Summary of the Annual Report 2025

Stock Abbreviation：Yue Dian Li A Yue Dian Li B Stock Code：000539200539 Announcement No.：2026-17

Corporate Bond Code：149418 Corporate Abbreviation：21 Yuedian 02

Corporate Bond Code：149711 Corporate Abbreviation：21 Yuedian 03

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

I. Important Notice

This Summary is based on the full Annual Report of the Company. In order for a full understanding of the

Company’s operating results financial position and future development plans investors should carefully read

the aforesaid full text on the media designated by the China Securities Regulatory Commission (the “CSRC”).Directors other than the following ones have attended the Board meeting to review the annual report.The name of director who did The name of director who was

Position of absent director Reason

not attend the meeting in person authorized

Li Fangji Director Due to business Zheng Yunpeng

Non-standard auditor’s opinion

□ Applicable √Not applicable

Plans for profit distribution on ordinary shares or conversion of capital reserves into share capital proposed

to the Board during the reporting period.√Applicable □ Not applicable

Is there any public reserve converted into capital stock

□Yes□No

The preplan profit distribution of the Company deliberated and approved by the Board is: Total share of

5250283986 for Base on the Company‘s total share capital the Company would distribute cash dividend to

all the shareholders at the rate of CNY 0.2 for every 10 shares (with tax inclusive)with 0 bonus shares(includin

g tax) and not converting capital reserve into share capital.Plans for profit distribution on preference shares for the reporting period approved by the Board

□ Applicable √ Not applicable

II. Basic information about the company

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

Contact person and contact manner Board secretary Securities affairs Representative

Name Liu Wei Huang Xiaowen

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

Office Address No.2 Tianhe Road East Tianhe Road East

GuangzhouGuangdong Province GuangzhouGuangdong Province

1Summary of the Annual Report 2025

Fax (020) 85138084 (020) 85138084

Tel (020) 87570251 (020) 87570251

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

2.Major operations or products during the reporting period

The Company mainly engages in the investment construction and operation management of power

projects and the production and sales of electric power. It belongs to the power heat production and supply

industry classified in the “Guidelines for the Industry Classification of Listed Companies” by the China

Securities Regulatory Commission. Since its foundation the Company has always adhered to the business tenet

of “Capital from the people using it for electricity and benefiting the public” and adheres to the business policy

of “Centering on the main business of electricity with diversified development” focusing on the main business

of power and making the power structure go diversified. In addition to the development construction and

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

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

the grid company.The Company's income mainly comes from electric power production and sales and its main power

generation assets are located in Guangdong Province with the total assets reaching RMB 186 billion. It is the

largest listed company with state-owned assets in Guangdong Province. As of December 31 2025 the Company

had a controllable installed capacity of 46.6831 million kilowatts including 43.9593 million kilowatts of holding

installed capacity and 2.7238 million kilowatts of participating installed capacity in which the holding installed

capacity of coal-fired power generation was 23.01 million kilowatts accounting for 52.34%; The holding installed

capacity of gas-fired power generation was 11.847 million kilowatts accounting for 26.95%; the controlled

installed capacity of wind power is 3.995 million kilowatts accounting for 9.09%; the controlled installed

capacity of photovoltaic is 4.8745 million kilowatts accounting for 11.09%; the controlled installed capacity of

hydropower is 132800 kilowatts; the controlled installed capacity of biomass is 100000 kilowatts. The total

controlled installed capacity of the aforementioned renewable energy power generation including wind power

hydropower photovoltaic and biomass is 9.1023 million kilowatts accounting for 20.71%..In addition the

company is entrusted with managing the installed capacity of 8.954 million kilowatts . The above controllable

installed capacity and entrusted management installed capacity totaled 55.3251 million kilowatts. The Company is

the largest listed power company in Guangdong province.

