2024 Annual Report

Guangdong Electric Power Development Co. Ltd.2024 Annual Report

March 2025

12024 Annual Report

I. Important Notice Table of Contents and Definitions

The Board of Directors the Board of Supervisors and the directors supervisors and senior management

of the Company guarantee that the contents of the annual report are true accurate and complete and that there

are no false records misleading statements or material omissions and bear individual and joint legal liabilities.With the exception of the following directors other directors 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

Li Baobin Director Due to business Zheng Yunpeng

He Ruxin Director Due to business Chen Yanzhi

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.This annual report contains forward-looking statements such as the Company's future development strategy

and business plans which does not constitute a substantial commitment of the Company to investors. Investors

and related parties shall maintain sufficient risk awareness of this and understand the differences between plans

forecasts and commitments.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.

22024 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

V. Environmental & Social Responsibility

VI. Important Events

VII. Change of share capital and shareholding of Principal Shareholders

VIII. Situation of the Preferred Shares

IX. Corporate Bond

X. Financial Report

32024 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).

42024 Annual Report

Definition

Terms to be defined Refers to Definition

Guangdong Energy Group

Refers to Guangdong Energy Group Co. Ltd.Company

Shajiao A Power Plant of Guangdong

A Power Plant Refers to Electric Power Development Co.Ltd.Guangdong Yudean Jinghai Power

Jinghai Power Generation Refers to

Generation Co. Ltd.Guangdong Yudean Zhanjiang Wind

Zhanjiang Wind Power Refers to

Power Co. Ltd.Guangdong Yudean Technical

Technical Engineering Company Refers to

Engineering Management Co. Ltd.Guangdong Yudean Humen Power

Humen Power Generation Refers to

Generation Co. Ltd.Guangdong Yudean Bohai Energy

Bohai Energy Refers to

Co. Ltd.Guangdong Yudean Xuwen Wind

Xuwen Wind Power Refers to

Power Co. Ltd.Guangdong Yudean Huadu Natural

Huadu Natural Gas Refers to

Gas Thermal Power Co. Ltd.Guangdong Yudean Dapu Power

Dapu Power Generation Refers to

Generation Co. Ltd.Guangdong Yudean Leizhou Wind

Leizhou Wind Power Refers to

Power Co. Ltd.Guangdong Yudean Dianbai Wind

Dianbai Wind Power Refers to

Power Co. Ltd.Zhanjiang Power Refers to Zhanjiang Power Co. Ltd.Yuejia Power Refers to Guangdong Yuejia Power Co. Ltd.Guangdong Yudean Shaoguan Power

Shaoguan Power Plant Refers to

Plant Co. Ltd.Zhongyue Energy Refers to Zhanjiang Zhongyue Energy Co. Ltd.Guangdong Yudean Power Sales Co.Power Sales Company Refers to

Ltd.Guangdong Yudean Qujie Wind

Qujie Wind Power Refers to

Power Co. Ltd.Guangdong Yudean Yangjiang

Yangjiang Wind Power Refers to

Offshore Wind Power Co. Ltd.Lincang Energy Refers to Lincang Yudean Energy Co. Ltd.Guangqian Power Refers to Shenzhen Guangqian Power Co. Ltd.Guangdong Huizhou Natural Gas

Huizhou Natural Gas Refers to

Power Generation Co. Ltd.Guangdong Huizhou Pinghai Power

Pinghai Power Plant Refers to

Plant Co. Ltd.Guangdong Yudean Shibeishan Wind

Shibeishan Wind Power Refers to

Energy Development Co. Ltd.Guangdong Honghaiwan Power

Honghaiwan Power Generation Refers to

Generation Co. Ltd.Guangdong Provincial Wind Power

Provincial Wind Power Refers to

Co. Ltd.Tongdao Yuexin Wind Power Co.Tongdao Company Refers to

Ltd.Guangdong Yudean Pingyuan Wind

Pingyuan Wind Power Refers to

Power Co. Ltd.

52024 Annual Report

Guangdong Yudean Heping Wind

Heping Wind Power Refers to

Power Co. Ltd.Huilai Wind Power Refers to Huilai Wind Power Co. Ltd.Guangdong Yuejiang Hongrui Power

Hongrui Technology Refers to

Technology Development Co. Ltd.Guangdong Yudean Yong'an Natural

Yong'an Natural Gas Refers to

Gas Thermal Power Co. Ltd.Hunan Xupu Yuefeng New Energy

Xupu Yuefeng Refers to

Co. Ltd.Guangxi Wuxuan Yuefeng New

Wuxuan Yuefeng Refers to

Energy Co. Ltd.Huizhou Pingdian Comprehensive

Pingdian Comprehensive Refers to

Energy Co. Ltd.Guangdong Yudean Zhuhai Offshore

Zhuhai Wind Power Refers to

Wind Power Co. Ltd.Guangdong Yudean Binhaiwan

Binhaiwan Company Refers to

Energy Co. Ltd.Guangdong Yudean Dayawan

Dayawan Company Refers to

Comprehensive Energy Co. Ltd.Guangdong Yudean Qiming Energy

Qiming Company Refers to

Co. Ltd.Shenzhen Huaguoquan Electric

Huaguoquan Company Refers to

Power Service Co. Ltd.Shaoguan Nanxiong Yuefeng New

Nanxiong New Energy Refers to

Energy Co. Ltd.Guangdong Yudean Dananhai Smart

Dananhai Company Refers to

Energy Co. Ltd.Guangdong Energy Qingzhou

Qingzhou Offshore Wind Power Refers to

Offshore Wind Power Co. Ltd.Zhanjiang Wanhaowei New Energy

Wanhaowei New Energy Refers to

Co. Ltd.Zhanjiang Wanchuanghengwei New

Wanchuanghengwei New Energy Refers to

Energy Co. Ltd.Guangdong Guangye Nanhua 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

Yueneng Wind Power Refers to

Co. Ltd.Tumushuke Thermal Power Refers to Tumushuke Thermal Power Co. Ltd.Guangdong Province Shajiao (C

Sha C Company Refers to

Plant) Power Generation Co. Ltd.Guanghe Power Refers to Guangdong Guanghe Power Co. Ltd.Guangdong Yudean Zhanjiang

Biomass Power Generation Refers to

Biomass Power Generation Co. Ltd.Guangdong Yudean Xinhui Power

Xinhui Power Generation Refers to

Generation Co. Ltd.Guangdong Yudean Yunhe Power

Yunhe Power Generation Refers to

Generation Co. Ltd.Yundian Energy Refers to Yunfu Yundian Energy Co. Ltd.Guangdong Yuehua Power

Yuehua Power Generation Refers to

Generation 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.Bijie New Energy Refers to Guangdong Yudean Bijie New

62024 Annual Report

Energy Co. Ltd.Zhanjiang Shangyang Energy

Shangyang Energy Refers to

Technology Co. Ltd.Zhanjiang Potou District Guidian

Guidian Energy Refers to

Energy Technology Co. Ltd.Xihua County Shunfeng New Energy

Shunfeng New Energy Refers to

Co. Ltd.Wuzhi Jindian New Energy

Jindian New Energy Refers to

Technology Co. Ltd.Lianjiang Yuefeng New Energy Co.Lianjiang New Energy Refers to

Ltd.Yunfu Luoding Yuefeng New Energy

Luoding Yuefeng Refers to

Co. Ltd.Linfen Zhaocheng Yuefeng New

Zhaocheng Yuefeng Refers to

Energy Co. Ltd.Meizhou Wuhua Yuefeng New

Wuhua New Energy Refers to

Energy Co. Ltd.Laishui Yingyang New Energy

Yingyang New Energy Refers to

Technology Co. Ltd.Laishui Lineng New Energy

Lineng New Energy Refers to

Technology Co. Ltd.Huizhou Longmen Yuefeng New

Longmen New Energy Refers to

Energy Co. Ltd.Inner Mongolia Yuefeng New Energy

Inner Mongolia New Energy Refers to

Co. Ltd.Zhuhai Yuefeng New Energy Co.Zhuhai New Energy Refers to

Ltd.Dacheng County Dun'an New Energy

Dun'an New Energy Refers to

Co. Ltd.Gaotang New Energy Refers to Gaotang Shihui New Energy Co. Ltd.Guangdong Shaoguan Yuedian Power

Shaoguan New Energy Refers to

New Energy Co. Ltd.Tumushuke Yuedian Hanhai New

Hanhai New Energy Refers to

Energy Co. Ltd.Yuedian Jinxiu Comprehensive

Jinxiu Comprehensive Energy Refers to

Energy Co. Ltd.Nanjing Senhong New Energy Co.Senhong New Energy Refers to

Ltd.Jinchang Muhong New Energy Co.Muhong New Energy Refers to

Ltd.Nanjing Linyuan Senhai New Energy

Senhai New Energy Refers to

Co. Ltd.Jinchang Jieyuan Mujin New Energy

Mujin New Energy Refers to

Co. Ltd.Guangdong Yudean Huibo New

Huibo New Energy Refers to

Energy Co. Ltd.Taishan Dongrun Zhongneng New

Dongrun Zhongneng Refers to

Energy Co. Ltd.Taishan Dongrun Qingneng New

Dongrun Qingneng New Energy Refers to

Energy Co. Ltd.Taishan Runze Jieyuan New Energy

Runze Jieyuan New Energy Refers to

Co. Ltd.Guangdong Yudean Maoming Natural

Maoming Natural Gas Refers to

Gas Thermal Power Co. Ltd.Meizhou Xingyue New Energy Co.Xingyue New Energy Refers to

Ltd.Huixin Thermal Power Refers to Guangdong Yudean Huixin Thermal

72024 Annual Report

Power Co. Ltd.Yuedian Shache Comprehensive

Shache Comprehensive Energy Refers to

Energy Co. Ltd.Laixi Xinguangyao New Energy

Xinguangyao New Energy Refers to

Technology Co. Ltd.Laixi Telian New Energy Technology

Telian New Energy Refers to

Co. Ltd.Pingdu Lianyao New Energy

Lianyao New Energy Refers to

Technology Co. Ltd.Jiuzhou New Energy (Zhaoqing) Co.Jiuzhou New Energy Refers to

Ltd.Xiangtan Xiangdian Changshan Wind

Changshan Wind Power Refers to

Power Generation Co. Ltd.Yunfu Luoding Yuedian New Energy

Luoding New Energy Refers to

Co. Ltd.Zhuhai Yuedian New Energy Co.Zhuhai Yuedian New Energy Refers to

Ltd.Tumushuke Yuedian Changhe New

Tumushuke Changhe Refers to

Energy Co. Ltd.Yunfu Yuedian Zhenneng New

Zhenneng New Energy Refers to

Energy Co. Ltd.Zhonggong Energy Technology

Zhonggong Energy Refers to

(Maoming) Co. Ltd.Yahua New Energy Technology

Yahua New Energy Refers to

(Gaozhou) Co. Ltd.Guangdong Energy Group Xinjiang

Xinjiang Co. Ltd. Refers to

Co. Ltd.Yuedian Xinjiang Comprehensive

Xinjiang Comprehensive Energy Refers to

Energy Co. Ltd.Gaozhou Yuedian Smart New Energy

Gaozhou New Energy Refers to

Co. Ltd.Xintian Yuefeng New Energy Co.Xintian Yuefeng Refers to

Ltd.Lanshan Yuefeng New Energy Co.Lanshan Yuefeng Refers to

Ltd.Lianjiang Hangneng New Energy

Lianjiang Hangneng Refers to

Co. Ltd.Guoyang County Herun New Energy

Herun New Energy Refers to

Technology Co. Ltd.Guangxi Hangneng New Energy Co.Guangxi Hangneng Refers to

Ltd.Jincheng City Yuefeng New Energy

Jincheng Yuefeng Refers to

Co. Ltd.Baiyin Yuefeng Refers to Baiyin Yuefeng New Energy Co. Ltd.Yunfu Yunan Yuexin Power

Yunfu Yunan Yuexin Company Refers to

Generation Co. Ltd.Yuncheng Wanquan Yuefeng New

Yuncheng Wanquan Yuefeng Refers to

Energy Co. Ltd.Guangneng Tuokexun New Energy

Tuokexun Energy Refers to

Power Generation Co. Ltd.Lingao County Yehai Yuefeng New

Yehai Yuefeng Refers to

Energy Co. Ltd.Zhuhai Yuefeng Huafa New Energy

Zhuhai Yuefeng Huafa Refers to

Co. Ltd.Zhanjiang Yuefeng Bao New Energy

Zhanjiang Yuefeng Baoxin Refers to

Co. Ltd.Zhuhai Yuefeng Ocean Refers to Zhuhai Yuefeng Ocean Ranch Co.

82024 Annual Report

Ltd.Shantou Yuefeng New Energy

Shantou Yuefeng Xinneng Refers to Investment Partnership (Limited

Partnership)

Guangzhou Yuefeng Ruisi New

Ruisi New Energy Refers to

Energy Co. Ltd.Xiangzhou Yunjiang New Energy

Xiangzhou Yunjiang Refers to

Co. Ltd.Xiangzhou Hangjing New Energy

Xiangzhou Hangjing Refers to

Co. Ltd.Qinglong Manchu Autonomous

Qinglong Manchu Photovoltaic Refers to County Jianhao Photovoltaic

Technology Co. Ltd.Guangneng Karamay Comprehensive

Karamay Comprehensive Energy Refers to

Energy Co. Ltd.Hainanzhou Longyue New Energy

Hainanzhou Longyue Refers to

Co. Ltd.Guangdong Energy Zhongshan

Zhongshan Energy Service Refers to

Energy Service Co. Ltd.Guangdong Yuedian New Energy

Yuedian New Energy Development Refers to

Development Co. Ltd.Guangdong Provincial Electric Power

Industrial Fuel Refers to

Industrial Fuel Co. Ltd.Guoneng Yuedian Taishan Power

Taishan Power Generation Refers to

Generation Co. Ltd.Guangdong Energy Group Finance

Energy Group Finance Company Refers to

Co. Ltd.Guangdong Yuedian Shipping Co.Yuedian Shipping Refers to

Ltd.Shanxi Yuedian Energy Refers to Shanxi Yuedian Energy Co. Ltd.Guangdong Energy Property

Energy Property Insurance Refers to

Insurance Self - Insurance Co. Ltd.Yunnan Energy Investment Weixin

Weixin Yuntou Refers to

Energy Co. Ltd.Energy Financial Leasing Guangdong Energy Financial Leasing

Refers to

Company Co. Ltd.Yueqian Power Refers to Guizhou Yueqian Power Co. Ltd.Yangshan Zhongxinkeng Power Co.Zhongxinkeng Power Refers to

Ltd.Yangshan County Jiangkeng

Jiangkeng Hydropower Refers to

Hydropower Station Co. Ltd.AVIC Shenxin Wind Power

AVIC Shenxin Refers to

Generation Co. Ltd.Zhanjiang Yuexin Distributed Energy

Yuexin New Energy Refers to

Technology Co. Ltd.Southern Offshore Wind Power Joint

Southern Offshore Wind Power Refers to

Development Co. Ltd.Sunshine Insurance Refers to Sunshine Insurance Group Co. Ltd.Shenzhen Innovation Investment

Shenzhen Capital Group Refers to

Group Co. Ltd.Guoyi Tendering Refers to Guoyi Tendering Co. Ltd.Shenzhen Energy Refers to Shenzhen Energy Group Co. Ltd.Shenergy Company Refers to Shenergy Co. Ltd.Guangdong Yuedian Environmental

Yuedian Environmental Protection 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.

92024 Annual Report

Ltd.Zhuhai Special Economic Zone

Guangzhu Power Generation Refers to Guangzhu Power Generation Co.Ltd.Yuedian Environmental Protection Guangdong Yuedian Environmental

Refers to

Materials Protection Materials Co. Ltd.Shenzhen Tianxin Insurance Brokers

Tianxin Insurance Refers to

Co. Ltd.Jieyang Yuedian Shipping Service

Jieyang Yuedian Shipping Refers to

Co. Ltd.Shanwei Yuedian Shipping Service

Shanwei Yuedian Shipping Refers to

Co. Ltd.Guangdong Zhuhai Gaolan Port

Gaolan Port Environmental

Refers to Environmental Protection Technology

Protection

Co. Ltd.Inner Mongolia Yuedian Menghua

Menghua New Energy Refers to

New Energy Co. Ltd.Baiyun Ebo Yuemeng New Energy

Baiyun Ebo Refers to

Co. Ltd.Shaoguan Qujiang Yuedian New

Shaoguan Qujiang Refers to

Energy Co. Ltd.Guangdong Zhuhai Jinwan Power

Zhuhai Jinwan Refers to

Generation Co. Ltd.Yuedian Zhongshan Thermal Guangdong Yuedian Zhongshan

Refers to

Power Plant Thermal Power Plant Co. Ltd.Guangdong Yuedian Real Estate

Yuedian Real Estate Investment Refers to

Investment Co. Ltd.Guangdong Yuedian Shipping Co.Yuedian Shipping Refers to

Ltd.Guangdong Yuedian Information

Yuedian Information Technology Refers to

Technology Co. Ltd.Guangdong Yuedian Xinfengjiang

Yuedian Xinfengjiang Refers to

Power Generation Co. Ltd.Guangdong Yuedian Property

Yuedian Property Management Refers to

Management Co. Ltd.Guangdong Yangjiang Port Port

Yangjiang Port Port Affairs Refers to

Affairs Co. Ltd.Guangdong Yuelong Power

Yuelong Power Generation Refers to

Generation Co. Ltd.Zhuhai Power Plant of Guangdong

Energy Group Zhuhai Power Plant Refers to

Energy Group Co. Ltd.ShaJiao C Power Plant of Energy ShaJiao C Power Plant of Guangdong

Refers to

Group Energy Group Co. Ltd.Shaoguan Port Refers to Guangdong Shaoguan Port Co. Ltd.Guangdong Energy Group Natural

Natural Gas of Energy Group Refers to

Gas Co. Ltd.Scientific Research Institute of Guangdong Energy Group Scientific

Refers to

Energy Group Research Institute Co. Ltd.Huizhou Natural Gas of Energy Guangdong Energy Group Huizhou

Refers to

Group Natural Gas Development Co. Ltd.Guangdong Energy Group (Yunfu)

(Yunfu) Energy Storage of Energy

Refers to Energy Storage Power Generation

Group

Co. Ltd.Guangdong Huizhou Liquefied

Huizhou Liquefied Natural Gas Refers to

Natural Gas Co. Ltd.Dongguan Mingyuan Hotel Refers to Dongguan Mingyuan Hotel Co. Ltd.

102024 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

33-36/F South Tower Yudean Plaza No.2 Tianhe Road East GuangzhouGuangdong

Registered address

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 Guafa GardenNo.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 Times Securities 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 On August 252021 The Company's main business consists of

112024 Annual Report

any) " 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 Busine

ss activities can only be carried out after being approved by therelevant departments)” is changed to “investment constructionand operation management of power projects and new energy p

rojects; production and sales of electric power; technical consul

ting and services in the power industry; leasing of terminal facil

ities; general cargo storage loading and unloading shipment s

ervice. (Projects subject to approval according to law Busines

s activities can only be carried out after being approved by the r

elevant 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 Li Zeyu

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

2024 2023 over same period of 2022

Last year(%)

Operating income

5715906723359708397738-4.27%52661088436（Yuan）

Net profit attributable

to the shareholders of

the listed company 964242757 974660299 -1.07% -2980434050（Yuan）

Net profit after

deducting of non-

recurring gain/loss

attributable to the 931464092 1094042279 -14.86% -2913274516

shareholders of listed

company（Yuan）

Cash flow generated by

business operation net 10975183923 8465642282 29.64% 1479864774（Yuan）

Basic earning per

0.18370.1856-1.07%-0.5677

share(Yuan/Share)

Diluted gains per 0.1837 0.1856 -1.07% -0.5677

122024 Annual Report

share(Yuan/Share)

Weighted average

4.28%4.59%-0.31%-13.60%

ROE(%)

Changed over last year

End of2024 End of2023 End of2022

（％）

Gross assets（Yuan） 175154232936 161207283087 8.65% 131623802701

Net assets

attributable to

shareholders of the 22894681796 22141735460 3.40% 20350293619

listed company（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 net profit before and after the deduction of the non-recurring gains and losses is negative.□ Yes √No

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 12789410415 13289380556 16438668847 14641607415

Net profit

attributable to the

126281663776657197564136865-502832968

shareholders of the

listed company

Net profit after

deducting of non-

recurring gain/loss

95324871790734959601147108-555742846

attributable to the

shareholders of listed

company

Net Cash flow

generated by business 2719506027 3286719044 4860463761 108495091

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 □No

9.Items and amount of non-current gains and losses

√Applicable □Not applicable

132024 Annual Report

In RMB

Items Amount (2024) Amount (2023) Amount (2022) Notes

It is mainly the gains

and losses of assets

Non-current asset disposal by Huizhou

disposal Natural Gas Electric

gain/loss(including the Power Sales Company

98655919875930802837

write-off part for which Xinjiang Co. Ltd.assets impairment Shache Comprehensive

provision is made)

Energy Guangdong

Wind Power and other

units.Government

subsidy recognized in It was mainly the

current gain and economic policy

loss(excluding those incentives for power

520202224208098151267272

closely related to the sales and subsidies for

Company’s business various power plant

and granted under the projects.state’s policies)

It is mainly that some

wind power equipment

blades of Guangdong

Energy Wind Power

Asset impairment Company were

provisions due acts of damaged due to the

-11738926-83358694

God such as natural strong typhoon

disasters "Capricorn" and the

loss amount before

deducting insurance

indemnities was RMB

11738926.

Reverse of the

provision for

impairment of accounts

29440

receivable undergoing

impairment test

individually

One-off costs

incurred by the It is mainly the

enterprise as a provision for dismissal

result of the benefits after the

relevant business closure of Shajiao A

-155298107-168447926

activities no longer Power Plant for

continuing such as implementation of

expenses for personnel resettlement

relocating plans.employees

It is mainly the income

from the transfer of

land use right of

Other non-business reclamation in Pinghai

income and Power Plant the

31058875439135331-11625577

expenditures other payable amount not

than the above payable by Shajiao A

Power Plant after

verification and the

income from the

142024 Annual Report

scrapping of assets in

Yuehua.Less: Amount of

304453941826452138582624

influence of income tax

Influenced amount of

minor shareholders’ 132446539 23114044 15662748

equity (after tax)

Total 32778665 -119381980 -67159534 --

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

25938507

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

-318227152

emission reduction obligation regulations and continue to occur.

152024 Annual Report

III. Management Discussion & Analysis

I. 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 2024 the National Energy Administration issued the Guiding Opinions on Energy Work in 2024

proposing goals such as continuously enhancing supply guarantee capabilities optimizing energy structure and

steadily improving quality and efficiency which are conducive to ensuring national energy security and

stabilizing coal oil and gas and electricity supply; accelerate the green and low-carbon transformation of

energy increase the proportion of non-fossil energy and promote the optimization of energy structure; The

National Development and Reform Commission and the National Energy Administration jointly issued the

Action Plan for Accelerating the Construction of a New Power System (2024-2027) proposing to carry out 9

key special actions from 2024 to 2027 including the power system stability guarantee action the large-scale

high-proportion new energy transportation campaign and the high-quality development action of the

distribution network to promote the construction of a new power system from multiple aspects. Moreover the

National Development and Reform Commission and the National Energy Administration jointly issued the

Notice on the Responsibility Weights and Related Matters of Renewable Electricity Utilization in 2024 which

defines the responsibility weights of renewable electricity utilization in each province in 2024 and 2025 helps

promote the development and utilization of renewable energy in each province guide the allocation of resources

to the renewable energy field promote the growth of installed capacity and electricity utilization of new energy

such as wind power and solar power and accelerate the transformation of energy structure.In terms of power supply with the deepening implementation of the "dual-carbon" goal and the

advancement of the construction of a new power system 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 generation reached 1.45 billion kilowatts exceeding the installed capacity of thermal power for

the first time. By the end of 2024 the cumulative installed power generation capacity nationwide was

approximately 3.35 billion kilowatts a year-on-year increase of 14.6%. The installed capacity of non-fossil

energy power generation was 1.95 billion kilowatts a year-on-year increase of 23.8%. By type biomass power

generation was 45.99 million kilowatts nuclear power was 60.83 million kilowatts hydropower was 440

million kilowatts wind power was 520 million kilowatts and solar power was 890 million kilowatts. The

installed capacity of thermal power was 1.44 billion kilowatts of which coal-fired power was 1.19 billion

kilowatts a year-on-year increase of 2.6%. The proportion of coal-fired power in the total installed power

generation capacity was 35.7% a year-on-year decrease of 4.2 percentage points. In 2024 the proportion of

coal-fired power generation in the total power generation in the full-caliber was 54.8%. 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 in 2024 published by the National Energy

Administration the electricity consumption of the whole society in China in 2024 was 9.85 trillion kWh with a

year-on-year increase of 6.8%. The electricity consumption of the primary industry was 135.7 billion kWh with

a year-on-year increase of 6.3%; The electricity consumption of the secondary industry was 6.39 trillion kWh

with a year-on-year increase of 5.1%; The electricity consumption of the tertiary industry was 1.83 trillion kWh

with a year-on-year increase of 9.9%; The domestic electricity consumption of urban and rural residents was

1.49 trillion kWh with a year-on-year increase of 10.6%.

