Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 GUANGDONG ELECTRIC POWER DEVELOPMENT CO. LTD.The Semi-annual Report 2023 August 2023Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 I. Important Notice Table of Contents and Definitions The Board of Directors Supervisory Committee Directors Supervisors and Senior Executives of the company hereby guarantees that there are no misstatement misleading representation or important omissions in this report and shall assume joint and several liability for the authenticity accuracy and completeness of the contents hereof.Mr.Zheng Yunpeng The company leader Mr. Liu Wei Chief financial officer and the Mr.Meng Fei the person in charge of the accounting department (the person in charge of the accounting )hereby confirm the authenticity and completeness of the financial report enclosed in this semi-annual report.Other directors attending the Meeting for Semi-annual report deliberation except for the followed: The name of director who did Position of absent The name of director who not attend the meeting in person director Reason was authorized Mao Qinghan Director Due to business Ma Xiaoqian The company is mainly engaged in thermal power generation. The business of thermal power generation is greatly affected by factors including electric power demand and fuel price. Refer to Section 10 of Chapter III of this annual report-situation faced and countermeasures for relevant information.During reporting period the company will not distribute cash dividend or bonus shares neither capitalizing of common reserves.Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Table of Contents I.Important Notice Table of contents and Definitions II. Company Profile & Financial Highlights.III. Management Discussion & Analysis IV. Corporate Governance V. Environmental & Social Responsibility VI. Important Events VII. Change of share capital and shareholding of Principal Shareholders VIII. Situation of the Preferred Shares IX. Corporate Bond X. Financial ReportGuangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Documents available for inspection 1.Financial statements bearing the seal and signature of legal representative financial controller and the person in charge of the accounting organ; 2..All original copies of official documents and notices which were disclosed in China Securities Journal Securities Times Shanghai Securities News Securities Daily and Hong Kong Commercial Daily (Both English and Chinese version); 3.Chinese version of the semi-annual report. The documents mentioned above are kept in office and are ready for reference at any time (except public holidays Saturday and Sunday). 1Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Definition Terms to be defined Refers to Definition Guangdong Energy Group Refers to Guangdong Energy Group Co. Ltd.Sha A Power plant Refers to Guangdong Electric Power Development Co. Ltd. ShaA Power plant Xinjiang Branch Refers to Guangdong Electric Power Development Co.Ltd.Xinjiang Branch Qinghai Branch Refers to Guangdong Electric Power Development Co. Ltd.Qinghai Branch Xingjiang Company Refers to Guangdong Energy Group Xingjiang Co. Ltd.Zhanjiang Electric Power Refers to Zhanjiang Electric Power Co. Ltd.Yuejia Company Refers to Guangdong Yuejia Electric Power Co. Ltd.Shaoguan Power Genration Plant Refers to Guangdong Yudean Shaoguan Power Generation Co.Ltd.Refers to Guangdong Energy Maoming Thermal Power PlantMaoming Thermal Power Plant Co. Ltd.Jinghai Company Refers to Guangdong Yudean Jinghai Power Co. Ltd.Humen Company Refers to Guangdong Yudean Humen Power Co. Ltd.Technology Engineering Company Refers to Guangdong Yudean Technology EngineeringManagement Co. Ltd Zhanjiang Zhongyue Refers to Zhanjiang Zhongyue Energy Co. Ltd.Bohe Company Refers to Guangdong Yudean Energy Co. Ltd.Huadu Company Refers to Guangdong Huadu Natural Gas Thermal Power Co.Ltd.Dapu Power Plant Refers to Guangdong Dapu Power Generation Co. Ltd.Wind Power Company Refers to Guangdong Wind Power Co. Ltd.Guangqian Company Refers to Shenzhen Guangqian Electric Power Co. Ltd.Electric Power Sales Company Refers to Guangdong Yudean Electric Power Sales Co. Ltd.Huizhou Natural Gas Company Refers to Guangdong Huizhou Natural Gas Power Co. Ltd.Red Bay Company Refers to Guangdong Red Bay Power Co. Ltd.Pinghai Power Plant Refers to Guangdong Huizhou Pinghai Power Co. Ltd.Lincang Company Refers to Lincang Yudean Energy Co. Ltd.Yongan Company Refers to Guangdong Yudean Yongan Natural Gas ThermalPower Co. Ltd.Binhaiwan Energy Company Refers to Guangdong Yudean Binhaiwan Energy Co. Ltd.Dayawan Energy Refers to Guangdong Yudean Dayawan Integrated Energy Co.Ltd.Qiming Energy Refers to Guangdong Yudean Qiming Energy Co. Ltd.Huaguoquan Company Refers to Shenzhen Huaguoquan Electric Industry Service Co.Ltd.Dananhai Company Refers to Guangdong Yudean Dananhai Intelligence Energy Co.Ltd.Yudean Baihua Refers to Guangdong Yudean Baihua Integrated Energy Co.Ltd.Bijie Energy Refers to Guangdong Bijie New Energy Co. Ltd.Shaoguan New Energy Refers to Guangdong Shaoguan Yuedianli New Energy Co. Ltd.Henan New Energy Refers to Henan Yudean New Energy Co. Ltd.Sha C Company Refers to Guangdong Shajiao( plant C) Power Generation Co.Ltd.Yuehua Power Generation Refers to Guangdong Yuehua Power Generation Co. Ltd.Yunhe Power Generation Refers to Guangdong Yudean Yunhe Power Generation Co. Ltd.Tumu Thermal Power Refers to Tumushuke Thermal Power Co.Ltd.Hanhai Energy Refers to Tumushuke Yudean Hanhai New Energy Co. Ltd.Huibo Energy Refers to Guangdong Huibo New Energy Co. Ltd. 2Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Jinxiu Energy Refers to Yuedean Jinxiu Energy Co. Ltd.Refers to Dongguan Songshanhu Yudean Energy Service Co.Songshanhu Company Ltd.Senhong Energy Refers to Nanjing Senhong New Energy Co. Ltd.Linyuan Senhai Energy Refers to Nanjing Linyuan Senhai New Energy Co. Ltd.Zhennan Energy Refers to Yunfu Zhennan New Energy Co. Ltd.Luoding Energy Refers to Yunfu Luoding Yudean New Energy Co. Ltd.Alxa League Energy Refers to Alxa League Yudean New Energy Co. Ltd.Sanmenxia Guangneng Refers to Sanmenxia Guangneng New Energy Co. Ltd.Liangguang Energy Refers to Huazhou Yudean Liangguang New Energy Co. Ltd.Caojiang Energy Refers to Gaozhou Yudean Caojiang New Energy Co. Ltd.Dongrun Zhongneng Refers to Taishan Dongrun Zhongneng New Energy Co. Ltd.Maoming Natural Gas Refers to Guangdong Yudean Maoming Natural Gas Co. Ltd.Xingyue Energy Refers to Meizhou Xingyue New Energy Co. Ltd.Xinguangyao Energy Refers to Laixi Xinguangyao New Energy Technology Co. Ltd.Shache Energy Refers to Yudean Shache Comprehensive Energy Co. Ltd.Zhenyun Energy Refers to Yunfu Yudean Zhenyun New Energy Co. Ltd.Zhenneng Energy Refers to Yunfu Yudean New Energy Co. Ltd.Zhuhai Energy Refers to Zhuhai Yudean New Energy Co. Ltd.Liuzhou Energy Refers to Guangxi Liuzhou Yudean New Energy Co. Ltd.Lvneng Energy Refers to Guangdong Yudean Lvneng New Energy Co. Ltd.Dianbai Energy Refers to Maoming Dianbai New Energy Co. Ltd Tuoqian Energy Refers to Huanggang Tuoqian New Energy Co. Ltd.Gaozhou Intelligence New Energy Refers to Gaozhou Yudean Intelligence New Energy Co. Ltd.Hainan Guangneng Refers to Hainan Guangneng Yudean New Energy Co. Ltd.Refers to Guangdong Yudean New Energy Development Co.Guangzhou New Energy Ltd.Changha Energy Refers to Tumushuke Yudean Changhe New Energy Co. Ltd.Caohu Energy Refers to Tumushuke Yudean Caohu New Energy Co. Ltd.Xingneng Energy Refers to Qinghai Yudean Xingneng New Energy Co. Ltd.Zhanjiang Guangneng Refers to Zhanjiang Guangneng Yudean New Energy Co. Ltd.Baohe Energy Refers to Gaozhou Yudean Baohe New Energy Co. Ltd.Fushun Energy Refers to Fushun Yudean New Energy Co. Ltd.Refers to Guangdong Yudean Leizhou Power Generation Co.Leizhou Power Generation Ltd.Jiuzhou New Energy Refers to Jiuzhou New Energy(Zhaoqing)Co. Ltd.Xiangtan Xiangdian Chanshan Wind Power Generation Changshan Wind Power Refers to Co. Ltd.Guangxi Xinyue Refers to Guangxi Xinyue New Energy Co. Ltd.Zhanjiang Biomass Power Generation Refers to Guangdong Yudean Zhanjiang Biomass Power Company Generation Co. Ltd.Shibeishan Wind Power Refers to Guangdong Yudean Shibeishan Wind EnergyDevelopment Co. Ltd.Dianbai Wind Power Company Refers to Guangdong Yudean Dianbai Wind Power Co. Ltd.Huilai Wind Power Company Refers to Huilai Wind Power Generation Co. Ltd.Yangjiang Wind Power Company Refers to Guangdong Yudean Yangjiang Offshore Wind PowerCo. Ltd.Heping Wind Power Company Refers to Guangdong Yudean Heping Wind Power Co. Ltd.Pingyuan Wind Power Company Refers to Guangdong Yudean Pingyuan Wind Power Co. Ltd.Wuxuan Wind Power Company Refers to Guangxi Wuxuan Yudean New Energy Co. Ltd.Xupu Wind Power Company Refers to Hunan Xupu Yuefeng New Energy Co. Ltd.Pingdian Integrated Energy Company Refers to Huizhou Pingdian Integrated Energy Co. Ltd.Zhuhai Wind Power Company Refers to Guangdong Yudean Zhuhai Offshore Wind Power Co.Ltd.Zhanjiang Wind Power Company Refers to Guangdong Yudean Zhanjiang Wind Power GenerationCo. Ltd.Qujie Wind Power Company Refers to Guangdong Yudean Qujie Wind Power GenerationCo. Ltd. 3Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Leizhou Wind Power Company Refers to Guangdong Yudean Leizhou Wind Power GenerationCo. Ltd.Tongdao Wind Power Company Refers to Tongdao Yuexin Wind Power Generation Co. Ltd.Yudean Fuel Company Refers to Guangdong Power Industry Fuel Co. Ltd.Guangdong Energy Insurance Captive Company Refers to Guangdong Energy Property Insurance Captive Co.Ltd.Shanxi Energy Company Refers to Shanxi Yudean Energy Co. Ltd.Yudean Shipping Company Refers to Guangdong Yudean Shipping Co. Ltd.Yueqian Company Refers to Guizhou Yueqian Electric Co. Ltd.Guangdong Energy Finance Company Refers to Guangdong Energy Group Finance Co. Ltd.Energy Financial Leasing Company Refers to Guangdong Energy Financial Leasing Co. Ltd.Guoneng Taishan Company Refers to Guoneng Yudean Taishan Power Generation Co. Ltd.Weixin Energy Co. Ltd. Refers to Yunnan Yuntou Weixin Energy Co. Ltd.Zhongxinkeng hydropower station Refers to Yangshan Zhongxinkeng Power Co. Ltd.Jiangkeng hydropower station Refers to Yangshan Jiangkeng hydropower station Southern Offshore wind power Refers to Southern Offshore wind power Union DevelopmentCo. Ltd.Sunshine Insurance Refers to Sunshine Insurance Group Co. Ltd.Shenzhen Capital Refers to Shenzhen Capital Group Co. Ltd.GMG Refers to GMG International Tendering Co. Ltd.Shenzhen Energy Refers to Shenzhen Energy Group Co. Ltd.Shenergy Company Refers to Shenergy Company Limited Environmental Protection Company Refers to Guangdong Yudean Environmental Protection Co.Ltd.Hechi New Energy Refers to Hechi Yudean New Energy Co. Ltd.Yige New Energy Refers to Guangdong Yudean Yige New Energy Co. Ltd. 4Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 II. Company Profile & Financial Highlights.I. Company Profile Stock abbreviation Yue Dian Li A Yue Dian Li B Stock code： 000539200539 Stock exchange for listing Shenzhen Stock Exchange Name in Chinese 广东电力发展股份有限公司 Abbreviation of Registered Company Name in Chinese( 粤电力 English name (If any) GUANGDONG ELECTRIC POWER DEVELOPMENT CO.LTD English abbreviation (If any) GED Legal Representative Zheng Yunpeng Ⅱ. Contact person and contact manner Board secretary Securities affairs Representative Name Liu Wei Huang Xiaowen Contact address 35F South Tower Yudean Plaza No.2 Tianhe Road 35F South Tower Yudean Plaza No.2 TianheEast GuangzhouGuangdong Province Road East GuangzhouGuangdong Province Tel (020)87570251 (020)87570251 Fax (020)85138084 (020)85138084 E-mail liuw@ged.com.cn huangxiaowen@ged.com.cn III. Other info. 1. Way of contact Whether registrations address offices address and codes as well as website and email of the company changed in reporting period or not □ Applicable √ Not applicable Registrations address offices address and codes as well as website and email of the company has no change in reporting period found more details in annual report 2022. 2. Information inquiry Whether information disclosure and preparation place changed in reporting period or not □ Applicable √ Not applicable None of the official presses website and place of enquiry has been changed in the semi report period. For details please find the Annual Report 2022. 3. Other relevant information Did any change occur to other relevant information during the reporting period? □ Applicable √ Not applicable IV. Summary of Accounting data and Financial index Whether it has retroactive adjustment or re-statement on previous accounting data √Yes □ No Retroactive adjustment or restatement of causes 5Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Accounting policy change Same period of last year Changes of this period over Reporting period same period of Last year(%) Before adjustment After adjustment After adjustment Operating income Yuan 28340840884 22611239733 22611239733 25.34%（ ） Net profit attributable to the shareholders of the 856538633 -1375739165 -1371743904 162.44% listed company（Yuan） Net profit after deducting of non-recurring gain/loss attributable to the 849010727 -1399609834 -1395614573 160.83% shareholders of listed company（Yuan） Cash flow generated by business operation net 2720370016 -208358510 -208358510 1405.62%（Yuan） Basic earning per share(Yuan/Share) 0.1631 -0.2620 -0.2613 162.44% Diluted gains per share(Yuan/Share) 0.1631 -0.2620 -0.2613 162.44% Weighted average ROE(%) 3.86% -6.23% -6.21% 10.07% As at the end of the As at the end of last year Changed over last year（％） reporting period Before adjustment After adjustment After adjustment Gross assets（Yuan） 143012763745 131504274884 131623802701 8.65% Net assets attributable to shareholders of the listed 21153441131 20241872479 20350293619 3.95% company（Yuan） Reasons of accounting policy change and correction of accounting errors In 2022 the Ministry of Finance promulgated the Interpretation No.16 of Accounting Standards for Business Enterprises (CS [2022] No.31) (hereinafter referred to as "Interpretation No.16"). Since January 1 2023 the company has adopted the accounting treatment provisions in Interpretation No.16 that deferred income tax related to assets and liabilities arising from a single transaction is not applicable to initial recognition exemption. For the applicable single transactions that occurred between the beginning of the earliest period of presentation in the financial statements of the first implementation of Interpretation No.16 and its implementation date the company has made adjustments in accordance with regulations; In case of taxable temporary differences and deductible temporary differences arising from the lease liabilities and right-to-use assets recognized at the beginning of the earliest period of presentation in the financial statements of Interpretation No.16 during its implementation for the first time the company will adjust the initial retained income and other related financial statement items at the beginning of the earliest period of presentation in the financial statements according to the cumulative impact.V.The differences between domestic and international accounting standards 1).Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosed in the financial reports of differences in net income and net assets.□ Applicable□√ Not applicable None 6Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 2).Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese accounting standards.□ Applicable √Not applicable None VI.Items and amount of non-current gains and losses √Applicable □Not applicable In RMB Items Amount Note It was the net loss caused by disposal Non-current asset disposal gain/loss(including the write- off part for which assets impairment provision is made) -1988902 of dust removal device of Unit 1 in Dapu Power Plant.It was mainly the economic policy Government subsidies recognized in current gain and loss(excluding those closely related to the company’s incentives for power sales and14152289 business and granted under the state’s policies) subsidies for various power plant projects.Other non-business income and expenditures other than the above 7433052 It was mainly the advance compensation for units received by Insurance compensation and claims income 6701756 Yangjiang Wind Power Plant due to Typhoon Siamba.It was mainly the fine expenditure of Fines and overdue payment fees -3664929 Qujiang Wind Power.It was mainly the fixed asset scrap Non-current assets scrap income 2724564 income of Jinghai company and Bohe company.It was mainly the fixed asset scrap loss Loss of Non-current assets scrapped -9754776 of Yunhe Power Generation Zhanjiang Zhongyue and Guangqian company.Less: Amount of influence of income tax 4792737 Influenced amount of minor shareholders’ equity (after tax) 3282411 Total 7527906 Details of other profit and loss items that meet the non-recurring profit and loss definition □ Applicable√ Not applicable None For the company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on information disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Losses and its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as recurring gains and losses it is necessary to explain the reason.√ Applicable □ Not applicable Items Amount involved(RMB) Reason Value-added tax will be refunded Comply with national policies and 12915790 immediately regulations and continue to occur 7Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 III. Management Discussion & Analysis Ⅰ.Main Business the company is Engaged in During the Report Period The company mainly engages in the investment construction and operation management of power projects and the production and sales of electric power. It belongs to the power heat production and supply industry classified in the “Guidelines for the Industry Classification of Listed Companies” by the China SecuritiesRegulatory Commission. Since its foundation the company has always adhered to the business tenet of “Capitalfrom the people using it for electricity and benefiting the public” and adheres to the business policy of “Centering on the main business of electricity with diversified development” focusing on the main business of power and making the power structure go diversified. In addition to the development construction and operation of large-scale coal-fired power plants it also has clean energy projects such as LNG power generation wind power generation and hydropower generation which provides reliable and clean energy to users through the grid company. As of June 302023 the company has controllable installed capacity of 31.5117 million kilowatts including holding installed capacity of 29.7639 million kilowatts and equity participation installed capacity of 1.7478 million kilowatts. Including: the holding installed capacity for coal-fired power generation of 20.55 million kilowatts and 69.04%; the holding installed capacity for gas and electricity of 6.392 million kilowatts and21.48% and renewable energy generation like wind power photovoltaic hydropower and biomass of 2.8219 million kilowatts and 9.48%.in addition The entrusted installed capacity of the company for management is 8.854 million kilowatts (including 6.65 million kilowatts of thermal power and 2.204 million kilowatts of hydropower). The above controllable installed capacity and entrusted installed capacity for management totaled 40.0537 million kilowatts.Income source is primarily contributed by power production and sales and main business income is derived from Guangdong Province. The company electricity sales price is subject to the benchmark price verified by the price authority per relevant policies based on National Development and Reform Commission (NDRC) and the electricity transaction price through the market trade implementation per Guangdong Electricity Market Trade Basic Rules and supporting files. During the reporting period the company completed a total of RMB 53.457 billion kWh of on-grid electricity in consolidated statements with a year-on-year increase of 15.34%; The average price of electricity sold in the consolidated statement is RMB 591.86 per thousand kWh (including tax the same below) with a year-on-year increase of RMB 49.12 per thousand kWh or 9.05%; The total operating income was RMB 28340.84 million with a year-on-year increase of RMB 5729.60 million or 25.34%.The company's business is dominated by coal-fired power generation and the fuel costs account for a large portion of operating costs thus the fluctuations in coal prices have a significant impact on the company's operating performance. During the reporting period affected by the increase in power generation and the continuous increase in coal prices the company’s fuel costs were 19793.94 million yuan which accounted for 78.73% of the main business costs Affected by the sharp increase of power generation and coal price the fuel cost increased by RMB 1610.66 million year on year. an increase of 8.86% .During the reporting period China's overall economic operation rebounded power demand continued to grow the company's power generation and on-grid electricity consumption increased steadily and power generation income increased significantly. Due to the decline in fuel prices the profitability of the company's thermal power business has recovered and its new energy business has maintained stable income. The company's overall performance in the first half of 2023 has turned losses into profits. During the reporting period the company realized a net profit of RMB 856.54 million with a year-on-year increase of 2228.28 8Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 million. The company realized a net profit attributed to parent company of RMB 207.02 million in coal-fired power business; 254.18 million in gas and electricity business; RMB -23.96 million in hydropower business; RMB 301.46 million in new energy business; and RMB 570.12 million in headquarters investment business.The company shall comply with the disclosure requirements of "power supply industries" in the Guideline No.3 for Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure By the end of June 2023 the company had a total installed capacity of 2.589 million kilowatts of new energy such as wind power and photovoltaic power including 1.2 million kilowatts of offshore wind power 1.145 million kilowatts of onshore wind power and 244100 kilowatts of photovoltaic power. In the first half of 2023 the company added about 67500 kilowatts of new energy installed all of which were photovoltaic power generation; The first and second offshore wind power projects in Jiangqingzhou Jianyang and the photovoltaic project in Shache Xinjiang that are under construction have a total installed capacity of about 4.42 million kilowatts and the new energy projects of about 11.8 million kilowatts have been registered and approved. In the future the company will continue to actively grasp the development trend of accelerating energy transformation under the goal of "emission peak" and "carbon neutrality" actively expand the resources of new energy projects through self-construction and acquisition fully promote the leap-forward development of new energy and build an ecological and civilized power enterprise. 1. As of June 30 2023 the holding new energy power generation projects that the company has put into production are as follows: Project type Project name Installed capacity (10000kilowatts) Shareholding ratio Wind Power Zhanjiang Xuwen Yangqian 4.95 70% Wind Power Zhanjiang Xuwen Yongshi 4.95 70% Wind Power Jieyang Huilai Shibeishan 10 70% Wind Power Jieyang Huilai Haiwanshi 1.40 90% Wind Power Maoming Dianbai Reshui 4.95 100% Wind Power Zhanjiang Leizhou Hongxinlou 4.95 94% Wind Power Zhanjiang Xuwen Shibanling 4.95 100% Wind Power Zhanjiang Xuwen Qujie 4.95 100% Wind Power Wailluo Offshore wind power 19.80 100% Wind Power Xuwen Wutushan Wind Power 4.95 51% Wind Power Xuwen Dengjiao Wind Power 4.95 51% Wind Power Pingyuan Maoping 4.80 100% Wind Power Zhuhai Jinwan Offshore wind 30 74.49%power Wind Power Zhangjiang Xuwen Wailuo II 20 100%Offshore wind power Wind Power Zhanjiang Xuwen Xinliao 20.35 100%offshore wind power Wind Power Yangjiang Shapa offshore wind 30 91.41%power Wind Power Guangxi Wuxuan 5 100% Wind Power Hunan Xupu Taiyangshan 5 100% Wind Power Hunan Tongdao Dagaoshan 5 100% Wind Power Decentralized Wind Power in 1.08 65%Shanwei Power Plant 9Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Wind Power Nanxiong Zhuan village 4.99 100% Wind Power Xiangtan Changshan 4.4 100% Wind Power Pingyuan Sishui 4 100% Wind Power Henan Xihua Wind Power 1.53 100% Wind Power Henan Wuzhi Wind power 2.50 100% Wind Power Hebei Ziyahe 10 80% Wind Power Zhanjiang Leigao 15.03 51% Photovoltaic Baojia Power generation 0.12 90% Photovoltaic Dapu Power plant 0.20 100% Photovoltaic Jiuzhou New Energy 1.73 100% Photovoltaic Xinhui Power Plant 1.06 46% Photovoltaic Yuehua company 0.06 51% Photovoltaic Shandong Gaotang 4.05 100% Photovoltaic Jinxiu Wudeng 0.34 90% Photovoltaic Red Bay Power Plant 1.38 65% Photovoltaic Wushi Wudeng 0.15 100% Photovoltaic Sanhe Xihua 0.46 100% Photovoltaic Haiyan Shalan 1 100% Photovoltaic Shanxi Hongdong 4.80 100% Photovoltaic Meizhou Wuhua 3 100% Photovoltaic Yuelong Photovoltaic 0.19 100% Photovoltaic Hanhai Photovoltaic 4 100% Photovoltaic Boluo Dafeng Photovoltaic 1 100% Photovoltaic Qingdao Niulian Photovoltaic 0.58 99% Photovoltaic Potou Yuguang Photovoltaic 0.30 90% Total 258.90 II.Analysis On core Competitiveness 1. The largest listed company of power in Guangdong The company's main power generation assets are located in Guangdong Province with a total asset size of more than 117.473 billion. It is the largest listed company of power in Guangdong Province. It is the only listed company with over 100 billion assets controlled by state-owned holdings in Guangdong province. As of June 302023 The company as the largest listed power company in Guangdong Province has a total of 40053700 kilowatts of controllable installed capacity and entrusted managed installed capacity accounting for about a quarter of the total installed capacity in Guangdong Province. 2. Strong background and resource advantages Guangdong Energy Group the controlling shareholder of the company as a provincial key energy enterprise has been actively supporting listed companies to become better and stronger by using the advantages of its resources technology and asset scale. As the only listed company and main force of Guangdong Energy Group the company has always been subordinated to serving the overall situation of the reform and development of Guangdong Province and Guangdong Yudean Group. It has deeply cultivated the main power industry actively played the value discovery function and resource allocation function of the capital market and assisted the reform and development of Guangdong Province's energy resources. 3. Comprehensive advantages of main business 10Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 During the "14th Five-Year Plan" period Guided by the national energy development strategy the company is implementing the "1+2+3+X" strategy - to build a first-class green and low-carbon power listed company coordinate safety and development optimize and strengthen coal gas and biomass power generation services and vigorously develop new energy energy storage hydrogen energy and land park development. The company has abundant project reserves and broad development prospects; With clear main business reasonable structure outstanding industrial position and market share it has strong comprehensive strength and broad development prospects. 4. Competitive advantage in electricity market The company's generator set has high parameters large capacity high operation efficiency low coal consumption stable operation superior environmental protection performance and strong market competitive advantage. In the first half of 2023 the company completed a total of 5.3457 billion kilowatt-hours of electricity in the market and the scale of electricity sales continued to rank first in the province with electricity sales prices superior to the province's average. The company gives full play to its three advantages of scale brand and service. With its marketing service network all over the province and its technical accumulation and comprehensive resources in the power industry the company provides auxiliary value-added services such as peak regulation frequency modulation and backup for the power grid and provides high-quality value-added services such as comprehensive energy saving and power consumption consultation for users thus realizing the transformation from a power generation enterprise to an energy comprehensive service enterprise. 5. Advantage of financial resources At present the company's total assets reach 100 billion and the cash flow of its stock business is abundant which provides a good support for the company's sustainable development. The company is in good financial condition with smooth financing channels such as bank credit bonds and securities markets and diversified financing methods. The company will make full use of internal and external financial resources to provide strong financial guarantee for the enterprise production and operation key project construction and rapid development of new energy industries. 6. Regional development advantages As the main energy source in Guangdong Province the company shoulders the important task of helping Guangdong Province to build a clean low-carbon safe and efficient modern energy system. The company will actively integrate into the construction of Guangdong-Hong Kong-Macao Greater Bay Area Shenzhen's advanced demonstration zone and the development of Guangdong's "one core one belt and one area". It will steadily push forward the construction of key energy projects and the development of new energy resources in the province and actively seek to expand into regions with better resource conditions and higher power demand Help the "30·60" target to be implemented.III.Main business analysis Found more in "I. Main businesses of the Company in the reporting period" Changes in the financial data In RMB This report Same period last YOY period year change Cause change （%） Operating income 28340840884 22611239733 25.34% Operating cost 25157909557 23114184606 8.84% Sale expenses 35592377 30460050 16.85% 11Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Administrative expenses 553789310 477955874 15.87% Financial expenses 1146457140 1081057844 6.05% Due to the profit recovery of thermal power business and the stability of new energy Income tax expenses 365380562 -151269999 341.54% business the total profit of the company in this period increased year-on-year and the income tax expenses increased accordingly.Mainly due to the decrease in fuel costs for research and development in the first half of R & D Investment 466613651 752324970 -37.98% the year and the impact on the implementation progress of research and development projects.Benefiting from the increase in on-grid Cash flow generated by electricity and the decrease in fuel prices the business operation net 2720370016 -208358510 1405.62% net cash flow generated by operating activities increased year-on-year.Due to the promotion of the project the cash paid by the company for the purchase and construction of fixed assets intangible assets Net cash flow generated by and other long-term assets in this period-9765108918 -2908067376 -235.79% investment increased year-on-year which was caused by the superposition of the disposal funds received from Bohe Terminal in the same period last year.Net cash flow generated by financing 7005872760 5861027285 19.53% Net increasing of cash and cash equivalents -38865772 2744601884 -101.42% Affected by above three reasons..Major changes to the profit structure or sources of the company in the reporting period □ Applicable √Not applicable The profit composition or sources of the company have remained largely unchanged during the report period.Component of Business Income In RMB This report period Same period last year Amount Proportion Amount Proportion Increase /decrease Total operating 28340840884100%22611239733100%25.34% revenue On Industry Electric power Steam sales and 28177515353 99.42% 22423023603 99.17% 25.66% labor income Other 163325531 0.58% 188216130 0.83% -13.22% On products Sales Electric Power 28015854478 98.85% 22263672844 98.46% 25.84% Flyash sales 141968590 0.50% 171920045 0.76% -17.42% Thermal sales 121708867 0.43% 102972035 0.46% 18.20% Other 61308949 0.22% 72674809 0.32% -15.64% Area Guangdong 27672103611 97.64% 22117126665 97.81% 25.12% Xinjiang 470376437 1.66% 400459803 1.77% 17.46% Hunan 73335885 0.26% 39790974 0.18% 84.30% 12Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Hebei 46668601 0.16% 0 0% not applicable Guangxi 29169838 0.10% 24702345 0.11% 18.09% Yunnan 21621661 0.08% 29159946 0.13% -25.85% Henan 19388294 0.07% 0 0% not applicable Shangdong 8176557 0.03% 0 0% not applicable (2)Situation of Industry Product and District Occupying the Company’s Business Income and Operating Profit with Profit over 10% √ Applicable □Not applicable In RMB Increase/decrea Increase/decrea Increase/decrea Gross se of revenue in se of business se of gross Turnover Operation cost profit the same period cost over the profit rate over rate(%) of the previous same period of the same period year(%) previous year of the previous(%) year (%) On Industry Electric power Steam sales and 28177515353 25146455159 10.76% 25.66% 8.91% 13.73% labor income On Products Sales Electric Power 28015854478 24966419641 10.88% 25.84% 8.81% 13.94% Including： Fire coal Generation Power 20838015889 19233609511 7.70% 21.37% 2.69% 16.79% Gas Generation Power 5404269929 4741358019 12.27% 56.13% 37.99% 11.54% Wind Generation Power 1535493321 772583543 49.68% 10.12% 35.04% -9.28% Biomass Generation Power 196668404 187217447 4.81% -6.02% 5.30% -10.23% Hydroelectric 2162166125880673-19.70%-25.85%-9.07%-22.08% Generation power Photovoltaic 19785274 5770448 70.83% not applicable not applicable not applicable Generation power Area Guangdong 27672103611 24619674193 11.03% 25.12% 8.96% 13.19% Under circumstances of adjustment in reporting period for statistic scope of main business data adjusted main business based on latest on year’s scope of period-end.□ Applicable √Not applicable IV. Analysis of Non-core Business □ Applicable √Not applicable V. Analysis of assets and liabilities 1.Significant changes in asset composition In RMB End of Reporting period End of same period of last year Change in As a percentage As a percentage percentag Reason for Amount of total Amount of total e(%) significant change assets(%) assets(%) 13Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Monetary fund 11460379577 8.01% 11503523618 8.74% -0.73% Accounts receivable 9558894828 6.68% 7578636244 5.76% 0.92% Contract assets 2734346 0% 4910263 0% 0% Inventories 3802053813 2.66% 3376868100 2.57% 0.09% Real estate Investment 360857662 0.25% 365285301 0.28% -0.03% Long-term equity 9605680568 6.72% 9198053183 6.99% -0.27% investment It was mainly the depreciation in Fixed assets accordance with60196257908 42.09% 62400175057 47.41% -5.32% accounting policies and the decrease in net fixed assets.It was mainly due to the rapid progress of the project in the Construction in process 20885138482 14.60% 11768828161 8.94% 5.66% first half of the year and the increase in engineering expenditure.Usage right assets 7878833005 5.51% 7352044966 5.59% -0.08% Short -term loans 19934368075 13.94% 16261444860 12.35% 1.59% Contract liabilities 5882384 0% 4960974 0% 0% Long-term loans 52742165795 36.88% 42860932628 32.56% 4.32% Lease liabilities 7617307100 5.33% 6870820017 5.22% 0.11% 2.Main assets overseas □ Applicable √Not applicable 3.Asset and Liabilities Measured by Fair Value √ Applicable □Not applicable In RMB Gain/Loss on Impairment Purchased Sold Opening fair value Cumulative fair provisions amount in amount in Items value change Closingamount change in thereporting recorded into in the the the mount End of term equity reporting reporting reportingperiod period period period Financial assets 1. Other equity instrument 3058071054 -181994766 1933913672 0 0 0 0 2876076288 investments Subtotal 3058071054 -181994766 1933913672 0 0 0 0 2876076288 Total 3058071054 -181994766 1933913672 0 0 0 0 2876076288 Financial Liability 0 0 0 0 0 0 0 0 Other change 14Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Did great change take place in measurement of the principal assets in the reporting period ? □ Yes √ No 4. Restricted asset rights as of the end of this Reporting Period On June 30 2023 individual subsidiaries of the Group pledged the right to impose electricity charges to banks to obtain long-term loans of RMB5522378748 which: the balance of long-term loans due within one year was 274518787 yuan (as of December 31 2022: 6052250122 yuan). including: the long-term borrowings due within one year amounted to RMB512741564 . 15Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 VI. Investment situation 1. General √ Applicable □ Not applicable Investment of the period Investment of same period of last year Scale of change 1683063129447571800276.04% 2.Condition of Acquiring Significant Share Right Investment during the Report Period √Applicable □ Not applicable In RMB Inves Name of the Main tmen Investment Share Invest Progress up Gain or Less Whether company Invested Busine t Amount Proporti Capital Source Partner ment Product Anticipat or the Date of ss on % Horizo Type to Balance Sheet Date ed Current to Involve in Lawsuit Disclosure(if any) Disclosure Index(if any) Way n Income Investment Announcement No.:2019- 362021-782022-37 and August 292019 November 2022-60.Published in Guangdong Wind Wind Capit 292019 China Securities Daily Power Generation Poer al 995000000 100% Self No Long- Electric In normal Co. Ltd. Genera incre funds term Power operation 291542390 No November 92021 Securities Times tion ase August 312022 Shanghai Securities and December News Securities Daily 12022 and http//.www.cninfo.com.c n Announcement No.:2022-60.Published in Shache China Securities Daily light Photov Capit Securities Times Yuedan Shache storage oltaic al Comprehensive 5000000 100% Self No Long- Electric Shanghai Securities Genera incre funds term Power integration 818451 No December 12022 Energy Co. Ltd. project is in tion ase News Securities Daily normal and progress http//.www.cninfo.com.c n Guangdong Yudean Photov Capit 43000000 100% Self No Long- Electric Boluo -33091 No Not applicable 16Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Huobo New Energy oltaic al funds term Power Dafeng Co. Ltd. Genera incre distributed tion ase photovoltai c project and Huzhen photovoltai c composite project are in normal progress Announcement No.:2022-11.Published in China Securities Daily Photov Capit Securities Times Tumushuke Yudean oltaic al In normal Hanhai New Energy 25000000 100% Self No Long- Electric -196428 No March 262022 Shanghai Securities Genera incre funds term Power operation Co. Ltd.tion ase News Securities Daily and http//.www.cninfo.com.c n Xiangtan Xiangdian Wind Changshan Wind Power Purc In normal 21215997 100% Self No Long- Electric Power Generation Genera hase funds term Power 554209 No Not applicable operation Co. Ltd. tion Photov Jiuzhou New Energy oltaic Purc In normal（Zhaoqing）Co. 5280122 100% Self Long- Electric Genera hase funds No term Power 2019855 No Not applicableoperation Ltd.tion Announcement No.:2020- Capit 13.Published in Guangdong Yudean Therm al Binhaiwan Energy al 50000000 100% Self No Long- Electric In normal -7173057 No April 112020 China Securities Daily incre funds term Power operation Co. Ltd. power Securities Times and ase http//.www.cninfo.com.c n Guangdong Yudean Therm Capit 71100000 70% Self Huizhou Long- Electric In normal -9810805 No July 172021 Announcement No.:2021- 17Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Dayawan Intelligence al al funds Dayawa term Power operation 43.Published in Energy Co. Ltd. power incre n China Securities Daily ase Petroche Securities Times and mical http//.www.cninfo.com.c Investm n ent Group Co. Ltd （ ShareProporti on： 20%）， Huizhou Port Investm ent Group Co. Ltd.（ ShareProporti on： 10%） Capit Guangdong Yudean Therm al Qiming Energy Co. al 9000000 100% Self Long- Electric In normal incre funds No term Power operation -7175376 No Not applicable Ltd. power ase Yunfu Announcement No.:2022-16.Yunda Published in Investm China Securities Daily ent Capit Securities Times Guangdong Yudean Therm Holding al Self Yunhe Power al 58648050 90% s Co. Long- Electric In normal -60535478 No April 222022 Shanghai Securities incre Funds term Power operation Generation Co. Ltd. power Ltd.ase News Securities Daily （ Share andProporti on： http//.www.cninfo.com.c 10%） n 18Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 China Huaneng Capit Group Guangdong Yuehua Therm al Self Co. Ltd.Power Generation al 36310000 51% Long- Electric In normal -60002560 No Not applicable incre Funds Share term Power operationCo. Ltd. power （ase proporti on :： 49%） Power Guangd generat ong ion Capit Energy Electrici Shanxi Yudean and al Self Group 54299600 40% Long- ty and In normal 256410685 No Not applicableEnergy Co. Ltd. coal incre Funds （ Share term operationcoalmine ase Proporti develo on： pment 60%） Photov New Tumushuke Yudean oltaic estab Changhe New 3500000 100% Self No Long- Electric In normal 2101 No Not applicable Genera lish funds term Power operation Energy Co. Ltd.tion ment Photov New Yunfu Yudean oltaic estab Zhenneng New 10000000 100% Self No Long- Electric In normal Genera lish funds term Power 0 No Not applicable operation Energy Co. Ltd.tion ment Zhonggong Energy Photov Technology oltaic Purc In normal 152969360 100% Self No Long- Electricfunds term Power 2830 No Not applicable（Maoming）Co. Genera hase operation Ltd. tion Photov New Zhuhai Yudean New oltaic estab 2740000 100% Self No Long- Electric In normal -81582 No Not applicable Energy Co. Ltd. Genera lish funds term Power operation tion ment Announcement No.:2022-60.New New Published in Guangdong Energy Energy estab Self No Long- Electric In normalGroup Xingjiang Co. 100000000 100% -2019402 No December 12022 China Securities Daily Genera lish funds term Power operation Ltd.tion ment Securities Times Shanghai Securities 19Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 News Securities Daily and http//.www.cninfo.com.c n Guangdong Yudean Techn Capit Technology ology al In normal Engineering 40000000 100% Selffunds No Long- Electric Servic incre term Power -47278920 No Not applicable operation Management Co.e ase Ltd.Total -- -- 1683063129 -- -- -- -- -- -- 0 357043822 -- -- -- 3.Situation of the Significant Non-equity Investment Undergoing in the Report Period □ Applicable √ Not applicable 4.Investment of Financial Asset （1）Securities investment √ Applicable □ Not applicable In RMB Book value Purchase Sale Gain/los Book value Security Security Stock Initial Mode of balance at the Changes in fair Cumulative fair amount amount balance at the category code Abbreviatio investment accounting beginning of value of the value changes in in the in the s of the end of the Accountin Source of the n: cost measurement the reporting this period equity this this reporting period reporting g items shares period period period period Domestic and Other foreign SunshineHK6963 356000000 FVM 1695703802 -269400742 1070303060 0 0 0 1426303060 equity Self funds stocks insurance instrumentInvestment Domestic and Other foreign 600642 Shenergy 235837988 FVM 304872052 83298376 152332440 0 0 0 388170428 equity stocks instrument Self funds Investment Domestic and foreign 000027 Shenzhen Other Energy 15890628 FVM 96163200 3477600 83750172 0 0 0 99640800 equity Self fundsstocks instrument 20Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Investment Domestic and Other foreign 831039 NEEQ 3600000 FVM 8532000 630000 5562000 0 0 0 9162000 equityinstrument Self funds stocks Investment Total 611328616 -- 2105271054 -181994766 1311947672 0 0 0 1923276288 -- -- Disclosure date for the notice of approval by the Board (If any) October 312019 （2）Investment in Derivatives □ Applicable √ Not applicable The company had no investment in derivatives in the reporting period. 