Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
GUANGDONG ELECTRIC POWER DEVELOPMENT CO. LTD.The Semi-annual Financial Report 2025
August 2025
1Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
I. Audit report
Has this semi-annual report been audited
□ Yes √ No
The semi-annual financial report has not been audited.II. Financial statements
Currency unit for the statements in the notes to these financial statements: RMB
1. Consolidated balance sheet
Prepared by：Guangdong Electric Power Development Co. Ltd.June 302025
In RMB
Item June 302025 January 1 2025
Current asset：
Monetary fund 16051714666 15361820831
Settlement provision 0 0
Outgoing call loan 0 0
Transactional financial assets 0 0
Derivative financial assets 0 0
Notes receivable 90229 0
Account receivable 8894981263 9101797841
Financing of receivables 0 0
Prepayments 1364556023 1440632187
Insurance receivable 0 0
Reinsurance receivable 0 0
Provisions of Reinsurance contracts
00
receivable
Other account receivable 678565770 533352169
Including：Interest receivable 0 0
Dividend receivable 94351613 0
Repurchasing of financial assets 0 0
Inventories 3247405078 2577119489
Including：Data resources 0 0
Contract assets 327133 1378872
Assets held for sales 0 0
Non-current asset due within 1 year 0 0
Other current asset 1980415612 1971269586
Total of current assets 32218055774 30987370975
Non-current assets：
Loans and payment on other’s behalf 0 0
2Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
disbursed
Creditor's right investment 0 0
Other investment on bonds 0 0
Long-term receivable 0 0
Long term share equity investment 11264561442 10812658939
Other equity instruments investment 2757878075 2650289873
Other non-current financial assets 0 0
Property investment 328475220 336493586
Fixed assets 72549633107 73628798655
Construction in progress 37073159677 31382850765
Production physical assets 0 0
Oil & gas assets 0 0
Use right assets 11990353436 11700419075
Intangible assets 3801320415 3786635293
Including：Data resources 0 0
Development expenses 0 0
Including：Data resources 0 0
Goodwill 2449886 2449886
Long-germ expenses to be amortized 65391125 55505161
Deferred income tax asset 1090641502 1099214779
Other non-current asset 8015008773 8711545949
Total of non-current assets 148938872658 144166861961
Total of assets 181156928432 175154232936
Current liabilities
Short-term loans 11375541016 14108930833
Loan from Central Bank 0 0
Borrowing funds 0 0
Transactional financial liabilities 0 0
Derivative financial liabilities 0 0
Notes payable 2102674053 2102292195
Account payable 4338983803 4279045681
Advance receipts 0 0
Contract liabilities 115756744 38459828
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 801461973 556291188
Tax payable 261416546 303440015
Other account payable 16724832466 15825876579
Including：Interest payable 0 0
Dividend payable 0 0
Fees and commissions payable 0 0
3Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Reinsurance fee payable 0 0
Liabilities held for sales 0 0
Non-current liability due within 1 year 7923614161 6606678336
Other current liability 559303966 528095817
Total of current liability 44203584728 44349110472
Non-current liabilities：
Reserve fund for insurance contracts 0 0
Long-term loan 74506464688 69541559406
Bond payable 11482663991 11107429258
Including：preferred stock 0 0
Sustainable debt 0 0
Lease liability 12910241360 12376312142
Long-term payable 949941669 696347824
Long-term remuneration payable to staff 510259325 537138216
Expected liabilities 0 0
Deferred income 122635813 113262526
Deferred income tax liability 544932520 470213543
Other non-current liabilities 1028167 1028167
Total non-current liabilities 101028167533 94843291082
Total of liability 145231752261 139192401554
Owners’ equity
Share capital 5250283986 5250283986
Other equity instruments 0 0
Including：preferred stock 0 0
Sustainable debt 0 0
Capital reserves 5212572145 5203250383
Less：Shares in stock 0 0
Other comprehensive income 1350975283 1331876093
Special reserve 137243312 62769166
Surplus reserves 8903515135 8903515135
Common risk provision 0 0
Retained profit 2070455511 2142987033
Total of owner’s equity belong to the
2292504537222894681796
parent company
Minority shareholders’ equity 13000130799 13067149586
Total of owners’ equity 35925176171 35961831382
Total of liabilities and owners’ equity 181156928432 175154232936
Legal representative ：Zheng Yunpengn
Person-in-charge of the accounting work：Liu Wei
Person-in-charge of the accounting organ：Meng Fei
2.Parent Company Balance Sheet
In RMB
4Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Item June 302025 January 12025
Current asset：
Monetary fund 666564206 265985600
Transactional financial assets 0 0
Derivative financial assets 0 0
Notes receivable 0 0
Account receivable 0 0
Financing of receivables 0 0
Prepayments 28832367 29801383
Other account receivable 902341031 837741316
Including：Interest receivable 0 0
Dividend receivable 94351613 0
Inventories 1780293 1923411
Including：Data resources 0 0
Contractual assets 0 0
Assets held for sale 0 0
Non-current asset due within one year 0 0
Other current assets 459222 2704808
Total current assets 1599977119 1138156518
Non-current assets:
Loans and payments on behalf 0 0
Debt investment 0 0
Other debt investment 750000000 930000000
Long-term account receivable 47065012774 46167289906
Long-term equity investment 2757078075 2649489873
Investment in other equity instrument 0 0
Other non-current financial assets 3529655 3847454
Investment real estate 174676880 179180382
Fixed assets 0 0
Construction in progress 0 0
Productive biological asset 0 0
Oil and gas asset 16379082 1402273
Right-of-use assets 66374187 68528585
Including：Data resources 0 0
Development expenses 0 0
Including：Data resources 0 0
Goodwill 0 0
Long-term expenses to be amortized 660294 844193
Deferred income tax asset 0 0
Other non-current asset 615757 616089
Total of non-current assets 50834326704 50001198755
Total of assets 52434303823 51139355273
5Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Current liabilities
Short-term loans 1200778333 1986468042
Transactional financial liabilities 0 0
Derivative financial liabilities 0 0
Notes payable 0 0
Account payable 736887 1643506
Advance receipts 0 0
Contract Liabilities 67686 33846
Employees’ wage payable 126588300 157194609
Tax payable 607853 3979960
Other account payable 34521563 40238685
Including：Interest payable 0 0
Dividend payable 0 0
Liabilities held for sale 0 0
Non-current liability due within 1 year 1919798688 852771938
Other current liability 0 0
Total of current liabilities 3283099310 3042330586
Non-current liabilities：
Long-term loan 10544600000 10853100000
Bond payable 10883038518 10507849644
Including：preferred stock 0 0
Sustainable debt 0 0
Lease liability 9167925 0
Long-term payable 0 0
Long-term remuneration payable to staff 227553678 227553678
Expected liabilities 0 0
Deferred income 0 0
Deferred income tax liability 447398521 420501470
Other non-current liabilities 0 0
Total non-current liabilities 22111758642 22009004792
Total of liability 25394857952 25051335378
Owners’ equity
Share capital 5250283986 5250283986
Other equity instruments 0 0
Including：preferred stock 0 0
Sustainable debt 0 0
Capital reserves 4858815669 4849472205
Less：Shares in stock 0 0
Other comprehensive income 1387467963 1345335533
Special reserve 38111254 38111254
Surplus reserves 8903515135 8903515135
Retained profit 6601251864 5701301782
Total of owners’ equity 27039445871 26088019895
Total of liabilities and owners’ equity 52434303823 51139355273
6Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
3.Consolidated Income statement
In RMB
Item The first half year of 2025 The first half year of 2024
I. Income from the key business 23141441943 26078790971
Incl：Business income 23141441943 26078790971
Interest income 0 0
Insurance fee earned 0 0
Fee and commission received 0 0
II. Total business cost 23303908273 24864237682
Incl：Business cost 21088563492 22607604729
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
00
contract reserve
Insurance policy dividend paid 0 0
Reinsurance expenses 0 0
Business tax and surcharge 143216314 140803851
Sales expense 43731677 43812406
Administrative expense 606233009 612823789
R & D costs 321041294 323176647
Financial expenses 1101122487 1136016260
Including：Interest expense 1141097530 1215356585
Interest income 47640150 91313895
Add: Other income 23899477 27553751
Investment gain（“-”for loss） 413769521 545549269
Incl: investment gains from affiliates 263056887 432959549
Financial assets measured at amortized
00
cost cease to be recognized as income
Gains from currency exchange 0 0
Net exposure hedging income 0 0
Changing income of fair value 0 0
Credit impairment loss -7044073 -4240548
Impairment loss of assets -104 -2060
Assets disposal income 41534 10435
III. Operational profit（“-”for loss） 268200025 1783424136
Add ：Non-operational income 140098498 76597546
Less: Non-operating expense 85732233 186294822
IV. Total profit(“-”for loss) 322566290 1673726860
Less：Income tax expenses 225270964 443445689
V. Net profit 97295326 1230281171
7Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
(I) Classification by business continuity
1.Net continuing operating profit 97295326 1230281171
2.Termination of operating net profit 0 0
(II) Classification by ownership
1.Net profit attributable to the owners of
32474158902938860
parent company
2.Minority shareholders’ equity 64821168 327342311
VI. Net after-tax of other comprehensive
19085240-319429526
income
Net of profit of other comprehensive inc
ome attributable to owners of the parent 19099190 -319429526
company.（I）Other comprehensive income items
that will not be reclassified into
19465091-319601321
gains/losses in the subsequent accounting
period
1.Re-measurement of defined benefit pla
-1255510
ns of changes in net debt or net assets
2.Other comprehensive income under the
equity method investee can not be reclas -61100510 3753032
sified into profit or loss.
3. Changes in the fair value of
80691152-323354353
investments in other equity instruments
4. Changes in the fair value of the
00
company’s credit risks
5.Other 0 0
(II)Other comprehensive income that wil
-365901171795
l be reclassified into profit or loss.
1.Other comprehensive income under the
equity method investee can be reclassifie -365901 171795
d into profit or loss.
2. Changes in the fair value of
00
investments in other debt obligations
3. Other comprehensive income arising
from the reclassification of financial 0 0
assets
4.Allowance for credit impairments in
00
investments in other debt obligations
5. Reserve for cash flow hedges 0 0
6.Translation differences in currency fina
00
ncial statements
7.Other 0 0
Net of profit of other comprehensive inc
-139500
ome attributable to Minority
8Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
shareholders’ equity
VII. Total comprehensive income 116380566 910851645
Total comprehensive income attributable
51573348583509334
to the owner of the parent company
Total comprehensive income attributable
64807218327342311
minority shareholders
VIII. Earnings per share
（I）Basic earnings per share 0.0062 0.172
(II)Diluted earnings per share 0.0062 0.172
As for the enterprise combined under the same control net profit of 0 Yuan achieved by the merged party
before combination while 0 Yuan achieved last period.Legal representative ：Zheng Yunpeng
Person-in-charge of the accounting work：Liu Wei
Person-in -charge of the accounting organ：Meng Fei
4. Income statement of the Parent Company
In RMB
Item The first half year of 2025 The first half year of 2024
I. Income from the key business 24361404 12200605
Incl：Business cost 16728421 11988776
Business tax and surcharge 528901 1148508
Sales expense 0 0
Administrative expense 51498383 92212910
R & D expense 552778 378600
Financial expenses 320088325 322963257
Including：Interest expenses 317935487 327978159
Interest income 492014 6659945
Add：Other income 210705 115021
Investment gain（“-”for loss） 1369732100 1466734197
Including: investment gains from
260834563394508211
affiliates
Financial assets measured at amortized
00
cost cease to be recognized as income
Net exposure hedging income 0 0
Changing income of fair value 0 0
Credit impairment loss -15532 -4807
Impairment loss of assets 0 -2060
Assets disposal income 0 -6971
II. Operational profit（“-”for loss） 1004891869 1050343934
Add ：Non-operational income 93312 11756724
Less：Non-operational expenses 29419 19756
III. Total profit(“-”for loss) 1004955762 1062080902
Less：Income tax expenses 0 0
9Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
IV. Net profit 1004955762 1062080902
1.Net continuing operating profit 1004955762 1062080902
2.Termination of operating net profit 0 0
V. Net after-tax of other comprehensive
42132430-320843483
income
（I）Other comprehensive income items
that will not be reclassified into
42498331-321015278
gains/losses in the subsequent accounting
period
1.Re-measurement of defined benefit pla
00
ns of changes in net debt or net assets
2.Other comprehensive income under the
equity method investee can not be reclas -38192821 2339075
sified into profit or loss.
3. Changes in the fair value of
80691152-323354353
investments in other equity instruments
4. Changes in the fair value of the
00
company’s credit risks
5.Other 0 0
(II)Other comprehensive income that wil
-365901171795
l be reclassified into profit or loss
1.Other comprehensive income under the
equity method investee can be reclassifi -365901 171795
ed into profit or loss.
2. Changes in the fair value of
00
investments in other debt obligations
3. Other comprehensive income arising
from the reclassification of financial 0 0
assets
4.Allowance for credit impairments in
00
investments in other debt obligations
5. Reserve for cash flow hedges 0 0
6.Translation differences in currency fina
00
ncial statements
7.Other 0 0
VI. Total comprehensive income 1047088192 741237419
VII. Earnings per share
（I）Basic earnings per share 0.1914 0.2023
(II) Diluted earnings per share 0.1914 0.2023
5. Consolidated Cash flow statement
In RMB
Item The first half year of 2025 The first half year of 2024
10Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
I.Cash flows from operating activities
Cash received from sales of goods or
2618788981030155856337
rending of services
Net increase of customer deposits and
00
capital kept for brother company
Net increase of loans from central bank 0 0
Net increase of inter-bank loans from
00
other financial bodies
Cash received against original insurance
00
contract
Net cash received from reinsurance
00
business
Net increase of client deposit and
00
investment
Cash received from interest commission
00
charge and commission
Net increase of inter-bank fund received 0 0
Net increase of repurchasing business 0 0
Net cash received by agent in securities
00
trading
Tax returned 258723297 276914844
Other cash received from business
473613398399412989
operation
Sub-total of cash inflow 26920226505 30832184170
Cash paid for purchasing of merchandise
1948461043021060012921
and services
Net increase of client trade and advance 0 0
Net increase of savings in central bank
00
and brother company
Cash paid for original contract claim 0 0
Net increase in financial assets held for
00
trading purposes
Net increase for Outgoing call loan 0 0
Cash paid for interest processing fee and
00
commission
Cash paid to staffs or paid for staffs 1383468198 1331473771
Taxes paid 854209156 1432074491
Other cash paid for business activities 841817123 1002397916
Sub-total of cash outflow from business
2256410490724825959099
activities
Net cash generated from /used in
43561215986006225071
operating activities
II. Cash flow generated by investing
Cash received from investment retrieving 0 0
11Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Cash received as investment gains 142392458 301789602
Net cash retrieved from disposal of fixed
assets intangible assets and other 15892116 138401823
long-term assets
Net cash received from disposal of
00
subsidiaries or other operational units
Other investment-related cash received 101226000 400209930
Sub-total of cash inflow due to
259510574840401355
investment activities
Cash paid for construction of fixed
assets intangible assets and other 5928555799 6144744853
long-term assets
Cash paid as investment 327000000 51321388
Net increase of loan against pledge 0 0
Net cash received from subsidiaries and
00
other operational units
Other cash paid for investment activities 12501732 223698100
Sub-total of cash outflow due to
62680575316419764341
investment activities
Net cash flow generated by investment -6008546957 -5579362986
III.Cash flow generated by financing
Cash received as investment 142865000 56327600
Including: Cash received as investment
14286500056327600
from minor shareholders
Cash received as loans 18506711250 19341168585
Other financing –related cash received 0 0
Sub-total of cash inflow from financing
1864957625019397496185
activities
Cash to repay debts 14256275736 17478255109
Cash paid as dividend profit or interests 1547861180 1921200234
Including: Dividend and profit paid by
307347918424199447
subsidiaries to minor shareholders
Other cash paid for financing activities 494783610 365974063
Sub-total of cash outflow due to
1629892052619765429406
financing activities
Net cash flow generated by financing 2350655724 -367933221
IV. Influence of exchange rate
11783-79188
alternation on cash and cash equivalents
V.Net increase of cash and cash
69824214858849676
equivalents
Add: balance of cash and cash
1183150492411954167156
equivalents at the beginning of term
VI. Balance of cash and cash equivalents
1252974707212013016832
at the end of term
12Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
6. Cash Flow Statement of the Parent Company
In RMB
Item The first half year of 2025 The first half year of 2024
I.Cash flows from operating activities
Cash received from sales of goods or
2148320922875455
rending of services
Tax returned 2082018 0
Other cash received from business
853335041415885
operation
Sub-total of cash inflow 32098577 64291340
Cash paid for purchases of merchandise
15649428717642
and services
Cash paid to staffs or paid for staff 72980276 146150402
Taxes paid 1136683 8546885
Other cash paid for business activities 29893490 58500292
Sub-total of cash outflow from business
105575391221915221
activities
Net cash generated from /used in
-73476814-157623881
operating activities
II. Cash flow generated by investing
Cash received from investment retrieving 290000000 1063550000
Cash received as investment gains 1102427948 1223895198
Net cash retrieved from disposal of fixed
assets intangible assets and other 15000 727565
long-term assets
Net cash received from disposal of
00
subsidiaries or other operational units
Other investment-related cash received 0 10265892
Sub-total of cash inflow due to
13924429482298438655
investment activities
Cash paid for construction of fixed
assets intangible assets and other 1308877 8679887
long-term assets
Cash paid as investment 832135000 931371532
Net cash received from subsidiaries and
00
other operational units
Other cash paid for investment activities 0 0
Sub-total of cash outflow due to
833443877940051419
investment activities
Net cash flow generated by investment 558999071 1358387236
III. Cash flow generated by financing
Cash received as investment 0 0
Cash received as loans 1904000000 6384704415
13Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Other financing –related cash received 0 0
Sub-total of cash inflow from financing
19040000006384704415
activities
Cash to repay debts 1624402540 7010850000
Cash paid as dividend profit or interests 359349831 456844435
Other cash paid for financing activities 5198686 3394682
Sub-total of cash outflow due to
19889510577471089117
financing activities
Net cash flow generated by financing -84951057 -1086384702
IV.Influence of exchange rate alternation
11783-79188
on cash and cash equivalents
V.Net increase of cash and cash
400582983114299465
equivalents
Add: balance of cash and cash
265969222640448760
equivalents at the beginning of term
VI. Balance of cash and cash equivalents
666552205754748225
at the end of term
14Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
7. Consolidated Statement on Change in Owners’ Equity
Amount in this period
In RMB
The first half year of 2025
Owner’s equity Attributable to the Parent Company
Item Other Equity instrument Commo
Minor
Less: Other Total of owners’
Capital Specialized Surplus n risk Retained shareholders’
Share Capital Preferred Sustainable Shares in Comprehensive Other Subtotal equity
Other reserves reserve reserves provisio profit equity
stock debt stock Income
n
I.Balance at the
5250283986000520325038301331876093627691668903515135021429870330228946817961306714958635961831382
end of last year
Add: Change of
accounting 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
policy
Correcting
000000000000000
of previous errors
Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
II.Balance at the
beginning of 520325038 214298 3596183135250283986 0 0 0 0 1331876093 62769166 8903515135 0 0 22894681796 13067149586
3703382
current year
III.Changed in -725315 3036357
0000932176201909919074474146000-67018787-36655211
the current year 22 6
（1）Total
comprehensive 324741 51573340 0 0 0 0 0 19099190 0 0 0 0 64807218 116380566
588
income（II）Investment
or decreasing of 0 0 0 0 9321762 0 0 0 0 0 0 0 9321762 142865000 152186762
capital by owners
15Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
1．Ordinary Share
s invested by shar 0 0 0 0 0 0 0 0 0 0 0 0 0 142865000 142865000
eholders
2．Holders of oth
er equity instrum
000000000000000
ents invested capi
tal
3．Amount of
shares paid and
000000000000000
accounted as
owners’ equity
4．Other 0 0 0 0 9321762 0 0 0 0 0 0 0 9321762 0 9321762（III）Profit
0000000000-1050056800-105005680-309002447-414008127
allotment
1.Providing of
000000000000000
surplus reserves
2.Providing of
common risk 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
provisions
3．Allotment to
the owners (or 0 0 0 0 0 0 0 0 0 0 -105005680 0 -105005680 -309002447 -414008127
shareholders)
4．Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
(IV) Internal
transferring of 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
owners’ equity
1. Capitalizing of
000000000000000
capital reserves
16Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
(or to capital
shares)
2. Capitalizing of
surplus reserves
000000000000000
(or to capital
shares)
3．Making up
losses by surplus 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
reserves.
4.Change amount
of defined benefit
plans that carry 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
forward Retained
earnings
5．Other
comprehensive
income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
carry-over
retained earnings
6．Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
(V). Special
00000007447414600007447414634311442108785588
reserves
1. Provided this
0000000212340844000021234084486483343298824187
year
2．Used this term 0 0 0 0 0 0 0 -137866698 0 0 0 0 -137866698 -52171901 -190038599（VI）Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
IV. Balance at
52502839860005212572145013509752831372433128903515135020704555110229250453721300013079935925176171
the end of this
17Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
term
Amount in last year
In RMB
The first half year of 2024
Owner’s equity Attributable to the Parent Company
Minor Total of
Item Other Equity instrument Less: Other Common
Capital Specialized Surplus Retained shareholders’ owners’
Share Capital Preferred Sustainable Shares in Comprehensive risk Other Subtotal
Other reserves reserve reserves profit equity equity
stock debt stock Income provision
I.Balance at the end of last
525028398600052025728040149523769063758898903515135012837499560221417354601176912224233910857702
year
Add: Change of accounting
000000000000000
policy
Correcting of
000000000000000
previous errors
Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
II.Balance at the beginning
525028398600052025728040149523769063758898903515135012837499560221417354601176912224233910857702
of current year
III.Changed in the current
0000100190810-3194295265035466800797933180053887740332418489571295892
year
（1）Total comprehensive 902938
000000-3194295260000583509334327342311910851645
income 860（II）Investment or
decreasing of capital by 0 0 0 0 10019081 0 0 0 0 0 0 0 10019081 110218806 120237887
owners
1．Ordinary Shares investe 0 0 0 0 0 0 0 0 0 0 0 0 0 106327600 106327600
18Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
d by shareholders
2．Holders of other equity i
000000000000000
nstruments invested capital
3．Amount of shares paid
and accounted as owners’ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
equity
4．Other 0 0 0 0 10019081 0 0 0 0 0 0 0 10019081 3891206 13910287（III）Profit allotment 0 0 0 0 0 0 0 0 0 0 -105005680 0 -105005680 -425900867 -530906547
1.Providing of surplus
000000000000000
reserves
2.Providing of common
000000000000000
risk provisions
3．Allotment to the owners
0000000000-1050056800-105005680-425900867-530906547
(or shareholders)
4．Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
(IV) Internal transferring
000000000000000
of owners’ equity
1. Capitalizing of capital
reserves (or to capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
shares)
2. Capitalizing of surplus
reserves (or to capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
shares)
3．Making up losses by
000000000000000
surplus reserves.
4.Change amount of
defined benefit plans that 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
carry forward Retained
19Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
earnings
5．Other comprehensive
income carry-over retained 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
earnings
6．Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
(V). Special reserves 0 0 0 0 0 0 0 50354668 0 0 0 0 50354668 20758239 71112907
1. Provided this year 0 0 0 0 0 0 0 193830276 0 0 0 0 193830276 88037497 281867773
2．Used this term 0 0 0 0 0 0 0 -143475608 0 0 0 0 -143475608 -67279258 -210754866（VI）Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
IV. Balance at the end of
5250283986000521259188501175808164567305578903515135020816831360226806128631180154073134482153594
this term
8.Statement of change in owner’s Equity of the Parent Company
Amount in this period
In RMB
The first half year of 2025
Other Equity instrument Less: Other
Item Specialized Retained Total of owners’
Share capital Preferred Sustainable Capital reserves Shares in Comprehensive Surplus reserves Other
Other reserve profit equity
stock debt stock Income
I.Balance at the end of last 381112 890351513 5701301
5250283986000484947220501345335533026088019895
year 54 5 782
Add: Change of accounting
000000000000
policy
Correcting of previous errors 0 0 0 0 0 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0 0 0 0 0 0
II.Balance at the beginning of 381112 890351513 5701301
5250283986000484947220501345335533026088019895
current year 54 5 782
20Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
III.Changed in the current year 899950080 0 0 0 9343464 0 42132430 0 0 0 951425976
2
（I）Total comprehensive 1004955
00000042132430001047088192
income 762
(II) Investment or decreasing
000093434640000009343464
of capital by owners
1．Ordinary Shares invested by
000000000000
shareholders
2．Holders of other equity instr
000000000000
uments invested capital
3.Amount of shares paid and
000000000000
accounted as owners’ equity
4．Other 0 0 0 0 9343464 0 0 0 0 0 0 9343464（III）Profit allotment -10500560 0 0 0 0 0 0 0 0 0 -105005680
80
1.Providing of surplus reserves 0 0 0 0 0 0 0 0 0 0 0 0
2．Allotment to the owners (or -1050056
0000000000-105005680
shareholders) 80
3．Other 0 0 0 0 0 0 0 0 0 0 0 0
(IV) Internal transferring of
000000000000
owners’ equity
1. Capitalizing of capital
000000000000
reserves (or to capital shares)
2. Capitalizing of surplus
000000000000
reserves (or to capital shares)
3．Making up losses by surplus
000000000000
reserves.
4.Change amount of defined
000000000000
benefit plans that carry
21Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
forward Retained earnings
5．Other comprehensive
income carry-over retained 0 0 0 0 0 0 0 0 0 0 0 0
earnings
6．Other 0 0 0 0 0 0 0 0 0 0 0 0
(V) Special reserves 0 0 0 0 0 0 0 0 0 0 0 0
1. Provided this year 0 0 0 0 0 0 0 260781 0 0 0 260781
2．Used this term 0 0 0 0 0 0 0 -260781 0 0 0 -260781（VI）Other 0 0 0 0 0 0 0 0 0 0 0 0
IV. Balance at the end of this
52502839860004858815669013874679633811125489035151356601251864027039445871
term
Amount in last year
In RMB
The first half year of 2024
Other Equity instrument Less: Other
Item Share Specialized Surplus Total of owners’
Preferred Sustainable Capital reserves Shares Comprehensive Retained profit Other
Capital Other reserve reserves equity
stock debt in stock Income
I.Balance at the end of last
5250283986000484276799701508154355089035151355238305518025743026991
year
Add: Change of accounting policy 0 0 0 0 0 0 0 0 0 0 0 0
Correcting of previous errors 0 0 0 0 0 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0 0 0 0 0 0
II.Balance at the beginning of
5250283986000484276799701508154355089035151355238305518025743026991
current year
III.Change in the current year 0 0 0 0 13910287 0 -320843483 0 0 957075222 0 650142026
（I）Total comprehensive income 0 0 0 0 0 0 -320843483 0 0 106208090 0 741237419
22Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
2
(II) Investment or decreasing of
00001391028700000013910287
capital by owners
1．Ordinary Shares invested by shar
000000000000
eholders
2．Holders of other equity instrume
000000000000
nts invested capital
3.Amount of shares paid and
000000000000
accounted as owners’ equity
4．Other 0 0 0 0 13910287 0 0 0 0 0 0 13910287（III）Profit allotment 0 0 0 0 0 0 0 0 0 -105005680 0 -105005680
1.Providing of surplus reserves 0 0 0 0 0 0 0 0 0 0 0
2 ． Allotment to the owners (or
000000000-1050056800-105005680
shareholders)
3．Other 0 0 0 0 0 0 0 0 0 0 0 0
(IV) Internal transferring of
000000000000
owners’ equity
1. Capitalizing of capital reserves
000000000000
(or to capital shares)
2. Capitalizing of surplus reserves
000000000000
(or to capital shares)
3 ． Making up losses by surplus
000000000000
reserves.
4.Change amount of defined
benefit plans that carry forward 0 0 0 0 0 0 0 0 0 0 0 0
Retained earnings
5 ． Other comprehensive income
000000000000
carry-over retained earnings
6．Other 0 0 0 0 0 0 0 0 0 0 0 0
23Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
(V) Special reserves 0 0 0 0 0 0 0 0 0 0 0 0
1. Provided this year 0 0 0 0 0 0 0 311908 0 0 0 -311908
2．Used this term 0 0 0 0 0 0 0 -311908 0 0 0 -311908（VI）Other 0 0 0 0 0 0 0 0 0 0 0 0
IV. Balance at the end of this
5250283986000485667828401187310872089035151356195380740026393169017
term
24Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
III．Basic Information of the Company
Guangdong Electric Power Development Co. Ltd. (hereinafter “Guangdong Electric Power” “the Company”) is a
limited liability company jointly established by Guangdong Electric Power Holding Company China
Construction Bank Guangdong Province Trust Investment Company Guangdong Power Development Co. Ltd.Guangdong International Trust and China Guangfa Bank (currently named as Guangdong Guangkong Group Co.Ltd.). The address of the Company's registered office and head office is F33-F36 South Tower Building of
Yudean Square on 2nd Tianhe East Road Guangzhou Guangdong Province the People's Republic of China ("the
PRC"). The Company's parent company is Guangdong Energy Group Co. Ltd. ("GEGC") and its ultimate
controlling shareholder is the State-owned Assets Supervision and Administration Commission of the People's
Government of Guangdong Province.The Company’s issuing RMB ordinary shares (“A-share”) and domestic listed foreign shares (“B-share”) are
listed for transactions in Shenzhen Stock Exchange respectively on 26 November 1993 and 28 June 1995. On 30
June 2024 the total share capital of the Company is RMB 5250283986 with par value of RMB 1 each.The Company and its subsidiaries (collectively referred to as "the Group") are principally engaged in the
businesses of developing and operating electric power projects in Guangdong Province Yunnan Province
Xinjiang Uygur Autonomous Region Hunan Province Guangxi Zhuang Autonomous Region and Inner Mongolia
Autonomous Region. For the information of the Company's major subsidiaries included in the consolidation scope
in the current year please refer to Note IX.The financial statement has been approved for issue by the Company’s Board of Directors on August 302025.For the Consolidation scope changes of the Group please refer to IX and X(Equity in other entities
IV.Basis for the preparation of financial statements
1.Basis for the preparation
The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises
and corresponding application guidance interpretations and other related provisions issued by the Ministry of
Finance (collectively "Accounting Standards for Business Enterprises"). In addition the Company also
disclosed the relevant financial information in accordance with the Explanatory Announcement No. 15 on
Information Disclosure for Companies Offering Their Securities to the Public —General Requirements for
Financial Reporting (2023 version) issued by the China Securities Regulatory Commission.The financial statements are prepared on a going concern basis. The Company adopts the accrual basis of
accounting. Except for certain financial instruments the financial statements are prepared under the historical
cost. In the event that impairment of assets occurs a loss allowance is made accordingly in accordance with the
relevant regulations.
2. Continuous operation.
This financial statement is prepared on a going-concern basis.When preparing the financial statements for this year the Board of Directors of the Company made a full
evaluation on the Company's going-concern ability for 12 months from the end of the reporting period and the
evaluation results showed no major doubts about its going-concern ability.V. Significant accounting policies and accounting estimates
25Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Specific accounting policies and accounting estimates tips:
The Company determines specific accounting policies and accounting estimates based on the characteristics of
production and operation which are mainly reflected in the measurement of expected credit losses(“ECL”) of
receivables and contract assets costing of inventory depreciation of fixed assets amortization of intangible
assets and right-of-use assets. Specific accounting policies are detailed in Notes V.11 Notes V.17 Notes V.24
Notes V.29 Notes V.30 Notes V.37 Notes V.40 and Notes V.41.Details of the Group’s critical judgements critical accounting estimates and key assumptions used in
determining significant accounting policies are set forth in Note V.42.
1.Complying with the statements in Accounting Standards for Business Enterprises
The financial Report and statements are prepared with compliance to the requirement of the Enterprise
Accounting Standard. They reflect the financial position as of June 30 2025 as well as the business performance
and cash flow situation in the first half of 2025 of the Company frankly and completely.
2. Accounting period
Fiscal year is dated from Gregorian calendar Jan. 1 to Gregorian calendar December 31.The accounting of the financial statements during the period starts from January 1 2025 to 6 months ended June
302025.
3.Operating cycle
The business cycles for principal activities are usually less than 12 months.
4.Standard currency for bookkeeping
The Company and domestic subsidiaries use Renminbi (RMB) as their recording currency. The currency used by
the Company in preparing these financial statements is Renminbi (RMB).
5.Determination method and selection basis of importance standard
□Applicable □Not applicable
Item Criterion of importance
The Group determines significant long-term equity investments
by taking into account factors such as the book value of joint
Significant long-term equity investment ventures and associated enterprises the proportion of long-term
equity investment income calculated by equity method to the
consolidated net profit of the Group.The Group recognizes fixed asset items with signs of
Significant Fixed assets impairment and asset balances greater than RMB 500 million
as important fixed asset items.The Group determines major construction in progress in
Significant Construction in progress consideration of the proportion of construction in progress to
the total construction in progress of the Group.The Group determines the subsidiaries with significant
Subsidiaries with significant minority interests minority shareholders' equity in consideration of the proportion
of minority shareholders' equity of subsidiaries to the total
26Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
minority shareholders' equity of the Group.The Group determines significant long-term equity investments
by taking into account factors such as the book value of joint
Basic information of important joint ventures and associated
ventures and associated enterprises the proportion of important
enterprises
joint ventures and associated enterprises income calculated by
equity method to the consolidated net profit of the Group.
6. Accounting process method of enterprise consolidation under same and different controlling.
(1) Business combinations involving enterprises under common control
The consideration paid and net assets obtained by the Company in a business combination are measured at the
carrying amount. If the acquiree is acquired from a third party by the ultimate controlling party in a prior year
the consideration paid and net assets obtained by the Company are measured based on the carrying amounts of
the acquiree’s assets and liabilities (including the goodwill arising from the acquisition of the acquiree by the
ultimate controlling party) presented in the consolidated financial statements of the ultimate controlling party.The difference between the carrying amount of the net assets obtained from the combination and the carrying
amount of the consideration paid for the combination is treated as an adjustment to capital surplus (share
premium). If the capital surplus (share premium) is not sufficient to absorb the difference the remaining
balance is adjusted against retained earnings
Realize business combinations under the same control through multiple transactions in stages
The assets and liabilities acquired by the acquirer from the acquiree in the merger are measured at the book
value in the consolidated financial statements of the ultimate controlling party on the merger date. The
difference between the sum of the book value of the investments held before the merger and the book value of
the newly paid consideration on the merger date and the book value of the net assets acquired in the merger is
adjusted to the capital reserves. If the capital reserves are insufficient to offset the retained earnings are
adjusted. For long-term equity investments held by the acquirer before obtaining control of the acquiree the
related profits and losses other comprehensive income and other changes in owner's equity recognized between
the date of acquiring the original equity and the later of the dates when both the acquirer and the acquiree are
under the same ultimate control and up to the merger date should be offset against the beginning retained
earnings or current profits and losses during the comparative reporting period.
(2) Business combinations not involving enterprises under common control
For business combinations involving enterprises not under common control the Company adopts concentration
test to judge whether the acquired production and operation activities or asset groups constitute a business. If
the concentration test is passed the Company conducts accounting treatment according to the relevant asset
purchase principle; if the concentration test fails the Company will further judge whether it constitutes a
business based on whether the relevant groups obtained in the merger have at least one input and one
substantive processing process and the combination of the two has a significant contribution to the output
capacity.The cost of combination and identifiable net assets obtained by the Group in a business combination are
measured at fair value at the acquisition date. Where the cost of the combination exceeds the Group’s interest in
the fair value of the acquiree’s identifiable net assets the difference is recognised as goodwill; where the cost of
27Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
combination is lower than the Group’s interest in the fair value of the acquiree’s identifiable net assets the
difference is recognised in profit or loss for the current period.Realize business combinations not under common control through multiple transactions and steps
The cost of combination is the sum of the consideration paid on the acquisition date and the fair value of the
equity already held by the acquirer in the acquiree on the acquisition date. For the equity already held by the
acquirer in the acquiree before the acquisition date it is remeasured at its fair value on the acquisition date and
the difference between the fair value and its book value is recognized in the current investment income. The
equity already held by the acquirer in the acquiree before the acquisition date involving other comprehensive
income and other changes in owner's equity is transferred to the current income on the acquisition date except
for other comprehensive income arising from the remeasurement of net liabilities or net assets of the defined
benefit plan by the investee and other comprehensive income related to non-trading equity instrument
investments originally designated to be measured at fair value with changes recognized in other comprehensive
income.
