Guangdong Electric Power Development Co. Ltd.2023 Annual Report

March 2024

1I. Important Notice Table of Contents and Definitions

The Board of Directors Supervisory Committee Directors Supervisors and Senior Executives of

the Company hereby guarantees that there are no misstatement misleading representation or

important omissions in this report and shall assume joint and several liability for the authenticity

accuracy and completeness of the contents hereof.Mr.Zheng Yunpeng The Company leader Mr. Liu Wei Chief financial officer and the Mr.Meng

Fei the person in charge of the accounting department (the person in charge of the

accounting )hereby confirm the authenticity and completeness of the financial report enclosed in

this Annual report.Directors other than the following ones have attended the Board meeting to review the annual

report.The name of director who did Position of absent The name of director who

Reason

not attend the meeting in person director was authorized

Mao Qinghan Director Due to business Ma Xiaoqian

The company is mainly engaged in thermal power generation. The business of thermal power

generation is greatly affected by factors including electric power demand and fuel price. For

details please refer to the possible risk factors that the company may face in the "Risks facing

the company and countermeasures " in the Section III "Management Discussion & Analysis".The preplan profit distribution of the Company deliberated and approved by the Board is: Total

share of5250283986 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.

2Table 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

3Documents 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 semi-annual report.

The documents mentioned above are kept in office and are ready for reference at any time

(except public holidays Saturday and Sunday).

4Definition

Terms to be defined Refers to Definition

Guangdong Energy Group Refers to Guangdong Energy Group Co. Ltd.Guangdong Electric Power Development Co.Sha A Power plant Refers to

Ltd. Sha A Power plant

Guangdong Electric Power Development Co.Xinjiang Branch Refers to

Ltd.Xinjiang Branch

Guangdong Electric Power Development Co.Qinghai Branch Refers to

Ltd. Qinghai Branch

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

Shaoguan Power Genration Plant Refers to

Generation Co. Ltd.Guangdong Energy Maoming Thermal Power

Maoming Thermal Power Plant Refers to

Plant Co. Ltd.Jinghai Company Refers to Guangdong Yudean Jinghai Power Co. Ltd.Humen Power Company Refers to Guangdong Yudean Humen Power Co. Ltd.Guangdong Yudean Technology Engineering

Technology Engineering Company Refers to

Management Co. Ltd

Zhanjiang Zhongyue Refers to Zhanjiang Zhongyue Energy Co. Ltd.Bohe Company Refers to Guangdong Yudean Energy Co. Ltd.Guangdong Huadu Natural Gas Thermal Power

Huadu Company Refers to

Co. Ltd.Dapu Power Plant Refers to Guangdong Dapu Power Generation Co. Ltd.Wind Power Company Refers to Guangdong Wind Power Co. Ltd.Guangqian Company Refers to Shenzhen Guangqian Electric Power Co. Ltd.Guangdong Yudean Electric Power Sales Co.Electric Power Sales Company Refers to

Ltd.Guangdong Huizhou Natural Gas Power Co.Huizhou Natural Gas Company Refers to

Ltd.Red Bay Company Refers to Guangdong Red Bay Power Co. Ltd.Pinghai Power Plant Refers to Guangdong Huizhou Pinghai Power Co. Ltd.Lincang Company Refers to Lincang Yudean Energy Co. Ltd.Guangdong Yudean Yongan Natural Gas

Yongan Company Refers to

Thermal Power Co. Ltd.Binhaiwan Energy Company Refers to Guangdong Yudean Binhaiwan Energy Co. Ltd.Guangdong Yudean Dayawan Integrated Energy

Dayawan Energy Refers to

Co. Ltd.Qiming Energy Refers to Guangdong Yudean Qiming Energy Co. Ltd.Shenzhen Huaguoquan Electric Industry

Huaguoquan Company Refers to

Service Co. Ltd.Guangdong Yudean Dananhai Intelligence

Dananhai Company Refers to

Energy Co. Ltd.Guangdong Yudean Baihua Integrated Energy

Yudean Baihua Refers to

Co. Ltd.Bijie Energy Refers to Guangdong Bijie New Energy Co. Ltd.Guangdong Shaoguan Yuedianli New Energy

Shaoguan New Energy Refers to

Co. Ltd.Henan New Energy Refers to Henan Yudean New Energy Co. Ltd.

5Guangdong Shajiao( plant C) Power Generation

Sha C Company Refers to

Co. Ltd.Yuehua Power Generation Refers to Guangdong Yuehua Power Generation Co. Ltd.Guangdong Yudean Yunhe Power Generation

Yunhe Power Generation Refers to

Co. Ltd.Tumu Thermal Power Refers to Tumushuke Thermal Power Co.Ltd.Tumushuke Yudean Hanhai New Energy Co.Hanhai Energy Refers to

Ltd.Huibo Energy Refers to Guangdong Huibo New Energy Co. Ltd.Jinxiu Energy Refers to Yuedean Jinxiu Energy Co. Ltd.Dongguan Songshanhu Yudean Energy Service

Songshanhu Company Refers to

Co. Ltd.Senhong Energy Refers to Nanjing Senhong New Energy Co. Ltd.Linyuan Senhai Energy Refers to Nanjing Linyuan Senhai New Energy Co. Ltd.Zhennan Energy Refers to Yunfu Zhennan New Energy Co. Ltd.Luoding Energy Refers to Yunfu Luoding Yudean New Energy Co. Ltd.Alxa League Energy Refers to Alxa League Yudean New Energy Co. Ltd.Sanmenxia Guangneng Refers to Sanmenxia Guangneng New Energy Co. Ltd.Huazhou Yudean Liangguang New Energy Co.Liangguang Energy Refers to

Ltd.Gaozhou Yudean Caojiang New Energy Co.Caojiang Energy Refers to

Ltd.Taishan Dongrun Zhongneng New Energy Co.Dongrun Zhongneng Refers to

Ltd.Guangdong Yudean Maoming Natural Gas Co.Maoming Natural Gas Refers to

Ltd.Xingyue Energy Refers to Meizhou Xingyue New Energy Co. Ltd.Laixi Xinguangyao New Energy Technology

Xinguangyao Energy Refers to

Co. Ltd.Yudean Shache Comprehensive Energy Co.Shache Energy Refers to

Ltd.Zhenyun Energy Refers to Yunfu Yudean Zhenyun New Energy Co. Ltd.Zhuhai Energy Refers to Zhuhai Yudean New Energy Co. Ltd.Liuzhou Energy Refers to Guangxi Liuzhou Yudean New Energy Co. Ltd.Guangdong Yudean Lvneng New Energy Co.Lvneng Energy Refers to

Ltd.Dianbai Energy Refers to Maoming Dianbai New Energy Co. Ltd

Tuoqian Energy Refers to Huanggang Tuoqian New Energy Co. Ltd.Gaozhou Yudean Intelligence New Energy Co.Gaozhou Intelligence New Energy Refers to

Ltd.Hainan Guangneng Yudean New Energy Co.Hainan Guangneng Refers to

Ltd.Guangdong Yudean New Energy Development

Guangzhou New Energy Refers to

Co. Ltd.Tumushuke Yudean Changhe New Energy Co.Changhe Energy Refers to

Ltd.Tumushuke Yudean Caohu New Energy Co.Caohu Energy Refers to

Ltd.Qinghai Yudean Xingneng New Energy Co.Xingneng Energy Refers to

Ltd.Zhanjiang Guangneng Refers to Zhanjiang Guangneng Yudean New Energy Co.

6Ltd.

Baohe Energy Refers to Gaozhou Yudean Baohe New Energy Co. Ltd.Fushun Energy Refers to Fushun Yudean New Energy Co. Ltd.Guangdong Yudean Leizhou Power Generation

Leizhou Power Generation Refers to

Co. Ltd.Jiuzhou New Energy Refers to Jiuzhou New Energy(Zhaoqing)Co. Ltd.Xiangtan Xiangdian Chanshan Wind Power

Changshan Wind Power Refers to

Generation Co. Ltd.Guangxi Xinyue Refers to Guangxi Xinyue New Energy Co. Ltd.Zhanjiang Biomass Power Generation Guangdong Yudean Zhanjiang Biomass Power

Refers to

Company Generation Co. Ltd.Guangdong Yudean Shibeishan Wind Energy

Shibeishan Wind Power Refers to

Development Co. Ltd.Guangdong Yudean Dianbai Wind Power Co.Dianbai Wind Power Company Refers to

Ltd.Huilai Wind Power Company Refers to Huilai Wind Power Generation Co. Ltd.Guangdong Yudean Yangjiang Offshore Wind

Yangjiang Wind Power Company Refers to

Power Co. Ltd.Guangdong Yudean Heping Wind Power Co.Heping Wind Power Company Refers to

Ltd.Guangdong Yudean Pingyuan Wind Power Co.Pingyuan Wind Power Company Refers to

Ltd.Wuxuan Wind Power Company Refers to Guangxi Wuxuan Yudean New Energy Co. Ltd.Xupu Wind Power Company Refers to Hunan Xupu Yuefeng New Energy Co. Ltd.Pingdian Integrated Energy Company Refers to Huizhou Pingdian Integrated Energy Co. Ltd.Guangdong Yudean Zhuhai Offshore Wind

Zhuhai Wind Power Company Refers to

Power Co. Ltd.Guangdong Yudean Zhanjiang Wind Power

Zhanjiang Wind Power Company Refers to

Generation Co. Ltd.Guangdong Yudean Qujie Wind Power

Qujie Wind Power Company Refers to

Generation Co. Ltd.Guangdong Yudean Leizhou Wind Power

Leizhou Wind Power Company Refers to

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

Ltd.Yudean Fuel Company Refers to Guangdong Power Industry Fuel Co. Ltd.Guangdong Energy Insurance Captive Guangdong Energy Property Insurance Captive

Refers to

Company Co. Ltd.Shanxi Energy Company Refers to Shanxi Yudean Energy Co. Ltd.Yudean Shipping Company Refers to Guangdong Yudean Shipping Co. Ltd.Yueqian Company Refers to Guizhou Yueqian Electric Co. Ltd.Guangdong Energy Finance Company Refers to Guangdong Energy Group Finance Co. Ltd.Energy Financial Leasing Company Refers to Guangdong Energy Financial Leasing Co. Ltd.Guoneng Yudean Taishan Power Generation

Guoneng Taishan Company Refers to

Co. Ltd.Weixin Energy Co. Ltd. Refers to Yunnan Yuntou Weixin Energy Co. Ltd.Zhongxinkeng hydropower station Refers to Yangshan Zhongxinkeng Power Co. Ltd.Jiangkeng hydropower station Refers to Yangshan Jiangkeng hydropower station

Southern Offshore wind power Union

Southern Offshore wind power Refers to

Development Co. Ltd.

7Sunshine Insurance Refers to Sunshine Insurance Group Co. Ltd.

Shenzhen Capital Refers to Shenzhen Capital Group Co. Ltd.GMG Refers to GMG International Tendering Co. Ltd.Shenzhen Energy Refers to Shenzhen Energy Group Co. Ltd.Shenergy Company Refers to Shenergy Company Limited

Guangdong Yudean Environmental Protection

Environmental Protection Company Refers to

Co. Ltd.Zhonggong Energy Technology (Maoming) Co.Zhonggong Energy Refers to

Ltd.Xinjiang Company Refers to Guangdong Energy Group Xinjiang Co. Ltd.Tumushuke Yudean Changhe New Enrgy Co.Shaoguan New Energy Refers to

Ltd.Gaoshou Yudean Intelligence New Energy Co.Gaoshou Intelligence New Energy Refers to

Lt.Zhenneng Energy Refers to Yunfu Yudean Zhenneng New Energy Co. Ltd.II. Company Profile & Financial Highlights.

1.Company Profile

Stock abbreviation Yue Dian Li A Yue Dian Li B Stock code： 000539.SZ、200539.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

November 1992 first registered as: 21st Floor No. 75 Meihua Road Guangzhou Guangdong

Province;

December 2002 changed to: 10th Floor Park Lane Commercial Center Guangfa Garden No.

498 Huanshi East Road Guangzhou;

Registered address

June 2005 changed to: 22-26th Floor South Tower Yue Dian Plaza No. 2 Tianhe East Road

Guangzhou City Guangdong Province;

In March 2017 changed to: 33rd - 36th Floor South Tower Yudean Plaza No. 2 Tianhe East

Road Guangzhou Guangdong Province China.Postal code of the Registered

510630

Address

Historical change of the

No

company's registered address

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

8Name 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)

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

On August 252021 The Company's main business consists of

" investment construction and operation management of power

projects production and sales of power technical consulting

and services in the power industry leasing of terminal

facilities general cargo warehousing loading and unloading

and transportation

services. (Projects subject to approval according to law Busin

ess activities can only be carried out after being approved by th

Changes in principal business activities since listing (if any)e relevant departments)” is changed to “investment construction and operation management of power projects and new energy

projects; production and sales of electric power; technical cons

ulting and services in the power industry; leasing of terminal fa

cilities; general cargo storage loading and unloading shipmen

t service. (Projects subject to approval according to law Busin

ess activities can only be carried out after being approved by th

e relevant departments)" .Changes is the controlling shareholder in the past (is any) No change

5. Other Relevant Information

CPAs engaged

PWC Certified Public Accountants (special general

Name of the CPAs

partnership)

11/FPricewaterhouseCoopers Center2 Corporate Avenue 202

Office address Hu Bin Road Huangpu

District Shanghai

Names of the Certified Public Accountants as the signatories Li Xiaolei Fan Xin

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

9reporting 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

Retroactive adjustment or restatement of causes

Accounting policy change

Change

s of

this

period

over

20222021

same

2023 period

of Last

year(%

)

After

After Before

Before adjustment adjust After adjustment

adjustment adjustment

ment

Operating income

59708397738526610884365266108843613.38%4445786654244457866542（Yuan）

Net profit

attributable to the

shareholders of the 974660299 -3003916572 -2980434050 132.70% -2928171731 -2928171731

listed company（Yuan）

Net profit after

deducting of non-

recurring gain/loss

attributable to the 1094042279 -2936757038 -2913274516 137.55% -2685731211 -2685731211

shareholders of

listed company（Yuan）

Cash flow

generated by

business 8465642282 1479864774 1479864774 472.06% 122174668 122174668

operation net（Yuan）

Basic earning per

0.1856-0.5721-0.5677132.70%-0.5577-0.5577

share(Yuan/Share)

Diluted gains per

0.1856-0.5721-0.5677132.70%-0.5577-0.5577

share(Yuan/Share)

Weighted average

4.59%-13.77%-13.60%18.19%-9.94%-9.94%

ROE(%)

Change

d over

End of 2022 last End of 2021

year

End of 2023 （％）

After

After Before

Before adjustment adjust After adjustment

adjustment adjustment

ment

10Gross assets

（ ） 161207283087 131504274884 131623802701 22.48% 114493083598 114493083598 Yuan

Net assets

attributable to

shareholders of the 22141735460 20241872479 20350293619 8.80% 23386185436 23386185436

listed company（Yuan）

Reasons of accounting policy change and correction of accounting errors

In 2022 the Ministry of Finance promulgated the Interpretation No.16 of Accounting Standards

for Business Enterprises (CS [2022] No.31) (hereinafter referred to as "Interpretation No.16").Since January 1 2023 the Company has adopted the accounting treatment provisions in

Interpretation No.16 that deferred income tax related to assets and liabilities arising from a single

transaction is not applicable to initial recognition exemption. For the applicable single

transactions that occurred between the beginning of the earliest period of presentation in the

financial statements of the first implementation of Interpretation No.16 and its implementation

date the Company has made adjustments in accordance with regulations; In case of taxable

temporary differences and deductible temporary differences arising from the lease liabilities and

right-to-use assets recognized at the beginning of the earliest period of presentation in the

financial statements of Interpretation No.16 during its implementation for the first time the

Company will adjust the initial retained income and other related financial statement items at the

beginning of the earliest period of presentation in the financial statements according to the

cumulative impact.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

118.Main Financial Index by Quarters

In RMB

First quarter Second quarter Third quarter Fourth quarter

Operating income 13046268148 15294572736 16834382775 14533174079

Net profit attributable

to the shareholders of 88429494 768109139 870300962 -751797954

the listed company

Net profit after

deducting of non-

recurring gain/loss

74536213774474514862139199-736108285

attributable to the

shareholders of listed

company

Net Cash flow

generated by business 298763280 2421606736 4308886996 1476056828

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

In RMB

Items Amount (2023) Amount (2022) Amount (2021) Notes

Non-current asset disposal It is mainly for Bohe

gain/loss(including the write-off Energy and other

91987593080283782842178

part for which assets impairment subsidiaries to dispose

provision is made) of the fixed assets.Government subsidy recognized in

All subsidies of

current gain and loss(excluding

government funds

those closely related to the 42080981 51267272 37606578

received by branches

Company’s business and granted

and subsidiaries.under the state’s policies)

Asset impairment provisions due

0-833586940

acts of God such as natural disasters

Reverse of the provision for

impairment of accounts receivable

2944000

undergoing impairment test

individually

Net gain and loss of the subsidiary

under the common control and

produced from enterprise 0 0 -658714842

consolidation from the beginning of

the period to the consolidation date

The related costs and

One-off costs incurred by the expenses of staff

enterprise as a result of the relevant resettlement caused by

business activities no longer -168447926 0 0 the shutdown of

continuing such as expenses for Shajiao A Power Plant

relocating employees due to the expiration of

service period.

12Other gains/losses in compliance It is mainly the asset

with the definition of non-recurring scrapping gains and

gain/loss losses of branches and

39135331 -11625577 99653915 subsidiaries and the

proceeds from the sale

of carbon emission

quotas.Less :Influenced amount of income

182645213858262455885342

tax

Influenced amount of minor

2311404415662748-252056993

shareholders’ equity (after tax)

Total -119381980 -67159534 -242440520 --

Reasons for the change of accounting policy and the correction of accounting errors

In 2022 the Ministry of Finance promulgated the Notice on Printing and Distributing No.16

Interpretation of Accounting Standards for Business Enterprises (hereinafter referred to as

"Interpretation No.16"). Since January 1 2023 the Group and the Company have implemented

the accounting treatment provisions in Interpretation No.16 that deferred income tax related to

assets and liabilities arising from a single transaction is not applicable to the initial recognition

exemption and adopted the retrospective adjustment method to adjust the retained income at the

beginning of 2022 and other related financial statement items accordingly and restated the

comparative financial statements for 2022 accordingly.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 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

25984374

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

-298330020

emission reduction obligation regulations and continue to occur.

13III. 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.According to the statistics of the national power industry in 2023 published by the National

Energy Administration the electricity consumption of the whole society in China in 2023 was

9.22 trillion kWh with a year-on-year increase of 11.5%. The electricity consumption of the

primary industry was 127.8 billion kWh with a year-on-year increase of 10.4%; The electricity

consumption of the secondary industry was 6.07 trillion kWh with a year-on-year increase of

6.5%; The electricity consumption of the tertiary industry was 1.67 trillion kWh with a year-on-

year increase of 12.2%; The domestic electricity consumption of urban and rural residents was

1.35 trillion kWh with a year-on-year increase of 0.9%.

In terms of power supply with the deepening implementation of the goal of "carbon peaking and

carbon neutrality" and the continuous promotion of the development requirements of building a

new power system the investment in non-fossil energy power generation has increased rapidly

and the proportion of new energy in the total installed capacity in China has been increasing. In

2023 coal-fired power generation accounted for nearly 60% of the total power generation.

Considering the installed capacity and power generation coal-fired power is still the main power

supply in China and will continue to play the role of "pillar" and "stabilizer" for quite some time.By the end of 2023 the cumulative installed power generation capacity in China was about 2.92

billion kilowatts with a year-on-year increase of 13.9% in which The installed power

generation capacity of solar power is about 610 million kilowatts with a year-on-year increase of

55.2%; the installed capacity of wind power is about 440 million kilowatts with a year-on-year

increase of 20.7%; The installed capacity of coal-fired power is about 1.16 billion kilowatts with

a year-on-year increase of 3.41% accounting for 39.9% of the total installed power generation

capacity falling below 40% for the first time with a year-on-year decrease of 4%. In 2023 coal-

fired power generation accounted for nearly 60% of the total power generation in full caliber

Combined with the installed capacity and power generation coal-fired power is still the most

important power supply in China and it is also the "ballast stone" to ensure the safe and stable

supply of electricity in China.In 2023 the National Energy Administration issued the Guiding Opinions on Energy Work in

2023 calling for strengthening the exploration and development of domestic energy resources

increasing reserves and production actively promoting the diversification of energy resources

imports and making every effort to ensure sustained and stable energy supply and reasonable

and controllable prices. In addition the National Development and Reform Commission and the

National Energy Administration jointly issued the Notice on Establishing the Electricity Price

Mechanism of coal-fired power Capacity and decided to establish the electricity price

mechanism of coal-fired power capacity from January 1 2024 in order to promote the

transformation of the business development mode of coal-fired power and better ensure the safe

and stable supply of electricity. According to the Notice on Relevant Matters of Coal Electricity

14Capacity Electricity Price Mechanism in our province Guangdong Province issued by

Guangdong Provincial Development and Reform Commission Energy Bureau of Guangdong

Province and South China Energy Regulatory Bureau of National Energy Administration

Guangdong province will implement the national electricity price mechanism of coal-fired power

capacity and the electricity price mechanism of gas power capacity in Guangdong province at the

same time.According to the transaction results announced by Guangdong Power Exchange Center in

December 2023 the average transaction price of bilateral negotiation transactions annual listing

transactions and annual centralized competition transactions in the province in 2023 decreased

year-on-year of which the electricity volume of bilateral negotiation transactions was 243.114

billion kWh and the average transaction price was RMB 465.64/thousand kWh (including tax)

down RMB 88.24/thousand kWh from the previous year. The decrease of the electricity price in

the medium- and long-term market in Guangdong Province will impact on the company's

operating income. The Company will continue to optimize the trading strategy in the electricity

market focus on controlling the cost of fuel procurement strictly control various costs and

expenses strive for its business objectives to consolidate and expand its improving performance.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 heatproduction and supply industry classified in the “Guidelines for the Industry Classification ofListed Companies” by the China Securities Regulatory Commission. Since its foundation theCompany has always adhered to the business tenet of “Capital from the people using it forelectricity and benefiting the public” and adheres to the business policy of “Centering on the mainbusiness 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 biomass 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

2023 the company has controllable installed capacity of 34.481 million kilowatts including

holding installed capacity of 32.1258 million kilowatts and equity participation installed capacity

of 2.3552 million kilowatts. Including: The holding installed capacity for coal-fired power

generation was 19.89 million kilowatts accounting for 61.91%; the holding installed capacity for

gas and electricity of 7.059 million kilowatts accounting for 21.97%；and renewable energy

generation like wind power hydropower Photovoltaic and biomass of 5.1768 million kilowatts

accounting for 16.12%. In addition the company is entrusted with managing the installed capacity

of 8.854 million kilowatts. The above controllable installed capacity and entrusted management

installed capacity totaled 43.023 million kilowatts.Income source is primarily contributed by power production and sales and main business

15income 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 114.002 billion kilowatt-hoursan

increase of 5.87% YOY; average price stated in the consolidated statements is 581.29 Yuan/

thousands kilowatt-hours(tax included the same below ) an increase of 37.88 yuan/ thousands

kilowatt-hours or an increase of 6.95% YOY;the total operating income was RMB 52708.4

million an increase of RMB 7047.31 million or an increase of 13.38% 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 40265.88 million accounting for 7900% of the operating cost which benefited from

the decline of fuel price. The fuel cost decreased by RMB 2986.11 million with a decrease of

6.90%.

During the reporting period benefiting from the year-on-year growth of the on-grid electricity

consumption the Company's operating income increased significantly while the coal market

price dropped and the marginal income of coal-fired power business improved. In 2023 the

Company realized a net profit of 974.66 million yuan with an increase of RMB 3955.09 million.The Company realized a net profit attributed to parent company of RMB 865.4 million in coal-

fired power business; 468.77 million in gas and electricity business; RMB -584.72 million in

hydropower business; RMB 351.53 million in new energy business; and RMB 925.19 million in

headquarters investment business.Main Production and Operation Information

Items This reporting period Same period last year

Total installed capacity ('0000 kW) 3212.58 2969.62

Installed capacity of units that are newly put into

242.96147.10

production ('0000 kW)

Planned installed capacity of approved projects ('0000

970.401803.50

kW)

Planned installed capacity of projects under

1474.951077.15

construction ('0000 kW)

Power generation ('00000000 kWh) 1205.54 1140.59

On-grid electricity or electricity sales ('00000000

1140.021076.79

kWh)

Average on-grid price or selling price (RMB/ '000

583.43545.55

kWh including tax)

Average power consumption rate of power plant (%) 5.47% 5.71%

Power plant utilization hours (h) 3957 3980

(1) Operation Information of thermal power

Items This reporting period Same period last year

Total installed capacity ('0000 kW) 2694.9 2694.20

16Installed capacity of units that are newly put into

0.792

production ('0000 kW)

Planned installed capacity of approved projects ('0000

350852

kW)

Planned installed capacity of projects under

1267.42745.6

construction ('0000 kW)

Power generation ('00000000 kWh) 1141.50 1086.73

On-grid electricity or electricity sales ('00000000

1078.791025.63

kWh)

Average on-grid price or selling price (RMB/

0.580.54

'00000000 kWh including tax)

Average power consumption rate of power plant (%) 5.49 5.62

Power plant utilization hours (h) 4234 4110

（2）Operation Information of wind power

Items This reporting period Same period last year

Total installed capacity ('0000 kW) 279.5 234.5

Installed capacity of units that are newly put into

4537.46

production ('0000 kW)

Planned installed capacity of approved projects ('0000

21.511.5

kW)

Planned installed capacity of projects under

60100

construction ('0000 kW)

Power generation ('00000000 kWh) 49.07 42.99

On-grid electricity or electricity sales ('00000000

47.2041.15

kWh)

Average on-grid price or selling price (RMB/

0.700.73

'00000000 kWh including tax)

Average power consumption rate of power plant (%) 3.77 4.27

Power plant utilization hours (h) 2088 2168

（3）Operation Information of water power

Items This reporting period Same period last year

Total installed capacity ('0000 kW) 13.28 13.28

Installed capacity of units that are newly put into

00

production ('0000 kW)

Planned installed capacity of approved projects ('0000

00

kW)

Planned installed capacity of projects under

00

construction ('0000 kW)

Power generation ('00000000 kWh) 4.11 3.76

On-grid electricity or electricity sales ('00000000

4.033.70

kWh)

Average on-grid price or selling price (RMB/

0.210.21

'00000000 kWh including tax)

Average power consumption rate of power plant (%) 1.89 1.66

Power plant utilization hours (h) 3095 2833

（4）Operation Information of Biomass business

Items This reporting period Same period last year

17Total installed capacity ('0000 kW) 10 10

Installed capacity of units that are newly put into

00

production ('0000 kW)

Planned installed capacity of approved projects ('0000

00

kW)

Planned installed capacity of projects under

00

construction ('0000 kW)

Power generation ('00000000 kWh) 7.08 7.09

On-grid electricity or electricity sales ('00000000

6.226.28

kWh)

Average on-grid price or selling price (RMB/

0.750.75

'00000000 kWh including tax)

Average power consumption rate of power plant (%) 11.85 11.37

Power plant utilization hours (h) 7080 7087

（5）Operation Information of photovoltaic business

Items This reporting period Same period last year

Total installed capacity ('0000 kW) 214.90 17.64

Installed capacity of units that are newly put into

197.2617.64

production ('0000 kW)

Planned installed capacity of approved projects ('0000

598.9940

kW)

Planned installed capacity of projects under

147.53231.55

construction ('0000 kW)

Power generation ('00000000 kWh) 3.85 0.03

On-grid electricity or electricity sales ('00000000

3.780.03

kWh)

Average on-grid price or selling price (RMB/

0.300.54

'00000000 kWh including tax)

Average power consumption rate of power plant (%) 1.57 1.11

Power plant utilization hours (h) 432 146

Note：The total installed capacity is the holding

installed capacity

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 2023 the electricity consumption of the Power Marketing Company was 55.873 billion kWh

with a year-on-year increase of 13.58% in which the electricity of the holding subsidiary of the

agency company is 42.804 billion kWh accounting for 37.55% of the Company's on-grid

18electricity.

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 2023

the Company had a total installed capacity of about 4.944 million kilowatts of new energy such

as wind power and photovoltaic power including about 1.6 million kilowatts of offshore wind

power 1.1934 million kilowatts of onshore wind power and 2.149 million kilowatts of

photovoltaic power; In Jianyang Jiangqingzhou No. 2 offshore wind power projects and Xinjiang

Shache photovoltaic projects the total installed capacity is 2.0753 million kilowatts; It

completed the decision to build and sign an acquisition agreement of 2335000 kW; The scale of

new energy projects that the Company has approved for filing and achieved indicators is about

6.20 million kW. In the future the Company will continue to actively grasp the development

trend of accelerating energy transformation under the goal of "emission peak" and "carbon

neutrality" implement the strategy of "1+2+3+X" 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.As of December 31 2023 the new energy power generation projects controlled by the Company

that have been put into production are as follows:

III.Analysis On core Competitiveness

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

asset size of more than 161.2 billion，It is the largest listed company with state-owned assets inGuangdong Province. As of December 31 2023 the Company as the largest listed power

company in Guangdong Province has a total of 30.137 million kilowatts of market-oriented units

in the province accounting for 15.63% 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.