162024 Annual Report

According to the transaction results announced by Guangdong Power Exchange Center in December 2024

the average transaction price of bilateral negotiation transactions annual listing transactions and annual

centralized competition transactions in the province in 2025 decreased year-on-year of which the electricity

volume of bilateral negotiation transactions was 331.008 billion kWh and the average transaction price was

RMB 391.87/thousand kWh (including tax the same below) down RMB 73.77/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.II.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 “Capital from 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 power and making the power structure go diversified. In addition to the development construction and

operation of large-scale coal-fired power plants it also has clean energy projects such as LNG power generation

wind power generation and hydropower generation which provides reliable and clean energy to users through

the grid company.As of the end of 2024 the company has controllable installed capacity of 41.7075 million kilowatts

including holding installed capacity of 39.3057 million kilowatts and equity participation installed capacity of

2.4017 million kilowatts. Including: The holding installed capacity for coal-fired power generation was 19.95

million kilowatts accounting for 50.76%; the holding installed capacity for gas and electricity of 11.847 million

kilowatts accounting for 30.14%；and renewable energy generation like wind power hydropower Photovoltaic

and biomass of 7.5087 million kilowatts accounting for 19.10%。.In addition the company is entrusted withmanaging the installed capacity of 8.954 million kilowatts . The above controllable installed capacity and

entrusted management installed capacity totaled 50.3495 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 per Guangdong

Electricity Market Trade Basic Rules and supporting files. In the reporting period the electricity sold is

119.351billion kilowatt-hoursan increase of 4.69% YOY; average price stated in the onsolidated statements is

533.16 Yuan/ thousands kilowatt-hours(tax included the same below ) a decrease of 50.27 yuan/ thousands

kilowatt-hours or a decrease of 8.62% YOY;the total operating income was RMB 57159.07 million a decrease

of RMB 2549.33 million or a decrease of 4.27% 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 37541.27 million

172024 Annual Report

accounting for 75.81% of the operating cost which benefited from the decline of fuel price. The fuel cost

decreased by RMB 2724.61 million.During the reporting period the Company vigorously promoted the construction and operation of new

clean energy and renewable energy units. The installed capacity proportion of clean energy and renewable

energy increased to 49.24% with an increase of 11.15% from the beginning of the year. The installed structure

continued to optimize which ensured a favorable trend of year-on-year growth in on-grid electricity. The

Company seized the favorable conditions of the decline in fuel prices carried out in-depth energy-saving and

consumption reduction work strengthened financing cost control improved the efficiency of fund utilization

and effectively alleviated the adverse effects of tariff decline with its business situation remained basically

stable year-on-year. In 2024 the Company achieved a net profit attributable to the parent company of RMB

964.24 million with a slight year-on-year decrease of RMB 10.42 million where the Company's coal-fired

power business achieved a net profit attributable to the parent company of RMB 278.08 million; Its gas and

electricity business achieved a net profit attributable to the parent company of RMB 482.52 million; Its

hydropower business achieved a net profit attributable to the parent company or RMB -16.19 million; Its new

energy business achieved a net profit attributable to the parent company of RMB 170.56 million; The

Company's main investment business achieved a net profit attributable to the parent company of RMB 115.33

million while its biomass power generation and other businesses achieved a net profit attributable to the parent

company of RMB -66.06 million.Main Production and Operation Information

Items This reporting period Same period last year

Total installed capacity ('0000 kW) 3930.57 3212.58

Installed capacity of units that are newly

717.99242.96

put into production ('0000 kW)

Planned installed capacity of

715970.40

approved projects ('0000 kW)

Planned installed capacity of projects

1194.51474.95

under construction ('0000 kW)

Power generation ('00000000 kWh) 1258.30 1205.54

On-grid electricity or electricity sales

1193.511140.02

('00000000 kWh)

Average on-grid price or selling price

533.16583.43

(RMB/ '000 kWh including tax)

Average power consumption rate of

5.18%5.47%

power plant (%)

Power plant utilization hours (h) 3494 3957

(1)Operation Information of Coal - fired Power

Items 2024 2023

Total installed capacity ('0000 kW) 1995 1989

Installed capacity of units that are newly 6 -66

put into production ('0000 kW)

Planned installed capacity of approved 0 200

projects ('0000 kW)

Planned installed capacity of projects 800 600

under construction ('0000 kW)

Power generation ('00000000 kWh) 913.23 956.33

On-grid electricity or electricity sales 857.34 897.35

('00000000 kWh)

Average on-grid price or selling price 0.48 0.55

(RMB/ '00000000 kWh including tax)

Average power consumption rate of 6.12 6.17

power plant (%)

Power plant utilization hours (h) 4578 4808

(2) Operation Information of Gasl - fired Power

182024 Annual Report

Items 2024 2023

Total installed capacity ('0000 kW) 1184.70 705.90

Installed capacity of units that are newly 478.80 66.70

put into production ('0000 kW)

Planned installed capacity of approved 150 150

projects ('0000 kW)

Planned installed capacity of projects 194.2 667.42

under construction ('0000 kW)

Power generation ('00000000 kWh) 256.88 185.11

On-grid electricity or electricity sales 251.76 181.44

('00000000 kWh)

Average on-grid price or selling price 0.68 0.71

(RMB/ '00000000 kWh including tax)

Average power consumption rate of 1.99 1.98

power plant (%)

Power plant utilization hours (h) 2802 2896

（3）Operation Information of wind power

Items 2024 2023

Total installed capacity ('0000 kW) 339.50 279.5

Installed capacity of units that are newly 60

45

put into production ('0000 kW)

Planned installed capacity of approved 175

21.5

projects ('0000 kW)

Planned installed capacity of projects 70

60

under construction ('0000 kW)

Power generation ('00000000 kWh) 51.77 49.07

On-grid electricity or electricity sales 49.53

47.2

('00000000 kWh)

Average on-grid price or selling price 0.68

0.7

(RMB/ '00000000 kWh including tax)

Average power consumption rate of 4.63

3.77

power plant (%)

Power plant utilization hours (h) 1674 2088

（4）Operation Information of photovoltaic business

Items 2024 2023

Total installed capacity ('0000 kW) 388.09 214.9

Installed capacity of units that are newly

173.19197.26

put into production ('0000 kW)

Planned installed capacity of approved

382598.9

projects ('0000 kW)

Planned installed capacity of projects

137.9147.53

under construction ('0000 kW)

Power generation ('00000000 kWh) 25.09 3.85

On-grid electricity or electricity sales

24.473.78

('00000000 kWh)

Average on-grid price or selling price

0.280.3

(RMB/ '00000000 kWh including tax)

Average power consumption rate of

2.431.57

power plant (%)

Power plant utilization hours (h) 832 432

（5）Operation Information of water power

Items 2024 2023

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) 4.31 4.11

On-grid electricity or electricity sales

4.194.03

('00000000 kWh)

192024 Annual Report

Average on-grid price or selling price

0.220.21

(RMB/ '00000000 kWh including tax)

Average power consumption rate of

2.551.89

power plant (%)

Power plant utilization hours (h) 3243 3095

（6）Operation Information of Biomass business

Items 2024 2023

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) 7.03 7.08

On-grid electricity or electricity sales

6.216.22

('00000000 kWh)

Average on-grid price or selling price

0.750.75

(RMB/ '00000000 kWh including tax)

Average power consumption rate of

11.6611.85

power plant (%)

Power plant utilization hours (h) 7026 7080

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 provides customers with services such as demand response strategy energy

saving renovation energy consumption strategy consultation contracted energy management power energy

storage etc. and carries out comprehensive energy service projects (smart energy management carbon asset

management energy trusteeship energy audit etc.) in vertical (industry) fields large group enterprises and large

parks.In 2024 the electricity consumption of the Power Marketing Company was 61.727 billion kWh with a year-

on-year increase of 10.5% the electricity of the holding subsidiary of the agency company is 50.383 billion kWh

accounting for 42.21% of the Company's on-grid electricity.Reasons for the significant changes in the relevant data

□ Applicable √Not applicable

Related new energy power generation business

During the "14th Five-Year Plan" period the Company initially planned to add about 14 million kilowatts

of new energy installed capacity including 1.6 million kilowatts of onshore wind power 2.8 million kilowatts

of offshore wind power and 9.6 million kilowatts of photovoltaic power (the above-mentioned planned installed

capacity and power generation type will be determined according to the actual situation of project approval for

filing investment and development and be subject to some adjustment in specific implementation.) By the end

of 2024 the Company had a total installed capacity of about 7.2759 million kilowatts of new energy such as

wind power and photovoltaic power including about 2.2016 million kilowatts of offshore wind power 1.1934

million kilowatts of onshore wind power and 38809 million kilowatts of photovoltaic power;

The total installed capacity of Xinjiang Toksun Wind Power Project and Shache Photovoltaic Project under

construction is 2079000 kW; It completed the decision to build and sign an acquisition agreement of 2785000

kW; The Company has approved and filed new energy projects with a scale of approximately 5570000 kW. In

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

202024 Annual Report

transformation under the goal of "emission peak" and "carbon neutrality" implement the specific deployment of

"1310" by Guangdong Provincial Party Committee actively expand the resources of new energy projects

through self-construction and acquisition fully promote the leap-forward development of new energy and build

an ecological and civilized power enterprise.III.Analysis On core Competitiveness

1. The largest listed company of power in Guangdong

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

more than 175.154 billion，It is the largest listed company with state-owned assets in Guangdong Province. Asof December 31 2024 the Company as the largest listed power company in Guangdong Province has a total of

34.837 million kilowatts of market-oriented units in the province accounting for 15.65% 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 period Guided by the national energy development strategy Implement the

specific deployment of "1310" of Guangdong Provincial Party Committee 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 2024 the company completed a total of 112.976 billion kilowatt-hours of electricity in the market

and the scale of electricity sales continued to rank first in the province with electricity sales prices superior to the

province's average. The company gives full play to its three advantages of scale brand and service. With its

marketing service network all over the province and its technical accumulation and comprehensive resources in

the power industry the company provides auxiliary value-added services such as peak regulation frequency

modulation and backup for the power grid and provides high-quality value-added services such as comprehensive

energy saving and power consumption consultation for users thus realizing the transformation from a power

generation enterprise to an energy comprehensive service enterprise.

5. Advantage of financial resources. At present the Company's total assets reach 100 billion and the cash flow of its stock business is

abundant which provides a good support for the Company's sustainable development.The Company's financial position is good with good financing channels such as bank credit bonds and

securities markets and rich financing methods. In the meantime the Company is planning on establishing a

new energy industry fund to introduce strategic investors for subsidiaries and issue financing schemes such as

public offering REITs. The Company will make full use of internal and external financial resources to provide

212024 Annual Report

strong financial guarantee for the production and operation of enterprises the construction of key projects and

the rapid development of new energy industry.

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 construction of Guangdong-Hong Kong-Macao Greater Bay Area Shenzhen's advanced

demonstration zone and the development of Guangdong's "one core one belt and one area". It will steadily push

forward the construction of key energy projects and the development of new energy resources in the province and

actively seek to expand into regions with better resource conditions and higher power demand Help the "30·60"

target to be implemented.IV.Main business analysis

Ⅰ.General

In 2024 the national economy rebounded to stimulate electricity consumption and the demand for

electricity in Guangdong Province reaching 912.1 billion kWh with a year-on-year increase of 7.3%. In terms

of installed capacity by the end of 2024 the installed capacity of Guangdong was 223 million kW with a year-

on-year increase of 15.5% of which the installed capacity of coal-fired power was 72.113 million kW with a

year-on-year decrease of 0.4%; the installed capacity of gas power was 49.925 million kW with a year-on-year

increase of 26.2%; the total installed capacity of wind power and solar power generation was 59.131 million

kW with a year-on-year increase of 45.4%. During the reporting period the Company accumulated 119.351

billion kWh of on-grid electricity in consolidated statements with a year-on-year increase of 4.69% in which

the on-grid electricity of coal machine is 85.734 billion kWh the on-grid electricity of gas machine is 25.176

billion kWh and the on-grid electricity of hydropower wind power and photovoltaic power is 8.44 billion kWh.In 2024 the Company vigorously promoted the construction and operation of new clean energy and

renewable energy units continuously optimized the installed structure and ensured a favorable trend of year-

on-year growth in on-grid electricity. The Company seized the favorable conditions of the decline in fuel prices

carried out in-depth energy-saving and consumption reduction work strengthened financing cost control

improved the efficiency of fund utilization and effectively alleviated the adverse effects of tariff decline with

its business situation remained basically stable year-on-year. According to the consolidated statements the total

assets of the Company were RMB 175.154 billion with a year-on-year increase of 8.65%; The liabilities in the

consolidated statement totaled RMB 139.192 billion and the asset-liability ratio was 79.47%; The equity

attributable to shareholders of the parent company was RMB 22.895 billion with a year-on-year increase of

3.4%. According to the consolidated statements the Company's operating income was RMB 57.159 billion

with a year-on-year increase of 4.27%; The net profit attributable to shareholders of the parent company was

RMB 964 million and the earnings per share was RMB 0.1837.In 2024 the Company will increase its installed capacity by 7179900 kW through self construction and

acquisition; As of the end of 2024 the Company has a clean energy power generation holding installed capacity

of 19355700 kW including gas power wind power hydropower photovoltaics biomass etc. accounting for

49.24% of the total. 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.

222024 Annual Report

2. Revenue and cost

(1)Component of Business Income

In RMB

20242023

Increase /decrease

Amount Proportion Amount Proportion

Total operating

57159067233100%59708397738100%-4.27%

revenue

On Industry

Electric power

Steam sales and 56860158480 99.48% 59296174696 99.31% -4.11%

labor income

Other 298908753 0.52% 412223042 0.69% -27.49%

On products

Sales Electric

5631234883598.52%5886072206298.58%-4.33%

Power

Steam income 403680647 0.71% 303847319 0.51% 32.86%

Labor income 144128998 0.25% 131605315 0.22% 9.52%

Comprehensive

utilization of fly 183757839 0.32% 278575922 0.47% -34.04%

ash

Lease revenue 45418339 0.08% 50931914 0.09% -10.83%

Other 69732575 0.12% 82715206 0.14% -15.70%

Area

Guangdong 55381560273 96.89% 58383250691 97.78% -5.14%

Xinjiang 1202032506 2.10% 934441658 1.57% 28.64%

Hunan 115911321 0.20% 141988229 0.24% -18.37%

Hebei 76542815 0.13% 79397685 0.13% -3.60%

Yunnan 84487161 0.15% 74112332 0.12% 14%

Guangxi 98148241 0.17% 52343423 0.09% 87.51%

Henan 47190592 0.08% 36927674 0.06% 27.79%

Shandong 27933096 0.05% 2819132 0% 890.84%

Inner Mongolia 60238215 0.11% 1441224 0% 4079.66%

Anhui 43919200 0.08% 840319 0% 5126.49%

Gansu 19484407 0.03% 835371 0% 2232.43%

Shanxi 1619406 0.01% 0 0% -

Sub-sale model

Direct selling 57159067233 100% 59708397738 100% -4.27%

(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

563123488354900825015712.97%-4.33%-3.07%-1.14%

Electric Power

232024 Annual Report

Including：

Fire coal

Generation 36571274136 33230769700 9.13% -17.34% -13.85% -3.69%

Power

Gas

Generation 15135978804 13290948591 12.19% 32.86% 35.17% -1.50%

Power

Biomass

Generation 4605095895 2486531866 46% 42.81% 15.48% 12.78%

Power

Area

Guangdong 55381560273 47938080488 13.44% -5.14% -3.62% -1.36%

Sub-sale model

Direct selling 57159067233 49520897046 13.36% -4.27% -2.84% -1.27%

Reasons for great changes in related financial indicators

√ Applicable □ Not applicable

(1) The Company's gas-fired power generation operating income and operating costs increased by 32.86%

and 35.17% respectively year-on-year mainly due to the commissioning of new gas-fired units in 2024

resulting in a year-on-year increase of 38.76% in the on-grid electricity consumption of gas-fired units plus the

impact of the decrease in on-grid tariff leading to a year-on-year decrease of 1.50% for the gross profit margin

of gas-fired power generation

(2) The Company's operating income from renewable energy generation increased by 42.81% year-on-year

mainly due to the commissioning of new photovoltaic and wind turbine generating units in 2024 resulting in a

year-on-year increase of 37.86% in renewable energy on-grid electricity; The operating cost of renewable

energy generation increased by 15.48% mainly due to the conversion of some wind and photovoltaic projects to

fixed assets an increase in depreciation costs and an increase in repair costs.

(3)Whether the Company’s Physical Sales Income Exceeded Service Income

√ Yes □ No

Classification Items Unit 2024 2023 Changes

Sales volume '00000000 kWh 1193.51 1140.02 4.69%

Electric power Production '00000000 kWh 1258.30 1205.53 4.38%

production Inventory

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

Amount Descripti Amount

Whether Accumulate

fulfilled on of the of sales Accounts

Total Total Amoun fulfill d recognized

Contract during failure to revenue receivable

Counterparty contract fulfilled t to be ed sales

object the fulfill the

amount amount fulfilled prope recognized collection

reporting contract revenue

rly in this situation

period properly amount

period

Quantity CHINA 5482739 Yes 5482739 Normal

242024 Annual Report

of SOUTHERN regular

electricity POWER settlement

GRID

good

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

20242023

Increase/Decrea

Industry Items Proportion Proportion

Amount in the operating Amount in the operating se

costs (%) costs (%)

Electric power

thermal

Fuel cost 37541273997 75.81% 40265881130 79% -6.77%

production and

supply

Electric power

thermal Depreciation

5631939490.1911.37%509813605110%10.47%

production and expense

supply

Electric

power thermal

Labor cost 2091735709.96 4.22% 1930378946 3.79% 8.36%

production and

supply

Electric

power thermal

Other 4255947848.85 8.59% 3676601551 7.21% 15.76%

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 75.81% of total cost.

(6)Whether Changes Occurred in Consolidation Scope in the Report Period

√Yes □No

(1) Addition of subsidiaries in this year:

Paid-in

capital at the Propo

Name Nature end of rtion Acquired

period(Yuan (%)

)

Solar electrical energy

Xiangzhou Hangjing New Energy Co. Ltd. 199980000 76.44% Purchase

generation

Qinglong Manchu Autonomous County Jianhao Solar electrical energy

120000000 76.44% Purchase

Photovoltaic Technology Co.Ltd generation

Solar electrical energy

Xiangzhou Yunjiang New Energy Co. Ltd. 105420000 76.44% Purchase

generation

252024 Annual Report

Yuncheng Wangquan Yuefeng New Energy Co.Wind Power generation 86368422 72.62% Investment establishment

Ltd.Solar electrical energy 0 Acquisition of

Hainan Longyue New Energy Co. Ltd. 90000000 100%

generation consideration assets

Guangneng Toxon New Energy Co. Ltd. Wind Power generation 370000000 100% Investment establishment

Shantou Yuefeng New Energy Investment Investment and asset 111075000

15.40% Investment establishment

Partnership（LP） management 0

Solar electrical energy

Guangneng Karamay Integrated Energy Co. Ltd 100000000 100% Investment establishment

generation

Guangdong Yudean New Energy Development Investment and asset

85000000 100% Investment establishment

Co. Ltd. management

Investment

Lingao Yehai Yuefeng New Energy Co. Ltd. Wind Power generation 61350000 76.44%

establishment

Zhanjiang Yuefengbao New Energy Co. Ltd. Wind Power generation 50000000 38.98% Investment establishment

Guangdong Energy Zhongshan Energy Sevice Thermal power

15000000 100% Investment establishment

Co. Ltd. production and supply

Zhuhai Yuefeng Huafa New Energy Co. Ltd. Wind Power generation 17000000 38.98% Investment establishment

Zhuhai Yuefeng Sea pashure Co. Ltd. Seaculture 7000000 76.44% Investment establishment

Investment and asset

Guangzhou Yuefeng Ruisi New Energy Co. Ltd. 300000 76.44% Investment establishment

management

(2) Reduction of subsidiaries in this year:

Paid-in capital before Shareholding ratio

Subsidiary name Business nature

cancellation (RMB) before cancellation

Guangzhou Huangpu Power Engineering Co. Ltd. Equipment maintenance 13000000 51%

Yunfu Yuyuexin Generation Co. Ltd. Wind Power generation 0 76.44%

Huizhou Longmen Yuefeng New Energy Co. Ltd. Wind Power generation 0 76.44%

Yunfu Luoding Yuefeng New Energy Co. Ltd. Wind Power generation 0 76.44%

The subsidiaries of our company namely Guangzhou Huangpu Power Engineering Co. Ltd. Yunfu Yunan Yuexin Power

Generation Co. Ltd. Huizhou Longmen Yuefeng New Energy Co. Ltd. and Yunfu Luoding Yuefeng New Energy Co. Ltd.completed the deregistration process in 2024. 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) 56818352095

Proportion of sales to top 5 customers in the annual

99.40%

sales(%)

Proportion of the sales volume to the top five customers in 0.74%

262024 Annual Report

the total sales to the related parties in the year

Information of the Company’s top 5 customers

No Name Amount（RMB） Proportion

1 GPGC 54827389516 95.92%

2 STATE GRID 1397661104 2.45%

Guangdong Energy Group

34254234110.74%

Co. Ltd.Tumushuke Chuangneng

41038335320.18%

Thermal Power Co. Ltd.Mitsubishi Chemical

5 Chemical Raw Materials 64044532 0.11%

(Huizhou) Co. Ltd

Total -- 56818352095 99.40%

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） 43018950118

Percentage of total purchase of top 5 suppliers In total

79.63%

annual purchase(%)

Proportion of purchase amount from the top 5 suppliers in

63.03%

the total purchase amount from the related parties in the year

Information about the top 5 suppliers

No Name Amount（Yuan） Proportion

1 Guangdong Energy Group 34054027828 63.03%

China Energy Construction 6.37%

23440761366

Group Co. Ltd.

3 POWERCHINA 2002981739 3.71%

Guangdong Dapeng LNG 3.65%

41971759210

Co. Ltd.Guangdong Zhujiang 2.87%

5 Investment Electric Fuel Co. 1549419975

Ltd.Total -- 43018950118 79.63%

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.

272024 Annual Report

3.Expenses

In RMB

Increase/Decrease

2024 2023 Notes

(%)

Sale expenses 101150886 93238999 8.49%

Administration

162635199315920571522.15%

expenses

Financial expenses 2285029760 2287869816 -0.12%

It is mainly caused by

the increased

investment in R&D

this year resulting in a

R & Development

1286783600 1116555274 15.25% year-on-year increase

expenses

in the number of R&D

personnel and the

consumption of R&D

materials.

4.R& D Expenses

√ Applicable □Not applicable

Expected impact

Name of main Project Goal to be on the future

No Enterprise Project purpose

R&D project progress achieved development of the

Company

This project combines It develops a non- The project

theoretical research such contact real-time conforms to the

as experimental monitoring and development trend

simulation and technical intelligent of international

equipment development prediction system biomass energy

to make break-through in for spontaneous technology and

low-temperature combustion of industry aims at the

oxidation mechanism of biomass piles; key core technology

biomass non spherical forms a biomass of power generation

particle aerodynamics "suspension-grate" by biomass

and combustion models composite combustion fully

as well as high- All research combustion boiler leverages the

Research and

temperature cracking and tasks have design process advantages of the

Application of

effective functional been based on a new applicant unit and

Guangdong Key

Yudean groups of composite completed feeding system; forms strong Technologies

Zhanjiang polymer denitrification and are proposes a new alliances with

for Safe

1 Biomass agents awaiting formula for domestic and

Power Flexible and On the basis of key acceptance by composite foreign partners to

Generation Efficient Power scientific issues such as the Ministry denitrification make breakthrough

Co. Ltd Generation by

conversion mechanism of Science agents in the in the technological

Biomass

and inhibition and furnace and difficulty of biomass

Combustion

mechanism of molten Technology. develops high- direct combustion

salt corrosion behavior efficiency power generation

by spraying materials it composite achieves the

has developed the coordinated leapfrog

following five key denitrification development of

technologies and technology in the power generation

equipment: Non-contact furnace by technology by

temperature/humidity coupling low biomass combustion

real-time test method and nitrogen in China and serves

technology for biomass combustion; major needs such as

piles biomass regulates the ensuring energy

"suspension-grate" spraying process security

282024 Annual Report

composite combustion and composition environmental

technology and process suppresses the pollution control

biomass high-efficiency corrosion behavior and developing

combustion optimization of potassium- circular economy in

technology high- containing molten China; At the same

efficiency composite salts and develops time the project can

coordinated anti-corrosion also promote

denitrification spraying China's

technology in biomass technology and technological

combustion furnace and equipment. products in the

high-efficiency anti- fields of anti-

corrosion spraying corrosion and

technology for biomass denitrification

boiler. internationally

achieving mutual

benefit and win-win

results between

China and Denmark

in the field of

energy

development.CO2 emission ≥

It establishes an

120 g/kWh (power

industrial

generation load

demonstration for

rate>30%) stable

660MW power

operation time per

generation by

year ≥ 6000 hours

coupling coal and

minimum power

biomass which will

generation load

help verify various

rate is 30% (CO2

technical indicators

减排量≥320

It develops a specialized of the system

Emission reduction

burner with wide construct integrated

≥ 320 g/kWh) heat

applicability to biomass operation rules of

transfer coefficient

and completes the the coupling power

of heating surface

integration verification of generation system

at the tail of the

key technologies for establish a capacity

boiler is ≥ 68 W/

Power power generation by limit evaluation

Guangdong (m2 *°C) online Generation coupling coal and method and form a

Electric measurement error

Technology by biomass on a pilot Stage comprehensive

2 Power of the coupled

Development Direct Coupling platform with a biomass completion evaluation standard combustion ratio

Co. Ltd of Coal and coupling combustion for power based on the 14C

Biomass ratio of 0-100%; and generation system

method is ≤ ±4%

completes the industrial by coupling coal and

utilization rate of

demonstration of biomass thus

ash residue is

660MW power providing technical

100% and the

generation technology by and theoretical

atmospheric

coupling coal and support for the

pollutant emissions

biomass. large-scale

are better than the

promotion and

ultra-low emission

application of power

requirements; It

generation

develops a

technology by

software for the

biomass co-firing

whole process of

which is of great

coupled power

significance for

generation and

carbon reduction in

establishes a

the power industry.comprehensive

292024 Annual Report

evaluation method

for the power

generation system

by coupling coal

and biomass based

on lifecycle carbon

emissions.It meets the

technical

requirements of

unit flexibility

transformation;

puts forward the

It improves the peak

Wide-load Deep intelligent

load regulation

Peak Shaving combustion

capacity by more

Low-load Stable It improves the flexible optimization

Guangdong than 10% which Combustion technology which is technology under

Red Bay meets the needs of

and Optimized expected to increase the deep peak load

3 Power Completed power grid

Generation Operation peak load regulation regulation; development and

Co. Ltd Technology by capacity of thermal improves the peak enhances the

Denitrification power units. load regulation

Company's

for Coal-fired capacity by more

competitiveness in

Power Plants than 10%; and

the power market.achieves automatic

control of the

whole process

within the range of

deep peak load

regulation.It completes the It realizes source

Research on

research and load and storage

Precise

It constructs a distributed application of key interaction forms a

Coordinated

photovoltaic power technologies for complete green

Control

generation system forms unified alternative solution

Technology and

a set of key technologies management and for plant electricity

Guangdong Integrated

Yudean for unified management scheduling of reduces carbon Application of

Huadu and scheduling of source source grid load emissions enhances

Source Grid

4 Natural Gas grid load and storage in Completed and storage in the the Company's

Thermal Load and smart parks for thermal smart low-carbon business

Power Co. Storage power plants for rooftop park within the performance and

Ltd Integration and

photovoltaic access and plant and achieves environmental

Load and Grid

achieves efficient high on-site responsibility and

Interaction in

substitution of plant utilization of helps achieve the

Zero-carbon

electricity. photovoltaic power goals of carbon

Smart Park for

throughout the peaking and carbon

Power Plants

entire period. neutrality.Research and It completes the It carries out pilot

Application research on the demonstrations of

It constructs the first

Project on Key control strategy of "Integrated Multi-

semi-solid battery energy Construction

Technologies the energy storage purpose Time

Shenzhen storage assisted has been for Black Start system in the Division

Guangqian frequency regulation + completed

and Frequency application process Multiplexing" for

5 Power black start multi scenario and

Limited Regulation of "black energy storage integrated energy storage debugging is

Company Coordination of start+frequency power stations and power station for gas currently

Gas Turbine regulation" for provides new

turbine power plants in underway

Combined large gas turbines solutions for the

China.Cycle Units and the coordinated rapid recovery and

Based on Semi- control and sustainable

302024 Annual Report

solid Battery intelligent development of the

Energy Storage regulation strategy power system

System between energy enhancing the

storage and the Company's

turbines advantages in the

research field of

new energy storage

technology

applications.It constructs a

matching system

for pretreatment of

RDF-derived fuel

and mixed feed

with coal forms a

It adopts the RDF fuel continuous feeder It can reduce the

derived from system with active coal cost of power

combustible industrial feed rate plants improve their

solid waste partially adjustment of economic benefits

Research and

instead of coal and feed RDF-derived fuel achieve efficient

Application of

it into the boiler for and realizes stable integration and

High-efficiency

Guangdong mixed combustion to combustion of resource utilization Power

Yudean generate power or gasify RDF fuel and coal of industrial solid

Generation

6 Yunhe Power the RDF fuel to prepare In progress in the boiler; It waste while

Generation Technology by combustible gas and then reduces pollutant reducing carbon

Co. Ltd Coupling Coal feed it into the boiler for emission during dioxide emissions

Biomass and

mixed combustion so as combustion avoids from power plants

Industrial Solid

to realize the efficient slagging corrosion and implementing

Waste

coordinated disposal of caused by alkali the national strategy

combustible industrial metals sulfur and of "carbon peaking

solid waste and coal- chlorine in general and carbon

fired power generation. industrial solid neutrality".waste and realizes

large-scale and

clean resource

treatment of

industrial organic

solid waste.It completes the

key technology

R&D and It is the

Research and demonstration demonstration of

It is to research on the

Demonstration verification. It natural gas zero-

demonstration and

on Key formulates the carbon emission

Shenzhen application of MW Technologies of industry standard power generation

Guangqian natural gas zero carbon

MW Natural Stage of carbon capture technology which

7 Power emission power

Limited Gas Chemical completion and formulates and will promote the generation technology

Company Looping launches the development of based on natural gas

Combustion engineering design peak emission and

chemical looping

Power operation and carbon neutrality

combustion technology.Generation commissioning technology in power

standard of enterprises.chemical chain

combustion device.Zhanjiang Research and The project constructs a It builds a This project aims to

Zhongyue Demonstration demonstrative model that Stage comprehensive create typical

8

Energy Co. on the is accessible replicable completion energy system that application