(3) Handling of transaction costs in business combinations
The intermediary fees incurred for auditing legal services evaluation and consultation as well as other related
management expenses for the purpose of corporate mergers are recorded profit or loss profit or loss for the
current period. When they are incurred. The transaction costs of equity securities or debt securities issued as
merger consideration are included in the initial recognition amount of the equity securities or debt securities.
7. Judgment criteria for control and method for preparing consolidated financial statements
(1) Judgment criteria for control
The scope of consolidation for consolidated financial statements is determined on a control basis. Control refers
to the power that the Company has over the invested entity the variable returns it enjoys through participating
in the relevant activities of the invested entity and the ability to use its power over the invested entity to affect
its return amount. When changes in relevant facts and circumstances lead to changes in the relevant elements
involved in the definition of control the Company will conduct a reassessment.
(2) Preparation of consolidated financial statements
The consolidated financial statements are prepared by the Company based on the financial statements of the
Company and its subsidiaries and other relevant information. When preparing the consolidated financial
statements the accounting policies and accounting periods of the subsidiaries shall be consistent with those
established by the Company. All significant intra-company balances and transactions shall be eliminated.Where a subsidiary or business was acquired during the reporting period through a business combination
involving entities under common control the financial performance and the cash flows of the subsidiary are
included in the consolidated income statement and consolidated cash flow statement of the Company as if the
combination had occurred at the date that the ultimate controlling party first obtained control.Where a subsidiary or business was acquired during the reporting period through a business combination
involving entities not under common control its revenue expenses and profit from the acquisition date to the
end of the reporting period are included in the consolidated income statement and its cash flows are included in
the consolidated cash flow statement.Minority interests of the subsidiary that is not attributable to the Company are presented separately in the
shareholders’ equity section within the consolidated balance sheet. Net profit or loss attributable to
28Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
non-controlling shareholders is presented separately as minority interests below the net profit within the
consolidated income statement. When the amount of loss for the current period attributable to the non
controlling shareholders of a subsidiary exceeds the non-controlling shareholders’ share of the opening owners’
equity of the subsidiary the excess is adjusted to minority interests
(3) Acquire the subsidiaries’ non-controlling interests
Where the Company acquires a non-controlling interest from a subsidiary’s non-controlling shareholders or
disposes of a portion of an interest in a subsidiary without a change in control the difference between the
proportion interests of the subsidiary’s net assets being acquired or disposed and the amount of the
consideration paid or received is adjusted to the capital reserve in the consolidated balance sheet with any
excess adjusted to retained earnings.
(4) Handling of losing control over a subsidiary
When the Company loses control over a subsidiary due to partial disposal of equity investment or other reasons
the remaining equity interests is re-measured at its fair value at the date when the control is lost. The resulting
gain or loss is the total of consideration received from the disposal of equity investment and the remaining
equity investment at its fair value deducted the total of proportion interests of the subsidiary’s net asset and
goodwill calculated based on the original shareholding ratio since the acquisition date. Any resulting gain or
loss is recognized as investment income for the current period.Other comprehensive income related to the equity investment in the original subsidiary is accounted for on the
same basis as the direct disposal of related assets or liabilities by the original subsidiary upon the loss of control.All other changes in owner's equity related to the original subsidiary and accounted for using the equity method
are transferred to the current period profit or loss upon the loss of control.
29Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
8. Classification and Accounting Treatment for Joint Arrangement
A joint arrangement is an arrangement of which two or more parties have joint control. The Company classifies
joint arrangements into joint operations and joint ventures.
(1) Joint operation
A joint operation is a joint arrangement whereby the Company has rights to the assets and obligations for the
liabilities relating to the arrangement. The Company is not involved in joint operations.
(2) Joint venture
A joint venture is a joint arrangement whereby the Company has rights to the net assets of the arrangement.The Company adopts equity method of long-term equity investment to account for its investment in joint
venture.
9. Cash and cash equivalents
Cash and cash equivalents comprise cash on hand deposits that can be readily drawn on demand and
short-term and highly liquid investments that are readily convertible to known amounts of cash and which are
subject to an insignificant risk of changes in value.
10.Foreign currency transactions
Foreign currency transactions are translated to the functional currency of the Company at the spot exchange
rates on the dates of the transactions.Monetary items denominated in foreign currencies are translated at the spot exchange rate at the balance sheet
date. The resulting exchange differences between the spot exchange rate at balance sheet date and the spot
exchange rate at initial recognition or at the previous balance sheet date are recognized in profit or loss.Non-monetary items that are measured at historical cost in foreign currencies are translated to functional
currency using the spot exchange rate at the transaction date. Non-monetary items that are measured at fair
value in foreign currencies are translated using the spot exchange rate at the date when the fair value is
determined. The resulting exchange differences are recognized in profit or loss or other comprehensive income
according to the nature of the non-monetary items.
11.Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
an equity instrument of another entity.
(1) Recognition and derecognition of financial instruments
A financial asset or a financial liability is recognized when the Company becomes a party to the contractual
provisions of a financial instrument.A financial asset is derecognised when one of the following criteria is met:
30Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
The contractual rights to the cash flows from the financial asset expire; or
The financial asset has been transferred and met the following conditions for derecognition.A financial liability (or partially) is derecognized when its contractual obligation (or partially) is ceased. When
the Company (debtor) enters into an agreement with the creditor to replace the existing financial liability with a
new assumed financial liability and contractual terms are different in substance the existing financial liability
is derecognized while a new financial liability is recognized.Conventionally traded financial assets are recognized and derecognized at the transaction date.
(2) Classification and measurement of financial assets
Based on the Company’s business model for managing the financial assets and the contractual cash flow
characteristics of the financial assets financial assets are classified as: financial assets measured at amortized
cost financial assets measured at fair value through other comprehensive income and financial assets measured
at fair value through profit or loss.At initial recognition the financial assets are measured at fair value. For financial assets measured at fair value
through profit or loss the transaction costs are expensed in profit or loss for the current period. For other types
of financial assets the transaction costs are included in the initially recognised amounts. Accounts receivable
arising from sale of products or rendering of services (excluding or without regard to significant financing
components) the Company recognizes the amount of consideration that it is expected to be entitled to receive as
the initially recognised amounts.Financial assets measured at amortized cost
The Company classifies financial assets that meet all of the following conditions and are not designated as
financial assets at fair value through profit or loss as financial assets measured at amortized cost:
The objective of the Company’s business model is to hold the financial assets to collect the contractual cash
flows;
The contractual terms of the financial asset stipulate that the cash flows generated on specific dates are solely
payments on the principal and interest based on the outstanding principal amount.After initial recognition such financial assets are measured at amortized cost using the effective interest method.Gains or losses arising from financial assets measured at amortized cost that are not part of any hedging
relationship are recognized in the current period profit or loss when they are derecognized amortized using the
effective interest method or recognized as impaired.Financial assets measured at fair value through other comprehensive income
The Company classifies financial assets that meet all of the following conditions and are not designated as
financial assets measured at fair value through profit or loss as financial assets measured at fair value through
in other comprehensive income:
The business model of our company for managing this financial asset aims both at collecting contractual cash
flows and at selling the financial asset;
31Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
The contractual terms of the financial asset stipulate that the cash flows generated on specific dates are solely
payments on the principal and interest based on the outstanding principal amount. After initial recognition
subsequent measurements of such financial assets are measured at fair value. Interests calculated using the
effective interest method impairment losses or gains and exchange gains or losses are recognized in the current
period profit or loss while other gains or losses are recorded in other comprehensive income. Upon
derecognition the cumulative gains or losses previously recorded in other comprehensive incomeare transferred
out of other comprehensive income and recognized in the current period profit or loss.Financial assets measured at fair value through profit or loss
In addition to the financial assets at amortized cost and those measured at fair value through other
comprehensive income as mentioned above the Company categorizes all other financial assets as those
measured at fair value through profit or loss. Upon initial recognition in order to eliminate or significantly
reduce accounting mismatches the Company irrevocably designates some financial assets that should be
measured at amortized cost or at fair value through in other comprehensive income as financial assets measured
at fair value through profit or loss.After initial recognition subsequent measurements of such financial assets are measured at fair value and any
gains or losses (including interest and dividend income) arising therefrom are recorded in the current period
profit or loss unless the financial asset is part of a hedging relationship.However for non-trading equity instrument investments the Company irrevocably designates them as financial
assets measured at fair value through other comprehensive income upon initial recognition. This designation is
made on an individual investment basis and the relevant investments meet the definition of equity instruments
from the perspective of the issuer.After initial recognition subsequent measurements of such financial assets are measured at fair value. Dividend
income that meets the criteria is recorded in profit or loss while other gains or losses and changes in fair value
are recorded in other comprehensive income. Upon derecognition the cumulative gains or losses previously
recorded in other comprehensive income are transferred out of other comprehensive income and recorded in
retained earnings.The business model for managing financial assets refers to how the company manages its financial assets to
generate cash flows. The business model determines whether the source of cash flows from the financial assets
managed by the company is from the collection of contractual cash flows the sale of financial assets or a
combination of both.The company determines its business model for managing financial assets based on objective facts and the
specific business objectives for managing financial assets determined by key management personnel. The
Company evaluates the contractual cash flow characteristics of financial assets to determine whether the
contractual cash flows generated by the relevant financial assets on a specific date are solely payments of
principal and interest based on the outstanding principal amount. The principal refers to the fair value of the
financial asset at initial recognition; interest includes consideration for the time value of money credit risk
associated with the outstanding principal amount during a specific period as well as other basic borrowing risks
costs and profits. In addition the Company evaluates contract terms that may lead to changes in the time
distribution or amount of contractual cash flows of financial assets to determine whether they meet the
requirements of the aforementioned contractual cash flow characteristics.Only when the company changes its business model for managing financial assets all affected relevant financial
assets will be reclassified on the first day of the first reporting period following the change in business model.Otherwise financial assets shall not be reclassified after initial recognition.
(3) Classification and measurement of financial liabilities
32Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
The financial liabilities of the Company are classified at initial recognition as either financial liabilities
measured at fair value through profit or loss or financial liabilities measured at amortized cost. For financial
liabilities not classified as measured at fair value through profit or loss the transaction costs are included in
their initially recognised amounts.Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss include trading financial liabilities and financial
liabilities designated at initial recognition as measured at fair value through profit or loss. For such financial
liabilities subsequently measured at fair value and gains or losses arising from changes in fair value as well as
dividend and interest expenses related to these financial liabilities are recognized in current profit or loss.Financial liabilities measured at amortized cost
Other financial liabilities are subsequently measured at amortized cost using the effective interest method and
gains or losses arising from derecognition or amortization are recognized in the current period profit or loss.Distinction between financial liabilities and equity instruments
A financial liability is recognized if one of the following conditions is satisfied:
1 A contractual obligation to deliver cash or another financial asset to another entity;
* A contractual obligation to exchange financial assets or financial liabilities with another entity under
potentially unfavorable conditions;
2 A non-derivative instrument contract that will or may be settled in the Company’s own equity instruments
and the Company is obliged to deliver a variable number of the Company’s own equity instruments;
* A derivative instrument contract that will or may be settled in the Company’s own equity instruments in the
future except for a derivative instrument contract that is settled by the exchange of a fixed number of the
Company’s own equity instruments for a fixed amount of cash or other financial assets.An equity instrument is a contract that evidences a residual interest in the assets of the Company after deducting
all of its liabilities.If the Company does not have an unconditional right to avoid delivering cash or another financial asset to settle
a contractual obligation the obligation meets the definition of a financial liability.If a financial instrument will or may be settled by the Company’s own equity instruments classification of the
instrument depends on whether the Company’s own equity instruments work as the replacement of cash or other
financial instrument or represent the investor’s residual interest in the Company’s assets after deducting all its
liabilities. In the former case the instrument is classified as a financial liability; in the latter case the instrument
is classified as an equity instrument.
(4) Fair value of financial instruments
For the determination of fair value of financial assets and financial liabilities please refer to Note III.12.
(5) Impairment of financial assets
Based on ECL the Company performs impairment accounting treatment on the following items and recognizes
loss provisions:
Financial assets measured at amortized cost;
Receivables and debt instrument investments measured at fair value through other comprehensive income;
Contract assets as defined in "Accounting Standards for Business Enterprises No. 14 - Revenue"; Lease
receivables;
Financial guarantee contract (except for those measured at fair value through profit and loss the transfer of
financial assets does not meet the conditions for derecognition or continue to involve in the transferred financial
assets)
Measurement of ECL
33Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
ECL refers to the weighted average of credit losses for financial instruments calculated by weighting the risk of
default occurring. Credit loss is defined as the difference between all contractual cash flows receivable by the
entity under the agreement and all expected cash flows to be collected discounted at the original effective
interest rate. This represents the present value of all cash shortfalls.The Company measures the expected credit losses of financial instruments at different stages separately. The
financial instrument is at the first stage when there is no significant increase in credit risk since initial
recognition. The Company measures the loss allowance according to the expected credit losses in the next 12
months. The financial instrument is at the second stage when there is significant increase in credit risk since
initial recognition and credit loss has not yet occurred. The Company then measures the loss allowance
according to expected credit losses over the lifetime of a financial instrument. The financial instrument is at the
third stage when there is significant increase in credit risk since initial recognition and credit loss occurred. The
Company then measures the loss allowance according to expected credit losses over the lifetime of a financial
instrument.For financial instrument that has low credit risk at the balance sheet date the Company assumes there is no
significant increase in its credit risk since initial recognition. The Company measures the loss allowance
according to the expected credit losses in the next 12 months.Lifetime expected credit losses are the expected credit losses that result from all possible default events over the
expected life of a financial instrument. Expected credit losses in the next 12 months are the portion of expected
losses that result from default events that are possible within the 12 months after the balance sheet date (or a
shorter period if the expected life of the instrument is less than 12 months).The maximum period considered when estimating expected credit losses is the maximum contractual period
(including extension options) over which the Company is exposed to credit risk. For the financial instruments at
the first and second stage as well as financial instruments that have low credit risk the Company calculates the
interest income based on the book value without loss allowance deducted and effective interest rate. While for
the financial instruments at the third stage the Company calculates the interest income based on the amortized
cost of the book value less loss allowance and effective interest rate. For accounts receivable such as notes
receivable accounts receivable accounts receivable financing other receivables and contract assets if the
credit risk characteristics of a particular customer are significantly different from those of other customers in the
group or if there is a significant change in the credit risk characteristics of that customer the company will
individually accrue bad debt reserves for that account receivable. Apart from the account receivables for which
bad debt reserves are individually accrued the company divides account receivables into groups based on credit
risk characteristics and calculates bad debt reserves on a group basis.Notes receivable accounts receivable contract assets and other receivables
For notes receivable accounts receivable and contract assets regardless of whether there is a significant
financing component the Company consistently measures their loss provisions at an amount equivalent to the
ECL over the entire duration.For various financial assets whose ECL are calculated on an individual basis their credit risk characteristics are
significantly different from those of other financial assets within the same category. When it is not possible to
assess the ECL of an individual financial asset at a reasonable cost the Company categorizes accounts
receivable into several groups based on credit risk characteristics. The ECL are calculated on a group basis and
the basis and method for determining the group are as follows:
Combination Combination name
Group of Notes receivable Notes receivable
Group of account receivable Receivables from sale of electricity
34Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Group of Account receivable Receivables of renewable energy subsidies
Group 3 of account receivable Receivables from related parties
Group 4 of account receivable Receivables from steam sales and others
Group 1 of contract assets Receivables from related parties
Group 2 of contract assets Other contract assets
Group 1 of other receivables Receivables from business units reserves receivable and other receivables
For notes receivable and contract assets classified as groups the Company calculates ECL by referencing
historical credit loss experience considering current conditions and forecasting future economic conditions
based on the exposure to default risk and the expected credit loss rate over the entire duration.For accounts receivable classified into groups the Company calculates ECL by referring to historical credit loss
experience combining current conditions with predictions of future economic conditions and using default risk
exposure and expected credit loss rate over the entire duration. For other receivables classified into portfolios
the Company calculates ECL by referring to historical credit loss experience combining current conditions with
predictions of future economic conditions and using default risk exposure and expected credit loss rate within
the next 12 months or over the entire duration.The Company recognises the loss provision made or reversed into profit or loss for the current period.Debt investment other debt investments
For debt investments and other debt investments the Company calculates ECL based on the nature of the
investment various types of counterparties and risk exposures through default risk exposures and expected
credit loss rates within the next 12 months or throughout the entire duration
Assessment of significant increase in credit risk
In assessing whether the credit risk of a financial instrument has increased significantly since initial recognition
the Company compares the risk of default occurring on the financial instrument assessed at the balance sheet
date with that assessed at the date of initial recognition. When determining whether the credit risk has increased
significantly since initial recognition the Company considers the reasonable and supportable information that is
available without undue cost or effort including forward-looking information. In particular the following
information is taken into account:
Debtors fail to make payments of principal or interest on their contractually due dates;
An actual or expected significant deterioration in a financial instrument’s external or internal credit rating (if
available);
An actual or expected significant deterioration in the operating results of the debtor; and Existing or
anticipated changes in the technological market economic or legal environment that have a significant
adverse effect on the debtor’s ability to meet its obligation to the Company.Depending on the nature of the financial instruments the Company assesses whether there is a significant
increase in credit risk on either an individual basis or a collective basis. When the assessment is performed on a
collective basis the financial instruments are classified into groups based on shared credit risk characteristics
such as past due status and credit risk ratings.If the overdue period exceeds 30 days the Company determines that the credit risk of the financial instrument
has significantly increased.Credit-impaired financial assets
At each balance sheet date the Company assesses whether financial assets measured at amortized cost and debt
investments measured at fair value through other comprehensive income are creditimpaired. A financial asset is
credit-impaired when one or more events that have adverse impact on the expected future cash flows of
35Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following
observable information:
Significant financial difficulty of the debtor or issuer;
A breach of contract by the debtor such as default or overdue in interest or principal payments; For economic
or contractual reasons relating to the debtor’s financial difficulty the Company having granted to the debtor a
concession that would not otherwise consider;
It is probable that the debtor will enter into bankruptcy or other financial restructuring;
The disappearance of an active market for that financial asset because of issuer’s or debtor’s financial
difficulties.Presentation of allowance for expected credit losses
In order to reflect the change of the credit risk of financial instruments since the initial recognition the
Company re-measures the expected credit losses at each balance sheet date. Any increase or recovered amount
of the loss allowance which generated shall be recognized as loss allowance or gain in the profit or loss for the
current period. For financial asset measured at amortized cost the loss allowance shall offset against the
carrying amount of the financial asset as stated in the balance sheet; for the debt investment measured at fair
value through other comprehensive income the Company recognizes its loss allowance in other comprehensive
income and does not offset against the carrying amount of the financial asset.Write-off
The gross carrying amount of a financial asset is written off (either partially or entirely) to the extent that there
is no realistic prospect of recovery of the contractual cash flows. A write-off constitutes a derecognition event.This is generally the case when the Company determines that the debtor does not have assets or sources of
income that could generate sufficient cash flows to repay the amounts subject to the write-off. However
financial assets that are written off could still be subject to enforcement activities in order to comply with the
Company’s procedures for recovery of amounts due.Subsequent recoveries of an asset that was previously written off are recognized as a reversal of impairment in
profit or loss in the period when the recovery occurs.
(6) Transfer of financial assets
Transfer of financial assets is the transfer or delivery of financial assets to another party (the transferee) other
than the issuer of financial assets.A financial asset is derecognized if the Company transfers substantially all the risks and rewards of ownership
of the financial asset to the transferee. A financial asset is not derecognized if the Company retains substantially
all the risks and rewards of ownership of the financial asset.The Company neither transfers nor retains substantially all the risks and rewards of ownership of the financial
asset the accounting treatments are as follows: if control over the financial assets is surrendered the Company
derecognizes the financial assets and recognizes any assets and liabilities arising; if the Company retains the
control of the financial assets financial assets to the extent of the continuing involvement in the transferred
financial assets by the Company as well as any related liability.
(7) Offset between financial assets and financial liabilities
When the Company has an enforceable legal right to offset the recognized financial assets against the financial
liabilities and the Company plans to settle by net amount or realize the financial assets and settle the financial
liabilities the amount after being offset will be presented in the balance sheet. Otherwise financial assets and
financial liabilities are presented separately in the balance sheet and not allowed to offset against each other.
36Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
12.Note receivable
See Note V (11) Financial Instruments for details.
13.Account receivable
See Note V (11) Financial Instruments for details.
14.Financing receivable
Not applicable
15.Other account receivable
Determination method of expected credit loss of other receivables and accounting treatment method
See Note V (11) Financial Instruments for details.
16.Contract assets
See Note V (11) Financial Instruments for details.
17.Inventories
(1) Classification of inventories
Inventories in the Company mainly comprise fuel and spare parts
(2)Valuation of inventories
The inventory of the Company is priced at actual cost upon acquisition. Cost of fuel is calculated using the
weighted average method. Spare parts are amortised in full amount when issued for use.
(3) Basis for determining and method of calculating inventory reserves
On the balance sheet date inventory is measured at the lower of cost and net realizable value. When the net
realizable value is lower than the cost an inventory reserve is accrued.Net realizable value is determined based on the estimated selling price in the ordinary course of business less
the estimated costs necessary to make the sale and related taxes. When determining the net realizable value of
inventory it is based on conclusive evidence obtained while considering the purpose of holding inventory and
the impact of events after the balance sheet date. Among them spare parts are recognised provision for decline
in the value of inventories based on factors such as inventory age and storage status
For inventories with a large quantity and low unit price the company accrues inventory reserves based on
inventory categories.On the balance sheet date if the factors that previously caused the write-down of inventory value have
disappeared the inventory reserves shall be reversed within the originally accrued amount.
(4)Inventory system
The inventory system of the Company adopts the perpetual inventory system.
(5) Amortization method of low-value consumables
Low value consumables are amortised in full amount
37Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
18.Held-for-sale assets
Not applicable
19.Creditor's rights investment
Not applicable
20.Other Creditor's rights investment
Not applicable
21.Long-term account receivable
See Note V (11) Financial Instruments for details.
22.Long-term equity investments
Long-term equity investments comprise the Company’s long-term equity investments in its subsidiaries and the
Company’s long-term equity investments in its joint ventures and associates. If the Company is able to exert
significant influence over the invested entity it is considered as the Company's associated enterprise.
(1) Determination of initial investment cost
For long-term equity investments acquired through a business combination involving enterprises under common
control the investment cost shall be the absorbing party’s share of the carrying amount of owners’ equity of the
party being absorbed in the consolidated financial statements of the ultimate controlling party at the
combination date; for long-term equity investments acquired through a business combination involving
enterprises not under common control the investment cost shall be the combination cost.For long-term equity investments acquired not through a business combination: for long-term equity
investments acquired by payment in cash the initial investment cost shall be the purchase price actually paid;
for long-term equity investments acquired by issuing equity securities the initial investment cost shall be the
fair value of the equity securities issued.
(2)Subsequent measurement and recognition of profit or loss
Investments in subsidiaries are accounted for using the cost method unless the investment meets the conditions
for held-for-sale; investments in associates and joint ventures are accounted for using the equity method.For long-term equity investments accounted for using the cost method except for the actual payment made at
the time of investment or the cash dividends or profits included in the consideration that have been declared but
not yet distributed the cash dividends or profits declared and distributed by the investee are recognized as
investment income in profit or loss for the current period.For long-term equity investments accounted for using the equity method where the initial investment cost
exceeds the Company’s share of the fair value of the investee’s identifiable net assets at the time of acquisition
the investments are initially measured at that cost; where the initial investment cost is less than the Company’s
share of the fair value of the investee’s identifiable net assets at the time of acquisition the difference is
included in profit or loss for the current period and the cost of the long-term equity investment is adjusted
upwards accordingly
When accounting using the equity method investment income and other comprehensive income are recognized
based on the share of net profit or loss and other comprehensive income realized by the invested entity that
should be enjoyed or shared and the book value of the long-term equity investments is adjusted accordingly.The portion of profits or cash dividends declared and distributed by the invested entity that should be enjoyed is
calculated and the book value of the long-term equity investments is correspondingly reduced. For other
38Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
changes in the owner's equity of the invested entity other than net profit or loss other comprehensive income
and profit distribution the book value of the long-term equity investment is adjusted and included in capital
reserves (other capital reserves). When recognizing the share of net profit or loss of the invested entity that
should be enjoyed the fair value of the identifiable assets and other items of the invested entity at the time of
investment acquisition is used as the basis and the net profit of the invested entity is adjusted according to the
accounting policies and accounting periods of the company before recognition.If due to reasons such as additional investments the investor is able to exert significant influence or joint
control over the investee but does not constitute control on the transition date the sum of the fair value of the
original equity and the newly added investment cost shall be regarded as the initial investment cost accounted
for using the equity method. If the original equity is classified as a nontrading equity instrument investment
measured at fair value with changes recognized in other comprehensive income the cumulative fair value
changes previously recognized in other comprehensive income related to it shall be transferred to retained
earnings when accounting for it using the equity method.If joint control or significant influence over the investee is lost due to reasons such as the disposal of a portion
of equity investment the remaining equity after disposal shall be accounted for in accordance with "Accounting
Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments" on the
date when joint control or significant influence is lost. The difference between fair value and book value shall
be recorded in the profit or loss for the current period. For other comprehensive income recognized from the
original equity investment accounted for using the equity method accounting treatment shall be conducted on
the same basis as the direct disposal of related assets or liabilities by the investee when the equity method is no
longer used for accounting. All other changes in owner's equity related to the original equity investment shall be
transferred to the profit or loss for the current period.If control over the invested entity is lost due to reasons such as the disposal of a portion of equity investment
and the remaining equity after disposal can jointly control or exert significant influence over the invested entity
the equity method shall be adopted for accounting and the remaining equity shall be adjusted as if it had been
accounted for using the equity method from the time of acquisition. If the remaining equity after disposal cannot
jointly control or exert significant influence over the invested entity accounting treatment shall be conducted in
accordance with the relevant provisions of "Accounting Standards for Business Enterprises No. 22 -
Recognition and Measurement of Financial Instruments" and the difference between its fair value and book
value at the date of loss of control shall be recognized in profit or loss for the current period.If the Company's shareholding ratio decreases due to capital increases by other investors resulting in the loss of
control but still enabling joint control or significant influence over the invested entity the Company shall
recognize its share of the net assets increased by the invested entity due to the capital increase based on the new
shareholding ratio. The difference between this share and the original book value of the long-term equity
investment corresponding to the decreased shareholding ratio shall be recorded in profit or loss for the current
period. Subsequently adjustments shall be made using the equity method as if the new shareholding ratio had
been applied from the time of investment acquisition.The unrealized internal transaction losses and gains between the Company and its associated enterprises and
joint ventures are calculated based on the shareholding ratio and attributed to the Company. The investment
losses and gains are recognized on an offset basis. Any losses resulting from transactions between the Company
and its investees which are attributable to asset impairment losses are not eliminated.
(3) Basis for determining existence of control joint control or significant influence over investees
Joint control is the agreed sharing of control over an arrangement and the decision of activities relating to such
arrangement requires the unanimous consent of the Company and other parties sharing control. In determining
39Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
whether joint control exists the first step is to assess whether all participating parties or a combination of
participating parties collectively control the arrangement. The second step is to determine whether decisions
regarding the relevant activities of the arrangement must be unanimously agreed upon by these collectively
controlling parties. If all participating parties or a group of participating parties must act in unison to decide on
the relevant activities of an arrangement it is considered that all participating parties or a group of
participating parties collectively control the arrangement. If there are two or more combinations of
participating parties capable of collectively controlling an arrangement it does not constitute joint control.When determining whether joint control exists protective rights enjoyed are not considered.Significant influence is the power to participate in making the decisions on financial and operating policies of
the investee but is not control or joint control over making those policies. When determining whether the
investor can exert significant influence on the invested entity the consideration includes the voting shares
directly or indirectly held by the investor in the invested entity as well as the impact of the current executable
potential voting rights held by the investor and other parties after assuming that they are converted into equity
in the invested entity including the impact of the current convertible warrants share options and convertible
corporate bonds issued by the invested entity.When the Company directly or indirectly through its subsidiaries holds more than 20% (inclusive) but less
than 50% of the voting shares of the invested entity it is generally considered to have significant influence
over the invested entity unless there is clear evidence indicating that it cannot participate in the production and
operation decisions of the invested entity in such circumstances and does not exert significant influence. When
the Company holds less than 20% (exclusive) of the voting shares of the invested entity it is generally not
considered to have significant influence over the invested entity unless there is clear evidence indicating that it
can participate in the production and operation decisions of the invested entity in such circumstances and exert
significant influence.
(4) Impairment testing method and impairment provision method
The method for calculating asset impairment for investments in subsidiaries associates and joint ventures is
provided in the Note V. 30.
23. Investment properties
The measurement mode of investment property
The measurement by the cost method
Depreciation or amortization method
Investment property refers to real estate held for the purpose of generating rentals or capital appreciation or
both. The investment properties of the Company include land use rights that have been leased out land use
rights held for transfer after appreciation and buildings that have been leased out.The investment properties of the Company are initially measured at their acquisition costs and are subject to
depreciation or amortization on a regular basis in accordance with the relevant provisions for fixed assets or
intangible assets. The estimated useful lives the net residual values that are expressed as a percentage of cost
and the annual depreciation (amortization) rates of investment properties are as follows:
Estimated net residual values Annual depreciation
Category Estimated useful lives
(%) (amortization) rates (%)
House and building 20 to 40 years 5 4.75 to 2.38
Land-use rights 50 to 60 years 0 2 to 1.67
The investment property’s estimated useful life estimated net residual value and depreciation (amortization)
method applied are reviewed and adjusted as appropriate at each year-end.
40Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
When an investment property is transferred to owner-occupied property it is reclassified to fixed asset and
intangible assets with the carrying amounts determined at the carrying amounts of the investment property at the
date of the transfer. An investment property is derecognised on disposal or when the investment property is
permanently withdrawn from use and no future economic benefits are expected from its disposal. The net
amount of proceeds from sale transfer retirement or damage of an investment property after its carrying
amount and related taxes and expenses is recognised in profit or loss for the current period.For investment properties measured using the cost model the method for calculating asset impairment is
provided in Note V.30
24.Fixed assets
(1) Recognition and initial measurement of fixed assets
The fixed assets of the company refer to tangible assets held for the purpose of producing goods providing
services leasing or business management with a service life exceeding one accounting year including
buildings power generation equipment motor vehicles and other equipment.Fixed assets are recognised when it is probable that the related economic benefits will flow into the Group and
the costs can be reliably measured.Fixed assets purchased or constructed by the Group are initially measured at cost at the time of acquisition. The
fixed assets contributed by the State shareholders at the reorganization of the Company into a corporation entity
are recognised based on the evaluated amounts approved by the state-owned assets administration department.Subsequent expenditures incurred for a fixed asset are included in the cost of the fixed asset when it is probable
that the associated economic benefits will flow to the Group and the related cost can be reliably measured. The
carrying amount of the replaced part is derecognised. All the other subsequent expenditures are recognised in
profit or loss for the period in which they are incurred.
(2) Depreciation methods
The method for Expected useful life Estimated residual
Category Depreciation
depreciation （Year） value
House and building Straight-line method 10 to 50 years 5% 9.50% to 1.90%
Generation equipment Straight-line method 5 to 30 years 0% to 5% 20% to 3.17%
Transportation Straight-line method
5 to 10 years 0% to 5% 20% to 9.50%
equipment
Other equipment Straight-line method 5 to 22 years 0% to 5% 20% to 4.32%
The Company adopts the straight-line method for depreciation accrual. Depreciation is accrued for fixed assets
from the time they reach their intended usable condition and ceases when they are derecognized or classified as
non-current assets held for sale.Except for fixed assets purchased using work safety funds other fixed assets are depreciated using the
straight-line method to allocate the cost of the assets to their estimated net residual values over their estimated
41Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
useful lives. For the fixed assets that have been provided for impairment loss the related depreciation charge is
prospectively determined based upon the adjusted carrying amounts over their remaining useful lives.The impairment test method and impairment provision method for fixed assets are described in Note V.30.At the end of each year the Company reviews the useful life estimated net residual value and depreciation
method of its fixed assets.Disposals of fixed assets
A fixed asset is derecognised on disposal or when no future economic benefits are expected from its use or
disposal. The amount of proceeds from disposals on sale transfer retirement or damage of a fixed asset net of
its carrying amount and related taxes and expenses is recognised in profit or loss for the current period.
25.Construction in progress
Construction in progress is measured at actual cost including various necessary engineering expenditures
incurred during the construction period borrowing costs that should be capitalized before the project reaches its
intended usable state and other related expenses.Construction in progress is transferred to fixed assets when the asset is ready for its intended use and
depreciation is charged starting from the following month. When the construction in progress completes its trial
operation period and meets the contract design objectives and comprehensive quality indicators that comply
with industry technical standards the company deems it to have reached its intended operational condition.The method for calculating asset impairment for construction in progress is provided in Note V.30.
26.Borrowing costs
(1) Recognition principle for capitalization of borrowing costs
The borrowing costs incurred by the Company which can be directly attributed to the acquisition construction
or production of assets eligible for capitalization shall be capitalized and included in the cost of the relevant
assets. Other borrowing costs shall be recognized as expenses based on their actual amount at the time of
occurrence and included in profit or loss for the current period. Borrowing costs that meet the following
conditions shall commence capitalization:
* Asset expenditure has already occurred which includes expenditure incurred in the form of cash payments
transfers of non-cash assets or the assumption of interest-bearing debts for the acquisition construction or
production of assets eligible for capitalization;
* The borrowing costs have already been incurred;
* The acquisition construction or production activities necessary to prepare the asset for its intended use or
sale have commenced.
(2) Capitalization period of borrowing costs
When the assets eligible for capitalization acquired constructed or produced by the company reach the
expected usable or marketable state the capitalization of borrowing costs ceases. Borrowing costs incurred after
42Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
the assets eligible for capitalization reach the expected usable or marketable state are recognized as expenses
based on their actual amount at the time of occurrence and recognized profit or loss for the current period.Capitalization of borrowing costs is suspended during periods in which the acquisition or construction of an
asset is interrupted abnormally and the interruption lasts for more than 3 months until the acquisition or
construction is resumed; borrowing costs incurred during normal interruptions shall continue to be capitalized.
(3) Calculation method for capitalization rate and capitalization amount of borrowing costs
The amount of interest expenses actually incurred on special borrowings in the current period after deducting
the interest income earned on the unused borrowing funds deposited in the bank or the investment income
earned from temporary investments shall be capitalized. For general borrowings the capitalization amount
shall be determined by multiplying the weighted average of asset expenditures exceeding the special borrowings
by the capitalization rate of the general borrowings used. The capitalization rate shall be calculated and
determined based on the weighted average interest rate of the general borrowings.During the capitalization period the exchange differences on foreign currency specific borrowings are fully
capitalized; the exchange differences on foreign currency general borrowings are recorded profit or loss for the
current period.During the capitalization period the exchange differences on foreign currency specific borrowings are fully
capitalized; the exchange differences on foreign currency general borrowings are recorded profit or loss for the
current period.
27.Biological Assets
Not applicable
28.Oil & Gas assets
Not applicable
29. Intangible assets
（1） Service life and its determination basis estimation amortization method or review procedure
The intangible assets of the company primarily comprise land use rights sea area use rights rights to use
supporting power transmission and transformation projects software non-patented technology and others.Intangible assets are initially measured at cost and their useful lives are assessed upon acquisition. If the useful
life is finite an amortization method that reflects the expected realization of economic benefits related to the
asset is adopted starting from the point when the intangible asset is ready for use and amortization is carried
out over the expected useful life. If the expected realization method cannot be reliably determined the
straight-line method is used for amortization. Intangible assets with an uncertain useful life are not amortized.The amortization method for intangible assets with limited service life is as follows:
Expected useful Amortization
Category Notes
lives (years) method
If the cost of purchasing land and buildings cannot
be reasonably allocated between the land use rights
Straight line
Land-use rights 20 to 70 years and the buildings the entire amount shall be treated
method
as fixed assets. For allocated land with an uncertain
useful life no amortization shall be accrued.
43Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Expected useful Amortization
Category Notes
lives (years) method
Straight line
Sea use rights 25 to 50 years
method
Straight line
Other intangible assets 2 to 60 years
method
At the end of each year the Company reviews the useful life and amortization method of intangible assets with
a limited useful life. If the review results in a difference from previous estimates the original estimates are
adjusted and treated as a change in accounting estimates.If it is estimated on the balance sheet date that an intangible asset can no longer bring future economic benefits
to the enterprise the entire book value of the intangible asset shall be transferred to profit or loss for the current
period.The method for calculating asset impairment for intangible assets is provided in Note V.30.
（2）Collection scope of R&D expenditure and related accounting treatment methods
The expenditure on an internal research and development project is classified into expenditure on the research
phase and expenditure on the development phase based on its nature and whether there is material uncertainty that
the research and development activities can form an intangible asset at the end of the project.Expenditure on the research phase is recognised in profit or loss in the period in which it is incurred. Expenditure
on the development phase is capitalized only if all of the following conditions are satisfied:
management intends to complete the intangible asset and use or sell it;
it can be demonstrated how the intangible asset will generate economic benefits: products with the application of
intangible assets or the intangible assets themselves can prove to have market value intangible assets for internal
use application can prove to be of usefulness;
there are adequate technical financial and other resources to complete the development and the ability to use or
sell the intangible asset;
it is technically feasible to complete the intangible asset so that it will be available for use or sale; and
the expenditure attributable to the intangible asset during its development phase can be reliably measured.Other development expenditures that do not meet the conditions above are recognised in profit or loss in the
period in which they are incurred. Development costs previously recognised as expenses are not recognised as an
asset in a subsequent period. Capitalized expenditure on the development phase is presented as development costs
in the balance sheet and transferred to intangible assets at the date that the asset is ready for its intended use.
30. Impairment of long-term assets
The impairment of assets such as long-term equity investments in subsidiaries associates and joint ventures
investment properties measured using the cost model fixed assets construction in progress right-of-use assets
intangible assets goodwill etc. (excluding inventories deferred tax assets and financial assets) shall be
determined according to the following methods:
On the balance sheet date we assess whether there are any indications that assets may be impaired. If there are
such indications the company will estimate their recoverable amounts and conduct an impairment test.Impairment tests are conducted annually for goodwill formed through business combinations intangible assets
44Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
with uncertain useful lives and intangible assets that have not yet reached their intended use regardless of
whether there are any indications of impairment.The recoverable amount is determined based on the higher of the net amount after deducting disposal expenses
from the fair value of the asset and the present value of the expected future cash flows of the asset. The
Company estimates the recoverable amount of an individual asset; if it is difficult to estimate the recoverable
amount of an individual asset the recoverable amount of the asset group to which the asset belongs is
determined. The identification of an asset group is based on whether the main cash inflows generated by the
asset group are independent of the cash inflows of other assets or asset groups.When the recoverable amount of an asset or asset group is lower than its carrying amount the Company will
reduce its carrying amount to the recoverable amount and the reduced amount will be recorded profit or loss for
the current period. At the same time a corresponding provision for asset impairment will be made.Regarding the impairment test of goodwill the carrying value of goodwill formed through business
combinations is amortized to the relevant asset groups using a reasonable method from the acquisition date. If it
is difficult to allocate to the relevant asset groups it is amortized to the relevant combinations of asset groups.The relevant asset groups or combinations of asset groups are those that can benefit from the synergistic effects
of business combinations and are not larger than the reporting segments determined by the company.During impairment testing if there are signs of impairment in the asset group or combination of asset groups
related to goodwill the impairment test is first conducted on the asset group or combination of asset groups
excluding goodwill. The recoverable amount is calculated and the corresponding impairment loss is recognized.Then the impairment test is conducted on the asset group or combination of asset groups including goodwill.The book value is compared with the recoverable amount. If the recoverable amount is lower than the book
value the impairment loss of goodwill is recognized.Once the asset impairment loss is recognized it will not be reversed in subsequent accounting periods.
31. Long-term prepaid expenses
The long-term deferred expenses incurred by the company are priced at actual cost and amortized evenly over
the expected benefit period. For long-term deferred expense items that do not benefit future accounting periods
their amortized value is fully recorded in profit or loss for the current period.
32.Contract Liabilities
See Note V (37) Revenue for details.
33. Employee benefits
(1) Short-term employee benefits
Short-term employee benefits include wages or salaries bonus allowances and subsidies staff welfare
premiums or contributions on medical insurance work injury insurance and maternity insurance housing funds
union running costs and employee education costs and short-term paid absences. The short-term employee
benefits actually occurred are recognised as a liability in the accounting period in which the service is rendered
by the employees with a corresponding charge to the profit or loss for the current period or the cost of relevant
assets.
45Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
(2) Post-employment benefits
The Company classifies post-employment benefit plans as either defined contribution plans or defined benefit
plans. Defined contribution plans are post-employment benefit plans under which the Company pays fixed
contributions into a separate fund and will have no obligation to pay further contributions; and defined benefit
plans are post-employment benefit plans other than defined contribution plans. During the reporting period the
Company’s post-employment benefits mainly include basic pensions unemployment insurance and
supplementary pensions and all of them belong to the defined contribution plans; non-planned expenses
provided to retired employees fall under defined benefit plans.Basic pensions
The Group’s employees participate in the basic pension plan set up and administered by local authorities of
Ministry of Human Resource and Social Security. Monthly payments of premiums on the basic pensions are
calculated according to the bases and percentage prescribed by the relevant local authorities. When employees
retire the relevant local authorities are obliged to pay the basic pensions to them
Supplementary pensions
The Company purchases supplementary pensions for employees and pays insurance premium according to the
policies of the parent company Guangdong Energy Group. The amounts based on the above calculations are
recognised as liabilities in the accounting period in which the service has been rendered by the employees with
a corresponding charge to the profit or loss for the current period or the cost of relevant assets.Defined benefit plan
For defined benefit plan the Company uses the projected unit credit method and includes the obligation of the
defined benefit plan in the accounting period in which the service has been rendered by the employees with a
corresponding charge to the profit or loss for the period. The cost of employee benefits arising from defined
benefit plans is classified into the following parts: Service costs (including current service costs and settlement
gains and losses);
Net interest on net liabilities of defined benefit plans (including interest expenses on defined benefit plan
obligations); as well as remeasurement the changes arising from the net liability of the defined benefit plan.Service costs and net interest on net liabilities of defined benefit plans are recorded in profit or loss for the
current period. Changes arising from the remeasurement of net liabilities of defined benefit plans including
actuarial gains or losses are recorded in other comprehensive income.
46Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
(3) Termination benefits
The Company recognises a liability arising from compensation for termination of the employment relationship
with employees with a corresponding charge to profit or loss for the current period at the earlier of the
following dates: when the Company cannot unilaterally withdraw an employment termination plan or a
curtailment proposal; or when the Company recognises costs or expenses for a restructuring that involves the
payment of termination benefits.For the implementation of internal employee retirement plans the economic compensation before the official
retirement date is considered as a dismissal benefit. From the date when the employee ceases to provide services
until the normal retirement date the proposed payment of wages for early retired employees and social
insurance premiums are included in profit or loss for the current period on a one-time basis. The economic
compensation after the official retirement date (such as normal pension benefits) is treated as post-employment
benefits.
(4)Other long-term benefits
Early retirement benefits:
The Company offers early retirement benefits to those employees who accept early retirement arrangements.The early retirement benefits refer to the salaries and social security contributions to be paid to and for the
employees who accept voluntary retirement before the normal retirement date prescribed by the State as
approved by the management. The Group pays early retirement benefits to those early retired employees from
the early retirement date until the normal retirement date. The Group accounts for the early retirement benefits
in accordance with the treatment for termination benefits in which the salaries and social security
contributions to be paid to and for the early retired employees from the off-duty date to the normal retirement
date are recognised as liabilities with a corresponding charge to the profit or loss for the current period. The
differences arising from the changes in the respective actuarial assumptions of the early retirement benefits and
the adjustments of benefitstandards are recognised in profit or loss in the period in which they occur. The
termination benefits expected to be paid within one year from the balance sheet date are presented as
Employee benefits payable.
34． Provisions
If the obligations related to contingencies simultaneously meet the following conditions the Company will
recognize them as provisions：
(1) This obligation is a present obligation undertaken by the Company;
(2) It is probable that an outflow of economic benefits will be required to settle the obligation;
(3) The amount of the obligation can be reliably measured.
A provision is initially measured at the best estimate of the expenditure required to settle the related present
obligation. Factors surrounding a contingency such as the risks uncertainties and the time value of money are
taken into account as a whole in reaching the best estimate of a provision. Where the effect of the time value of
money is material the best estimate is determined by discounting the related future cash outflows. The carrying
amount of provisions is reviewed at each balance sheet date and adjusted to reflect the current best estimate.
47Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
If the expenditure required to settle the confirmed provisions is expected to be fully or partially compensated
by a third party or other parties the compensation amount can only be separately recognized as an asset when it
is virtually certain that it will be received. The recognized compensation amount shall not exceed the book
value of the confirmed liability.
35. Share payment
Not applicable
36. Other financial instruments such as preferred stocks and perpetual bonds
Not applicable
37. Revenue
Accounting policies adopted for income recognition and measurement
(1) General principles
The Company recognizes revenue when it has fulfilled its performance obligations under the contract that is
when the customer obtains control over the relevant goods or services.If a contract contains two or more performance obligations the Company on the contract start date allocates
the transaction price to each individual performance obligation based on the relative proportion of the separate
selling prices of the goods or services promised under each individual performance obligation and measures
revenue based on the transaction price allocated to each individual performance obligation.When one of the following conditions is met it is considered fulfilling the performance obligation within a
certain time period; otherwise it is considered fulfilling the performance obligation at a certain point in time:
* Customers obtain and consume the economic benefits brought by the company's performance while the
company is fulfilling its contract. * Customers have the ability to control the goods that are in progress during
the company's fulfillment process. * The goods produced by the company during the performance of the
contract have irreplaceableuse and the company has the right to collect payments for the accumulated
performance completed to date throughout the contract period.For performance obligations that are fulfilled within a certain period the Company recognizes revenue based on
the progress of fulfillment during that period. When the progress of fulfillment cannot be reasonably determined
if the costs already incurred by the Company are expected to be compensated revenue is recognized at the
amount of the costs already incurred until the progress of fulfillment can be reasonably determined.For performance obligations that are fulfilled at a certain point in time the Company recognizes revenue at the
point when the customer obtains control over the relevant goods or services. In determining whether the
customer has obtained control over the goods or services the Company considers the following indicators:
* The company has a current right to receive payment for the goods or services which means the customer has
a current obligation to pay for the goods.* The company has transferred the legal ownership of the product to the customer meaning that the customer
now holds the legal ownership of the product.* The company has transferred the physical possession of the product to the customer meaning that the
customer has physically taken possession of the product.* The company has transferred the significant risks and rewards of ownership of the goods to the customer
meaning that the customer has assumed the significant risks and rewards of ownership of the goods.* The customer has accepted the product or service.* Other signs indicating that the customer has obtained control over the goods.
(2) Specific methods
48Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
When the customer obtains control over the relevant goods or services the company recognizes revenue based
on the expected amount of consideration it is entitled to receive.* Revenue from sale of electricity and heat energy Revenue is recognised when electricity and heat energy are
supplied to grid companies or customers and they obtain control over electricity. * Revenue from sale of
by-products
* Revenue from the sale of goods is recognised when the Company transfers by-products (such as coal ash)
produced by electricity generation to the designated delivery place pursuant to the contract or agreement the
resource utilization enterprise confirms receipt and obtains control over the by-products.* Provision of electric power transaction service
For the electric power transaction service provided by the Company to external parties upon the receipt of the
service revenue is recognised based on the difference between the purchase price and the selling price of
electricity
* Rendering of services
The Company provides maintenance services to external clients and recognizes revenue over a period of time
based on the progress of the services completed. The progress of the completed services is determined by the
proportion of incurred costs to the estimated total costs. On the balance sheet date the company re-estimates the
progress of the completed services to reflect changes in performance.When recognizing revenue based on the progress of completed labor services the Company recognizes the
portion for which it has obtained unconditional rights to receive payment as accounts receivable and the
remaining portion as contract assets. Loss provisions are recognized for accounts receivable and contract assets
based on expected credit losses for details please refer to(Note V5 (11). If the contract price received or
receivable by the Company exceeds the labor services completed the excess is recognized as contract liabilities.The Company presents contract assets and contract liabilities under the same contract on a net basis.Contract costs include contract performance costs and contract acquisition costs. The costs incurred by the
Company for providing maintenance services are recognized as contract performance costs and are carried
forward and included in the main business costs based on the progress of the completed services when revenue
is recognized.
49Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
38. Contract Costs
Contract costs include incremental costs incurred for obtaining the contract and contract performance costs.Incremental costs incurred to obtain a contract refer to costs that would not have been incurred if the company
did not obtain the contract (such as sales commissions). If such costs are expected to be recoverable the
company recognizes them as contract acquisition costs and recognizes them as an asset. Other expenses
incurred by the company to obtain a contract other than the incremental costs expected to be recoverable are
recognized in profit or loss for the period when they are incurred.For costs incurred in the performance of a contract if they do not fall within the scope of other enterprise
accounting standards such as inventories and simultaneously meet the following conditions the company
recognizes them as contract performance costs and recognizes them as an asset:
* The costs are directly attributable to a contract or an anticipated contract including direct labor direct
materials overheads (or similar expenses) costs that are explicitly chargeable to the customer and other costs
that are incurred solely in connection with the contract;
* The costs enhance the Company's future resources for fulfilling its performance obligations;
* The costs are expected to be recovered.Assets recognized for costs of obtaining a contract or costs to fulfill a contract (hereinafter referred to as "assets
related to contract cost") shall be amortized on the same basis as revenue recognition of goods or services
related to such assets and recognized into profit or loss for the current period when incurred.When the carrying amount of an asset related to contract costs exceeds the difference between the following
two items the Company makes an impairment provision for the excess and recognizes it as an asset impairment
loss:
1 The remaining consideration that the Company expects to receive in exchange for the goods or services to
which the asset relates;
2 The costs to be incurred for the transfer of the relevant goods or services
50Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
39. Government grants
Government subsidies are recognized when the conditions attached to the subsidies are met and the subsidies
can be received. For government subsidies for monetary assets they are measured at the received or receivable
amount.For government subsidies for non-monetary assets they are measured at fair value; if the fair value cannot be
reliably obtained they are measured at a nominal amount of 1 yuan.Government subsidies related to assets refer to those obtained by the company and used for the acquisition
construction or formation of long-term assets through other means; otherwise they are considered government
subsidies related to income.For government documents that do not explicitly specify the recipients of subsidies if the subsidy can form
long-term assets the portion of the government subsidy corresponding to the asset value shall be regarded as
government subsidies related to assets and the remaining portion shall be regarded as government subsidies
related to income; if it is difficult to distinguish the entire government subsidy shall be regarded as government
subsidies related to income.Government subsidies related to assets are recognized as deferred income and are recorded in profit or loss over
the useful life of the relevant assets using a reasonable and systematic method.Government subsidies related to income which are used to compensate for related costs or losses already
incurred are recorded in the current profit or loss. Those used to compensate for related costs or losses in future
periods are recorded in deferred income and are recorded in the current profit or loss during the period when the
related costs or losses are recognized.Government subsidies measured at their nominal amounts are directly recorded in the current profit or loss. The
Company adopts a consistent approach to handling the same or similar government subsidy transactions.Government subsidies related to daily activities are recorded in other income based on the substance of the
economic transaction. Government subsidies unrelated to daily activities are recorded in nonoperating income.When confirmed government subsidies need to be returned if the book value of the relevant assets was offset
during initial recognition the book value of the assets should be adjusted. If there is a balance of related
deferred income the book balance of the related deferred income should be offset and the excess should be
recorded in profit or loss for the current period. In other cases it should be directly recorded in t profit or loss
for the current period.
40. Deferred tax assets and deferred tax liabilities
Income tax comprises current income tax and deferred income tax. Except for the adjusted goodwill arising
from business combinations or the deferred income tax related to transactions or events directly recognized in
owner's equity which is recorded in owner's equity all other income taxes are recognized as income tax
expenses and recorded in profit or loss for the current period.The Company recognizes deferred income tax using the balance sheet liability method based on the temporary
differences between the carrying amount of assets and liabilities at the balance sheet date and their tax bases.
51Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
The deferred income tax liabilities are recognized for all taxable temporary differences unless the taxable
temporary difference arises from the following transactions:
(1) Initial recognition of goodwill or initial recognition of assets or liabilities arising from transactions that
meet the following criteria: the transaction is not a business combination and at the time of occurrence it
neither affects accounting profit nor affects taxable income (except for individual transactions where the
initially recognized assets and liabilities result in equal amounts of taxable temporary differences and deductible
temporary differences);
(2) For taxable temporary differences related to investments in subsidiaries joint ventures and associated
enterprises the timing of the reversal of such temporary differences can be controlled and it is likely that such
temporary differences will not reverse in the foreseeable future.For deductible temporary differences deductible losses that can be carried forward to future years and tax
credits the Company recognizes the resulting deferred tax assets to the extent that it is likely to obtain future
taxable income that can be used to offset the deductible temporary differences deductible losses and tax credits
unless the deductible temporary differences arise from the following transactions:
(1) The transaction is not a business combination and at the time of transaction it neither affects accounting
profit nor affects taxable income (except for individual transactions where the initial recognition of assets and
liabilities results in equal amounts of taxable temporary differences and deductible temporary differences);
(2) For deductible temporary differences related to investments in subsidiaries joint ventures and associated
enterprises corresponding deferred tax assets are recognized when both of the following conditions are met: the
temporary differences are likely to be reversed in the foreseeable future and it is likely that future taxable
income will be available to offset the deductible temporary differences.On the balance sheet date the Company measures deferred tax assets and deferred tax liabilities at the tax rate
applicable during the expected period of asset recovery or liability settlement and reflects the income tax
impact of the expected asset recovery or liability settlement method on the balance sheet date.On the balance sheet date the Company reviews the carrying amount of deferred tax assets. If it is likely that
sufficient taxable income will not be available in future periods to offset the benefit of the deferred tax asset the
carrying amount of the deferred tax asset is reduced. When sufficient taxable income is likely to be available
the reduced amount is reversed.On the balance sheet date deferred tax assets and deferred tax liabilities are presented at the net amount after
offsetting when both of the following conditions are met:
(1) The taxable entity within the company has the statutory right to settle current income tax assets and current
income tax liabilities on a net basis;
(2) Deferred tax assets and deferred tax liabilities are related to income taxes levied by the same tax authority
on the same taxable entity within the company.
41. Leases
(1) The Group as the lessee
52Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
At the lease commencement date the Company recognises the right-of-use asset and measures the lease liability
at the present value of the lease payments that are not paid at that date. Lease payments include fixed payments
the exercise price of a purchase option or termination penalty if the lessee is reasonably certain to exercise that
option etc. Variable lease payments in proportion to sales are excluded from lease payments and recognised in
profit or loss as incurred. Lease liabilities that are due within one year (inclusive) as from the balance sheet date
are included in the current portion of noncurrent liabilities. Right-of-use assets of the Group comprise leased
land use rights buildings machinery and equipment and motor vehicles.Right-of-use assets are measured initially at cost which comprises the amount of the initial measurement of
lease liabilities any lease payments made at or before the commencement date and any initial direct costs less
any lease incentives received. If there is reasonable certainty that the Group will obtain ownership of the
underlying asset by the end of the lease term the asset is depreciated over its remaining useful life; otherwise
the asset is depreciated over the shorter of the lease term and its remaining useful life. The carrying amount of
the right-of-use asset is reduced to the recoverable amount when the recoverable amount is below the carrying
amount. .For details，please refer to Note III.30.For short-term leases with a term of 12 months or less and leases of an individual asset (when new) of low value
the Company chooses to include the lease payments in the cost of the underlying assets or in the profit or loss
for the current period on a straight-line basis over the lease term instead of recognizing right-of-use assets and
lease liabilities.The Group accounts for a lease modification as a separate lease if both:
* The modification increases the scope of the lease by adding the right to use one or more underlying assets;
* The consideration for the lease increases by an amount commensurate with the stand-alone price for the
increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the
contract.When lease modifications are not accounted for as a separate lease except for contract modifications that can
adopt a simplified method as stipulated by the Ministry of Finance the company redetermines the lease term on
the effective date of the lease modification and uses the revised discount rate to discount the lease payment
amount after modification thereby remeasuring the lease liability. If the lease modification results in a
reduction in the scope of the lease or a shortened lease term the company correspondingly reduces the book
value of the right-to-use asset and includes the related gains or losses from partial or complete termination of
the lease in profit or loss for the current period.For other lease modifications that result in a remeasurement of the lease liability the company correspondingly
adjusts the book value of the right-to-use asset. For eligible rent reductions agreed upon in existing lease
contracts the Company opts to adopt a simplified approach. Upon reaching an agreement to terminate the
original payment obligation the undiscounted amount of the reduction is recorded in profit or loss for the
current period and the lease liability is adjusted accordingly.
（2）The Group as the lessor
Leases that have essentially transferred almost all risks and rewards related to the ownership of the leased asset
are classified as financial leases. Other leases are classified as operating leases. Operating leases
Where the Company leases out self-owned buildings and land use rights under operating leases rental income
therefrom is recognised on a straight-line basis over the lease term. Variable rental that is linked to a certain
percentage of sales is recognised in rental income as incurred.
53Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
For the qualified rent concessions agreed on existing lease contracts the Company applies the practical
expedient to account for the concessions as variable lease payments and record the concessions in profit or loss
during the waiving period
Except that the above changes in qualified contract which are accounted for by applying the practical expedient
for a lease modification the Company accounts for it as a new lease from the effective date of the modification
and considers any lease payments received in advance and receivable relating to the lease before modification
as receivables of the new lease
42. Other significant accounting policies and estimates
（1）Work safety funds
In accordance with relevant regulations the Company allocates work safety funds in accordance with the
"Administrative Measures for the Allocation and Use of Work Safety Expenses in Enterprises" (Cai Zi [2022]
No. 136). Subsidiaries engaged in power generation business shall appropriate work safety funds based on the
actual revenue in the previous year and at the following percentages:
3% for the proportion of revenue up to RMB 10 million in the previous year;
1.5% for the proportion of revenue between RMB 100 million and RMB 1 billion in the previous year;
1% for the proportion of revenue between RMB 100 million and RMB 1 billion in the previous year;
0.8% for the proportion of revenue between RMB 1 billion and RMB 5 billion in the previous year;
0.6% for the proportion of revenue between RMB5000 million and RMB10000 million in the
previous year;
0.2% for the proportion of revenue exceeding RMB 10 billion in the previous year.
Work safety funds are recognised in profit or loss as the "Specific reserve" item for the current period when
appropriated.When using the special reserve if the expenditures are expenses in nature the expenses incurred are offset
against the specific reserve directly when incurred. If they result in the formation of fixed assets the incurred
expenditures shall first be collected under the "Construction in Progress" account. Once the safety project is
completed and reaches its intended usable state the fixed assets shall be recognized. Simultaneously the special
reserves shall be offset against the cost of forming the fixed assets and the accumulated depreciation of the
same amount shall be recognized. No further depreciation shall be accrued for this fixed asset in subsequent
periods.
（2）Carbon emission use rights
Categorized as an Enterprise with High Emissions the Group needs to fulfill its emission reduction obligations
and recognise carbon emission related assets and expenditures per relevant regulations:
(i) The present obligations incurred by the Group in fulfilling its emission reduction obligations are measured at
the best estimate of the expenditure required and recognised as other payables and non-operating expenses.(ii) The Group purchases carbon emission allowances and recognises related carbon emission rights assets
based on the cost paid or payable at the acquisition date and the balance is included in other current assets; the
Group makes no accounting treatment for carbon emission allowances purchased at nil consideration;
(iii) The Group uses the purchased carbon emission allowances to fulfill its emission reduction obligations and
recognises the book balance of the allowances used as a reduction of carbon emission rights assets; the Group
makes no accounting treatment if it uses carbon emission allowances purchased at nil consideration to fulfill its
obligations;
54Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
(iv) The Group sells carbon emission allowances and recognises related non-operating income or non-operating
expenses based on the difference between the amount received or receivable at the date of sale and the book
balance of the allowances sold
（3）Segment information
The Group identifies operating segments based on the internal organisation structure management requirements
and internal reporting system and discloses segment information of reportable segments which is determined
on the basis of operating segments.An operating segment is a component of the Group that satisfies all of the following conditions: (a) the
component is able to earn revenue and incur expenses from its ordinary activities; (b) whose operating results
are regularly reviewed by the Group’s management to make decisions about resources to be allocated to the
segment and to assess its performance and (c) for which the information on financial position operating results
and cash flows is available to the Group. Two or more operating segments that have similar economic
characteristics and satisfy certain conditions can be aggregated into one single operating segment.
（4）Critical accounting estimates and judgements
The Group continually evaluates the critical accounting estimates and key judgements applied based on
historical experience and other factors including expectations of future events that are believed to be reasonable
under the circumstances.(a)Critical judgements in applying the accounting policies
(i) Classification of financial assets
Significant judgements made by the Group in the classification of financial assets include analysis on business
models and contractual cash flow characteristics.The Group determines the business model for financial asset management at the level of different groups and
factors to be considered include the methods of evaluation on financial asset performance and reporting of
financial asset performance to key management personnel risks affecting financial asset performance and
management methods for such risks the ways in which related business management personnel are remunerated
etc.When assessing whether contractual cash flow characteristics of financial assets are consistent with basic
lending arrangement key judgements made by the Group include: the possibility of changes in timing or
amount of the principal during the duration due to reasons such as early repayment; whether interest only
includes time value of money credit risks other basic lending risks and considerations for costs and profits. For
example whether the amount of prepayment only reflects the principal outstanding and the interest based on the
principal outstanding as well as the reasonable compensation due to the early termination of the contract.(ii) Determination of significant increase in credit risk
When the Group classifies financial instruments into different stages its criteria for significant increase in credit
risk and credit-impaired are as follows:
Judgement of the Group for significant increase in credit risk is mainly based on whether one or more of the
following indicators changed significantly: business environment of the debtor internal and external credit
rating significant changes in actual or expected operating results significant decrease in value of collateral or
credit rate of guarantor etc.Judgement of the Group on the occurred credit impairment is mainly based on whether it meets one or more of
the following conditions: the debtor is suffering significant financial difficulties engaged in other debt
restructuring or it is probable that the debtor will enter bankruptcy etc.(iii) Timing of revenue recognition
55Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
With regard to sale of electricity to grid companies the Group supplies electricity to grid companies in
accordance with the contract. Thereafter the grid companies have the right to sell electricity and the discretion
in pricing and take the risks of any price fluctuation or loss of the products. The Group believes that the grid
companies obtain control over electric power upon the receiving of the electric power. Therefore revenue is
recognised upon the receiving of the electric power of grid companies.(b) Critical accounting estimates and key assumptions
(i) Assessment on impairment of fixed assets
A fixed asset is tested for impairment by the Group if there is any indication that it may be impaired at the
balance sheet date by calculating and comparing the recoverable amount of the fixed asset with its carrying
amount to check the difference. If the result of the impairment test indicates that the recoverable amount of an
asset is less than its carrying amount a provision for impairment and an asset impairment loss are recognised
for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is
the higher of an asset’s fair value less costs to sell and the present value of the future cash flows expected to be
derived from the asset. The determination of the recoverable amount involves accounting estimates.When assessing whether the above assets are impaired management mainly evaluates and analyses: (i) whether
events affecting asset impairment occurred; (ii) whether the present value of expected cash flows arising from
the continuing use or disposals of the asset is lower than its carrying amount; and (iii) whether the significant
assumptions used in the calculation of the present value of the estimated cash flows are appropriate
The calculation of the present value of future cash flows involves management’s significant estimates and
judgements including the discount rate the growth rate of the estimated on-grid electricity price the growth
rate of the estimated electricity sale and the variability rate of the estimated price of coal used in power
generation. Changes in these assumptions may have material impact on the present value used in the
impairment test and cause impairment in the above-mentioned long-term assets of the Group
(ii) Measurement of ECL
The Group calculates ECL through exposure at default and ECL rates and determines the ECL rates based on
probability of default and loss given default. In determining the ECL rates the Group uses data such as internal
historical credit loss experience etc. and adjusts historical data based on current conditions and
forward-looking information.When considering forward-looking information the Group considered different macroeconomic scenarios.Significant macroeconomic assumptions and parameters related to the estimation of ECL include the risk of
economic downturn external market environment technological environment changes in customer conditions
Gross Domestic Product (“GDP”) and Consumer Price Index (“CPI”) etc. The Group regularly monitors and
reviews assumptions and parameters related to the calculation of ECL
(iii) Income taxes and deferred income taxes
The Group is subject to income taxes in numerous jurisdictions. There are some transactions and events for
which the ultimate tax determination is uncertain during the ordinary course of business. Significant judgement
is required from the Group in determining the provision for income tax in each of these jurisdictions. Where the
final tax outcomes of these matters are different from the amounts that were initially recorded such differences
will impact the income tax and deferred income tax provisions in the period in which such determination is
made.As stated in Note 6 some subsidiaries of the Group are high-tech enterprises. The high-tech enterprise
certificate is effective for three years. Upon expiration application for high-tech enterprise identification should
be submitted again to the relevant government authorities. Based on the historical experience of reassessment
for high-tech enterprise upon expiration and the actual condition of the subsidiaries the Group considers that
56Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
the subsidiaries are able to obtain the qualification for high-tech enterprises in future years and therefore a
preferential tax rate of 15% is used to calculate the corresponding deferred income tax. If some subsidiaries
cannot obtain the qualification for high-tech enterprise upon expiration then the subsidiaries are subject to a
statutory tax rate of 25% for the calculation of the income tax which further influences the recognised deferred
tax assets deferred tax liabilities and income tax expenses.A deferred tax asset is recognised for the carry forward of unused deductible losses to the extent that it is
probable that future taxable profits will be available against which the deductible losses can be utilised. Future
taxable profits include taxable profits that can be achieved through normal operations and the increase in
taxable profits due to the reversal of taxable temporary differences arising from previous period in future period.The Group determines the future taxable profits based on the future financial forecast which requires
management’s significant estimates and judgements including the estimated electricity sale estimated on-grid
electricity price the estimated price of coal used in power generation and other operating expenses. If there is
any difference between the actual and the estimates adjustment may be made to the carrying amount of
deferred tax assets.
43.Change of main accounting policies and estimations
(1)Change of main accounting policies
□Applicable□Not applicable
(2) Change of main accounting estimations
□Applicable√ Not applicable
（3）The information of the adjusting items related to the financial statements at the beginning of the
year of first implementation due to the first implementation of new accounting standards from 2025.Adjustment description
□Applicable√ Not applicable
44.Other
Not applicable
VI. Taxation
1. Main categories and rates of taxes
Class of tax Tax basis Tax rate
Taxable value-added amount (Tax payable
is calculated using the taxable sales amount
VAT multiplied by the applicable tax rate less 3%5%6%9% and 13%
deductible VAT input of the current period)
Revenue from hydropower sales
City maintenance and construction tax Amount of VAT paid 5% to 7%
Corporate income tax Taxable income 12.5%15%20% and 25%
Education surcharges Amount of VAT paid 3%
57Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Local education surcharges Amount of VAT paid 2%
Property’s rental income or the residual
House property tax value from original value less the deduction 12% and 1.2%
proportion
Calculated and paid based on the pollution
Calculated and paid based on the
equivalent values or the discharge of
Environmental protection tax applicable tax amounts of different
taxable pollutants multiplied by the
pollutants
applicable tax amounts
In case there exist any taxpayer paying corporate income tax at different tax rates disclose the information
Name of taxpayer Income tax rates
Zhangjiang Electric Power Co. Ltd. 15%
Guangdong Yudean Zhanjiang Biomass Power Generation Co.