3.Major accounting data and financial indicators

（1）Major accounting data and financial indicators for the last three years

Indicate by tick mark whether there is any retrospectively restated datum in the table below.□Yes□No

In RMB

Changed over last year

End of2025 End of2024 End of2023

（％）

Gross assets 186034251274 175154232936 6.21% 161207283087

Net assets

attributable to

shareholders of the 23444357218 22894681796 2.40% 22141735460

listed company

2Summary of the Annual Report 2025

Changes of this period

2025 2024 over same period of 2023

Last year(%)

Operating income 51541178630 57159067233 -9.83% 59708397738

Net profit attributable

to the shareholders of 599942339 964242757 -37.78% 974660299

the listed company

Net profit after

deducting of non-

recurring gain/loss

attributable to the 475020118 931464092 -49.00% 1094042279

shareholders of listed

company

Cash flow generated by

business operation net 10233219388 10975183923 -6.76% 8465642282

Basic earning per share 0.1143 0.1837 -37.78% 0.1856

Diluted gains per share 0.1143 0.1837 -37.78% 0.1856

Weighted average

ROE(%) 2.59% 4.28% -1.69% 4.59%

（2）Main Financial Index by Quarters

In RMB

First quarter Second quarter Third quarter Fourth quarter

Operating income 10573002085 12568439858 14575816774 13823919913

Net profit attributable

to the shareholders of -382893805 415367963 551461801 16006380

the listed company

Net profit after

deducting of non-

recurring gain/loss

attributable to the -416803667 394931896 532243557 -35351668

shareholders of listed

company

Net Cash flow

generated by business 1998978028 2357143570 2433682897 3443414893

operation

Indicate by tick mark whether any of the financial data in the table above or their summations differs

materially from what have been disclosed in the Company’s quarterly or semi-annual reports.□Yes□No

4.Share capital and shareholders

（1）Number of holders of ordinary shares and preference shares with restored voting right and Top

10 shareholders

In shares

Total

shareholde The total n

Total number rs at the umber of prof common Totaleferred shar

shareholde end of the preferred shareholderseholders

rs at the end of month at the end of the month101956 102671 0 0

the from the voting right from the date of

reporting date of s restored a disclosing the annual

period disclosing t period- report

the annual end

report

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

Shareholders Nature of Proportion Number of shares Number or shareshareholde of shares held at period -end Amount of restricted pledged/frozen

3Summary of the Annual Report 2025

r held

% shares held State of share Amount（ ）

Guangdong State-

Energy Group ownedlegal 67.39% 3538116921 1893342621 Pledge 411899314Co. Ltd. person

Guangzhou State-

Development owned

Group Co. legal 2.22% 116693602 0 Not applicable 0

Ltd. person

Guangdong State-

Electric Power owned

Development legal 1.80% 94367341 0 Not applicable 0

Corporation person

Domestic

Zheng

Natural 0.51% 26859300 0 Not applicable 0

Jianxiang

person

CHINA

INTERNATION

AL CAPITAL Overseas

CORPORATION Legal 0.29% 15216066 0 Not applicable 0

HONG KONG person

SECURITIES

LTD

VANGUARD

TOTAL Overseas

INTERNATION Legal 0.28% 14620512 0 Not applicable 0

AL STOCK person

INDEX FUND

Agricultural

Bank of China

－CSI 500

exchange-

Other 0.25% 13193000 0 Not applicable 0

traded

securities

investment

fund

NOMURA Overseas

SINGAPORE Legal 0.24% 12599843 0 Not applicable 0

LIMITED person

Chaokang Overseas

Investment Legal 0.22% 11656677 0 Not applicable 0

Co. Ltd. person

Domestic

Zhou Zheng Natural 0.21% 10812795 0 Not applicable 0

person

The Third largest shareholder Guangdong Electric Power Development Corporation

Explanation on associated And the ninth largest shareholder Chaokang Investment Co. Ltd. Are the wholly-owned

relationship among the

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

whether the other shareholders have relationships or unanimous acting was unknown

Explanation of shareholders'

participation in margin

None

financing and securities

lending business (if any)

Information of shareholders holding more than 5% of the shares the top 10 shareholders and the top 10

shareholders of unrestricted tradable shares participating in the lending of shares in securities lending and

borrowing business

□ Applicable √ Not applicable

4Summary of the Annual Report 2025

The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have changed compared

with the previous period due to the securities lending/returning

□ Applicable √ Not applicable

(2)Total preference shareholders and the shares held by the Top 10 Preference shareholders

□Applicable √ Not applicable

The Company has no preferred shareholders during the reporting period.