Ltd Integration of and learnable by creating integrates and scenarios for the

312024 Annual Report

Rural typical application complements rural agricultural and

Revitalization scenarios for the areas; studies 2 sets photovoltaic

and Energy agricultural and of agricultural and complementary

Technology photovoltaic photovoltaic industries assist in

complementary industry complementary the transformation

assisting in the agricultural of rural industries

transformation of rural production build an integrated

industries building an technology and complementary

integrated and application models; comprehensive

complementary studies 5 energy system for

comprehensive energy agricultural and rural new energy

system for rural new photovoltaic and promote rural

energy promoting rural complementary revitalization. It

revitalization gathering agricultural focuses on the

rural new energy technology research of

application scenarios regulations; studies agricultural and

focusing on research on a set of integrated photovoltaic

agricultural and development technology land

photovoltaic technology models for sharing/sunshine

land sharing/sunshine promoting rural sharing

sharing to assist revitalization collaborative

development models through new development

upgrading of agricultural energy; studies one models the

and photovoltaic successful case of upgrading of

complementary the development of agricultural and

industries and the path agricultural and photovoltaic

to increasing farmers' photovoltaic complementary

income as well as complementary and industries and the

creating typical collaborative path to increasing

application scenarios. industries; and farmers' income as

creates a typical well as the creation

application of typical

scenario for application

agricultural and scenarios and aims

photovoltaic to construct a

complementary demonstrative

industries. model that is

accessible

replicable and

learnable.It completes the Based on site

Taking Unit 1 of

investigation and requirements it

Shanwei Red Bay Power

research on the optimizes new

Research on Plant as the application

corrosion status of technologies for

Key demonstration object it

steel structures and long-term and

Technologies of develops a new long-

equipment in economical anti-

Long-term term economic anti-

coastal power corrosion for steel

Guangdong Economic corrosion plan for coastal plants builds structures and

Red Bay Corrosion power plants and

Stage monitoring equipment in coastal

9 Power Protection for completes at least 1500

Generation completion equipment and power plants Steel Structures square meters of anti-

Co. Ltd corrosion develops the "long-and Equipment corrosion demonstration

monitoring term" "economic"

with High Salt application and forms a

systems completes and "safe" anti-

and Humidity in preventive anti-corrosion

the research on the corrosion

Coastal Power management outline

failure mechanism technologies from

Plants implementation rules

of steel structures three dimensions:

and maintenance work

and equipment construction

package.coatings in coastal process protection

322024 Annual Report

power plants and technology and

new anti-corrosion anti-corrosion

technologies for reinforcement and

steel structures and upgrade solves the

equipment in technical difficulties

coastal power of anti-corrosion for

plants and steel structures and

formulates the equipment in high

long-term salt and high

economic anti- humidity

corrosion plans and environments in

application coastal power

demonstrations for plants focuses on

coastal power addressing the anti-

plants. corrosion problems

of special key parts

improves the anti-

corrosion

technology of steel

structures and

equipment and

promotes it in

similar coastal

power plants in the

thermal power

sector.It takes measures such as

improving flue gas flow

Research and field preventing dust

It can improve the

Application of accumulation corrosion

It studies the sealing and pressure

Leakage abrasion reducing

Guangdong present situation resistance of the Prevention resistance and optimizing

Yudean and faults of heat exchanger Technology for layout to ensure the

Jinghai MGGH heat effectively reduce

10 MGGH Primary stable operation of the Completed

Power exchanger of the leakage risk

Generation Heat Exchanger primary heat exchanger 600MW unit and prolong the service

Co. Ltd of 600MW Unit under different

put forward the life of the equipment

Based on Three- conditions maximize its

solutions. and reduce the

dimensional service life and improve

maintenance cost.Tube the safety environmental

protection and economy

of the unit.Company's research and development personnel situation

2024 2023 Increase /decrease

Number of Research and

Development persons 1630 1421 14.71%

(persons)

Proportion of Research and

15.90%14.10%1.80%

Development persons

Academic structure of R&D personnel

Bachelor 1136 984 15.45%

Master 102 93 9.68%

Doctor 1 2 -50%

Age composition of R&D personnel

Under 30 years old 201 182 10.44%

30-40 years old 493 433 13.86%

Over 40 years old 936 806 16.13%

The Company's R & D investment situation

332024 Annual Report

2024 2023 Increase /decrease

Amount of Research and

Development Investment 1286783600 1116555274 15.25%

(Yuan)

Proportion of Research

and Development Investment 2.25% 1.87% 0.38%

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

Items 2024 2023 Increase/Decrease(%)

Subtotal of cash inflow

received from operation 65207631915 67184093793 -2.94%

activities

Subtotal of cash outflow

received from operation 54232447992 58718451511 -7.64%

activities

Net cash flow arising from

10975183923846564228229.64%

operating activities

Subtotal of cash inflow

received from investing 4638611820 533590769 769.32%

activities

Subtotal of cash outflow for

1889601359026715093026-29.27%

investment activities

Net cash flow arising from

-14257401770-2618150225745.54%

investment activities

Subtotal cash inflow received

4299485060564285957027-33.12%

from financing activities

Subtotal cash outflow for

3983521583446049738583-13.50%

financing activities

Net cash flow arising from

315963477118236218444-82.67%

financing activities

Net increase in cash and cash

-122662232520358656-123.57%

equivalents

Notes to the year-on-year change of the relevant data

√Applicable □ Not applicable

(1) The net cash flow generated from operating activities increased by 29.64% year-on-year mainly due to

a decline in fuel market price and a decrease in cash outflow from purchasing goods.

(2) The cash inflow from investment activities increased by 769.32% year-on-year mainly due to the

maturity and recovery of RMB 4 billion fixed deposits from Guangdong Wind Power Company a subsidiary of

the Company; The cash outflow from investment activities decreased by 29.27% year-on-year mainly due to a

30.18% decrease in cash paid for the completion and operation of projects as well as the purchase and

342024 Annual Report

construction of fixed assets intangible assets and other long-term assets. Taking into account the above impacts

the net cash flow generated from investment activities this year increased by 45.54% year-on-year.

(3) The cash inflow from fund-raising activities decreased by 33.12% year-on-year mainly due to a

significant improvement in the Company's operating cash flow a decrease in external financing demand year-

on-year and the introduction of strategic investors and absorption of equity funds by Guangdong Wind Power

Company in 2023. The cash outflow from fund-raising activities decreased by 13.50% year-on-year mainly due

to the decline in the Company's financing scale and continuous optimization of financing structure the

increasing proportion of medium and long-term financing and the decrease in the matured debt scale year-on-

year. Taking into account the above-mentioned impacts the net cash flow generated from financing activities

this year decreased by 82.67% year-on-year.Taking into account the above factors the net increase in cash and cash equivalents of the Company in

2024 decreased by 123.57% 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 2024 End of 2023

Proportion Notes to the

Proportion in Proportion in increase/decrea significant

Amount the total Amount the total se change

assets(%) assets(%)

Monetary fund 15361820831 8.77% 16431429893 10.19% -1.42%

Accounts

91017978415.20%89636356785.56%-0.36%

receivable

Contract assets 1378872 0% 5557720 0% 0%

Inventories 2577119489 1.47% 2655504711 1.65% -0.18%

Real estate

3364935860.19%3471927590.22%-0.03%

investment

Long-term

Equity 10812658939 6.17% 9796842197 6.08% 0.09%

Investment

It is mainly due

to the operation

of gas power

projects such as

Yong'an and

Fixed assets 73628798655 42.04% 63017322291 39.09% 2.95% Binhai Bay as

well as wind

power projects

in Inner

Mongolia and

Zhuhai.Construction in 31382850765 17.92% 29990577678 18.60% -0.68%

352024 Annual Report

process

Use right assets 11700419075 6.68% 9529610412 5.91% 0.77%

Short-term

141089308338.06%157569797629.77%-1.71%

loans

Contract

384598280.02%413281330.03%-0.01%

liabilities

Long-term

6954155940639.70%6283247134038.98%0.72%

borrowing

Lease liabilities 12376312142 7.07% 10452666128 6.48% 0.59%

Overseas assets account for a relatively high proportion.□ Applicable √ Not applicable

2.Asset and Liabilities Measured by Fair Value

√Applicable □ Not applicable

In RMB

Gain/L Impair Purc

Cumulati Sol

oss on fair ment hased

ve fair value d amount

Opening value provisions amount in Other Closing

Items change in the

amount change in in the the changes amount

recorded into reporting

the reporting reporting reporting

equity period

period period period

Financial assets

Other

equity

2866347046-21605717317081272572650289873

Instrument

Investment

Subtotal of

financial 2866347046 -216057173 1708127257 2650289873

assets

Total 2866347046 -216057173 1708127257 2650289873

Financial

0000

Liability

Other changes

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 2024 individual subsidiaries of the Group pledged the right to impose electricity charges

to banks to obtain long-term loans of 5171411604 yuan which: the balance of long-term loans due within one

year was 451067263 yuan (as of December 31 2023: 5401654578 yuan). including: the long-term borrowings

due within one year amounted to 500737245 yuan .VII. Investment situation

1. General

√ Applicable □ Not applicable

Investment of same period of last

Investment of the period Scale of change

year

25904625004159800000-37.73%

362024 Annual Report

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

√Applicable □ Not applicable

In RMB

Whe

Gain or ther

Progress

Share Capi Invest Less or to Date of

Name of the Main up to Anticip

Investme Investment Propo tal ment Produ the Invo Disclosu

Company Busines Partner Balance ated Disclosure Index(if any)

nt Way Amount rtion Sour Horizo ct Type Current lve re(if

Invested s Sheet Income

% ce n Investme in any)

Date

nt Law

suit

Announcement No.:2022-16.Guangdong Dananhai Published in

Yudean Intelligence China Securities Daily

Dananhai Thermal Capital Self Electric Energy April 22

120000000 100% No Long-term -23939402 No Securities Times Shanghai

Intelligence power increase funds Power Project is 2022

Securities News Securities

Energy Co. normal

Ltd. progress Daily and

http//.www.cninfo.com.cn

Zhaoqing

Guangdong Hejiang The project

Yudean Electric Announcement No.:2020-52.was put

Yongan Capi Power Published in

Therma Self

Natural Gas tal 45000000 90% Development

Long- Electric into October 13

6318711 No China Securities Daily

l power Funds Co. ltd. term Power operation 2020

Thermal increase Securities Times and

（Share on May 21power Co. http//.www.cninfo.com.cn

Proportion： 2024

Ltd.

10%）

The project

Guangdong

was put Announcement No.:2020-13.Yudean Published in

Therma Capital Self Long- Electric into April

Binhaiwan 150000000 100% No -44423772 No China Securities Daily

l power increase Funds term Power operation 112020

Energy Co. Securities Times and

on October

Ltd. http//.www.cninfo.com.cn

162024

Huizhou Port

Guangdong Investment The project

Group Co. was put Announcement No.:2021-43. Yudean

Published inDayawan Thermal Capital Self Ltd.（ Share Long- Electric into July

88050000 70% 16598253 No China Securities Daily

Integrated power increase Fund Proportion： term Power operation 172021 Securities Times andEnergy Co. 20%） on June 27 http//.www.cninfo.com.cn

Ltd. Huizhou Port 2024

Investment

372024 Annual Report

Group Co.Ltd.（ ShareProportion：

10%）

Guangdong

Yudean

Thermal Capital Self Long- Electric In normal

Qiming 15000000 100% No -12103695 No Not applicable

power increase Funds term Power operation

Energy Co.Ltd.Yunfu Yunda

Guangdong Investment Announcement No.:2022-16.Yudean

Holdings Published in

Yunhe Thermal Capital Self Long- Electric In normal April

155550000 90% Co. Ltd. 932278 No China Securities Daily

Power power increase Funds term Power operation 222022General Co. （ ShareSecurities Times and

Proportion： http//.www.cninfo.com.cn Ltd.

10%）

Guangzhou

Development

Electric

Group Co.Ltd. （ Share Published inGuangdong Proportion： China Securities Daily

Yudean Red Securities Times ShanghaiTherma Capital Self 25%） Long- Electricit In normal March

Bay Power 39000000 65% 106217403 No Securities News Securities

l power increase Funds Shanwei term Generation y and coal

operation 162023

Daily and

Talent

Co. Ltd. http//.www.cninfo.com.cn.(Ann

Development

ouncement No.: 2023-13 .Group Co.Ltd. （ ShareProportion：

10%）Guangdong 《Published inYudean China Securities Daily

Thermal Capital Self Long- Electricit In normal

Dapu Power 50000000 100% No 16833268 No Securities Times and

power increase Funds term y and coal operation

Generation http//.www.cninfo.com.cn.(Anno

Co. Ltd. uncement No.: 2022-47 .Guangdong Huizhou《Published inYudean New

Capi China Securities Daily

Huixin Therma Self materials Long- Electricit In normal

tal 76500000 85% -4247716 No Securities Times and

Thermal l power Funds Industrial term y and coal operation

increase http//.www.cninfo.com.cn.(Anno

power Co. Park

uncement No.: 2024-46

Ltd. Investment

382024 Annual Report

and

Construction

Co. Ltd

（ShareProportion：15%）

The Shache

integrated

solar

energy

storage

project will

increase

Announcement No.:2022-60.Yudean grid Solar Published in

Shache New connection China Securities Daily

power Self Electric December

Integrated establish 21000000 100% No Long-term by 850000 -18839184 No Securities Times Shanghai

Power

Energy Co. generati Funds 12022 ment kW within Securities News Securities

Ltd. on the year Daily and

http//.www.cninfo.com.cn

with a

cumulative

grid

connection

of

1150000

kW

韶 The

Shaoguan

Power

Plant

Photovoltai

Guangdong photovo

c Project

Shaoguan ltaic

Capital Self Electric and Wushi

Yudean New power 3000000 100% No Long-term 103980 No Not applicable

increase Funds Power Town

Energy Co. generati

Distributed

Ltd. on

Photovoltai

c Project

have

increased

grid

392024 Annual Report

connected

capacity by

4.26MW in

this period

with a total

of

45.93MW

put into

operation.The Boluo

Dafeng

Distributed

Photovoltai

c Project

has

increased

operation

Guangdong photovo by 2MW

Yudean ltaic bringing

Capital Self Electric

Huibo New power 32430000 100% No Long-term the total -582072 No Not applicable

increase Funds Power

Energy Co. generati operation

Ltd. on to 17MW;

The

Huzhen

Photovoltai

c

Composite

Project is

progressing

normally

Hanhai

Company

Published in

Tumushuke photovo increased China Securities Daily

Yudean ltaic 350000 kW Securities Times Shanghai

Capital Self Electric March

Hanhai New power 260000000 100% No Long-term solar -17745520 No Securities News Securities

increase Funds Power 262022

Energy Co. generati energy Daily and

Ltd. on storage http//.www.cninfo.com.cn.(Ann

ouncement No.: 2022-11 .projects for

operation

402024 Annual Report

this year

with a total

of 750000

kW put

into

operation

An

additional

15.2MW

Laixi was put

photovo

Xinguangya into

ltaic

o New Capital Self Electric operation

power 13130000 99% No Long-term 825788 No Not applicable

Energy increase Funds Power within the

generati

Technology year with a

on

Co. Ltd. total of

53.3MW

put into

operation

Published in

Guangdong

September China Securities Daily

Guangdong Energy

Power 20 Securities Times Shanghai

Electric Fuel Capital Self Group Co. Long- In normal186802500 50% （ generatio 6824907 No 2 Securities News Securities Industry Fuel sales increase Funds Ltd. Share term operationn fuel

Co. Ltd. Proportion： Daily and

50%） 024 http//.www.cninfo.com.cn.(Anno

uncement No.: 2024-55

Announcement No.:2022-60.Published in

Guangdong

New China Securities Daily

Energy Securities Times Shanghai

Energy Capital Self Electric In normal December

Group 900000000 100% No Long-term -81189523 No Securities News Securities

Generati increase funds Power operation 12022

Xingjiang Daily and

on

Co. Ltd. http//.www.cninfo.com.cn

Announcement No.:2022-60.Guangdong

Power

Yudean

generati

Technology Capital Self Technical In normal

on 100000000 100% No Long-term 2433988 No Not applicable

Engineering increase funds services operation

technica

Management

l

Co. Ltd.services

412024 Annual Report

Guangdong

Energy

Group

Published inGuangdong （ Share China Securities DailyEnergy Proportion Securities Times Shanghai

Finance Capital Self Finance In normal OctoberFinance 250000000 25% ：75%） Long-term 28965196 No Securities News Securities

leasing increase funds leasing operation 312024

Leasing Co. Chaokang Daily and

Ltd Company http//.www.cninfo.com.cn

Announcement No.:2024-61

（ ShareProportion：25%）

Guangdong photovo

Yudean New ltaic

Capital Self Technical In normal

Energy power 85000000 100% No Long-term -457797 No Not applicable

increase funds services operation

Developmen generati

t Co. Ltd. on

Total -- -- 2590462500 -- -- -- -- -- -- -17474909 -- -- --

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

ase

Mode of Book value Sale Book value

Cumulative amou Gain/los Sourc

Stock Initial accounti balance at the Changes in amoun balance at the

Security Security fair value nt in s of the Accountin e of

Abbreviati investment ng beginning of fair value of t in the end of the

category code changes in the reporting g items the

on: cost measure the reporting the this period this reporting

equity this period shares

ment period period period

perio

d

Domesti Other

c and Sunshine equity Self

HK6963 356000000 FVM 1379000002 -494168780 528831222 884831222

foreign insurance instrument funds

stocks Investment

Domesti Shenergy Other Self

600642 235837988 FVM 356517044 170484007 291163063 527001051

c and equity funds

422024 Annual Report

foreign instrument

stocks Investment

Domesti Other

c and Shenzhen equity Self

000027 15890628 FVM 97524000 453600 82086972 97977600

foreign Energy instrument funds

stocks Investment

Domesti Other

c and equity Self

831039 NEEQ 3600000 FVM 16506000 -2826000 10080000 13680000

foreign instrument funds

stocks Investment

152348987

Total 611328616 -- 1849547046 -326057173 912161257 -- --

3

（2）Investment in Derivatives

□ Applicable √ Not applicable

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

5.Application of the raised capital

□ Applicable √ Not applicable

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

1.Situation of Significant Asset Sale

□ Applicable √ Not applicable

None

432024 Annual Report

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

Company Company Registered Operating

engaged Total assets Net assets Turnover Net Profit

Name type capital profit

in

Guangdong Power

Yudean generation

Jinghai and power 29192720 647437456 41907411 28750343

Subsidiary 9958343742 3264063786

Power station 00 7 9 0

Generation constructi

Co. Ltd. on.Guangdong Power

Huizhou generation

Pinghai and power 13700000 421002101 55163753 41680215

Subsidiary 3649005307 2369192214

Power station 00 4 7 6

Generation constructi

Co. Ltd. on.Power

Tumushuke generation - -

Thermal and power 10065239 100110616

Subsidiary 2061949440 5393653 26038697 31957098

power Co. station 00 7

Ltd. constructi 6 3

on.Power

Shenzhen generation

Guangqian and power 10302925 162661630 34837103 26307176

Subsidiary 2239326554 1987305172

Electric Co. station 00 0 9 8

Ltd. constructi

on.Power

generation

Huizhou

and power 14993475 406347798 51244002 38579126

Natural Gas Subsidiary 2970592860 2356921014

station

Company 00 8 9 6

constructi

on.Power

Wind Power generation

and power 12690914 6033052354 1738275413 328489865 52409903 41245161

Generation Subsidiary

station 586 1 4 0 3 7

Company constructi

on.Investmen

t in

electric

Shanxi

power

Yudean Shareing 16207491 1307367412 98903399 98492041

mining 9852844021 305634415

Energy Co. Company 00 2 4 0

new

Ltd.energy

and other

projects

Acquirement and disposal of subsidiaries in the Reporting period

√ Applicable □ Not applicable

442024 Annual Report

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 the

Xiangzhou Hangjing New Energy Co. Xiangzhou Hangjing Photovoltaic

Purchase

Ltd. Integration Phase II Project was under

construction.During the reporting period the

Qinglong Jianhao Tumenzi 215MW

Qinglong Manchu Autonomous County

Purchase Photovoltaic Project and the Liangshuihe

Jianhao Photovoltaic Technology Co.Ltd

25MW Photovoltaic Power Generation

Project were under construction.During the reporting period the

Xiangzhou Yunjiang New Energy Co. Xiangzhou Yunjiang Integrated Project

Purchase

Ltd. of Wind Solar and Energy Storage was

under construction.During the reporting period the 100MW

Yuncheng Wangquan Yuefeng New Wind Power Project in Wangxian

Investment establishment

Energy Co. Ltd. Township Wanrong County was under

construction.During the reporting period the

Company's normal operations had no

Hainan Longyue New Energy Co. Ltd. Purchase

significant impact on its existing

business and performance.During the reporting period the 1 million

Guangneng Toxon New Energy Co. Ltd. Investment establishment kW Wind Power Project in Toksun

County was under construction.During the reporting period the

Shantou Yuefeng New Energy Company's normal operations had no

Investment establishment

Investment Partnership（LP） significant impact on its existing

business and performance.During the reporting period Karamay

Guangneng Karamay Integrated Energy

Investment establishment New Energy Project is under

Co. Ltd

construction.During the reporting period the

Guangdong Yudean New Energy Company's normal operations had no

Investment establishment

Development Co. Ltd. significant impact on its existing

business and performance.During the reporting period the 100MW

Agricultural and Photovoltaic

Lingao Yehai Yuefeng New Energy Co.Investment establishment Complementary Power Generation

Ltd.Project of Yehai Yuefeng Lingao Bohou

Town is under construction.During the reporting period the

Zhanjiang Xuwendong I Offshore Wind

Zhanjiang Yuefengbao New Energy Co.Investment establishment Power Project was in the preliminary

Ltd.stage and had not yet started

construction.During the reporting period the

Guangdong Energy Zhongshan Energy Company's normal operations had no

Investment establishment

Sevice Co. Ltd. significant impact on its existing

business and performance.During the reporting period the Zhuhai

Zhuhai Yuefeng Huafa New Energy Co. Gaolan II Offshore Wind Power Project

Investment establishment

Ltd. was in the preliminary stage and had not

yet started construction.During the reporting period the Zhuhai

Zhuhai Yuefeng Sea pashure Co. Ltd. Investment establishment

Jinwan Marine Ranch Project was under

452024 Annual Report

construction.During the reporting period the

Guangzhou Yuefeng Ruisi New Energy Company's normal operations had no

Investment establishment

Co. Ltd. significant impact on its existing

business and performance.It has no significant impact on the

Guangzhou Huangpu Power Engineering

Cancellation liquidation Company's existing business and

Co. Ltd.operating performance.It has no significant impact on the

Yunfu Yunanyue xin Power Generation

Cancellation liquidation Company's existing business and

Co. Ltd.operating performance.It has no significant impact on the

Huizhou Longmen Yuefeng New Energy

Cancellation liquidation Company's existing business and

Co. Ltd.operating performance.It has no significant impact on the

Yunfu Luoding Yuefeng New Energy

Cancellation liquidation Company's existing business and

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;

(3) Benefiting from the commissioning and operation of new energy projects the on-grid electricity of new

energy power generation of Guangdong Wind Power Generation Co. Ltd. a subsidiary of the company

increased by 25.91% year-on-year and the profit scale further increased.X．Structured vehicle controlled by the Company

□ Applicable √ Not applicable

XI. Prospect for future development of the Company

（I）The Development Trend of the Industry

With the deepening of the implementation of the "dual carbon" goal and the promotion of the construction of

new power systems the proportion of new energy power generation has increased significantly and by the end of

2024 it has surpassed the installed capacity of coal-fired power accounting for more than 40% of the total

installed power capacity of the country. In the future wind power and solar power generation will continue to

develop and coal power will transform into a basic guarantee and system regulation power supply. The "2025

Energy Work Guidance" issued by the National Energy Administration clearly states that it will actively and

steadily promote the green and low-carbon transformation of energy from three aspects: maintaining the good

development trend of non-fossil energy promoting the construction of new power systems as a whole and

continuously deepening the reform of energy development and utilization methods. In terms of maintaining the

good development trend of non-fossil energy we will actively promote the construction of the second and third

batches of "Shagehuang" large-scale wind power and photovoltaic bases and water wind and solar integration

bases in major river basins scientifically plan the layout plan of "Shagehuang" new energy bases in the "15th

Five-Year Plan" steadily promote the construction of major hydropower projects actively promote the

development and construction of offshore wind power projects and increase the construction of photovoltaic sand

control and solar thermal projects. In terms of promoting the construction of new power systems as a whole we

462024 Annual Report

will promote the high-quality development of the distribution network do a good job in the construction and

transformation of the distribution network establish and improve the evaluation system of the development index

of the distribution network and strengthen the shortcomings of power supply. In-depth research and planning of

coal power carbon reduction ideas and measures phased and step-by-step implementation of the new generation

of coal power upgrade special actions。 At the same time we will improve the ability of demand-sidecollaboration and promote the high-quality development of virtual power plants. In terms of continuing to deepen

the reform of energy development and utilization we will coordinate the optimization of the layout of new energy

and key industries expand new energy application scenarios vigorously implement renewable energy substitution

actions in key areas such as industry transportation construction and data centers and actively support the

construction of zero-carbon parks and photovoltaic building integration so as to better promote the local

consumption of new energy.(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. 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

build a first-class green low-carbon power listed company coordinate safety and development optimize and

strengthen coal-fired gas-fired and biomass power generation businesses and vigorously develop new energy

energy storage land park development etc. It will grasp the window phase of thermal power development and

accelerate the development and construction of key projects; steadily promote the high-quality development of

new energy use the "green content" of energy to promote the "value" of development increase the proportion

of new energy and accelerate the green and low-carbon transformation coordinate safety and development

optimize and strengthen coal-fired gas-fired and biomass power generation businesses vigorously develop

new energy energy storage hydrogen energy and land park development. It will fully promote the leapfrog

development of new energy; grasp the window phase of thermal power development and accelerate the

development and construction of key projects; explore the deployment of the "source network load and storage

integration" project promote the integrated development of "wind solar thermal and hydrogen storage" and

build an ecological civilization power generation enterprise.(III) Production and operation plans

In 2025 the budget target value in the Company's consolidated statement is 129.222 billion kWh which is

9.871 billion kWh higher than that of the 119.351 billion kWh actually completed in 2024; The budget target

value of main business income is RMB 54.64 billion which is RMB 2.22 billion lower than the actual main

business income of RMB 56.86 billion in 2024; According to the actual progress of the power supply project

combined with the project milestones the Company plans to invest RMB 16.096 billion in 2025 (of which the

capital contribution is about RMB 1.877 billion) which is mainly used for thermal power new energy

technological transformation and scientific and technological development participating and holding capital

injection and acquisition projects.(IV) Possible risks and countermeasures

1. Work safety risks:

472024 Annual Report

First natural disasters which tend to be frequent with tremendous hazards affecting the normal production and

operation of the enterprise to some extent; Second the current freight regulation rules in the power market

which lead to frequent load adjustment and start-stop of units increasing both the operation volume and the risk

of safe operation. Third a large number of maintained units and infrastructure projects in 2025 which makes it

difficult to control safety risks.Countermeasures: Firstly pay close attention to meteorological information urge all units to strengthen

consultation judgment and emergency duty according to the three-prevention warning information and

emergency response issued by the local government quickly and timely start the corresponding emergency

response according to the requirements of the plan and strictly implement the corresponding emergency

response measures; Secondly strengthen equipment reliability management strictly control the production

process strengthen equipment O&M management and improve the reliability of unit operation; Thirdly

strengthen operation safety control adopt expert guidance regular safety supervision etc. and strengthen

supervision of key processes to ensure construction safety. Fourthly seize the current strategic opportunity

period to improve the intrinsic safety of the enterprise strengthen the investment in work safety improve the

level of intrinsic safety and promote the benign interaction between high-quality development and high-level

safety.

2. Competition risk in electricity market:

According to the transaction results announced by Guangdong Power Exchange Center in December 2024 the

average transaction price of bilateral negotiation transactions annual listing transactions and annual centralized

competition transactions in the province in 2025 decreased year-on-year of which the electricity volume of

bilateral negotiation transactions was 331.008 billion kWh and the average transaction price was RMB

391.87/thousand kWh (including tax the same below) down RMB 73.77/thousand kWh from the previous year.

The significant reduction in tariff for high proportion electricity determined by long-term agreement has

brought great pressure on the revenue and profits of power plants. At the same time with the continuous

improvement of new energy penetration new coal-fired gas-fired and nuclear power plants have entered the

peak of production and traditional energy power generation enterprises need to face more intense market

competition.Countermeasures: First strengthen the power generation process management optimize the operation mode of

the units ensure the implementation of various types of electricity contracts for thermal power units and ensure

that new energy units can generate more electricity at full capacity striving to achieve the Company's annual

electricity target. Second strengthen the analysis and judgment of the electricity market dynamically optimize

market competition strategies continuously improve and strengthen the construction of the electricity marketing

system strive for the tariff of electricity traded in the market above the market average level further improve

the collaborative operation mechanism of the electricity spot market and scientifically formulate the trading

strategies. Third focus on cost control. Strengthen the idea of leading an austere life strictly control general

management expenses and non production expenses strive to control power generation and operating costs and

improve the Company's market competitiveness.