15%
Ltd.Guangdong Wind Power Generation Co. Ltd. 15%
2. Tax preference
Corporate income tax incentives
Pursuant to the approval documents (Cai Shui [2008] No. 46 and Guo Shui Fa [2009] No. 80) the Company
and several subsidiaries are approved to engage in wind power projects and photovoltaic projects since 1
January 2008 and are exempted from enterprise income tax in the first three years counting from the year when
revenue from production and operations of those projects is recorded for the first time and can enjoy half rate
reduction in the following three years (“three-year exemptions and three-year halves”).Pursuant to the Supplementary Notice on Issues Concerning the Preferential Enterprise Income Tax Policies for
Public Infrastructure Projects (Cai Shui [2014] No. 55) enterprises invest and operate public infrastructure
projects in compliance with the List of Public Infrastructure Projects Enjoying Enterprise Income Tax
Preferential those which adopt one-off approval and are subject to construction in batches (such as terminals
berths airport terminals runways sections generator units etc.) are subject to income tax calculated in units of
each batch and enjoy the tax preferential policy of “three-year exemptions and three-year halves” when the
following conditions are satisfied: (i) different batches are space-independent; (ii) each batch has its own
revenue function; (iii) they are accounted for in units of each batch and are subject to income tax individually
while the period expenses are allocated rationally.The subsidiaries which enjoy this tax preference are listed as below
The first year of generating
Name Project name
operating income
Guangdong Yudean Qujie Wind Power Phase I of the Offshore Wind Power Project in the
2019
Generation Co. Ltd Luo Hai
Guangdong Yudean Qujie Wind Power
Qujiewai Luo Hai Wind Power Project Phase II 2021
Generation Co. Ltd
Guangdong Yudean Qujie Wind Power
Xinliao Offshore Wind Power Project 2021
Generation Co. Ltd
Guangdong Yudean Pingyuan Wind Power
Pingyuan Maoping Project 2020
Co. Ltd
58Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
The first year of generating
Name Project name
operating income
Guangdong Yudean Pingyuan Wind Power
Pingyuan Sishui Project 2021
Co. Ltd
广东 Guangdong Yudean Zhanjiang Wind
Zhanjiang Linfen Hongdong Photovoltaic Project 2023
Power Generation Co. Ltd
Pingdu Lianyao New Energy Technology
Jiulian Photovoltaic Project in Laixi City Qingdao 2024
Co. Ltd
LaiShui LiNeng New Energy Technology Laishui 80MW Photovoltaic Power Generation
2024
Co. Ltd Project
Agricultural-Photovoltaic Complementary
Lan Shan Yue Feng New Energy Co. Ltd 2024
Photovoltaic Project in Lanshannan City
In 2022 the Group's subsidiaries Zhanjiang Wind Power and Biomass Power Generation obtained the
"High-tech Enterprise Certificate" (certificate numbers GR202244006758 and GR202244008597) jointly issued
by the Guangdong Provincial Department of Science and Technology the Guangdong Provincial Department of
Finance and the Guangdong Tax Service under the State Taxation Administration. The certificate is valid for 3
years and was issued on December 22 2022. According to Article 28 of the "Enterprise Income Tax Law of the
People's Republic of China" the applicable enterprise income tax rate for Zhanjiang Wind Power and Biomass
Power Generation from 1 January 2025 to 30 June 2025 is 15%.In 2024 the Group's subsidiary Guangdong Wind Power obtained the "High-tech Enterprise Certificate"
(Certificate No. GR202444008116) jointly issued by the Guangdong Provincial Department of Science and
Technology the Guangdong Provincial Department of Finance and the Guangdong Provincial Tax Service of
the State Taxation Administration. The certificate is valid for 3 years and was issued on December 11 2024.According to Article 28 of the "Enterprise Income Tax Law of the People's Republic of China" the applicable
enterprise income tax rate for Guangdong Wind Power from 1 January 2025 to 30 June 2025 is 15%.According to the "Notice of the State Taxation Administration Guangxi Zhuang Autonomous Region Tax
Bureau on Clarifying the Exemption Policy for the Local Sharing Part of Enterprise Income Tax under Certain
Circumstances" (Cai Shui [2023] No. 5) for enterprises newly established in the Beibu Gulf Economic Zone
from 2014 to 2020 and those newly established in the Pearl River-Xijiang Economic Belt (Guangxi) from 2016
to 2020 which have not previously applied for the exemption of the local sharing part of enterprise income tax
the following exemption policy for the local sharing part of enterprise income tax shall be implemented: For
enterprises that meet the conditions for the preferential tax policy for enterprise income tax under the national
western development program during the period from 2021 to 2025 they shall be exempt from the local sharing
part of enterprise income tax for five consecutive years starting from the tax year in which they first meet the
conditions for the preferential tax policy for enterprise income tax under the western development program. The
subsidiaries of our company Guangxi Wuxuan Yuefeng New Energy Co. Ltd. and Guangxi Hangneng enjoy
the above tax benefits from 1 January 2025 to 30 June 2025.According to the approval provided in Announcement No. 6 of 2023 by the State Taxation Administration
"Announcement of the Ministry of Finance and the State Taxation Administration on Preferential Income Tax
Policies for Small and Micro Enterprises and Self-Employed Individuals" for small and micro-profit enterprises
with annual taxable income not exceeding 1 million yuan the taxable income shall be calculated at a reduced
59Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
rate of 25% and the enterprise income tax shall be paid at a rate of 20%. The aforementioned small and micro
enterprises refer to those engaged in industries not restricted or prohibited by the state and simultaneously
meeting three conditions: (1) annual taxable amount do not exceed RMB 3 million (2) number of employees do
not exceed 300 staff and (3) total assets do not exceed RMB 50 million. Some subsidiaries of the Company
enjoy the above tax benefits from 1 January 2025 to 30 June 2025.According to the Notice on Issues Concerning the Implementation of the Preferential Income Tax Catalogue for
Enterprises Engaged in Comprehensive Resource Utilization (Cai Shui [2008] No. 47) from January 1 2008
enterprises that use resources listed in the Preferential Income Tax Catalogue for Enterprises Engaged in
Comprehensive Resource Utilization (2008 Edition) as their main raw materials to produce products that meet
relevant national or industry standards within the aforementioned catalogue will have their income calculated at
a reduced rate of 90% for the total income of the enterprise for the current year. The subsidiaries of our group
Zhanjiang Electric Power Co. Ltd. and Pinghai Power Plant use fly ash to produce commercial fly ash which
meets the aforementioned preferential income tax conditions for comprehensive resource utilization and will
enjoy the aforementioned tax benefits from 1 January 2025 to 30 June 2025.According to the "Notice of the Ministry of Finance and the State Administration of Taxation on Issues
Concerning the Implementation of the Preferential Income Tax Catalogue for Enterprises Using Specialized
Equipment for Environmental Protection the Preferential Income Tax Catalogue for Enterprises Using
Specialized Equipment for Energy and Water Conservation and the Preferential Income Tax Catalogue for
Enterprises Using Specialized Equipment for Safe Production" (Cai Shui [2008] No. 48) enterprises that
purchase and actually use specialized equipment for environmental protection energy and water conservation
and safe production within the scope of the "Preferential Income Tax Catalogue for Enterprises Using Special
Equipment for Environmental Protection" the "Preferential Income Tax Catalogue for Enterprises Using
Special Equipment for Energy and Water Conservation" and the "Preferential Income Tax Catalogue for
Enterprises Using Specialized Equipment for Safe Production" from January 1 2008 can offset 10% of the
investment amount in specialized equipment against the current year's enterprise income tax payable. If the
current year's enterprise income tax payable is less than 10% of the investment amount it can be carried
forward to future years but the carry-forward period shall not exceed five taxable years. Some subsidiaries of
the group enjoy the above tax benefits from 1 January 2025 to 30 June 2025.VAT tax incentives
According to the "Notice on the Catalogue of Products and Services for Comprehensive Resource Utilization
Eligible for Value-Added Tax Preferences" (Cai Shui [2015] No. 78) taxpayers who sell self-produced
products for comprehensive resource utilization and provide services for comprehensive resource utilization can
enjoy the immediate refund policy for value-added tax. From 1 January 2025 to 30 June 2025 the subsidiaries
of the Group includes Guangdong Yudean Zhanjiang Biomass Power Generation Co. Ltd. Guangdong
Huizhou Pinghai Power Co. Ltd. Guangdong Yudean Technology Engineering Management Co. Ltd. and
Guangdong Yudean Yunhe Power Co. Ltd. enjoyed the immediate tax refund policy for value-added tax.According to the "Notice on the Value-Added Tax (VAT) Policy for Wind Power Generation" (Cai Shui [2015]
No. 74) a policy of immediate refund of 50% of the VAT levied on the sale of self-produced electricity
products generated by wind power by taxpayers is implemented. The subsidiaries of the Group including
Guangdong Yudean Zhanjiang Wind Power Generation Co. Ltd. Guangdong Yudean Dianbai Wind Power Co.
60Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Ltd. Guangdong Yudean Xuwen Wind Power Electricity Co. Ltd. Guangdong Yueneng Wind Power Co. Ltd.Guangdong Yudean Shibeishan Wind Power Co. Ltd. Leizhou Wind Power Huilai Wind Power Co. Ltd.Hunan Xupu Yuefeng New Energy Co. Ltd. Tongdao Yuexin Wind Power Generation Co. Ltd. Guangxi
Wuxuan Yuefeng New Energy Co. Ltd. and Dacheng County Dun'An New Energy Co. Ltd. enjoy the
aforementioned tax benefits from 1 January 2025 to 30 June 2025.
3.Other
Not applicable
VII. Notes on major items in consolidated financial statements
1. Monetary funds
In RMB
Items Closing balance Opening balance
Cash on hand 41462 34030
Cash at bank 1191214389 1041257330
Other cash balance 24299955 33925897
Deposit funds from the financial
1483615886014286603574
company
Total 16051714666 15361820831
Other note
（a）As of June 30 2025 the Group had no funds deposited overseas (December 31 2024: None).（b） As of June 30 2025 Other monetary funds amounted to RM24299955 (On December 31 2024:
RMB33925897) which mainly were deposits such as ecological protection deposits and performance guarantee
deposits.Other note
2. Transactional financial assets
Not applicable
3. Derivative financial assets
Not applicable
4. Notes receivable
(1) Notes receivable listed by category
In RMB
Items Year-end balance Year-beginning balance
Bank acceptance 90229 0
Total 90229 0
（2）By accrual of bad debt provision
In RMB
Category Amount in year-end Balance Year-beginning
61Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Book Balance Bad debt provision Book Balance Bad debt provision
Book Book
Amount Proportion(%) Amount Proportion(%) Amou Proportion Amount Proportion
value value
nt (%) (%)
Of which
Notes
receivable
for bad debt 90229 100% 0 0% 90229
provision by
portfolio
Of which
Note
90229100%00%90229
receivable
Total 90229 100% 0 0% 90229
Name of bad debt provision by portfolio: portfolio of notes receivable
In RMB
Year-end balance
Name
Book Balance Bad debt provision Proportion(%)
Portfolio of notes receivable 90229 0 0%
Total 90229 0
Note：
If the provision for bad debts of notes receivable is made in accordance with the general model of expected
credit losses please refer to the disclosure of other account receivable to disclose related information about
bad-debt provisions:
□Applicable □Not applicable
(3) Bad debt provision accrual collected or reversal in the period
Not applicable.Including important amount of bad debt provision collected or reversal in the period:
□Applicable □Not applicable
62Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
(4) Notes receivable pledged at period-end
Not applicable
(5) Note receivable which has endorsed and discount at period-end and has not expired on balance sheet
date
Not applicable
(6) Note receivable actually written-off in the period
Not applicable
63Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
5. Account receivable
(1) Accounts receivable disclosed by category
In RMB
Aging Amount in year-end Balance Year-beginning
Within 1 year （Including 1 year） 6765821339 7592777022
1-2 years 1268197050 1107402430
2-3 years 579222935 327271840
Over 3 years 325186483 110384075
3-4 years 280916196 84314866
4-5 years 30450108 20232717
Over 5 years 13820179 5836492
Total 8938427807 9137835367
（2） According to the bad debt provision method classification disclosure
In RMB
Amount in year-end Balance Year-beginning
Category Book Balance Bad debt provision Book value Book Balance Bad debt provision Book value
Amount Proportion(%) Amount Proportion(%) Amount Proportion(%) Amount Proportion(%)
Of which
Accrual of
bad debt
8938427807100%434465440.49%88949812639137835367100%360375260.39%9101797841
provision by
portfolio
Of which
Electricity 8761704315 98.02% 37914154 0.43% 8723790161 8998642889 98.48% 30986374 0.34% 8967656515
64Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
sales
receivable
Related party
409820290.46%00%40982029378896720.41%00%37889672
receivable
Steam sale
and other 135741463 1.52% 5532390 4.08% 130209073 101302806 1.11% 5051152 4.99% 96251654
receivable
Total 8938427807 100% 43446544 0.49% 8894981263 9137835367 100% 36037526 0.39% 9101797841
Accrual of bad debt provision by portfolio: Electricity sales receivable
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Electricity sales receivable 8761704315 37914154 0.43%
Total 8761704315 37914154
65Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Note：
Portfolio 1.As at 30 June 2025 the Group’s receivables from sale of electricity amounted to RMB 8761704315
(31 December 2024: RMB8998642889) which mainly comprised receivables of RMB 8586156670 from China
Southern Power Grid Co. Ltd. and its subsidiaries (collectively referred to as “China Southern Power Grid”)
and RMB 175547645 from State Grid Corporation of China (“State Grid”) and its subsidiaries. Considering the
favorable credit history of China Southern Power Grid and State Grid the Group held that there was no
significant credit risk arising from receivables from sale of electricity. Since the possibility of material losses
due to the default by China Southern Power Grid and State Grid was extremely low the Group made no
provision for the ECL of the receivables from sale of electricity (31 December 2024: Nil)
For the receivables of renewable energy subsidies the Group has made provision for bad debts based on the
expected credit loss model the balance of which is RMB 37914154 as of June 30 2025(31 December 2024:
RMB30986374)
As of June 30 2025 the right to collect electric charges of the Group’s certain subsidiaries was pledged to
banks to obtain long-term borrowings with a principal of RMB4570263542 including current portion of
long-term borrowings with a principal of RMB357839261. (December 31 2024: long-term borrowings with a
principal of RMB5171411604 including current portion of long-term borrowings with a principal of
RMB451067263.).Accrual of bad debt provision by portfolio: Related party receivable
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Related party receivable 40982029 0%
Total 40982029
Note：
Portfolio 2：- Related party receivable：As at 30 June 2025 the amount of receivables from related parties of theGroup was RMB40982029（December 312024:RMB37889672) and the historical loss rate was extremely low.Therefore The Group believes that there is no significant credit risk in the receivables from related parties and
the possibility of significant losses due to their default is extremely low. The Group's expected credit loss rate forreceivables from related parties is 0%. （December 312024:0%).Accrual of bad debt provision by portfolio: Steam sale and other receivable
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Steam sale and other
13574146355323904.08%
receivable
Total 135741463 5532390
Note：
Portfolio 3- For other fund receivable except Portfolio 1 and Portfolio 2 Bad debt provision according to the
expected credit loss mode
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of
66Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
other receivables if the provision for bad debts of bills receivable is accrued according to the general model of
expected credit loss:
□Applicable□Not applicable
(3) Accounts receivable withdrawn reversed or collected during the reporting period
The withdrawal amount of the bad debt provision：
In RMB
Amount of change in the current period
Opening Reversed or
Category Closing balance
balance Accrual collected Write-off Other
amount
Account
36037526754694613792843446544
receivable
Total 36037526 7546946 137928 0 0 43446544
The important amount of bad debt provision recovered or reversed in the current period therein to:
Not applicable
(4) The actual write-off accounts receivable
Not applicable
（5） Accounts receivable and contract assets of the top five ending balances collected by debtor
In RMB
Ending balance of
Proportion of total bad debt provision
Ending balance of
ending balance of for accounts
Ending balance of Ending balance of accounts
Unit name accounts receivable and
accounts receivable contract assets receivable and
receivable and impairment
contract assets
contract assets provision for
contract assets
GPGC 8333440130 8333440130 93.23% 37576621
Shenzhen
Power supply 210584732 210584732 2.36% 0
Bureau
State Grid
Xinjiang Electric 87347571 87347571 0.98% 0
Power Co. Ltd.ExxonMobil
(Huizhou) 49371688 49371688 0.55% 493717
Chemical Co. Ltd
State Grid Henan
35861142358611420.40%337533
Electric Power
67Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Co. Ltd.Total 8716605263 0 8716605263 97.52% 38407871
6.Contract assets
（1） Contract asset
In RMB
Closing balance Opening balance
Items Provision for Provision for
Book balance inventory Book value Book balance inventory Book value
impairment impairment
Accounts
receivable from 289580 0 289580 1366342 0 1366342
related parties
Contract assets
376571043755312530012530
of third parties
Total 327237 104 327133 1378872 0 1378872
（2） Amount and reasons of major changes in book value during the reporting period
Not applicable
(3) By accrual of bad debt provision
In RMB
Closing balance Opening balance
Book balance Bad debt provision Book balance Bad debt provision
Category Book Book
Proportion Proportion Proportion Proportion
Amount Amount value Amount Amount value
%%%%
Of which
Accrual
of bad
debt
327237100%1040.03%3271331378872100%00%1378872
provision
by
portfolio
Of which
Related
party 289580 88.49% 0 0% 289580 1366342 99.09% 0 0% 1366342
receivable
Other
contract
3765711.51%1040.28%37553125300.91%00%12530
asset
payments
Total 327237 100% 104 0.03% 327133 1378872 100% 0 0% 1378872
Accrual of bad debt provision by portfolio: Related party receivable
In RMB
68Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Closing balance
Name
Book balance Bad debt provision Proportion%
Related party receivable 289580 0 0%
Total 289580 0
Note：
Portfolio 2：- Related party receivable：As at 30 June 2025 the amount of receivables from related parties of theGroup was RMB289580（December 312024:RMB1366342) and the historical loss rate was extremely low.Therefore The Group believes that there is no significant credit risk in the receivables from related parties and
the possibility of significant losses due to their default is extremely low. The Group's expected credit loss rate forreceivables from related parties is 0%. （December 312024:0%).Accrual of bad debt provision by portfolio: Other contract asset payments
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Other contract asset
376571040.28%
payments
Total 37657 104
Note
Portfolio 2- For other contract asset payments except Contract assets other than portfolio 1.Provision for bad debts is made according to the general model of expected credit losses
□Applicable□Not applicable
(4) Bad debt provision accrual collected or reversal in the period
In RMB
Item Accrual Collected or reversal Write off Reason
Other contract asset
10400
payments
Total 104 0 0
Thereinto the important amount of bad debt provision recovered or reversed in the current period:
Not applicable.
（5） Contract assets actually written off in the current period
Not applicable
7. Receivable financing
Not applicable
8. Other account receivable
In RMB
69Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Items Closing balance Opening balance
Interest receivable 0 0
Dividend receivable 94351613 0
Other accounts receivable 584214157 533352169
Total 678565770 533352169
（1）Interest receivable
1) Category of interest receivable
Not applicable
2) Significant overdue interest
Not applicable
3）Bad-debt provision
□Applicable□Not applicable
4) Accounts receivable withdraw reversed or collected during the reporting period
Not applicable
5)Interest receivable actually written off in the current period
Not applicable
(2) Dividend receivable
1) Category
In RMB
Item (or the invested entity) Closing balance Opening balance
Sunshine insurance 66500000
Shenneng Co. Ltd 24989513
Jiangkeng Hydroelectricity 1603300
Zhongxinkeng Electric 1258800
Total 94351613 0
2) Important dividend receivable with over one year age
Not applicable
3) Accrual of bad debt provision
□Applicable □Not applicable
70Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
4） Bad debt provision accrual collected or reversal in the period
Not applicable
5) Dividends receivable actually written off in the current period
Not applicable
（3） Other accounts receivable
1) Other accounts receivable classified by the nature of accounts
In RMB
Nature Closing book balance Opening book balance
Land receivable deposit 142994352 143994333
Related party receivable 96161520 104804456
Supplementary medical insurance fund
97287629104146571
receivable
Land receivable deposit 32113116 24007176
Compensation receivable for electricity
charges during the demolition and 14198400 14198400
construction period
Current account 135776998 92392021
Insurance compensation receivable 0 0
Other 120335590 104827605
Less：Bad-debt provision -54653448 -55018393
Total 584214157 533352169
2） Disclosure by aging
In RMB
Aging Closing book balance Opening book balanceWithin 1 year(Including 1 year） 265977120 218929350
1-2 years 53491898 50821608
2-3 years 43785509 31300019
Over 3 years 275613078 287319585
3-4 years 23304041 287319585
4-5 years 252309037
Total 638867605 588370562
71Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
3）According to the bad debt provision method classification disclosure bad-debt provision
□Applicable □Not applicable
In RMB
Closing balance Opening balance
Book balance Bad debt provision Book balance Bad debt provision
Category
Proportion Book value Proportion Proportion Book value
Amount Proportion % Amount Amount Amount
%%%
Accrual of
bad debt
41559662865.05%283975856.83%38719904342061581071.49%285975856.80%392018225
provision
by single
Of which
Accrual of
bad debt
provision 223270977 34.95% 26255863 11.76% 197015114 167754752 28.51% 26420808 15.75% 141333944
by
portfolio
Of which
Other
22327097734.95%2625586311.76%19701511416775475228.51%2642080815.75%141333944
Portfolio
Total 638867605 100% 54653448 8.55% 584214157 588370562 100% 55018393 9.35% 533352169
72Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Accrual of bad debt provision by portfolio: Other portfolio
In RMB
Opening balance Closing balance
Name Bad debt Bad debt
Book balance Book balance Proportion Reason
provision provision %
The counterparty is a
Land
government unit and the
withdrawal 143994333 0 142994352 0 0%
risk of ECL is extremely
receivable
low
The counterparty is a
Receivables
government unit and the
from related 104804456 0 96161520 0 0%
risk of ECL is extremely
parties
low
The counterparty is
Taikang Pension which
mainly provides custody
Supplementary
services for the Group’s
medical
104146571 0 97287629 0 0% supplementary medical
insurance fund
insurance fund. The
receivable
historical loss rate is 0
and the risk of ECL is
extremely low.The counterparty is a
Land deposits government unit and the
2400717603211311600%
receivable risk of ECL is extremely
low
Compensation The demolition and
receivable for construction project is
electricity initiated by the
charges during government-owned
1419840001419840000%
the demolition industrial park which
and pays compensation
construction expenses and the risk of
period ECL is extremely low.Other The counterparty is a
government government unit and the
8672890444402600%
payments risk of ECL is extremely
receivable low
The counterparty is a
government unit with a
Other 28597585 28597585 28397585 28397585 100% historical loss rate of 0;
therefore the risk of ECL
is extremely low
Total 420615810 28597585 415596628 28397585
Accrual of bad debt provision by portfolio: Other portfolio
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Other portfolio 223270977 26255863 11.76%
Total 223270977 26255863
73Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Note：
Provision for bad debts is made according to the general model of expected credit losses
In RMB
Stage 1 Stage 2 Stage 3
Expected credit losses
Bad Debt Reserves Expected credit losses Expected credit loss for the entire duration Total
over the next 12 over life (no credit
(credit impairment
months impairment)
occurred)
Balance as at January
2642080802859758555018393
12025
Balance as at January
1 2025 in current
--Transfer to the
0000
second stage
-- Transfer to the third
0000
stage
-- Reversal to the
0000
second stage
-- Reversal to the first
0000
stage
Provision in Current
36587900365879
Year
Reversal in Current
-5308240-200000-730824
Year
Conversion in Current
0000
Year
Write off in Current
0000
Year
Other change 0 0 0 0
Balance as at 30 June.
2625586302839758554653448
2025
Basis for division of each stage and accrual ratio for bad-debt provision
Loss provision changes in current period change in book balance with significant amount
□ Applicable √Not applicable
4) Accounts receivable withdraw reversed or collected during the reporting period
The withdrawal amount of the bad debt provision：
In RMB
Amount of change in the current period
Opening Reversed or
Category Closing balance
balance Accrual collected Write-off Other
amount
Other 55018393 365879 730824 54653448
74Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
receivable
Total 55018393 365879 730824 54653448
Where the current bad debts back or recover significant amounts:
Not applicable
5）Other account receivables actually cancel after write-off
Not applicable
6)Top 5 of the closing balance of the other accounts receivable collected according to the arrears party
In RMB
Portion in total
Year-end Bad debt provision of
Name Nature Aging other
balance year-end balance
receivables(%)
Meixian
Chengjiangzhen
Land withdrawal
People's 126885400 4-5 years 19.86%
receivable
Government of
Meizhou City
Supplementary
Taikang Pension medical insurance 97287629 Within 5 years 15.23%
fund receivable
Huaneng Turpan
Wind Power Receivable of Unit
75963770 Within 1 year 11.89%
Generation Co. current
Ltd
Guangdong
Yudean Receivables from
Environmental sale of by-products 40555495 Within 1 year 6.35%
Protection Co. to related parties
Ltd.Maoming Bohe
New Port Area
Land withdrawal
Construction 23446000 4-5 years 3.67%
receivable
Headquarters
Office
Total 364138294 57% 0
7） Other receivables reported due to centralized management of funds
Not applicable
9. Accounts paid in advance
(1) Accounts paid in advance by ageing
In RMB
75Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Ending balance Opening balance
Account age
Amount Ratio Amount Ratio
Within 1 year 1196433578 87.68% 1433330668 99.49%
1-2 years 163705414 12% 3926780 0.27%
2-3 years 1308313 0.10% 2833371 0.20%
Over 3 years 3108718 0.22% 541368 0.04%
Total 1364556023 1440632187
Notes of the reasons of the prepayment ages over 1 year with significant amount but failed to settle in time
As at June 302025 advances to suppliers aged more than 1 year were RMB168122445( December 312024
RMB7301519) mainly including prepayments for spare parts and materials.
（2）The ending balance of Prepayments owed by the imputation of the top five parties
Name Relationship with Amount Proportion %
the company
Guangdong Power Industry
Related party 791210398 57.98%
Fuel Co. Ltd.Guangdong Zhutou Electric
Third party 155488751 11.39%
Power fuel Co. Ltd.Hubei Carbon Emission
Rights Trading Center Co. Third party 110469832 8.10%
Ltd.GE Commercial (Shanghai)
Third party 85196233 6.24%
Co. Ltd
Taikang Pension Guangdong
Third party 15890128 1.16%
Branch
Total 1158255342 84.87%
10. Inventories
Whether the company need to comply with the disclosure requirements of the real estate industry
No
（1）Category of Inventory
In RMB
Closing book balance Opening book balance
Item Provision for Provision for
Book balance inventory Book value Book balance inventory Book value
impairment impairment
Raw
32466867754749484131991919342622327114474948412574832273
materials
76Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Goods-in-
000000
process
Stock
commodit 0 0 0 0 0 0
ies
Turnover
0000
materials
Consuma
ble
000000
biological
assets
Contract
performa 0 0 0 0 0 0
nce cost
Goods in
000000
transit
Other 48213144 0 48213144 2287216 0 2287216
Total 3294899919 47494841 3247405078 2624614330 47494841 2577119489
（2）Data resources recognized as inventory
Not applicable.
(3) Inventory depreciation reserve
In RMB
Beginning Increased in current period Decreased in current period Year-end
Item
of term Provision Other Transferred back Other balance
Raw materials 47494841 47494841
Goods-in-process 0 0
Stock
00
commodities
Turnover
00
materials
Consumable
00
biological assets
Contract
performance 0 0
cost
Total 47494841 47494841
Inventory depreciation provision by portfolio
Not applicable.
77Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
(4) Explanation on inventories with capitalization of borrowing costs included at ending balance
Not applicable
(5) Assets unsettled formed by construction contract which has been completed at period-end
11. Assets divided as held-to-sold
Not applicable
12. Non-current assets due within 1 year
Not applicable
13. Other current assets
In RMB
Items Year-end balance Year-beginning balance
VAT to be deducted 1824399991 1817634077
Advance tax payment 129749391 128279470
Carbon emission rights assets 17781065 17781065
Other 8485165 7574974
Total 1980415612 1971269586
14.Creditor's right investment
(1)Creditor's right investment
Not applicable
Loss provision changes in current period change in book balance with significant amount
□Applicable √ Not applicable
15.Other creditor's rights investment
Not applicable
Loss provision changes in current period change in book balance with significant amount
□Applicable √ Not applicable
Other note: Not applicable
78Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
79Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
16. Other equity instruments investment
In RMB
Losses
Gains
accumulated
Gains included Losses included accumulated in Dividend
in other
in other in other other income Reason designated as being measured
comprehens
Item name Beginning balance comprehensive comprehensive comprehensive recognized in Ending balance at fair value and change being included
ive income
income in the income in the income at the end the current in other comprehensive income
at the end of
current period current period of the current period
the current
period
period
The Group has not participated in or
influenced the financial and business
decisions of the above-mentioned
Shenneng investee in any way. Therefore the
5270010514942370124173936224989512477577350
Co. Ltd Group has no significant impact on the
above-mentioned investee and uses it
as other equity instruments for
investment accounting.The Group has not participated in or
influenced the financial and business
Sunshine decisions of the above-mentioned
Insurance investee in any way. Therefore the
884831222152511903681343125665000001037343125
Group Co. Group has no significant impact on the
Ltd. above-mentioned investee and uses it
as other equity instruments for
investment accounting.Shenzhen The Group has not participated in or
Capital 1124000000 0 795966000 22038083 1124000000
Group Co. influenced the financial and business
80Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Ltd. decisions of the above-mentioned
investee in any way. Therefore the
Group has no significant impact on the
above-mentioned investee and uses it
as other equity instruments for
investment accounting.The Group has not participated in or
influenced the financial and business
decisions of the above-mentioned
investee in any way. Therefore the
Other 114457600 4500000 96666972 2628000 118957600
Group has no significant impact on the
above-mentioned investee and uses it
as other equity instruments for
investment accounting.Total 2650289873 157011903 49423701 1815715459 0 116155595 2757878075
81Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
There is a termination recognition in this period.Not applicable
Itemized disclosure of the current non - trading equity instrument investment
In RMB
Reasons for
Amount of being measured Reasons for
other at fair value other
comprehensive and whose comprehensive
Recognized Accumulating Accumulating
Name income changes are income
dividend income gains losses
transferred to included in transferred to
retained other retained
earning comprehensive earnings
income
Consideration
Shenneng Co.
24989512 241739362 of strategic Not applicable
Ltd
investments
Sunshine Consideration
Insurance 66500000 681343125 of strategic Not applicable
Group Co. Ltd. investments
Shenzhen Consideration
Capital Group 22038083 795966000 of strategic Not applicable
Co. Ltd. investments
Consideration
Other 2628000 96666972 of strategic Not applicable
investments
17.Long-term receivable
Not applicable
82Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
18. Long-term equity investment
In RMB
Changes in Current period
Impairment Investment Balance
Other Declaration Provisi
Invested Beginning provision Disin profit and loss Other Ending at year-end
Additional comprehensi of cash on for
enterprise balance begin- year vestm confirmed by changes of Other balance of
investment ve income dividends or impair
balance ent equity equity impairment
adjustment profits ment
method
I. Joint ventures
Guangdong
Electric
104030594403000000000263330630205229023282400001345408897
Industrial
Fuel Co. Ltd.Zhanjiang
Yuexin
Distributed
2550310000-1195863000001354447
Energy and
Technique
Co.Zhonghang
Shenneng
Wind Power 168647135 0 0 0 -761161 0 0 0 0 0 167885974
Generation
Co. Ltd.Subtotal 1211503389 0 300000000 0 24376039 0 2052290 23282400 0 0 1514649318
II. Associates
Taishan Power
206486061900031433416051396870002101433722
Generation
ShanxiYudean
393262674300011718899906660450004050481787
Energy
Yudean
1264363190009596994-3659021346215000137013626
Shipping
YueqianElect 272287737 0 0 0 4634562 -13339 139228 0 0 0 277048188
83Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
ric Power
Energy
Group
179187472400087656588-61087170092152103001726292039
Finance
Company
Yudean
309986789000602384800229187300313718764
Captive
Weixin
122614153000000000122614153
Yuntou
Guangdong
Energy
Financing 823842858 0 0 0 11028996 0 0 0 0 0 834871854 0
Leasing Co.Ltd.South
Offshore
Wind Power
2146250490003585554000002182106030
Joint
Development
Co. Ltd.Other 64614712 20819280 27000000 0 2088930 0 0 2862101 0 0 90841541 20819280
Subtotal 9601155550 143433433 27000000 0 273237887 -61466411 7291175 97306077 0 0 9749912124 143433433
Total 10812658939 143433433 327000000 0 297613926 -61466411 9343465 120588477 0 0 11264561442 143433433
The recoverable amount is determined on the basis of the net amount of fair value less disposal costs
□Applicable□Not applicable
The recoverable amount is determined by the present value of the projected future cash flows
□Applicable□Not applicable
84Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
19. Other non-current financial assets
Not applicable
20. Investment property
(1) Investment property adopted the cost measurement mode
√Applicable □ Not applicable
In RMB
Items House Building Land use right Construction in process Total
I. Original price
1. Balance at
48948596946042801535528770
period-beginning
2.Increase in the current
period
(1) Purchase
(2)Inventory\Fixed
assets\ Transferred from c
onstruction in progress
(3)Increased of Enterprise
Combination
3.Decreased amount of
85265738526573
the period
（1）Dispose
（2）Other out 8526573 8526573
4.Balance at period-end 480959396 46042801 527002197
II.Accumulated
amortization
1.Opening balance 185181820 13853364 199035184
2.Increased amount of the
37098584520684161926
period
(1) Withdrawal 3709858 452068 4161926
3.Decreased amount of
46701334670133
the period
（1）Dispose
（2）Other out 4670133 4670133
4.Balance at period-end 184221545 14305432 198526977
III.Impairment provision
1.Balance at
period-beginning
2.Increased amount of the
85Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
period
(1) Withdrawal
3.Decreased amount of
the period
（1）Dispose
（2）Other out
4.Balance at period-end
IV.Book value
1.Book value at period
29673785131737369328475220
-end
2.Book value at
30430414932189437336493586
period-beginning
The recoverable amount is determined on the basis of the net amount of fair value less disposal costs
□Applicable□Not applicable
The recoverable amount is determined by the present value of the projected future cash flows
□Applicable□Not applicable
(2) Investment property adopted fair value measurement mode
□ Applicable √Not applicable
(3) Converted to investment real estate and measured at fair value
Not applicable
(4) Investment real estate without certificate of ownership
Not applicable
21. Fixed assets
In RMB
Items Closing balance Opening balance
Fixed assets 72323800978 73507162717
Disposal of fixed assets 225832129 121635938
Total 72549633107 73628798655
(1) List of Fixed assets
In RMB
House and Generation
Items Transportations Other equipment Total
building equipment
I. Original price
1. Balance at
389504327071103780168707296022851630744434151688796296
period-beginning
86Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
2.Increase in the
1762291061580967953217345741128457811891777414
current period
(1) Purchase 65082643 64286359 6353525 16772079 152494606
（2）Transferred f
111146463151668159415381049960737021739282808
rom construction i
n progress
(3)Increased of
Enterprise
Combination
3.Decreased
amount of the 38735649 821440601 11677804 38946883 910800937
period
（1）Dispose 20693289 595959160 11677804 38946883 667277136
（2）Other out 18042360 225481441 243523801
4. Balance at
390879261641111375442227396590551704643332152669772773
period-end
II. Accumulated
depreciation
1.Opening balance 14372472485 59561296584 515563167 1311268875 75760601111
2.Increased
amount of the 494045227 2193515513 20377146 62047476 2769985362
period
(1) Withdrawal 494045227 2193515513 20377146 62047476 2769985362
（2）Increased in
Enterprise
Combination
3.Decreased
amount of the 19416034 472248165 9147355 26734184 527545738
period
（1）Dispose 9629960 353476117 9147355 26734184 398987616
（2）Other out 9786074 118772048 128558122
4.Closing balance 14847101678 61282563932 526792958 1346582167 78003040735
III. Impairment
provision
1.Opening balance 1014348663 1401265401 1212465 4205939 2421032468
2.Increase in the
reporting period
（1）Withdrawal
3.Decreased
amount of the 1763446 76336091 1871 78101408
period
87Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
（1）Dispose 72894575 1871 72896446
（2）Other out 1763446 3441516 5204962
4. Closing balance 1012585217 1324929310 1212465 4204068 2342931060
IV. Book value
1.Book value of
232282392694853005098021165363235385709772323800978
the period-end
2.Book value of
235636115594941545488521282665331526962073507162717
the period-begin
(2) List of temporarily idle fixed assets
Not applicable
(3) Fixed assets leased in the operating leases
Not applicable
(4) Fixed assets without certificate of title completed
In RMB
Item Book value Reason
Temporarily in the government approval
House building 1921958080
stage
Other note
On June 30 2025 after consulting the Group's legal advisers the management believed that there would be no
substantive legal obstacles to the handling of these property certificates and would not have a significant adverse
impact on the normal operation of the Group.