5.Application of the raised capital □ Applicable √ Not applicable The company had no application of the raised capital in the reporting period. 21Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 VII. Sales of major assets and equity 1.Situation of Significant Asset Sale □ Applicable √ Not applicable None 2.Sales of major equity □ Applicable √ Not applicable VIII.Analysis of the Main Share Holding Companies and Share Participating Companies √ Applicable □ Not applicable Situation of Main Subsidiaries and the Joint-stock company with over 10% net profit influencing to the company In RMB Company Name Company Sectors Registered Operatingtype engaged in capital Total assets Net assets Turnover profit Net Profit Guangdong Power Wind Power generation Generation Co. Subsidiary and power 3623202870 42982947926 9749144294 1516433478 329778200 316152530 Ltd. stationconstruction.Power Huizhou Natural generation Gas company Subsidiary and power 1499347500 3515273945 2166735228 2277405203 320919667 240714292station construction.Power Pinghai Power generation Generation Subsidiary and power 1370000000 4310548773 2239471568 2613191641 303330352 222317841 company station construction.Shenzhen Power Guangqian generation Electric Power Subsidiary and power 1030292500 2081585187 1903458930 865336003 285162683 211827254 Co. Ltd. stationconstruction.Guangdong Power Yudean Jinghai generation Power Subsidiary and power 2919272000 9012491394 2839699055 3561337800 264818814 201412703 Generation Co. station Ltd. construction.Power Red Bay Power generation Generation Subsidiary and power 2749750000 6817586733 2563331683 2856474955 227453684 169901566 company station construction.Power Bohe Energy generation company Subsidiary and power 3118000000 8397628256 1665919876 1963659434 144883334 145455744station construction.Yuehua Power Power Genration Subsidiary generationand power 1004714000 4400210162 659128887 695407059 -117779986 -117652078 company station 22Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 construction.Guoneng Power Yudean Taishan Sharing generationPower company and power 4669500000 13461042576 9925808362 6138517716 799312320 552443285 Generation Co. station Ltd. construction.Shanxi Yudean Sharing Mining and Energy Co. Ltd. company power 1620749000 10799587703 8401880078 118159035 642695846 641106524generation Acquirement and disposal of subsidiaries in the Reporting period √ Applicable □ Not applicable Way of acquiring and disposing of Company name subsidiary corporations within the Impact on the whole producing operation and reporting period performance During the reporting period During the reporting period Xinjiang company as a regional Guangdong Energy Group Xinjiang Invested management platform was in the stage of gradual Co. Ltd. establishment and improvement which had no significant influence on the overall production operation and performance of the company.During the reporting period During the reporting period Zhuhai Yudean New Energy Project was in Zhuhai Yudean New Energy Co. Invested the preliminary stage and the construction was not Ltd. commenced which had no significant influence on the overall production operation and performance of the company.During the reporting period Tumushuke Yudean Changhe New Energy Project was in the Tumushuke Yudean Changhe New Invested preliminary stage. and the construction was not Energy Co. Ltd. commencedwhich had no significant influence on the overall production operation and performance of the company.During the reporting period Yunfu Yudean Yunfu Yudean Zhenneng New Invested Zhenneng New Energy Project was in the Energy Co. Ltd. preliminary stage and construction was started. It is expected to be put into operation next year.During the reporting period the Zhonggong Energy Technology Project was in the preliminary Zhonggong Energy Technology stage. and the construction was not Purchase（Maoming）Co. Ltd. commencedwhich had no significant influence on the overall production operation and performance of the company.Note 1. During the reporting period due to the year-on-year decline in coal prices the profitability of the company's thermal power business gradually recovered; 2. Due to the increase of on-grid electricity in wind power business the operating income has increased. However due to the end of trial operation of wind power projects such as in Yangjiang and Wuxuan the construction in progress has been converted into fixed assets and depreciated and the net profit has decreased year-on-year. 3. Benefiting from the decrease in coal prices the joint stock company Guoneng Taishan Company's operating performance has improved and the company's investment income has increased by 55.79 million yuan year-on- year a growth rate of 101%; One of the sources of income for the participating company Shanxi Energy Company is its investment income in coal mines. Due to the decrease in coal prices Shanxi Energy Company's 23Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 profits have decreased year-on-year. Therefore the company's investment income in Shanxi Energy Company decreased by 22.45 million yuan year-on-year a decrease of 8%.IX．Structured vehicle controlled by the company □ Applicable √ Not applicable X. Risks facing the company and countermeasures 1. Operating results need to be further consolidated This year the overall fuel price showed a downward trend and the profitability of the company's thermal power business continued to recover however some power plants were still in a state of continuous losses and the operating situation was not yet stable. At present the company is in a critical period of "coping with the peak in summer" and the fuel price trend in the second half of the year is still unclear therefore it is uncertain whether the company can further consolidate its operating results in the second half of the year.Countermeasures: First continue to promote the "accurate inventory" strategy follow up the progress of electricity and consumption in real time adjust operating decisions in time and further improve the level of fuel management; Second optimize the procurement structure strengthen the management of coal blending and well ensure coal inventory management during peak coping in summer; Third actively adapt to the changes in the power marketing model actively seek changes and take initiatives improve the quality of marketing data analysis and management scientifically coordinate the company's electricity trading decisions and actively strive for more efficient electricity. 2. Safety management foundation needs to be strengthened Some thermal power plants in the company have been running for a long time and in the spot market environment the unit starts and stops frequently and the equipment failure problem is increasingly notable which affects the reliability and economy of the safe operation of the unit; Some contractors do not pay enough attention to work safety and have insufficient safety management ability therefore the company's safety management system needs to be further improved.Countermeasures: First strengthen the whole life cycle management and preventive management of equipment well ensure the maintenance quality and guarantee the stable and reliable operation of the unit; Second improve the construction of safety management system strengthen the standardization construction of work safety and compile the guidance system documents; Third strengthen the debugging guidance of infrastructure projects innovate management methods strengthen contractor management and ensure the safe and high-quality production of the project; Fourth carry out in-depth investigation and rectification of safety hazards continue to carry out special investigation and rectification actions of accident hazards and strengthen closed-loop management of hazards. 3. Pressure of power supply structure adjustment is high With the gradual landing of China's carbon peaking and carbon neutrality target thermal power will be transformed from the main power supply to the basic power supply and the proportion of new energy installed will gradually increase By the end of June 2023 the installed capacity of the company's coal-fired power holding accounted for 69.04% with a high proportion. During the "Tenth Five-Year Plan" period the company has vigorously promoted the investment and construction of clean energy projects and continuously optimized and adjusted the power supply structure. However some new energy projects were affected by policies markets and other factors and there were still great variables in whether they could finally be implemented. 24Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Countermeasures: First adhere to the two-wheel drive of both independent development and merger and acquisition and both centralized development and distributed development focus on the development of new energy projects in Guangdong Xinjiang Hunan Hebei and other regions and expand the regional development in Gansu Shandong Guangxi and Shanxi to strive for the project implementation; Second fully promote the construction progress of projects under construction; Third strengthen the talent guarantee for high-quality development hold training courses on infrastructure project management and improve the whole process management ability of infrastructure project managers. 25Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 IV. Corporate Governance I. Annual General Meeting and Provisional Shareholders’ Meetings in the Reporting Period 1.Annual General Meeting Investor Meeting Type participati Convened date Disclosure date Index to disclosed on ratio information Announcement No.:2023- 10). Published in First Provisional Shareholders’ Provisional China Securities Daily general meeting of Shareholders’ 73.93% March 92023 March 102023 Securities Times Shanghai 2023 general meeting Securities News Securities Daily and http//.www.cninfo.com.cn Announcement No.:2022- 28). Published in 2022 Annual China Securities Daily Shareholders’ Shareholders’ 74.04% April 212023 April 222023 Securities Times Shanghai general meeting General Meeting Securities News Securities Daily and http//.www.cninfo.com.cn 2. Preferred stockholders restored voting rights to request to convene Provisional Shareholders’ Meeting. □Applicable √ Not applicable II. Changes in directors supervisors and senior management staffs √ Applicable □Not applicable Name Positions Types Date Reason Wang Jin Chairman Dimission February 222023 Job changes Li Xiaoqing Director Dimission March 162023 Job changes He Ruxin Director Elected April 212023 III. Pre-plan for profit allocation and turning capital reserve into share capital for the reporting period □ Applicable √ Not applicable The company planned not to distribute cash dividend and bonus share and not to convert capital reserves into share capital in half year.IV. Implementation of any equity incentive plan employee stock ownership plan or other incentive measures for employees □ Applicable √ Not applicable None. 26Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 V. Environmental & Social Responsibility I. Significant environmental issues Whether the company or any of its subsidiaries is identified as a key polluter by the environment authorities √ Yes □ No Environmental protection related policies and industry standards The company and its subordinate units strictly abide by the "Environmental Protection Law of the People's Republic of China" "Atmospheric Pollution Prevention and Control Law of the People's Republic of China" "Water Pollution Prevention and Control Law of the People's Republic of China" "Law of the People's Republic of China on the Prevention and Control of Environmental Pollution of Solid Waste" "Air Pollutant Emission Standards for Thermal Power Plants" (GB13223) "Comprehensive Sewage Discharge Standards" (GB8978) and other relevant laws regulations and industry standards to carry out production and business activities.Environmental protection administrative licensing The company and its subsidiaries all have obtained environmental protection administrative permits in accordance with regulations and the pollution discharge permits are currently within the validity period.Main Main Emissi Exces Company pollutant pollutant Emissi on port sive or and and specific Emission way on port distribu Emission Implemented Verified numbe tion concentrati pollutant emission Total total emissi subsidiary specific pollutant r conditi on standards emission emission on name pollutant condit type name on ion Emission Standard of Shajiao A Concentratedemission Withinpower Smoke the Air Pollutants forAir pollutant through 1 1.64 13.32 121.90 Noplant factory Thermal Power Plantschimney (GB13223-2011) Concentrated Emission Standard ofShajiao A Within power Air Pollutants forAir pollutant SO emission2 through 1 the 14.52 118.13 426.65 Noplant factory Thermal Power Plantschimney (GB13223-2011) Shajiao A Concentrated Emission Standard of emission Withinpower Air pollutant NOX through 1 the Air Pollutants for 29.50 240.02 609.50 No plant factory Thermal Power Plantschimney (GB13223-2011) Concentrated Emission Standard of Bohe Smoke emission Within the Air Pollutants forAir pollutant 2 1.77 27.47 71.50 No company through factory Thermal Power Plantschimney (GB13223-2011) Concentrated Emission Standard of Bohe Air pollutant SO emission Within the Air Pollutants for2 through 2 13.73 180.24 973.5 Nocompany factory Thermal Power Plantschimney (GB13223-2011) Concentrated Emission Standard of Bohe Within Air Pollutants for Air pollutant NO emission company X through 2 the 37.57 359.16 1122.50 No factory Thermal Power Plantschimney (GB13223-2011) Concentrated Emission Standard ofDapu Within Power Air pollutant Smoke emissionthrough 2 the Air Pollutants for 4.54 40.50 593.00 No factory Thermal Power PlantsPlant chimney (GB13223-2011) Dapu Concentrated Within Emission Standard of Air pollutant SO emission 2 the 11.86 105.89 1447.00 No Power 2 through factory Air Pollutants for 27Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Plant chimney Thermal Power Plants (GB13223-2011) Dapu Concentrated Emission Standard of Power Air pollutant NO emission Within Air Pollutants for X through 2 the 40.56 362.24 1502.00 NoThermal Power Plants Plant chimney factory (GB13223-2011) Concentrated Emission Standard of Red Bay Within Air Pollutants for company Air pollutant Smoke emission through 4 the 2.93 59.80 1512.00 Nofactory Thermal Power Plantschimney (GB13223-2011) Concentrated Emission Standard of Red Bay emission Within Air Pollutants for company Air pollutant SO2 through 4 the 11.19 248.46 4851.00 No chimney factory Thermal Power Plants (GB13223-2011) Concentrated Emission Standard of Red Bay WithinNO emission the Air Pollutants forcompany Air pollutant X through 4 26.84 537.72 4851.00 Nofactory Thermal Power Plantschimney (GB13223-2011) Concentrated Emission Standard of Jinghai WithinSmoke emission the Air Pollutants forcompany Air pollutant through 4 2.31 76.22 341.20 Nofactory Thermal Power Plantschimney (GB13223-2011) Concentrated Emission Standard of Jinghai emission Within Air Pollutants for company Air pollutant SO2 through 4 the 14.93 490.80 1728.40 Nofactory Thermal Power Plantschimney (GB13223-2011) Concentrated Emission Standard of Jinghai WithinNO emission the Air Pollutants forcompany Air pollutant X through 4 33.40 1097.00 2470.00 Nofactory Thermal Power Plantschimney (GB13223-2011) Concentrated Emission Standard ofMaoming Within Power Air pollutant Smoke emission the Air Pollutants for 2 1.01 11.52 168.12 No Plant through factory Thermal Power Plantschimney (GB13223-2011) Emission Standard of Maoming Concentrated Power SO emission Within the Air Pollutants forAir pollutant 2 through 2 14.02 165.07 385.51 NoPlant Thermal Power Plantschimney factory (GB13223-2011) Concentrated Emission Standard ofMaoming emission WithinPower Air pollutant NOX through 2 the Air Pollutants for 28.98 318.68 751.82 No Plant factory Thermal Power Plantschimney (GB13223-2011) Emission Standard of Pinghai Concentrated Within Power Air pollutant Smoke emission the Air Pollutants for through 2 2.75 46.05 346.00 NoPlant factory Thermal Power Plantschimney (GB13223-2011) Concentrated Emission Standard ofPinghai Within Power Air Pollutants forAir pollutant SO emission2 Plant through 2 the 24.00 394.06 1670.00 No Thermal Power Plants chimney factory (GB13223-2011) Emission Standard of Pinghai Concentrated Within Power Air Pollutants forAir pollutant NO emissionX through 2 the 39.15 628.13 1731 NoPlant factory Thermal Power Plantschimney (GB13223-2011) Shaoguan Concentrated Within Emission Standard of Power Air pollutant Smoke emissionthrough 2 the 2.40 Air Pollutants for 29.19 717.78 No Generation chimney factory Thermal Power Plants 28Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Plant (GB13223-2011) Shaoguan Concentrated Emission Standard of Power emission WithinSO the Air Pollutants forAir pollutant 2 through 2 16.48 199.90 2303.55 NoGeneration factory Thermal Power Plants Plant chimney (GB13223-2011) Shaoguan Concentrated Emission Standard of Power Air pollutant NO emission Within 2 the Air Pollutants for 37.56 451.92 2254.42 No Generation X through factory Thermal Power Plants Plant chimney (GB13223-2011) Yunhe Concentrated Emission Standard of Power Air pollutant Smoke emission Within through 1 the Air Pollutants for 2.23 9.79 360.00 No Generation factory Thermal Power Plants Plant chimney (GB13223-2011) Yudean Emission Standard of Yunhe Concentrated Within Power Air pollutant SO emission Air Pollutants for 2 through 1 the 8.91 36.82 2400.00 Nofactory Thermal Power PlantsGeneration chimney (GB13223-2011) Plant Yunhe Concentrated Emission Standard of Power emission Within Air Pollutants forAir pollutant NO 1 the 41.03 162.66 2400 No Generation X through Thermal Power Plants Plant chimney factory (GB13223-2011) Concentrated Emission Standard of Zhanjiang Within Electric Air pollutant Smoke emission through 2 the Air Pollutants for 1.00 15.38 528.00 No factory Thermal Power Plantschimney (GB13223-2011) Concentrated Emission Standard of Zhanjiang SO emission Within the Air Pollutants forElectric Air pollutant 2 through 2 14.00 165.73 1320.00 NoThermal Power Plants chimney factory (GB13223-2011) Concentrated Emission Standard of Zhanjiang Air pollutant NO emission Within the Air Pollutants forElectric X through 2 37.00 449.44 1527.00 Nofactory Thermal Power Plantschimney (GB13223-2011) Concentrated Emission Standard of Zhanjiang Within Air Pollutants for Zhongyue Air pollutant Smoke emission through 2 the 1.09 9.88 480.00 NoThermal Power Plants chimney factory (GB13223-2011) Concentrated Emission Standard of Zhanjiang Air pollutant SO emission Within Air Pollutants for Zhongyue. 2 through 2 the 13.96 126.62 1200.00 Nofactory Thermal Power Plantschimney (GB13223-2011) Concentrated Emission Standard of Zhanjiang Within Zhongyue Air pollutant NO emission the Air Pollutants forX through 2 22.40 203.14 1078.00 Nofactory Thermal Power Plantschimney (GB13223-2011) Concentrated Emission Standard of Guangqian emission Withinthe Air Pollutants forAir pollutant NO 3 10.24 71.84 1312.50 No company X through factory Thermal Power Plantschimney (GB13223-2011) Emission Standard of Huizhou Concentrated Within Natural Air pollutant Smoke emissionthrough 6 the Air Pollutants for 0.28 4.57 242.61 No Gas factory Thermal Power Plantschimney (GB13223-2011) Huizhou Concentrated Within Emission Standard of Natural Air pollutant NO emissionX 6 the 27.90 Air Pollutants for 547.06 1774.98 No Gas throughchimney factory Thermal Power Plants 29Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 (GB13223-2011) Yuehua Concentrated Emission Standard of Within Air Pollutants for Power Air pollutant Smoke emissionthrough 2 the 0.22 2.49 81.80 NoThermal Power Plants Generation chimney factory (GB13223-2011) Yuehua Concentrated Emission Standard of Power Air pollutant SO emission Within Air Pollutants for 2 through 2 the 0.37 2.62 27.54 NoThermal Power Plants Generation chimney factory (GB13223-2011) Concentrated Emission Standard ofYuehua Power Air pollutant NO emission Within the Air Pollutants forX through 2 38.53 224.38 1367.55 Nofactory Thermal Power PlantsGeneration chimney (GB13223-2011) Concentrated Emission Standard ofXinhui Within Power Air pollutant Smoke emission Air Pollutants for through 2 the 0.06 0.28 171.32 No Generation chimney factory Thermal Power Plants (GB13223-2011) Concentrated Emission Standard ofXinhui emission WithinSO the Air Pollutants forPower Air pollutant 2 through 2 0.07 0.31 90.00 NoThermal Power Plants Generation chimney factory (GB13223-2011) Concentrated Emission Standard ofXinhui Within Air Pollutants for Power Air pollutant NO emissionX through 2 the 33.22 153.25 2208.00 Nofactory Thermal Power PlantsGeneration chimney (GB13223-2011) Concentrated Emission Standard ofTumushuk Within e Thermo Smoke emission the Air Pollutants forAir pollutant through 1 2.48 19.68 135.00 Noelectric factory Thermal Power Plantschimney (GB13223-2011) Tumushuk Concentrated Emission Standard of e Thermo emission WithinSO the Air Pollutants forelectric Air pollutant 2 through 1 10.34 76.82 474.00 Nofactory Thermal Power PlantsCo. Ltd chimney (GB13223-2011) Tumushuk Concentrated Emission Standard of e Thermo Air pollutant NO emission Within Air Pollutants for X electric through 1 the 32.54 257.28 675.00 No factory Thermal Power Plantschimney (GB13223-2011) Concentrated Emission Standard ofWithin Shajiao C Smoke emission Air Pollutants forAir pollutant through 3 the 1.58 20.39 277.80 NoThermal Power Plants chimney factory (GB13223-2011) Concentrated Emission Standard of emission WithinShajiao C SO the Air Pollutants forAir pollutant 2 through 3 14.81 191.16 972.30 Nofactory Thermal Power Plantschimney (GB13223-2011) Concentrated Emission Standard of Shajiao C Air pollutant NO emission Within Air Pollutants for X through 3 the 33.00 425.94 1389.00 NoThermal Power Plants chimney factory (GB13223-2011) Concentrated Emission Standard of Huadu Air pollutant Smoke emission Within the Air Pollutants forcompany through 3 0.09 0.02 92.40 No chimney factory Thermal Power Plants (GB13223-2011) Concentrated Emission Standard of Huadu Within Air Pollutants for company Air pollutant SO emission 2 through 3 the 0.037 0.49 6.70 Nofactory Thermal Power Plantschimney (GB13223-2011) 30Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Concentrated Emission Standard of Huadu emission WithinNO the Air Pollutants forcompany Air pollutant X through 3 30.54 202.30 586.60 Nofactory Thermal Power Plantschimney (GB13223-2011) Zhanjiang Concentrated Emission Standard of Biomass emission WithinSmoke the Air Pollutants forAir pollutant through 2 9.69 12.30 80.94 NoPower factory Thermal Power Plants Generation chimney (GB13223-2011) Zhanjiang Concentrated Emission Standard of Biomass Air pollutant SO emission Within Air Pollutants for 2 through 2 the 1.73 3.96 183.00 NoPower factory Thermal Power Plants Generation chimney (GB13223-2011) Zhanjiang Concentrated Emission Standard of Biomass Within Air Pollutants for Air pollutant NO emission Power X through 2 the 104.10 138.89 397.00 No factory Thermal Power Plants Generation chimney (GB13223-2011) Treatment of contaminants In the first half of 2023 the company steadily promoted the renovation project of replacing liquid ammonia with urea vigorously promoted the flow through renovation of large units and increased investment in desulfurization denitrification dust removal and zero discharge wastewater equipment to reduce pollutant emissions. During the reporting period the company's various emission indicators were better than the industry average. In addition the company adheres to the goal of building a resource-saving and environmentally friendly enterprise and actively promotes the upgrading and renovation of existing coal-fired power generation units in a planned and step-by-step manner by formulating and implementing measures to improve energy consumption management optimize operation manage equipment and improve maintenance technology striving to reduce the emission intensity of coal-fired units.Emergency plan for emergency environmental incidents Combining with the Environmental Protection Law of the People's Republic of China and the Opinions of the Ministry of Environmental Protection on Strengthening Environmental Emergency Management Work and other laws and regulations on the monitoring of environmental risks the company’s subordinate power generation enterprises have formulated the Emergency Plan for Emergency Environmental Incidents according to their actual conditions which has standardized and improved the handling of emergent environmental events from the aspects of environmental accident risk analysis emergency command organization and responsibilities disposal procedures and disposal measures improved the ability to respond to unexpected environmental events and ensured that after an outbreak of an environmental incident the company can organize emergency rescue work in a timely orderly and efficient manner to prevent pollution of the surrounding environment minimize the damage and social harm caused by the incident maintain social stability and protect public health and property safety.Investment in environmental governance and protection and payment of environmental protection tax In the first half of 2023 The company purchased desulfurization and denitration materials totaling about 127.74 million yuanThe company paid environmental protection tax of 7.14 million yuan. Environmental self-monitoring program During the reporting period the affiliated power generation enterprises of the company disclosed 31Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 environmental information and their supervision and management activities in accordance with the requirements of laws and regulations such as the China's Administrative Measures for Legal Disclosure of Enterprise Environmental Information (Order No.24 of Ministry of Ecology and Environment) prepared annual environmental information disclosure reports and uploaded them to the enterprise environmental information disclosure system with the publication rate reaching 100%.Administrative penalties for environmental problems during the reporting period None Other environmental information that should be disclosed None Measures and effects taken to reduce its carbon emissions during the reporting period √Applicable □Not applicable In the first half of 2023 the company installed 67500 kilowatts of new energy all of which are of photovoltaic projects which is estimated to contribute clean energy by about 126 million kWh every year save standard coal by about 39300 tons of and reduce carbon dioxide emissions by about 105800 tons which is equivalent to rebuilding 267 hectares of forest. It is of great significance to optimize the regional energy structure and layout and promote the company to build a clean low-carbon safe and efficient energy system. In order to implement the requirements of the State Council's Notice on the Comprehensive Work Plan for Energy Conservation and Emission Reduction in the 14th Five-Year Plan (GF [2021] No.33) and other documents vigorously promote the energy conservation and emission reduction of coal-fired power units promote the clean and low-carbon transformation of the power industry and help achieve the goal of peak emission and carbon neutrality as scheduled the company has formulated the implementation plan for energy conservation and emission reduction in the 14th Five-Year Plan based on the actual situation.Other information related to environmental protection None The company shall comply with the disclosure requirements of power-related industries in the Guideline No.3 for Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure. 1. The company has strictly abode by the Environmental Protection Law of People's Republic of China the Law of the People's Republic of China on the Prevention and Control of Atmospheric Pollution the Law of the People's Republic of China on the Prevention and Control of Water Pollution and the Law of the People's Republic of China on Prevention and Control of Environmental Pollution by Solid Waste to carry out production and business activities. In the first half of 2023 the company's thermal power plant's operating expenses for implementing environmental protection policies and regulations were mainly due to the purchase of limestone and denitration materials totaling about RMB 127.74 million. 2. In the first half of 2023 the standard coal consumption of the company's thermal power plant was 299.59g/kWh the sulfur dioxide emission performance value was 0.035g/kWh the nitrogen oxide emission performance value was 0.097g/kWh and the soot emission performance value was 0.006g/kWh. Including: the operation rate of desulfurization device of 100% with an average desulfurization efficiency of 99.17%; the average operation rate of denitration device of 99.83% with an average denitration efficiency of 89.37%; and 32Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 the operation rate of dry dedusting device of 99.96% with an average dedusting efficiency of 99.88%.Information related to environmental accidents of the listed company In the first half of 2023 there were no environmental accidents in the company.II. Social responsibilities 1. Jinghai company helped Jishui Geshan Village In the first half of 2023 Jinghai Power Generation company earnestly fulfilled its social responsibilities always kept in mind the responsibility of state-owned enterprises actively give full play to the resource advantages of state-owned enterprises and promoted activities such as targeted poverty alleviation education donation and love donation based on the actual situation of Geshan Village; mobilized all cadres and employees to donate more than RMB 30000 to help local afforestation and greening actions; assisted the local authorities in fire rescue and maritime search and rescue; and actively cooperated with the Geshan Village Committee to carry out "rural revitalization" activities in various forms with donations totaling more than RMB 10000. 2. Red Bay company helped Jishui Village in Bawan Town Red Bay Power Generation company has carried out solid assistance work in the town and actively introduced China Energy Engineering Group Guangdong Electric Power Design Institute Co.Ltd. to design and build roof photovoltaic power generation project of Jishui Village Committee which is expected to increase the economic income of Jishui Village by about RMB 20000 per year. In addition the company made full use of the rural revitalization assistance fund of RMB 180000 to build a video monitoring system in Jishui Village to help solve the problem of people's safe construction in Jishui Village. 3. Yunhe Power Generation company helped Yaogu Town in Yunfu City Yunhe Power Generation company organized the "6*30" donation campaign for poverty alleviation and the donations were fully used to invest in the rural revitalization of Yaogu Town mainly for the improvement and restoration of farmland irrigation canals. At the same time the company actively promoted the Yaogu 33MW Photovoltaic Compound Project. At present it has completed the inquiry for land selection and signed a letter of intent for land lease and signed a cooperation framework agreement with the government. This project is conducive to promoting local economic development and helping rural revitalization. 4. Zhanjiang Wind Power company helped Jinhe Town in Xuwen County Zhanjiang Wind Power company has given full play to the technical experience advantages of state-owned energy enterprise in project development and construction production and operation management and used the resource endowment and policy support of Jinhe Town to vigorously promote the development and construction of new energy projects such as offshore wind power energy storage and photovoltaic power and create a demonstration and model for deepening the rural energy revolution and helping to realize rural revitalization according to local conditions. 5. Zhanjiang Biomass Power Generation company helped Gangmen Town Zhanjiang Biomass Power Generation company has given full play to the social benefits of "benefiting the people and benefiting farmers" put forward a real and feasible fuel purchase and sale plan to its helped villages and towns in combination with the actual situation of the company's rural revitalization station defined the biomass fuel suppliers to purchase the agricultural and forestry biomass fuels for its helped villages and towns and increased the employment and income of farmers in the villages and towns. At the same time it sent technicians to provide technical guidance on the processing and storage of biomass fuels in the helped villages and towns for many times so as to improve farmers' operating skills and work efficiency. 6. Dabu Power Plant helped Huilai Jinghai Town In order to well ensure assisting villages and towns Dapu Power Generation company selected Mr. Guo Jie the Deputy General Manager of the company as the first secretary in village and a member of the assistance work team in town to actively promote rural revitalization in Jinghai Town Huilai County Jieyang City. On the Guangdong Poverty Alleviation Day in 2023 the company actively carried out an activity to help rural revitalization and raised a total of RMB 61200 to support rural revitalization. 33Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 7. Shaoguan Power Plant helped Ruyuan Dongping Town In the first half of 2023 Shaoguan Power Generation company actively promoted the development of local industries in Dongping Town and assisted the local introduction of Chinese herbal medicines; extended the tea industry chain and built a new tea processing factory; increased the investment in ginger industry and built a ginger brand. At the same time the company's trade union actively carried out consumer assistance procurement activities to broaden the sales of local agricultural and sideline products and increase farmers' income. Up to now the total expenses on assistance have reached more than RMB 75000 effectively solving the problem of increasing farmers' income and laying a solid foundation for the industrial revitalization of Dongping Town. 34Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 VI. Important Events I. The fulfilled commitments in the reporting period and under-fulfillment commitments by the end of the reporting period made by the company shareholder actual controller acquirer director supervisor senior management personnel and other related parities.□ Applicable √Not applicable There is no commitment that has not been fulfilled by actual controller shareholders related parties acquirers of the company II. Particulars about the non-operating occupation of funds by the controlling shareholder □ Applicable √ Not applicable None III. Illegal provision of guarantees for external parties □ Applicable √ Not applicable None IV. Engagement and disengagement of CPAs firm Whether the semi-annual financial report has been audited □ Yes √ No The semi-annual financial report of the company has not been audited V. Notes for “non-standard audit report” of CPAs firm during the Reporting Period by board of directors and supervisory board □ Applicable √ Not applicable VI. Notes for the related information of “non-standard audit reports” last year by board of directors □ Applicable √ Not applicable VII. Bankruptcy and restructuring □ Applicable √ Not applicable No such cases in the reporting period. 35Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 VIII. Litigations and arbitrations Significant litigations and arbitrations □ Applicable √ Not applicable No such cases in the reporting period.Other lawsuits □ Applicable √ Not applicable IX. Punishments and rectifications □ Applicable √ Not applicable X. Credit conditions of the company as well as its controlling shareholder and actual controller □ Applicable √ Not applicable XI.Material related transactions 1. Related transactions in connection with daily operation □ Applicable √ Not applicable Please refer to "7. Other significant related party transactions" for the related transactions related to the daily operation of the company during the reporting period. 2. Related-party transactions arising from asset acquisition or sold □Applicable √ Not applicable No such cases in the reporting period. 3. Related-party transitions with joint investments □Applicable √ Not applicable No such cases in the reporting period. 4. Credits and liabilities with related parties □Applicable √ Not applicable No such cases in the reporting period. 5. Transactions with related finance company especially one that is controlled by the company √ Applicable □Not applicable Deposit business 36Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Related party Relationship Maximum Deposit Beginni The amount incurred daily deposit interest rate nglimitd（Ten range balance Total deposit Total amount Endingthousand （Ten amount of withdrawn in balanceyuan） thousan the current the current （Tend period（Ten period（Ten thousandyuan） thousand thousand yuan）yuan） yuan） Guangdong Controlled by Energy Group GuangdongEnergy 1300000 0.2%-0.25% 874062 5961534 5906505 929091Co. Ltd. Group Loan business Related party Relationship Beginning The amount incurred balanceLoan （Ten TotalTotal loan Endinglimit thousand repayment Loant interest yuan amount for balance（Ten ） amount of thousand rate rangethe current （Tenthis periodperiod（Ten thousandyuan） Tenthousand （ yuan） thousandyuan） yuan） Guangdong Controlled by Energy Group Guangdong 3700000 2.65%-4.06% 990809 488980 482111 997678 Co. Ltd. Energy Group Credit extension or other financial servicesRelated party Relationship Business Total amount（Ten Actual amount incurredtype thousand yuan） （Ten thousandyuan） Guangdong Energy Group Co. Controlled by Guangdong Ltd. Energy Group Credit 3700000 997678 6. Transactions with related finance company controlled by the company □ Applicable √ Not applicable No such cases in the reporting period. 7. Other significant related-party transactions √ Applicable □Not applicable (1) In order to improve the efficiency of capital use the 12th meeting of the Tenth Board of Directors of the company deliberated on February 20 2023 and agreed that Guangdong Yudean Bohe Energy Co. Ltd. would reduce the capital of the phase I power plant project and the wharf project by no more than RMB 3.103 billion and by reduction in capital contribution of the same proportion for shareholders. （2）2023 daily related transactions were carried out after examination and approval by 2023 first provisional shareholders' general meeting. Refer to (5) Related transactions of XII. Relationship between related parties and the transactions between them of the Financial Report of this report for details. （3）On February 20 2023 the 12th meeting of the Tenth Board of Directors of the company deliberated and passed the Proposal on Daily Related Transactions between the company and Guangdong Energy Group Co.Ltd. the Proposal on Signing the "Financial Services Framework Agreement" with Guangdong Energy Group Finance Co. Ltd. and the Proposal on Signing the "Financial Leasing Cooperation Framework Agreement" with 37Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Guangdong Energy Finance Leasing Co. Ltd. and the above related transactions were deliberated and passed by the first extraordinary general meeting of shareholders in 2023. （4）In order to improve the power supply guarantee capacity increase the scale of advanced clean coal-fired power and promote the company's sustainable development the first communication meeting of the Tenth Board of Directors of the company in 2023 deliberated and passed the Proposal on Investment in the Expansion Project of Units 5 and 6 (2×1000MW) in Shanwei Power Plant Phase II on March 15 2023 and agreed that Guangdong Red Bay Power Generation Co. Ltd. would invest in the expansion project of Units 5 and 6 in Shanwei Power Plant Phase II. The construction scale of the project is two 1 million kilowatt ultra-supercritical secondary reheat coal-fired power units with the total dynamic investment controlled within RMB 7864.37 million and the capital is set at RMB 1572.87 million according to 20% of the total dynamic investment. The company needs to contribute about RMB 1022.37 million according to the 65% equity ratio and the fund demand other than capital is solved by bank financing. （5）In order to protect the interests of the company and its holding subsidiary Pinghai Power Plant the 13th meeting of the Tenth Board of Directors of the company deliberated and agreed on March 30 2023 that Pinghai Power Plant and Huizhou LNG Co. Ltd. would sign a compensation agreement and Huizhou LNG company would pay compensation of RMB 177384900 to Pinghai Power Plant.Website for temporary disclosure of the connected transaction Announcement Date of disclosure Website for disclosure Announcement on the related party transaction of Guangdong Yudean February 222023 http//www.cninfo.com.cn.Bohe Energy Co. Ltd reducing its capital Estimates announcement of the Daily Related Party Transactions of February 222023 http//www.cninfo.com.cn. 2023 Announcement of Related Transactions on Signing of the Financial Services Framework Agreement Framework Agreement on February 222023 http//www.cninfo.com.cn.Financing Leasing Cooperation and Framework Agreement on Cooperation in Insurance and Risk Management Services Announcement of Resolutions of the First provisional shareholders' general meeting of 2023 March 102023 http//www.cninfo.com.cn.Announcement on the investment and construction of Shanwei Power Plant Unit 5 and Unit 6 (2×1000MW) expansion project namely the March 162023 http//www.cninfo.com.cn.related transaction Announcement on Related Party Transactions of The Compensation Agreement signed between Pinghai Power Plant and Huizhou LNG April 12023 http//www.cninfo.com.cn.Co. Ltd.XII. Significant contracts and execution 1.Entrustments contracting and leasing （1）Entrustment √ Applicable □Not applicable Statement of Trusteeship Situation : According to the statement of Guangdong Energy Group on fulfilling relevant matters and to avoid the horizontal competition and fulfill the relevant commitment of the horizontal competition the company signed Stock Trusteeship Agreement with Guangdong Energy Group wherein the shareholder's rights within the trusteeship range except the ownership right of earning and right of disposition will be trusted to the company which is predicted to charge 245000 yuan as trustee fee per year. See details at the " Related Transaction Announcement on Stock Trusteeship Agreement signed with Guangdong Yudean Group Co. Ltd." published by the company in China Securities Daily Securities Times and http://www.cninfo.com.cn on January 13 2018(Announcement No.2018-04);In the first half of 2023 the company confirmed a custody income of RMB 38Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 900000. Gains/losses to the company from projects that reached over 10% in total profit of the company in reporting period □Applicable √ Not applicable No gains or losses to the company from projects that reached over 10% in total profit of the company in reporting period (2) Contract □ Applicable √ Not applicable No any contract for the company in the reporting period. (3) Lease □ Applicable √ Not applicable Note As the lessee the company has incurred a rental fee of RMB 14334456 in this year.Project which generates profit or loss reaching over 10% of total profits of the company during the Reporting Period □ Applicable √ Not applicable There were no leases with a 10% or greater impact on the company’s gross profit in the Reporting Period. 