Guangdong Electric Power Development Co., Ltd.
2023 Annual Report
March 2024
1
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 Annual report.
Directors other than the following ones have attended the Board meeting to review the annual
report.
The name of director who did Position of absent The name of director who
Reason
not attend the meeting in person director 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. For
details, please refer to the possible risk factors that the company may face in the "Risks facing
the company and countermeasures " in the Section III "Management Discussion & Analysis".
The preplan profit distribution of the Company deliberated and approved by the Board is: Total
share of5,250,283,986 for Base on the Company‘s total share capital ,the Company would
distribute cash dividend to all the shareholders at the rate of CNY 0.2 for every 10 shares (with
tax inclusive), with 0 bonus shares（including tax）, and not converting capital reserve into
share capital.
2
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 Report
3
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. Original audit report seal with accounting firms and signature and seal from CPA;
3.All original copies of official documents and notices, which were disclosed in Securities Times,
China Securities, Securities Daily and Hong Kong Commercial Daily (Both English and Chinese
version);
4.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).
4
Definition
Terms to be defined Refers to Definition
Guangdong Energy Group Refers to Guangdong Energy Group Co., Ltd.
Guangdong Electric Power Development Co.,
Sha A Power plant Refers to
Ltd. Sha A Power plant
Guangdong Electric Power Development Co.,
Xinjiang Branch Refers to
Ltd.Xinjiang Branch
Guangdong Electric Power Development Co.,
Qinghai Branch Refers to
Ltd. Qinghai Branch
Zhanjiang Electric Power Refers to Zhanjiang Electric Power Co., Ltd.
Yuejia Company Refers to Guangdong Yuejia Electric Power Co., Ltd.
Guangdong Yudean Shaoguan Power
Shaoguan Power Genration Plant Refers to
Generation Co., Ltd.
Guangdong Energy Maoming Thermal Power
Maoming Thermal Power Plant Refers to
Plant Co., Ltd.
Jinghai Company Refers to Guangdong Yudean Jinghai Power Co., Ltd.
Humen Power Company Refers to Guangdong Yudean Humen Power Co., Ltd.
Guangdong Yudean Technology Engineering
Technology Engineering Company Refers to
Management Co., Ltd
Zhanjiang Zhongyue Refers to Zhanjiang Zhongyue Energy Co., Ltd.
Bohe Company Refers to Guangdong Yudean Energy Co., Ltd.
Guangdong Huadu Natural Gas Thermal Power
Huadu Company Refers to
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.
Guangdong Yudean Electric Power Sales Co.,
Electric Power Sales Company Refers to
Ltd.
Guangdong Huizhou Natural Gas Power Co.,
Huizhou Natural Gas Company Refers to
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.
Guangdong Yudean Yongan Natural Gas
Yongan Company Refers to
Thermal Power Co., Ltd.
Binhaiwan Energy Company Refers to Guangdong Yudean Binhaiwan Energy Co., Ltd.
Guangdong Yudean Dayawan Integrated Energy
Dayawan Energy Refers to
Co., Ltd.
Qiming Energy Refers to Guangdong Yudean Qiming Energy Co., Ltd.
Shenzhen Huaguoquan Electric Industry
Huaguoquan Company Refers to
Service Co., Ltd.
Guangdong Yudean Dananhai Intelligence
Dananhai Company Refers to
Energy Co., Ltd.
Guangdong Yudean Baihua Integrated Energy
Yudean Baihua Refers to
Co., Ltd.
Bijie Energy Refers to Guangdong Bijie New Energy Co., Ltd.
Guangdong Shaoguan Yuedianli New Energy
Shaoguan New Energy Refers to
Co., Ltd.
Henan New Energy Refers to Henan Yudean New Energy Co., Ltd.
5
Guangdong Shajiao( plant C) Power Generation
Sha C Company Refers to
Co., Ltd.
Yuehua Power Generation Refers to Guangdong Yuehua Power Generation Co., Ltd.
Guangdong Yudean Yunhe Power Generation
Yunhe Power Generation Refers to
Co., Ltd.
Tumu Thermal Power Refers to Tumushuke Thermal Power Co.,Ltd.
Tumushuke Yudean Hanhai New Energy Co.,
Hanhai Energy Refers to
Ltd.
Huibo Energy Refers to Guangdong Huibo New Energy Co., Ltd.
Jinxiu Energy Refers to Yuedean Jinxiu Energy Co., Ltd.
Dongguan Songshanhu Yudean Energy Service
Songshanhu Company Refers to
Co., 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.
Huazhou Yudean Liangguang New Energy Co.,
Liangguang Energy Refers to
Ltd.
Gaozhou Yudean Caojiang New Energy Co.,
Caojiang Energy Refers to
Ltd.
Taishan Dongrun Zhongneng New Energy Co.,
Dongrun Zhongneng Refers to
Ltd.
Guangdong Yudean Maoming Natural Gas Co.,
Maoming Natural Gas Refers to
Ltd.
