The First Quarterly Report 2026
Stock Abbreviation：Yue Dian Li AYue Dian Li B Stock Code：000539200539
Announcement No.：2026-26
Corporate bond code: 149711 Abbreviation of corporate bond: 21 Yudean 03
Guangdong Electric Power Development Co. Ltd.The First Quarterly Report 2026
The Company and its directors hereby guarantee that the content of information disclosure is real
accurate complete and free from any false record misleading representation or material omissions.Important content reminder:
1. The Board of Directors directors and senior management guarantee that the information presented in this
report is true accurate and complete without false records misleading statements or material omissions and
will undertake individual and joint legal liabilities.
2. The Company leader Chief financial officer the person in charge of the accounting department (the person
in charge of the accounting )hereby confirm the authenticity and completeness of the financial report enclosed
in this report.
3. Whether the First Quarterly Report has been audited or not
□Yes √No
1The First Quarterly Report 2026
I. Main financial data
(I) Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data or not
□Yes □No
Changes of this period over
This period Same period of last year same period of last year
（％）
Operating revenue（Yuan） 11352789773 10573002085 7.38%
Net profit attributable to the
shareholders of the listed company -151650238 -382893805 60.39%（Yuan）
Net profit after deducting of non-
recurring gain/loss attributable to the
-164005741-41680366760.65%
shareholders of listed company（Yuan）
Net cash generated from /used in
3271895762199897802863.68%
operating activities（Yuan）
Basic earning per share(Yuan/Share) -0.0289 -0.0729 60.39%
Diluted gains per share(Yuan/Share) -0.0289 -0.0729 60.39%
Weighted average return on equity
-0.65%-1.68%1.03%
（%）
Increase/decrease at the
End of this period End of last period period-end compared with the
end of the previous year
Gross assets（Yuan） 187653414241 186034251274 0.87%
Net assets attributable to the
shareholders of the listed company 23312030271 23444357218 -0.56%（Yuan）
（II)Items and amount of non-current gains and losses√ Applicable □ Not applicable
In RMB
Item This period Notes
Gain or loss on disposal of non-current This mainly relates to the proceeds from the
assets (including the reversal of impairment 27319255 disposal of land by the Honghaiwan Power
losses previously recognised) Station.Government subsidy recognized in current Mainly due to various government subsidies
gain and loss(excluding those closely related for energy saving carbon reduction and
5274269
to the Company’s business and granted technological transformation received by the
under the state’s policies) subsidiaries.Mainly due to the payables that do not need
Net amount of non operating income and
2245254 to be paid for the Red Bay Power Plant’s
expense except the aforesaid items
write-offs etc.Mainly is the scrapping losses generated
Loss from scrapping and disposal of non- from the disposal of decommissioned
-8538614
current assets equipment at power plants such as Jinghai
and Honghaiwan.Less :Influenced amount of income tax 6582886
2The First Quarterly Report 2026
Influenced amount of minor shareholders’
7361775
equity (after tax)
Total 12355503 --
Details of other profit and loss items that meet the non-recurring profit and loss definition
□ Applicable√ Not applicable
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Losses
and its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information
Disclosure for Companies offering their securities to the public-non-recurring Gains and losses which have been
defined as recurring gains and losses it is necessary to explain the reason.√ Applicable □ Not applicable
Items Amount involved(Yuan) Reason
Value-added tax will be refunded Comply with national policies and
37185
immediately regulations and continue to occur.Carbon emission quota used to fulfill the Comply with national policies and
-22464859