2.Significant Guarantees √Applicable □ Not applicable In RMB 10000 39Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Guarantee of the company for the controlling subsidiaries (Exclude controlled subsidiaries) Relev ant Na disclo Date of Guarant me sure Am happeni ee of date/ ountof ng Actual forthe No. of (Date of mount of Guarantee Guaranty（IfComplete Gua type any Counter-guarantee（If any） Guarantee term implementation associatcom the ） ed pan guara rant signing guarantee or not agreeme parties y nteed ee nt) (Yes or amou no) nt Gua ngd ong Octob Guangdong Yudean Yangjiang Ene Novemb Guaranteein er 200 Offshore wind power Co. Ltd.rgy er 194736 g of joint No 23 years and 9 months No Yes 2920 000 provides joint and several liability Gro 192020 liabilities. 20 guarantee counter-guarantee up Co.Ltd.Total amount of approved external Total actually amount of guarantee in 0 external guarantee in the -5264 the report report period(A2) period(A1) Total amount of approved external Total actually amount of guarantee at 425459 external guarantee at theend of the report 194736the end of the report period(A4) period(A3) Guarantee of the company for its subsidiaries Relev ant Amount Date of Compl Gu Name of happening Actual ete ara the disclo ofsure Guarant (Date of mount of Guarantee type Guaranty Counter-guarantee implem nte（If any） Guarantee term company date/N ee signing guarantee（If any） entatio e o. of agreement) n for or not ass 40Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 the oci guaran ate teed d amoun par t ties (Y es or no) Zhanjiang Wind April October Power 29200 18572 4703 Guaranteeing of joint No No 18 years No No 92010 Generation 9 Co. Ltd.The duration of each issue of corporate b onds under the regist Guangdong ration approval of G Augus Wind uangdong Wind Pow t September Power 200000 60000 Guaranteeing of joint No No er Generation Co. L No No 31202262022 Generation td. will end on the da 2 Co. Ltd. y that is two years af ter the latest due dat e of the corporate bo nd.Total of guarantee for subsidiaries approved 0 Total of actual guarantee for subsidiaries in the in the period(B1) period (B2) 59831 Total of guarantee for subsidiaries approved 441536 Total of actual guarantee for subsidiaries at at period-end(B3) period-end(B4) 64703 Guarantee of the subsidiaries for the controlling subsidiaries Relevan Na t Guarant me disclosu Am Date of re ount happeni ee of ng Actual Complete for the date/No. ofof Gua (Date of mount ofGuarant Guaranty（Ifee type any Counter-guarantee（If any） Guarantee term implementation associat com the rant signing guarantee ） or not ed pan guarante ee agreeme parties y ed nt) (Yes or no) amount 41Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 The company’s total guarantee(i.e.total of the first three main items) Total guarantee quota approved Total amount of guarantee actually in the 0 incurred in the reporting period 54567 reporting period （A2+B2+C2） （A1+B1+C1） Total guarante e quota already approve Total balance of the actual guarantee at d at the 866995 the end of the reporting period 259439 end of （A4+B4+C4） the reporting period （A3+B 3+C3） The proportion of the total amount of actually guarantee in the net assets of the 12.26%company (that is A4+B4+C4）% Including： Amount of guarantees provided for shareholders the actual controller and their related 194736 parties (D) Amount of debt guarantees provided directly or indirectly for entities with a liability-to- 60000 asset ratio over 70% (E) Proportion of total amount of 0 42Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 guarantee in net assets of the company exceed 50%（F） Total amount of the three kinds of guarantees above (D+E+F) 254736 Explanations on possibly bearing joint and several liquidating responsibilities for No undue guarantees (if any) Explanations on external guarantee against regulated No procedures (if any) 43Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 3. Finance management on commission □Applicable √ Not applicable No such cases in the reporting period. 4. Other significant contract □ Applicable √ Not applicable No such cases in the reporting period.XIII. Explanation on other significant events □ Applicable √ Not applicable No such cases in the reporting period.XIV. Significant event of subsidiary of the company □ Applicable √ Not applicable 44Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 VII. Change of share capital and shareholding of Principal Shareholders I. Changes in share capital 1. Changes in share capital In shares Before the change Increase/decrease（+，-） After the ChangeAmount Proporti Bonu on Share s Capitalizatio allotment share n of common Other Subtot al Quantity Proporti s reserve fund on I. Share with conditional subscription 1897963287 36.15% 1000 1897964287 36.15% 1. State-owned shares 2. State-owned legal person shares 1893374517 36.06% 0 1893374517 36.06% 3.Other domestic shares 4588770 0.09% 1000 4589770 0.09% Of which ： Domestic legal person shares 3535770 0.07% 0 3535770 0.07% Domestic natural person shares 1053000 0.02% 1000 1054000 0.02% 4.Foreign shares Of which： Foreign legal person shares Foreign natural person shares II. Shares with unconditional subscription 3352320699 63.85% -1000 3352319699 63.85% 1.Common shares in RMB 2553912699 48.64% -1000 2553911699 48.64% 2.Foreign shares in domestic market 798408000 15.21% 0 798408000 15.21% 3.Foreign shares in foreign market 4.Other III. Total of capital shares 5250283986 100% 0 5250283986 100% Reasons for share changed √ Applicable □ Not applicable In March 2023 Mr. Wang Jin the former chairman of the company purchased 1000 A shares of the company and these A shares have been converted into executive lock-in shares therefore the number of restricted shares of the company has correspondingly increased.Approval of Change of Shares □Applicable √Not applicable Ownership transfer of share changes □Applicable √Not applicable Progress on any share repurchase: □ Applicable √ Not applicable Progress on reducing the repurchased shares by means of centralized bidding: □ Applicable √ Not applicable Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to common shareholders of company in latest year and period □ Applicable √ Not applicable Other information necessary to disclose for the company or need to disclosed under requirement from security regulators □ Applicable √Not applicable 45Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 2. Change of shares with limited sales condition √ Applicable □ Not applicable In Shares Number of Number of Number of Number ofrestricted restricted Shareholder restricted shares in restricted shares at the Reasons for Release date ofshares at the beginning increased this shares released end of the sales restriction sales restriction period in this period period Executive September Wang Jin 0 0 1000 1000 lock-in shares 2023 Total 0 0 1000 1000 -- -- II. Securities issue and listing □ Applicable √Not applicable III. Number of shareholders and shareholding In Shares Total number of preferred Total number of common shareholders at the end of the shareholders that had restored the voting101889 reporting period right at the end of the reporting period (if 0 any) (note 8) Particulars about shares held above 5% by shareholders or top ten shareholders Number of Proport share Nature of ion of Number of Changes in Amount of Amount of un- pledged/froz Shareholders sharehold shares shares held at reporting restricted restricted en er held period -end period shares held shares held State % of Amo（ ） share unt State- Guangdong Energy Group Co. Ltd. ownedlegal 67.39% 3538037181 0 1893374517 1644662664 person State- Guangzhou Development Group Co. owned Ltd. legal 2.22% 116693602 0 0 116693602 person State- Guangdong Electric Power owned Development Corporation legal 1.80% 94367341 0 0 94367341 person Domestic ICBC－Bank of Communications Non-State Schroders trend preferred hybrid owned 0.94% 49150299 -1443100 0 49150299 securities investment fund legal person Domestic Zheng Jianxiang Natural 0.50% 26234500 0 0 26234500 person VANGUARD TOTAL Overseas INTERNATIONAL STOCK INDEX Legal 0.30% 15855512 0 0 15855512 FUND person Overseas HKSCC Legal 0.29% 15306333 4672711 0 15306333 person 46Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 CHINA INTERNATIONAL Overseas CAPITAL CORPORATION HONG Legal 0.29% 15216066 0 0 15216066 KONG SECURITIES LTD person Domestic Bank of Communications Co. Ltd－ Non-State Yongying long-term value hybrid owned 0.26% 13556677 13556677 0 13556677 securities investment fund legal person Overseas NOMURA SINGAPORE LIMITED Legal 0.24% 12599843 0 0 12599843 person Strategy investors or general legal person becomes top 10 shareholders due to rights issued (if applicable) Not applicable（See Notes 3） Explanation on associated The Third largest shareholder Guangdong Electric Power Development Corporation is the relationship among the aforesaid wholly-owned subsidiaries of the largest shareholder Energy Group. These two companies shareholders have relationships; whether the other shareholders have relationships or unanimous actingwas unknown Above shareholders entrusting or entrusted with voting rights or Not applicable waiving voting rights Top 10 shareholders including the special account for repurchase (if Not applicable any) (see note 10) Shareholding of top 10 shareholders of unrestricted shares Quantity of unrestricted Share type Name of the shareholder shares held at the end of the reporting period Share type Quantity Guangdong Energy Group Co. Ltd. 1644662664 RMB Commonshares 1644662664 Guangzhou Development Group Co. Ltd. 116693602 RMB Commonshares 116693602 Guangdong Electric Power Development Corporation 94367341 RMB Commonshares 94367341 ICBC－Bank of Communications Schroders trend preferred 49150299 RMB Common hybrid securities investment fund shares 49150299 Foreign shares Zheng Jianxiang 26234500 placed in domestic 26234500 exchange Foreign shares VANGUARD TOTAL INTERNATIONAL STOCK INDEX 15855512 placed in domestic 15855512 FUND exchange HKSCC 15306333 RMB Commonshares 15306333 Foreign shares CHINA INTERNATIONAL CAPITAL CORPORATION 15216066 placed in domestic 15216066 HONG KONG SECURITIES LTD exchange Bank of Communications Co. Ltd－Yongying long-term 13556677 RMB Common 13556677 value hybrid securities investment fund shares Foreign shares NOMURA SINGAPORE LIMITED 12599843 placed in domestic 12599843 exchange Explanation on associated relationship or consistent action The Third largest shareholder Guangdong Electric Power among the top 10 shareholders of non-restricted negotiable Development Corporation is the wholly-owned subsidiaries of the shares and that between the top 10 shareholders of non- largest shareholder Energy Group. These two companies have restricted negotiable shares and top 10 shareholders relationships; whether the other shareholders have relationships orunanimous acting was unknown.Explanation on shareholders participating in the margin trading business(if any )(See Notes 4) Not applicable Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a buy- 47Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 back agreement dealing in reporting period.□ Yes √ No The top ten common shareholders or top ten common shareholders with un-restrict shares held of the company have no buy –back agreement dealing in reporting period.IV. Changes in shareholdings of directors supervisors and executive officers □Applicable□ Not applicable Number Number of Number Number of shares Number Number Number restricted of of held at of shares of shares of shares shares restricted restricted Employm the increased reduced held at granted at shares shares Name Position ent status beginning in this in this the end of the granted in granted at of the period period the period beginning this the end of period (shares) (shares) (shares) of the period the period (shares) period (shares) (shares) (shares) Wang Jin Chairman Dimission 0 1000 0 1000 0 0 0 Total -- -- 0 1000 0 1000 0 0 0 V. Change of the controlling shareholder or the actual controller Change of the controlling shareholder in the reporting period □ Applicable √ Not Applicable There was no any change of the controlling shareholder of the company in the reporting period.Change of the actual controller in the reporting period □ Applicable √ Not applicable There was no any change of the actual controller of the company in the reporting period. 48Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 VIII. Situation of the Preferred Shares □Applicable √Not applicable The company had no preferred shares in the reporting period 49Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 IX. Corporate Bond √ Applicable □ Not applicable I. Enterprise bond □ Applicable √ Not applicable No such cases in the reporting period.II. Corporate bond √ Applicable □ Not applicable I. Basic information of corporate bonds In RMB 10000 Bond name Bond shortname Bond code Issue day Value date Due day Bond balance Interest rate Servicing way Trading Using simple interest rate on a Public Issuance of Corporate yearly basis regardless of Bonds to Qualified Investors in compound interest. Due 2020 (Phase I) of Guandong 20 Yudean Shenzhen Electric Power Development 01 149113.SZ April 292020 April 292020 April 292023 0 2.45% payments once a year maturing Stock Co.Ltd. debt at a time. In the final Exchange phase interest is paid together with the principal redemption.Using simple interest rate on a Public Issuance of Corporate yearly basis regardless of Bonds to Qualified Investors in compound interest. Due 2021 (Phase I) of Guandong 21 Yudean Shenzhen Electric Power Development 01 149369.SZ January 272021 January 272021 January 272024 100000 3.57% payments once a year maturing Stock Co.Ltd. debt at a time. In the final Exchange phase interest is paid together with the principal redemption.Public Issuance of Corporate Using simple interest rate on a Bonds to Qualified Investors in 21Yudean yearly basis regardless of Shenzhen 2021 (Phase II) of Guandong 02 149418.SZ April 282021 April 282021 April 282026 150000 3.50% Stockcompound interest. Due Electric Power Development Exchangepayments once a year maturing 50Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Co.Ltd. debt at a time. In the final phase interest is paid together with the principal redemption.Using simple interest rate on a Public Issuance of Corporate yearly basis regardless of Bonds to Professional Investors compound interest. Due Shenzhen in 2021 (Phase I) of Guandong 21Yedean 149711.SZ November 242021 November 242021 November 242026 80000 3.41% payments once a year maturing Stock Electric Power Development 03 debt at a time. In the final Exchange Co.Ltd. phase interest is paid together with the principal redemption.Using simple interest rate on a Public Issuance of Corporate yearly basis regardless of Bonds to Professional Investors compound interest. Due Shanghai in 2021 (Phase I) of Guandong 21Pinghai01 188197.SH June 42021 June 42021 June 52023 0 3.57% payments once a year maturing StockHuizhou Pinghai Power debt at a time. In the final exchange Generation Co.Ltd. phase interest is paid together with the principal redemption.Using simple interest rate on a Public Issuance of Green yearly basis regardless of Corporate Bonds to compound interest. Due professional Investors in G23 115042.SH March 212023 March 212023 March 212028 60000 3.15% payments once a year maturing 上海证券交易 2023(phase I)(Variety 2) of Yuefeng 2 debt at a time. In the final 所 Guangdong Wind Power phase interest is paid together Generation Co. Ltd.with the principal redemption.During the reporting period interest payment situation of the company bonds If any 20 Yudean 01 21 Yudean 0121 Yudean 02 21 Yudean 03 21 Pinghai 01 and G23 Yuefeng 2 are bonds for professional investors.（ ） Applicable trading mechanism Matching transaction click transaction inquiry transaction bidding transaction negotiation transaction Whether there are risks and countermeasures for terminating listing transactions If any) No（Overdue and outstanding bonds □ Applicable √ Not applicable 51Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 2. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor √ Applicable □ Not applicable 1. Some bonds of the company have option clauses as follows: Bond codes: 149113.SZ and 149418.SZ Bond abbreviation: 20 Yudean 01 21 Yudean 02 G23 Yuefeng 2 Types of terms included in bonds: adjustment of coupon rate option and resale option Trigger and implementation of option clause: During the reporting period 20 Yudean 01 triggered the option clause. From March 28 2023 to March 30 2023 the company issued three suggestive announcements on the implementation measures of coupon rate non-adjustment and investors' resale. After the company issued the announcement of coupon rate non-adjustment investors exercised the resale option and the registered scale of resale was RMB 1 billion. After the resale the balance of 20 Yudean 01 was RMB 0.00 billion and 20 Yudean 01 was not resold. During the reporting period 21 Yudean 02 and G23 Yuefeng 2 did not reach the exercise period and thus did not trigger the option clause. 2. Some bonds of the company have investor protection clauses as follows: Bond code: 149711.SZ Bond abbreviation: 21 Yudean 03 Types of terms included in bonds: the issuer's commitment to debt repayment safeguards and remedies for negative matters Trigger and implementation of investor protection clauses: The trigger and implementation of investor protection clauses were not involved in the reporting period. 3.Adjustment of credit rating results during the reporting period □ Applicable √ Not applicable 4. The implementation and changes of guarantee debt repayment plan and other debt repayment guarantee measures during the reporting period and their impact on the rights and interests of bond investors √ Applicable □ Not applicable (1). Credit enhancement mechanism: 20 Yudean 01 21 Yudean 01 21 Yudean 02 21 Yudean 03 and 21 Pinghai company 01 bonds are not guaranteed.G23 Yuefeng 2 set up credit enhancement measures and Guangdong Electric Power Development Co. Ltd. provided full and unconditional irrevocable joint liability guarantee. (2). Debt repayment plan and other debt repayment guarantee measures: 20 Yudean 01 21 Yudean 01 21 Yudean 02 21 Yudean 03 21 Pinghai 01 and G3 Yuefeng 2 debt repayment plans and other debt repayment guarantee measures have not changed during the reporting period and the payment of their principal and interest will be handled by the bond registration institution and relevant institutions. The specific matters of payment will be elaborated in the announcement disclosed by the issuer in the media specified by China Securities Regulatory Commission Shenzhen Stock Exchange Shanghai Stock Exchange and China Securities Industry Association in accordance with relevant regulations. 52Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 III. Debt financing instruments of non-financial enterprises √ Applicable □ Not applicable 1. Debt financing instruments of non-financial enterprises In RMB10000 Bond name Bond shortname Bond code Issue day Value date Due day Bond balance Interest rate Servicing way Trading Using simple interest rate on a yearly basis regardless of compound interest. 2021 MTN (Phase I) of Guangdong Electric Power 21Yudean Due payments once a year maturing InterbankFa MTN001 102101339.IB July 192021 July 212021 July 212024 120000 3.17%Development Co. Ltd. debt at a time. In the final phase market interest is paid together with the principal redemption.Using simple interest rate on a yearly basis regardless of compound interest. 2021 MTN (Phase II) of Guangdong Electric Power 21Yudean November November November Due payments once a year maturing Interbank102102318.IB 220000 3.13% Development Co. Ltd. Fa MTN002 152021 172021 172024 debt at a time. In the final phase market interest is paid together with the principal redemption.Using simple interest rate on a yearly basis regardless of compound interest. 2022 MTN (Phase I) of Guangdong Electric Power 22Yudean August Due payments once a year maturing Interbank102281929.IB August 242022 August 262022 60000 2.90% Development Co. Ltd. Fa MTN001 262027 debt at a time. In the final phase market interest is paid together with the principal redemption.Using simple interest rate on a yearly basis regardless of compound interest. 2023 MTN (Phase I) of Guangdong Electric Power 23Yudean Due payments once a year maturing InterbankFa MTN001 102380558.IB March 152023 March 172023 March 172028 160000 3.35%Development Co. Ltd. debt at a time. In the final phase market interest is paid together with the principal redemption.Guangdong Electric Power Development Co. Ltd. Co. 22Yudean December December One time repayment of principal and Interbank Ltd.2022 III phase Ultra-short Fa SCP001 012284265.IB June 72023 0 2.34%92022 122022 interest due market term financing bills Guangdong Electric Power 22Yudean December December One time repayment of principal and Interbank 012284408.IB March 232023 0 2.52% Development Co. Ltd. Co. Fa SCP001 222022 232022 interest due market 53Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Ltd.2022 IV phase Ultra-short term financing bills Guangdong Electric Power Development Co. Ltd. Co. 23 Yudean January One time repayment of principal and Interbank 012382809.IB July 252023 July 262023 100000 2.13% Ltd.2023 I phase Ultra-short term Fa SCP004 192024 interest due market financing bills Using simple interest rate on a yearly MTN (Phase I) (Sustainable basis regardless of compound interest.lingged)of Guangdong Pinghai 21 Pinghai October Due payments once a year maturing Interbank 102102049.IB October 152021 October 152021 30000 3.72% Power Generation Plant Co. Fa MTN001 152024 debt at a time. In the final phase market Ltd.of 2021 interest is paid together with the principal redemption.During the reporting period interest payment situation of the company bonds（If any） No Circulation and transfer in the national inter-bank bond market its listing and circulation will Applicable trading mechanism be carried out in accordance with the relevant regulations promulgate d by the National Interbank Funding CenterWhether there are risks and countermeasures for terminating listing transactions（If any) No 54Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Overdue and unpaid bonds □ Applicable √ Not applicable 2. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor □ Applicable √ Not applicable 3.Adjustment of credit rating results during the reporting period □ Applicable √ Not applicable 4 The implementation and changes of guarantee debt repayment plan and other debt repayment guarantee measures during the reporting period and their impact on the rights and interests of bond investors √ Applicable □ Not applicable 1. 21Yudeanfa MTN001 21Yudeanfa MTN002 22 Yudeanfa MTN00123 Yudeanfa MTN001 22 Yudeanfa SCP003 22 Yudeanfa SCP004 23 Yudeanfa SCP001 and 21 Pinghaifadian MTN001 are not guaranteed. 2. The debt repayment plan of the above-mentioned debt financing instruments and other debt repayment guarantee measures of the company have not changed during the reporting period.IV. Convertible bond □ Applicable √ Not applicable No such cases in the reporting period.V. The loss within the scope of consolidated statements in the reporting period exceeded 10% of the net assets at the end of the previous year □ Applicable √ Not applicable VI. Main accounting data and financial indicators of the company in recent two years by the end of the reporting period In RMB10000 At the end of the reporting At the same time rate of period At the end of last year change Current ratio 0.65 0.61 6.56% Debt ratio 79.68% 78.09% 1.59% Quick ratio 0.54 0.50 8% Amount of this period Amount of last period At the same time rate ofchange Net profit after deducting non-recurring profit and loss 116044 -215202 153.92% EBITDA total debt ratio 5% 1.30% 3.70% Time interest earned ratio 2.06 -1.02 301.96% Cash interest guarantee times 2.74 1.43 91.61% EBITDATime interest earned ratio 4.12 1.01 307.92% Repayment of debt (%) 100% 100% 0% Payment of interest (%) 100% 100% 0% 55Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 X. Financial Report 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.In RMB Items June 302023 January 1 2023 Current asset： Monetary fund 11460379577 11503523618 Settlement provision Outgoing call loan Transactional financial assets Derivative financial assets Notes receivable 0 2644300 Account receivable 9558894828 7578636244 Financing of receivables Prepayments 1228183965 1534982252 Insurance receivable Reinsurance receivable Provisions of Reinsurance contracts receivable Other account receivable 883366006 934784152 Including：Interest receivable Dividend receivable 63000000 0 Repurchasing of financial assets Inventories 3802053813 3376868100 Contract assets 2734346 4910263 Assets held for sales Non-current asset due within 1 year Other current asset 1178237288 875605805 Total of current assets 28113849823 25811954734 Non-current assets： Loans and payment on other’s behalf disbursed Creditor's right investment Other investment on bonds Long-term receivable Long term share equity investment 9605680568 9198053183 Other equity instruments investment 2876076288 3058071054 Other non-current financial assets Property investment 360857662 365285301 56Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Fixed assets 60196257908 62400175057 Construction in progress 20885138482 11768828161 Production physical assets Oil & gas assets Use right assets 7878833005 7352044966 Intangible assets 3400937354 3346735496 Development expenses Goodwill 128097553 128097553 Long-germ expenses to be amortized 90035118 109485746 Deferred income tax asset 1456242534 1478552898 Other non-current asset 8020757450 6606518552 Total of non-current assets 114898913922 105811847967 Total of assets 143012763745 131623802701 Current liabilities Short-term loans 19934368075 16261444860 Loan from Central Bank Borrowing funds Transactional financial liabilities Derivative financial liabilities Notes payable 527784041 1495778076 Account payable 6415882387 5938254013 Advance receipts 177384900 Contract liabilities 5882384 4960974 Selling of repurchased financial assets Deposit taking and interbank deposit Entrusted trading of securities Entrusted selling of securities Employees’ wage payable 674865470 447421417 Tax payable 547959808 302484915 Other account payable 9533190429 9403658031 Including：Interest payable Dividend payable 9771322 28324843 Fees and commissions payable Reinsurance fee payable Liabilities held for sales Non-current liability due within 1 year 4608565363 3975249970 Other current liability 736111250 4174850374 Total of current liability 43161994107 42004102630 Non-current liabilities： Reserve fund for insurance contracts Long-term loan 52742165795 42860932628 Bond payable 8794096175 9094489909 Including：preferred stock Sustainable debt Lease liability 7617307100 6870820017 Long-term payable 516662974 666297028 Long-term remuneration payable to staff 401840324 429265269 Expected liabilities Deferred income 135006557 142292215 Deferred income tax liability 533414068 584586563 Other non-current liabilities 51028167 129428167 Total non-current liabilities 70791521160 60778111796 Total of liability 113953515267 102782214426 Owners’ equity Share capital 5250283986 5250283986 Other equity instruments 57Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Including：preferred stock Sustainable debt Capital reserves 4253434839 4257046505 Less：Shares in stock Other comprehensive income 1507857924 1629837957 Special reserve 72720957 520379 Surplus reserves 8903515135 8903515135 Common risk provision Retained profit 1165628290 309089657 Total of owner’s equity belong to the parent company 21153441131 20350293619 Minority shareholders’ equity 7905807347 8491294656 Total of owners’ equity 29059248478 28841588275 Total of liabilities and owners’ equity 143012763745 131623802701 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 Items June 302023 January 12023 Current asset： Monetary fund 553451238 879381053 Transactional financial assets Derivative financial assets Notes receivable Account receivable 167605261 191716383 Financing of receivables Prepayments 26550356 26568272 Other account receivable 190190441 568099765 Including：Interest receivable Dividend receivable 63000000 Inventories 219221846 85079898 Contract assets Assets held for sales Non-current asset due within 1 year Other current asset 6913557 1198615 Total of current assets 1163932699 1752043986 Non-current assets： Debt investment Other investment on bonds Long-term receivable 1220000000 1160000000 Long term share equity investment 41741067754 41709796167 Other equity instruments investment 2875276288 3057271054 Other non-current financial assets Property investment 4800851 5118650 Fixed assets 297935932 340983004 Construction in progress 1052786 1052786 Production physical assets Oil & gas assets Use right assets 3375709 6443720 Intangible assets 75199685 77808432 Development expenses 58Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Goodwill Long-germ expenses to be amortized 1207492 1595480 Deferred income tax asset Other non-current asset 136500000 218100000 Total of non-current assets 46356416497 46578169293 Total of assets 47520349196 48330213279 Current liabilities Short-term loans 5240948290 3522986272 Transactional financial liabilities Derivative financial liabilities Notes payable Account payable 143136149 169028547 Advance receipts Contract Liabilities Employees’ wage payable 134780493 115457391 Tax payable 533118 17655588 Other account payable 49716679 60615999 Including：Interest payable Dividend payable 0 9771322 Liabilities held for sales Non-current liability due within 1 year 1752394671 751166231 Other current liability 19280991 3525551274 Total of current liability 7340790391 8162461302 Non-current liabilities： Long-term loan 4801000000 4498800000 Bond payable 7894990268 8794981607 Including：preferred stock Sustainable debt Lease liability 388148 610527 Long-term payable Long-term remuneration payable to staff 76074603 76074603 Expected liabilities Deferred income 9996202 9996202 Deferred income tax liability 474943496 520442187 Other non-current liabilities Total non-current liabilities 13257392717 13900905126 Total of liability 20598183108 22063366428 Owners’ equity Share capital 5250283986 5250283986 Other equity instruments Including：preferred stock Sustainable debt Capital reserves 4834675772 4834675772 Less：Shares in stock Other comprehensive income 1513097136 1640520684 Special reserve Surplus reserves 8903515135 8903515135 Retained profit 6420594059 5637851274 Total of owners’ equity 26922166088 26266846851 Total of liabilities and owners’ equity 47520349196 48330213279 3.Consolidated Income statement In RMB Items The first half year of 2023 The first half year of 2022 59Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 I. Income from the key business 28340840884 22611239733 Incl：Business income 28340840884 22611239733 Interest income Insurance fee earned Fee and commission received II. Total business cost 27463198020 25527998725 Incl：Business cost 25157909557 23114184606 Interest expense Fee and commission paid Insurance discharge payment Net claim amount paid Net amount of withdrawal of insurance contract reserve Insurance policy dividend paid Reinsurance expenses Business tax and surcharge 102835985 72015381 Sales expense 35592377 30460050 Administrative expense 553789310 477955874 R & D costs 466613651 752324970 Financial expenses 1146457140 1081057844 Including：Interest expense 1192393983 1135329167 Interest income 53610047 66355499 Add: Other income 26146147 35193072 Investment gain（“-”for loss） 636141107 589691504 Incl: investment gains from affiliates 518414902 498927895 Financial assets measured at amortized cost cease to be recognized as income Gains from currency exchange Net exposure hedging income Changing income of fair value Credit impairment loss -567735 1728699 Impairment loss of assets -5052018 Assets disposal income -1988902 31707133 III. Operational profit（“-”for loss） 1532321463 -2258438584 Add：Non-operational income 20730339 8866265 Less: Non-operating expense 16425087 19957360 IV. Total profit(“-”for loss) 1536626715 -2269529679 Less：Income tax expenses 365380562 -151269999 V. Net profit 1171246153 -2118259680 (I) Classification by business continuity 1.Net continuing operating profit 1171246153 -2118259680 2.Termination of operating net profit (II) Classification by ownership 1.Net profit attributable to the owners of parent company 856538633 -1371743904 2.Minority shareholders’ equity 314707520 -746515776 VI. Net after-tax of other comprehensive income -121980033 84349552 Net of profit of other comprehensive inc ome attributable to owners of the parent -121980033 84349552 company.（I）Other comprehensive income items that will not be reclassified into gains/losses in the subsequent accounting -121980033 84349552 period 1.Re- measurement of defined benefit plans of 60Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 changes in net debt or net assets 2.Other comprehensive income under the equity method investee can not be reclas 14516041 0 sified into profit or loss. 3. Changes in the fair value of investments in other equity instruments -136496074 84349552 4. Changes in the fair value of the company’s credit risks 5.Other（II） Other comprehensive income that will be reclassified into profit or loss. 1.Other comprehensive income under the equity method investee can be reclassifi ed into profit or loss. 2. Changes in the fair value of investments in other debt obligations 3. Other comprehensive income arising from the reclassification of financial assets 4.Allowance for credit impairments in investments in other debt obligations 5. Reserve for cash flow hedges 6.Translation differences in currency fina ncial statements 7.Other Net of profit of other comprehensive inc ome attributable to Minority shareholders’ equity VII. Total comprehensive income 1049266120 -2033910128 Total comprehensive income attributable to the owner of the parent company 734558600 -1287394352 Total comprehensive income attributable minority shareholders 314707520 -746515776 VIII. Earnings per share （I）Basic earnings per share 0.1631 -0.2613 (II)Diluted earnings per share 0.1631 -0.2613 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 Items The first half year of 2023 The first half year of 2022 I. Income from the key business 778009618 549224797 Incl：Business cost 796227119 798118470 Business tax and surcharge 1587079 1314970 Sales expense 1083086 1181738 Administrative expense 61472571 54984849 R & D expense 13701303 13572929 Financial expenses 316774799 180748898 Including：Interest expenses 318584536 182898115 Interest income 3854894 3986671 Add：Other income 933974 496298 Investment gain（“-”for loss） 1194924087 652477745 Including: investment gains from affiliates 473105895 450257095 Financial assets measured at amortized cost cease to be 61Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 recognized as income Net exposure hedging income Changing income of fair value Credit impairment loss -58935 -59342 Impairment loss of assets Assets disposal income II. Operational profit（“-”for loss） 782962787 152217644 Add：Non-operational income 108406 1763961 Less：Non -operational expenses 328408 65307 III. Total profit(“-”for loss) 782742785 153916298 Less：Income tax expenses IV. Net profit 782742785 153916298 1.Net continuing operating profit 782742785 153916298 2.Termination of operating net profit V. Net after-tax of other comprehensive income -127423548 -93817727 （I）Other comprehensive income items that will not be reclassified into gains/losses in the subsequent accounting -127423548 -93817727 period 1.Re- measurement of defined benefit plans of changes in net de bt or net assets 2.Other comprehensive income under the equity method i nvestee can not be reclassified into profit or loss. 9072526 3. Changes in the fair value of investments in other equity instruments -136496074 -93817727 4. Changes in the fair value of the company’s credit risks 5.Other (II)Other comprehensive income that will be reclassified i nto profit or loss 1.Other comprehensive income under the equity method i nvestee can be reclassified into profit or loss. 2. Changes in the fair value of investments in other debt obligations 3. Other comprehensive income arising from the reclassification of financial assets 4.Allowance for credit impairments in investments in other debt obligations 5. Reserve for cash flow hedges 6.Translation differences in currency financial statements 7.Other VI. Total comprehensive income 655319237 60098571 VII. Earnings per share （I）Basic earnings per share 0.1491 0.0293 (II)Diluted earnings per share 0.1491 0.0293 5. Consolidated Cash flow statement In RMB Items The first half year of 2022 The first half year of 2021 I.Cash flows from operating activities Cash received from sales of goods or rending of services 29849801755 25418678331 Net increase of customer deposits and capital kept for brother company Net increase of loans from central bank Net increase of inter-bank loans from other financial bodies Cash received against original insurance contract Net cash received from reinsurance business 62Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Net increase of client deposit and investment Cash received from interest commission charge and commission Net increase of inter-bank fund received Net increase of repurchasing business Net cash received by agent in securities trading Tax returned 126494026 1779253397 Other cash received from business operation 232786939 264049592 Sub-total of cash inflow 30209082720 27461981320 Cash paid for purchasing of merchandise and services 24754414595 25271904394 Net increase of client trade and advance Net increase of savings in central bank and brother company Cash paid for original contract claim Net increase in financial assets held for trading purposes Net increase for Outgoing call loan Cash paid for interest processing fee and commission Cash paid to staffs or paid for staffs 1195727767 1089329670 Taxes paid 917215517 692608470 Other cash paid for business activities 621354825 616497296 Sub-total of cash outflow from business activities 27488712704 27670339830 Net cash generated from /used in operating activities 2720370016 -208358510 II. Cash flow generated by investing Cash received from investment retrieving 0 623034 Cash received as investment gains 234329364 240403213 Net cash retrieved from disposal of fixed assets intangible assets and other long-term assets 180038182 1643618096 Net cash received from disposal of subsidiaries or other operational units Other investment-related cash received 0 300000 Sub-total of cash inflow due to investment activities 414367546 1884944343 Cash paid for construction of fixed assets intangible assets and other long-term assets 9792986742 4446188809 Cash paid as investment 386489722 346822910 Net increase of loan against pledge Net cash received from subsidiaries and other operational units Other cash paid for investment activities Sub-total of cash outflow due to investment activities 10179476464 4793011719 Net cash flow generated by investment -9765108918 -2908067376 III.Cash flow generated by financing Cash received as investment 105993820 133484514 Including: Cash received as investment from minor shareholders 105993820 133484514 Cash received as loans 30489894292 18884583500 Other financing –related cash received Sub-total of cash inflow from financing activities 30595888112 19018068014 Cash to repay debts 20776673221 12110573262 Cash paid as dividend profit or interests 1345062517 1025673784 Including: Dividend and profit paid by subsidiaries to minor shareholders 80892229 25174599 Other cash paid for financing activities 1468279614 20793683 Sub-total of cash outflow due to financing activities 23590015352 13157040729 Net cash flow generated by financing 7005872760 5861027285 IV. Influence of exchange rate alternation on cash and cash equivalents 370 485 V.Net increase of cash and cash equivalents -38865772 2744601884 Add: balance of cash and cash equivalents at the beginning of term 11433808500 8023116939 VI ..Balance of cash and cash equivalents at the end of term 11394942728 10767718823 63Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 6. Cash Flow Statement of the Parent Company In RMB Items The first half year of 2023 The first half year of 2022 I.Cash flows from operating activities Cash received from sales of goods or rending of services 906093635 664254583 Tax returned 4169908 25152420 Other cash received from business operation 43706151 566054241 Sub-total of cash inflow 953969694 1255461244 Cash paid for purchasing of merchandise and services 933058819 799187397 Cash paid to staffs or paid for staffs 125818320 133850000 Taxes paid 24128293 8275389 Other cash paid for business activities 58329630 318144283 Sub-total of cash outflow from business activities 1141335062 1259457069 Net cash generated from /used in operating activities -187365368 -3995825 II. Cash flow generated by investing Cash received from investment retrieving 2716018959 Cash received as investment gains 792311002 301487457 Net cash retrieved from disposal of fixed assets intangible assets and other long-term assets 7540 11796295 Net cash received from disposal of subsidiaries or other operational units Other investment-related cash received Sub-total of cash inflow due to investment activities 3508337501 313283752 Cash paid for construction of fixed assets intangible assets and other long-term assets 2225723 3607272 Cash paid as investment 1943373129 925694710 Net cash received from subsidiaries and other operational units Other cash paid for investment activities Sub-total of cash outflow due to investment activities 1945598852 929301982 Net cash flow generated by investment 1562738649 -616018230 III. Cash flow generated by financing Cash received as investment Cash received as loans 4699632000 3539536458 Other financing –related ash received Sub-total of cash inflow from financing activities 4699632000 3539536458 Cash to repay debts 6099000000 1800000000 Cash paid as dividend profit or interests 298701528 176305840 Other cash paid for financing activities 3087340 6248 Sub-total of cash outflow due to financing activities 6400788868 1976312088 Net cash flow generated by financing -1701156868 1563224370 IV. Influence of exchange rate alternation on cash and cash equivalents 370 485 V.Net increase of cash and cash equivalents -325783217 943210800 Add: balance of cash and cash equivalents at the beginning of term 875157652 707707282 VI ..Balance of cash and cash equivalents at the end of term 549374435 1650918082 64Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 7. Consolidated Statement on Change in Owners’ Equity Amount in this period In RMB The first half year of 2023 Owner’s equity Attributable to the Parent Company Other Equity Less Items instrument : Comm Minor Total of Share Preferr Capital Shar Other Specializ Surplus on risk Retained Oth shareholde owners’ Capital ed Sustaina Oth reserves es in Comprehen ed Subtotal rs’ equity equity er stoc sive Income reserve reserves provisi profit er stock onble debt k I.Balance at the end of last year 5250283 4257046 16298379 8903515 20066851 20241872 8480658 28722530520379 986505571357479277756 108421141084211411905751 Add: Change of accounting policy 106363790 0 9 Correcting of previous errors Merger of entities under common control Other II.Balance at the beginning of current 5250283 4257046 16298379 8903515 30908965 20350293 8491294 28841588 year 520379986 505 57 135 7 619 656 275 -- III.Changed in the current year 722005 85653863 80314751 21766020-3611666 12198003 58548730 78323 39 - （1）Total comprehensive income 85653863 73455860 31470752 1049266112198003 30020 3 --（ II ） Investment or decreasing of capital by owners -3611666 -3611666 86098892 86460059 73 -- 1．