(5) Information of impairment test of fixed assets
□Applicable□Not applicable
（6） liquidation of fixed assets
In RMB
Items Closing balance Opening balance
Generation equipment 136679331 103795315
Other equipment 89152798 17840623
Total 225832129 121635938
22. Construction in progress
In RMB
Item Closing balance Opening balance
Construction in progress 36921887604 31341212969
Engineering Material 151272073 41637796
Total 37073159677 31382850765
88Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
(1) List of construction in progress
In RMB
Closing balance Opening balance
Items Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Qingzhou
offshore wind 12864189615 0 12864189615 12691249231 0 12691249231
power project
Dapu Phase II
Expansion 4618507888 0 4618507888 3646167763 0 3646167763
Project
Bohe Power
Plant Phase II 3179796144 0 3179796144 2446503296 0 2446503296
Project
Jinghai Power
Plant Unit 5
and 6 3104027098 55389093 3048638005 807408490 55389093 752019397
expansion
project
Shache
integrated
energy 1940873603 0 1940873603 1874628732 0 1874628732
photovoltaic
project
Yunhe natural
gas
135343698501353436985122667091101226670911
cogeneration
project
Dananhai
cogeneration 1082818930 0 1082818930 894037106 0 894037106
project
Xiangzhou
Hangjing
photovoltaic
88676154308867615438663807420866380742
integration
projectphase
II
TuokexunCou
nty 1 million
70922853507092285355028974160502897416
kilowatt wind
power project
Honghaiwan
Unit 5 and 6
6276510202644644760120457340115701526446447374710568
construction
project
Lanshan Nan
City
agricultural
and
57235808705723580872033459240203345924
photovoltaic
complementar
y photovoltaic
project
Jincheng
Yuefeng 557281056 0 557281056 418032508 0 418032508
170MW
89Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
photovoltaic
project
Xiangzhou
Yunjiang
wind solar
energy and 477616086 0 477616086 452572118 0 452572118
energy storage
integration
project
Hongdong
County200M
W centralized
photovoltaic 452534662 0 452534662 382657376 0 382657376
power
generation
project
Laishui
Lineng
Laishui
County
80MW
affordable 321028797 0 321028797 227916733 0 227916733
on-grid price
photovoltaic
power
generation
project
Yahua New
Energy
50MW
agriculture
and
photovoltaic 315897198 0 315897198 323164342 0 323164342
complementar
y new energy
photovoltaic
power station
project
Qinglong
Jianhao
Tumenzi
215MW/Lian
gshuihe
30380285886059782951968801311992298605978122593251
25MW
photovoltaic
power
generation
project
Zhanjiang
Potou
Qiantang
120MW
29364159502936415952316476190231647619
fishery and
photovoltaic
complementar
y project
Huibo 292636146 0 292636146 282720095 0 282720095
90Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
100MW
photovoltaic
composite
project
Jingyuan
100000
27394949602739494961538641330153864133
kilowatt wind
power project
100MW wind
power project
in Wangxian
27070746402707074641754440190175444019
Township
Wanrong
County
Guidian
150MW
26830366002683036602653548450265354845
photovoltaic
project
Wuhua
Huangnizhai 163793050 0 163793050 154681906 0 154681906
project
Jinghai No. 3
and No. 4
steam turbine
13227348001322734801322734800132273480
flow
transformation
project
Shaoguan
Nanxiong
Yuefeng New
Energy 108834885 0 108834885 103180744 0 103180744
Company
photovoltaic
project
Huadu
cogeneration 88101058 0 88101058 84234472 0 84234472
project
Inner
Mongolia
Yuefeng
1812677401812677434569691034569691
300MW
photovoltaic
park project
Jinchang
Muhong
Jinchang
District Xipo
100MW 1861238 0 1861238 90453 0 90453
photovoltaic
power
generation
project
350000
kilowatts
photovoltaic 407020 0 407020 670388068 0 670388068
project of the
45th
91Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Regiment of
the Third
Division of
the Corps
Zhaoqing
Dinghu
natural gas 0 0 0 37676940 0 37676940
cogeneration
project
Zhanjiang
Lianjiang
Changshan
farm
agricultural 0 0 0 5390253 0 5390253
photovoltaic
power
generation
project
Technical
transformation
1941037412209154261173188315118215316892173828521604148837
projects and
others
Total 37221483383 299595779 36921887604 31649037339 307824370 31341212969
92Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
(2) Changes of significant construction in progress
In RMB
Including：
Capitalization
Current Capitalization
Amount at year Increase at Transferred to Other Balance in Proportion Progress of interest Source of
Name Budget amount of of interest
beginning this period fixed assets decrease year-end (%) of work accumulated fundscapitalizatio ratio（%)balance
n of interest
Qingzhou
offshore Financial
wind 17107250000 12691249231 172940384 0 0 12864189615 79.03% 82.18% 546442814 110070886 2.08% institution
power loan
project
Bohe Financial
Power
7483510000 2446503296 733292848 0 0 3179796144 45.27% 47.12% 63714433 26855277 2.45% institution
Plant Phase
II Project loan
Dapu Financial
Phase II
8134220000 3646167763 972340125 0 0 4618507888 54.94% 44.96% 88868244 31295366 2.71% institution
Expansion
Project loan
Jinghai
Power Financial
Plant Unit
8049770000 807408490 2296618608 0 0 3104027098 10.84% 10.32% 69205782 32146589 2.60% institution
5 and 6
expansion loan
project
Shache
integrated Financial
energy 5191474847 1874628732 66244871 0 0 1940873603 90.49% 99.01% 93924052 58300282 2.62% institution
photovoltai loan
c project
Yunhe Financial
natural gas
2809700000 1226670911 126766074 0 0 1353436985 56.98% 56.05% 26494823 11038349 2.10% institution
cogeneratio
n project loan
93Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Dananhai Financial
cogeneratio 2855450000 894037106 188781824 0 0 1082818930 31.67% 31.38% 36738326 13208597 2.14% institution
n project loan
Xiangzhou
Hangjing
photovoltai Financial
c 991800000 866380742 20380801 0 0 886761543 87.75% 96.05% 23095823 13552990 2.72% institution
integration loan
projectphas
e II
Tuokexun
County 1
million Financial
kilowatt 1460000000 502897416 206331119 0 0 709228535 34.59% 50.14% 6846740 5788802 2.30% institution
wind loan
power
project
Honghaiwa
n Unit 5 Financial
and 6 7820820000 401157015 226494005 0 0 627651020 4.12% 7.4% 27462728 13024928 2.46% institution
constructio loan
n project
Lanshan
Nan City
agricultural
and Financial
photovoltai
990870000 203345924 369012163 0 0 572358087 19.99% 21.01% 10088631 5230508 2.60% institution
c
complemen loan
tary
photovoltai
c project
Jincheng
Yuefeng Financial
170MW 884703700 418032508 139248548 0 0 557281056 35.03% 56.42% 10537779 4757551 2.18% institution
photovoltai loan
c project
94Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Xiangzhou
Yunjiang
wind solar Financial
energy and
522000000 452572118 25043968 0 0 477616086 87.37% 96.02% 15791992 5172283 2.65% institution
energy
storage loan
integration
project
Hongdong
County200
MW Financial
centralized
516560000 382657376 69877286 0 0 452534662 76.14% 79.99% 19111470 3018551 3.10% institution
photovoltai
c power loan
generation
project
Laishui
Lineng
Laishui
County
80MW Financial
affordable
376000000 227916733 93112064 0 0 321028797 63.61% 65.25% 12329458 3114373 2.30% institution
on-grid
price loan
photovoltai
c power
generation
project
Yahua
New
Energy
50MW Financial
agriculture
667970944 323164342 0 0 7267144 315897198 65.68% 48.41% 7305902 0 0% institution
and
photovoltai loan
c
complemen
tary new
95Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
energy
photovoltai
c power
station
project
Qinglong
Jianhao
Tumenzi
215MW/Li Financial
angshuihe
1188000000 131199229 228490866 55887237 0 303802858 98% 98% 54819521 4443138 3.16% institution
25MW
photovoltai loan
c power
generation
project
Zhanjiang
Potou
Qiantang
120MW Financial
fishery and 500232000 231647619 61993976 0 0 293641595 45.23% 51.2% 13491054 2222547 2.57% institution
photovoltai loan
c
complemen
tary project
Huibo
100MW Financial
photovoltai
651393000 282720095 9972155 0 56104 292636146 34.98% 40.02% 10781815 3302204 2.50% institution
c
composite loan
project
Jingyuan
100000 Financial
kilowatt
681220000 153864133 120085363 0 0 273949496 22.47% 30.18% 3648876 2779303 2.54% institution
wind
power loan
project
100MW Financial
610594600175444019952634450027070746428.89%51.16%434863529179702.76%
wind institution
96Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
power loan
project in
Wangxian
Township
Wanrong
County
Guidian Financial
150MW
589200000 265354845 2948815 0 0 268303660 49.67% 48.81% 8176656 2160333 2.16% institution
photovoltai
c project loan
Wuhua Financial
Huangnizh 336020000 154681906 9111144 0 0 163793050 49.77% 49.39% 9128456 1333777 3.38% institution
ai project loan
Jinghai No.
3 and No. 4
steam Financial
turbine 373000000 132273480 0 0 0 132273480 35.46% 35.46% 380191 331458 2.15% institution
flow loan
transformat
ion project
Shaoguan
Nanxiong
Yuefeng Financial
New
158417400 103180744 5654141 0 0 108834885 75.27% 75.27% 2374489 759731 3.06% institution
Energy
Company loan
photovoltai
c project
Huadu Financial
cogeneratio 3536710000 84234472 8478235 4611649 0 88101058 71.02% 98.35% 77118516 0 0% institution
n project loan
Inner
Mongolia Financial
Yuefeng
1572760000 34569691 14697440 31140357 0 18126774 88.99% 95.01% 31154397 0 0% institution
300MW
photovoltai loan
c park
97Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
project
Jinchang
Muhong
Jinchang
District Financial
Xipo
598705600 90453 1770785 0 0 1861238 97.21% 97.21% 10079140 0 0% institution
100MW
photovoltai loan
c power
generation
project
350000
kilowatts
photovoltai
c project of Financial
the 45th
1156680800 670388068 351369792 1021350840 0 407020 58.26% 90.30% 5282506 0 0% institution
Regiment
of the loan
Third
Division of
the Corps
Zhaoqing
Dinghu Financial
natural gas 2998180000 37676940 1858835 39535775 0 0 100% 100% 100000000 0 0% institution
cogeneratio loan
n project
Zhanjiang
Lianjiang
Changshan
farm Financial
agricultural 294690000 5390253 0 5390253 0 0 100% 100% 7554912 0 0% institution
photovoltai loan
c power
generation
project
Total 81107902891 29827505650 6618179680 1157916111 7323248 35280445971 1396298161 356825793
98Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
(3) List of the withdrawal of the impairment provision of the construction in progress
In RMB
Item Opening balance Increase Decrease Ending balance Reason
Humen Power
No new provision
Plant 2*1000MW 137373040. 137373040.added in this period
Unit Project
Impairment of
projects under
No new provision
construction in the 55389093. 55389093.added in this period
early stage of
Jinghai unit
Impairment of
projects under
construction in the No new provision
46630454.46630454.
early stage of added in this period
Guangqian Power
Phase II
Impairment of
early-stage wind
No new provision
power projects 9421025. 8228591. 1192434.added in this period
under construction
in the province
Impairment of the
Shibei Mountain No new provision
13927888.13927888.
Wind Turbine added in this period
Project
Qinglong Jianhao
Tumenzi 215MW
and Liangshuihe
No new provision
25MW 8605978. 8605978.
added in this period
Photovoltaic
Power Generation
Projects
Other engineering No new provision
36476892.36476892.
projects added in this period
Other 307824370. 8228591. 299595779. --
Other Notes：
The reason for the reduction in this period is the cancellation of its subsidiaries.
（4） Information of impairment test of construction in progress
□Applicable□Not applicable
(5) Engineering materials
In RMB
End of term Beginning of term
Items Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
99Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Engineering
151272073.151272073.41637796.41637796.
material
Total 151272073. 151272073. 41637796. 41637796.
23. Productive biological assets
(1) Productive biological assets measured at cost methods
□ Applicable √ Not applicable
(2) Productive biological assets measured at fair value
□ Applicable √ Not applicable
(3)Productive biological assets measured at fair value
□Applicable□Not applicable
24. Oil and gas assets
□Applicable□Not applicable
25. Right-of-use assets
（1） Right-of-use assets
In RMB
House and Machinery Transportation
Item Land use right Total
buildings equipment equipment
I. Original price
1.Opening balance 828311424. 98231470. 12912058960. 18659094. 13857260948.
2.Increased
amount of the 29892123. 302055981. 361411893. 1221916. 694581913.period
（1）New lease
29892123.302055981.361411893.1221916.694581913.
contracts
3. Decreased
amount of the 4148830. 726359. 0. 34922. 4910111.period
（1）Modification
4148830.726359.0.34922.4910111.
of leases
（2）Leases
transferred out 0. 0. 0. 0. 0.upon maturity
4.Closing balance 854054717. 399561092. 13273470853. 19846088. 14546932750.
100Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
II. Accumulated
depreciation
1.Opening balance 64527355. 48696978. 2031826849. 11790691. 2156841873.
2.Increased
amount of the 16949375. 42594402. 338558073. 1837357. 399939207.period
（1）Withdrawal 16949375. 42594402. 338558073. 1837357. 399939207.
3.Decreased
amount of the 0. 201766. 0. 0. 201766.period
(1)Disposal 0. 201766. 0. 0. 201766.
（2）Leases
transferred out 0. 0. 0. 0. 0.upon maturity
4.Closing balance 81476730. 91089614. 2370384922. 13628048. 2556579314.
III. Impairment
provision
1.Opening balance
2.Increased
amount of the
period
（1）Withdrawal
3.Decreased
amount of the
period
(1)Disposal
4.Closing balance
IV. Book value
1.Closing book
772577987.308471478.10903085931.6218040.11990353436
value
2.Opening book 763784069. 49534492. 10880232111. 6868403 11700419075
（2） Information of impairment test of right-of-use assets
□Applicable□Not applicable
101Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
26. Intangible assets
(1) Information
In RMB
Transmission
and
Non-patent
Items Land use right Patent Sea use right Transformation Software Other Total
Technology
Supporting
Project
I. Original price
1. Balance at
397109069641591075554648678260331315321440501659321145215034379
period-beginning
2.Increase in the
78670288182240371527474700687868184849742
current period
（2）Purchase 78670288 182240 371527 4747006 878681 84849742
（2）Internal R & D
（3）Increased from
Enterprise
Combination
1. Decreased
34125246046404945892
amount of the period
(1)Dispose 341252 4604640 4945892
4. Balance at
404976098418224041249823555020205260331315321582867668107955294938229
period-end
II.Accumulated
amortization
1. Balance at 780618500 28472669 72364370 260331315 199323363 27877994 1368988211
102Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
period-beginning
2. Increase in the
43973444537451509956991615012360649232654270140486
current period
(1) Withdrawal 43973444 53745 1509956 9916150 12360649 2326542 70140486
3.Decreased amount
003177970046039614921758
of the period
(1)Dispose 317797 4603961 4921758
4. Balance at
824591944537452966482882280520260331315207080051302045361434206939
period-end
III. Impairment
provision
1. Balance at
56502373246016144834159410875
period-beginning
2. Increase in the
current period
(1) Withdrawal
3.Decreased amount
of the period
(1)Dispose
4. Balance at
56502373246016144834159410875
period-end
4. Book value
1.Book value at
31686666671284959124834472739685114054475366062593801320415
period -end
2.Book value at
313396982310658245482284308121668797380541203786635293
period-beginning
103Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
The proportion of intangible assets formed by the end of the company's internal R&D to the total balance of intangible assets.
（2） Data resources recognized as intangible assets
In RMB
Intangible assets of Intangible assets of Intangible assets of
Items outsourced data self processed data data resources obtained Total
resources resources by other means
1. Ending book value 0
2. Beginning book
0
value
（3）Details of Land use right failed to accomplish certification of property
In RMB
Items Book value Reason
Land use right 52072406 The procedures have not been completed
104Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
（4）Information of impairment test of intangible assets
□Applicable□Not applicable
27. Goodwill
(1) Original book value of goodwill
In RMB
Name of the Increase Decrease
investees or the Opening
The merger of Closing balanceevents formed balance disposition
goodwill enterprises
Tumushuke
Thermal Power 119488672 119488672
Co. Ltd.Guangdong
Guangye
61589956158995
Nanhua New
Energy Co. Ltd
Other 39372264 39372264
Total 165019931 165019931
（2）Impairment provision of goodwill
In RMB
Name of the Increase Decrease
investees or the Opening
Closing balance
events formed balance Provision disposition
goodwill
Tumushuke
Thermal Power 119488672 119488672
Co. Ltd.Guangdong
Guangye
61589956158995
Nanhua New
Energy Co. Ltd
Other 36922378 36922378
Total 162570045 162570045
（3） Information about the asset group or asset group portfolio where the goodwill is located
Not applicable.
(4) The specific method of determining the recoverable amount
The recoverable amount is determined on the basis of the net amount by fair value less disposal costs
□Applicable□Not applicable
The recoverable amount is determined by the present value of the projected future cash flows
105Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
□Applicable □Not applicable
(5) Status of completion of performance commitment and corresponding goodwill impairment
When goodwill is formed there is a performance commitment and the reporting period or the previous period in
the reporting period is within the performance commitment period
□Applicable□Not applicable
28.Long-term amortization expenses
In RMB
Balance in Increase at this Amortization Balance in
Items Other decrease
year-begin period balance year-end
Improvement of
698426215133027290373919213550
use right assets
Road use right 30392941 844614 29548327
Other 18127958 1498710 16629248
Total 55505161 15133027 5247063 65391125
29.Deferred income tax assets/deferred income tax liabilities
(1)Details of the unrecognized deferred income tax assets
In RMB
Balance in year-end Balance in year-begin
Items Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference assets difference assets
Provision for asset
910741001224592827919919108226760522
impairments
Intra-group
539094141134773535512732957128183239
transactions
Deductible losses 1810352287 452588072 1835121929 458780482
Employee benefits
3049191837622979628854912972137283
payable
Lease Liabilities 2081250210 520147424 1441792757 357536654
Depreciation of fixed
2259469915575598626705232965313187
assets
Other 107551779 26887944 102268681 25567170
Total 5979855592 1490975584 5367436890 1334278537
(2)Details of the un-recognized deferred income tax liabilities
In RMB
Items Balance in year-end Balance in year-begin
Temporarily Deferred Income Tax Temporarily Deferred Income Tax
106Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Deductable or Taxable liabilities Deductable or Taxable liabilities
Difference Difference
Non-same control
enterprise merger
1624741524061853811963288929908222
assets evaluation and
appreciation
Changes in fair value
of other creditor's 0 0 0 0
rights investment
Changes in fair value
of other equity 1815715461 453928865 1708127258 427031815
instruments
Right to use assets 1745105023 424891571 927757509 223639538
Depreciation of fixed
76502027191255077198242017995605
assets
Amortization of
145358573633964145358573633964
land use rights
Interest receivable 12272627 3068157 12272627 3068157
Total 3826605147 945266602 2854308560 705277301
(3) Deferred income tax assets or liabilities listed by net amount after offset
In RMB
End balance of Trade-off between the Opening balance of
Trade-off between the
deferred income tax deferred income tax deferred income tax
Items deferred income tax
assets or liabilities after assets and liabilities at assets or liabilities after
assets and liabilities
offset period-begin offset
Deferred income tax
40033408210906415022350637581099214779
assets
Deferred income
400334082544932520235063758470213543
liabilities
(4)Details of income tax assets not recognized
In RMB
Items Balance in year-end Balance in year-begin
Deductible temporary difference 4769256512 3308593716
Deductible loss 11197405737 11916108217
Total 15966662249 15224701933
(5)Deductible losses of the un-recognized deferred income tax asset will expire in the following years
In RMB
Year Balance in year-end Balance in year-begin Remark
2025702217783948443650
202625027113353667099962
202743361462864248817127
202812086586701125934980
107Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
202915285386231925812498
20309191330400
Total 11197405737 11916108217
30. Other non-current assets
In RMB
Balance in year-end Balance in year-begin
Book balance Provision Book value Book balance Provision Book value
Item for for
devaluation devaluati
on
Prepayments
for equipment 3927184042 3927184042 4684276206 4684276206
fund
Input VAT to
3757274124375727412435619944663561994466
be deducted
Prepayment for
equity 259600000 259600000 392026000 392026000
acquisition
Prepayment for
64638830646388306663475466634754
land use rights
Other 6311777 6311777 6614523 6614523
Total 8015008773 8015008773 8711545949 8711545949
31. Assets with restricted ownership or right to use
I
In RMB
End of period Beginning of period
Item Restricted Restricted
Book balance Book value Book balance Book balance Book value
type type
Monetary
24299955 Deposit Restricted 33925897 33925897 Deposit Restricted
funds
Pledge of Pledge of
Account
1143585738 electricity fee Restricted 1018036904 1018036904 electricity fee Restricted
receivable
charge right charge right
Total 1167885693 1051962801 1051962801
32. Short-term borrowings
(1) Category of short-term borrowings
In RMB
Items Closing balance Opening balance
108Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Credit loans 11375541016 14108930833
Total 11375541016 14108930833
(2) Overdue outstanding short-term loans
Total 0 Yuan overdue outstanding short-term loans at period-end including the following significant amount
33. Transactional financial liabilities
Not applicable
34. Derivative financial liability
In RMB
Items Closing balance Opening balance
Total 0 0
35.Notes payable
In RMB
Item Closing balance Opening balance
Commercial acceptance 140000000 160000000
Bank acceptance bills 480000000 570000000
LC 1482674053 1372292195
Total 2102674053 2102292195
36. Accounts payable
(1) List of accounts payable
In RMB
Item Closing balance Opening balance
Fuel payable 3620581660 3109496277
Materials and spare parts payable 404380896 581559457
Repair expenses payable 84889545 229642687
Contracted operation expenses payable 57202494 71348385
Carbon emission allowances payable 23605641 28790799
Management fees payable for frequency
540575023319353
modulation and energy storage
Other 142917817 234888723
Total 4338983803 4279045681
（2）Significant accounts payable that are aged over one year
In RMB
109Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Items Closing balance Opening balance
Fuel payable and freight payable 52172152 Not yet settled
Total 52172152
Other note：
As at 30 June 2025 accounts payable with ageing over one year amounted to RMB 52172152 ( December 31，
2024: RMB 63727791) mainly unsettled fuel payable
37.Other payable
In RMB
Items Closing balance Opening balance
Interest payable 0 0
Dividend payable 0 0
Other payable 16724832466 15825876579
Total 16724832466 15825876579
（1） Interest payable
Not applicable
(2) Dividend Payable
In RMB
Items Closing balance Opening balance
Total 0 0
Note: Including significant unpaid dividends payable over one year the unpaid reason shall be disclosed:
The balance of dividends payable at the end of the period is the dividends payable to non-tradable shareholders
who have not yet gone through the equity division reform procedures and this part of the dividends will be paid
after the formalities are completed.
（3）Other payable
1）Disclosure by nature
In RMB
Items Closing balance Opening balance
Construction and equipment expenses
1548179257614794509103
payable
Engineering quality guarantee payable 588601218 327109608
Carbon emission allowances payable 322775318 246618393
Advances payable to third parties 5475453 6804566
Land compensation 60748250 15958335
Other 265439651 434876574
Total 16724832466 15825876579
110Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
2) Other payables with large amount and aging of over one year
In RMB
Items Closing balance Reason
Construction and equipment expenses
payable Engineering quality guarantee 8380752303 Fail to meet payment terms
payable
Total 8380752303
Other note
As at 30 June 2025 other payables of RMB 8380752303 (31 December 2024: RMB3830441329) aged
over one year mainly represented construction and equipment expenses payable and warranty payable not being
settled because the comprehensive acceptance and settlement of relevant projects were yet to be completed or
projects were still within their warranty periods.
38. Advance from customers
(1) List of Advance from customers
In RMB
Land advance payment Items Closing balance Opening balance
Total 0 0
（2）Significant payable aging more than 1 year
Not applicable
39.Contract Liabilities
In RMB
Item Closing balance Opening balance
Advance service payment 45596227 32643110
Other 70160517 5816718
Total 115756744 38459828
Major contract liabilities with over one year
Not applicable
Significant changes in the book value in the current period
Not applicable
40.Payable Employee wages
(1) List of Payroll payable
In RMB
Item Balance in year-begin Increase in this period Decrease in this period Balance in year-end
1.Short-term
compensation 427772873 1332851718 1051410859 709213732
2.Post-employment
benefits - defined 3091283 218482174 216578683 4994774
contribution plans
111Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
3.Dismissal welfare 116916244 26004879 61566271 81354852
4. Other benefits due
8510788234510449572775898615
within one year
Total 556291188 1579683875 1334513090 801461973
（2）Short-term remuneration
In RMB
Item Balance in year-begin Increase in this period Decrease in this period Balance in year-end
1.Wages bonuses
allowances and 2399430 993918647 738669708 257648369
subsidies
2.Employee welfare 3885406 89518720 77687919 15716207
3. Social insurance
2602865599580795889414976266679541
premiums
Including：Medical
2602865598875888682365904266679541
insurance
Work injury insurance 0 7049072 7049072 0
4. Public reserves for
867609764470796782070949397
housing
5.Union funds and staff
1507603073682931137570609150019009
education fee
6. Short-term paid
0000
absence
7. Short-term
0000
profit-sharing plan
8. Other short-term
10354411191323751128557718201209
remuneration
Total 427772873 1332851718 1051410859 709213732
（3）Defined contribution plans listed
In RMB
Items Balance in year-begin Increase in this period Payable in this period Balance in year-end
1.Basic old-age
553111438723451429269621000694
insurance premiums
2.Unemployment
739071030236974192136221
insurance
3. Annuity payment 3028582 67506806 66677529 3857859
Total 3091283 218482174 216578683 4994774
41.Tax Payable
In RMB
112Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Items Closing balance Opening balance
VAT 86329489 111421392
Enterprise Income tax 103431387 116285242
Individual Income tax 1624839 42378114
City Construction tax 2653225 3500301
House property Tax 39773780 11355848
Education surcharges 2234689 2760974
Land use tax 10379814 2059907
Other 14989323 13678237
Total 261416546 303440015
42. Liabilities classified as holding for sale
In RMB
Item Closing balance Opening balance
Total 0 0
43.Non-current liabilities due within 1 year
In RMB
Item Closing balance Opening balance
Long-term loans due in 1 year 7154020702 5906727792
Bond payable due in 1 year 304399943 124279404
Long-term Account payable due in 1
2746859244542852
year
Lease liabilities due in 1 year 437724924 531128288
Total 7923614161 6606678336
44. Other current-liabilities
In RMB
Item Closing balance Opening balance
Output VAT to be written off 559303966 528095817
Total 559303966 528095817
45.Long-term borrowings
（1）Long-term borrowings
In RMB
Items Closing balance Opening balance
Pledged borrowings 4112424282 5173278170
113Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Mortgage borrowings 0 0
Guarantee loan 1115281636 1346902531
Credit loans 69278758770 63021378705
Total 74506464688 69541559406
Explanation on category of long-term loans:
Not applicable
Other note: including interest rate section
Not applicable
46.Bond payable
（1）Bond payable
I
In RMB
Items Closing balance Opening balance
21 Yudean 02 125450185 126964454
21 Yudean03 816335883 802658147
22 Yudean Fa MTN001 614113857 605252536
23 Yudean Fa MTN001 1614676954 1641303369
24 Yudean Fa MTN001 1001645953 1013579788
24 Yudean Fa MTN002 1533812728 1514602351
24 Yudean Fa MTN003 610676983 603064342
24 Yudean Fa MTN004A 1016749949 1004289973
24 Yudean Fa MTN004B 508080912 501275303
24 Yudean Fa MTN005 1015488983 1001880113
24 Yudean Fa MTN006A 811281241 801718882
24 Yudean Fa MTN006B 1014238693 1000796146
25 Yudean Fa MTN001 499592496 0
G23 Yuefeng 2 614369116 614323258
Less：Bonds payable and due within one
-313849942-124279404
year
Total 11482663991 11107429258
114Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
（2）Changes of bonds payable (Not including the other financial instrument of preferred stock and perpetual capital securities that classify as financial
liability
In RMB
Premium/d Transfer out to
Accrual
Interest Release Bond Opening Issued in iscount Paid in the non-current Closing Whether
Bond Face value Issuing amount interest by
rate date period balance the Period amortizatio Period liabilities due balance default
face value
n within one year
21
April 3+2
Yudean 1500000000 2.45% 1500000000 126964454 0 1531250 -16981 3062500 125450185 No
272021 years
02
21
November 5
Yudean 800000000 3.41% 800000000 802658147 0 13640000 -37736 0 816335883 No
232021 years
03
22
Yudean
August 5
Fa 600000000 2.90% 600000000 605252536 0 8700000 -161321 0 614113857 No
242022 years
MTN00
23
Yudean
March 5
Fa 1600000000 3.35% 1600000000 1641303369 0 26800000 -173585 53600000 1614676954 No
152023 years
MTN00
1
24Yude
an Fa May 5
1000000000 2.41% 1000000000 1013579788 0 12050000 -116165 24100000 1001645953 No
MTN00 222024 years
1
24
Yudean
July 10
Fa 1500000000 2.54% 1500000000 1514602351 0 19050000 -160377 0 1533812728 No
112024 years
MTN00
24
September 15
Yudean 600000000 2.52% 600000000 603064342 0 7560000 -52641 0 610676983 No
92024 Years
Fa
115Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
MTN00
24
Yudean
October 5
Fa 1000000000 2.47% 1000000000 1004289973 0 12350000 -109976 0 1016749949 No
112024 years
MTN00
4A
24
Yudean
October 15
Fa 500000000 2.70% 500000000 501275303 0 6750000 -55609 0 508080912 No
112024 years
MTN00
4B
24
Yudean
October 15
Fa 1000000000 2.70% 1000000000 1001880113 0 13500000 -108870 0 1015488983 No
222024 years
MTN00
5
24
Yudean
November 5
Fa 800000000 2.37% 800000000 801718882 0 9480000 -82359 0 811281241 No
112024 years
MTN00
6A
24
Yudean
November 15
Fa 1000000000 2.67% 1000000000 1000796146 0 13350000 -92547 0 1014238693 No
112024 years
MTN00
6B
25
Yudean
June 10
Fa 500000000 2.18% 500000000 0 500000000 597260 1004764 0 499592496 No
92025 years
MTN00
1
G23
March 20 5
Yuefeng 600000000 3.15% 600000000 614323258 0 9495858 0 9450000 614369116 No
2023 years
2
Less：
Bonds -124279404 -189570538 -313849942 No
payable
116Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
and due
within
one year
Total 13000000000 11107429258 500000000 154854368 -163403 90212500 -189570538 11482663991
117Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
(3) Note to conditions and time of share transfer of convertible bonds
Not applicable
（4）Other financial instruments that are classified as financial liabilities
Not applicable
47. Lease liability
In RMB
Item Closing balance Opening balance
Net lease liabilities 12910241360 12376312142
Total 12910241360 12376312142
48. Long-term payable
In RMB
Item Closing balance Opening balance
Long-term payable 924981669 671387824
Special payable 24960000 24960000
Total 949941669 696347824
(1) Long-term payable listed by nature of the account
In RMB
Item Closing balance Opening balance
Equipment and construction expenses
536809735295079986
payable
Sea area usage fee payable 415640526 420850690
Less：Long-term payables due within one
-27468592-44542852
year
Total 924981669 671387824
（2）Specific payable
In RMB
Items Opening balance Increase Decrease Closing balance Cause
Supporting funds
for efficiency
improvement and
capacity expansion
Supporting funds
of Guanlanzihe 24960000 24960000
for expansion
Hydropower
Station and
Nanrongtian
Hydropower
118Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Station
Total 24960000 24960000
Other note:
Note: The special payables of the Company are the expansion supporting funds allocated by the central and
provincial governments according to the "Notice on Printing and Distributing the Implementation Rules for the
Construction and Management of Rural Hydropower Efficiency Expansion and Renovation Projects in Yunnan
Province" (Yunshui Dian [2013] No. 46) issued by the Yunnan Provincial Water Resources Department and the
Yunnan Provincial Finance Department. There is no specific repayment deadline and the state-owned
administrative asset income shall be levied at an annual interest rate of 4% and handed over to Yunnan Provincial
Water Conservancy and Hydropower Investment Co. Ltd. Our company will include the corresponding interest in
this part in the financial expenses.
49. Long-term employee salary payable
（1）Long-term employee salary payable
In RMB
Item Closing balance Opening balance
I.Post-employment benefits - defined con
9355768287919397
tribution plans
II. Dismissal benefits 402217136 434734312
III.Other long-term benefits 14484507 14484507
Total 510259325 537138216
(2) Changes of defined benefit plans
Present value of the defined benefit plan's obligations:
Not applicable
Net liabilities (net assets) of the defined benefit plan
Not applicable
Explanation of the content of the defined benefit plan and its related risks as well as the impact on the
Company's future cash flows time and uncertainty:
Not applicable
Explanation of significant actuarial assumptions and sensitivity analysis results for the defined benefit plan:
Not applicable
50.Predicted liabilities
In RMB
Items Closing balance Opening balance Reason
Total 0 0
Other explanations including relevant important assumption and estimation explanations of important estimated
liabilities:
119Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Not applicable
51.Deferred income
In RMB
Beginning of Increased this Decreased
Item End of term Reason
term term this term
Government Asset-related
113262526 13260682 3887395 122635813 government
Subsidy grants received
Total 113262526 13260682 3887395 122635813
52. Other non-current liabilities
In RMB
Items Closing balance Opening balance
Housing revolving fund 985667 985667
Other 42500 42500
Total 1028167 1028167
53.Stock capital
In RMB
Changed（+，-）Year-beginning Issuance
Capitalizatio Balance in year-end
balance of new Bonus shares Other Subtotal
n of public
share
reserve
Total of
52502839865250283986
shares
54. Other equity instruments
(1) Basic information of preferred stock perpetual capital securities and other financial instruments
outstanding issued at period-end
Not applicable
(2) Change list of preferred stock perpetual capital securities and other financial instruments
outstanding issued at period-end
In RMB
Outstanding Period-begin Current increased Current decreased Period-end
financial
instrument Amount Book value Amount Book value Amount Book value Amount Book value
Total 0 0
120Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
55. Capital reserves
In RMB
Item Year-beginning Increase in the Decrease in the Year-end balance
balance current period current period
Share premium 4909978015 0 21702 4909956313
Revaluation reserve 119593718 0 0 119593718
Investment From
38897635500388976355
GEGC
Share of interests in the
investee in proportion -158866523 9343464 0 -149523059
to the shareholding
Transfer of capital
surplus recognised
204745920020474592
under the previous
accounting system
Other -76905774 0 0 -76905774
Total 5203250383 9343464 21702 5212572145
Other explanations including the increase or decrease in this period and the reasons for such change:
In the first half of 2025 the capital increase of minority shareholders of some subsidiaries of the Company led
to the dilution of the equity ratio resulting in a total net reduction in capital reserve of 21702 yuan. Changes in
other equity interests of invested units in proportion to shareholding resulted in an increase in capital reserve of
9343464 yuan.
56.Treasury stock
In RMB
Item Year-beginning Increase in the current Decrease in the current Year-end balance
balance period period
Total 0 0
Other explanations including the increase or decrease in this period and the reasons for such change:
Not applicable.
57. Other comprehensive income
In RMB
Amount of current period
Less： Less：Prior
Amount period After-tax
transferred included in After-tax attributed
Year-beginning Amount Less：
Item Closinginto profit other attributed to to
balance incurred before Income tax balance
and loss in composite the parent minority
income tax expenses
the current income company shareholde
period that transfered to r
recognized retained
121Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
into other income in the
comprehensi current
ve income in period
prior period
I. Other
comprehen
sive
income
that will
not be 1329658738 46362141 0 0 26897050 19465091 0 1349123829
subsequent
ly
reclassified
to profit or
loss
Including:
Changes
arising
from
remeasure -47392454 -125551 0 0 0 -125551 0 -47518005
ment of
defined
benefit
plans
Other
comprehen
sive
income
that cannot
be 96233166 -61100510 0 0 0 -61100510 0 35132656
transferred
to profit or
loss under
equity
method
Changes in
fair value
of
investment
1280818026107588202268970508069115201361509178
s in other
equity
instrument
s
122Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
II. Other
comprehen
sive
income
that will be
2217355-365901000-36590101851454
subsequent
ly
reclassified
to profit or
loss
Including：
Share of
other
comprehen
sive
income of
the
investee
that cannot 2217355 -365901 0 0 0 -365901 0 1851454
be
transferred
to profit or
loss
accounted
for using
the equity
method
Total of
other
comprehen 1331876093 45996240 0 0 26897050 19099190 0 1350975283
sive
income
Other explanations including the adjustment of the effective part of cash flow hedging profit and loss to the
initial recognition amount of the hedged item:
58. Special reserves
In RMB
Year-beginning Increase in the current Decrease in the current
Item Year-end balance
balance period period
Safety in production 62769166 212340844 137866698 137243312
Total 62769166 212340844 137866698 137243312
Other explanations including the increase or decrease in this period and the reasons for such change:
123Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
The Company set aside special reserves of 212340844 yuan this year and the actual use is 137866698 yuan.
59. Surplus reserves
In RMB
Year-beginning Increase in the current Decrease in the current
Item Year-end balance
balance period period
Statutory surplus
30168938703016893870
reserve
Discretionary surplus
58866212655886621265
reserve
Total 8903515135 8903515135
Explanation: including changes and reasons for changes
Not applicable
60. Retained profit
In RMB
Item Current period Prior period
Retained profit at period-end before
21429870331283749956
adjustment
Retained profit at period-begin after
21429870331283749956
adjustment
Add: net profit attributable to
shareholders of parent company for this 32474158 902938860
year
Dividend payable for ordinary shares 105005680 105005680
Retained profit at the end of this term 2070455511 2081683136
As regards the details of adjusted the beginning undistributed profits
(1)As the retroactive adjustment on Enterprise Accounting Standards and its related new regulations the
affected beginning undistributed profits are RMB 0.00.
(2) As the change of the accounting policy the affected beginning undistributed profits are RMB 0.00.
(3) As the correction of significant accounting error the affected beginning undistributed profits is RMB 0.00 .
(4) As the change of consolidation scope caused by the same control the affected beginning undistributed
profits are RMB 0.00
(5) Other adjustment of the total affected beginning undistributed profits are RMB 0.00 .