193. Comprehensive advantages of main business

During the 14th five-year period Guided by the national energy development strategy the

Company is implementing the "1+2+3+X" strategy - to build a first-class green and low-carbon

power listed company coordinate safety and development optimize and strengthen coal gas and

biomass power generation services and vigorously develop new energy energy storage hydrogen

energy and land park development. The Company has abundant project reserves and broad

development prospects; With clear main business reasonable structure outstanding industrial

position and market share it has strong comprehensive strength and broad development prospects.

4. Competitive advantage in electricity market

The company's generator set has high parameters large capacity high operation efficiency low

coal consumption stable operation superior environmental protection performance and strong

market competitive advantage. In 2023 the company completed a total of 109.301 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 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.

20IV.Main business analysis

Ⅰ.General

In 2023 the national economy rebounded to stimulate electricity consumption and the demand

for electricity in Guangdong Province increased year-on-year reaching 850.2 billion kWh with

a year-on-year increase of 8.0%. In terms of installed capacity by the end of 2023 the installed

capacity of Guangdong was 193 million kW with a year-on-year increase of 12.7% of which the

installed capacity of coal-fired power was 72.411 million kW with a year-on-year increase of

5.6%; the installed capacity of gas power was 39.552 million kW with a year-on-year increase

of 15.5%; the total installed capacity of wind power and solar power generation was 40.669

million kW with a year-on-year increase of 43.4%. During the reporting period the Company

accumulated 114.002 billion kWh of on-grid electricity in consolidated statements with a year-

on-year increase of 5.87% in which the on-grid electricity of coal machine is 89.735 billion

kWh the on-grid electricity of gas machine is 18.144 billion kWh and the on-grid electricity of

hydropower wind power and photovoltaic power is 5.501 billion kWh.In 2023 thanks to the steady recovery of power market demand and the orderly promotion of

new energy projects the Company achieved remarkable results in increasing revenue and

reducing expenditure reducing costs and increasing efficiency the profitability of thermal power

recovered the performance of new energy remained stable and its operating performance turned

losses into profits year on year. According to the consolidated statements the total assets of the

Company were RMB 161.2 billion with a year-on-year increase of 22.48%; The liabilities in the

consolidated statement totaled RMB 127.3 billion and the asset-liability ratio was 78.96%; The

equity attributable to shareholders of the parent company was RMB 22.2 billion with a year-on-

year increase of 8.80%. According to the consolidated statements the Company's operating

income was RMB 59.7 billion with a year-on-year increase of 13.38%; The net profit

attributable to shareholders of the parent company was RMB 1 billion and the earnings per share

was RMB 0.1856.In 2023 the Company added 3089600 kilowatts of installed capacity through self-builds and

acquisitions shut down 660000 kilowatts of installed capacity in coal with a total installed

capacity of about 2429600 kW; By the end of 2023 the Company had a holding installed

capacity of 12235800 kW of clean power generation such as gas power wind power

hydropower photovoltaic and biomass accounting for 38.09%. In addition the Company

actively promoted the construction of Daya Bay Integrated Energy Station Ningzhou Alternative

Power Supply Zhaoqing Yongan Natural Gas Thermal Power Yangjiang Qingzhou Offshore

Wind Power Xinjiang Hanhai Photovoltaic and other projects continuously optimized the

power supply structure and promoted its green and low-carbon transformation.

2. Revenue and cost

(1)Component of Business Income

In RMB

2120232022

Increase /decrease

Amount Proportion Amount Proportion

Total operating

59708397738100%52661088436100%13.38%

revenue

On Industry

Electric power

Steam sales and 59296174696 99.31% 52220743337 99.16% 13.55%

labor income

Other 412223042 0.69% 440345099 0.84% -6.39%

On products

Sales Electric

5886072206298.58%5188952159698.53%13.43%

Power

Steam income 303847319 0.51% 202658611 0.38% 49.93%

Labor income 131605315 0.22% 128563130 0.24% 2.37%

Comprehensive

utilization of fly 278575922 0.47% 365533200 0.69% -23.79%

ash

Lease revenue 50931914 0.09% 42581955 0.08% 19.61%

Other 82715206 0.14% 32229944 0.06% 156.64%

Area

Guangdong 58383250691 97.78% 51738933176 98.25% 12.84%

Xinjiang 934441658 1.57% 724019436 1.37% 29.06%

Hunan 141988229 0.24% 81219984 0.15% 74.82%

Hebei 79397685 0.13% 0 0 Not applicable

Yunnan 74112332 0.12% 70173996 0.13% 5.61%

Guangxi 52343423 0.09% 46017681 0.09% 13.75%

Henan 36927674 0.06% 724163 0% 4999.36%

Shandong 2819132 0% 0 0 Not applicable

Inner Mongolia 1441224 0% 0 0 Not applicable

Anhui 840319 0% 0 0 Not applicable

Ganshu 835371 0% 0 0

Sub-sale model

Direct selling 59708397738 100% 52661088436 100% 13.38%

(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/decrea Increase/decrea

Increase/decrea

se of business se of gross

Gross se of revenue in

cost over the profit rate over

Turnover Operation cost profit the same period

same period of the same period

rate(%) of the previous

previous year of the previous

year(%)

(%) year (%)

On products

22Sales Electric

588607220625055789482914.11%13.43%-3.71%15.28%

Power

Including：

Fire coal

Generation 44243458818 38571597960 12.82% 8.91% -11.08% 19.60%

Power

Gas Generation

11392567639983299796413.69%40.47%32.53%5.17%

Power

Renewable

3224695605215329890533.22%2.23%26.20%-12.68%

Engegy

Area

Guangdong 58383250691 49740613042 14.80% 12.84% -4.11% 15.05%

Sub-sale model

Direct selling 59708397738 50970997678 14.63% 13.38% -3.56% 15%

Reasons for great changes in related financial indicators

√ Applicable □ Not applicable

1) The Company's operating income in Henan increased by 4999.36% year-on-year mainly

because the Company acquired Wuzhi Jindian and Xihua New Energy in December 2022.In 2022 the operating income in this area was only the operating income generated after the

merger;

2) The Company's photovoltaic power sales revenue increased by 875.08% year-on-year and

its operating cost increased by 4332.30% year-on-year mainly because the number of

photovoltaic projects put into operation last year was small with low on-grid power and

most of them were in the trial operation stage; This year the number of projects put into

production and the on-grid power have increased and the income from electricity sales has

increased year-on-year. At the same time depreciation has been accrued after the project is

officially consolidated and other related costs have also increased resulting in an increase

in operating costs.

3) The gross profit margin has decreased by 231.83% year-on-year mainly due to the decline

in power generation efficiency of biomass business rising cost of fuel etc.

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

√ Yes □ No

Classification Items Unit 2022 2022 Changes

Sales volume '00000000 kWh 1140.02 1076.79 5.87%

Electric power

thermal production Production '00000000 kWh 1205.53 1140.59 5.69%

and supply

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

23Implementation of Signed Major Sales Contracts as of this Reporting Period

√ Applicable □Not applicable

In RMB10000

Amount

Total Total fulfilled Amount

Contract Whether fulfilled Description of the failure to

Counterparty contract fulfilled during the to be

object properly fulfill the contract properly

amount amount reporting fulfilled

period

CHINA

Quantity

SOUTHERN

of 5771897 Yes

POWER

electricity

GRID

Implementation of Signed Major Purchase Contracts as of this Reporting Period

□ Applicable √Not applicable

(5) Component of business cost

In RMB

20232022

Proportion Proportion Increase/Dec

Industry Items in the in the

Amount Amount rease

operating operating

costs (%) costs (%)

Electric power thermal

Fuel cost 40265881130 79% 43251995444 81.84% -6.90%

production and supply

Electric power thermal Depreciation

509813605110%47508446848.91%7.31%

production and supply expense

Electric power thermal

Labor cost 1930378946 3.79% 1774323886 3.37% 8.80%

production and supply

Electric power thermal

Other 3676601551 7.21% 3111250716 5.89% 18.17%

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 79.29% of total cost.

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

√Yes □No

1) Addition of subsidiaries in this year:

Nature New investment Paid-in capital at the Proport Acquired

amount in this period end of period(Yuan) ion (%)

Name (Yuan)

Zhonggong Energy

Photovoltaic

Technology(Maoming) 152969360 152969360 100% Purchase

Power Generation

Co. Ltd.

24Investment and Investment

Guangdong Energy Group

Asset 100000000 100000000 100% establishmen

Xingjiang Co. Ltd.management t

Investment

Yunfu Yudean Zhenneng Photovoltaic

10000000 10000000 100% establishmen

New Energy Co. Ltd. Power Generation

t

Tumushuke Yudean Investment

Photovoltaic

Changhe New Energy Co. 3500000 3500000 100% establishmen

Power Generation

Ltd. t

Investment

Zhuhai Yudean New Photovoltaic

2740000 2740000 100% establishmen

Energy Co. Ltd. Power Generation

t

Gaozhou Yudean Investment

Photovoltaic

Intelligence New Energy 1476800 1476800 100% establishmen

Power Generation

Co. Ltd. t

The above-mentioned companies acquired through asset acquisition are subsidiaries acquired

by the Company and its subsidiaries from third parties through asset acquisition. On the

acquisition date the above-mentioned companies had no other business and assets except

construction in progress fixed assets and right-to-use assets and the acquisition does not involve

employees. On the acquisition date there was no output which was an asset acquisition that did

not constitute business.

2) Reduction of subsidiaries in this year:

Business Paid-in capital before Shareholding ratio before

Subsidiary name

nature cancellation (RMB) cancellation

Guangdong Yudean Baihua Integrated Cogenerati

3000000100%

Energy Co. Ltd on

Guangdong Yudean Baihua Integrated Energy Co. Ltd. a subsidiary of the Company held a

shareholders' meeting on October 9 2023 and decided to complete the cancellation of Baihua

Company in 2023. Liquidation and cancellation of Baihua Company will change the scope of the

Company's consolidated financial statements accordingly but it will not have a significant

impact on the Company's existing business and performance and will not harm the interests of

the Company and its shareholders. On November 16 2023 Baihua Company completed the

liquidation and cancellation.

(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 top 5 sales customers

Total sales amount to top 5 customers (Yuan) 48931054311

Proportion of sales to top 5 customers in the annual

86.63%

sales(%)

Proportion of the sales volume to the top five

customers in the total sales to the related parties in the 62.20%

year

Information of the Company’s top 5 customers

25No Name Amount（RMB） Proportion

1 GPGC 57718966149 96.67%

2 STATE GRID 1124222881 1.88%

Guangdong Energy

33167093060.53%

Group Co. Ltd.Tumushuke Chuangneng

4554403690.09%

Thermal Power Co. Ltd.Sinopec Corp Maoming

5468191770.08%

Branch

Total -- 59262157882 99.25%

Other explanation :

√Applicable □Not applicable

Guangdong Yudean Environmental Protection Co. Ltd. is a wholly-owned subsidiary of

Guangdong Electric Power Industrial Fuel Co. Ltd. a joint venture company of the Company.Therefore Guangdong Yudean Environmental Protection Co. Ltd. is related to the Company.Principal suppliers

Total purchase of top 5 Suppliers（Yuan） 48931054311

Percentage of total purchase of top 5 suppliers In total annual

86.63%

purchase(%)

Proportion of purchase amount from the top 5 suppliers in the

62.20%

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 35136135007.00 62.20%

China Energy Construction

27166884596.0012.69%

Group Co. Ltd.

3 POWERCHINA 2484375109.00 4.40%

Guangdong Dapeng LNG

42115566258.003.75%

Co. Ltd.Guangdong Zhujiang

5 Investment Electric Fuel Co. 2028093341.00 3.59%

Ltd.Total -- 48931054311.00 86.63%

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.

3.Expenses

In RMB

2023 2022 Increase/Decrease(%) Notes

Sale expenses 93238999 69108603 34.92% It is mainly due to the

Company's active

26business expansion and

the increase in

marketing-related

expenses.Administration It is mainly due to that

expenses because of expiration

and shutdown of the

generator set in Shajiao

A Power Plant the

Company recognized

the personnel

1592057152 1192506931 33.51% placement cost and at

the same time the

Company's business

scale continued to

expand and the related

management expenses

such as office

increased.Financial expenses 2287869816 2135900012 7.12%

R & Development

11165552741229311572-9.17%

expenses

4.R& D Expenses

√ Applicable □Not applicable

Expected

impact on the

Name of main Project Goal to be

No Enterprise Project purpose future

R&D project progress achieved

development of

the Company

It takes the first

step to build

the primary FM

holographic

sensing and It provides

intelligent comprehensive

Cooperate with the

management and accurate

pilot work of China

Research and and control data for the

Southern Power

application of system in promotion and

Grid build test sub-

primary China Southern application of

stations to

frequency Power Grid primary FM

Guangdong cooperate with the

modulation and also active test

Yudean Bohe general dispatching Complete

1 (FM) active provides function of

Energy Co. to carry out related d

test for comprehensive power grid

LTD. tests and better

1000MW and accurate which is of

carry out the

thermal power parameter data milestone

promotion and

unit (Units 1 for the significance to

application of FM

and 2) promotion and the promotion

active test function

application of of primary FM

in the whole grid.primary FM management in

active test the Company.function of

China Southern

Power Grid in

the whole grid.

27Determine the

reliable and

Explore the

stable fuel

practical

composition

combustion

and component

blending mode

Research on Master a wide ratio. High

give full play to

diversified fuel variety of fuel proportion of

the

Guangdong coupling power blending research low-quality

performance of

Yudean generation models and realize fuel is blended

Complete the unit ensure

2 Yunhe Power technology of the decrement and all

d the safety of

Generation large resource and parameters are

the unit reduce

Co. Ltd. circulating reduction disposal normal. Apply

the fuel cost

fluidized bed of urban solid to the

and increase

boiler waste. environmental

the

protection

comprehensive

department for

income of the

approval of

whole plant.long-term

blending.Complete key

technology

R&D and

Guangqian Demonstration

demonstration

Electric Power of natural gas

Research on the verification.Company- zero-carbon

demonstration and Formulate the

Research and emission power

application of MW industry

demonstration generation

natural gas zero standard of

Shenzhen project on key technology will

carbon emission Stage carbon capture

Guangqian technologies of promote the

3 power generation completio and formulate

Electric Co. zero-carbon development of

technology based n and launch the

Ltd. power peak emission

on natural gas engineering

generation by and carbon

chemical looping design

chemical chain neutrality

combustion operation and

combustion of technology in

technology. commissioning

MW natural power

standard of

gas enterprises.chemical chain

combustion

device.Meet the

technical

requirements of

unit flexibility

transformation;

The Put forward the

intelligent Improve the

correspon

combustion peak load Research on ding

optimization regulation

key transform

capacity by

technologies of Improvement of ation has technology

Guangdong deep peak load flexible technology been under deep

more than 10%

Red Hong regulation is expected to complete peak load

which meets

the needs of

4 Bay Power transformation increase the peak d and the regulation;

power grid

Generation in coal-fired load regulation post- Improve the

peak load development

Co. Ltd. power plants capacity of thermal transform

regulation and enhances

and their field power units. ation test

capacity by the Company's

large-scale is

competitivenes

application currently more than

10%; And s in the power under

way achieve

market.automatic

control of the

whole process

within the

range of deep

peak load

28regulation.

Establish the

preventive anti- It expands the

corrosion characteristics

management of equipment

Research on system find corrosion in

key out the failure coastal power

technologies of law and key plants to the

Develop new anti-

long-term influencing coastal power

corrosion

Guangdong economic factors and plants of the

technology for

Red Bay corrosion carry out safety Group which

coastal power In

5 Power protection for monitoring so is conducive to

plants and optimize progress

Generation steel structures as to provide the more

the anti-corrosion

Co. Ltd. and equipment theoretical economical and

scheme for steel

with high salt basis and efficient

structures

and humidity in research development of

coastal power direction for the anti-

plants developing corrosion work

long-term in coastal

protection power plants of

technologies the Group.and products.Take measures

such as improving

flue gas flow field

preventing dust It can improve

accumulation the sealing and

Research and

corrosion abrasion pressure

application of Study the

reducing resistance resistance of

leakage present

and optimizing the heat

prevention situation and

Guangdong layout to ensure the exchanger

technology for faults of

Yudean stable operation of effectively

MGGH Complete MGGH heat

6 Jinghai Power the primary heat reduce the

primary heat d exchanger of

Generation exchanger under leakage risk

exchanger of 600MW unit

Co. Ltd. different prolong the

600MW unit and put

conditions service life of

based on three- forward the

maximize its the equipment

dimensional solutions.service life and and reduce the

tube

improve the safety maintenance

environmental cost.protection and

economy of the

unit.

29Create the first

new negative

carbon

Through the economy

efficient model of

photosynthesis of "biomass

Research and microalgae CO2 in power plant -

application on the original flue gas carbon fixation Become a

key of biomass power by microalgae - demonstration

technologies of plant is directly resource site of

Guangdong carbon absorbed and utilization" in microalgae

Yudean sequestration utilized and then Prelimina China build a project in

Biomass by microalgae the microalgae after ry circular biomass power

7

Power emission carbon acceptanc economy plant and

Generation reduction and sequestration is e industrial chain enhance the

Co. Ltd. resource transformed into of "energy- Company's

utilization of high value-added agriculture- image and

raw flue gas products thus environment" competitivenes

from biomass overcoming the realize the s.power plant difficulty of poor application

economic benefits implementation

of carbon emission of cutting-edge

reduction negative carbon

technology

and boost rural

revitalization.Make the

Improve the

desulfurization

desulfurization

system adapt to

efficiency of the

the load of the

desulfurization

Improve the unit quickly at

Research and system so as to

ability of the same time

Guangdong engineering make the

existing FGD expand the

Yudean application of a desulfurization

system to treat sulfur content

Shaoguan new type of system adapt to the

Complete SO2 in raw flue ratio of the unit

8 Power nano load of the unit

d gas and meet coal introduce

Generation desulfurizer for quickly and realize

the ultra-low more

Plant Co. efficient low the three goals of

emission economical

Ltd. carbon reducing the

requirement of high-sulfur

emission minimum output

35mg/m3. coal and

starting and

reduce the

stopping quickly

coal-fired cost

and changing the

in the power

load quickly.plant.Realize the analysis

and diagnosis based

Give early

on artificial

warnings to the

intelligence and

large parts with

multi-source big

hidden dangers

data fusion and

and find out

Research on evaluate the Establish a

Guangdong and handle the

key performance and comprehensive

Yudean faults as early

technologies of fatigue life of key evaluation

Zhanjiang as possible to

9 offshore wind components of Ongoing system for

Wind Power prevent further

power transmission chain wind turbine

Generation worsening and

operation and under all generator

Co. Ltd. reduce the huge

maintenance conditions and operation state.economic

establish a

losses caused

comprehensive

by the

evaluation system

replacement of

for wind turbine

large parts.generator operation

state.

30Aiming at the

optimal operation

(1) Improve the

of boiler

Development boiler

combustion put

and application efficiency by Improve the

forward a multi-

of intelligent about 0.3%; (2) potential of

Zhanjiang output objective

optimization Complete Reduce the boilers to adapt

10 Electric Co. model suitable for

technology for d NOx to inferior coal

Ltd. combustion system

boiler concentration and reduce fuel

and optimize the

combustion at the furnace costs.model parameters

system outlet by about

to improve the

5%.

forecast

performance.□Applicable □Not applicable

Company's research and development personnel situation

2023 2022 Increase /decrease

Number of Research and

Development persons 1421 1333 6.06%

(persons)

Proportion of Research and

14.10%15.08%-0.98%

Development persons

Academic structure of R&D personnel

Bachelor 984 961 2.39%

Master 93 87 6.90%

Doctor 2 2 0%

College and below 984 961 2.39%

Age composition of R&D personnel

Under 30 years old 182 127 43.31%

30-40 years old 433 455 -4.84%

Over 40 years old 806 751 7.32%

The Company's R & D investment situation

2023 2022 Increase /decrease

Amount of Research and

Development Investment 1116555274 1229311572 -9.17%

(Yuan)

Proportion of Research and

Development Investment of 1.87% 2.33% -0.46%

Operation Revenue

Amount of Research and

Development Investment 0 0 0%

Capitalization (Yuan)

Proportion of Capitalization

Research and Development

0%0%0%

Investment of Research and

Development Investment

Reasons and influence of significant changes in R&D personnel composition of the Company

□ Applicable √Not applicable

31The 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 2023 2022 Increase/Decrease(%)

Subtotal of cash inflow

received from operation 67184093793 61684580742 8.92%

activities

Subtotal of cash outflow

received from operation 58718451511 60204715968 -2.47%

activities

Net cash flow arising from

84656422821479864774472.06%

operating activities

Subtotal of cash inflow

received from investing 533590769 2063345623 -74.14%

activities

Subtotal of cash outflow for 26715093026 75.58%

15215449730

investment activities

Net cash flow arising from

-26181502257-13152104107-99.07%

investment activities

Subtotal cash inflow received

642859570275121289458625.53%

from financing activities

Subtotal cash outflow for

460497385833612996466427.46%

financing activities

Net cash flow arising from

182362184441508292992220.91%

financing activities

Net increase in cash and cash

5203586563410691561-84.74%

equivalents

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

√Applicable □ Not applicable

(1) The net cash flow from operating activities increased by 472.06% YOY which was mainly

due to the increase in the Company's electricity sales revenue the increase in cash inflow from

sales of commodities the decline in fuel market prices and the decrease in cash outflow from

purchased commodities in the year.

(2) The cash inflow from investment activities decreased by 74.14% YOY which was mainly

due to the recovery of the balance payment for the disposal of Bohe Wharf in the same period

last year; The cash outflow from investment activities increased by 75.58% YOY which was

mainly due to the YOY increase in cash paid for the purchase and construction of fixed assets

intangible assets and other long-term assets due to the construction of wind power photovoltaic

32power gas power and phase II coal-fired power projects. Combined with the aforesaid effects

the net cash flow from investment activities decreased by 99.07% YOY.

(3) The cash inflow of financing activities increased by 27.46% YOY the cash outflow of

financing activities increased by 27.46% YOY and the net cash flow generated by financing

activities increased by 20.91% YOY which was mainly due to the growth of the Company's

business development capital demand frequent capital borrowing and turnover and the

introduction of strategic investors by provincial wind power company to absorb equity funds.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 2023 End of 2022

Proportion Notes to the

Proportion in Proportion increase/de significant

Amount the total Amount in the total crease change

assets(%) assets(%)

Monetary fund 16431429893 10.19% 11503523618 8.74% 1.45%

Accounts

89636356785.56%75786362445.76%-0.20%

receivable

Contract assets 5557720 0% 4910263 0% 0%

Inventories 2655504711 1.65% 3376868100 2.57% -0.92%

Real estate

3471927590.22%3652853010.28%-0.06%

investment

Long-term

Equity 9796842197 6.08% 9198053183 6.99% -0.91%

Investment

This year the

net increase of

fixed assets was

RMB 617.53

million. Due to

the

advancement of

construction in

Fixed assets progress the 63017322291 39.09% 62400175057 47.41% -8.32%

construction in

progress

increased more

and promoted

the growth of

total assets

resulting in a

relative decline

in the

33proportion of

fixed assets to

total assets.It is mainly due

to the

construction of

the phase II

Construction in projects of

2999057767818.60%117688281618.94%9.66%

process wind power

photovoltaic

power gas

power and coal-

fired power.Use right assets 9529610412 5.91% 7352044966 5.59% 0.32%

Short-term

157569797629.77%1626144486012.35%-2.58%

loans

Contract

413281330.03%49609740%0.03%

liabilities

Mainly is the

company's

investment and

working capital

Long-term

62832471340 38.98% 42860932628 32.56% 6.42% demand

borrowing

increased and

the expansion

of debt

financing scale.Lease liabilities 10452666128 6.48% 6870820017 5.22% 1.26%

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

2.Asset and Liabilities Measured by Fair Value

√Applicable □ Not applicable

In RMB

Imp

airm

ent

Gain/Loss on Cumulative prov Purchased Sold

fair value fair value ision amount in amount in

Opening Other Closing

Items change in the change s in the the

amount changes amount

reporting recorded into the reporting reporting

period equity repo period period

rting

peri

od

Financial assets

Other

equity

3058071054-19172400819241844302866347046

Instrument

Investment

Subtotal of

financial 3058071054 -191724008 1924184430 2866347046

assets

Total 3058071054 -191724008 1924184430 2866347046

34Financial

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 the reporting period

On 31 December 2023 some subsidiaries of the Group pledged the right to charge electricity

tariff to banks to obtain long-term loans of RMB 5401654578 of which the balance of long-

term loans due within one year was RMB 500737245 (December 31 2022: long-term loan of

RMB 6052250122 of which the balance of long-term loan due within one year is RMB

512741564).

VII. Investment situation

1. General

√ Applicable □ Not applicable

Investment of the period Investment of same period of last year Scale of change

41598000008056177802-48.37%

2. Major equity investments acquired during the reporting period

□Applicable □Not applicable

35Progress as Whether

Name of Invest Current Date of Disclosure

Main Investment Investment Shareholding Sources Product of the Expected involved in

invested Partner ment investment disclosure (if index (if

business mode amount ratio of fund type balance income litigation or

company period profit and loss any) any)

sheet date not

Beijing

Chengtong

Gongrong

Equity

Investment

Fund

(Limited

Partnership)

(shareholdin

g ratio:

6.3989%%); Published in

Sanxia China

Capital Securities

Holdings Daily

Co.Ltd. Securities

(shareholdin August Times

g ratio: 312019 Shanghai

5.2357%); November Securities

Guangdong News

Wind Jianxin

292019No

Wind Power Capital 2845000 Self Long- In normal vember Securities

power 76.44% Financial Electric 313523662 No

Generation increase 000 fund Asset term operation 92021

Daily and

generation

Co. Ltd. Investment August

http//.www.c

ninfo.com.cn

Co. Ltd. 312022

(shareholdin December

.(Announce

ment

g ratio: 12022

No.:2019-36

5.0705%);

2019-

Bank of 582021-

Communica 772022-37

tions and 2022-

Financial 60 .Assets

Investment

Co. Ltd.(shareholdin

g ratio:

2.2851%);

Agricultural

Bank of

China

Financial

36Assets

Investment

Co. Ltd.(shareholdin

g ratio:

2.2851%);

China

Financial

Assets

Investment

Co. Ltd.(shareholdin

g ratio:

2.2851%)

Yunfu

Jinshenglan

Yunfu Distributed

Yudean Photovolt Photovoltaic

Newly Self Long- Not

Zhenneng aic power 10000000 100% No Electric Power -27645 No

established fund term applicable

New Energy generation Generation

Co. Ltd. Project is

progressing

properly

Published in

China

Securities

Daily

Shache Securities

Yudean Optical Times

Shache Photovolt Storage Shanghai

Capital Self Long- December

Comprehensi aic power 29500000 100% No Electric Integration 408179 No Securities

Increased fund term 12022

ve Energy News generation Project is

Co. Ltd. progressing Securities

properly Daily and

http//.www.c

ninfo.com.cn

.(Announce

ment No.:

Shaoguan

Guangdong

Power Plant

Shaoguan Photovolt

Capital Self Long- Photovoltaic Guangdong Not aic power 10000000 100% No Electric Project and 452949 No

Electric Increased fund term applicable generation Wushi

Power New

Town

Energy Co.Distributed

37Ltd. Photovoltaic

Project are

progressing

properly

Boluo

Dafeng

Distributed

Guangdong Photovoltaic

Yudean Photovolt Project and

Capital Self Long- Not

Huibo New aic power 52000000 100% No Electric Huzhen 43592 No

Increased fund term applicable

Energy Co. generation Photovoltaic

Ltd. Composite

Project are

progressing

properly

Published in

China

Securities

Daily

Securities

Times

Tumushuk Hanhai

Yudean Shanghai Photovolt Photovoltaic

Capital Self Long- March

Hanhai New aic power 60000000 100% No Electric Project is 3839072 No Securities

Increased fund term 262022

Energy Co. generation progressing

News

Securities

Ltd. properly

Daily and

http//.www.c

ninfo.com.cn

.(Announce

ment No.:

Preliminary

Work of the

400000 kW

Optical

Tumushuk Storage

Yudean Integration

Photovolt

Changhe Capital Self Long- Project of Not

aic power 3500000 100% No Electric 7750 No

New Energy Increased fund term the 42nd applicable

generation

Company Regiment of

Project the Third

Division of

Guangdong

Electric

Power is

38Xiangtan

Xiangdian Wind

Chan gshan Power Capital Self Long- In normal Not

21220000 100% No Electric 2364812 No

Wind Power Generatio Increased fund term operation applicable

Generation n

Co. Ltd.Jiuzhou New

Photovolt

Energy Self Long- In normal Not

aic power Purchase 9180000 100% No Electric 4399116 No

(Zhaoqing) fund term operation applicable

generation

Co. Ltd.Published in

China

Securities

Daily

Securities

Guangdong Dananhai Times

Yudean Smart Shanghai

Dananhai Cogenerat Capital Self Long- Energy April

40000000 100% No Electric -19799182 No Securities

Smart ion Increased fund term Project is 222022 News

Energy Co. progressing Securities

Ltd. properly Daily and

http//.www.c

ninfo.com.cn

.(Announce

ment No.:

Bijie New

Guangdong

Photovolt Energy

Yudean Bijie Capital Self Long- Not

aic power 3000000 100% No Electric Project is -6685114 No

New Energy Increased fund term applicable

generation progressing

Co. Ltd.properly

Published in

Zhaoqing China

Guangdong Hejiang Yong'an Securities

Yudean Electric Natural Gas Daily

Yong'an Power Thermal Securities

Cogenerat Capital Self Long- October

Natural Gas 90000000 90% Developme Electric Power -32980317 No Times and

ion Increased fund term 132020

Thermal nt Co. Ltd. Project is http//.www.c

Power Co. (shareholdin progressing ninfo.com.cn

Ltd. g ratio: properly .(Announce

10%) ment No.:

Guangdong Cogenerat Capital 17000000 Self Long- April Published in 100% No Electric Ningzhou -34756193 No

Yudean ion Increased 0 fund term Alternative 112020 China

39Binhai Power Securities

Energy Co. Supply Daily

Ltd. Project is Securities

progressing Times and

properly http//.www.c

ninfo.com.cn

.(Announce

ment No.:

Huizhou

Port

Investment Published in

Group Co.Ltd. China

Guangdong (shareholdin Dayawan Securities

Yudean Daya g ratio: comprehensi Daily

wan Cogenerat Capital 10558000 Self 20%); Long- ve energy Securities

70% Electric -22146279 No July 172021

Integrated Times and ion Increased 0 fund Huizhou term project is

Energy Co. Port progressing http//.www.c

Investment ninfo.com.cnLtd. normally.Group Co. .(Announce

Ltd. ment No.:

(shareholdin 2021-43

g ratio:

10%)

Guangdong Qiming

Yudean Energy

Cogenerat Capital Self Long- Not

Qiming 15000000 100% No Electric project is -14571604 No

ion Increased fund term applicable

Energy Co. progressing

Ltd. normally

Published in

China

Yunfu

Yunda Securities

Guangdong

Investment Daily

Yudean Thermal Securities

Capital Self Holding Long- In normal April

Yunhe Power power 97830000 90% Electric 38980163 No Times and

Increased fund Co. Ltd. term operation 222022

Generation generation

(shareholdin http//.www.c

Co. Ltd.g ratio: ninfo.com.cn

10%) .(Announce

ment No.:

Guangdong China Published in Thermal

Yuehua Capital Self Huaneng Long- In normal January power 76500000 51% Electric -147354195 No China

Power Increased fund Group Co. term operation 142022

generation Securities

Generation Ltd. Daily

40Co. Ltd. (shareholdin Securities

g ratio: Times

49%) Shanghai

Securities

News

Securities

Daily and

http//.www.c

ninfo.com.cn

.(Announce

ment No.:

Guangdong

Power

Energy

Shanxi generation

Group Co.Yudean and coal Capital Self Long- In normal Not

54300000 40% Ltd. Electric 464539278 No

Energy Co. mine Increased fund term operation applicable

(shareholdin

Ltd. developm

g ratio:

ent

60%)

Guangzhou Published in

Developme

nt Electric China

The

Power Securities

Expansion

Group Co. Daily

Project of

Ltd. Securities

Phase II

Guangdong (shareholdin Times

Units 5 and

Yudean Red Thermal g ratio: Shanghai

Capital 13000000 Self Long- 6 March

Bay Power power 65% 25%); Electric 146733946 No Securities

Increased 0 fund term (2x1000MW 162023

Generation News generation Shanwei

) in Shanwei Securities

Co. Ltd. Talent

Power Plant

Developme Daily and

is

nt Group http//.www.c

progressing

Co. Ltd. ninfo.com.cn

properly

(shareholdin .(Announce

g ratio: ment No.:

10%)

Zhonggong

Energy Photovolt

Technology 15297000 Self Long- In normal Not aic power Purchase 100% No Electric -22859 No

（ 0 fund term operation applicable Maoming generation）Co. lTD.Gaozhou Photovolt

Yudean Self Long- Not aic power Purchase 1480000 100% No Electric Suspended. -10676 No

Smart New fund term applicable

generation

Energy Co.

