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 Zhuoyue Times Wang Hongfeng IV) 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 Guangfa Industry Bank IV) 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 Unit 0104 23 and31/F Fuli 2024 MTN (Phase Center No. 10 IV) 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 oopers Zhongtian oopers No.2 Li Xiaolei Fanxin IV) of Guangdong Certified Public Enterprist （2022-2023） Electric Power Du Weiwei 020-38192558 Accountants Building No.202 Chen Junjun Li Development Co. (Special General Hubin Road Xiaolei(2021) Ltd. Partnership) Huangpu District Shanghai 2024 MTN (Phase Building 5 China Cheng Xin IV) of Guangdong Yinhe SOHO International Electric Power No.2 Nanzhugan Not applicable Sheng Lei 010-66428877 Credit Rating Co.Development Co. Hutong Ltd.Ltd. Dongcheng 1412024 Annual Report District Beijing China 2024 MTN (Phase China Merchants MerchantsBank V) of Guangdong Bank Co. Ltd(lead Building Hu Qianyu Electric Power principal Not applicable 0755-88026140 No.7088 ZhouHuan Development Co. underwriter/bookk Shennan Road Ltd. eeping manager Shenzhen 2024 MTN (Phase Guangfa Securities Wang Lixin Ye V) 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 No.8 SPD Bank V) 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 V) of Guangdong Bank of Fuxingmenwai Electric Power China(joint lead Not applicable Zhang Shun 010-66595482 Street Xicheng Development Co. underwriter) District Beijing Ltd. 2024 MTN (Phase 9/F Taikang V) of Guangdong China Securities Group Building Electric Power Co. Ltd. joint lead Building 1 Yard Not applicable Huang Yimao 010-56051910 Development Co. underwriter) 16 Jinghui Street Ltd. Chaoyang North Block 2024 MTN (Phase Zhuoyue Times Wang Hongfeng V) 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 Industry Bank V) of Guangdong Guangfa No.398 Jiangbin Zhao Xinle Ye 010-89926570、 Electric Power Bank(joint lead Not applicable Road Taijiang Huishan 020-38988015 Development Co. underwriter) District Fuzhou Ltd.Unit 0104 23 and31/F Fuli 2024 MTN (Phase Center No. 10 V) 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 oopers Zhongtian oopers No.2 Li Xiaolei Fanxin V) of Guangdong Certified Public Enterprist （2022-2023） Electric Power Du Weiwei 020-38192558 Accountants Building No.202 Chen Junjin Li Development Co. (Special General Hubin Road Xiaolei(2021) Ltd. Partnership) Huangpu District Shanghai 2024 MTN (Phase Building 5 Yinhe China Cheng Xin V) of Guangdong SOHO No.2 International Electric Power Nanzhugan Not applicable Sheng Lei 010-66428877 Credit Rating Co.Development Co. Hutong Ltd.Ltd. Dongcheng 1422024 Annual Report District Beijing 2024 MTN (Phase Guangfa Securities Guangfa Securities Wang Lixin Ye VI) of Guangdong (lead principal Building No.26 Runxuan Wu Electric Power underwriter/bookk Machang Road Not applicable 020-66338888 Xueting Wang Development Co. eeping Tianhe District Zhifan Ltd. manager/trustee) Guangzhou 2024 MTN (Phase VI) 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 Industry Bank VI) of Guangdong Guangfa No.398 Jiangbin Zhao Xinle Ye 010-89926570、 Electric Power Bank(joint lead Not applicable Road Taijiang Huishan 020-38988015 Development Co. underwriter) District Fuzhou Ltd. 2024 MTN (Phase 9/F Taikang VI) of Guangdong China Securities Group Building Electric Power Co. Ltd. joint lead Building 1 Yard Not applicable Huang Yimao 010-56051910 Development Co. underwriter) 16 Jinghui Street Ltd. Chaoyang 2024 MTN (Phase Haitong Securities Chen Shilong VI) 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.China 2024 MTN (Phase China Merchants MerchantsBank VI) 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 North Block 2024 MTN (Phase Zhuoyue Times Wang Hongfeng VI) 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 South Tower of 2024 MTN (Phase Ping An Financial VI) 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 2024 MTN (Phase No.1 VI) of Guangdong Bank of Fuxingmenwai Electric Power China(joint lead Not applicable Zhang Shun 010-66595482 Street Xicheng Development Co. underwriter) District Beijing Ltd.Unit 0104 23 and31/F Fuli 2024 MTN (Phase Center No. 10 VI) 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 1432024 Annual Report 11/F 2024 MTN (Phase PricewaterhouseC PricewaterhouseC Li Xiaolei FanVI) of Guangdong oopers Zhongtian oopers No.2 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 VI) of Guangdong International Nanzhugan Electric Power Not applicable Sheng Lei 010-66428877 Credit Rating Co. Hutong Development Co. Ltd. Dongcheng Ltd. District Beijing Guangdong Electric Power Industry Bank Industry Bank Development Co. (lead principal No.398 Jiangbin Zhao Xinle Ye 010-89926570、 Not applicable Ltd.2023 I phase underwriter/bookk Road Taijiang Huishan 020-38988015 Ultra-short term eeping manager District Fuzhou financing bills Guangdong No.8 SPD Bank Electric Power Building No.909 Development Co. SPD Bank(joint Li Yansha 021-31884090、 Shibo Road Not applicable Ltd.2023 I phase lead underwriter) ZhangNingning 020-38156424 Pudong District Ultra-short term Shanghai financing bills 10 &11/f Chow Guangdong Tai Fook Finance Electric Power Certire No.6 Development Co.ETR Law Firm Zhujiang Dong Not applicable Wang Xing 020-37181333 Ltd.2023 I phase Road Tianhe Ultra-short term District financing bills Guangzhou 11/F Guangdong PricewaterhouseC PricewaterhouseC Li Xiaolei Fan Electric Power oopers Zhongtian oopers No.2 Xin（2022）Chen Development Co. Certified Public Enterprist Junjun Li Du Weiwei 020-38192558 Ltd.2023 I phase Accountants Building No.202 Xiaolei(2021)； Ultra-short term (Special General Hubin Road Wang Bin Li Partnership) Huangpu District financing bills Yanhua（2020） Shanghai Guangdong Electric Power No. 55 Development Co. ICBC(joint lead Fuxingmennei Not applicable Sheng Xue 010-66106736 Ltd.2023 II phase underwriter) Street Xicheng Ultra-short term District Beijing financing bills Guangdong China Electric Power Construction Bank No.25 Finance Development Co.(lead principal Street Xicheng Not applicable Zhou Peng 010-67596478 Ltd.2023 I phase underwriter/bookk District Beijing Ultra-short term eeping manager financing bills 10 &11/f Chow Guangdong Tai Fook Finance Electric Power Certire No.6 Development Co.ETR Law Firm Zhujiang Dong Not applicable Wang Xing 020-37181333 Ltd.2023 I phase Road Tianhe Ultra-short term District financing bills Guangzhou 1442024 Annual Report 11/F Guangdong PricewaterhouseC PricewaterhouseC Li Xiaolei Fan Electric Power oopers Zhongtian oopers No.2 Xin（2022）Chen Development Co. Certified Public Enterprist Junjun Li Du Weiwei 020-38192558 Ltd.2023 I phase Accountants Building No.202 Xiaolei(2021)； Ultra-short term (Special General Hubin Road Wang Bin Li Partnership) Huangpu District financing bills Yanhua（2020） Shanghai Guangdong Electric Power Huaxia Bank Co. No.22 Jianguo Development Co. Ltd (lead principal Meinei Street Not applicable Yu Yazhuo 010-85237896 Ltd.2024 I phase underwriter/bookk Dongcheng Ultra-short term eeping manag District Beijing financing bills Guangdong China Electric Power China Merchants MerchantsBank Development Co. Bank Co. Ltd Building Hu Qianyu Not applicable 0755-88026140 Ltd.2024 I phase (joint lead No.7088 ZhouHuan Ultra-short term underwriter) Shennan Road financing bills Shenzhen 10 &11/f Chow Guangdong Tai Fook Finance Electric Power Certire No.6 Development Co.ETR Law Firm Zhujiang Dong Not applicable Wang Xing 020-37181333 Ltd.2024 I phase Road Tianhe Ultra-short term District financing bills Guangzhou 11/F Guangdong PricewaterhouseC PricewaterhouseC Li Xiaolei Fanxin Electric Power oopers Zhongtian oopers No.2 （2022）Chen Development Co. Certified Public Enterprist Junjun Li Du Weiwei 020-38192558 Ltd.2024 I phase Accountants Building No.202 Xiaolei(2021)； Ultra-short term (Special General Hubin Road Wang Bin Li Partnership) Huangpu District financing bills Yanhua（2020） Shanghai 2021 MTN (Phase II) of Guangdong Huizhou Pinghai ICBC(lead No. 55 principal Fuxingmennei Power Genration Not applicable Dai Ying 010-66109649 underwriter/bookk Street Xicheng Co. Ltd. eeping manager District Beijing （Sustainablepeg） 2021 MTN (Phase II) of Guangdong Industry Bank Huizhou Pinghai Industry Bank No.398 Jiangbin Power Genration (joint lead Not applicable Zhao Xinle 010-89926570 Road Taijiang Co. Ltd. underwriter) District Fuzhou （Sustainablepeg） 2021 MTN (Phase II) of Guangdong 11/F Block A Zhongxi Huizhou Pinghai Xincheng Culture CPAs( Special Wei Shuzhen Fan Power Genration Building No.11 Fan Fengwei 18520643032 General Fengwei Co. Ltd. Chongwenmenwai Partnership) （Sustainable Street Beijingpeg） 2021 MTN (Phase Shanghai 14/F Huasheng II) of Guangdong Brilliance Credit Building No.398 Not Applicable Yu Liping 13641825613 Huizhou Pinghai Rating & Investors Hankou Road Power Genration Service Co. Ltd Shanghai 1452024 Annual Report Co. Ltd.（Sustainablepeg） 2021 MTN (Phase 7/F Block D II) of Guangdong Qiaofufang Huizhou Pinghai Beijing Grassland No.9 Power Genration Dentons Law Not applicable Lv Sihui 13692899924 Dongdaqiao Road Co. Ltd. Offices LLP Chaoyang District （SustainableBeijingpeg） 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 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 as the financial audit and internal control audit institution for the year of 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 Operation it is consistent Total of special Rectification with the Name of bond amount Agreed purpose of Used Unused account for of illegal use purpose use project of raised raised funds amount amount raised of raised plan and other funds funds (if funds (if any) agreements any) stipulated in the prospectus It intends to use RMB 375 million to replace the already increased capital of its controlling subsidiary which will 2021 MTN ultimately be used to The special (Phase I) of replace the capital already fund- Guangdong invested in key raising 120000 120000 0 No Yes Electric Power construction projects; account Development RMB 800 million to operates Co. Ltd. repay the direct debt properly financing instruments that will soon mature and RMB 25 million yuan to supplement working capital. 2021 MTN 220000 It intends to use RMB 220000 0 Not No Yes 1462024 Annual Report (Phase II) of 500 million to repay loans applicable Guangdong from financial institutions Electric Power and RMB 1.7 billion to Development supplement working Co. Ltd. capital. 2022 MTN (Phase I) of It intends to repay loans Guangdong Not 60000 from financial 60000 0 No Yes Electric Power applicable institutions.Development Co. Ltd.It intends to use RMB 1.5 billion to repay matured 2023 MTN debt financing (Phase I) of instruments RMB 96 Guangdong Not 160000 million to repay loans 160000 0 No Yes Electric Power applicable from financial Development institutions and RMB 4 Co. Ltd.million to supplement working capital. 2024 MTN (Phase I) of It is intended to repay Guangdong Not 100000 matured debt financing 100000 0 No Yes Electric Power applicable instruments.Development Co. Ltd.It intends to use RMB 1.2 billion to repay matured 2023 MTN debt financing (Phase II) of instruments RMB 200 Guangdong Not 150000 million to repay loans 150000 0 No Yes Electric Power applicable from financial Development institutions and RMB Co. Ltd. 100 million to supplement working capital. 2023 MTN It intends to use RMB (Phase III) of 300 million to repay loans Guangdong from financial institutions Not 60000 60000 0 No Yes Electric Power and RMB 300 million to applicable Development supplement working Co. Ltd. capital.It intends to use RMB 1 billion to repay matured 2023 MTN debt financing (Phase IV) of instruments RMB 300 Guangdong Not 150000 million to repay loans 150000 0 No Yes Electric Power applicable from financial Development institutions and RMB Co. Ltd. 200 million to supplement working capital.It intends to use RMB 2023 MTN 700 million to repay (Phase V) of matured debt financing Guangdong Not 100000 instruments and RMB 100000 0 No Yes Electric Power applicable 300 million to repay loans Development from financial Co. Ltd.institutions. 1472024 Annual Report It intends to use RMB 1.5 2023 MTN billion to repay matured (Phase VI) of debt financing Guangdong Not 180000 instruments and RMB 180000 0 No Yes Electric Power applicable 300 million to repay loans Development from financial Co. Ltd.institutions.Guangdong Electric Power Development It is intended to repay Not Co. Ltd. Co. 100000 loans from existing 100000 0 No Yes applicable Ltd.2023 I phase financial institutions.Ultra-short term financing bills Guangdong Electric Power Development It is intended to repay Not Co. Ltd. Co. 100000 loans from financial 100000 0 No Yes applicable Ltd.2023 II phase institutions.Ultra-short term financing bills Guangdong Electric Power Development Not Co. Ltd. Co. 100000 It is intended to repay 100000 0 No Yes applicable Ltd.2024 I phase interest bearing liabilities.Ultra-short term financing bills 2021 MTN (Phase II) of Guangdong It is intended to Huizhou Pinghai Not 30000 supplement working 30000 0 No Yes Power Genration applicable capital.Co. Ltd.（Sustainablepeg） The raised funds are used for construction projects √ Applicable □Not applicable 21Yudeanfa MTN001 raised RMB 1.2 billion of which RMB 375 million was used to replace the increased capital of its holding subsidiaries that is it was finally used to replace the paid-in capital of key construction projects. RMB 250 million is used to replace the increased capital of Guangdong Yudean Marina Bay Energy Co. Ltd. and finally used for the capital of the alternative power supply project at Ningzhou plant site in Dongguan; RMB 125 million is used to replace the increased capital of Guangdong Yudean Qujie Wind Power Generation Co. Ltd. and finally used for the capital of phase II of Guangdong Yudean Zhanjiang Wailuo Offshore Wind Power Project. The units #1 #2 and #3 of the Dongguan Ningzhou plant site alternative power project will be officially put into commercial operation in May July and October 2024 respectively.The Phase II of Guangdong Yudean Zhanjiang Wailuo Offshore Wind Power Project was put into operation in December 2021 and the project was in good operation. In 2024 it realized an operating income of RMB 348371900 and an operating profit of RMB 64954500. During the reporting period the Company changed the use of funds raised from the above bonds □ Applicable √ Not applicable 1482024 Annual Report 5.Adjustment of credit rating results during the reporting period □ Applicable √ Not applicable 6 The implementation and changes of guarantee debt repayment plan and other debt repayment guarantee measures during the reporting period and their impact on the rights and interests of bond investors √ Applicable □Not applicable 1). 21Yudeanfa MTN001 21Yudeanfa MTN002 22Yudeanfa MTN 001 23Yudeanfa MTN00124 Yudean FA MTN001 24 Yudean FA MTN002 24 Yudean FA MTN003 24 Yudean FA MTN004 24 Yudean FA MTN005 24 Yudean FA MTN00623 Yudeanfa SCP00123 Yudeanfa SCP00224 Yudean Fa SCP 001 AND 21 Pinghai FD MTN 001 are not guaranteed. 2). The debt repayment plan of the above-mentioned debt financing instruments and other debt repayment guarantee measures of the Company have not changed during the reporting period.IV. Convertible bond □ Applicable √ Not applicable No such cases in the reporting period.V. The loss within the scope of consolidated statements in the reporting period exceeded 10% of the net assets at the end of the previous year □ Applicable √ Not applicable VI.Overdue interest-bearing debts except bonds at the end of the reporting period □ Applicable √ Not applicable VII.Whether there are any violations of rules and regulations during the reporting period □ Yes √ No VIII. Main accounting data and financial indicators of the Company in recent two years by the end of the reporting period In RMB10000 At the end of the At the same time rate of Items At the end of last year reporting period change Current ratio 0.70 0.68 2.94% Debt ratio 79.47% 78.96% 0.51% Quick ratio 0.56 0.62 -9.68% At the same time rate of Amount of this period Amount of last period change Net profit after deducting non-recurring profit 158961 172221 -7.70% and loss EBITDA total debt ratio 7.75% 9.25% -1.50% Time interest earned 1.56 2.01 -22.39% 1492024 Annual Report ratio Cash interest guarantee 3.513.53-0.57% times EBITDATime interest 3.454.09-15.65% earned ratio Repayment of debt (%) 100% 100% 0% Payment of interest (%) 100% 100% 0% 150Auditor’s Report Guangdong Electric Power Development Co.Ltd.For the year ended 31 December 2024 [English translation for reference only. Should there be any inconsistency between the Chinese and English versions the Chinese version shall prevail.] Grant Thornton Zhitong Certified Public Accountants LLP 151CONTENTS Auditor’s Report 153-159 Consolidated and company balance sheets 160-161 Consolidated and company income statements 162-163 Consolidated and company cash flow statements 164-165 Consolidated statement of changes in shareholders’ equity 166-172 Notes to the financial statements 173-313 152Grant Thornton Zhitong Certified Public Accountants LLP 5/F Scitech Place 22 Jianguomen Wai Avenue Beijing 100004 China T +86 10 8566 5588 F +86 10 8566 5120 www.grantthornton.cn (English Translation for Reference Only) Auditor's Report GTCNSZ (2025) NO. 440A004540 To the shareholders of Guangdong Electric Power Development Co. Ltd.I. Opinion We have audited the financial statements of Guangdong Electric Power Development Co. Ltd.(hereinafter “Guangdong Electric Power” “the Company”) which comprise the consolidated and company balance sheets as at 31 December 2024 the consolidated and company income statements the consolidated and company cash flow statements the consolidated and company statements of changes in shareholders’ equity for the year then ended and notes to the financial statements.In our opinion the accompanying financial statements present fairly in all material respects the consolidated and company’s financial position of Guangdong Electric Power as at 31 December 2024 and their financial performance and cash flows for the year then ended in accordance with the requirements of Accounting Standards for Business Enterprises (“CASs”).II. Basis for Opinion We conducted our audit in accordance with China Standards on Auditing (“CSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements Section of our report. We are independent of the Company in accordance with the Code of Ethics for Chinese Certified Public Accountant (the “Ethics Code”) together with the ethical requirements that are relevant to our audit of the financial statements and we fulfilled our other ethical responsibilities in accordance with these requirements and the Ethics Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.III. Key Audit Matter 153Key audit matters are those matters that in our professional judgement were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole and forming our opinion thereon and we do not provide a separate opinion on these matters.(I) Impairment of power related fixed assets Refer to Note III.21 Note III.32 (2) and Note V. 10 in the Notes to the Financial Statements. 1. Description Certain subsidiaries of Guangdong Electric Power have been experiencing continuous operating losses in recent years and management continuously assesses the impairment of the fixed assets of these subsidiaries.As at 31 December 2024 management conducted impairment tests for the fixed assets of these subsidiaries and made a provision for impairment at the excess of the carrying amount of asset groups of generator units over their recoverable amount. The recoverable amount of the asset groups was the higher of the fair value less costs to sell of the asset groups and the present value of the future cash flows expected to be derived from them. Management estimates for recoverable amounts based on the present value of projected future cash flows to be calculated as at 31 December 2024. The calculations of the present value of the future cash flows expected to be derived from them involve management’s significant estimates and judgements including the discount rate the estimated on-grid electricity price the estimated electricity sale and the estimated price of fuel used in power generation.As the carrying amounts of fixed assets with indication of impairment are significant to the consolidated financial statements of Guangdong Electric Power and the impairment test of asset groups of generator units involves management’s significant estimates and judgements impairment of power related fixed assets is identified as a key audit matter. 2. How our audit addressed the Key Audit Matter Our audit procedures for the impairment of power related fixed assets mainly include： (1) Understood assessed and tested the internal control relevant to the impairment test of fixed assets and tested the operating effectiveness of key control; (2) Involved internal valuers to review and analyze the appropriateness of the method applied by management for the impairment test; 154(3) Based on our understanding of the businesses of the subsidiaries as well as the industry in which they operate we evaluated the rationality of assumptions adopted by management in calculation of the present value of estimated future cash flows including the discount rate the estimated on-grid price the estimated electricity sale and the estimated price of fuel used in power generation: - For the discount rate we involved internal valuers to evaluate the appropriateness in combination with industry situation; - For the estimated on-grid electricity price and the estimated price of fuel used in power generation we compared with historical data and industry data and considered market trend; - For the estimated electricity sale volume we compared with historical data approved budgets and business plans and checked the corresponding supporting documents; (4) Verified the input data and formulas used in the calculation of the present value of future cash flows expected to be derived from them and evaluated the mathematic accuracy; (5) Compared the key assumptions used by management in estimating the present value of future cash flows in the prior year with the actual operation data of the current year to evaluate if there’s any indication of management bias; (6) Conducted sensitivity analysis on the discount rate and other key assumptions used by management and assessed whether changes in key assumptions (individually or in aggregate) would lead to different conclusions and thereby assess if there’s any indication of management bias in selecting parameters of key assumptions.(II) Recognition of deferred tax assets related to deductible losses Refer to Note V.16 in the Notes to the Financial Statements. 1. Description As at 31 December 2024 Guangdong Electric Power recognized the deferred tax assets for the deductible losses incurred by some subsidiaries of RMB459000000.According to the financial forecast of the aforesaid subsidiaries in future periods management recognizes deferred tax assets within the limits of which the aforesaid subsidiaries are likely to 155obtain future taxable income to offset the deductible losses. The financial forecast of the aforesaid subsidiaries in future periods involves management’s significant estimates and judgements including estimated electricity sale estimated on-grid electricity price estimated price of fuel used in power generation and other operating expenses.As the deferred tax assets related to deductible losses are significant to the consolidated financial statements of Guangdong Electric Power and the financial forecast for future periods involves management’s significant estimates and judgements the recognition of the deferred tax assets related to deductible losses is identified as a key audit matter. 2. How our audit addressed the Key Audit Matter Our audit procedures for recognition of deferred tax assets related to deductible losses mainly include: (1) Understood assessed and tested management's internal controls and tested the operating effectiveness of key control; (2) Obtained management’s calculation sheet for the financial forecast in future periods checked the input data and formulas used in the calculation and evaluated the mathematic accuracy; (3) Obtained annual income tax return files related to the deductible losses and reviewed the accuracy of deductible losses amount and its deductible period; (4) Based on our understanding of the businesses of the aforesaid subsidiaries and the industry in which they operate combined with industry development trend and historical operating performance we evaluated the key assumptions used by management to calculate the expected taxable income for future periods including the reasonableness of assumptions on estimated electricity sale estimated on-grid electricity price estimated fuel price and other operating expenses; (5) Compared the taxable income estimated by management in prior year with the actual taxable income for the current year to access the accuracy of management’s predictions; (6) Reviewed whether the deferred tax assets were recognized within the limits of which the taxable income was likely to be obtained in the future period. 156IV. Other Information Management of Guangdong Electric Power is responsible for the other information. The other information comprises all of the information included in 2024 annual report of Guangdong Electric Power other than the financial statements and our auditor’s report thereon.Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements our responsibility is to read the other information and in doing so consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.If based on the work we have performed we conclude that there is a material misstatement of this other information we are required to report that fact. We have nothing to report in this regard.V. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management of Guangdong Electric Power is responsible for the preparation and fair presentation of these financial statements in accordance with the CASs and for the design implementation and maintenance of such internal control necessary to enable that the financial statements are free from material misstatement whether due to fraud or error.In preparing these financial statements management is responsible for assessing Guangdong Electric Power’s ability to continue as a going concern disclosing as applicable matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate Guangdong Electric Power or to cease operations or has no realistic alternative but to do so.The Audit and Compliance Committee is responsible for overseeing Guangdong Electr ic Power’s financial reporting process.VI. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether these financial statements as a whole are free from material misstatement whether due to fraud or error and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with CSAs will always detect a material 157misstatement when it exists. Misstatements can arise from fraud or error and are considered material if individually or in the aggregate they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.As part of an audit in accordance with CSAs we exercise professional judgement and maintain professional skepticism throughout the audit. We also: (1) Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resu lting from error as fraud may involve collusion forgery intentional omissions misrepresentations or the override of internal control. (2) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. (3) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. (4) Conclude on the appropriateness of management’s use of the going concern basis o f accounting and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that may cast significant doubt on Guangdong Electric Power’s ability to continue as a going concern. If we conclude that a materia l uncertainty exists we are required to draw attention in our auditor’s report to the related disclosures in these financial statements or if such disclosures are inadequate to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However future events or conditions may cause Guangdong Electric Power to cease to continue as a going concern. (5) Evaluate the overall presentation structure and content of the financial statements and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. (6) Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within Guangdong Electric Power to express an opinion on the financial statements. We are responsible for the direction supervision and performance of the group audit. We remain solely responsible for our audit opinion. 158We communicate with those charged with governance regarding among other matters the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and where applicable related safeguards.From the matters communicated with those charged with governance we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when in extremely rare circumstances we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.Grant Thornton Zhitong Chinese Certified Public Accountant Bitao Deng Certified Public Accountants LLP (Engagement Partner) Chinese Certified Public Accountant Zeyu Li Beijing China 27 March 2025 159Consolidated and Company Balance Sheet 31 December 2024 Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB As at 31/12/2024 As at 31/12/2023 Item Note V.Consolidated Company Consolidated Company Current assets： Cash at bank and on hand 1 15361820831 265985600 16431429893 640629379 Financial assets held-for-trading Notes receivable 1489433 Accounts receivable 2 9101797841 8963635678 15920526 Accounts receivable financing Advances to suppliers 3 1440632187 29801383 1578880994 26667749 Other receivables 4 533352169 837741316 798789835 1366067792 Including: Dividends receivable 134959219 134959219 Inventories 5 2577119489 1923411 2655504711 2558632 Contract assets 1378872 5557720 Other current assets 6 1971269586 2704808 1496077994 117483 Total current assets 30987370975 1138156518 31931366258 2051961561 Non-current assets： Long-term receivables 930000000 1450000000 Long-term equity investments 7 10812658939 46167289906 9796842197 43289974748 Investments in other equity instruments 8 2650289873 2649489873 2866347046 2865547046 Investment properties 9 336493586 3847454 347192759 4483052 Fixed assets 10 73628798655 179180382 63017322291 162035315 Construction in progress 11 31382850765 29990577678 5477184 Right-of-use assets 12 11700419075 1402273 9529610412 1217398 Intangible assets 13 3786635293 68528585 3480199559 68772261 Goodwill 14 2449886 8608881 Long-term prepaid expenses 15 55505161 844193 81082134 1025668 Deferred tax assets 16 1099214779 1333310824 Other non-current assets 18 8711545949 616089 8824823048 624569 Total non-current assets 144166861961 50001198755 129275916829 47849157241 Total assets 175154232936 51139355273 161207283087 49901118802 160Consolidated and Company Balance Sheet (Continued) 31 December 2024 Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB As at 31/12/2024 As at 31/12/2023 Item Note V.Consolidated Company Consolidated Company Current liabilities: Short-term borrowings 19 14108930833 1986468042 15756979762 4524405741 Notes payable 20 2102292195 755000000 Accounts payable 21 4279045681 1643506 4430036315 17666241 Contract liabilities 22 38459828 33846 41328133 551450 Employee benefits payable 23 556291188 157194609 556515567 192951983 Taxes payable 24 303440015 3979960 343432880 4888565 Other payables 25 15825876579 40238685 13252090748 46649392 Current portion of non-current liabilities 26 6606678336 852771938 8926373371 5195892954 Other current liabilities 27 528095817 2781355471 2012999526 Total current liabilities 44349110472 3042330586 46843112247 11996005852 Non-current liabilities: Long-term borrowings 28 69541559406 10853100000 62832471340 7030700000 Debentures payable 29 11107429258 10507849644 5096597183 4497107076 Lease liabilities 30 12376312142 10452666128 505313 Long-term payables 31 696347824 856210905 Long-term employee benefits payable 32 537138216 227553678 509049799 158949307 Deferred income 33 113262526 128296225 Deferred tax liabilities 16 470213543 420501470 526993391 474824263 Other non-current liabilities 34 1028167 51028167 Total non-current liabilities 94843291082 22009004792 80453313138 12162085959 Total liabilities 139192401554 25051335378 127296425385 24158091811 Shareholders’ equity: Share capital 35 5250283986 5250283986 5250283986 5250283986 Capital surplus 36 5203250383 4849472205 5202572804 4842767997 Other comprehensive income 37 1331876093 1345335533 1495237690 1508154355 Specific reserve 38 62769166 38111254 6375889 Surplus reserve 39 8903515135 8903515135 8903515135 8903515135 Undistributed profits 40 2142987033 5701301782 1283749956 5238305518 Total equity attributable to shareholders 22894681796260880198952214173546025743026991 of the Company Minority interests 13067149586 11769122242 Total shareholders’ equity 35961831382 26088019895 33910857702 25743026991 Total liabilities and shareholders' 1751542329365113935527316120728308749901118802 equity Legal representative: Principal in charge of accounting: Head of accounting department: Zheng Yunpeng Liu Wei Meng Fei 161Consolidated and Company Income Statement Year ended 31/12/2024 Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB Year ended 31/12/2024 Year ended 31/12/2023 Item Note V.Consolidated Company Consolidated Company I. Revenue 41 57159067233 36422477 59708397738 1238706190 Less: Cost of sales 41 49520897046 44175640 50970997678 1238246113 Taxes and surcharges 42 375186682 8500625 334231124 13352652 Selling expenses 43 101150886 93238999 2714553 General and administrative expenses 44 1626351993 344574290 1592057152 344528275 Research and development expenses 45 1286783600 1995667 1116555274 1240395 Financial expenses 46 2285029760 644118641 2287869816 642687401 Including: Interest expenses 46 2430228046 648656512 2395532582 660325611 Interest income 46 162430466 8442173 124290218 20671761 Add: Other income 47 77958729 400411 68065355 10935728 Investment income ("-" for losses) 48 810226883 1802593102 983912378 1746419154 Including: Share of profit of associates 48697637165626894645866186173801817879 and joint ventures Gains from changes in fair value ("-" for losses) Credit impairment (loss)/reversal ("-" for 49-332536766972-24778506108771 losses) Asset impairment losses ("-" for losses) 50 -356430968 -260107096 -1674838036 -1388445763 Gains on disposals of assets ("-" for losses) 51 98655 9198759 60294 II. Operating profit ("-" for losses) 2462266889 535951003 2675007645 -634985015 Add: Non-operating income 52 418066514 31954863 97966120 249693176 Less: Non-operating expenses 23 425704912 212422 357160809 23461954 III. Profit before income tax ("-" for 24546284915676934442415812956-408753793 losses) Less: Income tax expenses 54 699795265 -308500 789869221 2323972 IV. Net profit for the year ("-" for losses) 1754833226 568001944 1625943735 -411077765 (I) Classified by continuity of operations Including: Net profit from continuing 17548332265680019441625943735-411077765 operations ("-" for net loss) Net profit from discontinued operations ("-" for net loss) (II) Classified by ownership of the equity Including: Shareholders of the company ("-" 964242757568001944974660299-411077765 for net loss)Minority interests (“-“ for net loss) 790590469 651283436V. Other comprehensive income net of -162606661-162818822-136360159-132366329 tax Attributable to shareholders of the Company -163361597 -162818822 -134600267 -132366329 (I) Other comprehensive income that will not -163894627-163351852-134941714-132707776 be reclassified to profit or loss 1. Changes arising from remeasurement of 2339452854690-12434913-2660244 defined benefit plans 2. Share of other comprehensive income of the investee accounted for using equity -4191199-21636622128620513745474 method that will not be reclassified to profit or loss 3. Changes in fair value of investments in -162042880-162042880-143793006-143793006 other equity instruments (II) Other comprehensive income that will be 533030533030341447341447 reclassified to profit or loss 162Consolidated and Company Income Statement Year ended 31/12/2024 Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB Year ended 31/12/2024 Year ended 31/12/2023 Item Note V.Consolidated Company Consolidated Company 1. Share of other comprehensive income of the investee accounted for using equity 533030533030341447341447 method that will be reclassified to profit or loss Attributable to minority interests 754936 -1759892 VI. Total comprehensive income for the 15922265654051831221489583576-543444094 year Attributable to shareholders of the Company 800881160 405183122 840060032 -543444094 Attributable to minority interests 791345405 649523544 VII. Earnings per share (I) Basic earnings per share 0.18 0.19 (II) Diluted earnings per share 0.18 0.19 Legal representative: Principal in charge of accounting: Head of accounting department: Zheng Yunpeng Liu Wei Meng Fei 163Consolidated and Company Cash Flow Statement Year ended 31/12/2024 Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB Year ended 31/12/2024 Year ended 31/12/2023 Item Note V.Consolidated Company Consolidated Company I. Cash flows from operating activities Cash received from sales of goods or rendering 6437030782939635455666732901961572416810 of services Refund of taxes and surcharges 447914732 172717196 10373317 Cash received relating to other operating 5538940935412083937933808640132114824 activities Sub-total of cash inflows 65207631915 160474834 67184093793 1614904951 Cash paid for goods and services 46258982941 9776689 51362008628 1290711639 Cash paid to and on behalf of employees 3216385328 268273419 2992988961 301587846 Payments of taxes and surcharges 3013049926 14669205 2835638678 84107797 Cash paid relating to other operating activities 55 1744029797 128337916 1527815244 69172372 Sub-total of cash outflows 54232447992 421057229 58718451511 1745579654 Net cash inflows from operating activities 10975183923 -260582395 8465642282 -130674703 II. Cash flows from investing activities Cash received from disposals of investments 1286750000 5352468959 Cash received from returns on investments 369217899 1398587081 307897323 973340738 Net cash received from disposals of fixed assets 269393921731415225692124264713953 intangible assets and other long-term assets Net proceeds from disposals of subsidiaries 2896524 Cash received relating to other investing activities 55 4000000000 5747705 1322 16653802 Sub-total of cash inflows 4638611820 2691816201 533590769 6610073976 Cash paid to acquire fixed assets intangible 1516186172326261422217156977629293409 assets and other long-term assets Cash paid to acquire investments 436802500 2976736406 54299600 8219060324 Net proceeds from disposal of subsidiaries 159949367 363895664 9180122 Cash received from other investing activities 55 3137400000 4581200000 Sub-total of cash outflows 18896013590 3002997828 26715093026 8237533855 Net cash flows used in investing activities -14257401770 -311181627 -26181502257 -1627459879 III. Cash flows from financing activities Cash received from investors 988015495 4729271112 Including: Proceeds from minority interests of 9880154954729271112 subsidiaries Cash received from borrowings 33607130695 6885000000 55117178834 11117200000 Cash received from issuance of debentures 8399704415 8399704415 4199053962 3599459917 Cash received from other financing activities 55 240453119 Sub-total of cash inflows 42994850605 15284704415 64285957027 14716659917 Cash repayments of borrowings 35368302890 14285350000 40570051805 12552750000 Cash payments for distribution of dividends 33497540747999430222847572358633104276 profits or interest expenses Including: Dividends and profits distributed to 544111743242513782 minority interests of subsidiaries Cash paid for other financing activities 55 1117158870 2047722 2632114420 7380137 Sub-total of cash outflows 39835215834 15087340744 46049738583 13193234413 Net cash inflows from financing activities 3159634771 197363671 18236218444 1523425504 IV. Effect of foreign exchange rate changes on -79156-79188187187 cash and cash equivalents V. Net (decrease)/increase in cash and cash -122662232-374479539520358656-234708891 equivalents 164Consolidated and Company Cash Flow Statement Year ended 31/12/2024 Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB Year ended 31/12/2024 Year ended 31/12/2023 Item Note V.Consolidated Company Consolidated Company Add: Cash and cash equivalents at the beginning 1195416715664044876111433808500875157652 of the year VI. Cash and cash equivalents at the end of 1183150492426596922211954167156640448761 the year Legal representative: Principal in charge of accounting: Head of accounting department: Zheng Yunpeng Liu Wei Meng Fei 165Consolidated Statement of Changes in Shareholders' Equity Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB Year ended 31/12/2024 Attributable to shareholders of the Company Total Item Other Minority Capital Specific Surplus Undistributed shareholders’ Share capital comprehensive interests surplus reserve reserve profits equity income I. Balance at the end of last year 5250283986 5202572804 1495237690 6375889 8903515135 1283749956 11769122242 33910857702 Add: Changes in accounting policies Correction of prior period errors Others II. Balance at the beginning of the year 5250283986 5202572804 1495237690 6375889 8903515135 1283749956 11769122242 33910857702 III. Changes in equity during the year ( "- " for decrease) 677579 -163361597 56393277 859237077 1298027344 2050973680 (I) Total comprehensive income -163361597 964242757 791345405 1592226565 (II) Shareholders' contributions and decrease of capital 677579 1044042125 1044719704 1. Ordinary shares invested by shareholders 1038015495 1038015495 2.Others 677579 6026630 6704209 (III) Profit distribution -105005680 -547580179 -652585859 1. Appropriation to surplus reserve 2. Distribution to shareholders -105005680 -547580179 -652585859 3. Others (IV) Transfer within equity 1. Capital reserve converted into share capital 2. Surplus reserve converted into share capital 3. Surplus reserve for making up losses 4. Others (V) Specific reserve 56393277 10219993 66613270 1. Appropriation in the current year 460118200 187722287 647840487 2. Utilization in the current year -403724923 -177502294 -581227217 (VI) Others IV. Balance at the end of the year 5250283986 5203250383 1331876093 62769166 8903515135 2142987033 13067149586 35961831382 Legal representative: Zheng Yunpeng Principal in charge of accounting: Liu Wei Head of accounting department: Meng Fei 166Consolidated Statement of Changes in Shareholders' Equity Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB Year ended 31/12/2023 Attributable to shareholders of the Company Item Total Other Minority Capital Specific Surplus Undistributed shareholders’ Share capital comprehensive interests surplus reserve reserve profits equity income I. Balance at the end of last year 5250283986 4257046505 1629837957 520379 8903515135 309089657 8491294656 28841588275 Add: Changes in accounting policies Correction of prior period errors Others II. Balance at the beginning of the year 5250283986 4257046505 1629837957 520379 8903515135 309089657 8491294656 28841588275 III. Changes in equity during the year ( "- " for decrease) 945526299 -134600267 5855510 974660299 3277827586 5069269427 (I) Total comprehensive income -134600267 974660299 649523544 1489583576 (II) Shareholders' contributions and decrease of capital 937434074 2846242625 3783676699 1. Ordinary shares invested by shareholders -749491455 -749491455 2.Others 937434074 3595734080 4533168154 (III) Profit distribution -223983113 -223983113 1. Appropriation to surplus reserve 2. Distribution to shareholders -223960261 -223960261 3. Others -22852 -22852 (IV) Transfer within equity 8092225 8092225 1. Capital reserve converted into share capital 2. Surplus reserve converted into share capital 3. Surplus reserve for making up losses 4. Others 8092225 8092225 (V) Specific reserve 5855510 6044530 11900040 1. Appropriation in the current year 397209164 169370947 566580111 167Consolidated Statement of Changes in Shareholders' Equity Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB Year ended 31/12/2023 Item Attributable to shareholders of the Company Minority Total interests shareholders’ 2. Utilization in the current year -391353654 -163326417 -e5q5u4it6y8 0071 (VI) Others IV. Balance at the end of the year 5250283986 5202572804 1495237690 6375889 8903515135 1283749956 11769122242 33910857702 Legal representative: Zheng Yunpeng Principal in charge of accounting: Liu Wei Head of accounting department: Meng Fei 168Statement of Changes in Shareholders' Equity Year ended 31/12/2024 Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB Year ended 31/12/2024 Item Other Total Specific Surplus Undistributed Share capital Capital surplus comprehensive shareholders’ reserve reserve profits income equity I. Balance at the end of last year 5250283986 4842767997 1508154355 8903515135 5238305518 25743026991 Add: Changes in accounting policies Correction of prior period errors Others II. Balance at the beginning of the year 5250283986 4842767997 1508154355 8903515135 5238305518 25743026991 III. Changes in equity during the year ( "- " for decrease) 6704208 -162818822 38111254 462996264 344992904 (I) Total comprehensive income -162818822 568001944 405183122 (II) Shareholders' contributions and decrease of capital 6704208 6704208 1. Ordinary shares invested by shareholders 2. Others 6704208 6704208 (III) Profit distribution -105005680 -105005680 1. Appropriation to surplus reserve 2. Distribution to shareholders -105005680 -105005680 3. Others (IV) Transfer within equity 1. Capital reserve converted into share capital 2. Surplus reserve converted into share capital 3. Surplus reserve for making up losses 4.Others (V) Specific reserve 38111254 38111254 1. Appropriation in the current year 3170867 3170867 2. Utilization in the current year -3170867 -3170867 3. Collection from subsidiaries 38111254 38111254 (VI)Others - 169Statement of Changes in Shareholders' Equity Year ended 31/12/2024 Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB Year ended 31/12/2024 Item Other Total Specific Surplus Undistributed Share capital Capital surplus comprehensive shareholders’ reserve reserve profits income equity IV. Balance at the end of the year 5250283986 4849472205 1345335533 38111254 8903515135 5701301782 26088019895 Legal representative: Zheng Yunpeng Principal in charge of accounting: Liu Wei Head of accounting department: Meng Fei 170Statement of Changes in Shareholders' Equity Year ended 31/12/2024 Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB Year ended 31/12/2023 Item Other Total Specific Surplus Undistributed Share capital Capital surplus comprehensive shareholders’ reserve reserve profits income equity I. Balance at the end of last year 5250283986 4834675772 1640520684 8903515135 5637862169 26266857746 Add: Changes in accounting policies Correction of prior period errors Others II. Balance at the beginning of the year 5250283986 4834675772 1640520684 8903515135 5637862169 26266857746 III. Changes in equity during the year ( "- " for decrease) 8092225 -132366329 -399556651 -523830755 (I) Total comprehensive income -132366329 -411077765 -543444094 (II) Shareholders' contributions and decrease of capital 8092225 11521114 19613339 1. Ordinary shares invested by shareholders 2. Others 8092225 11521114 19613339 (III) Profit distribution 1. Appropriation to surplus reserve 2. Distribution to shareholders 3. Others (IV) Transfer within equity 1. Capital reserve converted into share capital 2. Surplus reserve converted into share capital 3. Surplus reserve for making up losses 4. Others (V) Specific reserve 1. Appropriation in the current year 15396203 15396203 2. Utilization in the current year -15396203 -15396203 3. Collection from subsidiaries (VI) Others - 171Statement of Changes in Shareholders' Equity Year ended 31/12/2024 Prepared by: Guangdong Electric Power Development Co. Ltd. Expressed in RMB Year ended 31/12/2023 Item Other Total Specific Surplus Undistributed Share capital Capital surplus comprehensive shareholders’ reserve reserve profits income equity IV. Balance at the end of the year 5250283986 4842767997 1508154355 - 8903515135 5238305518 25743026991 Legal representative: Zheng Yunpeng Principal in charge of accounting: Liu Wei Head of accounting department: Meng Fei 172Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Notes to the financial statements Basic information of the company Guangdong Electric Power Development Co. Ltd. (hereinafter “Guangdong Electric Power” “theCompany”) is a limited liability company jointly established by Guangdong Electric Power Holding Company China Construction Bank Guangdong Province Trust Investment Company Guangdong Power Development Co. Ltd. Guangdong International Trust and China Guangfa Bank (currently named as Guangdong Guangkong Group Co. Ltd.). The address of the Company's registered office and head office is F33-F36 South Tower Building of Yudean Square on 2nd Tianhe East Road Guangzhou Guangdong Province the People's Republic of China ("the PRC"). The Company's parent company is Guangdong Energy Group Co. Ltd. ("GEGC") and its ultimate controlling shareholder is the State-owned Assets Supervision and Administration Commission of the People's Government of Guangdong Province.The Company’s RMB ordinary shares (“A-share”) and domestic listed foreign shares (“B-share”) issued were listed for transactions in Shenzhen Stock Exchange respectively on 26 November 1993 and 28 June 1995. As at 31 December 2024 the total share capital of the Company was RMB 5250283986 with face value of RMB1 per share.The Company and its subsidiaries (collectively referred to as "the Group") are principally engaged in the businesses of developing and operating electric power projects in Guangdong Province Yunnan Province Xinjiang Uygur Autonomous Region Hunan Province and Guangxi Zhuang Autonomous Region of the PRC. For the information of the Company's major subsidiaries included in the consolidation scope in the current year please refer to Note VI. 1.These financial statements were authorized for issue by the Company's Board of Directors on 27 March 2025. Basis for preparing financial statements The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises and corresponding application guidance interpretations and other related provisions issued by the Ministry of Finance (collectively "Accounting Standards for Business Enterprises"). In addition the Company also disclosed the relevant financial information in accordance with the Explanatory Announcement No. 15 on Information Disclosure for Companies Offering Their Securities to the Public —General Requirements for Financial Reporting (2023 version) issued by the China Securities Regulatory Commission.The financial statements are prepared on a going concern basis.The Company adopts the accrual basis of accounting. Except for certain financial instruments the financial statements are prepared under the historical cost. In the event that impairment of assets occurs a loss allowance is made accordingly in accordance with the relevant regulations.Significant accounting policies and accounting estimates The Company determines specific accounting policies and accounting estimates based on the characteristics of production and operation which are mainly reflected in the measurement of expected credit losses(“ECL”) of receivables and contract assets costing of inventory depreciation of fixed assets 173Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] amortization of intangible assets and right-of-use assets impairment of long-term assets timing of revenue recognition and deferred tax assets and deferred tax liabilities. Specific accounting policies are detailed in Notes III.11 Notes III.13 Notes III.16 Notes III.20 Notes III.21 Notes III.25 Notes III.28 and Notes III.30.Details of the Group’s critical judgements critical accounting estimates and key assumptions used in determining significant accounting policies are set forth in Note III.32. 