Ordinary Shares invested by shareho lders 86460059 86460059 33 2．Holders of other equity instruments i nvested capital 3 ． Amount of shares paid and accounted as owners’ equity 4．Other -3611666 -3611666 3611666 0 65Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023（III）Profit allotment - -62338708 62338708 1.Providing of surplus reserves 2.Providing of common risk provisions 3 ． Allotment to the owners (or - shareholders) -6233870862338708 4．Other (IV) Internal transferring of owners’ equity 1. Capitalizing of capital reserves (or to capital shares) 2. Capitalizing of surplus reserves (or to capital shares) 3 ． Making up losses by surplus reserves. 4.Change amount of defined benefit plans that carry forward Retained earnings 5．Other comprehensive income carry- over retained earnings 6．Other (V). Special reserves 722005 72200578 23132806 95333384 78 1. Provided this year 165514 16551423 2295182764004036 23551 -- 2 -．Used this term 933136 -93313657 13418488 40871230 577（VI）Other IV. Balance at the end of this term 5250283 4253434 15078579 727209 8903515 1165628 21153441 7905807 29059248 9868392457135290131347478 Amount in last year In RMB The first half year of 2022 Owner’s equity Attributable to the Parent Company Items Other Equity Less Comm Minor Total ofinstrument Share Capital : Other Speciali shareholde owners’ Capital Preferr Oth reserves Shar Comprehen zed Surplus on risk Retained Oth Subtotal rs’ equity equity ed Sustaina er es in sive Income reserve reserves provisi profit er stock onble debt stoc 66Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 k I.Balance at the end of last year 5250283 4276952 17500115 8903515 3205422 23386185 9581317 32967502 98618371135561436106542 Add: Change of accounting policy 84938618 84938618 7255746 92194364 Correcting of previous errors Merger of entities under common control Other II.Balance at the beginning of current 5250283 4276952 17500115 8903515 3290361 23471124 9588572 33059696 year 986 183 71 135 179 054 852 906 ---- III.Changed in the current year - -93817726 1371743 14880807 60597733 20940580 22519076 90406642 ---- （1）Total comprehensive income -93817726 1371743 14655616 74651577 22120774 90430606（ II ） Investment or decreasing of - 16567260 14315353 capital by owners -2251907622519076 9 3 1．Ordinary Shares invested by shareho 14502631 14502631 lders 1 1 2．Holders of other equity instruments i nvested capital 3 ． Amount of shares paid and accounted as owners’ equity 4．Other - -22519076 20646298 -1872778 22519076（III）Profit allotment - -25134169 25134169 1.Providing of surplus reserves 2.Providing of common risk provisions 3 ． Allotment to the owners (or - shareholders) -2513416925134169 4．Other (IV) Internal transferring of owners’ equity 1. Capitalizing of capital reserves (or to capital shares) 2. Capitalizing of surplus reserves (or to capital shares) 3 ． Making up losses by surplus 67Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 reserves. 4.Change amount of defined benefit plans that carry forward Retained earnings 5．Other comprehensive income carry- over retained earnings 6．Other (V). Special reserves 1. Provided this year 2．Used this term（VI）Other IV. Balance at the end of this term 5250283 4254433 16561938 8903515 1918617 21983043 8982595 30965638 98610745135275348516864 8.Statement of change in owner’s Equity of the Parent Company Amount in this period In RMB The first half year of 2023 Other Equity instrument Less: Items Capital Share OtherShare capital Preferre Othe Comprehensiv Specialize Surplus Retained Othe Total of Sustainabl reserves s in e Income d reserve reserves profit r owners’ equityd stock r e debt stock 5250283984834675778903515135637851272626684685 I.Balance at the end of last year 16405206846 2 5 4 1 Add: Change of accounting policy Correcting of previous errors Other 5250283984834675778903515135637851272626684685 II.Balance at the beginning of current year 16405206846 2 5 4 1 III.Changed in the current year 0 0 -127423548 0 782742785 655319237 （I）Total comprehensive income -127423548 782742785 655319237 (II) Investment or decreasing of capital by owners 1．Ordinary Shares invested by shareholders 2．Holders of other equity instruments invested c apital 68Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 3.Amount of shares paid and accounted as owners’ equity 4．Other（III）Profit allotment 1.Providing of surplus reserves 2．Allotment to the owners (or shareholders) 3．Other (IV) Internal transferring of owners’ equity 1. Capitalizing of capital reserves (or to capital shares) 2. Capitalizing of surplus reserves (or to capital shares) 3．Making up losses by surplus reserves. 4.Change amount of defined benefit plans that carry forward Retained earnings 5 ． Other comprehensive income carry-over retained earnings 6．Other (V) Special reserves 1. Provided this year 7488180 7488180 2．Used this term -7488180 -7488180（VI）Other IV. Balance at the end of this term 525028398 483467577 890351513 642059405 26922166081513097136 62598 Amount in last year In RMB The first half year of 2022 Other Equity instrument Less: Items Other Share Capital Preferre Othe Capital Share Specialize Surplus Retained Othe Total of Sustainabl reserves s in Comprehensiv d reserve reserves profit r owners’ equity d stock r e debt stock e Income 5250283984834039578903515136585377382733763738 I.Balance at the end of last year 17644213096 5 5 4 9 Add: Change of accounting policy Correcting of previous errors Other II.Balance at the beginning of current year 525028398 483403957 1764421309 890351513 658537738 2733763738 69Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 65549 III.Changed in the current year 0 0 0 0 0 0 -93817727 0 0 153916298 0 60098571 （I）Total comprehensive income -93817727 153916298 60098571 (II) Investment or decreasing of capital by owners 1．Ordinary Shares invested by shareholders 2．Holders of other equity instruments invested c apital 3.Amount of shares paid and accounted as owners’ equity 4．Other（III）Profit allotment 1.Providing of surplus reserves 2．Allotment to the owners (or shareholders) 3．Other (IV) Internal transferring of owners’ equity 1. Capitalizing of capital reserves (or to capital shares) 2. Capitalizing of surplus reserves (or to capital shares) 3．Making up losses by surplus reserves. 4.Change amount of defined benefit plans that carry forward Retained earnings 5 ． Other comprehensive income carry-over retained earnings 6．Other (V) Special reserves 1. Provided this year 2．Used this term（VI）Other IV. Balance at the end of this term 525028398 483403957 890351513 673929368 27397735960 0 0 0 1670603582 0 0 65520 70Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 III．Basic Information of the Company Guangdong Electric Power Development Co. Ltd. (“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. 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” previously Guangdong Province Yudean Group Co. Ltd.) and its ultimate controller 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. As at 30 June 2022 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 plants in Guangdong ， Xingjiang Yunnan HunanProvince and Guangxi the PRC. For the Consolidation scope changed of the Group please refer to VIII The financial statement has been approved for issue by the company’s Board of Directors on August 292023.For the Consolidation scope changed of the Group please refer to VIII and IX(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 Standard for Business Enterprises - Basic Standard and the specific accounting standards and other relevant regulations issued by the Ministry ofFinance on 15 February 2006 and in subsequent periods (hereafter collectively referred to as “the AccountingStandard for Business Enterprises” or “CAS”) and “Information Disclosure Rule No. 15 for Companies withPublic Traded Securities - Financial Reporting General Provision” issued by China Security Regulatory Commission. 2. Continuous operation. As at 30 June 2023 the Group’s net current liabilities amounted to RMB 15.048 billion capital commitments amounted to RMB 28.754 billion among which the amount expected to be settled within one year was RMB 14.873 billion. Therefore the group is to some extent exposed to liquidity risk. The reasons for net current liabilities were that the group is in a period of rapid development and there is a match problem in the investment and financing terms and the significant rise of coal prices from 2021 to 2022 In view of the above the Board of Directors of the company has carefully considered the Group's future working capital operating conditions and available financing sources when assessing the Group's ability to continue as a going concern. The Group has formulated the following plans and measures to reduce pressure of working capital and improve its financial position: (i) The Group maintains good relations of long-term cooperation with financial institutions (including the company’s associate Guangdong Energy Group Finance Co. Ltd. (“Energy Group Finance company”) and Guangdong Energy Finance Leasing company (“Energy Finance Leasing company”)) in order to obtain sufficient financing credit lines. As at 30 June 2023 the Group’s available credit line and approved debt insurance from financial institutions amounted to approximately RMB 97.045 billion with RMB 16.889 billion 71Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 from Energy Group Finance company RMB 10.004 billion million from Energy Finance Leasing company RMB 56.352 billion from other commercial banks RMB 1.4 billion of corporate debentures approved for issuance by the CSRC and RMB 7.4 billion of quota of medium-term notes financing obtained after the registration in the Interbank Market in China. Among the Group’s available credit line from financial institutions approximately RMB 7.275 billion is due before 30 June 2024. In view of the Group’s business operation as well as good and long-term cooperative relationships with financial institutions management expected the credit line due could be renewed for another 12 months.The Board of Directors of the company has reviewed the Group's cash flow forecasting for July 12023 to June 302024 prepared by management. The cash flow forecasting is based on management's judgements and assumptions regarding a number of future events and is subject to the successful completion of a series of plans and measures planned and being implemented by the Group including: (1) The Group will continuously monitor the financial indicators of its subsidiaries and improve the operation and financing structure of its subsidiaries through various measures including but not limited to providing financing support and capital injection so that the subsidiaries within the Group can continue to meet the requirements of the borrowing agreements in foreseeable future; (2) the Group can continue to meet the conditions of existing bank financing and obtain necessary borrowing renewals and new borrowings including financing from Energy Group Finance company and Energy Finance Leasing company and it can successfully conduct external financing by issuing corporate debentures medium-term notes and ultra-short-term financing bonds when necessary; and (3) the Group will obtain more favourable long-term electricity price and effective adoption to lower fuel procurement costs so as to improve operating cash flows. Taking into full consideration of the above measures being implemented or planned by the Group management believes that the Group can obtain sufficient funds to pay its operating expenses capital commitment within one year and repay its matured debt obligations within the next 12 months from 1 July 2023. Therefore management believes that it is appropriate to prepare these financial statements on a going concern basis.V. Significant accounting policies and accounting estimates Specific accounting policies and accounting estimates tips: The Group 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 of receivables (Note 5(10)) costing of inventory (Note 5(15)) fixed asset depreciation and intangible asset amortisation (Notes 5(24)(30，（ 29） ) impairment of long-term assets (Note 5(31)) timing of revenue recognition (Note 5(39)) deferred tax assets and deferred tax liabilities (Note 5(41)) etc.Details of the Group's critical judgements used in determining significant accounting policies are set forth in Note 5(44). 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 2023 as well as the business performance and cash flow situation in the first half of 2023 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 2023 to 6 months ended June 302023. 72Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 3.Operating cycle The business cycles for principal activities are usually less than 12 months. 4.Standard currency for bookkeeping The company adopts CNY to prepare its functional statements. 5. Accounting process method of enterprise consolidation under same and different controlling. (1) Business combinations involving enterprises under common control The consideration the combining party paid for the combination and the carrying amount of the net assets obtained are measured at carrying amount. The difference between the carrying amount of the net assets obtained and the carrying amount of consideration paid for the combination is adjusted to share premium (capital premium) in the capital reserve. If the balance of share premium (capital premium) is insufficient any excess is adjusted to retained earnings. Any costs directly attributable to the combination are recognized in profit or loss for the current period when occurred. The transaction costs of issuing equity or debt securities for business combinations. (2) Business combinations not involving enterprises under common control The acquirer’s combining costs and the identifiable net assets obtained at the acquisition date are measured at fair value. If the combining costs are greater than the fair value of identifiable net assets at the acquisition date the difference is recognized as goodwill; if the combining costs are less than the fair value of identifiable net assets at the acquisition date the difference is recognized in profit or loss for the current period. The direct acquisition- related costs arising from the business combination are recognized as expenses in the periods in which the costs are incurred. The costs of the issuance of equity or debt securities as a part of the consideration paid for the acquisition are included as a part of initial recognition amount of the equity or debt securities. 6.Preparation of the consolidated financial statements The consolidated financial statements comprise the financial statements of the company and all of its subsidiaries.Subsidiaries are consolidated from the date on which the Group obtains control and are de-consolidated from the date that such control ceases. For a subsidiary that is acquired in a business combination involving enterprises under common control it is included in the consolidated financial statements from the date when it together with the company comes under common control of the ultimate controlling party. The portion of the net profits realised before the combination date is presented separately in the consolidated income statement.In the preparation of consolidated financial statements if the accounting policies or accounting period among the company and subsidiaries are inconsistent the financial statements of subsidiaries have been adjusted to conform to the company’s policies and accounting period. For business combination not obtained under common control the financial statements have been adjusted based on the fair value of net recognisable asset on the acquisition date.All significant intra-group balances transactions and unrealised profits are eliminated in the consolidated financial statements. The portion of subsidiaries’ owners’ equity and the portion of subsidiaries’ net profits and losses and comprehensive incomes for the period not attributable to the company are recognised as minority interests net profit attributed to minority interests and total comprehensive incomes attributed to minority interests and presented separately in the consolidated financial statements under owners’ equity net profits and total comprehensive income respectively. When the company sells assets to subsidiaries the unrealised gains and losses should fully offset the net profit attributed to shareholders of the parent company; when subsidiaries sell assets to the company the unrealised gains and losses should be assigned and offset between the net profit 73Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 attributed to shareholders of the parent company and minority interests according to the company’s distribution ratio of the subsidiary. The unrealised gains and losses between subsidiaries should be assigned and offset between the net profit attributed to shareholders of the parent company and minority interests according to the parent company’s distribution ratio of the subsidiary.In preparing the consolidated financial statements where the accounting policies and the accounting periods of the company and subsidiaries are inconsistent the financial statements of the subsidiaries are adjusted in accordance with the accounting policies and the accounting period of the company. For subsidiaries acquired from business combinations involving enterprises not under common control the individual financial statements of the subsidiaries are adjusted based on the fair value of the identifiable net assets at the acquisition date. 7.Classification of joint venture arrangement and accounting treatment methods for joint operation The Group is in a period of rapid development and there is a certain mismatch in the investment and financing period. It refers to an arrangement jointly controlled by two or more participants. The Group divides joint venture arrangements into joint ventures and joint ventures based on the rights and obligations they enjoy and undertake. Joint operation refers to a joint venture arrangement in which the group enjoys the assets related to the arrangement and bears the liabilities related to the arrangement. Joint venture refers to a joint venture arrangement in which the Group only has rights to the net assets of the arrangement.The Group's investments in joint ventures are accounted for using the equity method and are treated in accordance with the accounting policies described in "V (22) Long term Equity Investments" in this note. The group does not involve joint operations. 8.Cash and cash equivalents Cash and cash equivalents comprise cash on hand demand deposits and short-term highly liquid investments which are readily convertible into known amounts of cash and are subject to an insignificant risk of change in value. 9.Foreign currency transactions Foreign currency transactions are translated into recording currency using the exchange rates prevailing at the dates of the transactions. At the balance sheet date monetary items denominated in foreign currencies are translated into RMB using the spot exchange rates on the balance sheet date. Exchange differences arising from these translations are recognised in profit or loss for the current period except for those attributable to foreign currency borrowings that have been taken out specifically for acquisition or construction of qualifying assets which are capitalised as part of the cost of those assets. Non-monetary items denominated in foreign currencies that are measured at historical costs are translated at the balance sheet date using the spot exchange rates at the date of the transactions. The effect of exchange rate changes on cash is presented separately in the cash flow statement. 10. Financial instruments Financial instruments refer to contracts that form financial assets of one party and financial liabilities or equity instruments of other parties. When the Group becomes a party to a financial instrument contract the relevant financial assets or financial liabilities are recognized. 74Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 (a) Financial assets (i) Classification and measurement According to the business model for managing financial assets and the contractual cash flow characteristics of financial assets the Group classifies financial assets into: (1) Financial assets measured in amortized cost; (2) Financial assets measured at fair value whose changes are included in other comprehensive income; (3) Financial assets measured at fair value and whose changes are included in current profits and losses.The initial measurement of financial assets is calculated by using fair value. For financial assets measured at fair value whose changes are included in current profits and losses relevant transaction costs are directly included in current profits and losses; For other types of financial assets relevant transaction costs are included in the initial recognition amount. Accounts receivable or notes receivable arising from the sale of products or the provision of labor services that do not include or take into account significant financing components are initially recognized by the Group in accordance with the amount of consideration that the Group is expected to be entitled to receive.Debt instrument Debt instruments held by the Group refer to instruments that meet the definition of financial liabilities from the perspective of the issuer and are measured in the following ways: Measured in amortized cost: The Group's business model for managing such financial assets is to collect the contractual cash flow and the contractual cash flow characteristics of such financial assets are consistent with the basic lending arrangements that is the cash flow generated on a specific date is only the payment of principal and interest based on the amount of outstanding principal. The Group recognizes interest income for such financial assets according to the effective interest rate method. Such financial assets mainly include monetary funds accounts receivable other receivables and long-term receivables. The Group lists long-term receivables due within one year (including one year) from the balance sheet date as non-current assets due within one year.Equity instruments The Group will measure the equity instrument investments that it has no control joint control and significant influence on at fair value and their changes are included in the current profits and losses and listed as trading financial assets.In addition the Group designated some non-trading equity instrument investments as financial assets measured at fair value with changes included in other comprehensive income and listed them as other equity instrument investments. Dividend income related to such financial assets is included in current profits and losses.(ii) Impairment For financial assets measured in amortized cost the Group recognizes loss reserves on the basis of expected credit losses.The Group takes into account reasonable and reliable information on historical events current situation and future economic situation forecasts and uses the risk of default as the weight to calculate the probability weighted amount of the present value of the difference between the cash flow receivable from the contract and the cash flow expected to be received to confirm the expected credit loss.On each balance sheet date the Group separately measures the expected credit losses of financial instruments at different stages. If the credit risk of financial instruments has not increased significantly since the initial confirmation it is in the first stage. The Group measures the loss reserve according to the expected credit loss in the next 12 months; If the credit risk of a financial instrument has increased significantly since its initial recognition but no credit impairment has occurred it is in the second stage. The Group measures the loss reserve according to the expected credit loss of the instrument throughout the duration; If a financial instrument has suffered credit impairment since its initial recognition it is in the third stage. The Group measures the loss reserve 75Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 according to the expected credit loss of the instrument throughout the duration.For financial instruments with low credit risk on the balance sheet date the Group assumes that their credit risk has not increased significantly since the initial confirmation and measures the loss reserve according to the expected credit loss in the next 12 months.For financial instruments in the first and second stages and with low credit risk the Group calculates interest income based on the book balance before deducting impairment provisions and the actual interest rate. For financial instruments in the third stage the interest income shall be calculated according to their book balance minus the amortized cost after impairment provision and the actual interest rate.For accounts receivable regardless of whether there is any significant financing component the Group measures the loss reserve according to the expected credit loss throughout the duration.When a single financial asset cannot evaluate the expected credit loss information at a reasonable cost the Group divides the receivables into several combinations according to the credit risk characteristics calculates the expected credit loss on the basis of the combinations and determines the combination on the following basis: Account receivable portfolio 1: Accounts receivable from electricity sales Account receivable portfolio 2: Related party receivable Account receivable portfolio 3:Other account receivable Other Account receivable portfolio 1:Advance payments receivable petty cash and other receivable For accounts receivable divided into combinations the Group refers to the historical credit loss experience combines the current situation with the forecast of future economic situation compiles a comparison table of overdue days of accounts receivable and the expected credit loss rate for the whole duration and calculates the expected credit loss.For other receivables divided into portfolios the Group refers to the historical credit loss experience combines the current situation with the forecast of future economic situation and calculates the expected credit loss through default risk exposure and the expected credit loss rate within the next 12 months or the whole duration.The Group includes the accrued or reversed loss reserves into the current profits and losses.（iii） Derecognition of financial assets A financial asset is derecognised when: (i) the contractual rights to the cash flows from the financial asset expire (ii) the financial asset has been transferred and the Group transfers substantially all the risks and rewards of ownership of the financial asset to the transferee or (iii) the financial asset has been transferred and the Group has not retained control of the financial asset although the Group neither transfers nor retains substantially all the risks and rewards of ownership of the financial asset.When the investment in other equity instruments is derecognized the difference between the book value and the consideration received and the accumulated amount of the changes in fair value originally included in other comprehensive income shall be included in the retained income; On derecognition of a financial asset the difference between the carrying amount and the sum of the consideration received and the cumulative changes in fair value that had been recognised directly in owners’ equity is recognised in profit or loss.(b) Financial liabilities Financial liabilities are classified into the following categories at initial recognition: financial liabilities at fair value through profit or loss and other financial liabilities.The financial liabilities of the Group are other comprise financial liabilities including payables borrowings and debentures payable. This kind of financial liabilities are initially measured according to their fair value after deducting transaction costs and are subsequently measured using the effective interest rate method. If the term is less than one year (including one year) it shall be listed as current liabilities; If the term is more than one year but expires within one year (including one year) from the balance sheet date it shall be listed as non-current liabilities 76Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 due within one year; The rest is listed as non-current liabilities.When the current obligation of the financial liability has been discharged in whole or in part the Group terminates the recognition of the part of the financial liability or obligation that has been discharged. The difference between the book value of the termination recognition and the consideration paid shall be included in the profit and loss of the current period.(c) Determination of the fair value of the financial instruments The fair value of a financial instrument that is traded in an active market is determined at the quoted price in the active market. The fair value of a financial instrument that is not traded in an active market is determined by using a valuation technique. Valuation techniques include using prices of recent market transactions between knowledgeable and willing parties reference to the current fair value of another financial asset that is substantially the same with this instrument and discounted cash flow analysis etc. When a valuation technique is used to establish the fair value of a financial instrument it makes the maximum use of observable market inputs and relies as little as possible on entity-specific inputs. When the observable inputs are not available or are unrealistic to obtained unobservable inputs shall be used 11.Note receivable See Note V (10) Financial Instruments for details. 12.Account receivable See Note V (10) Financial Instruments for details. 13.Financing receivable Not applicable 14.Other account receivable Determination method of expected credit loss of other receivables and accounting treatment method See Note V (10) Financial Instruments for details. 15. Inventories (a) Classification Inventories include fuel and spare parts measured at the lower of cost and net realisable value..(b) Cost of inventories transferred out Cost of fuel transferred out is calculated using the weighted average method. Spare parts are amortised in full when received for use.(c) Basis for determining the net realisable value of inventories and provisioning methods for decline in value of inventories Any excess of the cost over the net realisable value of inventories is recognised as a provision for diminution in the value of inventories. Net realisable value is measured by the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale and relevant taxes.(d) The Group maintains a perpetual inventory system.. 77Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 (e) Amortization methods of low-value consumables Low-value consumables are amortized in full amount. 16.Contract assets See Note V (10) Financial Instruments for details. 17.Contract costs Not applicable 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 (10) Financial Instruments for details. 22. Long-term equity investment Long-term equity investments comprise the company’s long-term equity investments in its subsidiaries and the Group’s long-term equity investments in its associates.Subsidiaries are the investees over which the company is able to exercise control. Associates are the investees over which the Group has significant influence but not control on their financial and operating policies.Investments in subsidiaries are presented in the company’s financial statements using the cost method and are adjusted to the equity method when preparing the consolidated financial statements. Investments in associates are accounted for using the equity method.(a) Determination of investment cost For long-term equity investments acquired through a business combination: 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 at the combination date; for long-term equity investment 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: if the long-term equity investments are acquired in cash the initial investment cost shall be the purchase price actually paid; if the long-term equity investments are acquired by issuing equity securities the initial investment cost shall be the fair value of the equity securities.(b) Subsequent measurement and recognition of related profit and loss 78Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 For long-term equity investments accounted for using the cost method they are measured at the initial investment costs and cash dividends or profit distribution declared by the investees are recognised as investment income in profit or loss.For long-term equity investments accounted for using the equity method where the initial investment cost exceeds the Group’s share of the fair value of the investee’s identifiable net assets at the time of acquisition the investment is initially measured at cost. Where the initial investment cost is less than the Group’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 accordingly.For long-term equity investments accounted for using the equity method the Group recognises the investment income or losses according to its share of net profit or loss of the investee. The Group discontinues recognising its share of net losses of an investee after the carrying amount of the long-term equity investment together with any long-term interests that in substance form part of the investor’s net investment in the investee are reduced to zero.However if the Group has obligations for additional losses and the criteria with respect to recognition of provisions under the accounting standards on contingencies are satisfied the Group continues recognising the investment losses and the provisions. The company shall adjust the carrying amount of the long term investment for other changes in shareholders’ equity of the investee (other than net profits or losses) and include the corresponding adjustment in shareholders’ equity. The carrying amount of the investment is reduced by the Group’s share of the profit distribution or cash dividends declared by an investee. The unrealised profits or losses arising from the intra-group transactions amongst the Group and its investees are eliminated in proportion to the Group’s equity interest in the investees and then based on which the investment gains or losses are recognised.For the loss on the intra-group transaction amongst the Group and its investees attributable to asset impairment any unrealised loss is not eliminated.(c) Basis for determining existence of control and significant influence over investees Control is the power to govern the investee so as to obtain variable returns by participating in the related business activities of the investees and the ability to affect the returns by exercising its power over the investees.Joint control is the contractually agreed sharing of control over an investee’s economic activities and exists only when the strategic financial and operating decisions relating to the activities require the unanimous consent of the Group and the parties sharing the control.Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.(d) Impairment of long-term equity invest The carrying amount of long-term equity investments in subsidiaries joint venture and associates is reduced tothe recoverable amount when the recoverable amount is less than the carrying amount（Note 5(31). 23. Investment properties The measurement mode of investment property The measurement by the cost method Depreciation or amortization method Investment properties including land use rights that have already been leased out and buildings that are held for the purpose of leasing are measured initially at cost. Subsequent expenditures incurred in relation to an investment properties are included in the cost of the investment property when it is probable that the associated economic benefits will flow to the Group and their costs can be reliably measured; otherwise the expenditures are recognised in profit or loss in the period in which they are incurred. 79Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 The Group adopts the cost model for subsequent measurement of investment properties. Buildings and land use rights are depreciated or amortized to their estimated net residual values over their estimated useful lives. The estimated useful lives the estimated net residual values that are expressed as a percentage of cost and the annual depreciation (amortization) rates of investment properties are as follows: Annual depreciation rates Estimated useful lives Estimated net residual value House and Building 20 - 40 years 0% to5% 2.38% to 4.75% Land use right 60 years 0% 1.67% The investment property’s estimated useful life net residual value and depreciation (amortisation) method applied are reviewed and adjusted as appropriate at each year-end.When an investment property is transferred to owner-occupied properties it is reclassified as fixed asset at the date of the transfer. The carrying amount of the fixed asset shall be measured on the basis of fair value of the investment property.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.The carrying amount of an investment property is reduced to the recoverable amount if the recoverable amount is below the carrying amount (Note V(31)). 24. Fixed assets （1）Recognition of fixed assets Fixed assets comprise plant and building power generator equipment motor vehicles and other equipment. Fixed asset is recognised when it is probable that the related economic benefits will flow to the Group and its cost can be reliably measured. Fixed assets purchased or constructed by the Group are initially measured at cost at the acquisition date. The fixed assets injected by the state-owned shareholder during the restructuring of corporation were initially recorded at the valuated amount approved by the relevant authorities managing state-owned assets.Subsequent expenditures incurred for a fixed asset are included in the cost of the fixed asset when it is probable that the economic benefits associated with the fixed asset will flow to the Group and the costs can be reliably measured. The carrying amount of those parts that are replaced is derecognised and all the other subsequent expenditures are recognised in income statement when they are incurred. （2）Depreciation of fixed assets The method for Expected useful life Estimated residual Category Depreciation depreciation （Year） value House and building Straight-line method 10 to 50 years 0% to 5% 1.90% to 9.50% Generation equipment Straight-line method 5 to 30 years 0% to5% 3.17% to 20% Transportation Straight-line method equipment 5 to 10 years 0% to5% 9.50% to 20% Other equipment Straight-line method 5 to 22 years 0% to 5% 4.32% to20% Except for fixed assets purchased using work safety funds other fixed assets are depreciated using the straight- line method to allocate the cost of the assets to their estimated net residual values over their estimated useful lives. For the fixed assets that have been provided for impairment loss the related depreciation charge is prospectively determined based upon the adjusted carrying amounts over their remaining useful lives. 80Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Fixed assets are depreciated using the straight-line method to allocate the cost of the assets to their estimated net residual values over their estimated useful lives. For the fixed assets that have been provided for impairment loss the related depreciation charge is prospectively determined based upon the adjusted carrying amounts over their remaining useful lives.The estimated useful life and the estimated net residual value of a fixed asset and the depreciation method applied to the asset are reviewed and adjusted as appropriate at each year-end.(a) The carrying amounts of fixed assets are reduced to the recoverable amounts when the recoverable amounts are below their carrying amounts (Note V(31)).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. (3)Cognizance evidence and pricing method of financial leasing fixed assets See Note V (42) Lease for details. 25.Construction in progress Construction in progress is measured at its actual costs incurred. Actual costs include construction cost installation cost capitalised borrowing costs and any other costs directly attributable to bringing the asset to working condition for its intended use. When the construction in progress is ready for its intended use it is transferred to fixed assets and starts depreciation the following month. When recoverable amount of the construction in progress is lower than its carrying value its carrying value is then reduced to the recoverableamount（Note V(31)). 26.Borrowing costs The borrowing costs that are directly attributable to the acquisition and construction of a fixed asset that needs a substantially long period of time of acquisition and construction for its intended use commence to be capitalized and recorded as part of the cost of the asset when expenditures for the asset and borrowing costs have been incurred and the activities relating to the acquisition and construction that are necessary to prepare the asset for its intended use have commenced. The capitalization of borrowing costs ceases when the asset under acquisition or construction becomes ready for its intended use the borrowing costs incurred thereafter are recognised in income statement. Capitalization of borrowing costs is suspended when the acquisition or construction of a fixed asset is interrupted abnormally and the interruption lasts for more than 3 months until the acquisition or construction is resumed.For the specific borrowings obtained for the acquisition or construction of a fixed asset qualifying for capitalization the amount of borrowing costs eligible for capitalization is determined by deducting any interest income earned from depositing the unused specific borrowings in the banks or any investment income arising on the temporary investment of those borrowings during the capitalization period.For the general borrowings obtained for the acquisition or construction of a fixed asset qualifying for capitalization the amount of borrowing costs eligible for capitalization is determined by applying the weighted average effective interest rate of general borrowings to the weighted average of the excess amount of cumulative expenditures on the asset over the amount of specific borrowings. The effective interest rate is the rate at which the estimated future cash flows during the period of expected duration of the borrowings or applicable shorter period are discounted to the initial amount of the borrowings. 81Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 27.Biological Assets Not applicable 28.Oil & Gas assets Not applicable 29. Right to use assets The Group recognizes the right-to-use assets on the start date of the lease term and recognizes the lease liabilities according to the present value of the unpaid lease payments. The lease payment amount includes the fixed payment amount and the amount to be paid when it is reasonably determined to exercise or terminate the call option. The variable rent determined according to a certain percentage of the sales amount is not included in the lease payment amount but is included in the current profits and losses when it actually occurs. The Group lists the lease liabilities paid within one year (including one year) from the balance sheet date as non-current liabilities due within one year.The right-to-use assets of the Group include rented houses and buildings machinery equipment and means of transport etc. The right-to-use assets are initially measured according to the cost which includes the initial measured amount of the lease liabilities the lease payment amount and the initial direct expenses paid on or before the start date of the lease term etc. with the received lease incentives deducted. If the Group can reasonably determine that the ownership of the leased asset is acquired at the expiration of the lease term depreciation shall be accrued within the remaining service life of the leased asset; If it is impossible to reasonably determine whether the ownership of the leased asset can be acquired at the expiration of the lease term depreciation shall be accrued within the lease term or the remaining service life of the leased asset whichever is shorter. When the recoverable amount is lower than the book value of the right-to-use assets the Group will write down its book value to the recoverable amount.For short-term leases with a lease term of no more than 12 months and low-value asset leases with low value when a single asset is brand new the Group chooses not to recognize the right-to-use assets and lease liabilities and include the related rental expenses in the current profits and losses or related asset costs by the straight-line method in each period of the lease term.When the lease changes and the following conditions are met the Group will treat it as a separate lease for accounting: (1) The lease change expands the lease scope by increasing the right to use one or more leased assets; (2) The increased consideration is equivalent to the amount of the separate price of the expanded part of the lease scope adjusted according to the contract.When the lease change is not treated for accounting as a separate lease except for simplified method adopted for contract change directly caused by the COVID-19 the Group redetermines the lease term on the effective date of the lease change and uses the revised discount rate to discount the changed lease payment and re-measure the lease liabilities. If the lease scope is reduced or the lease term is shortened due to lease change the Group shall correspondingly reduce the book value of the right-to-use assets and include the related gains or losses of partial or full termination of lease in the current profits and losses. If other lease changes lead to the re-measurement of lease liabilities the Group will adjust the book value of the right-to-use assets accordingly. 82Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 30. Intangible assets 1. Valuation Method Service Life and Impairment Test of Intangible Assets Intangible assets mainly including land use rights sea use rights software associated projects for electricity transmission and transformation microwave engineering and transportation engineering are measured at cost.Intangible assets contributed by the state-owned shareholders at the incorporation of a limited company are initially recorded at the valuation amount recognised by the state-owned assets supervision and administration department.(a) Land use right and sea use right Land use rights are amortized on a straight-line basis over their approved period of 20 to 70 years. If the purchase costs of land and attached buildings cannot be reasonably allocated between the land use right and the buildings the purchase costs are recognised as fixed assets.(b) Other intangible assets Besides land use right sea use right associated projects for electricity transmission and transformation microwave engineering and transportation engineering other intangible assets are amortized on a straight-line basis over their expected life of 2 years to 60 years.(c) Periodic review on useful life and method of amortization For intangible assets with finite useful life their expected life and amortization method are reviewed and adjusted at the end of every year.(d) Impairment of intangible assets The carrying amount of intangible assets is reduced to the recoverable amount when the recoverable amount is less than the carrying amount (Note V (31)). （2） Research and development 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. 31. Impairment of long-term assets Fixed assets construction in progress intangible assets with finite useful lives investment property measured at 83Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 cost and long-term equity investments in subsidiaries joint venture and associates are tested for impairment if there is any indication that an asset may be impaired at the balance date. If the result of the impairment test indicates that the recoverable amount of the asset is less than its carrying amount a provision for impairment and an 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. A provision for asset impairment is determined and recognised on an individual asset basis. If it is not possible to estimate the recoverable amount of an individual asset the recoverable amount of the group of assets to which the asset belongs is determined. A group of assets is the smallest group of assets that is able to generate independent cash inflows.Goodwill that is separately presented in the financial statements is tested at least annually for impairment irrespective of whether there is any indication that it may be impaired. In conducting the test the carrying value of goodwill is allocated to the related asset group or groups of asset groups which are expected to benefit from the synergies of the business combination. If the result of the test indicates that the recoverable amount of an asset group or a group of asset groups including the allocated goodwill is lower than its carrying amount the corresponding impairment loss is recognised. The impairment loss is first deducted from the carrying amount of goodwill that is allocated to the asset group or group of asset groups and then deducted from the carrying amounts of other assets within the asset group or group of asset groups in proportion to the carrying amounts of assets other than goodwill.Once the asset impairment loss mentioned above is recognised it is not allowed to be reversed for the value recovered in the subsequent periods. 32.Long-term deferred expenses Long-term prepaid expenses include the expenditure for improvements to fixed assets held under operating leases and other expenditures that have been incurred but should be recognised as expenses over more than one year in the current and subsequent periods. Long-term prepaid expenses are amortized on the straight-line basis over the expected beneficial period and are presented at actual expenditure net of accumulated amortization. 33.Constract Liabilities See Note V (39) Revenue for details. 34. Employee benefits (1) Short-term employee benefits Short-term remunerations mainly include wages or salaries bonuses allowances and subsidies staff welfare medical insurance work injury insurance maternity insurance housing funds labour union funds employee education funds short-term paid absence. Short-term remunerations are recognised as current liabilities in the accounting period in which the service has been rendered by the employees and as costs of assets or expenses to whichever the employee service is attributable. Non-monetary benefits are measured at fair value. （2）Post –employment benefits The company’s post-employment benefits scheme includes both Defined Contribution Plan (DCP) and Defined Benefit Plan (DBP). A DCP is a pension plan under which the company pays fixed contributions into a separate entity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. A DBP is a 84Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 pension plan that is not a defined contribution plan. During the periods of reporting the company’s post- employment benefits scheme mainly includes basic pension insurance and unemployment insurances both of which are DCP.Basic pension insurance Employees of the Group have entered into the social pension insurance scheme organized by local labour and social security department. The Group pays basic pension insurances to local labour and social security department monthly according to local insurance base and corresponding rate. Local labour and social security department is obligated to pay basic pensions to retired employees.Supplementary pension insurance The company purchases supplementary pension insurance on behalf of employees and pays pension insurances according to the policies of 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 Group used the projected unit credit method and includes the obligation of the defined benefit plan in the accounting period in which the service has been rendered by the employees with a corresponding charge to the profit or loss for the period. The cost of employee benefits arising from defined benefit plans are classified into the following parts: — service cost (including current service cost as well as gains and losses on curtailments and settlements); — net interest expenses on net liabilities of the defined benefit plan (including interest expenses for obligations of the defined benefit plan); and — Changes arising from remeasurement on net liabilities of defined benefit plans Service cost and net interest expenses on net liabilities of defined benefit plans are included in profit or loss for the current period. Changes arising from remeasurement on net liabilities of defined benefit plans (including actuarial gains or losses) are included in other comprehensive income. (3) Termination benefits The Group provides compensation for terminating the employment relationship with employees before the end of the employment contracts or as an offer to encourage employees to accept voluntary redundancy before the end of the employment contracts. The Group recognises a liability arising from compensation for termination of the employment relationship with employees with a corresponding charge to profit or loss at the earlier of the following dates: 1) when the Group cannot unilaterally withdraw the offer of termination benefits because of an employment termination plan or a curtailment proposal; 2) when the Group recognises costs or expenses related to the restructuring that involves the payment of termination benefits. (4) Other long-term employee benefits Early retirement benefits The Group provides early retirement benefits for employees who enrolled in internal retirement arrangement.Early retirement benefits refer to wages and social benefit paid by the Group on behalf of the employees who have not meet retirement age requirement but voluntarily retire after permission from the Group’s management level.The Group starts paying early retirement benefits to early retired employees from the start date of their early retirement until they reach the statutory retirement age. For the accounting treatment of early retirement benefits the Group adopts the same method as termination benefits that is upon confirming the termination benefits comply with relevant conditions proposed payment of early retirement wages. and social security from the start 85Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 date of termination of services to the date of statutory retirement age are recognised as liability and recorded into profit and loss at lump sum. The discrepancy caused by change in actuarial assumption and adjustment of welfare standard is recorded into current profit or loss. 35.Lease liabilities See Note V (42) Lease for details. 36. Estimated Liabilities Provisions for product warranties onerous contracts etc. are recognised when the Group has a present obligation it is probable that an outflow of economic benefits will be required to settle the obligation and the amount of the obligation can be measured reliably.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 increase in the discounted amount of the provision arising from passage of time is recognised as interest expense.The carrying amount of provisions is reviewed at each balance sheet date and adjusted to reflect the current best estimate.The Group recognises the loss provision of financial guarantee contracts which provision is based on ECL.The provisions expected to be settled within one year since the balance sheet date are classified as current liabilities. 37. Share payment Not applicable 38. Other financial instruments such as preferred stocks and perpetual bonds Not applicable 39. Revenue Accounting policies adopted for income recognition and measurement When the customer obtains the control of the relevant goods or services the Group recognizes the income according to the expected amount of consideration that it is entitled to receive.(a) Revenue from sales of electricity and heat energy Revenue is recognised when electricity and heat energy are supplied to grid companies or customers and grid companies or customers obtain control over electricity.(b) Revenue from sales of by-products Revenue from the sales of goods is recognised when the Group transfers by-products (such as coal ash) produced by electricity generations to the designated delivery place pursuant to the contract or agreement the recipient resource utilisation confirms receipt and they obtain control over the by-products.(c) Provision of electric power transaction service For the electric power transaction service provided by the Group to external parties upon the receiving of the service revenue is recognised based on the difference between the purchase price and the selling price of electricity. 86Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 (d) Rendering of services The Group provides maintenance services to external parties. The related revenue is recognised based on the stage of completion within a certain period which is determined based on proportion of costs incurred to date to the estimated total costs. On the balance sheet date the Group re-estimates the stage of completion to reflect the actual status of contract performance.When the Group recognises revenue based on the stage of completion the amount with unconditional collection right obtained by the Group is recognised as accounts receivable and the rest is recognised as contract assets.Meanwhile loss provision for accounts receivable and contract assets are recognised on the basis of ECLs (Note V(10)). If the contract price received or receivable exceeds the amount for the completed service the excess portion will be recognised as contract liabilities.Contract assets and contract liabilities under the same contract are presented on a net basis. Contract costs include contract performance costs and contract acquisition costs. The costs incurred by the Group for the rendering of maintenance services are recognised as contract performance costs and are carried forward to the cost of main operations based on the stage of completion when associated revenue is recognised.The Group provides external maintenance service revenue is recognised according to the percentage completion method determined by percentage of the total cost incurred.The adoption of different business models in similar businesses leads to differences in accounting policies for income recognition 40.Government grants Government grants refer to the monetary or non-monetary assets obtained by the Group from the government including tax return financial subsidy and etc. Government grants are recognised when the grants can be received and the Group can comply with all attached conditions. If a government grant is a monetary asset it will be measured at the amount received or receivable. If a government grant is a non-monetary asset it will be measured at its fair value. If it is unable to obtain its fair value reliably it will be measured at its nominal amount.Government grants related to assets refer to government grants which are obtained by the Group for the purposes of purchase construction or acquisition of the long-term assets. Government grants related to income refer to the government grants other than those related to assets. Government grants related to assets are recorded as deferred income and recognised in profit or loss on a systemic basis over the useful lives of the assets. Government grants related to income that compensate the incurred costs expenses or losses are recognised in profit or loss.Government grants related to income that compensate future costs expenses or losses are recorded as deferred income and recognised in profit or loss in reporting the related costs expenses or losses; government grants related to income that compensate incurred costs expenses or losses are recognised in profit or loss directly in the current period.The Group applies the presentation method consistently to the similar government grants in the financial statements.Government grants that are related to ordinary activities are included in operating profit otherwise they are recorded in non-operating income or expenses. 41. Deferred income tax assets/Deferred income tax liability Deferred tax assets and deferred tax liabilities are calculated and recognised based on the differences arising between the tax bases of assets and liabilities and their carrying amounts (temporary differences). Deferred tax 87Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 asset is recognised for the deductible losses that can be carried forward to subsequent years for deduction of the taxable profit in accordance with the tax laws. No deferred tax liabilities is recognised for the temporary differences resulting from the initial recognition of Goodwill. No deferred tax asset or deferred tax liability is recognised for the temporary differences resulting from the initial recognition of assets or liabilities due to a transaction other than a business combination which affects neither accounting profit nor taxable profit (or deductible loss). At the balance sheet date deferred tax assets and deferred tax liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled.Deferred tax assets are only recognised for deductible temporary differences deductible losses and tax credits to the extent that it is probable that taxable profit will be available in the future against which the deductible temporary differences deductible losses and tax credits can be utilised.Deferred tax liabilities are recognised for temporary differences arising from investments in subsidiaries joint venture and associates except where the Group is able to control the timing of reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. When it is probable that the temporary differences arising from investments in subsidiaries and associates will be reversed in the foreseeable future and that the taxable profit will be available in the future against which the temporary differences can be utilised the corresponding deferred tax assets are recognised.Deferred tax assets and liabilities are offset when: the deferred taxes are relate to the same tax payer within the Group and same fiscal authority and; that tax payer has a legally enforceable right to offset current tax assets against current tax liabilities. 42. Leases （1）Accounting of operational leasing When the Group operates leased buildings machinery equipment and means of transport the rental income from operating lease is recognized on a straight-line basis during the lease period. The variable rent determined according to a certain proportion of the sales amount is included in the rental income when it actually occurs.For the rent concessions agreed on existing lease contracts the Group 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 when the Group selects the simplified method.Except that the above contract changes prescribed by the Ministry of Finance that can be used the simplified method for a lease modification the Group 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. （2）Accounting treatment of financing leasing See Note V (29) 43. Other significant accounting policies and estimates Other significant accounting policies： Work safety funds Subsidiaries of the Group 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; 88Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 1% for the proportion of revenue between RMB 100 million and RMB 1 billion in previous year; 0.8% for the proportion of revenue between RMB 1 billion and RMB 5 billion in the previous year; 0.2% for the proportion of revenue exceeding RMB 10 billion in the previous year. the previous year.Work safety funds are mainly used for the improvement modification and maintenance of safety protection facilities as well as safety production inspection evaluation consultation standardised construction etc. Work safety funds are recognised in profit or loss as the "Special 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 special reserve directly when incurred. If the expenditures are capital expenditures when projects are completed and transferred to fixed assets the special reserve should be offset against the cost of fixed assets and a corresponding accumulated depreciation is recognised. Such fixed assets are not depreciated in subsequent periods.Carbon emission use rights Categorised 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 fulfil 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 fulfil its obligations; (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 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.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 89Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 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 include 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 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 90Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 rate of the estimated electricity sale and the varability 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 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 carryforward 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. 44.Change of main accounting policies and estimations (1)Change of main accounting policies √ Applicable □ Not applicable The content and reason for change of accounting policy Approval process Remark 91Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Since January 1 2023 the Group has implemented the relevant provisions in Interpretation No.16 that the deferred income tax related to assets and liabilities arising from a single transaction is not applicable to the initial recognition exemption and the Group has made retrospective adjustments to the applicable individual transactions that occurred between the beginning of the earliest reporting period of the financial statements in which this In 2022 the Ministry of Finance issued interpretation was first applied and the the Notice on Printing and Distributing implementation date of this the meeting of the 10th Board of Directors of temporary differences and deductibletemporary differences arising from the and the Group has adopted the above 2023 by communication lease liabilities and right-to-use assets notice and Q&A to prepare the semi- recognized at the beginning of the annual financial statements for 2023 earliest period of presentation in the financial statements of Interpretation No.16 during its implementation for the first time the company will adjust the initial retained income and other related financial statement items at the beginning of the earliest period of presentation in the financial statements according to the cumulative impact. The comparative financial statements between December 31 2022 and the period from January to June 2022 have been restated accordingly.Affected report items Affected amount December 312022 The Group (positive for borrowing and negative for lending) Deferred income tax assets 119527817 Deferred income tax liability -470298 Retained profit -108421140 Minority shareholders’ equity -10636379 January - June 2022 Income tax expenses 4789443 (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 2023.Adjustment description □Applicable√ Not applicable 92Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 45.Other 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 VAT sales amount multiplied by the applicabletax rate less deductible VAT input of the 3%5%6%9% and13% current period) Revenue from hydropower sales City maintenance and construction tax Amount of VAT paid 5% to7% Corporate income tax Taxable income 12.5%15%20% and 25% Education surcharges Amount of VAT paid 3% Local education surcharges Amount of VAT paid 2% Property’s rental income or the residual House property tax value from original value less the 12% and1.2% deducting proportion Calculated and paid based on the Calculated and paid based on the Environmental protection tax pollution equivalent values or thedischarge of taxable pollutants multiplied applicable tax amounts of different by the applicable tax amounts pollutants 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. 2.Tax preferences (a)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. In the first half of 2023 the Group’s subsidiary Guangdong Yudean Qujie Wind Power Co. Ltd. (“Qujie Wind Power”) and Guangdong Yudean Pingyuan Wind Power Co.Ltd. (“Pingyuan Wind Power”) met the above conditions. Therefore Qujie Youhao wind power project (the first time for which revenue from sale of power was posted was 2019) Qujie Wailuo offshore wind power project (Phase I) (the first time for which revenue from sale of power was posted was 2021) Qujie Wailuo offshore wind power project (Phase II) (the first time for which revenue from sale of power was posted was 2021) and Xinliao offshore wind power project (the first time for which profits were posted was 2021) 93Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Pingyuan maoping project (the first time for which revenue from sale of power was posted was 2020) and Pingyuan Sishui project (the first time for which revenue from sale of power was posted was 2021) of QujieWind Power System and Pingyuan Wind Power are entitled to the tax preferential policy of “three- yearexemptions and three-year halves” respectively according to each wind power project.(b) In 2020 and 2022 Zhanjiang Electric Co. Ltd. (“Zhanjiang Electric”) and Guangdong Yudean Zhanjiang Biomass Power Generation Co. Ltd. (“Biomass Power Generation”) subsidiaries of the Group were granted High-tech Enterprise Certificate (Certificate No. GR202044010003 and Certificate No. GR202244008597) by the Department of Science and Technology of Guangdong Province Department of Finance of Guangdong Province and Guangdong Provincial Office of the State Taxation Bureau on 9 December 2020 and 22 December 2022 respectively. The certificates are valid for three years. Under Article 28 of the Enterprise Income Tax Law of the People’s Republic of China the enterprise income tax rate applicable to Zhanjiang Electric and Biomass Power Generation for the year of 2022 is 15%.(c) In accordance with regulations of the Notice on Implementing the Inclusive Tax Deduction and Exemption Policies for Micro and Small Enterprises (Cai Shui [2019] No. 13) Announcement of the State Taxation Administration on Matters Concerning the Implementation of Preferential Income Tax Policies Supporting the Development of Small Low-Profit Enterprises and Individual Industrial and Commercial Households (STA Announcement [2021] No. 8) and Announcement on Further Implementing Preferential Income Tax Policies for Small and Micro Enterprises ([2022] No. 13) for a small enterprise with low profits for the part of the annual taxable income not exceeding RMB 1000000 the amount of taxable income is reduced to 12.5% of income and is subject to the enterprise income at the tax rate of 20%; for the part between RMB 1000000 and RMB 3000000 the amount of taxable income is reduced to 25% of income and is subject to the enterprise income at the tax rate of 20%. The aforementioned small low-profit enterprise engages in industries not restricted or prohibited by the state and concurrently meet the three conditions that is the annual taxable amount is not more than RMB 3000000 the number of its employees is not more than 300 and their total assets do not exceed RMB 50000000. In the first half of 2023 some of the company's subsidiaries were entitled to the aforesaid preferential tax policy.(d) Pursuant to Notice on Issues Concerning the Implementation of the Preferential Catalogue of Enterprise Income Tax for Integrated Utilisation of Resources (Cai Shui [2008] No. 47) since 1 January 2008 enterprises use the resources listed in the Preferential Catalogue of Enterprise Income Tax for Integrated Utilisation of Resources (2008 Edition) as the main raw materials to produce products in the above catalogue that meet national or industry related standards and the income from above products is reduced to 90% of the total income of the enterprises for the year. The Group’s subsidiaries Zhanjiang Electric and Guangdong Huizhou Pinghai Power Plant Co. Ltd. (“Pinghai Power Plant”) use coal ash to produce commercial coal ash which meets the above-mentioned preferential tax conditions for integrated utilisation of resources. The Group’s subsidiaries Zhanjiang Electric and Guangdong Huizhou Pinghai Power Plant Co. Ltd. (“Pinghai Power Plant”) use coal ash to produce commercial coal ash which meets the above-mentioned preferential tax conditions for integrated utilisation of resources. Therefore in 2023 revenue from sale of coal ash from Zhanjiang Electric and Ping Hai Power Plant was reduced to 90% of the total income for the year.(e) Pursuant to the Notice on Issuing the Catalogue of Value-Added Tax Preferences for Products and Labour Services Involving the Comprehensive Utilisation of Resources (Cai Shui [2015] No. 78) VAT levied on self- produced products and services for comprehensive utilisation of resources will be refunded immediately to which Biomass Power Generation’s VAT after offsetting output VAT from revenue against input VAT from cost of sale from main operations is entitled to. Biomass Power Generation is a subsidiary mainly engaged in power generation using biomass materials. 94Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 In addition 50% of VAT levied on the sale of electricity generated by Guangdong Yudean Shibeishan Wind Power Co. Ltd. (“Shibeishan Wind Power”) Guangdong Yudean Zhanjiang Wind Power Generation Co. Ltd.(“Zhanjiang Wind Power”) Guangdong Yudean Xuwen Wind Power Electricity Co. Ltd. (“Xuwen WindPower”) Guangdong Yudean Dianbai Wind Power Co. Ltd. (“Dianbai Wind Power”) Huilai Wind Power Co.Ltd. (“Huilai Wind Power”) and Guangdong Yueneng Wind Power Co. Ltd. (“Yueneng Wind Power”) will be refunded immediately in accordance with the Notice Concerning Value-added Tax Policies on Wind Power Generation (Cai Shui [2015] No. 74) 3.Other VII. Notes on major items in consolidated financial statements 1. Monetary funds In RMB Items Closing balance Opening balance Cash on hand 49500 46435 Cash at bank 11426317812 11470158839 Other cash balance 34012265 33318344 Total 11460379577 11503523618 Including：Total amount of money deposited abroad 0 0 Total of money limited to use by mortgage pledge or freeze 34012265 33318344 Other note （a）As of June 30 2023 the Group had no funds deposited overseas (December 31 2022: None).（b） As of June 30 2023 Other monetary funds amounted to RMB34012265 (On December 31 2022: RMB 33318344) which mainly are deposits such as ecological protection deposits and performance guarantee deposits. 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 1600000 Trade acceptance 1044300 Total 2644300 In RMB Amount in year-end Balance Year-beginning Book Balance Bad debt provision Book Balance Bad debt provision Category Amo Prop Amoun Proporti Book Amount Propor Amou Proporti Book unt ortio t on(%) value tion(% nt on(%) value n(%) ) Of which 95Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Notes receivable for bad debt provision by 2644300 100% 0 0% 2644300 portfolio Of which Note receivable 2644300 100% 0 0% 2644300 Total 2644300 100% 0 0% 2644300 Accrual of bad debt provision by portfolio:0 In RMB Closing balance Name Book balance Bad debt provision Proportion% Note receivable 2644300 0 0% Total 2644300 0 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 (2) Note receivable withdraw reversed or collected during the reporting period Not applicable The withdrawal amount of the bad debt provision： □ Applicable √ Not applicable （3） Notes receivable pledged by the company at the end of the period Not applicable （4）Note receivable financing endorsed or discounted by the company at the end of the period and not expired yet on the date of balance sheet Not applicable（ 5）Note receivable financing transferred to accounts receivable by the company at the end of the period due to failure of the drawer to perform Not applicable （6）The actual cancellation of notes receivable in the current period Not applicable 96Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 5. Accounts receivable (1) Accounts receivable disclosed by category In RMB Closing balance Opening balance Category Book balance Bad debt provision Book balance Bad debt provision Amount Proportion % Amount Proportion % Book value Amount Proportion % Amount Proportion % Book value Accrual of bad debt provision by 0 0% 0 0% 0 0 0% 0 0% 0 single Of which Accrual of bad debt provision by 9559401350 100% 506522 0.01% 9558894828 7579203103 100% 566859 0.01% 7578636244 portfolio Of which Electricity sales 9490284409 99.28% 0 0% 9490284409 7491837601 98.85% 0 0% 7491837601 receivable Related party receivable 15705214 0.16% 0 0% 15705214 39546687 0.52% 0 0% 39546687 Steam sale and other 53411727 0.56% 506522 0.95% 52905205 47818815 0.63% 566859 1.19% 47251956 receivable Total 9559401350 100% 506522 0.01% 9558894828 7579203103 100% 566859 0.01% 7578636244 Accrual of bad debt provision by portfolio:0 97Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 In RMB Closing balance Name Book balance Bad debt provision Proportion% Electricity sales receivable 9490284409 0 0% Total 9490284409 0 Note： Portfolio 1.As at 30 June 2023 the Group’s receivables from sale of electricity amounted to RMB 9490284409 (31 December 2022: RMB7491837601) which mainly comprised receivables of RMB 9363680611 from China Southern Power Grid Co. Ltd. and its subsidiaries (collectively referred to as “ChinaSouthern Power Grid”) and RMB 126603798 from State Grid Corporation of China (“State Grid”) and its subsidiaries. Considering the favourable 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 2022: Nil) Accrual of bad debt provision by portfolio:0 In RMB Closing balance Name Book balance Bad debt provision Proportion% Related party receivable 15705214 0 0% Total 15705214 0 Note： Portfolio 2：- Related party receivable：As at 30 June 2023 the amount of receivables from related parties of theGroup was RMB15705214（December 312022:RMB39546687) 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 312022:0%).Accrual of bad debt provision by portfolio:506522 In RMB Closing balance Name Book balance Bad debt provision Proportion% Steam sale and other 534117275065220.95% receivable Total 53411727 506522 Note： Portfolio 3- For other fund receivable except Portfolio 1 and Portfolio 2 Bad 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 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 For other fund receivable except Portfolio 1 and Portfolio 2 The amount of bad debt provision for accounts receivable in January-June 2023 is RMB 130159 (In January - 98Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 June 2022: RMB 713856) and the amount of bad debt provision for accounts receivable reversed this year is RMB190496 (In January -June 2022: RMB 263506) the corresponding book balance is RMB53411727 (In 2022: RMB47818815) and there is no bad debt provision for accounts receivable written off this year (In 2022: none).Disclosure by aging In RMB Aging Balance in year-end Within 1 year 7749214841 1-2 years 1250178281 2-3 years 345145302 Over 3 year 214862926 3-4 years 198029442 4-5 years 16833484 Total 0合计9559401350 (2) 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 Category Opening Reversed orbalance Accrual collected Write-off Other Closing balance amount Account 56685913015919049600506522 receivable Total 566859 130159 190496 0 0 506522 (3) The actual write-off accounts receivable Not applicable （4） Top 5 of the closing balance of the accounts receivable collected according to the arrears party In RMB Name Closing balance Proportion% Bad debt provision GPGC 8730691632 91.33% 0 GPGCZhanjiang Power supply Bureau 360447003 3.77% 0 Shenzhen Power supply Bureau 183692147 1.92% 0 State Grid Xinjiang Electric Power Co.Ltd. 88633932 0.93% 0 Maoming Power supply Bureau 45918901 0.48% 0 Total 9409383615 98.43% （5）Account receivable which terminate the recognition owning to the transfer of the financial assets Not applicable (6)The amount of the assets and liabilities formed by the transfer and the continues involvement of accounts receivable 99Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Not applicable 6. Financing of receivables Not applicable 7.Prepayments (1) List by aging analysis: In RMB Closing balance Opening balance Aging Amount Proportion % Amount Proportion % Within 1 year 1220234301 99.35% 1532647170 99.85% 1-2 years 6450392 0.53% 1525236 0.10% 2-3 years 1128865 0.09% 370407 0.02% Over 3 years 370407 0.03% 439439 0.03% Total 1228183965 1534982252 Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in time As at June 302023 advances to suppliers aged more than 1 year were RMB7949664( December 312022 RMB2335082) 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 the company Amount Proportion % Related party Guangdong Power Industry Fuel Co. Ltd. 929077181 75.65% Guangdong Zhutou Electric Power fuel Co. Third party Ltd. 160071225 13.03% Xinjiang Suneng Coal Transportation and Marketing Co. Ltd Third party 13941119 1.14% China Railway (Huizhou) Co. Ltd Third party 11387462 0.93% Guangzhou Port Xinsha Port Services Co.Ltd Third party 7902585 0.64% Total 1122379571 91.39% 8. Other accounts receivable In RMB Items Closing balance Opening balance Dividend receivable 63000000 Other accounts receivable 820366006 934784152 Total 883366006 934784152 100Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 （1）Interest receivable 1) Category of interest receivable Not applicable 2) Significant overdue interest Not applicable 3）Bad-debt provision Not applicable (2)Dividend receivable 1) Category of Dividend receivable In RMB Items Closing balance Opening balance Sunshine Insurance Group Co. Ltd 63000000 0 Total 63000000 2）Dividend receivable of important account age over 1 year Applicable 3）Bad-debt provision □ Applicable √ Not applicable Other note： （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 280753918 285763798 Current account 188349351 258446096 Sales of by-products receivable 123092484 142602487 Supplementary medical insurance fund 102133987102914387 receivable Current account receivable 70772588 75047046 Land receivable deposit 23446000 23446000 Compensation receivable for electricity charges during the demolition and 0 7099200 construction period Receivable petty cash 11019088 3460868 Other 56730494 71308102 Less：Bad-debt provision -35931904 -35303832 Total 820366006 934784152 2）Bad-debt provision In RMB Stage 1 Stage 2 Stage 3 Expected credit losses Bad Debt Reserves Expected credit lossExpected credit losses for the entire duration Total over life (no credit over the next 12 months (credit impairment impairment) occurred) 101Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Balance as at January 1 2023 13642569 0 21661263 35303832 Balance as at January 1 2023 in current Provision in the current period 756456 0 423976 1180432 Turn back in the current period -548384 0 -3976 -552360 This period write-off 0 0 0 0 Balance as at June 302023 13850641 0 22081263 35931904 Loss provision changes in current period change in book balance with significant amount □ Applicable √Not applicable Disclosure by aging In RMB Aging Closing balanceWithin 1 year(Including 1 year） 444622805 1-2 years 201666835 2-3 years 9156954 Over 3 years 200851316 3-4 years 134973733 4-5 years 20645489 Over 5 years 45232094 Total 856297910 3) 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 Category Opening Reversed orbalance Accrual collected Write-off Other Closing balance amount Other receivable 35303832 1180432 552360 0 0 35931904 Total 35303832 1180432 552360 0 0 35931904 Where the current bad debts back or recover significant amounts: Not applicable 4）Other account receivables actually cancel after write-off In RMB Items Amount Unable to recover the money 4274179 Important other receivables write-off Not applicable 5)Top 5 of the closing balance of the other accounts receivable collected according to the arrears party In RMB Bad debt Name Nature Year-end Aging Portion in total other provision ofbalance receivables(%) year-end balance Meixian Chengjiangzhen People's Government of Land withdrawal Meizhou City receivable 131885400 3-4 years 15.48% 0 102Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Within 1 Guangdong Energy Receivable of Unit yearFinance leasing Co. Ltd. current 167213809 19.63% 0（Including 1 yaar） Within 1 Guangdong Yudean Receivables from sale year Environmental Protection of by-products to 114097732 13.39% 0 （IncludingCo. Ltd. related parties 1 yaar） Yamen Town Xinhui Land withdrawal 109094018 1-2 years 12.80% 0 District Jiangmen City receivable Supplementary medical Taikang Pension insurance fund 102133987 Over 5 years 11.99% 0 receivable Total 624424946 73.29% 0 6）Account receivables with government subsidies involved In RMB Name Project name Amount in year-end At the end of aging Estimated timeamount and basis The State Expected to be fully Administration of VAT is refunded Within 1 year Taxation Suixi County immediately 2009597 recovered by June（Including 1 year） 2024 Tax Bureau Huilai County Tax Expected to be fully Bureau State VAT is refunded Within 1 year immediately 818792 recovered by JuneAdministration of （Including 1 year） 2024 Taxation Yunfu Yuncheng Expected to be fully District Local Taxation VAT is refunded Within 1 year immediately 208305 recovered by June（Including 1 yearBureau ） 2024 Expected to be fully Maoming Maonan VAT is refunded Within 1 year Local Taxation Bureau immediately 20616 recovered by June（Including 1 year） 2024 7) Other account receivable which terminate the recognition owning to the transfer of the financial assets Not applicable 8) The amount of the assets and liabilities formed by the transfer and the continues involvement of other accounts receivable Not applicable 9. 