41Ltd.

Published in

China

Securities

Daily

Securities

New

energy Times Guangdong

Energy investmen Shanghai

Newly 10000000 Self Long- In normal December

Group t and 100% No Electric -33402819 No Securities

established 0 fund term operation 12022

Xinjiang Co. operation News

managem Securities Ltd.Daily and

ent

http//.www.c

ninfo.com.cn

.(Announce

ment No.:

The

Qianfeng

500MW

Fishery and

Photovoltaic

Complement

ary Power

Zhuhai

Photovolt Generation

Yudean New Newly Self Long- Not

aic power 2740000 100% No Electric Project in -21264 No

Energy Co. established fund term applicable

generation Pingsha

Ltd.Town

Jinwan

District

Zhuhai City

is

progressing

properly

Guangdong

Yudean

Power

Technology Capital Self Long- In normal Not

Generatio 80000000 100% No Electric 602431 No

Engineering Increased fund term operation applicable

n services

Management

Co. Ltd.

4159800

Total -- -- -- -- -- -- -- -- 664116803 -- -- --

000

423.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

Mode

of Changes in Cumulative Purchase

Stock Initial Book value Book value balance

Security Security account fair value of fair value amount in Sale amount in Accounting Source of the

Abbrevia- investment balance at the at the end of the

category code ing the this changes in the this the this period items shares

tion: cost beginning reporting period

measure period equity period

ment

Other equity

Domestic and Sunshine 10230000

HK6963 356000000 FVM 1695703802 -316703800 1379000002 instrument Self funds

foreign stocks insurance 02

Investment

Other equity

Domestic and Shenergy 12067905

600642 235837988 FVM 304872052 51644992 356517044 instrument Self funds

foreign stocks 6

Investment

Other equity

Domestic and Shenzhen

000027 15890628 FVM 96163200 1360800 81633372 97524000 instrument Self funds

foreign stocks Energy

Investment

Other equity

Domestic and

831039 NEEQ 3600000 FVM 8532000 7974000 12906000 16506000 instrument Self funds

foreign stocks

Investment

12382184

Total 611328616 -- 2105271054 -255724008 0 0 1849547046 -- --

30

43（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

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

Company Company Sectors Registered Operating

Total assets Net assets Turnover Net Profit

Name type engaged in capital profit

Power

Zhanjiang generation

Electric Subsidiary and power 2875440000 3963749536 3586287525 2632129542 180364166 200754158

Power station

construction

Guangdong

Power

Yudean

generation

Jinghai

Subsidiary and power 2919272000 8997481222 2976553763 7515001585 486540996 344929223

Power

station

Generation

construction

Co. Ltd.Power

generation

Bohe

and power

Energy Subsidiary 3118000000 8974151061 2035464355 4341202832 502990681 515000223

station

Company

constructio

n

Power

Wind Power

Generation Subsidiary generation 9700881364 58526086094 16028907433 2926077478 379344924 360484856

Company and power

station

44constructio

n

Power

Lincang generation

Yudean and power

Subsidiary 459790000 536533508 -525424730 74112332 -593371947 -593492768

Energy Co. station

Ltd. constructio

n

Power

Shenzhen generation

Guangqian and power

Subsidiary 1030292500 2234608179 2077411754 1894249504 516890617 392420390

Electric Co. station

Ltd. constructio

n

Power

Red Bay

generation

Power

Subsidiary and power 2749750000 6263640495 2799425021 5778506230 382909806 225744533

Generation

station

Company

constructio

Guangdong Power

Huizhou generation

Pinghai and power

Subsidiary 1370000000 4406014378 2600857158 5629394497 1037793392 773612843

Power station

Generation constructio

Co. Ltd. n

Power

generation

Huizhou

and power

Natural Gas Subsidiary 1499347500 3089874940 2427821180 4819681306 668624419 507919146

station

Company

constructio

n.Power

generation

Shajiao C and power

Subsidiary 2500000000 5290761231 1341969462 5698990816 -385845463 -454877765

Company station

constructio

n

Power

Guangdong

generation

Yuehua

and power

Power Subsidiary 1164714000 4156662087 629976728 1391427698 -288272298 -288929795

station

Generation

constructio

Co. Ltd.n

Power

Tumushuke generation

Thermal and power

Subsidiary 1006523900 2555977303 324964637 905308707 -191804644 -182606594

power Co. station

Ltd. constructio

n.Investment

in electric

Shanxi

power

Yudean Shareing

mining 1620749000 11480121047 8860695147 245492971 1151343435 1163153949

Energy Co. Company

new energy

Ltd.and other

projects

Guoneng Sharing Investment 4669500000 12924774707 9949433538 12708122816 1960377174 1220438041

Yudean Company in electric

45Taishan power

Power mining

Generation new energy

Co. Ltd. and other

projects

Guangdong

Cosco

Yudean Sharing

cargo 2465800000 1436580389 318402921 1299318868 -401967040 -475220240

Shipping Company

transport

Co. Ltd.Acquirement and disposal of subsidiaries in the Reporting period

√ Applicable □ Not applicable

Way of acquiring and disposing of

Impact on the whole producing

Company name subsidiary corporations within the

operation and performance

reporting period

During the reporting period

150MW agriculture and

Zhonggong Energy

Purchase photovoltaic complementary new

Technology(Maoming) Co. Ltd.energy photovoltaic power station

project is under construction

During the reporting period

Guangdong Energy Group Xinjiang Co. Guangyuan New Energy Project is

Invested

Ltd. in the preliminary stage and the

construction is not commenced.During the reporting period The

Tumushuke Yudean Changhe New

Invested 400000 kW photovoltaic project of

Energy Co. lTD.

42 groups is in its preparatory stage.

During the reporting period

Gaozhou Yudean Smart New

Gaozhou Yudean Intelligence New

Invested Energy Project is in its preliminary

Energy Co. Ltd.stage and has not started

construction.During the reporting period Yunfu

Yunfu Yudean Zhenneng New Energy Jinshenglan Distributed

Invested

Co. Ltd. Photovoltaic Power Generation

Project is under construction

During the reporting period the

Qianfeng 500MW fishery and

photovoltaic complementary power

Zhuhai Yudean New Energy Co. Ltd. Invested

generation project in Pingsha Town

Jinwan District Zhuhai City is

under construction

It has no significant impact on the

Guangdong Yudean Baihua Energy Co.Liquidation and cancellation Company's existing business and

Ltd.operating performance.Note

(1) During the reporting period mainly due to the increase in operating income and the decline in coal

market prices the profitability of the Company's subordinatethermal power plants and the

shareholding company Taishan Power Plant recovered and the operating performance increased YOY;

(2) Affected by the decline in coal prices the Company's investment income in Shanxi energy

decreased YOY.

46(3) Affected by the current international economy and domestic and foreign trade market environment

the shipping company suffered a year-on-year decline and asset impairment and the Company's

investment income in the shipping company declined year-on-year;

(4) Due to the changes in the relationship between supply and demand of biomass resources and the

rise in fuel prices the biomass company a subsidiary of Shajiao C Company suffered losses and asset

impairment resulting in a year-on-year decline in the operating performance of Shajiao C Company.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

In June 2023 the Blue Book of New Power System Development issued by the National Energy

Administration determined the "three-step" development path of new power system construction

namely accelerated transformation period (present-2023) consolidation and improvement period

(2045 -2060) and consolidation and improvement period (2045 -2060). During the accelerated

transformation period (present-2023) it will improve the adjustable and controllable ability of new

energy as well as its reliable substitution ability; During the consolidation and improvement period

(2045 -2060) new energy will become the main power supply of the system to achieve low-carbon

transformation slow down the growth rate of hydropower and further expand the installed scale of

nuclear power by relying on clean and low-carbon technologies such as coal-fired coupled biomass

power generation CCUS and upgrading and reducing carbon combustion; During the consolidation

and improvement period (2045 -2060) new energy will gradually become the main power source of

power generation structure to promote the deep integration and utilization of secondary energy such

as electric energy and hydrogen energy. To sum up the future development of the thermal power

industry will focus on promoting the development of large-capacity high-parameter advanced

energy-saving coal-fired power clean gas-fired power and new energy in order to optimize the

overall power supply structure improve the power quality and efficiency by enhancing the strength of

technical R&D adopt active marketing strategies strive for more favorable electricity quantity and

electricity price and reduce costs through refined management.(II) Corporate development strategy

In the future it will focus on energy production and supply with consideration of comprehensive

energy services centered by the goals of carbon peaking and carbon neutralization. Based on

Guangdong and targeted at the whole country it will implement the "1+2+3+X" strategy- to build a

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

strengthen the coal power gas power and biomass power generation business and vigorously develop

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

leap-forward development of new energy; Grasp the window phase of thermal power development

and accelerate the development and construction of key projects; Explore the distribution of multi-

energy joint supply project of "integration of source network load and storage" promote the

integrated development of "integration of wind light and fire hydrogen storage" and build an

ecological and civilized power generation enterprise.(III) Production and operation plans

47In 2024 the budgeted target value of the Company's consolidated statement-caliber feed-in electricity

was 122.315 billion kWh representing a year-on-year increase of 8.313 billion kWh compared with

the actual completed feed-in electricity of 114.002 billion kWh in 2023; the budgeted target value of

the revenue from main business was 56.919 billion yuan representing a decrease of 2.377 billion yuan

compared with the actual revenue from main business of 59.296 billion yuan in 2023; According to

the actual progress of the power supply project combined with the milestone nodes of the project the

company plans to invest 24.007 billion yuan in 2024 of which the capital contribution part is about

2.871 billion yuan which is mainly used for thermal power new energy technological transformation

and scientific and technological development capital injection of holding shares acquisition projects

etc..(Note: The above production and operation plan does not represent the Company's profit forecast for

the year 2024 and whether it can be realized depends on a variety of factors such as changes in the

power market and the conditions of the coal and natural gas markets etc. which are subject to

considerable uncertainty so investors are advised to pay special attention to it.)(IV) Possible risks and

countermeasures

(IV) Possible risks and countermeasures

1. Work safety risk

As extreme weather events are becoming increasingly frequent which causes certain adverse effects

to the normal production and operation of enterprises the Company needs to further strengthen the

prevention of natural disasters; some thermal power units in the Company have been running for a

long time with problems such as decline of efficiency level aging of equipment and decline of

operation safety and reliability and some contractors have insufficient safety awareness and

inadequate safety management.Countermeasures: First pay close attention to rain and flood and well ensure flood control and

typhoon prevention; Second strengthen equipment maintenance and operation management earnestly

carry out overhaul & maintenance operation management and technical supervision improve the

equipment management system well ensure elimination of equipment defects and improve the

reliability of unit equipment; Third strictly manage contractors well control the "access" resolutely

put an end to illegitimate subcontracting and illegal subcontracting strengthen the safety education

and training of contractors and continuously improve the safety management of contractors.

2. Competition in the electricity market is becoming increasingly fierce

With the acceleration of the construction of a unified national electricity market and the increasing

proportion of electricity traded in the market the Guangdong Provincial Development and Reform

Commission issued the Notice on Relevant Matters Concerning the Electricity Price Mechanism of

Coal-fired and Gas-fired Power Capacity in Guangdong Province (hereinafter referred to as the

Notice). The Notice proposed that while implementing the national electricity price mechanism of

coal-fired power capacity the electricity price mechanism of gas-fired power capacity should be

implemented simultaneously in combination with the actual situation in Guangdong Province and with

reference to the electricity price mechanism of coal-fired power capacity. The introduction of capacity

price in Guangdong province will affect the market behavior of competitors and the spot market

quotation strategy will be more radical driving the price of electricity to continue to decline.Considering the policy expectation of gradually increasing the recovery ratio of coal-fired power unit

cost the intertemporal behavior adjustment of the unit will be more complicated. In the meantime

with the continuously intensified cross-regional diversified competition the surge in the number of

market players the expansion of the floating range of thermal power prices the continuous growth of

48market transaction scale and the diversification of transaction methods since the power reform it will

not only create a broader market space for the Company but also bring about further increase in the

competition intensity among power enterprises.Countermeasures: First fully expand the market. Strengthen the management of power generation

process optimize the operation mode of units ensure that all kinds of power contracts of thermal

power units are implemented in place and new energy units are frequently and fully generated and

strive to achieve the Company's annual power target. Second strengthen the research and judgment of

the electricity market dynamically optimize the market competition strategy continuously improve

and strengthen the construction of the electricity marketing system strive for the electricity price of

market-oriented transactions to be higher than the market average level further improve the

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

strategies. Third focus on cost control. Firmly adhere to the principle of "frugality" strictly control

general management expenses and unproductive expenses strive to control power generation costs

and operating costs and improve the Company's market competitiveness.

3. Adjustment risk of power supply structure

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 2023 the holding

installed capacity of the Company's coal-fired power accounted for 61.91% which was high with

greater transformation pressure of clean and low-carbon power supply.Countermeasures: First steadily promote the transformation and upgrading of power supply structure

strive to achieve greater breakthroughs in structural adjustment accelerate the progress of key energy

projects solidly promote Daya Bay Comprehensive Energy Station Xinjiang Shache Photovoltaic

Project Yunfu Natural Gas Cogeneration Project Yangjiang Qingzhou Offshore Wind Power Project

etc. and ensure that the project investment and construction plans are completed as scheduled. Second

continue to enrich the reserves of new energy projects actively explore the development space of new

energy in other provinces and regions in China and increase the development of new energy in

Xinjiang Hebei Guangxi and other regions. Third deeply explore the distributed energy supply of

cold heat electricity and gas as well as the infrastructure construction such as electricity exchange

charging piles and energy storage as well as the development and utilization of hydrogen energy.Fourthly continuously optimize the management of carbon assets make full use of internal and

external resources strengthen the management of carbon emission data and management of carbon

asset operation promote energy conservation and carbon reduction and realize the increment and

profit of carbon assets.XII.Particulars about researches visits and interviews received in this reporting period

√ Applicable □Not applicable

Main contents

Receptio Place of Way of Types of discussed and

Visitors received Basic index

n time reception reception visitors information

provided

January Meeting Huaxia Fund Guosen Please refer to the For details please refer to

172023 room of SecuritiesCaitong investor activity the "Record Form of Inve

the Other Organization FundGuotai Junan record form for stor Relations Activities o

January

Company Southern fund details of the f Guangdong Electric Pow

182023

Online Penghua Fund Xinda discussion. No er Development Co. Ltd."

49research Securities information is disclosed by the interactiv

provided by the e platform （2023001）

Company

Please refer to the

For details please refer to

Meeting investor activity

the "Record Form of Inve

room of record form for

Tianfeng Securities stor Relations Activities o

January the details of the

Other Organization Taikang Asset Boshi f Guangdong Electric Pow

292023 Company discussion. No

Fund er Development Co. Ltd."

Online information is

disclosed by the interactiv

research provided by the

e platform （2023002）

Company

CCB Principal Asset

Management Mirae

AssetCMB Wealth

ManagementChangjia

ng PensionAlluvium

Asset Guotai Fund

Please refer to the

ZOOMTREND For details please refer to

investor activity

InvestmentGuorong the "Record Form of Inve

Meeting record form for

Securities Fullgoal stor Relations Activities o

February room of Field details of the

Organization FundHony Horizon f Guangdong Electric Pow

82023 the research discussion. No

FundTianhong Fund er Development Co. Ltd."

Company information is

Guosheng Securities disclosed by the interactiv

provided by the

CCB Wealth e platform （2023003）

Company

Management

GALAXY Fund

Foresea Life

InsuranceBocom

SchrodersGuohai

Securities

Bank of Beling Please refer to the

For details please refer to

Scotiabank Asset investor activity

the "Record Form of Inve

Meeting Management Co. record form for

stor Relations Activities o

February room of Field Ltd.Huaxia Fund details of the

Organization f Guangdong Electric Pow

142023 the research Galaxy discussion. No

er Development Co. Ltd."

Company SecuritiesCICC Xi information is

disclosed by the interactiv

yue assets Huaxi provided by the

e platform （2023004）

Securities Company

Guolian Securities

Guotai Junan

Please refer to the

Securities Huachuang For details please refer to

investor activity

SecuritiesMinsen the "Record Form of Inve

Meeting record form for

Investment E stor Relations Activities o

February room of Field details of the

Organization fundXiangcai Fund f Guangdong Electric Pow

212023 the research discussion. No

Huatai Asset er Development Co. Ltd."

Company information is

Management Yuanshi disclosed by the interactiv

provided by the

Investment Kunyi e platform （2023005）

Company

Asset Fande

Investment

Orient Fund China

FundCITIC Please refer to the

proprietary CITIC For details please refer toinvestor activity

Asset Management the "Record Form of Inverecord form for

China Re Asset stor Relations Activities oApril Online details of the

Other Organization Management Bank of f Guangdong Electric Pow

132023 research discussion. No

Beling Scotiabank er Development Co. Ltd."

information is

Asset Management disclosed by the interactiv

provided by the

Zhongrong Xinhui e platform （2023006）

Company

InvestmentChina Post

Fund PICC Fund

50Cinda Fund Industrial

securities

proprietary，ChinaEverwin

AssetHuabao

FundTongtai Fund

Jiashi Fund China

Life AMP Asset

ManagementChina

life asset

Management China

life fundDajia Asset

managementCCB

Trust CCB

FundCIGNA

CMBFounder Fubon

Fund Manulife fund

AXA SPDB

Investment

ManagersHaitong

Asset Management

Yuanfeng Fund

Yimin Fund Caitong

Fund Yunzhou

Investment Xinyuan

Fund Yinhua Fund

Changjiang

proprietary

Please refer to the

For details please refer to

Online Investors who investor activity

the "Record Form of Inve

platform participated in the record form for

The stor Relations Activities o

April for Company's details of the

panorami Other f Guangdong Electric Pow

202023 online performance briefing discussion. No

c network er Development Co. Ltd."

communi through the panoramic information is

disclosed by the interactiv

cation network platfo provided by the

e platform （2023007）

Company

TF SecuritiesPICC

Please refer to the

AssetZhonghai For details please refer to

investor activity

FundSES MU Fund the "Record Form of Inve

Meeting record form for

Managment Western stor Relations Activities o

April room of Field details of the

Organization Leadbank f Guangdong Electric Pow

262023 the research discussion. No

FMCBaoyng Fund er Development Co. Ltd."

Company information is

Maxwealth Fund disclosed by the interactiv

provided by the

Haifutong Fund Boshi e platform （2023008）

Company

Fund China Taiping

Please refer to the

For details please refer to

investor activity

the "Record Form of Inve

Meeting record form for

stor Relations Activities o

May room of Field China Merchants fund details of the

Organization f Guangdong Electric Pow

222023 the research Huatai Fund discussion. No

er Development Co. Ltd."

Company information is

disclosed by the interactiv

provided by the

e platform （2023009）

Company

May Haitong Please refer to the For details please refer to

302023 SecuritiesMaxwealth investor activity the "Record Form of InveMeeting

May 31 room of Field FundIndustry record form for

stor Relations Activities o

2023 Organization SecuritiesGALALAX details of the f Guangdong Electric Powthe research

June 1 Y Fund Zheshang discussion. No er Development Co. Ltd."

Company

2023 proprietaryCMS information is disclosed by the interactiv

June 5 SecuritiesChina Life provided by the e platform （2023010）

512023 Pension Changjiang Company

Securities Jingshun

Great wall FundHome

Capital Huaxi

Securities

GITHUB Xinda

SecuritiesNortheast

ElectricShenwan

Hongyuan Securities

E Fund Southern

Fund Guangfa Fund

China Life Pension

Luojia Fangyuan

Please refer to the

Yinhua Fund Life For details please refer to

investor activity

assetsCS Richland the "Record Form of Inve

Meeting record form for

Asset stor Relations Activities o

July 18 room of Field details of the

Organization MAXWEALTH f Guangdong Electric Pow

2023 the research discussion. No

Fund Guojun Asset er Development Co. Ltd."

Company information is

ManagementCGS disclosed by the interactiv

provided by the

Dongfanghong asset e platform （2023011）

Company

managementRongton

g Fund China

Everwin Asset

Hongdao Investment

Lord Abbett China

Asset Management

Xuanyuan Investment

Gousheng Securities

Xinda Securuties

Dacheng Fund

Guolian Securities

Haitong Securities

Alluvium Asset Loyal

Valley Capital Peng

Shi investmentBOSC

Asset Donghai

FundsPICC Asset

management

Zhonghai Fund

Industry Fund ABC-

Meeting CA Fund

room of Management Huabao Please refer to the For details please refer to

the investor activity

Fund the "Record Form of Inve

Septembe Company record form for

Mirae Asset Huaneng stor Relations Activities or 52023 No.1388 details of the

Other Organization Guicheng Trust f Guangdong Electric Pow

Septembe Huamu discussion. No

Tuotai Fund GTS er Development Co. Ltd."

r 7 2023 Road information is

Fund Allianz disclosed by the interactiv

Pudong provided by the

New area Shanxi Securities

e platform （2023012）

Company

Shanghai Fenggang Asset

Zhuque Fund

Maxwealth Fund

China Universal Asset

Management First-

Trust Fund

Management

Haifutong Fund

Haitong Asset

Purekind Fund

Wwstern Leadbank

FMCCaitong Fund

Caitong Securities

52Daoming Asset

Management

Goldstate Capital

FMC

Xinyuan

FundBlackrockGolde

n Pine FundHimalaya

CapitalPinPoint

Group

Huirongcheng Private

Please refer to the

Fund Guangfa For details please refer to

7/F investor activity

Securities and the "Record Form of Inve

Sheraton record form for

Investors who stor Relations Activities o

August Hotel details of the

Other Other participated in the f Guangdong Electric Pow

192023 The discussion. No

Company's er Development Co. Ltd."

panorami information is

performance briefing disclosed by the interactiv

c network provided by the

through the panoramic e platform （2023013）

Company

network platfo

CMS Shenwan

Hongyuan

Changjiang Securities

CMS Fund Jingan Please refer to the

For details please refer to

Investment Ege fund investor activity

the "Record Form of Inve

Meeting Huaxin proprietary record form for

stor Relations Activities o

Novembe room of Field Guafa Fund Xinhua details of the

Organization f Guangdong Electric Pow

r 22023 the research Asset discussion. No

er Development Co. Ltd."

Company China Everwin Asset information is disclosed by the interactiv

Huaneng TrustJinying provided by the e platform （2023014）

Fund Zhuque Fund Company

PICC Asset Loyal

Valley Capital Pingan

Securites

Maxwealth Fund

Guangfa Fund Fuguo

Fund Pingan Asset

Dacheng Fund

Huashang Fund

Huaxia Fund

Minsheng Royal Fund Please refer to the

Guotai Fund Yuanshi For details please refer toinvestor activity

Guangzho Investment Guangfa the "Record Form of Inverecord form for

u

Novembe Securities Fangying

stor Relations Activities o

details of the

Shangri- Other Organization

r 222023 Investment

f Guangdong Electric Pow

discussion. No

La Grand er Development Co. Ltd."CAF UBS SDIC information is

Hotel disclosed by the interactivZhuque Inestment provided by the

e platform （2023015）

China Fund Company

Yuancheng

Investment

Bank of Beling

Scotiabank Asset

Management Zezheng

Private

53XIII. 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

54IV. Corporate Governance

I. General situation

In strict accordance with the requirements of the Company Law the Securities Law the Guidelines

for the Governance of Listed Companies the Listing Rules for Stocks of Shenzhen Stock Exchange

and the Guidelines for Self-discipline Supervision of Listed Companies in Shenzhen Stock Exchange

No.1-Standard Operation of Listed Companies on Main Board the Company has continuously

improved its legal person governance structure standardized its operation and improved its corporate

governance level. The Company has formulated systems such as the Articles of Association the rules

of procedure for the operation of the three boards the working rules of special committees of the

Board of Directors and the working system of independent directors.In 2023 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 5 on-site meetings and 4 communication meetings and completed the

examination and approval of 65 proposals of the Board of Directors including regular reports internal

control evaluation comprehensive risk management profit distribution plan major investment and

financing major related party transactions etc. all of which were passed and effectively implemented.The Board of Directors also convened 3 general meeting of shareholders and all 19 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 112 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 separat ion of organization and financial independence between controlling shareholder. And it

has a complete business and operations management ability. 1. Separation of operation: the Company

is principally engaged in the electricity generation and sales to Guangdong Electric Power Holding

Co.(“GPHC”) directly. The Company has subcontracted the subsidiary of Yudean the holding

company to purchase the fuels which is solely for the purpose of better utilization of large-scale

purchase and cost control. 2. Separation of human resource: the General Manager and all his

subordinates Secretary to the Board of Directors Financial Manager are paid by the Company and

take no position in the holding company. 3. Separation of assets: the Company has independent

production system supporting system and other facilities. The Company owns its intangible assets

such as intellectual property rights trademarks and non-patent technology; 4. Separation of

organization: the 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

55own operation.