1. Statement of compliance with the Accounting Standard for Business Enterprises The financial statements of the Company for the year ended 31 December 2024 are in compliance with the Accounting Standards for Business Enterprises and truly and completely present the consolidated and the Company’s financial position of the Group and the Company as at 31 December 2024 and their financial performance cash flows and other information for the year then ended. 2. Accounting year The Company’s accounting year starts on 1 January and ends on 31 December. 3. Business Cycle The business cycle of the Company is 12 months. 4. Recording currency The Company and domestic subsidiaries use Renminbi (RMB) as their recording currency. The currency used by the Company in preparing these financial statements is Renminbi (RMB). 5. Method for determining importance criteria and basis for selection Item Importance criteria The Company determines significant long-term equity investments based on a comprehensive consideration of factors such as the book value of joint ventures and associated Significant long-term equity investment enterprises and the proportion of long-term equity investment income accounted for by the equity method in the Company's consolidated net profit.The company recognizes fixed asset projects with signs of Significant fixed assets impairment and asset balances exceeding RMB 500 million as significant fixed asset projects.The Company determines significant projects construction in Significant construction in progress progress based on the proportion of projects construction in progress in the Company's total projects under construction.The Company determines subsidiaries with significant minority Subsidiaries with significant minority interests based on the proportion of the minority interests of shareholders' interests these subsidiaries to the total minority interests of the Company.The Company determines significant joint ventures and associated enterprises based on a comprehensive Basic information of significant joint ventures consideration of factors such as the book value of these and associated enterprises enterprises the proportion of long-term equity investment income accounted for by the equity method in the Company's consolidated net profit and other relevant factors. 174Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] 6. Accounting treatment methods for business combinations under common control and not under common control (1) Business combinations involving enterprises under common control The consideration paid and net assets obtained by the Company in a business combination are measured at the carrying amount. If the acquiree is acquired from a third party by the ultimate controlling party in a prior year the consideration paid and net assets obtained by the Company are measured based on the carrying amounts of the acquiree’s assets and liabilities (including the goodwill arising from the acquisition of the acquiree by the ultimate controlling party) presented in the consolidated financial statements of the ultimate controlling party. The difference between the carrying amount of the net assets obtained from the combination and the carrying amount of the consideration paid for the combination is treated as an adjustment to capital surplus (share premium). If the capital surplus (share premium) is not sufficient to absorb the difference the remaining balance is adjusted against retained earnings Realize business combinations under the same control through multiple transactions in stages The assets and liabilities acquired by the acquirer from the acquiree in the merger are measured at the book value in the consolidated financial statements of the ultimate controlling party on the merger date.The difference between the sum of the book value of the investments held before the merger and the book value of the newly paid consideration on the merger date and the book value of the net assets acquired in the merger is adjusted to the capital reserves. If the capital reserves are insufficient to offset the retained earnings are adjusted. For long-term equity investments held by the acquirer before obtaining control of the acquiree the related profits and losses other comprehensive income and other changes in owner's equity recognized between the date of acquiring the original equity and the later of the dates when both the acquirer and the acquiree are under the same ultimate control and up to the merger date should be offset against the beginning retained earnings or current profits and losses during the comparative reporting period. (2) Business combinations involving enterprises not under common control For business combinations involving enterprises not under common control the Company adopts concentration test to judge whether the acquired production and operation activities or asset groups constitute a business. If the concentration test is passed the Company conducts accounting treatment according to the relevant asset purchase principle; if the concentration test fails the Company will further judge whether it constitutes a business based on whether the relevant groups obtained in the merger have at least one input and one substantive processing process and the combination of the two has a significant contribution to the output capacity.The cost of combination and identifiable net assets obtained by the Group in a business combination are measured at fair value at the acquisition date. Where the cost of the combination exceeds the Group’s interest in the fair value of the acquiree’s identifiable net assets the difference is recognised as goodwill; where the cost of combination is lower than the Group’s interest in the fair value of the acquiree’s identifiable net assets the difference is recognised in profit or loss for the current period.Realize business combinations not under common control through multiple transactions and steps The cost of combination is the sum of the consideration paid on the acquisition date and the fair value of the equity already held by the acquirer in the acquiree on the acquisition date. For the equity already held by the acquirer in the acquiree before the acquisition date it is remeasured at its fair value on the 175Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] acquisition date and the difference between the fair value and its book value is recognized in the current investment income. The equity already held by the acquirer in the acquiree before the acquisition date involving other comprehensive income and other changes in owner's equity is transferred to the current income on the acquisition date except for other comprehensive income arising from the remeasurement of net liabilities or net assets of the defined benefit plan by the investee and other comprehensive income related to non-trading equity instrument investments originally designated to be measured at fair value with changes recognized in other comprehensive income. (3) Handling of transaction costs in business combinations The intermediary fees incurred for auditing legal services evaluation and consultation as well as other related management expenses for the purpose of corporate mergers are recorded profit or loss profit or loss for the current period. When they are incurred. The transaction costs of equity securities or debt securities issued as merger consideration are included in the initial recognition amount of the equity securities or debt securities. 7. Judgment criteria for control and method for preparing consolidated financial statements (1) Judgment criteria for control The scope of consolidation for consolidated financial statements is determined on a control basis.Control refers to the power that the Company has over the invested entity the variable returns it enjoys through participating in the relevant activities of the invested entity and the ability to use its power over the invested entity to affect its return amount. When changes in relevant facts and circumstances lead to changes in the relevant elements involved in the definition of control the Company will conduct a reassessment. (2) Preparation of consolidated financial statements The consolidated financial statements are prepared by the Company based on the financial statements of the Company and its subsidiaries and other relevant information. When preparing the consolidated financial statements the accounting policies and accounting periods of the subsidiaries shall be consistent with those established by the Company. All significant intra-company balances and transactions shall be eliminated.Where a subsidiary or business was acquired during the reporting period through a business combination involving entities under common control the financial performance and the cash flows of the subsidiary are included in the consolidated income statement and consolidated cash flow statement of the Company as if the combination had occurred at the date that the ultimate controlling party first obtained control.Where a subsidiary or business was acquired during the reporting period through a business combination involving entities not under common control its revenue expenses and profit from the acquisition date to the end of the reporting period are included in the consolidated income statement and its cash flows are included in the consolidated cash flow statement.Minority interests of the subsidiary that is not attributable to the Company are presented separately in the shareholders’ equity section within the consolidated balance sheet. Net profit or loss attributable to non-controlling shareholders is presented separately as minority interests below the net profit within the consolidated income statement. When the amount of loss for the current period attributable to the non- controlling shareholders of a subsidiary exceeds the non-controlling shareholders’ share of the opening 176Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] owners’ equity of the subsidiary the excess is adjusted to minority interests. (3) Acquire the subsidiaries’ non-controlling interests Where the Company acquires a non-controlling interest from a subsidiary’s non-controlling shareholders or disposes of a portion of an interest in a subsidiary without a change in control the difference between the proportion interests of the subsidiary’s net assets being acquired or disposed and the amount of the consideration paid or received is adjusted to the capital reserve in the consolidated balance sheet with any excess adjusted to retained earnings. (4) Handling of losing control over a subsidiary When the Company loses control over a subsidiary due to partial disposal of equity investment or other reasons the remaining equity interests is re-measured at its fair value at the date when the control is lost. The resulting gain or loss is the total of consideration received from the disposal of equity investment and the remaining equity investment at its fair value deducted the total of proportion interests of the subsidiary’s net asset and goodwill calculated based on the original shareholding ratio since the acquisition date. Any resulting gain or loss is recognized as investment income for the current period.Other comprehensive income related to the equity investment in the original subsidiary is accounted for on the same basis as the direct disposal of related assets or liabilities by the original subsidiary upon the loss of control. All other changes in owner's equity related to the original subsidiary and accounted for using the equity method are transferred to the current period profit or loss upon the loss of control. 8. Classification and Accounting Treatment for Joint Arrangement A joint arrangement is an arrangement of which two or more parties have joint control. The Company classifies joint arrangements into joint operations and joint ventures. (1) Joint operation A joint operation is a joint arrangement whereby the Company has rights to the assets and obligations for the liabilities relating to the arrangement. The Company is not involved in joint operations. (2) Joint venture A joint venture is a joint arrangement whereby the Company has rights to the net assets of the arrangement.The Company adopts equity method of long-term equity investment to account for its investment in joint venture. 9. Cash and cash equivalents Cash and cash equivalents comprise cash on hand deposits that can be readily drawn on demand and short-term and highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. 10. Foreign currency transactions Foreign currency transactions are translated to the functional currency of the Company at the spot exchange rates on the dates of the transactions. 177Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Monetary items denominated in foreign currencies are translated at the spot exchange rate at the balance sheet date. The resulting exchange differences between the spot exchange rate at balance sheet date and the spot exchange rate at initial recognition or at the previous balance sheet date are recognized in profit or loss. Non-monetary items that are measured at historical cost in foreign currencies are translated to functional currency using the spot exchange rate at the transaction date.Non-monetary items that are measured at fair value in foreign currencies are translated using the spot exchange rate at the date when the fair value is determined. The resulting exchange differences are recognized in profit or loss or other comprehensive income according to the nature of the non-monetary items. 11. Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or an equity instrument of another entity. (1) Recognition and derecognition of financial instruments A financial asset or a financial liability is recognized when the Company becomes a party to the contractual provisions of a financial instrument.A financial asset is derecognised when one of the following criteria is met: * The contractual rights to the cash flows from the financial asset expire; or * The financial asset has been transferred and met the following conditions for derecognition.A financial liability (or partially) is derecognized when its contractual obligation (or partially) is ceased.When the Company (debtor) enters into an agreement with the creditor to replace the existing financial liability with a new assumed financial liability and contractual terms are different in substance the existing financial liability is derecognized while a new financial liability is recognized.Conventionally traded financial assets are recognized and derecognized at the transaction date. (2) Classification and measurement of financial assets Based on the Company’s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets financial assets are classified as: financial assets measured at amortized cost financial assets measured at fair value through other comprehensive income and financial assets measured at fair value through profit or loss.At initial recognition the financial assets are measured at fair value. For financial assets measured at fair value through profit or loss the transaction costs are expensed in profit or loss for the current period.For other types of financial assets the transaction costs are included in the initially recognised amounts.Accounts receivable arising from sale of products or rendering of services (excluding or without regard to significant financing components) the Company recognizes the amount of consideration that it is expected to be entitled to receive as the initially recognised amounts.Financial assets measured at amortized cost The Company classifies financial assets that meet all of the following conditions and are not designated as financial assets at fair value through profit or loss as financial assets measured at amortized cost: 178Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] * The objective of the Company’s business model is to hold the financial assets to collect the contractual cash flows; * The contractual terms of the financial asset stipulate that the cash flows generated on specific dates are solely payments on the principal and interest based on the outstanding principal amount.After initial recognition such financial assets are measured at amortized cost using the effective interest method. Gains or losses arising from financial assets measured at amortized cost that are not part of any hedging relationship are recognized in the current period profit or loss when they are derecognized amortized using the effective interest method or recognized as impaired.Financial assets measured at fair value through other comprehensive income The Company classifies financial assets that meet all of the following conditions and are not designated as financial assets measured at fair value through profit or loss as financial assets measured at fair value through in other comprehensive income: * The business model of our company for managing this financial asset aims both at collecting contractual cash flows and at selling the financial asset; * The contractual terms of the financial asset stipulate that the cash flows generated on specific dates are solely payments on the principal and interest based on the outstanding principal amount.After initial recognition subsequent measurements of such financial assets are measured at fair value.Interests calculated using the effective interest method impairment losses or gains and exchange gains or losses are recognized in the current period profit or loss while other gains or losses are recorded in other comprehensive income. Upon derecognition the cumulative gains or losses previously recorded in other comprehensive income are transferred out of other comprehensive income and recognized in the current period profit or loss.Financial assets measured at fair value through profit or loss In addition to the financial assets at amortized cost and those measured at fair value through other comprehensive income as mentioned above the Company categorizes all other financial assets as those measured at fair value through profit or loss. Upon initial recognition in order to eliminate or significantly reduce accounting mismatches the Company irrevocably designates some financial assets that should be measured at amortized cost or at fair value through in other comprehensive income as financial assets measured at fair value through profit or loss.After initial recognition subsequent measurements of such financial assets are measured at fair value and any gains or losses (including interest and dividend income) arising therefrom are recorded in the current period profit or loss unless the financial asset is part of a hedging relationship.However for non-trading equity instrument investments the Company irrevocably designates them as financial assets measured at fair value through other comprehensive income upon initial recognition.This designation is made on an individual investment basis and the relevant investments meet the definition of equity instruments from the perspective of the issuer.After initial recognition subsequent measurements of such financial assets are measured at fair value.Dividend income that meets the criteria is recorded in profit or loss while other gains or losses and changes in fair value are recorded in other comprehensive income. Upon derecognition the cumulative gains or losses previously recorded in other comprehensive income are transferred out of other 179Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] comprehensive income and recorded in retained earnings.The business model for managing financial assets refers to how the company manages its financial assets to generate cash flows. The business model determines whether the source of cash flows from the financial assets managed by the company is from the collection of contractual cash flows the sale of financial assets or a combination of both. The company determines its business model for managing financial assets based on objective facts and the specific business objectives for managing financial assets determined by key management personnel.The Company evaluates the contractual cash flow characteristics of financial assets to determine whether the contractual cash flows generated by the relevant financial assets on a specific date are solely payments of principal and interest based on the outstanding principal amount. The principal refers to the fair value of the financial asset at initial recognition; interest includes consideration for the time value of money credit risk associated with the outstanding principal amount during a specific period as well as other basic borrowing risks costs and profits. In addition the Company evaluates contract terms that may lead to changes in the time distribution or amount of contractual cash flows of financial assets to determine whether they meet the requirements of the aforementioned contractual cash flow characteristics.Only when the company changes its business model for managing financial assets all affected relevant financial assets will be reclassified on the first day of the first reporting period following the change in business model. Otherwise financial assets shall not be reclassified after initial recognition. (3) Classification and measurement of financial liabilities The financial liabilities of the Company are classified at initial recognition as either financial liabilities measured at fair value through profit or loss or financial liabilities measured at amortized cost. For financial liabilities not classified as measured at fair value through profit or loss the transaction costs are included in their initially recognised amounts.Financial liabilities measured at fair value through profit or loss Financial liabilities measured at fair value through profit or loss include trading financial liabilities and financial liabilities designated at initial recognition as measured at fair value through profit or loss. For such financial liabilities subsequently measured at fair value and gains or losses arising from changes in fair value as well as dividend and interest expenses related to these financial liabilities are recognized in current profit or loss.Financial liabilities measured at amortized cost Other financial liabilities are subsequently measured at amortized cost using the effective interest method and gains or losses arising from derecognition or amortization are recognized in the current period profit or loss.Distinction between financial liabilities and equity instruments A financial liability is recognized if one of the following conditions is satisfied:: * A contractual obligation to deliver cash or another financial asset to another entity; * A contractual obligation to exchange financial assets or financial liabilities with another entity under potentially unfavorable conditions; 180Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] * A non-derivative instrument contract that will or may be settled in the Company’s own equity instruments and the Company is obliged to deliver a variable number of the Company’s own equity instruments; * A derivative instrument contract that will or may be settled in the Company’s own equity instruments in the future except for a derivative instrument contract that is settled by the exchange of a fixed number of the Company’s own equity instruments for a fixed amount of cash or other financial assets.An equity instrument is a contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.If the Company does not have an unconditional right to avoid delivering cash or another financial asset to settle a contractual obligation the obligation meets the definition of a financial liability.If a financial instrument will or may be settled by the Company’s own equity instruments classification of the instrument depends on whether the Company’s own equity instruments work as the replacement of cash or other financial instrument or represent the investor’s residual interest in the Company’s assets after deducting all its liabilities. In the former case the instrument is classified as a financial liability; in the latter case the instrument is classified as an equity instrument. (4) Fair value of financial instruments For the determination of fair value of financial assets and financial liabilities please refer to Note III.12. (5) Impairment of financial assets Based on ECL the Company performs impairment accounting treatment on the following items and recognizes loss provisions: Financial assets measured at amortized cost; Receivables and debt instrument investments measured at fair value through other comprehensive income; Contract assets as defined in "Accounting Standards for Business Enterprises No. 14 - Revenue"; Lease receivables; Financial guarantee contract (except for those measured at fair value through profit and loss the transfer of financial assets does not meet the conditions for derecognition or continue to involve in the transferred financial assets) Measurement of ECL ECL refers to the weighted average of credit losses for financial instruments calculated by weighting the risk of default occurring. Credit loss is defined as the difference between all contractual cash flows receivable by the entity under the agreement and all expected cash flows to be collected discounted at the original effective interest rate. This represents the present value of all cash shortfalls.The Company measures the expected credit losses of financial instruments at different stages separately. The financial instrument is at the first stage when there is no significant increase in credit risk since initial recognition. The Company measures the loss allowance according to the expected 181Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] credit losses in the next 12 months. The financial instrument is at the second stage when there is significant increase in credit risk since initial recognition and credit loss is not yet occurred. The Company then measures the loss allowance according to expected credit losses over the lifetime of a financial instrument. The financial instrument is at the third stage when there is significant increase in credit risk since initial recognition and credit loss occurred. The Company then measures the loss allowance according to expected credit losses over the lifetime of a financial instrument.For financial instrument that has low credit risk at the balance sheet date the Company assumes there is no significant increase in its credit risk since initial recognition. The Company measures the loss allowance according to the expected credit losses in the next 12 months.Lifetime expected credit losses are the expected credit losses that result from all possible default events over the expected life of a financial instrument. Expected credit losses in the next 12 months are the portion of expected losses that result from default events that are possible within the 12 months after the balance sheet date (or a shorter period if the expected life of the instrument is less than 12 months).The maximum period considered when estimating expected credit losses is the maximum contractual period (including extension options) over which the Company is exposed to credit risk.For the financial instruments at the first and second stage as well as financial instruments that have low credit risk the Company calculates the interest income based on the book value without loss allowance deducted and effective interest rate. While for the financial instruments at the third stage the Company calculates the interest income based on the amortized cost of the book value less loss allowance and effective interest rate.For accounts receivable such as notes receivable accounts receivable accounts receivable financing other receivables and contract assets if the credit risk characteristics of a particular customer are significantly different from those of other customers in the group or if there is a significant change in the credit risk characteristics of that customer the company will individually accrue bad debt reserves for that account receivable. Apart from the account receivables for which bad debt reserves are individually accrued the company divides account receivables into groups based on credit risk characteristics and calculates bad debt reserves on a group basis.Notes receivable accounts receivable contract assets and other receivables For notes receivable accounts receivable and contract assets regardless of whether there is a significant financing component the Company consistently measures their loss provisions at an amount equivalent to the ECL over the entire duration.For various financial assets whose ECL are calculated on an individual basis their credit risk characteristics are significantly different from those of other financial assets within the same category.When it is not possible to assess the ECL of an individual financial asset at a reasonable cost the Company categorizes accounts receivable into several groups based on credit risk characteristics. The ECL are calculated on a group basis and the basis and method for determining the group are as follows: Combination Combination name Group 1 of notes receivable Notes receivable Group 1 of accounts receivable Receivables from sale of electricity Group 2 of accounts receivable Receivable for renewable energy subsidies Group 3 of accounts receivable Receivables from related parties 182Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Combination Combination name Group 4 of accounts receivable Receivables from steam sales and others Group 1 of contract assets Receivables from related parties Group 2 of contract assets Other contract assets Group 1 of other receivables Receivables from business units reserves receivable and other receivables For notes receivable and contract assets classified as groups the Company calculates ECL by referencing historical credit loss experience considering current conditions and forecasting future economic conditions based on the exposure to default risk and the expected credit loss rate over the entire duration.For accounts receivable classified into groups the Company calculates ECL by referring to historical credit loss experience combining current conditions with predictions of future economic conditions and using default risk exposure and expected credit loss rate over the entire duration. For other receivables classified into portfolios the Company calculates ECL by referring to historical credit loss experience combining current conditions with predictions of future economic conditions and using default risk exposure and expected credit loss rate within the next 12 months or over the entire duration.The Company recognises the loss provision made or reversed into profit or loss for the current period.Debt investment other debt investments For debt investments and other debt investments the Company calculates ECL based on the nature of the investment various types of counterparties and risk exposures through default risk exposures and expected credit loss rates within the next 12 months or throughout the entire duration.Assessment of significant increase in credit risk In assessing whether the credit risk of a financial instrument has increased significantly since initial recognition the Company compares the risk of default occurring on the financial instrument assessed at the balance sheet date with that assessed at the date of initial recognition.When determining whether the credit risk has increased significantly since initial recognition the Company considers the reasonable and supportable information that is available without undue cost or effort including forward-looking information. In particular the following information is taken into account: * Debtors fail to make payments of principal or interest on their contractually due dates; * An actual or expected significant deterioration in a financial instrument’s external or internal credit rating (if available); * An actual or expected significant deterioration in the operating results of the debtor; and * Existing or anticipated changes in the technological market economic or legal environment that have a significant adverse effect on the debtor’s ability to meet its obligation to the Company.Depending on the nature of the financial instruments the Company assesses whether there is a significant increase in credit risk on either an individual basis or a collective basis. When the assessment is performed on a collective basis the financial instruments are classified into groups based on shared credit risk characteristics such as past due status and credit risk ratings. 183Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] If the overdue period exceeds 30 days the Company determines that the credit risk of the financial instrument has significantly increased.Credit-impaired financial assets At each balance sheet date the Company assesses whether financial assets measured at amortized cost and debt investments measured at fair value through other comprehensive income are credit- impaired. A financial asset is credit-impaired when one or more events that have adverse impact on the expected future cash flows of financial asset have occurred. Evidence that a financial asset is credit- impaired includes the following observable information: * Significant financial difficulty of the debtor or issuer; * A breach of contract by the debtor such as default or overdue in interest or principal payments; * For economic or contractual reasons relating to the debtor’s financial difficulty the Company having granted to the debtor a concessions that would not otherwise consider; * It is probable that the debtor will enter into bankruptcy or other financial restructuring; * The disappearance of an active market for that financial asset because of issuer’s or debtor’s financial difficulties.Presentation of allowance for expected credit losses In order to reflect the change of the credit risk of financial instruments since the initial recognition the Company re-measures the expected credit losses at each balance sheet date. Any increase or recovered amount of the loss allowance which generated shall be recognized as loss allowance or gain in the profit or loss for the current period. For financial asset measured at amortized cost the loss allowance shall offset against the carrying amount of the financial asset as stated in the balance sheet; for the debt investment measured at fair value through other comprehensive income the Company recognizes its loss allowance in other comprehensive income and does not offset against the carrying amount of the financial asset.Write-off The gross carrying amount of a financial asset is written off (either partially or entirely) to the extent that there is no realistic prospect of recovery of the contractual cash flows. A write-off constitutes a derecognition event. This is generally the case when the Company determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. However financial assets that are written off could still be subject to enforcement activities in order to comply with the Company’s procedures for recovery of amounts due.Subsequent recoveries of an asset that was previously written off are recognized as a reversal of impairment in profit or loss in the period when the recovery occurs. (6) Transfer of financial assets Transfer of financial assets is the transfer or delivery of financial assets to another party (the transferee) other than the issuer of financial assets.A financial asset is derecognized if the Company transfers substantially all the risks and rewards of ownership of the financial asset to the transferee. A financial asset is not derecognized if the Company 184Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] retains substantially all the risks and rewards of ownership of the financial asset.The Company neither transfers nor retains substantially all the risks and rewards of ownership of the financial asset the accounting treatments are as following: if control over the financial assets is surrendered the Company derecognizes the financial assets and recognizes any assets and liabilities arose; if the Company retains the control of the financial assets financial assets to the extent of the continuing involvement in the transferred financial assets by the Company as well as any relating liability. (7) Offset between financial assets and financial liabilities When the Company has an enforceable legal right to offset the recognized financial assets against the financial liabilities and the Company plans to settle by net amount or realize the financial assets and settle the financial liabilities the amount after being offset will be presented in the balance sheet.Otherwise financial assets and financial liabilities are presented separately in the balance sheet and not allowed to offset against each other. 12. Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.The Company measures related assets or liabilities at fair value assuming the assets or liabilities are transferred in an orderly transaction in their principal market. In the absence of a principal market the Company assumes that the transaction is occurred in the most advantageous market for the underlying asset or liability. Principal market (or the most advantageous market) is the trading market that the Company can normally enter into a transaction at the measurement date. The Company adopts the assumptions that would be used by market participants in achieving the maximized economic benefit when pricing the assets or liabilities.For financial assets or financial liabilities that have an active market the Company uses the quoted prices in the active market as their fair value. Otherwise the Company uses the valuation technique to determine their fair value.The fair value of a financial instrument that is traded in an active market is determined at the quoted price in the active market. The fair value of a financial instrument that is not traded in an active market is determined by using a valuation technique The Company uses valuation techniques that are appropriate in the current circumstances and there are sufficient data and other information are available for measuring the fair value. The Company uses the relevant observable inputs for measurement and only use unobservable input when the observable inputs are unavailable or impractical to obtain.For assets and liabilities measured or disclosed at fair value in the financial statements the level of fair value is determined by the significant lowest level input to the entire fair value measurement: Level 1 inputs are the unadjusted quoted prices in the active markets for identical assets or liabilities that can be obtained at the measurement date; Level 2 inputs are the direct or indirect observable inputs of related assets or liabilities other than quoted prices in Level 1; Level 3 inputs are the unobservable inputs for the assets or liabilities.At each balance sheet date the Company revalues assets and liabilities being measured at fair value continuously in the financial statements to determine whether any change between the levels of fair value measurement. 185Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] 13. Inventories (1) Classification of inventories Inventories in the Company mainly comprise fuel and spare parts (2) Valuation of inventories The inventory of the Company is priced at actual cost upon acquisition. Cost of fuel is calculated using the weighted average method. Spare parts are amortised in full amount when issued for use. (3) Basis for determining and method of calculating inventory reserves On the balance sheet date inventory is measured at the lower of cost and net realizable value. When the net realizable value is lower than the cost an inventory reserve is accrued.Net realizable value is determined based on the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale and related taxes. When determining the net realizable value of inventory it is based on conclusive evidence obtained while considering the purpose of holding inventory and the impact of events after the balance sheet date. Among them spare parts are recognised provision for decline in the value of inventories based on factors such as inventory age and storage status For inventories with a large quantity and low unit price the company accrues inventory reserves based on inventory categories.On the balance sheet date if the factors that previously caused the write-down of inventory value have disappeared the inventory reserves shall be reversed within the originally accrued amount. (4) Inventory system The inventory system of the Company adopts the perpetual inventory system. (5) Amortization method of low-value consumables Low value consumables are amortised in full amount 14. Long-term equity investments Long-term equity investments comprise the Company’s long-term equity investments in its subsidiaries and the Company’s long-term equity investments in its joint ventures and associates. If the Company is able to exert significant influence over the invested entity it is considered as the Company's associated enterprise. (1) Determination of initial investment cost For long-term equity investments acquired through a business combination involving enterprises under common control the investment cost shall be the absorbing party’s share of the carrying amount of owners’ equity of the party being absorbed in the consolidated financial statements of the ultimate controlling party at the combination date; for long-term equity investments acquired through a business combination involving enterprises not under common control the investment cost shall be the combination cost. 186Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] For long-term equity investments acquired not through a business combination: for long-term equity investments acquired by payment in cash the initial investment cost shall be the purchase price actually paid; for long-term equity investments acquired by issuing equity securities the initial investment cost shall be the fair value of the equity securities issued. (2) Subsequent measurement and recognition of profit or loss Investments in subsidiaries are accounted for using the cost method unless the investment meets the conditions for held-for-sale; investments in associates and joint ventures are accounted for using the equity method.For long-term equity investments accounted for using the cost method except for the actual payment made at the time of investment or the cash dividends or profits included in the consideration that have been declared but not yet distributed the cash dividends or profits declared and distributed by the investee are recognized as investment income in profit or loss for the current period.For long-term equity investments accounted for using the equity method where the initial investment cost exceeds the Company’s share of the fair value of the investee’s identifiable net assets at the time of acquisition the investments is initially measured at that cost; where the initial investment cost is less than the Company’s share of the fair value of the investee’s identifiable net assets at the time of acquisition the difference is included in profit or loss for the current period and the cost of the long-term equity investment is adjusted upwards accordingly When accounting using the equity method investment income and other comprehensive income are recognized based on the share of net profit or loss and other comprehensive income realized by the invested entity that should be enjoyed or shared and the book value of the long-term equity investments is adjusted accordingly. The portion of profits or cash dividends declared and distributed by the invested entity that should be enjoyed is calculated and the book value of the long-term equity investments is correspondingly reduced. For other changes in the owner's equity of the invested entity other than net profit or loss other comprehensive income and profit distribution the book value of the long-term equity investment is adjusted and included in capital reserves (other capital reserves). When recognizing the share of net profit or loss of the invested entity that should be enjoyed the fair value of the identifiable assets and other items of the invested entity at the time of investment acquisition is used as the basis and the net profit of the invested entity is adjusted according to the accounting policies and accounting periods of the company before recognition.If due to reasons such as additional investments the investor is able to exert significant influence or joint control over the investee but does not constitute control on the transition date the sum of the fair value of the original equity and the newly added investment cost shall be regarded as the initial investment cost accounted for using the equity method. If the original equity is classified as a non- trading equity instrument investment measured at fair value with changes recognized in other comprehensive income the cumulative fair value changes previously recognized in other comprehensive income related to it shall be transferred to retained earnings when accounting for it using the equity method.If joint control or significant influence over the investee is lost due to reasons such as the disposal of a portion of equity investment the remaining equity after disposal shall be accounted for in accordance with "Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments" on the date when joint control or significant influence is lost. The difference between fair value and book value shall be recorded in the profit or loss for the current period. For other comprehensive income recognized from the original equity investment accounted for using the equity 187Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] method accounting treatment shall be conducted on the same basis as the direct disposal of related assets or liabilities by the investee when the equity method is no longer used for accounting. All other changes in owner's equity related to the original equity investment shall be transferred to the profit or loss for the current period.If control over the invested entity is lost due to reasons such as the disposal of a portion of equity investment and the remaining equity after disposal can jointly control or exert significant influence over the invested entity the equity method shall be adopted for accounting and the remaining equity shall be adjusted as if it had been accounted for using the equity method from the time of acquisition. If the remaining equity after disposal cannot jointly control or exert significant influence over the invested entity accounting treatment shall be conducted in accordance with the relevant provisions of "Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments" and the difference between its fair value and book value at the date of loss of control shall be recognized in profit or loss for the current period..If the Company's shareholding ratio decreases due to capital increases by other investors resulting in the loss of control but still enabling joint control or significant influence over the invested entity the Company shall recognize its share of the net assets increased by the invested entity due to the capital increase based on the new shareholding ratio. The difference between this share and the original book value of the long-term equity investment corresponding to the decreased shareholding ratio shall be recorded in profit or loss for the current period. Subsequently adjustments shall be made using the equity method as if the new shareholding ratio had been applied from the time of investment acquisition.The unrealized internal transaction losses and gains between the Company and its associated enterprises and joint ventures are calculated based on the shareholding ratio and attributed to the Company. The investment losses and gains are recognized on an offset basis. Any losses resulting from transactions between the Company and its investees which are attributable to asset impairment losses are not eliminated. (3) Basis for determining existence of control joint control or significant influence over investees Joint control is the agreed sharing of control over an arrangement and the decision of activities relating to such arrangement requires the unanimous consent of the Company and other parties sharing control.In determining whether joint control exists the first step is to assess whether all participating parties or a combination of participating parties collectively control the arrangement. The second step is to determine whether decisions regarding the relevant activities of the arrangement must be unanimously agreed upon by these collectively controlling parties. If all participating parties or a group of participating parties must act in unison to decide on the relevant activities of an arrangement it is considered that all participating parties or a group of participating parties collectively control the arrangement. If there are two or more combinations of participating parties capable of collectively controlling an arrangement it does not constitute joint control. When determining whether joint control exists protective rights enjoyed are not considered.Significant influence is the power to participate in making the decisions on financial and operating policies of the investee but is not control or joint control over making those policies. When determining whether the investor can exert significant influence on the invested entity the consideration includes the voting shares directly or indirectly held by the investor in the invested entity as well as the impact of the current executable potential voting rights held by the investor and other parties after assuming that they are converted into equity in the invested entity including the impact of the current convertible warrants share options and convertible corporate bonds issued by the invested entity. 188Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] When the Company directly or indirectly through its subsidiaries holds more than 20% (inclusive) but less than 50% of the voting shares of the invested entity it is generally considered to have significant influence over the invested entity unless there is clear evidence indicating that it cannot participate in the production and operation decisions of the invested entity in such circumstances and does not exert significant influence. When the Company holds less than 20% (exclusive) of the voting shares of the invested entity it is generally not considered to have significant influence over the invested entity unless there is clear evidence indicating that it can participate in the production and operation decisions of the invested entity in such circumstances and exert significant influence. (4) Impairment testing method and impairment provision method The method for calculating asset impairment for investments in subsidiaries associates and joint ventures is provided in the Note III. 21. 15. Investment properties Investment property refers to real estate held for the purpose of generating rentals or capital appreciation or both. The investment properties of the Company include land use rights that have been leased out land use rights held for transfer after appreciation and buildings that have been leased out.The investment properties of the Company are initially measured at their acquisition costs and are subject to depreciation or amortization on a regular basis in accordance with the relevant provisions for fixed assets or intangible assets. The estimated useful lives the net residual values that are expressed as a percentage of cost and the annual depreciation (amortization) rates of investment properties are as follows: Estimated net Annual depreciation Category Estimated useful lives residual values (%) (amortization) rates (%) Buildings 20 to 40 years 5 4.75 to 2.38 Land-use rights 50 to 60 years 0 2.00 to 1.67 The investment property’s estimated useful life estimated net residual value and depreciation (amortization) method applied are reviewed and adjusted as appropriate at each year-end.When an investment property is transferred to owner-occupied property it is reclassified to fixed asset and intangible assets with the carrying amounts determined at the carrying amounts of the investment property at the date of the transfer. An investment property is derecognised on disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from its disposal. The net amount of proceeds from sale transfer retirement or damage of an investment property after its carrying amount and related taxes and expenses is recognised in profit or loss for the current period.For investment properties measured using the cost model the method for calculating asset impairment is provided in Notes III.21. 16. Fixed assets (1) Recognition and initial measurement of fixed assets The fixed assets of the company refer to tangible assets held for the purpose of producing goods providing services leasing or business management with a service life exceeding one accounting year including buildings power generation equipment motor vehicles and other equipment. 189Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Fixed assets are recognised when it is probable that the related economic benefits will flow into the Group and the costs can be reliably measured.Fixed assets purchased or constructed by the Group are initially measured at cost at the time of acquisition. The fixed assets contributed by the State shareholders at the reorganization of the Company into a corporation entity are recognised based on the evaluated amounts approved by the state-owned assets administration department.Subsequent expenditures incurred for a fixed asset are included in the cost of the fixed asset when it is probable that the associated economic benefits will flow to the Group and the related cost can be reliably measured. The carrying amount of the replaced part is derecognised. All the other subsequent expenditures are recognised in profit or loss for the period in which they are incurred. (2) Depreciation methods for fixed assets The Company adopts the straight-line method for depreciation accrual. Depreciation is accrued for fixed assets from the time they reach their intended usable condition and ceases when they are derecognized or classified as non-current assets held for sale. Without considering impairment provision the Company determines the annual depreciation rate for various types of fixed assets based on their category estimated useful lives and expected net residual value as follows: Category Estimated useful lives Estimated net residual value Annual depreciation rate Buildings 10 to 50 years 5% 9.50% to 1.90 % Power generation 5 to 30 years 0% to 5 % 20.00% to 3.17% equipment Motor vehicles 5 to 10 years 0% to 5% 20:00 % to 9:50% Other equipment 5 to 22 years 0% to 5% 20.00% to 4.32% Except for fixed assets purchased using work safety funds other fixed assets are depreciated using the straight-line method to allocate the cost of the assets to their estimated net residual values over their estimated useful lives. For the fixed assets that have been provided for impairment loss the related depreciation charge is prospectively determined based upon the adjusted carrying amounts over their remaining useful lives. (3) The impairment test method and impairment provision method for fixed assets are described in Note III.21. (4) At the end of each year the Company reviews the useful life estimated net residual value and depreciation method of its fixed assets.If there is a discrepancy between the estimated useful lives and the original estimate the useful lives of the fixed asset should be adjusted; if there is a discrepancy between the estimated net residual value and the original estimate the estimated net residual value should be adjusted. (5) Disposals of fixed assets A fixed asset is derecognised on disposal or when no future economic benefits are expected from its use or disposal. The amount of proceeds from disposals on sale transfer retirement or damage of a fixed asset net of its carrying amount and related taxes and expenses is recognised in profit or loss for the current period. 190Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] 17. Construction in progress Construction in progress is measured at actual cost including various necessary engineering expenditures incurred during the construction period borrowing costs that should be capitalized before the project reaches its intended usable state and other related expenses.Construction in progress is transferred to fixed assets when the asset is ready for its intended use and depreciation is charged starting from the following month. When the construction in progress completes its trial operation period and meets the contract design objectives and comprehensive quality indicators that comply with industry technical standards the company deems it to have reached its intended operational condition.The method for calculating asset impairment for construction in progress is provided in Note III.21. 18. Construction materials The engineering materials of the company refer to various materials prepared for ongoing projects including engineering materials equipment not yet installed and tools and instruments prepared for production.Engineering materials purchased are measured at cost. When engineering materials are requisitioned they are transferred to projects in progress. Upon completion of the project any remaining engineering materials are transferred to inventory.The method for calculating asset impairment for construction material is provided in Note III.21.In the balance sheet the ending balance of construction material is presented under the item "Construction in Progress". 19. Borrowing costs (1) Recognition principle for capitalization of borrowing costs The borrowing costs incurred by the Company which can be directly attributed to the acquisition construction or production of assets eligible for capitalization shall be capitalized and included in the cost of the relevant assets. Other borrowing costs shall be recognized as expenses based on their actual amount at the time of occurrence and included in profit or loss for the current period. Borrowing costs that meet the following conditions shall commence capitalization: * Asset expenditure has already occurred which includes expenditure incurred in the form of cash payments transfers of non-cash assets or the assumption of interest-bearing debts for the acquisition construction or production of assets eligible for capitalization; * The borrowing costs have already been incurred; * The acquisition construction or production activities necessary to prepare the asset for its intended use or sale have commenced. (2) Capitalization period of borrowing costs When the assets eligible for capitalization acquired constructed or produced by the company reach the expected usable or marketable state the capitalization of borrowing costs ceases. Borrowing costs incurred after the assets eligible for capitalization reach the expected usable or marketable state are 191Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] recognized as expenses based on their actual amount at the time of occurrence and recorded profit or loss for the current period.Capitalization of borrowing costs is suspended during periods in which the acquisition or construction of an asset is interrupted abnormally and the interruption lasts for more than 3 months until the acquisition or construction is resumed; borrowing costs incurred during normal interruptions shall continue to be capitalized. (3) Calculation method for capitalization rate and capitalization amount of borrowing costs The amount of interest expenses actually incurred on special borrowings in the current period after deducting the interest income earned on the unused borrowing funds deposited in the bank or the investment income earned from temporary investments shall be capitalized. For general borrowings the capitalization amount shall be determined by multiplying the weighted average of asset expenditures exceeding the special borrowings by the capitalization rate of the general borrowings used. The capitalization rate shall be calculated and determined based on the weighted average interest rate of the general borrowings.During the capitalization period the exchange differences on foreign currency specific borrowings are fully capitalized; the exchange differences on foreign currency general borrowings are recorded profit or loss for the current period.During the capitalization period the exchange differences on foreign currency specific borrowings are fully capitalized; the exchange differences on foreign currency general borrowings are recorded profit or loss for the current period. 20. Intangible assets The intangible assets of the company primarily comprise land use rights sea area use rights rights to use supporting power transmission and transformation projects software non-patented technology and others.Intangible assets are initially measured at cost and their useful lives are assessed upon acquisition. If the useful life is finite an amortization method that reflects the expected realization of economic benefits related to the asset is adopted starting from the point when the intangible asset is ready for use and amortization is carried out over the expected useful life. If the expected realization method cannot be reliably determined the straight-line method is used for amortization. Intangible assets with an uncertain useful life are not amortized.The amortization method for intangible assets with limited service life is as follows: Expected useful Category Amortization method Notes lives (years) If the cost of purchasing land and buildings cannot be reasonably allocated between the land use rights and the buildings the entire amount shall Land-use rights 20 to 70 Straight line method be treated as fixed assets. For allocated land with an uncertain useful life no amortization shall be accrued.Sea use rights 25 to 50 Straight line method Other intangible 2 to 60 Straight line method assets 192Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] At the end of each year the Company reviews the useful life and amortization method of intangible assets with a limited useful life. If the review results in a difference from previous estimates the original estimates are adjusted and treated as a change in accounting estimates.If it is estimated on the balance sheet date that an intangible asset can no longer bring future economic benefits to the enterprise the entire book value of the intangible asset shall be transferred to profit or loss for the current period.The method for calculating asset impairment for intangible assets is provided in Note III.21. 21. Impairment of assets The impairment of assets such as long-term equity investments in subsidiaries associates and joint ventures investment properties measured using the cost model fixed assets construction in progress right-of-use assets intangible assets goodwill etc. (excluding inventories deferred tax assets and financial assets) shall be determined according to the following methods: On the balance sheet date we assess whether there are any indications that assets may be impaired. If there are such indications the company will estimate their recoverable amounts and conduct an impairment test. Impairment tests are conducted annually for goodwill formed through business combinations intangible assets with uncertain useful lives and intangible assets that have not yet reached their intended use regardless of whether there are any indications of impairment.The recoverable amount is determined based on the higher of the net amount after deducting disposal expenses from the fair value of the asset and the present value of the expected future cash flows of the asset. The Company estimates the recoverable amount of an individual asset; if it is difficult to estimate the recoverable amount of an individual asset the recoverable amount of the asset group to which the asset belongs is determined. The identification of an asset group is based on whether the main cash inflows generated by the asset group are independent of the cash inflows of other assets or asset groups.When the recoverable amount of an asset or asset group is lower than its carrying amount the Company will reduce its carrying amount to the recoverable amount and the reduced amount will be recorded profit or loss for the current period. At the same time a corresponding provision for asset impairment will be made.Regarding the impairment test of goodwill the carrying value of goodwill formed through business combinations is amortized to the relevant asset groups using a reasonable method from the acquisition date. If it is difficult to allocate to the relevant asset groups it is amortized to the relevant combinations of asset groups. The relevant asset groups or combinations of asset groups are those that can benefit from the synergistic effects of business combinations and are not larger than the reporting segments determined by the company.During impairment testing if there are signs of impairment in the asset group or combination of asset groups related to goodwill the impairment test is first conducted on the asset group or combination of asset groups excluding goodwill. The recoverable amount is calculated and the corresponding impairment loss is recognized. Then the impairment test is conducted on the asset group or combination of asset groups including goodwill. The book value is compared with the recoverable amount. If the recoverable amount is lower than the book value the impairment loss of goodwill is recognized. 193Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Once the asset impairment loss is recognized it will not be reversed in subsequent accounting periods. 22. Long-term prepaid expenses The long-term deferred expenses incurred by the company are priced at actual cost and amortized evenly over the expected benefit period. For long-term deferred expense items that do not benefit future accounting periods their amortized value is fully recorded in profit or loss for the current period. 23. Employee benefits (1) Scope of employee benefits Employee benefits refers to various forms of remuneration or compensation given by enterprises to obtain services provided by employees or terminate labor relations. Employee benefits refer to all forms of consideration or compensation given by the Company in exchange for service rendered by employees or for termination of employment relationship which include short-term employee benefits post-employment benefits termination benefits and other long-term employee benefits. The benefits provided by enterprises to employees' spouses children dependents survivors of deceased employees and other beneficiaries also belong to employee benefits.Based on liquidity employee benefits is separately presented in the " Employee benefits payable" and "Long-term employee benefits payable" items on the balance sheet. (2) Short-term employee benefits Short-term employee benefits include wages or salaries bonus allowances and subsidies staff welfare premiums or contributions on medical insurance work injury insurance and maternity insurance housing funds union running costs and employee education costs and short-term paid absences. The short-term employee benefits actually occurred are recognised as a liability in the accounting period in which the service is rendered by the employees with a corresponding charge to the profit or loss for the current period or the cost of relevant assets. (3) Post-employment benefits The Company classifies post-employment benefit plans as either defined contribution plans or defined benefit plans. Defined contribution plans are post-employment benefit plans under which the Company pays fixed contributions into a separate fund and will have no obligation to pay further contributions; and defined benefit plans are post-employment benefit plans other than defined contribution plans. During the reporting period the Company’s post-employment benefits mainly include basic pensions unemployment insurance and supplementary pensions and all of them belong to the defined contribution plans; non-planned expenses provided to retired employees fall under defined benefit plans.Basic pensions The Group’s employees participate in the basic pension plan set up and administered by local authorities of Ministry of Human Resource and Social Security. Monthly payments of premiums on the basic pensions are calculated according to the bases and percentage prescribed by the relevant local authorities. When employees retire the relevant local authorities are obliged to pay the basic pensions to them Supplementary pensions 194Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] The Company purchases supplementary pensions for employees and pays insurance premium according to the policies of the parent company Guangdong Energy Group.The amounts based on the above calculations are recognised as liabilities in the accounting period in which the service has been rendered by the employees with a corresponding charge to the profit or loss for the current period or the cost of relevant assets.Defined benefit plan For defined benefit plan the Company uses the projected unit credit method and includes the obligation of the defined benefit plan in the accounting period in which the service has been rendered by the employees with a corresponding charge to the profit or loss for the period. The cost of employee benefits arising from defined benefit plans are classified into the following parts: Service costs (including current service costs and settlement gains and losses); Net interest on net liabilities of defined benefit plans (including interest expenses on defined benefit plan obligations); as well as remeasure the changes arising from the net liability of the defined benefit plan.Service costs and net interest on net liabilities of defined benefit plans are recorded in profit or loss for the current period. Changes arising from the remeasurement of net liabilities of defined benefit plans including actuarial gains or losses are recorded in other comprehensive income. (4) Termination benefits The Company recognises a liability arising from compensation for termination of the employment relationship with employees with a corresponding charge to profit or loss for the current period at the earlier of the following dates: when the Company cannot unilaterally withdraw an employment termination plan or a curtailment proposal; or when the Company recognises costs or expenses for a restructuring that involves the payment of termination benefits.For the implementation of internal employee retirement plans the economic compensation before the official retirement date is considered as a dismissal benefit. From the date when the employee ceases to provide services until the normal retirement date the proposed payment of wages for early retired employees and social insurance premiums are included in profit or loss for the current period on a one- time basis. The economic compensation after the official retirement date (such as normal pension benefits) is treated as post-employment benefits. (5) Other long-term benefits Early retirement benefits: The Company offers early retirement benefits to those employees who accept early retirement arrangements. The early retirement benefits refer to the salaries and social security contributions to be paid to and for the employees who accept voluntary retirement before the normal retirement date prescribed by the State as approved by the management. The Group pays early retirement benefits to those early retired employees from the early retirement date until the normal retirement date. The Group accounts for the early retirement benefits in accordance with the treatment for termination benefits in which the salaries and social security contributions to be paid to and for the early retired employees from the off-duty date to the normal retirement date are recognised as liabilities with a corresponding charge to the profit or loss for the current period. The differences arising from the changes in the respective actuarial assumptions of the early retirement benefits and the adjustments of benefit 195Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] standards are recognised in profit or loss in the period in which they occur.The termination benefits expected to be paid within one year from the balance sheet date are presented as Employee benefits payable. 24． Provisions If the obligations related to contingencies simultaneously meet the following conditions the Company will recognize them as provisions： (1) This obligation is a present obligation undertaken by the Company; (2) It is probable that an outflow of economic benefits will be required to settle the obligation; (3) The amount of the obligation can be reliably measured. A provision is initially measured at the best estimate of the expenditure required to settle the related present obligation. Factors surrounding a contingency such as the risks uncertainties and the time value of money are taken into account as a whole in reaching the best estimate of a provision. Where the effect of the time value of money is material the best estimate is determined by discounting the related future cash outflows. The carrying amount of provisions is reviewed at each balance sheet date and adjusted to reflect the current best estimate.If the expenditure required to settle the confirmed provisions is expected to be fully or partially compensated by a third party or other parties the compensation amount can only be separately recognized as an asset when it is virtually certain that it will be received. The recognized compensation amount shall not exceed the book value of the confirmed liability. 25. Revenue (1) General principles The Company recognizes revenue when it has fulfilled its performance obligations under the contract that is when the customer obtains control over the relevant goods or services.If a contract contains two or more performance obligations the Company on the contract start date allocates the transaction price to each individual performance obligation based on the relative proportion of the separate selling prices of the goods or services promised under each individual performance obligation and measures revenue based on the transaction price allocated to each individual performance obligation.When one of the following conditions is met it is considered fulfilling the performance obligation within a certain time period; otherwise it is considered fulfilling the performance obligation at a certain point in time: * Customers obtain and consume the economic benefits brought by the company's performance while the company is fulfilling its contract.* Customers have the ability to control the goods that are in progress during the company's fulfillment process.* The goods produced by the company during the performance of the contract have irreplaceable 196Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] uses and the company has the right to collect payments for the accumulated performance completed to date throughout the contract period.For performance obligations that are fulfilled within a certain period the Company recognizes revenue based on the progress of fulfillment during that period. When the progress of fulfillment cannot be reasonably determined if the costs already incurred by the Company are expected to be compensated revenue is recognized at the amount of the costs already incurred until the progress of fulfillment can be reasonably determined.For performance obligations that are fulfilled at a certain point in time the Company recognizes revenue at the point when the customer obtains control over the relevant goods or services. In determining whether the customer has obtained control over the goods or services the Company considers the following indicators: * The company has a current right to receive payment for the goods or services which means the customer has a current obligation to pay for the goods.* The company has transferred the legal ownership of the product to the customer meaning that the customer now holds the legal ownership of the product.* The company has transferred the physical possession of the product to the customer meaning that the customer has physically taken possession of the product.* The company has transferred the significant risks and rewards of ownership of the goods to the customer meaning that the customer has assumed the significant risks and rewards of ownership of the goods.* The customer has accepted the product or service.* Other signs indicating that the customer has obtained control over the goods. (2) Specific methods When the customer obtains control over the relevant goods or services the company recognizes revenue based on the expected amount of consideration it is entitled to receive.* Revenue from sale of electricity and heat energy Revenue is recognised when electricity and heat energy are supplied to grid companies or customers and they obtain control over electricity.* Revenue from sale of by-products Revenue from the sale of goods is recognised when the Company transfers by-products (such as coal ash) produced by electricity generations to the designated delivery place pursuant to the contract or agreement the resource utilization enterprise confirms receipt and obtains control over the by-products.* Provision of electric power transaction service For the electric power transaction service provided by the Company to external parties upon the receipt of the service revenue is recognised based on the difference between the purchase price and the selling price of electricity 197Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] * Rendering of services The Company provides maintenance services to external clients and recognizes revenue over a period of time based on the progress of the services completed. The progress of the completed services is determined by the proportion of incurred costs to the estimated total costs. On the balance sheet date the company re-estimates the progress of the completed services to reflect changes in performance.When recognizing revenue based on the progress of completed labor services the Company recognizes the portion for which it has obtained unconditional rights to receive payment as accounts receivable and the remaining portion as contract assets. Loss provisions are recognized for accounts receivable and contract assets based on expected credit losses for details please refer to(Note V5 (11)). If the contract price received or receivable by the Company exceeds the labor services completed the excess is recognized as contract liabilities. The Company presents contract assets and contract liabilities under the same contract on a net basis.Contract costs include contract performance costs and contract acquisition costs. The costs incurred by the Company for providing maintenance services are recognized as contract performance costs and are carried forward and included in the main business costs based on the progress of the completed services when revenue is recognized. 26. Contract Costs Contract costs include incremental costs incurred for obtaining the contract and contract performance costs.Incremental costs incurred to obtain a contract refer to costs that would not have been incurred if the company did not obtain the contract (such as sales commissions). If such costs are expected to be recoverable the company recognizes them as contract acquisition costs and recognizes them as an asset. Other expenses incurred by the company to obtain a contract other than the incremental costs expected to be recoverable are recognized in profit or loss for the period when they are incurred.For costs incurred in the performance of a contract if they do not fall within the scope of other enterprise accounting standards such as inventories and simultaneously meet the following conditions the company recognizes them as contract performance costs and recognizes them as an asset: * The costs are directly attributable to a contract or an anticipated contract including direct labor direct materials overheads (or similar expenses) costs that are explicitly chargeable to the customer and other costs that are incurred solely in connection with the contract; * The costs enhance the Company's future resources for fulfilling its performance obligations; * The costs are expected to be recovered.Assets recognized for costs of obtaining a contract or costs to fulfil a contract (hereinafter referred to as "assets related to contract cost") shall be amortized on the same basis as revenue recognition of goods or services related to such assets and recognized into profit or loss for the current period when incurred.When the carrying amount of an asset related to contract costs exceeds the difference between the following two items the Company makes an impairment provision for the excess and recognizes it as an asset impairment loss: * The remaining consideration that the Company expects to receive in exchange for the goods or 198Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] services to which the asset relates; * The costs to be incurred for the transfer of the relevant goods or services. 27. Government grants Government subsidies are recognized when the conditions attached to the subsidies are met and the subsidies can be received.For government subsidies for monetary assets they are measured at the received or receivable amount.For government subsidies for non-monetary assets they are measured at fair value; if the fair value cannot be reliably obtained they are measured at a nominal amount of 1 yuan.Government subsidies related to assets refer to those obtained by the company and used for the acquisition construction or formation of long-term assets through other means; otherwise they are considered government subsidies related to income.For government documents that do not explicitly specify the recipients of subsidies if the subsidy can form long-term assets the portion of the government subsidy corresponding to the asset value shall be regarded as government subsidies related to assets and the remaining portion shall be regarded as government subsidies related to income; if it is difficult to distinguish the entire government subsidy shall be regarded as government subsidies related to income.Government subsidies related to assets are recognized as deferred income and are recorded in profit or loss over the useful life of the relevant assets using a reasonable and systematic method. Government subsidies related to income which are used to compensate for related costs or losses already incurred are recorded in the current profit or loss. Those used to compensate for related costs or losses in future periods are recorded in deferred income and are recorded in the current profit or loss during the period when the related costs or losses are recognized. Government subsidies measured at their nominal amounts are directly recorded in the current profit or loss. The Company adopts a consistent approach to handling the same or similar government subsidy transactions.Government subsidies related to daily activities are recorded in other income based on the substance of the economic transaction. Government subsidies unrelated to daily activities are recorded in non- operating income.When confirmed government subsidies need to be returned if the book value of the relevant assets was offset during initial recognition the book value of the assets should be adjusted. If there is a balance of related deferred income the book balance of the related deferred income should be offset and the excess should be recorded in profit or loss for the current period. In other cases it should be directly recorded in t profit or loss for the current period. 28. Deferred tax assets and deferred tax liabilities Income tax comprises current income tax and deferred income tax. Except for the adjusted goodwill arising from business combinations or the deferred income tax related to transactions or events directly recognized in owner's equity which is recorded in owner's equity all other income taxes are recognized as income tax expenses and recorded in profit or loss for the current period.The Company recognizes deferred income tax using the balance sheet liability method based on the temporary differences between the carrying amount of assets and liabilities at the balance sheet date and their tax bases. 199Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] The deferred income tax liabilities are recognized for all taxable temporary differences unless the taxable temporary difference arises from the following transactions: (1) Initial recognition of goodwill or initial recognition of assets or liabilities arising from transactions that meet the following criteria: the transaction is not a business combination and at the time of occurrence it neither affects accounting profit nor affects taxable income (except for individual transactions where the initially recognized assets and liabilities result in equal amounts of taxable temporary differences and deductible temporary differences); (2) For taxable temporary differences related to investments in subsidiaries joint ventures and associated enterprises the timing of the reversal of such temporary differences can be controlled and it is likely that such temporary differences will not reverse in the foreseeable future.For deductible temporary differences deductible losses that can be carried forward to future years and tax credits the Company recognizes the resulting deferred tax assets to the extent that it is likely to obtain future taxable income that can be used to offset the deductible temporary differences deductible losses and tax credits unless the deductible temporary differences arise from the following transactions: (1) The transaction is not a business combination and at the time of transaction it neither affects accounting profit nor affects taxable income (except for individual transactions where the initial recognition of assets and liabilities results in equal amounts of taxable temporary differences and deductible temporary differences); (2) For deductible temporary differences related to investments in subsidiaries joint ventures and associated enterprises corresponding deferred tax assets are recognized when both of the following conditions are met: the temporary differences are likely to be reversed in the foreseeable future and it is likely that future taxable income will be available to offset the deductible temporary differences.On the balance sheet date the Company measures deferred tax assets and deferred tax liabilities at the tax rate applicable during the expected period of asset recovery or liability settlement and reflects the income tax impact of the expected asset recovery or liability settlement method on the balance sheet date.On the balance sheet date the Company reviews the carrying amount of deferred tax assets. If it is likely that sufficient taxable income will not be available in future periods to offset the benefit of the deferred tax asset the carrying amount of the deferred tax asset is reduced. When sufficient taxable income is likely to be available the reduced amount is reversed.On the balance sheet date deferred tax assets and deferred tax liabilities are presented at the net amount after offsetting when both of the following conditions are met: (1) The taxable entity within the company has the statutory right to settle current income tax assets and current income tax liabilities on a net basis; (2) Deferred tax assets and deferred tax liabilities are related to income taxes levied by the same tax authority on the same taxable entity within the company. 200Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] 29. Leases (1) Identification of leases On the commencement date of the contract the Company as the lessee or lessor evaluates whether the customer in the contract is entitled to almost all economic benefits arising from the use of the identified asset during the usage period and has the right to dominate the use of the identified asset during that period. If one party in the contract relinquishes the right to control the use of one or more identified assets for a certain period in exchange for consideration the Company deems the contract as a lease or contains a lease. (2) The Group as the lessee At the lease commencement date the Company recognises the right-of-use asset and measures the lease liability at the present value of the lease payments that are not paid at that date. Lease payments include fixed payments the exercise price of a purchase option or termination penalty if the lessee is reasonably certain to exercise that option etc. Variable lease payments in proportion to sales are excluded from lease payments and recognised in profit or loss as incurred. Lease liabilities that are due within one year (inclusive) as from the balance sheet date are included in the current portion of non- current liabilities.Right-of-use assets of the Group comprise leased land use rights buildings machinery and equipment and motor vehicles. Right-of-use assets are measured initially at cost which comprises the amount of the initial measurement of lease liabilities any lease payments made at or before the commencement date and any initial direct costs less any lease incentives received. If there is reasonable certainty that the Group will obtain ownership of the underlying asset by the end of the lease term the asset is depreciated over its remaining useful life; otherwise the asset is depreciated over the shorter of the lease term and its remaining useful life. The carrying amount of the right-of-use asset is reduced to the recoverable amount when the recoverable amount is below the carrying amount. .For details，pleaserefer to NoteIII.30.For short-term leases with a term of 12 months or less and leases of an individual asset (when new) of low value the Company chooses to include the lease payments in the cost of the underlying assets or in the profit or loss for the current period on a straight-line basis over the lease term instead of recognizing right-of-use assets and lease liabilities.The Group accounts for a lease modification as a separate lease if both: * The modification increases the scope of the lease by adding the right to use one or more underlying assets; * The consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the contract.When lease modifications are not accounted for as a separate lease except for contract modifications that can adopt a simplified method as stipulated by the Ministry of Finance the company redetermines the lease term on the effective date of the lease modification and uses the revised discount rate to discount the lease payment amount after modification thereby remeasuring the lease liability. If the lease modification results in a reduction in the scope of the lease or a shortened lease term the company correspondingly reduces the book value of the right-to-use asset and includes the related 201Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] gains or losses from partial or complete termination of the lease in profit or loss for the current period.For other lease modifications that result in a remeasurement of the lease liability the company correspondingly adjusts the book value of the right-to-use asset.For eligible rent reductions agreed upon in existing lease contracts the Company opts to adopt a simplified approach. Upon reaching an agreement to terminate the original payment obligation the undiscounted amount of the reduction is recorded in profit or loss for the current period and the lease liability is adjusted accordingly. (3) The Group as the lessor Leases that have essentially transferred almost all risks and rewards related to the ownership of the leased asset are classified as financial leases. Other leases are classified as operating leases.Operating leases Where the Company leases out self-owned buildings and land use rights under operating leases rental income therefrom is recognised on a straight-line basis over the lease term. Variable rental that is linked to a certain percentage of sales is recognised in rental income as incurred.For the qualified rent concessions agreed on existing lease contracts the Company applies the practical expedient to account for the concessions as variable lease payments and record the concessions in profit or loss during the waiving period Except that the above changes in qualified contract which are accounted for by applying the practical expedient for a lease modification the Company accounts for it as a new lease from the effective date of the modification and considers any lease payments received in advance and receivable relating to the lease before modification as receivables of the new lease. 30. Right-of-use assets (1) Criteria for the recognition of right-of-use assets The Company's right-of-use assets refer to the Company's right to use the leased assets during the lease term as the lessee.On the commencement date the right-of-use assets shall be initially measured at cost. The cost includes: the initial measurement of the lease liability; the amount of lease payments paid on or before the commencement date of the lease term the relevant benefited amount of lease incentive is deducted if there is a lease incentive; initial direct costs incurred by the Company as the lessee; the costs which the Company as the lessee expects to incur in dismantling and removing the leased assets restoring the premises on which the leased assets are located or restoring the leased assets to the agreed lease terms. The Company as the lessee shall recognize and measure the costs of demolition and restoration in accordance with the Accounting Standards for Business Enterprises No.13 – Contingencies. Subsequent adjustments for any remeasurement of lease liabilities are recorded. (2) Depreciation method for right-of-use assets The Company adopts the straight-line method for depreciation. If the Company as the lessee can reasonably determine that it will obtain ownership of the leased asset upon the expiration of the lease term depreciation will be accrued over the remaining useful life of the leased asset. If it is not reasonably certain that ownership of the leased asset will be obtained upon the expiration of the lease 202Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] term depreciation will be accrued over the shorter of the lease term or the remaining useful life of the leased asset. (3) The impairment test method and impairment provision method for right-to-use assets are described in Notes III.21. 31. Work safety funds In accordance with relevant regulations the Company allocates work safety funds in accordance with the "Administrative Measures for the Allocation and Use of Work Safety Expenses in Enterprises" (Cai Zi [2022] No. 136). Subsidiaries engaged in power generation business shall appropriate work safety funds based on the actual revenue in the previous year and at the following percentages: * 3% for the proportion of revenue up to RMB10 million in the previous year; * 1.5% for the proportion of revenue between RMB10 million and RMB100 million in the previous year; * 1% for the proportion of revenue between RMB100 million and RMB1000 million in the previous year; * 0.8% for the proportion of revenue between RMB1000 million and RMB5000 million in the previous year; * 0.6% for the proportion of revenue between RMB5000 million and RMB10000 million in the previous year; * 0.2% for the proportion of revenue exceeding RMB10000 million in the previous year.Work safety funds are recognised in profit or loss as the "Specific reserve" item for the current period when appropriated.When using the special reserve if the expenditures are expenses in nature the expenses incurred are offset against the specific reserve directly when incurred. If they result in the formation of fixed assets the incurred expenditures shall first be collected under the "Construction in Progress" account. Once the safety project is completed and reaches its intended usable state the fixed assets shall be recognized.Simultaneously the special reserves shall be offset against the cost of forming the fixed assets and the accumulated depreciation of the same amount shall be recognized. No further depreciation shall be accrued for this fixed asset in subsequent periods. 