61. Business income Business cost
In RMB
Amount of current period Amount of previous period
Item
Income Cost Income Cost
Main business 23024016646 21059973597 25944529404 22502230247
Other business 117425297 28589895 134261567 105374482
Total 23141441943 21088563492 26078790971 22607604729
Income related information:
124Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
In RMB
Division 1 Division 2 Total
Contract
Cos
classification Income Cost Income Cost Income Income Cost
t
Business 23141441943 21088563492 23141441943 21088563492
Including：
Electric
22669486579207084536862266948657920708453686
power
Fly ash coal
681658913595306681658913595306
sales revenue
Thermal
282122770256777579282122770256777579
Energy
Other 121666703 119736921 121666703 119736921
Area 23141441943 21088563492 23141441943 21088563492
Including：
Guangdong 22204032561 20331489465 22204032561 20331489465
Xinjiang 563971455 511305365 563971455 511305365
Hunan 81754506 44087408 81754506 44087408
Hebei 76735444 42414174 76735444 42414174
Guangxi 55953791 37439484 55953791 37439484
Yunnan 31118041 14989757 31118041 14989757
Henan 15399857 9033544 15399857 9033544
Shanxi 6790597 973472 6790597 973472
Shandong 16387452 10567133 16387452 10567133
Inner
42351182457741974235118245774197
Mongolia
Gansu 20092391 27919515 20092391 27919515
Anhui 26854666 12569978 26854666 12569978
Market type 23141441943 21088563492 23141441943 21088563492
Including
Power
22669486579207084536862266948657920708453686
market
Other market 471955364 380109806 471955364 380109806
Contract type 23141441943 21088563492 23141441943 21088563492
Including
Sell goods 23019775240 20968826571 23019775240 20968826571
Service 110094085 115878298 110094085 115878298
Assets use
115726183858623115726183858623
rights
By the time of
commodity 23141441943 21088563492 23141441943 21088563492
transfer
125Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Including
Recognize at
a certain time 23019775240 20968826571 23019775240 20968826571
point
Recognize in
a certain 121666703 119736921 121666703 119736921
period of time
Contract term
Including
Sales channel
Including
Total 23141441943 21088563492 23141441943 21088563492
Information related to performance obligations:
The types of
The nature of The expected quality
The time to Whether it is
the goods that refunds to assurance
fulfill the Important the main
Item the company customers provided by the
performance payment terms responsible
promises to borne by the company and
obligation person
transfer company related
obligations
Electric power Cash Electric power According to
June 302025 settlement/mont Yes Not applicable the industry
hly settlement warranty
Heat energy Cash Heat energy According to
June 302025 settlement/mont Yes Not applicable the industry
hly settlement warranty
Power Cash Power According to
generation June 302025 settlement/mont generation Yes Not applicable the industry
by-products hly settlement by-products warranty
Labor service Cash Labor service According to
June 302025 settlement/mont Yes Not applicable the industry
hly settlement warranty
Information related to the transaction price apportioned to the residual performance obligation:
The income corresponding to the performance obligations that have not been performed or have been performed
incompletely but the contract has been signed at the end of the reporting period is RMB348407428 of which
RMB97655518 is expected to be recognized as income in 2025 RMB96213989 is expected to be recognized
as income in 2026 RMB154537921 is expected to be recognized as income in 2027.Information related to variable consideration in the contract:
Not applicable
Major contract changes or major transaction price adjustments:
126Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Not applicable
62. Business tax
In RMB
Item Amount of current period Amount of previous period
Urban construction tax 29509307 37209891
Education surcharge 22818061 30069730
Property tax 45938241 36335868
Land use tax 14167219 11456432
vehicle and vessel usage tax 73892 91730
Stamp tax 13810586 16171101
Environmental protection tax 9532149 5749595
Other 7366859 3719504
Total 143216314 140803851
63.Administrative expenses
In RMB
Item Amount of current period Amount of previous period
Employee’s remuneration 368545366 366908237
Amortization of intangible assets 50902238 44730391
Depreciation expenses 50588722 40644092
Fire safety expenses 28646946 24783110
Property management expenses 18915521 21195951
Long-term deferred amortization of
315835421017353
expenses
Agency fee 9810716 9481501
Publicity expense 1721366 8529449
Rental expenses 5471930 8052260
Afforestation fees 6115381 6489193
Travel expenses 6420338 5859078
Repair fee 2939784 5395181
Office expenses 4887682 4494963
Consulting fee 5116284 4490690
Information system maintenance fee 9272432 3309825
Entertainment expenses 1735530 2215455
Insurance expenses 1715469 854291
Low value easy to consume amortization 601556 661708
Board fee 331340 285541
Other 29336054 33425520
Total 606233009 612823789
64.Selling expenses
In RMB
Item Amount of current period Amount of previous period
127Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Employee’s remuneration 37297407 38292162
Business expense 860367 1035943
Depreciation expenses 1447437 332859
Publicity Expenses 30874 227859
Other 4095592 3923583
Total 43731677 43812406
65. R&D Expense
In RMB
Item Amount of current period Amount of previous period
Direct input fee 236272514 214683952
Employee’s remuneration 54910105 58717736
Other 25746959 46443641
Outsourced research and development
41117163331318
expenses
Total 321041294 323176647
66.Financial Expenses
In RMB
Item Amount of current period Amount of previous period
Interest expenses 1141097530 1215356585
Interest income -47640150 -91313895
Bank charges and others 7665107 11973570
Total 1101122487 1136016260
Other note：
None
67.Other income
In RMB
Other sources of revenue Amount of the Current Term Amount of the Previous Term
Revenue from timely levy and refund of
1296917116007406
VAT
Amortization of the deferred income
35223953971808
related to the assets
Other 7407911 7574537
68.Net exposure hedging income
In RMB
Item Amount of the Current Term Amount of the Previous Term
Total 0 0
128Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
69. Gains on the changes in the fair value
In RMB
Item Amount of the Current Term Amount of the Previous Term
Total 0 0
70. Investment income
In RMB
Item Amount of this period Amount of last period
Long-term equity investment income by
297613926432959549
equity method
Dividends earned during the holding
period on investments in other equity 116155595 112589720
instrument
Other
Total 413769521 545549269
Other note
None
71. Credit impairment loss
In RMB
Item Amount of this period Amount of last period
Loss of bad accounts receivable -7409018 -6206975
Loss of bad debts in other receivables 364945 1966427
Total -7044073 -4240548
Other note
None
72. Losses from asset impairment
In RMB
Item Amount of this period Amount of last period
IV. Impairment loss of fixed assets -2060
XI. Impairment loss of the contract assets -104
Total -104 -2060
Other note
None
129Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
73.Assets disposal income
In RMB
Source Amount of this period Amount of last period
Early lease withdrawal and disposal
415340
income
Total 0 10435
74. Non-Operation income
In RMB
Item Amount of current period Amount of previous period Recorded in the amount of the
non-recurring gains and
losses
Gain on disposal of
249953251010348024995325
non-current assets
A fine net income 3114237 2033020 3114237
Income from carbon emission
018816350
quota trading
liquidated damages income 1086897 1858508 1086897
Claims and Compensation
108044369372668108044369
Income
Other 2857670 60348235 2857670
Total 140098498 76597546 140098498
Other note：
75.Non-current expenses
In RMB
Amount of current period Amount of previous period The amount of non-operating
Item
gains & losses
Foreign donations 119302 114856 119302
Carbon emission allowances
used to fulfil the emission 72907513 150950755
reduction obligation
Loss on obsolescence of
10385900970166410385900
non-current assets
Fine for delaying payment 1732820 5782976 1732820
Other 586698 19744571 586698
Total 85732233 186294822 12824720
76. Income tax expenses
（1）Income tax expenses
In RMB
130Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Item Amount of current period Amount of previous period
Current income tax expense 168875760 252861744
Deferred income tax expense 56395204 190583945
Total 225270964 443445689
（2）Adjustment on accounting profit and income tax expenses
In RMB
Item Amount of current period
Total profits 322566290
Income tax expenses calculated on legal / applicable tax rate 80641573
Effect of different tax rate applicable to the subsidiary
-3685134
Company
Impact of adjusting the income tax of prior period -174409291
Influence of non taxable income 2841999
Impact of non-deductible costs expenses and losses -9287856
Utilisation of previously unrecognised deductible losses or
203845079
temporary differences
Utilisation of deductible temporary differences for which no
125324594
deferred tax asset was recognised in previous periods
Income tax expenses 225270964
Other note
None
77. Other comprehensive income
Refer to the notes (56)
78. Items of cash flow statement
(1) Cash related to business activities
Cash received from other activities relating to operation
In RMB
Items Amount of current period Amount of previous period
Interest income 37392453 49472945
Government Subsidy 22247807 3629340
Claims and compensation income 26001802 27205502
Rental fee 10344333 16994298
Return the fuel advance payment 96450000 111566739
Land compensation 60748250
Compensation for reclamation works and
53797467
breakwater royalties
Other 166631286 190544165
Total 473613398 399412989
131Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Explanation on other cash received in relation to operation activities: N/A
Other cash paid in relation to operation activities
In RMB
Items Amount of current period Amount of previous period
Carbon emission quota and trading
58366041119438117
reserve fund
Information system maintenance fee 11968874 60613415
Repair and maintenance costs 186805860 47789696
Insurance premium 43774545 42749755
Water and electricity 34188560 35711836
3073261531977204
Fire-fighting and security fees 31627267 29893350
Agency fees 16227658 21670333
Equipment cleaning sanitation and
1093538817028714
greening fees
Auxiliary service fee for energy storage
427460316779238
and frequency regulation
Automobile fee 11630510 12874857
Rental fee 15284167 12017479
Travel expense 10533401 8228214
Labour union fee 6730198 6613745
Office fee 6197607 6187549
Business fee 2338836 3101189
Enterprise promotion fee 3402574 3068458
R & D 20088252 2889708
Other 336710167 523765059
Total 841817123 1002397916
Explanation on other cash paid in relation to operation activities: N/A
（2）Cash related to Investment activities
Cash receivable related to other Investment activities
In RMB
Items Amount of current period Amount of previous period
Take back the large deposit certificate of
400000000
the finance Company
Return of the equity acquisition advance
101226000
payment
Other 209930
Total 101226000 400209930
Related for important cash related to investment activities
132Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
In RMB
Item Amount of current period Amount of previous period
Return of the equity acquisition advance
101226000
payment
Total 101226000
Explanation on other cash received from investment activities:
None.Cash paid related to investment activities
In RMB
Item Amount of current period Amount of previous period
Equity acquisition deposit 223380000
Deposit in time deposit 11467182
Other 1034550 318100
Total 12501732 223698100
Important cash received in relation to the investment activities
In RMB
Item Amount of current period Amount of previous period
Equity Acquisition Project of Xiangzhou
52200000
Yunjiang New Energy Co. Ltd.Equity Acquisition Project of Xiangzhou
99180000
Hangjing New Energy Co. Ltd.Equity Acquisition Project of Kekdalazfo
72000000
New Energy Co. Ltd.Total 223380000
Explanation of other cash payments related to fund-raising activities:
None
（3）Cash related to Financing activities
Other cash received in relation to financing activities
In RMB
Item Current period incurred Prior period incurred
Total 0 0
Explanation on other cash received in relation to financing activities:
None
Other cash paid related with financing activities
In RMB
133Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Item Current period incurred Prior period incurred
Repayments of lease liabilities and
445517523307846245
long-term payables
Other 49266087 58127818
Total 494783610 365974063
Explanation on other cash paid related with financing activities:
Changes in various liabilities arising from fund-raising activities
□Applicable□Not applicable
(3) Statement of cash flows on a net basis
None
(4) Major activities and financial impacts that do not involve cash receipts and expenditures in the
current period but affect the financial position of the enterprise or may affect the cash flow of the
enterprise in the future
None
79. Supplementary information to statement of cash flow
(1) Supplementary information to statement of cash flow
In RMB
Supplementary information Current amount Amount of the previous period
1．Net profit adjusted to cash flow of
operation activities:
Net profit 97295326 1230281171
Add: Assets impairment provision 7044177 4242608
Depreciation of fixed assets
consumption of oil assets and 2769985362 3154045598
depreciation of productive biology assets
Depreciation of right-of-use assets 399939207 303483268
Amortization of intangible assets 70140486 62885821
Amortization of long-term deferred
524706314446767
expenses
Loss from disposal of fixed assets
intangible assets and other long-term -41534 -10435
assets (gain is listed with “-”)
Losses on scrapping of fixed assets (gain
-14609425-401816
is listed with “-”)
Gain/loss of fair value changes (gain is
00
listed with “-”)
Financial expenses (gain is listed with
11410975301215356585
“-”)
Investment loss (gain is listed with “-”) -413769521 -545549269
Decrease of deferred income tax asset -156697047 191687089
134Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
(increase is listed with “-”)
Increase of deferred income tax liability
213092251-108887929
(decrease is listed with “-”)
Decrease of inventory (increase is listed
-670285589-1616079923
with “-”)
Decrease of operating receivable
225037896869415221
accounts (increase is listed with “-”)
Increase of operating payable accounts
6826454161231310315
(decrease is listed with “-”)
Other
Net cash flow arising from operating
43561215986006225071
activities
2. Material investment and financing not
involved in cash flow
Conversion of debt into capital
Switching Company bonds due within
one year
Financing lease of fixed assets
3. Net change of cash and cash
equivalents:
Balance of cash at period end 12529747072 12013016832
Less: Balance of cash equivalent at
1183150492411954167156
year-begin
Add: Balance at year-end of cash
equivalents
Less: Balance at year-begin of cash
equivalents
Net increased amount of cash and cash
69824214858849676
equivalents
(2) Net cash paid for obtaining subsidiary in the Period
None
(3)Net cash received by disposing subsidiary in the Period
None
(4) Constitution of cash and cash equivalent
In RMB
Item Ending balance Opening balance
I. Cash 12529747072 11831504924
135Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Including: Cash on hand 41462 34030
Bank deposit available for payment at
1252970561011831470894
any time
III. Balance of cash and cash
1252974707211831504924
equivalents at the period -end
(5) Situations where the scope of use is limited but still classified as cash and cash equivalents
None
( 6) Monetary funds that do not belong to cash and cash equivalents
In RMB
Amount of the previous Reason for not belonging to
Item Amount of the current period
period cash and cash equivalents
The liquidity does not meet
Deposit certificates for
3462067182 4000000000 the definition of cash and
finance Company
cash equivalents
The liquidity does not meet
Other Monetary funds 24299955 21411917 the definition of cash and
cash equivalents
Accrued balance is not actual
Interest receivable 35600457 77066007
balance
Total 3521967594 4098477924
(7) Description of other major activities
80. Notes of changes of owners’ equity
Explain the name and adjusted amount in “Other” at end of last period:
81. Foreign currency monetary items
(1) Foreign currency monetary items
In RMB
Closing foreign currency Closing convert to RMB
Item Exchange rate
balance balance
Monetary capital
Including：USD 0.80 7.1875 5.75
Euro 0.00 0.0000 0.00
HKD 13614 0.9127 12426
Account receivable
Including：USD
Euro
136Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
HKD
Long –term borrowings
Including：USD
Euro
HKD
(2) Note to overseas operating entities including important overseas operating entities which should be
disclosed about its principal business place functional currency for bookkeeping and basis for the choice.In case of any change in function currency the cause should be disclosed.□ Applicable √ Not applicable
82. Leasing
(1) The Company acts as the lessee
□Applicable □Not applicable
Variable lease payments that are not included in the measurement of lease liabilities
□Applicable □Not applicable
The amount of variable lease payments included in the cost of relevant assets or profit or loss for the period is
330189 yuan.
Simplified processing of lease costs for short-term leases or lease for low-value assets
□Applicable □Not applicable
The amount of short-term lease expenses included in the simplified treatment of the cost of related assets or
profit or loss for the period was 2010980 yuan.Cases involving sale-leaseback transactions
(2) The Company acts as the lessor
Operating lease as a lessor
□Applicable □Not applicable
In RMB
Including: the income related to the
Item Lease income variable lease payments not included in
the lease collection amount
House and building 11572618
Total 11572618
Financial lease as a lessor
□Applicable□Not applicable
Annual undiscounted lease receipts for the next five years
□Applicable□Not applicable
137Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Adjustment table for undiscounted lease receipts and net lease investments
(3) Recognition of financial lease sales gains and losses as a producer or distributor
□Applicable□Not applicable
83. Data resources
None
84. Other
None
VIII. R&D expenditure
None
IX. Changes of merge scope
1. Business merger not under same control
(1) Business merger not under same control in reporting period
None
Other note:
None
（2）Combination cost and goodwill
None
(3) Identifiable assets and liabilities on purchasing date under the acquiree
None
(4) Gains or losses arising from re-measured by fair value for the equity held before purchasing date
Whether it is a business combination realized by two or more transactions of exchange and a transaction of
obtained control rights in the Period or not
□Yes□No
138Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
(5) On purchasing date or period-end of the combination combination consideration or fair value of
identifiable assets and liability for the acquiree are unable to confirm rationally
None
(6) Other Note:
None
2. Enterprise combine under the same control
(1) Enterprise combined under the same control in the Period
None
(2) Combination cost
None
Other Note:
None
(3) Book value of the assets and liability of the combined party on combination date
None
Other Note:
None
3. Counter purchase
Basic transaction information basis of counter purchase whether making up business due to the assets and
liability reserved by listed company and basis determination of combination cost amount and calculation on
adjusted equity by equity transaction:
None
4. Subsidiary disposal
Whether lost controlling rights while dispose subsidiary in one go or not
□Yes□No
Whether lost controlling rights in the Period while dispose subsidiary in two or more steps or not
139Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
□Yes□No
5. Other reasons for consolidation range changed
Reasons for changed on consolidation range (such as new subsidiary established subsidiary liquidated etc.)And
relevant information:
Situation of liquidation subsidiaries in this year:
Major business Nature of Registered Shareholding(%)
Name Place of registration
location business capital Direct Indirect
Guangdong Yudean Heping Wind
Heyuan Heyuan Electric Power 137000000 76.44%
Power Co. Ltd.
140Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
6.Other
None
X. Equity in other entity
1. Equity in subsidiary
（1）Composition of enterprise group
In RMB
Business Share-holding ratio
Subsidiary Registered capital Main operation Registered place Acquired way
nature Directly Indirectly
Maoming
Electric
Thermal 1437985100 Maoming Maoming 46.54% 0% Establish
Power
power Plant
Jinghai
Electric
Power 2919272000 Jieyang Jieyang 65% 0% Establish
Power
Generation
Zhangjiang Electric
449420000 Zhanjiang Zhanjiang 0% 53.51% Establish
Wind Power Power
Technology
Engineering Repair200000000 Guangzhou Guangzhou 100% 0% Establish
services
Company
Humen
Electric
Power 150000000 Dongguan Dongguan 60% 0% Establish
Power
Generation
Bohe Electric
3118000000 Maoming Maoming 67% 0% Establish
Company Power
Xuwen Wind 173190000 Zhanjiang Zhanjiang Electric 0% 53.51% Establish
141Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Power Power
Huadu Electric
497000000 Guangzhou Guangzhou 65% 0% Establish
Natural gas Power
Dapu Power Electric
1907100000 Meizhou Meizhou 100% 0% Establish
Generation Power
Leizhou Electric
109803900 Zhanjiang Zhanjiang 0% 62.52% Establish
Wind Power Power
Dianbai Electric
171872900 Maoming Maoming 0% 76.44% Establish
Wind Power Power
Business combinations involving
Zhanjiang Electric
2875440000 Zhanjiang Zhanjiang 0% 76% enterprises under common
Company Power
control
Business combinations involving
Yuejia Electric
756000000 Meizhou Meizhou 58% 0% enterprises under common
Company Power
control
Shaoguan Business combinations involving
Electric
Power 1070000000 Shaoguan Shaoguan 90% 0% enterprises under common
Power
Generation control
Business combinations involving
Zhongyue Electric
1454300000 Zhanjiang Zhanjiang 90% 0% enterprises under common
Company Power
control
Electric
Electric sales 500000000 Guangzhou Guangzhou 100% 0% Establish
Power
Qujie Wind Electric
2519567500 Zhanjiang Zhanjiang 0% 75.16% Establish
Power Power
Yangjiang Electric
1192660000 Yangjiang Yangjiang 0% 69.87% Establish
Wind Power Power
Lincang Electric Business combinations involving
459790000 Linfen Linfen 100% 0% enterprises not under common
Company Power control
142Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Business combinations involving
Guangqian Electric
1030292500 Shenzhen Shenzhen 100% 0% enterprises under common
Company Power
control
Business combinations involving
Huizhou Electric
1499347500 Huizhou Huizhou 67% 0% enterprises under common
Natural gas Power
control
Pinghai Business combinations involving
Electric
Power 1370000000 Huizhou Huizhou 45% 0% enterprises under common
Power
Generation control
Business combinations involving
Shibeishan Electric
231700000 Jieyang Jieyang 0% 53.51% enterprises under common
Wind Power Power
control
Business combinations involving
Red Bay Electric
2749750000 Shanwei Shanwei 65% 0% enterprises under common
Company Power
control
Guangdong Electric Business combinations involving
12690914586 Guangzhou Guangzhou 76.44% 0% enterprises not under common
Wind Power Power control
Tongdao Electric
106500000 Huaihua Huaihua 0% 76.44% Establish
Wind Power Power
Huilai Wind Electric
Business combinations involving
59000000 Jieyang Jieyang 0% 68.67% enterprises not under common
Power Power control
Hongrui Electric
20000000 Shaoguan Shaoguan 0% 90% Establish
Technology Power
Yongan Electric
550000000 Zhaoqing Zhaoqing 90% 0% Establish
Natural gas Power
Xupu Wind Electric
104910000 Huaihua Huaihua 0% 76.44% Establish
Power Power
Wuxuan Electric
96520000 Laibin Laibin 0% 76.44% Establish
Wind Power Power
143Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Pingdian
Integrated Electric
20000000 Huizhou Huizhou 0% 45% Establish
Energy Power
Company
Zhuhai Wind Electric
1128634000 Zhuhai Zhuhai 0% 56.78% Establish
Power Power
Electric
Binhai Bay 1040000000 Dongguan Dongguan 100% 0% Establish
Power
Dayawan Electric
764000000 Huizhou Huizhou 70% 0% Establish
Company Power
Qiming Electric
53000000 Guangzhou Guangzhou 100% 0% Establish
Company Power
Huaguoquan Business combinations involving
2650000 Shenzhen Shenzhen Lease 100% 0% enterprises not under common
Company control
Nanxiong Electric
75000000 Shaoguan Shaoguan 0% 76.44% Establish
New Energy Power
Dananhai Electric
291000000 Jieyang Jieyang 100% 0% Establish
Company Power
Qingzhou
Electric
Offshore 2421000000 Yangjiang Yangjiang 0% 76.44% Establish
Power
wind power
Wanhaowei Electric
100046000 Zhanjiang Zhanjiang 0% 76.44% Establish
New Energy Power
Wanchuang
Electric
Hengwei 100046000 Zhanjiang Zhanjiang 0% 76.44% Establish
Power
New Energy
Nanhua New Electric Business combinations involving
135234900 Zhanjiang Zhanjiang 0% 38.98% enterprises not under common
Energy Power control
Datang New 145938900 Guangzhou Guangzhou Electric 0% 38.98% Business combinations involving
144Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Energy Power enterprises not under common
control
Yueneng Electric Business combinations involving
130000000 Zhanjiang Zhanjiang 0% 38.98% enterprises not under common
Wind Power Power control
Tumu
Thermal Electric Business combinations involving
1006523900 Tumusuke Tumusuke 79.48% 0% enterprises not under common
power Power control
Company
Business combinations involving
Sha C Electric
2500000000 Guangzhou Guangzhou 51% 0% enterprises under common
Company Power
control
Guanghe Business combinations involving
Electric
Electric 2240816893 Guangzhou Guangzhou 0% 51% enterprises under common
Power
Power control
Biomass Business combinations involving
Electric
power 621040000 Zhanjiang Zhanjiang 0% 51% enterprises under common
Power
generation control
Xinhui Business combinations involving
Electric
power 613902063 Jiangmen Jiangmen 0% 45.90% enterprises under common
Power
generation control
Business combinations involving
Yunhe power Electric
1080293258 Yunfu Yunfu 90% 0% enterprises under common
generation Power
control
Business combinations involving
Yundian Electric
40000000 Yunfu Yunfu 0% 56.25% enterprises under common
Energy Power
control
Yuehua Business combinations involving
Electric
power 1314714000 Guangzhou Guangzhou 51% 0% enterprises under common
Power
generation control
145Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Yunhua
Business combinations involving
Integrated Electric
60500000 Guangzhou Guangzhou 0% 51% enterprises under common
Energy Power
control
Company
Bijie New Electric
10000000 Bijie Bijie 100% 0% Establish
Energy Power
Shangyang Electric
120820000 Zhanjiang Zhanjiang 0% 90% Acquisition of assets
Energy Power
Guidian Electric
120820000 Zhanjiang Zhanjiang 0% 90% Acquisition of assets
Energy Power
Shunfeng Electric
22293880 Zhoukou Zhoukou 0% 76.44% Acquisition of assets
New Energy Power
Jiandian New Electric
31350000 Jiaozhuo Jiaozhuo 0% 76.44% Acquisition of assets
Energy Power
Lianjiang Electric
140070000 Zhanjiang Zhanjiang 0% 76.44% Establish
New Energy Power
Zhaocheng Electric
100000 Linfen Linfen 0% 76.44% Establish
Yuefeng Power
Wuhua New Electric
30800000 Meizhou Meizhou 0% 76.44% Establish
Energy Power
Yingyang Electric
77050000 Baoding Baoding 0% 76.44% Acquisition of assets
New Energy Power
Lineng New Electric
77050000 Baoding Baoding 0% 76.44% Acquisition of assets
Energy Power
Inner New Electric
314550000 Hoheot Hoheot 0% 76.44% Establish
Energy Power
Zhuhai Electric
285297600 Zhuhai Zhuhai 0% 76.44% Establish
Yuefeng Power
Dunan New 160000000 Langfang Langfang Electric 0% 61.15% Acquisition of assets
146Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Energy Power
Gaotang Electric
36096000 Liaocheng Liaocheng 0% 76.44% Acquisition of assets
NewEnergy Power
Shaoguan Electric
48317720 Shaoguan Shaoguan 100% 0% Establish
New Energy Power
Hanhai New Electric
5000000 Tumusuke Tumusuke 100% 0% Establish
Energy Power
Jinxiu Electric
2913100 Laibin Laibin 90% 0% Establish
Energy Power
Senhong Electric
10000000 Nanjing Nanjing 100% 0% Acquisition of assets
New Energy Power
Muhong Electric
1000000 Jinchang Jinchang 0% 100% Acquisition of assets
New Energy Power
Senhai New Electric
1000000 Nanjing Nanjing 100% 0% Acquisition of assets
Energy Power
Mujin New Electric
120495920 Jingcheng Jinchang 0% 100% Acquisition of assets
Energy Power
Huibo New Electric
5000000 Huozhou Huizhou 100% 0% Establish
Energy Power
Dongrun
Electric
Zhongneng 1000000 Jiangmen Jiangmen 100% 0% Acquisition of assets
Power
New Energy
Dongrun
Electric
Qingneng 22304520 Jiangmen Jiangmen 0% 100% Acquisition of assets
Power
New Energy
Runze
Electric
Jieyuan New 22758500 Jiangmen Jiangmen 0% 100% Acquisition of assets
Power
Energy
Maoming 135700000 Maoming Maoming Electric 85% 0% Establish
147Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Natural gas Power
Xingyue Electric
9977500 Meizhou Meizhou 100% 0% Establish
New Energy Power
Huixin
Electric
Thermo 13500000 Huizhou Huizhou 85% 0% Establish
Power
Electricity
Shache Electric
1206110470 Kashgar Kashgar 100% 0% Acquisition of assets
Energy Power
Xinguangyao Electric
46522828 Qingdao Qingdao 99% 0% Acquisition of assets
New Energy Power
Telian New Electric
45774873 Qingdao Qingdao 0% 99% Acquisition of assets
Energy Power
Lianyao New Electric
1000000 Qingdao Qingdao 0% 99% Acquisition of assets
Energy Power
Jiuzhou New Electric
40680000 Zhaoqing Zhaoqing 100% 0% Acquisition of assets
Energy Power
Changshan Electric
110740000 Xiangtan Xiangtan 100% 0% Acquisition of assets
Wind Power Power
Luoding Electric
500000 Yunfu Yunfu 100% 0% Establish
New Energy Power
Zhuhai New Electric
5000000 Zhuhai Zhuhai 100% 0% Establish
Energy Power
Tumusuke Electric
500000 Tumusuke Tumusuke 100% 0% Establish
Changhae Power
Zhenneng Electric
1000000 Yunfu Yunfu 100% 0% Establish
New Energy Power
Zhonggong Electric
1000000 Maoming Maoming 100% 0% Acquisition of assets
Energy Power
Yanhua New 152969360 Maoming Maoming Electric 100% 0% Acquisition of assets
148Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Energy Power
Xinjiang Electric
1300000000 Urumqi Urumqi 100% 0% Establish
Company Power
Xinjiang Electric
20000000 Urumqi Urumqi 100% 0% Establish
Energy Power
Gaozhou Electric
1476800 Maoming Maoming 100% 0% Establish
NewEnergy Power
Xintian Electric
2000000 Yongzhou Yongzhou 0% 76.44% Establish
Yuefeng Power
Lanshan Electric
2000000 Yongzhou Yongzhou 0% 76.44% Establish
Yuefeng Power
Lianjiang Electric
84400000 Zhanjiang Zhanjiang 0% 76.44% Acquisition of assets
Hangneng Power
Guangxi Electric
179000000 Laibin Laibin 0% 76.44% Acquisition of assets
Hangneng Power
Jincheng Electric
1000000 Jincheng Jincheng 0% 69.53% Establish
Yuefeng Power
Baiyin Electric
100000 Baiyin Baiyin 0% 76.44% Establish
Yuefeng Power
Yuncheng Electric
122118900 Yuncheng Yuncheng 0% 72.62% Establish
Wanquan Power
Tuokexun Electric
20000000 Turpan Turpan 0% 100% Establish
Energy Power
Yehai Electric
112010000 Hainan Hainan 0% 76.44% Establish
Yuefeng Power
Zhuhai Electric
50000000 Zhuhai Zhuhai 0% 38.98% Establish
Yuefeng Power
Zhanjiang Electric
50000000 Zhanjiang Zhanjiang 0% 38.98% Establish
Yuefeng Power
149Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Zhuhai Electric
10000000 Zhuhai Zhuhai 0% 76.44% Establish
Yuefeng Power
Shantou Electric
1110750000 Shantou Shantou 0% 15.40% Establish
Yuefeng Power
Herun New Electric
75170000 Haozhou Haozhou 0% 15.40% Acquisition of assets
Energy Power
Dianping Electric
203580000 Meizhou Meizhou 0% 15.40% Establish
Yuanfeng Power
Ruisi New Electric
300000 Guangzhou Guangzhou 0% 76.44% Establish
Energy Power
Xiangzhou Electric
105420000 Laibin Laibin 0% 76.44% Acquisition of assets
Yunjiang Power
Xiangzhou Electric
199980000 Laibin Laibin 0% 76.44% Acquisition of assets
Hangjing Power
Qinglong Electric
237600000 Qingdao Qingdao 0% 76.44% Acquisition of assets
Manzhu Power
Karamay
integrated Electric
20000000 karamay karamay city 0% 100% Establish
energy Power
source
Hannan Electric
90000000 Hainan Hainan 0% 100% Acquisition of assets
Longyao Power
ZhongshanE Electric
nergy 15000000 Zhongshan Zhongshan 0% 100% Establish
Service Power
Yudean New Electric
100000000 Guangzhou Guangzhou 100% 0% Establish
Energy Power
Explanation on share-holding ratio in subsidiary different from ratio of voting right：
(1) On 30 November 2018 Maoming Thermal merged Guangdong Energy Maoming Thermal Power Station Co. Ltd. wholly-owned by GEGC. After the merger
GEGC held 30.12% equity of Maoming Thermal. According to the agreement between the Company and GEGC Guangdong Electric Power Development Co. Ltd.
150Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
a subsidiary of Guangdong Energy Group Company holds 15.02% equity the delegated shareholder and director from GEGC maintain consensus with those of the
Company while exercising the voting rights during the shareholders’ meeting and the Board of Directors’ meeting at Maoming Thermal. Therefore the Company
owns control power over Maoming Thermal.
(2) Pinghai Power was acquired from GEGC by the Group in 2012 through offering non-public shares. According to the agreement between GEGC and Guangdong
Huaxia Electric Power Development Co. Ltd. (“Huaxia Electric”) which holds 40% equity in Pinghai Power the delegated shareholder and director from Huaxia
Electric maintain consensus with those of GEGC when exercising their voting rights during the shareholders’ meeting and Board of Directors’ meeting at Pinghai
Power; besides after GEGC transfers its 45% equity in Pinghai Power to the Company the delegated shareholder and director from Huaxia Electric also reach
consensus with those of the Company when exercising their voting rights during the shareholders’ meeting and Board of Directors’ meeting at Pinghai Power.Therefore the Company owns the control power over Pinghai Power.
2. Basis for holding half or less voting rights but still controlling the investee and holding more than half voting rights but not controlling the investee:
1) As of June 30 2024 Guangdong Wind Power a subsidiary of the Group held 51% shares of AVIC Shenxin. According to the Articles of Association of AVIC
Shenxin the resolutions made at the shareholders' meeting must be unanimously approved by shareholders representing more than two thirds of the voting rights.Therefore Guangdong Wind Power a subsidiary of the Group and Inner Mongolia Electric Power Survey & Design Institute Co. Ltd. which holds 49% of the
shares jointly control AVIC Shenxin.
2) Guangdong Wind Power a subsidiary of the Group held 54.6% shares of Yuexin Energy. According to the company's Articles of Association if the Guangdong
Wind Power fails to reach the control requirement China Aviation Industry Renewable Energy Corporation will control Yuexin Energy.GF Securities Asset Management (Guangdong) Co. Ltd. ("GF Securities") issued the Guangdong Wind Power Company New Energy Infrastructure Investment
Green Carbon Neutrality Asset-Backed Special Plan in 2024 using the wind power projects held by the Group’s subsidiaries Dianping Yuanfeng and Herun New
Energy as the underlying assets. In accordance with the requirements of No. 33 of Accounting Standards for Business Enterprises - Consolidation the company
included one structured entity that meets the definition of "control" in the scope of consolidated statements. As of June 30 2025 the equity of the aforementioned
structured entity attributable to the Group was RMB175188800 and the equity attributable to other equity holders was presented as minority shareholders' equity
in the consolidated statements whose the total amount was RMB 962400813.Basis for determining to be an agent or consignor:
Not applicable
Other note:
None
151Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
（2）Significant not wholly-owned subsidiaries
In RMB
Profit or loss
Holding proportion of Dividend declared to Closing balance of
Name attributable to
non-controlling interest non-controlling interest non-controlling interest
non-controlling interest
Wind Power
23.56%45714316415132903647027418.96
Company
Pinghai Power
55%797090141447171951233060235
Generation
Jinghai Company 35% 28537617 0 1178709223.35
Red Bay Company 35% 40080789 0 1068386733.70
Zhanjiang Electric 24% -999752 4948184 861227840.20
Huizhou Natural gas 33% 20121226 114580006 688270414.02
Bohe Company 33% -20426231 0 788444384.26
Explanation on share-holding ratio of minority different from ratio of voting right:
None.