III. Competition situations of the industry

√Applicable □ Not Applicable

Types of Property of Time Schedule

Name of the

Problem relationship the of Works and

Controlling Problems and Causes Countermeasures

Types with listed Controlling Follow-up

Shareholders

companies Shareholders Program

Energy Group was On January 3 Our company

established when 2018 the will actively

Guangdong company fulfill the

Provincial disclosed trusteeship and

Government took Announcement responsibilities

the lead in the on Controlling according to theimplementation of Shareholders' “Equitythe “plant and Commitment to Custodynetwork Perform Related Agreement”separation” power Matters (public and participate

system reform in notice No.: 2018- in the

China and was 01); on January management

separated and 13 2018 the and decision-

formed from company making and

Guangdong disclosed inspection and

Provincial Power Announcement supervision of

Group of Related the custody

Corporation. It is Transactions on target. The

the largest and the "Equity company will

most powerful Custody cooperate with

power generation Agreement" Energy Group

enterprise in signed with to push forward

Guangdong Guangdong the defect

Horizontal Guangdong Province. Yudean Energy Group rectification of

Controlling Local Power is the only Co. Ltd. (public the underlying

competitio Energy Group

shareholder SASAC

ns Co. Ltd. listed company notice No.: 2018- assets study

under the Energy 04). In order to the rectification

Group and is avoid and solution to

engaged in power competition in the defects and

production the same industry obstacles in the

business. At and to fulfill the relevant assets

present Energy relevant that do not

Group still has horizontal meet the listing

some remaining competition conditions

power generation commitments promote

assets that have not Energy Group relevant

been included in has signed the rectification

Yudean Power Entrusted work from the

temporarily. Management aspects of

Considering the Agreement with improving

situation of these the company and project

power generation all the approval or

assets it is shareholders' approval

temporarily not in rights other than procedures

line with the listing the ownership clarifying land

conditions and it income and and property

is difficult to solve disposal rights of ownership

these problems in the company that enhancing asset

the short term. temporarily fails profitability

Therefore there is to meet the and

56a certain degree of listing conditions implementing

horizontal in the company's legal

competition. custody area of compliance.the Energy Group For custody

are escrowed to assets that meet

our company. the listing

conditions in

the future

Energy Group

will in

accordance

with the unified

deployment of

the Guangdong

Provincial

Party

Committee and

the provincial

government

and the overall

requirements

for the reform

of state-owned

enterprises

actively create

conditions for

the injection

into listed

companies in

accordance

with the status

of the assets

under custody

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

Sessions Type Meeting Date Disclosure date Disclosure index

participation ratio

Announcement

No.:2023-10).Published in

The first

provisional Provisional

China Securities

shareholders’ shareholders’ 73.93% March 92023 March 102023

Daily Securities

Times Shanghai

General meeting in General Meeting

2023 Securities News

Securities Daily and

http//.www.cninfo.co

m.cn

57Announcement

No.:2023-28).Published in

2022 Annual China Securities

Daily Securities

Shareholders’ Shareholders’ 74.04% April 212023 April 222023

Times Shanghai

general meeting General Meeting

Securities News

Securities Daily and

http//.www.cninfo.co

m.cn

Announcement

No.:2023-47).Published in

Second

Provisional Provisional

China Securities

September September Daily Securities

Shareholders’ shareholders’ 73.61%

152023162022

general meeting of General Meeting Times Shanghai

2023 Securities News

Securities Daily and

http//.www.cninfo.co

m.cn

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

□ Applicable √Not applicable

V. Information about Directors Supervisors and Senior Executives

1.Basic situation

Share Amount Amount Number Reasons

s held of shares of shares of shares for

Starting Expiry at the increased decrease held at increase

Office

Name Sex Age Positions date of date of year- at the d at the the end or

status

tenure tenure begin reporting reporting of the decreas

(share period period(sh period(s e of

) (share) are) hares) shares

Feb

Zheng Board

Male 55 In office 20202

Yunpeng chairman

3

Deputy Jan

Liang Chao Male 54 Board In office 19202

Chairman 4

Aug

Li Fangji Male 56 Director In office

22021

Aug

Li Baobing Male 49 Director In office

22021

Apr

He Ruxin Male 47 Director In office 21202

3

Chen Employee Aug

Male 48 In office

Yanzhi director 22021

Mao Aug

Male 49 Director In office

Qinghan 22021

Ma Independe Aug

Male 59 In office

Xiaoqian nt director 22021

Sep

Zhang Independe

Female 58 In office 16202

Hanyu nt director

2

58Septem

Wu Independe ber

Male 48 In office

Zhanchi nt director 16202

2

Sep

Independe

Cai Guowei Male 44 In office 16202

nt director

2

Chairman

of the

Zhou Superviso Aug

Male 51 In office

Zhijian ry 22021

Committe

e

Employee Aug Feb

Li Ruiming Male 60 In office

supervisor 22021 232024

Feb

Employee

Xu Ang Male 56 In office 23202

supervisor

4

Superviso Aug

Shi Yan Female 46 In office

r 22021

Employee Aug

Li Qing Male 46 In office

supervisor 22021

Independe

Aug

Sha Qilin Male 63 nt In office

22021

supervisor

Apr

Guo Deputy

Male 49 In office 27202

Yongxiong GM

1

Deputy

GM Aug

Liu Wei Male 44 In office

Finance 22021

manager

Board Aug

Liu Wei Male 44 In office

secretary 22021

Feb

General

Qin Xiao Female 40 In office 20202

Counsel

3

Board Aug Feb

Wang Jin Male 60 Dimission 0 2000 0 2000

chairman 22021 202023

Zheng General Aug Dec

Male 55 Dimission

Yunpeng Manager 22021 292023

May

Mar

Li Xiaoqing Female 52 Director Dimission 20

162023

2022

Employee Aug Feb

Li Ruiming Male 60 Dimission

supervisor 22021 232024

Total -- -- -- -- -- -- 0 2000 0 2000 --

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

tenure during the Reporting Period

√Yes □ No

1. As reached the statutory retirement age Mr. Wang Jin no longer continues to serve as the chairman

of the Company and no longer holds any position in the Company and its subsidiaries after leaving

59office;

2. Due to work change Ms. Li Xiaoqing no longer serves as a director of the Company and no longer

holds any position in the Company and its subsidiaries after leaving office;

3. Due to work adjustment Mr. Zheng Yunpeng no longer serves as the general manager of the

Company but still continues to serve as the Chairman directorspecial committee of the board of

directors of the Companyand corresponding positions of subordinate units.As has reached the statutory retirement age Mr. Li Ruiming no longer holds the post of employee

supervisor of the Company and will no longer hold any post of the Company and its subsidiaries after

leaving office.Changes of directors supervisors and senior executives

√ Applicable □ Not applicable

Name Positions Types Date Reason

Zheng Yunpeng Board chairman Elected February 202023

He Ruxin Director Elected April 212023

Deputy Board

Liang Chao Elected December 292023

Chairman

Qin Xiao General Counsel Appoint February 202023

Wang Jin Board chairman Dimission February 202023 Retire

Li Xiaoqing Director Dimission March 162023 Job changes

Zheng Yunpeng General Manager Dimission December 292023 Job changes

Xu Aang Employee supervisor Elected February 232024

Li Ruiming Employee supervisor Dimission February 232024 Retire

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. Liang Chao born in June 1969 senior engineer holds a bachelor's degree in engineering from

Shanghai Jiao Tong University and a master's degree in business administration from Jinan University.He is currently the Deputy Secretary of the Party Committee Vice Chairman and General Manager of

Guangdong Electric Power Development Co. Ltd. He used to be the supervisor of the heat engine

60section of the maintenance department the section chiefof the power generation business section of

the production and maintenance department the minister of the maintenance department the minister

and the secretary of the party branchof the equipment management department the minister of the

production and operation departmentof Huangpu Power Plant the deputy general manager of

Guangdong Yuedian Western Holdings Investment Co. Ltd. (Concurrently severed as deputy general

manager of Yueqian Company) concurrently severed as the deputy general manager of Yuedian

Group Guizhou Co. Ltd. and concurrently severed as the general manager of Guizhou Yuewang

Integrated Energy Co. Ltd. Moreover he served as the general manager and secretary of the Party

Committee of Guizhou Yueqian Electric Power Co. Ltd. and the deputy secretary of the Party

Committee general manager and factory director of Guangdong Yuehua Power Generation Co. Ltd.Mr. Li Fangji born in November 1967 is a senior engineer. He holds a bachelor degree from Beijing

Institute of Water Resources and Electric Power Economics and Management and a master degree in

engineering from Tianjin University. He currently serves as Deputy Chief Engineer of Guangdong

Energy Group Co. Ltd. and concurrently serves as Minister of Strategy Development Department and

Secretary of Party Branch of Energy Group Corporation. He had served as Engineer of Shenzhen

Energy Corporation Assistant to General Manager and Deputy General Manager of Shenzhen

Qianwan Electric Power Development Co. Ltd. Assistant to General Manager Chairman of the

Labor Union Deputy General Manager General Manager and Secretary of the Party Committee of

Shenzhen Guangqian Electric Power Co. Ltd. Secretary of Party Committee and General Manager of

Guangdong Yudean Jinghai Power Generation Co. Ltd.，Minister of strategy Development Dept andparty branch secretary of Energy Group.Ms. Li Xiaoqing born in September 1971 graduated from Chongqing University with a master'

s degree and is a senior economist. She once served as secretary and manager assistant in the general

manager office of Guangdong Electric Power Development Co. Ltd. secretary of the board of directo

rs and manager of the board affairs department deputy general manager and concurrently served as g

eneral manager of Guangdong Yudean Financial Leasing Co. Ltd. secretary of the party branch of G

uangdong Yudean Financial Leasing Co. Ltd. General Manager Secretary and Chairman of the Party

Branch of Guangdong Energy Group Finance Co. Ltd. Secretary of the Party Branch of the Headquar

ters Secretary of the Board of Directors of Guangdong Energy Group Co. Ltd. Secretary of the Party

Branch and General Manager of the Legal Affairs and Capital Operations Department Director of the

Office of the Board of Directors Guangdong Electric Power Director of Development Co. Ltd.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 Secretaryof the Party Branch of Finance Department of Guangdong Energy Group Co. Ltd.Mr. He Ruxin born in July 1976 holds a bachelor's degree in law from Fudan University a master's

degree in business administration from South China University of Technology and is a senior

economist. He is currently the Deputy General Counsel and Deputy General Manager of the Legal

Practice and Capital Operation Department of Guangdong Energy Group Co. Ltd. He used to be the

specialist and office secretary of the personnel section of Shanwei Electric Power Industry Bureau

and the deputy director and legal affairs supervisor of the office of Shanwei Power Supply Branch

ofGuangdong PowerGrid Group; Specialist and Head of Comprehensive Department of Shanwei

Power Plant Preparation Group; Minister of the Comprehensive Department and Human Resources

Department of Guangdong Red Bay Power Generation Co. Ltd. Minister of the Comprehensive

61Department and Secretary of the Board of Directors Minister of the Human Resources Department

and Secretary of the Board of Directors Minister of the Production and Operation Department of

Guangdong Red Bay Power Generation Co. Ltd. and served as the Manager of the Board of

Directors Work Division Manager of the Capital Operation Division Deputy Minister of the 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. Mao Qinghan born in October 1974 Bachelor of Hunan University and Master of Engineering

from South China University of Technology. Engineer. He once served as the secretary and director of

the party branch of Xicun Thermal Power Plant in Guangzhou power plant the deputy general

manager of Guangzhou Power Plant the secretary of the party branch of Guangzhou Power Plant Co.Ltd. the secretary and general manager of the party branch of Guangzhou Wanglong Thermal Power

Co. Ltd. the safety director and general manager of the Health and Safety Management Department

of Guangzhou Development Group Co. Ltd. and the secretary and general manager of the Party

Committee of Guangzhou Development Power Group Co. Ltd.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.Ms. Zhang Hanyu was born in January 1965 with a Doctor of Philosophy from Renmin University of

China. She is currently the vice chairman of Shenzhen Hualing Derui Equity Investment Fund

Management Company and concurrently holds an independent director of JSTI Group Co. Ltd. She

used to serve asLecturer at 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 the chief expert of major projects of the

62National Social Science Foundation as well as 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 Forum the member of the Youth Committee of the China Optimal Law

Coordination Law and Economic Mathematics Research Association the consultant expert of the

Guangzhou and Huizhou Municipal Governments and the evaluation expert of the National Natural

Science Foundation of China and the National Social Science Fund . He used to be the assistant dean

and vice dean of Lingnan College of Sun Yat-Sen University.Mr. Zhou Zhijian was born in October 1972 with bachelor of Economics from Zhongnan University

of Finance and Economics and Master of Business Administration from Jinan University and he is

senior accountant. He is currently the Chief Auditor General Manager and Secretary of the Party

Branch of the Audit Department of Guangdong Energy Group Co. Ltd. He served as Manager of the

Asset Operation Division of the Strategic Development Department of Guangdong Yudean Asset

Management Co. Ltd Deputy Minister of the Finance Department of Guangdong Yudean Asset

Management Co. Ltd Deputy Minister and Minister of the Finance Department of Guangdong

Yudean Group Co. Ltd and Deputy Secretary and General Manager of the General Party Branch of

Guangdong Energy Group Finance Co. Ltd.Mr. Xu Ang born in June 1967 graduated from the Correspondence College of the Party School of

the Central Committee of CPC with a bachelor's degree senior political engineer. He is currently the

Deputy Secretary of the Party Committee and Secretary of Committee for Discipline Inspection of

Guangdong Electric Power Development Co. Ltd. He used to be the organization director secretary

of the party committee secretary of the first party branch head of the party committee office

secretary of the party branch deputy secretary of the party committee secretary of committee for

discipline inspection and chairman of the trade union of Shaoguan Power Plant. deputy secretary of

the party committee secretary of committee for discipline inspection and chairman of the trade union

of Guangdong Jinghai Power Generation Co. Ltd. and deputy secretary of the party committee

secretary of committee for discipline inspection and chairman of the trade union of Guangdong Red

Bay Power Generation Co. Ltd.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. 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.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. Guo Yongxiong born in January 1974 Bachelor of Engineering from Hehai University Master

63of 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.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 Energy

Li Fangji Operating April 2018 Yes

Group Co. Ltd. Management

Dept and Secretary

of Party Branch

Vice Chief

accountant

General Manager

Guangdong Energy

Li Baobing of the Finance September 2019 Yes

Group Co. Ltd.Department and

Secretary of the

Party Branch

General Auditor

Guangdong Energy General Manager

Zhou Zhijian of the Audit January 2021 Yes

Group Co. Ltd.Department

secretary of Party

64Branch

Deputy General

Guangdong Energy legal practice and

He Ruxin February 2022 Yes

Group Co. Ltd. capital operation

Dept

Guangdong Energy Deputy GM of

Shi Yan June 2020 Yes

Group Co. Ltd. Finance Dept

Guangzhou

Assistant general

Mao Qinghan Development Group July 2021 No

manager

Co. Ltd.Notes to post- Where there are more than one post the starting time of appointment shall be the starting time of the main

holding in

post.shareholder’s

unit

Offices taken in other organizations

√Applicable □Not applicable

Drawing

Start date of office End date of office remuneration and

Name Other unit Title

term term allowance from of

other unit(Y/N)

Guangdong

Energy Maoming

Zheng Yunpeng Board chairman May 2023 No

Thermal Power

Plant Co. Ltd.Guangdong

Yudean Jinghai

Zheng Yunpeng Board chairman May 2023 No

Power Generation

Co. Ltd.Guangdong

Huizhou Natural

Zheng Yunpeng Gas Power Board chairman May 2023 No

Generation Co.Ltd.Guangdong

Huizhou Pinghai Vice Board

Zheng Yunpeng April 2023 No

Power Generation chairman

Co. Ltd.Guangdong

Yudean Huadu

Zheng Yunpeng Natural Gas Board chairman June 2021 No

Thermal Power

Co. Ltd.Guangdong

Zheng Yunpeng Yudean Bohe Coal Board chairman June 2021 No

Power Co.Ltd.Guangdong

Zheng Yunpeng Yudean Baihua Executive director February 2021 No

Energy Co. Ltd.Guangdong

Yudean Dapu

Zheng Yunpeng Executive director January2024 No

Power Generation

Co. Ltd.Zheng Yunpeng Guangdong Board chairman September2022 No

Yudean

65Technology

Engineering

Management Co.Ltd.Guangdong

Yuehua Power

Liang Chao Director August2022 Yes

Generation Co.Ltd.Guangdong

Li Fangji Electric Power Director June2021 No

Trading Center

Guangdong

Li Fangji Electric Power Director March2021 No

Trading Center

Guangdong

Li Baobing Energy Group Board chairman June2022 No

Finance Co. Ltd.Guangdong

Li Baobing Yudean Finance Board chairman December2023 No

Lease Co. Ltd.Guangdong

Energy Property

Li Baobing Director June2023 No

Insurance Captive

Co. Ltd.CSPG Energy Co.Li Baobing Supervisor September2022 No

Ltd.Northern Union

He Ruxin Director April2023 No

Power Co. Ltd.Guangdong

He Ruxin Yudean Finance Director December2023 No

Lease Co. Ltd.Guangdong

Chen Yanzhi Yudean Shipping Director April2021 No

Co. Ltd.Guangdong

Yudean

Chen Yanzhi Technology Director September2022 No

Management Co.Ltd.Guangzhou Executive directorDevelopment （legalMao Qinghan Electric Power representative） December2017 Yes

Enterprise Co. secretary of the

Ltd. party committee

Guangzhou

Mao Qinghan Energy Storage Board chairman August2023 No

Group

Guangdong

Sha Qilin Guangyue Law A lawyer Partner July2022 Yes

firm

School of Electric

Power South

Ma Xiaoqian Professor July1995 Yes

China University

of Technology

Ma Xiaoqian Guangzhou Independent March2021 Yes

66Hengyun Director

Enterprise Group

Co. Ltd.Guangzhou Steel

Independent

Ma Xiaoqian Gas Energy Co. July2021 Yes

Director

Ltd

Shenzhen Hualing

Derui Investment

Zhang Hanyu Vice Chairman January2020 Yes

Fund Management

Company

Independent

Zhang Hanyu JSTI September2021 Yes

Director

Wu Zhanchi Jinan University Professor July2006 Yes

Guangzhou Jitai Independent

Wu Zhanchi April2021 Yes

Chemical Co. Ltd. Director

Shenzhen

Baiuoyuan Independent

Wu Zhanchi April2020 Yes

Industrial (Group) Director

Co. Ltd

Shenzhen Minbao

Independent

Wu Zhanchi Photoelectricity July2019 Yes

Director

Co. Ltd.Sun Yat-sen

Cai Guowei Professor June 2015 Yes

University

Dinglong Culture Independent

Cai Guowei September2023 Yes

Co. Ltd. Director

Chairman of the

Yangjiang Nuclear

Zhou Zhijian Supervisory February2020 No

Power Co. Ltd.Committee

Taishan Nuclear

Power Industry

Zhou Zhijian Supervisor February2021 No

Investment Co.Ltd.Guangdong

Shi Yan Energy Group Director June2022 No

Finance Co. Ltd.Guangdong

Chairman of the

Electric Power

Shi Yan Supervisory February2021 No

Development

Committee

Corporation

Guangdong

Shi Yan Electric Power Supervisor June2021 No

Trading Center

Convenor of the

Zhanjiang Electric

Li Qing Board of October2022 No

Power Co. Ltd

Supervisors

Guangdong

Yudean Chairman of the

Li Qing Technology Supervisory September2022 No

Management Co. Committee

Ltd.Guangdong Chairman of the

Li Qing Yudean Huixin Supervisory August2022 No

Co. Ltd. Committee

67Guangdong Chairman of the

Li Qing Yudean Bohe Supervisory June2021 No

Energy Co. Ltd. Committee

Guangdong

Yudean Yongan Chairman of the

Li Qing Natural Gas Supervisory March2022 No

thermal Power Committee

Co. Ltd.Yunnan Nengtou Convenor of the

Li Qing Weixin Energy Board of March2022 No

Co. Ltd. Supervisors

Shenzhen

Convenor of the

Guangqian

Li Qing Board of July2022 No

Electric Power

Supervisors

Co. ltd.Zhanjiang Chairman of the

Li Qing Zhongyue Energy Supervisory August2019 No

Co. Ltd. Committee

Guangdong

Yudean Baihua

Li Qing Supervisor February 2021 No

Integrated Energy

Co. Ltd

Guangdong Convenor of the

Li Qing Yudean Shipping Board of April2021 No

Co. Ltd. Supervisors

Guangdong

Li Qing Energy Finance Supervisor November2020 No

lease Co. Ltd.Zhanjiang Electric

Guo Yongxiong Board chairman October2022 No

Power Co. Ltd.Zhanjiang

Guo Yongxiong Zhongyue Energy Board chairman April2023 No

Co. Ltd.Guoneng Yudean

Taishan Power

Guo Yongxiong Director November2023 No

Generation Co.Ltd.Guangdong

Yuelong Power

Guo Yongxiong Board chairman January 2022 No

Generation Co.Ltd.Guangdong

Yudean Yongan

Guo Yongxiong Natural Gas Board chairman March2022 No

thermal Power

Co. Ltd.Guangdong

Yudean Maoming

Guo Yongxiong Natural Gas Board chairman March2023 No

thermal Power

Co. Ltd.Guangdong

Yudean Maoming

Guo Yongxiong Natural Gas Board chairman September2022 No

thermal Power

Co. Ltd.

68Guangdong

Yudean Leizhou

Guo Yongxiong Executive director November2022 No

Power Generation

Co. Ltd.Guangdong

Guo Yongxiong Yudean Bijie New Executive director October2021 No

Energy Co. Ltd.Zhuhai Yudean

Guo Yongxiong New Energy Co. Executive director June2022 No

Ltd.Guandong Energy

Guo Yongxiong Group Xinjiang Director December2022 No

Co. Ltd.Guangdong Wind

Liu Wei Power Generation Director June2022 No

Co. Ltd.Guangdong

Liu Wei Energy Group Director June2022 No

Finance Co. Ltd.Guangdong

Yudean Electric

Liu Wei Director April2020 No

Power Sales Co.Ltd.Shenzhen Capital

Liu Wei Supervisor October2019 No

Group Co. Ltd.Guangzhou

Zhujiang Natural

Vice Board

Liu Wei Gas Power October2023 No

chairman

Generation Co.Ltd.Guangzhou

Zhujiang Natural

Vice Board

Liu Wei Gas Power April2022 No

chairman

Generation Co.Ltd.Guangdong

Liu Wei Energy Finance Director December2023 No

lease Co. Ltd.Guangdong

Yudean Xinhui

Liu Wei Board chairman April2023 No

Power Generation

Co. Ltd.Guangdong

Yudean

Liu Wei Zhongshan Board chairman April2021 No

Thermal Power

Plant Co. Ltd.Tumushuke

Liu Wei Thermal Power Director December2021 No

Co.Ltd.Guangdong Chairman of the

Liu Wei Energy Group Supervisory December2022 No

Xinjiang Co. Ltd. Committee

Guangdong

Liu Wei Yudean Humen Director April2021 No

Power Generation

69Co. Ltd.

Yunnan Nengtou

Vice Board

Liu Wei Weixin Energy March2022 No

chairman

Co. Ltd.Guangdong Wind

Qin Xiao Power Generation General Counsel February 282023 No

Co. Ltd.Guangdong

Huizhou Pinghai

Qin Xiao Director April2023 No

Power Generation

Co. Ltd.Guangdong

Yudean Jinghai

Qin Xiao Director May2023 No

Power Generation

Co. Ltd.Guangdong

Yuehua Power

Qin Xiao Director March2023 No

Generation Co.Ltd.Shajiao C Power

Qin Xiao Generation Co. Director March2023 No

ltd.Guangdong

Yudean New

Qin Xiao Energy Executive director March2023 No

Development Co.Ltd.Guangdong

Energy Property

Qin Xiao Director June2023 No

Insurance Captive

Co. 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 rem

uneration before tax was total RMB 5.9598 million .Remuneration to directors supervisors and senior executives in the reporting period

In RMB10000

70Remuneration

Total actually

remuneration receives at the

Name Sex Age Positions Office status

received from end of the

the shareholder reporting

period

Zheng

Male 55 Board chairman In office 77.78 No

Yunpeng

Liang Chao Male 54 Director In office 0 Yes

Li Fangji Male 56 Director In office 0 Yes

Li Baobing Male 49 Director In office 0 Yes

He Ruxin Male 47 Director In office 0 Yes

Employee

Chen Yanzhi Male 48 In office 70.38 No

director

Mao Qinghan Male 49 Director In office 0 Yes

Independent

Ma Xiaoqian Male 59 In office 11.86 No

director

Independent

Cai Guowei Male 44 In office 12.93 No

director

Independent

Zhang Hanyu Male 58 In office 12.39 No

director

Independent

Wu Zhanchi Male 48 In office 12.93 No

director

Chairman of

Zhou Zhijian Male 51 the Supervisory In office 0 Yes

Committee

Shi Yan Female 46 Supervisor In office 0 Yes

Employee

Li Qing Male 46 In office 47.39 No

supervisor

Independent

Sha Qilin Male 63 In office 7.28 No

supervisor

Guo

Male 49 Deputy GM In office 69.85 No

Yongxiong

Deputy General

manager

Liu Wei Male 44 Finance In office 72.4 No

Manager

Board secretary

General

Qin Xiao Female 40 In office 34.66 Yes

Counsel

Wang Jin Male 60 Director Dimission 23.39 Yes

Li Xiaoqing Female 52 Director Dimission 0 Yes

Total -- -- -- -- 524.98 --

Other

□Applicable □Not applicable

71VI. 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.:2023-05).Published in

The 12th meeting of the China Securities Daily

February 202023 February 222023 Securities Times Shanghai

Tenth Board of Directors

Securities News Securities

Daily and

http//.www.cninfo.com.cn

Announcement No.:2023-12).Published in

The First Meeting of the China Securities Daily

Tenth Board of Directors by March 152023 March 162023 Securities Times Shanghai

Correspondence of 2023 Securities News Securities

Daily and

http//.www.cninfo.com.cn

Announcement No.:2023-17).Published in

The 13th meeting of the China Securities Daily

March 302023 April 12023

Tenth Board of Directors Securities Times Shanghai

Securities News Securities

Daily and

http//.www.cninfo.com.cn

Announcement No.:2023-29).Published in

The Second Meeting of the China Securities Daily

Tenth Board of Directors by April 212023 April 222023 Securities Times Shanghai

Correspondence of 2023 Securities News Securities

Daily and

http//.www.cninfo.com.cn

Announcement No.:2023-40).Published in

The 14th meeting of the China Securities Daily

August 292023 August 312022

Tenth Board of Directors Securities Times Shanghai

Securities News Securities

Daily and

http//.www.cninfo.com.cn

Announcement No.:2023-51).Published in

The 15th meeting of the China Securities Daily

October 302023 October 312023

Tenth Board of Directors Securities Times Shanghai

Securities News Securities

Daily and

http//.www.cninfo.com.cn

Announcement No.:2023-59).Published in

The Third Meeting of the China Securities Daily

Tenth Board of Directors by November 272023 November 282023 Securities Times Shanghai

Correspondence of 2023 Securities News Securities

Daily and

http//.www.cninfo.com.cn

The 16th meeting of the Announcement No.:2023-60).December 142023 December 162023

Tenth Board of Directors Published in

72China Securities Daily

Securities Times Shanghai

Securities News Securities

Daily and

http//.www.cninfo.com.cn

Announcement No.:2023-65).Published in

The Fourth Meeting of the China Securities Daily

Tenth Board of Directors by December 292023 December 302023 Securities Times Shanghai

Correspondence of 2023 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 of Number of

Whether to

board Number of board Number of

Number of attend the General

meetings board meetings board

Name of board board meetings of

attended meetings attended by meetings

director meetings meeting in shareholders

during the attended in means of attended by

absent from person twice attended

reporting person communicati proxy

in a row

period on

Zheng

9 5 4 0 0 No 3

Yunpeng

Li Fangji 9 4 4 1 0 No 2

Li Baobing 9 5 4 0 0 No 0

He Ruxin 6 3 3 0 0 No 1

Chen Yanzhi 9 5 4 0 0 No 3

Mao

9 2 4 3 0 No 0

Qinghan

Ma Xiaoqian 9 5 4 0 0 No 3

Zhang Hanyu 9 5 4 0 0 No 3

Wu Zhanchai 9 5 4 0 0 No 3

Cai Guowei 9 5 4 0 0 No 3

Wang Jin 1 1 0 0 0 No 0

Li Xiaoqing 1 0 0 1 0 No 0

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

None

3. Directors' objections to related matters of the Company

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

□ Yes √ No

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

Company.

734. 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 2023 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 important Details of

Committee Member Convening information

meetings Meeting content opinions objections

name information date of duty

convened and (if any)

performance

suggestions

1. It reviewed the 1. Consider

accounting and pass all

statements and the motions.notes in the 2022 2 that the

2022 Financial financial

Report;.2.It report of the

reviewed the Company

proposal of the fairly

report on the reflects the

evaluation of the financial

Wu Zhanchi Li Company’s position

Audit and Baobing He internal control operating

March for 2022;3.It

Compliance Ruxin Zhang 5 results and

292023 reviewed the

Committee Hanyu and Cai cash flows

Proposal of

Guowei of the

internal control Company

self-evaluation for the year

work plan in 2022 and

2023;4.It that the

reviewed the preparation

Proposal on the of the

2022 annual Risk accounting

management statements

report;5.It and notes is

reviewed the true and

Proposal on the accurate in

742022 annual compliance

compliance with the

management specificatio

report; 6.It ns and that

reviewed the no material

proposal of the errors or

provision for omissions

impairment of have been

assets ;7.It found.reviewed the

Proposal for

Hiring the Annual

Financial Report

Audit Agency.

1.

Considering

and passing

all the

motions.

2 that the

financial

report of the

Company

faithfully

1. It reviewed the reflects the

Proposal on financial

Change in the position and

Accounting operating

Policy ；2.It results of

reviewed the

Wu Zhanchi Li the

proposal

Audit and Baobing He Company in

April concening Compliance Ruxin Zhang 5 the first

Committee 212023 Financial Report Hanyu and Cai quarter of

for the First Guowei 2023 and

quarter of 2023; that the

3.It reviewed the financial

accounting statements

statements and are true and

notes for the First accurate in

quarter of 2023 line with the

requirement

s of the

specificatio

ns and that

no

significant

errors or

omissions

have been

found.