3. Risk of power supply structure adjustment:

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

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

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

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

energy such as wind power and photovoltaic power will further squeeze the living space of coal-fired power

units. By the end of December 2024 the holding installed capacity of the Company's coal-fired power

482024 Annual Report

accounted for 50.76% which was high with greater transformation pressure of clean and low-carbon power

supply.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 Xinjiang Toksun wind power and Yunfu

natural gas cogeneration projects 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

Investors the investor

participating in activity record For details plea

Online platform the Company's form for details se refer to the "

The panoramic

April 172024 for online Other performance of the Record Form of

network communication briefing discussion. No Investor Relati

through information is ons Activities

www.p5w.net provided by the

Company

Changjiang

Securities Please refer to

Gusen the investor

Securities activity record For details plea

Guangfa form for details se refer to the "

Meeting room

April 252024 Field research Organization Securities of the Record Form of

of the Company

Guotai Junan discussion. No Investor Relati

Securities information is ons Activities

Haihui provided by the

Huasheng Company

Funds

Changjiang

Please refer to

SecuritiesCUA

the investor

M

activity record For details plea

FundsYinhua

form for details se refer to the "

May 92024- Wanda Reign Fund

Other Organization of the Record Form of

May 10 2024 Chengdu Millennium

discussion. No Investor Relati

Fund

information is ons Activities

Changdian

provided by the

Investment Qi

Company

Sheng capital

Haitong Please refer to

For details plea

Securities the investor

se refer to the "

Meeting room Shenwan activity record

May 242024 Field research Organization Record Form of

of the Company Hongyuan form for details

Investor Relati

Huafu of the

ons Activities

Securities discussion. No

492024 Annual Report

information is

provided by the

Company

Please refer to

Haitong the investor

Securities activity record For details plea

Futian Anxin Funds form for details se refer to the "

June 202024 Shangri-la Other Organization Mingda Asset of the Record Form of

Shenzhen Dacheng Fund discussion. No Investor Relati

Jingshun Great information is ons Activities

wall provided by the

Company

Guohai Please refer to

Securities the investor

Wanhe activity record For details plea

Securities form for details se refer to the "

Futian Shangri-

June 262024 Other Organization Wanli Fuda of the Record Form of

la Shenzhen

Penghua Fund discussion. No Investor Relati

Pingan Fund information is ons Activities

Qianhai provided by the

Kaiyuan Company

Please refer to

the investor

activity record For details plea

form for details se refer to the "

Meeting room China Life

July 172024 Field research Organization of the Record Form of

of the Company Asset

discussion. No Investor Relati

information is ons Activities

provided by the

Company

Please refer to

the investor

Guosun activity record For details plea

Securities form for details se refer to the "

September Meeting room

Field research Organization Xiamen of the Record Form of

62024 of the Company

International discussion. No Investor Relati

Bank information is ons Activities

provided by the

Company

Huaxia Fund

Anxin Fund

Life Asset Please refer to

Management the investor

Shangyou activity record For details plea

Yijing Chasing form for details se refer to the "

September Shenzhen Ritz-

Other Organization Securities of the Record Form of

62024 Carlton

CICC discussion. No Investor Relati

Wangzheng information is ons Activities

Investment provided by the

China Company

Merchants

securities

Please refer to

For details plea

Xingquan the investor

se refer to the "

September Fund activity record

Online research Other Organization Record Form of

122024 Guosheng form for details

Investor Relati

Securities of the

ons Activities

discussion. No

502024 Annual Report

information is

provided by the

Company

Please refer to

Investors the investor

participating in activity record For details plea

Online platform the Company's form for details se refer to the "

September The panoramic

for online Other performance of the Record Form of

122024 network

communication briefing discussion. No Investor Relati

through information is ons Activities

www.p5w.net provided by the

Company

CITIC

Securities

Yuexiu

Investment

PICC Shenwan Please refer to

Hongyuan the investor

Haitong activity record For details plea

Securities form for details se refer to the "

September Meeting room

Field research Organization Huafu of the Record Form of

192024 of the Company

Securities discussion. No Investor Relati

Guolian information is ons Activities

Dianxin China provided by the

Merchants Company

securitiesZhes

hang Securities

Guotai Junan

Securities

Please refer to

the investor

activity record For details plea

Haitong form for details se refer to the "

September Meeting room

Field research Organization Securities of the Record Form of

232024 of the Company

Dacheng Fund discussion. No Investor Relati

information is ons Activities

provided by the

Company

Please refer to

the investor

activity record For details plea

Western

form for details se refer to the "

September Meeting room Secrurities

Field research Organization of the Record Form of

232024 of the Company Niufusi

discussion. No Investor Relati

Investment

information is ons Activities

provided by the

Company

Please refer to

Guosheng

the investor

Securities

activity record For details plea

Hongdaao

form for details se refer to the "

October Suzhou Investment

Other Organization of the Record Form of

152024 Shangri-la Huaxia Fund

discussion. No Investor Relati

Yongying

information is ons Activities

Fund Huaxia

provided by the

Fund

Company

November Meeting room Guangfa Please refer to For details plea

Field research Organization

82024 of the Company Securities the investor se refer to the "

512024 Annual Report

Guosun activity record Record Form of

Securities form for details Investor Relati

Haitong of the ons Activities

Securities discussion. No

CICC Huayuan information is

Securities provided by the

China Company

Merchants

securities

CITIC

Securities

Guohai

Securities Bosi

Fund Pingan

Securities

Guosheng

Securities

Please refer to

Western

the investor

SecruritiesChi

activity record For details plea

na Post

form for details se refer to the "

November Meeting room Securities

Field research Organization of the Record Form of

132024 of the Company Shengyu

discussion. No Investor Relati

Investment

information is ons Activities

Huaxia

provided by the

Jiusheng

Company

Huatai

Securities

Haitong

Securities

Please refer to

Zhaoyin

the investor

International

activity record For details plea

Changjiang

form for details se refer to the "

December 11 Meeting room Securities

Field research Organization of the Record Form of

2024 of the Company Fuguo Fund

discussion. No Investor Relati

Huafu

information is ons Activities

Securities

provided by the

Renesola

Company

Investment

CUAM Fund

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

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

522024 Annual Report

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 2024 the Company has a controllable installed capacity of 39.3057 million kilowatts including

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

capacity of gas-fired power and 7.2759 million kW controlling installed capacity of new energy such as wind

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

capacity of 50.3495 million kW. It is the largest listed power company in Guangdong Province in terms of

installed capacity.

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 2024 it applied for 36 new

national industry R&D achievements and added 82 new authorized utility model patents 27 invention patents

and 1 first prize of Guangdong Science and Technology Award.

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. Since its listing in 1993 the Company has achieved an average annual profit dividend of more than

50% and distributed RMB 13.166 billion to its shareholders which is 4.77 times of the raised funds fully

reflecting the Company's good business performance and sincere return 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.

532024 Annual Report

IV. Corporate Governance

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 2024 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 6 on-site meetings and 8

communication meetings and completed the examination and approval of 66 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 6 general meeting of shareholders

and all 22 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 120 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

542024 Annual Report

intellectual property rights trademarks and non-patent technology; 4. Separation of organization: the Company

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

Guangdong Power Energy Group the underlying

Horizontal Controlling

Energy Group Local SASAC Group Co. Ltd. assets study

competitions shareholder

Co. Ltd. Corporation. (public notice the rectification

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

552024 Annual Report

remaining disposal rights legal

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. Annual General Meeting and Extraordinary Shareholders’ Meetings in the Reporting Period

1.Annual General Meeting

Investor Disclosure Disclosure

Sessions Type Meeting Date

participation ratio date index

Announcement

No.:2024-01).Published in

China Securities

The first

provisional Provisional Daily Securities

shareholders’ shareholders’ 72.57% January 52024 January 62024 Times Shanghai

General meeting in General Meeting Securities News

2024 Securities Daily

and

http//.www.cninfo.com.cn

Second Provisional Announcement

Provisional shareholders’ 72.58% January 192024 January 202024 No.:2024-02).Shareholders’ General Meeting Published in

562024 Annual Report

general meeting of China Securities

2024 Daily Securities

Times Shanghai

Securities News

Securities Daily

and

http//.www.cninfo.com.cn

Announcement

No.:2024-27).Published in

China Securities

2023 Annual Daily Securities

April 262024

Shareholders’ Shareholders’ 72.64% April 272024 Times Shanghai

general meeting General Meeting Securities News

Securities Daily

and

http//.www.cninfo.com.cn

Announcement

No.:2024-35).Published in

China Securities

Third Provisional

Provisional Daily Securities

Shareholders’

shareholders’ 72.54% May 222024 May 232024 Times Shanghai

general meeting of

General Meeting Securities News

2024

Securities Daily

and

http//.www.cninfo.com.cn

Announcement

No.:2024-53).Published in

China Securities

Fourth Provisional

Provisional Daily Securities

Shareholders’ September September

shareholders’ 73.39% Times Shanghai

general meeting of

General Meeting 192024 202024 Securities News

2024

Securities Daily

and

http//.www.cninfo.com.cn

Announcement

No.:2024-65).Published in

China Securities

Fifth Provisional

Provisional Daily Securities

Shareholders’ November 20

shareholders’ 72.49% November 192024 Times Shanghai

general meeting of

General Meeting 2024 Securities News

2024

Securities Daily

and

http//.www.cninfo.com.cn

2. Request for extraordinary general meeting by preferred stockholders whose voting rights restore

□ Applicable √Not applicable

572024 Annual Report

V. Information about Directors Supervisors and Senior Executives

1.Basic situation

Nu

mber

of

Amount of Amount of share Reaso

Shares shares shares s ns for

Off

Starting Expiry held at increased decreased Other held increa

A Position ice

Name Sex date of date of the year- at the at the changes(s at the se or

ge s stat

tenure tenure begin(sh reporting reporting hares) end decrea

us

are) period(sha period(sha of se of

re) re) the shares

perio

d(sha

res)

Board In

Zheng February November

Male 56 chairma offi

Yunpeng 202023

n ce 19 2027

In November

August 2

Li Fangji Male 57 Director offi 19 2027

ce 2021

In November

Li August 2

Male 50 Director offi 19 2027

Baobing

ce 2021

In November

April

He Ruxin Male 48 Director offi 19 2027

212023

ce

Employ In November

Chen Ma August

49 ee offi 19 2027

Yanzhi le 22021 director ce

In November

Zhang November

Male 56 Director offi 19 2027

Cunsheng ce 192024

Indepen In November

Zhang Fem September

59 dent offi 19 2027

Hanyu ale 162022

director ce

Indepen In November

Wu September

Male 49 dent offi 19 2027

Zhanchi 162022

director ce

Indepen In November

Cai September

Male 45 dent offi 19 2027

Guowei 162022

director ce

Indepen In November

Zhao April 26

Male 52 dent offi 19 2027

Zengli director ce 2024

Chairma November

n of the 19 2027

In

Supervi April 26

Yang Hai Male 50 offi

sory

ce 2024

Commit

tee

In November

Fem Supervi August 2

Shi Yan 47 offi 19 2027

ale sor

ce 2021

Employ November

In

ee February 19 2027

Xu Ang Male 57 offi

supervis

ce 232024

or

Employ November

In

ee \August 19 2027

Li Qing Male 47 offi

supervis

ce 22021

or

Indepen In August November

Sha Qilin Male 64

dent offi 22021 19 2027

582024 Annual Report

supervis ce

or

Indepen November

In

Ma dent April 19 2027

Male 60 offi

Xiaoqian supervis

ce 262024

or

Executi November

ve 19 2027

In

Wang Deputy July 23

Male 42 offi

Peipei General 2024

ce

Manage

r

Deputy November

Guo In

General August 2 19 2027

Yongxion Male 50 Off

Manage 2021

g ice

r

Deputy November

GM 19 2027

Finance In

August 2

Liu Wei Male 45 manager offi

Board ce 2021

secretar

y

In November

Fem General February

Qin Xiao 41 offi 19 2027

ale Counsel

ce 202023

Vice Di

Liang Board mis January January

Male 55

Chao chairm sio 192024 152025

an n

Di

November

Mao mis August

Male 50 Director 19

Qinghan sio 22021

2024

n

Indepe Di

Ma ndent mis August 2 April

Male 60

Xiaoqian directo sio 2021 262024

r n

Chair

man of

Di

the

Zhou mis August 2 April

Male 52 Superv

Zhijian sio 2021 262024

isory

n

Comm

ittee

Emplo Di

Li yee mis August 2 February

Male 62

Ruiming supervi sio 2021 23 2024

sor n

Di

General

Liang mis December January

Male 55 Manage

Chao sio 292023 152025

r

n

Total -- -- -- -- -- -- 0 0 0 0 0 --

Indicate whether any director supervisor or senior management resigned before the expiry of their tenure

during the Reporting Period

√Yes □ No

Due to work adjustments Mr. Zhou Zhijian will no longer continue to serve as a supervisor of the Company.

592024 Annual Report

Due to reaching the statutory retirement age Mr. Li Ruiming no longer serves as an employee supervisor of the

company.Due to the expiration of his term of office Mr. Ma Xiaoqian will no longer serve as an independent director of

the Company.Changes of directors supervisors and senior executives

√ Applicable □ Not applicable

Name Positions Types Date Reason

Zhang Cunsheng Director Elected November 192024 Change of term

Zhao Zengli Independent director Elected April 262024

Chairman of the

Yang Hai Supervisory Elected April 262024

Committee

Independent

Ma Xiaoqian Elected April 262024

supervisor

Executive Deputy

Wang Peipei Appoint July 232024

General Manager

Vice board chairman

Liang Chao Dimission January 152025 Job changes

General Manager

Mao Qinghan Director Dimission November 192024 Change of term

Reaching the term of

Ma Xiaoqian ndependent director Dimission April 262024

office

Chairman of the

Zhou Zhijian Supervisory Dimission April 262024 Job changes

Committee

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

602024 Annual Report

Party Committee and General Manager of Guangdong Yudean Jinghai Power Generation Co. Ltd.，Minister ofstrategy Development Dept and party branch secretary of Energy Group.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.and

Vice Minister，Minister and Secretary of the Party Branch of Finance Department of Guangdong Energy GroupCo. 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 and Minister of the Legal Affairs 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.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

612024 Annual Report

Company and concurrently holds an independent director of JSTI Group Co. Ltd. She used to serve asLecturer

at Capital 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 and an independent director of Minbang Optoelectronics

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

Foruman Independent 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. Yang Hai born in May 1974 holds a Bachelor's degree in Economics from Sun Yat-sen University and a

Master's degree in Public Administration from South China University of Technology Economist. He is

currently the deputy secretary and deputy general manager of the Party branch of the Audit Department of

Guangdong Energy Group Co. Ltd. (presiding over the daily management of the department). He used to be a

member of the Social Security Section of the Finance Bureau of Meizhou City Guangdong Province a member

of the Chief Financial Officer's Office a deputy director of the Chief Financial Officer's Office a director of the

Chief Financial Officer's Office and a principal staff member of Financial Audit Section of the Guangdong Audit

Office a principal staff member of the Financial Debt Audit Section a deputy director and a third-level

researcher of the Financial Debt Audit Section.Ms. Shi Yan born in December 1977 Master graduate from Sun Yat-sen University Senior accountant.Currently she is the manager of the comprehensive branch of the Finance Department of Guangdong Energy

Group Co. Ltd. Previously she was the special manager director and general manager of the Cost Accounting

Division of the Finance Department of Guangdong Energy Group Co. Ltd.Mr. Xu Ang born in June 1967 graduated from the correspondence college of the Party School of the Central

Committee of the Communist Party of China and is a senior political worker. He is currently the deputy

secretary of the Party Committee secretary of the Discipline Inspection Commission and employee supervisor

of Guangdong Electric Power Development Co. Ltd. He has served as an organization officer secretary of the

Party Committee secretary of the first party branch of the agency head of the Party Committee Office branch

622024 Annual Report

secretary deputy secretary of the Party Committee secretary of the Discipline Inspection Commission and

chairman of the labor union of Shaoguan Power Plant Organization Department deputy secretary of the Party

Committee secretary of the Discipline Inspection Commission and chairman of the labor union of Guangdong

Jinghai Power Generation Co. Ltd. and deputy secretary of the Party Committee secretary of the Discipline

Inspection Commission and chairman of the labor union of Guangdong Honghai Bay Power Generation Co. Ltd.Mr. Li Qing born in May 1977. Bachelor of Economics Shanghai University of Finance and Economics.senior accountant. The current Guangdong Electric Power Development Co. Ltd. employee supervisor director of

the audit room. Former Yunfu Power Plant Finance Department Accounting Guangdong Yuelong Power Co. Ltd.Special Director of audit interim Director and Director (Department manager) of finance Department of

Guangdong Electric Power Development Co. Ltd.Mr. Sha Qilin born in October 1960. Master of Wuhan Institute of Technology. Associate Professor practicing

lawyer. He is currently a lawyer of Guangdong Nanguo Desai Law Firm member of the Professional Committee

of Financial and Securities of Guangzhou Lawyers Association and concurrently an independent director of

Guangdong Electric Power Development Co. Ltd. He was an associate professor of Wuhan Institute of

Technology (now Wuhan University of Technology) head of investment and development department of China

Huandao Group Company deputy chief engineer of group and chief manager of overseas listed leading group.Mr. Ma Xiaoqian born in March 1964 is Ph.D.of engineering thermophysics from South China University of

Technology. He is a professor and currently serving as the director of the Key Laboratory of the Electric Power

School of South China University of Technology and concurrently serving as the deputy director of teaching

guiding committee of energy and power professional of high education of the Ministry of Education the chairman

of the Guangzhou Energy Institute the outside director of Guangzhou Environmental Protection Investment

Group Co. Ltd. and the independent director of Guangzhou Development Group Co. Ltd. He used to be the dean

and vice president of Electric Power College of the South China University of Technology.Mr. Wang Peipei was born in October 1982. He holds a bachelor's degree in engineering from Xi'an Jiaotong

University a master's degree in engineering from South China University of Technology and is a senior engineer.He is currently the general manager of Guangdong Energy Group Xinjiang Co. Ltd. He used to be the minister

of the equipment department the minister of the safety department and the deputy general manager of

Guangdong Honghaiwan Power Generation Co. Ltd. the general manager of Tumxuke Branch of Guangdong

Electric Power Development Co. Ltd. the deputy leader of the preparatory group of Guangdong Energy Group

Xinjiang Co. Ltd. And the Deputy Secretary of the Party Committee 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 Office Deputy

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 Member

Chief Engineer of Guangdong Zhuhai Jinwan Power Generation Co. Ltd and served as Deputy General

Manager of Guangdong Red Bay Power Generation Co. Ltd.

632024 Annual Report

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. Sheused to be thespecialist 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.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 2018 Yes

Ltd. Dept and

Secretary of Party

Branch

Vice Chief

accountant

Guangdong General Manager

Li Baobing Energy Group Co. of the Finance September 2019 Yes

Ltd. Department and

Secretary of the

Party Branch

General legal

Guangdong

practice and

He Ruxin Energy Group February 2025 Yes

capital

Co. Ltd.operation Dept

Deputy Secretary

and Deputy

General Manager

Guangdong of the Party

Yang Hai Energy Group Co. Branch of the February 2024 Yes

Ltd. Audit Department

(in charge of the

daily management

of the department

Guangdong

Deputy GM

Shi Yan Energy Group Co. June 2020 Yes

Ltd. of Finance Dept

Offices taken in other organizations

√Applicable □Not applicable

642024 Annual Report

Drawing

Start date of End date of remuneration and

Name Other unit Title

office term office term allowance from of

other unit(Y/N)

Guangdong

Huizhou Pinghai Vice Board

Zheng Yunpeng April 2023 No

Power Generation chairman

Co. Ltd.Guangdong

Yudean

Technology

Zheng Yunpeng Board chairman September 2022 No

Engineering

Management Co.Ltd.Guangdong

Energy Maoming

Zheng Yunpeng Board chairman May 2023 April 2024 No

Thermal Power

Plant Co. Ltd.Guangdong

Yudean Jinghai

Zheng Yunpeng Board chairman May 2023 April 2024 No

Power Generation

Co. Ltd.Guangdong

Huizhou Natural

Zheng Yunpeng Gas Power Board chairman May 2023 April 2024 No

Generation Co.Ltd.Guangdong

Yudean Huadu

Zheng Yunpeng Natural Gas Board chairman June 2021 April 2024 No

Thermal Power

Co. Ltd.Guangdong

Zheng Yunpeng Yudean Bohe Coal Board chairman June 2021 April 2024 No

Power Co.Ltd.Guangdong

Yudean Dapu

Zheng Yunpeng Executive director January 2024 April 2024 No

Power Generation

Co. Ltd.Guangdong

Li Fangji Electric Power Director June 2021 No

Trading Center

Guangzhou

Li Fangji Electric Power Director March 2021 No

Trading Center

Northern Unit

He Ruxin Director April 2023 No

Power Co. Ltd.Guangdong

He Ruxin Energy Finance Director December 2023 No

Leasing Co. Ltd.Guangdong

Li Baobing Energy Group Board chairman June 2022 No

Finance Co. Ltd.Guangdong

Li Baobing Energy Finance Board chairman December 2023 April 2024 No

Leasing Co. Ltd.Guangdong

Li Baobing Director June 2023 No

Energy Property

652024 Annual Report

Insurance Captive

Co. Ltd.CSPG Energy Co.Li Baobing Supervisor September 2022 No

Ltd.Guangdong

Chen Yanzhi Yudean Shipping Director May 2024 No

Co. Ltd.Guangdong

Yudean

Chen Yanzhi Technology Director September 2022 No

Management Co.Ltd.Yangjiang Nuclear

Yang Hai Supervisor March 2024 No

Power Co. Ltd

CNNC Zhanjiang

Yang Hai Nuclear Power Supervisor September 2024 No

Co. Ltd

Taishan Nuclear

Power Industry

Yang Hai Supervisor March 2024 No

Investment Co.Ltd

Taishan Nuclear

Yang Hai Power Joint Supervisor Mach 2024 No

Venture Co. Ltd

Guangdong

Shi Yan Energy Group Director June 2022 No

Finance Co. Ltd.Guangdong

Chairman of the

Electric Power

Shi Yan Supervisory February 2021 No

Development

Committee

Corporation

Guangdong

Shi Yan Electric Power Supervisor June 2021 No

Trading Center

Guangdong

Shi Yan Energy Finance Director April 2024 No

Leasing Co. Ltd.Guangzhou

Party Secretary

Development

Zhang Cunsheng Chairman general December 262024 Yes

Power Group Co.manager

Ltd.Guangdong

Sha Qilin Guangyue Law A lawyer Partner July 2022 Yes

firm

School of Electric

Power South

Ma Xiaoqian Professor July 1995 Yes

China University

of Technology

Guangzhou

Hengyun Independent

Ma Xiaoqian March 2021 Yes

Enterprise Group Director

Co. Ltd.Guangzhou Steel

Independent

Ma Xiaoqian Gas Energy Co. July 2021 Yes

Ltd Director

Independent

Zhang Hanyu JSTI September 2021 Yes

Director

Wu Zhanchi Jinan University Professor July 2006 Yes

Wu Zhanchi Guangzhou Jitai Independent April 2021 Yes

662024 Annual Report

Chemical Co. Ltd. Director

Shenzhen

Baiuoyuan Independent

Wu Zhanchi April 2020 Yes

Industrial (Group) Director

Co. Ltd

Shenzhen Minbao

Independent

Wu Zhanchi Photoelectricity July 2019 Yes

Director

Co. Ltd.Sun Yat-sen

Cai Guowei Professor June 2015 Yes

University

Guangzhou Independent

Cai Guowei April 2024 Yes

Guangri Co. Ltd. Director

Guangzhou

Institute of Energy

Director of the

Zhao Zengli Research Chinese May 2016 Yes

research office

Academy of

Sciences

Guangdong Chairman of the

Li Qing Yudean Bohe Supervisory June 2021 March 2025 No

Energy Co. Ltd. Committee

Yunnan Nengtou Convenor of the

Li Qing Weixin Energy Board of March 2022 No

Co. Ltd. Supervisors

Guangdong Convenor of the

Li Qing Yudean Shipping Board of May 2024 February 2025 No

Co. Ltd. Supervisors

Guangdong

Li Qing Energy Finance Supervisor December 2023 No

Leasing Co. Ltd.Convenor of the

Zhanjiang Electric

Li Qing Board of October 2022 May 2024 No

Power Co. Ltd

Supervisors

Guangdong

Yudean Chairman of the

Li Qing Technology Supervisory September 2022 May 2024 No

Management Co. Committee

Ltd.Guangdong Chairman of the

Li Qing Yudean Huixin Supervisory August 2022 May 2024 No

Co. Ltd. Committee

Guangdong

Yudean Yongan Chairman of the

Li Qing Natural Gas Supervisory March 2022 May 2024 No

thermal Power Committee

Co. Ltd.Shenzhen

Convenor of the

Guangqian

Li Qing Board of July 2022 May 2024 No

Electric Power

Supervisors

Co. ltd.Zhanjiang Chairman of the

Li Qing Zhongyue Energy Supervisory August 2019 May 2024 No

Co. Ltd. Committee

Tumushuke

Yudean Hanhai

Wang Peiperi Executive director February 2022 No

New Energy Co.Ltd

Tumushuke

Wang Peiper Board chairman December 2021 March 2025 No

Thermal Power

672024 Annual Report

Co.Ltd

Guangdong

Wang Peiperi Energy Group General Manager January 2023 June 2024 Yes

Xinjiang Co. Ltd.Guangdong

Electric Power

Wang Peiper Development Co. Board chairman April 2022 June 2024 Yes

Ltd.Xinjiang

Branch

Guangdong

Electric Power

Wang Peiperi Development Co. General Manager April 2022 June 2024 Yes

Ltd.Xinjiang

Branch

Guoneng Yudean

Taishan Power

Guo Yongxiong Director November 2023 No

Generation Co.Ltd.Guangdong

Guo Yongxiong Yudean Bijie New Executive director October 2021 No

Energy Co. Ltd.Guandong Energy

Guo Yongxiong Group Xinjiang Director December 2022 No

Co. Ltd.Zhanjiang Electric

Guo Yongxiong Board chairman October 2022 April 2024 No

Power Co. Ltd.Zhanjiang

Guo Yongxiong Zhongyue Energy Board chairman April 2023 April 2024 No

Co. Ltd.Guangdong

Yuelong Power

Guo Yongxiong Board chairman January 2022 April 2024 No

Generation Co.Ltd.Guangdong

Yudean Yongan

Guo Yongxiong Natural Gas Board chairman March 2022 April 2024 No

thermal Power

Co. Ltd.Guangdong

Yudean Daya Bay

Guo Yongxiong Board chairman March 2023 April 2024 No

Integrated Energy

Co. Ltd

Guangdong

Yudean Maoming

Guo Yongxiong Natural Gas Board chairman September 2022 April 2024 No

thermal Power

Co. Ltd.Guangdong

Yudean Leizhou

Guo Yongxiong Executive director November2022 April 2024 No

Power Generation

Co. Ltd.Zhuhai Yudean

Guo Yongxiong New Energy Co. Executive director June 2022 April 2024 No

Ltd.Guangdong Wind

Liu Wei Power Generation Director March 2024 No

Co. Ltd.Shenzhen Capital

Liu Wei Supervisor October 12019 No

Group Co. Ltd.Liu Wei Tumushuke Director December 2021 No

682024 Annual Report

Thermal Power

Co.Ltd.Yunnan Nengtou

Vice Board

Liu Wei Weixin Energy March 2022 March 2025 No

chairman

Co. Ltd.Guangdong

Yudean Humen

Liu Wei Director April 2021 No

Power Generation

Co. Ltd.Guangdong

Liu Wei Energy Group Director June 2022 April 2024 No

Finance Co. Ltd.Guangdong

Yudean Electric

Liu Wei Director April 2020 April 2024 No

Power Sales Co.Ltd.Guangdong Yuejia

Vice Board

Liu Wei Electric Power October 2023 April 2024 No

chairman

Co. Ltd.Guangzhou

Zhujiang Natural

Vice Board

Liu Wei Gas Power April 2022 April 2024 No

chairman

Generation Co.Ltd.Guangdong

Liu Wei Energy Finance Director December 2023 April 2024 No

Leasing Co. Ltd.Guangdong

Yudean Xinhui

Liu Wei Board chairman April 2023 April 2024 No

Power Generation

Co. Ltd.Guangdong

Yudean Zhongshan

Liu Wei Board chairman April 2021 April 2024 No

Thermal Power

Plant Co. Ltd.Guangdong Chairman of the

Liu Wei Energy Group Supervisory December2022 April 2024 No

Xinjiang Co. Ltd. Committee

Zhanjiang

Vice Board

Qin Xiao Zhongyue Energy April 2024 No

chairman

Co. Ltd.Guangzhou

Zhujiang Natural

Vice Board

Qin Xiao gas Power April 2022 No

chairman

Generation Co.Ltd

Guangdong

Yudean New

Qin Xiao Energy Executive director March 2023 No

Development Co.Ltd.Guangdong

Energy Property

Qin Xiao Director June 2023 No

Insurance Captive

Co. Ltd.Guangdong Yuejia Vice Board

Qin Xiao October 2023 No

Power Co. Ltd. chairman

Guangdong Wind

Qin Xiao Power Generation General Counsel December 2021 No

Co. Ltd.