(3)Block diagram of the ownership and control relations between the Company and the actual

controller

5.Bonds in existence as of the approval date of the annual report

√ Applicable □ Not applicable

I. Basic information of corporate bonds

Bond name Bond shortname Bond code Issue day Value date

Bond balance Interest

(RMB '0000) rate

Public Issuance of Corporate Bonds

to Qualified Investors in 2021 21Yudean April April

(Phase II) of Guandong Electric 02 149418.SZ 272021 282026 12500 2.45%

Power Development Co.Ltd.Public Issuance of Corporate Bonds

to Professional Investors in 2021

(Phase I) of Guandong Electric 21Yudean 03 149711.SZ

November November

232021242026800003.41%

Power Development Co.Ltd.Public Issuance of Green Corporate

Bonds to professional Investors in

G23 March March

2023(phase I)(Variety 2) of 115042.SH 0 3.15%

Yuefeng 2 202023 212028

Guangdong Wind Power Generation

Co. Ltd.Guangdong Power Development

Co. Ltd. 2022 First Series Medium- 22 Yue Dian 102281929.I August 24 August 26 60000 2.90%

Term Notes Fa MTN001 B 2022 2027

Guangdong Power Development

Co. Ltd. 2023 First Series Medium- 23 Yue Dian 102380558.I March 15 March 17Fa MTN001 160000 3.35%Term Notes B 2023 2028

Guangdong Power Development 24 Yue Dian 102482034.I May 22 May 24

Co. Ltd. 2024 First Series Medium- Fa MTN001 100000 2.41%B 2024 2029

5Summary of the Annual Report 2025

Term Notes

Guangdong Power Development

Co. Ltd. 2024 Series 2 Medium- 24 Yue Dian 102483012.I July 11 July 15Fa MTN002 150000 2.54%Term Notes B 2024 2034

Guangdong Power Development

Co. Ltd. 2024 Series 3 Medium- 24 Yue Dian 102484007.I September September 60000 2.52%

Term Notes Fa MTN003 B 9 2024 11 2039

Guangdong Power Development 24 Yue Dian

Co. Ltd. 2024 Fourth Series Fa 102400984.I October October 14 100000 2.47%

Medium-Term Notes (Series 1) MTN004A B 11 2024 2029

Guangdong Power Development

Co. Ltd. 2024 Fourth Series 24 Yuedian 102400985.I October October 14 50000 2.70%

Medium-Term Notes (Series II) MTN004B B 11 2024 2039

Guangdong Power Development

Co. Ltd. 2024 Series 5 Medium- 24 Yue Dian 102484558.I October October 24Fa MTN005 100000 2.70%Term Notes B 22 2024 2039

Guangdong Power Development 24 Yue Dian

Co. Ltd. 2024 Sixth Series Fa 102401037.I November November 80000 2.37%

Medium-Term Notes (Series 1) MTN006A B 11 2024 13 2029

Guangdong Power Development 24 Yue Dian

Co. Ltd. 2024 Sixth Series Fa 102401038.I November November 100000 2.67%

Medium-Term Notes (Series II) MTN006B B 11 2024 13 2039

Guangdong Power Development

Co. Ltd. 2025 Series 1 Medium- 25 Yue Dian 102582339.I June 9 June 11 50000 2.18%

Term Notes Fa MTN001 B 2025 2035

Guangdong Power Development

Co. Ltd. 2025 Series 1 Ultra-Short- 25 Yue Dian 012582055.I August 22 October 24 0 1.50%

Term Financing Bills Fa SCP001 B 2025 2025

1. G23 Yuefeng 2 triggered the coupon rate adjustment option clause and the put option clause. Guangdong

Wind Power Generation Co. Ltd. issued a coupon rate adjustment announcement on 11 February 2026

reducing the coupon rate to 1.40% and published three investor put option implementation notices between

11 February 2026 and 26 February 2026. Following the issuance of the coupon rate adjustment notice by

Guangdong Wind Power Co. Ltd. investors exercised their put option with the registered put volume

amounting to RMB 600 million. After the put exercise the outstanding balance of G23 Yuefeng 2 stands at

RMB 0.