emission reduction obligation regulations and continue to occur.(III) Particulars about changes in items of main accounting data and financial index and explanations of
reasons
√ Applicable □Not applicable
In the first quarter of 2026 thanks to the commissioning of new coal-fired power projects and improvements in
the generation efficiency of existing units the Company’s electricity supply to the grid increased by 18% year-
on-year. At the same time the rise in capacity-based electricity prices for thermal power units partially offset
the adverse impact of falling electricity prices resulting from intensified market competition leading to a year-
on-year increase in revenue from the power generation business. The Company deepened energy-saving and
consumption-reduction upgrades to its units and strengthened financial and cost controls. Benefiting from a
year-on-year decline in fuel prices this drove an improvement in gross profit margins for the power generation
business. In the renewable energy sector the wind power business maintained stable profitability year-on-year
under the combined influence of increased electricity generation and falling electricity prices; however for the
solar power business newly commissioned projects were affected by the power market environment and policy
factors resulting in the generation capacity and benefits not being fully realised. The growth in generation
revenue has not yet offset the increase in related depreciation and interest expenses leading to a widening of the
loss year-on-year. During the reporting period the Company recorded an overall net profit attributable to
shareholders of RMB -151.65 million representing a narrowing of the loss compared with the same period last
year.II. Shareholders Information
(I) Total number of common shareholders and preference shareholders with voting rights recovered and
top ten common shareholders
In shares
3The First Quarterly Report 2026
Total number of common Total preference shareholders with the voting power recovered
1541260
shareholders at the period-end at the end of the reporting period(if any)Shares held by the top 10 shareholders（Excluding shares lent through refinancing)Amount of Pledging or freezing
Share
Properties of tradable shares
Shareholder name proporti Quantity Status of the
shareholder with Conditional Quantity
on % shares
held
Guangdong Energy Group State-owned
67.39% 3538116921 1893342621 Pledge 411899314
Co. Ltd. legal person
Guangzhou Development State-owned
2.22% 116693602 0 Not applicable 0
Group Co. Ltd. legal person
Guangdong Electric Power State-owned
1.80% 94367341 0 Not applicable 0
Development Corporation legal person
Domestic
Zheng Jianxiang Natural 0.51% 26859300 0 Not applicable 0
person
CHINA
INTERNATIONAL
CAPITAL Overseas
0.29% 15216066 0 Not applicable 0
CORPORATION HONG legal person
KONG SECURITIES
LTD
VANGUARD TOTAL
Overseas
INTERNATIONAL 0.28% 14620512 0 Not applicable 0
legal person
STOCK INDEX FUND
Overseas
HKSCC 0.27% 14100015 0 Not applicable 0
legal person
NOMURA SINGAPORE Overseas
0.24% 12599843 0 Not applicable 0
LIMITED legal person
Chaokang Investment Co. Overseas
0.22% 11656677 0 Not applicable 0
Ltd. legal person
Domestic
Zhou Zheng Natural 0.21% 10812795 0 Not applicable 0
person
Shares held by the Top 10 Shareholders of Non-restricted shares(Excluding shares lent through refinancing and Top management
lock-in stock)
Number of the non-restricted Share type
Shareholders’ Names
shares held Share type Quantity
Guangdong Energy Group Co. Ltd. 1644774300 RMB Common shares 1644774300
Guangzhou Development Group Co. Ltd. 116693602 RMB Common shares 116693602
Guangdong Electric Power Development
94367341 RMB Common shares 94367341
Corporation
Foreign shares placed in
Zheng Jianxiang 26859300 26859300
domestic exchange
CHINA INTERNATIONAL CAPITAL
Foreign shares placed in
CORPORATION HONG KONG 15216066 15216066
domestic exchange
SECURITIES LTD
VANGUARD TOTAL
Foreign shares placed in
INTERNATIONAL STOCK INDEX 14620512 14620512
domestic exchange
FUND
HKSCC 14100015 RMB Common shares 14100015
4The First Quarterly Report 2026