692024 Annual Report

Guangdong

Huizhou Pinghai

Qin Xiao Director April 2023 May 2024 No

Power Generation

Co. Ltd.Guangdong

Yudean Jinghai

Qin Xiao Director May 2023 May 2024 No

Power Generation

Co. Ltd.Guangdong

Yuehua Power

Qin Xiao Director March 2023 May 2024 No

Generation Co.Ltd.Shajiao C Power

Qin Xiao Generation Co. Director March 2023 May 2024 No

ltd.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

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 remuner

ation before tax was total RMB 10.5683million .Remuneration to directors supervisors and senior executives in the reporting period

In RMB10000

Remuneration

Total actually

remuneration receives at the

Name Sex Age Positions Office status

received from end of the

the shareholder reporting

period

Zheng Yunpeng Male 56 Board chairman In office 130.69 No

Li Fangji Male 57 Director In office 0 Yes

Li Baobing Male 50 Director In office 0 Yes

He Ruxin Male 48 Director In office 0 Yes

Employee

Chen Yanzhi Male 49 In office 106.51 No

director

Zhang

Male 56 Director In office 0 No

Cunsheng

Independent

Zhao Zengli Male 52 In office 8.61 No

director

Independent

Zhang Hanyu Female 59 In office 13.46 No

director

Independent

Wu Zhanchi Male 49 In office 12.93 No

director

Independent

Cai Guowei Male 45 In office 11.96 No

director

Chairman of

Yang Hai Male 50 the Supervisory In office 0 No

Committee

702024 Annual Report

Independent

Sha Qilin Male 64 In office 7.65 No

supervisor

Shi Yan Female 47 Supervisor In office 0 Yes

Independent

Ma Xiaoqian Male 60 In office 10.11 No

supervisor

Employee

Xu Ang Male 57 In office 97.85 No

supervisor

Employee

Li Qing Male 47 In office 46.29 No

supervisor

Executive

Wang Peipei Male 42 In office 151.54 No

Deputy GM

Guo Yongxiong Male 51 Deputy GM In office 124.95 No

Deputy General

manager

Liu Wei Male 45 Finance In office 115.28 No

Manager

Board secretary

General

Qin Xiao Female 41 In office 63.94 No

Counsel

Liang Chao Male 55 Vice Board Dimission 99.51 No

chairman

General

Manager

Mao Qinghan male 50 Director Dimission 0 Yes

Chairman of

Zhou Zhijian male 52 the Board of Dimission 0 No

Supervisors

employee

Li Ruiming male 62 Dimission 55.55 No

supervisor

Total -- -- -- -- 1056.83 --

Other

□Applicable □Not applicable

The total remuneration received by the company's directors supervisors and senior management personnel

during this reporting period increased mainly due to the fact that it included the realization of the term incentive

of 2.3547 million yuan for the enterprise's responsible persons from 2021 to 2023 as well as the increase in the

number of directors supervisors and senior management personnel.VI. Performance of directors' duties during the reporting period

1. Information of the board meetings during the reporting period

Session Convening date Disclosure date Meeting resolution

Announcement No.:2024-03).Published in

China Securities Daily

The 17th meeting of the Tenth

January 182024 January 202024 Securities Times Shanghai

Board of Directors

Securities News Securities

Daily and

http//.www.cninfo.com.cn

Announcement No.:2024-08).The First meeting of the Tenth Published in

Board of Directors by February 222024 February 232024 China Securities Daily

Correspondence of 2024 Securities Times Shanghai

Securities News Securities

712024 Annual Report

Daily and

http//.www.cninfo.com.cn

Announcement No.:2024-15).Published in

China Securities Daily

The 18th meeting of the Tenth

March 292024 March 302024 Securities Times Shanghai

Board of Directors

Securities News Securities

Daily and

http//.www.cninfo.com.cn

Announcement No.:2024-28).Published in

China Securities Daily

The 19 meeting of the Tenth

April 262024 April 302024 Securities Times Shanghai

Board of Directors

Securities News Securities

Daily and

http//.www.cninfo.com.cn

Announcement No.:2024-42).Published in

The Second meeting of the China Securities Daily

Tenth Board of Directors by July 232024 July 242024 Securities Times Shanghai

Correspondence of 2024 Securities News Securities

Daily and

http//.www.cninfo.com.cn

Announcement No.:2024-43).Published in

The Third meeting of the China Securities Daily

Tenth Board of Directors by July 232024 July 242024 Securities Times Shanghai

Correspondence of 2024 Securities News Securities

Daily and

http//.www.cninfo.com.cn

Announcement No.:2024-46).Published in

China Securities Daily

The 19th meeting of the Tenth

August 292024 August 302024 Securities Times Shanghai

Board of Directors

Securities News Securities

Daily and

http//.www.cninfo.com.cn

Announcement No.:2024-51).Published in

The Fourth meeting of the China Securities Daily

Tenth Board of Directors by September 102024 September 112024 Securities Times Shanghai

Correspondence of 2024 Securities News Securities

Daily and

http//.www.cninfo.com.cn

Announcement No.:2024-54).Published in

The Fifth meeting of the China Securities Daily

Tenth Board of Directors by September 192024 September 202024 Securities Times Shanghai

Correspondence of 2024 Securities News Securities

Daily and

http//.www.cninfo.com.cn

Announcement No.:2024-58).Published in

China Securities Daily

The 21st meeting of the Tenth

October 292024 October 302024 Securities Times Shanghai

Board of Directors

Securities News Securities

Daily and

http//.www.cninfo.com.cn

The Sixth meeting of the Announcement No.:2024-64).November 152024 November 162024

Tenth Board of Directors by Published in

722024 Annual Report

Correspondence of 2024 China Securities Daily

Securities Times Shanghai

Securities News Securities

Daily and

http//.www.cninfo.com.cn

Announcement No.:2024-66).Published in

China Securities Daily

The 1st meeting of the 11th

November 192024 November 202024 Securities Times Shanghai

Board of Directors

Securities News Securities

Daily and

http//.www.cninfo.com.cn

Announcement No.:2024-69).Published in

The 1st meeting of the 11th China Securities Daily

Board of Directors by November 292024 November 302024 Securities Times Shanghai

Correspondence of 2024 Securities News Securities

Daily and

http//.www.cninfo.com.cn

Announcement No.:2025-01).Published in

The 2nd meeting of the 11th China Securities Daily

Board of Directors by December 312024 January 32025 Securities Times Shanghai

Correspondence of 2024 Securities News Securities

Daily and

http//.www.cninfo.com.cn

2. 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 Number

Whether to

of board Number of board Number

Number attend the General

meetings of board meetings of board

Name of 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

14 6 8 0 0 No 5

Yunpeng

Liang Chao 14 5 8 1 0 No 4

Li Fangji 14 4 8 2 0 No 4

Li Baobing 14 6 8 0 0 No 5

He Ruxin 14 3 8 3 0 No 3

Chen Yanzhi 14 6 8 0 0 No 5

Zhang

3 1 2 0 0 No 1

Cunsheng

Zhang Hanyu 14 6 8 0 0 No 6

Wu Zhanchai 14 6 8 0 0 No 5

Cai Guowei 14 5 8 1 0 No 5

Zhao Zengli 11 4 7 0 0 No 4

Mao

11 2 6 3 0 No 1

Qinghan

Ma Xiaoqian 3 2 1 0 0 No 2

Explanation of failure to attend the board meeting in person twice in a row

3. Directors' objections to related matters of the Company

Whether the director raises any objection to the relevant matters of the Company

□ Yes √ No

732024 Annual Report

During the reporting period the directors did not raise any objection to the relevant matters of the

Company.

4. 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 2024 the directors of the Company faithfully and diligently performed their corresponding duties in strict

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.VII. 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. All

proposals

were

deliberate

1. Deliberate

d and

the Proposal

passed. 2.on the 2023

For the key

Financial

issues of

Settlement

financial

Work Plan;

Wu settlement

2. Deliberate

Zhanchi Li especially

the Proposal

Audit and Baobing He the long-

January on Amending

Compliance Ruxin 6 term asset

192024 the

Committee Zhang Hanyu impairment

Compliance

and Cai risk related

Management

Guowei to power

Measures of

generation

Guangdong

the

Electric

Company is

Power

requested to

Development

strengthen

Co. Ltd.communicat

ion with

relevant

units. For

742024 Annual Report

those that

require

provision

for asset

impairment

intermediar

y agencies

shall be

hired to

verify the

impairment

situation of

the project

and relevant

approval

procedures

shall be

handled in a

timely

manner. In

addition

the

Company is

requested to

pay close

attention to

liquidity

risk make

policy

predictions

in advance

and actively

seek

countermea

sures to

ensure

timely and

accurate

financial

settlement

and

standardize

d and

effective

financial

managemen

t of the

Company.

1. Deliberate 1. All

the proposals

Wu

accounting were

Zhanchi Li

statements deliberated

Audit and Baobing He

March and notes in and passed.2.Compliance Ruxin 6

282024 the 2023 It is believed

Committee Zhang Hanyu

Annual that the

and Cai

Report as Company's

Guowei

well as the financial

2023 report fairly

752024 Annual Report

Financial reflects the

Report; 2. financial

Deliberate status

the Proposal operating

on 2023 results and

Internal cash flows of

Control the Company

Evaluation in 2023. The

Report; 3. accounting

Deliberation statements

on the and notes are

Proposal on prepared

2024 Internal truthfully and

Control Self- accurately in

svaluation compliance

Plan; 4. with

Deliberate regulatory

the Proposal requirements

on 2023 and no

Compliance significant

and Risk errors or

Management omissions

Work Report; have been

5. Deliberate found.

the Proposal

on Provision

for Asset

Impairment;

6. Deliberate

the Proposal

on Changes

in

Accounting

Policies; 7.Deliberate on

the Proposal

on Carrying

out the

Selection and

Appointment

of

Accounting

Firms for

2024.

1. Deliberate 1．All

on the proposals

Proposal on were

the Financial deliberated

Wu

Report for and passed.Zhanchi Li

the First 2. 1. It is

Audit and Baobing He

April Quarter of believed that

Compliance Ruxin 6

262024 2024; 2. the

Committee Zhang Hanyu

Deliberate Company's

and Cai

the financial financial

Guowei

statements in report

the Report truthfully

for the First reflects the

Quarter of financial

762024 Annual Report

2024; 3. status and

Deliberate operating

the Proposal results of the

on first quarter

Employing of 2024 and

the the financial

Company's statements

Annual Audit are true

Institution. accurate and

in

compliance

with

regulatory

requirements

with no

significant

errors or

omissions

found.

1．All

proposals

were

deliberated

and passed.

2. 1. It is

believed that

the

Company's

financial

1. Deliberate report

the Proposal truthfully

on 2024 reflects the

Wu Semi-annual financial

Zhanchi Li Financial status and

Audit and Baobing He Report; 2. operating

August

Compliance Ruxin 6 Deliberate results of the

282024

Committee Zhang Hanyu the financial first quarter

and Cai statements of 2024 and

Guowei and notes in the financial

the 2024 statements

Semi-annual are true

Report. accurate and

in

compliance

with

regulatory

requirements

with no

significant

errors or

omissions

found.Wu 1. Deliberate 1．All

Zhanchi Li the Proposal proposals

Audit and

Baobing He October on the were

Compliance 6

Ruxin 292024 Financial deliberated

Committee

Zhang Hanyu Report for and passed.and Cai the Third 2. 1. It is

772024 Annual Report

Guowei Quarter of believed that

2024; 2. the

Review the Company's

financial financial

statements in report

the Report truthfully

for the Third reflects the

Quarter of financial

2024. status and

operating

results of the

first quarter

of 2024 and

the financial

statements

are true

accurate and

in

compliance

with

regulatory

requirements

with no

significant

errors or

omissions

found.

1．All

proposals

were

deliberated

and passed.

2. For the

key issues of

financial

settlement

especially the

long-term

asset

Wu 1. Deliberate impairment

Zhanchi Li the Proposal risk related

Audit and Baobing He on the Work to power

December

Compliance Ruxin 6 Plan for 2024 generation

252024

Committee Zhang Hanyu Financial the Company

and Cai Final is requested

Guowei Statement. to strengthen

communicati

on with

relevant

units. For

those that

require

provision for

asset

impairment

intermediary

agencies

shall be hired

782024 Annual Report

to verify the

impairment

situation of

the project

and relevant

approval

procedures

shall be

handled in a

timely

manner. In

addition the

Company is

requested to

pay close

attention to

liquidity risk

make policy

predictions in

advance and

actively seek

countermeas

ures to

ensure timely

and accurate

financial

settlement

and

standardized

and effective

financial

management

of the

Company.

1．All

proposals

were

deliberated

and passed.

2. 1. It is

recommende

1. Deliberate

d that the

the

Company

Company's

continue to

Liang 2023 budget

actively

ChaoLi execution

Budget March respond to

Fangji Li 1 report; 2.Committee 282024 the new

Baobing Deliberate

situation

Wu Zhanchi the

continuously

Company's

optimize

2024 budget

production

report.and operation

strategies

guided by the

market

improve the

forward-

looking and

792024 Annual Report

targeted

budget

management

compete for

electricity

strictly

control costs

tap potential

and increase

efficiency

and strive to

achieve the

annual

business

goals.Deliberate

the Proposal

Cai

on

GuoweiZhe

Recommendi

ng

ng Zhao

Nomination Yunpeng March

3 Zengli as a Approved.

Committee Chen 282024

Candidate for

Yanzhi Wu

Independent

Zhanchi

Director of

Zhao Zengli

the

Company.Deliberation

the Proposal

Cai

on

GuoweiZhe

Recommendi

ng

ng Wang

Nomination Yunpeng

3 June 182024 Peipei as a Approved.

Committee Chen

Candidate for

Yanzhi Wu

Executive

Zhanchi

Vice General

Zhao Zengli

Manager of

the Company

1. Deliberate

the Proposal

on

Recommendi

ng

Candidates

for Non-

Cai

independent

GuoweiZhe

Directors of

ng All proposals

the 11th

Nomination Yunpeng August were

3 Board of

Committee Chen 282024 deliberated

Directors; 2.Yanzhi Wu and passed.Deliberate

Zhanchi

the Proposal

Zhao Zengli

on

Recommendi

ng

Candidates

for

Independent

Directors of

802024 Annual Report

the 11th

Board of

Directors; 3.Deliberate

the Proposal

on

Recommendi

ng

Candidates

for the 11th

Management

Team and

Other Senior

Management

Personnel.

1. Deliberate

the Proposal

on the

Operating

Performance

Assessment

Results of

the

Management

Team

Members of

Guangdong

Electric

Zhang Power

Remuneratio Hanyu Li Development All proposals

n and Fangji Mao November Co. Ltd. for were

2

Assessment Qinghan Cai 152024 the Year deliberated

Committee Guowei 2023; 2. and passed.Zhao Zengli Deliberate

the Proposal

on the

Management

Term System

and

Contractual

Management

Work Plan of

Guangdong

Electric

Power

Development

Co. Ltd.

1. Deliberate

the Proposal

on the

Zhang

Operating

Remuneratio Hanyu Li All proposals

Performance

n and Fangji Mao December were

2 Assessment

Appraisal Qinghan Cai 312024 deliberated

Results of

Committee Guowei and passed.the

Zhao Zengli

Management

Members of

the Company

812024 Annual Report

in the Term

of 2021-

2023;2.

Deliberate

the Proposal

on the 2023

Annual

Salary

Distribution

Plan for the

Company

Management

Members; 3.Deliberate

the Proposal

on the

Incentive

Implementati

on Plan for

Company

Leaders in

the Term of

2021-2023;

4. Deliberate

the Proposal

on the Total

Salary

Settlement

Plan for the

Company's

Headquarters

Employees in

2023.

VIII.The working status of the board of supervisors

The board of supervisors finds out whether the company has risks during the monitoring activities during t

he reporting period

□ Yes √ No

The Supervisory Committee has no objection to the supervision matters during the reporting period.IX. Particulars about employees.

1.Number of staff professional structure and educational background

Number of in-service staff of the parent company（person） 231

Number of in-service staff of the main subsidiaries（person） 10020

Total number of the in-service staff（person） 10251

Total number of staff receiving remuneration in the current

10673

period（person）

The number of the parent company and the main

4042

subsidiary’s retired staffs who need to bear the cost（person）

Professional

Classified according by Professions Number of persons（person）

Production 5786

822024 Annual Report

Sales 291

Technical 2080

Financial 364

Administrative 1730

Total 10251

Education

Classified according by education background Number of persons（person）

Doctor 3

Master 400

Universities 5920

Colleges 2478

Technical secondary school 485

High school and Below 965

Total 10251

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.

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

X. 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 161

The Company attaches importance to the reasonable return on investment for investors especially small

and medium-sized investors. The Company's dividend policy is as follows:

(I) Dividends of the Company shall be distributed in proportion to the shares held by shareholders.(II) The Company may distribute dividends in cash stock a combination of cash and stock or other ways

permitted by laws and regulations with priority given to cash dividends. If the requirements for cash

dividends are met cash dividends shall be adopted for profit distribution.(III) When the net profit attributable to shareholders of the parent company realized by the Company in

that year is positive and the accumulated distributable profit at the end of the year is positive

dividends can be distributed.

832024 Annual Report

(IV) The Company's annual profit distributed in cash is not less than 10% of the distributable profit

realized in that year and the accumulated profit distributed in cash in the last three years is not less

than 30% of the annual distributable profit realized in the last three years. When the Company

distributes profits the proportion of cash dividends in this profit distribution should be at least 20%.(V) The Company can distribute the profits in the medium term.During the reporting period the Company implemented the profit distribution policy in strict 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 and actively repay its shareholders.Special description of cash dividend policy

Whether it meets the requirements of the Articles of

Association or the resolution of the general meeting of Yes

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 Not applicable

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

amount (yuan)

Total cash dividend (yuan including tax) 105005680

Distributable profit (yuan) 5802020587

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

842024 Annual Report

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 2024 no legal reserve and arbitrary reserve will be withdrawn in the year 2024. In order to

reflect the Company's sincere return to investors in the case that the company's profit in the past two 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 10.89%. The Company's dividend

proposal for 2024 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).XI. Implementation Situation of Stock Incentive Plan of the Company Employee Stock Ownership Plan

or Other Employee Incentive Measures

□Applicable √ Not applicable

None

XII. 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

of Listed 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

852024 Annual Report

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 2024 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 control

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

XIII. 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

Xiangzhou

Complete the

Hangjing New

acquisition and Completed No Not applicable Not applicable Not applicable

Energy Co.gain control

Ltd.Qinglong

Manchu

Autonomous Complete the

County Jianhao acquisition and Completed No Not applicable Not applicable Not applicable

Photovoltaic gain control

Technology

Co.Ltd

Xiangzhou

Complete the

Yunjiang New

acquisition and Completed No Not applicable Not applicable Not applicable

Energy Co.gain control

Ltd.Yuncheng

Wangquan Complete the

Yuefeng New acquisition and Completed No Not applicable Not applicable Not applicable

Energy Co. gain control

Ltd.Hainan

Complete the

Longyue New

acquisition and Completed No Not applicable Not applicable Not applicable

Energy Co.gain control

Ltd.

862024 Annual Report

XIV.Internal control self-evaluation report or internal control audit report

1.Self-evaluation report on internal control

Disclosure date of appraisal report

March 292025

on internal control

Disclosure index of appraisal report Juchao Website:（http://www.cninfo.com.cn） Self-evaluation report of internal

on internal control control in 2024

The ratio of the total assets of units

included in the scope of evaluation

accounting for the total assets on the 94.24%

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 99.43%

the company's consolidated financial

statements

Standards of Defects Evaluation

Category Financial Report Non-financial Report

A. significant deficiency：* the

ineffective environmental control; *

irregularities appearing between

company directors supervisors and A. significant deficiency：(1) The

senior executives; * serious mistakes in company lacks democratic and scientific

the financial statements of the current decision-making procedures; (2) Serious

period found by external audit but not the violation of national laws and

regulations; (3) The company's important

inner control in the process of operating;

business lacks institutional control or the

* ineffective supervision of inner

system control fails. B. Important

control from directorate and inner audit defects: (1) Large-scale and long-term

institution.B. significant deficiency：* interruption of important business may

Qualitative criteria accounting policy chosen and applied is cause the company to deviate from the

not based on the GAAP; * anti- control goal in the field; (2) The

irregularity procedure and control important defects of the previous year

have not been rectified; (3) There are

measures are not established; * very

deficiencies in the company's important

few relative control measures are business systems. C. General defects:

established or implemented in terms of other internal control deficiencies in

the accounting treatment related to financial reporting that do not constitute

unconventional or special transaction; C. material defects or important defects.common deficiency means apart from

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

(1)A significant deficiency means

of misstatement ≥ 0.5% of the total

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

Quantitative standard income≤misstatement amount< 0.5% of deficiency means hat the direct property

operating income; (2) 5% of total loss is between 30 million yuan

profits≤ misstatement amount< 1% of (including 30 million yuan) ; the serious

total profits; (3) 0.2% of total assets≤

deficiency means that the direct property

misstatement amount < 0.5% of total

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

872024 Annual Report

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 2024 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 29 2025

Juchao Website: （http://www.cninfo.com.cn）2024

Internal audit report’s opinion

Audit 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

Has the CPAs issued a qualified auditor’s report of internal control .□ Yes √No

Does the internal control audit report issued by the CPAs agree with the self-assessment report of the

Board of Directors

√Yes □No

XV. Rectification of self-examination problems in special governance actions of listed companies

None

882024 Annual Report

V. Environmental & Social Responsibility

I. Significant environmental issues

Whether the Company or any of its subsidiaries is identified as a key polluter by the environment

authorities

√ Yes □ No

Environmental protection related policies and industry standards

The Company and its subordinate units strictly abide by the "Environmental Protection Law of the People's

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

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

Republic of China on the Prevention and Control of Environmental Pollution of Solid Waste" "Air Pollutant

Emission Standards for Thermal Power Plants" (GB13223) "Comprehensive Sewage Discharge Standards"

(GB8978) and other relevant laws regulations and industry standards to carry out production and business

activities.Environmental protection administrative licensing

The Company and its subsidiaries all have obtained environmental protection administrative permits in

accordance with regulations and the pollution discharge permits are currently within the validity period.Industrial emission standards and the specific situation of the pollutant emission involved in the production

and business activities

Main Main

pollu pollut

Emissio Excessi

tant ant Implemented Verified Company Emissi n port ve

and and Emission pollutant emission Total total or Emission on port distribut emissio

speci specifi concentrat emission(t emission(subsidiary way numbe ion standards(（mg/N nfic c ion on) ton pername r conditio m3）) conditi

pollu pollut year)

n on

tant ant

type name

Concentra Emission Standard

Air ted Within Shut of Air Pollutants Shut

Bohe Smok

pollu emission 2 the down for Thermal Power down 71.5 No

Company e

tant through factory Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Air ted Within of Air Pollutants

Bohe

pollu SO2 emission 2 the 13.47 for Thermal Power 387.56 973.5 No

Company

tant through factory Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Air ted Within of Air Pollutants

Bohe

pollu NOX emission 2 the 35.00 for Thermal Power 1006.70 1195 No

Company

tant through factory Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Dapu Air ted Within of Air Pollutants

Smok

Power pollu emission 2 the 4.31 for Thermal Power 82.81 593 No

e

Plant tant through factory Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Dapu Air ted Within of Air Pollutants

Power pollu SO2 emission 2 the 7.97 for Thermal Power 153.11 1447 No

Plant tant through factory Plants (GB13223-

chimney 2011)

Dapu Air Concentra Within Emission Standard

NOX 2 36.76 706.02 1502 No

Power pollu ted the of Air Pollutants

892024 Annual Report

Plant tant emission factory for Thermal Power

through Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Air ted Within of Air Pollutants

Red Bay Smok

pollu emission 4 the 2.53 for Thermal Power 108.98 422.04 No

Company e

tant through factory Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Air ted Within of Air Pollutants

Red Bay

pollu SO2 emission 4 the 10.20 for Thermal Power 438.39 1477.2 No

Company

tant through factory Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Air ted Within of Air Pollutants

Red Bay

pollu NOX emission 4 the 31.49 for Thermal Power 1352.62 2111.58 No

Company

tant through factory Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Air ted Within of Air Pollutants

Jinghai Smok

pollu emission 4 the 2.32 for Thermal Power 148.75 341.2 No

Company e

tant through factory Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Air ted Within of Air Pollutants

Jinghai

pollu SO2 emission 4 the 16.61 for Thermal Power 1063.79 1728.4 No

Company

tant through factory Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Air ted Within of Air Pollutants

Jinghai

pollu NOX emission 4 the 35.73 for Thermal Power 2287.75 2470 No

Company

tant through factory Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Maoming Air ted Within of Air Pollutants

Smok

Power pollu emission 2 the 0.96 for Thermal Power 18.80 168.12 No

e

Plant tant through factory Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Maoming Air ted Within of Air Pollutants

Power pollu SO2 emission 2 the 15.72 for Thermal Power 307.48 385.51 No

Plant tant through factory Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Maoming Air ted Within of Air Pollutants

Power pollu NOX emission 2 the 27.81 for Thermal Power 544.02 751.82 No

Plant tant through factory Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Pinghai Air ted Within of Air Pollutants

Smo

Power pollu emission 2 the 2.43 for Thermal Power 79.14 346 No

ke

Plant tant through factory Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Pinghai Air ted Within of Air Pollutants

Power pollu SO2 emission 2 the 24.04 for Thermal Power 782.27 1670 No

Plant tant through factory Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Pinghai Air ted Within of Air Pollutants

Power pollu NOX emission 2 the 37.58 for Thermal Power 1222.80 1731 No

Plant tant through factory Plants (GB13223-

chimney 2011)

Shaoguan Concentra Emission Standard

Air Within

Power Smok ted of Air Pollutants

pollu 2 the 1.28 31.53 717.78 No

Generatio e emission for Thermal Power

tant factory

n Plant through Plants (GB13223-

902024 Annual Report

chimney 2011)

Concentra Emission Standard

Shaoguan

Air ted Within of Air Pollutants

Power

pollu SO2 emission 2 the 23.95 for Thermal Power 585.86 2303.55 No

Generatio

tant through factory Plants (GB13223-

n Plan

chimney 2011)

Concentra Emission Standard

Shaoguan

Air ted Within of Air Pollutants

Power

pollu NOX emission 2 the 39.79 for Thermal Power 973.09 2254.42 No

Generatio

tant through factory Plants (GB13223-

n Plan

chimney 2011)

Concentra Emission Standard

Yunhe

Air ted Within of Air Pollutants

Power Smok

pollu emission 1 the 3.18 for Thermal Power 40.38 360 No

Generatio e

tant through factory Plants (GB13223-

n Plant

chimney 2011)

Concentra Emission Standard

Yunhe

Air ted Within of Air Pollutants

Power

pollu SO2 emission 1 the 5.80 for Thermal Power 73.70 2400 No

Generatio

tant through factory Plants (GB13223-

n Plant

chimney 2011)

Concentra Emission Standard

Yunhe

Air ted Within of Air Pollutants

Power

pollu NOX emission 1 the 36.26 for Thermal Power 460.03 2400 No

Generatio

tant through factory Plants (GB13223-

n Plant

chimney 2011)

Concentra Emission Standard

Air ted Within of Air Pollutants

Zhanjiang Smok

pollu emission 2 the 1.04 for Thermal Power 29.68 528 No

Electric e

tant through factory Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Air ted Within of Air Pollutants

Zhanjiang

pollu SO2 emission 2 the 17.75 for Thermal Power 503.83 1320 No

Electric

tant through factory Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Air ted Within of Air Pollutants

Zhanjiang

pollu NOX emission 2 the 35.83 for Thermal Power 1016.95 1990.7 No

Electric

tant through factory Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Air ted Within of Air Pollutants