32. Critical accounting estimates and judgements The Company continually evaluates the critical accounting estimates and key judgements applied based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. (1) Critical judgements in applying the accounting policies * Classification of financial assets Significant judgements made by the Company in the classification of financial assets include analysis on business models and contractual cash flow characteristics.The company determines the business model for managing financial assets at the portfolio level taking into account factors such as the methods for evaluating and reporting financial asset performance to 203Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] key management personnel the risks affecting financial asset performance and their management methods as well as the methods for compensating relevant business management personnel.When assessing whether the contractual cash flows of financial assets are consistent with the underlying borrowing arrangements the Company makes the following key judgments: whether the time distribution or amount of principal may change during the term due to reasons such as early repayment; whether the interest solely comprises the time value of money credit risk other fundamental borrowing risks as well as the consideration for costs and profits. For instance whether the amount of early repayment solely reflects the principal that has not yet been paid and the interest based on the outstanding principal as well as reasonable compensation paid due to early termination of the contract.Determination of significant increase in credit risk When distinguishing the different stages of financial instruments the company's judgment on significant increase in credit risk and credit impairment that has occurred is as follows: The main criteria for the company to determine a significant increase in credit risk are significant changes in one or more of the following indicators: the debtor's operating environment internal and external credit ratings significant changes in actual or expected operating results significant decline in the value of collateral or the credit rating of the guarantor etc.The main criteria for the company to determine whether credit impairment has occurred are meeting one or more of the following conditions: the debtor experiences significant financial difficulties engages in other debt restructurings or is likely to go bankrupt.Timing of revenue recognition With regard to sale of electricity to grid companies the Group supplies electricity to grid companies in accordance with the contract. Thereafter the grid companies have the right to sell electricity and the discretion in pricing and take the risks of any price fluctuation or loss of the products. The Group believes that the grid companies obtain control over electric power upon the receiving of the electric power. Therefore revenue is recognised upon the receiving of the electric power of grid companies. (2) Critical accounting estimates and key assumptions The critical accounting estimates and key assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next accounting year are outlined below: * Accounting estimates on impairment of fixed assets Fixed assets are tested for impairment by the Group if there is any indication that they may be impaired at the balance sheet date by calculating and comparing the recoverable amounts of the fixed assets with their carrying amount to check the difference. If the result of the impairment test indicates that the recoverable amount of the relevant asset is less than its carrying amount a provision for impairment and an asset impairment loss are recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and the present value of the future cash flows expected to be derived from the asset. The determination of the recoverable amount involves accounting estimates.When assessing whether the aforementioned assets are impaired the management primarily evaluates and analyzes from the following aspects: (i) whether events affecting asset impairment have occurred; 204Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] (ii) whether the expected present value of cash flows from the continued use or disposal of the asset is lower than its carrying amount; and (iii) whether the assumptions used in estimating the present value of future cash flows are appropriate.The calculation of the present value of future cash flows involves significant estimates and judgments by management including the discount rate expected on-grid electricity prices expected electricity sales and expected fuel prices for power generation. Changes in these assumptions may have a significant impact on the present value used in impairment testing and result in the impairment of the Company's aforementioned long-term assets.* Measurement of ECL The Group calculates ECL through exposure at default and ECL rates and determines the ECL rates based on probability of default and loss given default or ageing matrix. In determining the ECL rates the Group uses data such as internal historical credit loss experience etc. and adjusts historical data based on current conditions and forward-looking information.When considering forward-looking information the Group considered different macroeconomic scenarios. Significant macroeconomic assumptions and parameters related to the estimation of ECL include the risk of economic downturn external market environment technological environment changes in customer conditions Gross Domestic Product (“GDP”) and Consumer Price Index (“CPI”).The Group regularly monitors and reviews assumptions and parameters related to the calculation of ECL. In 2023 the Group considered the uncertainty under different macroeconomic scenarios and updated the relevant assumptions and parameters.* Accounting estimates on impairment of goodwill The Group tests whether goodwill has suffered any impairment at least annually. The recoverable amount of asset group or group of asset groups is the higher of fair value less the cost of disposal and the present value of the future cash flows expected to be derived from them. These calculations require the use of estimates.* Income tax and deferred income taxes The Company is subject to income taxes in numerous jurisdictions. There are some transactions and events for which the ultimate tax determination is uncertain during the ordinary course of business.Significant judgement is required from the Company in determining the provision for income tax in each of these jurisdictions. Where the final tax outcomes of these matters are different from the amounts that were initially recorded such differences will impact the income tax and deferred income tax provisions in the period in which such determination is made.As stated in Note IV some subsidiaries of the Company are high-tech enterprises. The qualification of high-tech enterprises is valid for three years and upon expiration a new application for high-tech enterprise recognition must be submitted to the relevant government departments. Based on historical experience of re-recognition of high-tech enterprises upon expiration in previous years and the actual situation of these subsidiaries the Company believes that these subsidiaries will continue to obtain high-tech enterprise recognition in future years and thus calculate their corresponding deferred income tax at a preferential tax rate of 15%. If some subsidiaries fail to obtain re-recognition upon expiration of their high-tech enterprise qualification in the future income tax will need to be calculated at the statutory tax rate of 25% which will affect the recognized deferred income tax assets deferred income tax liabilities and income tax expenses. 205Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] For deductible losses that can be carried forward to future years the Company recognizes corresponding deferred tax assets to the extent that it is likely to obtain taxable income in future periods that can be used to offset the deductible losses. The taxable income obtained in future periods includes the taxable income that the Company can achieve through normal production and operation activities as well as the taxable income that will increase when the taxable temporary differences arising in previous periods are reversed in future periods. The Company determines the taxable income in future periods based on financial forecasts which involve significant estimates and judgments by management including expected electricity sales expected on-grid electricity prices expected fuel prices for power generation and other operating expenses. Any discrepancies between actual conditions and estimates may result in adjustments to the carrying amount of the deferred tax assets. 33. Significant changes in accounting policies and accounting estimates (1) Significant changes in accounting policies Explanation No. 17 of Accounting Standards for Business Enterprises In November 2023 the Ministry of Finance issued the "Accounting Standards for Business Enterprises Interpretation No. 17" (Cai Kuai [2023] No. 21) (hereinafter referred to as "Interpretation No. 17").Classification of current liabilities and non-current liabilities Explanation of Regulation No. 17: For liabilities arising from corporate loan arrangements a company's right to defer the settlement of the liabilities for more than one year after the balance sheet date may depend on whether the company has complied with the conditions stipulated in the loan arrangement (hereinafter referred to as "covenant conditions"). The covenant conditions that a company should comply with on or before the balance sheet date even if the compliance with such covenant conditions is assessed after the balance sheet date (for example if some covenant conditions stipulate that they should be assessed based on the financial condition after the balance sheet date) will affect the judgment of whether this right exists on the balance sheet date thereby affecting the classification of the liability as current or non-current on the balance sheet date. The covenant conditions that a company should comply with after the balance sheet date (for example if some covenant conditions stipulate that they should be assessed based on the financial condition for the six months after the balance sheet date) will not affect the judgment of whether this right exists on the balance sheet date and are irrelevant to the classification of the liability as current or non-current on the balance sheet date.If the terms of a liability result in the enterprise settling the liability by delivering its own equity instruments under the counterparty's option and if in accordance with the standards this option is classified as an equity instrument and separately recognized as an equity component of a compound financial instrument then this term does not affect the classification of the liquidity of the liability.The Company has implemented this regulation since January 1 2024 and the adoption of Interpretation No. 17 does not have a significant impact on our financial position and operating results.Disclosure of supplier financing arrangements Explain Regulation No. 17 which requires the disclosure of the following for supplier financing arrangements: (1) The terms and conditions of the supplier financing arrangements (such as extended payment terms and provision of guarantees). (2) * The presentation items and carrying amounts of financial liabilities that are part of the supplier financing arrangements in the balance sheet. * If the 206Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] supplier has received payments from the financing provider the presentation items and carrying amounts of the corresponding financial liabilities should be disclosed; * The payment due date range of the relevant financial liabilities as well as the payment due date range of comparable accounts payable that are not part of the supplier financing arrangements. If the range of payment due dates is wide the enterprise should also disclose explanatory information or additional range information regarding these ranges; (3) The types and impacts of current changes in the carrying amounts of relevant financial liabilities that do not involve cash receipts and payments (including business combinations exchange rate changes and other transactions or events that do not require the use of cash or cash equivalents).When disclosing liquidity risk information in accordance with the requirements of "Accounting Standards for Business Enterprises No. 37 - Presentation of Financial Instruments" enterprises should consider whether they have obtained or have access to credit facilities that provide deferred payments to the enterprise or early receipts to its suppliers through supplier financing arrangements. When identifying the concentration of liquidity risk in accordance with the requirements of relevant standards enterprises should consider the factor that supplier financing arrangements result in the enterprise concentrating some of its financial liabilities payable to suppliers on the financing provider.The Company implements this regulation starting from January 1 2024.The adoption of Interpretation No. 17 does not have a significant impact on the financial position and operating results of the Company.Accounting treatment for sale-leaseback transactions In accordance with the interpretation of Regulation No. 17 the subsequent measurement of right-of-use assets and lease liabilities formed in sale-leaseback transactions where asset transfers are considered sales shall be conducted in accordance with the relevant provisions of "Accounting Standards for Business Enterprises No. 21 - Leases". When the lessee conducts subsequent measurement of the lease liabilities formed by the sale-leaseback the method for determining the lease payment amount or the changed lease payment amount shall not result in the recognition of gains or losses related to the right of use obtained through the leaseback. If a lease modification results in a reduction in the scope of the lease or a shortened lease term the lessee shall still recognize the related gains or losses from the partial or complete termination of the lease in the current profit and loss in accordance with the provisions of "Accounting Standards for Business Enterprises No. 21 - Leases" without being subject to the restrictions set forth in the preceding paragraph.The Company has implemented this regulation since January 1 2024 and the adoption of Interpretation No. 17 does not have a significant impact on our financial position and operating results. (2) Significant changes in accounting estimates There was no change in significant accounting estimates during the reporting period.Taxation 1. Main type of taxes and corresponding tax rates Tax type Tax basis Tax rate 207Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Tax type Tax basis Tax rate Taxable value-added amount (Tax payable is calculated using the taxable sale amount Value-added tax (“VAT”) multiplied by the applicable tax rate less 3% 5% 6% 9% and 13% deductible input VAT of the current period) and taxable value-added amount of hydroelectric generation City maintenance and Amount of VAT paid From 5% to 7% construction tax Corporate income tax Taxable income 12.5% 15% 20% and 25% Educational surcharge Amount of VAT paid 3% Local educational Amount of VAT paid 2% surcharge Real estate’s rental income or the residual value from Property tax 12% and 1.2% original value less the deducting proportion The tax shall be calculated Calculated and paid based on the pollution equivalent Environmental protection and paid according to the values or the discharge of taxable pollutants multiplied by tax specific tax rates applicable the applicable tax amounts to different pollutants Subject of taxation Income tax rate Guangdong Yudean Zhanjiang Wind Power Generation Co. Ltd. (“Zhanjiang Wind Power”) 15%Guangdong Yudean Zhanjiang Biomass Power Generation Co. Ltd. (“Biomass Power 15%Generation”) Guangdong Wind Power Generation Co. Ltd. ("Guangdong Wind Power") 15% Except for Zhanjiang Wind Power Biomass Power Generation and Guangdong Wind Power which are high-tech enterprises and are subject to a statutory tax rate of 15% some subsidiaries experienced a reduction or exemption in their income tax rates due to other tax preference. For details refer to Note IV. 2. Apart from these companies all other entities of the Company are subject to a statutory income tax rate of 25%. 2. Tax preference (1) Corporate income tax incentives Pursuant to the approval documents (Cai Shui [2008] No. 46 and Guo Shui Fa [2009] No. 80) the Company and several subsidiaries are approved to engage in wind power projects and photovoltaic projects from 1 January 2008 and are exempted from enterprise income tax in the first three years from the year when the company generates revenue from operations of those projects and can enjoy 50% discount in tax rate in the following three years (“three-year exemptions and three-year halves”).Pursuant to the Supplementary Notice on Issues Concerning the Preferential Enterprise Income Tax Policies for Public Infrastructure Projects (Cai Shui [2014] No. 55) enterprises invest and operate public infrastructure projects in compliance with the List of Public Infrastructure Projects Enjoying Enterprise Income Tax Preferential those which adopt one-off approval and are subject to construction in batches (such as terminals berths airport terminals runways sections generator units etc.) are subject toincome tax calculated in units of each batch and enjoy the tax preferential policy of “three-yearexemptions and three-year halves” when the following conditions are satisfied: (i) different batches are space-independent; (ii) each batch has its own revenue function; (iii) they are accounted for in units of each batch and are subject to income tax individually while the period expenses are allocated rationally. 208Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] The subsidiaries which enjoy this tax preference as listed as below.The first year of Corporate name Project name generating operating income Guangdong Yudean Qujie Wind Phase I of the Offshore Wind Power Project in 2019 Power Generation Co. Ltd the Luo Hai Guangdong Yudean Qujie Wind Qujiewai Luo Hai Wind Power Project Phase II 2021 Power Generation Co. Ltd Guangdong Yudean Qujie Wind Xinliao Offshore Wind Power Project 2021 Power Generation Co. Ltd Guangdong Yudean Pingyuan Wind Pingyuan Maoping Project 2020 Power Co. Ltd Guangdong Yudean Pingyuan Wind Pingyuan Sishui Project 2021 Power Co. Ltd Guangdong Yudean Zhanjiang Wind Zhanjiang Linfen Hongdong Photovoltaic 2023 Power Generation Co. Ltd Project Pingdu Lianyao New Energy Jiulian Photovoltaic Project in Laixi City 2024 Technology Co. Ltd Qingdao LaiShui LiNeng New Energy Laishui 80MW Photovoltaic Power Generation 2024 Technology Co. Ltd Project Lan Shan Yue Feng New Energy Agricultural-Photovoltaic Complementary 2024 Co. Ltd Photovoltaic Project in Lanshannan City In 2022 the Group's subsidiaries Zhanjiang Wind Power and Biomass Power Generation obtained the "High-tech Enterprise Certificate" (certificate numbers GR202244006758 and GR202244008597) jointly issued by the Guangdong Provincial Department of Science and Technology the Guangdong Provincial Department of Finance and the Guangdong Tax Service under the State Taxation Administration. The certificate is valid for 3 years and was issued on December 22 2022. According to Article 28 of the "Enterprise Income Tax Law of the People's Republic of China" the applicable enterprise income tax rate for Zhanjiang Wind Power and Biomass Power Generation in 2024 is 15%.In 2024 the Group's subsidiary Guangdong Wind Power obtained the "High-tech Enterprise Certificate" (Certificate No. GR202444008116) jointly issued by the Guangdong Provincial Department of Science and Technology the Guangdong Provincial Department of Finance and the Guangdong Provincial Tax Service of the State Taxation Administration. The certificate is valid for 3 years and was issued on December 11 2024. According to Article 28 of the "Enterprise Income Tax Law of the People's Republic of China" the applicable enterprise income tax rate for Guangdong Wind Power in 2024 is 15%. According to the "Notice of the State Taxation Administration Guangxi Zhuang Autonomous Region Tax Bureau on Clarifying the Exemption Policy for the Local Sharing Part of Enterprise Income Tax under Certain Circumstances" (Cai Shui [2023] No. 5) for enterprises newly established in the Beibu Gulf Economic Zone from 2014 to 2020 and those newly established in the Pearl River-Xijiang Economic Belt (Guangxi) from 2016 to 2020 which have not previously applied for the exemption of the local sharing part of enterprise income tax the following exemption policy for the local sharing part of enterprise income tax shall be implemented: For enterprises that meet the conditions for the preferential tax policy for enterprise income tax under the national western development program during the period from 2021 to 2025 they shall be exempt from the local sharing part of enterprise income tax for five consecutive years starting from the tax year in which they first meet the conditions for the preferential tax policy for enterprise income tax under the western development program. The subsidiaries of our company Guangxi Wuxuan Yuefeng New Energy Co. Ltd. and Guangxi Hangneng enjoy the above tax benefits in 2024. 209Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] According to the approval provided in Announcement No. 6 of 2023 by the State Taxation Administration "Announcement of the Ministry of Finance and the State Taxation Administration on Preferential Income Tax Policies for Small and Micro Enterprises and Self-Employed Individuals" for small and micro-profit enterprises with annual taxable income not exceeding 1 million yuan the taxable income shall be calculated at a reduced rate of 25% and the enterprise income tax shall be paid at a rate of 20%. The aforementioned small and micro enterprises refer to those engaged in industries not restricted or prohibited by the state and simultaneously meeting three conditions: (1) annual taxable amount do not exceed RMB 3 million (2) number of employees do not exceed 300 staffs and (3) total assets do not exceed RMB50 million. Some subsidiaries of the Company enjoy the above tax benefits in 2024.According to the Notice on Issues Concerning the Implementation of the Preferential Income Tax Catalogue for Enterprises Engaged in Comprehensive Resource Utilization (Cai Shui [2008] No. 47) from January 1 2008 enterprises that use resources listed in the Preferential Income Tax Catalogue for Enterprises Engaged in Comprehensive Resource Utilization (2008 Edition) as their main raw materials to produce products that meet relevant national or industry standards within the aforementioned catalogue will have their income calculated at a reduced rate of 90% for the total income of the enterprise for the current year. The subsidiaries of our group Zhanjiang Electric Power Co. Ltd. and Pinghai Power Plant use fly ash to produce commercial fly ash which meets the aforementioned preferential income tax conditions for comprehensive resource utilization and will enjoy the aforementioned tax benefits in 2024.According to the "Notice of the Ministry of Finance and the State Administration of Taxation on Issues Concerning the Implementation of the Preferential Income Tax Catalogue for Enterprises Using Specialized Equipment for Environmental Protection the Preferential Income Tax Catalogue for Enterprises Using Specialized Equipment for Energy and Water Conservation and the Preferential Income Tax Catalogue for Enterprises Using Specialized Equipment for Safe Production" (Cai Shui [2008] No. 48) enterprises that purchase and actually use specialized equipment for environmental protection energy and water conservation and safe production within the scope of the "Preferential Income Tax Catalogue for Enterprises Using Special Equipment for Environmental Protection" the "Preferential Income Tax Catalogue for Enterprises Using Special Equipment for Energy and Water Conservation" and the "Preferential Income Tax Catalogue for Enterprises Using Specialized Equipment for Safe Production" from January 1 2008 can offset 10% of the investment amount in specialized equipment against the current year's enterprise income tax payable. If the current year's enterprise income tax payable is less than 10% of the investment amount it can be carried forward to future years but the carry-forward period shall not exceed five taxable years. Some subsidiaries of the group enjoy the above tax benefits in 2024. (2) VAT tax incentives According to the "Notice on the Catalogue of Products and Services for Comprehensive Resource Utilization Eligible for Value-Added Tax Preferences" (Cai Shui [2015] No. 78) taxpayers who sell self- produced products for comprehensive resource utilization and provide services for comprehensive resource utilization can enjoy the immediate refund policy for value-added tax. In 2024 the subsidiaries of the Group includes Guangdong Yudean Zhanjiang Biomass Power Generation Co. Ltd. Guangdong Huizhou Pinghai Power Co. Ltd. Guangdong Yudean Technology Engineering Management Co. Ltd.and Guangdong Yudean Yunhe Power Co. Ltd. enjoyed the immediate tax refund policy for value- added tax.According to the "Notice on the Value-Added Tax (VAT) Policy for Wind Power Generation" (Cai Shui [2015] No. 74) a policy of immediate refund of 50% of the VAT levied on the sale of self-produced 210Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] electricity products generated by wind power by taxpayers is implemented. The subsidiaries of the Group including Guangdong Yudean Zhanjiang Wind Power Generation Co. Ltd. Guangdong Yudean Dianbai Wind Power Co. Ltd. Guangdong Yudean Xuwen Wind Power Electricity Co. Ltd. Guangdong Yueneng Wind Power Co. Ltd. Guangdong Yudean Shibeishan Wind Power Co. Ltd. Leizhou Wind Power Huilai Wind Power Co. Ltd. Hunan Xupu Yuefeng New Energy Co. Ltd. Tongdao Yuexin Wind Power Generation Co. Ltd. Guangxi Wuxuan Yuefeng New Energy Co. Ltd. and Dacheng County Dun'An New Energy Co. Ltd. enjoy the aforementioned tax benefits in 2024.Notes to the consolidated financial statements 1. Cash at bank and on hand Item 31/12/2024 31/12/2023 Cash on hand 34030 43025 Cash at bank 1041257330 2182419734 Energy Group Finance Company 14286603574 14225178988 - Deposits 14240813564 14171704397 - Interest receivable 45790010 41474591 - Other cash balances 12000000 Other cash balances 33925897 23788146 Total 15361820831 16431429893 Including: total overseas deposits Note 1: As at 31 December 2024 there’s no fund that were mortgaged pledged frozen or deposited offshore with restricted repatriation.Note 2: Information on time deposits in Energy Group Finance Company as at 31 December 2024 is as follows: Item 31/12/2024 31/12/2023 Time deposits 3450600000.00 4400000000.00 Note 3: Deposits in Energy Group Finance Company refer to the deposits in Energy Group Finance Company. Energy Group Finance Company is a financial institution established with the approval of the People’s Bank of China. Both the Company and Energy Group Finance Company are controlled by Guangdong Energy Group Co. Ltd. (“Guangdong Energy Group” or “GEGC”).Note 4: As at 31 December 2024 other cash balances of RMB33925897 (December 31 2023: RMB35788146) mainly represented special funds for power trading ecological protection and guarantees. There were no other cash balances deposited in Energy Group Finance Company. (December 31 2023: RMB12000000). 2. Accounts receivable (1) Disclosed by aging Aging of accounts 31/12/2024 31/12/2023 Within 1 year 7592777022 7837958876 1 to 2 years 1107402430 830621695 211Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Aging of accounts 31/12/2024 31/12/2023 2 to 3 years 327271840 121023058 Over 3 years 110384075 200382525 Subtotal 9137835367 8989986154 Less: Provision for loss allowance 36037526 26350476 Total 9101797841 8963635678 Note 1: The accounts receivable for over three years are receivables from renewable energy subsidies and the Group accrued the provision for estimated credit loss over the entire life cycle. (2) Disclosed by method of loss allowance 31/12/2024 Book balance Loss allowance Category Expected Proportion Book value Amount Amount credit loss rate (%) (%) Provision for loss allowance on an individual basis Provision for loss allowance on a collective 9137835367100.00360375260.399101797841 basis Including: Accounts receivable from sale of electricity 5900005438 64.57 5900005438 Accounts receivable from renewable 309863745133.91309863741.003067651077 energy subsidies Accounts receivable from related parties 37889672 0.41 37889672 Accounts receivable from sale of steam 1013028061.1150511524.9996251654 and others Total 9137835367 100.00 36037526 0.39 9101797841 Continued: 31/12/2023 Book balance Loss allowance Category Expected Proportion Book value Amount Amount credit loss rate (%) (%) Provide for loss allowance on an individual - basis Provision for loss allowance on a collective 8989986154100.00263504760.298963635678 basis Including: - Accounts receivable from sale of electricity 6225956094 69.25 6225956094 Accounts receivable from renewable 264642888029.44252253481.002621203532 energy subsidies Accounts receivable from related parties 31436573 0.35 31436573 Accounts receivable from sale of steam 861646070.9611251281.3185039479 and others Total 8989986154 100.00 26350476 0.29 8963635678 212Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Provision for loss allowance on a collective basis Group 1: Receivables from sale of electricity As at 31 December 2024 the Group’s receivables from sale of electricity other than receivables from renewable energy subsidies are as follows.Item 31/12/2024 31/12/2023 China Southern Power Grid Co. Ltd. and its subsidiaries (collectively referred to as 57205729596074540172 "China Southern Power Grid") State Grid Corporation of China and its subsidiaries (collectively referred to as 179432479151415922 "State Grid ") Total 5900005438 6225956094 Note 1: Considering the favorable credibility of China Southern Power Grid and State Grid there was no significant credit risk arising from receivable from sale of electricity. Since the possibility of material losses due to the default by China Southern Power Grid and State Grid was extremely low the impact on estimated credit loss is immaterial the Company did not provide estimated credit loss for the receivables from sale of electricity Group 2: Receivables from renewable energy subsidies As at 31 December 2024 the Group’s receivables from renewable energy subsidies are as follows: 31/12/202431/12/2023 Item Expected Expected Loss Loss Book balance credit loss Book balance credit loss allowance allowance rate (%) rate (%) Renewable energy subsidies 3098637451 30986374 1.00 2646428880 25225348 1.00 receivable As at 31 December 2024 the Company uses an external evaluation methodrefers to data from peer companies in determining the expected credit loss rate for receivables of renewable energy subsidies.The expected credit loss rate of Group 2 is 1%.Group 3: Receivables from related parties As at 31 December 2024 the Group’s receivables from related parties are RMB37889672 (December 31 2023: RMB 31436573) and the historical loss rate is extremely low .Therefore there was no significant credit risk arising from receivables from related parties. Since the possibility of material losses due to the default by related parties was extremely low the Group did not provide estimated credit loss for the receivables from related parties (December 31 2023: Nil).Group 4: Receivables from sale of steam and others Item 31/12/2024 31/12/2023 213Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Expected Expected Book Loss Book Loss credit loss credit loss balance allowance balance allowance rate (%) rate (%) Within 1 year 93120216 1240536 1.33 84544033 875582 1.04 1 to 2 years 8182590 3810616 46.57 1225574 131046 10.69 2 to 3 years 395000 118500 30.00 More than 3 years Total 101302806 5051152 4.99 86164607 1125128 1.31 Note: As of December 31 2024 the right to collect electric charges of the Group’s certain subsidiaries was pledged to banks to obtain long-term borrowings with a principal of RMB5171411604 including current portion of long-term borrowings with a principal of RMB451067263. (December 31 2023: long- term borrowings with a principal of RMB5401654578 including current portion of long-term borrowings with a principal of RMB500737245.). (3) Addition recoveries or reversals of loss allowance in current period Item Loss allowance As at 1/1/2024 26350476 Addition in the current period 10839894 Recoveries or reversals in the current period -1152844 Written-off in the current period As at 31/12/2024 36037526 (4) Accounts receivables that were written off in the current period Item Amount Written off in the current period Nil (5) As at 31 December 2024 the top five largest accounts receivables and contract assets by debtors are as follows: Accounts Contract Provision for Proportion of Item receivable_31/12/2024 asset_31/12/2024 loss allowance total balance(%) Total amount of the top five largest accounts 8991036902 31178073 98.39% receivable 3. Advances to suppliers (1) Disclosed by aging 31/12/202431/12/2023 Aging Book balance Book balance Loss Loss Proportion allowance Proportion Amount Amount allowance (%)(%) Within 1 year 1433330668 99.48 1575368565 99.77 1 to 2 years 3926780 0.27 2963894 0.19 214Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] 31/12/202431/12/2023 Aging Book balance Book balance Loss Loss Proportion Amount allowance Proportion Amount allowance (%)(%) 2 to 3 years 2833371 0.20 185817 0.01 More than 3 years 656368 0.05 115000 477718 0.03 115000 Total 1440747187 100.00 115000 1578995994 100.00 115000 As at 31 December 2024 advances to suppliers with aging over one year amounted to RMB7416519 (December 31 2023: RMB3627429) mainly including prepayments for spare parts and materials. (2) Provision for impairment in the current period Item 2024 2023 As at 1/1/2024 115000 115000 Provision for the current year Write-off in the current period Reversal in the current period As at 31/12/2024 115000 115000 (3) As at 31 December 2024 the five largest advances to suppliers by debtors are as follows: The total amount of advances to five largest debtors is RMB1152736118 accounting for 80.01% of total balance. 4. Other receivables Item 31/12/2024 31/12/2023 Interest receivables Dividends receivable 134959219 Other receivables 533352169 663830616 Total 533352169 798789835 (1) Dividends receivable Item 31/12/2024 31/12/2023 Guoneng Yuedian Taishan Power Generation Co. Ltd ("Taishan Power Generation") 134959219 (2) Other receivables * Disclosed by aging Aging 31/12/2024 31/12/2023 Within 1 year 218929350 230921183 1 to 2 years 50821608 65744746 2 to 3 years 31300019 219216710 More than 3 years 287319585 179957004 Subtotals 588370562 695839643 215Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Aging 31/12/2024 31/12/2023 Less: Provision for loss allowance 55018393 32009027 Total 533352169 663830616 Note: Other receivables with aging for more than three years mainly include RMB56667349 of supplementary medical insurance receivable from Taikang Pension Insurance Co. Ltd. Guangdong Branch (“Taikang Pension”). Taikang Pension mainly provides custody services for the Company’s supplementary medical insurance fund. The historical loss rate is 0% and the risk of estimated credit loss is extremely low. On the other hands there is RMB126885400 of land withdrawal receivable from the People's Government of Chengjiang Town Meixian District Meizhou City. As the counterparty is a government unit the risk of estimated credit loss is extremely low.* Disclosed by nature of receivable Item 31/12/2024 31/12/2023 Land withdrawal receivable 143994333 274833258 Supplementary medical insurance fund receivable 104146571 108018187 Receivables from sale of by-products 50166012 90424301 Including : Receivables from related parties 44546617 77083510 Receivables from business units 86772626 74097420 Current accounts receivables from related parties 60257839 36811179 Land deposits receivable 24007176 23447300 Insurance compensation receivable 16241973 Compensation receivable for electricity charges during the demolition and construction 141984007099200 period Others 104827605 64866825 Subtotal 588370562 695839643 Less: Provision for loss allowance 55018393 32009027 Total 533352169 663830616 * Provision for loss allowance 31/12/2024 Book balance Provision for loss allowance Category Estimated Proportion Book value Amount Amount credit loss rate (%) (%) Provision for loss allowance on an 42061581071.49285975856.80392018225 individual basis Provision for loss allowance on a 16775475228.512642080815.75141333944 collective basis Total 588370562 100.00 55018393 9.35 533352169 Continued: 31/12/2023 Category Book balance Provision for loss allowance Book value 216Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Estimated Amount Proportion (%) Amount credit loss rate (%) Provision for loss allowances on 54977521879.01193745843.52530400634 an individual basis Provision for loss allowance on a 14606442520.99126344438.65133429982 collective basis Total 695839643 100.00 32009027 4.60 663830616 As at 31 December 2024 provision for loss allowances in Stage 1 are analyzed as follows: Estimated credit loss rate Provision Book Category (%) over the for loss Book value Reason balance next 12 allowance months Provide for loss allowances on an individual basis Land withdrawal The counterparty is a government unit 143994333143994333 receivable and the risk of ECL is extremely low.The counterparty is a related party with a Receivables from 104804456 104804456 historical loss rate of 0; therefore the risk related parties of ECL is extremely low.The counterparty is Taikang Pension Supplementary medical which mainly provides custody services insurance fund 104146571 104146571 for the Group’s supplementary medical receivable insurance fund. The historical loss rate is 0 and the risk of ECL is extremely low. The counterparty is a government unit Land deposits 24007176 24007176 with a historical loss rate of 0; therefore receivable the risk of ECL is extremely low.Compensation The demolition and construction project is receivable for electricity initiated by the government-owned charges during the 14198400 14198400 industrial park which pays compensation demolition and expenses and the risk of ECL is construction period extremely low.The counterparty is a government unit Others 867289 867289 with a historical loss rate of 0; therefore the risk of ECL is extremely low Provision for loss allowances on a collective basis Other receivables on a 16775475215.7526420808141333944 collective basis Total 559772977 4.72 26420808 533352169 As at 31 December 2024 provision for loss allowances in Stage 2 are analyzed as follows: The Company did not have interest receivable dividends receivable or other receivables that were in Stage 2.As at 31 December 2024 provision for loss allowances in Stage 3 are analyzed as follows: Book Estimated credit loss rate Provision for loss Book Category Reason balance (%) over the entire duration allowance value Provide for loss allowances on an individual basis Unrecoverable by Receivables from business estimation since the 24247040100.0024247040 units counterparty is financially difficult. 217Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Book Estimated credit loss rate Provision for loss Book Category Reason balance (%) over the entire duration allowance value Unrecoverable by estimation since the Others 4350545 100.00 4350545 counterparty is financially difficult.Total 28597585 100.00 28597585 As at 31 December 2023 provision for loss allowances in Stage 1 are analyzed as follows: Estimated Provision Book credit loss rate Category for loss Book value Reason balance (%) within the allowance next 12 months Provide for loss allowances on an individual basis The counterparty is a government unit with Land withdrawal 261058758 261058758 a historical loss rate of 0; therefore the risk receivable of ECL is extremely low.The counterparty is a related party with a Receivables from related 113894689 113894689 historical loss rate of 0; therefore the risk parties of ECL is extremely low.The counterparty is Taikang Pension which Supplementary medical mainly provides custody services for the insurance fund 108018187 108018187 Group’s supplementary medical insurance receivable fund. The historical loss rate is 0% and the risk of ECL is extremely low.The counterparty is a government unit with Land deposits receivable 23447300 23447300 a historical loss rate of 0; therefore the risk of ECL is extremely low.The counterparty Guangdong Energy Property Insurance Captive Co. Ltd.Insurance compensation (“Guangdong Energy Property Insurance”) 1499685414996854 receivable is a related party with a historical loss rate of 0; therefore the risk of ECL is extremely low Compensation The demolition and construction project is receivable for electricity initiated by the government-owned charges during the 7099200 7099200 industrial park which pays compensation demolition and expenses and the risk of ECL is extremely construction period low.The counterparty is a government unit with Others 1885646 1885646 a historical loss rate of 0; therefore the risk of ECL is extremely low.Provision for loss allowances on a collective basis Other receivables on a 1460644258.6512634443133429982 collective basis Total 676465059 1.87 12634443 663830616 As at 31 December 2023 provision for loss allowances in Stage 2 are analyzed as follows: The Company did not have interest receivable dividends receivable or other receivables that were in Stage 2.As at 31 December 2023 provision for loss allowances in Stage 3 are analyzed as follows: estimated credit loss Book Provision for Book Category rate (%) over the entire Reason balance loss allowance value duration 218Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] estimated credit loss Book Provision for Book Category rate (%) over the entire Reason balance loss allowance value duration Provision for loss allowances on an individual basis Unrecoverable by estimation since Receivables from 14317355 100.00 14317355 the counterparty is financially business units difficult.Unrecoverable by estimation since Others 5057229 100.00 5057229 the counterparty is financially difficult.Total 19374584 100.00 19374584 * Recognitions or recoveries or reversals of loss allowance in current period Stage 1 Stage 2 Stage 3 Provision for loss Estimated credit loss over Estimated credit loss Estimated credit loss over Amount allowance the entire duration (no over the next 12 the entire duration (credit credit impairment has months impairment has occurred) occurred) As at 1/1/2024 12634443 19374584 32009027 Movement in the current 126344431937458432009027 period - Transfer to the second stage - Transfer to the third -532140532140 stage - Reversed to the second stage - Reversed to the first stage Additions 14561894 9210861 23772755 Addition due to 9548795487 consolidation Reversals -206129 -206129 Written-off -132747 -520000 -652747 As at 31/12/2024 26420808 28597585 55018393 * Other receivables that were written off in the current period Item Amount Written off in the current period 652747 * As at 31 December 2024 top five largest other receivables by debtors are as follows: Other receivables Proportion (%) Provision for Debtor Nature Aging as at 31/12/2024 of Total Balance loss allowance People’s Government of More Land withdrawal Chengjiang Town Meixian 126885400 than 3 21.57 receivable District Meizhou City years Supplementary Within 5 Taikang Pension medical insurance fund 104146571 17.70 years receivable Guangdong Yudean Receivables from related Within 2 Environmental Protection Co. parties for sale of by- 37861479 6.43 years Ltd. (“Yudean Environmental”) products 219Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Other receivables Proportion (%) Provision for Debtor Nature Aging as at 31/12/2024 of Total Balance loss allowance Thermoelectric Branch of Receivables from Within 4 Xinjiang Jintai Electric Power 25401004 4.32 business units years Co. Ltd Guangdong Electric Power Receivables for coal Within 3Industry Fuel Co. Ltd. (“Industry 24677849 4.19settlement yearsFuel”) Total 318972303 -- 54.21 5. Inventories (1) Inventories by categories 31/12/202431/12/2023 Item Book balance Provision Book value Book balance Provision Book value Fuel 1805708131 1805708131 1757647048 1757647048 Spare parts 816618983 47494841 769124142 971015858 92178375 878837483 Others 2287216 2287216 19020180 19020180 Total 2624614330 47494841 2577119489 2747683086 92178375 2655504711 (2) Provision for inventories Item 31/12/2023 Increase Written off 31/12/2024 Spare parts 92178375 44683534 47494841 Provision for inventories (Continued) Basis for determining net realizable value/remaining Reasons for reversal or write- Item consideration and the costs that will be incurred off in the current period The carrying amount is higher than the amount of net realizable Spare parts Disposal/Use/Scrap value of the disposal proceeds less costs to sell. 6. Other current assets Item 31/12/2024 31/12/2023 Input VAT to be deducted/to be certified 1817634077 1435442817 Prepayment of income tax 128279470 40660024 Carbon emission rights assets 17781065 7106032 Others 7574974 12869121 Total 1971269586 1496077994 7. Long-term equity investments Item 31/12/2024 31/12/2023 Joint ventures 1211503389 1044627976 Associates 9744588983 8895647654 Subtotal 10956092372 9940275630 Less: Provision for impairment of long-term equity investments 143433433 143433433 Total 10812658939 9796842197 220Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] 221Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] 31/12/2023 Changes in increase or decrease in the current period 31/12/2024 Investment Declared Invested entity Provision Reduction income Other Provision Provision Addition in Other cash Book value for in recognized comprehensive for Others Book value for investment movements dividends or impairment investment by equity income impairment impairment profits method * Joint ventures Guangdong Electric Power Industry Fuel Co. 867236779 186802500 6824907 1233086 549222 22340550 1040305944 Ltd. ("Industrial Fuel") China Aviation Shenxin Wind Power Co. Ltd. 172615216 -3968081 168647135(“China AviationShenxin”) Zhanjiang Yuexin Distributed Energy and Technique 4775981 -2225671 2550310Co. Ltd. (“YuexinEnergy”) Subtotals 1044627976 186802500 631155 1233086 549222 22340550 1211503389 * Associates Shanxi Yudean Energy Co. Ltd. 35388737653934103813425973932626743(“Shanxi YudeanEnergy”) Guoneng Yudean Taishan Power 19898867087035562346182882064860619 Generation Co.Ltd.Guangdong Energy Group Finance Co. Ltd. 1740860463148990970-5406765925699441791874724 ("Energy Group Finance Company") Guangdong 544877662 250000000 28965196 823842858 222Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] 31/12/2023 Changes in increase or decrease in the current period 31/12/2024 Investment Declared Invested entity Provision Reduction income Other Provision Provision Addition in Other cash Book value for in recognized comprehensive for Others Book value for investment movements dividends or impairment investment by equity income impairment impairment profits method Energy Finance Leasing Company(“Energy FinanceLeasingCompany”) Guangdong Energy Property 297884356144326022330169309986789 Insurance Captive Co. Ltd.Guangdong Yuedian Shipping Co. Ltd. 111441021 14064533 533030 397735 126436319 ("Yuedian Shipping") Guizhou Yueqian Power Co. Ltd. 265948816 5631964 -17520 724477 272287737 (“Yueqian Power”) Yunnan Energy Investment Weixin 122614153122614153Co. Ltd. (“WeixinYuntou”) Southern Offshore wind power Union Development Co. 19966474015860009899700214625049 Ltd.("Southern Offshore Wind Power") Others 62776690 20819280 5294732 71889 3528599 64614712 20819280 Subtotals 8752214221 143433433 250000000 697006010 -4891255 6154986 99328412 9601155550 143433433 Total 9796842197 143433433 436802500 697637165 -3658169 6704208 121668962 10812658939 143433433 223Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Note 1: As at 31 December 2024 the Company’s subsidiary Guangdong Wind Power Company ("Guangdong Wind Power") held 51% shares of China Aviation Shenxin. According to the articles of association of China Aviation Shenxin the resolution of the shareholders’ meeting must be unanimously adopted by shareholders representing more than 2/3 of the voting rights. Therefore China Aviation Shenxin is jointly controlled by the Company’s subsidiary Provincial Wind Power and Inner Mongolia Electric Power Survey & Design Institute Co. Ltd. which holds 49% shares of China Aviation Shenxin.Note 2: The Company determines significant long-term equity investments based on a comprehensive consideration of factors such as the book value of joint ventures and associated enterprises and the proportion of long-term equity investment income accounted for by the equity method in the Company's consolidated net profit. In 2024 the Company had no significant impairment of long-term equity investments.In the current year the change in other equity of long-term equity investments in joint ventures amounted to RMB549222 (2023: RMB763364) which was recorded in capital reserves.In the current year the change in other equity of long-term equity investments in associated enterprises recorded in capital reserves amounted to RMB6154986 (2023: RMB7328861). 