The Third Quarterly Report 2025

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

Announcement No.：2025-48

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.The Third Quarterly Report 2025

The Company and its directors hereby guarantee that the content of information disclosure is real

accurate complete and free from any false record misleading representation or material omissions.Important content reminder:

1. The Board of Directors the directors and the senior executives of the Company guarantee that there are no

significant omissions fictitious or misleading statements carried in the Report and we will accept individual and

joint responsibilities for the truthfulness accuracy and completeness of the Report.

2. The Company leader Chief financial officer 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 report.

3. Whether the Third Quarterly Financial Report has been audited or not

□Yes √No

1The Third Quarterly Report 2025

I. Main financial data

(I) Main accounting data and financial indexes

Whether it has retroactive adjustment or re-statement on previous accounting data or not

□Yes?No

Changes of this period Year-begin to period- Changes of this period

This period over same period of end over same period of

last year（％） Before adjustment last year（％）

Operating revenue

Yuan 14575816774 -11.33% 37717258717 -11.29%（ ）

Net profit attributable

to the shareholders of

the listed company 551461801 -2.25% 583935959 -60.20%（Yuan）

Net profit after

deducting of non-

recurring gain/loss

attributable to the 532243557 -11.46% 510371786 -65.68%

shareholders of listed

company（Yuan）

Net cash generated

from /used in operating — — 6789804495 -37.52%

activities（Yuan）

Basic earning per

share(Yuan/Share) 0.1050 -2.25% 0.1112 -60.20%

Diluted earnings per

share(Yuan/Share) 0.1050 -2.25% 0.1112 -60.20%

Weighted average

return on equity % 2.38% -0.06% 2.52% -3.91%（ ）

Increase/decrease at the period-end compared

End of this period End of last period

with the end of the previous year

Gross assets（Yuan） 182315970300 175154232936 4.09%

Net assets attributable

to the shareholders of

the listed company 23434863110 22894681796 2.36%（Yuan）

（II)Items and amount of non-current gains and losses√ Applicable □ Not applicable

In RMB

Item This period Amount from year-begin toperiod -end Notes

Non-current asset disposal Mainly due to the profit and

gain/loss(including the write- loss of Yuehua Zhanqiao land

off part for which assets 9019508 23670468 and buildings and equipment

impairment provision is disposal of Guanghe

made) Zhanjiang Biomass Dapu andother companies.Government subsidy

recognized in current gain and Mainly due to the electricity

loss(excluding those closely

related to the Company’s 3240757 14171062

sales economic policy

incentives and subsidies for

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

Other non-business income Mainly due to the land

and expenditures other than 9326884 111060931 compensation income of

the above Huizhou Pinghai Power Plantand the natural gas

2The Third Quarterly Report 2025

compensation income of

Huizhou Natural Gas Power

Generation and Guangqian

Electric Power.Mainly the income of

Income from carbon emission 2918392 2918392 Huizhou Natural gasquota trading Company's carbon emission

allowance trading.Mainly the scrapping loss of

Loss of Non-current assets Equipment assets of

scrapped -752912 -752912 Guangqian Electric Power

and Yuehua Company

Less :Influenced amount of

income tax 2663190 37224594

Influenced amount of minor

shareholders’ equity (after 1871195 40279174

tax)

Total 19218244 73564173 --

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

□ Applicable√ Not applicable

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

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

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

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

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

Item Amount involved(Yuan) Reason

Value-added tax will be refunded

immediately 18224974

Comply with national policies and

regulations and continue to occur

Carbon emission quota used to fulfill the -150466034 Comply with national policies andemission reduction obligation regulations and continue to occur

(III) Particulars about changes in items of main accounting data and financial index and explanations of

reasons

√ Applicable □Not applicable

In the third quarter of 2025 the Company on a consolidated basis achieved a grid-connected electricity output

of 35.206 billion kWh an increase of 19.89% compared with the second quarter In the first three quarters of

2025 the company completed a total of 88.572 billion kwh of electricity generated in the consolidated

statement It was basically flat year-on-year of which: 61.873 billion kwh of coal power with a year-on-year

decrease of 3.61% 18.939 billion kwh of gas power It was basically flat year-on-year3.796 billion kwh of

wind power with a year-on-year increase of 10.83% 375 million kwh of hydropower with a year-on-year

increase of 13.51%，478 million kwh of biomass with a year-on-year increase of 9.40%3.111 billion kwh ofphotovoltaic power with a year-on-year increase of 80.57% and the average on-grid electricity price in the

consolidated statement was 473.34 yuan/thousand kWh (including tax the same below) a YOY decrease of

59.92 yuan/ thousand kWh or a decrease of 11.26%.