Zhanjiang Smok

pollu emission 2 the 1.42 for Thermal Power 30.77 480 No

Zhongyue e

tant through factory Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Air ted Within of Air Pollutants

Zhanjiang

pollu SO2 emission 2 the 15.20 for Thermal Power 327.35 1200 No

Zhongyue

tant through factory Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Air ted Within of Air Pollutants

Zhanjiang

pollu NOX emission 2 the 25.76 for Thermal Power 554.72 1290.08 No

Zhongyue

tant through factory Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Guangqia Air ted Within of Air Pollutants

n pollu NOX emission 3 the 10.01 for Thermal Power 170.30 1312.5 No

Company tant through factory Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Huiz

Air ted Within of Air Pollutants

hou Smok

pollu emission 6 the 0.23 for Thermal Power 9.04 242.61 No

Natural e

tant through factory Plants (GB13223-

Gas

chimney 2011)

912024 Annual Report

Concentra Emission Standard

Huiz

Air ted Within of Air Pollutants

hou

pollu NOX emission 6 the 20.92 for Thermal Power 790.70 1774.98 No

Natural

tant through factory Plants (GB13223-

Gas

chimney 2011)

Concentra Emission Standard

Yuehua

Air ted Within of Air Pollutants

Power

pollu SO2 emission 3 the 0.32 for Thermal Power 4.95 27.54 No

Generatio

tant through factory Plants (GB13223-

n

chimney 2011)

Concentra Emission Standard

Yuehua

Air ted Within of Air Pollutants

Power

pollu NOX emission 3 the 37.61 for Thermal Power 565.75 1367.55 No

Generatio

tant through factory Plants (GB13223-

n

chimney 2011)

Concentra Emission Standard

Xinhui

Air ted Within of Air Pollutants

Power Smok

pollu emission 2 the 0.07 for Thermal Power 0.50 85.6 No

Generatio e

tant through factory Plants (GB13223-

n

chimney 2011)

Concentra Emission Standard

Xinhui

Air ted Within of Air Pollutants

Power

pollu SO2 emission 2 the 0.40 for Thermal Power 2.98 45 No

Generatio

tant through factory Plants (GB13223-

n

chimney 2011)

Concentra Emission Standard

Xinhui

Air ted Within of Air Pollutants

Power

pollu NOX emission 2 the 35.66 for Thermal Power 263.00 1104 No

Generatio

tant through factory Plants (GB13223-

n

chimney 2011)

Concentra Emission Standard

Tumushuk

Air ted Within of Air Pollutants

e Thermo Smok

pollu emission 2 the 1.63 for Thermal Power 26.06 135 No

electric e

tant through factory Plants (GB13223-

Co. Ltd

chimney 2011)

Concentra Emission Standard

Tumushuk

Air ted Within of Air Pollutants

e Thermo

pollu SO2 emission 2 the 9.01 for Thermal Power 143.51 474 No

electric

tant through factory Plants (GB13223-

Co. Ltd

chimney 2011)

Concentra Emission Standard

Tumushuk

Air ted Within of Air Pollutants

e Thermo

pollu NOX emission 2 the 25.94 for Thermal Power 413.33 675 No

electric

tant through factory Plants (GB13223-

Co. Ltd

chimney 2011)

Concentra Emission Standard

Air ted Within of Air Pollutants

Smok

Shajiao C pollu emission 3 the 3.14 for Thermal Power 97.73 277.8 No

e

tant through factory Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Air ted Within of Air Pollutants

Shajiao C pollu SO2 emission 3 the 16.96 for Thermal Power 526.39 972.3 No

tant through factory Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Air ted Within of Air Pollutants

Shajiao C pollu NOX emission 3 the 32.15 for Thermal Power 997.66 1389 No

tant through factory Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Air ted Within of Air Pollutants

Huadu Smok

pollu emission 3 the 0.15 for Thermal Power 1.15 92.39 No

Company e

tant through factory Plants (GB13223-

chimney 2011)

Huadu Air Concentra Within Emission Standard

SO2 3 0.33 2.55 6.7 No

Company pollu ted the of Air Pollutants

922024 Annual Report

tant emission factory for Thermal Power

through Plants (GB13223-

chimney 2011)

Concentra Emission Standard

Air ted Within of Air Pollutants

Huadu

pollu NOX emission 3 the 33.60 for Thermal Power 254.02 586.6 No

Company

tant through factory Plants (GB13223-

chimney 2011)

Zhanjiang Concentra Emission Standard

Biomass Air ted Within of Air Pollutants

Smok

Power pollu emission 2 the 6.41 for Thermal Power 24.51 80.94 No

e

Generatio tant through factory Plants (GB13223-

n chimney 2011)

Zhanjiang Concentra Emission Standard

Biomass Air ted Within of Air Pollutants

Power pollu SO2 emission 2 the 3.07 for Thermal Power 11.75 183 No

Generatio tant through factory Plants (GB13223-

n chimney 2011)

Zhanjiang Concentra Emission Standard

Biomass Air ted Within of Air Pollutants

Power pollu NOX emission 2 the 53.75 for Thermal Power 205.35 397 No

Generatio tant through factory Plants (GB13223-

n chimney 2011)

Dayawan Concentra Emission Standard

Air ted Within of Air Pollutants

Power Smok

pollu emission 2 the 1.78 for Thermal Power 15.10 80.94 No

Generati e tant through factory Plants (GB13223-

on chimney 2011)

Dayawan Concentra Emission Standard

Air ted Within of Air Pollutants

Power

pollu SO2 emission 2 the 0.44 for Thermal Power 4.58 183 No

Generatio tant through factory Plants (GB13223-

n chimney 2011)

Dayawan Concentra Emission Standard

Air ted Within of Air Pollutants

Power

pollu NOX emission 2 the 25.88 for Thermal Power 219.66 397 No

Generatio tant through factory Plants (GB13223-

n chimney 2011)

Concentra Emission Standard

Yongan Air ted Within of Air Pollutants

Compan pollu NOX emission 2 the 20.02 for Thermal Power 109.09 596.77 No

y tant through factory Plants (GB13223-

chimney 2011)

Binhaiwa Concentra Emission Standard

Air ted Within of Air Pollutants

n Power Smok

pollu emission 3 the 0.24 for Thermal Power 2.22 181.56 No

Generatio e tant through factory Plants (GB13223-

n chimney 2011)

Binhaiwa Concentra Emission Standard

Air ted Within of Air Pollutants

n Power

pollu SO2 emission 3 the 0.37 for Thermal Power 3.21 4.77 No

Generatio tant through factory Plants (GB13223-

n chimney 2011)

Binhaiwa Concentra Emission Standard

Air ted Within of Air Pollutants

n Power

pollu NOX emission 3 the 16.33 for Thermal Power 155.39 1785 No

Generatio tant through factory Plants (GB13223-

n chimney 2011)

Treatment of contaminants

In 2024 the company will improve the system and mechanism of precise pollution control scientific pollution

control and pollution control in accordance with the law and vigorously promote pollution reduction and

carbon reduction with the emission performance values of soot sulfur dioxide and nitrogen oxides being 0.007

0.048 and 0.123 g/kWh respectively to ensure the stable discharge of various pollutants from wastewater and

932024 Annual Report

exhaust gas. At the same time we will implement the spirit of General Secretary Xi Jinping's important

instructions on the "30*60" dual carbon goal and accelerate the planning and construction of a new energy

system seize important strategic opportunities and steadily promote the construction of clean energy

projectsThe level of clean and efficient utilization of coal has been continuously improved and the coal

consumption of thermal power units for power supply has decreased by 5.01 g/kWh year-on-year.Emergency Response Plan for Environmental Emergencies

According to the "Environmental Protection Law of the People's Republic of China" "Production Safety Law

of the People's Republic of China" "Guidelines for the Preparation of Emergency Plans for Production Safety

Accidents of Production and Business Operation Units" (GB/T29639) "Decision of the Ministry of Emergency

Management on Amending the "Measures for the Management of Emergency Plans for Production Safety

Accidents" (Order No. 2 of the Ministry of Emergency Management) "Measures for the Management of

Emergency Plans for Electric Power Enterprises" (No. 508 [2014] Guoneng Safety ) "Opinions of the

Ministry of Environmental Protection on Strengthening Environmental Emergency Management" and other

laws and regulations and relevant requirements of national local and superior departments the Company and its

subordinate power generation enterprises have formulated the "Emergency Plan for Environmental

Emergencies" in combination with their own actual conditions and standardized and improved the handling of

environmental emergencies from various aspects such as environmental accident risk analysis emergency

command institutions and responsibilities disposal procedures and disposal measures so as to improve the

ability to respond to environmental emergencies and to ensure that emergency rescue work is carried out

quickly orderly and efficiently and to prevent and reduce personal injury property loss environmental damage

and adverse social impacts caused by environmental emergencies

Environmental self-monitoring program

During the reporting period the company’s subordinate power generation companies organized annual

environmental self-monitoring programs in accordance with the national Administrative Measures on Automatic

Monitoring of Pollution Sources and other laws and regulations and conducted self-monitoring of the

environment in accordance with the monitoring program and announced its own monitoring results in Guangdong

Province's key pollution source regulatory information platform and the national pollution source monitoring

information and sharing platform. Both the announced rate and completion rate had reached 100%.Investment in environmental governance and protection and payment of environmental protection tax

In 2024 The company purchased desulfurization and denitration materials totaling about 251.84 million

yuanThe Company paid environmental protection tax of 24.17 million yuan.Measures taken to reduce their carbon emissions during the reporting period

□Applicable □Not applicable

In 2024 the Company conscientiously implemented the requirements of the "carbon peaking and carbon

neutrality" strategy actively explored energy conservation and carbon reduction as follows: Firstly increase

new energy installed capacity by 2332000 kW which is expected to contribute about 4.1 billion kWh of clean

energy annually save about 1.3 million tons of standard coal reduce carbon dioxide emissions by about 3.48

million tons equivalent to rebuilding 8807 hectares of forest; Secondly put into operation three new clean gas

energy projects with a total installed capacity of 4.788 million kW which can save about 1.14 million tons of

standard coal and reduce carbon dioxide emissions by about 7.66 million tons annually compared to coal-fired

power plants; Thirdly coordinate and promote large-scale equipment updates and complete the flow

942024 Annual Report

transformation of 4 units flexibility transformation of 6 units and updates of 5278 equipment throughout the

year improving the regulation performance of thermal power units while reducing energy consumption. In 2024

the coal consumption for power supply of thermal power units was reduced by 5.01 g/kWh year-on-year;

Fourthly emission control enterprises have fully completed the quota settlement for the national carbon market

in 2023.Administrative penalties for environmental problems during the reporting period

NONE

Other environmental information that should be disclosed

None

Other Environmental Related Information

None

The Company shall comply with the disclosure requirements of power-related industries in the Guideline

No.3 for Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure.

1. The Company 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 2024 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 251.84million.

2. In 2024 according to the standard the coal consumption for comprehensive power supply of the

Company's thermal power plants is 294.13 g/kWh of coal the sulfur dioxide emission performance value is

0.048g/kWh nitrogen oxide emission performance value is 0.123g/kWh and soot emission performance value is

0.007g/kWh. Where the commissioning rate of desulfurization device is 100% and the average desulfurization

efficiency is 99.09%; The average operation rate of denitration device is 99.76% and the average denitration

efficiency is 88.11; The average operation rate of wet electric dust removal is 99.99% and the average dust

removal efficiency is 99.88%.Information related to environmental accidents of the listed company

In 2024 there were no environmental accidents in the Company.II. Social responsibilities

For details of the Company's social responsibility report please refer to the Social Responsibility Report

2024 published by the Company on CNINF (http://www.cninfo.com.cn)

III. Consolidate and expand the achievements of poverty alleviation and rural revitalization

In 2024 the Company actively responded to the national rural revitalization strategy deeply implemented

the deployment of Guangdong Province's "High Quality Development Project for Hundred Counties Thousand

Towns and Ten Thousand Villages" and its subordinate units actively carried out consumption assistance based

on local development conditions continuously explored and practiced new poverty alleviation models by

consumption and established a special working group to solidly promote the work of assisting towns and

952024 Annual Report

villages accurately targeting the needs of the assisted areas continuously delivered key resources such as funds

technology and talents and contributed solid strength to the rural revitalization and regional development of

Guangdong Province.

1. Red Bay Company provided targeted assistance to Jishui Village Bawan Town Lufeng City

Since August 2021 the company has sent resident cadres to Jishui Village Bawan Town Lufeng City for

resident assistance. In March 2024 in response to the deployment of Green an Beautiful Guangdong Red Bay

Company donated 450 saplings to Jishui Village (with a total value of RMB 75360) to practice the concept of

"Lucid waters and lush mountains are invaluable assets" through practical actions. At the same time Zhang

Shengqiang the resident secretary of the Company gave full play to the leading role of party building went to

the village twice in 2024 to give lectures on the party preach the spirit of the 20th CPC National Congress to

the villagers and interpret the new version of the CPC Disciplinary Regulations so as to arm the minds of the

villagers with the advanced theory of the party stimulate the villagers' enthusiasm for patriotism and love for

the party implant the feelings of home and country in the villagers and lay a solid ideological foundation for

the revitalization of rural culture.

2. Jinghai Power Generation Company provided targeted assistance to Huilai County Jieyang City

Jinghai Power Generation Company actively participated in rural revitalization and dispatched special

personnel to reside in Jinghai Town to provide assistance; It organized various party branches to donate

materials such as study books sports equipment and science popularization experimental equipment to Geshan

Primary School which is worthy of nearly RMB 20000 to support the development of rural education; It

invested nearly RMB 50000 to support cultural and fitness equipment and facilities such as Yingge Dance

costumes in Jinghai Town to help Yingge Dance become a characteristic cultural card of Jinghai Town and

promote rural cultural prosperity; It actively responded to the three-year action plan for afforestation and

greening in coastal cities of Huilai County mobilized all cadres and employees to donate more than RMB

30000 and planted more than 170 trees at the voluntary tree planting base on Jingdian Avenue contributing to

the ecological construction of Green and Beautiful Guangdong and local afforestation and greening.

3. Shaoguan Power Plant provided targeted assistance to Dongping Town Ruyuan Yao Autonomous

County Shaoguan City

In 2024 Shaoguan Power Plant attached great importance to rural revitalization work actively took action

and achieved significant results. The company leaders led teams to conduct research in towns and villages six

times fully promoting the work of assisting towns and villages. It also carried out five condolence activities in

Dongping Town including "New Year Warmth and Affection for Rural Workers" benefiting rural workers

students and other groups. In addition through consumption assistance its cumulative consumption reached

RMB 154500 helping to promote the development of rural industries. In terms of consolidating the

achievements of poverty alleviation Shaoguan Power Plant conducted two regular visits to 211 households

monitored for returning to poverty in the entire town comprehensively grasped the situation of poverty-stricken

households accurately screened 33 key assistance targets effectively built a bottom line for preventing

returning to poverty and continuously promote rural revitalization.

4. Yunhe Power Generation Company provided targeted assistance to Yaogu Town in Yuncheng

District Yunfu City

Yunhe Power Generation Company actively assisted in rural revitalization promoted new energy to the

countryside and selected a special personnel to serve as the first secretary of Shuidong Village in Yaogu Town

Yuncheng District. It vigorously promoted the construction of the charging pile industry and invested RMB

20000 to carry out urban public charging stations and rural convenient charging station projects in Yaogu Town

962024 Annual Report

among which Yaogu Xiaohewei Charging Station was officially put into operation on December 25 2024

effectively improving rural charging facilities and injecting vitality into the development of rural new energy.

5. Zhanjiang Biomass Company helped Gangmen Town Suixi County Zhanjiang City

Zhanjiang Biomass Power Generation Company actively participated in rural revitalization and achieved

fruitful results in targeted assistance. The company adapted to local conditions and leveraged the advantages of

building an immigrant village in Xincheng Village Gangmen Town which is close to the military to create a

patriotic education base of more than 20 acres with the theme of "supporting the army and loving the people".This base not only inspired and enhanced the local residents' awareness of national defense and military support

but also attracted tourists to promote agricultural product consumption and drive the local economic

development of Gangmen. At the same time the company invited doctors from Guangdong Provincial Hospital

of Traditional Chinese Medicine to hold health training lectures covering various aspects such as moxibustion

and scraping therapy benefiting 320 villagers and effectively enhancing their health awareness self-care ability

and ability to deal with common diseases.

6. Zhanjiang Zhongyue Company provided targeted assistance to Jijia Town Leizhou City

In 2024 Zhanjiang Zhongyue Company invested RMB 491000 in assistance funds to Jijia Town fully

supporting rural revitalization. Such funds have been precisely invested in multiple key projects: Installing

streetlights for Bitan Village Shuangshui Village Committee to ensure the safety of villagers during nighttime

travel; Constructing a road from Maite Village to Haolang Village to facilitate public transportation; Building a

red party building education base in Shanglang Village to inherit the red genes and strengthen red education;

Constructing Tianshen Village Leisure Park and beautifying the rural environment. These projects have not

only improved the living environment of villagers but also enriched their spiritual and cultural life injecting

strong impetus into the rural revitalization of Jijia Town.

972024 Annual Report

VI. 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

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.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:

Paid-in

Propo

capital at the

Name Nature rtion Acquired

end of

(%)

period(Yuan)

Xiangzhou Hangjing New Energy Co. Ltd. Solar electrical energy 199980000 76.44% Purchase

982024 Annual Report

generation

Qinglong Manchu Autonomous County Jianhao Solar electrical energy

120000000 76.44% Purchase

Photovoltaic Technology Co.Ltd generation

Solar electrical energy

Xiangzhou Yunjiang New Energy Co. Ltd. 105420000 76.44% Purchase

generation

Yuncheng Wangquan Yuefeng New Energy Co.Wind Power generation 86368422 72.62% Investment establishment

Ltd.Solar electrical energy 0 Acquisition of

Hainan Longyue New Energy Co. Ltd. 90000000 100%

generation consideration assets

Guangneng Toxon New Energy Co. Ltd. Wind Power generation 370000000 100% Investment establishment

Shantou Yuefeng New Energy Investment Investment and asset

1110750000 15.40% Investment establishment

Partnership（LP） management

Solar electrical energy

Guangneng Karamay Integrated Energy Co. Ltd 100000000 100% Investment establishment

generation

Guangdong Yudean New Energy Development Investment and asset

85000000 100% Investment establishment

Co. Ltd. management

Lingao Yehai Yuefeng New Energy Co. Ltd. Wind Power generation 61350000 76.44% Investment establishment

Zhanjiang Yuefengbao New Energy Co. Ltd. Wind Power generation 50000000 38.98% Investment establishment

Guangdong Energy Zhongshan Energy Sevice Thermal power production and

15000000 100% Investment establishment

Co. Ltd. supply

Zhuhai Yuefeng Huafa New Energy Co. Ltd. Wind Power generation 17000000 38.98% Investment establishment

Zhuhai Yuefeng Sea pashure Co. Ltd. Seaculture 7000000 76.44% Investment establishment

Investment and asset

Guangzhou Yuefeng Ruisi New Energy Co. Ltd. 300000 76.44% Investment establishment

management

(2) Reduction of subsidiaries in this year:

Shareholding

Subsidiary name Business nature Paid-in capital before ratio before

cancellation (RMB) cancellation

Guangzhou Huangpu Electric Power Engineering Co. Ltd. Equipment maintenance 13000000 51%

Yunfu Yunan Yuexin Power Generation Co.Ltd. Wind Power generation 0 76.44%

Huizhou Longmen Yuefeng New Energy Co. Ltd. Wind Power generation 0 76.44%

Yunfu Luoding Yuefeng New Energy Co. Ltd. Wind Power generation 0 76.44%

The Company's subsidiaries Guangzhou Huangpu Electric Power Engineering Co. Ltd. Yunfu Yunan Yuexin Power Generation

Co. Ltd. Huizhou Longmen Yuefeng New Energy Co. Ltd. and Yunfu Luoding Yuefeng New Energy Co. Ltd. completed the

deregistration work in 2024. The liquidation and deregistration of the above-mentioned companies will correspondingly change

the scope of the Company's consolidated financial statements but will not have a significant impact on the Company's existing

business operations and operating performance and will not harm 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

746.85

yuan)

Successive years of the domestic CPAs offering auditing

1 year

services

992024 Annual Report

Name of CPA Deng Bingqing Li Zeyu

Continuous years of audit services of certified public

1 year

accountants of domestic public accounting firmsName of the Overseas CPAs（If any Not applicableRemuneration for overseas accounting firm (Ten thousands

0

yuan)（If any）

Successive years of the overseas CPAs offering auditing

Not applicable

services（If any）

Name of CPA（If any） Not applicable

Continuous years of audit services of certified public

Not applicable

accountants of overseas public accounting firms（if any）

Has the CPAs been changed in the current period

□ Yes □No

A detailed explanation of the change of employment and accounting firm

□ Yes □No

√Applicable □ Not applicable

Since 2016 the Company has hired PwC Zhongtian Certified Public Accountants (Special General

Partnership hereinafter referred to as "PwC Zhongtian") to provide audit services for its financial reports and

internal controls prepared in accordance with Chinese accounting standards. After completing the audit work

for the year 2023 PwC Zhongtian has provided audit services to the Company continuously for 8 years.According to Article 12 of the Management Measures for the Selection and Appointment of Accounting

Firms by State owned Enterprises and Listed Companies jointly issued by the Ministry of Finance the State

owned Assets Supervision and Administration Commission of the State Council and the China Securities

Regulatory Commission (CSRC) "State owned enterprises shall not continuously employ the same accounting

firm for more than 8 years." Considering that PwC has provided audit services to the Company for 8

consecutive years in order to further enhance the independence and objectivity of the audit work of listed

companies and taking into account the Company's development situation and audit work needs the Company

intends to change its accounting firm. After tendering and prudent decision-making the Company intends to

appoint Grant Thornton Certified Public Accountants (Special General Partnership) hereinafter referred to as " Grant

Thornton ") as the financial audit and internal control audit institution for the year of 2024.The Company has had sufficient communication with PwC Zhongtian and Grant Thornton regarding the

change of accounting firm. Both accounting firms have been aware of the same and have no objections to the

change. Both accounting firms made proper communication and cooperation in accordance with relevant

regulations such as the Auditing Standards No. 1153 for Chinese Certified Public Accountants -

Communication between Former and Subsequent Certified Public Accountants.Whether the change of accounting firm has implemented the examination and approval procedures

□ Yes □No

Detailed explanation of the change of employment and change of the accounting firm

The first communication meeting in 2024 of the Audit and Compliance Committee of the 10th Board of

Directors of the Company deliberated and passed the Proposal on Employing the Company's Annual Audit

Institution on April 26 2024. The Audit and Compliance Committee of the Board of Directors has reviewed the

independence professional competence investor's protection ability integrity status and other information of

Grant Thornton and believed that it was capable of conducting the audit work of the Company in 2024. It

agreed to hire Grant Thornton as the domestic and foreign audit institution for the Company in 2024 and agreed

to submit the proposal to the Board of Directors for deliberation.

1002024 Annual Report

The 19th meeting of the 10th Board of Directors of the Company deliberated and passed the Proposal on

Employing the Company's Annual Audit Institution with 11 votes in favor 0 votes against and 0 votes

abstained. It was also agreed to submit the proposal to the General Meeting of Shareholders for deliberation.The third extraordinary general meeting of shareholders of the company in 2024 deliberated and approved

the proposal on hiring the company's annual audit institution agreeing to hire Grant Thornton as the Company's

domestic and foreign audit institution for the year 2024.Description of the CPAs financial advisers or sponsors engaged for internal control auditing

√ Applicable □Not applicable

In the report year the Company engaged Grant Thornton Certified Public Accountants (Special General

Partnership) as the certified public accountants and internal control audit body in 2024. The audit remuneration

was RMB 7.4685 million

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

During the reporting period the company had no major litigation or arbitration matters.Other litigation matters

Imple

Whether mentati

Amount t o form Litigatio on of Discl

Litigation(ar Disclo

Basic situation of involved (Ten est n(arbitra litigati osure

bitration)pro sure d

litigation(arbitration) tho usand yu imated tion)trial results on(arbi inde

gress ate

an) lia and im pact tration) x

bilities judgme

nts

Regarding Guangdong Yudean

Yangjiang Offshore Wind

Power Co. Ltd. v. Fuzhou

Xinchuang Electromechanical The case was lost

Equipment Co. Ltd. Fujian in the first

Yongfu Electric Power Design instance and the

Co. Ltd. and Fujian Huajing first-instance

Marine Technology Co. Ltd. judgment of the The company

on dispute over liability for case was issued lost the case

ship collision damage the in October 2024 and the three

claims of Guangdong Yudean 18872.14 No and an appeal defendants No

Yangjiang Offshore Wind was filed in were not liable

Power Co. Ltd. include November and for

compensation for the costs of the second- compensation.dismantling repairing or instance case has

relocating offshore wind been filed as of

power facilities due to the disclosure

damage as well as operational date.losses or expected profit

losses totaling RMB

188721402.30.

1012024 Annual Report

Principal action: Guangdong

Yudean Yangjiang Offshore

Wind Power Co. Ltd. v.China Energy Engineering

Group Guangdong Power

Engineering Co. Ltd. and

Jiangsu Huaxi Village Marine

Engineering Service Co. Ltd.on disputes over Construction

Engineering Contract. The

claims of Guangdong Yuedian

Yangjiang Offshore Wind

Power Co. Ltd. include: 1.Return of project prepayment

and payment of liquidated

damages for project delay

totaling RMB 176739200; 2.The litigation costs

preservation fees lawyer fees

and reasonable expenses

The pre-trial

incurred in this case shall be

conference of

jointly borne by the Guanghuo

this case was

Huaxi Consortium. Principal

held on August

Counter claim: China Energy action: RMB

24 2024 and the

Engineering Group 176739200;

No principal action No No

Guangdong Power Counter claim:

and counterclaim

Engineering Co. Ltd. and RMB

were merged for

Jiangsu Huaxi Village Marine 249405281.97

trial. Both are in

Engineering Service Co. Ltd.the stage of

counter claim Guangdong

judicial appraisal.Yudean Yangjiang Offshore

Wind Power Co. Ltd. the

claims include: 1. Payment of

settlement amount of RMB

249405281.97 and overdue

interest of RMB

63687176.18; 2. For the first

claim of unpaid amount

priority right to be

compensated from the

discounted or auctioned price

of the project; 3. All litigation

costs appraisal fees and other

expenses in this case are borne

by Guangdong Yudean

Yangjiang Offshore Wind

Power Company. The

reasonable expenses are

jointly borne by the Guanghuo

Huaxi consortium.Congxing Technology Co. The case was

Ltd. (hereinafter referred to as heard in Tianhe

"Congxing Company") v. District Court on

Guangdong Electric Power November 25

5262.98 No No No

Development Co. Ltd. 2024 and the

(hereinafter referred to as "the court did not

Company") on contract announce the

dispute (Case No. (2024) Yue verdict of the

1022024 Annual Report

0106 Min Chu 31786). In this first instance.

case Congxing filed a lawsuit

against the Company for

economic compensation

capital occupation fees and

litigation costs totaling RMB

52629800 claiming that the

Company violated the relevant

provisions on land investment

in the Establishment Contract

of Guangdong Yudean Humen

Power Generation Co. Ltd.and constituted a breach of

contract.Note: In addition to the above disclosed litigation matters as of the end of the report the total amount involved

in other lawsuits of the company was about RMB 34780300.XII. Situation of Punishment and Rectification

□Applicable √ Not applicable

No such cases in the reporting period.XIII. Credit Condition of the Company and its Controlling Shareholders and Actual Controllers

□Applicable √ Not applicable

XIV. Material related transactions

1. Related transactions in connection with daily operation

√Applicable □ Not applicable

For related party transactions related to daily operations during the reporting period please see Financial

report of this report"7. Other Major Related Party Transactions"

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

□Applicable √ Not applicable

No such cases in the reporting period.