1.It reviewed the 1. Consider

proposal and pass all

Concerning the motions.Wu Zhanchi Li Financial Report 2.Audit and Baobing He

August for the semi- Considering

Compliance Ruxin Zhang 5

242023 annual of that the

Committee Hanyu and Cai 2023;2.It financial

Guowei reviewed the report of the

accounting Company

statements and faithfully

notes for the reflects the

75semi-annual of financial

2023; position and

operating

results of

the

Company in

the first half

of 2023 and

that the

preparation

of the

financial

statements

and notes is

true and

accurate

conforms to

the

requirement

s of the

specificatio

ns and that

no material

errors or

omissions

have been

found.

1.

Considering

and passing

all the

motions.

2 that the

financial

report of the

1..It reviewed the Company

proposal of the faithfully

provision for reflects the

impairment of financial

assets；2.It position and

reviewed the operating

Wu Zhanchi Li proposal results of

Audit and Baobing He concening the

October

Compliance Ruxin Zhang 5 Financial Report Company in

302023

Committee Hanyu and Cai for the Third the third

Guowei quarter of 2023; quarter of

3.It reviewed the 2023 and

accounting that the

statements and financial

notes for the statements

Third quarter of have been

2023 prepared

truthfully

and

accurately

in

compliance

with the

specificatio

ns and that

no material

76errors or

omissions

have been

found.Considerati

on and

adoption of

the

"Proposal

on the plan

for the

diversion

and

resettlement

of in-service.It reviewed the employees

proposal on the of Shajiao

Wu Zhanchi Li Diversion and A Power

Audit and Baobing He Resettlement Plan Plant"

December

Compliance Ruxin Zhang 5 for On-the-job considering

142023

Committee Hanyu and Cai Employees of that the

Guowei Shajiao A Power decision-

Plant making

procedures

are in

compliance

with the

relevant

laws and

regulations

and the

Articles of

Association

of the

Company.The Budget

Committee

worked in

strict

accordance

with the

Company

Law the

1. It reviewed the regulatory

Company's 2022 rules of

Zheng Budget China

Yunpeng Li Implementation Securities

Budget March

Fangji Li 1 Report; 2. It

Regulatory

Committee 292023 Commissio

Baoging Wu reviewed the

Zhanchi Company's 2023

n the

Budget Report. Articles of

Association

and other

relevant

regulations

performed

its duties

diligently

and

conscientio

usly and

77unanimousl

y passed all

proposals

according to

the actual

situation of

the

Company.The

Nomination

Committee

worked in

strict

accordance

with the

Company

Law the

regulatory

rules of

China

Securities

Regulatory

It reviewed the Commissio

Ma Xiaoqian

Proposal on n the

Zheng

Recommending Articles of

Nomination Yunpeng Chen March

2 He Ruxin as a Association

Committee Yanzhi Wu 292023

candidate for and other

Zhanchi Cai

director of the relevant

Guo Wei

company regulations

performed

its duties

diligently

and

conscientio

usly and

unanimousl

y passed all

proposals

according to

the actual

situation of

the

Company.The

Nomination

1.It reviewed the Committee

Proposal on worked in

Recommending strict

Liang Chao as a accordance

Ma Xiaoqian

candidate for with the

Zheng

director of the Company

Nomination Yunpeng Chen December

2 company；2.It Law the

Committee Yanzhi Wu 292023 regulatory

seviewed the

Zhanchi Cai rules of

Proposal on

Guo Wei China

Recommending

Securities

Liang Chao as

Regulatory

General Manager

Commissio

of the Company

n the

Articles of

Association

78and other

relevant

regulations

performed

its duties

diligently

and

conscientio

usly and

unanimousl

y passed all

proposals

according to

the actual

situation of

the

Company.The

Remunerati

on and

Assessment

Committee

worked in

strict

1.It accordance

reviewed the "Pro with the

posal on the Resul Company

ts of the 2022 Bus Law the

iness Performance regulatory

Assessment of th rules of

e Management M China

embers of Guang Securities

dong Electric Po Regulatory

Zhang Hanyu wer Development Commissio

Remuneration

Li Fangji Mao Co.L Ltd." .2.It n the

and November

Qinghan Ma 2 Reveviewed Articles of

Assessment 242023

Xiaoqian Cai the "Proposal on t Association

Committee

Guo wei he Responsibility and other

Letter for the Man relevant

agement regulations

Members of Guan performed

gdong Electric Po its duties

wer Development diligently

Co. Ltd. for the and

2023 Annual Ope conscientio

rating Performanc usly and

e" unanimousl

y passed all

proposals

according to

the actual

situation of

the

Company.

1.It The

Zhang Hanyu

Remuneration reviewed the "Pro Remunerati

Li Fangji Mao

and December posal on

on and

Qinghan Ma 2

Assessment 292023 Guangdong Assessment

Xiaoqian Cai

Committee Electric Power Committee

Guowei Development Co. worked in

Ltd.'s 2022 Total strict

79Salary accordance

Liquidation with the

Plan;2. It Company

reviewed the "Pro Law the

posal on the 2022 regulatory

annual salary rules of

distribution plan China

for the Securities

management Regulatory

members of Commissio

Guangdong n the

Electric Power Articles of

Development Co. Association

Ltd.;3. It and other

reviewed the "Pro relevant

posal on regulations

Determining the performed

2023 Annual its duties

Salary Position diligently

Coefficients of and

Management conscientio

Members of usly and

Guangdong unanimousl

Electric Power y passed all

Development Co. proposals

Ltd. according to

the actual

situation of

the

Company.VIII.The working status of the board of supervisors

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

ng the 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） 765

Number of in-service staff of the main subsidiaries（person） 9369

Total number of the in-service staff（person） 10074

Total number of staff receiving remuneration in the current

（ ） 10514 period person

The number of the parent company and the main subsidiary’s

4829

retired staffs who need to bear the cost（person）

Professional

Classified according by Professions Number of persons（person）

Production 5805

Sales 272

80Technical 2076

Financial 356

Administrative 1565

Total 10074

Education

Classified according by education background Number of persons（person）

Doctor 2

Master 349

Universities 5388

Colleges 2623

Technical secondary school 512

High school and Below 1200

Total 10074

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:

81(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.(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

Yes

the resolution of the general meeting of shareholders:

Whether the dividend standard and proportion are explicit and clear: Yes

Whether the relevant decision-making procedures and mechanisms

Yes

are complete:

Whether the independent directors have performed their duties and

Yes

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 returns No applicable

should be disclosed:

Whether the minority shareholders have the opportunity to fully

express their opinions and demands and whether their legitimate Yes

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 No 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

Number of bonus shares per 10 shares (shares) 0

82Number of dividends per 10 shares (yuan) (including

0.2

tax)

Share capital base for distribution proposal (shares) 5250283986

Amount of cash dividend (yuan) (tax included) 105005680

Amount of cash dividends by other means (e.g. share

0

repurchase) (yuan)

Total amount of cash dividends (including other ways)

105005680

(yuan)

Distributable profit (yuan) 5226773509

Total cash dividends (including other ways) as a

100

percentage of total profit distribution

Cash dividend

If the company's development stage is in the growth period and there is a major capital expenditure

arrangement cash dividends shall account for at least 20% of the profit distribution.Detailed explanations of the profit distribution or capitalization of capital reserve proposal

According to the company's articles of association "when a company distributes its after-tax profit for the year

10% of the profit shall be withdrawn and included in the company's legal reserve. If the accumulated amount of

the company's legal reserve is 50% or more of the company's registered capital it can be withdrawn no more."

In view of the net profit of the Parent Company for the year 2023 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 2023 no legal reserve and arbitrary reserve will be withdrawn in the year 2023. In order to reflect the

Company's sincere return to investors in view of the increasing demand for funds for the Company's

sustainable development and the net profit loss of the parent company 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 10.77%. The Company's dividend proposal for FY201023 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 RMB0.2 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

83organizing 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 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 2023 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

84XIII. Management and control of the Company's subsidiaries during the reporting period

Problems Subsequent

Integration Measures taken Solution

Company name Integration plan encountered in planned

progress for solution progress

integration solution

Zhonggong

Acquired 100%

Energy

equity of the Merge

Technology No Not applicable Not applicable Not applicable

Company in completed

(Maoming)

cash.Co. Ltd.XIV.Internal control self-evaluation report or internal control audit report

1.Self-evaluation report on internal control

Disclosure date of appraisal report on

March 292024

internal control

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

internal control control in 2023

The ratio of the total assets of units

included in the scope of evaluation

accounting for the total assets on the 94.51%

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 99.81%

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 A. significant deficiency ： (1) The

company directors supervisors and company lacks democratic and scientific

senior executives; * serious mistakes in decision-making procedures; (2) Serious

the financial statements of the current violation of national laws and

period found by external audit but not the 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.Quantitative standard A. Quantitative standards for material (1)A significant deficiency means that

85defects: (1) The amount of misstatement the direct property loss is between 50

≥ 0.5% of operating income; (2) the million yuan .(2) the significant

amount of misstatement ≥ 5% of the deficiency means hat the direct property

total profit; (3) The amount of loss is between 30 million yuan

misstatement ≥ 0.5% of the total assets. (including 30 million yuan) ; the serious

B. Quantitative standards for important deficiency means that the direct property

loss is between 30 million.defects: (1) 0.2% of operating income≤

misstatement amount< 0.5% of operating

income; (2) 5% of total profits ≤

misstatement amount< 1% of total

profits; (3) 0.2% of total assets ≤

misstatement amount < 0.5% of total

assets. C. General defect quantitative

standards: (1) The amount of

misstatement < 0.2% of operating

income; (2) the amount of misstatement

< 1% of the total profit; (3) The amount

of misstatement < 0.2% of total assets.Number of major defects in financial

0

reporting（a）

Number of major defects in non financial

0

reporting (a)

Number of important defects in financial

0

reporting（a）

Number of important defects in non

0

financial reporting（a）

2. Internal Control audit report

√ Applicable □Not applicable

Review opinions in the internal control audit report

We believe that Guangdong Electric Power Development Co. Ltd. has maintained effective internal control over financial

reporting in all material respects as of 31 December 2023 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 30 2024

Juchao Website: （http://www.cninfo.com.cn）2023 Audit

Internal audit report’s opinion

report of internal control

Type of audit report on internal control Unqualified auditor’s report

Whether there is significant defect in non-financial report No

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

86V. 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

Implement

Company pollutant pollutant Emissi Emission

ed Total Verified Excessive

or and and Emission on port concentrati

pollutant emissi total emission

subsidiary specific specific Way numbe on

emission on emission condition

name pollutant pollutant r (mg/Nm3)

standards

type name

Emission

Standard

of Air

Concentra

Pollutants

Shajiao A ted

Air for

power Smoke emission 1 1.59 20.36 121.9 No

pollutant Thermal

plant through

Power

chimney

Plants

(GB13223

-2011)

Emission

Concentra Standard

of Air

Shajiao A ted

Air

power SO2 emission 1 14.66

Pollutants 187.41 426.65 No

pollutant

plant through for

chimney Thermal

Power

Plants

87(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

Shajiao A ted

Air for

power NOX emission 1 29.68 379.43 609.5 No

pollutant Thermal

plant through

Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

ted

Bohe Air for

Smoke emission 2 1.68 49.57 71.5 No

Company pollutant Thermal

through

Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

ted

Bohe Air for

SO2 emission 2 12.06 387.24 973.5 No

Company pollutant Thermal

through

Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

ted

Bohe Air for 1044.1

NOX emission 2 33.04 1195 No

Company pollutant Thermal 2

through

Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

Dapu ted

Air for

Power Smoke emission 2 4.29 79.83 593 No

pollutant Thermal

Plant through

Power

chimney

Plants

(GB13223

-2011)

Emission

Concentra Standard

Dapu ted of Air

Air

Power SO Pollutants 2 emission 2 12.17 226.56 1447 No

pollutant

Plant through for

Thermal

chimney

Power

Plants

88(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

Dapu ted

Air for

Power NOX emission 2 41.14 765.91 1502 No

pollutant Thermal

Plant through

Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

ted

Red Bay Air for

Smoke emission 4 2.96 125.21 422.04 No

Company pollutant Thermal

through

Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

ted

Red Bay Air for

SO2 emission 4 9.99 443.23 1477.2 No

Company pollutant Thermal

through

Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

ted

Red Bay Air for 1091.5

NOX emission 4 26.88 2111.58 No

Company pollutant Thermal 8

through

Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

ted

Jinghai Air for

Smoke emission 4 2.38 162.70 341.2 No

Company pollutant Thermal

through

Power

chimney

Plants

(GB13223

-2011)

Emission

Concentra Standard

ted of Air

Jinghai Air

SO emission 4 14.85 Pollutants

1016.7

2 1728.4 No

Company pollutant

through for

8

Thermal

chimney

Power

Plants

89(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

ted

Jinghai Air for 2335.6

NOX emission 4 34.10 2470 No

Company pollutant Thermal 3

through

Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

Maoming ted

Air for

Power Smoke emission 2 1.11 27.50 168.12 No

pollutant Thermal

Plant through

Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

Maoming ted

Air for

Power SO2 emission 2 14.25 356.76 385.51 No

pollutant Thermal

Plant through

Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

Maoming ted

Air for

Power NOX emission 2 28.48 704.32 751.82 No

pollutant Thermal

Plant through

Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

Pinghai ted

Air for

Power Smoke emission 2 2.89 104.74 346 No

pollutant Thermal

Plant through

Power

chimney

Plants

(GB13223

-2011)

Emission

Concentra Standard

Pinghai ted of Air

Air

Power SO emission 2 24.04 Pollutants 2 852.01 1670 No

pollutant

Plant through for

Thermal

chimney

Power

Plants

90(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

Pinghai ted

Air for 1372.9

Power NOX emission 2 39.58 1731 No

pollutant Thermal 9

Plant through

Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Shaoguan Pollutants

ted

Power Air for

Smoke emission 2 2.00 56.11 717.78 No

Generatio pollutant Thermal

through

n Plant Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Shaoguan Pollutants

ted

Power Air for

SO2 emission 2 19.15 537.02 2303.55 No

Generatio pollutant Thermal

through

n Plan Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Shaoguan Pollutants

ted

Power Air for 1055.4

NOX emission 2 37.63 2254.42 No

Generatio pollutant Thermal 2

through

n Plan Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Yunhe Pollutants

ted

Power Air for

Smoke emission 1 2.14 23.78 360 No

Generatio pollutant Thermal

through

n Plant Power

chimney

Plants

(GB13223

-2011)

Emission

Concentra Standard

Yunhe

ted of Air

Power Air

SO2 emission 1 8.01

Pollutants 87.49 2400 No

Generatio pollutant

through for

n Plant Thermal

chimney

Power

Plants

91(GB13223

-2011)

Emission

Standard

of Air

Concentra

Yunhe Pollutants

ted

Power Air for

NOX emission 1 41.85 439.56 2400 No

Generatio pollutant Thermal

through

n Plant Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

ted

Zhanjiang Air for

Smoke emission 2 1.31 37.26 528 No

Electric pollutant Thermal

through

Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

ted

Zhanjiang Air for

SO2 emission 2 12.36 344.82 1320 No

Electric pollutant Thermal

through

Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

ted

Zhanjiang Air for

NOX emission 2 33.96 951.84 1990.7 No

Electric pollutant Thermal

through

Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

ted

Zhanjiang Air for

Smoke emission 2 1.19 25.07 480 No

Zhongyue pollutant Thermal

through

Power

chimney

Plants

(GB13223

-2011)

Emission

Concentra Standard

ted of Air

Zhanjiang Air

SO2 emission 2 14.98

Pollutants 316.51 1200 No

Zhongyue pollutant

through for

Thermal

chimney

Power

Plants

92(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

ted

Zhanjiang Air for

NOX emission 2 26.25 554.61 1290.08 No

Zhongyue pollutant Thermal

through

Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

Guangqia ted

Air for

n NOX emission 3 11.42 177.98 1312.5 No

pollutant Thermal

Company through

Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

Huizhou ted

Air for

Natural Smoke emission 6 0.29 10.75 242.61 No

pollutant Thermal

Gas through

Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

Huizhou ted

Air for 1190.2

Natural NOX emission 6 26.77 1774.98 No

pollutant Thermal 8

Gas through

Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Yuehua Pollutants

ted

Power Air for

SO2 emission 2 0.37 4.74 27.54 No

Generatio pollutant Thermal

through

n Power

chimney

Plants

(GB13223

-2011)

Emission

Concentra Standard

Yuehua

ted of Air

Power Air

NO emission 2 38.78 Pollutants X 397.26 1367.55 No

Generatio pollutant

through for

n Thermal

chimney

Power

Plants

93(GB13223

-2011)

Emission

Standard

of Air

Concentra

Xinhui Pollutants

ted

Power Air for

Smoke emission 2 0.07 0.65 85.6 No

Generatio pollutant Thermal

through

n Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Xinhui Pollutants

ted

Power Air for

SO2 emission 2 0.11 1.01 45 No

Generatio pollutant Thermal

through

n Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Xinhui Pollutants

ted

Power Air for

NOX emission 2 34.09 327.50 1104 No

Generatio pollutant Thermal

through

n Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Tumushu Concentra

Pollutants

ke ted

Air for

Thermo Smoke emission 2 2.23 34.46 135 No

pollutant Thermal

electric through

Power

Co. Ltd chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Tumushu Concentra

Pollutants

ke ted

Air for

Thermo SO2 emission 2 10.75 163.66 474 No

pollutant Thermal

electric through

Power

Co. Ltd chimney

Plants

(GB13223

-2011)

Emission

Tumushu Concentra Standard

ke ted of Air

Air

Thermo NOX emission 2 31.51

Pollutants 489.19 675 No

pollutant

electric through for

Thermal

Co. Ltd chimney

Power

Plants

94(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

ted

Air for

Shajiao C Smoke emission 3 1.90 50.50 277.8 No

pollutant Thermal

through

Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

ted

Air for

Shajiao C SO2 emission 3 15.55 412.54 972.3 No

pollutant Thermal

through

Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

ted

Air for

Shajiao C NOX emission 3 32.60 864.97 1389 No

pollutant Thermal

through

Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

ted

Huadu Air for

Smoke emission 3 0.09 0.96 92.39 No

Company pollutant Thermal

through

Power

chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Concentra

Pollutants

ted

Huadu Air for

SO2 emission 3 0.10 0.99 6.7 No

Company pollutant Thermal

through

Power

chimney

Plants

(GB13223

-2011)

Emission

Concentra Standard

ted of Air

Huadu Air

NO emission 3 33.20 Pollutants X 385.13 586.6 No

Company pollutant

through for

Thermal

chimney

Power

Plants

95(GB13223

-2011)

Emission

Standard

of Air

Zhanjiang Concentra

Pollutants

Biomass ted

Air for

Power Smoke emission 2 10.74 25.22 80.94 No

pollutant Thermal

Generatio through

Power

n chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Zhanjiang Concentra

Pollutants

Biomass ted

Air for

Power SO2 emission 2 3.33 6.78 183 No

pollutant Thermal

Generatio through

Power

n chimney

Plants

(GB13223

-2011)

Emission

Standard

of Air

Zhanjiang Concentra

Pollutants

Biomass ted

Air for

Power NOX emission 2 94.90 257.71 397 No

pollutant Thermal

Generatio through

Power

n chimney

Plants

(GB13223

-2011)

Treatment of contaminants

In 2023 the Company strictly controlled pollutant discharge according to relevant standards

implemented pollution control measures from the source of production strengthened the operation

management of existing pollution control devices and upgraded and transformed the pollution control

facilities. The emission performance values of soot sulfur dioxide and nitrogen oxides were 0.008

g/kWh 0.058 g/kWh and 0.125 g/kWh respectively which ensured the stable discharge of pollutants

in wastewater and waste gas. Meanwhile the Company implemented General Secretary Xi Jinping's

important instructions on the "30-60" dual-carbon target and accelerated planning and construction of

a new type of energy system seized the important strategic opportunity and steadily pushed forward

the construction of clean energy projects. The Huangpu "gas substituting for coal" and Zhaoqing

Dinghu projects were successfully put into operation and the Dongguan Ningzhou and Huizhou Daya

Bay gas and power projects entered the unit commissioning stage. The Company actively promoted

the "three reforms linkage" of coal power and the level of clean and efficient utilization of coal

continued to improve with the coal consumption of coal-fired power units for power supply falling by

1.24 g/kWh YOY and the carbon emission intensity of full-caliber power generation dropping by 22

g/kWh.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/T29639-2013)

96"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 ) "Guidelines for the Preparation of Emergency Plans

for Production Safety Accidents of Production and Business Operation Units" (GB/ T29639-2020)

"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 2023 The company purchased desulfurization and denitration materials totaling about 277.49

million yuanThe Company paid environmental protection tax of 24.03 million yuan.Measures taken to reduce their carbon emissions during the reporting period

□Applicable □Not applicable

In 2023 the Company earnestly implemented the strategic requirements of "peak emission and carbon

neutrality" and actively explored various tasks of energy conservation and carbon reduction as

follows: Firstly added a total of 30 new energy projects including 2 wind power projects (a total of

450000 kilowatts) and 28 photovoltaic projects (a total of 1972600 kilowatts) with a total new

installed capacity of 2422600 kilowatts which’s expected to contribute about 465 million kilowatt-

hours of clean energy every year save about 14 million tons of standard coal and reduce carbon

dioxide emissions by about 384300 tons which’s equivalent to rebuilding 900 hectares of forest; The

second it has newly put into operation one "gas substituting for coal" project with a total installed

capacity of 667000 kilowatts which can save about 319000 tons of standard coal consumption and

reduce carbon dioxide emissions by about 1.27 million tons per year compared with coal-fired power

plants; Thirdly ithas coordinated and promoted the "three reforms" of coal-fired power units and the

shutdown and disposal of Shajiao A power plant at the end of its service period promoted 15 coal

turbines to carry out steam turbine flow transformation improved regulation performance and reduced

energy consumption and reduced coal consumption for thermal power units by 2.73 g/kWh YOY in

2023; Fourth the overall management of carbon assets has been accelerated and emission control

enterprises have fully completed the settlement of allowances in the second compliance period of the

national carbon market.

97Administrative penalties for environmental problems during the reporting period

Impact on the

Company's

Company or Reason of Violation of production and

Punishment result rectification

subsidiary name punishment regulations operation of listed

measures

companies

On the day of

inspection the

rectification was

implemented

When the online

immediately and

automatic

the excess air

monitoring

coefficient of the

equipment for

online automatic

boiler flue gas was

monitoring

started the excess

equipment for

air coefficient of

boiler flue gas was

the equipment

revised and the

parameters was

special action of

wrongly set by the

environmental risk

equipment

hazard

Guangdong manufacturer

The air excess No impact on the investigation and

Yudean Huadu causing that the Administrative

coefficient of start- normal production rectification was

Natural Gas converted penalty of 48000

up boiler is set and operation of carried out by

Thermal Power concentration of yuan

incorrectly. listed companies analogy so as to

Co. Ltd. some pollutant

further improve

data uploaded to

the calibration

the NDRC

verification and

platform and

daily O&M of

Guangzhou

environmental

pollution source

online monitoring

automatic

equipment

monitoring

strengthen the

platform was

training of O&M

lower than the

and management

measured

personnel and

concentration.improve the

professional level

and sense of

responsibility.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

98and regulations have no impact on the Company. In 2023 the operating expenses required by the

Company's thermal power plants to implement environmental protection policies and regulations are

mainly to purchase limestone and denitration materials totaling about RMB 277.49 million.

2. In 2023 according to the standard the coal consumption for comprehensive power supply of the

Company's thermal power plants is 299.14 g/kWh of coal the sulfur dioxide emission performance

value is 0.058g/kWh nitrogen oxide emission performance value is 0.125g/kWh and soot emission

performance value is 0.008g/kWh. Where the commissioning rate of desulfurization device is 100%

and the average desulfurization efficiency is 99.16%; The average operation rate of denitration device

is 99.83% and the average denitration efficiency is 88.9%; The average operation rate of wet electric

dust removal is 99.96% and the average dust removal efficiency is 99.88%.Information related to environmental accidents of the listed company

In 2023 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 2023 published by the Company on CNINF (http://www.cninfo.com.cn)

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

In 2023 the Company conscientiously implemented the national rural revitalization strategy and all

its subordinate units actively carried out consumption assistance in combination with local

development conditions constantly explored and practiced new consumption poverty alleviation

models and set up special working groups to solidly promote the work of helping towns and villages

accurately meet the needs of helping areas and continuously delivered key resources such as funds

technology and talents thus making solid contributions to rural revitalization and regional

development in Guangdong Province.

1. Shajiao A Power Plant's consumption assistance on Luoping Town Luoding City

Shajiao A Power Plant actively responded to the call of the superior trade union and distributed rural

revitalization assistance and consolation gifts worthy of RMB 541200 to all employees through the

poverty alleviation platform of "Southern Excellent Product". On November 28 in the 2023

Assistance in Rural Revitalization through "Consumption" Activity of state-funded and state-owned

enterprises organized in Luoping Town Luoding City by Provincial State-owned Assets Supervision

and Administration Commission the Company purchased about RMB 60000 of high-quality

agricultural products such as Luoping rice and distributed them to employees through the way of

"purchasing instead of donating" and "buying instead of helping" and promoted the consumption

assistance work with pragmatic actions to contribute to rural revitalization.

2. Zhanjiang Electric Power Company helped Xilian Town Xuwen County

Zhanjiang Electric Power Company sent two party members to Xilian Town Xuwen County for rural

revitalization and applied to Zhanjiang Electric Power Company for a rural revitalization fund of

RMB 490000 which was used to upgrade and transform the leisure and entertainment project of

Maigu Village Fengshui Reservoir and build a livable leisure and entertainment park to help build

beautiful countryside.

993. Zhanjiang Biomass Power Generation Company helped Gangmen Town Suixi County

In 2023 Zhanjiang Biomass Power Generation Company actively responded to the call of national

rural revitalization and applied for RMB 225000 of assistance funds to support the rural revitalization

of Xincheng Village Gangmen Town Suixi County including the expansion of village cultural

square drilling wells and developing fishery and safe agricultural technology training. Through

targeted assistance the quality of life and well-being of villagers have been effectively improved.

4. Yunhe Power Generation Company helped Luoding Fucheng Street

Yunhe Power Generation Company appointed a special person as the first secretary of Tiance Village

Branch of Fucheng Street in Luoding City to actively carry out the rural revitalization work and

applied to Yunhe Power Generation Company for RMB 45000 as poverty alleviation funds for the

installation of street lamps in the Cuntou Village so as to facilitate the daily life of villagers and

enhance their sense of safety.

5. Maoming Thermal Power Plant helped Xiaoliang Town Dianbai District

Maoming Thermal Power Plant sent a party member as a resident cadre to Xiaoliang Town Dianbai

District for rural revitalization and assistance. According to the actual needs of Xiaoliang Town a

series of assistance activities were carried out including renovation of living environment renovation

of dangerous houses and consolation to people in need which effectively improved the living

standards of villagers promoted the sustainable development of rural economy and made important

contributions to rural revitalization.

6. Zhongyue Energy Company's assistance counterpart: Leizhou Jijia Town

In 2023 Zhanjiang Zhongyue Energy Company invested RMB 395000 in Jijia Town for a number of

revitalization projects such as Shuangshui Village Party-mass Activity Center housing repair for

people in need centralized water supply in Wukeng Village of Mozhai Village Committee of Jijia

Town and industrial technology training which not only improved the living conditions of villagers

but also improved their skill level and injected new impetus into rural revitalization.

7. Red Bay Company helped Jishui Village in Bawan Town Lufeng City

Since August 2021 Red Bay Company has sent people to Jishui Village for five times to carry out

rural revitalization research with a total investment of RMB 613500 focusing on solving the

shortcomings and weaknesses in Jishui Village's rural revitalization and the practical problems that

people are anxious for solutions helping Jishui Village to build multiple livelihood projects such as

the integrated construction project of party building and propaganda positions in Jishui Village the

project of reclaiming wasteland in Jishui Village and helping farmers with water conservancy

facilities and contributing to the comprehensive promotion of rural revitalization in Jishui Village

Bawan Town Lufeng City.Note: On December 20 2023 Guangdong Wind Power Company introduced six strategic investors

through public listing and the shareholding ratio of the Company decreased from 100% to 76.4396%.At present the capital increase and share expansion of Guangdong Wind Power Company is going

through the formalities of shareholder approval and industrial and commercial change registration.The Company will urge other shareholders of Guangdong Wind Power Company later to provide the

same guarantee or pay the guarantee fee or take other risk control measures according to the capital

increase and share expansion agreement.