3The Third Quarterly Report 2025

During the first three quarters of 2025 intensified competition in the electricity market and related policy

adjustments led to a significant year-on-year decline in the company's grid-connected electricity prices. This

resulted in revenue from existing power generation projects falling more sharply than costs while incremental

revenue from newly commissioned gas-fired and renewable energy projects failed to offset incremental costs.Consequently average gross profit from power generation decreased causing overall performance to decline

substantially compared to the same period last year. The company focused on internal efficiency gains striving

to enhance operational effectiveness. This drove a quarter-on-quarter recovery in grid-connected electricity

generation during the third quarter. Benefiting from a combination of favourable factors—including quarter-on-

quarter declines in coal and gas prices an increase in the capacity tariff for gas-fired power and year-on-year

improvements in offshore wind and solar resources—the company achieved a quarter-on-quarter increase in

profit scale with its operational fundamentals showing signs of improvement. For the first three quarters the

company recorded a net profit attributable to shareholders of listed companies of 583.94 million yuan with

earnings per share of 0.1112 yuan representing a year-on-year decrease of 60.20%. The non-recurring net profit

attributable to shareholders of listed companies stood 510.37 million yuan down 65.68% year-on-year.Translated with DeepL.com (free version)II. Shareholders Information

(I) Total number of common shareholders and preference shareholders with voting rights recovered and

top ten common shareholders

In shares

Total number of common 109884 Total preference shareholders with the voting powershareholders at the period-end recovered at the end of the reporting period(if any) 0Shares held by the top 10 shareholders（Excluding shares lent through refinancing)Amount of Pledging or freezing

tradable shares

Shareholder Properties of Share

name shareholder proportion % Quantity with Status of the

shares Quantity

Conditional

held

Guangdong

Energy Group State-ownedlegal person 67.39% 3538116921 1893454257

Pledged as

Co. Ltd. collateral

411899314

Guangzhou

Development State-owned

Group Co. Ltd. legal person

2.22% 116693602 0 Not applicable 0

Guangdong

Electric Power State-owned

Development legal person 1.80% 94367341 0 Not applicable 0

Corporation

Zheng Domestic

Jianxiang Natural person 0.51% 26859300 0 Not applicable 0

CHINA

INTERNATIO

NAL CAPITAL

CORPORATIO Overseas Legal

N HONG person 0.29% 15216066 0 Not applicable 0

KONG

SECURITIES

LTD

VANGUARD Overseas Legal 0.28% 14620512 0 Not applicable 0

4The Third Quarterly Report 2025

TOTAL person

INTERNATIO

NAL STOCK

INDEX FUND

Agricultural

Bank of China

Limited - CSI

500 Exchange

Traded Open Other 0.25% 13030400 0 Not applicable 0

Ended Index

Securities

Investment

Fund

NOMURA

SINGAPORE Overseas Legalperson 0.24% 12599843 0 Not applicable 0LIMITED

Chaokang

Investment Co. Overseas Legalperson 0.22% 11656677 0 Not applicable 0Ltd.Zhou Zheng DomesticNatural person 0.21% 10812795 0 Not applicable 0

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

stock)

Name of the shareholder Quantity of unrestricted shares held at the end of

Share type

the reporting period Share type Quantity

Guangdong Energy Group Co.Ltd. 1644662664

RMB Common

shares 1644662664

Guangzhou Development Group

Co. Ltd. 116693602

RMB Common

shares 116693602

Guangdong Electric Power 94367341 RMB CommonDevelopment Corporation shares 94367341