（3）Main financial information of significant not wholly-owned subsidiaries
In RMB
Closing balance Beginning balance
Subsidiaries Current Non-curren Current Non-curren Total Current Non-current Current Non-current Total
Total assets Total assets
assets t assets liabilities t Liabilities liabilities assets assets liabilities Liabilities liabilities
Wind
Power 10213868886 51075861207 61289730093 9402055371 34441623992 43843679363 10147737294 50182786247 60330523541 9116738970 33831030437 42947769407
Company
Pinghai
Power 1545739299 2160496547 3706235846 928686263 525989920 1454676183 1418525113 2230480194 3649005307 736053942 543759151 1279813093
Generation
152Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Jinghai
21019078071057891035212680818159652942307227848404329314263504145484516785034985759958343742458479704021094829166694279956
Company
Red Bay
155534519457152970027270642197272589927413484375294074336804150531156456828484287188159992309528535610906090594185894415
Company
Zhanjiang
2779823182115499449939348176823155490123502361335057262627130986991205638041391873674027052842335233444305761867
Electric
Huizhou
72392403023096149053033538936945934529193836994787289757123539323993574672970592860510351612103320234613671846
Natural gas
Bohe
13425186389657372792109998914301657273967696163487986189088451330215572920593368910536149261184376782465860847428429852566
Company
In RMB
Amount of current period Amount of previous period
Subsidiaries Total Cash flow Total Cash flow from
Operating revenue Net profit comprehensive from operating Operating revenue Net profit comprehensi
operating activities
income activities ve income
Wind Power
16682006332268505212268505218803314401683513925318149169318149169964623921
Company
Pinghai Power
16818424791449254801449254801700837371810201016134952787134952787597774788
Generation
Jinghai
221324735180350066803500663272877642957829113217139250217139250680317715
Company
Red Bay
21847792511121455481121455483266139532360735992155446980155446980527483178
Company
Zhanjiang
900748380-8369913-836991338383241163075942368033363680333626246886
Electric
Huizhou
133305412560973413609734133972743551852297784196132247196132247383223562
Natural gas
Bohe Company 935488571 -61897670 -61897670 326576596 1724373686 166992706 166992706 822476414
Other note：
153Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
(4) Significant restrictions of using enterprise group assets and pay off enterprise group debt
None
(5) Provide financial support or other support for structure entities are incorporate into the scope of
consolidated financial statements
None
154Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
2. The transaction of the Company with its owner’s equity share changed but still controlling the
subsidiary
(1) Note to owner’s equity share changed in subsidiary
None
(2) The transaction’s influence to equity of minority shareholders and attributable to the owner's equity
of the parent company
None
3. Equity in joint venture arrangement or associated enterprise
(1) Significant joint venture arrangement or associated enterprise
Shareholding Ratio (%) The accounting
Name of Main Places of Registration Nature of treatment of
Subsidiary Operation Place Business direct indirect investment in
associates
Industry Fuel Guangzhou Guangzhou Fuel trade 50% Equity method
Coal
Transportation
Shanxi Yudean
Taiyuan Taiyuan and port 40% Equity method
Energy
operations
investment
Energy Finance Guangzhou Guangzhou Financial 25% 15% Equity method
Taishan Power Power
Taishan Taishan 20% Equity method
Generation Generation
Energy
Financing Financing
Guangzhou Guangzhou 25% Equity method
Leasing Leasing
Company
Share-holding ratio or shares enjoyed different from voting right ratio:
None
Basis of the voting rights with 20% below but with major influence or without major influence but with over
20% (20% included) voting rights hold:
None
（2）Main financial information of Significant joint venture
In RMB
Amount of current period Amount of previous period
Industry Fuel Industry Fuel
Current assets 9398180902 7032124596
155Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Including: Balance of cash and cash
40297766781885188843
equivalents
Non-current assets 11464722161 11266048972
Total of assets 20862903063 18298173568
Current liabilities 8661202946 8887142789
Non-current liabilities 7264236058 6030157091
Total liabilities 15925439004 14917299880
Minority shareholder Equity 2103193876 1005163350
Attributable to shareholders of the parent
28342701832375710338
company
Share of net assets calculated by stake 1417135091 1187855169
Adjustment item
--Goodwill
-- Internal transactions did not achieve
-71726194-147549225
profit
--Other
Book value of equity investment in joint
13454088971040305944
venture
The fair value of the equity investment of
a joint venture with a public quotation
Business income 12893934598 15993364892
Financial expenses 125459271 122357006
Income tax 19743502 24808967
Net profit 85252136 99222039
Net profit from terminated operation
Other comprehensive income
Total comprehensive income 85252136 99222039
Dividends received from the joint
2328240022340549
venture this year
Other note:
None
156Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
(3) Main financial information of significant associated enterprise
In RMB
Closing balance/This period Opening balance/Last period
Energy Financing
Taishan Power Taishan Power Energy Financing
Shanxi Energy Energy Finance Leasing Shanxi Energy Energy Finance
Generation Generation Leasing Company
Company
Current
331556472121779467078473568343815360825523181028055184429921525064141651842915301
assets
Non-current
1026466201918694682520784276608814738533291989264606717838514637796214367114223428947
assets
Total of
1358022674040474149598125784495261627461584313073674122362815067891302628532215066344248
assets
Current
53271389036173446201207000111424238152854694913643175446365927007024261914624822
liabilities
Non-current
289858079918285799127980010761270556275133873780781319127980010106347993
liabilities
Total
343129468936191732000207128091413185085841322083010131835244978270198222612020972815
liabilities
Minority
shareholder 22727583 21277161
Equity
Attributable
to
shareholders 10126204468 4282417598 10507168612 3089530002 9831566860 4446261811 10324303096 3045371433
of the parent
company
Share of net
405048178717129670392101433722772382502393262674317785497242064860619761353506
assets
157Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
calculated by
stake
Adjustment
item
--Goodwill 13325000 13325000
-- Internal
transactions
did not
achieve
profit
--Other 62489352 62489352
Book value
of equity
investment 4050481787 1726292039 2101433722 834871854 3932626743 1791874724 2064860619 823842858
in joint
venture
The fair
value of the
equity
investment
of a joint
venture with
a public
quotation
Business
21790057136397823838923472381717695071556335343949361884848674845192580655
income
Net profit 294422917 219141470 143964626 44115985 523868842 192195914 278889263 63705479
Net profit
158Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
from
terminated
operation
Other
comprehensi -152717925 9426380
ve income
Total
comprehensi 294422917 66423545 143964626 44115985 523868842 201622294 278889263 63705479
ve income
Dividends
received
from the
9215210392569944
associated
enterprise
this year
Other note
In 2024 the Company increased its capital by 250 million yuan to Guangdong Energy Financial Leasing Co. Ltd. and as of June 30 2025 another
shareholder accounting for 25% of the shares failed to contribute capital resulting in a difference of RMB 62489352 between the book value of the Company's
equity investment in the associate and the share of net assets calculated by shareholding ratio.
159Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
(4) Summary financial information of insignificant joint venture or associated enterprise
In RMB
Amount of current period Amount of previous period
Joint venture:
The total number of the following 169240421 171197445
Share of net assets calculated by stake
----Net Profit -1957024 -134269
-Other comprehensive income 0 0
-- Total comprehensive income -1957024 -134269
Associated enterprise：
Total investment book value 1036832722 987950606
The total number of the following
--Net Profit 25929888 43058610
-Other comprehensive income -379240 154275
-- Total comprehensive income 25550648 43212885
(5) Note to the significant restrictions of the ability of joint venture or associated enterprise transfer
funds to the Company
None
(6) The excess loss of joint venture or associated enterprise
In RMB
Unrecognized losses Unrecognized losses in this Unrecognized losses
Name of joint venture or
accumulated in previous period (or net profit shared in accumulated at the end of the
associated enterprise
periods this period) period
Yunfu Power Generation( B)
-1678159-1777123-3455282
Co. Ltd.Yunnan Nengtou Weixin
-510775483564867-47512681
Energy Co. Ltd.Other note：
None
(7) The unrecognized commitment related to joint venture investment
None
(8) Contingent liabilities related to joint venture or associated enterprise investment
4. Significant common operation
None
5. Equity of structure entity not including in the scope of consolidated financial statements
None
160Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
6.Other
XI. Government subsidy
1. Government subsidies recognized according to the receivable amount at the end of the reporting
period
□Applicable□Not applicable
The reason for not receiving the estimated amount of government subsidies at the expected point in time
□Applicable□Not applicable
2. Liabilities involving government subsidies
□Applicable □Not applicable
In RMB
Amount
Amount
New subsidy included in Other Related to
Accounting Beginning transferred to Ending
amount this non-operati changes this assets/incom
subject balance other income balance
year ng income year e
this year
this year
Deferred
113262526 13260682 0 3522395 365000 122635813 Asset-related
income
3. Government subsidies included in the current profit and loss
□Applicable □Not applicable
In RMB
Accounting items Amount incurred in the current period Amount incurred in the previous period
Other income 3522395 3971808
Other note：
Amount incurred in the current
Item Amount incurred in the previous period
period
Asset-related government subsidies are
included in other income 19231
(apportionment) 19231
Project financial expense subsidies 45000
45000
Zhuhai counterpart assistance Yangjiang
industrial co-construction project 20000
incentive funds 20000
VAT refund for domestic equipment 648784
-
2012 provincial energy conservation
42930
special fund 42930
The 2016 central government's energy
conservation and emission reduction
414388
funds used for the policy liquidation of 414388
previous years No. 88(2016) Shaocai
161Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
The 2016 central government's energy
conservation and emission reduction
124664
funds used for the policy liquidation of 124664
previous years No. 88(2016) Shaocai
The 2016 central government's energy
conservation and emission reduction
204706
funds used for the policy liquidation of 204706
previous years No. 108(2016) Shaocai
Liquidate part of the funds of typical
demonstration projects of Shaoguan
City's comprehensive demonstration city 86099
of energy conservation and emission 86099
reduction fiscal policy (the fourth batch)
330MW Unit energy saving renovation
77698
(No. 105(2015)ShaoCai Gong) 77698
2021 provincial special enterprise
363983
technology transformation funds 363983
2021 provincial special enterprise
technology transformation funds (the 166250
second batch) 166250
2021 Shaoguan City municipal incentive
funds for supporting enterprises in
20833
technological transformation (No. 6523
39[2021]Shao Cai Gong)
Subsidy funds for the construction of
20000
energy management information system 20000
#1- # 3 Unit 6KV Feed Water Pump
85833
Energy Saving Renovation Project 85833
Denitrification project 651784
651784
Renovation of low nitrogen burner for
17565
#2starting boiler 17565
Special treasury bonds for
671065
desulfurization project 671065
Government subsidy for Caohu
67995
exhibition hall 69128
No. 103[2020]Zhan Caigong2020
anti-epidemic special treasury bond
60647
funds (enterprise technological 52135
transformation)
2019special fund for fighting the battle
against pollution and the subsidy fund
129169
for the motor energy efficiency 129169
improvement project
2021 provincial special enterprise
technology transformation fund to
33184
promote high-quality economic 28527
development
Coal yard closed renovation project -
31667
Social security subsidies -
194050
Total 3522395 3971808
162Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
XII. Risks Related to Financial Instruments
1.Risks arising from financial instruments
Not applicable
2. Hedging
(1) The Company conducts hedging business for risk management
□Applicable□Not applicable
(2) The Company conducts qualified hedging business and applies hedge accounting
None.
(3) The Company conducts hedging business for risk management and expects to achieve risk management objective but
does not apply hedge accounting
□Applicable□Not applicable
3. Financial assets
(1) Classification of transfer methods
□Applicable□Not applicable
(2) Financial assets that have been derecognized as a result of a transfer
□Applicable□Not applicable
(3) Financial assets of continued involvement in asset transfer
□Applicable□Not applicable
XIII. The disclosure of the fair value
1. Closing fair value of assets and liabilities calculated by fair value
In RMB
Closing fair value
Item Fair value Fair value Fair value
measurement items at measurement items at measurement items at Total
level 1 level 2 level 3
I. Continuous fair value -- -- -- --
163Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
measurement
Other equity
163107807511268000002757878075
instrument investment
II.Inconsistent fair
--------
value measurement
2.Recognized basis for the market price sustaining and non-persistently measured by fair value on
first-order
For financial instruments that are not traded in active markets the Group adopts valuation techniques to determine
their fair value.
3. Valuation technique and qualitative and quantitative information on major parameters for the fair
value measure sustaining and non-persistent on second-order
Not applicable
4. Valuation technique and qualitative and quantitative information on major parameters for the fair
value measure sustaining and non-persistent on third -order
The fair value of financial instruments traded in an active market is determined at the quoted market price; and the
fair value of those not traded in an active market is determined by the Group using valuation techniques. The
Group adopts such valuation models as cash flow discounting model and comparable company in the market to
evaluate the fair value of the other equity instrument of Level 3 financial assets. The Group adopts average price
to book value ratio (PB) and discounts for lack of marketability (DLOM) as major unobservable inputs for SCG.
5.Continuous thirdlevel fair value measurement project adjustment information between the opening an
d closing book value and sensitivity analysis of unobservable parameters
Not applicable
6.The reasons for the conversions and the policies for determining the timing of the conversions for
continuous fair value measurement items where conversions between various levels occurred during the
current period
The Group takes the occurrence date of the event that leads to the transition between different levels as the time to
confirm the transition between different levels. This year there is no transition among the first level the second
level and the third level.
7. Changes in valuation technology during the current period and the reasons for the changes
Not applicable
8. Financial assets and liability not measured by fair value
The Group's financial assets and liabilities measured in amortized cost mainly include: accounts receivable other
164Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
receivables long-term receivables short-term loans funds payable long-term loans bonds payable and long-term
payables.There is no significant difference between the book value and fair value of the Group's financial assets and
financial liabilities that are not measured at fair value.
9.Other
Not applicable
XIV. Related parties and related-party transactions
1. Parent company information of the enterprise
Share ratio of Vote right ratio of
Parent company parent company parent company
Registration place Nature Registered capital
name against the against the
company(%) company(%)
Operation and
management of
power generation
enterprises capital
Guangdong
Guangzhou management of 23.3 billion yuan 67.39% 67.39%
Energy Group
electricity assets
construction of
power plant and
sales of electricity
Explanation on parent company of the enterprise
On August 8 2001 Guangdong Provincial Government had taken the lead in the implementation of the reform of
electric power system. Guangdong Electric power Group was established by inheriting the electricity generation
business of Guangdong electric Power Group Company and its registered capital is RMB 23.3 billion with 76%
stake held by Guangdong Provincial People's Government and 24% stake held by China Hua Neng Group
owning more than 17000 staff now and the company is the strongest
On February 182019 With the approval of the state-owned assets supervision and administration commission of
the Guangdong provincial people's government and the approval of the Guangdong provincial market supervision
administration the former Guangdong Energy group Co. Ltd. was renamed as Guangdong Energy Group Co.Ltd
Ultimate controller of the Company is Guangdong Provincial People’s Government state owned assets
supervision and Administration Commission.
2.Subsidiary of the Enterprise
See Notes X.
165Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
3.Cooperative enterprise and joint venture
See Notes X.Other cooperative enterprise and joint venture that have related transaction with the Company in the Period or
occurred in previous period：
Name Relationship
Yudean Fuel Company Joint venture
Zhonghang Shenxin Wind Generation Co. Ltd. Joint venture
Zhanjiang Yuexin Joint venture
Yudean Shipping Company Associate
Energy Group Finance Company Associate
Guangdong Energy Financing Leasing Co. Ltd. Associate
Yudean Insurance Captive Company Associate
Yunfu Power Generation ( B plant) Co. Ltd. Associate
Energy Group Enterprise Service Associate
4.Other related party
Other related party Relationship with the Enterprise
Baiyun Ebo Yuemeing New Energy Co. Ltd. Controlled by Energy Group
Dongguan Mingyuan Hotel Co. Ltd. Controlled by Energy Group
Huizhou Natural gas Co. Ltd. Controlled by Energy Group
Guangdong Energy Group Huizhou Natural gas Development Controlled by Energy Group
Co. Ltd.Guangdong Energy Group Energy-saving and Controlled by Energy Group
Carbon-reduction Co. Ltd
Guangdong Energy Group Technology Research institute Co. Controlled by Energy Group
Ltd.Guangdong Energy Group Natural gas Co. Ltd. Controlled by Energy Group
Guangdong Energy Group Northwest (Gansu) Co. Ltd Controlled by Energy Group
Guangdong Energy Group Southwest (Guizhou) Electric Power Controlled by Energy Group
Investment Co. Ltd
Guangdong Energy Group Shajiao C plant Controlled by Energy Group
Guangdong Yuelong Power Generation Co. Ltd. Controlled by Energy Group
Guangdong Yangjiang Port Co. Ltd. Controlled by Energy Group
Guangdong Yudean Environmental protection material Co. Controlled by Energy Group
Ltd.Guangdong Yudean Environmental protection Co. Ltd Controlled by Energy Group
Guangdong Yudean Property Management Co. Ltd. Controlled by Energy Group
Guangdong Yudean Information Technology Co. Ltd. Controlled by Energy Group
Guangdong Yudean Real Estate Investment Co. Ltd. Controlled by Energy Group
Guangdong Zhongshan Thermal Power Plant Co. Ltd. Controlled by Energy Group
Guangdong Zhuhai Gaolan Environmental protection Controlled by Energy Group
Technology Co. Ltd.Guangdong Zhuhai Jinwan Power Generation Co. Ltd. Controlled by Energy Group
Guangzhou Development Zone Yudean New Energy Co.Ltd. Controlled by Energy Group
Jieyang Yudean Shipping Service Co. Ltd. Controlled by Energy Group
166Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Inner Mongolia Menghua New Energy Co. Ltd. Controlled by Energy Group
Qianan Rongzhi Electric Power Co. Ltd. Controlled by Energy Group
Shaoguan Qujiang Yudean New Energy Co. Ltd. Controlled by Energy Group
Wuxiang Yudean New Energy Co. Ltd. Controlled by Energy Group
Yuxian Yudean Xinlei Wind Power Generation Co. Ltd. Controlled by Energy Group
Zhuhai Special Economic Zone Guangzhu Power Generation Controlled by Energy Group
Co. Ltd
5. Related transactions.
（1）Related transactions on purchasing goods and receiving services
Acquisition of goods and reception of labor service
In RMB
Approval trading Whether over the
Related party Content Current amount Last amount
limit trading limit(Y/N)
Yudean
Environment Material purchase 91149667 No 110737193
Protection
Zhuhai Special
Economic Zone
Guangzhu Power Electric purchase 9892431 No 8036562
Generation Co.Ltd.Guangdong
Zhuhai Jinwan
Electric purchase 6355169 No 1504420
Power Generation
Co. Ltd.Guangdong
Yuelong Power
Electric purchase 2194810 No 258085
Generation Co.Ltd.Zhongshan
Thermal power Electric purchase 5262238 No 3023170
plant
Fuel Company Fuel purchase 9396514816 No 12468604852
Guangdong
Energy Group
Fuel purchase 4609165298 No 4100268314
Natural gas Co.Ltd.Yuxian Yudean
Xinlei Wind Purchase green
219046 No 0
Power Generation certificate
Co. Ltd.Qianan Rongzhi
Purchase green
Electric Power 134131 No 0
certificate
Co. Ltd.Wuxiang Yudean Purchase green
191571 No 0
New Energy Co. certificate
167Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Ltd.Acceptance of
Fuel Company management 24217675 No 27521200
services
Acceptance of
Yudean
management 5417002 No 4475716
Information
services
Guangdong
Energy Group
Other services 0 No 71157
Zhuhai Power
Generation Plant
Acceptance of
Yudean Shipping 13251990 No 12461321
tugboat services
Acceptance of
Yangjiang Port 7949403 No 9188425
tugboat services
Guangdong
Energy Group
Southwest Management
207546 No 0
(Guizhou) Electric services
Power Investment
Co. Ltd
Guangdong
Energy Group
Management
Energy-saving and 1110377 No 0
services
Carbon-reduction
Co. Ltd
Guangdong
Energy Group Management
5101304 No 0
Enterprise Service services
Co. Ltd.Guangdong
Yudean Property
Property services 24907809 No 22356243
Management Co.Ltd.Guangdong
Energy Group
Acceptance of R &
Technology 0 No 77410619
D Services
Research institute
Co. Ltd.Guangdong Receipt of
Energy Group operational 266000000 No 270528302
Shajiao C plant services
Sales of goods and services
In RMB
Related parties Content Occurred current term Occurred in previous term
Yudean Environment
Sale of Material 46920540 69693858
Protection
Guangdong Zhuhai Gaolan
Port Environment Protection Sale of Material 10982069 0
Technology Co. Ltd.Guangdong Energy Group
Sales of heat revenue 47835 0
Huizhou Natural gas
168Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Development Co. Ltd.Guangdong Energy Group
Sales of green certificate 552175 0
Shajiao C plant
Guangdong Yuelong Power
Sales of green certificate 72910 0
Generation Co. Ltd.Guangdong Zhuhai Jinwan
Sales of green certificate 267969 0
Power Generation Co. Ltd.Zhuhai Special Economic
Zone Guangzhu Power Sales of green certificate 332830 0
Generation Co. Ltd.Guangdong Energy Group Provision of maintenance and
1132591716173228
Shajiao C plant repair services
Guangdong Yudean Zhanshan Provision of maintenance and
1261245310960726
Thermal power plant repair services
Shaoguan Qujiang Yudean Provision of maintenance and
1094722446157
New Energy Co. Ltd. repair services
Guangdong Yuelong Power Provision of maintenance and
12149500
Generation Co. Ltd. repair services
Guangdong Shaoguan Port Provision of maintenance and
0802
Co. Ltd. repair services
Guangdong Yudean Yangxi
Provision of maintenance and
Shuangyu New Energy Co. 0 80531
repair services
Ltd.Zhuhai Special Economic
Provision of maintenance and
Zone Guangzhu Power 12022419 8854339
repair services
Generation Co. Ltd.Guangdong Energy Group Provision of maintenance and
0389381
Natural gas Co. Ltd. repair services
Guangdong Yuelong Power
Provision of barge service 1490712 0
Generation Co. Ltd.Provision of management
Yudean Shipping Company 5853 0
services
Inner Mongolia Yudean
Provision of management
Menghua New Energy Co. 2791955 2566980
services
Ltd.Yudean Property Provision of management
6422936976
Management Co. Ltd. services
Zhonghang Shenfeng Wind Provision of management
0997030
Power Generation Co. Ltd. services
Guangzhou Development
Provision of management
Zone Yudean New Energy 7116 0
services
Co. Ltd.Provision of management
Fuel Company 80023 0
services
Yunfu Power Generation ( B Provision of management
4826041927766
plant) Co. Ltd. services
Explanation on goods purchasing labor service providing and receiving
(2) Related trusteeship/contract and delegated administration/outsourcing
Trusteeship/contract
In RMB
Name of the Name of the Asset situation Terminating Gains from the
Start date Pricing basis
employer undertaker of the date deal in report
169Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
undertaker period
The custody fee
charged to each
first-class target
company directly
controlled by
Guangdong Energy
Group is 100000
yuan/year and the
custody fee charged
to each second-class
target company
indirectly controlled
by Guangdong
Yudean Group is
50000 yuan/year. If
the custody period is
less than one
complete fiscal year
Shareholders' the calculation
rights except formula of the
Guangdong
Guangdong ownership custody fee of each
Electric Power
Energy Group income right January target company is 900000
Development 12018 calculated according
Co. Ltd. and disposition
Co. Ltd. to the custody days.right During the current
period there are 16
first-level subject
companies that have
been in custody for
half a year 4
second-level subject
companies that have
been in custody for
half a year The
annual custody fee of
the first-level subject
companies is 1.6
million yuan
800000 yuan the
second-level subject
companies is 200000
yuan and 100000
yuan totaling
900000 yuan.
Note
According to the instructions of Guangdong Energy Group on undertaking to perform related matters in order to
avoid horizontal competition and fulfill the commitments of related horizontal competition the Company and
Guangdong Energy Group have signed the Equity Trust Agreement which entrusts the rights of shareholders of
the Company within the trust scope of Guangdong Energy Group to the Company except for the rights of
ownership income and disposition. Charge RMB 100000/year custody fees for each Guangdong Energy Group's
direct holding primary target company; charge each indirectly controlling secondary target company 50000/year
custody fee. For details please refer to the " Announcement on Related Party Transaction of the Signing of the
“Equity Custody Agreement” by Guangdong Electric Power Development Co. Ltd with Guangdong Yudean
170Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Group Co. Ltd " (Announcement No.: 2018-04) disclosed in China Securities Journal Securities Times and
Cninfo.com on January 13 2018.Explanation on related trusteeship/contract
Not applicable
171Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
(3) Related lease
As a lessor for the Company:
In RMB
Lease income recognized in Lease income recognized in
Lessee Assets type
the Period prior Period
Dongguan Mingyuan Hotel Co. Ltd. Property Lease 1993160 1935106
Property Company Property Lease 304797 283746
Yudean Environment Protection Property Lease 0 161905
Guangdong Energy Group Yunfu
Property Lease 0 12186
Xuneng Power Generation Co. Ltd.Guangdong Energy Group Shajiao C Property Lease 136667 0
plant
Guangdong Energy Group Science and Property Lease 388564 0
Technology Research Institute Co. Ltd
Huizhou Natural gas Co. Ltd. Equipment lease 2479065 232844
Huizhou Natural gas Development
Land lease 0 2375193
Co. Ltd.The company as lessee：
In RMB
Rental charges for Variable lease payments not
Interest expenses on lease
short-term and low-value included in lease liabilities Rent paid Increased use right assets
Category liabilities assumed
assets (if any) measurement (if any)
Lessor of leased
assets Amount Amount of Amount of Amount of Amount of Amount of Amount of Amount of Amount of Amount of
of current previous current previous current previous current previous current previous
period period period period period period period period period period
Yudean Financial
000046646108316519771795680562761813306301618681603715635
Finance lease leasing
172Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Yudean Real Leasing
05746622008457459880430365096565944286847190
Estate service
Guangdong
Energy Group
Zhuhai House 15751 0 0 0 136539 0 11838 0 733330 0
lease
Investment
Co. Ltd.Yunfu Power
Generation Equipment
319030003605000000
Plant（B）Co. lease
Ltd.Explanation on related lease
Not applicable
（4）Status of related party guarantee
As a guarantor for the company
In RMB
Execution
Guarantor Guarantee amount Start date End date
accomplished
Guangdong Energy
1736800000 December 3 2019 September 15 2043 No
Group Co. Ltd.As a secured party for the company
Not applicable
173Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
(5) Inter-bank lending of capital of related parties：
In RMB
Amount borrowed
Related party Initial date Due date Notes
and loaned
Borrowed
Guangdong Energy Group Finance
349000000 March 272025 March 242028
Co. Ltd.Guangdong Energy Group Finance
100000000 May 292025 May 282026
Co. Ltd.Guangdong Energy Group Finance
100000000 June 272025 June 262026
Co. Ltd.Guangdong Energy Group Finance
10307885.86 April 182025 September 92042
Co. Ltd.Guangdong Energy Group Finance
14090093.69 May 92025 September 92042
Co. Ltd.Guangdong Energy Group Finance
150000000 March 282025 March 272026
Co. Ltd.Guangdong Energy Group Finance
1908000 September 102024 September 92042
Co. Ltd.Guangdong Energy Group Finance
19677451.57 January 152014 January 142029
Co. Ltd.Guangdong Energy Group Finance
230000000 April 292025 April 282026
Co. Ltd.Guangdong Energy Group Finance
275000000 December 262024 December 252025
Co. Ltd.Guangdong Energy Group Finance
60000000 February 272025 February 262026
Co. Ltd.Guangdong Energy Group Finance
7191246.18 January 242025 September 9 2042
Co. Ltd.Guangdong Energy Group Finance
794788.78 March 272025 September 92042
Co. Ltd.Guangdong Energy Group Finance
8150630.94 February 142025 September 92042
Co. Ltd.Guangdong Energy Group Finance
8209000 September 132024 September 92042
Co. Ltd.Guangdong Energy Group Finance
90643776.26 March 122025 March 112026
Co. Ltd.Guangdong Energy Group Finance
91315264.31 March 262025 March 252026
Co. Ltd.Guangdong Energy Group Finance
52954261.99 April 242025 April 232026
Co. Ltd.Guangdong Energy Group Finance
69921877.54 May 122025 May 112026
Co. Ltd.Guangdong Energy Group Finance 57244122.76 May 202025 May 192026
174Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Co. Ltd.Guangdong Energy Group Finance
65747698.77 May 232025 May 222026
Co. Ltd.Guangdong Energy Group Finance
71449288.18 June 122025 June 112026
Co. Ltd.Guangdong Energy Group Finance
26395389.82 June 192025 June 182026
Co. Ltd.Guangdong Energy Group Finance
48978320.76 June 252025 June 242026
Co. Ltd.Guangdong Energy Group Finance
100000000 March 172025 March 162026
Co. Ltd.Guangdong Energy Group Finance
16753288.20 January 142025 January 132026
Co. Ltd.Guangdong Energy Group Finance
50000000 July 102024 July 92025
Co. Ltd.Guangdong Energy Group Finance
50000000 August 162024 August 152025
Co. Ltd.Guangdong Energy Group Finance
50000000 October 222024 October 212025
Co. Ltd.Guangdong Energy Group Finance
50000000 January 172025 January 162026
Co. Ltd.Guangdong Energy Group Finance
50000000 June 182025 June 172026
Co. Ltd.Guangdong Energy Group Finance
75000000 September 232024 September 222025
Co. Ltd.Guangdong Energy Group Finance
10000000 March 132025 June 192043
Co. Ltd.Guangdong Energy Group Finance
13852070.42 April 172024 June 202043
Co. Ltd.Guangdong Energy Group Finance
15000000 July 272023 June 202043
Co. Ltd.Guangdong Energy Group Finance
15000000 June 242023 June 192043
Co. Ltd.Guangdong Energy Group Finance
15000000 August 242023 June 202043
Co. Ltd.Guangdong Energy Group Finance
15847876.23 August 162024 June 202043
Co. Ltd.Guangdong Energy Group Finance
17000000 September 82023 June 202043
Co. Ltd.Guangdong Energy Group Finance
21270732.53 December 192024 June 202043
Co. Ltd.Guangdong Energy Group Finance
27517660.80 September 152023 June 202043
Co. Ltd.Guangdong Energy Group Finance 37500000 January 292024 June 192043
175Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Co. Ltd.Guangdong Energy Group Finance
5282625.40 March 132025 June 202043
Co. Ltd.Guangdong Energy Group Finance
10000000 June 282022 March 162042
Co. Ltd.Guangdong Energy Group Finance
10000000 August 302022 March 162042
Co. Ltd.Guangdong Energy Group Finance
10000000 September 222022 March 162042
Co. Ltd.Guangdong Energy Group Finance
10000000 March 282023 March 162042
Co. Ltd.Guangdong Energy Group Finance
10000000 March 292023 March 162042
Co. Ltd.Guangdong Energy Group Finance
117483935.07 May 142025 May 132026
Co. Ltd.Guangdong Energy Group Finance
15000000 April 252025 April 242026
Co. Ltd.Guangdong Energy Group Finance
20000000 July 242023 March 162042
Co. Ltd.Guangdong Energy Group Finance
20000000 October 302023 March 162042
Co. Ltd.Guangdong Energy Group Finance
21552488.61 July 242024 March 162042
Co. Ltd.Guangdong Energy Group Finance
23000000 June 302022 March 162042
Co. Ltd.Guangdong Energy Group Finance
26310486.97 March 32023 March 162042
Co. Ltd.Guangdong Energy Group Finance
28753948.29 October 312023 March 162042
Co. Ltd.Guangdong Energy Group Finance
30036827.01 February 142023 March 162042
Co. Ltd.Guangdong Energy Group Finance
32000000 June 122025 June 112026
Co. Ltd.Guangdong Energy Group Finance
34152152.83 December 212023 March 162042
Co. Ltd.Guangdong Energy Group Finance
38943770.80 June 212024 March 162042
Co. Ltd.Guangdong Energy Group Finance
4261922.48 November 162022 March 162042
Co. Ltd.Guangdong Energy Group Finance
4611055 July 272023 March 162042
Co. Ltd.Guangdong Energy Group Finance
50000000 November 82022 March 162042
Co. Ltd.Guangdong Energy Group Finance 7974011.44 September 292022 March 162042
176Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Co. Ltd.Guangdong Energy Group Finance
80000000 April 252022 March 162042
Co. Ltd.Guangdong Energy Group Finance
100000000 December 272023 June 212043
Co. Ltd.Guangdong Energy Group Finance
109770000 January 232025 June 212043
Co. Ltd.Guangdong Energy Group Finance
18640000 June 202024 June 212043
Co. Ltd.Guangdong Energy Group Finance
26460000 March 282024 June 212043
Co. Ltd.Guangdong Energy Group Finance
30000000 August 172023 December 242035
Co. Ltd.Guangdong Energy Group Finance
38520000 January 192024 June 212043
Co. Ltd.Guangdong Energy Group Finance
40000000 November 172023 December 242035
Co. Ltd.Guangdong Energy Group Finance
50000000 June 262023 December 242035
Co. Ltd.Guangdong Energy Group Finance
608589000 May 192023 December 242035
Co. Ltd.Guangdong Energy Group Finance
62820000 February 272025 June 212043
Co. Ltd.Guangdong Energy Group Finance
6620000 September 222023 June 212043
Co. Ltd.Guangdong Energy Group Finance
88580000 June 282025 June 212043
Co. Ltd.Guangdong Energy Group Finance
20769.24 November 122014 October 272029
Co. Ltd.Guangdong Energy Group Finance
37272307.69 December 102014 October 272029
Co. Ltd.Guangdong Energy Group Finance
91410000 February 42015 October 272029
Co. Ltd.Guangdong Energy Group Finance
42470231.69 June 172015 October 272029
Co. Ltd.Guangdong Energy Group Finance
17307692.32 July 232015 October 272029
Co. Ltd.Guangdong Energy Group Finance
17461538.45 September 152015 October 272029
Co. Ltd.Guangdong Energy Group Finance
28102307.69 September 282015 October 272029
Co. Ltd.Guangdong Energy Group Finance
13153846.16 October 132015 October 272029
Co. Ltd.Guangdong Energy Group Finance 143601306.76 December 162015 October 272029
177Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Co. Ltd.Guangdong Energy Group Finance
8330769.24 June 202018 October 272029
Co. Ltd.Guangdong Energy Group Finance
11769230.76 September 202018 October 272029
Co. Ltd.Guangdong Energy Group Finance
760000 May 182023 May 172043
Co. Ltd.Guangdong Energy Group Finance
1840000 May 292023 May 172043
Co. Ltd.Guangdong Energy Group Finance
10720000 November 282023 May 172043
Co. Ltd.Guangdong Energy Group Finance
54000000 December 262023 May 172043
Co. Ltd.Guangdong Energy Group Finance
24000000 November 132024 May 172043
Co. Ltd.Guangdong Energy Group Finance
10000000 March 282025 May 172043
Co. Ltd.Guangdong Energy Group Finance
11000000 April 112025 May 172043
Co. Ltd.Guangdong Energy Group Finance
28000000 May 162025 May 172043
Co. Ltd.Guangdong Energy Group Finance
26000000 May 282025 May 172043
Co. Ltd.Guangdong Energy Group Finance
15000000 June 182025 May 172043
Co. Ltd.Guangdong Energy Group Finance
12403996.83 February 272024 December 272042
Co. Ltd.Guangdong Energy Group Finance
19883786.28 May 132024 December 272042
Co. Ltd.Guangdong Energy Group Finance
25000000 June 162023 December 272042
Co. Ltd.Guangdong Energy Group Finance
26268346.28 July 282023 December 272042
Co. Ltd.Guangdong Energy Group Finance
3513675 February 282023 December 272042
Co. Ltd.Guangdong Energy Group Finance
43000000 February 142023 December 272042
Co. Ltd.Guangdong Energy Group Finance
47262935.59 November 62023 December 272042
Co. Ltd.Guangdong Energy Group Finance
5121281 February 22023 December 272042
Co. Ltd.Guangdong Energy Group Finance
7147641.59 April 242023 December 272042
Co. Ltd.Guangdong Energy Group Finance 8388159.14 August 22024 December 272042
178Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Co. Ltd.Guangdong Energy Group Finance
14122517.80 February 212025 February 202026
Co. Ltd.Guangdong Energy Group Finance
100000000 January 152021 January 142041
Co. Ltd.Guangdong Energy Group Finance
16580000 March 202025 February 242026
Co. Ltd.Guangdong Energy Group Finance