8. Investments in other equity instruments Item 31/12/2024 31/12/2023 Shenergy Company Limited (“Shenergy”) 527001051 356517044 Sunshine Insurance Group Company Limited (“Sunshine Insurance”) 884831222 1379000002 Shenzhen Capital Group Co. Ltd. (“SCG”) 1124000000 1014000000 Others 114457600 116830000 Total 2650289873 2866347046 Note: The Company does not participate in or influence the financial and operating decisions of the above investees in any ways. Therefore the Company has no significant influence on the above investees and accordingly they are accounted for as investments in other equity instruments.As at 31 December 2024 the company held 55532250 tradable A shares in Shenergy with fair value of RMB527001051 and the investment cost was RMB235837988. The investment was stated at fair value with reference to the market price. During the year gains at fair value amounted to RMB170484007 (2023: Gains of RMB51644992) and other comprehensive income was adjusted upwards accordingly.As at 31 December 2024 the Company held 350000000 shares in Sunshine Insurance including 238000000 domestic shares and 112000000 tradable HK shares. The fair value was RMB884831222 and the investment cost was RMB356000000. The investment was stated at fair value with reference to the market price. During the year losses at fair value amounted to RMB494168780 (2023: Loss of RMB316703800) and other comprehensive income was adjusted downwards accordingly.As at 31 December 2024 the fair value of the equity that the Company held in Shenzhen Capital Group (“SCG”) amounted to RMB1124000000 and the investment cost was RMB328034000. The Company used the discounted cash flow model and the market comparable company model to estimate the value of this investment. During the current year gains at fair value amounted to RMB110000000 (2023: Gains of RMB64000000) and other comprehensive income was adjusted upwards accordingly. 224Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Gains and losses Gains and losses Dividend Accumulated gains recognized in other accumulated in other income for and losses transferred Reason for Item comprehensive income comprehensive income the current to retained earnings derecognition in the current period at the end of the period period due to derecognition Shenergy Company 170484007 291163063 22212900 Limited Sunshine Insurance Group -494168780 528831222 63000000 Company Limited Shenzhen Capital Group 110000000 795966000 24756018 Co. Ltd.Others -2372400 92166972 2620800 9. Investment properties (1) Investment property measured at cost Item Buildings Land use rights Total I.Original book value 1. As at 1/1/2024 492035313 46042801 538078114 2. Additions in the current period 164692 164692 (1) Outsourcing 164692 164692 3. Reduction in the current period 2714036 2714036 (1) Disposal (2) Other transfers out 2714036 2714036 4. As at 31/12/2024 489485969 46042801 535528770 II. Accumulated depreciation and accumulated amortization 1. As at 1/1/2024 177936007 12949348 190885355 2. Additions in the current period 7746195 904016 8650211 (1) Accrual or amortization 7746195 904016 8650211 3. Reduction in the current period 500382 500382 (1) Disposal (2) Other transfers out 500382 500382 4. As at 31/12/2024 185181820 13853364 199035184 III. Impairment provision 1. As at 1/1/2024 2. Additions in the current period 3. Reduction in the current period 4. As at 31/12/2024 IV. Book value 1. As at 31/12/2024 304304149 32189437 336493586 2. As at 1/1/2024 314099306 33093453 347192759 225Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] In 2024 depreciation expense of investment properties was RMB8650211 (2023: RMB9097496) among which depreciation expenses recorded in cost of sale and general and administrative expenses were RMB8014613 and RMB635598 respectively (2023: RMB8461898 and RMB635598). 10. Fixed assets Item 31/12/2024 31/12/2023 Fixed assets 73507162717 62883737810 Disposals of fixed assets 121635938 133584481 Total 73628798655 63017322291 (1) Fixed assets * Fixed assets Power Motor Other Item Buildings generation Total vehicles equipment equipment I. Original book value: 1. As at 1/1/2024 35316925523 98703039376 745336241 1553660977 136318962117 2. Additions in the current 3694290989123911900751901930210373005616208230422 period (1) Acquisition 108502363 112199214 16974405 42913925 280589907 (2) Transfers from construction 35466987121183021036020448976081613115439770100 in progress (3) Consolidated increase 36375878 448780501 485156379 (4) Transfer-in of investment 27140362714036 properties in the current period 3. Reduction in the current 607838057162125813475325826646599838396243 period (1) Disposal or scrapping 60783805 716212581 34753258 26646599 838396243 4. As at 31/12/2024 38950432707 110378016870 729602285 1630744434 151688796296 II. Accumulated depreciation 1. As at 1/1/2024 13536220178 55886196564 509766307 1227990804 71160173853 2. Additions in the current 8777657374212974427338238721078524805232416516 period (1) Accrual 876809262 4173146801 33823872 107852480 5191632415 (2) Consolidated increase 456093 39827626 40283719 (3) Transfer-in of investment 500382500382 properties in the current period 3. Reduction in the current 415134305378744072802701224574409631989258 period (1) Disposal or scrapping 41513430 537874407 28027012 24574409 631989258 4. As at 31/12/2024 14372472485 59561296584 515563167 1311268875 75760601111 III. Impairment provision 1. As at 1/1/2024 1022628479 1246337575 833801 5250599 2275050454 2. Additions in the current 509124231710874738744210750322598181 period (1) Accrual 5091242 316108784 387442 10750 321598218 (2) Consolidated increase 999963 999963 226Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Power Motor Other Item Buildings generation Total vehicles equipment equipment 3. Reduction in the current 1337105816218092187781055410176616167 period (1) Disposal or scrapping 13371058 162180921 8778 1055410 176616167 4. As at 31/12/2024 1014348663 1401265401 1212465 4205939 2421032468 IV. Book value 1. As at 31/12/2024 23563611559 49415454885 212826653 315269620 73507162717 2. As at 1/1/2024 20758076866 41570505237 234736133 320419574 62883737810 Note 1: As at 31 December 2024 there were no power generation equipment or buildings used as collateral for long-term borrowings. (December 31 2023: None).In 2024 depreciation expense of fixed assets recorded in cost of sale General and administrative expenses construction in progress research and development expenses and selling expenses are set out as follows: Item 2024 2023 Construction in progress 8045170 2857358 Cost of sale 5026021242 4700938963 Research and development expenses 80994510 85540310 Selling expenses 2336060 693261 Administrative expenses 74235433 74919475 Total 5191632415 4864949367 * Impairment of fixed asset Increased in the c Decreased in the Item 31/12/2023 urrent 31/12/2024 current year year Lincang Yudean Energy Co. Ltd. (“Lincang Energy”) 758537917 758537917 Guangdong Yudean Zhanjiang Biomass Power 3065281037275889299252214 Generation Co. Ltd. (“Biomass Power Generation”) Guangdong Yudean Bohe Energy Co. Ltd. 208000000 34581683 242581683 Tumushuke Thermal Power Co.Ltd. 20784945 170093337 190878282 Guangdong Yudean Jinghai Power Generation Co. 2280025121065311971845998166809633 Ltd.Guangdong Electric Power Development Co. Ltd. 154830232123654154706578 Shajiao A Power Plant (“Shajiao A Power Plant”) Guangdong Yuehua Power Generation Co. Ltd. 148398825 13259032 135139793 Guangdong Red Bay Power Co. Ltd. 158142406 11251751 46948600 122445557 Guangdong Yudean Shaoguan Power Plant Co. Ltd. 13546792124010525111457396 (“Shaoguan Power Plant”) Guangdong Yudean Yangjiang Offshore Wind Power 8045918480459184 Co. Ltd. (“Yangjiang Wind Power”) Guangdong Yudean Shibeishan Wind Power Co. 5282760052827600 Ltd. (“Shibeishan Wind Power” Guangdong Energy Maoming Thermal Power Plant 2975168429751684 Co. Ltd.Zhanjiang Electric Power Co. Ltd. 31107879 12285004 18822875 Guangdong Yueneng Wind Power Co. Ltd. 11738926 11738926 227Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Increased in the c Decreased in the Item 31/12/2023 urrent 31/12/2024 current year year (“Yueneng Wind Power”) Zhanjiang Zhongyue Energy Co. Ltd. 1419839 9647529 650806 10416562 Guangdong YueDian YunHe Power Generation Co. 103884379973610288701 Ltd.Shenzhen Guangqian Electric Co. Ltd. 8912678 8912678 Guangdong Guangye Nanhua New Energy Co. Ltd. 66866326686632 (“Nanhua New Energy”) Guangdong Yudean Pingyuan Wind Power Co. Ltd. 5204963 5204963 Guangdong Huizhou Natural Gas Power Co. Ltd. 3230570 116923 3113647 Qinglong Manchu Autonomous County Jianhao 999963999963 Photovoltaic Technology Co. Ltd. (“Jianhao PV”).Total 2275050454 322598181 176616167 2421032468 For the Company's significant fixed assets for which there are impairment indications and the asset balances exceed RMB500 million the relevant impairment assumptions are presented as follows: Note 1: The Company's subsidiary Tumushuke Thermal Power Co.Ltd. operates coal-fired power units located in the Xinjiang Uygur Autonomous Region. In 2024 due to the cancellation of the electricity price subsidy policy and carbon emission costs the operation suffered losses indicating signs of impairment of long-term assets at Tumxuk Thermoelectric Power Plant. Our company regards Tumushuke Thermal Power Co.Ltd. as an asset group (including goodwill) and conducts an impairment test on this asset group. The recoverable amount of the relevant asset group is determined using the present value of estimated future cash flows which amounts to RMB1864922200. A Total impairment provision of RMB170093337 has been made. The book value of the goodwill of Tumushuke Thermal Power Co.Ltd. has been reduced to zero in 2023 and an impairment provision of RMB170093337 has been made for fixed assets in the current period.The Company determines the on-grid electricity price electricity sale and fuel price on the basis of historical experience and forecasts of market developments. The key parameters in the forecast period are projected based on the Group's five-year profitability forecasts and the discount rate is a pre-tax discount rate that reflects specific risks of relevant assets. The key assumptions applied in calculating discounted future cash flows are as follows: Item Key parameter Prediction period year 5 years On-grid electricity price during the forecast period (RMB/kWh) 259.98 to 270.59 On-grid electricity price during stable period (RMB /kWh) 270.59 Electricity sale during the forecast period (1000 kWh) 3211935.73 Electricity sale during the stable period (1000 kWh) 3211935.73 Fuel price during the forecast period (RMB /ton) 516.00 to 498.00 Fuel price during the stable period (RMB /ton) 498.00 Pre-tax discount rates 8.55% Note 2: In 2024 the Company’s subsidiaries including Guangdong Yudean Shibeishan Wind Power Co.Ltd. Guangdong Yudean Bohe Energy Co. Ltd. Shenzhen Guangqian Electric Co. Ltd. Guangdong Red Bay Power Co. Ltd. Guangdong Yudean Jinghai Power Generation Co. Ltd. Zhanjiang Zhongyue 228Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Energy Co. Ltd. and Guangdong Yudean Pingyuan Wind Power Co. Ltd. implemented technical renovations on some of their production-use power generation equipment. Equipment parts that should be removed or replaced will be terminated or disposed of in advance. Since there is impairment sign in these assets the Company recorded an impairment provision of RMB133079323.Note 3: In 2024 the Company’s subsidiary Guangdong Yudean Pingyuan Wind Power Co. Ltd.suffered damage to some wind turbine blades due to the strong typhoon "Jupiter". The loss incurred before deducting insurance compensation amounted to RMB11738926 and an impairment provision of RMB11738926 was provided.* Fixed assets without property certificates Item Book value as at 31/12/2024 Reasons for not obtaining certificates of ownership Buildings 2135697403 Pending to government approval As at 31 December 2024 management believed that there were no substantial legal obstacles in obtaining the certificates and no material adverse impact on normal operation of the Company would occur. (2) Disposals of fixed assets Reason for transfer to disposals of fixed Item 31/12/2024 31/12/2023 assets Parts of power generation 103795315 128940662 Scrapped but not yet disposed equipment Other equipment 17840623 4643819 Scrapped but not yet disposed Total 121635938 133584481 11. Construction in progress Item 31/12/2024 31/12/2023 Construction in progress 31341212969 29988793254 Engineering materials 41637796 1784424 Total 31382850765 29990577678 229Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] (1) Construction in progress * Details of construction in progress 31/12/202431/12/2023 Project Provision for Provision for Book balance Book value Book balance Book value impairment impairment Qingzhou Offshore Wind Power Project 12691249231 12691249231 12207889877 12207889877 Shajiao Ningzhou Gas and Electricity Project 3253906357 3253906357 Shache Integrated Energy Photovoltaic Project 1874628732 1874628732 2411312391 2411312391 Daya Bay Petrochemical West Cogeneration Project 1579779970 1579779970 Phase II expansion project of Dapu 3646167763 3646167763 1292869254 1292869254 Inner Mongolia Yuefeng 300MW Photovoltaic Park Project 34569691 34569691 1246934241 1246934241 Zhaoqing Dinghu Natural Gas Cogeneration Project 37676940 37676940 1144305554 1144305554 Zhuhai Yuefeng Photovoltaic Hybrid Project 794545773 794545773 Guangxi Hangneng Integrated Wind Solar and Energy Storage Project - - 753624574 753624574 100MW Photovoltaic Power Generation Project on Xipo Muhong Jinchang 9045390453533883780533883780 District Jinchang Phase II project of Bohe Power Plant 2446503296 2446503296 497328891 497328891 Hongdong County 200MW Centralized Photovoltaic Power Generation Project 382657376 382657376 335673686 335673686 Guizhou Power Grid's 150MW Photovoltaic Project 265354845 265354845 259802374 259802374 120MW Fishery-Photovoltaic Complementary Project in Qiantang Potou 231647619231647619226234335226234335 Zhanjiang City Dananhai Cogeneration Project 894037106 894037106 205809532 205809532 Laishui Lieneng Laishui County 80MW Grid-Connected Photovoltaic Power 227916733227916733197876965197876965 Generation Project at Parity Price Yunhe Natural Gas Cogeneration Project 1226670911 1226670911 195403201 195403201 Jincheng Yuefeng 170MW Photovoltaic Project 418032508 418032508 194542558 194542558 230Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] 31/12/202431/12/2023 Project Provision for Provision for Book balance Book value Book balance Book value impairment impairment Yahua New Energy's 50MW Agricultural-Photovoltaic Complementary Renewable 323164342323164342145867700145867700 Energy Photovoltaic Power Station Project Wuhua Huangni Village Project 154681906 154681906 143328232 143328232 Phase I Agricultural Photovoltaic Power Generation Project at Dongsheng Farm 136728168136728168 Lianjiang Zhanjiang Agricultural Photovoltaic Power Generation Project at Changshan Farm 53902535390253135138247135138247 Lianjiang Zhanjiang Lianjiang Hangneng 90MW Fishery-Photovoltaic Complementary Power Station 129832379129832379 Project Expansion project of Unit 5 and Unit 6 at Jinghai Power Plant 807408490 55389093 752019397 177754660 55389093 122365567 Huadu Cogeneration Project 84234472 84234472 113130945 113130945 Xiangzhou Hangjing Photovoltaic Integration Phase II Project 866380742 866380742 350000 kW Photovoltaic Project of the 45th Regiment of the Third Division of the 670388068670388068 Corps 1 million kilowatts wind power project in Tuokexun County 502897416 502897416 Xiangzhou Yunjiang Wind-Solar-Storage Integrated Project 452572118 452572118 Infrastructure construction project for units 5 and 6 at Honghai Bay 401157015 26446447 374710568 81655818 26446447 55209371 Huibo 100MW Photovoltaic Hybrid Project 282720095 282720095 55014518 55014518 Agricultural-Photovoltaic Complementary Photovoltaic Project in Lanshannan 20334592420334592488975448897544 City 100MW Wind Power Project in Wangxian Township Wanrong County 175444019 175444019 Jingyuan 100000 kW Wind Power Project 153864133 153864133 2042593 2042593 Flow passage renovation project for Jinghai No. 3 and No. 4 steam turbines 132273480 132273480 Other infrastructure projects 1067036193 215605096 851431097 864345763 231415926 632929837 Technical transformation and other projects 988875469 10383734 978491735 986968578 10383738 976584840 Total 31649037339 307824370 31341212969 30312428458 323635204 29988793254 231Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] * Changes in significant construction in progress Accumulated Including: Capitalized Ratio of capitalized Increase in the Transferred to Other Project 1/1/2024 capitalized interest for the current interest for the current 31/12/2024 current period fixed assets changes interest period period Qingzhou Offshore Wind Power Project 12207889877 565835410 82476056 436371928 246811409 2.24 12691249231 Shajiao Ningzhou Gas-Electricity Project 3253906357 347704219 3601610576 203599450 57386973 3.11 Shache Integrated Energy Photovoltaic Project 2411312391 1890038585 2426722244 35623770 30129898 2.13 1874628732 Daya Bay Petrochemical West Cogeneration 1579779970446243495202602346560316980220798262.77 Project Phase II expansion project of Dapu 1292869254 2353298509 57572878 44633890 2.71 3646167763 Inner Mongolia Yuefeng 300MW Photovoltaic 1246934241155744138136810868831154397123889002.5534569691 Park Project Zhaoqing Dinghu Natural Gas Cogeneration 11443055541831729651289801579100000000103749413.1837676940 Project Zhuhai Yuefeng Photovoltaic Hybrid Project 794545773 101157415 895703188 21738997 21738997 2.71 Guangxi Hangneng Integrated Wind Solar and 753624574-7536245741545228338464592.44- Energy Storage Project 100MW Photovoltaic Power Generation Project 533883780840013534633340100791409445742.4890453 at Xipo Muhongjinchang District Jinchang Phase II project of Bohe Power Plant 497328891 1949174405 36859156 35805312 3.07 2446503296 200MW centralized photovoltaic power 335673686469836901609291977075003.10382657376 generation project in Hongdong County Guizhou Power Grid's 150MW Photovoltaic 2598023745552471648909446481732.36265354845 Project 120MW Fishery-Photovoltaic Complementary 2262343355413284944747043743902.88231647619 Project in Qiantang Potou Zhanjiang City Dananhai Cogeneration Project 205809532 688227574 23529729 19266357 2.50 894037106 Laishui Lieneng Laishui County 80MW Grid- connected Photovoltaic Power Generation 197876965 30039768 9215085 5044357 2.65 227916733 Project at Parity Pricing Yunhe Natural Gas Cogeneration Project 195403201 1031267710 15456474 10567734 2.10 1226670911 Jincheng Yuefeng 170MW Photovoltaic Project 194542558 223489950 5780228 5716684 2.65 418032508 Yahua New Energy 50MW Agricultural- Photovoltaic Complementary Renewable Energy 145867700 177296642 4706651 4403426 3.22 323164342 Photovoltaic Power Station Project 232Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Accumulated Including: Capitalized Ratio of capitalized Increase in the Transferred to Other Project 1/1/2024 capitalized interest for the current interest for the current 31/12/2024 current period fixed assets changes interest period period Wuhua Huangni Village Project 143328232 11353674 7581532 3253573 3.38 154681906 Phase I Agricultural Photovoltaic Power Generation Project at Dongsheng Farm 136728168 16755971 153484139 10927073 2906222 2.75 Lianjiang Zhanjiang Agricultural Photovoltaic Power Generation 13513824713190101142938095755491224779102.755390253 Project at Changshan Farm Lianjiang Zhanjiang Lianjiang Hangneng 90MW Fishery-Photovoltaic 129832379255395731553719529578089 Complementary Power Station Project Expansion project of Units 5 and 6 at Jinghai 1777546606748791044522527437059192283178202.50807408490 Power Plant Huadu Combined Heat and Power Generation 11313094518800982476974557711851684234472 Project Xiangzhou Hangjing Photovoltaic Integration 866380742866380742 Phase II Project 350000 kW Photovoltaic Project of the 45th 670388068515435151543512.78670388068 Regiment of the Third Division of the Corps 1000000 kW Wind Power Project in Tuokexun 502897416105793810579382.29502897416 County Xiangzhou Yunjiang Wind-Solar-Storage 452572118452572118 Integrated Project Infrastructure construction project for units 5 and 8165581831950119714437800109981452.62401157015 6 at Honghai Bay Huibo 100MW Photovoltaic Hybrid Project 55014518 227705577 7479610 6153879 2.56 282720095 Agricultural-Photovoltaic Complementary 8897544194448380485812348581232.70203345924 Photovoltaic Project in Lanshannan City 100MW Wind Power Project in Wangxian 175444019143066414306642.76175444019 Township Wanrong County Jingyuan 100000 kW Wind Power Project 2042593 151821540 869573 869573 2.54 153864133 Flow passage renovation project for Jinghai No. 3 13227348048733487332.15132273480 and No. 4 steam turbines Other infrastructure projects 864345763 914459025 711768595 282382568 81823183 Not Applicable 1067036193 Technical transformation and other projects 986968578 1221000830 1204580880 14513059 5453991 1548064 Not Applicable 988875469 Total 30312428458 16790892040 15439770100 14513059 1572479294 698767978 -- 31649037339 233Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Changes in significant construction in progress (Continued) Proportion of Project Project name Budget Investment to the Source of Funds progress % budget (%) Qingzhou Offshore Wind Power Project 17107250000 79.02 82.17 Borrowing and self-financing Shajiao Ningzhou Gas and Electricity Project 5927600000 75.87 100.00 Borrowing and Shache Integrated Energy Photovoltaic Project 12917064600 90.48 99.00 self-financing Daya Bay Petrochemical West Cogeneration Project 3820000000 96.79 100.00 Borrowing and Phase II expansion project of Dapu 8134220000 54.82 44.84 self-financing Inner Mongolia Yuefeng 300MW Photovoltaic Park Project 1572760000 88.98 95.00 Borrowing and Zhaoqing Dinghu Natural Gas Cogeneration Project 2998180000 83.54 99.10 self-financing Zhuhai Yuefeng Photovoltaic Hybrid Project 1426466900 93.39 100.00 Borrowing and Guangxi Hangneng Integrated Wind Solar and Energy Storage Project 864000000 93.72 100.00 self-financing 100MW Photovoltaic Power Generation Project on Xipo Muhong Jinchang District Jinchang 598705600 97.21 97.21 Borrowing and self-financing Phase II project of Bohe Power Plant 7483510000 45.17 47.02 Borrowing and self-financing Hongdong County 200MW Centralized Photovoltaic Power Generation Project 516560000 76.00 79.85 Borrowing and self-financing Guizhou Power Grid's 150MW Photovoltaic Project 589200000 49.66 48.80 Borrowing and self-financing 120MW Fishery-Photovoltaic Complementary Project in Qiantang Potou Zhanjiang City 500232000 45.11 51.08 Borrowing and self-financing Dananhai Cogeneration Project 2855450000 31.60 31.31 Borrowing and self-financing Laishui Lieneng Laishui County 80MW Grid-Connected Photovoltaic Power Generation Project 376000000 63.36 65.00 Borrowing and self-financing at Parity Price Yunhe Natural Gas Cogeneration Project 2809700000 56.93 56.00 Borrowing and self-financing Jincheng Yuefeng 170MW Photovoltaic Project 884703700 34.87 56.26 Borrowing and self-financing Yahua New Energy 50MW Agricultural-Photovoltaic Complementary Renewable Energy 667970944 65.68 48.41 Borrowing and self-financing Photovoltaic Power Station Project Wuhua Huangni Village Project 336020000 49.74 49.36 Borrowing and self-financing 234Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Proportion of Project Project name Budget Investment to the Source of Funds progress % budget (%) Phase I Agricultural Photovoltaic Power Generation Project at Dongsheng Farm Lianjiang 299020000 89.09 100.00 Borrowing and self-financing Zhanjiang Agricultural Photovoltaic Power Generation Project at Changshan Farm Lianjiang Zhanjiang 294690000 82.89 82.89 Borrowing and self-financing Lianjiang Hangneng 90MW Fishery-Photovoltaic Complementary Power Station Project 432013100 93.53 100.00 Borrowing and self-financing Expansion project of Units 5 and 6 at Jinghai Power Plant 8049770000 10.55 10.03 Borrowing and self-financing Huadu Combined Heat and Power Generation Project 3536710000 71.02 98.35 Borrowing and self-financing Xiangzhou Hangjing Photovoltaic Integration Phase II Project 991800000 87.35 91.00 Borrowing and self-financing 350000 kW photovoltaic project of the 45th Regiment of the Third Division of the Corps 1156680800 57.96 90.00 Borrowing and self-financing 1 million kilowatts wind power project in Tuokexun County 1460000000 34.45 50.00 Borrowing and self-financing Xiangzhou Yunjiang Wind-Solar-Storage Integrated Project 522000000 86.70 96.00 Borrowing and self-financing Infrastructure construction project for Units 5 and 6 at Honghai Bay 7820820000 4.09 7.37 Borrowing and self-financing Huibo 100MW Photovoltaic Hybrid Project 651393000 34.96 40.00 Borrowing and self-financing Agricultural-Photovoltaic Complementary Project in Lanshan Nan City 990870000 19.62 20.64 Borrowing and self-financing 100MW Wind Power Project in Wangxian Township Wanrong County 610594600 28.73 51.00 Borrowing and self-financing Jingyuan 100000 kW Wind Power Project 681220000 22.29 30.00 Borrowing and self-financing Flow passage renovation project for Jinghai No. 3 and No. 4 steam turbines 373000000 35.46 35.46 Borrowing and self-financing Other infrastructure projects Not Applicable Not Applicable Not Applicable Borrowing and self-financing Technical renovation and other projects Not Applicable Not Applicable Not Applicable Borrowing and self-financing Total 100256175244 -- -- -- 235Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] * Provision for impairment of Construction in progress Provision for Increase due to Reason for Decrease in loss allowance in consolidation provision Project 1/1/2024 the current 31/12/2024 the current period period Humen Power Plant Cease 137373040137373040 2*1000MW Unit Project construction Impairment of projects Project under construction in the 55389093 55389093 stagnation early stage of Jinghai unit Impairment of projects under construction in the Project 43237733339272146630454 early stage of Guangqian stagnation Power Phase II Impairment of early-stage Project wind power projects under 43138231 11365674 45082880 9421025 stagnation construction in the province Impairment of the Shibei reconstruction of Mountain Wind Turbine 13927888 13927888 wind turbines Project Qinglong Jianhao Tumenzi 215MW and Liangshuihe 8605978 8605978 Asset acquisition 25MW Photovoltaic Power Generation Projects Project Other engineering projects 44497107 8020215 36476892 stagnation Total: 323635204 28686283 8605978 53103095 307824370 - 12. Right-of-use assets Machinery and Motor Item Land use rights Buildings Total equipment Vehicles I. Original book value: 1. As at 1/1/2024 613120192 85475096 10206241674 10176117 10915013079 2. Increase in the current period 326731491 32367952 2800532542 8482977 3168114962 (1) Add new lease contract 189494908 32367952 2191682984 8482977 2422028821 (2) Consolidated increase 137236583 608849558 746086141 3. Decrease in the current period 111540259 19611578 94715256 225867093 (1) Lease modification 23981877 857283 85023322 109862482 (2) Lease transfer-out 87558382 18754295 9691934 116004611 4. As at 31/12/2024 828311424 98231470 12912058960 18659094 13857260948 II. Accumulated depreciation 1. As at 1/1/2024 28016921 47027035 1302084192 5375009 1382503157 2. Increase in the current period 45665623 20666910 746494027 6415682 819242242 (1) Accrual 36430526 20666910 697592847 6415682 761105965 (2) Consolidation increase 9235097 48901180 58136277 3. Decrease in the current period 9155189 18996967 16751370 44903526 (1) Lease modification 1839294 327505 7059436 9226235 (2) Lease transfer-out 7315895 18669462 9691934 35677291 4. As at 31/12/2024 64527355 48696978 2031826849 11790691 2156841873 III. Impairment provision 236Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Machinery and Motor Item Land use rights Buildings Total equipment Vehicles 1. As at 1/1/2024 2899510 2899510 2. Increase in the current period (1) Accrual 3. Decrease in the current period 2899510 2899510 (1) Transfer out upon lease expiration 2899510 2899510 4. As at 31/12/2024 IV. Book value 1. As at 31/12/2024 763784069 49534492 10880232111 6868403 11700419075 2. As at 1/1/2024 585103271 38448061 8901257972 4801108 9529610412 The depreciation expense in the current period recorded in operating costs general and administrative expenses construction in progress research and development expenses and selling expenses: Item 2024 2023 Construction in progress 188908969 194362856 Cost of sale 557751857 362018385 Research and development expenses 2189651 Selling expenses 400132 2537609 General and administrative expenses 14045007 21355712 Total 761105965 582464213 13. Intangible assets (1) Intangible assets Land use Use rights of Non- rights associated projects for patented Item Software Total and use right electricity transmission technology of sea area and transformation and others I. Original book value 1. As at 1/12024 4114501230 260331315 287222269 103228926 4765283740 2. Increase in the current period 411238144 36832135 4829495 452899774 (1) Purchase 391271089 22908699 4829495 419009283 (2) Transfers from construction in 5896231392343614513059 progress (3) Consolidated increase 19377432 19377432 3. Decrease in the current period 2613903 535232 3149135 (1) Disposal 2613903 535232 3149135 4. As at 31/12/2024 4525739374 260331315 321440501 107523189 5215034379 II. Accumulated amortization 1. As at 1/12024 743772804 260331315 174990691 46578496 1225673306 2. Increase in the current period 109210066 26912029 10307399 146429494 (1) Accrual 107976642 26912029 10307399 145196070 (2) Merger increase 1233424 1233424 3. Decrease in the current period 2579357 535232 3114589 237Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Land use Use rights of Non- rights associated projects for patented Item Software Total and use right electricity transmission technology of sea area and transformation and others (1) Disposal 2579357 535232 3114589 4. As at 31/12/2024 852982870 260331315 199323363 56350663 1368988211 III. Provision for impairment 1. As at 1/12024 56502373 448341 2460161 59410875 2. Increase in the current period 3. Decrease in the current period 4. As at 31/12/2024 56502373 448341 2460161 59410875 IV. Book value 1. As at 31/12/2024 3616254131 121668797 48712365 3786635293 2. As at 1/12024 3314226053 111783237 54190269 3480199559 Note: As at 31 December 2024 there was no intangible assets arising from internal research and development of the Company. (2) The depreciation expense in the current period recorded in operating costs general and administrative expenses construction in progress research and development expenses and selling expenses: Item 2024 2023 Construction in progress 19208496 23044850 Cost of sale 22451611 15633481 Research and development expenses 1327668 1039850 General and administrative expenses 102208295 80852812 Total 145196070 120570993 (3) Land use rights without property certificates Book value as at Reasons for not having Item 31/12/2024 obtained the property certificate Land use rights 125760622 Filing documents are in preparation 14. Goodwill (1) Original value Increase in the Decrease in the Name of the invested entities 1/1/2024 31/12/2024 current period current period Tumushuke Thermal Power 119488672 119488672 Guangdong Guangye Nanhua New 61589956158995 Energy Co. Ltd. (“Nanhua New Energy”) Others 39372264 39372264 Total 165019931 165019931 238Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] (2) Provision for impairment Increase in the Decrease in the Name of the invested entities 1/1/2024 31/12/2024 current period current period Tumushuke Thermal Power 119488672 119488672 Nanhua New Energy 6158995 6158995 Others 36922378 36922378 Total 156411050 6158995 162570045 Note: All goodwill had been allocated by the Company to the relevant asset group or group of asset groups at the acquisition date. In 2024 the allocation of goodwill remains unchanged. In test for impairment of goodwill the Company compares the carrying amount of relevant asset group with its recoverable amount. If the recoverable amount is lower than the carrying amount the difference is recorded in profit or loss for the current period. The Company determines the on-grid electricity price electricity sale and fuel price on the basis of historical experience and forecasts of market development.The key parameters applied in the forecast period are projected based on the Group’s five-year profitability forecasts and the discount rate is the pre-tax discount rate that reflects specific risks of relevant assets.In 2024 there were indications of impairment of long-term assets of Nanhua New Energy a subsidiary of the Company due to the below-expectation revenue resulting from insufficient capacity utilization.The Company performed an impairment test on Nanhua New Energy as an asset group (including goodwill) and determined the recoverable amount of the asset group based on the present value of the estimated future cash flows and made a provision for impairment of goodwill of RMB6158995. 15. Long-term prepaid expenses Decrease in the current Increase in the period Item 1/1/2024 31/12/2024 current period Other Amortization decreases Improvement to right- 1217488347947356700946984262 of-use assets Insurance expenses 18241146 14950825 33191971 Road use rights 32004077 108237 1719373 30392941 Others 18662028 2509147 3043217 18127958 Total 81082134 18047682 43624655 55505161 16. Deferred tax assets and deferred tax liabilities (1) Deferred tax assets and deferred tax liabilities before offsetting 31/12/202431/12/2023 Item Deductible/taxable Deductible/taxable Deferred tax Deferred tax temporary temporary assets/liabilities assets/liabilities differences differences Deferred tax assets: Deductible loss 1835121929 458780482 2632357788 658089447 Lease liabilities 1441792757 357536654 1947504521 472585605 239Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] 31/12/202431/12/2023 Item Deductible/taxable Deductible/taxable Deferred tax Deferred tax temporary temporary assets/liabilities assets/liabilities differences differences Provision for assets 919919108226760522845364196209714804 impairment Unrealized profits from intra- 512732957128183239609736237152434059 group transactions Employee benefits payable 288549129 72137283 327611848 81902962 Depreciation of fixed assets 267052329 65313187 272188031 67127977 Others 102268681 25567170 300291680 75072919 Subtotals 5367436890 1334278537 6935054301 1716927773 Deferred tax liabilities: Changes in fair value of investments in other equity 17081272584270318151924184430481046108 instruments included in other comprehensive income Right-of-use assets 927757509 223639538 1599047127 350867012 Revaluation reserve of business combinations 1196328892990822221215707753039268 involving enterprises not under common control Depreciation of fixed assets 71982420 17995605 78376256 19594064 Amortization of land use 145358573633964149190523729763 rights Interest receivable 12272627 3068157 9336500 2334125 Subtotals 2854308560 705277301 3838020442 910610340 Expected recovery period of deferred tax assets and deferred tax liabilities: Item 31/12/2024 31/12/2023 Expected to be Expected to be Expected to be Expected to be recovered recovered recovered recovered within 1 year within 1 year after 1 year after 1 year (inclusive) (inclusive) Deferred tax assets 107379274 1226899263 120157028 1596770745 Deferred Tax Liability 26887618 678389683 36747595 873862745 (2) The net balances of deferred tax assets and deferred tax liabilities after offsetting 31/12/202431/12/2023 Item Offsetting Balance after Offsetting Balance after amount offsetting amount offsetting Deferred tax assets 235063758 1099214779 383616949 1333310824 Deferred tax liability 235063758 470213543 383616949 526993391 240Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] (3) Details of deductible temporary differences and deductible losses for unrecognized deferred tax assets Item 31/12/2024 31/12/2023 Deductible temporary difference 3308593716 3261717610 Deductible loss 11916108217 11025236426 Total 15224701933 14286954036 (4) Deductible tax losses that are not recognised as deferred tax assets which will expire in following years Year 31/12/2024 31/12/2023 Notes 2024——173024661 2025948443650760600486 202636670999623861702218 202742488171274654713210 202811259349801575195851 20291925812498—— Total 11916108217 11025236426 Management considers that as at the maturity date for the above deductible losses the relevant subject of tax payment has no sufficient taxable profits to deduct the above deductible losses. Therefore no related deferred tax asset was recognised. 17. Other non-current assets 31/12/202431/12/2023 Item Provision for Provision for Book balance Book value Book balance Book value impairment impairment Advances for engineering 4684276206468427620648593509104859350910 and equipment Input VAT to be deducted 3561994466 3561994466 3518523428 3518523428 Deposits prepaid for 392026000392026000274626000274626000 equity acquisition Prepayment for land use 6663475466634754165746353165746353 rights Others 6614523 6614523 6576357 6576357 Total 8711545949 8711545949 8824823048 8824823048 Note 1: In August 2022 Guangdong Wind Power and Shanxi Hengyang New Energy Co. Ltd.("Hengyang New Energy") signed the Framework Agreement for Acquiring Equity of Wuxiang Lvheng 100MW Photovoltaic Power Generation Project and Guangdong Wind Power paid a deposit of RMB52200000 as agreed in the agreement in 2022 Note 2: In September 2022 Guangdong Wind Power and Shandong Fengxu New Energy Co. Ltd.("Shandong Fengxu") signed the Framework Agreement for Acquiring 100% Equity of Gaotang Fengxu New Energy Co. Ltd. and Guangdong Wind Power paid a deposit of RMB41226000 as agreed in the agreement in 2022. 241Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Note 3: In February 2023 Provincial Wind Power signed the "Framework Agreement for Equity Acquisition of the 80MW Fishery-Photovoltaic Complementary Photovoltaic Project in Liangdong Lianjiang" with Tanxin Machinery Equipment Rental Co. Ltd. ("Tanxin Machinery"). According to the agreement Provincial Wind Power paid a deposit of RMB61200000 for the equity acquisition in 2023.Note 4: In May 2024 Guangdong Energy Group Xinjiang Co. Ltd. a subsidiary of our company signed a framework agreement with Jiangsu Saifapower Electric Power Development Co. Ltd. ("Saifapower Electric Power") to acquire 100% of the equity held by Saifapower Electric Power in Kekedala Zhongfu New Energy Co. Ltd. As of December 31 2024 Guangdong Energy Group Xinjiang Co. Ltd. had paid a transaction deposit of RMB72000000 to Saifapower Electric Power.Note 5: In September 2024 Guangdong Energy Group Xinjiang Co. Ltd. a subsidiary of our company signed a framework agreement with Mulei Jiasheng Energy Technology Co. Ltd. ("Mulei Jiasheng Energy") to acquire 100% of the equity held by Mulei Jiasheng Energy in Mulei Jinxiu Electric Power Development Co. Ltd. As of December 31 2024 Guangdong Energy Group Xinjiang Co. Ltd. had paid a transaction deposit of RMB85400000 to Mulei Jiasheng Energy.Note 6: In August 2024 Guangdong Yudean New Energy Development Co. Ltd. ("Yudean New Energy Development") signed the "Pre-acquisition Agreement for 95% Equity of Qinzhou Xinguanglian New Energy Technology Co. Ltd." with PowerChina Jiangxi Hydropower Engineering Bureau Co. Ltd.Nanning Xinguanglian New Energy Technology Co. Ltd. and Qinzhou Xinguanglian New Energy Technology Co. Ltd. According to the agreement Yudean New Energy Development will pay a deposit of RMB30000000 for the equity acquisition in 2024.Note 7: In August 2024 Guangdong Electric Power New Energy Development signed the "Pre- acquisition Agreement for 100% Equity of Guangxi Runzhitong Energy Technology Co. Ltd." with China Power Construction Group Jiangxi Hydropower Engineering Bureau Co. Ltd. Guangxi Xusen New Energy Technology Co. Ltd. and Guangxi Runzhitong Energy Technology Co. Ltd. According to the agreement Guangdong Electric Power New Energy Development will pay a deposit of RMB50000000 for the equity acquisition in 2024. 18. Assets with restricted ownership or use rights Item Book value Reason for restriction Cash at bank and on hand 33925897 Deposits Accounts receivable 1018036904 Pledge of collecting electricity fee rights 19. Short-term borrowings (1) Classification of short-term loans Item 31/12/2024 31/12/2023 Fiduciary loan 14108930833 15756979762 Note 1: As at 31 December 2024 the company had no overdue short-term loans. 242Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] As at 31 December 2024 the short-tem borrowings provided by the Energy Group Finance Company are as follows: Loans provided by Energy Group Finance Company 31/12/2024 31/12/2023 Principal 4533991823 4989897653 Interest payable 3651215 3972710 20. Notes payable Types 31/12/2024 31/12/2023 Commercial acceptance bill 160000000 60000000 Bank acceptance bill 570000000 695000000 Supply chain financing letter of 1372292195 credit Total 2102292195 755000000 Note 1: As at 31 December 2024 the Company had no notes payables that were due but unpaid (December 31 2023: Nil). Note 2: In 2024 the company entered into supply chain financing agreements with banking financial institutions under which the banking institutions advance payment to fuel suppliers. The company accounts for the payment obligations related to supply chain financing in notes payable and reports the repayments to the financial institutions as cash paid for goods purchased and services received. 21. Accounts payable Item 31/12/2024 31/12/2023 Fuel payables 3109496277 3232276542 Materials and spare parts payable 581559457 635035016 Repair expenses payable 229642687 220484221 Desulfurization and denitrification expenses payable 28790799 104174355 Contracted operation expenses payable 71348385 118816771 Management fees payable for frequency modulation and energy storage 23319353 43473789 Others 234888723 75775621 Total 4279045681 4430036315 Note 1: As at 31 December 2024 accounts payables with ageing over one year amounted to RMB63727791 (December 31 2023: RMB113747802) mainly including unsettled fuel payable and materials payable.Note 2: Other accounts payables primarily consist of electricity charges payable for net electricity purchase and sale settlements between the Company's subsidiary Guangdong Yudean Electricity Sales Co. Ltd. and Guangdong Power Grid Co. Ltd. as well as Shenzhen Power Supply Bureau amounting to RMB84569244 and coal transportation fees payable of RMB82580897. 22. Contract liabilities Item 31/12/2024 31/12/2023 243Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Item 31/12/2024 31/12/2023 Advance receipts for goods and services 32643110 38458272 Others 5816718 2869861 Subtotal 38459828 41328133 Less: Contractual liabilities included in other non-current liabilities Total 38459828 41328133 23. Employee benefits payable Increase in the Decrease in the Item 1/1/2024 31/12/2024 current period current period Short-term employee benefits 39072034128322211462795168614427772873 payable Post-employment benefits - defined 30851623969434083969372873091283 contribution plans Dismiss welfare 153788078 50224441 87096275 116916244 Other benefits maturing within one 892198619142767195539658510788 year Total 556515567 3298531762 3298756141 556291188 (1) Short term employee benefits payable Increase in the Decrease in the Item 1/1/2024 31/12/2024 current period current period Wages and salaries bonus 2399430203149278620314927862399430 allowances and subsidies Staff welfare 3985148 228594760 228694502 3885406 Social security contributions 228055041 201128347 168896829 260286559 Including: 1. Medical insurance and 228055041188574728156343210260286559 maternity insurance 2. Industrial injury insurance 1255361912553619 premium Housing fund 83844 200672740 200669824 86760 Labour union funds and employee 1460088259179925187047769150760307 education funds Other short-term employee benefits 10188053 78533262 78366904 10354411 Total 390720341 2832221146 2795168614 427772873 (2) Defined contribution plans Increase in the Decrease in the Item 1/1/2024 31/12/2024 current period current period Post-employment benefits Including: Basic pensions 49334 239151253 239145276 55311 Unemployment insurance 7246 12859045 12858901 7390 Enterprise annuity contribution 3028582 144933110 144933110 3028582 Total 3085162 396943408 396937287 3091283 244Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] (3) Early retirement benefits payable and employee resettlement compensation Item 31/12/2024 31/12/2023 Early retirement benefits payable 116916244 107180000 Other termination benefits 46608078 Total 116916244 153788078 Note 1: In 2023 Shajiao A Power Plant a subsidiary of the Company officially shut down the remaining generator units on 31 October 2023 and formulated the employee resettlement plan according to which the Company made a one-time provision for employee resettlement compensation amounting to RMB46608078. In 2024 all termination benefits have been paid.Note 2: The remuneration for the Group’s special retirement pensions that are expected to be paid within one year from the date of the balance sheet are listed as the defined benefit plan payable. For details please refer to Note V. 32. 24. Taxes payable Taxation 31/12/2024 31/12/2023 Enterprise income tax payable 116285242 170701728 Unpaid VAT 111421392 100339967 Individual income tax payable 42378114 31654416 Property tax payable 11355848 12232259 City maintenance and construction tax payable 3500301 6102566 Educational surcharge payable 2760974 4673903 Land use tax payable 2059907 2803005 Others 13678237 14925036 Total 303440015 343432880 25. Other payables Item 31/12/2024 31/12/2023 Construction and equipment expenses payable 14794509103 11925594043 Project warranty payable 327109608 445866489 Carbon emission allowances payable 246618393 357696647 Advances payable to third parties 6804566 30759086 Land compensation 15958335 177384900 Others 434876574 314789583 Total 15825876579 13252090748 Note 1: As at 31 December 2024 other payables of RMB3830441329 (December 31 2023: RMB3536804485) ) with aging over one year mainly represented construction and equipment expenses payable and warranty payable not being settled because the comprehensive acceptance and settlement of relevant projects were yet to be completed or projects were still within their warranty periods. 245Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Note 2: In 2023 Guangdong Huizhou Pinghai Power Co. Ltd. received land compensation of RMB177384900 from Guangdong Huizhou Liquefied Natural Gas Co. Ltd. ("Huizhou Liquefied Natural Gas"). As in August 2024 the land transfer procedures had been completed and the ownership transfer had been confirmed which was recognized as current profit and loss.Note 3: In 2024 Yuehua Power Generation received land compensation of RMB15958335 from Guangzhou Development District Key Projects Promotion Center. 