3. Related party transactions of joint outbound investment

□Applicable √ Not applicable

No such cases in the reporting period.For related party transactions related to daily operations during the reporting period please see "7. Other

Major 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

Related Relation Maximum Deposit Beginning The amount of this The

party ship daily deposit interest rate balance(RM

period amount of

1032024 Annual Report

limit(RMB range B '0000) this period

'0000) Total Total Total amount

deposit deposit is withdrawn

amount amount

for this

(RMB (RMB

'0000) '0000) period(RMB

'0000)

Guangdong Controlled

Energy by

Group Guangdong

18000000.1%-3.5%141837012805908128001971424081

Finance Co. Energy

Ltd. Group Co.Ltd.Loan business

Related Relation Beginni The amount of this

party ship ng period

balance(RM Total

Loan Loant Total Ending

B '0000) repayment

limit(RMB interest rate loan amount balance(RM

amount of

'0000) range of the current

the current B '0000)

period(RMB

period(RMB

'0000)

'0000)

Guangdong Controlled

Energy by

Group Guangdong

39000002%-3.45%1041466101092210183421034046

Finance Co. Energy

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

Related party Relationship Business type Total Actual amount

amount(RMB '0000) incurred(RMB '0000)

Guangdong

Communications Controlled by the

Credit extension 3900000 1034046

Group Finance Co. same parent company

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）2024 daily related transactions were carried out after examination and approval by 2024 first provisional

shareholders' general meeting. Refer to (5) Related transactions of XII. Relationship between related parties and

the transactions between them of the Financial Report of this report for details.

（2）On February 22 2024 the first meeting of the Tenth Board of Directors of the Company by

correspondence of 2024 examined and adopted the Proposal on Indirect Subsidiaries Introducing Investors. In

order to implement the use of special funds of the Provincial State-owned Assets Supervision and

Administration Commission and meet the requirements of special funds as project capital the Board of

Directors approved Guangdong Yudean Qujie Wind Power Co. Ltd. an indirect subsidiary of the Company to

introduce a special fund of RMB 50 million from Guangdong Energy Group Co. Ltd. to promote economic

development by way of a non-public agreement capital increase. After the completion of the capital increase of

the special fund the final capital contribution ratio of Guangdong Energy Group Co. Ltd. is 1.98% (subject to

the final asset appraisal and filing result) and enjoy the profit bonus of the Wailuo project according to the

1042024 Annual Report

special fund accounting for 7.69% of the capital of the Wailuo project. Guangdong Wind Power Generation Co.Ltd. a holding subsidiary of our Company gave up the preferential subscription right of capital contribution for

the capital increase of Qujie Wind Power Company.

（3）On April 26 2024 the 19th meeting of the Tenth Board of Directors of the Company examined and

adopted the Proposal on Capital Increase to Guangdong Electric Power Industry Fuel Co. Ltd. And the

Proposal on the Conversion of Undistributed Profits to Registered Capital of Guangdong Electric Power

Industrial Fuel Co. Ltd. In order to meet the capital needs for the construction of new energy projects the board

of directors approved that the Company and Guangdong Energy Group Co. Ltd. will simultaneously increase

the capital of 111.8739 million yuan to Guangdong Electric Power Industry Fuel Co. Ltd. (hereinafter referred

to as the "Fuel Company") in accordance with the equity ratio for the construction of the 150MW (100MW in

the first phase) photovoltaic power station project in Yanhu District Yuncheng City Shanxi Province. Among

them the Company will increase the capital by 55.937 million yuan according to the 50% equity ratio. In order

to reduce financial risks and enhance financing strength the board of directors approved the subsidiary

Guangdong Electric Power Industrial Fuel Co. Ltd. to use 347.13 million yuan of undistributed profits to

increase capital by way of conversion.

（4）On September 19，2024the 5th meeting of the Tenth Board of Directors of the Company by

correspondence of 2024 examined and adopted the Proposal on Capital Increase to Guangdong Electric Power

Industry Fuel Co. Ltd.. In Order to ensure the sustainable development of New energy projects and the safety

of the Company\s operating funds the board of directors agreed to increase the registered Capital of Guangdong

Electric Power Industry Fuel Co. Ltd.by 273.605 million yuan in monetary form of which the total capital

contribution by the Company shall not exceed 136.8025 million yuan according to the 50% share ratio.

（5）On October 29 2024 the 21st meeting of the Tenth Board of Directors of the Company examined and

adopted the Proposal on Capital Increase to Guangdong Energy Finance Leasing Co. Ltd. In order to further

enhance the capital strength and expand the scale of business investment the board of directors agreed that the

Company will increase its capital by 250 million yuan to Guangdong Energy Finance Leasing Co. Ltd.(hereinafter referred to as the "Finance Leasing Company") according to the shareholding ratio of 25% and

allocate it in installments according to the business development needs of the Finance Leasing Company.

（6） On November 29 the firstmeeting of the 11th Board of Directors of the Company by correspondence

of 2024 examined and adopted the Proposal on the Capital Increase and Share Expansion of Guangdong

Yudean Jinghai Power Generation Co. Ltd. by Public Listing

In order to smoothly promote the expansion project of units 5 and 6 of Guangdong Yudean Huilai Power

Plant (2×1000MW) (hereinafter referred to as the "Project") of Guangdong Yudean Jinghai Power Generation

Co. Ltd. (hereinafter referred to as "Jinghai Power Generation Company") combined with the investment

intentions of the existing three shareholders of Jinghai Power Generation Company the board of directors of the

Company agreed that Jinghai Power Generation Company will raise 1609954000 yuan through capital

increase and share expansion of which 1046470100 yuan will be newly invested by Guangdong Electric

Power according to the current 65% shareholding ratio 160995400 yuan will be newly invested by Guangzhou

Development Power Group Co. Ltd. (hereinafter referred to as "Guangzhou Electric Power Group") according

to the current 10% shareholding ratio and the remaining funds of 402488500 yuan will be solved through the

public listing to external investors to increase the capital with the listing transaction price is determined on the

basis of the record of asset appraisal results. Guangdong Qichuang Investment Development Co. Ltd. waives

its right to increase capital to Jinghai Power Generation Company in this capital increase and share expansion.For the capital increase introduced through public listing Guangdong Electric Power and Guangzhou Electric

Power Group Co. Ltd. reserve the pre-emptive right to subscribe.

1052024 Annual Report

Website for temporary disclosure of the connected transaction

Announcement Date of disclosure Website for disclosure

Annuncement of Resolutions of the

Firstprovisional shareholers’ general January 6 2024 http//www.cninfo.com.cn.meeting of 2024

Announcement of related transactions on

the Indirect Subsidiaries Introducing February 232024 http//www.cninfo.com.cn.Investors.Announcement on Related-Party

Transactions of Increasing Capital to

Guangdong Power Industry Fuel Co. April 302024 http//www.cninfo.com.cn.Ltd. and Transferring its Undistributed

Profit to Registered Capital

Announcement on Related-Party

Transactions of Increasing Capital to

September 202024 http//www.cninfo.com.cn.Guangdong Power Industry Fuel Co.Ltd.Announcement on Related-Party

Transactions of Increasing Capital to

October 31 2024 http//www.cninfo.com.cn.Guangdong Energy FinanceLeasingasing Co. Ltd.《Announcement on Related-Party

Transactions on the Capital Increase and

Share Expansion of Guangdong Yudean November 302024 http//www.cninfo.com.cn.Jinghai Power Generation Co. Ltd. by

Public Listing

XV. Significant contracts and execution

1.Entrustments contracting and leasing

（1）Entrustment

√ Applicable □ Not applicable

Statement of Trusteeship Situation :

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

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

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

trusteeship range except the ownership right of earning and right of disposition will be trusted to the Company

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.cn on January 13 2018(Announcement No.2018-04). the custody fee actually collected by

the Company was RMB 1.6981 million in 2024.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

1062024 Annual Report

(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 43 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.

2.Significant Guarantees

√Applicable □ Not applicable

In RMB 10000

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

Relevant

Date of Guarant

disc

hap Complet ee

losure

pening Actual Counte e for

Name of date Amoun

(Da mo Guaran r- imp ass

the /No. of t of Guarant Guarantete of unt of ty（If guarante lementat ociatedCompan the Guarante ee type e termsign gua any） e（If ion party gua eing rantee any） or ies

ranteed

agr not (Ye

am

eement) s or no)

ount

Guangdo

ng

Yudean

Yangjian

Two

g

ortwo

Offshore

years

wind

Guangd Guarante after power

ong Novemb eing of the

October Co. Ltd.Energy 200000 er 178944 joint No expirati No Yes

292020 liabilitie provides Group 192020 on of

joint and

Co. Ltd. s. the

several

loan

liability

agreem

guarante

ent

e

counter-

guarante

e

Total amount of Total actually

approved external amount of external

guarantee in the guarantee in the

report period(A1) report period(A2)

Total amount of Total actually

approved external amount of external

guarantee at the end 425459 guarantee at the end 178944

of the report of the report

period(A3) period(A4)

1072024 Annual Report

Guarantee of the company for its subsidiaries

Relevant

Date of Guarant

disc

hap Comple ee

losure

pening Actual Counte te for

Name of date Amount

(Da mo Guaranty r- imp ass

the /No. of of Guarantte of unt of （If guaranteGuarant

lementat ociated

Compan the Guarante ee type ee termsign gua any） e（If ion party gua eing rantee any） or ies

ranteed

agr not (Ye

am

eement) s or no)

ount

The dur

ation of

each issu

e of corp

orate bo

nds unde

r the regi

stration

approval

Guangd of Guan

ong gdong W

Wind Guarant ind Pow

August 200 March

Power 60000 eeing of No No er Gener No No

312022000212023

Generati joint ation Co.on Co. Ltd. wil

Ltd. l end on

the day t

hat is tw

o years a

fter the l

atest due

date of t

he corpo

rate bon

d.Total of guarantee Total of actual

for subsidiaries guarantee for

00

approved in the subsidiaries in the

period(B1) period (B2)

Total of guarantee Total of actual

for subsidiaries guarantee for

44153660000

approved at period- subsidiaries at

end(B3) period-end(B4)

Guarantee of the subsidiaries for the controlling subsidiaries

Relevant

Date of Guarant

disc

hap Comple ee

losure

pening Actual te for

Name of date Amount Counter-

(Da mo Guarant

the /No. of of Guarante guarante

imp ass

Guarantete of unt of y（If lementat ociatedCompan the Guarante e type e（If e termsign gua any） ion party gua e any）

ing rantee or ies

ranteed

agr not (Ye

am

eement) s or no)

ount

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

Total amount of

Total guarantee

guarantee actually

quota approved in

incurred in the

the reporting period 0 -10528

reporting period

（A1+B1+C1）

（A2+B2+C2）

1082024 Annual Report

Total guarantee

Total balance of

quota already

the actual guarantee

approved at the

at the end of the

end of the 866995 238944

reporting period

reporting period

（A4+B4+C4）

（A3+B3+C3）

The proportion of the total amount of

actually guarantee in the net assets of the 10.44%Company (that is A4+B4+C4）%

Including：

Amount of guarantees provided for

shareholders the actual controller and their 178944

related parties (D)

Amount of debt guarantees provided

directly or indirectly for entities with a 238944

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

Proportion of total amount of guarantee

in net assets of the company exceed 50% 0

（F）

Total amount of the three kinds of

238944

guarantees above (D+E+F)

Explanations on possibly bearing joint

and several liquidating responsibilities for No

undue guarantees (if any)

Explanations on external guarantee

No

against regulated procedures (if any)

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. Explanation on other significant events

√ Applicable □Not applicable

Summary of important matters Name Date of

Website for disclosure

disclosure

In order to reflect the Company's financial position and operating http//www.cninfo.com.cn.results more objectively and fairly after deliberation at the 17th Announcement on

meeting of the 10th board of directors of the Companyit’s agreed Accounting Policy March 302024

that the Company would make changes in accounting policy in Changes

accordance with Interpretation No. 17 from January 1 2024.In order to objectively and fairly reflect the Company's financial http//www.cninfo.com.cn.position and the value of assets at the end of the period after

deliberation at the 13th meeting of the 10th board of directors of

the Company it’s agreed that the Company will make an asset Announcement on

impairment provision of 1206.2926 million yuan for the relevant The Provision for March 302024

assets of the Company and its holding subsidiaries as of 2023 in Asset Impairment

accordance with the relevant provisions of the "Accounting

Standards for Business Enterprises" and the actual situation of the

Company's assets. the Company and its holding subsidiaries made

1092024 Annual Report

an asset impairment provision of 1324.5204 million yuan for the

relevant assets that might have asset impairment

According to Article 12 of the Management Measures for the http//www.cninfo.com.cn.Selection and Appointment of Accounting Firms by State owned

Enterprises and Listed Companies jointly issued by the Ministry of

Finance the State owned Assets Supervision and Administration

Commission of the State Council and the China Securities

Regulatory Commission (CSRC) "State owned enterprises shall

not continuously employ the same accounting firm for more than 8 Announcement on

years." Considering that PwC has provided audit services to the the Proposed

Company for 8 consecutive years in order to further enhance the Change of the April 302024

independence and objectivity of the audit work of listed companies Company's

and taking into account the Company's development situation and Accounting Firm

audit work needs the Company intends to change its accounting

firm. After tendering and prudent decision-making the Company

intends to appoint Grant Thornton Certified Public Accountants

(Special General Partnership) hereinafter referred to as " Grant

Thornton ") as the financial audit and internal control audit

institution for the year of 2024.In order to accelerate the development and construction of new

Announcement of http//www.cninfo.com.cn.energy projects the board of directors agreed to increase the

Resolutions of the

registered capital of its wholly-owned subsidiary Guangdong

Second Meeting

Energy Group Xinjiang Co. Ltd. (hereinafter referred to as

of the Tenth Board July 242024

"Xinjiang Company") from 300 million yuan to 1.3 billion yuan

of Directors by

which will be fully increased by the Company. The capital increase

Correspondence of

will be allocated in batches according to the actual progress of the

2024

project and the demand for funds.In order to implement the industrial development strategy of http//www.cninfo.com.cn.Xinjiang and smoothly promote the construction of new energy

projects the board of directors of the Company agreed to invest in

Announcement of

the construction of the First Phase of the 500000 Kilowatts of

Resolutions of the

Tuokexun County 1 million-Kilowatts Wind Power Project of

Third Meeting of

Guangdong Energy with a total investment of 1975335900 yuan

the Tenth Board of July 242024

and the capital is set at 396567200 yuan according to 20% of the

Directors by

total investment- which will be solved by the wholly-owned

Correspondence of

subsidiary Guangdong Energy Group Xinjiang Co. Ltd. increasing

2024

the capital in batches to Guangdong Energy Tuokexun New Energy

Power Generation Co. Ltd. according to the actual progress of the

project and capital needs.In order to implement the industrial development strategy of http//www.cninfo.com.cn.Xinjiang and smoothly promote the construction of new energy

projects the board of directors of the Company agreed that

Guangneng Toksun New Energy Power Generation Co. Ltd. will Announcement of

invest in the construction of the second phase of the 500000 Resolutions of the

kilowatt project of Guangdong Energy Tuoxun County 1 million 5th Meeting of the

September

kilowatt Wind Power Project. The total investment of the second Tenth Board of

202024

phase project is 1844.4618 million yuan and the capital is Directors by

370.3924 million yuan set according to 20% of the total Correspondence of

investment which shall be solved by Guangdong Energy Group 2024

Xinjiang Co. Ltd. to increase the capital to Guangneng Tuoxun

New Energy Power Generation Co. Ltd. in batches according to

the actual progress of the project and the capital demand.XVII. Significant event of subsidiary of the Company

□ Applicable √ Not applicable

1102024 Annual Report

VII. 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 ChangeAmount Proportio Capita

n lization

Share Bonus of Subtot Proportio

allotmen Other Quantity

shares common al n

t

reserve

fund

I. Share with

conditional 1897963287 36.15% 16050 16050 1897979337 36.15%

subscription

1. State-

owned

shares

2. State-

owned legal

189345425736.06%189345425736.06%

person

shares

3.Other

domestic 4509030 0.09% 16050 16050 4525080 0.09%

shares

Of which：

Domestic

35357700.07%35357700.07%

legal person

shares

Domestic

natural

9732600.02%16050160509893100.02%

person

shares

4.Foreign

shares

Of

which：

Foreign legal

person

shares

Foreign

natural

person

shares

II. Shares

with

unconditiona 3352320699 63.85% -16050 -16050 3352304649 63.85%

l

subscription

1.Common

shares in 2553912699 48.64% -16050 -16050 2553896649 48.64%

RMB

2.Foreign

shares in

79840800015.21%79840800015.21%

domestic

market

3.Foreign

shares in

foreign

market

4.Other

1112024 Annual Report

III. Total of

capital 5250283986 5250283986

shares

Reasons for share changed

√ Applicable □ Not applicable

In March 2024 Ms. Ling Xiaoqing the former director of the Company purchased 16050 A shares of the

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

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

□Applicable √Not applicable

Ownership transfer of share changes

□Applicable √Not applicable

Progress on any share repurchase:

□ Applicable √ Not applicable

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

□ Applicable √ Not applicable

Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable

to common shareholders of Company in latest year and period

□ Applicable √ Not applicable

Other information necessary to disclose for the company or need to 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

Executive

Li Xiaoqing 0 16050 0 16050 lock-in February 2025

shares

Total 0 16050 0 16050 -- --

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

1122024 Annual Report

In Shares

Total

sharehol Total

Total number

ders at preferred shareho

of common

sharehol the end lders at the end of

ders at the 10409 of the 10313 The total number of preferred sharehold the month from

00

end of the 6 month 8 ers voting rights (if any)(See Notes 8) the date of

reporting from the disclosing the

period date of annual report(if

disclosin any)(See Notes 8)

g

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

Number of

Proportio

Nature share

n of Number of Amount of Amount of

Shareho of Changes in reporting pledged/frozen

shares shares held at restricted un-restricted

lders shareho period State

held period -end shares held shares held Amo

lder of

（%） unt

share

Guangdong State-

Energy owned Not appli

67.39%35381169210189345425716446626640

Group Co. legal cable

Ltd. person

Guangzhou State-

Development owned Not appli

2.22%116693602001166936020

Group Co. legal cable

Ltd. person

Guangdong

State-

Electric

owned Not appli

Power 1.80% 94367341 0 0 94367341 0

legal cable

Development

person

Corporation

Domest

Zheng ic Not appli

0.51%266000001950560266000000

Jianxiang Natural cable

person

CHINA

INTERNATI

ONAL

Overse

CAPITAL

as Not appli

CORPORAT 0.29% 15266066 -62300 0 15266066 0

Legal cable

ION HONG

person

KONG

SECURITIE

S LTD

VANGUAR

D

TOTAL Overse

INTERNATI as Not appli

0.29%15075212-7803000150752120

ONAL Legal cable

STOCK person

INDEX

FUND

Agricultural

Bank of Domest

China－CSI ic Non-

Not appli

500 State 0.24% 12673800 7947200 0 12673800 0

cable

exchange- owned

traded legal

securities

1132024 Annual Report

investment

fund

Overse

NOMURA

as Not appli

SINGAPOR 0.24% 12599843 0 0 12599843 0

Legal cable

E LIMITED

person

Overse

Chaokang

as Not appli

Investment 0.22% 11656677 0 0 11656677 0

Legal cable

Co. Ltd.person

Overse

as Not appli

HKSCC 0.22% 11413362 -29140225 0 11413362 0

Legal cable

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 is the wholly-

associated relationship

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

among the aforesaid

whether the other shareholders have relationships or unanimous acting was unknown

shareholders

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

Quantity of unrestricted shares held at the end of the reporting

Name of the shareholder Share

period Quantity

type

RMB

Guangdong Energy Group Co.

1644662664 Common 1644662664

Ltd.shares

RMB

Guangzhou Development Group

116693602 Common 116693602

Co. Ltd.shares

RMB

Guangdong Electric Power

94367341 Common 94367341

Development Corporation

shares

Foreign

shares

Zheng Jianxiang 26600000 placed in 26600000

domestic

exchange

Foreign

CHINA

shares

INTERNATIONAL CAPITAL

15266066 placed in 15266066

CORPORATION HONG KONG

domestic

SECURITIES LTD

exchange

VANGUARD Foreign

TOTAL INTERNATIONAL 15075212 shares 15075212

STOCK INDEX FUND placed in

1142024 Annual Report

domestic

exchange

Agricultural Bank of China－CSI RMB

500 exchange-traded securities 12673800 Common 12673800

investment fund shares

Foreign

shares

NOMURA

12599843 placed in 12599843

SINGAPORE LIMITED

domestic

exchange

Foreign

shares

Chaokang Investment Co. Ltd. 11656677 placed in 11656677

domestic

exchange

RMB

HKSCC 11413362 Common 11413362

shares

Explanation on associated

relationship or consistent

action among the top 10 The Third largest shareholder Guangdong Electric Power Development Corporation

shareholders of non-restricted And the ninth largest shareholder Chaokang Investment Co. Ltd. Are the the wholly-owned

negotiable shares and that subsidiaries of the largest shareholder Energy Group. These three companies have

between the top 10 relationships; whether the other shareholders have relationships or unanimous acting was

shareholders of non-restricted unknown

negotiable shares and top 10

shareholders

Explanation on shareholders

No

participating in the 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

In Shares

Particulars about shares held above 5% by shareholders Shareholding of top 10 shareholders of unrestricted shares(Excluding

shares lent through refinancing and Top management lock-in stock)

General account and Number of shares lent by General account and Number of shares lent by

credit account holding refinancing at the the credit account holding refinancing at the end of

Name of shares at the beginning of beginning of the period shares at the end of the the period and not yet

shareholder the period and not yet returned period returned

(full name) Proportion Proportion Proportion Proportion

Total of total Total of total Total of total Total of total

quantity share quantity share quantity share quantity share

capital capital capital capital

Agricultura

l Bank of

China－

CSI 500

exchange- 4726600 0.09% 1450800 0.03% 12673800 0.03% 0 0%

traded

securities

investment

fund

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

1152024 Annual Report

□ Applicable √ Not applicable

Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a buy-

back agreement dealing in reporting period.□ Yes √ No

The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company

have no buy –back agreement dealing in reporting period.

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

transportation

Guangdong

Zhang Fan August 32001 91440000730486022G resources

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

State-owned Assets

supervision and institution directly

administration subordinate to

Commission of Zhi Guangnan June 262004 114400007583361658 Guangdong Provincial

Guangdong People's Government

Provincial performed the

People’s Government

obligation of provincial

1162024 Annual Report

state-asset contributor

entrusted by the

provincial government.Equity of other

domestic/foreign

listed

company with

share

controlling and Unknown

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

1172024 Annual Report

□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

1182024 Annual Report

VIII. Situation of the Preferred Shares

□Applicable √Not applicable

The Company had no preferred shares in the reporting period.

1192024 Annual Report

IX. 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

balan

Bond ce Inter

Bond Issue Value Due Servicing Tradin

Bond name short (RM est

code day date day way g

name B rate

'0000

)

Using

simple

interest rate

on a yearly

basis

regardless

of

compound

Public Issuance of Corporate interest.Shenz

Bonds to Qualified Investors in Due

21 January January hen

2021 (Phase I) of Guandong 14936 January 3.57 payments

Yudean 27 27 0 Stock

Electric Power Development 9.SZ 262021 01 2021 2024 % once a year Excha

Co.Ltd. maturing nge

debt at a

time. In the

final phase

interest is

paid

together

with the

principal

redemption.Using

simple

interest rate

Public Issuance of Corporate on a yearly

Shenz

Bonds to Qualified Investors in basis

hen

2021 (Phase II) of Guandong 21Yudea 14941 April April April 1250 2.45 regardless

Stock

Electric Power Development n 02 8.SZ 272021 282021 282026 0 % of Excha

Co.Ltd. compound nge

interest.Due

payments

once a year

1202024 Annual Report

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

interest.Public Issuance of Corporate Due Shenz

Bonds to Professional Investors Novem Novem Novem hen

21Yedea 149711 8000 3.41 payments

in 2021 (Phase I) of Guandong ber ber 24 ber 24 Stock

n 03

Electric Power Development .SZ 232021 2021 2026 0 % once a year Excha

Co.Ltd. maturing nge

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

Public Issuance of Green interest.Corporate Bonds to Due Shenz

G23 hen

professional Investors in 115042 March March March 6000 3.15 payments

Yuefeng Stock

2023(phase I)(Variety 2) of .SH 202023 212023 212028 0 % once a year

2 Excha

Guangdong Wind Power maturing nge

Generation Co. Ltd. debt at a

time. In the

final phase

interest is

paid

together

with the

principal

redemption.During the reporting period interest payment situation 21 Yudean 01 21 Yudean 02 21 Yudean 03 and G23 Yuefeng 2 are

of the company bonds（If any） bonds for professional investors

Applicable trading mechanism Matching transaction click transaction inquiry transaction bidding transa

1212024 Annual Report

ction negotiation transaction

Whether there are risks and countermeasures for termi

Nonating 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.SZ

Bond abbreviation: 21 Yudean 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 21 Yudean 02 triggered the

option clause. From March 25 2024 to March 27 2024 the Company issued three suggestive announcements

on the implementation measures of coupon rate non-adjustment and investors' resale.It will reduce the coupon rate to 2.45%. After the announcement on the coupon rate adjustment by the

Company investors exercised the repurchase option with a registered repurchase size of RMB 1.375 billion

and a balance of RMB 125 million after the repurchase of 21 Yudean 02.During the reporting period d G23 Yuefeng 2 did not reach the exercise period and thus did not trigger the

option clause.

2. 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

Contact

Name of

Name of bond Office Name of person of

intermediary Tel

project Address signing accountant intermediary

agency

agency

Public Issuance of

Corporate Bonds China Securities 9/F Taikang

to Qualified Co. Ltd. (lead Group Building

Investors in 2021

principal Building 1 Yard

(Phase I) of Not applicable Liu Renshuo 010-56051956

Guandong Electric underwriter/bookk 16 Jinghui Street

Power eeping Chaoyang District

Development manager/trustee) Beijing

Co.Ltd.Public Issuance of

Corporate Bonds

to Qualified 22/F CITIC

Securities

Investors in 2021 CITIC Securities

Building No.48

(Phase I) 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 Beijing Zhong Lun 313336 and 37 Not applicable Liang Qinghua 020-28262689

1222024 Annual Report

Corporate Bonds Law Firm floorSk Building

to Qualified No.6

Investors in 2021 Jianguomenwai

(Phase I) of Chaoyang District

Guandong Electric Beijing

Power

11/F

Public Issuance of

PricewaterhouseC PricewaterhouseC Wang Bin Li

Corporate Bonds

oopers Zhongtian oopers Center Yanhua（2019）；

to Qualified

Certified Public No.202 Lingzhan Wang Bin Guo

Investors in 2021 Wang Bin 020-38192000

Accountants Enterprise Paazza Biyu（2018）；

(Phase I) of

(Special General Hubin Road Wang Bin Chen

Guandong Electric

Partnership) Huangpu District Junjun（2017）

Power

Shanghai

Public Issuance of

Corporate Bonds Building 5 Yinhe

to Qualified China Cheng Xin SOHO No.2

International Nanzhugan

Investors in 2021 Not applicable Fang Zibin 010-66428877

Credit Rating Co. Hutong

(Phase I) 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 II) of Building 1 Yard Not applicable Liu Renshuo 010-56051956

Guandong Electric underwriter/bookk 16 Jinghui Street

Power eeping Chaoyang

Development manager/trustee)

Co.Ltd.Public Issuance of

Corporate Bonds

22/F CITIC

to Professional

Securities

Investors in 2021 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

Corporate Bonds 313336 and 37

to Professional floorSk Building

Investors in 2021

Beijing Zhong Lun No.6

(Phase II) of Not applicable Liang Qinghua 020-28262689

Guandong Electric Law Firm Jianguomenwai

Power Chaoyang District

Development Beijing

Co.Ltd.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.202 Lingzhan

(Phase II) 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 Building 5 Yinhe

Corporate Bonds China Cheng Xin SOHO No.2

to Professional International Nanzhugan

Not applicable Fang Zibin 010-66428877

Investors in 2021 Credit Rating Co. Hutong

(Phase II) of Ltd. Dongcheng

Guandong Electric District Beijing

1232024 Annual Report

Power

Development

Co.Ltd.Public Issuance of

Corporate Bonds China Securities

to Professional 9/F Taikang Co. Ltd. (lead

Investors in 2021 Group Building

principal

(Phase II) of Building 1 Yard Not applicable Liu Renshuo 010-56051956

Guandong Electric underwriter/bookk 16 Jinghui Street

Power eeping Chaoyang

Development manager/trustee)

Co.Ltd.