2. For further details please refer to the following announcements: ‘Interest Payment Announcement for

2025 regarding the 2021 Public Offering of Corporate Bonds to Qualified Investors (Second Tranche) byGuangdong Power Development Co. Ltd.’ (2025-19) “Announcement on the 2025 Interest Payment for the

2021 Public Offering of Corporate Bonds (First Tranche) by Guangdong Power Development Co. Ltd. toProfessional Investors” (2025-49) published in China Securities Journal Securities Times ShanghaiSecurities News Securities Daily and the Juchao Information Network; “Announcement on the InterestPayment Arrangements for the First Tranche of Medium-Term Notes for the 2023 Financial Year ofInterest and Guangdong Power Development Co. Ltd.” “Announcement on the Interest Payment Arrangements for theprincipal First Tranche of Medium-Term Notes for the 2024 Financial Year of Guangdong Power Development Co.payments on theCompany’s bonds Ltd.” “Announcement on the Interest Payment Arrangements for the Second Tranche of Medium-Termduring the Notes for the 2024 Financial Year of Guangdong Power Development Co. Ltd.” “Announcement on thereporting period Interest Payment Arrangements for the First Tranche of Medium-Term Notes for the 2022 Financial Year ofGuangdong Power Development Co. Ltd.” “Announcement on the Interest Payment Arrangements for the

2024 Third Series Medium-Term Notes of Guangdong Power Development Co. Ltd.” “Announcement onthe Interest Payment Arrangements for the 2024 Fourth Series Medium-Term Notes (Variety I) ofGuangdong Power Development Co. Ltd.” “Announcement on the Interest Payment Arrangements for the

2024 Fourth Series Medium-Term Notes (Variety II) of Guangdong Power Development Co. Ltd.”“Announcement on the Interest Payment Arrangements for the 2024 Fifth Series Medium-Term Notes ofGuangdong Power Development Co. Ltd.” the “Announcement on the Redemption of the First Tranche of

2025 Ultra-Short-Term Financing Bills of Guangdong Power Development Co. Ltd.” the “Announcementon the Interest Payment Arrangements for the Sixth Tranche of 2024 Medium-Term Notes (Variant I) ofGuangdong Power Development Co. Ltd.” and the “Announcement on the Interest Payment Arrangementsfor the Sixth Tranche of 2024 Medium-Term Notes (Variant II) of Guangdong Power Development Co.Ltd.” published on the Shanghai Clearing House website; ‘Announcement on the 2025 Interest Payment for

Guangdong Wind Power Generation Co. Ltd.’s 2023 Green Corporate Bonds (Series 1) (Variant 2) Publicly

Offered to Professional Investors’ "Announcement on the Results of the 2026 Bond Repurchase for

6Summary of the Annual Report 2025

Guangdong Wind Power Generation Co. Ltd.’s 2023 Green Corporate Bonds (Series 1) (Variant 2) 2026

Bond Put Exercise Results Announcement and the ‘Guangdong Wind Power Co. Ltd. 2023 Public Offering

of Green Corporate Bonds to Professional Investors (Series 1) (Variant 2) 2026 Interest Payment

Announcement’ published on the Shanghai Stock Exchange Bond Information Network.

2.Updated tracking of ratings and rating changes in corporate bonds

On 27 May 2025 China Chengxin International Credit Rating Co. Ltd. assigned credit ratings to the Company

and its outstanding bonds namely “21 Yuedian 02” “21 Yuedian 03” “24 Yuedianfa MTN002” “24Yuedianfa MTN003” “ 24 Yuedianfa MTN004A” “ 24 Yuedianfa MTN004B” “ 24 YuedianfaMTN005” “24 Yuedianfa MTN006A” and “24 Yuedianfa MTN006B”. Following review by the China

Chengxin International Credit Rating Committee the company’s issuer credit rating has been affirmed at AAA

with a stable outlook; the ratings for“21 Yuedian 02”“21 Yuedian 03”“24 Yuedianfa MTN002”“24Yuedianfa MTN003” “ 24 Yuedianfa MTN004A” “ 24 Yuedianfa MTN004B” “ 24 YuedianfaMTN005” “24 Yuedianfa MTN006A” and “24 Yuedianfa MTN006B” at AAA. (Rating result disclosure

URLs: www.ccxi.com.cn http://www.cninfo.com.cn *Guangdong Power Development Co. Ltd. 2025 Annual

Tracking Rating Report*). On 26 June 2025 China Chengxin International Credit Rating Co. Ltd. conducted a

comprehensive analysis of the credit status of “G23 Yuefeng 2” a publicly issued bond by Guangdong Wind

Power Co. Ltd. Following final review by China Chengxin International Credit Rating Co. Ltd. the credit

rating of this corporate bond issue is AAA. (Rating result disclosure website: https://www.sse.com.cn *2025

Annual Follow-up Rating Report of Guangdong Wind Power Generation Co. Ltd.*).