26. Current portion of non-current liabilities Item 31/12/2024 31/12/2023 Current portion of long-term borrowings 5906727792 3769932656 Current portion of long-term payables 44542852 26861057 Current portion of debentures payable 124279404 4860692008 Current portion of lease liabilities 531128288 268887650 Total 6606678336 8926373371 (1) Current portion of long-term borrowings Item 31/12/2024 31/12/2023 Pledged loan 525709397 518826390 Guaranteed loan 134038051 173148027 Fiduciary loan 5246980344 3077958239 Total 5906727792 3769932656 27. Other current liabilities Item 31/12/2024 31/12/2023 Short-term debentures payable 2011102192 Output VAT to be written off 528095817 770253279 Total 528095817 2781355471 (1) Short-term debentures payable (Continued) Issuance Maturity Bond Name Face value Coupon rate Issue Amount date period First batch of super short-term financing notes issued by 1000000000 1.84% 2024-4-19 180 days 1000000000 Guangdong Electric Power Development Co. Ltd. 2024 First batch of super short-term financing notes issued by 1000000000 2.13% 2023-7-25 177 days 1000000000 Guangdong Electric Power Development Co. Ltd. 2023 Second batch of super short- term financing notes issued by 1000000000 2.56% 2023-12-5 177 days 1000000000 Guangdong Electric Power Development Co. Ltd. 2023 Subtotals 3000000000 3000000000 246Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Short-term debentures payable (Continued) Issued in the Amortization of Repayment in Interest at Default Bond Name 1/1/2024 current premium or the current 31/12/2024 face value or not period discount period First batch of super short-term financing notes issued by 1009278630 1022190 1010300820 No Guangdong Electric Power Development Co. Ltd. 2023 Second batch of super short-term financing notes issued by 1001823562 10556766 1012380328 No Guangdong Electric Power Development Co. Ltd. 2023 First batch of super short-term financing notes issued by 1000000000 9073973 1009073973 No Guangdong Electric Power Development Co. Ltd. 2024 Total 2011102192 1000000000 20652929 3031755121 28. Long-term borrowings Interest rate Interest rate Item 31/12/2024 31/12/2023 range range Fiduciary loan 68928106497 1.55%-4.06% 59360757189 1.85%~4.06% Pledged loan 5173278170 2.26%-3.56% 5419743723 2.95%~3.56% Guaranteed loan 1346902531 3.10%-4.30% 1821903084 3.35%~4.30% Subtotal 75448287198 66602403996 Less: Current portion of long-term borrowings 5906727792 3769932656 Total 69541559406 62832471340 Note 1: As at 31 December 2024 the right for collecting electricity of some subsidiaries was treated as pledge for long-term pledged loan.Note 2: The Company has no overdue long-term borrowings.Note 3: As of December 31 2024 the principal balance of long-term borrowings borrowed by the Company’s subsidiary Dacheng County Dun'An New Energy Co. Ltd. ("Dun'An New Energy") from Industrial Bank Co. Ltd. Hohhot Branch amounted to RMB542391920 including current portion of long-term borrowings amounting to RMB28753836 which was secured by Beijing Guangdun New Energy Technology Co. Ltd. (2023: RMB522489812 including current portion of long-term borrowings amounting to RMB25119703). The annual interest rate of the loan is 3.40% (2023: 4.30%) and the remaining principal will mature in installments by December 11 2037.As of December 31 2024 the principal balance of long-term borrowings borrowed by the Company’s subsidiary Guangdong Yudean Xuwen Wind Power Electricity Co. Ltd. (“Xuwen Wind Power”) from the Energy Group Finance Company amounted to RMB4411765 including current portion of long-term borrowings amounting to RMB588235 which was secured by Zhanjiang Wind Power (2023: RMB5000000 including current portion of long-term borrowings amounting to RMB588235). The 247Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] annual interest rate of the loan is 3.1% (2023: 3.35%). The remaining principal will mature in installments by November 28 2031.As of December 31 2024 the principal balance of long-term borrowings borrowed by the Group's subsidiary Tumushuke Thermal Power from Shanghai Pudong Development Bank Guangfa Bank and Urumqi amounted to RMB760750000 including current portion of long-term borrowings amounting to RMB 96100000 which was guaranteed by the Third Division of Xinjiang Production and Construction Corps amounted to RMB1245000000 (including current portion of long-term borrowings amounting to RMB135000000) with an annual interest rate of 3.90% (2023: 3.90%). The remaining principal will mature in installments by June 27 2032.As of December 31 2024 the principal balance of long-term borrowings borrowed by the Group's subsidiary Tumushuke Thermal Power from Bank of China amounted to RMB37252866 with no current portion of long-term borrowings. Secured by Thermoelectric Branch of Xinjiang Jintai Electric Power Co. Ltd (2023: RMB46273183 including current portion of long-term borrowings amounting to RMB 9300000) the loan interest rate ranged from 4.20% to 4.30% (2023: 4.28%). The remaining principal will mature in installments by December 15 2031. 29. Debentures payable Item 31/12/2024 31/12/2023 21 Yudean Bond 01 1033220834 21 Yudean Bond 02 126964454 1535355092 21 Yudean Bond 03 802658147 802582675 21 Yudean Faneng MTN001 1216583835 21 Yudean Faneng MTN002 2207333798 22 Yudean Faneng MTN001 605252536 604929895 23 Yudean Faneng MTN001 1641303369 1640956199 24 Yudean Faneng MTN001 1013579788 24 Yudean Faneng MTN002 1514602351 24 Yudean Faneng MTN003 603064342 24 Yudean Faneng MTN004A 1004289973 24 Yudean Faneng MTN004B 501275303 24 Yudean Faneng MTN005 1001880113 24 Yudean Faneng MTN006A 801718882 24 Yudean Faneng MTN006B 1000796146 G23 Yuefeng 2 614323258 614234693 21 Pinghai Power MTN001 302092170 Subtotal 11231708662 9957289191 Less: Current portion of debentures payable 124279404 4860692008 Total 11107429258 5096597183 248Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] (1) Changes in debentures payable Bond Name Face value Coupon rate Issuance date Maturity period Issue Amount 21 Yudean Bond 01 1000000000 3.57% 2021/1/26 3 years 1000000000 21 Yudean Bond 02 1500000000 2.45% 2021/4/27 5 years 1500000000 21 Yudean Bond 03 800000000 3.41% 2021/11/23 5 years 800000000 21 Yudean Faneng MTN001 1200000000 3.17% 2021/7/19 3 years 1200000000 21 Yudean Faneng MTN002 2200000000 3.13% 2021/11/15 3 years 2200000000 22 Yudean Faneng MTN001 600000000 2.90% 2022/8/24 5 years 600000000 23 Yudean Faneng MTN001 1600000000 3.35% 2023/3/15 5 years 1600000000 24 Yudean Faneng MTN001 1000000000 2.41% 2024/5/22 5 years 1000000000 24 Yudean Faneng MTN002 1500000000 2.54% 2024/7/11 10 Years 1500000000 24 Yudean Faneng MTN003 600000000 2.52% 2024/9/9 15 years 600000000 24 Yudean Faneng MTN004A 1000000000 2.47% 2024/10/11 5 years 1000000000 24 Yudean Faneng MTN004B 500000000 2.70% 2024/10/11 15 years 500000000 24 Yudean Faneng MTN005 1000000000 2.70% 2024/10/22 15 years 1000000000 24 Yudean Faneng MTN006A 800000000 2.37% 2024/11/11 5 years 800000000 24 Yudean Faneng MTN006B 1000000000 2.67% 2024/11/11 15 years 1000000000 G23 Yuefeng 2 600000000 3.15% 2023/3/20 5 years 600000000 21 Pinghai Power MTN001 300000000 3.72% 2021/10/15 3 years 300000000 Subtotals 17200000000 17200000000 Changes in debentures payable (continued) Issued in the Interest at Amortization of Repayment in the Bond Name 1/1/2024 31/12/2024 Default or not current period face value premium or discount current period 21 YueDian 01 1033220834 2479166 1035700000 No 249Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Issued in the Interest at Amortization of Repayment in the Bond Name 1/1/2024 31/12/2024 Default or not current period face value premium or discount current period 21 YueDian 02 1535355092 19075400 33962 1427500000 126964454 No 21 YueDian 03 802582675 27280000 75472 27280000 802658147 No 21 Yudean Faneng MTN001 1216583835 38040000 412576 1255036411 No 21 Yudean Faneng MTN002 2207333798 68860000 1045741 2277239539 No 22 Yudean Faneng MTN001 604929895 17400000 322641 17400000 605252536 No 23 Yudean Faneng MTN001 1640956199 53600000 347170 53600000 1641303369 No 24 Yudean Faneng MTN001 1000000000 14586552 -1006764 1013579788 No 24 Yudean Faneng MTN002 1500000000 17649521 -3047170 1514602351 No 24 Yudean Faneng MTN003 600000000 4608493 -1544151 603064342 No 24 Yudean Faneng MTN004A 1000000000 5334749 -1044776 1004289973 No 24 Yudean Faneng MTN004B 500000000 2915753 -1640450 501275303 No 24 Yudean Faneng MTN005 1000000000 5091781 -3211668 1001880113 No 24 Yudean Faneng MTN006A 800000000 2515014 -796132 801718882 No 24 Yudean Faneng MTN006B 1000000000 3541712 -2745566 1000796146 No G23 Yuefeng 2 614234693 18900000 89510 18900945 614323258 No 21 Pinghai Power MTN001 302092170 11160100 -183885 313068385 No Subtotal 9957289191 7400000000 313038241 -12893490 6425725280 11231708662 Less: Current portion of debentures payable 4860692008 124279404 Total 5096597183 11107429258 250Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] The details of debentures payable of the Company are as follows: As approved by CSRC Circular SFC License [2019] No. 2477 the Company issued 3-year book-entry corporate debentures in real-name system with face value of RMB1000000000 ("21 Yudean Bond 01") to the public on January 26 2021. The Company altogether raised RMB999848386 after deducting an issue expense of was RMB151614. The debenture is subject to an annual interest rate of 3.57% starting from 27 January 2021 and should be payable annually on simple interest. As of December 31 2024 debentures payable were measured at amortised cost using effective interest method with the effective interest rate of 3.58% (December 31 2023: 3.58%).As approved by CSRC Circular SFC License [2019] No. 2477 the Company issued 5-year book-entry corporate debentures in real-name system with face value of RMB1500000000 ("21 Yudean Bond 02") to the public on April 27 2021. The Company altogether raised RMB1499791783 after deducting an issue expense of was RMB208217. The debenture is subject to an annual interest rate of 3.50% starting from April 28 2021 and should be payable annually on simple interest. As of December 31 2024 debentures payable were measured at amortised cost using effective interest method with the effective interest rate of 2.45% (December 31 2023: 3.50%).As approved by CSRC Circular SFC License [2021] No. 3142 the Company issued 5-year book-entry corporate debentures in real-name system with face value of RMB 800000000 ("21 Yudean Bond 03") to the public on November 23 2021. The Company altogether raised RMB799565033 after deducting an issue expense of was RMB434967. The debenture is subject to an annual interest rate of 3.41% starting from November 24 2021 and should be payable annually on simple interest. As of December 31 2024 debentures payable were measured at amortised cost using effective interest method with the effective interest rate of 3.42% (December 31 2023: 3.42%).The Company’s application for registration of middle-term notes has been accepted by the National Association of Financial Market Institutional Investors (“NAFMII”) at its 51st meeting in 2021. The registered amount of RMB4000000000 would be valid for 2 years starting from 29 June 2021. On 19 July 2021 the Company issued 3-year middle-term notes with face value of RMB1200000000 in the interbank market ("21 Yudean Faneng MTN001"). The Company altogether raised RMB1197948000 after deducting an issue expense of RMB2052000 which should be paid in three years. As at 31 December 2023 the issue expense of RMB2052000 was all paid. The debenture is subject to an annual interest rate of 3.17% starting from 21 July 2021 and should be payable annually on simple interest. As at 31 December 2024 debentures payable were measured at amortised cost using effective interest method with the effective interest rate of 3.23% (31 December 2023: 3.23%).The Company’s application for registration of middle-term notes has been accepted by the NAFMII at its 51st meeting in 2021. The registered amount of RMB4000000000 would be valid for 2 years starting from 29 June 2021. On 15 November 2021 the Company issued 3-year middle-term notes with face value of RMB2200000000 in the interbank market ("21 Yudean Faneng MTN002"). The Company altogether raised RMB2196238000 after deducting an issue expense of RMB3762000 which should be paid in three years. As at 31 December 2023 the issue expense of RMB3762000 was all paid. The debenture is subject to an annual interest rate of 3.13% starting from 17 November 2021 and should be payable annually on simple interest. As at 31 December 2024 debentures payable were measured at amortised cost using effective interest method with the effective interest rate of 3.19% (31 December 2023:3.19%). The Company’s application for registration of middle-term notes has been accepted by the NAFMII at its 61st meeting in 2022. The registration would be valid for 2 years starting from 23 May 2022. On 24 August 2022 the Company issued 5-year middle-term notes with face value of RMB600000000 in the 251Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] interbank market ("22 Yudean Faneng MTN001"). The Company altogether raised RMB598290000 after deducting an issue expense of RMB1710000 which should be paid in five years. As at 31 December 2024 the issue expense of RMB1026000 had been paid. The debenture is subject to an annual interest rate of 2.90% starting from 26 August 2022 and should be payable annually on simple interest. As at 31 December 2024 debentures payable were measured at amortised cost using effective interest method with the effective interest rate of 2.96% (31 December 2023: 2.96%).The Company’s application for registration of middle-term notes has been accepted by the NAFMII at its 154th meeting in 2022. The registered amount of RMB9000000000 would be valid for 2 years starting from 7 December 2022. On 15 March 2023 the Company issued 5-year middle-term notes with face value of RMB1600000000 in the interbank market ("23 Yudean Faneng MTN001"). The Company altogether raised RMB1599632000 after deducting an issue expense of RMB368000 which should be paid in installments over a five-year period. As at 31 December 2024 the issue expense of RMB147200 had been paid. The debenture is subject to an annual interest rate of 3.35% starting from 17 March 2023 and should be payable annually on simple interest. As at 31 December 2024 debentures payable were measured at amortised cost using effective interest method with the effective interest rate of 3.37%(31 December 2023: 3.37%).The Company’s application for registration of middle-term notes has been approved by the NAFMII License (2022) No.MTN1252. The registered amount of RMB9000000000 would be valid for 2 years starting from 7 December 2022. On 22 May 2024 the Company issued 5-year middle-term notes with face value of RMB 1000000000 in the interbank market ("24 Yudean Faneng MTN001"). The Company altogether raised RMB998768650 after deducting an issue expense of RMB1231350 which should be paid in installments over a five-year period. As at 31 December 2024 the issue expense of RMB246270 had been paid. The debenture is subject to an annual interest rate of 2.41% starting from 24 May 2024 and should be payable annually on simple interest. As at 31 December 2024 debentures payable were measured at amortised cost using effective interest method with the effective interest rate of 2.42%.The Company’s application for registration of middle-term notes has been approved by the NAFMII License (2022) No.MTN1252. The registered amount of RMB9000000000 would be valid for 2 years starting from 7 December 2022. On 11 July 2024 the Company issued 5-year middle-term notes with face value of RMB1500000000 in the interbank market ("24 Yudean Faneng MTN002"). The Company altogether raised RMB1496600000 after deducting an issue expense of RMB3400000 which should be paid in installments over a ten-year period. As at 31 December 2024 the issue expense of RMB340000 had been paid. The debenture is subject to an annual interest rate of 2.54% starting from 15 July 2024 and should be payable annually on simple interest. As at 31 December 2024 debentures payable were measured at amortised cost using effective interest method with the effective interest rate of 2.54%.The Company’s application for registration of middle-term notes has been approved by the NAFMII License (2022) No.MTN1252. The registered amount of RMB9000000000 would be valid for 2 years starting from 7 December 2022. On 9 September 2024 the Company issued 15-year middle-term notes with face value of RMB 600000000 in the interbank market ("24 Yudean Faneng MTN003"). The Company altogether raised RMB598326000 after deducting an issue expense of RMB 1674000 which should be paid in installments over a fifteen-year period. As at 31 December 2024 the issue expense of RMB111600 had been paid. The debenture is subject to an annual interest rate of 2.52% starting from 11 September 2024 and should be payable annually on simple interest. As at 31 December 2024 debentures payable were measured at amortised cost using effective interest method with the effective interest rate of 2.54%. 252Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] The Company’s application for registration of middle-term notes has been approved by the NAFMII License (2022) No.MTN1252. The registered amount of RMB 9000000000 would be valid for 2 years starting from 7 December 2022. On 11 October 2024 the Company issued 5-year middle-term notes with face value of RMB1000000000 in the interbank market ("24 Yudean Faneng MTN004A"). The Company altogether raised RMB 998834250 after deducting an issue expense of RMB 1165750 which should be paid in installments over a five-year period. As at 31 December 2024 the issue expense of RMB 233150 had been paid. The debenture is subject to an annual interest rate of 2.47% starting from 14 October 2024 and should be payable annually on simple interest. As at 31 December 2024 debentures payable were measured at amortised cost using effective interest method with the effective interest rate of 2.50%.The Company’s application for registration of middle-term notes has been approved by the NAFMII License (2022) No.MTN1252. The registered amount of RMB9000000000 would be valid for 2 years starting from 7 December 2022. On 11 October 2024 the Company issued 15-year middle-term notes with face value of RMB500000000 in the interbank market ("24 Yudean Faneng MTN004B"). The Company altogether raised RMB498231650 after deducting an issue expense of RMB1768350 which should be paid in installments over a five-year period. As at 31 December 2024 the issue expense of RMB117890 had been paid. The debenture is subject to an annual interest rate of 2.70% starting from 14 October 2024 and should be payable annually on simple interest. As at 31 December 2024 debentures payable were measured at amortised cost using effective interest method with the effective interest rate of 2.73%.The Company’s application for registration of middle-term notes has been approved by the NAFMII License (2022) No.MTN1252. The registered amount of RMB 9000000000 would be valid for 2 years starting from 7 December 2022. On 22 October 2024 the Company issued 15-year middle-term notes with face value of RMB1000000000 in the interbank market ("24 Yudean Faneng MTN005"). The Company altogether raised RMB996537931 after deducting an issue expense of RMB3462069 which should be paid in installments over a fifteen-year period. As at 31 December 2024 the issue expense of RMB230805 had been paid. The debenture is subject to an annual interest rate of 2.70% starting from 24 October 2024 and should be payable annually on simple interest. As at 31 December 2024 debentures payable were measured at amortised cost using effective interest method with the effective interest rate of 2.73%.The Company’s application for registration of middle-term notes has been approved by the NAFMII License (2022) No.MTN1252. The registered amount of RMB 9000000000 would be valid for 2 years starting from 7 December 2022. On 11 November 2024 the Company issued 5-year middle-term notes with face value of RMB800000000 in the interbank market ("24 Yudean Faneng MTN006A "). The Company altogether raised RMB799127000 after deducting an issue expense of RMB873000 which should be paid in installments over a five-year period. As at 31 December 2024 the issue expense of RMB174600 had been paid. The debenture is subject to an annual interest rate of 2.37% starting from 13 November 2024 and should be payable annually on simple interest. As at 31 December 2024 debentures payable were measured at amortised cost using effective interest method with the effective interest rate of 2.39%.The Company’s application for registration of middle-term notes has been approved by the NAFMII License (2022) No.MTN1252. The registered amount of RMB 9000000000 would be valid for 2 years starting from 7 December 2022. On 11 November 2024 the Company issued 15-year middle-term notes with face value of RMB1000000000 in the interbank market ("24 Yudean Faneng MTN006B "). The Company altogether raised RMB799127000 after deducting an issue expense of RMB2493000 which should be paid in installments over a fifteen-year period. As at 31 December 2024 the issue expense of 253Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] RMB196200 had been paid. The debenture is subject to an annual interest rate of 2.67% starting from 13 November 2024 and should be payable annually on simple interest. As at 31 December 2024 debentures payable were measured at amortised cost using effective interest method with the effective interest rate of 2.69%.As approved by Shanghai Stock Exchange Announcement [2023] No. 13343 the Group’s subsidiary Guangdong Wind Power issued 5-year book-entry corporate debentures in real-name system with face value of RMB600000000 (“G23 Yuefeng 2”) to the public on 20 March 2023. Guangdong Wind Power altogether raised RMB599421962 after deducting an issue expense of RMB578038 which should be paid at one time. As at 31 December 2023 the issue expense of RMB578038 had been paid. The debenture is subject to an annual interest rate of 3.15% starting from 21 March 2023 and should be payable annually on simple interest. As at 31 December 2024 debentures payable were measured at amortised cost using effective interest method with the effective interest rate of 3.17%(31 December 2023:3.17%). The Group’s subsidiary Pinghai Power's application for registration of middle-term notes has been accepted by the NAFMII at its 118th meeting in 2020. The registered amount of RMB800000000 would be valid for 2 years starting from 23 November 2020. On 15 October 2021 Pinghai Power issued 3-year middle-term notes with face value of RMB300000000 in the interbank market ("21 Pinghai Power MTN001"). Pinghai Power altogether raised RMB299100000 after deducting an issue expense of RMB900000. The debenture is subject to an annual interest rate of 3.72% starting from 15 October 2021 and should be payable annually on simple interest. As at 31 December 2024 debentures payable were measured at amortised cost using effective interest method with the effective interest rate of 3.83% (December 31 2023: 3.83%). 30. Lease liabilities Item 31/12/2024 31/12/2023 Lease liabilities 12907440430 10721553778 Less: Current portion of lease liabilities 531128288 268887650 Total 12376312142 10452666128 31. Long-term payables Item 31/12/2024 31/12/2023 Long-term payables 671387824 831250905 Special payable 24960000 24960000 Total 696347824 856210905 (1) Long-term payables Item 31/12/2024 31/12/2023 Equipment and construction expenses payable 295079986 447389040 Payables for usage of sea area 420850690 410722922 Subtotal 715930676 858111962 Less: Current portion of long-term payables 44542852 26861057 Total 671387824 831250905 254Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] (2) Special payable Increase Decrease in the in the Item 1/1/2024 31/12/2024 current current period period Supporting funds for efficiency improvement and capacity expansion of Guanlanzihe Hydropower Station and Nanrongtian 24960000 24960000 Hydropower Station Note: The special payables of the Company are the expansion supporting funds allocated by the central and provincial governments according to the "Notice on Printing and Distributing the Implementation Rules for the Construction and Management of Rural Hydropower Efficiency Expansion and Renovation Projects in Yunnan Province" (Yunshui Dian [2013] No. 46) issued by the Yunnan Provincial Water Resources Department and the Yunnan Provincial Finance Department. There is no specific repayment deadline and the state-owned administrative asset income shall be levied at an annual interest rate of 4% and handed over to Yunnan Provincial Water Conservancy and Hydropower Investment Co. Ltd. Our company will include the corresponding interest in this part in the financial expenses. 32. Long-term Employee benefits payable Item 31/12/2024 31/12/2023 Early retirement benefits payable (Note 2) 554892032 503398521 Defined benefit plans payable (Note 3) 94908914 102777039 Other long-term employee benefits payable (Note 4) 18525563 27105147 Subtotal 668326509 633280707 Less: Payable within one year 131188293 124230908 Total 537138216 509049799 Note 1: The employee benefits payable within one year are included in the employee benefits payable Note 2: Early retirement benefits payable: According to the Company’s regulations for early retirement of employees the employees whose early retirement requests are approved by the Group could have early retirement before statutory retirement age. Employees can obtain salary on a monthly basis by a certain ratio of the original salary until they reach the statutory retirement age. Management expects the termination benefits to be paid in the future are determined by the present value of cash flow when accrued the above termination benefits. As at 31 December 2024 the Company calculated the expected expense for each employee eligible for early retirement in each year before the statutory retirement age in accordance with the related regulations for early retirement taking into account local salary growth rate and estimated the present value of future termination benefits by treasury bond interest rate of 2% (2023: 2.75%) of the same period. As at 31 December 2024 the Company accrued termination benefits of RMB290529882 (31 December 2023: RMB381528673) and recognised them in long-term employee benefits payable. The actual termination benefits due within one year totaling RMB58968377 (31 December 2023: RMB75267924) were recognised in employee benefits payable.Shajiao A Power Plant a subsidiary of the Company officially shut down the remaining generator units on 31 October 2023 and formulated an employee resettlement plan. In accordance with the employee resettlement plan and the relevant early retirement policy the Company estimates that employees who are resettled under the early retirement plan can obtain salary on a monthly basis by a certain ratio of the original salary until they reach the statutory retirement age. Management expects the termination 255Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] benefits to be paid in the future are determined by the present value of ash flows when accrued the above termination benefits. As at 31 December 2024 the Group calculated the expected expense for each employee eligible for early retirement in each year before the statutory retirement age in accordance with the related regulations for early retirement taking into account local salary growth rate and estimated the present value of future termination benefits by treasury bond interest rate of 2%(2023: 2.75%) of the same period. As at 31 December 2024 the Company accrued termination benefits of RMB264362150 (31 December 2023: RMB121869848) according to the employee resettlement plan and recognised them in long-term employee benefits payable. The actual termination benefits due within one year totaling RMB57947867 (31 December 2023: RMB31912076) were recognised in employee benefits payable.Note 3: In accordance with the FAQ on Social Management of Retired Employees in State-owned Enterprises (Guo Zi Ting Fa Gai Ge [2020] No. 36) issued by the State-owned Assets Supervision and Administration Commission of the State Council the Group made a one-time provision for the expected payments to retired employees eligible for the Group’s special retirement pensions in 2020 and made the payment on a monthly basis. The expected present values of cash flows of the Group’s special retirement pensions during the expected remaining life of the retired employees are recognised as long- term employee benefits payable and recorded in profit or loss for the current period. The Group’s special retirement pensions mainly include retirement subsidies military transfer subsidies and living allowances for retired primary and secondary school teachers. As at 31 December 2024 the Group calculated the expected special retirement pensions each year during retirees’ expected remaining life and estimated the present value of special retirement pensions in the future by treasury bond interest rate of 2% (2023: 2.75%) of the same period. As at 31 December 2024 the Group accrued defined benefit plans of RMB86398126 and recognised them in long-term employee benefits payable (31 December 2023: RMB102777039). The actual defined benefit plans due within one year totaling RMB 8510788 are recognised in employee benefits payable (31 December 2023: RMB8921986). Other comprehensive income of RMB2339452 (2023: RMB14194805) was adjusted due to actuarial differences in 2024.Note 4: According to relevant regulations on social medical insurance in places where the subsidiaries of the Company and the Group locate if individual employees participating basic medical insurance for urban residents are under their statutory ages of retirement but their estimated contribution years fail to meet the local standards the Group needs to make continuous contribution for the employees per annum till the standards are met even after their retirement. The expected present values of cash flows that shall be paid for medical insurance for the remaining contribution years of retired employees are recognised as long-term employee benefits payable and recorded in profit or loss for the current period.As at 31 December 2024 the balance of the Group’s other long-term employee benefits payable was mainly the additional payment of medical insurance made for retired employees. The Group calculated the expected expenses for each year from the end of the current year to regulated contribution years based on the local monthly average salary of the year and estimated the present value of cash expenses made by retired employees for medical insurance in the future with a treasury bond interest rate of 2% (2023: 2.75%) as discount rate. As at 31 December 2024 the Group accrued other long-term employee benefits payable of RMB12764302 (31 December 2023: RMB27105147) with actual payment of other long-term employee benefits payable due within one year of RMB5761261 (31 December 2023: RMB8128922) recognised in employee benefits payable. 33. Deferred income Increase in the Decrease in the Item 1/1/2024 31/12/2024 Formation reasons current period current period 256Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Increase in the Decrease in the Item 1/1/2024 31/12/2024 Formation reasons current period current period Government Government grants 1282962251949755134531250113262526 grants related to assets 34. Other non-current liabilities Item 31/12/2024 31/12/2023 Housing working Funds 985667 1028167 Capital injection 50000000 Others 42500 Total 1028167 51028167 Note: In 2018 the Group’s subsidiary Qujie Wind Power received a capital injection of RMB50000000 from GEGC. The capital will be used for Qujie Wailuo offshore wind power plant project. In 2024 Qujie Wind Power completed the process of registration. 35. Share capital Item 31/12/2024 31/12/2023 Shares subject to trading restriction - Shares held by domestic state-owned legal person 1893454257 1893342621 - Other domestic shares 4525080 4626325 Including: Shares held by domestic non-state-owned legal person 3535770 4620666 Shares held by domestic natural person 989310 5659 Shares not subject to trading restriction - RMB-denominated ordinary shares 2553896649 2553907040 - Domestically-listed foreign shares 798408000 798408000 Total 5250283986 5250283986 36. Capital surplus Increase in the Decrease in the Item 1/1/2024 31/12/2024 current period current period Capital premium (Note 1) 4909980999 2984 4909978015 Revaluation reserve 119593718 119593718 Investment from GEGC (Note 2) 395000000 6023645 388976355 Share of interests in the investee in -1655707316704208-158866523 proportion to the shareholding (Note 3) Transfer of capital surplus recognised 2047459220474592 under the previous accounting system Others -76905774 -76905774 Total 5202572804 6704208 6026629 5203250383 Note 1: In 2024 the capital surplus of the Company decreased by RMB2984 due to the disproportionate capital investment between the Company and minority shareholders. 257Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Note 2: In 2018 the Company’s subsidiary Qujie Wind Power received a capital injection of RMB50000000 from our parent company GEGC. The funds were agreed to be used for the Qujie Wailuo Offshore Wind Power Project. This year Qujie Wind Power has completed the capital injection process. In 2024 the Company Qujie Wind Power and GEGC signed a tripartite capital increase agreement agreeing to allocate project revenues to GEGC at a ratio of 7.69%. Due to changes in equity and adjustments to revenues the capital surplus was reduced by RMB6023645.Note 3: In 2024 capital surplus of joint ventures and associates calculated based on proportion of equity acquired increased by by RMB6704208. 37. Other comprehensive income Other comprehensive income attributable to the parent company in the balance sheet: Amount incurred in the current period Attributable to Transfer of other 1/1/2024 the comprehensive 31/12/2024 Item (1) parent income to retained (4)=(1)+(2)+(3) company earnings in the after tax (2) current period (3) I. Other comprehensive income that will not be 1493553365-1638946271329658738 reclassified to profit or loss 1. Share of other comprehensive income of the investee accounted for using equity method that will not be 100424365 -4191199 96233166 reclassified to profit or loss 2. Changes in fair value of investments in other equity 1442860906-1620428801280818026 instruments 3.Changes arising from remeasurement of defined -497319062339452-47392454 benefit plans II. Other comprehensive income that will be reclassified to profit or 1684325 533030 2217355 loss 1. Share of other comprehensive income of the investee accounted for using equity method that will be 16843255330302217355 reclassified to profit or loss Total 1495237690 -163361597 1331876093 Other comprehensive income attributable to the parent company in the income statement: Amount incurred in the current period Transfer of other Attributable to the comprehensive Attributable to Item Amount incurred parent company after income to Income tax minority before tax in the tax current expenses (3) shareholders current period (1) (5) = (1) + (2) + (3) + transfer-in after tax (4) (4) profit and loss (2) I. Other comprehensive income that will not be reclassified to -217153984 54014293 -754936 -163894627 profit or loss 1.Share of other comprehensive income of the investee accounted for using equity method that will -4191199 -4191199 not be reclassified to profit or loss 2. Changes in fair value of other -21605717354014293-162042880 equity instrument investments 258Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Amount incurred in the current period Transfer of other Attributable to the comprehensive Attributable to Item Amount incurred parent company after income to Income tax minority before tax in the tax current expenses (3) shareholders current period (1) (5) = (1) + (2) + (3) + transfer-in after tax (4) (4) profit and loss (2) 3. Changes arising from remeasurement of defined benefit 3094388 -754936 2339452 plans II. Other comprehensive income that will be reclassified 533030533030 to profit or loss 1.Share of other comprehensive income of the investee accounted for using equity 533030 533030 method that will be reclassified to profit or loss Total -216620954 54014293 -754936 -163361597 38. Specific reserve Increase in the Decrease in the Item 1/1/2024 31/12/2024 current period current period Safety production fee 6375889 460118200 403724923 62769166 39. Surplus reserve Increase in the Decrease in the Item 1/1/2024 31/12/2024 current period current period Statutory surplus reserve 3016893870 3016893870 Discretionary surplus reserve 5886621265 5886621265 Total 8903515135 8903515135 Note: In accordance with the Company Law of the People's Republic of China and the Company’s Articles of Association the Company should appropriate 10% of net profit for the year to the statutory surplus reserve and the Company can cease appropriation when the statutory surplus reserve accumulates to more than 50% of the registered capital. The Company appropriates for the discretionary surplus reserve after the shareholders’ meeting approves the proposal from the Board of Directors. The surplus reserve can be used to make up for the loss or increase the share capital after approval from the appropriate authorities. As at 31 December 2024 the accumulated statutory surplus reserve of the Company exceeded 50% of the registered capital. 40. Undistributed profits Item 2024 2023 Undistributed profit at the end of the previous period before adjustment 1283749956 309089657 Adjusted total of undistributed profits at the beginning of the period (increase + decrease -) Adjusted beginning undistributed profit 1283749956 309089657 Add: Net profit attributable to equity owners 964242757974660299 of the Company 259Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Item 2024 2023 Less: Dividends payable on ordinary shares 105005680 Undistributed profits at the end of the year 2142987033 1283749956 41. Revenue and cost of sale (1) Revenue and cost of sale 20242023 Item Revenue Cost of sale Revenue Cost of sale Main business 56860158480 49437424682 59296174696 50885838808 Other business 298908753 83472364 412223042 85158870 Total 57159067233 49520897046 59708397738 50970997678 (2) Revenue and cost of sale categorized by type 20242023 Item Revenue Cost of sale Revenue Cost of sale Main business Revenue from sale of electricity 56312348835 49008250157 58860722062 50557894829 Revenue from sale of steam 403680647 297428193 303847319 203192592 Rendering of service 144128998 131746332 131605315 124751387 Subtotal 56860158480 49437424682 59296174696 50885838808 Other businesses Revenue from utilization of coal and 18375783996920282785759225155145 ashes Rental income 45418339 9442030 50931914 15941671 Others 69732575 64338306 82715206 64062054 Subtotal 298908753 83472364 412223042 85158870 Total 57159067233 49520897046 59708397738 50970997678 (3) Revenue and cost of sale categorized by sales recognition method Details of revenue 2024 Item Sale of electricity steam and coal Services Leases Others Total ashes Revenue from main operations Including: Recognised at a point 567160294824199723956758026721 in time Recognised over a 102131759102131759 period of time Revenue from other operations Including: Recognised at a point 18375783956663190240421029 in time 260Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] 2024 Item Sale of electricity steam and coal Services Leases Others Total ashes Recognised over a 1306938513069385 period of time Rental income 45418339 45418339 Total 56899787321 144128998 45418339 69732575 57159067233 Details of cost of sales 2024 Item Sale of electricity steam Services Leases Others Total and coal ashes Cost of sale from main operations Including: Recognised at a 493056783503947594949345154299 point in time Recognised over a 9227038392270383 period of time Cost of sale from other operations Including: Recognised at a 96920285340672363098751 point in time Recognised over a 1093158310931583 period of time Rental income 9442030 9442030 Total 49315370378 131746332 9442030 64338306 49520897046 Details of revenue 2023 Item Sale of electricity steam and coal Services Leases Others Total ashes Revenue from main operations Including: Recognised at a 59164569381502926559169598646 point in time Recognised over a period of 126576050126576050 time Revenue from other operations Including: Recognised at a 27857592238513392317089314 point in time Recognised over a period of 4420181444201814 time Rental income 50931914 50931914 Total 59443145303 131605315 50931914 82715206 59708397738 Details of cost of sale 261Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] 2023 Item Sale of electricity steam Services Leases Others Total and coal ashes Cost of sale from main operations Including: Recognised at a 50761087421476734450765854765 point in time Recognised over a period of 119984043119984043 time Cost of sale from other operations Including: Recognised at a 51551452982821634983361 point in time Recognised over a period of 3423383834233838 time Rental income 15941671 15941671 Total 50766242566 124751387 15941671 64062054 50970997678 (4) Information related to remaining performance obligations Item Amount Revenue corresponding to the obligations under contracts not yet fully performed 112713751 Revenue which will be recognized in 2025 112713751 (5) Sales revenue from trial operation 20242023 Item Revenue Cost of sale Revenue Cost of sale Trial operation and sales 1083458544 1074494209 233372634 173344262 42. Taxes and surcharges Item 2024 2023 Property tax 125192325 113383969 City maintenance and construction tax 86167659 68054989 Education surcharges 68238371 55787480 Land use tax 38191260 30383099 Stamp tax 32385842 42258840 Environmental protection tax 24167539 24032428 Others 843686 330319 Total 375186682 334231124 For details on the calculation standards for various taxes and surcharges please refer to the Note IV. 43. Selling expenses Item 2024 2023 Employee benefits 64092476 56573447 Labour insurance 14761949 12380260 262Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Item 2024 2023 Entertainment expenses 3256031 3742807 Depreciation expenses 2736192 3652105 Travelling expenses 2523492 2267011 Others 13780746 14623369 Total 101150886 93238999 44. General and administrative expenses Item 2024 2023 Employee benefits 792756435 856055890 Labour insurance 130705849 131002258 Agency service fees 104329398 114012904 Amortization of intangible assets 102208295 88959541 Depreciation expenses 88916038 96910785 Fire safety expenses 65897257 57366542 Property management expenses 50007488 53026420 Office expenses 45963009 37014971 Publicity expenses 22379440 7236054 Rental expenses 19479426 18012568 Travelling expenses 19372323 16317908 Afforestation fees 16744318 15912481 Labour costs 12887967 10553437 Traffic expenses 12115006 11257045 Maintenance costs 9842446 11219173 Entertainment expenses 7104997 8328823 Insurance expenses 4400400 4997448 Others 121241901 53872904 Total 1626351993 1592057152 45. Research and development expenses Item 2024 2023 Material expenses 984868135 778092251 Employee benefits 150098888 169109871 Depreciation and amortization expenses 82322178 88769811 Outsourced research and development expenses 59853693 79478311 Others 9640706 1105030 Total 1286783600 1116555274 46. Financial expenses Item 2024 2023 263Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Item 2024 2023 Interest costs 2784728456 2673660820 Add: Interest costs on lease liabilities 344267568 332958953 Less: Amounts capitalized on qualifying assets 698767978 611087191 Subtotal of interest expenses 2430228046 2395532582 Less: Interest income 162430466 124290218 Amortization of discounts or premium of debentures payable 2783450 2778961 Exchange losses/(gains) - net 78415 2666246 Service charge and others 14370315 11182245 Total 2285029760 2287869816 47. Other income Item 2024 2023 Government grants -Related to assets 34531250 30937000 -Related to income 43427479 37128355 Total 77958729 68065355 48. Investment income Item 2024 2023 Investment income from long-term equity investments under equity method 697637165 866186173 Dividend income earned during the holding period of investments in other 112589718117258950 equity instruments Others 467255 Total 810226883 983912378 Note: There was no significant restriction on remittance of investment income of the Group. 49. Losses on/ (Reversal of) credit impairment (losses are indicated by "-") Item 2024 2023 Losses on bad debts of accounts receivables -9687050 -25783617 Reversal of bad debts of other receivables -23566626 1005111 Total -33253676 -24778506 50. Asset impairment losses (losses are indicated by "-") Item 2024 2023 Impairment of fixed assets -321598218 -1422468240 Impairment of construction in progress -28686283 -44263866 Impairment of goodwill -6158996 -119488672 Impairment of contract assets 12529 Impairment of inventories -59422457 264Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Item 2024 2023 Impairment of long-term equity investments -26286299 Others -2908502 Total -356430968 -1674838036 51. Gains on disposals of assets (losses are indicated by "-") Item 2024 2023 Gains on disposals of fixed assets (losses are indicated by "-") 5479 9058764 Others 93176 139995 Total 98655 9198759 52. Non-operating income Amount recognised in Item 2024 2023 non-recurring profit or loss in 2024 Compensation income from the Huizhou LNG receiving terminal 177384900 177384900 project Gains on scrap of non-current assets 83721465 4534077 83721465 Claims and compensation income 77932584 21543280 77932584 Waived payables 31827530 3848883 31827530 Income from penalties and fines 24077139 3048456 24077139 Income from sale of carbon emission 131891634841907713189163 allowances Compensation for electricity charges during the demolition and 6513028 6513028 6513028 construction period Others 3420705 10059319 3420705 Total 418066514 97966120 418066514 53. Non-operating expenses Amount recognised in Item 2024 2023 non-recurring profit or loss in 2024 Carbon emission allowances used to 318227152298330020 fulfil the emission reduction obligation Losses on scrap of non-current 851240764508519985124076 assets Penalties and overdue fines 9621477 4836639 9621477 Others 12732207 8908951 12732208 Total 425704912 357160809 107477761 Note: In accordance with the Interim Provisions on the Accounting Treatment Regarding Carbon Emissions Rights Trading (Cai Kuai [2019] No. 22) the Interim Measures for the Administration of Carbon Emission Rights Trading and the "Total Quota and Allocation Plan for the National Carbon Emission Trading in the Power Generation Industry for the Years 2023 and 2024" subsidiaries within the Group that were identified as key emission units recognized the expected performance obligations 265Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] of carbon emission in 2024 as non-operating expenses on an accrual basis，and included relatedprovision for carbon emission allowances payable in other payables. 