100VI. 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

In 2022 the Ministry of Finance promulgated the Notice on Printing and Distributing the

Interpretation No. 16 of Accounting Standards for Business Enterprises (hereinafter referred to as

"Interpretation No. 16"). Since 1 January 2023 the Group and the Company have implemented the

accounting treatment provisions in Interpretation No. 16 that the deferred income tax related to assets

and liabilities arising from a single transaction is not subject to the initial recognition exemption and

101adopted the retrospective adjustment method to adjust the retained earnings and other relevant

financial statement items at the beginning of 2022 accordingly and the comparative financial

statements for 2022 have been restated accordingly.VII.Explain change of the consolidation scope as compared with the financial reporting of last

year.√ Applicable □ Not applicable

(1) Addition of subsidiaries in this year:

Nature New investment Paid-in capital at the end Proportion

amount in this period of period(Yuan) (%)

Name (Yuan) Acquired

Photovoltaic

Zhonggong Energy

Power 152969360 152969360 100% Purchase

Technology( Maoming) Co. Ltd.Generation

Investment

Guangdong Energy Group and asset Newly

100000000100000000100%

Xinjiang Co. Ltd. managemen established

t

Photovoltaic

Yunfu Yudean Zhenneng New Newly

Power 10000000 10000000 100%

Energy Co. Ltd. established

Generation

Photovoltaic

Tumushuke Yudean Changhe New Newly

Power 3500000 3500000 100%

Energy Co. Ltd. established

Generation

Photovoltaic

Zhuhai Yudean New Energy Co. Newly

Power 2740000 2740000 100%

Ltd. established

Generation

Photovoltaic

Gaozhou Yudean Intelligence Newly

Power 1476800 1476800 100%

New Energy Co. Ltd. established

Generation

The above-mentioned companies acquired through asset acquisition are subsidiaries acquired by the

Company and its subsidiaries from third parties through asset acquisition. On the acquisition date the

above-mentioned companies had no other business and assets except construction in progress fixed

assets and right-to-use assets and the acquisition does not involve employees. On the acquisition date

there was no output which was an asset acquisition that did not constitute business.

(2) Cancellation of subsidiaries in this year:

Shareholding ratio before

Subsidiary name Business nature Paid-in capital before cancellation

cancellation

(RMB)

Guangdong Yudean Baihua Combined heat and

power 3000000 100%

Integrated Energy Co. Ltd (Cogeneration)

Guangdong Yudean Baihua Integrated Energy Co. Ltd. a subsidiary of the Company held a

shareholders' meeting on October 9 2023 and decided to complete the cancellation of Baihua

Company in 2023. Liquidation and cancellation of Baihua Company will change the scope of the

Company's consolidated financial statements accordingly but it will not have a significant impact on

102the Company's existing business and performance and will not harm the interests of the Company and

its shareholders. On November 16 2023 Baihua Company completed the liquidation and cancellation.VIII. Engagement/Disengagement of CPAs

CPAs currently engaged

PWC Certified Public Accountants (special general

Name of the domestic CPAs

partnership)

Remuneration for domestic accounting firm (RMB 0'000) 900

Successive years of the domestic CPAs offering auditing

8

services

Name of CPA Li Xiaolei Fan Xin

Continuous years of audit services of certified public

Li Xiaolei(3 years) Fan Xin( 2 year)

accountants of domestic public accounting firms

Has the CPAs been changed in the current period

□ Yes √ No

Description of the CPAs financial advisers or sponsors engaged for internal control auditing

√ Applicable □Not applicable

In the report year the Company engaged PWC Certified Public Accountants (special general

partnership)as the certified public accountants and internal control audit body in 2023. The audit

remuneration was RMB 9 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

No such cases in the reporting period.XII. Situation of Punishment and Rectification

□Applicable √ Not applicable

No such cases in the reporting period.

103XIII. 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 "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 party Relationship Maximum Deposit Beginning The amount of this period The amount

daily deposit interest rate balance(RM of this period

limit(RMB range B '0000) Total deposit Total deposit Total amount

'0000) amount amount is withdrawn

(RMB (RMB for this

'0000) '0000) period(RMB

'0000)

Guangdong Controlled

Energy by

Group Guangdong 1300000 0.2%-3.5% 874062 14142493 13598185 1418370

Finance Co. Energy

Ltd. Group Co.

104Ltd.

Loan business

Related party Relationship Beginning The amount of this period

balance(RM Total

Loan Loant B '0000) Total loan repayment Ending

limit(RMB interest rate amount of amount of balance(RM

'0000) range the current the current B '0000)

period(RMB

period(RMB

'0000)

'0000)

Guangdong Controlled

Energy by

Group Guangdong 2.50%-

3700000990809110810010574431041466

Finance Co. Energy 3.81%

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

Related party Relationship Business type Total amount(RMB Actual amount

'0000) incurred(RMB '0000)

Guangdong

Communications Controlled by the same

Credit extension 3700000 1041466

Group Finance Co. 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）2023 daily related transactions were carried out after examination and approval by 2023 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 20 2023 the 12th meeting of the Tenth Board of Directors of the Company

deliberated and passed the Proposal on Daily Related Transactions between the Company and

Guangdong Energy Group Co. Ltd. the Proposal on Signing the "Financial Services Framework

Agreement" with Guangdong Energy Group Finance Co. Ltd. and the Proposal on Signing the

"Financial Leasing Cooperation Framework Agreement" with Guangdong Energy Finance Leasing

Co. Ltd. and the above related transactions were deliberated and passed by the first extraordinary

general meeting of shareholders in 2023.

(3) In order to improve the efficiency of capital use the 12th meeting of the Tenth Board of Directors

of the Company deliberated on February 20 2023 and agreed that Guangdong Yudean Bohe Energy

Co. Ltd. would reduce the capital of the phase I power plant project and the wharf project by no more

than RMB 3.103 billion and by reduction in capital contribution of the same proportion for

105shareholders. and the above related transactions were deliberated and passed by the first extraordinary

general meeting of shareholders in 2023.

（4）In order to improve the power supply guarantee capacity increase the scale of advanced clean

coal-fired power and promote the Company's sustainable development the first communication

meeting of the Tenth Board of Directors of the Company in 2023 deliberated and passed the Proposal

on Investment in the Expansion Project of Units 5 and 6 (2×1000MW) in Shanwei Power Plant Phase

II on March 15 2023 and agreed that Guangdong Red Bay Power Generation Co. Ltd. would invest

in the expansion project of Units 5 and 6 in Shanwei Power Plant Phase II. The construction scale of

the project is two 1 million kilowatt ultra-supercritical secondary reheat coal-fired power units with

the total dynamic investment controlled within RMB 7864.37 million and the above related

transactions were deliberated and passed by the f general meeting of shareholders in 2022.

（5）In order to protect the interests of the Company and its holding subsidiary Pinghai Power Plant

the 13th meeting of the Tenth Board of Directors of the Company deliberated and agreed on March 30

2023 that Pinghai Power Plant and Huizhou LNG Co. Ltd. would sign a compensation agreement

and Huizhou LNG Companyand the above related transactions were deliberated and passed by the f

general meeting of shareholders in 2022.

(6) In order to solve the construction capital needs of the Shapa offshore wind power project and

ensure the smooth progress and the continuous and stable operation of the project settlement the

"Proposal on Adjusting the Total Investment of Yangjiang Shapa Offshore Wind Power Project and

Increasing the Project Capital"was deliberated and passed in the 15th meeting of the 10th board of

directors of the Company on October 30 2023 agreed that the total investment of Yangjiang Shapa

offshore wind power project will be adjusted to 6.778 billion yuan and the project capital will be

adjusted to 1.3556 billion yuan according to 20% of the total investment and the capital of RMB

162.95 million increased shall be settled by capital increase by Guangdong Wind Power Company and

Guangdong Energy Group at a price of 1 yuan per 1 yuan of registered capital simultaneously to

Yangjiang Company according to share ratio of 89.0406%:10.9594% of which Guangdong Wind

Power Company shall increasethe capital by 145091700 yuan.

(7) On December 14 2023 the "Proposal on the Routine Related Party Transactions between the

Company and Guangdong Energy Group Co. Ltd. in 2024"was deliberated and approved in the 16th

meeting of the 10th board of directors of the Company. and the above related transactions were

deliberated and passed by the first extraordinary general meeting of shareholders in 2024.

(8) On December 14 2023 the "Proposal on Signing the Financial Service Framework Agreement

with Guangdong Energy Group Finance Co. Ltd." the "Proposal on Signing the Financial Leasing

Cooperation Framework Agreement with Guangdong Energy Financial Leasing Co. Ltd." and the

"Proposal on Signing the "Insurance and Risk Management Service Cooperation Framework

Agreement" with Guangdong Energy Property Insurance Captive Insurance Co. Ltd. were deliberated

and approved in the 16th meeting of the 10th board of directors of the Company. The afore-mentioned

related transactions were considered and approved for execution by the Company's first extraordinary

general meeting of shareholders in 2024.Website for temporary disclosure of the connected transaction

Announcement Date of disclosure Website for disclosure

Estimates announcement of the Daily

February 222023 http//www.cninfo.com.cn.Related Party Transactions of 2023

Announcement of Related Transactions

on Signing of the Financial Services February 222023 http//www.cninfo.com.cn.Framework Agreement Framework

106Agreement on Financing Leasing

Cooperation

Announcement on the related party

transaction of Guangdong Yudean Bohe February22 2023 http//www.cninfo.com.cn.Energy Co. Ltd reducing its capital

Announcement on the investment and

construction of Shanwei Power Plant

Unit 5 and Unit 6 (2×1000MW) March 162023 http//www.cninfo.com.cn.expansion project namely the related

transaction

Announcement on Related Party

Transactions of The Compensation

April 12023 http//www.cninfo.com.cn.Agreement signed between Pinghai

Power Plant and Huizhou LNG Co. Ltd.Announcement on the related party

transaction on capital increase to

October 312023 http//www.cninfo.com.cn.Guangdong Yudean Yangjiang Shapa

Offshore wind power Co. Ltd

Estimates announcement of the Daily

December 162023 http//www.cninfo.com.cn.Related Party Transactions of 2024

Announcement of Related Transactions

on Signing of the Financial Services

Framework Agreement Framework

Agreement on Financing Leasing December 162023 http//www.cninfo.com.cn.Cooperation and Framework Agreement

on Cooperation in Insurance and Risk

Management Services

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 2023.Gains/losses to the Company from projects that reached over 10% in total profit of the Company in

reporting period

107□Applicable √ Not applicable

No gains or losses to the Company from projects that reached over 10% in total profit of the Company

in reporting period

(2) Contract

□ Applicable √ Not applicable

No any contract for the Company in the reporting period.

(3) Lease

√Applicable □ Not applicable

Note

As the lessee the company has incurred a rental fee of RMB37590576 in this year.

108Project 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 Guarantee

disclosure

Name of Amount happening Actual Complete for date/No. of Guarantee Guaranty Counter-guarantee Guarantee

the of (Date of mount of implementation associated

type （If any） （If any） term

Company the Guarantee signing guarantee or not parties

guaranteed

agreement) (Yes or no)

amount

Until two

Guangdong

years after

Yudean Yangjiang

the date of

Guangdong Guarantee Offshore wind

expiration

Energy October November ing of power Co. Ltd.

200000 189472 No of the No Yes

Group Co. 292020 192020 joint provides joint and

performan

Ltd. liabilities. several liability

ce period

guarantee counter-

of the loan

guarantee

agreement

Total amount of approved Total actually amount of

external guarantee in the 0 external guarantee in the -10528

report period(A1) report period(A2)

Total actually amount of

Total amount of approved 425459 external guarantee at the 189472

external guarantee at the end

end of the report

109of the report period(A3) period(A4)

Guarantee of the company for its subsidiaries

Relevant

Date of Guarantee

disclosure

Name of Amount happening Actual Complete for date/No. of Guarantee Guaranty Counter-guarantee Guarantee

the of (Date of mount of implementation associated

the type （If any） （If any） term Company Guarantee signing guarantee or not parties

guaranteed

agreement) (Yes or no)

amount

Until two

years after

Zhanjiang the date of

Wind Guarantee expiration

October

Power April 292009 18572 0 ing of No No of the No No

92010

Generation joint performan

Co. Ltd. ce period

of the loan

agreement

The durati

on of each

issue of co

rporate bo

nds under t

he registra

tion appro

val of Gua

Guangdong

ngdong W

Wind Guarantee

August ind Power

Power 200000 March 212023 60000 ing of No No No No

312022 Generation

Generation joint

Co. Ltd.Co. Ltd.will end o

n the day t

hat is two

years after

the latest d

ue date of

the corpor

ate bond.Total of guarantee for 0 Total of actual guarantee 55128

110subsidiaries approved in the for subsidiaries in the

period(B1) period (B2)

Total of guarantee for Total of actual guarantee

subsidiaries approved at 441536 for subsidiaries at period- 60000

period-end(B3) end(B4)

Guarantee of the subsidiaries for the controlling subsidiaries

Relevant

Date of Guarantee

disclosure

Name of happening Actual Complete for date/No. of Amount of Guarantee Guaranty Counter-guarantee Guarantee

the (Date of mount of implementation associated

Company the

Guarantee type （If any） （If any） term

signing guarantee or not parties

guaranteed

agreement) (Yes or no)

amount

The Company’s total guarantee(i.e.total of the first three main items)

Total amount of

Total guarantee quota

guarantee actually

approved in the reporting 0 44600

incurred in the reporting

period（A1+B1+C1）

period（A2+B2+C2）

Total guarantee quota Total balance of the

already approved at the end actual guarantee at the

866995249472

of the reporting period end of the reporting

（A3+B3+C3） period（A4+B4+C4）The proportion of the total amount of actually guarantee in

11.27%the net assets of the Company (that is A4+B4+C4）%

Including：

Amount of guarantees provided for shareholders the actual

189472

controller and their related parties (D)

Amount of debt guarantees provided directly or indirectly for

60000

entities with a liability-to-asset ratio over 70% (E)

Proportion of total amount of guarantee in net assets of the

0

company exceed 50%（F）

Total amount of the three kinds of guarantees above (D+E+F) 249472

Explanations on possibly bearing joint and several liquidating

No

responsibilities for undue guarantees (if any)

Explanations on external guarantee against regulated No

111procedures (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 disclosure Website for disclosure

In order to reflect the Company's financial position and operating results more Announcement on Accounting April 222023 http//www.cninfo.com.cn.objectively and fairly it’s agreed that the Company would make changes in accounting Policy Changes

policy in accordance with Interpretation No. 16 from January 1 2023 and make

retrospective adjustments in accordance with the bridging provisions.In order to objectively and fairly reflect the Company's financial position and the value Announcement on The October 312023 http//www.cninfo.com.cn.of assets at the end of the period after deliberation at the 13th meeting of the 10th board Provision for Asset

of directors of the Company it’s agreed that the Company will make an asset Impairment

112impairment provision of 383987700 yuan for the relevant assets of the Company and

its holding subsidiaries as of September 2023 in accordance with the relevant provisions

of the "Accounting Standards for Business Enterprises" and the actual situation of the

Company's assets.In order to implement the Xinjiang industrial development strategy and smoothly Resolutions of the 15th October 312023 http//www.cninfo.com.cn.promote the construction of new energy projects the board of directors of the Company meeting of the Tenth Board of

agreed to invest in the construction of a 350MW integrated photovoltaic power directors

generation and storage project of the 45th regiment of the third division of Guangdong

Electric Power(hereinafter referred to as the "project") with a total investment of

1706.36 million yuan and a capital of 341.27 million yuan calculated according to 20%

which will be solved by the Company by capital increase in batches to Tumshuk

Yudean Hanhai New Energy Co. Ltd. according to the actual progress of the project

and the capital needs.XVII. Significant event of subsidiary of the Company

□Applicable □Not applicable

In order to further deepen the reform of state-owned enterprises optimize the capital structure absorb external resources and better promote the

development of the Company's new energy strategy Guangdong Wind Power Company a wholly-owned subsidiary of the Company increased its

capital and shares by way of public listing and introduced six strategic investors-Beijing Chengtong Gongrong Equity Investment Fund Three Gorges

Capital Holding Co. Ltd. CCB Financial Assets Investment Co. Ltd. Bank of Communications Financial Assets Investment Co. Ltd. ABC Financial

Assets Investment Co. Ltd. and Bank of China Financial Assets Investment Co. Ltd. raising a total of RMB 4.5 billion yuan and totally increasing the

registered capital of2990033222 yuan and the part exceeding the newly increased registered capital is included in the capital reserve of Guangdong

Wind Power Company. The details of the capital increase are as follows:

Subscription to the newly increased

No. Strategic investor Capital increase amount (’0000 yuan)

registered capital (’0000 yuan)

Chengtong Gongrong Equity Investment

1122218.39496.3989

Fund

2 Sanxia Capital 100000.0000 5.2357

3 CCB Investment 96846.6051 5.0705

4 BOCOM Investment 43645.0000 2.2851

1135 ABC Investment 43645.0000 2.2851

6 BOC Investment 43645.0000 2.2851

Total 450000.0000 23.5604

114VII. 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 Proporti Capitaliza

on tion of Share Bonus Proportcommon Other Subtotal Quantity

allotment shares ion

reserve

fund

I. Share with

conditional 1897963287 36.15% 1897963287 36.15%

subscription

1. State-owned

shares

2. State-owned

legal person 1893374517 36.06% 79740 79740 1893454257 36.06%

shares

3.Other

domestic 4588770 0.09% -79740 -79740 4509030 0.09%

shares

Of which：

Domestic legal 3535770 0.07% 3535770 0.07%

person shares

Domestic

natural person 1053000 0.02% -79740 -79740 973260 0.02%

shares

4.Foreign

shares

Of which：

Foreign legal

person shares

Foreign natural

person shares

II. Shares with

unconditional 3352320699 63.85% 3352320699 63.85%

subscription

1.Common

255391269948.64%255391269948.64%

shares in RMB

2.Foreign

shares in

798408000 15.21% 798408000 15.21% domestic

market

3.Foreign

shares in

foreign market

4.Other

III. Total of

5250283986 5250283986 capital shares

Reasons for share changed

√ Applicable □ Not applicable

115The 79740 restricted A-shares held by Luo Guoliang were changed to held by Guangdong Energy

Group Co. Ltd. due to the advance repayment procedures for the share-trading reform;

Approval of Change of Shares

□Applicable √Not applicable

Ownership transfer of share changes

The 79740 restricted A-shares held by Luo Guoliang were changed to held by Guangdong Energy

Group Co. Ltd. due to the advance repayment procedures for the share-trading reform;

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

Ⅱ.Issuing and listing

1.Explanation of the Situation of the Security Issue(No Preferred Shares) in the Report Period

□Applicable √Not applicable

2.Change of asset and liability structure caused by change of total capital shares and structure

□Applicable √Not applicable

3.About the existing employees’ shares

□Applicable √Not applicable

Ⅲ.Shareholders and actual controlling shareholder

1. Number of shareholders and shareholding

In Shares

Total Total The total n Total

number of shareholder umber of pr preferred shareholders at

common s at the end eferred shar the end of the month from 99312 103509 0 0

shareholders of the eholders vo the date of disclosing the

at the end of month from ting rights ( annual report(if any)(See

the the date of if any)(See Notes 8)

116reporting disclosing Notes 8)

period

Particulars about shares held above 5% by shareholders or top ten shareholders

Number of Changes Number of share

Proportion

Shareholders Amount of Amount of un-Nature of shares held in pledged/frozen

of shares restricted restricted

shareholder at period - reporting

held（%） shares held shares held State of

end period Amount share

Guangdong State-

Energy owned

67.39%35381169217974018934542571644662664

Group Co. legal

Ltd. person

Guangzhou State-

Development owned

2.22%11669360200116693602

Group Co. legal

Ltd. person

Guangdong

State-

Electric

owned

Power 1.80% 94367341 0 0 94367341

legal

Development

person

Corporation

Overseas

HKSCC Legal 0.77% 40553587 29919965 0 40553587

person

Domestic

Zheng

Natural 0.50% 26404944 170444 0 26404944

Jianxiang

person

ICBC－

Guangfa

Domestic

strategy

Non-State

preferred

owned 0.35% 18387270 18387270 0 18387270

hybrid

legal

securities

person

investment

fund

China

Merchants

Bank Co.Ltd－ABC

remittance Domestic

strategy Non-State

income a owned 0.33% 17076400 17076400 0 17076400

year holding legal

period of person

hybrid

securities

investment

fund

GUOTAI

JUNAN Overseas

SECURITIE Legal 0.31% 16370751 12294711 0 16370751

S（HONG personKONG）

VANGUAR

D TOTAL Overseas

INTERNATI Legal 0.30% 15855512 15855512 0 15855512

ONAL person

STOCK

117INDEX

FUND

CHINA

INTERNATI

ONAL

CAPITAL Overseas

CORPORAT Legal 0.29% 15328366 112300 0 15328366

ION HONG person

KONG

SECURITIE

S LTD

Strategy investors or

general legal person

becomes top 10

shareholders due to rights Not applicableissued (if applicable)（SeeNotes 3）

Explanation on associated The Third largest shareholder Guangdong Electric Power Development Corporation is the wholly-

relationship among the owned subsidiaries of the largest shareholder Energy Group. These two companies have relationships;

aforesaid shareholders whether the other shareholders have relationships or unanimous acting was unknown

Above shareholders

entrusting or entrusted with

Not applicable

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

Share type

Name of the shareholder Quantity of unrestricted shares held at the end of the reporting period Share

Quantity

type

RMB

Guangdong Energy Group

1644662664 Common 1644662664

Co. Ltd.shares

RMB

Guangzhou Development

116693602 Common 116693602

Group Co. Ltd.shares

RMB

Guangdong Electric Power

94367341 Common 94367341

Development Corporation

shares

RMB

HKSCC 40553587 Common 40553587

shares

Foreign

shares

Zheng Jianxiang 26404944 placed in 26404944

domestic

exchange

ICBC－Guangfa strategy RMB

preferred hybrid securities 18387270 Common 18387270

investment fund shares

China Merchants Bank Co. RMB

Ltd－ABC remittance 17076400 Common 17076400

strategy income a year shares

118holding period of hybrid

securities investment fund

Foreign

GUOTAI JUNAN sharesSECURITIES（HONG 16370751 placed in 16370751KONG） domestic

exchange

Foreign

VANGUARD TOTAL shares

INTERNATIONAL 15855512 placed in 15855512

STOCK INDEX FUND domestic

exchange

CHINA Foreign

INTERNATIONAL shares

CAPITAL 15328366 placed in 15328366

CORPORATION HONG domestic

KONG SECURITIES LTD exchange

Explanation on associated

relationship or consistent

action among the top 10

shareholders of non- The Third largest shareholder Guangdong Electric Power Development Corporation is the wholly-

restricted negotiable shares owned subsidiaries of the largest shareholder Energy Group. These two companies have relationships;

and that between the top 10 whether the other shareholders have relationships or unanimous acting was unknown.shareholders of non-

restricted negotiable shares

and top 10 shareholders

Explanation on

shareholders participating

in the margin trading Not applicable

business(if any )(See Notes

4)

Lending of shares by the top ten shareholders participating in refinancing business

□ Applicable √ Not applicable

The top ten shareholders have changed from the previous period

□Applicable □Not applicable

In Shares

Changes of the top ten shareholders compared with the end of the previous period

Number of shares held by shareholders

Number of shares lent by refinancing at in general accounts and credit accounts

Name of Addition/Withdra the end of the period and not yet returned and lent by refinancing at the end of the

shareholder (full wal in this period and not yet returned

name) reporting period

Proportion of total Proportion of total

Total quantity Total quantity

share capital share capital

ICBC－Bank of

Communications

Schroder Trend

Withdrew 0 0% 2755009 0.05%

Preferred Mixed

Securities

Investment Fund

ICBC－Caitong Withdrew 0 0% 0 0%

119Value Momentum

Hybrid Securities

Investment Fund

ICBC－Qianhai

Open Source New

Economy Flexible

Withdrew 0 0% 0 0%

Allocation Hybrid

Securities

Investment Fund

ICBC－Caitong

Growth Preferred

Withdrew 0 0% 0 0%

Hybrid Securities

Investment Fund

China Securities

Withdrew 0 0% 0 0%

Finance Co. Ltd.HKSCC Newly added 0 0% 40553587 0.77%

ICBC－GF

Strategy Preferred

Newly added 0 0% 18387270 0.35%

Hybrid Securities

Investment Fund

China Merchants

Bank Co. Ltd.-

ABCCA Strategic

Income One-year Newly added 0 0% 17076400 0.33%

Holding Period

Hybrid Securities

Investment Fund

GUOTAI JUNAN

SECURITIES

（ Newly added 0 0% 16370751 0.31% HONGKONG）

CHINA

INTERNATIONA

L CAPITAL

CORPORATION Newly added 0 0% 15328366 0.29%

HONG KONG

SECURITIES

LTD

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 Principal business

Date of incorporation Organization code

Controlling representative/Leader activities

120shareholder

Management and sales

of the electricity

investment

construction operation

management，electricity

power(Thermal

Power)，The industry of

Guangdong Energy

Zhang Fan August 32001 91440000730486022G transportation

Group Co. Ltd. resources

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 Principal business

representative/person Date of establishment Organization code

controlling shareholder activities

in charge

As the special

State-owned Assets institution directly

subordinate to

supervision and

Guangdong Provincial

administration

People's Government

Commission of YuGang June 262004 114400007583361658

performed the

Guangdong

obligation of provincial

Provincial People’s state-asset contributor

Government entrusted by the

provincial government.Equity of other

Unknown

domestic/foreign listed

121company with share

controlling and share

participation by

controlling shareholder

in reporting period

Changes of the actual controller in the reporting period

□Applicable √Not applicable

No Changes of the actual controller in the reporting period

Block Diagram of the ownership and control relations between the company and the actual controller

The actual controller controls the company by means of trust or managing the assets in other way

□Applicable √Not applicable

4.The cumulative number of shares pledged by the controlling shareholder or the largest shareholder

of the company and its person acting in concert accounts for 80% of the number of shares held by the

company

□Applicable √Not applicable

5.Particulars about other legal person shareholders with over 10% share held

□Applicable √Not applicable

6.Situation of Share Limitation Reduction of Controlling Shareholders Actual Controllers

Restructuring Party and Other Commitment Subjects

□Applicable √Not applicable

122IV. 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

123VIII. Situation of the Preferred Shares

□Applicable √Not applicable

The Company had no preferred shares in the reporting period.

124IX. 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 short Bond Bond balance Interest

Bond name Issue day Value date Due day Servicing way Trading

name code (RMB '0000) rate

Public Issuance

of Corporate Using simple interest rate

Bonds to on a yearly basis

Qualified regardless of compound

Investors in interest. Due payments Shenzhen

2020 (Phase I) 20 Yudean 149113.S April 282020 April 292020 April 292023 0 2.45% once a year maturing debt Stock

of Guandong 01 Z at a time. In the final phase Exchange

Electric Power interest is paid together

Development with the principal

Co.Ltd. redemption.Public Issuance Using simple interest rate

of Corporate 21 Yudean 149369.S January January on a yearly basis

Shenzhen

Bonds to January 262021 100000 3.57% regardless of compound Stock

01 Z 272021 272024

Qualified interest. Due payments Exchange

Investors in once a year maturing debt

1252021 (Phase I) at a time. In the final

of Guandong phase interest is paid

Electric Power together with the principal

Development redemption.Co.Ltd.Public Issuance

of Corporate Using simple interest rate

Bonds to on a yearly basis

Qualified regardless of compound

Investors in

21Yudean interest. Due payments Shenzhen 149418.S April 28

2021 (Phase II) April 272021 April 282021 150000 3.5% once a year maturing debt Stock

of Guandong 02 Z 2026 at a time. In the final Exchange

Electric Power phase interest is paid

Development together with the principal

Co.Ltd. redemption.Public Issuance

Using simple interest rate

of Corporate

on a yearly basis

Bonds to

regardless of compound

Professional

interest. Due payments Shenzhen

Investors in 21Yudean 149711.S November November November

80000 3.41% once a year maturing debt Stock

2021 (Phase I) 03 Z 232021 242021 242026

at a time. In the final Exchange

of Guandong

phase interest is paid

Electric Power

together with the principal

Development

redemption.Co.Ltd.Public Issuance

of Green

Using simple interest rate

Corporate

on a yearly basis

Bonds to

regardless of compound

professional

interest. Due payments

Investors in G23 115042.S March Shanghai Stock

March 172023 March 212023 60000 3.15% once a year maturing debt

2023(phase Yuefeng 2 H 212028 Exchange

at a time. In the final

I)(Variety 2) of

phase interest is paid

Guangdong

together with the principal

Wind Power

redemption.Generation Co.Ltd.