3.The key accounting data and financial indicators of the latest two years to the end of the reporting

period

In RMB 10000

At the same time rate of

Item 2025 2024

change

Debt ratio 77.71% 79.47% -1.76%

Net profit after deducting

non-recurring profit and loss 86423 158961 -45.63%

EBITDA total debt ratio 7.19% 7.75% -0.56%

Time interest earned ratio 1.25 1.56 -19.87%

III. Significant Events

In 2025 the national economy remained generally stable with electricity consumption showing steady

growth. Total electricity consumption in Guangdong Province reached 958.973 billion kilowatt-hours

representing a year-on-year increase of 4.93%. In terms of installed capacity by the end of 2025 Guangdong’

s centrally dispatching installed capacity stood at 260.80 million kilowatts representing a year-on-year increase

of 17.1%. Of this the installed capacity of new energy sources (wind power and solar power) reached 79.73

million kilowatts surpassing coal-fired power to become the province’s largest source of electricity. During

the reporting period the Company recorded a cumulative grid-connected electricity generation of 121.213

billion kWh under the consolidated financial statements representing a year-on-year increase of 1.56%. Of this

total coal-fired power plants generated 86.135 billion kWh gas-fired power plants generated 24.627 billion

kWh and renewable energy sources—including hydropower wind power and solar power—generated a

combined total of 10.451 billion kWh.

7Summary of the Annual Report 2025

During the reporting period the Company vigorously advanced the completion and commissioning of

power generation projects such as the Shache and Dapu Phase II projects in Xinjiang; coupled with further

increases in the generating capacity of certain coal-fired units electricity supplied to the grid saw a year-on-year

increase. The Company capitalised on the favourable window presented by falling fuel prices to continue

driving energy-saving and consumption-reduction upgrades for thermal power units whilst strengthening

control over financing costs. However due to a significant year-on-year decline in feed-in tariffs which placed

considerable pressure on the Company’s revenue these measures were unable to offset the adverse impact of

reduced revenue on profits. Coupled with increased costs arising from the commissioning of new projects

average gross margins on power generation declined. During the reporting period the Company recorded a net

profit attributable to shareholders of RMB 599.94 million a year-on-year decrease of 38% representing a

substantial decline in operating performance. Specifically the Company’s coal-fired power business achieved

a net profit attributable to shareholders of RMB 482.83 million; the gas-fired power business recorded a net

profit attributable to shareholders of RMB -21.55 million; the hydropower business recorded a net profit

attributable to shareholders of RMB 12.66 million; the new energy business recorded a net profit attributable to

shareholders of RMB 20.04 million; the Company’s head office investment business recorded a net profit

attributable to shareholders of RMB 163.72 million; and the biomass power generation and other businesses

recorded a net profit attributable to shareholders of RMB -57.76 million.According to the trading results published by the Guangdong Power Trading Centre in December 2025 the

average transaction prices for the province’s 2026 annual bilateral negotiated trading annual listed trading and

annual centralised competitive trading all decreased year-on-year. Among these the volume of electricity traded

through bilateral negotiations was 358.968 billion kWh with an average transaction price of 372.14 yuan/MWh

(including tax as below) a decrease of 19.73 yuan/MWh compared with the previous year. The decline in

electricity prices in Guangdong’s medium- and long-term market transactions will have a negative impact on

the Company’s operating revenue; the Company will continue to optimise its electricity market trading

strategies focus on controlling fuel procurement costs strictly manage all costs and expenses and strive

wholeheartedly to achieve its operational targets.In 2025 the Company added 3000 MW of coal-fired power generation capacity through self-construction

and acquisitions 993600 kW of new photovoltaic capacity and 600000 kW of new wind power capacity

whilst increasing installed capacity by 60000 kW through technical upgrades to coal-fired power plants. By the

end of 2025 the company will have a controlling interest in 20949.3 MW of clean energy generation capacity

comprising gas-fired power wind power hydropower solar power and biomass accounting for 47.66% of the

total. Furthermore the company is actively advancing the construction of projects such as the Dahanhai gas-

fired power plant the Toksun wind power project in Xinjiang and the Yunfu natural gas combined heat and

power project whilst continuously optimising its power generation mix to promote the company’s green and

low-carbon transition.

8