54. Income tax expense (1) Details of income tax expenses Item 2024 2023 Current income tax calculated based on tax law and related regulations 468464776 654289316 Deferred income tax 231330489 135579905 Total 699795265 789869221 (2) The relationship between income tax expenses and total profit Item 2024 2023 Total profit 2454628491 2415812956 Income tax calculated at applicable tax rates 613657122 603953239 Effect of preferential tax rates of subsidiaries -87378135 -17733944 Effect of the tax rate changes on the opening deferred income tax -6652879 balance Adjustment to current income tax for previous periods 19446011 Income not subject to tax (expressed with "-") -211826795 -237324804 Costs expenses and losses not deductible for tax purposes 22329468 130573289 Deductible losses of unrecognized deferred tax assets in the 397784917357178212 current period Transfer-out of deductible losses for which deferred tax asset was 82268367- recognised Deductible temporary differences for which no deferred tax asset 96005255333549099 was recognised Utilization of previously unrecognized deductible losses or -230207917-370324733 temporary differences (expressed with "-") Others -2283028 -3348258 Income tax expense 699795265 789869221 55. Notes to the cash flow statement (1) Cash received relating to other operating activities Item 2024 2023 Interest income 147943742 116789108 Rental income 31649892 50931914 Revenue from sale of carbon emission allowances 51902388 48419077 Income from leased labour services 16996935 29535000 Government grants 30039735 28084991 Income from claims and fines 99157788 24591736 Others 11718874 39734575 Total 389409354 338086401 266Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] (2) Cash paid relating to other operating activities Item 2024 2023 Carbon emission right allowances 376937529 315246781 Insurance expenses 247229280 222495750 Agency service fees 296502844 114012904 Utility fees 148708671 100408224 Research and development expenses 59081411 80583341 Fire safety expenses 55953927 69164914 Sewage and sanitary charges 15887006 68135836 Property management expenses 87651497 62773009 Office expenses 26262777 45162372 Rental expenses 45574654 37590576 Traffic expenses 19361888 35200130 Testing and inspection fees 16052239 27865166 Travelling expenses 30307790 26002264 Others 318518284 323173977 Total 1744029797 1527815244 (3) Cash received relating to other investing activities Item 2024 2023 Recovery of principal from fixed deposit 4000000000 Others 1322 Total 4000000000 1322 (4) Cash paid relating to other investing activities Item 2024 2023 Transfer to fixed deposits 2900000000 4400000000 Deposits prepaid for equity acquisition Advances for business units 237400000 181200000 Total 3137400000 4581200000 (5) Cash received relating to other financing activities Item 2024 2023 Recovery of advances for equipment 240453119 (6) Cash paid relating to other financing activities Item 2024 2023 Refunds to minority shareholders 1023994413 Repayments of lease liabilities and long-term payables 1115122755 1605419054 Agency fee for debenture issuance 2036115 2700953 Total 1117158870 2632114420 267Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] (7) Movements of liabilities arising from financing activities Long-term Bank borrowings Debentures Lease liabilities payables (including those to payable (including (including those Item (including those Total be paid within one those to be paid to be paid within to be paid year) within one year) one year) within one year) As at 31/12/2023 82359383758 11968391383 10721553778 858111962 105907440881 Cash inflows from financing 33607130695839970441542006835110 activities Cash outflows from -28901085233-9169890423-1094071852-21050903-39186098411 financing activities Interest accrued in the 272993622733503287344267568212889423128996024 current year Movements that do not involve cash receipts and 3168114962 44919539 3213034501 payments Others -238147416 -232424026 -187338864 -657910306 As at 31/12/2024 89557218031 11231708662 12907440430 715930676 114412297799 56. Supplementary information to the cash flow statement (1) Supplementary information to the cash flow statement Supplementary information 2024 2023 1. Reconciliation from net profit to cash flows from operating activities： Net profit 1754833226 1625943735 Add: Losses on provision for asset impairment 356430968 1674838036 Provision for/(Reversal of) credit impairment loss 33253676 24778506 Depreciation of fixed assets 5183587245 4871989109 Depreciation of investment properties 8650211 9097496 Depreciation of right-to-use assets 572196996 388101357 Amortization of intangible assets 125987574 97526143 Amortization of long-term prepaid expenses 10432684 9714188 Amortization of deferred income -34531250 -30937000 Gains on disposals of fixed assets intangible assets and other long- -98655-9198759 term assets (gains are indicated by "-" ) Net losses on scrap of non-current assets (gains are indicated by "-" ) 1402611 40551122 Loss from fair value change (gains are indicated by "-") Financial expenses (income is indicated by "-" ) 2433011497 2402288041 Investment losses (gains are indicated by "-" ) -810226883 -983912378 Increase in deferred income tax (decrease is indicated by "-" ) -231330490 135579905 Decrease in inventories (increase is indicated by a"-" ) 78385222 661940932 Decrease in operating receivables (increase is indicated by "-" ) -456264238 -1411804833 Increase in operating payables (decrease is indicated by "-") 1496940300 -1038382194 Decrease in operating restricted cash (increase is indicated by "-" ) -10137751 -2471124 Net cash flow from operating activities 10975183923 8465642282 268Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Supplementary information 2024 2023 2. Significant operating investing and financing activities that do not involve cash receipts and payments: Right-of-use assets and sea use rights increased in the current period 3213034501 3458514568 3. Net increase/(decrease) in cash and cash equivalents: Cash at the end of the year 11831504924 11954167156 Less: Cash at the beginning of the year 11954167156 11433808500 Add: cash equivalents at the end of the year Less: cash equivalents at the beginning of the year Net increase in cash and cash equivalents -122662232 520358656 (2) Net cash paid for acquisition of subsidiaries in the current period Item 2024 Cash and cash equivalents paid in the current year for business combinations 204600000 incurred in the current year Including: Xiangzhou Yunjiang New Energy Co. Ltd 105420000 Xiangzhou Hangjing New Energy Co. Ltd 99180000 Qinglong Manchu Autonomous County Jianhao Photovoltaic Technology Co. Ltd.Hainan Longyue New Energy Co. Ltd Less: Cash and cash equivalents held by subsidiaries at the acquisition date 44650633 Including: Xiangzhou Yunjiang New Energy Co. Ltd 22044048 Xiangzhou Hangjing New Energy Co. Ltd 14479911 Qinglong Manchu Autonomous County Jianhao Photovoltaic 5224970 Technology Co. Ltd.Hainan Longyue New Energy Co. Ltd 2901704 Net cash paid to acquire the subsidiaries 159949367 (3) Composition of cash and cash equivalents Item 31/12/2024 31/12/2023 I. Cash 11831504924 11954167156 Including: Cash on hand 34030 43025 Cash at bank that can be readily drawn on demand 11831470894 11954124131 Other monetary funds that can be readily drawn on demand II. Cash equivalents III. Cash and cash equivalents at the end of the year 11831504924 11954167156 Including: restricted cash and cash equivalents 269Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] (4) Cash at bank and on hand are not classified as cash and cash equivalents Reasons for not being classified Item 31/12/2024 31/12/2023 as cash and cash equivalents Time deposit in finance The liquidity does not meet the definition of cash and cash 34506000004400000000 company equivalents The liquidity does not meet the definition of cash and cash Other cash balances 33925897 35788146 equivalents Interest receivable 45790010 41474591 Accrued balance is not actual balance Total 3530315907 4477262737 57. Monetary items denominated in foreign currency (1) Monetary items denominated in foreign currency Balance in foreign Balance translated to Item Exchange rate currency as at 31/12/2024 RMB as at 31/12/2024 Cash at bank and on hand 13729 Including：US dollars 191 7.1884 1372 HK dollars 13344 0.9260 12357 58. Lease (1) As the lessee Item 2024 Short-term rental fee 22325307 Low-value rental fee 1150205 Total 23475512 (2) As the lessor As the lessor the Group’s undiscounted lease proceeds receivable after the balance sheet date are as follows: After the balance sheet date 31/12/2024 31/12/2023 Within 1 year 26017606 18213836 1 to 2 years 22919546 11893771 2 to 3 years 15358994 10861978 3 to 4 years 11728648 2452909 4 to 5 years 10239307 1816160 More than 5 years 8745000 500000 Total 95009101 45738654 270Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] 59. Provision for asset impairment and losses Increase in the current year Decrease in the current year Balance of Balance of impairment Accrual Increase Asset Increase Reduction Reductio impairment Item provision at amount in from value due to Total Resale due to n due to Total provision at 1/1/2024 current consolidati recovery other consolidation other 31/12/2024 period on reversal reasons reasons 1. Loss allowance 58474503 34612649 95487 34708136 1358973 652747 2011720 91170919 Including: provision for loss allowance of 2635047610839894108398941152844115284436037526 accounts receivables 2. Provision for decline in the value of 92178375446835344468353447494841 inventories 3. Provision for impairment of contract 1252912529-12529 assets 4. Provision for impairment of contract acquisition costs 5. Provision for impairment of contract performance costs 6. Provision for impairment of assets held for sale 7. Provision for impairment of debt investment ☆8. Provision for impairment of available- for-sale financial assets ☆9. Provision for impairment of held-to- maturity investments 10. Provision for impairment of long-term 143433433143433433 equity investments 11. Provision for impairment of investment properties 12. Provision for impairment of fixed 22750504543215982189999633225981811766161671766161672421032468 assets 13. Provision for impairment of 323635204286862838605978372922615310309553103095307824370 construction in progress 14. Provision for impairment of productive biological assets 15. Provision for impairment of oil and gas assets 271Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Item Balance of Increase in the current year Decrease in the current year Balance of impairment impairment 16. Provision for impairment of right-of- prov2is8io9n9 5a1t 0 2899510 2899510 provision at use assets 1/1/2024 31/12/2024 17. Provision for impairment of intangible 5941087559410875 assets 18. Provision for impairment of goodwill 156411050 6158995 6158995 162570045 19. Provision for impairment of Others Total 3111505933 391056145 9701428 400757573 1371502 277955053 279326555 3232936951 Interests in other entities 1. Interests in subsidiaries (1) Constitution of the Group Shareholding Registered Main business Place of Nature of Acquisition Name of subsidiary (%) capital location Registration business method Direct Indirect Guangdong Yudean Maoming Natural Gas Thermal Electricity 1437985100 Maoming Maoming 46.54 Investment Power Co. Ltd. (“Maoming Thermal”) generationGuangdong Yudean Jinghai Power Co. Ltd. (“Jinghai Electricity 2919272000 Jieyang Jieyang 65.00 InvestmentPower”) generation Guangdong Yudean Zhanjiang Wind Power Generation Electricity 449420000 Zhanjiang Zhanjiang 53.51 Investment Co. Ltd. (“Zhanjiang Wind Power”) generation Guangdong Yudean Technology EngineeringManagement Co. Ltd. (“Technology Engineering 200000000 Guangzhou Guangzhou Repair service 100.00 InvestmentCompany”)Guangdong Yudean Humen Power Co. Ltd.（“Humen Electricity 150000000 Dongguan Dongguan 60.00 InvestmentElectric”） generationGuangdong Yudean Bohe Energy Co. Ltd. （“Bohe Electricity 3118000000 Maoming Maoming 67.00 InvestmentEnergy”） generation Guangdong Yudean Xuwen Wind Power Electricity Electricity 173190000 Zhanjiang Zhanjiang 53.51 InvestmentCo. Ltd.(“Xuwen Wind Power) generationGuangdong Yudean Huadu Natural Gas Thermal Electricity 497000000 Guangzhou Guangzhou 65.00 Investment Power Co. Ltd.（“Huadu Natural Gas”） generation Guangdong Yudean Dapu Power Generation Co. Ltd. Electricity 1907100000 Meizhou Meizhou 100.00 Investment （Dapu Power Generation”） generation 272Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Registered Main business Place of Nature of Shareholding Acquisition Name of subsidiary capital location Registration business (%) method Guangdong Yudean Leizhou Wind Power Co. Ltd. Electricity 109803900 Zhanjiang Zhanjiang 62.52 Investment (“Leizhou Wind Power”) generation Guangdong Yudean Dianbai Wind Power Co. Ltd. Electricity 171872900 Maoming Maoming 76.44 Investment (“Dianbai Wind Power”) generationZhanjiang Electric Power Co. Ltd. （ “Zhanjiang Electricity Business combinations involving 2875440000 Zhanjiang Zhanjiang 76.00Electric”） generation enterprises under common control Electricity Business combinations involving Guangdong Yuejia Electric Co. Ltd. (“Yuejia Electric”) 756000000 Meizhou Meizhou 58.00 generation enterprises under common control Guangdong Yudean Shaoguan Power Plant Co. Ltd. Electricity Business combinations involving 1070000000 Shaoguan Shaoguan 90.00 (“Shaoguan Power Plant”) generation enterprises under common controlZhanjiang Zhongyue Energy Co. Ltd. (“Zhongyue Electricity Business combinations involving 1454300000 Zhanjiang Zhanjiang 90.00Energy”) generation enterprises under common control Guangdong Yudean Electricity Sales Co. Ltd. ("Power Electricity 500000000 Guangzhou Guangzhou 100.00 Investment Sales") generation Guangdong Yudean Qujie Wind Power Generation Electricity 2519567500 Zhanjiang Zhanjiang 75.16 Investment Co. Ltd.("Qujie Wind Power Company ") generation Guangdong Yudean Yangjiang Offshore Wind Power Electricity 1192660000 Yangjiang Yangjiang 69.87 Investment Co. Ltd. (“Yangjiang Wind Power”) generation Business combinations involving Electricity Lincang Yudean Energy Co. Ltd. (“Lincang Energy”) 459790000 Lincang Lincang 100.00 enterprises not under common generation control Shenzhen Guangqian Electric Power Co. Electricity Business combinations involving 1030292500 Shenzhen Shenzhen 100.00 Ltd.("Guangqian Company") generation enterprises under common control Guangdong Huizhou Natural Gas Power Co. Ltd. Electricity Business combinations involving 1499347500 Huizhou Huizhou 67.00 (“Huizhou Natural Gas”) generation enterprises under common control Guangdong Huizhou Pinghai Power Co. Ltd.("Pinghai Electricity Business combinations involving 1370000000 Huizhou Huizhou 45.00 Power") generation enterprises under common control Guangdong Yudean Shibeishan Wind Power Co. Ltd. Electricity Business combinations involving 231700000 Jieyang Jieyang 53.51 (“Shibeishan Wind Power” generation enterprises under common controlGuangdong Red Bay Power Co. Ltd.（ “Red Bay Electricity Business combinations involving 2749750000 Shanwei Shanwei 65.00Power”） generation enterprises under common control Business combinations involvingGuangdong Wind Power Co. Ltd.（“Guangdong Wind Electricity 12690914600 Guangzhou Guangzhou 76.44 enterprises not under commonPower”） generation control Tongdao Yuexin Wind Power Generation Co. Ltd. Electricity 106500000 Huaihua Huaihua 76.44 Investment ("Tongdao Company") generation Guangdong Yudean Heping Wind Power Co. Ltd. Electricity 137000000 Heyuan Heyuan 76.44 Investment (“Heping Wind Power”) generation Huilai Wind Power Co. Ltd. (“Huilai Wind Power”) 59000000 Jieyang Jieyang Electricity 68.67 Business combinations involving 273Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Registered Main business Place of Nature of Shareholding Acquisition Name of subsidiary capital location Registration business (%) method generation enterprises not under common control Guangdong Yuejiang Hongrui Power Technology Electricity 20000000 Shaoguan Shaoguan 90.00 Investment Development Co. Ltd. (“Hongrui Technology”) generation Guangdong Yudean Yongan Natural Gas Thermal Electricity 550000000 Zhaoqing Zhaoqing 90.00 Investment Power Co. Ltd. (“Yongan Natural Gas”) generation Hunan Xupu Yuefeng New Energy Co. Ltd. ("Xupu Electricity 104910000 Huaihua Huaihua 76.44 Investment Yuefeng") generation Guangxi Wuxuan Yuefeng New Energy Co. Ltd. Electricity 96520000 Laibin Laibin 76.44 Investment (“Wuxuan Yuefeng”) generation Guangdong Huizhou Pinghai Power Co. Ltd.("Pinghai Electricity 20000000 Huizhou Huizhou 45.00 Investment Power Plant") generation Guangdong Yudean Zhuhai Offshore Wind Power Co. Electricity 1128634000 Zhuhai Zhuhai 56.78 Investment Ltd. ("Zhuhai Wind Power") generation Guangdong Yudean Binhai Bay Energy Co. Ltd. Electricity 620000000 Dongguan Dongguan 100.00 Investment ("Binhai Bay Company") generation Guangdong Yuedian Daya Bay Integrated Energy Co. Electricity 764000000 Huizhou Huizhou 70.00 Investment Ltd. (“Daya Bay Company”) generationGuangdong Yuedian Qiming Energy Co. Ltd. (“Qiming Electricity 53000000 Guangzhou Guangzhou 100.00 InvestmentCompany”) generation Business combinations involving Shenzhen Huaguoquan Electric Power Service Co. 2650000 Shenzhen Shenzhen Lease 100.00 enterprises not under common Ltd. (“Huaguoquan Company”) control Shaoguan Nanxiong Yuefeng New Energy Co. Ltd. Electricity 75000000 Shaoguan Shaoguan 76.44 Investment (“Nanxiong New Energy”) generation Guangdong Yudean Dananhai Smart Energy Co. Ltd. Electricity 291000000 Jieyang Jieyang 100.00 Investment ("Dananhai Company") generation Guangdong Energy Qingzhou Offshore Wind Power Electricity 2421000000 Yangjiang Yangjiang 76.44 Investment Co. Ltd. (“Qingzhou Offshore Wind Power”) generation Zhanjiang Wanhaowei New Energy Co. Ltd. Electricity 100046000 Zhanjiang Zhanjiang 76.44 Investment (“Wanhaowei New Energy”) generation Zhanjiang Wanchuang Hengwei New Energy Co. Ltd. Electricity 100046000 Zhanjiang Zhanjiang 76.44 Investment (“Wanchuang Hengwei New Energy”) generation Business combinations involving Guangdong Guangye Nanhua New Energy Co. Ltd. Electricity 135234900 Zhanjiang Zhanjiang 38.98 enterprises not under common (“Nanhua New Energy”) generation control Business combinations involving Guangdong Yueneng Datang New Energy Co. Ltd. Electricity 145938900 Guangzhou Guangzhou 38.98 enterprises not under common (“Datang New Energy”) generation control Guangdong Yueneng Wind Power Co. Ltd. ("Yueneng 130000000 Zhanjiang Zhanjiang Electricity 38.98 Business combinations involving 274Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Registered Main business Place of Nature of Shareholding Acquisition Name of subsidiary capital location Registration business (%) method Wind Power") generation enterprises not under common control Business combinations involvingTumushuke Thermal Power Co.Ltd. （ “Tumushuke Electricity 1006523900 Tumxuk Tumxuk 79.48 enterprises not under commonThermal Power”） generation control Guangdong Province Shajiao C Company Generation Electricity Business combinations involving 2500000000 Guangzhou Guangzhou 51.00 Corporation (“Shad C Company”) generation enterprises under common controlGuangdong Guanghe Power Co. Ltd. (“Guanghe Electricity Business combinations involving 2240816893 Guangzhou Guangzhou 51.00Power”) generation enterprises under common control Guangdong Yudean Zhanjiang Biomass Power Electricity Business combinations involving 621040000 Zhanjiang Zhanjiang 51.00 Generation Co. Ltd. (“Biomass Power Generation”) generation enterprises under common control Guangdong Yudean Xinhui Power Generation Co. Ltd. Electricity Business combinations involving 613902063 Jiangmen Jiangmen 45.90 (“Xinhui Power”) generation enterprises under common control Guangdong Yudean Yunhe Power Co. Ltd. ("Yunhe Electricity Business combinations involving 1080293258 Yunfu Yunfu 90.00 Power") generation enterprises under common control Electricity Business combinations involving Yunfu Yundian Energy Co. Ltd. (“Yundian Energy”) 40000000 Yunfu Yunfu 56.25 generation enterprises under common control Guangdong Yuehua Power Generation Co. Electricity Business combinations involving 1314714000 Guangzhou Guangzhou 51.00 Ltd.("Yuehua Power") generation enterprises under common control Guangdong Yudean Yuehua Integrated Energy Co. Electricity Business combinations involving 60500000 Guangzhou Guangzhou 51.00 Ltd. (“Yuehua Integrated Energy”) generation enterprises under common controlGuangdong Yuedian Bijie New Energy Co. Ltd. (“Bijie Electricity 10000000 Bijie Bijie 100.00 InvestmentNew Energy”) generation Zhanjiang Shangyang Energy Technology Co. Ltd. Electricity 120820000 Zhanjiang Zhanjiang 90.00 Acquisition of assets (“Shangyang Energy”) generation Zhanjiang Potou District Guidian Energy Technology Electricity 120820000 Zhanjiang Zhanjiang 90.00 Acquisition of assets Co. Ltd. (“Guidian Energy”) generation Xihua County Shunfeng New Energy Co. Ltd. Electricity 22293880 Zhoukou Zhoukou 76.44 Acquisition of assets (“Shunfeng New Energy”) generation Wuzhi Jindian New Energy Technology Co. Ltd. Electricity 31350000 Jiaozuo Jiaozuo 76.44 Acquisition of assets (“Jindian New Energy”) generationLianjiang Yuefeng New Energy Co. Ltd. (“Lianjiang Electricity 140070000 Zhanjiang Zhanjiang 76.44 InvestmentNew Energy”) generation Linfen Zhaocheng Yuefeng New Energy Co. Ltd. Electricity 100000 Linfen Linfen 76.44 Investment (“Zhaocheng Yuefeng”) generation Meizhou Wuhua Yuefeng New Energy Co. Ltd. Electricity 30800000 Meizhou Meizhou 76.44 Investment (“Wuhua New Energy” generation Laishui Yingyang New Energy Technology Co. Ltd. Electricity 77050000 Baoding Baoding 76.44 Acquisition of assets (“Yingyang New Energy”) generation Laishui Lineng New Energy Technology Co. Ltd. 77050000 Baoding Baoding Electricity 76.44 Acquisition of assets 275Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Registered Main business Place of Nature of Shareholding Acquisition Name of subsidiary capital location Registration business (%) method (“Lineng New Energy”) generation Inner Mongolia Yuefeng New Energy Co. Ltd. ("Inner Electricity 314550000 Hohhot Hohhot 76.44 Investment Mongolia New Energy") generationZhuhai Yuefeng New Energy Co. Ltd. (“Zhuhai New Electricity 285297600 Zhuhai Zhuhai 76.44 InvestmentEnergy”) generation Dacheng County Dun'An New Energy Co. Ltd. Electricity 160000000 Langfang Langfang 61.15 Acquisition of assets ("Dun'An New Energy" generationGaotang Shihui New Energy Co. Ltd. (“Gaotang New Electricity 36096000 Liaocheng Liaocheng 76.44 Acquisition of assetsEnergy”) generation Guangdong Shaoguan Guangdong Electric Power New Electricity 48317720 Shaoguan Shaoguan 100.00 Investment Energy Co. Ltd. (“Shaoguan New Energy”) generation Tumxuk Yudean Hanhai New Energy Co. Ltd. Electricity 5000000 Tumxuk Tumxuk 100.00 Investment (“Hanhai New Energy” generationYudean Jinxiu Integrated Energy Co. Ltd. (“Jinxiu Electricity 2913100 Laibin Laibin 90.00 InvestmentIntegrated Energy”) generationNanjing Senhong New Energy Co. Ltd. (“Senhong Electricity 10000000 Nanjing Nanjing 100.00 Acquisition of assetsNew Energy”) generationJinchang Muhong New Energy Co. Ltd. (“Muhong New Electricity 1000000 Jinchang Jinchang 100.00 Acquisition of assetsEnergy”) generationNanjing Linyuan Senhai New Energy Co. Ltd. (“Senhai Electricity 1000000 Nanjing Nanjing 100.00 Acquisition of assetsNew Energy”) generationJinchang Jieyuan Mujin New Energy Co. Ltd. (“Mujin Electricity 120495920 Jinchang Jinchang 100.00 Acquisition of assetsNew Energy”) generation Guangdong Yudean Huibo New Energy Co. Ltd. Electricity 5000000 Huizhou Huizhou 100.00 Investment (“Huibo New Energy”) generation Taishan Dongrun Zhongneng New Energy Co. Ltd. Electricity 1000000 Jiangmen Jiangmen 100.00 Acquisition of assets (“Dongrun Zhongneng New Energy”) generation Taishan Dongrun Qingneng New Energy Co. Ltd. Electricity 22304520 Jiangmen Jiangmen 100.00 Acquisition of assets (“Dongrun Qingneng New Energy”) generationTaishan Runze Jieyuan New Energy Co. Ltd. (“Runze Electricity 22758500 Jiangmen Jiangmen 100.00 Acquisition of assetsJieyuan New Energy”) generation Guangdong Yudean Maoming Natural Gas Thermal Electricity 135700000 Maoming Maoming 85.00 Investment Power Co. Ltd. (“Maoming Natural Gas”) generationMeizhou Xingyue New Energy Co. Ltd. (“Xingyue New Electricity 9977500 Meizhou Meizhou 100.00 InvestmentEnergy”) generation Guangdong Yudean Huixin Thermal Power Co. Ltd. Electricity 13500000 Huizhou Huizhou 85.00 Investment (“Huixin Thermal Power”) generationYudean Shache Integrated Energy Co. Ltd. (“Shache Electricity 1206110470 KASHGAR KASHGAR 100.00 Acquisition of assetsIntegrated Energy”) generation Laixi Xinguangyao New Energy Technology Co. Ltd. 46522828 Qingdao Qingdao Electricity 99.00 Acquisition of assets 276Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Registered Main business Place of Nature of Shareholding Acquisition Name of subsidiary capital location Registration business (%) method (“Xinguangyao New Energy”) generationLaixi Telian New Energy Technology Co. Ltd. (“Telian Electricity 45774873 Qingdao Qingdao 99.00 Acquisition of assetsNew Energy”) generation Pingdu Lianyao New Energy Technology Co. Ltd. Electricity 1000000 Qingdao Qingdao 99.00 Acquisition of assets (“Lianyao New Energy”) generation Jiuzhou New Energy (Zhaoqing) Co. Ltd. ("Jiuzhou Electricity 40680000 Zhaoqing Zhaoqing 100.00 Acquisition of assets New Energy") generation Xiangtan XEMC Changshan Wind Power Co. Ltd. Electricity 110740000 Xiangtan Xiangtan 100.00 Acquisition of assets (“Changshan Wind Power”) generationYunfu Luoding Yudean New Energy Co. Ltd. (“Luoding Electricity 500000 Yunfu Yunfu 100.00 InvestmentNew Energy”) generationZhuhai Yudean New Energy Co. Ltd. (“Zhuhai Yudean Electricity 5000000 Zhuhai Zhuhai 100.00 InvestmentNew Energy”) generation Tumxuk Yudean Changhe New Energy Co. Ltd. Electricity 500000 Tumxuk Tumxuk 100.00 Investment (“Tumxuk Changhe”) generation Yunfu Yudean Zhenneng New Energy Co. Ltd. Electricity 1000000 Yunfu Yunfu 100.00 Investment (“Zhenneng New Energy”) generation Zhonggong Energy Technology (Maoming) Co. Ltd. Electricity 1000000 Maoming Maoming 100.00 Acquisition of assets (“Zhonggong Energy”) generation Yahua New Energy Technology (Gaozhou) Co. Ltd. Electricity 152969360 Maoming Maoming 100.00 Acquisition of assets (“Yahua New Energy”) generation Electricity GEGC Xinjiang Co. Ltd. (“Xinjiang Co. Ltd.”) 1300000000 Urumqi Urumqi 100.00 Investment generationYudean Xinjiang Integrated Energy Co. Ltd. (“Xinjiang Electricity 20000000 Urumqi Urumqi 100.00 InvestmentIntegrated Energy”) generation Gaozhou Yudean Smart New Energy Co. Ltd. Electricity 1476800 Maoming Maoming 100.00 Investment (“Gaozhou New Energy”) generationXintian Yuefeng New Energy Co. Ltd. (“Xintian Electricity 2000000 yongzhou yongzhou 76.44 InvestmentYuefeng”) generationLanshan Yuefeng New Energy Co. Ltd. (“Lanshan Electricity 2000000 yongzhou yongzhou 76.44 InvestmentYuefeng”) generationLianjiang Hangneng New Energy Co. Ltd. (“Lianjiang Electricity 84400000 Zhanjiang Zhanjiang 76.44 Acquisition of assetsHangneng”) generation Guangxi Hangneng New Energy Co. Ltd. ("Guangxi Electricity 179000000 Laibin Laibin 76.44 Acquisition of assets Hangneng") generation Jincheng Yuefeng New Energy Co. Ltd. ("Jincheng Electricity 1000000 Jincheng Jincheng 68.80 Investment Yuefeng") generation Baiyin Yuefeng New Energy Co. Ltd. ("Baiyin Electricity 100000 Baiyin Baiyin 76.44 Investment Yuefeng") generation Yuncheng Wanquan Yuefeng New Energy Co. Ltd. 122118900 Yuncheng Yuncheng Electricity 72.62 Investment 277Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Registered Main business Place of Nature of Shareholding Acquisition Name of subsidiary capital location Registration business (%) method ("Yuncheng Wanquan Yuefeng") generation Guangneng Tuokexun New Energy Power Generation Electricity 20000000 Turpan Turpan 100.00 Investment Co. Ltd. ("Tuokexun Energy") generation Lingao County Yehai Yuefeng New Energy Co. Ltd. Electricity 112010000 Hainan Hainan 76.44 Investment ("Yehai Yuefeng") generationZhuhai Yuefeng New Energy Co. Ltd. (“Zhuhai New Electricity 50000000 Zhuhai Zhuhai 38.98 InvestmentEnergy”) generation Zhanjiang Yuefengbao New Energy Co. Ltd. Electricity 50000000 Zhanjiang Zhanjiang 38.98 Investment ("Zhanjiang Yuefengbao New Energy") generationZhuhai Yuefeng New Energy Co. Ltd. (“Zhuhai New Electricity 10000000 Zhuhai Zhuhai 76.44 InvestmentEnergy”) generation Shantou Yuefeng New Energy Investment Partnership Electricity 1110750000 Shantou Shantou 15.40 Investment (Limited Partnership) ("Shantou Yuefeng New Energy") generation Guoyang County Herun New Energy Technology Co. Electricity 75170000 Bozhou Bozhou 15.40 Acquisition of assets Ltd. ("Herun New Energy") generation Guangdong Yudean Pingyuan Wind Power Co. Ltd. Electricity 203580000 Meizhou Meizhou 15.40 Investment (“Pingyuan Wind Power”) generation Guangzhou Yuefeng Ruisi New Energy Co. Ltd. Electricity 300000 Guangzhou Guangzhou 76.44 Investment ("Ruisi New Energy") generation Xiangzhou Yunjiang New Energy Co. Ltd ("Xiangzhou Laibin Zhuang Autonomous Laibin Zhuang Autonomous Electricity 105420000 76.44 Acquisition of assets Yunjiang") Region Region generation Xiangzhou Hangjign New Energy Co. Ltd ("Xiangzhou Laibin Zhuang Autonomous Laibin Zhuang Autonomous Electricity 199980000 76.44 Acquisition of assets Hangjing") Region Region generation Qinglong Manchu Autonomous County Jianhao Electricity 237600000 Qinhuangdao Qinhuangdao 76.44 Acquisition of assets Photovoltaic Technology Co. Ltd. (“Jianhao PV”). generation Guangneng Karamay Integrated Energy Co. Ltd. Karamay Uygur Karamay Uygur Electricity 20000000 100.00 Investment ("Karamay Integrated Energy") Autonomous Region Autonomous Region generation Hainan Prefecture Longyue New Energy Co. Ltd. Qinghai of Hainan Tibetan Qinghai of Hainan Tibetan Electricity 90000000 100.00 Acquisition of assets ("Hainan Longyue") Autonomous Prefecture Autonomous Prefecture generation Guangdong Yudean Zhongshan Thermal Power Plant Electricity 15000000 Zhongshan Zhongshan 100.00 Investment (“Zhongshan Thermal”) generation Guangdong Yudean New Energy Development Co. Electricity 100000000 Guangzhou Guangzhou 100.00 Investment Ltd. ("Yudean New Energy Development") generation On 30 November 2018 Maoming Thermal merged Guangdong Energy Maoming Thermal Power Station Co. Ltd. which was wholly-owned by GEGC. After the merger GEGC held 30.12% equity of Maoming Thermal. According to the agreement between the Company and GEGC the delegated shareholder and director from GEGC maintain consensus with those of the Company while exercising the voting rights during the shareholders' meeting and the Board of Directors' meeting at Maoming Thermal. Therefore the Company owns control over Maoming Thermal. 278Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Pinghai Power was acquired from GEGC by the Group in 2012 through offering non-public shares. According to the agreement between GEGC and GuangdongHuaxia Electric Power Development Co. Ltd. (“Huaxia Electric") which holds 40% equity in Pinghai Power the delegated shareholder and director from Huaxia Electricmaintain consensus with those of GEGC when exercising their voting rights during the shareholders' meeting and Board of Directors' meeting at Pinghai Power; besides after GEGC transfers its 45% equity in Pinghai Power to the Company the delegated shareholder and director from Huaxia Electric also reach consensus with those of the Company when exercising their voting rights during the shareholders' meeting and Board of Directors' meeting at Pinghai Power. Therefore the Company owns control over Pinghai Power.GF Securities Asset Management (Guangdong) Co. Ltd. ("GF Securities") issued the Guangdong Wind Power Company New Energy Infrastructure Investment Green Carbon Neutrality Asset-Backed Special Plan in 2024 using the wind power projects held by the Group’s subsidiaries Dianping Yuanfeng and Herun New Energy as the underlying assets. In accordance with the agreement of the Shantou Yuefeng New Energy Partnership the company has control over Shantou Yuefeng New Energy and the underlying assets. Therefore our company includes Shantou Yuefeng New Energy Herun New Energy and Dianping Yuanfeng in the scope of consolidation. (2) Information on structured entities included in the consolidation scope GF Securities Asset Management (Guangdong) Co. Ltd. ("GF Securities") issued the Guangdong Wind Power Company New Energy Infrastructure Investment Green Carbon Neutrality Asset-Backed Special Plan in 2024 using the wind power projects held by the Group’s subsidiaries Dianping Yuanfeng and Herun New Energy as the underlying assets. In accordance with the requirements of No. 33 of Accounting Standards for Business Enterprises - Consolidation the company included one structured entity that meets the definition of "control" in the scope of consolidated statements (December 31 2023: 0). As of December 31 2024 the equity of the aforementioned structured entity attributable to the Group was RMB167665364 and the equity attributable to other equity holders was presented as minority shareholders' equity in the consolidated statements which the total amount was RMB940414122. (3) Change in scope of consolidation for the current period Addition of subsidiaries in 2024 Major business Place of Nature of Acquisition Registered Shareholding (%) Name capital location registration business Direct Indirect method Electricity Yuncheng Wanquan Yuefeng 122118900 Yuncheng Yuncheng 72.62 Investment generation Electricity Tuokexun Energy 20000000 Turpan Turpan 100.00 Investment generation Yehai Yuefeng 112010000 Hainan Hainan Electricity 76.44 Investment 279Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Major business Place of Nature of Acquisition Registered Shareholding (%) Name capital location registration business Direct Indirect method generation Electricity Zhuhai New Energy 50000000 Zhuhai Zhuhai 38.98 Investment generation Electricity Zhanjiang Yuefengbao New Energy 50000000 Zhanjiang Zhanjiang 38.98 Investment generation Electricity Zhuhai Yuefeng Ocean 10000000 Zhuhai Zhuhai 76.44 Investment generation Electricity Shantou Yuefeng New Energy 1110750000 Shantou Shantou 15.40 Investment generation Electricity Ruisi New Energy 300000 Guangzhou Guangzhou 76.44 Investment generation Electricity Xiangzhou Yunjiang 105420000 Laibin Zhuang Autonomous Region Laibin Zhuang Autonomous Region 76.44 Acquisition of assets generation Electricity Xiangzhou Hangjing 199980000 Laibin Zhuang Autonomous Region Laibin Zhuang Autonomous Region 76.44 Acquisition of assets generation Electricity Jianhao PV 237600000 Qinhuangdao Qinhuangdao 76.44 Acquisition of assets generation Electricity Karamay Integrated Energy 20000000 Karamay Uygur Autonomous Region Karamay Uygur Autonomous Region 100.00 Investment generation Qinghai Hainan Tibetan Autonomous Qinghai Hainan Tibetan Autonomous Electricity Acquisition Hainan Longyue 90000000 100.00 Prefecture Prefecture generation of assets Electricity Zhongshan Thermal 15000000 Zhongshan Zhongshan 100.00 Investment generation Electricity Yudean New Energy Development 100000000 Guangzhou Guangzhou 100.00 Investment generation Note: The companies acquired through asset acquisition mentioned above are subsidiaries that our company and its subsidiaries acquired from third parties through asset purchases. As of the acquisition date these companies had no other operations or assets except for projects under construction fixed assets and right-to-use assets. The acquisition did not involve employees and did not constitute a business acquisition.Reduction of subsidiaries in this year In this current year our subsidiaries Yunfu Yunan Yuexin Power Generation Co. Ltd. (“Yunan Yuexin Company”) Yunfu Luoding Yuefeng New Energy Co. Ltd.(“Luoding Yuefeng”) Huizhou Longmen Yuefeng New Energy Co. Ltd. and Guangzhou Huangpu Power Engineering Co. Ltd. were liquidated. The liquidation of these 280Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] subsidiaries had impact on the scope of the Company's consolidation but it did not have a significant impact on the Company's business and performance and did not harm the interests of the Company and its shareholders. (4) Significant non-wholly-owned subsidiaries Shares held by minority Gains or losses attributable to Dividends distributed to Ending balance of minority Subsidiaries shareholders (%) minority shareholders in 2024 minority shareholders in 2024 shareholders' equity Guangdong Wind Power 23.56 133691495 30712342 5408375578 Pinghai Power 55.00 326802881 364065633 1303055717 Jinghai Power 35.00 100626201 1142422325 Red Bay Company 35.00 57193986 1050792952 Zhanjiang Electric 24.00 5497983 867113970 Huizhou Natural Gas 33.00 127311118 150853026 777783935 Bohe Energy 33.00 23374672 695077910 (5) Major financial information of Significant non-wholly-owned subsidiaries (excluding those classified as held for sale) Balance at 31/12/2024 Name of subsidiary Non-Current Non-Current Current Assets Total Assets Current Liabilities Total Liabilities Assets Liabilities Guangdong Wind Power 10147737294 50182786247 60330523541 9116738970 33831030437 42947769407 Pinghai Power 1418525113 2230480194 3649005307 736053942 543759151 1279813093 Jinghai Power 1454845167 8503498575 9958343742 4584797040 2109482916 6694279956 Red Bay Company 1505311564 5682848428 7188159992 3095285356 1090609059 4185894415 Zhanjiang Electric 2713098699 1205638041 3918736740 270528423 35233444 305761867 Huizhou Natural Gas 571235393 2399357467 2970592860 510351612 103320234 613671846 Bohe Energy 1330215572 9205933689 10536149261 1843767824 6586084742 8429852566 281Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Continued: Balance at 31/12/2023 Name of subsidiary Non-Current Non-Current Current Assets Total Assets Current Liabilities Total Liabilities Assets Liabilities Guangdong Wind Power 11232266730 47293819352 58526086082 9299390874 33197787783 42497178657 Pinghai Power 1939030964 2289508505 4228539469 1000271724 804885496 1805157220 Jinghai Power 1813538355 7183942867 8997481222 3931004172 2089923287 6020927459 Red Bay Company 1191880563 5071759933 6263640496 3245379396 218836079 3464215475 Zhanjiang Electric 2758759283 1204990253 3963749536 347366674 30095337 377462011 Huizhou Natural Gas 488990567 2598386535 3087377102 562374680 99679081 662053761 Bohe Energy 1328342678 7654051205 8982393883 1199547165 5739139541 6938686706 (6) Major financial information of Significant non-wholly-owned subsidiaries (excluding those classified as held for sale) (Continued) 20242023 Name of subsidiary Total Cash flow from Total Cash flow from Operating Operating Net profit comprehensive operating Net profit comprehensive operating income income income activities income activities Guangdong Wind 3284898650412451617412451617201962662829260774793604848583604848581882555033 Power Pinghai Power 4210021014 416802156 416802156 1153368687 5629394497 773612843 773612843 1391774070 Jinghai Power 6474374567 287503430 287503430 1324461463 7515001585 344929223 344929223 1148863997 Red Bay Company 4986810554 163411389 163411389 883776955 5778506230 225744533 225744533 844565918 Zhanjiang Electric 2385029791 22908261 26687348 118869439 2632129542 200754158 200754158 346042495 Huizhou Natural Gas 4063477988 385791266 385791266 536597090 4819681306 507919146 507919146 895932452 Bohe Energy 3621697933 70832340 70832340 961475403 4341202832 515000223 515000223 678906610 282Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] 2. Interest in joint ventures or associates (1) Significant joint ventures and associates Shareholding Accounting methods Major Joint venture or Place of Nature of (%) for investments in operating associates registration business joint ventures or location Direct Indirect associates 1. Joint venture Guangzhou Guangzhou Industry Fuel Fuel trade 50.00 Equity method Guangdong Guangdong II. Joint ventures Taishan Taishan Electricity Taishan Power 20.00 Equity method Guangdong Guangdong Generation Mining Electricity Shanxi Yudean Energy Taiyuan Shanxi Taiyuan Shanxi 40.00 Equity method generation Energy Group Finance Guangzhou Guangzhou Financing 25.00 15.00 Equity method Company Guangdong Guangdong Energy Group Finance Guangzhou Guangzhou Finance lease 25.00 Equity method Leasing Company Guangdong Guangdong (2) Major financial information of significant joint ventures (excluding those classified as held for sale) Industry Fuel Item 31/12/202431/12/2023 Current assets 7032124596 8024034962 Non-current assets 11266048972 9370464679 Total Assets 18298173568 17394499641 Current liabilities 8887142789 9019251783 Non-current liabilities 6030157091 6255984762 Total liabilities 14917299880 15275236545 Net assets 3380873688 2119263096 Including: Attributable to minority shareholders' equity 1005163350 81448266 Attributable to parent company 2375710338 2037814830 Shares of net assets based on shareholding 1187855169 1018907415 Adjustment - unrealized profits from internal transactions -147549225 -151670636 Book value of investment in joint ventures 1040305944 867236779 Fair value of equity investments with public quotations Continued: Industry Fuel Item 20242023 Operating revenue 31249741685 34256422537 Financial expenses 243570625 228382855 Income tax expense 29412089 76220963 Net profit 21884285 309769596 Net profit from discontinued operations 283Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Industry Fuel Item 20242023 Other comprehensive income 2466172 2379228 Total comprehensive income 24350457 312148824 Dividends received from joint ventures for the current year 22340550 (3) Major financial information of significant associates (excluding those classified as held for sale) Taishan Power Shanxi Yuedian Energy Item 31/12/202431/12/202331/12/202431/12/2023 Current assets 5064141651 4614346037 3181028055 2438117630 Non-current assets 7962143671 8310428670 9892646067 9042003417 Total Assets 13026285322 12924774707 13073674122 11480121047 Current liabilities 2700702426 2975341169 469491364 364675479 Non-current liabilities 1279800 2751338737 2254750421 Total liabilities 2701982226 2975341169 3220830101 2619425900 Net assets 10324303096 9949433538 9852844021 8860695147 Including: Attributable to minority shareholders' equity - 21277161 13510734 Attributable to parent company 10324303096 9949433538 9831566860 8847184413 Shares of net assets based on shareholding 2064860619 1989886708 3932626743 3538873765 Adjustment - unrealized profits from internal transactions - - - Book value of investment in joint ventures 2064860619 1989886708 3932626743 3538873765 Fair value of equity investments with public quotations Continued: Taishan Power Shanxi Yuedian Energy Item Amount incurred in Amount incurred in Amount incurred in Amount incurred in the current period the previous period the current period the previous period Operating revenue 10561311141 12708122816 305634415 245492971 Net profit 356524108 1220438041 984920410 1163153949 Net profit from discontinued ---- operations Other comprehensive income - - Total comprehensive income 356524108 1220438041 984920410 1163153949 Dividends received from 134959219161640736-- associates in the current period Continued: Energy Group Finance Leasing Energy Group Finance Company Item Company 31/12/202431/12/202331/12/202431/12/2023 Current assets 18442992152 13192594942 842915301 983919263 Non-current assets 17838514637 18430616356 14223428947 12423147050 Total Assets 36281506789 31623211298 15066344248 13407066313 284Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Energy Group Finance Leasing Energy Group Finance Company Item Company 31/12/202431/12/202331/12/202431/12/2023 Current liabilities 31754463659 27220413342 1914624822 2049832959 Non-current liabilities 80781319 83959299 10106347993 9177722708 Total liabilities 31835244978 27304372641 12020972815 11227555667 Net assets 4446261811 4318838657 3045371433 2179510646 Including: Attributable to minority -- shareholders' equity Attributable to parent company 4446261811 4318838657 3045371433 2179510646 Shares of net assets based on shareholding 1778549724 1727535463 761353506 544877662 Adjustment - unrealized profits from internal 133250001332500062489352- transactions Book value of investment in joint ventures 1791874724 1740860463 823842858 544877662 Fair value of equity investments with public quotations Note: In 2024 the Company increased invested capital in Guangdong Energy Finance Leasing Company (“Energy Group Finance Leasing Company”) by RMB250 million. As at December 31 2024 one of the shareholders who holds 25% shares did not make additional capital investment resulting in a difference of RMB62489352 between the book value of the company's equity investments in its associates and amount of shares of net assets based on shareholding.Energy Group Finance Energy Group Finance Item Company Leasing Company 2024202320242023 Operating revenue 773766678 723455899 392604085 357450462 Net profit 374602045 362971495 115903379 112767410 Net profit from discontinued operations - - - - Other comprehensive income -13516913 50271540 - - Total comprehensive income 361085132 413243035 115903379 112767410 Dividends received from associates in the current period 92569944 128886072 - 20571445 (4) Major financial information of other insignificant associates (excluding those classified as held for sale) Item 31/12/2024 31/12/2023 Joint venture Book value of investments 171197445 177391197 The total amount calculated based on the shareholding ratio of each item as below Net profit 424563 -3780723 Other comprehensive income Total comprehensive income 424563 -3780723 Associates Book value of investments 987950606 937715623 The total amount calculated based on the shareholding ratio of each item as below Net profit -73112329 -166925239 285Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Item 31/12/2024 31/12/2023 Other comprehensive income -3294845 329422 Total comprehensive income -76407174 -166595817 Government grants 1. Government grants accounted in deferred income Increase in the Decrease in the Grant projects 1/1/2024 31/12/2024 current year current year Government grants 1282962251949755134531250113262526 related to assets Risk management of financial instruments The main financial instruments of the company include monetary funds notes receivable accounts receivable other receivables non-current assets due within one year other current assets investments in other equity instruments long-term receivables notes payable accounts payable other payables short-term borrowings current portion of non-current liabilities long-term borrowings debentures payable lease liabilities and long-term payables. The detailed information of each financial instrument has been disclosed in the relevant notes.The risks associated with these financial instruments as well as the risk management policies adopted by the company to reduce these risks are described below. The management of the company manages and monitors these risk exposures to ensure that the aforementioned risks are controlled within a limited scope. 1. Risk management objectives and policies The company's operating activities are subject to various financial risks: market risk (primarily foreign exchange risk and interest rate risk) credit risk and liquidity risk. Our overall risk management plan addresses the unpredictability of financial markets striving to minimize potential adverse impacts on our financial performance. (1) Market risk Foreign exchange risk The Group's major operational activities are carried out in the Chinese mainland and a majority of the transactions are denominated in RMB. The Group is exposed to foreign exchange risk arising from the recognised assets and liabilities and future transactions denominated in foreign currencies primarily with respect to USD. The Group is exposed to foreign exchange risk arising from the recognised assets and liabilities and future transactions denominated in foreign currencies primarily with respect to USD.The Group's finance department at its headquarters is responsible for monitoring the amount of assets and liabilities and transactions denominated in foreign currencies to minimize the foreign exchange risk.Therefore the Group may consider taking proper measures to mitigate the foreign exchange risk as appropriate. During 2024 and 2023 the Group did not enter into any forward exchange contracts or currency swap contracts.As at December 31 2024 and December 31 2023 the Company did not hold any financial liabilities dominated in foreign currency. 286Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Interest rate risk The Group's interest rate risk mainly arises from interest bearing borrowings including bank borrowings debentures payable lease liabilities and long-term payables. Financial liabilities issued at floating rates expose the Group to cash flow interest rate risk. Financial liabilities issued at fixed rates expose the Group to fair value interest rate risk. The Group determines the relative proportions of its fixed rate and floating rate contracts depending on the prevailing market conditions.The Group continuously monitors its interest rate position. Increases in interest rates will increase the cost of new borrowing and the interest expenses with respect to the Group's outstanding floating rate borrowings and therefore could have a material adverse effect on the Group's financial performance.The Group makes adjustments timely with reference to the latest market conditions and may enter into interest rate swap agreements to mitigate its exposure to interest rate risk. During 2024 and 2023 the Group did not enter into any interest rate swap agreements.The Group's interest bearing borrowings were mainly bank borrowings debentures payable lease liabilities and long-term payables with fixed and floating interest rates and the amounts of respective interest are as follows: Item 31/12/2024 31/12/2023 Short-term borrowings -- Fixed interest rate 10141662928 12190798723 -- Floating interest rate 3942291347 3552371263 Subtotal 14083954275 15743169986 Long-term borrowings and long-term borrowings due within one year -- Fixed interest rate 1199600000 4829272366 -- Floating interest rate 74023691196 61690798759 Subtotal 75223291196 66520071125 Debentures payable and Debentures payable due within one year -- Fixed interest rate 11231708662 9796597183 -- Floating interest rate Subtotal 11231708662 9796597183 Long-term payables and long-term payables due within one year -- Fixed interest rate 615321190 542832003 -- Floating interest rate 125569487 340239959 Subtotal 740890677 883071962 Lease liabilities and lease liabilities due within one year -- Fixed interest rate 960891014 520281685 -- Floating interest rate 11135372333 9481589183 Subtotal 12096263347 10001870868 Total 113376108157 102944781124 As of December 31 2024 the Company's debt with fixed interest rate amounted to RMB24149183795 and that of floating interest rate was RMB89226924363 (as of December 31 2023: fixed-interest-rate: RMB27879781960 and floating-interest-rate debt was RMB75064999164). 287Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] As of December 31 2024 if the floating rates increases or decreases by 10 basis points while other factors remain unchanged the Company's interest expenses will increase or decrease by approximately RMB89226924 (as of December 31 2023: an increase or decrease of 10 basis points will result in an increase or decrease of approximately RMB75064999). (2) Credit risks The credit risk of the company primarily arises from monetary funds notes receivable accounts receivable contract assets other receivables and long-term receivables. As of December 31 2024 the carrying amount of our financial assets represents its maximum credit risk exposure.The Company's monetary funds primarily are consist of bank deposits in Energy Group Finance Company reputable state-owned banks with high credit ratings and other large and medium-sized listed banks. The Company believes that there is no significant credit risk associated with these deposits and they will not incur any significant losses due to default by the counterparty.In addition the Company establishes policies to control credit risk exposure for accounts receivable accounts payable contract assets other receivables and long-term receivables. Based on assessments of customers' financial status the possibility of obtaining guarantees from third parties credit records and other factors such as current market conditions the Company evaluates customers' creditworthiness and sets corresponding credit periods. The Company regularly monitors customers' credit records. For customers with poor credit records the Company adopts measures such as written reminders shortening credit periods or cancelling credit periods to ensure that the Company's overall credit risk remains within a controllable range.As of December 31 2024 the Company did not held significant collateral due to debtors' mortgages or other credit enhancements (as of December 31 2023: none). (3) Liquidity risk Each subsidiary within the company is responsible for its own cash flow forecast. As the company has net current liabilities there is a certain degree of liquidity risk. In view of the above situation the company has formulated certain plans and measures to alleviate the pressure on working capital and improve financial conditions.As of December 31 2024 the financial liabilities and off-balance sheet guarantee items held by the Company are analyzed based on the maturity of undiscounted remaining contractual cash flows as follows: 31/12/2024 Book value as Item One to two Two to five More than five Within one year Total at 31/12/2024 years years years Financial liabilities Short-term 143723458111437234581114108930833 borrowings Notes payable 2102292195 2102292195 2102292195 accounts 427904568142790456814279045681 payable Other payables 15825876579 15825876579 15825876579 Other current 528095817528095817528095817 liabilities Non-current 6985821004 6985821004 6606678336 288Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Item 31/12/2024 Book value as at 31/12/2024 liabilities due within one year long-term 23838445181035655559622081496998456569294798047882659169541559406 borrowings Debentures 3557894802617529743623720015455722835661478280294311107429258 payable Lease liabilities - 850060148 2798617305 10015643629 13664321082 12376312142 Long-term -765916432578428197657819031100216365696347824 payables Continued: 31/12/2023 Book value as at Item Within one One to two Two to five More than five total 31/12/2023 year years years years Financial liabilities Short-term 159837835651598378356515756979762 borrowings Notes payable 755000000 755000000 755000000 accounts payable 4430036315 4430036315 4430036315 Other payables 13252090748 13252090748 13252090748 Other current 279312506027931250602781355471 liabilities Non-current liabilities due 9172610523 9172610523 8926373371 within one year long-term 1861210255820854869321769520727443509295277619020920262832471340 borrowings Debentures 1994979901706430000543208000073380079905096597183 payable Lease liabilities 881742789 2249663277 10204350848 13335756914 10452666128 Long-term 596533082607613449143994821234814134831250905 payables As at 31/12/2024 the credit limits available to the Company from financial institutions are presented as follows: Item 31/12/2024 31/12/2023 Available credit limit from financial institutions 112116120762 80119614280 2. Capital management The objective of the company's capital management policy is to ensure the sustainable operation to provide returns for shareholders and other stakeholders while maintaining an optimal capital structure to reduce capital costs.The total capital of the company is the shareholders' equity listed in the consolidated balance sheet. The company is not subject to external mandatory capital requirements and monitors its capital using the debt ratio.The debt ratio of the company is presented as follows: Item 31/12/2024 31/12/2023 289Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Debt ratio 79.47% 78.96% Fair value The level in which fair value measurement is categorized is determined by the level of the fair value.hierarchy of the lowest level input that is significant to the entire fair value measurement: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly.Level 3: Unobservable inputs for the asset or liability. 