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 Provision for Provision for Items Book balance inventory Book value Book balance inventory Book value impairment impairment Raw materials 3754009724 34044608 3719965116 3382299648 34044608 3348255040 103Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Other 82088697 82088697 28613060 28613060 Total 3836098421 34044608 3802053813 3410912708 34044608 3376868100 (2) Inventory depreciation reserve In RMB Ite Raw Beginning of Increased in current period Decreased in current period Year-end materials ms term Provision Other Transferredback Other balance Raw materials 34044608 34044608 Total 34044608 34044608 (3) Explanation on inventories with capitalization of borrowing costs included at ending balance Not applicable (4) Assets unsettled formed by construction contract which has completed at period-end Not applicable 10.Contract assets In RMB Year-end balance Opening balance Items Bad debt Bad debt Book balance Book value Book balance Book value provision provision Contract assets of third parties 609457 12553 596904 2818847 12553 2806294 Contract assets of related 2137442 0 2137442 2103969 0 2103969 parties Total 2746899 12553 2734346 4922816 12553 4910263 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 1107141790 822610159 Carbon emission rights assets 65339436 35890568 Advance payment of income tax 4713535 15213902 Other 1042527 1891176 Total 1178237288 875605805 104Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 14.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 16. Long-term accounts receivable Not applicable Loss provision changes in current period change in book balance with significant amount □Applicable √ Not applicable (2) Other account receivable which terminate the recognition owning to the transfer of the financial assets Not applicable (3) The amount of the assets and liabilities formed by the transfer and the continues involvement of other accounts receivable Not applicable 105Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 17. Long-term equity investment In RMB Increase /decrease Profits and losses on Closing Opening Cash bonus WithdrawalInvestees Closing balance ofbalance Additional Decrease in investments Other Changes in or profits of balance impairment investment investment Recognized comprehensiveunder the income other equity announced impairment Other provision equity to issue provision method I. Joint ventures Guangdong Electric Industrial 710399003 34820693 745219696 Fuel Co.Ltd.China Aviation Shenxin 174328518 5816305 180144823 Wind Power Co. Ltd.Zhanjiang Yuexin Distributed 6843402-4161626427240 Energy and Technique Co. Ltd.Subtotal 891570923 40220836 931791759 II. Associates Shanxi Yudean 3019352942542996002564106853330063227 Energy Co.Ltd.Guangdong Guohua 1901354532 110488657 26681517 1985161672 Yudean 106Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Taishan Power Generation Co. Ltd.Energy Group 170444932174896067145160411288860721664975357 Finance company Guangdong Energy Financing 537257254 17098174 20571445 533783983 Leasing Co.Ltd.Yudean 28570361683412321602723292442125 Captive Yudean 277173327-5385566271787761 Shipping Guizhou Yueqian Electric 231974486 38676742 270651228 Power Co.Ltd.South Offshore Wind Power 19505660210120297205176899 Joint Development Co. Ltd.Huaneng Shantou Wind 60222912 1702541 61925453 Generation Co. Ltd.Yunnan Nengtou Weixin 86300031 -36390209 49909822 96327854 Energy Co.Ltd.Yunfu Power 0 0 20819280 107Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 GenerationPlant（BPlant） Co.Ltd.Other 7637237 2235446 1861401 8011282 Subtotal 8306482260 54299600 478194066 14516041 179603158 8673888809 117147134 Total 9198053183 54299600 518414902 14516041 179603158 9605680568 117147134 108Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 18. Other equity instruments investment In RMB Items Closing balance Opening balance Sunshine Insurance Group Co. Ltd. 1426303060 1695703802 Shenzhen Capital Group Co. Ltd. 950000000 950000000 Shanghai Shenergy Group 388170428 304872052 Shenzhen Energy Co. Ltd. 99640800 96163200 GMG International Tendering Co. Ltd. 9162000 8532000 Xinjiang Yuejian Nengxin Energy 20000002000000 Equipment Co. Ltd.Gaozhou Yawu Hydropower Co. Ltd 800000 800000 Total 2876076288 3058071054 Itemized disclosure of the current non - trading equity instrument investment In RMB Amount of Reasons for being Reasons other measured at fair for other Recognize comprehens value and whose comprehen Name d dividend Accumulating Accumulatigains ng losses ive income changes are sive income transferred included in other income to retained comprehensive transferred earning income to retainedearnings Sunshine Insurance Group Consideration of 63000000 1070303060 strategic Not Co. Ltd. investments applicable Shenzhen Capital Group Consideration of 42716990 621966000 strategic Not Co. Ltd. investments applicable Consideration of Shanghai Shenergy Group 8885160 152332440 strategic Not investments applicable Consideration of Shenzhen Energy Co. Ltd. 2116800 83750172 strategic Not investments applicable GMG International Consideration of 540000 5562000 strategic Not Tendering Co. Ltd. investments applicable Xinjiang Yuejian Nengxin Consideration of Energy Equipment Co. 0 0 strategic Not Ltd. investments applicable Gaozhou Yawu Consideration of 0 0 strategic Not Hydropower Co. Ltd investments applicable Other note： (a) On June 30 2023 the company held a total of 350000000 H shares of Sunshine Insurance Group Inc. Ltd.with a fair value of RMB 1426303060 of which the investment cost was RMB 356000000. The company listed this investment at fair value with reference to the market price. During the year the loss measured at fair value was RMB 269400742 (2022 income: RMB 42203 800) and other comprehensive income has been reduced.(b) On June 30 2023 the fair value of the equity of Shenzhen Capital Group Co. Ltd. held by the company was RMB 950000000 of which the investment cost was RMB 328034000. During the year there was no change in the fair value of the equity investment (loss in 2022:RMB 80000000) (c) On June 30 2023 the company held a total of 55532250 A shares of Shanghai Shenergy company with a fair value of RMB 388170428 and an investment cost of RMB 235837988. The company listed this investment 109Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 at fair value with reference to the market price. During the year the income measured at fair value was RMB 83298376 (loss in 2022: RMB 104400630) and other comprehensive income has been increased. (d) On June 30 2023 the company held a total of 1800000 shares listed by GMG International Tendering Co.Ltd. in the national share transfer system for small and medium-sized enterprises with a fair value of RMB 9162000 and an investment cost of RMB 3600000. The company listed this investment at fair value with reference to the market price. During the year the income measured at fair value was RMB630000 (loss in 2022: RMB7452000) and other comprehensive income has been increased. 19.Other non-current 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 period-beginning 502522821 46042801 548565622 2.Increase in the current period 136799 136799 (1) Purchase 136799 136799 (2)Inventory\Fixed assets\ Transferred from construction in progres s (3)Increased of Enterprise Combination 3.Decreased amount of the period （1）Dispose （2）Other out 4. Balance at period-end 502659620 46042801 548702421 II.Accumulated amortization 1.Opening balance 171234632 12045689 183280321 2.Increased amount of the period 4112609 451829 4564438 (1) Withdrawal 4112609 451829 4564438 3.Decreased amount of the period （1）Dispose （2）Other out 4. Balance at period-end 175347241 12497518 187844759 III. Impairment provision 1. Balance at period-beginning 2.Increased amount of the period (1) Withdrawal 3.Decreased amount of the period （1）Dispose （2）Other out 4. Balance at period-end IV.Book value 110Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 1.Book value at period -end 327312379 33545283 360857662 2.Book value at period-beginning 331288189 33997112 365285301 (2) Investment property adopted fair value measurement mode □ Applicable √Not applicable (3) Investment real estate without certificate of ownership In RMB Items Book balance Reason Temporarily in the government approved Land use right 813846 stage Other note On June 30 2023 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. 21. Fixed assets In RMB Items Closing balance Opening balance Fixed assets 60072716522 62273985182 Disposal of fixed assets 123541386 126189875 Total 60196257908 62400175057 (1) List of Fixed assets In RMB Items House and Generation Otherbuilding equipment Transportations equipment Total I. Original price 1. Balance at period-beginning 1310011383234616745771 94186680408 683197804 1514514344 7 2.Increase in the current period 17708831 247823239 18445260 29652703 313630033 (1) Purchase 6358431 18932429 18445260 18480605 62216725 （2） Transferred from construc 11350400 94923709 0 11172098 117446207 tion in progress (3)Increased of Enterprise Combination 0 0 0 0 0 Other 0 133967101 0 0 133967101 3.Decreased amount of the period 20240282 173678396 7711005 9338757 210968440 （1）Dispose 20027025 109016127 7711005 9338757 146092914 Other 213257 64662269 0 0 64875526 4. Balance at period-end 1311037999234614214320 94260825251 693932059 1534828290 0 II. Accumulated depreciation 1.Opening balance 12701475450 53253616979 491585168 1148473946 67595151543 2.Increased amount of the period 432047074 1916262957 12893862 61107496 2422311389 (1) Withdrawal 432047074 1910338194 12893862 61107496 2416386626 Other 0 5924763 0 0 5924763 3.Decreased amount of the period 9956861 95779499 8220651 7540657 121497668 （1）Dispose 9956861 95556577 8220651 7540657 121274746 Other 0 222922 0 0 222922 4.Closing balance 13123565663 55074100437 496258379 1202040785 69895965264 111Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 III. Impairment provision 1.Opening balance 395362648 735949101 422918 266935 1132001602 2.Increase in the reporting period 0 5052018 0 0 5052018 （1）Withdrawal 0 5052018 0 0 5052018 3.Decreased amount of the period 0 1935486 0 0 1935486 （1）Dispose 0 1935486 0 0 1935486 4. Closing balance 395362648 739065633 422918 266935 1135118134 IV. Book value 1.Book value of the period-end 21095286009 38447659181 197250762 332520570 60072716522 2.Book value of the period-begin 21519907673 40197114328 191189718 365773463 62273985182 (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 Items Book value Reason Temporarily in the government approved House and Building 1284037233 stage Other note On June 30 2023 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）Liquidation of fixed assets In RMB Items Closing balance Opening balance Parts of power generation equipment have been scrapped 116912197 124038520 Other equipment 6629189 2151355 Total 123541386 126189875 22. Construction in progress In RMB Items Closing balance Opening balance Construction in progress 20882628711 11766944424 Engineering Material 2509771 1883737 Total 20885138482 11768828161 (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 112Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Qingzhou offshore wind 715799401807157994018234207050002342070500 power project Ningzhou gas power 239208535102392085351196918587201969185872 project Guangdong Energy Xinjiang 400000 kW 1498255221 0 1498255221 1448198206 0 1448198206 photovoltaic project Yuehua Power substitution of natural 1056903378010569033786162196960616219696 gas for coal power project Zhaoqing Dinghu natural gas thermal power 882126814 0 882126814 582964452 0 582964452 cogeneration project Inner Mongolia Yuefeng 300MW photovoltaic 796055106 0 796055106 409218078 0 409218078 park project Dacheng wind power 71559046007155904606830979370683097937 project Dayawan petrochemical western thermal power 708341242 0 708341242 504579892 0 504579892 cogeneration project Dabu Phase II Expansion 61531625806153162582388266770238826677 Project Jinchang Muhong Jinchang District West Slope 100MW 502289327 0 502289327 216333499 0 216333499 photovoltaic power generation project Jinchang Mujin Jinchang District West Slope 50201877605020187761796427630179642763 100MW photovoltaic power generation project Guangdong Energy Shache County 2 million 3693807220369380722691093306910933 kw light storage integration project Hongdong County 200MW centralised 26118667702611866772077186540207718654 photovoltaic power generation project Laishui Conservancy Energy Laishui County 80MW affordable on- 221956667 0 221956667 149824672 0 149824672 grid photovoltaic power generation project 120 MW fishing and light complementary photovoltaic power 200903674020090367464479179064479179 station project in Potou Town Potou District Zhanjiang Zhanjiang City Potou Qiantang 100mw fishing 19426970901942697091942697090194269709 and light complementary projec Wuhua Huangni Village 133556585 0 133556585 130793897 0 130793897 113Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Project Zhuhai Sanzao Yulin Village photovoltaic 1229061460122906146281669502816695 composite project Phase I Zhuhai Sanzao Yulin Village Photovoltaic 1077815450107781545208154602081546 Composite Project Phase II Huadu thermal and power cogeneration 103800528 0 103800528 100715497 0 100715497 project Other infrastructure 1739248390262346810147690158014106090952732146181137394477 construction projects Technology improvement and other 876250792 13241865 863008927 588231904 8630311 579601593 projects Total 21158217386 275588675 20882628711 12048789353 281844929 11766944424 114Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 (2) Changes of significant construction in progress In RMB Capitalizatio Including： Capitaliza Name Budget Amount at year Increase at Transferred to fixed Other Balance in Progres Current beginning this period Proportion(%) s of n of interest tion of amount of Source ofassets decrease year-end work accumulated interest fundsbalance capitalizationof interest ratio（%)Qingzhou 481592351 Borrowi offshore wind 34214500000 2342070500 0 7157994018 35.86% 35.86% 87900357 57000276 2.75% 8 ngs own power project funds Ningzhou gas Borrowi 592760000019691858724228994790239208535139.98%66.49%5494013243252243.47% power project ngs ownfunds Guangdong Energy Xinjiang Borrowi 22268514001448198206500570150149825522167.29%67.29%22984149114821372.73% 400000 kW ngs own photovoltaic funds project Yuehua Power substitution of Borrowi natural gas for 1532190000 616219696 440683682 0 1056903378 69% 90% 26590463 13032131 2.97% ngs own coal power funds project Zhaoqing Dinghu natural gas thermal Borrowi 2998180000582964452299162362088212681429.42%85.15%58596870234242233.45% power ngs own cogeneration funds project Inner Mongolia Borrowi Yuefeng 1572760000 409218078 386837028 0 796055106 46.70% 46.70% 7003887 5277191 2.45% ngs own 300MW photovoltaic funds park project Dacheng wind 800000000 683097937 32492523 0 715590460 90% 100% 0 0 2.45% Borrowi power project ngs own 115Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 funds Dayawan petrochemical Borrowi western 3820000000 504579892 203761350 0 708341242 26.12% 26.12% 26664600 15803178 2.92% ngs own thermal power cogeneration funds project Dabu Phase II Borrowi Expansion 8122320000 242662927 372653331 0 615316258 7.58% 7.58% 4895148 1058898 2.79% ngs own Project funds Jinchang Muhong Jinchang District West Borrowi Slope 100MW 598705600 216333499 285955828 0 502289327 83.90% 96% 4033883 3531373 2.45% ngs own photovoltaic funds power generation project Jinchang Mujin Jinchang District West Borrowi Slope 100MW 598705600 179642763 322376013 0 502018776 83.85% 93% 4026114 3357869 2.44% ngs own photovoltaic funds power generation project Guangdong Energy Shache County 2 own million kw 5306810074 6910933 362469789 0 369380722 6.96% 6.96% 0 0 0% funds light storage integration project Hongdong Borrowi County 330000020771865453468023026118667750.56%69.37%476242228583693.10% 200MW ngs own centralised funds 116Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 photovoltaic power generation project Laishui Conservancy Energy Laishui County 80MW affordable on- 376000000 149824672 72131995 0 221956667 49.36% 49.36% 2107230 1573623 3% own grid funds photovoltaic power generation project 120 MW fishing and light complementar y photovoltaic Borrowi 58920000064479179136424495020090367434.10%38%2155932155932.60% power station ngs own project in funds Potou Town Potou District Zhanjiang Zhanjiang City Potou Qiantang Borrowi 100mw fishing 500230000 194269709 0 0 194269709 37.70% 51.33% 4739126 2173919 3.20% ngs own and light funds complementar y projec Wuhua Borrowi Huangni 336020000 130793897 2762688 0 133556585 40.70% 44% 2468797 1747471 3.10% ngs own Village Project funds Zhuhai Sanzao Yulin Village Borrowi photovoltaic 1048880000 2816695 120089451 0 122906146 27.58% 44.59% 2521216 2521216 3.04% ngs own composite funds project Phase I 117Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Zhuhai Sanzao Yulin Village Photovoltaic Borrowi 3775878002081546105699999010778154533.74%47.30%221095922109593.04% Composite ngs own Project Phase funds II Huadu thermal and power Borrowi 35367100001007154973085031010380052842.11%98%000% cogeneration ngs own project funds Other infrastructure 549695 Borrowi 11335582273764017452756144214769015800%7744849216010497 construction 0 ngs own projects funds Technology improvement 402789 Borrowi 579601593377319998898847658630089270%1512499177337 and other 9 ngs own projects funds 924265534952484 Total 74486550474 11766944424 117446207 20882628711 395621937 167781484 39 118Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 (3) List of the withdrawal of the impairment provision of the construction in progress Not applicable （4）Engineering material In RMB End of term Beginning of term Items Provision for Provision for Book balance Book value Book balance Book value impairment impairment Engineering material 2509771 0 2509771 1883737 0 1883737 Total 2509771 0 2509771 1883737 0 1883737 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 24. Oil and gas assets □ Applicable √ Inapplicable 25. Right to use assets In RMB Items House and Machinery Transportationbuildings equipment equipment Land use right Total I. Original price 1.Opening balance 62488136 7887114480 9375854 361855746 8320834216 2.Increased amount of the period 21375291 813122398 0 35985676 870483365（ 1 ） New lease contracts 21375291 813122398 0 35985676 870483365 3. Decreased amount of the period 0 114135207 0 0 114135207 Early termination of the lease contract 0 114135207 0 0 114135207 4.Closing balance 83863427 8586101671 9375854 397841422 9077182374 II. Accumulated depreciation 1.Opening balance 31989054 923523559 1989834 8387293 965889740 2.Increased amount of the period 12055112 212469516 1492522 9467732 235484882 （1）Withdrawal 12055112 212469516 1492522 9467732 235484882 3.Decreased amount of 0 5924763 0 0 5924763 the period (1)Disposal The expiration of the lease 119Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 is divided into fixed assets （1）05924763005924763 4.Closing balance 44044166 1130068312 3482356 17855025 1195449859 III. Impairment provision 1.Opening balance 0 2899510 0 0 2899510 2.Increased amount of the period （1）Withdrawal 3.Decreased amount of the period (1)Disposal 4.Closing balance 0 2899510 0 0 2899510 IV. Book value 1.Closing book value 39819261 7453133849 5893498 379986397 7878833005 2.Opening book 30499082 6960691411 7386020 353468453 7352044966 120Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 26. Intangible assets (1) Information In RMB Non- Transmission Items Land use right Patent patent and Non-patent Technolo Software Sea use right Transformation Favorable technology and Total gy Supporting contract others Project I. Original price 1. Balance at period-beginning 3331253199 262101406 562555384 260331315 52211380 40336653 4508789337 2.Increase in the current period 102088887 9643027 636768 112368682 (1) Purchase 102088887 5510910 14337 107614134 （2）Internal R & D（ 3 ） Increased of Enterprise Combination （4）Other 4132117 622431 4754548 3.Decreased amount of the period 1713873 450237 74831 2238941 （1）Dispose 1713873 450237 74831 2238941 4. Balance at period-end 3431628213 271294196 562555384 260331315 52211380 40898590 4618919078 II.Accumulated amortization 1. Balance at period-beginning 617177189 153639729 35984358 260331315 7199828 31219049 1105551468 2. Increase in the current period 34208220 11081687 6992342 2134992 1510642 55927883 (1) Withdrawal 34208220 11081687 6992342 2134992 1510642 55927883 3.Decreased amount of the period （1）Dispose 4. Balance at period-end 651385409 164721416 42976700 260331315 9334820 32729691 1161479351 III. Impairment provision 1. Balance at period-beginning 56502373 56502373 2. Increase in the current period (1) Withdrawal 3.Decreased amount of the period （1）Dispose 121Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 4. Balance at period-end 56502373 56502373 4. Book value 1.Book value at period -end 2723740431 106572780 519578684 42876560 8168899 3400937354 2.Book value at period-beginning 2657573637 108461677 526571026 45011552 9117604 3346735496 The intangible assets by the end of the formation of the company's internal R & D accounted 0.14% of the proportion of the balance of intangible assets 122Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 （2）Details of Land use right failed to accomplish certification of property In RMB Items Book value Reason Land use right 129516279 The procedures have not been completed Other note On June 30 2023 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. 27. Development expenditure Not applicable 28. Goodwill (1) Original book value of goodwill In RMB Increase Decrease Name of the investees or the events formed goodwill Opening balance The merger of dispositio Closing balance enterprises n Tumushuke Thermal Power Co. 119488672119488672 Ltd.Other 45531259 45531259 Total 165019931 165019931 （2）Impairment provision of goodwill In RMB Name of the Increase Decrease investees or the Opening events formed balance Closing balanceProvision disposition goodwill Other -36922378 -36922378 Total -36922378 -36922378 29.Long-term amortization expenses In RMB Items Balance in year- Increase at this Amortizationbegin period balance Other decrease Balance in year- end Improvement of 4696665359385633522284938293 use right assets Insurance 56312422 18879181 37433241 Road use right 31178674 765905 30412769 Other 17297985 1092964 1140134 17250815 Total 109485746 4686820 24137448 90035118 123Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 30.Deferred income tax assets/deferred income tax liabilities (1)Details of the un-recognized 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 impairments 396589079 98305518 392229114 96899577 Intra-group transactions 537364251 134341063 656830968 164207742 Deductible losses 4213258542 976011871 4176626660 968337573 Depreciation of use assets and lease liabilities do not 19938638554758012141993863855475801214 recognized amortization of financing expenses Depreciation of fixed 2775902207123584529168043371206998 assets Employee benefits 2934565257008818829345652170088187 payable Government grants 76309294 18668659 76328527 18673466 Amortization of intangible assets 3328432 832108 3328432 832108 Total 7791760198 1845284466 7884344510 1866046865 (2)Details of the un-recognized deferred income tax liabilities In RMB Balance in year-end Balance in year-begin Items Temporarily TemporarilyDeferred Income Tax Deferred Income Tax Deductable or Taxable Deductable or Taxable liabilities liabilities Difference Difference Non-same control enterprise merger assets evaluation and 218998341 54749585 235501692 58875422 appreciation Changes in fair value of other equity instruments included in 1933913672 483478418 2115908438 528977110 other comprehensive income Depreciation of use assets and lease liabilities do not 17303851473567436951730385147356743695 recognized amortization of financing expenses Depreciation of fixed 83403015208507538502855621257139 assets Amortization of land 153022443825561153022443825561 use rights Interest receivable 11231950 2807988 9606414 2401603 Total 3993234369 922456000 4191732491 972080530 124Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 (3) Deferred income tax assets or liabilities listed by net amount after off-set In RMB Trade-off between the End balance of Trade-off between the Opening balance of Items deferred income tax deferred income tax deferred income tax deferred income tax assets and liabilities assets or liabilities after assets and liabilities at assets or liabilities afteroff-set period-begin off-set Deferred income tax assets 389041932 1456242534 387493967 1478552898 Deferred income liabilities 389041932 533414068 387493967 584586563 (4)Details of income tax assets not recognized In RMB Items Balance in year-end Balance in year-begin Deductible temporary difference 1987506247 1987366998 Deductible loss 10026695227 11033478760 Total 12014201474 13020845758 (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 202301171683402 2024173024661173024661 2025760600486760600486 202639601323973992021430 202748997848454936148781 20282331528380 Total 10026695227 11033478760 31. Other non-current assets In RMB Balance in year-end Balance in year-begin Items Book balance Provision for Book value Book balance Provision for Book value devaluation devaluation Prepayments for equipment 5145015738 0 5145015738 4483822263 0 4483822263 fund Input VAT to 231951203502319512035181324096701813240967 be deducted Prepayment for 16266904201626690421980896930198089693 land use rights Prepayment for equity 361026000 0 361026000 93426000 0 93426000 acquisition Prepayments for purchase of 31733900 0 31733900 11623305 0 11623305 buildings Other 800735 0 800735 6316324 0 6316324 Total 8020757450 0 8020757450 6606518552 0 6606518552 125Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 32. Short-term borrowings (1) Category of short-term borrowings In RMB Items Closing balance Opening balance Pledge loans 0 0 Mortgage Loans 0 0 Guarantee loans 0 60166260 Credit loans 19934368075 16201278600 Total 19934368075 16261444860 (2) List of the short-term borrowings overdue but not return Not applicable 33. Transactional financial liabilities Not applicable 34. Derivative financial liability Not applicable 35.Notes payable In RMB Items Closing balance Opening balance Commercial acceptance 282784041 476572076 Bank acceptance bills 245000000 1019206000 Total 527784041 1495778076 Amount due in next fiscal period is RMB0.00. 36. Accounts payable (1) List of accounts payable In RMB Items Closing balance Opening balance Fuel payable 5247745268 5182454648 Materials and spare parts payable 629088678 417506141 Contracted operation expenses payable 291255561 62414344 Desulfurisation and denitrification 8637609767846620 expenses payable Repair expenses payable 84604859 98126083 Management fees payable for frequency 1356350325898303 modulation and energy storage Other 63248421 84007874 Total 6415882387 5938254013 （2）Significant accounts payable that aged over one year 126Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 In RMB Items Closing balance Opening balance Fuel payable and freight payable 164637536 Not yet settled Total 164637536 Other note： As at 30 June 2023 accounts payable with ageing over one year amounted RMB164637536 ( December 31， 2022: RMB56448384) mainly unsettled fuel payable 37. Advance from customers (1) List of Advance from customers In RMB Land advance payment Items Closing balance Opening balance 1773849000 Total 177384900 （2）Significant payable aging more than 1 year Not applicable 38.Contract Liabilities In RMB Items Closing balance Opening balance Advance revenue from steam 3601242 1979586 Advances from services 1182193 2713981 Advances from others 1098949 267407 Total 5882384 4960974 39.Payable Employee wage (1) List of Payroll payable In RMB Items Balance in year-begin Increase in this period decrease in this period Balance in year-end 1.Short-term 3688800691185233682943326057610787694 compensation 2.Post-employment benefits - defined 3128825 177319233 167785981 12662077 contribution plans 3.Dismissal welfare 67170982 1047380 17042404 51175958 4. Other benefits due within one year 8241541 1220748 9222548 239741 Total 447421417 1364821043 1137376990 674865470 （2）Short-term remuneration In RMB Items Balance in year- Increase in this decrease in this Balance in year-endbegin period period 1.Wages bonuses allowances and subsidies 3786472 853079562 648984657 207881377 2.Employee welfare 4395098 75624668 59613962 20405804 3. Social insurance premiums 206168337 107757241 94497431 219428147 127Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Including：Medical insurance 206119378 86186956 73243242 219063092 Work injury insurance 238 2841791 2736259 105770 Maternity insurance 48721 1515178 1304614 259285 4. Public reserves for housing 25974 93270806 90690059 2606721 5.Union funds and staff education fee 145002944 31677692 30834923 145845713 Other short-term remuneration 9501244 23823713 18705025 14619932 Total 368880069 1185233682 943326057 610787694 （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 insurance premiums 54757 110957531 107262641 3749647 2.Unemployment insurance 7008 3692814 3678657 21165 3. Annuity payment 3067060 62668888 56844683 8891265 Total 3128825 177319233 167785981 12662077 40.Tax Payable In RMB Items Closing balance Opening balance VAT 165649502 33926459 Enterprise Income tax 246339840 142673955 Individual Income tax 1527970 28187414 City Construction tax 3898923 1306426 Land VAT 80216700 80216700 House property Tax 26661567 924458 Land use tax 7697489 217542 Education surcharges 3054475 1088906 Other 12913342 13943055 Total 547959808 302484915 41.Other payable In RMB Items Closing balance Opening balance Dividend payable 9771322 28324843 Other payable 9523419107 9375333188 Total 9533190429 9403658031 （1） Interest payable Not applicable （2）Dividends payable In RMB Items Closing balance Opening balance Common stock dividends 9771322 28324843 128Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Total 9771322 28324843 Note: Including significant unpaid dividends payable over one year the unpaid reason shall be disclosed: This part of dividends is mainly payable to shareholders of non-tradable shares who have not gone through the formalities of share-trading reform. This part of 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 86580332158097497010 payable Carbon emission allowances payable 335603198 382721278 Generator unit capacity payable 249056604 249056604 Advances payable to third parties 69300709 98388118 Engineering quality guarantee payable 68867075 236415770 Administrative fines payable 11531700 11531700 Payables for equity acquisition 0 68180122 Other 131026606 231542586 Total 9523419107 9375333188 2) Other payables with large amount and aging of over one year In RMB Items Closing balance Reason Other payable 1933301790 Failure to meet payment terms Total 1933301790 Other note As at 31 June 30 20232 other payables of RMB 1933301790 (31 December 2022: RMB 2403143193) 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. 42. Liabilities classified as holding for sale Not applicable 43.Non-current liabilities due within 1 year In RMB Items Closing balance Opening balance Long-term loans due in 1 year 2665830597 2685540872 Bond payable due in 1 year 1163289481 334056607 Long-term Account payable due in 1 year 9718181 18508453 Lease liabilities due in 1 year 769727104 937144038 Total 4608565363 3975249970 129Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 44. Other current-liabilities In RMB Items Closing balance Opening balance Short-term bond payable 0 3503496438 Return payable 0 0 Output VAT to be written off 736111250 671353936 Total 736111250 4174850374 Changes in short-term debentures payable： In RMB Issuan Amortizat Balan Issuanc Maturi Balance at ce at Name Face value Issuance the ce Interest ion of Repaymen the e date typeriod amounts beginning during at face discounts t for the of the year the value or period end of year premium theyear Third batch of super short-term financing notes Decem 2000000177200000020025642013042022694 issued by ber 0 0 0 000 days 000 383 11 794 Guangdon 92022 g Electric Power Developm ent Co.Ltd. 2022 Fourth batch of super short-term financing notes Decem 150000090150000015009328388491509320 issued by ber 0 0 0 000 days 000 055 3 548 Guangdon 222022 g Electric Power Developm ent Co.Ltd. 2022 3500000350000035034962851893532015 Total 0 0 0 00000043804342 45.Long-term borrowings （1）Long-term term borrowings In RMB Items Closing balance Opening balance Pledged borrowings 5247859961 5539508558 Mortgage borrowings 0 0 Guarantee loan 2242271479 2430601995 130Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Credit loans 45252034355 34890822075 Total 52742165795 42860932628 46.Bond payable （1）Bond payable In RMB Items Closing Openingbalance balance Public Issuance of Corporate Bonds to Qualified Investors in 2020 (Phase I) by Guangdong Electric Power Development Co. Ltd. 0 1499754232 Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) by Guangdong Electric Power Development Co. Ltd. 0 999962264 Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase II) by Guangdong Electric Power Development Co. Ltd. 1499906603 1499889622 Public Issuance of Corporate Bonds to Professional Investors in 2021 (Phase III) of 799748428799710692 Guandong Electric Power Development Co.Ltd. 2021 MTN (Phase I) of Guangdong Electric Power Development Co. Ltd. 1199910066 1199372330 2021 MTN (Phase II) of Guangdong Electric Power Development Co. Ltd. 2198362750 2197771241 2022 MTN (Phase I) of Guangdong Electric Power Development Co. Ltd. 598682547 598521226 2023 MTN (Phase I) of Guangdong Electric Power Development Co. Ltd. 1598379874 0 MTN (Phase I) of Guangdong Pinghai Power Generation Plant Co. Ltd. 299659475 299508302 Public Issuance of Green Corporate Bonds to Qualified Investors in 2020 (Phase I) by 5994464320 Guangdong Wind Power Generation Co. Ltd Total 8794096175 9094489909（ 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 Transfer Overflo out to non- Name of Face value Issue Perio Issue Opening The current Withdraw w Pay in current Closing the bond date d amount balance issue interest at discoun currentpar t period liabilities balance amount due within one yea Public Issuance of Corporate Bonds to Qualified Investors - in 2020 1500000 April 3+2 15000000 1499754 1204863 24576 - (Phase I) 1500000 0000 292020 years 00 232 0 8 12048630 by 000 Guangdon g Electric Power Developm ent Co.Ltd.Public - Issuance 1000000 January 3 10000000 99996226 1785000 of 18868 1017831 0000 272021 years 00 4 0 Corporate 132 131Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Bonds to Qualified Investors in 2021 (Phase I) by Guangdon g Electric Power Developm ent Co.Ltd.Public Issuance of Corporate Bonds to Qualified Investors in 2021 1500000 April 3+2 15000000 1499889 2625000 - 1499906 (Phase II) 16981000 282021 years 00 622 0 26250000 603 by Guangdon g Electric Power Developm ent Co.Ltd.Public Issuance of Corporate Bonds to Profession al Investors Novem 800000005799710691364000-79974842 in 2021 ber 800000000 37736 0 years 2 0 13640000 8 (Phase III) 242021 of Guandong Electric Power Developm ent Co.Ltd. 2021 MTN (Phase I) of Guangdon 1200000 July 3 12000000 1199372 1902000 53773 - 1199910 g Electric 000 192021 years 00 330 0 6 19020000 066 Power Developm ent Co.Ltd. 2021 MTN Novem (Phase II) 2200000 3 22000000 2197771 3443000 59150 - 2198362 ber of 000 years 00 241 0 9 34430000 750 152021 Guangdon g Electric 132Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Power Developm ent Co.Ltd. 2022 MTN (Phase I) of Guangdon 60000000 August 5 59852122 16132 59868254 6000000008700000-8700000 g Electric 0 242022 years 6 1 7 Power Developm ent Co.Ltd. 2023 MTN (Phase I) of - Guangdon 1600000 March 5 16000000 1600000 1560274 - 1598379 016201 g Electric 000 152023 years 00 000 0 15602740 874 26 Power Developm ent Co.Ltd.MTN (Phase I) of Guangdon 30000000 October 3 29950830 15117 29965947 g Pinghai 300000000 5580000 -5580000 0 152021 years 2 3 5 Power Generatio n Plant Co. Ltd.Public Issuance of Green Corporate Bonds to Qualified Investors - 60000000 March 3+2 60000000 59944643 in 2020 600000000 0 5294589 55356 -5294589 0 172023 years 0 2 (Phase I) 8 by Guangdon g Wind Power Generatio n Co. Ltd - 11300000909448922000001584159150000011583978794096 Total 41260 00090900059000091175 2 (3) Note to conditions and time of share transfer of convertible bonds 133Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Not applicable （4）Other financial instruments that are classified as financial liabilities Not applicable 47. Lease liability In RMB Items Closing balance Opening balance Net lease liabilities 7617307100 6870820017 Total 7617307100 6870820017 48. Long-term payable In RMB Items Closing balance Opening balance Long-term payable 491702974 641337028 Special payable 24960000 24960000 Total 516662974 666297028 (1) Long-term payable listed by nature of the account In RMB Items Closing balance Opening balance Sea area usage fee payable 387146927 370495909 Equipment and construction expenses 104556047270841119 payable （2）Specific payable In RMB Items Opening balance Increase Decrease Closing balance Cause Supporting funds for expansion 24960000 24960000 Total 24960000 24960000 Other note： The payables for specific projects represent the fund granted for benefits improvement and capacity expansion by governments at provincial and central level to Lincang Energy subsidiary of the company. According to the document issued by Yunnan Water Conservancy & Hydropower Investment Co. Ltd. (Yun Shui Tou Fa [2015] No. 16) such payables for specific project were subject to an interest rate of 4% from 1 January 2015. The corresponding interest was recorded in the financial expenses by the company. 49. Long-term employee salary payable （1）Long-term employee salary payable In RMB Items Closing balance Opening balance I.Post-employment benefits - 8946183483371428 defined contribution plans 134Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 II. Dismissal benefits 273891151 299605384 III.Other long-term benefits 38487339 46288457 Total 401840324 429265269 (2) Changes of defined benefit plans Not applicable 50.Predicted liabilities Not applicable 51.Deferred income In RMB Items Beginning of term Increased this term Decreased thisterm End of term Reason Asset-related Government Subsidy 142292215 30000 7315658 135006557 government grants received Total 142292215 30000 7315658 135006557 Details of government subsidies： In RMB Amount New transferr Amount Beginning of subsidy ed to Other income of cost Othe Items in non- recorded in deducted r Asset-related term End of term or income-current operatio the current in the chan period nal period current ges related income period Special funds for #1-#3 generators’ 13803630 651784 13151846 Asset-related desulfurization project Energy saving 11023653 821456 10202197 Asset-related grants Special treasury bond- based government 10737039 671065 10065974 Asset-related grants for desulfurisation projects Compensation for relocation 5561359 5561359 Asset-related and renovation of Shajiao A Tax refund for PRC-made 5740520 1148104 4592416 Asset-related equipment Environmenta l grants for 5794913 882308 4912605 Asset-related SCR denitration 135Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 project Provincial special funds for enterprises’ 4709274 744601 3964673 Asset-related technology improvement 1&2# generator units turbine by 6153847 6153847 Asset-related Zhongyue Energy Second incentives for comprehensive and typical demonstration 5850000 5850000 Asset-related projects under financial policies of energy saving Development and competitivenes 5333334 5333334 Asset-related s funds from SASAC Post rewarding subsidies for ultra-low 4379575 4379575 Asset-related emissions of 1&2# generators Grants for energy saving and consumption 4220535 239094 3981441 Asset-related reduction of 6# generator flow reconstruction Grants for comprehensive technical transformation 3674031 263192 3410839 Asset-related project for generator transformation and upgrading Incentives for energy efficiency of 1647688 1647688 Asset-related power plant by Dongguan Special funds for technical transformation 4822285 4822285 Asset-related of ultra-low emissions of 5&6# 136Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 generators Other 48840532 30000 1894054 46976478 Asset-related Total 142292215 30000 7315658 135006557 52. Other non-current liabilities In RMB Items Closing balance Opening balance Capital injection 50000000 128400000 Housing revolving fund 1028167 1028167 Total 51028167 129428167 Other note： In 2018 Qujie Wind Power-the company's subsidiaries-received capital injections of RMB 50000000 and RMB 50000000 from Guangdong Energy Group which would be used for the Qujie Wailuo Offshore Wind Power Project. As of June 30 2023 Qujie Wind Power was recorded as other non-current liabilities due to the failure to complete the industrial and commercial change registration. 53.Stock capital In RMB Changed（+，-）Year-beginning Issuance Balance in balance of new Bonus shares Capitalizatio year-end share n of public Other Subtotal reserve Total of 5250283986 0 0 0 0 0 5250283986 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 Not applicable 55. Capital reserves In RMB Items Year-beginning Increase in the Decrease in Year-end balance balance current period the current period Share premium 3972546925 3611666 3968935259 Other capital reserves -76905774 -76905774 Revaluation reserve 119593718 119593718 Investment from GEGC 395000000 395000000 137Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Share of interests in the investee in -173662956-173662956 proportion to the shareholding (b) Transfer of capital surplus recognised 2047459220474592 under the previous accounting system Total 4257046505 3611666 4253434839 Other notes including the note to its increase/decrease and the cause(s) of its movement in the reporting period: In the first half of 2023 the capital surplus of the Group decreased by RMB 3611666 due to the dilution of the proportion of equity held by the Group arising from capital increase by minority shareholders of certain subsidiaries of the Group. 