331.008 billion kilowatt-hours with an average

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

half of 2025 the company's consolidated average grid-connected electricity price was 480.01 yuan per MWh a

decrease of 59.49 yuan per MWh compared to the previous year representing a decline of 11.02%; operating

revenue was 2314144 million yuan a decrease of 293735 million yuan compared to the previous year

representing a decline of 11.26%.In the second quarter of 2025 as power generation capacity gradually increased the company's profitability

recovered and the contribution of its new energy business to operations further improved resulting in an

overall turnaround from loss to profit compared to the first quarter. However due to intensified competition in

the power market and the impact of relevant policies the grid-connected electricity prices for the company's

thermal power and new energy power generation businesses declined significantly in the first half of the year

leading to a greater decline in revenue than in costs. As a result the average gross profit margin from power

generation decreased year-on-year and the company's operating performance declined significantly year-on-

year. In the first half of 2025 the company achieved a net profit attributable to shareholders of 32.48 million

yuan a year-on-year decrease of 870.46 million yuan. Among these the coal-fired power business achieved a

net profit attributable to shareholders of 29.1 million yuan; the gas-fired power business achieved a net profit

attributable to shareholders of -217.9 million yuan; the hydropower business achieved a net profit attributable to

shareholders of -5.27 million yuan; and the new energy business achieved a net profit attributable to

shareholders of 102.88 million yuan; The company's headquarters investment business achieved a net profit

attributable to shareholders of RMB 120.47 million.As of June 2025 the Company has a total of about 8.4695 million kilowatts of new energy such as wind power

and photovoltaics including about 2.2015 million kilowatts of offshore wind power about 1.6934 million

kilowatts of onshore wind power and about 4.5745 million kilowatts of photovoltaic power generation; In the

first half of 2025 the Company added 1.1936 million kilowatts of new energy installations including 500000

kilowatts of wind power and 693600 kilowatts of photovoltaics; the total installed capacity of photovoltaic

projects such as Karamay project in Xinjiang is 915000 kilowatts and a total of 200000 kilowatts of wind

power projects are in areas such as Gansu and Shanxi; the projects with decision completed to construct have a

total of 672000 kilowatts. In the future the Company will continue to actively grasp the development trend of

accelerating energy transformation under the goals of "carbon peak" and "carbon neutrality" implement the

specific deployment of the "1310" of the Guangdong Provincial Party Committee further expand high-quality

new energy project resources and build an ecological civilization power generation enterprise.The Board of Directors of Guangdong Electric Power Development Co. Ltd.August 282025

6