126Public Issuance

of Corporate Using simple interest rate

Bonds to on a yearly basis

Professional regardless of compound

Investors in interest. Due payments

21Pinghai 188197.S Shanghai Stock

2021 (Phase I) June 32021 June 42021 June 52023 0 3.57% once a year maturing debt

01 H Exchange

of Guandong at a time. In the final

Huizhou Pinghai phase interest is paid

Power together with the principal

Generation redemption.Co.Ltd.During the reporting period interest

payment situation of the company bonds 20 Yudean 01 21 Yudean 0121 Yudean 02 21 Yudean 03 G23 Yuefeng 2 and 21 Pinghai 01 are bonds for professional investors.（If any）

Applicable trading mechanism Matching transaction click transaction inquiry transaction bidding transaction negotiation transaction

Whether there are risks and countermeasures for terminating listing transactions（If Noany)

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: 149113.SZ 149418.SZ and 115042.SH

Bond abbreviation: 20 Yudean 01 21 Yudean 02 G23 Yuefeng 2

Types of terms included in bonds: adjustment of coupon rate option and resale option

127Trigger and implementation of option clause: During the reporting period 20 Yudean 01 triggered the

option clause. From March 28 2023 to March 30 2023 the Company issued three suggestive

announcements on the implementation measures of coupon rate non-adjustment and investors' resale.After the Company issued the announcement of coupon rate non-adjustment investors exercised the

resale option and the registered scale of resale was RMB 1.5 billion. After the resale the balance of

20 Yudean 01 was RMB 0.00 billion and 20 Yudean 01 was not resold. During the reporting period

21 Yudean 02 and 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

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

China Securities 9/F Taikang

Co. Ltd. (lead Group Building

principal Building 1 Yard

Not applicable Liu Renshuo 010-86451370

underwriter/bookk 16 Jinghui Street

eeping Chaoyang District

manager/trustee) Beijing

22/F CITIC

Securities

CITIC Securities

Building No.48

Co. Ltd. (joint Not applicable Song Yilan 010-60836755

Liangmaqiao

lead underwriter)

Road Chaoyang

Public Issuance of District Beijing

Corporate Bonds

to Qualified 23/F R&F Center

Investors in 2020 No.10 Huaxia

(Phase I) of Beijing Zhong Lun Road Zhujiang Not applicable Ling Qinghua 020-28261689

Guandong Electric Law Firm New Town

Power Tianhe District

Development Guangzhou

Co.Ltd. 18/F

PricewaterhouseC Wang Bin Li

PricewaterhouseC

oopers Center Yanhuaoopers Zhongtian

No.10 Zhujiang （2019）；Wang

Certified Public

West Road Bin Guo Biyu Wang Bin 020-38192000

Accountants

Zhujiang New （2018）；Wang

(Special General

Town Tianhe Bin Chen Junjun

Partnership)

District （2017）

Guangzhou China

China Cheng Xin Building 6 Yinhe

International SOHO No.2

Nanzhugan Not applicable Fang Zibin 010-66428877

Credit Rating Co.Hutong

Ltd.Dongcheng

128District Beijing

China Securities 9/F Taikang

Co. Ltd. (lead Group Building

principal Building 1 Yard

Not applicable Liu Renshuo 010-86451370

underwriter/bookk 16 Jinghui Street

eeping Chaoyang District

manager/trustee) Beijing

22/F CITIC

Securities

CITIC Securities

Building No.48

Co. Ltd. (joint Not applicable Song Yilan 010-60836755

Liangmaqiao

lead underwriter)

Road Chaoyang

District Beijing

Public Issuance of 23/F R&F Center

Corporate Bonds No.10 Huaxia

to Qualified Beijing Zhong Lun Road Zhujiang

Not applicable Liang Qinghua 020-28261689

Investors in 2021 Law Firm New Town

(Phase I) of Tianhe District

Guandong Electric Guangzhou

Power

18/F

Development PricewaterhouseC Wamg Bin Li

Co.Ltd. PricewaterhouseC oopers Center Yanhua

oopers Zhongtian No.10 Zhujiang （2019）；Wang

Certified Public

West Road Bin Guo Biyu Wang Bin 020-38192000

Accountants

Zhujiang New （2018）；Wang

(Special General

Town Tianhe Bin Chen Junjun

Partnership)

District （2017）

Guangzhou China

Building 6 Yinhe

China Cheng Xin SOHO No.2

International Nanzhugan

Not applicable Fang Zibin 010-66428877

Credit Rating Co. Hutong

Ltd. Dongcheng

District Beijing

China Securities 9/F Taikang

Co. Ltd. (lead Group Building

principal Building 1 Yard

Not applicable Liu Renshuo 010-86451370

underwriter/bookk 16 Jinghui Street

eeping Chaoyang District

manager/trustee) Beijing

22/F CITIC

Public Issuance of Securities CITIC Securities

Corporate Bonds Building No.48 Co. Ltd. (joint Not applicable Song Yilan 010-60836755

to Professional Liangmaqiao lead underwriter)

Investors in 2021 Road Chaoyang

(Phase II) of District Beijing

Guandong Electric 23/F R&F Center

Power No.10 Huaxia

Development Beijing Zhong Lun Road Zhujiang

Co.Ltd. Not applicable Liang Qinghua 020-28261689 Law Firm New Town

Tianhe District

Guangzhou

PricewaterhouseC 18/F Wang Bin Lioopers Zhongtian PricewaterhouseC Yanhua（2019-Certified Public oopers Center

2020）；Wang Wang Bin 020-38192000

Accountants No.10 Zhujiang

Bin Guo Biyu

(Special General West Road

Partnership) （2018） Zhujiang New

129Town Tianhe

District

Guangzhou China

Building 6 Yinhe

China Cheng Xin SOHO No.2

International Nanzhugan

Not applicable Fang Zibin 010-66428877

Credit Rating Co. Hutong

Ltd. Dongcheng

District Beijing

9/F Taikang

China Securities

Group Building

Co. Ltd. (principal

Building 1 Yard

underwriter/bookk Not applicable Liu Renshuo 010-86451370

16 Jinghui Street

eeping

Chaoyang District

manager/trustee)

Beijing

29/F 10/F and

11/F (01-04 units)

Chow Tai Fook

Finance Centre

NO.6 Zhujiang

ETR Law Firm Not applicable Wang Xing 020-37181333

Public Issuance of Dong Road

Corporate Bonds Tianhe District

to Professional Guangzhou City

Investors in 2021 Guangdong

(Phase I) of Province

Guandong Electric 18/F

Power PricewaterhouseC

Development PricewaterhouseC oopers Center Wang Bin LiCo.Ltd. oopers Zhongtian No.10 Zhujiang Yanhua（2019-Certified PublicWest Road 2020）；Wang Chen Junjun 020-38192645

Accountants

Zhujiang New Bin Guo Biyu

(Special General

Town Tianhe

Partnership) （2018）

District

Guangzhou China

Building 5 Yinhe

China Cheng Xin SOHO No.2

International Nanzhugan

Not applicable Sheng Lei 010-66428877

Credit Rating Co. Hutong

Ltd. Dongcheng

District Beijing

43/F Guangfa

Securities Chen Jieyi Li

Guangfa Securities Building No.26 Manjia Wang

Not appliacable 020-66335451

Co. Ltd. Machang Road Sihui Yang

Tianhe District Mingchuan

Public Issuance of Guangzhou

Green Corporate

16/22/23 楼 Floor

Bonds to

professional 16/22/23

Investors in Chamtime Shengang Zhan Xinda Chi

2023(phase International Securities Co. Not applicable Cheng Liang 021-20639666

I)(Variety 2) of Finance Center Ltd. Hanbing

Guangdong Wind 1589 Century

Power Generation Avenue Pudong

Co. Ltd. Shanghai

PricewaterhouseC

Unit 507 Room

oopers Zhongtian 1DBS Building Li Xiaolei Fan Li Xiaolei Fan

Certified Public 020-38192097 No.1318Lu Jia Xin Xin Tang Di

Accountants

Zui Ring Road

(Special General

130Partnership)

Building 5 Yinhe

China Cheng Xin SOHO No.2

International Nanzhugan Wang Linbo Liu

Not applicable 010-66428877

Credit Rating Co. Hutong Yinle

Ltd. Dongcheng

District Beijing

313/F Industrial

Bnk Building Chen Ling Yan

Goldsun Law Firm Not applicable 020-38790290

No.101Tianhe Lixin

Road Guangzhou

North Block

Times Square

Excellence (Phase

CITIC Securities II) No.8 Zhongxin

Not applicable Jian Qiongwen 13539997160

Co. Ltd Third Road Futian

District Shenzhen

City Guangdong

Province

Public Issuance of

Corporate Bonds Zhongxi Certified 11/F Block A

to Professional Public Xincheng Culture Wei Shuzhen Fan

Investors in 2021 Accountants Building No.11 Fan Fengwei 18520643032 Fengwei

(Phase I) of (Special General Chongwenmenwai

Guandong Partnership) Street Beijing

Huizhou Pinghai Shanghai 14/F Huasheng

Power Generation Brilliance Credit Building No.398

Co.Ltd. Not applicable Yu Liping 13641825613 Rating & Investors Hankou Road

Service Co. Ltd. Shanghai

7/F Block D

Qiaofufang

Beijing Dentons Grassland No.9

Not applicable Lv Sihui 13692899924

Law Offices LLP Dongdaqiao Road

Chaoyang District

Beijing

Whether the above agency changes during the reporting period

□ Yes √No

4. Use of raised funds

In RMB10000

Whether it is

consistent with

Operation of Rectification of the purpose

Name of bond Total amount of special account illegal use of use plan and

Used amount Unused amount

project raised funds for raised funds raised funds (if other

(if any) any) agreements

stipulated in the

prospectus

Public Issuance

of Corporate The special

Bonds to fund-raising

Qualified 150000 150000 0 account No Yes

Investors in

operates

2020 (Phase I)

properly

of Guandong

Electric Power

131Development

Co.Ltd.Public Issuance

of Corporate

Bonds to

The special

Qualified

fund-raising

Investors in

100000 100000 0 account No Yes

2021 (Phase I)

operates

of Guandong

properly

Electric Power

Development

Co.Ltd.Public Issuance

of Corporate

Bonds to

The special

Professional

fund-raising

Investors in

150000 150000 0 account No Yes

2021 (Phase II)

operates

of Guandong

properly

Electric Power

Development

Co.Ltd.Public Issuance

of Corporate

Bonds to

The special

Professional

fund-raising

Investors in

80000 80000 0 account No Yes

2021 (Phase I)

operates

of Guandong

properly

Electric Power

Development

Co.Ltd.Public Issuance

of Green

Corporate

Bonds to

The special

professional

fund-raising

Investors in

60000 25044 34956 account No Yes

2023(phase

operates

I)(Variety 2) of

properly

Guangdong

Wind Power

Generation Co.Ltd.Public Issuance

of Corporate

Bonds to

Professional The special

Investors in fund-raising

2021 (Phase I) 20000 20000 0 account No Yes

of Guandong operates

Huizhou properly

Pinghai Power

Generation

Co.Ltd.The raised funds are used for construction projects

□Applicable □ Not applicable

132During 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: 20 Yudean 01 21 Yudean 01 21 Yudean 02 21 Yudean 03 and 21 Pinghai Company 01 bonds are not guaranteed.

G23 Yuefeng 2 has set up credit enhancement measures with full unconditional irrevocable joint and several liability guarantee provided by Guangdong

Electric Power Development Co.Ltd.

(2). Debt repayment plan and other debt repayment guarantee measures: 20 Yudean 01 21 Yudean 01 21 Yudean 02 21 Yudean 0321 Pinghai 01 and

G23 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 short Bond Bond Interest

Bond name Issue day Value date Due day Servicing way Trading

name code balance rate

2021 MTN 21 Yudean 102101 July July July 212024 120000 3.17% Using simple interest rate on a Interbank market

133(Phase I) of Fa 339.IB 192021 212021 yearly basis regardless of

Guangdong MTN001 compound interest. Due

Electric Power payments once a year maturing

Development debt at a time. In the final

Co. Ltd. phase interest is paid together

with the principal redemption.Using simple interest rate on a

2021 MTN

yearly basis regardless of

(Phase II) of

21 Yudean compound interest. Due

Guangdong 102102 November November November

Fa 220000 3.13% payments once a year maturing Interbank market

Electric Power 318.IB 152021 172021 172024

MTN002 debt at a time. In the final

Development

phase interest is paid together

Co. Ltd.with the principal redemption.Using simple interest rate on a

2022 MTN

yearly basis regardless of

(Phase I) of

22 Yudean compound interest. Due

Guangdong 102281 August August August

FaMTN00 60000 2.9% payments once a year maturing Interbank market

Electric Power 929.IB 242022 262022 262027

1 debt at a time. In the final

Development

phase interest is paid together

Co. Ltd.with the principal redemption.Using simple interest rate on a

2023 MTN

yearly basis regardless of

(Phase I) of

23 Yudan compound interest. Due

Guangdong 102380 March March March

FaMTN00 160000 3.35% payments once a year maturing Interbank market

Electric Power 558.IB 152023 172023 172028

1 debt at a time. In the final

Development

phase interest is paid together

Co. Ltd.with the principal redemption.Guangdong

Electric Power

Development

Co. Ltd. Co. 22 Yudean 012284 December December One time repayment of

June 72023 0 2.34% Interbank market

Ltd.2022 III FaSCP003 265.IB 92022 122022 principal and interest due

phase Ultra-short

term financing

bills

Guangdong

22

Electric Power 012284 December December March One time repayment of Yudean 0 2.52% Interbank market

Development 408.IB 222022 232022 232023 principal and interest due FaSCP004

Co. Ltd. Co.

134Ltd.2022 IV

phase Ultra-short

term financing

bills

Guangdong

Electric Power

Development 23

012382 July July January One time repayment of

Co. Ltd. Co. Yudean Fa 100000 2.13% Interbank market

809.IB 252023 262023 192024 principal and interest due

Ltd.2023 I phase SCP001

Ultra-short term

financing bills

Guangdong

Electric Power

Development 23

012384 December December One time repayment of

Co. Ltd. Co. Yudean Fa May 312024 100000 2.56% Interbank market

361.IB 52023 62023 principal and interest due

Ltd.2023 II phase SCP002

Ultra-short term

financing bills

2021 MTN Using simple interest rate on a

(Phase I) of yearly basis regardless of

Guangdong 21 Pnghai compound interest. Due

102102 October October October

Huizhou Pinghai Fa 30000 3.72% payments once a year maturing Interbank market

049.IB 152021 152021 152024

Power MTN001 debt at a time. In the final

Generationt Co. phase interest is paid together

Ltd. with the principal redemption.During the reporting period interest

payment situation of the company bonds No（If any）

Circulation and transfer in the national inter-bank bond market its listing and circulation will be carried out in accordance with the

Applicable trading mechanism

relevant regulations promulgate d by the National Interbank Funding Center

Whether there are risks and

countermeasures for terminating listing Notransactions（If any)Overdue and unpaid bonds

□ Applicable √ Not applicable

1352. 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

2021 MTN (Phase

Industry Bank(lead

I) of Guangdong No.154 Hudong

principal Zhao Xinle Liu 010-89926570、

Electric Power Road Fuzhou Not applicable

underwriter/bookk Jingyi 020-38160153

Development Co. Fujian

eeping manager

Ltd.

2021 MTN (Phase

No. 55

I) of Guangdong

ICBC(joint lead Fuxingmennei

Electric Power Not applicable Sheng Xue 010-66106736

underwriter) Street Xicheng

Development Co.District Beijing

Ltd.

3133 36 and

2021 MTN (Phase

37/F SK Building

I) of Guangdong

Beijing Zhong Lun A6

Electric Power Not Applicable Liang Qinghua 020-28262689

Law Firm Jianguomenwai

Development Co.Street Chaoyang

Ltd.District Beijing

11/F

PricewaterhouseC PricewaterhouseC

2021 MTN (Phase Wang Bin Li

oopers Zhongtian oopers No.2I) of Guangdong Yanhua（2019-Certified Public EnterpristElectric Power 2020）；Wang Li Xiaolei 021-23238888

Accountants Building No.202

Development Co. Bin Guo Biyu

(Special General Hubin Road

Ltd.Partnership) Huangpu District （2018）

Shanghai

2021 MTN (Phase

Shanghai 14/f Huasheng

I) of Guangdong

Brilliance Credit Building No.398

Electric Power Not applicable Zhang Jie 18600048666

Rating & Investors Hankou Road

Development Co.Service Co. Ltd. Shanghai

Ltd.

2021 MTN (Phase

Industry Bank

II) of Guangdong No.154 Hudong

(lead principal Zhao Xinle Ye 010-89926570、

Electric Power Road Not applicable

underwriter/bookk Huishan 020-38160153

Development Co. Fuzhou Fujian

eeping manager

Ltd.

2021 MTN (Phase

No. 55

II) of Guangdong

ICBC(joint lead Fuxingmennei

Electric Power Not applicable Sheng Xue 010-66106736

underwriter) Street Xicheng

Development Co.District Beijing

Ltd.

3133 36 and

2021 MTN (Phase

37/F SK Building

II) of Guangdong

Beijing Zhong Lun A6

Electric Power Not Applicable Liang Qinghua 020-28262689

Law Firm Jianguomenwai

Development Co.Street Chaoyang

Ltd.District Beijing

11/F

PricewaterhouseC PricewaterhouseC

2021 MTN (Phase Wang Bin Li

oopers Zhongtian oopers No.2II) of Guangdong Yanhua（2019-Certified Public EnterpristElectric Power 2020）；Wang Li Xiaolei 021-23238888

Accountants Building No.202

Development Co. Bin Guo Biyu

(Special General Hubin Road

Ltd.Partnership) Huangpu District （2018）

Shanghai

2022 MTN (Phase Industry Bank

No.154 Hudong

I) of Guangdong (lead principal Zhao Xinle Ye 010-89926570、Road Not applicable

Electric Power underwriter/bookk Huishan 020-38160153 Fuzhou Fujian

Development Co. eeping managerLtd.

2022 MTN (Phase

No. 55

I) of Guangdong

ICBC(joint lead Fuxingmennei

Electric Power Not applicable Sheng Xue 010-66106736

underwriter) Street Xicheng

Development Co.District Beijing

Ltd.

3133 36 and

2022 MTN (Phase

37/F SK Building

I) of Guangdong

Beijing Zhong Lun A6

Electric Power Not Applicable Liang Qinghua 020-28262689

Law Firm Jianguomenwai

Development Co.Street Chaoyang

Ltd.District Beijing

11/F

PricewaterhouseC PricewaterhouseC

2022 MTN (Phase Chen Junjun Li

oopers Zhongtian oopers No.2

I) of Guangdong Xiaolei(2021)；

Certified Public Enterprist

Electric Power Wang Bin Li Li Xiaolei 021-23238888

Accountants Building No.202Development Co. Yanhua（2019-(Special General Hubin Road

Ltd.Partnership) Huangpu District 2020）

Shanghai

2023 MTN (Phase

Industry Bank

I) of Guangdong No.154 Hudong

(lead principal Zhao Xinle Ye

Electric Power Road Not applicable 020-38988015

underwriter/bookk Huishan

Development Co. Fuzhou Fujian

eeping manager

Ltd.

2023 MTN (Phase Agricultural Bank

No.69 Jianguo

I) of Guangdong of China

Mennei Street

Electric Power Corporation Not applicable An Liwei 010-85109045

Chaoyang District

Development Co. Limited (co-lead

Beijing

Ltd. underwriter)

3133 36 and

2023 MTN (Phase

37/F SK Building

I) of Guangdong

Beijing Zhong Lun A6

Electric Power Not Applicable Liang Qinghua 020-28262689

Law Firm Jianguomenwai

Development Co.Street Chaoyang

Ltd.District Beijing

11/F

PricewaterhouseC PricewaterhouseC Li Xiaolei Fan

2023 MTN (Phase

oopers Zhongtian oopers No.2 Xin（2022）Chen

I) of Guangdong

Certified Public Enterprist Junjun Li

Electric Power Li Xiao Lei 021-23238888

Accountants Building No.202 Xiaolei(2021)；

Development Co.(Special General Hubin Road Wang Bin Li

Ltd.Partnership) Huangpu District Yanhua（2020）

Shanghai

Guangdong

China

Electric Power

Construction Bank No.25 Finance

Development Co.(lead principal Street Xicheng Not applicable Zhou Peng 010-67596478

Ltd.2022 III phase

underwriter/bookk District Beijing

Ultra-short term

eeping manager

financing bills

Guangdong

Electric Power

Industrial Bank No.154 Hudong

Development Co. Zhao Xinle Ye 010-89926570、

Co. Ltd. (joint Road Not applicable

Ltd.2022 III phase Huishan 020-38160153

lead underwriter) Fuzhou Fujian

Ultra-short term

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.2022 III phase

Road Tianhe

Ultra-short term

District

financing bills

Guangzhou

Guangdong PricewaterhouseC 11/F Chen Junjun Li

Electric Power oopers Zhongtian PricewaterhouseC Xiaolei Li Xiaolei 021-23238888

Development Co. Certified Public oopers No.2 （2021）；Wang

137Ltd.2022 III phase Accountants Enterprist BinLi YanhuaUltra-short term (Special General Building No.202 （2019-2020)financing bills Partnership) Hubin Road

Huangpu District

Shanghai

Guangdong

Electric Power SPD BankDevelopment Co. （principal No.12 ZhongshanNot applicable Wang Lei 020-38156751

Ltd.2022 IV phase underwriter/bookk 1 Road ShanghaiUltra-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.2022 IV phase

Road Tianhe

Ultra-short term

District

financing bills

Guangzhou

11/F

Guangdong PricewaterhouseC PricewaterhouseC Chen Junjun Li

Electric Power oopers Zhongtian oopers No.2 Xiaolei

Development Co. Certified Public Enterprist （2021）；Wang Li Xiaolei 021-23238888

Ltd.2022 IV phase Accountants Building No.202

BinLi Yanhua

Ultra-short term (Special General Hubin Road

（2019-2020)financing bills Partnership) Huangpu District

Shanghai

Guangdong

Electric Power Industry Bank

No.154 Hudong

Development Co. (lead principal Zhao Xinle Ye 010-89926570、

Road Not applicable

Ltd.2023 I phase underwriter/bookk Huishan 020-38160153

Fuzhou Fujian

Ultra-short term eeping manager

financing bills

Guangdong

Electric Power SPD BankDevelopment Co. （principal No.12 ZhongshanNot applicable Wang Lei 020-38156751

Ltd.2023 I phase underwriter/bookk 1 Road ShanghaiUltra-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

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

Li Xiaolei 021-23238888

Ltd.2023 I phase Accountants Building No.202 Xiaolei(2021)；

Ultra-short term (Special General Hubin Road Wang Bin Li

financing bills Partnership) Huangpu District 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 II phase

underwriter/bookk District Beijing

Ultra-short term

eeping manager

financing bills

Guangdong ETR Law Firm 10 &11/f Chow Not applicable Wang Xing 020-37181333

Electric Power Tai Fook Finance

138Development Co. Certire No.6

Ltd.2023 II phase Zhujiang Dong

Ultra-short term Road Tianhe

financing bills District

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

Li Xiaolei 021-23238888

Ltd.2023 II phase Accountants Building No.202 Xiaolei(2021)；

Ultra-short term (Special General Hubin Road Wang Bin Li

financing bills Partnership) Huangpu District Yanhua（2020）

Shanghai

2021 MTN (Phase

II) of Guangdong

Huizhou Pinghai No. 55

Power Genration ICBC(joint lead Fuxingmennei Not applicable Dai Ying 010-66109649

Co. Ltd. underwriter) Street Xicheng

（ District Beijing Sustainablepeg）

2021 MTN (Phase

II) of Guangdong

Huizhou Pinghai Industry Bank No.154 Hudong

Power Genration (lead principal Road Not applicable Zhao Xinle 010-89926570

Co. Ltd. underwriter/bookk Fuzhou Fujian

（ eeping manager Sustainablepeg）

2021 MTN (Phase

II) of Guangdong 11/F Block A

Huizhou Pinghai Zhongxi Xincheng Culture

Power Genration CPAs( Special Wei Shuzhen Fan Building No.11 Fan Fengwei 18520643032

Co. Ltd. General Fengwei Chongwenmenwai

（ Partnership) Sustainable Street Beijingpeg）

2021 MTN (Phase

II) of Guangdong

Huizhou Pinghai Shanghai 14/F Huasheng

Power Genration Brilliance Credit Building No.398 Not Applicable Yu Liping 13641825613

Co. Ltd. Rating & Investors Hankou Road

Service Co. Ltd Shanghai

（Sustainablepeg）

2021 MTN (Phase

II) of Guangdong 7/F Block D

Huizhou Pinghai Qiaofufang

Power Genration Beijing Dentons Grassland No.9 Not applicable Lv Sihui 13692899924

Co. Ltd. Law Offices LLP Dongdaqiao Road

（ Chaoyang District SustainableBeijingpeg）

Whether the above agency changes during the reporting period

□ Yes √No

4. Use of raised funds

In RMB10000

Whether it is

consistent with

Operation of Rectification of the purpose

Name of bond Total amount of special account illegal use of use plan and

Used amount Unused amount

project raised funds for raised funds raised funds (if other

(if any) any) agreements

stipulated in the

prospectus

1392021 MTN

The special

(Phase I) of

fund-raising

Guangdong

120000 120000 0 account No Yes

Electric Power

operates

Development

properly

Co. Ltd.

2021 MTN

(Phase II) of

Guangdong

220000 220000 0 Not applicable No Yes

Electric Power

Development

Co. Ltd.

2022 MTN

(Phase I) of

Guangdong

60000 60000 0 Not applicable No Yes

Electric Power

Development

Co. Ltd.

2023 MTN

(Phase I) of

Guangdong

160000 160000 0 Not applicable No Yes

Electric Power

Development

Co. Ltd.Guangdong

Electric Power

Development

Co. Ltd.2022 200000 200000 0 Not applicable No Yes

III phase Ultra-

short term

financing bills

Guangdong

Electric Power

Development

Co. Ltd.2022 150000 150000 0 Not applicable No Yes

IV phase Ultra-

short term

financing bills

Guangdong

Electric Power

Development

Co. Ltd. Co.

100000 100000 0 Not applicable No Yes

Ltd.2023 I

phase Ultra-

short term

financing bills

Guangdong

Electric Power

Development

Co. Ltd. Co.

100000 100000 0 Not applicable No Yes

Ltd.2023 II

phase Ultra-

short term

financing bills

2021 MTN

(Phase I) of

Guangdong

Huizhou 30000 30000 0 Not applicable No Yes

Pinghai Power

Generationt

Co. Ltd.The raised funds are used for construction projects

√ Applicable □Not applicable

14021Yudeanfa 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. In the main building installation project of the

alternative power supply project at Ningzhou plant site in Dongguan the first concrete of the main plant

foundation was poured in September 2021. The construction of the project is progressing as planned. As of

February 27 2024 the first ignition and pipe blow of gas turbine of Unit 1 was carried out; theunit 2 has

the capability to complete the installation and commissioning of the single unit and the divisional test is in

progress; the hydraulic test of theboiler of Unit 3 has been completed and the main equipment has been

put into position forinstallation and the single-unit test is in progress. It’s expected that Unit 1 will be put

into operation in May 2024 and Units 2 and 3 will be put into operation in June and August of the same

year. The second phase of Guangdong Yuedian Zhanjiang Wailuo Offshore Wind Power Project was put

into operation in December 2021and the project is in good operating condition. In 2023 it realized an

operating income of RMB 360.6457 million and an operating profit of RMB 49.1124 million.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). 21Yudeanfa MTN001 21Yudeanfa MTN002 22Yudeanfa MTN 001 23Yudeanfa MTN00122

Yudeanfa SCP003 22 Yudeanfa SCP00423 Yudeanfa SCP00123 Yudeanfa SCP002 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

141VIII. 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 reporting At the same time rate of

Items At the end of last year

period change

Current ratio 0.68 0.61 11.48%

Debt ratio 78.96% 78.09% 0.87%

Quick ratio 0.62 0.53 16.98%

At the same time rate of

Amount of this period Amount of last period

change

Net profit after deducting 172221 -443663 138.82%

non-recurring profit and loss

EBITDA total debt ratio 9.25% 3.43% 5.82%

Time interest earned ratio 2.01 -0.94 313.83%

Cash interest guarantee times 3.53 0.66 434.85%

EBITDATime interest earned 4.09 1.30 214.62%

ratio

Repayment of debt (%) 100% 100% 0%

Payment of interest (%) 100% 100% 0%

142GUANGDONG ELECTRIC POWER DEVELOPMENT CO. LTD.

FINANCIAL STATEMENTS AND

AUDITOR’S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

[English translation for reference only. Should there be any inconsistency between the

Chinese and English versions the Chinese version shall prevail.]

143Guangdong Electric Power Development Co. Ltd.

Financial Statements and Auditor’s Report

For the Year Ended 31 December 2023

[English translation for reference only]

Content Page

Auditor’s Report 145 - 152

Financial statements for the year ended 31 December 2023

Consolidated and company balance sheets 153 - 156

Consolidated and company income statements 157 - 159

Consolidated and company cash flow statements 160 - 163

Consolidated statement of changes in shareholders’ equity 164 - 165

Company statement of changes in shareholders’ equity 166 - 167

Notes to the financial statements 168 - 336

Supplementary information to the financial statements 337 - 338

144[English Translation for Reference Only]

Auditor’s Report

PwC ZT Shen Zi (2024) No. 10033

(Page 1 of 8)

To the shareholders of Guangdong Electric Power Development Co. Ltd.Opinion

What we have audited

We have audited the accompanying financial statements of Guangdong Electric Power

Development Co. Ltd. (hereinafter “Guangdong Electric Power”) which comprise:

* the consolidated and company balance sheets as at 31 December 2023;

* the consolidated and company income statements for the year then ended;

* the consolidated and company cash flow statements for the year then ended;

* the consolidated and company statements of changes in shareholders’ equity for

the year then ended; and

* notes to the financial statements.Our opinion

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 2023 and their financial performance and cash flows for the year then ended in

accordance with the requirements of Accounting Standards for Business Enterprises

(“CASs”).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 believe that the audit

evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.We are independent of Guangdong Electric Power in accordance with the Code of Ethics forProfessional Accountants of the Chinese Institute of Certified Public Accountants (“CICPACode”) and we have fulfilled our other ethical responsibilities in accordance with the CICPA

Code.Key Audit Matter

Key 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 in

forming our opinion thereon and we do not provide a separate opinion on these matters.