2188000 February 252025 February 242026
Co. Ltd.Guangdong Energy Group Finance
5046597.24 June 202025 February 242026
Co. Ltd.Guangdong Energy Group Finance
66021600 April 172025 February 242026
Co. Ltd.Guangdong Energy Group Finance
768117.74 June 132025 February 242026
Co. Ltd.Guangdong Energy Group Finance
100000000 February 192025 February 182026
Co. Ltd.Guangdong Energy Group Finance
100000000 March 72025 March 62026
Co. Ltd.Guangdong Energy Group Finance
100000000 April 212025 April 202026
Co. Ltd.Guangdong Energy Group Finance
10859300 May 282025 December 212042
Co. Ltd.Guangdong Energy Group Finance
21875000 March 282025 December 212042
Co. Ltd.Guangdong Energy Group Finance
16493750 December 312016 August 152031
Co. Ltd.Guangdong Energy Group Finance
17147014.95 December 282018 December 272036
Co. Ltd.Guangdong Energy Group Finance
26243750 December 312016 August 152031
Co. Ltd.Guangdong Energy Group Finance
289698387.10 May 282020 May 282040
Co. Ltd.Guangdong Energy Group Finance
390000 January 42021 December 292040
Co. Ltd.Guangdong Energy Group Finance
150000000 April 252025 April 252026
Co. Ltd.Guangdong Energy Group Finance
30000000 June 262025 June 262026
Co. Ltd.Guangdong Energy Group Finance
237024502.96 May 262015 May 262030
Co. Ltd.Guangdong Energy Group Finance
10122796.80 May 172016 May 162031
Co. Ltd.Guangdong Energy Group Finance 20754535.20 May 172016 May 162031
179Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Co. Ltd.Guangdong Energy Group Finance
7260000 May 172016 May 162031
Co. Ltd.Guangdong Energy Group Finance
26124000 May 172016 May 162031
Co. Ltd.Guangdong Energy Group Finance
24000000 May 172016 May 162031
Co. Ltd.Guangdong Energy Group Finance
13164799.99 May 17 2016 May 162031
Co. Ltd.Guangdong Energy Group Finance
178796.81 May 17 2016 May 162031
Co. Ltd.Guangdong Energy Group Finance
19166400 May 17 2016 May 16 2031
Co. Ltd.Guangdong Energy Group Finance
50000000 October 242024 October 232025
Co. Ltd.Guangdong Energy Group Finance
40000000 November 142024 November 132025
Co. Ltd.Guangdong Energy Group Finance
20000000 November 272024 November 262025
Co. Ltd.Guangdong Energy Group Finance
11500000 March 262025 March 252026
Co. Ltd.Guangdong Energy Group Finance
4378983.41 April 152025 April 142026
Co. Ltd.Guangdong Energy Group Finance
36000000 June 122025 June 112026
Co. Ltd.Guangdong Energy Group Finance
96000000 June 302025 June 292026
Co. Ltd.Guangdong Energy Group Finance
256657187.91 June 262019 June 252039
Co. Ltd.Guangdong Energy Group Finance
27803125 December 272024 December 222044
Co. Ltd.Guangdong Energy Group Finance
5860000 June 272025 December 222044
Co. Ltd.Guangdong Energy Group Finance
10000000 June 32024 June 22026
Co. Ltd.Guangdong Energy Group Finance
11160951.28 February 212025 February 202026
Co. Ltd.Guangdong Energy Group Finance
12675139.18 June 222025 June 222026
Co. Ltd.Guangdong Energy Group Finance
1288665.02 June 122025 June 112026
Co. Ltd.Guangdong Energy Group Finance
14474205.22 July 242024 July 232025
Co. Ltd.Guangdong Energy Group Finance 14624277.29 October 232024 October 222025
180Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Co. Ltd.Guangdong Energy Group Finance
15061767.77 May 232025 May 222026
Co. Ltd.Guangdong Energy Group Finance
15815256.33 September 242024 September 232025
Co. Ltd.Guangdong Energy Group Finance
16825585.97 August 222024 August 212025
Co. Ltd.Guangdong Energy Group Finance
18290066.83 November 192024 November 182025
Co. Ltd.Guangdong Energy Group Finance
18478966.78 April 222025 April 212026
Co. Ltd.Guangdong Energy Group Finance
21661299.08 January 222025 January 212026
Co. Ltd.Guangdong Energy Group Finance
24879366.43 March 242025 March 232026
Co. Ltd.Guangdong Energy Group Finance
40000000 June 32024 June 22026
Co. Ltd.Guangdong Energy Group Finance
4387046.34 September 122024 September 112025
Co. Ltd.Guangdong Energy Group Finance
44983048.08 December 262024 December 252025
Co. Ltd.Guangdong Energy Group Finance
20000000 March 272025 March 262026
Co. Ltd.Guangdong Energy Group Finance
354012354.51 June 292017 July 202042
Co. Ltd.Guangdong Energy Group Finance
90000000 June 262025 June 252026
Co. Ltd.Guangdong Energy Group Finance
47520580.75 December 302024 December 302025
Co. Ltd.Guangdong Energy Group Finance
83031500 March 212025 December 302025
Co. Ltd.Guangdong Energy Group Finance
10690932 April 272025 September 292025
Co. Ltd.Guangdong Energy Group Finance
19145500 November 152024 September 292025
Co. Ltd.Guangdong Energy Group Finance
23823833 November 212024 September 292025
Co. Ltd.Guangdong Energy Group Finance
45934312.35 October 292024 September 292025
Co. Ltd.Guangdong Energy Group Finance
59795497.46 May 272025 September 292025
Co. Ltd.Guangdong Energy Group Finance
78950890.37 September 292024 September 292025
Co. Ltd.Guangdong Energy Group Finance 79003804.66 December 272024 September 292025
181Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Co. Ltd.Guangdong Energy Group Finance
93574823.99 November 292024 September 292025
Co. Ltd.Guangdong Energy Group Finance
10500000 October 232020 May 252035
Co. Ltd.Guangdong Energy Group Finance
1137499.99 May 282020 May 252035
Co. Ltd.Guangdong Energy Group Finance
1924999.99 June 222020 May 252035
Co. Ltd.Guangdong Energy Group Finance
22700000 May 252023 May 252035
Co. Ltd.Guangdong Energy Group Finance
2362500 August 142020 May 252035
Co. Ltd.Guangdong Energy Group Finance
27124999.99 November 122021 May 252035
Co. Ltd.Guangdong Energy Group Finance
32869565.22 Janaury 252022 May 252035
Co. Ltd.Guangdong Energy Group Finance
3981250.01 June 282020 May 252035
Co. Ltd.Guangdong Energy Group Finance
4565217.40 January 252022 May 252035
Co. Ltd.Guangdong Energy Group Finance
5250000 July 222020 May 252035
Co. Ltd.Guangdong Energy Group Finance
5950000.01 September 142020 May 252035
Co. Ltd.Guangdong Energy Group Finance
6681818.18 September 262022 May 252035
Co. Ltd.Guangdong Energy Group Finance
13200000 December 272021 November 22035
Co. Ltd.Guangdong Energy Group Finance
13200000 January 192022 November 22035
Co. Ltd.Guangdong Energy Group Finance
22880000 July 262021 November 22035
Co. Ltd.Guangdong Energy Group Finance
2640000 January 222021 November 22035
Co. Ltd.Guangdong Energy Group Finance
7920000 November 42020 November 22035
Co. Ltd.Guangdong Energy Group Finance
7920000 November 192020 November 22035
Co. Ltd.Guangdong Energy Group Finance
8800000 October 202021 November 22035
Co. Ltd.Guangdong Energy Group Finance
8800000 December 102021 November 22035
Co. Ltd.Guangdong Energy Group Finance 8800000 May 302022 November 22035
182Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Co. Ltd.Guangdong Energy Group Finance
21377220.60 December 32024 December 32025
Co. Ltd.Guangdong Energy Group Finance
134139365.36 February 202025 August 52044
Co. Ltd.Guangdong Energy Group Finance
45864211.25 November 212024 August 52044
Co. Ltd.Guangdong Energy Group Finance
1802412.23 December 272023 September 262041
Co. Ltd.Guangdong Energy Group Finance
2115992.26 January 222025 September 262041
Co. Ltd.Guangdong Energy Group Finance
3000000 December 252023 September 262041
Co. Ltd.Guangdong Energy Group Finance
3203618.34 January 222024 September 262041
Co. Ltd.Guangdong Energy Group Finance
3500000 September 272023 September 262041
Co. Ltd.Guangdong Energy Group Finance
3866592 October 112023 September 262041
Co. Ltd.Guangdong Energy Group Finance
4000000 January 152024 September 262041
Co. Ltd.Guangdong Energy Group Finance
4802412.23 November 202023 September 262041
Co. Ltd.Guangdong Energy Group Finance
8483591.86 December 232024 September 262041
Co. Ltd.Guangdong Energy Group Finance
100000000 August 82024 August 72025
Co. Ltd.Guangdong Energy Group Finance
100000000 February 192025 February 92026
Co. Ltd.Guangdong Energy Group Finance
100000000 March 252025 March 242026
Co. Ltd.Guangdong Energy Group Finance
150000000 December 162024 December 152025
Co. Ltd.Guangdong Energy Group Finance
134125262 December 252013 December 242028
Co. Ltd.Guangdong Energy Group Finance
28296014.69 October 232023 March 162042
Co. Ltd.Guangdong Energy Group Finance
6793013.19 June 232025 September 92042
Co. Ltd.Guangdong Energy Group Finance
12268973.07 April 272025 September 92042
Co. Ltd.Guangdong Energy Group Finance
100000000 December 182024 December 172025
Co. Ltd.Guangdong Energy Group Finance 100000000 January 102025 January 92026
183Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Co. Ltd.Guangdong Energy Group Finance
91282342.81 September 262024 September 252040
Co. Ltd.Guangdong Energy Group Finance
329637832.08 February 52024 August 302043
Co. Ltd.Guangdong Energy Group Finance
26140312.12 May 192023 May 182038
Co. Ltd.Guangdong Energy Group Finance
300000 June 252023 May 182038
Co. Ltd.Guangdong Energy Group Finance
4950000 October 282024 May 182038
Co. Ltd.Guangdong Energy Group Finance
16311572.97 December 102024 May 182038
Co. Ltd.Guangdong Energy Group Finance
650000 April 112025 May 182038
Co. Ltd.Guangdong Energy Group Finance
2834744.93 February 242022 November 112041
Co. Ltd.Guangdong Energy Group Finance
28604889.75 April 202022 November 112041
Co. Ltd.Guangdong Energy Group Finance
10200000 June 232022 November 112041
Co. Ltd.Guangdong Energy Group Finance
5110000 July 252022 November 112041
Co. Ltd.Guangdong Energy Group Finance
25500000 August 292022 November 112041
Co. Ltd.Guangdong Energy Group Finance
8000000 December 282022 November 112041
Co. Ltd.Guangdong Energy Group Finance
708795.71 July 32024 July 42025
Co. Ltd.Guangdong Energy Group Finance
607804.10 July 102024 July 112025
Co. Ltd.Guangdong Energy Group Finance
699216.06 July 132024 July 142025
Co. Ltd.Guangdong Energy Group Finance
761975.33 July 212024 July 222025
Co. Ltd.Guangdong Energy Group Finance
1967433.90 August 102024 August 112025
Co. Ltd.Guangdong Energy Group Finance
693605.86 August 122024 August 132025
Co. Ltd.Guangdong Energy Group Finance
3103355.08 September 82024 September 92025
Co. Ltd.Guangdong Energy Group Finance
692741.71 September 92024 September 102025
Co. Ltd.Guangdong Energy Group Finance 417993.72 September 222024 September 232025
184Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Co. Ltd.Guangdong Energy Group Finance
685374.53 October 132024 October 142025
Co. Ltd.Guangdong Energy Group Finance
2833138.36 October 152024 October 162025
Co. Ltd.Guangdong Energy Group Finance
325990 October 202024 October 212025
Co. Ltd.Guangdong Energy Group Finance
2101780.81 November 122024 November 132025
Co. Ltd.Guangdong Energy Group Finance
927556.03 November 132024 November 142025
Co. Ltd.Guangdong Energy Group Finance
1241472.52 November 192024 November 202025
Co. Ltd.Guangdong Energy Group Finance
1699050.38 December 92024 December 102025
Co. Ltd.Guangdong Energy Group Finance
876025.88 December 152024 December 162025
Co. Ltd.Guangdong Energy Group Finance
294357.69 December 172024 December 182025
Co. Ltd.Guangdong Energy Group Finance
1172557.31 January 122025 January 132026
Co. Ltd.Guangdong Energy Group Finance
714672.70 January 132025 January 142026
Co. Ltd.Guangdong Energy Group Finance
311453.76 January 202025 January 212026
Co. Ltd.Guangdong Energy Group Finance
875209.12 December 122025 February 132026
Co. Ltd.Guangdong Energy Group Finance
820027.68 February 162025 February 172026
Co. Ltd.Guangdong Energy Group Finance
327542.88 February 192025 February 202026
Co. Ltd.Guangdong Energy Group Finance
1333348.05 March 102025 March 112026
Co. Ltd.Guangdong Energy Group Finance
617737.74 March 122025 March 132026
Co. Ltd.Guangdong Energy Group Finance
577339.73 April 132025 April 142026
Co. Ltd.Guangdong Energy Group Finance
1206238.53 April 142025 April 152026
Co. Ltd.Guangdong Energy Group Finance
396820.10 April 212025 April 222026
Co. Ltd.Guangdong Energy Group Finance
903729.97 May 112025 May 122026
Co. Ltd.Guangdong Energy Group Finance 673913.17 May 122025 May 132026
185Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Co. Ltd.Guangdong Energy Group Finance
904817.93 June 112025 June 122026
Co. Ltd.Guangdong Energy Group Finance
253860 June 142025 June 152026
Co. Ltd.Guangdong Energy Group Finance
30000000 September 132024 September 122025
Co. Ltd.Guangdong Energy Group Finance
60000000 January 132025 January 122026
Co. Ltd.Guangdong Energy Group Finance
70000000 February 172025 February 162026
Co. Ltd.Guangdong Energy Group Finance
5013305.29 February 112015 February 102033
Co. Ltd.Guangdong Energy Group Finance
4117647.05 November 302016 November 282031
Co. Ltd.Guangdong Energy Group Finance
622664158.15 February 262020 January 22040
Co. Ltd.Guangdong Energy Group Finance
59400000 June 302023 June 82043
Co. Ltd.Guangdong Energy Group Finance
45288568.69 March 302021 March 292036
Co. Ltd.Guangdong Energy Group Finance
108062500.01 May 252020 May 252035
Co. Ltd.Guangdong Energy Group Finance
8455263.16 July 232018 July 232033
Co. Ltd.Guangdong Energy Group Finance
98963980.27 February 232023 February 232043
Co. Ltd.Loaned
（6） Related party asset transfer and debt restructuring
(7) Rewards for the key management personnel
In RMB
Items Amount of current period Amount of previous period
Annual salary of the operator 2101917 1903991
（8）Other related transactions
（a）Interest income
Item Amount of current period Amount of previous period
Deposit interest of Energy Group 44265328 73985946
186Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Finance
Proportion 92.92% 85.47%
（b）Interest expense
Item Amount of current period Amount of previous period
Interest of borrowing of Guangdong
110244259114016943
Energy Finance Company
Discount interest of Guangdong
701639988491
Energy Finance Company
Proportion 9.72% 9.58%
（c）Interest payable
Item Amount of current period Amount of previous period
Energy Finance Lease interest 95680562 76181330
（d）Joint Investment
Energy Group
Capital Company 51%
Energy Group Finance Company 60%
Energy Financing Leasing 75%
Yudean Shipping 65%
Yueqian Electric power 68.70%
Shanxi Energy Company 60%
Industry Fuel 50%
Sha C Company 49%
Guanghe Electric Power 49%
Biomass Power Generation 49%
Xinhui Power Generation 44.10%
Maoming Thermal power plant 45.14%
Yangjiang Wind Power 10.96%
Shibeishan Wind Power 30%
Zhanjiang Wind Power 30%
Qujie Wind Power 1.68%
Bohe Energy 33%
Yuejia Electric Power 25%
Zhuhai Wind Power 5.72%
187Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
6. Payables and receivables of the related party
（1）Receivables
In RMB
At end of term At beginning of term
Project Related parties Bad debt Bad debt
Book balance Book balance
provision provision
Monetary funds-Bank Energy Group Finance
1480053902514240813564
deposit Company
Monetary funds-Other Energy Group Finance
00
Monetary funds Company
Monetary funds-Interest Energy Group Finance
3561983545790010
receivable Company
Guangdong Energy
Account receivable 8610255 13162597
Group
Account receivable Zhuhai Power 15051190 16519487
Generation
Account receivable Other 17320584 8207588
Contract assets Zhuhai Power 186165 96470
Generation
Contract assets Yudean Zhangshan 103415 1269872
Thermal power
Yudean Environmental
Other account receivable 40555495 37861479
protection
Other account receivable Fuel Company 24778812 24677849
Other account receivable Other 30827213 42265128
Advance payment Fuel Company 791210398 929673076
Advance payment Energy Group Natural 0 21489959
gas
Advance payment Tianxin Insurance 7337331 30223522
Advance payment Other 6131202 5329456
（2）Payables
In RMB
Name Related party Amount at year end Amount at year beginning
Note payable Energy Group Finance Company 140000000 350000000
Account payable Fuel Company 2822445396 1971547170
Account payable Energy Natural gas 309286025 72412482
Account payable Energy Group 44520000 71348385
Account payable Yudean Environmental 32886235 25726993
Protection
Environmental Protection
Account payable 18264573 6470206
Material
Account payable Other 6701382 12307887
188Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Other payable Yudean Environmental 8315151 21449528
Protection
Other payable Menghua New Energy 9340523 9222282
Other payable Yudean Property 19189527 7168316
Other payable Other 86531595 31666974
Lease liabilities Energy Financing leasing 10555838102 10257056614
Short-term loans Finance Company 4737674513 4537643038
Non-current liability due
Finance Company 76142751 212355144
in 1 year
Non-current liability due
Energy Financing Leasing 259549903 237719635
in 1 year
Long-term loans Finance Company 6624197675 5806465747
7. Related party commitment
Not Applicable
8. Other
Not Applicable
XV. Stock payment
1. The Stock payment overall situation
□ Applicable √Not applicable
2. The Stock payment settled by equity
□ Applicable √Not applicable
3. The Stock payment settled by cash
□ Applicable √Not applicable
4.The current shares will pay the fee
□ Applicable √Not applicable
5. Revised and termination on share-based payment
Not Applicable
6. Other
Not Applicable
189Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
XVI. Commitments
1.Important commitment events
Important commitments of existence of balance sheet date
In August 2022 Guangdong Wind Power a subsidiary of the Group signed the framework agreement with
Hengyang New Energy for the acquisition of its no less than 65% equity in Wuxiang Lvheng Photovoltaic
Power Generation Co. Ltd. As at 30 June 2025 Guangdong Wind Power paid a deposit of RMB 52200000 to
Hengyang New Energy but the consideration for the equity transaction has not yet been determined.In May 2024 Guangdong Energy Group Xinjiang Co. Ltd. a subsidiary of the Group signed a framework
agreement with Jiangsu Sailafu Electric Power Development Co. Ltd. ("Sailafu Electric Power") to acquire its
100% equity of Kekedala Zhongfu New Energy Co. Ltd. As of June 30 2025 Guangdong Wind Power had
paid a transaction deposit of RMB 72000000 to Sailafu Electric Power and the consideration for the equity
transaction has not been finalized yet.In September 2024 Guangdong Energy Group Xinjiang Co. Ltd. a subsidiary of our company signed a
framework agreement with Mulei Jiasheng Energy Technology Co. Ltd. ("Mulei Jiasheng Energy") to acquire
100% of the equity held by Mulei Jiasheng Energy in Mulei Jinxiu Electric Power Development Co. Ltd. As of
June 30 2025 Guangdong Energy Group Xinjiang Co. Ltd. had paid a transaction deposit of RMB 85400000
to Mulei Jiasheng Energy. The consideration for this equity transaction has not yet been finalized.In August 2024 Guangzhou New Energy signed the "Pre-acquisition Agreement for 100% Equity of Guangxi
Runzhitong Energy Technology Co. Ltd." with Power China Jiangxi Hydropower Engineering Bureau Co.Ltd. Guangxi Xusen New Energy Technology Co. Ltd. and Guangxi Runzhitong Energy Technology Co.Ltd.. As of June 30 2025 According to the agreement Guangdong Electric Power New Energy Development
will pay a deposit of RMB 50000000 for the equity acquisition. The consideration for this equity transaction
has not yet been finalized.
2.Contingency
（1）Significant contingency at balance sheet date
None
（2）The Company has no significant contingency to disclose also should be stated
The Company has no important contingency that need to be disclosed
3.Other
None
XVII. Events after balance sheet date
1. Important non-adjustment items
Not Applicable
190Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
In RMB
2. Profit distribution
Not Applicable
3. Sales return
Not Applicable
4. Other events after balance sheet date
Not Applicable
XVIII. Other important events
1. Previous accounting errors collection
(1) Retrospective restatement
Not Applicable
(2) Prospective application
Not Applicable
2. Debt restructuring
Not Applicable
3. Assets replacement
(1) Non-monetary assets change
Not Applicable
7. (2) Other assets replacement
Not Applicable
4. Pension plan
Not Applicable
191Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
5. Discontinued operations
Not Applicable
6. Segment
(1) Recognition basis and accounting policy for reportable segment
As the Group's revenue and expenses assets and liabilities are primarily associated with sale of electric power
and other related products the Group's management taking the sale of electric power as a whole business
periodically obtains accounting information relating to financial status operating results and cash flow for
assessment. Therefore there is only the electric power segment in the Group. The Group’s revenue from main
operations derives from the development and operation of electric plants in China and all assets are within
China.
(2) Financial information for reportable segment
In RMB
Electricity and related
Item Offset between segments Total
products
Main business income 23024016646 0 23024016646
Main business cost 21059973597 0 21059973597
Total assets 181156928432 0 181156928432
Total Liabilities 145231752261 0 145231752261
Net profit 97295326 0 97295326
(3)The Company has no reportable segments or unable to disclose total assets and total liability for
reportable segments explain reasons
Not Applicable
(4) Other note:
Not Applicable
7. Major transaction and events makes influence on investor’s decision
Not Applicable
8.Other
Not Applicable
192Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
XIX. Principle notes of financial statements of parent company
1. Account receivable
（1）Disclosure according to the aging
None
（2） According to the bad debt provision method classification disclosure
None
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of
other receivables if the provision for bad debts of bills receivable is accrued according to the general model of
expected credit loss:
□ Applicable √ Not applicable
(3)Accounts receivable withdraw reversed or collected during the reporting period
Accrual of bad debt provision in the period:
None
Including important amount of bad debt provision collected or reversal in the period:
None
(4) The actual write-off accounts receivable
None
(5)The ending balance of other receivables owed by the imputation of the top five parties
None
2. Other accounts receivable
In RMB
Item Closing balance Opening balance
Interest receivable 0 0
Dividend receivable 94351613 0
Other accounts receivable 807989418 837741316
Total 902341031 837741316
193Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
（1）Interest receivable
1) Category of interest receivable
None
2) Significant overdue interest
None
3）Bad-debt provision
□ Applicable √ Not applicable
4) Accounts receivable withdraw reversed or collected during the reporting period
None
5) The actual write-off during the reporting period
None
（2）Dividend receivable
1) Category
In RMB
Item Closing balance Opening balance
Yangshan Jiangkeng Hydropower Station Co. 1603300 0
Sunshine Insurance Group Co. Ltd 66500000 0
Yangshan Zhongxinkeng Electric Co. Ltd. 1258800 0
Shenneng Co. Ltd 24989513 0
Total 94351613 0
2) Significant dividend receivable aged over 1 year
Not applicable
3）Bad-debt provision
□ Applicable √ Not applicable
4）Including important amount of bad debt provision collected or reversal in the period:
None
5） Dividend receivables actually written off in the current period
None
（3）Other account receivable
1) Other accounts receivable classified by the nature of accounts
In RMB
194Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Nature Closing book balance Opening book balance
Supplementary medical insurance fund
4335254244370483
receivable
Receivable payment from related parties 758927230 788286071
Other 5828479 5188063
Less：Bad debt reserves -118833 -103301
Total 807989418 837741316
2） Disclosure by aging
In RMB
Aging Ending book balance Opening book balance
Within one year(one year included) 739357077 791766134
1-2 years 24295645 6660864
2-3 years 6385594 5103479
Over 3 years 38069935 34314140
3-4 years 5008367 33238193
4-5 years 31985621 1075947
Over 5 years 1075947 0
Total 808108251 837844617
195Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
3) According to the bad debt provision method classification disclosure
In RMB
Closing balance Opening balance
Category Book balance Bad debt provision Book balance Bad debt provision
Book value Book value
Amount Proportion % Amount Proportion % Amount Proportion % Amount Proportion %
Accrual of bad
debt provision 805203223 99.64% 0 0% 805203223 835172773 99.68% 0 0% 835172773
by single
Of which
Accrual single 805203223 100% 0 0% 805203223 835172773 100% 0 0% 835172773
Accrual of bad
debt provision 2905028 0.36% 118833 4.09% 2786195 2671844 0.32% 103301 3.87% 2568543
by portfolio
Of which
Accrual
2905028100%1188334.09%27861952671844100%1033013.87%2568543
portfolio
Total 808108251 100% 118833 0.01% 807989418 837844617 100% 103301 0.01% 837741316
Accrual of bad debt provision by single term : Receivables from related parties
In RMB
Opening balance Closing balance
Name Bad debt Bad debt
Book balance Book balance Proportion% Reason
provision provision
The
counterparty is
Receivables
a government
from related 788286071 0 758927230 0 0%
unit with a
parties
historical loss
rate of 0;
196Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
therefore the
risk of ECL is
extremely low
Total 788286071 0 758927230 0
197Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Accrual of bad debt provision by single term : Supplementary medical insurance fund receivable
In RMB
Opening balance Closing balance
Name Book Bad debt Book Bad debt
Proportion Reason
balance provision balance provision
The counterparty is Taikang
Pension which mainly
Supplementary
provides custody services for
medical
the Group’s supplementary
insurance fund 44370483 0 43352542 0 0%
medical insurance fund. The
receivable
historical loss rate is 0 and
the risk of ECL is extremely
low.Total 44370483 0 43352542 0
Accrual of bad debt provision by single term : Other
In RMB
Opening balance Closing balance
Name Bad debt Bad debt
Book balance Book balance Proportion Reason
provision provision
Other 2516219 0 2923451 0 0%
Total 2516219 0 2923451 0
Accrual of bad debt provision by portfolio: Other portfolio
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion
Other portfolio 2905028 118833 4.09%
Total 2905028 118833
Provision for bad debts is made according to the general model of expected credit losses
In RMB
Stage 1 Stage 2 Stage 3
Expected credit losses
Bad Debt Reserves Expected credit losses Expected credit loss for the entire duration Total
over the next 12 over life (no credit
(credit impairment
months impairment)
occurred)
Balance as at January
103301103301
12025
Balance as at January
1 2025 in current
Provision in Current
2758027580
Year
Reversal in Current
-12048-12048
Year
198Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Balance as at 30 June.
118833118833
2025
Basis for division of each stage and accrual ratio for bad-debt provision
Loss provision changes in current period change in book balance with significant amount
□ Applicable √Not applicable
4) Accounts receivable withdraw reversed or collected during the reporting period
The withdrawal amount of the bad debt provision：
In RMB
Amount of change in the current period
Opening Reversed or
Category Closing balance
balance Accrual collected Write-off Other
amount
Other
10330127580-12048118833
receivable
Total 103301 27580 -12048 118833
Where the current bad debts back or recover significant amounts:
None
5）Other account receivables actually cancel after write-off
None
6)Top 5 of the closing balance of the other accounts receivable collected according to the arrears party
In RMB
Portion in total Bad debt provision
Year-end
Name Nature Aging other of year-end
balance
receivables(%) balance
Guandong Yudean
Receivable of
Shaoguan Power 460571368 Within 1 year 56.99% 0
Unit current
Generation Co. Ltd.Xiangtan Xiangdian
Receivable of
Changshan Wind Power 190136167 Within 1 year 23.53% 0
Unit current
Generation Co. Ltd.Lincang Yudean Energy Receivable of
80363750 Within 1 year 9.94% 0
Co. Ltd. Unit current
Supplementary Within 1 year1-2
Taikang Pension medical years2-343352542 5.36% 0
insurance fund years3-4
receivable years4-5 years
Receivable of
Fuel Company 22804207 1-2 years 2.82% 0
Unit current
Total 797228034 98.64% 0
7） Other receivables reported due to centralized management of funds
None
199Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
3. Long-term equity investment
In RMB
Closing balance Opening balance
Item
Book balance Provision for impairment Book value Book balance Provision for impairment Book value
Investments in
subsidiaries 40650757357 3915727852 36735029505 40225622357 3915727852 36309894505
Investments in
associates and 10452597422 122614153 10329983269 9980009554 122614153 9857395401
joint ventures
Total 51103354779 4038342005 47065012774 50205631911 4038342005 46167289906
(1)Investments in subsidiaries
In RMB
Opening balance Increase /decrease in reporting period Closing balance of
The invested Opening balance
of the impairment Increase in Decrease in Provision for Closing balance impairment
entity (Book value) Other
provision investment investment impairment provision
Huizhou
120519944600012051994460
Natural gas
Guangqian
135315322300013531532230
Electric
Red Bay
2389023386700000000024590233860
Company
Lincang
4909894390000490989439
Company
Zhanjiang
Electric 2185334400 0 0 0 2185334400 0
Company
Yuejia
4555842670000455584267
Company
200Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Shaoguan
Power 1509698674 0 0 0 0 1509698674
Generation
Maoming
6874589780006874589780
Company
Jinghai
245039566800024503956680
Company
Technology
2000000000002000000000
Company
Humen
319241686807584000319241686807584
Company
Zhongyue
963000000187248115000963000000187248115
Company
Bohe
14095810412211000000016306810410
Company
Pinghai
7203113470007203113470
Company
Dapu
195710000000019571000000
Company
Huadu
3230500000003230500000
Company
Guangdong
10519096881000105190968810
Wind Power
Yudean
2300000000002300000000
Electric Sale
Yongan
4950000000004950000000
Company
Binhaiwan
104000000000010400000000
Company
201Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Huaguoquan
49680900000496809000
Company
Qiming
68000000000680000000
Company
Dayawan
42395500149070000004730250010
Company
Dananhai
33100000040000000003710000000
Company
Sha C
11694341343896866480001169434134389686648
Company
Yunhe
131993392700013199339270
Company
Yuhua
6993478380006993478380
Company
Bijie Company 17500000 0 0 0 17500000 0
Tumusuke
42868757957131250004286875795713125
Company
Shanguan New
46473000000464730000
Energy
Hanhai New
6440500000006440500000
Energy
Jinxiu Energy 2621800 0 0 0 2621800 0
Mujin New
1204959200001204959200
Energy
Muhong New
1204959200001204959200
Energy
Huibo New
99923134000999231340
Energy
Xingyue New 9977500 0 0 0 9977500 0
202Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Energy
Maoming
1153450000001153450000
Natural gas
Huixin
18147500044965000002264400000
Company
Dongrun
Zhongneng 45063020 0 0 0 45063020 0
New Energy
Shache Energy 1256610470 0 0 0 1256610470 0
Xinguangyao
46057600000460576000
New Energy
Luoding New
184452000018445200
Energy
Jiuzhou New
39000000000390000000
Energy
Changshan
1107400000001107400000
Wind Power
Tumusuke
350000000035000000
Changhe
Zhonggong
1529693600001529693600
Energy
ZhuhaiYudean
274000000027400000
New Energy
Zhenneng
10000000000100000000
New Energy
Xingjiang
100000000000010000000000
Company
GaozhouNew
147680000014768000
Energy
203Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Yudean New
Energy 85000000 0 0 0 85000000 0
Development
Total 36309894505 3915727852 425135000 0 0 36735029505 3915727852
（2）Investment in joint ventures and associates
In RMB
Increase/decrease in this period
Opening Balance of
Announced
Opening balance of the
Funded Investment Other Other for Provision
balance the Increase in Decrease in End of term provision
enterprise income under comprehensive changes in distributing for Other
(Book value) impairment investment investment for
equity method income equity cash dividend impairment
provision impairment
or profit
I.Joint venture
Industry
11872404393000000002633306302052290232824001492343392
Fuel
Subtotal 1187240439 300000000 26333063 0 2052290 23282400 1492343392
II. Associated
Taishan
Power 2064860619 0 31433416 0 5139687 0 2101433722
Generation
Shanxi
Yudean 3932626743 117188999 666045 4050481787
Energy
Energy
Finance 1124890453 54785369 -38179483 0 57595064 1083901275
Company
Energy
Leasing 823842858 11028996 834871854
Company
Yudean
1264363199596994-3659011346215137013627
Shipping
204Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
Company
Yueqian
Electric
2722877374634562-13339139228277048188
Power
Co. Ltd.Wenxin
122614153122614153
Yuntou
Guangdon
g Energy
Insurance 309986789 6023848 2291873 313718764
Captive
Company
Enterprise
270000008913127089131
Services
Other 15223444 -279815 2862100 12081529
Subtotal 8670154962 122614153 27000000 0 234501500 -38558723 7291175 62749037 0 0 8837639877 122614153
Total 9857395401 122614153 327000000 260834563 -38558723 9343465 86031437 10329983269 122614153
The recoverable amount is determined on the basis of the net amount of fair value less disposal costs
□Applicable□Not applicable
The recoverable amount is determined by the present value of the projected future cash flows
□Applicable□Not applicable
The reason for the obvious discrepancy between the foregoing information and the information used in the impairment test of previous years or the external
information
The reason for the obvious discrepancy between the information used in the Company's impairment test in previous years and the actual situation in the current year
205Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
（3）Other note
4. Business income Business cost
In RMB
Amount of current period Amount of previous period
Item
Income Cost Income Cost
Main business 0 0 0 0
Other business 24361404 16728421 12200605 11988776
Total 24361404 16728421 12200605 11988776
Income related information:
In RMB
Contract Division 1 Division 2 Total
classification Income Cost Income Cost Income Cost
Business type 24361404 16728421 24361404 16728421
Including
Labour service 19052924 16531060 19052924 16531060
Rent 5308480 197361 5308480 197361
Area 24361404 16728421 24361404 16728421
Including
Guangdong 24361404 16728421 24361404 16728421
Other market 24361404 16728421 24361404 16728421
Including
Other market 24361404 16728421 24361404 16728421
Contract type 24361404 16728421 24361404 16728421
Including
Provided Labour 19052924 16531060 19052924 16531060
Provided Asset
53084801973615308480197361
use right
Classification by
the time of
24361404167284212436140416728421
commodity
transfer
Time
Including 19052924 16531060 19052924 16531060
Rent 5308480 197361 5308480 197361
Contract type
Including
Selling
Including
Total 24361404 16728421 24361404 16728421
Information related to performance obligations:
206Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
None
Other note
On June 30 2025 The company has no signed contract but has not completed the performance obligations
The amount of income corresponding to the performance obligations that have been signed at the end of this
reporting period but have not yet been fulfilled or have not done with fulfillment is 0.00 yuan among them
yuan of revenue is expected to be recognized in year yuan of revenue is expected to be recognized in year and
yuan of revenue is expected to be recognized in year.Significant contract changes or significant transaction price adjustments
None
5. Investment income
In RMB
Item Amount of current period Amount of previous period
Long-term equity investment income
970603087934393864
accounted by cost method
Long-term equity investment income
260834563394508211
accounted by equity method
Dividend income from investments in
other equity instruments during the 116155595 112589720
holding period
Creditor's right from investments in other
equity instruments during the holding 22138855 25242402
period
Total 1369732100 1466734197
6. Other
Not Applicable
XX. Supplement information
1. Particulars about current non-recurring gains and losses
√ Applicable □ Not applicable
In RMB
Item Amount Notes
Mainly due to the profit and loss of
Yuehua Zhanqiao land and buildings and
Non-current asset disposal gain/loss 14650960 equipment disposal of Guanghe
Zhanjiang Biomass Dapu and other
companies.Government subsidies recognized in Mainly due to the electricity sales
10930305 economic policy incentives and subsidies
current gain and loss(excluding those for power plant projects.
207Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
closely related to the Company’s
business and granted under the state’s
policies)
Mainly due to the land compensation
income of Huizhou Pinghai Power Plant
Other non-business income and and the natural gas compensation income
101734047
expenditures other than the above of Huizhou Natural Gas Power
Generation and Guangqian Electric
Power.Less: Amount of influence of income tax 34561404
Influenced amount of minor
38407979
shareholders’ equity (after tax)
Total 54345929 --
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
Item Amount involved(RMB) Reason
Value-added tax will be refunded Comply with national policies and
12969171
immediately regulations and continue to occur.Carbon emission quota used to fulfill the Comply with national policies and
-72907513
emission reduction obligation regulations and continue to occur.
2. Return on net asset and earnings per share
Earnings per share
Weighted average return on
Profit of report period Basic earnings per Diluted earnings per
equity(%)share(yuan/share） share(yuan/share)
Net profit attributable to the
Common stock shareholders 0.14% 0.0062 0.0062
of Company.Net profit attributable to the
Common stock shareholders
-0.10%-0.0042-0.0042
of Company after deducting
non-recurring gain/loss.
208Guangdong Electric Power Development Co. Ltd. The Semi-annual Financial Report 2025
3. Differences between accounting data under domestic and overseas 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
(2) Differences of net profit and net assets disclosed in financial reports prepared under overseas and
Chinese accounting standards.□ Applicable□√ Not applicable
(3) Explanation of the reasons for the differences in accounting data under domestic and foreign accounti
ng standards. If the data that has been audited by an overseas audit institution is adjusted for differences
the name of the overseas institution should be indicated
4.Other
□ Applicable□√ Not applicable
209
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