1. Assets measured at fair value on a recurring basis As at 31 December 2024 the assets measured at fair value on a recurring basis by the above three levels are analyzed below.Item Level 1 Level 2 Level 3 Total 1. Fair value on a recurring basis Investments in other equity instruments 1523489873 1126800000 2650289873 2. Information of important unobservable input values used in the level 3 fair value measurement Fair value at Unobservable input Item Valuation method 31/12/2024 value Investments in other equity instruments Average price-to-book Comparable company method and Unlisted equity investment 1126800000 ratio discounted cash flow method liquidity discount For financial instruments traded in active market the Company determines their fair value based on the quoted prices in active market. For financial instruments which were not traded in an active market the Company uses valuation methods to determine their fair value. The Company used valuation models such as the discounted cash flow model and the market comparable company model to assess the fair value of investments in other equity instruments in level 3 in 2024. The main unobservable inputs used by the Company for its investments in Shenzhen Capital Group were average price-to-book ratio and liquidity discount. 3. Movement of fair value measurement of investments in other equity instruments in level 3 Total gain or losses Item 1/1/2024 Accounted in Accounted in other 31/12/2024 profit or loss comprehensive income Investments in other 10168000001100000001126800000 equity instruments 4. Items not measured at fair value but disclosed at fair values The financial assets and financial liabilities measured at amortized cost of the Company mainly include 290Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] notes receivable accounts receivable other receivables long-term receivables short-term borrowings accounts payable lease liabilities long-term borrowings debentures payable and long-term payables.There is no significant difference between the book value and fair value of the financial assets and financial liabilities of the Company that are not measured at fair value.Related parties and related party transactions 1. Parent company Voting Place of Scope of Registered Shareholding Parent company rights Registration business capital (%) (%) Operating management of electricity Guangdong Energy generation enterprises capital Group Co. Ltd.Guangzhou management of electricity generation 23300000000 67.39% 67.39%(“Guangdong Energyassets construction of electricity plantsGroup” or “GEGC”) and power sales The ultimate controlling party of the company is the State-owned Assets Supervision & Management Commission of Guangzhou Municipal People’s Government.In 2024 movement of registered capital of the parent company as follows: 1/1/2024 Increase Decrease 31/12/2024 2330000000023300000000 2. Subsidiaries of the company For details of the subsidiaries please refer to Note VI. 1. 3. Joint ventures and associates For details of significant joint ventures and associates please refer to Note VI. 2.Joint ventures or associates Relationship Industrial Fuel Joint venture China Aviation Shenxin Joint venture Yuexin Energy Joint venture Shanxi Yudean Energy Associates Taishan Power Associates Energy Group Finance Company Associates Energy Finance Leasing Company Associates Energy Property Insurance Captive Insurance Associates Yuedian Shipping Associates Yueqian Power Associates Weixin Yuntou Associates Jiangkeng hydropower station Associates Zhongshankeng Electric Power Associates Shantou Huaneng Wind Power Associates 291Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Joint ventures or associates Relationship Southern Offshore Wind Power Associates Yunfu B Associates 4. Other related parties Related parties Relationship Zhuhai Special Economic Zone Guangzhu Power Generation Co. Ltd. Both are controlled by Guangdong (“Guangzhu Power”) Energy Group Guangdong Yudean Environmental Protection Materials Co. Ltd. Both are controlled by Guangdong (“Environmental Protection Materials”) Energy Group Guangdong Zhuhai Gaolan Port Environmental Protection Technology Both are controlled by Guangdong Co. Ltd. ("Gaolan Port Environmental Protection") Energy GroupInner Mongolia Yudean Menghua New Energy Co. Ltd. (“Menghua Both are controlled by GuangdongNew Energy”) Energy Group Both are controlled by Guangdong Bayan Obo Guangdong-Mongolia New Energy Co. Ltd. ("Bayan Obo") Energy Group Shaoguan Qujiang Yuedian New Energy Co. Ltd. ("Shaoguan Both are controlled by Guangdong Qujiang") Energy Group Guangdong Zhuhai Jinwan Power Generation Co. Ltd. ("Zhuhai Both are controlled by Guangdong Jinwan") Energy Group Guangdong Yudean Zhongshan Thermal Power Plant Co. Ltd. Both are controlled by Guangdong ("Yudean Zhongshan Thermal Power Plant") Energy Group Guangdong Yudean Real Estate Investment Co. Ltd. ("Yuedian Real Both are controlled by Guangdong Estate Investment") Energy Group Both are controlled by Guangdong Guangdong Yuedian Shipping Co. Ltd. ("Yuedian Shipping") Energy GroupGuangdong Yudean Information Technology Co. Ltd. (“Yudean Both are controlled by GuangdongInformation Technology”) Energy Group Guangdong Yudean Xinfengjiang Power Generation Co. Ltd. ("Yudean Both are controlled by Guangdong Xinfengjiang") Energy Group Both are controlled by Guangdong Guangdong Yudean Property Management Co. Ltd. (“Yudean PM”) Energy Group Guangdong Yudean Environmental Protection Co. Ltd. ("Yudean Both are controlled by Guangdong Environmental Protection") Energy Group Both are controlled by Guangdong Guangdong Yangjiang Port Co. Ltd. ("Yangjiang Port") Energy Group Both are controlled by Guangdong Guangdong Yuelong Power Generation Co. Ltd. (“Yuelong Power”) Energy GroupGuangdong Energy Group Co. Ltd. Zhuhai Power Plant (“Zhuhai Both are controlled by GuangdongPower”) Energy Group Guangdong Energy Group Co. Ltd. Shajiao C Power Plant ("Energy Both are controlled by Guangdong Group Shajiao C Power Plant") Energy Group Both are controlled by Guangdong Guangdong Shaoguan Port Co. Ltd. ("Shaoguan Port") Energy GroupGuangdong Energy Group Natural Gas Co. Ltd. (“Guangdong Energy Both are controlled by GuangdongNatural Gas”) Energy Group Guangdong Energy Group Science and Technology Research Institute Both are controlled by Guangdong Co. Ltd. ("Energy Group Science and Technology Research Institute") Energy GroupGuangdong Huizhou Natural Gas Power Co. Ltd. (“Huizhou Natural Both are controlled by GuangdongGas”) Energy Group Guangdong Energy Group (Yunfu) Energy Storage Power Generation Both are controlled by Guangdong Co. Ltd. ("Guangdong Energy Group (Yunfu) Energy Storage") Energy Group 292Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Related parties Relationship Both are controlled by Guangdong Dongguan Mingyuan Hotel Co. Ltd. ("Dongguan Mingyuan Hotel") Energy Group Guangdong Huizhou Liquefied Natural Gas Co. Ltd. ("Huizhou Both are controlled by Guangdong Liquefied Natural Gas") Energy Group 5. Related party transactions (1) Purchases and sales * Purchase of goods and receiving of services: Type of related Pricing policy for related- Related parties 2024 2023 party transaction party transactions Industrial Fuel Purchase of fuel Agreement price 23522405049 27540793688 Guangdong Energy Natural Gas Purchase of fuel Agreement price 9455829151 6596672988 Guangdong Energy Group Co. Receipt of operational Agreement price 573102250 552139963 Ltd. services Purchase of materials/Receipt of Yudean Environmental Agreement price 169702574 191390066 consulting services / Carbon emission allowances trading Environmental Protection Purchase of materials Agreement price 96406939 109460844 Materials Energy Group Science and Purchase equipment/receive Agreement price 102765353 Technology Research Institute R&D services Energy Property Insurance Receipt of insurance services Agreement price 15704247 52033474 Yudean PM Receipt of property services Agreement price 48063107 38763170 Yuedian Shipping Receipt of tug Services Agreement price 28262170 24922641 Purchase of goods/Receipt of Others Agreement price 41786988 29958173 services Note: Pinghai Power a subsidiary of our company entered into an agreement with Huizhou Liquefied Natural Gas in 2023 to transfer the use right of the reclaimed land and related occupied by the Huizhou Liquefied Natural Gas Terminal and the related land development compensation at a price of RMB 177384900. Pinghai Power completed the land use right registration procedures in August 2024 which fulfilled the criteria of revenue recognition.* Sale of goods and rendering of services: Pricing policy for Type of related party Related parties related party 2024 2023 transaction transactions Environmental Protection Revenue from sale of by-products Agreement price 100380187 214074827 Materials /other services Gaolan Port Revenue from sale of by-products Agreement price 37120087 Environmental Protection /other services Guangdong Energy Group Provision of maintenance repair Agreement price 50525121 32798238 Co. Ltd. and other labour services Yudean Zhongshan Provision of maintenance and Agreement price 21413945 23156952 Thermal Power Plant repair services Provision of maintenance and Guangzhu Power Agreement price 20024593 15522479 repair services Provision of maintenance repair Yunfu B Agreement price 2345313 33687399 and other labour services 293Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Pricing policy for Type of related party Related parties related party 2024 2023 transaction transactions Bayan Obo Provision of management services Agreement price 7253092 Carbon emission allowances Zhuhai Jinwan Agreement price 11446934 trading Huizhou Liquefied Natural Transfer of land use rights for Agreement price 177393862 Gas reclaimed land/other services Others Provision of services Agreement price 11312524 19709876 (2) Purchase of electricity Related parties 2024 2023 Guangzhu Power 34533526 261748980 Zhuhai Jinwan 5165045 247530701 Yudean Zhongshan Thermal Power Plant 21685670 61256035 Yunfu B 53330832 Yuelong Power 2493552 48843285 Note: The amount of electricity purchased is determined based on the difference of floating price of on- grid electricity price and quantity of electricity purchased agreed upon by the power sales company and the affiliated power plant. (3) Leases Increase of right-of-use assets in the current year as the lessee Name of the lessor Type of the leased asset 2024 2023 Energy Finance Leasing Company Lease of machinery and equipment 2191682984 3130332097 Others Housing rental 1947837 Interest expenses on lease liabilities in the current year as the lessee Name of the lessor Type of the leased asset 2024 2023 Energy Finance Leasing Company Lease of machinery and equipment 297797859 290713763 Others Housing rental 179756 The short-term or low-value lease expenses paid as the lessee Name of the lessor Type of the leased asset 2024 2023 Yuedian Real Estate Investment lease of houses 15148051 The rental income obtained by the company as the lessor Name of the lessee Type of the leased asset 2024 2023 Dongguan Mingyuan Hotel Tenancy of Fixed Assets 3870213 4057005 Yudean PM Tenancy of Fixed Assets 283746 779914 Yudean Environmental Protection Tenancy of Fixed Assets 161905 161905 Yuedian Shipping Tenancy of Fixed Assets 48440 315232 294Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Name of the lessee Type of the leased asset 2024 2023 Yunfu B Tenancy of Fixed Assets 8637532 763429 Energy Group Science and Technology Tenancy of Fixed Assets 149799 - Research Institute Guangdong Energy Natural Gas Tenancy of Fixed Assets 9981 - Huizhou Natural Gas Tenancy of Fixed Assets 1921309 - Shanwei YueDian Shipping Tenancy of Fixed Assets 16294 China Aviation Shenxin Tenancy of Fixed Assets 71560 (4) Guarantees * The Company as the guarantor Whether the Guaranteed Guaranteed guarantee Guaranteed party Starting date Maturity date amount interest has been fulfilled Guangdong Energy Group 1789440000 17607581 2019/12/3 2043/9/15 No Corporation In order to perform the Loan Agreement for the Guangdong Yudean Yangjiang Shapa offshore windpower project signed between the People's Republic of China (“PRC") and New Development Bank(“NDB") ("Loan Agreement with NDB") on 3 December 2019 Project Agreement signed between NDBand the People's Government of Guangdong Province (“provincial government") (“Project Agreementwith NDB”) Loan Transfer Agreement signed between the Ministry of Finance and the provincial government ("Loan Transfer Agreement with the Ministry of Finance") and Loan Transfer Agreement signed between the Department of Finance of Guangdong Province and GEGC ("Loan Transfer Agreement with the Department of Finance of Guangdong Province") Yangjiang Wind Power signed Loan Transfer Agreement with GEGC (Loan Transfer Agreement with GEGC) in 2020 specifying thatGEGC shall transfer loans of RMB 2000000000 (“Project Loan") to Yangjiang Wind Power; meanwhilethe Company signed a joint liability guarantee contract with GEGC specifying that the Company provides joint liability guarantee for all liabilities of Yangjiang Wind Power under the Loan Transfer Agreement with GEGC on behalf of GEGC to the Department of Finance of Guangdong Province from 3 December 2019 to 15 September 2043 and the guarantee scope includes but not limited to principal and interest. As at 31 December 2024 Yangjiang Wind Power borrowed pledged loan of RMB1789440000 from NDB and the interest payable was RMB17607581. The right to collect electric charges was pledged for such borrowings.The Project Loan above was transferred to the provincial government by the Ministry of Finance under the country's authorization according to the same loan conditions then transferred to GEGC by the Department of Finance of Guangdong Province under the provincial government's authorization and finally transferred to Yangjiang Wind Power by GEGC. The above Project Loan was actually provided in entrusted payment. The cash would not flow through the bank accounts of the Ministry of Finance Department of Finance of Guangdong Province and GEGC and Yangjiang Wind Power the actual debtor of the Project Loan directly withdrew and repaid the loan through its account of NDB. The Project Loan was guaranteed by the Company for GEGC and actually the Company provided guarantee for the Project Loan obtained by Yangjiang Wind Power from NDB. Therefore after consulting the Company's legal adviser management considered that joint liability guarantee provided by the Group for GEGC would not constitute GEGC's occupation of the Group's funds. 295Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] (5) Lending among related parties According to the 2024 Framework Agreement on Financial Services between the Company and Energy Group Finance Company Energy Group Finance Company is committed to offering the Group a credit line of no more than RMB39 billion in 2024. In 2024 the Group borrowed a total of RMB 10109224870 (2023: RMB 11080995965) from Energy Group Finance Company based on actual capital requirement. The Group paid an interest of RMB319243449 (2023: RMB298945500) for such borrowings.In 2024 the net increase of the Group's deposits in Energy Group Finance Company was RMB69109167 (2023: a net increase of RMB5443079144) and there was a decrease of RMB12000000 of the Group's other cash balances deposited in Energy Group Finance Company (2023: None). Interest due from Energy Group Finance Company amounted to RMB147987728 (2023: RMB113133224). In light of the frequent deposits and withdrawals the Group only disclosed the amount of net change in deposits.According to the three-party agreement signed among the Group Energy Group Finance Company and Industry Fuel the notes opened by the Group in Energy Group Finance Company and issued to Industry Fuel represented the amount payable to Energy Group Finance Company if such notes were discounted with Energy Group Finance Company by Industry Fuel. Given the frequent transactions only the net change of the balance of commercial acceptance notes discounted with Energy Group Finance Company as at 31 December is disclosed. As at 31 December 2024 the net amount of Energy Group Finance Company's discounting of acceptance notes issued by the Group to Industry Fuel decreased by RMB 25000000. In 2024 the discounting interest charged by Energy Group Finance Company and borne by the Group which was included in the discounting interest expenses in the current year amounted to RMB 5595178 (2023: RMB6617722).Based on the Framework Agreement on Financial Lease between the Company and Energy Finance Leasing Company in 2024 Energy Finance Leasing Company is committed to offering the Group a credit line of no more than RMB18 billion which is reusable during the one-year agreement period. In 2024 the new lease liabilities incurred in the transaction between the Group and Energy Finance Leasing Company were RMB2191682984 (2023: RMB3130332097) the finance lease payment was RMB 723763205 (2023: RMB1104099818). and the advance payment received was RMB0 (2023: 240453119). (6) Allocation of common expenses The Company's subsidiary Shajiao A Power Plant and GEGC agreed to share common expenses based on their agreed allocation percentage. In 2024 the common expenses received by the Group from GEGC were RMB0 (2023: RMB5876947). (7) Interest income Related parties Type of related party transaction 2024 2023 Energy Group Finance Company Interest on deposits 147987728 113133224 (8) Interest costs Related parties Content of related-party transactions 2024 2023 Energy Group Finance Company Interest on borrowings 319243449 298945500 Energy Group Finance Company Discount charges for notes 5595178 6617722 296Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] In 2024 the annual interest rate for loans issued by Energy Group Finance Company to our company ranged from 2.00% to 3.45% (2023: 2.40% to 3.94%). (9) Joint investment As of December 31 2024 the subsidiaries joint ventures and associates jointly invested by the Company Guangdong Energy Group Co. Ltd. and its subsidiaries include: Invested enterprise Percentage of equity attributable to GEGC Energy Property Insurance 51.00% Energy Group Finance Company 60.00% Energy Group Finance Leasing Company 75.00% Yuedian Shipping 65.00% Yueqian Power 68.70% Shanxi Yudean Energy 60.00% Industry Fuel 50.00% Shad C Company 49.00% Guanghe Power 49.00% Biomass Power Generation 49.00% Xinhui Power 44.10% Maoming Thermal Power Plant 45.14% Yangjiang Wind Power 10.96% Shibeishan Wind Power 30.00% Zhanjiang Wind Power 30.00% Qujie Wind Power Company 1.68% Bohe Energy company 33.00% Yuejia Electric 25.00% Zhuhai Wind Power 5.72% (10) Remuneration of key management The company has 7 key management personnel in 2024 compared to 5 in 2023. The payment of salaries is shown in the table below: Item 2024 2023 Remuneration of key management 7526869 4924127 6. Amount due to/from related parties (1) Amount due from related parties 31/12/202431/12/2023 Item Related parties Bad debt Bad debt Book balance Book balance reserves reserves Cash at bank and Energy Group Finance 1428660357414225178988 on hand Company 297Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] 31/12/202431/12/2023 Item Related parties Bad debt Bad debt Book balance Book balance reserves reserves Accounts Energy Group Company 13162597 8165793 receivable Accounts Guangzhu Power 16519487 12098549 receivable Accounts other 8207588 11172231 receivable Contract assets Zhuhai Power 26094 Contract assets Energy Group Company 3600 Yudean Zhongshan Contract assets 1269872 789600 Thermal Power Plant Contract assets Others 96470 171501 Yudean Environmental Other receivables 37861479 77083510 Protection Other receivables Industry Fuel 24677849 21525622 Energy Finance Leasing Other receivables 13533280 - Company Other receivables Others 28731848 15285557 Advances to Industry Fuel 929673076 1309518653 suppliers Advances to Guangdong Energy 21489959 suppliers Natural Gas Advances to Tianxin Insurance 30223522 suppliers Advances to Others 5329456 897183 suppliers (2) Amount due to related parties Item Related parties 31/12/2024 31/12/2023 Notes payable Energy Group Finance Company 350000000 275000000 Accounts payables Industry Fuel 1971547170 2810463766 Accounts payables Guangdong Energy Natural Gas 72412482 224060788 Accounts payables Energy Group Company 71348385 118816771 Accounts payables Yudean Environmental 25726993 43397880 Accounts payables Environmental Protection Materials 6470206 23045619 Accounts payables Others 12307887 6981342 Other payables Huizhou Liquefied Natural Gas 177384900 - Other payables Yudean Environmental 21449528 19782246 Other payables Menghua New Energy 9222282 10240523 Other payables Yudean PM 7168316 6563681 Other payables Others 31666974 11965534 Lease liabilities Energy Finance Leasing Company 10257056614 9376928040 Short-term borrowings Energy Group Finance Company 4537643038 4993870363 Current portion of non-current liabilities Energy Finance Leasing Company 212355144 299173285 298Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Item Related parties 31/12/2024 31/12/2023 Current portion of non-current liabilities Energy Finance Leasing Company 237719635 102595561 long-term borrowings Energy Finance Leasing Company 5806465747 5131596996 Commitments 1. Important commitment items (1) Capital commitments Capital expenditures contracted for by the Group but are not yet necessary to be recognised on the balance sheet as at the balance sheet date are as follows: Capital commitments that have been contracted but not 31/12/202431/12/2023 yet recognized in the financial statements Houses buildings and power generation equipment 15655912347 17532539313 The above capital commitments will be primarily used for the construction of new electric plants and the purchase of new generator units. (2) Investment commitments In August 2022 Provincial Wind Power signed the "Equity Acquisition Framework Agreement for the Wuxiang Lvheng 100MW Photovoltaic Power Generation Project" with Shanxi Hengyang New Energy Co. Ltd. ("Hengyang New Energy"). According to the agreement Provincial Wind Power paid a deposit of RMB 52200000 for the equity acquisition in 2022. The consideration for this equity transaction has not yet been finalized.In September 2022 Provincial Wind Power signed the "Framework Agreement for the Acquisition of 100% Equity of Gaotang Fengxu New Energy Co. Ltd." with Shandong Fengxu New Energy Co. Ltd.("Shandong Fengxu"). According to the agreement Provincial Wind Power paid a deposit of RMB 41226000 for the equity acquisition in 2022. The consideration for this equity transaction has not yet been finalized.In February 2023 Provincial Wind Power and Tanxin Machinery and Equipment Leasing Co. Ltd.(“Tanxin Machinery”) signed the "Framework Agreement on Equity Acquisition for the 80 MW Fishery- Photovoltaic Complementary Photovoltaic Project in Liangdong Lianjiang". Provincial Wind Power paid a deposit of RMB 61200000 for the equity acquisition in 2023 as agreed in the agreement. The consideration for this equity transaction has not yet been finalized.In May 2024 Guangdong Energy Group Xinjiang Co. Ltd. a subsidiary of our company signed a framework agreement with Jiangsu Saifapower Electric Power Development Co. Ltd. ("Saifapower Electric Power") to acquire 100% of the equity held by Seraphim Power in Kekedala Zhongfu New Energy Co. Ltd.. As of December 31 2024 Guangdong Energy Group Xinjiang Co. Ltd. had paid a transaction deposit of RMB 72000000 to Saifapower Electric Power. The consideration for this equity transaction has not yet been finalized.In September 2024 Guangdong Energy Group Xinjiang Co. Ltd. a subsidiary of our company signed a framework agreement with Mulei Jiasheng Energy Technology Co. Ltd. ("Mulei Jiasheng Energy") to acquire 100% of the equity held by Mulei Jiasheng Energy in Mulei Jinxiu Electric Power Development Co. Ltd. As of December 31 2024 Guangdong Energy Group Xinjiang Co. Ltd. had paid a transaction 299Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] deposit of RMB 85400000 to Mulei Jiasheng Energy. The consideration for this equity transaction has not yet been finalized.In August 2024 Guangzhou New Energy signed the "Pre-acquisition Agreement for 95% Equity of Qinzhou Xinguanglian New Energy Technology Co. Ltd." with Power China Jiangxi Hydropower Engineering Bureau Co. Ltd. Nanning Xinguanglian New Energy Technology Co. Ltd. and Qinzhou Xinguanglian New Energy Technology Co. Ltd. Ltd. According to the agreement Guangzhou New Energy will pay a deposit of RMB 30000000 for the equity acquisition in 2024. The consideration for this equity transaction has not yet been finalized.In August 2024 Guangzhou New Energy signed the "Pre-acquisition Agreement for 100% Equity of Guangxi Runzhitong Energy Technology Co. Ltd." with Power China Jiangxi Hydropower Engineering Bureau Co. Ltd. Guangxi Xusen New Energy Technology Co. Ltd. and Guangxi Runzhitong Energy Technology Co. Ltd.. According to the agreement Guangdong Electric Power New Energy Development will pay a deposit of RMB 50000000 for the equity acquisition in 2024. The consideration for this equity transaction has not yet been finalized. 2. Contingent matter As of December 31 2024 the Company has no unsettled lawsuit external guarantees or other contingent matters that need to be disclosed.Events after the balance sheet date 1. Profit distribution In accordance with the proposal at the Board of Directors’ meeting in March 2025 the Company proposed to distribute a cash dividend of RMB 0.2 per 10 shares to all shareholders based on total share capital of 5250283986 shares as at 31 December 2024.Such proposal is pending for approval at the meeting of Board of Shareholders and not recognised as a liability in the financial statements for the current year As of March 27 2025 (the date of approval of the report by the board of directors) the company has no other events after the balance sheet date that should be disclosed.Other important matters 1. Division report As the Group's revenue and expenses assets and liabilities are primarily associated with sale of electric power and other related products the Group's management taking the sale of electric power as a whole business periodically obtains accounting information relating to financial status operating results and cash flow for assessment. Therefore there is only the electric power segment in the Group.The Group’s revenue from main operations derives from the development and operation of electric plants in China and all assets are within China. In 2024 the revenue earned by our power plants from China Southern Power Grid Company and State Grid Corporation of China amounted to RMB 56225050620 (2023: RMB 58843189030) accounting for 98.37% of the Group’s revenue (2023: 98.55%). As of December 31 2024 the company has no other significant matters that should be disclosed. 300Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Notes to major items in the parent company's financial statements 1. Other receivables Item 31/12/2024 31/12/2023 Interest receivable Dividend receivable 134959219 Other receivables 837741316 1231108573 Total 837741316 1366067792 (1) Dividend receivable Item 31/12/2024 31/12/2023 Guoneng Yudean Taishan Power Generation Co. Ltd. 134959219 Less: provision for bad debts Total 134959219 (2) Other receivables * Disclosure by aging Aging of accounts 31/12/2024 31/12/2023 Within 1 year 791766134 1186521304 1 to 2 years 6660864 5244137 2 to 3 years 5103479 38377456 Over 3 years 34314140 1075947 Subtotals 837844617 1231218844 Less: provision for bad debts 103301 110271 Total 837741316 1231108573 * Disclosure by nature of payment Items 31/12/2024 31/12/2023 Receivables from supplementary medical insurance funds 44370483 49625876 Receivables from the sale of auxiliary products 1320333 Including: receivables from related parties 1320333 Receivables from related parties 788286071 1142288737 Others 5188063 37983898 Subtotals 837844617 1231218844 Less: bad debt provision 103301 110271 Total 837741316 1231108573 * Provision for bad debts Category 31/12/2024 301Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Book balance Provision for bad debts % of total Provision book value Amount Amount balance ratio Provision for bad debts on 83517277399.68835172773 an individual basis Provision for bad debts on a 26718440.321033013.872568543 collective basis Total 837844617 100.00 103301 0.01 837741316 (Continued:): 31/12/2023 Category book balance Provision for bad debts % of total Provision book value Amount Amount balance ratio Provision for bad debts on 122602662199.581226026621 an individual basis Provision for bad debts on a 51922230.421102712.125081952 collective basis Total 1231218844 100.00 110271 0.01 1231108573 As at 31 December 2024 other receivables at Stage 1 for which the related provision for bad debts was provided on the individual basis are analyzed as follows: 12-month Provision Book Book Category ECL for bad Reason balance balance rates% debts Provision for bad debts on - an individual basis The counterparty is a related Receivables from related party with a historical loss rate 788286071788286071 parties of 0% ; therefore the risk of ECL is extremely low.The counterparty is Taikang Pension which mainly provides Supplementary medical custody services for the Group’s 4437048344370483 insurance fund receivable supplementary medical insurance fund. and the risk of ECL is extremely low.Others 2516219 2516219 Provision for bad debts on a collective basis Other receivables portfolio 2671844 3.87 103301 2568543 Total 837844617 0.01 103301 837741316 Bad debt provision at Stage 2 at the end of the period At the end of the period the Company had no interest receivable dividends receivable or other receivables that were in Stage 2.Bad debt provision at Stage 3 at the end of the period At the end of the period the Company had no interest receivable dividends receivable or other 302Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] receivables that were in Stage 2.As at 31 December 2023 other receivables at Stage 1 for which the related provision for bad debts was provided on the collective basis are analyzed as follows: 12-month Provision Book Category ECL for bad Book value Reason balance rates% debts Provision for bad debts on an individual basis The counterparty is a related party with a historical loss rate Receivables from related 1142288737 of 0% ; parties 1142288737 therefore the risk of ECL is extremely low.The counterparty is Taikang Pension which mainly Supplementary medical provides custody services for insurance fund 49625876 49625876 the Group’s supplementary receivable medical insurance fund. and the risk of ECL is extremely low.Accounts receivable from sales of auxiliary 1320333 1320333 - products Others 32791675 32791675 - Provision for bad debts on a collective basis Other receivables 51922232.121102715081952 portfolio Total 1231218844 0.01 110271 1231108573 Bad debt provision at Stage 2 at the end of the previous year At the end of last year the Company had no interest receivable dividends receivable or other receivables that were in the second stage.Bad debt provision at the third stage at the end of last year At the end of last year the Company had no interest receivable dividends receivable or other receivables in the third stage.* Bad debt provision accrued recovered or reversed in the current period Stage 1 Stage 2 Stage 2 Bad debt reserves 12-month Lifetime ECL (credit Lifetime ECL (credit Total ECL not impaired) impaired) As at 31/12/2023 110271 110271 Opening balance in the current period -- Move to stage 2 -- Move to stage 3 303Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Stage 1 Stage 2 Stage 2 Bad debt reserves 12-month Lifetime ECL (credit Lifetime ECL (credit Total ECL not impaired) impaired) -- Switch back to stage 2 --Return to stage 1 Provision for this period 12116 12116 Reversal in this period -19086 -19086 Verification in this period As at 31/12/2024 103301 103301 * The actual write-off of other receivables in the current period: None * Top five units with the highest ending balances of other receivables collected by debtors Provision Book % of total Unit Name Nature Aging for bad balance balance debts Within 1 Guangdong Yudean Receivables year Shaoguan Power Plant from related 660996868 78.89 - (including 1 Co. Ltd. parties year) Within 1 Receivables Lincang Yudean Energy year from related 100377361 11.98 - Co. Ltd. (including 1 parties year) Within 1 year 1-2 Supplementary years Taikang Pension Co. Ltd. medical (inclusive) 443704835.30- Guangdong Branch insurance fund 2-3 years receivable (inclusive) 3-4 years (inclusive) Within 1 Receivables Guangdong Electric Power year from related 22804207 2.72 - Industry Fuel Co. Ltd. (including 1 parties year) Within 1 Receivables Guangdong Energy Group year from related 1800000 0.21 - Co. Ltd. (including 1 parties year) Total 830348919 99.10 - 304Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] 2. Long-term equity investments 31/12/202431/12/2023 Item Book balance Impairment provision Book value Book balance Impairment provision Book value Subsidiaries 40225622357 3915727852 36309894505 38071968450 3655620756 34416347694 Joint ventures 1187240439 1187240439 1018292688 1018292688 Associates 8792769115 122614153 8670154962 7977948519 122614153 7855334366 Total 50205631911 4038342005 46167289906 47068209657 3778234909 43289974748 (1) Subsidiaries Movements in the current year 31/12/202331/12/202331/12/202431/12/2024 Invested entity (book value) (impairment provision) Increase in Decrease in Provision for Others (book value) (impairment provision) investments investments impairment Huizhou Natural Gas 1205199446 1205199446 Guangqian Company 1353153223 1353153223 Red Bay Company 2350023386 39000000 2389023386 Lincang Energy 490989439 490989439 Zhanjiang Electric 2185334400 2185334400 Yuejia Electric 455584267 455584267 Shaoguan Power Plant 1509698674 1509698674 Maoming Thermal Power Plant 687458978 687458978 Jinghai Power 2450395668 2450395668 Technology Engineering Company 100000000 100000000 200000000 Humen Power Company 3192416 86807584 3192416 86807584 Zhongyue Energy 963000000 187248115 963000000 187248115 Bohe Energy company 1409581041 1409581041 305Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Invested entity 31/12/2023 31/12/2023 Movements in the current year 31/12/2024 31/12/2024 (book value) (impairment provision) (book value) (impairment provision) Pinghai Power Plant 720311347 720311347 Dapu Power Generation 1907100000 50000000 1957100000 Huadu Natural Gas 323050000 323050000 Wind Power Company 10519096881 10519096881 Power Sales 230000000 230000000 Yongan Natural Gas 450000000 45000000 495000000 Binhai Bay Company 890000000 150000000 1040000000 Huaguoquan Company 49680900 49680900 Qiming Company 53000000 15000000 68000000 Daya Bay Company 335908068 88046933 423955001 Dananhai Company 211000000 120000000 331000000 Shad C Company 1169434134 389686648 1169434134 389686648 Yunhe Power 1164392327 155541600 1319933927 Yuehua Power Generation 699347838 699347838 Bijie New Energy 17500000 17500000 Tumushuke Thermal Power 264393971 535606029 260107096 4286875 795713125 Shaoguan New Energy 43473000 3000000 46473000 Hanhai New Energy 384050000 260000000 644050000 Jinxiu Integrated Energy 2621800 2621800 Mujin New Energy 120495920 120495920 Muhong New Energy 120495920 120495920 Huibo New Energy 67492360 32430774 99923134 Xingyue New Energy 9977500 9977500 Maoming Thermal 115345000 115345000 306Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Invested entity 31/12/2023 31/12/2023 Movements in the current year 31/12/2024 31/12/2024 (book value) (impairment provision) (book value) (impairment provision) Huixin Thermal Power 104975000 76500000 181475000 Dongrun Zhongneng New Energy 45063020 45063020 Shache Integrated Energy 1235610470 21000000 1256610470 Xinguangyao New Energy 32923000 13134600 46057600 Luoding New Energy 1844520 1844520 Jiuzhou New Energy 39000000 39000000 Changshan Wind Power 110740000 110740000 Tumxuk Changhe 3500000 3500000 Zhonggong Energy 152969360 152969360 Zhuhai Yudean New Energy 2740000 2740000 Zhenneng New Energy 10000000 10000000 Xinjiang Co. Ltd. 100000000 900000000 1000000000 Gaozhou New Energy 1476800 - 1476800 Yudean New Energy Development 85000000 85000000 Total 34416347694 3655620756 2153653907 260107096 36309894505 3915727852 307Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] (2) Joint ventures and associates Movements in the current year 31/12/202331/12/2024 31/12/2023 Share of net Share of Announce the Share of other Provision 31/12/2024 Invested entity (impairment (book value) Increase in Decrease in profit/(loss) other distribution of (impairment provision) comprehensive for Others (book value) investments investments under equity changes in cash dividends provision) income impairment method equity or profits Associated enterprises Taishan Power 1989886708 70355623 4618288 2064860619 Shanxi Yudean 35388737653934103813425973932626743 Energy Energy Group Finance 1093006538 93119358 -3379228 57856215 1124890453 Company Energy Finance Leasing 544877662 250000000 28965196 823842858 Company Yuedian 11144102114064533533030397735126436319 Shipping Yueqian Power 265948816 5631964 -17520 724477 272287737 Weixin Yuntou 122614153 122614153 Energy Property Insurance 297884356144326022330169309986789 Captive Insurance other 13415500 4211495 71889 2475440 15223444 Subtotals 7855334366 122614153 250000000 624191152 -2863718 6154986 62661824 8670154962 122614153 - Joint venture Industry Fuel 1018292688 186802500 2703493 1233086 549222 22340550 1187240439 Subtotals 1018292688 186802500 2703493 1233086 549222 22340550 1187240439 Total 8873627054 122614153 436802500 626894645 -1630632 6704208 85002374 9857395401 122614153 308Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] 3. Revenue and cost of sale (1) Revenue and cost of sale 20242023 Items Income Expenses Income Expenses Main business 1193547010 1234754725 Other business 36422477 44175640 45159180 3491388 Total 36422477 44175640 1238706190 1238246113 (2) Revenue and cost of sale are categorized by type 20242023 Items Revenue Cost of sale Revenue Cost of sale Main business: Revenue from sale of electricity 1193547010 1234754725 Revenue from steam - - Rendering of service - - Others - - Subtotals 1193547010 1234754725 Other businesses: Revenue from integrated utilization of coal ash 20788674 42516 Rental income 11606363 85025 14278847 1024503 Others 24816114 44090615 10091659 2424369 Subtotals 36422477 44175640 45159180 3491388 Total 36422477 44175640 1238706190 1238246113 (3) Revenue and cost of sale are classified based on the time of goods transfer The Group's revenue is broken down as follows: 2024 Items Sale of electricity Services Leases Others Total steam and coal ash Revenue from main operations Including: Recognised at a point in time Recognised over a period of time Revenue from other operations Including: Recognised at a point in 2481611424816114 time Recognised over a period of time Rental Income 11606363 11606363 Total 11606363 24816114 36422477 309Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] The Group's cost of sale is broken down as follows: (Cont’d) 2024 Sale of Items electricity Services Leases Others Total steam and coal ash Cost of sale from main operations Including: Recognised at a point in time Recognised over a period of time Cost of sale from other operations Including: Recognised at a point in time 44090615 44090615 Recognised over a period of time Rental Income 85025 85025 Total 85025 44090615 44175640 The Group's revenue is broken down as follows:( Cont’d) 2023 Items Sale of electricity steam and coal Services Leases Others Total ash Revenue from main operations Including: Recognised at a point in time 1193547010 1193547010 Recognised over a period of time Revenue from other operations Including: Recognised at a point in time 20788674 10091659 30880333 Recognised over a period of time Rental Income 14278847 14278847 Total 1214335684 14278847 10091659 1238706190 The Group's cost of sale is broken down as follows: (Cont’d) 2023 Items Sale of electricity steam and coal Services Leases Others Total ash Cost of sale from main operations Including: Recognised at a point in time 1234754725 1234754725 Recognised over a period of time Cost of sale from other operations Including: Recognised at a point in time 42516 2424369 2466885 Recognised over a period of time Rental Income 1024503 1024503 Total 1234797241 1024503 2424369 1238246113 310Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] (4) Information related to remaining performance obligations As of December 31 2024 the Company has no outstanding performance obligations under contracts that have been signed. 4. Investment income Items 2024 2023 Income from long-term equity investments 1013878951670813133 under cost method Investment income from long-term equity 626894645801817879 investments under equity method Investment income generated from disposal of long-term equity 107916032 investments Interest income during the holding period of debt investment 49229786 48613160 Dividend income from other equity instrument investments 112589720 117258950 Total 1802593102 1746419154 Additional information 1. Statement of non-recurring profit or loss Items 2024 2023 describe Income from sale of carbon emission allowances 13189163 48419077 Government grants recognised in profit or loss for the 5202022242080981 current period Gains on disposals of non-current assets 98655 9198759 Gains on scrap of non-current assets 83721465 4534077 Note 1 Waived payables 31827530 3848883 Note 2 Compensation for electricity charges during the demolition 65130286513028 and construction period Reversal of provision for impairment of receivables tested 29440 for impairment on an individual basis One-time costs incurred as a result of the discontinuation -155298107 -168447926 Note 3 of a related business activity Losses on scrap of non-current assets -85124076 -45085199 Penalties and overdue fines -9621477 -4836639 Proceeds from land transfer of Huizhou LNG Receiving 177384900 Note 4 Terminal Losses incurred due to natural disasters -11738926 Note 5 Other non-operating income and expenses other than 9269822125742104 aforesaid items Total non-recurring profit and loss 195670598 -78003415 Less: Effect of income tax 30445394 18264521 Net non-recurring profit and loss 165225204 -96267936 Less: Impact on minority interests (after tax) 132446539 23114044 Non-recurring profit and loss attributable to common 32778665-119381980 shareholders of the company 311Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Note 1: The disposal income from non-current assets mainly refers to the disposal income of RMB72387867 generated by the scrapping of No. 5 and No. 6 generating units by Guangdong Yuehua Power Generation Co. Ltd. a subsidiary of our company in 2024.Note 2: The accounts payable that do not need to be paid are mainly due to the fact that our subsidiary Shajiao A Power Plant officially shut down its remaining units on October 31 2023. According to the "Notice on Doing a Good Job in the Allocation and Payment of National Carbon Emission Trading Quotas for the Power Generation Industry for the Years 2023 and 2024" (Guo Huan Gui Qi Mo [2024] No. 1) issued by the Ministry of Ecology and Environment of the People's Republic of China on October 16 2024 Shajiao A Power Plant does not need to pay the carbon emission performance obligations of RMB 16587650 accrued in previous years. Our subsidiary Shajiao A Power Plant does not need to pay the historical coal-fired accounts payable of RMB12426681 formed during the period from 1987 to 1998 in 2024. Note 3: The subsidiary of our company Shajiao A Power Plant officially shut down its remaining units on October 31 2023. In 2024 due to one-time compensation for early retirement one-time compensation for contract termination agreements and adjustments to expenses for early retirees the related expenses amounted to RMB155298107.Note 4: Pinghai Power Plant a subsidiary of our company signed an agreement with Huizhou LNG in 2023 to transfer the use right of the reclaimed land occupied by the Huizhou Liquefied Natural Gas and the related land development compensation at a price of RMB177384900. Pinghai Power Plant completed the land use right registration change procedures in August 2024 meeting the conditions for recognizing the transfer income.Note 5: In 2024 Guangdong Yueneng Wind Power Co. Ltd. a subsidiary of our company suffered damage to some wind turbine blades due to the strong typhoon "Jupiter". The loss incurred before deducting insurance compensation amounted to RMB11738926.Basis for preparation of statement of non-recurring profit or loss for the Current Year China Security Regulatory Commission (“CSRC”) issued Explanatory Announcement for Information Disclosure of Companies Offering Securities to the Public No. 1 - Non-recurring Profit or Loss (revised in 2023] (2023 Explanatory Announcement No. 1) which was required to be implemented since the date of issuance The Group prepared the statement of non-recurring profit or loss for the year ended 31 December 2023 in accordance with requirements in 2023 Explanatory Announcement No. 1.Pursuant to 2023 Explanatory Announcement No. 1 non-recurring profit or loss refers to profit or loss arising from transactions and events those are not directly related to the Company’s normal course of business also from transactions and events those even are related to the Company’s normal course of business but will interfere with the right judgement of users of the financial statements on the Company’s operation performance and profitability due to their special nature and occasional occurrence.Non-recurring profit or loss items defined according to the definition of non-recurring profit or loss and non-recurring profit or loss items listed which are defined as recurring profit and loss items are as follows: Items 2024 2023 Reasons for regarding as recurring profit or loss Constant occurrence conforming to national policies VAT refund upon collection 25938507 25984374 and regulations 312Guangdong Electric Power Development Co. Ltd Notes to the financial statements For the year ended 31 December 2024 (All amounts in RMB unless otherwise stated) [English translation for reference only] Items 2024 2023 Reasons for regarding as recurring profit or loss Carbon emission allowances Constant occurrence conforming to national policies used to fulfil -318227152 -298330020 and regulations the emission reduction obligation 2. Return on net assets and earnings per share Rate of return on Earnings per share weighted Profit during 2024 Basic Diluted average net earnings per earnings per assets (%) share share Net profit attributable to ordinary shareholders of the Company 4.28 0.1837 0.1837 Net profit attributable to ordinary shareholders of the Company 4.14 0.1774 0.1774 Guangdong Electric Power Development Co. Ltd. 27 March 2025 313