Foreign shares placed in
NOMURA SINGAPORE LIMITED 12599843 12599843
domestic exchange
Foreign shares placed in
Chaokang Investment Co. Ltd. 11656677 11656677
domestic exchange
Foreign shares placed in
Zhou Zheng 10812795 10812795
domestic exchange
The Third largest shareholder Guangdong Electric Power Development
Related or acting-in-concert parties among Corporation And the ninth largest shareholder Chaokang Investment Co. Ltd.Are the wholly-owned subsidiaries of the largest shareholder Energy Group.shareholders above
These three companies have relationships; whether the other shareholders have
relationships or unanimous acting was unknown.Participation of top 10 unconditional common
share shareholders in securities margin trading N/A
(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
The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have changed compared
with the previous period due to the securities lending/returning
□Applicable □Not applicable
(II)Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end
of the report period
□ Applicable √Not applicable
III. Other important matters
□ Applicable √Not applicable
IV. Quarterly financial statements
（i）Financial statement
1. Consolidated balance sheet
Prepared by: Guangdong Electric Power Development Co. Ltd.April 30 2026
In RMB
Item Ending balance Opening balance
Current asset：
Monetary fund 17535146001 14839620180
Settlement provision 0 0
Outgoing call loan 0 0
Transactional financial assets 0 0
5The First Quarterly Report 2026
Derivative financial assets 0 0
Notes receivable 0 0
Account receivable 9259374042 9583184905
Financing receivable 0 0
Prepayments 980111217 974124953
Insurance receivable 0 0
Reinsurance receivable 0 0
Provisions of Reinsurance contracts receivable 0 0
Other account receivable 544722045 527513970
Including：Interest receivable 0 0
Dividend receivable 0 0
Repurchasing of financial assets 0 0
Inventories 2434603204 2293819795
Including：Data resources 0 0
Contract assets 654858 899846
Assets held for sales 0 0
Non-current asset due within 1 year 0 0
Other current asset 2348778358 2428213159
Total of current assets 33103389725 30647376808
Non-current assets：
Loans and payment on other’s behalf disbursed 0 0
Creditor's Investment 0 0
Other Creditor's Investment 0 0
Long-term receivable 0 0
Long term share equity investment 11711139489 11543456219
Other equity instruments investment 2970684146 3009689888
Other non-current financial assets 0 0
Property investment 321715137 323777484
Fixed assets 96984979716 85896557515
Construction in progress 19678109788 31582478170
Production physical assets 0 0
Oil & gas assets 0 0
Use right assets 11003319507 11196458460
Intangible assets 3624301020 3699548596
Including：Data resources 0 0
Development expenses 0 0
Including：Data resources 0 0
Goodwill 2449886 2449886
Long-germ expenses to be amortized 60309392 62228755
Deferred income tax asset 972635328 959061443
Other non-current asset 7220381107 7111168050
Total of non-current assets 154550024516 155386874466
Total of assets 187653414241 186034251274
Current liabilities
Short-term loans 9775628850 9741011157
Loan from Central Bank 0 0
6The First Quarterly Report 2026
Borrowing funds 0 0
Transactional financial liabilities 0 0
Derivative financial liabilities 0 0
Notes payable 1862038396 1519972657
Account payable 3980352489 4294766903
Advance receipts 137083705 67892003
Contract liabilities 8735556 77103302
Selling of repurchased financial assets 0 0
Deposit taking and interbank deposit 0 0
Entrusted trading of securities 0 0
Entrusted selling of securities 0 0
Employees’ wage payable 722040726 592492474
Tax payable 224145119 311343314
Other account payable 18619750031 18806427609
Including：Interest payable 0 0
Dividend payable 0 0
Fees and commissions payable 0 0
Reinsurance fee payable 0 0
Liabilities held for sales 0 0
Non-current liability due within 1 year 11880855477 9886200377
Other current liability 574521274 520439919
Total of current liability 47785151623 45817649715
Non-current liabilities：
Reserve fund for insurance contracts 0 0