145PwC ZT Shen Zi (2024) No. 10033

(Page 2 of 8)

Key Audit Matter (Cont’d)

Key audit matters identified in our audit are summarised as follows:

(1) Impairment of power related fixed assets

(2) Recognition of deferred tax assets related to deductible losses

Key Audit Matter How our audit addressed the Key Audit Matter

(1) Impairment of power related fixed Our audit procedures for the impairment of

assets power related fixed assets mainly include:

Refer to Note 2(29)(b)(i) and Note We understood and evaluated the internal

4(10)(a)(iii) to the financial statements. control relevant to the impairment test of

fixed assets and tested the operating

Certain subsidiaries of Guangdong effectiveness of key control;

Electric Power have been experiencing

continuous operating losses in recent We involved internal valuers to review and

years and management continuously analyse the appropriateness of the method

assesses the impairment of the fixed applied by management for the impairment

assets of these subsidiaries. test;

As at 31 December 2023 management Based on our understanding of the

conducted impairment tests for the fixed businesses of the subsidiaries as well as the

assets of these subsidiaries and made a industry in which they operate we evaluated

provision for impairment at the excess of the rationality of assumptions adopted by

the carrying amount of asset groups of management in calculation of the present

generator units over their recoverable value of estimated future cash flows

amount. The recoverable amount of the including the discount rate the estimated

asset groups was the higher of the fair on-grid price the estimated electricity sale

value less costs to sell of the asset and the estimated price of fuel used in power

groups and the present value of the generation:

future cash flows expected to be derived

from them. Management estimates for - For the discount rate we involved

recoverable amounts based on the internal valuers to evaluate the

present value of projected future cash appropriateness in combination with

flows to be calculated as at 31 December industry situation;

2023. The calculations of the present - For the estimated on-grid electricity

value of the future cash flows expected to price and the estimated price of fuel used

be derived from them involve in power generation we compared

management’s significant estimates and historical data and industry data and

judgements including the discount rate considered market trend;

the estimated on-grid electricity price

the estimated electricity sale and the

estimated price of fuel used in power

generation.

146PwC ZT Shen Zi (2024) No. 10033

(Page 3 of 8)

Key Audit Matter (Cont’d)

Key Audit Matter (Cont’d) How our audit addressed the Key Audit Matter

(Cont’d)

(1) Impairment of power related fixed Our audit procedures for the impairment of

assets (Cont’d) power related fixed assets mainly include

(Cont’d):

As the carrying amounts of fixed assets

with indication of impairment are - For the estimated electricity sale we have

significant to the consolidated financial compared historical data approved

statements of Guangdong Electric budgets and business plans and checked

Power and the impairment test of asset the corresponding supporting

groups of generator units involves documents;

management’s significant estimates and

judgements impairment of power We checked the input data and formulas

related fixed assets is identified as a key used in the calculation of the present value of

audit matter. future cash flows expected to be derived from

them and evaluated the mathematic

accuracy;

We compared the key assumptions used by

management in estimating the present value

of future cash flows in the previous year with

the actual operation of the current year to

evaluate if there’s any indication of

management bias;

We conducted sensitivity analysis on the

discount rate and other key assumptions

applied by management and evaluated how

the changes in key assumptions (individually

or in aggregate) will give rise to different

results to further evaluate if there’s any

indication of management bias in selecting

parameters of key assumptions.Based on the results of the aforesaid work we

found that management’s judgements and

estimates on the impairment of fixed assets are

supported by appropriate evidence.

147PwC ZT Shen Zi (2024) No. 10033

(Page 4 of 8)

Key Audit Matter (Cont’d)

Key Audit Matter (Cont’d) How our audit addressed the Key Audit Matter

(Cont’d)

(2) Recognition of deferred tax assets Our audit procedures for the recognition of

related to deductible losses deferred tax assets related to deductible losses

mainly include:

Refer to Note 2(29)(b)(iv) and Note

4(16) to the financial statements. We understood and evaluated

management's internal controls tested the

As at 31 December 2023 Guangdong effectiveness of key controls;

Electric Power recognised the

corresponding deferred tax assets for the We obtained management’s calculation

deductible losses incurred by some sheet for the financial forecast in future

subsidiaries at a total of RMB periods checked the input data and

658089447. formulas used in the calculation and

evaluated the mathematic accuracy;

According to the financial forecast of the

aforesaid subsidiaries in future periods We obtained supporting documents such

management recognises deferred tax as the income tax settlement report tax

assets within the limits of which the returns and accounting records of the

aforesaid subsidiaries are likely to obtain aforesaid subsidiaries and reviewed for the

future taxable income to offset the existence of deductible losses and the

deductible losses. The financial forecast accuracy of the amount and period;

of the aforesaid subsidiaries in future

periods involves significant Based on our understanding of the

management’s significant estimates and businesses of the aforesaid subsidiaries and

judgements including estimated the industry in which they operate and

electricity sale estimated on-grid combined with industry development trend

electricity price estimated price of fuel and historical operating performance we

used in power generation and other evaluated the key assumptions used by

operating expenses. 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;

148PwC ZT Shen Zi (2024) No. 10033

(Page 5 of 8)

Key Audit Matter (Cont’d)

Key Audit Matter (Cont’d) How our audit addressed the Key Audit Matter

(Cont’d)

(2) Recognition of deferred tax assets Our audit procedures for the recognition of

related to deductible losses (Cont’d) deferred tax assets related to deductible losses

mainly include (Cont’d):

As the deferred tax assets related to

deductible losses are significant to the We compared the taxable income

consolidated financial statements of estimated by management last year with the

Guangdong Electric Power and the actual taxable income for the current year to

financial forecast for future periods access the historical accuracy of

involves management’s significant management’s forecast;

estimates and judgements the

recognition of the deferred tax assets We reviewed whether the deferred tax

related to deductible losses is identified assets were recognised within the limits of

as a key audit matter. which the taxable income was likely to be

obtained in the future to offset deductible

losses and deductible temporary differences.Based on the results of the above work we

found that management’s estimates regarding

the recognition of deferred tax assets related to

deductible losses were supported by appropriate

evidence.

149PwC ZT Shen Zi (2024) No. 10033

(Page 6 of 8)

Other Information

Management of Guangdong Electric Power is responsible for the other information. The

other information comprises all of the information included in 2023 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.Responsibilities of Management and Audit and Compliance Committee for the

Financial Statements

Management of Guangdong Electric Power is responsible for the preparation and fair

presentation of these financial statements in accordance with the CASs and for such internal

control as management determines is necessary to enable the preparation of financial

statements that 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 Electric

Power’s financial reporting process.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 misstatement 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.

150PwC ZT Shen Zi (2024) No. 10033

(Page 7 of 8)

Auditor’s Responsibilities for the Audit of the Financial Statements (Cont’d)

As part of an audit in accordance with CSAs we exercise professional judgement and

maintain professional scepticism throughout the audit. We also:

* 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 resulting from error as fraud may involve

collusion forgery intentional omissions misrepresentations or the override of

internal control.* Obtain an understanding of internal control relevant to the audit in order to design

audit procedures that are appropriate in the circumstances.* Evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by management.* Conclude on the appropriateness of management’s use of the going concern basis

of 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 material uncertainty exists we are required to draw attention in our auditor’s

report to the related disclosures in these financial statements or if such disclosures

are inadequate to modify our opinion. Our conclusions are based on the audit

evidence obtained up to the date of our auditor’s report. However future events or

conditions may cause Guangdong Electric Power to cease to continue as a going

concern.* Evaluate the overall presentation (including the disclosures) 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.* 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.We communicate with the Audit and Compliance Committee 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.

151PwC ZT Shen Zi (2024) No. 10033

(Page 8 of 8)

Auditor’s Responsibilities for the Audit of the Financial Statements (Cont’d)

We also provide the Audit and Compliance Committee with a statement that we have

complied with relevant ethical requirements regarding independence and to communicate

with them all relationships and other matters that may reasonably be thought to bear on our

independence and where applicable related safeguards.From the matters communicated with the Audit and Compliance Committee we determine

those matters that were of most significance in the audit of the financial statements of the

current period and are therefore the key audit matters. We describe these matters in our

auditor’s report unless law or regulation precludes public disclosure about the matter or

when in extremely rare circumstances we determine that a matter should not be

communicated in our report because the adverse consequences of doing so would reasonably

be expected to outweigh the public interest benefits of such communication.PricewaterhouseCoopers Zhong Tian LLP Signing CPA

Li Xiaolei

(Engagement Partner)

Shanghai the People’s Republic of China Signing CPA

29 March 2024 Fan Xin

152GUANGDONG ELECTRIC POWER DEVELOPMENT CO. LTD.

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2023

(All amounts in RMB Yuan unless otherwise stated)

[English translation for reference only]

ASSETS Note 31 December 2023 31 December 2022

(Restated)

Current assets

Cash at bank and on hand 4(1) 16431429893 11503523618

Notes receivables 1489433 2644300

Accounts receivables 4(2) 8963635678 7578636244

Advances to suppliers 4(3) 1578880994 1534982252

Other receivables 4(4) 798789835 934784152

Including: Dividends receivable 134959219 -

Inventories 4(5) 2655504711 3376868100

Contract assets 5557720 4910263

Other current assets 4(6) 1496077994 875605805

Total current assets 31931366258 25811954734

Non-current assets

Long-term equity investments 4(7) 9796842197 9198053183

Investments in other equity

instruments 4(8) 2866347046 3058071054

Investment properties 4(9) 347192759 365285301

Fixed assets 4(10) 63017322291 62400175057

Construction in progress 4(11) 29990577678 11768828161

Right-of-use assets 4(12) 9529610412 7352044966

Intangible assets 4(13) 3480199559 3346735496

Goodwill 4(14) 8608881 128097553

Long-term prepaid expenses 4(15) 81082134 109485746

Deferred tax assets 4(16) 1333310824 1478552898

Other non-current assets 4(17) 8824823048 6606518552

Total non-current assets 129275916829 105811847967

TOTAL ASSETS 161207283087 131623802701

153GUANGDONG ELECTRIC POWER DEVELOPMENT CO. LTD.

CONSOLIDATED BALANCE SHEET (CONT’D)

AS AT 31 DECEMBER 2023

(All amounts in RMB Yuan unless otherwise stated)

[English translation for reference only]

LIABILITIES AND

SHAREHOLDERS’ EQUITY Note 31 December 2023 31 December 2022

(Restated)

Current liabilities

Short-term borrowings 4(19) 15756979762 16261444860

Notes payables 4(20) 755000000 1495778076

Accounts payables 4(21) 4430036315 5938254013

Contract liabilities 41328133 4960974

Employee benefits payable 4(22) 556515567 447421417

Taxes payable 4(23) 343432880 302484915

Other payables 4(24) 13252090748 9403658031

Current portion of non-current

liabilities 4(25) 8926373371 3975249970

Other current liabilities 4(26) 2781355471 4174850374

Total current liabilities 46843112247 42004102630

Non-current liabilities

Long-term borrowings 4(27) 62832471340 42860932628

Debentures payable 4(28) 5096597183 9094489909

Lease liabilities 4(29) 10452666128 6870820017

Long-term payables 4(30) 856210905 666297028

Deferred income 4(31) 128296225 142292215

Long-term employee benefits

payable 4(32) 509049799 429265269

Deferred tax liabilities 4(16) 526993391 584586563

Other non-current liabilities 4(33) 51028167 129428167

Total non-current liabilities 80453313138 60778111796

Total liabilities 127296425385 102782214426

Shareholders’ equity

Share capital 4(34) 5250283986 5250283986

Capital surplus 4(35) 5202572804 4257046505

Other comprehensive income 4(36) 1495237690 1629837957

Specific reserve 6375889 520379

Surplus reserve 4(37) 8903515135 8903515135

Undistributed profits 4(38) 1283749956 309089657

Total equity attributable to

shareholders of the Company 22141735460 20350293619

Minority interests 11769122242 8491294656

Total shareholders’ equity 33910857702 28841588275

TOTAL LIABILITIES AND

SHAREHOLDERS’ EQUITY 161207283087 131623802701

The accompanying notes form an integral part of these financial statements.Legal representative: Principal in charge of accounting: Head of accounting department:

Zheng Yunpeng Liu Wei Meng Fei

154GUANGDONG ELECTRIC POWER DEVELOPMENT CO. LTD.

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2023

(All amounts in RMB Yuan unless otherwise stated)

[English translation for reference only]

ASSETS Note 31 December 2023 31 December 2022

(Restated)

Current assets

Cash at bank and on hand 640629379 879381053

Accounts receivables 15(1) 15920526 191716383

Advances to suppliers 26667749 26568272

Other receivables 15(2) 1366067792 568099765

Including: Dividends receivable 134959219 -

Inventories 2558632 85079898

Other current assets 117483 1198615

Total current assets 2051961561 1752043986

Non-current assets

Long-term receivables 1450000000 1160000000

Long-term equity investments 15(3) 43289974748 41709796167

Investments in other equity

instruments 2865547046 3057271054

Investment properties 4483052 5118650

Fixed assets 162035315 340983004

Construction in progress 5477184 1052786

Right-of-use assets 1217398 6443720

Intangible assets 68772261 77808432

Long-term prepaid expenses 1025668 1595480

Deferred tax assets - 10895

Other non-current assets 624569 218100000

Total non-current assets 47849157241 46578180188

TOTAL ASSETS 49901118802 48330224174

155GUANGDONG ELECTRIC POWER DEVELOPMENT CO. LTD.

COMPANY BALANCE SHEET (CONT’D)

AS AT 31 DECEMBER 2023

(All amounts in RMB Yuan unless otherwise stated)

[English translation for reference only]

LIABILITIES AND OWNERS’

EQUITY Note 31 December 2023 31 December 2022

(Restated)

Current liabilities

Short-term borrowings 4524405741 3522986272

Accounts payables 17666241 169028547

Contract liabilities 551450 -

Employee benefits payable 192951983 115457391

Taxes payable 4888565 17655588

Other payables 46649392 60615999

Current portion of non-current

liabilities 5195892954 751166231

Other current liabilities 2012999526 3525551274

Total current liabilities 11996005852 8162461302

Non-current liabilities

Long-term borrowings 7030700000 4498800000

Debentures payable 4497107076 8794981607

Lease liabilities 505313 610527

Deferred income - 9996202

Long-term employee benefits

payable 158949307 76074603

Deferred tax liabilities 474824263 520442187

Total non-current liabilities 12162085959 13900905126

Total liabilities 24158091811 22063366428

Shareholders’ equity

Share capital 5250283986 5250283986

Capital surplus 4842767997 4834675772

Other comprehensive income 1508154355 1640520684

Surplus reserve 8903515135 8903515135

Undistributed profits 5238305518 5637862169

Total shareholders’ equity 25743026991 26266857746

TOTAL LIABILITIES AND

SHAREHOLDERS’ EQUITY 49901118802 48330224174

The accompanying notes form an integral part of these financial statements.Legal representative: Principal in charge of accounting: Head of accounting department:

Zheng Yunpeng Liu Wei Meng Fei

156GUANGDONG ELECTRIC POWER DEVELOPMENT CO. LTD.

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2023

(All amounts in RMB Yuan unless otherwise stated)

[English translation for reference only]

Item Note 2023 2022

(Restated)

Revenue 4(39) 59708397738 52661088436

Less: Cost of sale 4(39) (50970997678) (52852310181)

Taxes and surcharges 4(40) (334231124) (245262277)

Selling expenses 4(41) (93238999) (69108603)

General and administrative expenses 4(42) (1592057152) (1192506931)

Research and development expenses 4(43) (1116555274) (1229311572)

Financial expenses 4(44) (2287869816) (2135900012)

Including: Interest expenses 2395532582 2257705843

Interest income 124290218 132632800

Add: Other income 4(48) 68065355 80160312

Investment income 4(49) 983912378 1061876396

Including: Share of profit of associates

and joint ventures 866186173 960006337

Credit impairment (loss)/reversal 4(47) (24778506) 1563130

Asset impairment losses 4(46) (1674838036) (173772140)

Gains on disposals of assets 4(50) 9198759 30802837

Operating profit/(loss) 2675007645 (4062680605)

Add: Non-operating income 4(51) 97966120 125490287

Less: Non-operating expenses 4(52) (357160809) (443902556)

Total profit/(loss) 2415812956 (4381092874)

Less: Income tax expenses 4(53) (789869221) (107033098)

Net profit/(loss) 1625943735 (4488125972)

157GUANGDONG ELECTRIC POWER DEVELOPMENT CO. LTD.

CONSOLIDATED INCOME STATEMENT (CONT’D)

FOR THE YEAR ENDED 31 DECEMBER 2023

(All amounts in RMB Yuan unless otherwise stated)

[English translation for reference only]

Item Note 2023 2022

(Restated)

Classified by continuity of operations

Net profit/(loss) from continuing operations 1625943735 (4488125972)

Net profit from discontinued operations - -

Classified by ownership of the equity

Net profit/(loss) attributable to shareholders

of the Company 974660299 (2980434050)

Minority interests 651283436 (1507691922)

Other comprehensive income net of tax (136360159) (118919844)

Attributable to shareholders of the Company 4(36) (134600267) (120173614)

Other comprehensive income that will not be

reclassified to profit or loss

Changes arising from remeasurement of

defined benefit plans (12434913) -

Share of other comprehensive income of

the investee accounted for using equity

method that will not be reclassified to

profit or loss 21286205 9938693

Changes in fair value of investments in

other equity instruments (143793006) (131968221)

Other comprehensive income that will be

reclassified to profit or loss

Share of other comprehensive income of

the investee accounted for using equity

method that will be reclassified to profit

or loss 341447 1855914

Attributable to minority interests (1759892) 1253770

Total comprehensive income 1489583576 (4607045816)

Attributable to shareholders of the Company 840060032 (3100607664)

Attributable to minority interests 649523544 (1506438152)

Earnings per share

Basic earnings per share (RMB Yuan) 4(54) 0.19 (0.57)

Diluted earnings per share (RMB Yuan) 4(54) 0.19 (0.57)

The accompanying notes form an integral part of these financial statements.Legal representative: Principal in charge of accounting: Head of accounting department:

Zheng Yunpeng Liu Wei Meng Fei

158GUANGDONG ELECTRIC POWER DEVELOPMENT CO. LTD.

COMPANY INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2023

(All amounts in RMB Yuan unless otherwise stated)

[English translation for reference only]

Item Note 2023 2022

Revenue 15(4) 1238706190 1533266982

Less: Cost of sale 15(4) (1238246113) (1849774728)

Taxes and surcharges (13352652) (9648354)

Selling expenses (2714553) (2412869)

General and administrative expenses (344528275) (171586927)

Research and development expenses (1240395) (29788257)

Financial expenses (642687401) (432576281)

Including: Interest expenses 660325611 441545281

Interest income 20671761 12627185

Add: Other income 10935728 11028484

Investment income 15(5) 1746419154 1115058948

Including: Share of profit of

associates and joint

ventures 801817879 880732739

Credit impairment reversal/(loss) 108771 (67605)

Asset impairment losses 15(6) (1388445763) (1101203999)

Gains on disposals of assets 60294 -

Operating loss (634985015) (937704606)

Add: Non-operating income 249693176 11982760

Less: Non-operating expenses (23461954) (19485023)

Total loss (408753793) (945206869)

Less: Income tax expenses (2323972) (2319241)

Net loss (411077765) (947526110)

Classified by continuity of operations

Net loss from continuing operations (411077765) (947526110)

Net loss from discontinued operations - -

Other comprehensive income net of tax (132366329) (123900625)

Other comprehensive income that will not

be reclassified to profit or loss

Changes arising from remeasurement of

defined benefit plans (2660244) -

Share of other comprehensive income of

the investee accounted for using

equity method that will not be

reclassified to profit or loss 13745474 6211682

Changes in fair value of investments in

other equity instruments (143793006) (131968221)

Other comprehensive income that will be

reclassified to profit or loss

Share of other comprehensive income of

the investee accounted for using

equity method that will be reclassified

to profit or loss 341447 1855914

Total comprehensive income (543444094) (1071426735)

The accompanying notes form an integral part of these financial statements.Legal representative: Principal in charge of accounting: Head of accounting department:

Zheng Yunpeng Liu Wei Meng Fei

159GUANGDONG ELECTRIC POWER DEVELOPMENT CO. LTD.

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2023

(All amounts in RMB Yuan unless otherwise stated)

[English translation for reference only]

Item Note 2023 2022

Cash flows from operating activities

Cash received from sale of goods or

rendering of services 66673290196 58985187824

Refund of taxes and surcharges 172717196 2436660341

Cash received relating to other

operating activities 4(55)(a) 338086401 262732577

Sub-total of cash inflows 67184093793 61684580742

Cash paid for goods and services (51362008628) (54729703233)

Cash paid to and on behalf of

employees (2992988961) (2736395371)

Payments of taxes and surcharges (2835638678) (1722416617)

Cash paid relating to other operating

activities 4(55)(b) (1527815244) (1016200747)

Sub-total of cash outflows (58718451511) (60204715968)

Net cash flows from operating

activities 4(56)(a) 8465642282 1479864774

Cash flows from investing activities

Cash received from disposals of

investments - 2033756

Cash received from returns on

investments 307897323 257724562

Net cash received from disposals of

fixed assets intangible assets and

other long-term assets 225692124 1734284438

Net cash received from disposals of

subsidiaries and other business

units - 2510000

Cash received relating to other

investing activities 4(55)(c) 1322 66792867

Sub-total of cash inflows 533590769 2063345623

Cash paid to acquire fixed assets

intangible assets and other long-

term assets (21715697762) (14599355445)

Cash paid to acquire investments 4(56)(d) (54299600) (306328518)

Net cash paid to acquire subsidiaries

and other business units 4(56)(b) (363895664) (93901448)

Cash paid relating to other investing

activities 4(55)(e) (4581200000) (215864319)

Sub-total of cash outflows (26715093026) (15215449730)

Net cash flows used in investing

activities (26181502257) (13152104107)

160GUANGDONG ELECTRIC POWER DEVELOPMENT CO. LTD.

CONSOLIDATED CASH FLOW STATEMENT (CONT’D)

FOR THE YEAR ENDED 31 DECEMBER 2023

(All amounts in RMB Yuan unless otherwise stated)

[English translation for reference only]

Item Note 2023 2022

Cash flows from financing activities

Cash received from capital

contributions 4729271112 466806611

Including: Cash received from capital

contributions by minority

shareholders of

subsidiaries 4729271112 466806611

Cash received from borrowings 4(56)(c) 55117178834 50147797975

Cash received from issuance of

debentures 4(56)(c) 4199053962 598290000

Cash received relating to other

financing activities 4(55)(f) 240453119 -

Sub-total of cash inflows 64285957027 51212894586

Cash repayments of borrowings (40570051805) (30388831183)

Cash payments for distribution of

dividends profits or interest

expenses (2847572358) (2267620075)

Including: Dividends or profits paid to

minority shareholders by

subsidiaries (242513782) (35299408)

Cash paid relating to other financing

activities 4(55)(g) (2632114420) (3473513406)

Sub-total of cash outflows (46049738583) (36129964664)

Net cash flows from financing

activities 18236218444 15082929922

Effect of foreign exchange rate

changes on cash and cash

equivalents 187 972

Net increase in cash and cash

equivalents 4(56)(a) 520358656 3410691561

Add: Cash and cash equivalents at

the beginning of the year 11433808500 8023116939

Cash and cash equivalents at the end

of the year 4(56)(d) 11954167156 11433808500

The accompanying notes form an integral part of these financial statements.Legal representative: Principal in charge of accounting: Head of accounting department:

Zheng Yunpeng Liu Wei Meng Fei

161GUANGDONG ELECTRIC POWER DEVELOPMENT CO. LTD.

COMPANY CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2023

(All amounts in RMB Yuan unless otherwise stated)

[English translation for reference only]

Item 2023 2022

Cash flows from operating activities

Cash received from sale of goods or rendering

of services 1572416810 1704886911

Refund of taxes and surcharges 10373317 48773944

Cash received relating to other operating

activities 32114824 29357378

Sub-total of cash inflows 1614904951 1783018233

Cash paid for goods and services (1290711639) (1663501651)

Cash paid to and on behalf of employees (301587846) (313707873)

Payments of taxes and surcharges (84107797) (32727086)

Cash paid relating to other operating activities (69172372) (58467469)

Sub-total of cash outflows (1745579654) (2068404079)

Net cash flows used in operating activities (130674703) (285385846)

Cash flows from investing activities

Cash received from disposals of investments 5352468959 50000000

Cash received from returns on investments 973340738 334042053

Net cash received from disposals of fixed

assets intangible assets and other long-term

assets 264713953 262854303

Net proceeds from disposals of subsidiaries 2896524 -

Cash received relating to other investing

activities 16653802 -

Sub-total of cash inflows 6610073976 646896356

Cash paid to acquire fixed assets intangible

assets and other long-term assets (9293409) (15738158)

Cash paid to acquire investments (8219060324) (6403397010)

Net cash paid to acquire the subsidiary (9180122) (2622780791)

Sub-total of cash outflows (8237533855) (9041915959)

Net cash flows used in investing activities (1627459879) (8395019603)

162GUANGDONG ELECTRIC POWER DEVELOPMENT CO. LTD.

COMPANY CASH FLOW STATEMENT (CONT’D)

FOR THE YEAR ENDED 31 DECEMBER 2023

(All amounts in RMB Yuan unless otherwise stated)

[English translation for reference only]

Item 2023 2022

Cash flows from financing activities

Cash received from borrowings 11117200000 16131600000

Cash received from issuance of debentures 3599459917 598290000

Sub-total of cash inflows 14716659917 16729890000

Cash repayments of borrowings (12552750000) (7440000000)

Cash payments for distribution of dividends

profits or interest expenses (633104276) (434052090)

Cash paid relating to other financing activities (7380137) (7983067)

Sub-total of cash outflows (13193234413) (7882035157)

Net cash flows from financing activities 1523425504 8847854843

Effect of foreign exchange rate changes on

cash and cash equivalents 187 976

Net (decrease)/increase in cash and cash

equivalents (234708891) 167450370

Add: Cash and cash equivalents at the

beginning of the year 875157652 707707282

Cash and cash equivalents at the end of the

year 640448761 875157652

The accompanying notes form an integral part of these financial statements.Legal representative: Principal in charge of accounting: Head of accounting department:

Zheng Yunpeng Liu Wei Meng Fei

163GUANGDONG ELECTRIC POWER DEVELOPMENT CO. LTD.

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

(All amounts in RMB Yuan unless otherwise stated)

[English translation for reference only]

Note Attributable to shareholders of the Company

Other Total

comprehensive Specific Surplus Undistributed Minority shareholders’

Share capital Capital surplus income reserve reserve profits interests equity

Balance at 1 January 2023

(Restated) 5250283986 4257046505 1629837957 520379 8903515135 309089657 8491294656 28841588275

Movements for the year

ended 31 December 2023

Total comprehensive income

Net profit - - - - - 974660299 651283436 1625943735

Other comprehensive

income 4(36) - - (134600267) - - - (1759892) (136360159)

Total comprehensive income

for the year - - (134600267) - - 974660299 649523544 1489583576

Capital contribution and

withdrawal by shareholders

Capital contribution by

shareholders - - - - - - 274502958 274502958

Capital withdrawal by

shareholders 6(1)(b)(iii) - - - - - - (1023994413) (1023994413)

Transactions with minority 4(35)

shareholders 6(1)(b)(ii) - 937434074 - - - - 3595734080 4533168154

Profit distribution

Appropriation to surplus

reserve 4(37) - - - - - - - -

Distribution to shareholders - - - - - - (223960261) (223960261)

Specific reserve

Appropriation in the current

year - - - 397209164 - - 169370947 566580111

Utilisation in the current year - - - (391353654) - - (163326417) (554680071)

Share of interests in associates

in proportion to the

shareholding 4(35) - 8092225 - - - - - 8092225

Others - - - - - - (22852) (22852)

Balance at 31 December 2023 5250283986 5202572804 1495237690 6375889 8903515135 1283749956 11769122242 33910857702

164GUANGDONG ELECTRIC POWER DEVELOPMENT CO. LTD.

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (CONT’D)

FOR THE YEAR ENDED 31 DECEMBER 2023

(All amounts in RMB Yuan unless otherwise stated)

[English translation for reference only]

Note Attributable to shareholders of the Company

Other Total

comprehensive Specific Undistributed Minority shareholders’

Share capital Capital surplus income reserve Surplus reserve profits interests equity

Balance at 31 December 2021 5250283986 4276952183 1750011571 - 8903515135 3205422561 9581317106 32967502542

Changes in accounting policies - - - - - 84938618 7255746 92194364

Balance at 1 January 2022 5250283986 4276952183 1750011571 - 8903515135 3290361179 9588572852 33059696906

Movements for the year

ended 31 December 2022

Total comprehensive income

Net loss (Restated) - - - - - (2980434050) (1507691922) (4488125972)

Other comprehensive

income 4(36) - - (120173614) - - - 1253770 (118919844)

Total comprehensive income

for the year - - (120173614) - - (2980434050) (1506438152) (4607045816)

Capital contribution and

withdrawal by shareholders

Capital contribution by

shareholders - - - - - - 265147196 265147196

Transactions with minority

shareholders - (19288105) - - - - 167047220 147759115

Profit distribution

Appropriation to surplus

reserve 4(37) - - - - - - - -

Distribution to shareholders - - - - - - (53852929) (53852929)

Specific reserve

Appropriation in the current

year - - - 58277883 - - 22825440 81103323

Utilisation in the current year - - - (57757504) - - (22687361) (80444865)

Share of interests in associates

in proportion to the

shareholding 4(35) - 636197 - - - - - 636197

Acquisition of subsidiaries - - - - - - 32000000 32000000

Others - (1253770) - - - (837472) (1319610) (3410852)

Balance at 31 December 2022