Foreign shares

Zheng Jianxiang 26859300 placed in 26859300

domestic

exchange

Foreign shares

CHINA INTERNATIONAL

CAPITAL CORPORATION 15216066 placed in 15216066

HONG KONG SECURITIES LTD domestic

exchange

Foreign shares

VANGUARD TOTAL

INTERNATIONAL STOCK 14620512 placed in 14620512

INDEX FUND domestic

exchange

Agricultural Bank of China

Limited - CSI 500 Exchange

Traded Open Ended Index 13030400

RMB Common

shares 13030400

Securities Investment Fund

Foreign shares

NOMURA SINGAPORE 12599843 placed inLIMITED 12599843domestic

exchange

Foreign shares

Chaokang Investment Co. Ltd. 11656677 placed in 11656677

domestic

exchange

Foreign shares

Zhou Zheng 10812795 placed in 10812795

domestic

exchange

Related or acting-in-concert parties among The Third largest shareholder Guangdong Electric Power Development

shareholders above Corporation and the ninth largest shareholder Chaokang Investment Co.Ltd. are the wholly-owned subsidiaries of the largest shareholder Energy

5The Third Quarterly Report 2025

Group. These three companies have relationships; whether the other

shareholders have relationships or unanimous acting was unknown.Participation of top 10 unconditional common share

shareholders in securities margin trading (if any) None

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

(II)Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end

of the report period

□ Applicable √Not applicable

III. Other important matters

□ Applicable √Not applicable

IV. Quarterly financial statements

（i）Financial statement

1. Consolidated balance sheet

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

In RMB

Item Ending balance Opening balance

Current assets:

Monetary fund 17097359021 15361820831

Settlement provisions 0 0

Capital lent 0 0

Trading financial assets 0 0

Derivative financial assets 0 0

Note receivable 3000000 0

Account receivable 9277679580 9101797841

Receivable financing 0 0

Account paid in advance 1385367734 1440632187

Insurance receivable 0 0

Reinsurance receivables 0 0

Contract reserve of reinsurance

receivable 0 0

Other account receivable 473937079 533352169

Including: Interest receivable 0 0

Dividend receivable 2862100 0

6The Third Quarterly Report 2025

Buying back the sale of financial assets 0 0

Inventory 2813830975 2577119489

Including：Data resources 0 0

Contract assets 315588 1378872

Assets held for sale 0 0

Non-current asset due within one year 0 0

Other current assets 2014554689 1971269586

Total current assets 33066044666 30987370975

Non-current assets:

Loans and payments on behalf 0 0

Creditor's rights investment 0 0

Other Creditor's rights investment 0 0

Long-term account receivable 0 0

Long-term equity investment 11440800756 10812658939

Investment in other equity instrument 2905477255 2650289873

Other non-current financial assets 0 0

Investment real estate 326394257 336493586

Fixed assets 74263885008 73628798655

Construction in progress 35875465533 31382850765

Productive biological asset 0 0

Oil and gas asset 0 0

Right-of-use assets 11955852551 11700419075

Intangible assets 3749303590 3786635293

Including: Data resources 0 0

Expense on research and development 0 0

Including：Data resources 0 0

Goodwill 2449886 2449886

Long-term expenses to be apportioned 64372880 55505161

Deferred income tax asset 1022704592 1099214779

Other non-current assets 7643219326 8711545949

Total non-current asset 149249925634 144166861961

Total assets 182315970300 175154232936

Current liabilities:

Short-term loans 10958244003 14108930833

Loan from central bank 0 0

Capital borrowed 0 0

Trading financial liability 0 0

Derivative financial liability 0 0

Note payable 1764642495 2102292195

Account payable 3054590856 4279045681

Accounts received in advance 0 0

Contract liabilities 151087935 38459828

Selling financial asset of repurchase 0 0

Absorbing deposit and interbank deposit 0 0

Security trading of agency 0 0

Security sales of agency 0 0

Wage payable 946253962 556291188

Taxes payable 333697468 303440015

Other account payable 16145865409 15825876579

Including: Interest payable 0 0

Dividend payable 0 0

Commission charge and commission

payable 0 0

Reinsurance payable 0 0

Liability held for sale 0 0

Non-current liabilities due within one 8610162437 6606678336

7The Third Quarterly Report 2025

year

Other current liabilities 1951066684 528095817

Total current liabilities 43915611249 44349110472

Non-current liabilities:

Insurance contract reserve 0 0

Long-term loans 73939095950 69541559406

Bonds payable 12282582906 11107429258

Including: Preferred stock 0 0

Perpetual capital securities 0 0

Lease liability 12424279450 12376312142

Long-term account payable 1012358773 696347824

Long-term wages payable 560101015 537138216

Accrual liability 0 0

Deferred income 132817334 113262526

Deferred income tax liabilities 579397228 470213543

Other non-current liabilities 1028167 1028167

Total non-current liabilities 100931660823 94843291082

Total liabilities 144847272072 139192401554

Owner’s equity:

Share capital 5250283986 5250283986

Other equity instrument 0 0

Including: Preferred stock 0 0

Perpetual capital securities 0 0

Capital public reserve 5021687912 5203250383

Less: Treasury shares 0 0

Other comprehensive income 1461674668 1331876093

Special reserve 175784097 62769166

Surplus public reserve 8903515135 8903515135

Provision of general risk 0 0

Retained profit 2621917312 2142987033

Total owner’s equity attributable to

parent company 23434863110 22894681796

Minority interests 14033835118 13067149586

Total owner’s equity 37468698228 35961831382

Total liabilities and owner’s equity 182315970300 175154232936

Legal Representative: Zheng Yunpeng Person in charge of accounting：Liu Wei Accounting Dept Leader: Meng Fei

2. Consolidated Income statement between the beginning of the year and end of the report period

In RMB

Item Current period Last period

I. Income from the key business 37717258717 42517459818

Incl：Business income 37717258717 42517459818

Interest income 0 0

Insurance fee earned 0 0

Fee and commission received 0 0

II. Total business cost 36997304394 40535276964

Incl：Business cost 33385128366 36642904335

Interest expense 0 0

Fee and commission paid 0 0

Insurance discharge payment 0 0

Net claim amount paid 0 0

Net amount of withdrawal of insurance

contract reserve 0 0

Insurance policy dividend paid 0 0

8The Third Quarterly Report 2025

Reinsurance expenses 0 0

Business tax and surcharge 231769433 234562689

Sales expense 67110133 69865296

Administrative expense 1025814631 1117021899

R & D costs 630514773 753719115

Financial expenses 1656967058 1717203630

Including：Interest expense 1704401469 1817737121

Interest income 66320350 127095400

Add: Other income 32396036 61290006

Investment gain（“-”for loss） 610635365 791972468

Incl: investment gains from affiliates 494479770 679382749

Financial assets measured at amortized

cost cease to be recognized as income 0 0

Gains from currency exchange 0 0

Net exposure hedging income 0 0

Changing income of fair value 0 0

Credit impairment loss -8343087 -4265661

Impairment loss of assets -79027375 0

Assets disposal income 16568351 10435

III. Operational profit（“-”for loss） 1292183613 2831190102

Add：Non-operational income 149816669 184079219

Less: Non-operating expense 179954175 261450763

IV. Total profit(“-”for loss) 1262046107 2753818558

Less：Income tax expenses 390555128 679632940

V. Net profit 871490979 2074185618

(I) Classification by business continuity

1.Net continuing operating profit 871490979 2074185618

2.Termination of operating net profit 0 0

(II) Classification by ownership

1.Net profit attributable to the owners of

parent company 583935959 1467075725

2.Minority shareholders’ equity 287555020 607109893

VI. Net after-tax of other comprehensive

income 129784625 -125314295

Net of profit of other comprehensive inc

ome attributable to owners of the parent 129798575 -125314295

company.（I）Other comprehensive income items

that will not be reclassified into

gains/losses in the subsequent accounting 130164476 -125486090

period

1.Re-

measurement of defined benefit plans of -139501 0

changes in net debt or net assets

2.Other comprehensive income under the

equity method investee cannot be reclass -38192821 2339075

ified into profit or loss.

3. Changes in the fair value of

investments in other equity instruments 168496798 -127825165

4. Changes in the fair value of the

company’s credit risks 0 0

5.Other 0 0（II）

Other comprehensive income that will be -365901 171795

reclassified into profit or loss.

1.Other comprehensive income under the

equity method investee can be reclassifi -365901 171795

ed into profit or loss.

2. Changes in the fair value of 0 0

9The Third Quarterly Report 2025

investments in other debt obligations

3. Other comprehensive income arising

from the reclassification of financial 0 0

assets

4.Allowance for credit impairments in

investments in other debt obligations 0 0

5. Reserve for cash flow hedges 0 0

6.Translation differences in currency fina

ncial statements 0 0

7.Other 0 0

Net of profit of other comprehensive inc

ome attributable to Minority -13950 0

shareholders’ equity

VII. Total comprehensive income 1001275604 1948871323

Total comprehensive income attributable

to the owner of the parent company 713734534 1341761430

Total comprehensive income attributable

minority shareholders 287541070 607109893

VIII. Earnings per share

（I）Basic earnings per share 0.1112 0.2794

(II)Diluted earnings per share 0.1112 0.2794

The current business combination under common control the net profits of the combined party achieved

before net profit of RMB 0.00 last period the combined party realized RMB 0.00.Legal Representative: Zheng Yunpeng Person in charge of accounting：Liu Wei Accounting Dept Leader: Meng Fei

