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
Standards for Business Enterprises> 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
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