Long-term loan 70207412106 71609414544
Bond payable 11783294643 12382296595
Including：preferred stock 0 0
Sustainable debt 0 0
Lease liability 12298426689 12394114636
Long-term payable 1063213682 1109330338
Long-term remuneration payable to staff 576282969 592113141
Expected liabilities 0 0
Deferred income 160419188 141794312
Deferred income tax liability 551786932 523854149
Other non-current liabilities 1028167 1028167
Total non-current liabilities 96641864376 98753945882
Total of liability 144427015999 144571595597
Owners’ equity
Share capital 5250283986 5250283986
Other equity instruments 0 0
Including：preferred stock 0 0
Sustainable debt 0 0
Capital reserves 5032910216 5028330125
Less：Shares in stock 0 0
7The First Quarterly Report 2026
Other comprehensive income 1504014628 1533837247
Special reserve 135032852 90467033
Surplus reserves 8903515135 8903515135
Common risk provision 0 0
Retained profit 2486273454 2637923692
Total of owner’s equity belong to the parent company 23312030271 23444357218
Minority shareholders’ equity 19914367971 18018298459
Total of owners’ equity 43226398242 41462655677
Total of liabilities and owners’ equity 187653414241 186034251274
Legal Representative: Zheng Yunpeng Person in charge of accounting：Liu Wei
Accounting Dept Leader: Meng Fei
2. Consolidated Income statement
In RMB
Item Current period Last period
I. Income from the key business 11352789773 10573002085
Including：Business income 11352789773 10573002085
Interest income 0 0
Insurance fee earned 0 0
Fee and commission received 0 0
II. Total business cost 11577361398 11150637438
Including：Business cost 10564259513 10096320476
Interest expense 0 0
Fee and commission paid 0 0
Insurance discharge payment 0 0
Net claim amount paid 0 0
Net amount of withdrawal of insurance contract reserve 0 0
Insurance policy dividend paid 0 0
Reinsurance expenses 0 0
Business tax and surcharge 79453457 72214697
Sales expense 21509704 21488725
Administrative expense 304154932 300880243
R & D costs 44939519 97359718
Financial expenses 563044273 562373579
Including：Interest expense 562255939 574543863
Interest income 14893408 22299208
Add: Other income 5311455 9815866
Investment gain（“-”for loss） 163671492 127393582
Including: investment gains from affiliates 163671492 127393582
Financial assets measured at amortized cost cease to be recognized
00
as income
8The First Quarterly Report 2026
Gains from currency exchange 0 0
Net exposure hedging income 0 0
Changing income of fair value 0 0
Credit impairment loss -2982379 199524
Impairment loss of assets 0 0
Assets disposal income 27319255 41534
III. Operational profit（“-”for loss） -31251802 -440184847
Add ：Non-operational income 7769794 67990854
Less: Non-operating expense 36528014 62095688
IV. Total profit(“-”for loss) -60010022 -434289681
Less：Income tax expenses 120249996 46887468
V. Net profit -180260018 -481177149
(I) Classification by business continuity
1.Net continuing operating profit -180260018 -481177149
2.Termination of operating net profit 0 0
(II) Classification by ownership
1.Net profit attributable to the owners of parent company -151650238 -382893805
2.Minority shareholders’ equity -28609780 -98283344
VI. Net after-tax of other comprehensive income -29822619 134063302
Net of profit of other comprehensive income attributable to owner
-29822619134063302
s of the parent company.（I）Other comprehensive income items that will not be
-29254307134063302
reclassified into gains/losses in the subsequent accounting period
1.Re-
measurement of defined benefit plans of changes in net debt or net 0 0
assets
2.Other comprehensive income under the equity method investee c
00
an not be reclassified into profit or loss.
3. Changes in the fair value of investments in other equity
-29254307134063302
instruments
4. Changes in the fair value of the company’s credit risks 0 0
5.Other 0 0（II）
Other comprehensive income that will be reclassified into profit or -568312 0
loss.
1.Other comprehensive income under the equity method investee c
-5683120
an be reclassified into profit or loss.