56.Treasury stock Not applicable 57. Other comprehensive income In RMB Amount of current period Less： Amount transferre Less： d into Prior profit and period loss in the included in After-tax Year-beginning Amount current otherItems period composite Less： After-tax attribute Closing balancebalance incurred before Income tax attribute to the to income tax that income parent company minority recognied transfer to expenses into other retained sharehol comprehe income in der nsive the current income in period prior period I. Other comprehensiv e income that will not be 1628495079 -167478725 -45498692 -121980033 1506515046 subsequently reclassified to profit or loss Including: Changes arising from remeasureme -37296993 -37296993 nt of defined benefit plans Other comprehensiv e income that cannot be transferred to 79138160 14516041 14516041 93654201 profit or loss under equity method Changes in fair value of 1586653912 -181994766 -45498692 -136496074 1450157838 investments 138Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 in other equity instruments II. Other comprehensiv e income that will be 1342878 1342878 subsequently reclassified to profit or loss Including ： Share of other comprehensiv e income of the investee that cannot be 1342878 1342878 transferred to profit or loss accounted for using the equity method Total of other comprehensiv 1629837957 -167478725 -45498692 -121980033 1507857924 e income 58. Special reserves In RMB Items Year-beginning Increase in the current Decrease in the current Year-end balance balance period period Safety in production 520379 165514235 93313657 72720957 Total 520379 165514235 93313657 72720957 59. Surplus reserves In RMB Items Year-beginning Increase in the current Decrease in the current Year-end balance balance period period Statutory surplus reserve 3016893870 3016893870 Discretionary surplus reserve 5886621265 5886621265 Total 8903515135 8903515135 60. Retained profits In RMB Items Amount of this period Amount of last period Before adjustments: Retained profits in last period end 200668517 3205422561 Adjust the total undistributed profits at the beginning of the period 108421140 84938618 After adjustments: Retained profits at the period beginning 309089657 3290361179 Add：Net profit belonging to the owner of the parent company 856538633 -1371743904 139Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Retained profit at the end of this term 1165628290 1918617275 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 are 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 Items Income Cost Income Cost Main business 28177515353 25146455159 22423023603 23089561766 Other business 163325531 11454398 188216130 24622840 Total 28340840884 25157909557 22611239733 23114184606 Income related information: In RMB Contract classification Division 1 Division 2 Total Commodity type Including Electric power 28015854478 28015854478 Generation by-product 141968590 141968590 Thermal Energy 121708867 121708867 Labor service 39952008 39952008 Rent 21356941 21356941 Area Including Guangdong 27672103611 27672103611 Xinjiang 470376437 470376437 Hunan 73335885 73335885 Hebei 46668601 46668601 Guangxi 29169838 29169838 Yunnan 21621661 21621661 Henan 19388294 19388294 Shangdong 8176557 8176557 Market type Including Power market 28015854478 28015854478 Other market 324986406 324986406 Contract type Including Sell goods 28279531935 28279531935 Service 39952008 39952008 Assets use rights 21356941 21356941 By the time of commodity transfer Including Recognize at a certain time 28279531935 28279531935 140Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 point Recognize in a certain period of time 61308949 61308949 Constrict term Including Sales channel Including Total Information related to performance obligations: Commodity type Usual performance time of performance obligation Important payment terms Commodity nature Electric power When power is supplied to the grid company Cash settlement/monthly Electric power settlement Heat energy When heat energy is supplied to customers who buy Cash settlement/monthly Heat energy heat settlement Power generation When by-products such as fly ash generated by power Cash settlement/monthly Power generation by- by-products generation are transported to the agreed delivery place settlement products Labor service Service provision period Cash settlement/monthly Labor service settlement 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 RMB164345927 of which RMB 123766025 is expected to be recognized as income in 2023 RMB37868830 is expected to be recognized as income in 2024 RMB2711072 is expected to be recognized as income in 2025. 62. Business tax and subjoin In RMB Items Amount of current period Amount of previous period Urban construction tax 20982925 3856511 Education surcharge 17013685 2168420 Property tax 30411494 31305276 Land use tax 8191136 7940925 vehicle and vessel usage tax 100952 85951 Stamp tax 17244729 18448026 Environmental protection tax 7137908 5504435 Other 1753156 2705837 Total 102835985 72015381 63.Selling expenses In RMB Items Amount of current period Amount of previous period Employee’s remuneration 26991664 25269233 Depreciation expenses 1586470 1660382 Business expense 1506634 1255893 Publicity Expenses 499576 159485 Other 5008033 2115057 Total 35592377 30460050 141Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 64.Administrative expenses In RMB Items Amount of current period Amount of previous period Employee’s remuneration 342670104 283189854 Depreciation expenses 44290298 38783816 Amortization of intangible assets 39695165 33707412 Fire safety expenses 22669873 17730695 Property management expenses 18466436 18911954 Agency fee 10693421 9501922 Travel expenses 6805399 2889500 A forestation fee 6278013 5882034 Rental expenses 5354288 6065423 Office expenses 4172104 5698458 Consulting fee 3837134 2185778 Business fee 3446976 2366481 Insurance expenses 1502305 1265954 Low consumables amortization 1232497 1117419 Expenses on board meetings 204352 150590 Other 42470945 48508584 Total 553789310 477955874 65. R&D Expense In RMB Items Amount of current period Amount of previous period Direct input fee 309968136 535940368 Employee’s remuneration 84778704 114635359 Other 67056940 92283264 Outsourced research and development expenses 4809871 9465979 Total 466613651 752324970 66.Financial Expenses In RMB Items Amount of current period Amount of previous period 11923939831135329167 Interest expenses -53610047-66355499 Interest income Bank charges and others 7673204 12084176 Total 1146457140 1081057844 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 VAT 12915790 19790415 Amortization of the deferred income related to the assets 7315658 6345576 Other 5914699 9057081 142Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 68. Investment income In RMB Items Amount of this period Amount of last period Long-term equity investment income by equity method 518414902 498927895 Disposal of the investment income generated from the long-term equity 0 607470 investment Dividends earned during the holding period on investments in other equity 117258950 90156139 instrument Other 467255 Total 636141107 589691504 69.Net exposure hedging income Not applicable 70. Gains on the changes in the fair value Not applicable 71. Credit impairment loss In RMB Items Amount of this period Amount of last period Loss of bad debts in other receivables -628072 2201102 Loss of bad accounts receivable 60337 -472403 Total -567735 1728699 72. Losses from asset impairment In RMB Items Amount of this period Amount of last period V. Impairment loss of fixed assets -5052018 Total -5052018 73.Assets disposal income In RMB Source Amount of this period Amount of last period Income from disposal of Fixed assets -1988902 31707133 74. Non-Operation income In RMB Items Amount of current period Amount of previous period Recorded in the amount of the non-recurring gains and 143Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 losses Gain on disposal of non- current assets 2724564 2242304 2724564 A fine net income 6701756 62263 6701756 Income from carbon emission 25208632520863 quota trading Claims and Compensation 15467211760081546721 Income A fine net income 1284129 1198829 1284129 Inventory scrap 416655 Other 5952306 4770206 5952306 Total 20730339 8866265 20730339 Government subsidies recorded in the current profit and loss: Not applicable 75.Non-current expenses In RMB Items The amount of non-operating Amount of current period Amount of previous period gains & losses Foreign donations 120067 104416 120067 Loss on obsolescence of non- current assets 9754776 5145026 9754776 Fine for delaying payment 3664929 5470272 3664929 Other 2885315 1237646 2885315 Carbon emission rights assets 8000000 used for performance Total 16425087 19957360 16425087 76. Income tax expenses （1）Income tax expenses In RMB Items Amount of current period Amount of previous period Current income tax expense 394242693 88354741 Deferred income tax expense -28862131 -239624740 Total 365380562 -151269999 （2）Adjustment on accounting profit and income tax expenses In RMB Items Amount of current period Total profits 1536626715 Income tax expenses calculated on legal / applicable tax rate 381499552 Effect of different tax rate applicable to the subsidiary company -72457980 Influence of non taxable income -181281575 Impact of non-deductible costs expenses and losses 18515413 Transfer-out of deductible losses for which deferred tax asset was recognised -68252969 Deductible temporary differences for which no deferred tax asset was recognised in the current period 300458156 Utilisation of deductible losses for which no deferred tax asset was recognised in previous periods -4906746 144Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Utilisation of deductible temporary differences for which no deferred tax asset was recognised in previous periods -8193289 Income tax expenses 365380562 77. Other comprehensive income Refer to the notes VII(57) 78.Items of Cash flow statement （1）Other cash received from business operation In RMB Items Amount of current period Amount of previous period Interest income 52478188 60744913 Government Subsidy 7460673 12106261 Claims and compensation income 33501204 4120923 Rental fee 20310210 16274284 Other 119036664 170803211 Total 232786939 264049592 (2)Other cash paid related to operating activities In RMB Items Amount of current period Amount of previous period Insurance expenses 50189015 59805167 Equipment cleaning and sanitation and greening fee 13165075 11179627 Transportation fee 694898 1944107 Fire guard fee 29133224 14894750 Business fee 4323743 3708958 Agency Charge 12231023 6212870 Office expenses 5976060 5643624 Travel expenses 9853730 4542242 Rental fee 15564043 14137813 Enterprise publicity expenses 3070543 2671933 Information system maintenance 8828196 69173691 Water and electricity 45584565 38633864 R&D 20588480 13560305 Property management 18682257 20865234 Vehicle 12778900 15702294 Labour union 6907063 8708932 Other 363784010 325111885 Total 621354825 616497296 (3)Cash received related to other investment activities In RMB Items Amount of current period Amount of previous period Received returned land deposit 0 300000 Total 0 300000 145Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 (4)Cash paid related to other investment activities Not applicable （5）Other cash received in relation to financing activities Not applicable （6）Cash paid related with financing activities In RMB Items Amount of current period Amount of previous period Repayments of lease liabilities and long- 36050497120793683 term payables Pay to minority shareholders for capital 1023668493 reductio Other 84106150 Total 1468279614 20793683 79. Supplement Information for cash flow statement （1）Supplement Information for cash flow statement In RMB Supplement Information Amount of current period Amount of previous period I. Adjusting net profit to cash flow from operating activities Net profit 1171246153 -2118259680 Add: Impairment loss provision of assets 567735 -1728699 Depreciation of fixed assets oil and gas assets and consumable biological assets 2426875827 2343017900 Depreciation of Use right assets 235484882 131524416 Amortization of intangible assets 55927883 44413829 Amortization of Long-term deferred expenses 24137448 3288367 Loss on disposal of fixed assets intangible assets and other long-term deferred assets 1988902 -31707133 Fixed assets scrap loss 7030212 2902722 Loss on fair value changes Financial cost 1146457140 1081057844 Loss on investment -636141107 -589691504 Decrease of deferred income tax assets 22310364 -311455554 Increased of deferred income tax liabilities -51172495 -38678242 Decrease of inventories -425185713 -136871256 Decease of operating receivables -2036882617 848217168 Increased of operating Payable 777725402 -1434388688 Other Net cash flows arising from operating activities 2720370016 -208358510 II. Significant investment and financing activities that without cash flows: Conversion of debt into capital 146Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Convertible corporate bonds maturing within one year Financing of fixed assets leased 3．Movement of cash and cash equivalents： Ending balance of cash 11394942728 10767718823 Less: Beginning balance of cash equivalents 11433808500 8023116939 Add：End balance of cash equivalents Less: Beginning balance of cash equivalents Net increase of cash and cash equivalent -38865772 2744601884 (2) Net Cash paid of obtaining the subsidiary Not applicable (3) Net Cash receive of disposal of the subsidiary Not applicable (4) Component of cash and cash equivalents In RMB Items Year-end balance Year-beginning balance I. Cash 11394942728 11433808500 Including：Cash at hand 49500 46435 Demand bank deposit 11394893228 11433762065 III. Balance of cash and cash equivalents at the period end 11394942728 11433808500 80. Note of statement of changes in the owner's equity Not applicable 81. The assets with the ownership or use right restricted In RMB Items Closing book value Causation of limitation Ecological security land reclamation Monetary funds 34012265 bond project performance bond and special project deposit Using right assets 5547584619 Assets to use rights formed by financinglease Total 5581596884 82. Foreign currency monetary items (1) Foreign currency monetary items In RMB Items Closing foreign currencybalance Exchange rate Closing convert to RMB balance Monetary capital Including：USD 191 7.2258 1378 Euro HKD 13612 0.9220 12550 Account receivable Including：USD Euro HKD 147Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Long –term borrowings Including：USD 6507930 7.2258 47025000 Euro HKD (2) Note to overseas operating entities including important overseas operating entities which should be disclosed about its principal business place function currency for bookkeeping and basis for the choice.In case of any change in function currency the cause should be disclosed.□ Applicable √ Not applicable 83. Hedging Arbitrage According to arbitrage category to disclose arbitrage item relevant arbitrage tools and the arbitraged risk qualitative and quantitative information: 84. Government subsidies （1）Government subsidies confirmed in current period In RMB Items Amount Project Amount included in currentprofit and loss Revenue from timely levy and refund of VAT 12915790 Other income 12915790 Amortization of the deferred income related to the assets 7315658 Other income 7315658 Other 5914699 Other income 5914699 （2）Government subsidy return □ Applicable √ Not applicable 85.Other 148Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 VIII. Changes of merge scope 1. Business merger not under same control (1) Business merger not under same control in reporting period Not applicable (2)Business combination under the same control Not applicable (3) Counter purchase Not applicable (4) The disposal of subsidiary Whether there are multiple transactions step by step dispose the investment to subsidiary and lost control in reporting period □ Yes √ No (5) Note to merger could not be determined reasonable consideration or Identifiable assets Fair value of liabilities of the acquiree at acquisition date or closing period of the merge Not applicable （6） Other note 2. Business combination under the same control (1) Business combination under the same control during the reporting period Not applicable (2) Combination cost Not applicable (3) The book value of the assets and liabilities of the merged party on the date of consolidation Not applicable 3. Counter purchase Not applicable 149Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 4. The disposal of subsidiary Whether there is a single disposal of the investment to subsidiary and lost control □ Yes √No Whether there are multiple transactions step by step dispose the investment to subsidiary and lost control in reporting period □ Yes √ No 5. Other reasons for the changes in combination scope Subsidiaries established during the year: The above companies that were acquired by acquisition of assets are subsidiaries acquired by the company and Its subsidiaries through acquisition of assets from related parties. As at the acquisition date the above Shareholding(%) Acquisiti Place of Registered Name Major business location Nature of business on registration capital Direct Indirect method Acquisiti Zhonggong Energy on of Technology(Maoming) Co. Ltd. Gaozhou Gaozhou Electric power 1000000 100% assets Acquisiti Yahua New Energy on of Technology(Gaozhou) Co. Ltd. Gaozhou Gaozhou Electric power 10000000 100% assets Establish Guangdong Energy Group Xingjiang Co. Ltd. Urumqi Urumqi Electric power 300000000 100% Establish Zhuhai Yudean New Energy Co.Ltd. Zhuhai Zhuhai Electric power 5000000 100% Establish Yunfu Yudean Zhenneng New Energy Co. Ltd. Yunfu Yunfu Electric power 1000000 100% Establish Tumusuke Yudean Changhe New Energy Co. Ltd. Tumusuke Tumusuke Electric power 500000 100% Establish Xintian Yuefeng New Energy Co.Ltd. Yongzhou Yongzhou Electric power 2000000 100% Establish Lanshan Yuefeng New Energy Co.Ltd. Yongzhou Yongzhou Electric power 2000000 100% companies had no other businesses or assets other than construction in progress fixed assets and right-of-use assets and the acquisition did not involve employees. The acquisition of assets did not constitute a business as there was not any output at the acquisition date. 6.Other 150Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 IX. Equity in other entity 1. Equity in subsidiary （1）Constitute of enterprise group Share-holding ratio Subsidiary Main operation Registered Businessplace nature Directly Indirectly Acquired way Maoming Termal power Maoming Maoming ElectricPower 46.54% EstablishPlant Jinghai Powr Generation Jieyang Jieyang Electric Power 65% Establish Zhangjiang Wind Power Zhanjiang Zhanjiang Electric power 70% Establish Technology Engineeging Dongguan Dongguan Electricpower 100% Establish company Humen Power Electric Generation Dongguan Dongguan power 60% Establish Bohe company Maoming Maoming Electricpower 67% Establish Xuwen Wind Power Zhanjiang Zhanjiang Electric Power 70% Establish Huadu Natural gas Guangzhou Guangzhou Electric power 65% Establish Dapu Power Meizhou Meizhou Electric Generation power 100% Establish Leizhou Wind Power Leizhou Leizhou Electric power 94% Establish Dianbai Wind Power Maoming Maoming Electric power 100% Establish Zhanjiang Electric Business combinations company Zhanjiang Zhanjiang Power 76% involving enterprises undercommon control Yuejia Business combinations company Meizhou Meizhou Electric power 58% involving enterprises undercommon control Shaoguan Electric Business combinationsPower Shaoguan Shaoguan power 90% involving enterprises under Generation common control Zhongyue Electric Business combinations company Zhanjiang Zhanjiang power 90% involving enterprises undercommon control Electric sales Guangzhou Guangzhou Electricpower 100% Establish Qujie Wind Electric Power Zhanjiang Zhanjiang Power 100% Establish Yangjiang Yangjiang Yangjiang ElectricWind Power power 89.04% Establish Business combinations Lincang company Lincang Lincang Electric power 100% involving enterprises not under common control Business combinations Guangqian company Shenzhen Shenzhen Electric power 100% involving enterprises under common control Business combinations Huizhou Electric Natural gas Huizhou Huizhou power 67% involving enterprises under common control Pinghai Power Generation Huizhou Huizhou Electric Business combinations Power 45% involving enterprises under 151Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 common control Business combinations Shibeishan Electric Wind Power Jieyang Jieyang power 70% involving enterprises under common control Business combinations Red Bay company Shanwei Shanwei Electric power 65% involving enterprises under common control Business combinations Guangdong Wind Power Guangzhou Guangzhou Electric power 100% involving enterprises not under common control Tongdao Wind Power Huaihua Huaihua Electric power 100% Establish Pingyuan Wind Power Meizhou Meizhou Electric Power 100% Establish Heping Wind Electric Power Heyuan Heyuan power 100% Establish Business combinations Huilai Wind Power Jieyang Jieyang Electric power 89.83% involving enterprises not under common control Hongrui Technology Shaoguan Shaoguan Electric power 90% Establish Yongan Natural gas Zhaoqing Zhaoqing Electric power 90% Establish Xupu Wind Power Huaihua Huaihua Electric Power 100% Establish Wuxuan Wind Power Guangzi Guangxi Electric power 100% Establish Pingdian Integrated Energy Huizhou Huizhou Electric power 45% Establish company Zhuhai Wind Power Zhuhai Zhuhai Electric power 74.28% Establish Binhai Bay Dongguan Dongguan Electricpower 100% Establish Dayawan Huizhou Huizhou Electriccompany Power 70% Establish Qiming company Shenzhen Shenzhen Electric power 100% Establish Business combinations Huaguoquan Shenzhen Shenzhen Electriccompany power 100% involving enterprises not under common control Nanxiong New Electric Energy Shaoguan Shaoguan power 100% Establish Dananhai company Jieyang Jieyang Electric power 100% Establish Baihua Energy Huizhou Huizhou ElectricPower 100% Establish Qingzhou Offshore wind Yangjiang Yangjiang Electricpower 100% Establish power Wanhaowei Zhanjiang Zhanjiang Electric New Energy power 100% Establish Wanchuang Hengwei New Zhanjiang Zhanjiang Electricpower 100% EstablishEnergy Business combinations Nanhua New Zhanjiang Zhanjiang ElectricEnergy power 51% involving enterprises not under common control Business combinations Datang New Energy Guangzhou Guangzhou Electric Power 51% involving enterprises not under common control 152Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Business combinations Yueneng Wind Electric Power Zhanjiang Zhanjiang power 51% involving enterprises not under common control Business combinations Tumu ermal Xinjiang Xingjiang Electricpower company power 79.48% involving enterprises not under common control Business combinations Sha C company Guangzhou Guangzhou Electricpower 51% involving enterprises under common control Business combinations Guanghe Guangzhou Guangzhou ElectricElectric Power power 51% involving enterprises under common control Business combinations Biomass power generation Zhangjiang Zhangjiang Electric Power 51% involving enterprises under common control Business combinations Xinhui power Jiangmen Jiangmen Electricgeneration power 45.9% involving enterprises under common control Business combinations Huaqing power Jiangmen Jiangmen Electricgeneration power 33.15% involving enterprises under common control Business combinations Yunhe power Electric generation Yunfu Yunfu power 90% involving enterprises under common control Business combinations Yundian Energy Yunfu Yunfu Electric power 56.25% involving enterprises under common control Business combinations Yuehua power Guangzhou Guangzhou Electricgeneration Power 51% involving enterprises under common control Yunhua Business combinations Integrated Energy Guangzhou Guangzhou Electric power 51% involving enterprises under company common control Huangpu Business combinations Electric Power Guangzhou Guangzhou Electricpower 51% involving enterprises underEngineering common control Bijie New Bijie Bijie Electric 100% Establish Energy power Shangyang Zhanjiang Zhanjiang Electricpower 100% Acquisition of assetsEnergy Guidian Energy Zhanjiang Zhanjiang ElectricPower 100% Acquisition of assets Shunfeng New Zhoukou Zhoukou Electric Energy power 100% Acquisition of assets Jiandian New Jiaozhou Jiaozhou Electric 100% Acquisition of assets Energy power Lianjiang New Zhanjiang Zhanjiang Electric Energy power 100% Establish Luoding Luoding Luoding Electric Yuefeng power 100% Establish Zhaocheng Linfen Linfen ElectricPower 100% EstablishYuefeng Wuha New Meizhou Meizhou Electric Energy power 100% Establish Yingyang New Baoding Baoding Electricpower 100% Acquisition of assetsEnergy Lineng New Baoding Baoding Electric 100% Acquisition of assets 153Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Energy power Longmen New Huizhou Huizhou Electric Energy power 100% Establish Inner New Hohehot Hohehot ElectricPower 100% EstablishEnergy Zhuhai Zhuhai Zhuhai Electric Yuefeng power 100% Establish Dunan New Langfang Langfang Electricpower 80% Acquisition of assetsEnergy Gaotang New Liaocheng Liaocheng Electricpower 100% Acquisition of assetsEnergy Xintian New Electric Yongzhou Yongzhou Energy power 100% Establish Lanshan New Electric Yongzhou Yongzhou 100% Establish Energy Power Shaoguan New Shaoguan Shaoguan Eectricpower 100% EstablishEnergy Hanhai New Tumusuke Tumusuke Electricpower 100% EstablishEnergy Jinxiu Enegy Laibin Laibin Electricpower 90% Establish Senhong New Nanjing Nanjing Electricpower 100% Acquisition of assetsEnergy Muhong New Jinchang Jinchang ElectricPower 100% Acquisition of assetsEnergy Senhai New Nanjing Nanjing Electricpower 100% Acquisition of assetsEnergy Mujin New Jinchang Jinchang Electricpower 100% Acquisition of assetsEnergy Huibo New Huizhou Huizhou Electric Energy power 100% Establish Dongrun Zhongneng Taishan Taishan Electricpower 100% Acquisition of assets New Energy Dongrun Qingneng New Taishan Taishan ElectricPower 100% Acquisition of assets Energy Runze Jieyuan Taishan Taishen Electricpower 100% Acquisition of assetsNew Energy Maoming Maoming Maoming Electric Natural gas power 85% Establish Xingyue New Meizhou Meizhou Electricpower 100% EstablishEnergy Huixin Thermo Huizhou Huizhou Electricpower 85% EstablishElectricity Shache Energy Xingjiang Xinjiang ElectricPower 100% Establish Xinguangyao Qingdao Qingdao Electricpower 99% Acquisition of assetsNew Energy Telian New Qingdao Qingdao Electricpower 99% Acquisition of assetsEnergy Lianyao New Qingdao Qingdao Electric 99% Acquisition of assets Energy power Jiuzhou New Zhaoqing Zhaoqing Electricpower 100% Acquisition of assetsEnergy Changshan Xiangtan Xiangtan ElectricPower 100% Acquisition of assetsWind Power Luoding New Luoding Luoding Electric 100% Establish 154Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Energy power Zhuhai New Zhuhai Zhuhai Electric Enegy power 100% Establish Tumusuke Tumusuke Tumusuke Electric Changhae power 100% Establish Zhenneng New Yunfu Yunfu Electric Energy power 100% Establish Zhonggong Gaozhou Gaozhou Electricpower 100% Acquisition of assetsEnergy Yanhua New Gaozhou Gaozhou Electricpower 100% Acquisition of assetsEnergy Energy Xinjiang Urumqi Urumqi Electricpower 100% Establish company 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 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）Significant not wholly-owned subsidiaries In RMB Holding proportion of Profit or lossName attributable to non- Dividend declared to Closing balance ofnon-controlling interest controlling interest non-controlling interest non-controlling interest Bohe company 33% 48000395 549753559 Zhanjiang company 24% 18062737 832717030 Jinghai company 35% 70494446 993894669 Red Bay company 35% 59465548 897166089 Huizhou Natural gas 33% 79435716 61368052 715022625 Pinghai Power Generation 55% 122274813 1231709363 Sha C company 49% 27211304 247346 1024894050 155Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 （3）Main financial information of significant not wholly-owned subsidiaries In RMB Closing balance Beginning balance Non- Non- Subsidi Non- Non- aries Current Total Current current Total Current Total Current current Totalcurrent current assets assets liabilities Liabilitie liabilities assets assets liabilities Liabilitie liabilities assets assets s s Bohe compan 137357 702404 839762 213846 459324 673170 234967 699460 934428 242779 229301 472080 y 9014 9242 8255 2141 6238 8379 8889 7638 6527 2723 6300 9023 Zhanjia ng 264076 120242 384319 348559 249816 373540 247075 124061 371137 295849 271018 322951 compan 7571 7410 4981 078 12 690 9774 1761 1535 495 81 376 y Jinghai compan 174966 726282 901249 468698 148580 617279 138579 699089 837669 413309 161195 574505 y 7154 4240 1394 9482 2857 2339 8584 8911 7495 6606 5884 2490 Red Bay 174391 507366 681758 394415 310104 425425 133571 492989 626561 347180 400374 387218 compan 7363 9370 6733 0414 636 5050 2024 9200 1224 6657 451 1108 y Huizho u 908994 260627 351527 106046 288074 134853 517592 272989 324748 854386 287238 114162 Natural 778 9167 3945 4393 324 8717 961 5338 8299 780 842 5622 gas Pinghai Power 167337 263717 431054 789013 128206 207107 169893 280184 450078 122269 144838 267108 Generat 4526 4247 8773 884 3321 7205 5258 6254 1512 8173 1879 0052 ion Sha C compan 278836 356274 635110 211133 214553 425686 222330 362270 584600 188323 192351 380674 y 3418 2222 5640 4173 1632 5805 8298 0798 9096 1110 5331 6441 In RMB Amount of current period Amount of previous period Cash flow Cash flow Subsidiari Total Total es Operating from Operating fromNet profit comprehensi Net profit comprehensi revenue operating revenue operating ve income ve income activities activities Bohe 19636594 14545574 15661978 16001298 21214516 company 145455744 12189826 1218982634 4 3 10 8 - Zhanjiang 12976310 11310471 11017897 company 75261404 75261404 14666450 -146664504 1613816751 0 98 4 -- Jinghai 35613378 20141270 35039293 29647901 company 201412703 17999158 -179991581 2332681900 3 4 03 15 -- Red Bay 28564749 16990156 35576238 23211050 company 169901566 22417615 -224176150 1578365356 6 8 97 02 Huizhou Natural 22774052 24071429 37738059 14143525 -240714292 11075874 11075874 gas 03 2 6 30 81615392 Pinghai Power 26131916 22231784 75608861 24323843 - Generatio 222317841 -94006025 4104602441 1 2 27 94006025 n Sha C 28659069 48192445 48192445 - 23684947 - -423529603 - 156Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 company 08 18910069 24 42352960 90152116 30 (4) Significant restrictions of using enterprise group assets and pay off enterprise group debt Not applicable (5) Provide financial support or other support for structure entities incorporate into the scope of consolidated financial statements Not applicable 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 Not applicable (2) The transaction’s influence to equity of minority shareholders and attributable to the owner's equity of the parent company Not applicable 3. Equity in joint venture arrangement or associated enterprise (1) Significant joint venture arrangement or associated enterprise The accounting Name of Main Places of Registration Nature of Shareholding Ratio (%) treatment of Subsidiary Operation Place Business direct indirect investment in associates Industry Fuel Guangzhou Guangzhou Fuel trade 50% Equity method Coal Shanxi Yudean Transportation Enerty Taiyuan Taiyuan and port 40% Equity methodoperations investment Energy Finance Guangzhou Guangzhou Financial 25% 15% Equity method Taishan Power Generation Taishan Taishan Power Generation 20% Equity method Energy Financing Guangzhou Guangzhou FinancingLeasing Leasing 25% Equity method company （2）Main financial information of Significant joint venture In RMB Amount of current period Amount of previous period Industry Fuel Industry Fuel Current assets 11630636720 9759872215 Including: Balance of cash and cash equivalents 2361332048 2757809545 Non-current assets 6673276489 6787019420 Total of assets 18303913209 16546891635 157Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Current liabilities 12070932926 10717387818 Non current liabilities 4367589030 4030111167 Total liabilities 16438521956 14747498985 Minority shareholder Equity 63367768 67010551 Attributable to shareholders of the parent company 1802023485 1732382099 Share of net assets calculated by stake 901011743 866191050 Adjustment item --Goodwill -- Internal transactions did not achieve profit -155792047 -155792047 --Other Book value of equity investment in joint venture 745219696 710399003 The fair value of the equity investment of a joint venture with a public quotation Business income 17669371060 17314930225 Financial expenses 118472192 87691402 Income tax 27764948 24130311 Net profit 68027911 74174449 Net profit from terminated operation Other comprehensive income Total comprehensive income 68027911 74174449 Dividends received from the joint venture this year 158Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 (3) Main financial information of significant associated enterprise In RMB Closing balance/This period Opening balance/Last period Energy Financing Taishan Power Energy Financing Taishan Power Shanxi Energy Energy Finance Shanxi Energy Energy Finance Leasing Company Generation Leasing Company Generation Current assets 2311269590 1219460713 9026067505 4953769065 1782312074 1012915138 8044309162 3007543498 Non-current assets 8488318113 10167277225 18132181989 8507273511 8228428605 9190015523 18171209855 8964593732 Total of assets 10799587703 11386737938 27158249494 13461042576 10010740679 10202930661 26215519017 11972137230 Current liabilities 321842838 2057631302 22927443700 3535234214 606329317 2688451249 21896121072 2465364570 Non-current liabilities 2075864787 7193970706 101679901 1697937309 5365450397 91587142 Total liabilities 2397707625 9251602008 23029123601 3535234214 2304266626 8053901646 21987708214 2465364570 Minority shareholder 76722010 76642198 Equity Attributable to shareholders of the parent 8325158068 2135135930 4129125893 9925808362 7629831855 2149029015 4227810803 9506772660 company Share of net assets calculated by 3330063227 533783983 1651650357 1985161672 3051932742 537257254 1691124321 1901354532 stake Adjustment item --Goodwill 13325000 13325000 -- Internal transactions did not achieve profit --Other -32579800 Book value of equity investment 3330063227 533783983 1664975357 1985161672 3019352942 537257254 1704449321 1901354532 in joint venture The fair value of the equity investment of a joint venture with a public quotation Business income 118159035 167876552 354420895 6138517716 72490741 150431274 377919901 4165296856 Net profit 641106524 68392697 187240167 552443285 696793898 62917590 203699560 234815986 159Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Net profit from terminated operation Other comprehensive 36290103 3422367 income Total comprehensive 641106524 68392697 223530270 552443285 696793898 62917590 207121927 234815986 income Dividends received from the associated 20571445 128886072 26681517 18292179 123894709 enterprise this year 160Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 (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 186572063 181171920 Share of net assets calculated by stake ----Net Profit 5400143 -613360 -- Total comprehensive income 5400143 -613360 Associated enterprise： Total investment book value 1159904570 1144068211 The total number of the following --Net Profit 19300483 25804752 - Total comprehensive income 19300483 25804752 (5) Note to the significant restrictions of the ability of joint venture or associated enterprise transfer funds to the company Not applicable (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) -2414222-1543341-3957563 Co. Ltd. (7) The unrecognized commitment related to joint venture investment Not applicable (8) Contingent liabilities related to joint venture or associated enterprise investment 4. Significant common operation Not applicable 5. Equity of structure entity not including in the scope of consolidated financial statements Not applicable 6.Other X. The risk related financial instruments Not applicable 161Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 XI. The disclosure of the fair value 1. Closing fair value of assets and liabilities calculated by fair value In RMB Closing fair value Items Fair value Fair value Fair value measurement items at measurement items at measurement items at Total level 1 level 2 level 3 I. Consistent fair value measurement -- -- -- --（ 3 ） Other equity instrument investment 1923276288 952800000 2876076288 II Inconsistent fair value measurement -- -- -- -- 2.Recognized basis for the market price sustaining and non-persistent 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 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 adopt 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 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. 162Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 7. Changes in valuation technology during the current period and the reasons for the changes Not applicable 8. Sensitiveness analysis on unobservable parameters and adjustment information between opening and closing book value of consistent fair value measurement items at level 3 The Group's financial assets and liabilities measured in amortized cost mainly include: accounts receivable other receivables long-term receivables short-term loans fund 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 XII. Related parties and related-party transactions 1. Parent company information of the enterprise Share ratio of Vote right ratio of Parent company Registration place Nature Registered capital parent company parent companyname against the against the company(%) company(%) Operation and management of power generation Guangdong enterprises capital Energy Group Guangzhou management of 23 billion 67.39% 67.39%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 billion with 76% stake held by Guangdong Provincial People's Government and 24% stake held by China Hua Neng Group owning more than 15300 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 to Notes IX.1. 163Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 3.Cooperative enterprise and joint venture See Notes IX.3.