3. Consolidated Cash Flow Statement Between the Beginning of the Year and End of the Report Period

In RMB

Item Current period Last period

I. Cash flows from operating activities

Cash received from sales of goods or

rending of services 42308011989 47767304110

Net increase of customer deposits and

capital kept for brother company 0 0

Net increase of loans from central bank 0 0

Net increase of inter-bank loans from

other financial bodies 0 0

Cash received against original insurance

contract 0 0

Net cash received from reinsurance

business 0 0

Net increase of client deposit and

investment 0 0

Cash received from interest

commission charge and commission 0 0

Net increase of inter-bank fund received 0 0

Net increase of repurchasing business 0 0

Net cash received by agent in

securities trading 0 0

Tax returned 341201654 425575519

Other cash received from business

operation 688225173 550938229

Sub-total of cash inflow 43337438816 48743817858

Cash paid for purchasing of merchandise

and services 31785316898 32236014003

Net increase of client trade and advance 0 0

Net increase of savings in central bank

and brother company 0 0

Cash paid for original contract claim 0 0

Net increase for Outgoing call loan 0 0

10The Third Quarterly Report 2025

Cash paid for interest processing fee

and commission 0 0

Cash paid for policy dividend 0 0

Cash paid to staffs or paid for staffs 2083644916 1983562724

Taxes paid 1324889142 2059758651

Other cash paid for business activities 1353783365 1597793648

Sub-total of cash outflow from business

activities 36547634321 37877129026

Net cash generated from /used in

operating activities 6789804495 10866688832

II. Cash flow generated by investing

Cash received from investment retrieving 0 0

Cash received as investment gains 254508501 365689302

Net cash retrieved from disposal of fixed

assets intangible assets and other long- 35585982 140828466

term assets

Net cash received from disposal of

subsidiaries or other operational units 0 0

Other investment-related cash received 217739722 400480787

Sub-total of cash inflow due to

investment activities 507834205 906998555

Cash paid for construction of fixed

assets intangible assets and other 8422325929 9479554104

long-term assets

Cash paid as investment 327000000 51349213

Net increase of loan against pledge 0 0

Net cash received from subsidiaries and

other operational units 0 0

Other cash paid for investment activities 13527668 253793804

Sub-total of cash outflow due to

investment activities 8762853597 9784697121

Net cash flow generated by investment -8255019392 -8877698566

III.Cash flow generated by financing

Cash received as investment 877021047 84585495

Including: Cash received as investment

from minor shareholders 877021047 84585495

Cash received as loans 25956155502 27490476363

Other financing –related cash received 0 0

Sub-total of cash inflow from financing

activities 26833176549 27575061858

Cash to repay debts 20486040861 24648957738

Cash paid as dividend profit or interests 2096719165 2496923999

Including: Dividend and profit paid by

subsidiaries to minor shareholders 425525194 546090944

Other cash paid for financing activities 1000871105 891444245

Sub-total of cash outflow due to

financing activities 23583631131 28037325982

Net cash flow generated by financing 3249545418 -462264124

IV. Influence of exchange rate alternation

on cash and cash equivalents 11806 -79188

V.Net increase of cash and cash

equivalents 1784342327 1526646954

Add: balance of cash and cash

equivalents at the beginning of term 11831504924 11954167156

VI ..Balance of cash and cash

equivalents at the end of term 13615847251 13480814110

Legal Representative: Zheng Yunpeng Person in charge of accounting：Liu Wei Accounting Dept Leader: Meng Fei（ii）The Company started implementing the updated accounting standards commencing from 2025 and

adjusted the relevant items in the financial statements at the beginning of the very year involved in the

11The Third Quarterly Report 2025

initial implementation of the said standards

□ Applicable √Not applicable（iii）Auditor’s report

Whether the Third Quarterly financial report has been audited or not

□ Yes √No

The Third Quarterly financial report of the Company has not been audited.The Board of Directors of Guangdong Electric Power Development Co. Ltd.

31 October 2025

12