2. Changes in the fair value of investments in other debt
00
obligations
3. Other comprehensive income arising from the reclassification
00
of financial assets
4.Allowance for credit impairments in investments in other debt
00
obligations
5. Reserve for cash flow hedges 0 0
9The First Quarterly Report 2026
6.Translation differences in currency financial statements 0 0
7.Other 0 0
Net of profit of other comprehensive income attributable to Minori
00
ty shareholders’ equity
VII. Total comprehensive income -210082637 -347113847
Total comprehensive income attributable to the owner of the
-181472857-248830503
parent company
Total comprehensive income attributable minority shareholders -28609780 -98283344
VIII. Earnings per share
（I）Basic earnings per share -0.0289 -0.0729
(II)Diluted earnings per share -0.0289 -0.0729
The current business combination under common control the net profits of the combined party before achieved
net profit of RMB 0 last period the combined party realized RMB 0.Legal Representative: Zheng Yunpeng Person in charge of accounting：Liu Wei
Accounting Dept Leader: Meng Fei
3. Consolidated Cash Flow Statement
In RMB
Item Current period Last period
I. Cash flows from operating activities
Cash received from sales of goods or rending of services 13773755820 12110355079
Net increase of customer deposits and capital kept for
00
brother company
Net increase of loans from central bank 0 0
Net increase of inter-bank loans from other financial bodies 0 0
Cash received against original insurance contract 0 0
Net cash received from reinsurance business 0 0
Net increase of client deposit and investment 0 0
Cash received from interest commission charge and
00
commission
Net increase of inter-bank fund received 0 0
Net increase of repurchasing business 0 0
Net cash received by agent in securities trading 0 0
Tax returned 9015537 201093467
Other cash received from business operation 61293769 162142893
Sub-total of cash inflow 13844065126 12473591439
Cash paid for purchasing of merchandise and services 9004525593 8802837379
Net increase of client trade and advance 0 0
Net increase of savings in central bank and brother company 0 0
Cash paid for original contract claim 0 0
Net increase for Outgoing call loan 0 0
10The First Quarterly Report 2026
Cash paid for interest processing fee and commission 0 0
Cash paid for policy dividend 0 0
Cash paid to staffs or paid for staffs 744263712 722978647
Taxes paid 522150720 464991539
Other cash paid for business activities 301229339 483805846
Sub-total of cash outflow from business activities 10572169364 10474613411
Net cash generated from /used in operating activities 3271895762 1998978028
II. Cash flow generated by investing
Cash received from investment retrieving 0 0
Cash received as investment gains 0 0
Net cash retrieved from disposal of fixed assets intangible
1002780797749949
assets and other long-term assets
Net cash received from disposal of subsidiaries or other
00
operational units
Other investment-related cash received 846238699 41263509
Sub-total of cash inflow due to investment activities 946516778 49013458
Cash paid for construction of fixed assets intangible assets
17615201513170409591
and other long-term assets
Cash paid as investment 0 27000000
Net increase of loan against pledge 0 0
Net cash received from subsidiaries and other operational
00
units
Other cash paid for investment activities 190000000 924717
Sub-total of cash outflow due to investment activities 1951520151 3198334308
Net cash flow generated by investment -1005003373 -3149320850
III.Cash flow generated by financing
Cash received as investment 2050842000 71000000
Including: Cash received as investment from minor
205084200071000000
shareholders
Cash received as loans 5970063281 11462136823
Other financing –related cash received 0 0
Sub-total of cash inflow from financing activities 8020905281 11533136823
Cash to repay debts 6004691625 8449586307
Cash paid as dividend profit or interests 560862587 493702527
Including: Dividend and profit paid by subsidiaries to minor
139692141144915094
shareholders
Other cash paid for financing activities 377827904 205808219
Sub-total of cash outflow due to financing activities 6943382116 9149097053
Net cash flow generated by financing 1077523165 2384039770
IV.Influence of exchange rate alternation on cash and cash
-185209
equivalents
V.Net increase of cash and cash equivalents 3344415369 1233697157
Add: Balance of cash and cash equivalents at the beginning
1234241494711831504924
of term
11The First Quarterly Report 2026
V..Balance of cash and cash equivalents at the end of term 15686830316 13065202081（ii）The Company started implementing the updated accounting standards commencing from 2026 and
adjusted the relevant items in the financial statements at the beginning of the very year involved in the
initial implementation of the said standards
□Applicable √Not applicable
(iii) Auditors 'Report
Is the First Quarterly Report be audited
□ Yes √No
The First Quarterly report is not audited.The Board of Directors of Guangdong Electric Power Development Co. Ltd.April 302026
12
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