29/F 10/F and

Public Issuance of

11/F Chow Tai

Corporate Bonds

Fook Finance

to Professional

Centre NO.6

Investors in 2021

Zhujiang Dong

(Phase II) of ETR Law Firm Not applicable Wang Xing 020-37181333

Road Tianhe

Guandong Electric

District

Power

Guangzhou City

Development

Guangdong

Co.Ltd.Province

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.202 Lingzhan

(Phase II) of （2019-2020）； Wang Bin 020-38192000

Guandong Electric Accountants Enterprise Paazza Wang Bin Gluo

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 Xin SOHO No.2

Investors in 2021

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 appliacable 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 PricewaterhouseC 11/F

Green Corporate

oopers Zhongtian PricewaterhouseC Li Xiaolei Fan Li Xiaolei Fan

Bonds to 020-38192097

professional Certified Public oopers Center Xin Xin Tang Di

Investors in Accountants No.202 Lingzhan

1242024 Annual Report

2023(phase (Special General Enterprise Paazza

I)(Variety 2) of Partnership) Hubin Road

Guangdong Wind

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

Bonds to

professional 313/F Industrial

Investors in Bnk Building Chen Ling Yan

Goldsun Law Firm Not applicable 020-38790290

2023(phase No.101Tianhe Lixin

I)(Variety 2) of Road Guangzhou

Guangdong Wind

Power Generation

Co. Ltd.Whether the above agency changes during the reporting period

□Yes □No

According to Article 12 of the Management Measures for the Selection and Appointment of Accounting

Firms by State owned Enterprises and Listed Companies jointly issued by the Ministry of Finance the State

owned Assets Supervision and Administration Commission of the State Council and CSRC: "State owned

enterprises shall not continuously employ the same accounting firm for more than 8 years." considering that

PwC Zhongtian Certified Public Accountants (Special General Partnership) has provided audit services to the

Company for 8 consecutive years in order to further enhance the independence and objectivity of the audit

work of the listed company and taking into account the Company's development situation and audit work needs

after tendering and decision-making by the Company's authorized institution the issuer appointed Grant

Thornton Certified Public Accountants (Special General Partnership) as the financial audit and internal control

audit institution for 2024.The change of the Company's accounting firm is mainly aimed at further enhancing the independence and

objectivity of the audit work of the listed company. Taking into account the development situation of the

Company and the needs of audit work it has no substantial and significant adverse impact on its financial

condition and debt paying ability.

4. Use of raised funds

In RMB10000

Whether

it is

Actual use

consisten

of raised Operati

t with the

Total funds Actual on of Rectificati

Agreed purpose

Bond Used Unuse special on of amoun (classified use of use plan

Bond purpose d account illegal use

abbreviati t of amoun by purpose funds for and other

Code of raised amou for of raised

on raised t excluding each agreemen

funds nt raised funds (if

funds temporary category ts funds (if any)

stipulated

replenishme any)

in the

nt) prospectu

s

149369.S 21Yudean 10000 Intended 10000 Used to All used 0 The No Yes

1252024 Annual Report

Z 01 0 for 0 repay to repay special

repaying interest the fund-

the bearing Company' raising

Company' liabilities s interest account

s interest (excluding bearing operates

bearing corporate debts properly

debt bonds)

Intended Used to

All used The

for repay

to repay special

repaying interest

the fund-

149418.S 21 15000 the 15000 bearing

Company' 0 raising No Yes

Z Yudean02 0 Company' 0 liabilities

s interest account

s interest (excluding

bearing operates

bearing corporate

debts properly

debt bonds)

Raised

funds of

no more

than RMB

500

million

(including

RMB 500

million) Used to RMB 500

The

used to repay million

special

repay the interest used to

fund-

149711.S 21 Company' bearing repay the

80000 80000 0 raising No Yes

Z Yudean03 s interest liabilities Company'

account

bearing (excluding s interest

operates

debts and corporate bearing

properly

the bonds) debt

remaining

amount to

suppleme

nt the

Company'

s working

capital

etc拟将不超过5亿元

（含 5 亿 Used toRMB 300

元）募集 supplement

million to

资金用于 daily 募集资

suppleme

149711.S 21 粤电 偿还公司 operating 金专项

80000 80000 nt the 0 无 是

Z 03 有息债 funds 账户运

Company'务，剩余 (excluding 作良好s working

部分用于 temporary

capital

补充公司 cash flow)流动资金等

Intended The The

Used for the

for the constructi special

construction

constructi on and fund-

115042.S G23 and 2711

60000 on and 32883 acquisitio raising No Yes

H Yuefeng 2 operation of 7

acquisitio n of account

physical

n of projects in operates

projects

projects in the green properly

1262024 Annual Report

the green industry

industry sector

sector amounted

to RMB

328.83

million

The raised funds are used for construction projects

□Applicable □ Not applicable

Whether the net

income of the

project decreased

Where there by more than 50%

was any compared to the

Changes in net

significant disclosure in the

income of the

change in the prospectus during

project and their

project during Project changes the reporting

impact on the

Bond Project progress and the reporting and procedure period or whether

Bond code issuer's debt paying

abbreviation operational benefits period that implementation any other

ability and

may affect the status significant adverse

investor's equity as

investment changes that may

well as

and use plan affect the

countermeasures

of the raised operational

funds efficiency of the

project occurred

during the

reporting period

G23 Yuefeng 2 raised funds

amounted RMB 600

million with a cumulative

use of RMB 328.83 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 80.29

million was used for the

construction of the

Agricultural and

Photovoltaic

G23 Yuefeng Not applicable

115042.SH Complementary Project No Not applicable Not

(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

1272024 Annual Report

Liangdong 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.Phase II (80MW) of the

Photovoltaic Composite

Project in Yulin Village

Sanzao Zhuhai

Guangdong has started

construction as scheduled

and completed its main

construction by the end of

December 2023 achieving

full capacity grid

connection. Currently it is

in good operation; The

Agricultural Photovoltaic

Complementary Project

(200MW) in Lanshannan

City started construction in

March 2024 and completed

the first batch of

photovoltaic grid

connection in August of the

same year with a grid

connected capacity of

10MW. By January 2025 it

has completed a total of

100MW of grid connection

and the expected

completion time is June

2025; The 70 MW Shixi

Photovoltaic Power

Generation Project in Baidu

Village Dachong Village

Shixi Village Shipingtang

Village and Zhishiping

Village in Dapingtang

Town Xintian County is

currently in preparatory

period (all bond funds are

used to pay the preliminary

contract) with an expected

completion date of the end

of 2025; The Guangdong

AVIC Liangdong

Photovoltaic Project

(Acquisition) (90MW) was

acquired and put into

1282024 Annual Report

operation at the end of

October 2023; The

acquisition of AVIC

Xiangzhou Photovoltaic

Integration (160MW in this

phase) has started in July

2023 and it was first

connected to the grid in

August 2023. The project

delivery was completed on

December 25 2023 and the

project is in good operation.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). Credit enhancement mechanism: 21 Yudean 01 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 01 21 Yudean 02 21 Yudean

03 and G3 Yuefeng 2 debt repayment plans and other debt repayment guarantee measures have not changed

during the reporting period and the payment of their principal and interest will be handled by the bond

registration institution and relevant institutions. The specific matters of payment will be elaborated in the

announcement disclosed by the issuer in the media specified by China Securities Regulatory Commission

Shenzhen Stock Exchange Shanghai Stock Exchange and China Securities Industry Association in accordance

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

√ Applicable □ Not applicable

1. Debt financing instruments of non-financial enterprises

In RMB10000

Bond Bond Value Bond Interes Servicing

Bond code Issue day Due day Trading

name short name date balance t rate way

Using

2021 MTN simple

(Phase I) of interest

Guangdong

21Yudean 102101339.I July July July rate on a Interban

Electric 0 3.17%

Fa MTN001 B 192021 212021 212024 Power yearly k market

Developmen basis

t Co. Ltd. regardless

of

1292024 Annual Report

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

interest.

2021 MTN Due

(Phase II) of payments

Guangdong

21Yudean 102102318.I Novembe Novembe Novembe once a Interban

Electric 0 3.13%

Fa MTN002

Power B r 152021 r 172021 r 172024 year k market

Developmen maturing

t Co. Ltd. debt at a

time. In

the final

phase

interest is

paid

together

with the

principal

redemption.Using

simple

interest

rate on a

2022 MTN yearly

(Phase I) of basis

Guangdong

22Yudean 102281929.I August August August regardless Interban

Electric 60000 2.9%

Fa MTN001

Power B 242022 262022 262027 of k market

Developmen compound

t Co. Ltd. interest.Due

payments

once a

year

1302024 Annual Report

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

interest.

2023 MTN Due

(Phase I) of payments

Guangdong

23Yudean 102380558.I March March March 16000 once a Interban

Electric 3.35%

Fa MTN001

Power B 152023 172023 172028 0 year k market

Developmen maturing

t 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

2024 MTN of

(Phase I) of compound

Guangdong 24 Yudean

102482034.I May May May 10000 interest. Interban

Electric Fa 2.41%

B 222024 242024 242029 Power MTN001 0 Due k market

Developmen payments

t Co. Ltd. once a

year

maturing

debt at a

time. In

the final

phase

interest is

1312024 Annual Report

paid

together

with the

principal

redemption.Using

simple

interest

rate on a

yearly

basis

regardless

of

compound

interest.

2024 MTN Due

(Phase II) of payments

Guangdong 24 Yudean

102483012.I July July July 15000 once a Interban

Electric Fa 2.54%

B 112024 152024 152034 Power MTN002 0 year k market

Developmen maturing

t 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 III) Due

of payments

24 Yudean

Guangdong 102484007.I Septembe Septembe Septembe once a Interban

Fa 60000 2.52%

Electric MTN003 B r 92024 r 112024 r 112039 year k market

Power maturing

Developmen debt at a

t Co. Ltd. time. In

the final

phase

interest is

paid

together

with the

principal

redemption.

1322024 Annual Report

Using

simple

interest

rate on a

yearly

basis

regardless

of

compound

2024 MTN interest.

(Phase IV) Due

of payments

24 Yudean October

Guangdong 102400984.I October October 10000 once a Interban

Fa 14 2.47%

Electric MTN004 B 112024 142029 0 year k market 2024

Power maturing

Developmen debt at a

t Co. Ltd. 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)

Due

of

payments

Guangdong 24 Yudean October

102400985.I October October once a Interban

Electric Fa 14 50000 2.70%

B 112024 142039 year k market

Power MTN004B 2024

maturing

Developmen

debt at a

t Co. Ltd.time. In

Variety 2)

the final

phase

interest is

paid

together

with the

principal

redemption.

2024 MTN Using

(Phase V) of simple

24 Yudean

Guangdong 102484558.I October October October 10000 interest Interban

Fa 2.70%

Electric MTN005 B 222024 242024 242039 0 rate on a k market

Power yearly

Developmen basis

1332024 Annual Report

t 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 VI)

Due

of

payments

Guangdong 24 Yudean Novembe Novembe

102401037.I Novembe once a Interban

Electric FaMTN006 r 13 r 13 80000 2.37%

B r 112024 year k market

Power A 2024 2029

maturing

Developmen

debt at a

t Co. Ltd.time. In

Variety 1)

the final

phase

interest is

paid

together

with the

principal

redemption.Using

simple

2024 MTN

interest

(Phase VI)

rate on a

of

yearly

Guangdong 24Yudean

102401038.I Novembe Novembe Novembe 10000 basis Interban

Electric Fa 2.67%

B r 112024 r 132024 r 132039 0 regardless k market

Power MTN006B

of

Developmen

compound

t Co. Ltd.interest.Variety 2)

Due

payments

1342024 Annual Report

once a

year

maturing

debt at a

time. In

the final

phase

interest is

paid

together

with the

principal

redemption.Guangdong

Electric One time

Power repayment

Developmen of

t Co. 23 Yudean 012382809.I July July January Interban

0 2.13% principal

Ltd.2023 I Fa SCP001 B 252023 262023 192024 k market

phase Ultra- and

short term interest

financing due

bills

Guangdong

Electric

One time

Power

repayment

Developmen

of

t Co. 23 Yudean 012384361.I Decembe May Interban

Decembe 0 2.56% principal

Ltd.2023 II Fa SCP002 B r 52023 312024 k market

r 62023 and

phase Ultra-

interest

short term

due

financing

bills

Guangdong

Electric

One time

Power

repayment

Developmen

24 Yudean October of

t Co. 012481357.I April April 19 Interban

Fa 16 0 1.84% principal

Ltd.2024 I B 182024 2024 k market

SCP001 2024 and

phase Ultra-

interest

short term

due

financing

bills

Using

simple

interest

rate on a

2021 MTN yearly

(Phase I) of basis

Guangdong regardless

October October of

Huizhou 21 Pnghai 102102049.I October Interban

15 15 0 3.72% compound

Pinghai Fa MTN001 B 132021 k market

2021 2024 interest.

Power Due

Generationt payments

Co. Ltd. once a

year

maturing

debt at a

time. In

1352024 Annual Report

the final

phase

interest is

paid

together

with the

principal

redemption.During the reporting period interest payment

No

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

promulgate d by the National Interbank Funding Center

Whether there are risks and countermeasures

Nofor 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

2021 MTN (Phase Industry Bank(lead

Building No.186

I) of Guangdong principal Zhao Xinle Ye 010-89926570、

Jiangbin Road Not applicable

Electric Power underwriter/bookk Huishan 020-38988015

Taijiang District

Develop eeping manager

Fuzhou

2021 MTN (Phase No. 55

I) of Guangdong ICBC(joint lead Fuxingmennei

Not applicable Sheng Xue 010-66106736

Electric Power underwriter) Street Xicheng

Develop District Beijing

2021 MTN (Phase 3133 36 and 37/F

SK Building A6

I) of Guangdong Beijing Zhong Lun

Jianguomenwai Not Applicable Liang Qinghua 020-28262689

Electric Power Law Firm Street Chaoyang

Develop District Beijing

11/F

PricewaterhouseC PricewaterhouseC Wang Bin Li2021 MTN (Phase oopers Zhongtian oopers No.2 Yanhua（2019-I) of Guangdong Certified Public Enterprist

2020）；Wang Du Weiwei 020-38192558

Electric Power Accountants Building No.202

Bin Guo Biyu

Develop (Special General Hubin Road

Partnership) Huangpu District （2018）

Shanghai

2021 MTN (Phase Shanghai 14/F Huasheng

I) of Guangdong Brilliance Credit Building No.398

Not applicable Zhang Jie 18600048666

Electric Power Rating & Investors Hankou Road

Develop Service Co. Ltd. Shanghai

2021 MTN (Phase

Industry Bank Industry Bank

II) of Guangdong

(lead principal No.398 Jiangbin Zhao Xinle Ye 010-89926570、

Electric Power Not applicable

underwriter/bookk Road Taijiang Huishan 020-38988015

Development Co.eeping manager District Fuzhou

Ltd.

2021 MTN (Phase No. 55

ICBC(joint lead

II) of Guangdong Fuxingmennei Not applicable Sheng Xue 010-66106736

underwriter)

Electric Power Street Xicheng

1362024 Annual Report

Development Co. District Beijing

Ltd.

2021 MTN (Phase 3133 36 and 37/F

II) of Guangdong SK Building A6

Beijing Zhong Lun

Electric Power Jianguomenwai Not Applicable Liang Qinghua 020-28262689

Law Firm

Development Co. Street Chaoyang

Ltd. District Beijing

11/F

2021 MTN (Phase PricewaterhouseC PricewaterhouseC Wang Bin LiII) of Guangdong oopers Zhongtian oopers No.2 Yanhua（2019-Certified Public EnterpristElectric Power 2020）；Wang Du Weiwei 020-38192558

Accountants Building No.202

Development Co. Bin Guo Biyu(Special General Hubin Road

Ltd. Partnership) Huangpu District （2018）

Shanghai

2022 MTN (Phase

Industry Bank Industry Bank

I) of Guangdong

(lead principal No.398 Jiangbin Zhao Xinle Ye 010-89926570、

Electric Power Not applicable

underwriter/bookk Road Taijiang Huishan 020-38988015

Development Co.eeping manager District Fuzhou

Ltd.

2022 MTN (Phase

I) of Guangdong No. 55

ICBC(joint lead Fuxingmennei

Electric Power Not applicable Sheng Xue 010-66106736

underwriter) Street Xicheng

Development Co. District Beijing

Ltd.

2022 MTN (Phase 3133 36 and 37/F

I) of Guangdong SK Building A6

Beijing Zhong Lun

Electric Power Jianguomenwai Not Applicable Liang Qinghua 020-28262689

Law Firm

Development Co. Street Chaoyang

Ltd. District Beijing

11/F

2022 MTN (Phase PricewaterhouseC PricewaterhouseC Chen Junjun Li

I) of Guangdong oopers Zhongtian oopers No.2 Xiaolei(2021)；

Certified Public Enterprist

Electric Power Wang Bin Li Du Weiwei 020-38192558

Accountants Building No.202Development Co. Yanhua（2019-(Special General Hubin RoadLtd. Partnership) Huangpu District 2020）

Shanghai

2023 MTN (Phase

Industry Bank Industry Bank

I) of Guangdong

(lead principal No.398 Jiangbin Zhao Xinle Ye 010-89926570、

Electric Power Not applicable

underwriter/bookk Road Taijiang Huishan 020-38988015

Development Co.eeping manager District Fuzhou

Ltd.

2023 MTN (Phase Agricultural

No.69 Jianguo

I) of Guangdong Bank of China

Mennei Street

Electric Power Corporation Not applicable Liu Zhaoying 010-85109688

Chaoyang District

Development Co. Limited (co-lead Beijing

Ltd. underwriter)

2023 MTN (Phase 3133 36 and 37/F

I) of Guangdong SK Building A6

Beijing Zhong Lun

Electric Power Jianguomenwai Not Applicable Liang Qinghua 020-28262689

Law Firm

Development Co. Street Chaoyang

Ltd. District Beijing

11/F

2023 MTN (Phase PricewaterhouseC PricewaterhouseC

Li Xiaolei Fan

oopers Zhongtian oopers No.2 Xin（2022）Chen

I) of Guangdong

Certified Public Enterprist Junjun Li

Electric Power Du Weiwei 020-38192558

Accountants Building No.202 Xiaolei(2021)；

Development Co. (Special General Hubin Road Wang Bin Li

Ltd. Partnership) Huangpu District Yanhua（2020）

Shanghai

1372024 Annual Report

2024 MTN (Phase

Industry Bank Industry Bank

I) of Guangdong

(lead principal No.398 Jiangbin Zhao Xinle Ye 010-89926570、

Electric Power Not applicable

underwriter/bookk Road Taijiang Huishan 020-38988015

Development Co.eeping manager District Fuzhou

Ltd.

2024 MTN (Phase

Haitong Securities Chen Shilong

I) of Guangdong No.689

（principal LiAO MeingElectric Power Guangdong Road Not applicable 010-88027899

underwriter/bookk Dong Raoqi Qiu

Development Co. Shanghaieeping manager） Yi Chen Nanhong

Ltd.China Securities

2024 MTN (Phase 9/F Taikang

Co. Ltd. (lead

I) of Guangdong Group Building

principal

Electric Power Building 1 Yard Not applicable Huang Yimao 010-56051910

underwriter/bookk

Development Co. 16 Jinghui Street

eeping

Ltd. Chaoyang

manager/trustee)

China

2024 MTN (Phase

China Merchants MerchantsBank

I) of Guangdong

Bank Co. Ltd Building Hu Qianyu

Electric Power Not applicable 0755-88026140

(joint lead No.7088 ZhouHuan

Development Co.underwriter) Shennan Road

Ltd.Shenzhen

2024 MTN (Phase

No.1788

I) of Guangdong Zheshang Bank

Hongning Road

Electric Power (joint lead Not applicable Wu Tanbing 020-89299807

Xiaoshan District

Development Co. underwriter)

Hangzhou

Ltd.

2024 MTN (Phase Guangfa Securities

Wang Lixin Ye

I) of Guangdong Guangfa Building No.26

Runxuan Wu

Electric Power Securities(joint Machang Road Not applicable 020-66338888

Xueting Wang

Development Co. lead underwriter) Tianhe District

Zhifan

Ltd. Guangzhou

Unit 0104 23

and31/F Fuli

2024 MTN (Phase

Center No. 10

I) of Guangdong

Beijing Zhong Lun Huaxia Road Liang Qinghua

Electric Power Not applicable 020-28261656

Law Firm Zhujiang HuJie

Development Co.Xincheng Tianhe

Ltd.District

Guangzhou

11/F

2024 MTN (Phase PricewaterhouseC PricewaterhouseC

Li Xiaolei Fan

oopers Zhongtian oopers No.2 Xin（2022）Chen

I) of Guangdong

Certified Public Enterprist Junjun Li

Electric Power Du Weiwei 020-38192558

Accountants Building No.202 Xiaolei(2021)；

Development Co. (Special General Hubin Road Wang Bin Li

Ltd. Partnership) Huangpu District Yanhua（2020）

Shanghai

2024 MTN (Phase Guangfa

Industry Bank

II) of Guangdong Bank(lead

No.398 Jiangbin Zhao Xinle Ye 010-89926570、

Electric Power principal Not applicable

Road Taijiang Huishan 020-38988015

Development Co. underwriter/bookk

District Fuzhou

Ltd. eeping manager

2024 MTN (Phase Guangfa Securities

Wang Lixin Ye

II) of Guangdong Guangfa Building No.26

Runxuan Wu

Electric Power Securities(joint Machang Road Not applicable 020-66338888

Xueting Wang

Development Co. lead underwriter) Tianhe District

Zhifan

Ltd. Guangzhou

2024 MTN (Phase China Merchants China Not applicable Hu Qianyu 0755-88026140

1382024 Annual Report

II) of Guangdong Bank Co. Ltd MerchantsBank ZhouHuan

Electric Power (joint lead Building

Development Co. underwriter) No.7088

Ltd. Shennan Road

Shenzhen

2024 MTN (Phase Agricultural Bank

II) of Guangdong No.69 Jianguo of China

Mennei Street

Electric Power Corporation Not applicable Liu Zhaoying 010-85109688

Chaoyang District

Development Co. Limited (co-lead Beijing

Ltd. underwriter)

2024 MTN (Phase

No.22 Jianguo

II) of Guangdong Huaxia Bank Co.Meinei Street

Electric Power Ltd (joint lead Not applicable Yu Yazhuo 010-85237084

Dongcheng

Development Co. underwriter)

District Beijing

Ltd.

2024 MTN (Phase

No.1

II) of Guangdong Bank of

Fuxingmenwai

Electric Power China(joint lead Not applicable Zhao Shun 010-66595482

Street Xicheng

Development Co. underwriter)

District Beijing

Ltd.

2024 MTN (Phase No.8 SPD Bank

II) of Guangdong Building No.909

SPD Bank(joint Li Yansha 021-31884090、

Electric Power Shibo Road Not applicable

lead underwriter) ZhangNingning 020-38156424

Development Co. Pudong District

Ltd. Shanghai

Unit 0104 23

and31/F Fuli

2024 MTN (Phase

Center No. 10

II) of Guangdong

Beijing Zhong Lun Huaxia Road Liang Qinghua

Electric Power Not applicable 020-28261656

Law Firm Zhujiang HuJie

Development Co.Xincheng Tianhe

Ltd.District

Guangzhou

11/F

2024 MTN (Phase PricewaterhouseC PricewaterhouseC Li Xiaolei Fan

oopers Zhongtian oopers No.2II) of Guangdong Xin（2022-Certified Public EnterpristElectric Power 2023）Chen Du Weiwei 020-38192558

Accountants Building No.202

Development Co. (Special General Hubin Road Junjun Li

Ltd. Partnership) Huangpu District Xiaolei(2021)

Shanghai

2024 MTN (Phase Building 5 Yinhe

II) of Guangdong China Cheng Xin SOHO No.2

International Nanzhugan

Electric Power Not applicable Sheng Lei 010-66428877

Credit Rating Co. Hutong

Development Co. Ltd. Dongcheng

Ltd. District Beijing

2024 MTN (Phase Guangfa Securities

Wang Lixin Ye

III) of Guangdong Guangfa Building No.26

Runxuan Wu

Electric Power Securities(joint Machang Road Not applicable 020-66338888

Xueting Wang

Development Co. lead underwriter) Tianhe District

Zhifan

Ltd. Guangzhou

China

2024 MTN (Phase

China Merchants MerchantsBank

III) of Guangdong

Bank Co. Ltd Building Hu Qianyu

Electric Power Not applicable 0755-88026140

(joint lead No.7088 ZhouHuan

Development Co.underwriter) Shennan Road

Ltd.Shenzhen

2024 MTN (Phase China Securities 9/F Taikang Not applicable Huang Yimao 010-56051910

1392024 Annual Report

III) of Guangdong Co. Ltd. (lead Group Building

Electric Power principal Building 1 Yard

Development Co. underwriter/bookk 16 Jinghui Street

Ltd. eeping Chaoyang

manager/trustee)

North Block

2024 MTN (Phase

Zhuoyue Times Wang Hongfeng

III) of Guangdong CITIC

Square (Phase II) Chen Tianya Zhng

Electric Power Securities(joint Not Applicable 0755-23835409

No.8 Central Chenling Wang

Development Co. lead underwriter)

Third Road Futian Xudong

Ltd.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 Yi

Development Co. Shanghaieeping manager） Chen Nanhong

Ltd.

2024 MTN (Phase Guangfa

Industry Bank

III) of Guangdong Bank(lead

No.398 Jiangbin Zhao Xinle Ye 010-89926570、

Electric Power principal Not applicable

Road Taijiang Huishan 020-38988015

Development Co. underwriter/bookk

District Fuzhou

Ltd. eeping manager

2024 MTN (Phase

III) of Guangdong No.1 Guanghua

CITIC Bank(joint

Electric Power Road Chaoyang Not applicable Jia Yuanxiang 010-66635912

lead underwriter)

Development Co. District Beijing

Ltd.

2024 MTN (Phase

No.1

III) of Guangdong Bank of

Fuxingmenwai

Electric Power China(joint lead Not applicable Zhang Shun 010-66595482

Street Xicheng

Development Co. underwriter)

District Beijing

Ltd.South Tower of

2024 MTN (Phase

Ping An Financial

III) of Guangdong Ping An

Center No.5023

Electric Power Bank(joint lead Not applicable Ha Xin 0755-88673599

Yitian Road

Development Co. underwriter)

Futian District

Ltd.Shenzhen

Unit 0104 23

and31/F Fuli

2024 MTN (Phase

Center No. 10

III) of Guangdong

Beijing Zhong Lun Huaxia Road Liang Qinghua

Electric Power Not applicable 020-28261656

Law Firm Zhujiang HuJie

Development Co.Xincheng Tianhe

Ltd.District

Guangzhou

11/F

2024 MTN (Phase PricewaterhouseC PricewaterhouseC Li Xiaolei Fan

oopers Zhongtian oopers No.2III) of Guangdong Xin（2022-Certified Public EnterpristElectric Power 2023）Chen Du Weiwei 020-38192558

Accountants Building No.202

Development Co. (Special General Hubin Road Junjun Li

Ltd. Partnership) Huangpu District Xiaolei(2021)

Shanghai

2024 MTN (Phase Building 5 Yinhe

China Cheng Xin SOHO No.2

III) of Guangdong

International Nanzhugan

Electric Power Not applicable Sheng Lei 010-66428877

Credit Rating Co. Hutong

Development Co. Ltd. Dongcheng

Ltd. District Beijing

1402024 Annual Report

2024 MTN (Phase Guangfa Securities

Guangfa Securities Wang Lixin Ye

IV) of Guangdong Building No.26

（principal Runxuan WuElectric Power Machang Road Not applicable 020-66338888

underwriter/bookk Xueting Wang

Development Co. Tianhe Districteeping manager） Zhifan

Ltd. Guangzhou

China

2024 MTN (Phase

China Merchants MerchantsBank

IV) of Guangdong

Bank Co. Ltd Building Hu Qianyu

Electric Power Not applicable 0755-88026140

(joint lead No.7088 ZhouHuan

Development Co.underwriter) Shennan Road

Ltd.Shenzhen

2024 MTN (Phase No.8 SPD Bank

IV) of Guangdong Building No.909

SPD Bank(joint Li Yansha 021-31884090、

Electric Power Shibo Road Not applicable

lead underwriter) ZhangNingning 020-38156424

Development Co. Pudong District

Ltd. Shanghai

2024 MTN (Phase

No.1

IV) of Guangdong Bank of

Fuxingmenwai

Electric Power China(joint lead Not applicable Zhao Shun 010-66595482

Street Xicheng

Development Co. underwriter)

District Beijing

Ltd.China Securities

2024 MTN (Phase 9/F Taikang

Co. Ltd. (lead

IV) of Guangdong Group Building

principal

Electric Power Building 1 Yard Not applicable Huang Yimao 010-56051910

underwriter/bookk

Development Co. 16 Jinghui Street

eeping

Ltd. Chaoyang

manager/trustee)

North Block

2024 MTN (Phase