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 Yudean Shipping company Associate Energy Group Finance company Associate Yudean Insurance Captive company Associate Guangdong Energy Financing Leasing Co. Ltd. Associate Yunfu Power Generation ( B plant) Co. Ltd. Associate 4.Other related party Other related party Relationship with the Enterprise Guangdong Energy Group Natural Gas Co. Ltd. Controlled by Energy Group Yudean Environmental protection Co. Ltd. Controlled by Energy Group Zhuhai Special Economic Zone Guangzhu Power Generation Controlled by Energy Group Co. Ltd.Guangdong Zhuhai Jinwan Power Generation Co. Ltd. Controlled by Energy Group Guangdong Yudean Zhongshan Thermal Power Plant Controlled by Energy Group Guangdong Yuelong Power Generation Co. Ltd. Controlled by Energy Group Guangdong Yudean Property Management Co. Ltd. Controlled by Energy Group Guangdong Port of Yangjiang Harbour Service Co. Ltd. Controlled by Energy Group Guangdong Yudean Information Technology Co. Ltd Controlled by Energy Group Guangdong Yudean Xinfengjiang Power Generation Co. Ltd. Controlled by Energy Group Shaoguan Qujiang Yudean New Energy Co. Ltd. Controlled by Energy Group Guangdong Energy Group Zhuhai Power Generation Co. Ltd. Controlled by Energy Group Dongguan Mingyuan Hotal Ci. Ltd. Controlled by Energy Group Guangdong Yudean Real Estate Investment Co. Ltd. Controlled by Energy Group Guangzhou Development District Yudean New Energy Co. Controlled by Energy Group Ltd Guangdong Yudean Huizhou New Energy Co. Ltd. Controlled by Energy Group Inner Mongolia Yudean Menghua New Energy Co. Ltd. Controlled by Energy Group 5. Related transactions. （1）Related transactions on purchasing goods and receiving services Acquisition of goods and reception of labor service In RMB Related party Content Current amount Approval trading Whether over thelimit trading limit(Y/N) Last amount Fuel company Fuel purchase 14710520034 No 12665241377 Energy Group Natural gas Fuel purchase 3207315777 No 2160279170 Yudean Environment Material purchase 113867728 No 116123991 164Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Protection Zhuhai Special Economic Zone Guangzhu Power Electric purchase 143960700 No 89988153 Generation Co.Ltd.Guangdong Zhuhai Jinwan Electric purchase 136789161 No 52914799 Power Generation Co. Ltd.Zhongshan Thermal power Electric purchase 65382590 No 5024466 plant Yunfu Power Generation ( B Electric purchase 28688660 No 27985690 plant) Co. Ltd.Guangdong Yuelong Power Generation Co. Electric purchase 25673150 No 16297566 Ltd.Guangdong Receipt of Energy Group operational 264029202 No 262930900 Shajiao C Power services Plant Management Fuel company 51237017 No 39877250 services Yudean Property Management Management services 14876679 No 12058164 Yudean Shipping Acceptance oftugboat services 12461321 No 12430189 Yangjiang Port Acceptance oftugboat services 6277274 No 3774201 Yudean Acceptance of Environment management 4850515 No 0 Protection services Yudean Acceptance of Information management 2498756 No 2648984services Guangdong Yudean Acceptance Xinfengjiang engineering 119266 No 0 Power Generation service Co. Ltd.Guangdong Energy Group Science and Acceptance of R & Technology D Services 0 No 339623 Research Institute Co. Ltd Sales of goods and services In RMB Related parties Content Occurred current term Occurred in previousterm Yudean Environment Protection Sale of Material 100120771 104738860 Yunfu Power Plant (B Plant) Co. Ltd Providing services 16842027 3134578 Shajiao C plant Providing maintenanceservices 7862832 23637465 Zhongshan Thermal power plant Providing maintenanceservices 3879975 6953621 Shaoguan Qujiang Yudean New Energy Co. Providing maintenance Ltd. services 1340452 1514255 165Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Guangdong Yuelong Power Generation Co. Providing maintenance 3362830 Ltd. services Guangdong Energy Zhuhai Power Generation Providing maintenance Co. Ltd. services 292035 2284679 Yudean Shipping Management services 268113 0 Fuel company Management services 73341 0 Guangzhou Development Zone Yudean New Providing maintenance Energy Co. Ltd. services 097262 Providing maintenance Yudean Huizhou New Energy Co. Ltd. 0 34821 services （2）Related trusteeship or contracting Related trusteeship or contracting in which the company is the undertake In RMB Name of the Name of the Asset situation Gains from the employer undertaker of the Start date Termina ting date Pricing basis deal in reportundertaker 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 Shareholders' complete fiscal year the rights except calculation formula of the Guangdong Guangdong custody fee of each target Energy Group Electric Power ownership Development income right January company is calculated Co. Ltd. and disposition 12018 according to the custody 900000 Co. Ltd. right days. During the currentperiod 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 166Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 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 Group Co. Ltd " (Announcement No.: 2018-04) disclosed in China Securities Journal Securities Times and Cninfo.com on January 13 2018. (3) Information of related lease The company as lessor: In RMB Name of lessee Category of leased assets The lease income confirmed The lease income confirmedin this year in last year Dongguan Mingyuan Hotel Co. Ltd. Property Leas 1935106 1935106 Property company Property Leas 283746 326832 Guangdong Yudean Shipping property Leas 26422 Yudean Environment property Leas 161905 Protection 167Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 - The company was lessee： In RMB Variable lease payments not Rental charges for short-term Interest expenses on lease included in lease liabilities Rent paid Increased use right assets and low-value assets (if any) liabilities assumed measurement (if any) Lessor Category ofleased assets Amount of Amount of Amount of Amount of Amount of Amount of Amount of Amount of Amount of Amount of current previous current previous current previous current previous current previous period period period period period period period period period period Yudean Finance Financingleasing 584702146 117062870 123958270 108205269 813122398 45680915lease Yudean Real Leasing Estate service 2013446 7677504 6859267 133139 277385 0 29940 168Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 （4）Status of related party guarantee As a guarantor for the company In RMB Guarantor Guarantee amount Start date End date Executionaccomplished Guangdong Energy 1947360000 December 32019 September 152043 No Group Co. Ltd.As a secured party for the company Not applicable (5) Inter-bank lending of capital of related parties： In RMB Related party Amount borrowed andloaned Initial date Due date Notes Borrowed Guangdong Energy Group Finance Co. Ltd. 288764000 June 292017 June 282032 Guangdong Energy Group Finance Co. Ltd. 30981025.94 January 132023 July 202042 Guangdong Energy Group Finance Co. Ltd. 13518033.58 March 62023 July 202042 Guangdong Energy Group Finance Co. Ltd. 38997311.06 June 202023 July 202042 Guangdong Energy Group Finance Co. Ltd. 66369544.97 June 272023 June 262024 Guangdong Energy Group Finance Co. Ltd. 50000000 September 272022 September 262023 Guangdong Energy Group Finance Co. Ltd. 331834304.24 May 272015 May 262030 Guangdong Energy Group Finance Co. Ltd. 750000000 July 252022 May 102024 Guangdong Energy Group Finance Co. Ltd. 16768478 October 262022 October 252023 Guangdong Energy Group Finance Co. Ltd. 7135978 November 232022 October 252023 Guangdong Energy Group Finance Co. Ltd. 14435271.57 December 202022 October 252023 Guangdong Energy Group Finance Co. Ltd. 16431311.77 March 92023 October 252023 Guangdong Energy Group Finance Co. Ltd. 17721357.45 October 262022 October 252023 Guangdong Energy Group Finance Co. Ltd. 8048912.76 November 232022 October 252023 Guangdong Energy Group Finance Co. Ltd. 13356720.86 December 202022 October 252023 Guangdong Energy Group Finance Co. Ltd. 32000000 October 142022 October 132023 Guangdong Energy Group Finance Co. Ltd. 20000000 December 162022 December 152023 Guangdong Energy Group Finance Co. Ltd. 8000000 January 102023 January 92024 Guangdong Energy Group Finance Co. Ltd. 20000000 January 102023 January 92024 Guangdong Energy Group Finance Co. Ltd. 80000000 October 172022 October 162023 Guangdong Energy Group Finance Co. Ltd. 70000000 October 212022 October 202023 Guangdong Energy Group Finance Co. Ltd. 120000000 November 82022 November 72023 Guangdong Energy Group Finance Co. Ltd. 30000000 November 42022 November 32023 169Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Guangdong Energy Group Finance Co. Ltd. 100000000 November 92022 November 82023 Guangdong Energy Group Finance Co. Ltd. 130000000 November 42022 November 32023 Guangdong Energy Group Finance Co. Ltd. 455700000 February 42015 October 272029 Guangdong Energy Group Finance Co. Ltd. 2560000 May 182023 May 172043 Guangdong Energy Group Finance Co. Ltd. 18068825.94 November 32022 November 22023 Guangdong Energy Group Finance Co. Ltd. 3898000 November 162022 November 22023 Guangdong Energy Group Finance Co. Ltd. 14877819.90 November 222022 November 22023 Guangdong Energy Group Finance Co. Ltd. 37852589.54 November 292022 November 22023 Guangdong Energy Group Finance Co. Ltd. 5121281 February 22023 December 272042 Guangdong Energy Group Finance Co. Ltd. 43000000 February 142023 December 272042 Guangdong Energy Group Finance Co. Ltd. 3513675 February 282023 December 272042 Guangdong Energy Group Finance Co. Ltd. 7147641.59 April 242023 December 272042 Guangdong Energy Group Finance Co. Ltd. 25000000 June 162023 December 272042 Guangdong Energy Group Finance Co. Ltd. 60000000 October 112022 October 102023 Guangdong Energy Group Finance Co. Ltd. 50000000 October 192022 October 182023 Guangdong Energy Group Finance Co. Ltd. 15000000 November 82022 November 72023 Guangdong Energy Group Finance Co. Ltd. 40000000 November 102022 November 92023 Guangdong Energy Group Finance Co. Ltd. 15000000 November 172022 November 162023 Guangdong Energy Group Finance Co. Ltd. 20000000 November 222022 November 212023 Guangdong Energy Group Finance Co. Ltd. 30000000 November 242022 November 232023 Guangdong Energy Group Finance Co. Ltd. 140000000 November 292022 November 282023 Guangdong Energy Group Finance Co. Ltd. 100000000 December 192022 December 182023 Guangdong Energy Group Finance Co. Ltd. 100000000 January 122023 January 112024 Guangdong Energy Group Finance Co. Ltd. 300000000 February 62023 February 52024 Guangdong Energy Group Finance Co. Ltd. 20000000 May 162023 May 152024 Guangdong Energy Group Finance Co. Ltd. 20237517.69 May 232023 May 222024 Guangdong Energy Group Finance Co. Ltd. 150000000 May 232023 May 222024 Guangdong Energy Group Finance Co. Ltd. 150000000 June 12023 May 312024 Guangdong Energy Group Finance Co. Ltd. 170000000 June 22023 June 12024 Guangdong Energy Group Finance Co. Ltd. 100000000 January 152021 January 142041 Guangdong Energy Group Finance Co. Ltd. 100000000 January 152021 January 142041 Guangdong Energy Group Finance Co. Ltd. 55000000 November 162022 November 152023 Guangdong Energy Group Finance Co. Ltd. 50000000 December 202022 December 192023 170Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Guangdong Energy Group Finance Co. Ltd. 28156152.28 January 182023 January 172024 Guangdong Energy Group Finance Co. Ltd. 12998824.46 January 182023 January 172024 Guangdong Energy Group Finance Co. Ltd. 56511631.76 March 132023 March 122024 Guangdong Energy Group Finance Co. Ltd. 4895370.75 January 192023 January 182024 Guangdong Energy Group Finance Co. Ltd. 47430000 June 122023 June 112024 Guangdong Energy Group Finance Co. Ltd. 45000000 June 122023 June 112024 Guangdong Energy Group Finance Co. Ltd. 9000000 January 192023 January 182024 Guangdong Energy Group Finance Co. Ltd. 50000000 January 292023 January 282024 Guangdong Energy Group Finance Co. Ltd. 20000000 February 82023 February 72024 Guangdong Energy Group Finance Co. Ltd. 124587118.15 February 132023 February 122024 Guangdong Energy Group Finance Co. Ltd. 9000000 February 202023 February 192024 Guangdong Energy Group Finance Co. Ltd. 101781046.90 February 232023 February 222024 Guangdong Energy Group Finance Co. Ltd. 45103024.05 March 82023 March 72024 Guangdong Energy Group Finance Co. Ltd. 97762688.07 March 102023 March 92024 Guangdong Energy Group Finance Co. Ltd. 9000000 March 162023 March 152024 Guangdong Energy Group Finance Co. Ltd. 37512151.28 March 222023 March 212024 Guangdong Energy Group Finance Co. Ltd. 100759349.79 March 272023 March 262024 Guangdong Energy Group Finance Co. Ltd. 9000000 April 102023 April 92024 Guangdong Energy Group Finance Co. Ltd. 226357110.22 April 122023 April 112024 Guangdong Energy Group Finance Co. Ltd. 9000000 April 252023 April 242024 Guangdong Energy Group Finance Co. Ltd. 47216782.70 May 52023 May 42024 Guangdong Energy Group Finance Co. Ltd. 138797167.39 May 112023 May 102024 Guangdong Energy Group Finance Co. Ltd. 32197579.86 May 172023 May 162024 Guangdong Energy Group Finance Co. Ltd. 125723226.17 May 252023 May 242024 Guangdong Energy Group Finance Co. Ltd. 54772935.17 June 142023 June 132024 Guangdong Energy Group Finance Co. Ltd. 70000000 October 172022 October 162023 Guangdong Energy Group Finance Co. Ltd. 140000000 November 142022 November 132023 Guangdong Energy Group Finance Co. Ltd. 120000000 December 192022 December 182023 Guangdong Energy Group Finance Co. Ltd. 100000000 February 22023 February 12024 Guangdong Energy Group Finance Co. Ltd. 100000000 March 222023 March 212024 Guangdong Energy Group Finance Co. Ltd. 160000000 May 252023 May 242024 Guangdong Energy Group Finance Co. Ltd. 15000000 July 162022 December 52024 Guangdong Energy Group Finance Co. Ltd. 110000000 August 252022 December 52024 171Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Guangdong Energy Group Finance Co. Ltd. 10000000 July 262022 July 252023 Guangdong Energy Group Finance Co. Ltd. 15000000 August 12022 July 312023 Guangdong Energy Group Finance Co. Ltd. 10000000 August 152022 August 142023 Guangdong Energy Group Finance Co. Ltd. 10000000 August 292022 August 28.2023 Guangdong Energy Group Finance Co. Ltd. 20000000 September 52022 September 42023 Guangdong Energy Group Finance Co. Ltd. 15000000 September 92022 September 82023 Guangdong Energy Group Finance Co. Ltd. 10000000 September 192022 September 182023 Guangdong Energy Group Finance Co. Ltd. 10000000 December 142022 December 132023 Guangdong Energy Group Finance Co. Ltd. 10000000 December 202022 December 192023 Guangdong Energy Group Finance Co. Ltd. 10000000 February 212023 February 202024 Guangdong Energy Group Finance Co. Ltd. 5000000 March 152023 March 142024 Guangdong Energy Group Finance Co. Ltd. 5000000 March 212023 March 202024 Guangdong Energy Group Finance Co. Ltd. 8000000 April 242023 April 232024 Guangdong Energy Group Finance Co. Ltd. 5000000 June 152023 June 142024 Guangdong Energy Group Finance Co. Ltd. 5000000 June 162023 June 152024 Guangdong Energy Group Finance Co. Ltd. 5000000 June 192023 June 182024 Guangdong Energy Group Finance Co. Ltd. 5000000 June 202023 June 192024 J Guangdong Energy Group Finance Co. Ltd. 5000000 June 252023 June 242024 Guangdong Energy Group Finance Co. Ltd. 5000000 June 262023 June 252024 Guangdong Energy Group Finance Co. Ltd. 50000000 October 192022 October 182023 Guangdong Energy Group Finance Co. Ltd. 100000000 December 82022 December 72023 Guangdong Energy Group Finance Co. Ltd. 100000000 December 122022 December 112023 Guangdong Energy Group Finance Co. Ltd. 50000000 December 202022 December 192023 Guangdong Energy Group Finance Co. Ltd. 50000000 May 242023 May 232024 Guangdong Energy Group Finance Co. Ltd. 50000000 June 292023 June 302024 Guangdong Energy Group Finance Co. Ltd. 20000000 October 162014 October 132029 Guangdong Energy Group Finance Co. Ltd. 140000000 April 272023 April 262024 Guangdong Energy Group Finance Co. Ltd. 22000000 November 92022 November 82023 Guangdong Energy Group Finance Co. Ltd. 15000000 November 232022 November 222023 Guangdong Energy Group Finance Co. Ltd. 20000000 December 72022 December 62023 Guangdong Energy Group Finance Co. Ltd. 19000000 December 212022 December 202023 Guangdong Energy Group Finance Co. Ltd. 8000000 January 62023 January 52024 Guangdong Energy Group Finance Co. Ltd. 27000000 March 312023 March 302024 172Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Guangdong Energy Group Finance Co. Ltd. 14206743.25 June 72023 June 62024 Guangdong Energy Group Finance Co. Ltd. 50000000 January 172023 January 162024 Guangdong Energy Group Finance Co. Ltd. 50000000 June 272023 June 262024 Guangdong Energy Group Finance Co. Ltd. 159485665 May 172016 May 162031 Guangdong Energy Group Finance Co. Ltd. 222496604 April 72020 April 72040 Guangdong Energy Group Finance Co. Ltd. 28000000 May 192023 May 182038 Guangdong Energy Group Finance Co. Ltd. 300000 June 252023 June 242038 Guangdong Energy Group Finance Co. Ltd. 4500000 June 72023 June 72024 Guangdong Energy Group Finance Co. Ltd. 4500000 June 142023 June 142024 Guangdong Energy Group Finance Co. Ltd. 24259965.03 June 192023 June 192024 Guangdong Energy Group Finance Co. Ltd. 5000000 November 302016 November 282031 Guangdong Energy Group Finance Co. Ltd. 3000000 December 272019 December 262034 Guangdong Energy Group Finance Co. Ltd. 20000000 June 242020 December 262034 Guangdong Energy Group Finance Co. Ltd. 20000000 October 92020 December 262034 Guangdong Energy Group Finance Co. Ltd. 13000000 November 172020 December 262034 Guangdong Energy Group Finance Co. Ltd. 24000000 December 112020 December 262034 Guangdong Energy Group Finance Co. Ltd. 4500000 February 52021 December 262034 Guangdong Energy Group Finance Co. Ltd. 3528114.28 June 242022 December 262034 Guangdong Energy Group Finance Co. Ltd. 1910525 September 222022 December 262034 Guangdong Energy Group Finance 26000000 July 232018 July 222033 Co. Ltd.Guangdong Energy Group Finance 7500000 April 272021 July 222033 Co. Ltd.Guangdong Energy Group Finance 7500000 October 282021 July 222033 Co. Ltd.Guangdong Energy Group Finance 10000000 January 72022 July 222033 Co. Ltd.Guangdong Energy Group Finance 5000000 April 72022 July 222033 Co. Ltd.Guangdong Energy Group Finance Co. Ltd. 5000000 November 282022 November 272023 Guangdong Energy Group Finance Co. Ltd. 5000000 March 142023 March 132024 Guangdong Energy Group Finance Co. Ltd. 13200000 May 212020 May 182035 Guangdong Energy Group Finance Co. Ltd. 3000000 June 122020 May 182035 Guangdong Energy Group Finance Co. Ltd. 1500000 June 302020 May 182035 Guangdong Energy Group Finance Co. Ltd. 8000000 July 282020 May 182035 Guangdong Energy Group Finance Co. Ltd. 12000000 September 212020 May 182035 Guangdong Energy Group Finance Co. Ltd. 8000000 November 232020 May 182035 173Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Guangdong Energy Group Finance Co. Ltd. 8500000 February 32021 May 182035 Guangdong Energy Group Finance Co. Ltd. 5000000 May 132021 May 182035 Guangdong Energy Group Finance Co. Ltd. 10000000 November 112021 May 182035 Guangdong Energy Group Finance Co. Ltd. 10000000 December 162021 May 182035 Guangdong Energy Group Finance Co. Ltd. 17000000 December 232021 May 182035 Guangdong Energy Group Finance Co. Ltd. 10000000 January 42022 May 182035 Guangdong Energy Group Finance Co. Ltd. 3300000 January 172022 May 182035 Guangdong Energy Group Finance Co. Ltd. 15000000 May 192022 May 182035 Guangdong Energy Group Finance Co. Ltd. 10000000 November 42020 November 22035 Guangdong Energy Group Finance Co. Ltd. 9000000 November 192020 November 22035 Guangdong Energy Group Finance Co. Ltd. 3000000 January 222021 November 22035 Guangdong Energy Group Finance Co. Ltd. 26000000 June 262021 November 22035 Guangdong Energy Group Finance Co. Ltd. 10000000 October 202021 November 22035 Guangdong Energy Group Finance Co. Ltd. 10000000 December 102021 November 22035 Guangdong Energy Group Finance Co. Ltd. 15000000 December 272021 November 22035 Guangdong Energy Group Finance Co. Ltd. 15000000 January 192022 November 22035 Guangdong Energy Group Finance Co. Ltd. 10000000 May 302022 November 22035 Guangdong Energy Group Finance Co. Ltd. 10000000 June 302023 June 302043 Guangdong Energy Group Finance Co. Ltd. 30000000 March 302021 March 282036 Guangdong Energy Group Finance Co. Ltd. 18597140 December 172021 March 282036 Guangdong Energy Group Finance Co. Ltd. 21800000 December 312016 August 152031 Guangdong Energy Group Finance Co. Ltd. 34050000 December 312016 August 152031 Guangdong Energy Group Finance Co. Ltd. 37529220.87 December 282018 December 272036 Guangdong Energy Group Finance Co. Ltd. 299355000 May 292020 May 282040 Guangdong Energy Group Finance Co. Ltd. 390000 December 32021 December 292040 Guangdong Energy Group Finance Co. Ltd. 632991.90 June 262019 June 252039 Guangdong Energy Group Finance Co. Ltd. 570000 July 152019 June 252039 Guangdong Energy Group Finance Co. Ltd. 297042.21 August 262019 June 252039 Guangdong Energy Group Finance Co. Ltd. 1297700 September 122019 June 252039 Guangdong Energy Group Finance Co. Ltd. 180000 September 29 2 June 252039 Guangdong Energy Group Finance Co. Ltd. 210000 October 292019 June 252039 Guangdong Energy Group Finance Co. Ltd. 3000000 November 212019 June 252039 Guangdong Energy Group Finance Co. Ltd. 2000000 December 52019 June 252039 174Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Guangdong Energy Group Finance Co. Ltd. 1100000 December 182019 June 252039 Guangdong Energy Group Finance Co. Ltd. 1800000 January 142020 June 252039 Guangdong Energy Group Finance Co. Ltd. 1500000 February 252020 June 252039 Guangdong Energy Group Finance Co. Ltd. 47400000 April 162020 June 252039 Guangdong Energy Group Finance Co. Ltd. 54000000 April 292020 June 252039 Guangdong Energy Group Finance Co. Ltd. 8500000 May 182020 June 252039 Guangdong Energy Group Finance Co. Ltd. 6700000 June 172020 June 252039 Guangdong Energy Group Finance Co. Ltd. 11200000 July 92020 June 252039 Guangdong Energy Group Finance Co. Ltd. 19500000 August 102020 June 252039 Guangdong Energy Group Finance Co. Ltd. 7700000 August 202020 June 252039 Guangdong Energy Group Finance Co. Ltd. 36000000 September 102020 June 252039 Guangdong Energy Group Finance Co. Ltd. 5700000 September 152020 June 252039 Guangdong Energy Group Finance Co. Ltd. 11600000 October 142020 June 252039 Guangdong Energy Group Finance Co. Ltd. 7100000 November 192020 June 252039 Guangdong Energy Group Finance Co. Ltd. 5000000 March 162021 June 252039 Guangdong Energy Group Finance Co. Ltd. 10000000 April 62021 June 252039 Guangdong Energy Group Finance Co. Ltd. 8121853.80 April 222021 June 252039 Guangdong Energy Group Finance Co. Ltd. 5000000 May 202021 June 252039 Guangdong Energy Group Finance Co. Ltd. 20000000 August 122021 June 252039 Guangdong Energy Group Finance Co. Ltd. 32158951.93 February 262020 January 22040 Guangdong Energy Group Finance Co. Ltd. 20000000 April 92020 January 22040 Guangdong Energy Group Finance Co. Ltd. 43481594.40 May 142020 January 22040 Guangdong Energy Group Finance Co. Ltd. 43850008.20 May 272020 January 22040 Guangdong Energy Group Finance Co. Ltd. 15400000 June 172020 January 22040 Guangdong Energy Group Finance Co. Ltd. 48350000 July 162020 January 22040 Guangdong Energy Group Finance Co. Ltd. 83613861.21 August 202020 January 22040 Guangdong Energy Group Finance Co. Ltd. 21281009.76 August 272020 January 22040 Guangdong Energy Group Finance Co. Ltd. 12188757.10 September 162020 January 22040 Guangdong Energy Group Finance Co. Ltd. 30000000 October 162020 January 22040 Guangdong Energy Group Finance Co. Ltd. 16530202.23 November 192020 January 22040 Guangdong Energy Group Finance Co. Ltd. 6290000 December 102020 January 22040 Guangdong Energy Group Finance Co. Ltd. 11000000 January 212021 January 22040 Guangdong Energy Group Finance Co. Ltd. 13084525.72 March 112021 January 22040 175Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Guangdong Energy Group Finance Co. Ltd. 86135247.60 April 142021 January 22040 Guangdong Energy Group Finance Co. Ltd. 31500000 May 182021 January 22040 Guangdong Energy Group Finance Co. Ltd. 60000000 December 162021 January 22040 Guangdong Energy Group Finance Co. Ltd. 50000000 December 262022 January 22040 Loaned (6) Related party asset transfer and debt restructuring Not applicable (7) Rewards for the key management personnel In RMB Items Amount of current period Amount of previous period Annual salary of the operator 1775646 2302688 （8）Other related transactions (a)Allocation of common expenses In the first half of 2023 the common expenses received by the Group from Shajiao C was RMB2897618( In the first half of 2022 the common expenses received by the Group from Shajiao C was RMB2476840 ) (b) Interest income Items Amount of current period Amount of previous period Deposit interest of Energy Group Finance 40916640 55824047 Proportion % 76.32% 85.18% (c)Interest expense Items Amount of current period Amount of previous period Interest of borrowing of Guangdong Energy Finance company 128348234 151009743 Discount interest of Guangdong Energy Finance company 1042500 7765365 Proportion 10.85% 13.92% （d）Interest payable Items Amount of current period Amount of previous period Enerty Finance Lease interest 123958270 108205269 176Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 (e)Joint Investment Name Energy Group Maoming Thermal power plant 30.12% Bohe company 33% Sha C company 49% Guanghe Electric Power 49% Biomass Power Generation 49% Xinhui Power Generation 44.10% Huaqing Power Generation 31.85% Energy Group Finance company 60% Industry Fuel 50% Shanxi Energy company 60% Capital company 51% Energy Financing Leasing 50% Yudean Shipping 65% Yueqian Electric power 17.50% Yangjiang Wind Power 10.96% Zhuhai Wind Power 5.72% 6. Payables and receivables of the related party （1）Receivables In RMB At end of term At beginning of term Project Related parties Book balance Bad debt Bad debtprovision Book balance provision Monetary funds-Bank Energy Group Finance company 9278909559 8728625253deposit Monetary funds-Other Energy Group Monetary funds Finance company 1200000012000000 Monetary funds-Interest Energy Group 31424584 36396774 receivable Finance company Guangdong Energy Account receivable 0 18753148 Group Zhuhai Power Generation 1832632 5115602 Yudean New Energy 0 4192479 Other 13872582 11485458 Contract assets Zhuhai PowerGeneration 1959756 2029830 Other 177686 74139 Other account receivable Energy FinancingLeasing 167213809 240453119 Yudean Environmental 114097732 131141189 protection Fuel company 1884082 1700776 Other 19251460 16292201 Advance payment Fuel company 929077181 1107710903 Other 377601 1905036 177Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Other non-current assets Technologycompany 0 250000 （2）Payables In RMB Name Related party Amount at year end Amount at year beginning Note payable Energy Group Finance 224189460 597272076 company Natural Gas company 52182748 0 Account payable Fuel company 4529649033 4566760528 Energy Group 291255561 262414344 Energy Natural Gas 194150645 180748337 Yudean Environmental 5024001440995467 Protection Environmental Protection 2242576021639938 Material Other 3262920 4661297 Other payable Menghua New Energy 10502327 10240523 Energy Group 50000000 0 Other 7401357 6601259 Lease liabilities Financing Leasing 8455018807 6697106654 Yudean Property 7579813 0 Short-term loans Finance company 4970316198 5729226478 -principal 4966404681 5723903012 -Interest 3911517 5323466 Non-current liability due in 1 Energy Group Finance year company 173137293 227192134 -principal 92184578 222079444 -Interest 80952715 5112690 Group 143750 527083 -principal 0 0 -Interest 143750 527083 Energy Financing Leasing 23117519 769850008 Long-term loans Finance company-Principal 4918186226 3962102717 Group-Principal 500000000 500000000 7. Related party commitment Not applicable 8.Other XIII. 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 178Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 4. Modification and termination of the stock payment Not applicable 5.Other XIV. Commitments 1.Importance commitment events Important commitments of existence of balance sheet date (a) In September 2022 Guangdong Wind Power a subsidiary of the Group signed the framework agreement with Shandong Fengxu for the acquisition of its 100% equity in Gaotang Fengxu New Energy Co. Ltd. As at 30 June 2023 Guangdong Wind Power paid a deposit of RMB 41226000 to Shandong Fengxu but the consideration for the equity transaction has not yet been determined.(b) 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 2023 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.(c) In February 2022 Guangdong Wind Power a subsidiary of the Group signed the framework agreement with Nanchang Hangneng New Energy Centre (Limited Partnership) (“Nanchang Hangneng”) for the acquisition of its 100% equity in Lianjiang Hangneng New Energy Co. Ltd. The consideration for the equity transaction has not yet been determined (d) In September 2022 Guangdong Wind Power a subsidiary of the Group signed the framework agreement with Qinhuangdao Wohua Highway Engineering Co. Ltd. (“Wohua Engineering”) and Qinhuangdao Angqian Trading Co. Ltd. (“Angqian Trading”) for the acquisition of their 100% equity (51% of equity from Wohua Engineering and 49% of equity from Angqian Trading) in Qinglong Manchu Autonomous County Jianhao Photovoltaic Technology Co. Ltd. (“Jianhao PV”). The consideration for the equity transaction has not yet been determined. As of June 30 2023 Provincial Wind Power has paid a transaction deposit of RMB 120000000 to Wohua Engineering and Angqian Trading and the consideration for the equity transaction has not been finalized yet.(e) In February 2023 the subsidiary of the Group Provincial Wind Power signed a framework agreement with Guangdong Tanxin Machinery and Equipment Leasing Co. Ltd. to acquire its 100% equity of Lianjiang Junyang New Energy Technology Co. Ltd. As of June 30 2023 Provincial Wind Power had paid a transaction deposit of RMB 61200000 to Guangdong Tanxin Machinery and Equipment Leasing Co. Ltd. and the consideration for the equity transaction has not been finalized yet.(f) In February 2023 the Provincial Wind Power a subsidiary of the Group signed a framework agreement with China Aviation Industry Renewable Energy Corporation to acquire its 100% equity in Guangxi Hangneng New Energy Co. Ltd. By June 30 2023 the Provincial Wind Power had paid a transaction deposit of RMB 179Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 86.4 million to China Aviation Industry Renewable Energy Corporation and the consideration for the equity transaction has not been finalized yet. 2.Contingency （1）Significant contingency at balance sheet date Not applicable （2）The company have no significant contingency to disclose also should be stated Not applicable 3.Other XV. Post-balance-sheet events 1. Significant events had not adjusted Not applicable 2. Profit distribution Not applicable 3. Sales return Not applicable 4. Notes of other significant events Not applicable XVI. Other significant events 1. Correction of the accounting errors in the previous period （1）Retrospective restatement Not applicable （2）Prospective application Not applicable 2. Debt restructuring Not applicable 3. Replacement of assets Not applicable 180Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 4. Pension plan Not applicable 5. Discontinuing operation Not applicable 6. Segment information (1) Recognition basis and accounting policies of reportable segment As the Group's operating income expenses assets and liabilities are mainly related to the production and sale of electricity and related products the management of the Group takes the electricity business as a whole and regularly obtains and evaluates its financial status operating results and cash flow and other relevant accounting information. Therefore the Group has only the power business segment so it has not prepared the report segment information.From January to June 2023 the income of the Group's power plants from China Southern Power Grid Corporation was RMB 28015854478 (January to June 2022: RMB22263672844) accounting for 98.85% of the Group's operating income (January to June 2022: 98.46%) (2) The financial information of reportable segment Not applicable (3) There was no reportable segment or the total amount of assets and liabilities of each part of reportable segment shall disclose the reason.As the Group's operating income expenses assets and liabilities are mainly related to the production and sale of electricity and related products the management of the Group takes the electricity business as a whole and regularly obtains and evaluates its financial status operating results and cash flow and other relevant accounting information. Therefore the Group has only the power business segment so it has not prepared the report segment information. (4) Other notes 7. Other important transactions and events have an impact on investors’ decision-making Not applicable 8. Other 181Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 XVII. Notes s of main items in financial reports of parent company （1）Account receivable 1.Classification account receivables. In RMB Closing balance Opening balance Category Book balance Bad debt provision Book balance Bad debt provision Amount Proportion % Amount Proportion % Book value Amount Proportion % Amount Proportion % Book value Accrual of bad debt provision 0 by single Of which 0 Accrual of bad debt provision 167605261 100% 167605261 191716383 100% 191716383 by portfolio Of which Electricity sales 167605261 100% 167605261 191716383 100% 191716383 receivable Total 167605261 100% 167605261 191716383 100% 191716383 182Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Accrual of bad debt provision by portfolio:0 In RMB Closing balance Name Book balance Bad debt provision Proportion% Electricity sales receivable 167605261 Total 167605261 Note： As at 30 June 2023 the amount of receivables from sales of electricity of the Group was RMB 167605261 whichwas mainly from China Southern Power Grid Co. Ltd. and its subsidiaries (collectively referred to as “ChinaSouthern Power Grid”). Taking into consideration its good credit the Group believes that there is no significant credit risk in the receivables from sales proceeds of electricity and the possibility of significant losses due to China Southern Power Grid's default is extremely low. The Group's expected credit loss rate for sales proceeds of electricity is 0% 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 Disclosure by aging In RMB Aging Closing balance Within 1 year（Including 1 year） 167605261 Total 167605261 (2) Accounts receivable withdraw reversed or collected during the reporting period Not applicable (3) The actual write-off accounts receivable Not applicable （4）The ending balance of other receivables owed by the imputation of the top five parties In RMB Name Amount Proportion(%) Bad debt provision GPGC 167605261 100% 0 Total 167605261 100% 183Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 (5) Account receivable which terminate the recognition owning to the transfer of the financial assets Not applicable (6) The amount of the assets and liabilities formed by the transfer and the continues involvement of accounts receivable Not applicable 2. Other accounts receivable In RMB Items Closing balance Opening balance Dividend receivable 63000000 Other accounts receivable 127190441 568099765 Total 190190441 568099765 （1）Interest receivable 1) Category of interest receivable Not applicable 2) Significant overdue interest Not applicable 3）Bad-debt provision □ Applicable √ Not applicable （2）Dividend receivable 1）Category of dividend receivable In RMB Items Closing balance Opening balance Sunshine Insurance Group Co. Ltd 63000000 0 Total 63000000 2) Significant dividend receivable aged over 1 year Not applicable 3）Bad-debt provision □ Applicable √ 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 Entrust loans receivable 50000000 487000000 Supplementary medical insurance fund receivable 44006139 44006139 184Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Sales of by-products receivable 4908364 22733484 Alternative money receivable 3875885 4115142 Other 24678030 10464042 Lee：Bad debt reserves -277977 -219042 Total 127190441 568099765 2）Bad-debt provision 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 12023219042219042 Balance as at January 1 2023 in current Provision in the current period 66082 66082 Turn back in the current period -7147 -7147 Balance as at June 302023277977277977 Loss provision changes in current period change in book balance with significant amount □ Applicable √Not applicable Disclosure by aging In RMB Aging Closing balanceWithin 1 year(Including 1 year） 124850449 1-2 years 674602 2-3 years 867420 Over 3 years 1075947 3-4 years 755381 4-5 years 229313 Over 5 years 91253 Total 127468418 3) 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 Category Opening Reversed orbalance Closing balanceAccrual collected Write-off Other amount Deposit 204237 66082 -1416 0 0 268903 Other 14805 -5731 0 0 9074 Total 219042 66082 -7147 0 0 277977 185Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 (4) The actual write-off accounts receivable Not applicable (5) Top 5 of the closing balance of the other accounts receivable collected according to the arrears party In RMB Proportion of the total year end Name Nature Closing balance Aging balance of the Closing balance of accounts bad debt provision receivable Lincang Yudean Entrusted loan due Energy within one year 50000000 Within 1 year 39.23% 0 Taikang Endowment Supplementary Insurance Co. Ltd. medical insurance 44006139 Within 1 year 34.52% 0 Guangdong fund receivable Branch Hubei Carbon Deposit carbon Emission Rights emission trading 14830000 Within 1 year 11.63% 0 Trading Center receivable Co. Ltd Yudean Receivables Environmental from sale of by- 4908364 Within 1 year 3.85% 0 protection products company Enerty Group Receivable current Shajiao C Power 1558541 Within 1 year 1.22% 0 account Plant Total 115303044 90.45% 0 (6) Accounts receivable involved with government subsidies Not applicable (7) Other account receivable which terminate the recognition owning to the transfer of the financial assets Not applicable (8) The amount of the assets and liabilities formed by the transfer and the continues involvement of other accounts receivable Not applicable 3. Long-term equity investment In RMB Closing balance Opening balance Items Provision for Provision for Book balance Book value Book balance Book value impairment impairment Investments in 3549610051124493280793304677243235870036063244932807933420707984 subsidiaries Investments in associates and 8790623176 96327854 8694295322 8385416037 96327854 8289088183 joint ventures Total 44286723687 2545655933 41741067754 44255452100 2545655933 41709796167 186Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 （1） Investments in subsidiaries In RMB Increase /decrease in reporting period Investees Opening balance Closing balance Closing balance ofIncrease in Decrease in Provision for impairment provision investment investment impairment Other Huizhou Natural gas 1205199446 0 0 1205199446 0 Guangqian company 1353153223 0 0 1353153223 0 Red Bay company 2220023386 0 0 2220023386 0 Lincang company 281000000 0 0 281000000 209989439 Zhanjiang Electric company 2185334400 0 0 2185334400 0 Yuejia company 0 0 0 0 455584267 Shaoguan Power 00001509698674 Generation Maoming company 687458978 0 0 687458978 0 Jinghai company 2450395668 0 0 2450395668 0 Technology 20000000400000000600000000 company Humen company 3192416 0 0 3192416 86807584 Zhongyue company 963000000 0 0 963000000 187248115 Bohe company 3488600000 0 2079018959 1409581041 0 Pinghai company 720311347 0 0 720311347 0 Dapu company 1907100000 0 0 1907100000 0 HuAdu company 186550000 0 0 186550000 0 Guangdong Wind Power 7704556260 995000000 0 8699556260 0 Yudean Electric Sale 230000000 0 0 230000000 0 Yongan company 360000000 0 0 360000000 0 Binhaiwan company 720000000 50000000 0 770000000 0 Huaguoquan 4968090000496809000 company Qiming company 38000000 9000000 0 47000000 0 Dayawan company 230329500 71100000 0 301429500 0 Dananhai company 171000000 0 0 171000000 0 Baihua company 3000000 0 0 3000000 0 Sha C company 1559120782 0 0 1559120782 0 Yunhe company 1066562327 58648050 0 1125210377 0 Yuhua company 541247838 117910000 0 659157838 0 187Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Bijie company 14500000 0 0 14500000 0 Tumusuke company 800000000 0 0 800000000 0 Shanguan New 3347300000334730000 Energy Hanhai New Energy 324050000 25000000 0 349050000 0 Jinxiu Energy 2621800 0 0 2621800 0 Mujin New Energy 120495920 0 0 120495920 0 Muhong New 120495920001204959200 Energy Huibo New Energy 15492360 43000000 0 58492360 0 Xingyue New 99775000099775000 Energy Maoming Nature gas 115345000 0 0 115345000 0 Huixin company 104975000 0 0 104975000 0 Dongrun Zhongneng 4506302000450630200 New Energy Shache Energy 1206110470 5000000 0 1211110470 0 Xinguangyao New 3292300000329230000 Energy Luoding New 18445200018445200 Energy Jiuzhou New Energy 39000000 0 0 39000000 0 Changshan Wind 895240032121599701107400000 Power Tumusuke Changhe 0 3500000 0 3500000 0 Energy Group 010000000001000000000 Xingjiang company Zhuhai New Energy 0 2740000 0 2740000 0 Zhenneng New 0100000000100000000 Energy Zhonggong Energy 0 152969360 0 152969360 0 Total 33420707984 1705083407 2079018959 33046772432 2449328079 （2）Investment in joint ventures and associates In RMB Name of Beginning of Increase/decrease in this period End of term Balance ofinvestee term Increase in Decrease in Investment Other Other Announced Provision Other the provision 188Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 investment investment income comprehensive changes in for for on for under equity income equity distributing impairment impairment method cash dividend or profit I.Joint venture Industry Fuel 865576323 34820693 900397016 Subtotal 865576323 34820693 900397016 II. Associated Guohua Taishan 1901354532 110488657 26681517 1985161672 company Shanxi Yudean 30193529425429960025641068503330063227 Energy Co.Ltd.Yudean Shipping 277173327 -5385566 0 271787761 company Yueqian Electric 231974486386767420270651228 Power Co.Ltd.Energy Finance 1070249573 46810040 9072526 80553795 1045578344 company Yudean 28570361683412321602723292442125 Captive Weixin Energy 86300031 -36390209 0 49909822 96327854 company Energy Financing 5372572541709817420571445533783983 Leasing company Other 14146099 2235446 1861401 14520144 Subtotal 7423511860 54299600 438285202 9072526 131270882 7793898306 96327854 Total 8289088183 54299600 473105895 9072526 131270882 8694295322 96327854 189Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 （3）Other note 4. Business income Business cost In RMB Amount of current period Amount of previous period Items Income Cost Income Cost Main business 752885457 795525718 534678382 797337480 Other business 25124161 701401 14546415 780990 Total 778009618 796227119 549224797 798118470 Income related information: In RMB Contract classification Division 1 Division 2 Total Commodity type 778009618 778009618 Including Electric 752885457 752885457 Power generation by- produce 13056499 13056499 Rent 6911477 6911477 Labour 5156185 5156185 Area 778009618 778009618 Including： Guangdong 778009618 778009618 Other market 778009618 778009618 Including： Power Market 752885457 752885457 Other market 25124161 25124161 Contract type 778009618 778009618 Including Selling goods 765941956 765941956 Provide access to the assets 6911477 6911477 Provided Labour 5156185 5156185 Time 778009618 778009618 Including Recognize at a certain time point 765941956 765941956 Recognize in a certain period of time 12067662 12067662 Term Including Selling Including Total 778009618 778009618 Information related to performance obligations: Commodity type Usual performance time of performance obligation Important payment Commodity nature terms Electric power When power is supplied to the grid company Cash Electric power settlement/monthly settlement 190Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Power generation Cash by-product When by-products such as fly ash generated by power settlement/monthly Power generation by-product commodity generation are transported to the agreed delivery place settlement commodity Information related to the transaction price apportioned to the residual performance obligation: Not applicable 5. Investment income In RMB Items Amount of current period Amount of previous period Long-term equity investment income accounted by cost method 577186026 98293539 Long-term equity investment income accounted by equity method 473105895 450257096 Dividend income from investments in other equity instruments during the 117258950 90156139 holding period Creditor's right from investments in other equity instruments during the holding 27373216 13770971 period Total 1194924087 652477745 6.Other XVIII. Supplement information 1. Particulars about current non-recurring gains and loss √ Applicable □ Not applicable In RMB Items Amount Notes Non-current asset disposal gain/loss(including the It was the net loss caused by disposal of dust write-off part for which assets impairment provision -1988902 removal device of Unit 1 in Dapu Power Plant.is made) Tax rebates reductions or exemptions due to approval beyond authority or the lack of official 0 approval documents Governmental Subsidy accounted as current It was mainly the economic policy incentives for gain/loss except for those subsidies at with amount or quantity fixed by the national government and 14152289 power sales and subsidies for various power plant closely related to the company’s business operation. projects.Capital occupation charges on non-financial enterprises that are recorded into current gains and 0 losses Gains due to that the investment costs for the company to obtain subsidiaries associates and joint ventures are lower than the enjoyable fair value of the 0 identifiable net assets of the investees when making the investments Gain/loss on non-monetary asset swap 0 Gain/loss on entrusting others with investments or asset management 0 Asset impairment provisions due acts of God such as natural disasters 0 Gains/losses of debt restructure 0 Reorganization expenses such as expenditure for allocation of employees and integration fee 0 Gains/losses exceeding the fair value arising from transactions with obviously unfair prices 0 191Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 Net gain and loss of the subsidiary under the common control and produced from enterprise consolidation from the beginning of the period to the consolidation 0 date Gain and loss arising from contingent matters irrelevant with the company’s normal operation 0 business Gain and loss from change of the fair value arising from transactional monetary assets transactional financial liabilities as held as well as the investment income arising from disposal of the transactional monetary assets transactional financial liabilities and 0 financial assets available for sale excluding the effective hedging transaction in connection with the company’s normal business Reverse of the provision for impairment of accounts receivable undergoing impairment test individually 0 Gain/loss from external entrusted loan 0 Gain and loss arising from change in the fair value of the investment based real estate measure afterwards 0 by means of fair value model Influence upon the current gains and losses from the once-and –for –all adjustment over the current gains and losses according to the taxation and accounting 0 laws and regulations Income from custodian charge obtained from entrusted operation 0 Operating income and expenses other than the aforesaid items 7433052 Other gains/losses in compliance with the definition of non-recurring gain/loss 0 It was mainly the advance compensation for units Insurance compensation and claims income 6701756 received by Yangjiang Wind Power Plant due to Typhoon Siamba.Fines and overdue payment fees It was mainly the fine expenditure of Qujiang Wind-3664929 Power.Non-current assets scrap income It was mainly the fixed asset scrap income of2724564 Jinghai company and Bohe company.It was mainly the fixed asset scrap loss of Yunhe Loss of Non-current assets scrapped -9754776 Power Generation Zhanjiang Zhongyue and Guangqian company.Less: Amount of influence of income tax 4792737 Influenced amount of minor shareholders’ equity ( 3282411 Total 7527906 -- Details of other profit and loss items that meet the non-recurring profit and loss definition □ Applicable√ Not applicable None For the company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on information disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Losses and its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as recurring gains and losses it is necessary to explain the reason.√Applicable□Not applicable Items Amount involved(RMB) Reason Value-added tax will be refunded Comply with national policies and 12915790 immediately regulations and continue to occur 192Guangdong Electric Power Development Co. Ltd. The Semi-annual Report 2023 2. Return on net asset and earnings per share Earnings per share Profit of report period Weighted average returnon equity(%) Basic earnings per Diluted earnings pershare(yuan/share） share(yuan/share) Net profit attributable to the Common stock shareholders of 3.86% 0.1631 0.1631 company.Net profit attributable to the Common stock shareholders of company after deducting of non- 3.83% 0.1617 0.1617 recurring gain/loss. 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 account ing 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 193