Xingyue Energy Refers to Meizhou Xingyue New Energy Co., Ltd.
Laixi Xinguangyao New Energy Technology
Xinguangyao Energy Refers to
Co., Ltd.
Yudean Shache Comprehensive Energy Co.,
Shache Energy Refers to
Ltd.
Zhenyun Energy Refers to Yunfu Yudean Zhenyun 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.
Guangdong Yudean Lvneng New Energy Co.,
Lvneng Energy Refers to
Ltd.
Dianbai Energy Refers to Maoming Dianbai New Energy Co., Ltd,
Tuoqian Energy Refers to Huanggang Tuoqian New Energy Co., Ltd.
Gaozhou Yudean Intelligence New Energy Co.,
Gaozhou Intelligence New Energy Refers to
Ltd.
Hainan Guangneng Yudean New Energy Co.,
Hainan Guangneng Refers to
Ltd.
Guangdong Yudean New Energy Development
Guangzhou New Energy Refers to
Co., Ltd.
Tumushuke Yudean Changhe New Energy Co.,
Changhe Energy Refers to
Ltd.
Tumushuke Yudean Caohu New Energy Co.,
Caohu Energy Refers to
Ltd.
Qinghai Yudean Xingneng New Energy Co.,
Xingneng Energy Refers to
Ltd.
Zhanjiang Guangneng Refers to Zhanjiang Guangneng Yudean New Energy Co.,
6
Ltd.
Baohe Energy Refers to Gaozhou Yudean Baohe New Energy Co., Ltd.
Fushun Energy Refers to Fushun Yudean New Energy Co., Ltd.
Guangdong Yudean Leizhou Power Generation
Leizhou Power Generation Refers to
Co., Ltd.
Jiuzhou New Energy Refers to Jiuzhou New Energy(Zhaoqing)Co., Ltd.
Xiangtan Xiangdian Chanshan Wind Power
Changshan Wind Power Refers to
Generation Co., Ltd.
Guangxi Xinyue Refers to Guangxi Xinyue New Energy Co., Ltd.
Zhanjiang Biomass Power Generation Guangdong Yudean Zhanjiang Biomass Power
Refers to
Company Generation Co., Ltd.
Guangdong Yudean Shibeishan Wind Energy
Shibeishan Wind Power Refers to
Development Co., Ltd.
Guangdong Yudean Dianbai Wind Power Co.,
Dianbai Wind Power Company Refers to
Ltd.
Huilai Wind Power Company Refers to Huilai Wind Power Generation Co., Ltd.
Guangdong Yudean Yangjiang Offshore Wind
Yangjiang Wind Power Company Refers to
Power Co., Ltd.
Guangdong Yudean Heping Wind Power Co.,
Heping Wind Power Company Refers to
Ltd.
Guangdong Yudean Pingyuan Wind Power Co.,
Pingyuan Wind Power Company Refers to
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.
Guangdong Yudean Zhuhai Offshore Wind
Zhuhai Wind Power Company Refers to
Power Co., Ltd.
Guangdong Yudean Zhanjiang Wind Power
Zhanjiang Wind Power Company Refers to
Generation Co., Ltd.
Guangdong Yudean Qujie Wind Power
Qujie Wind Power Company Refers to
Generation Co., Ltd.
Guangdong Yudean Leizhou Wind Power
Leizhou Wind Power Company Refers to
Generation Co., Ltd.
Tongdao Yuexin Wind Power Generation Co.,
Tongdao Wind Power Company Refers to
Ltd.
Yudean Fuel Company Refers to Guangdong Power Industry Fuel Co., Ltd.
Guangdong Energy Insurance Captive Guangdong Energy Property Insurance Captive
Refers to
Company 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 Yudean Taishan Power Generation
Guoneng Taishan Company Refers to
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 Union
Southern Offshore wind power Refers to
Development Co., Ltd.
7
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
Guangdong Yudean Environmental Protection
Environmental Protection Company Refers to
Co., Ltd.
Zhonggong Energy Technology (Maoming) Co.,
Zhonggong Energy Refers to
Ltd.
Xinjiang Company Refers to Guangdong Energy Group Xinjiang Co., Ltd.
Tumushuke Yudean Changhe New Enrgy Co.,
Shaoguan New Energy Refers to
Ltd.
Gaoshou Yudean Intelligence New Energy Co.,
Gaoshou Intelligence New Energy Refers to
Lt.
Zhenneng Energy Refers to Yunfu Yudean Zhenneng New Energy Co., Ltd.
II. Company Profile & Financial Highlights.
1.Company Profile
Stock abbreviation Yue Dian Li A, Yue Dian Li B Stock code： 000539.SZ、200539.SZ
Stock exchange for listing Shenzhen Stock Exchange
Name in Chinese 广东电力发展股份有限公司
Abbreviation of Registered
粤电力
Company Name in Chinese
English name (If any) GUANGDONG ELECTRIC POWER DEVELOPMENT CO.,LTD
English abbreviation (If any) GED
Legal Representative Zheng Yunpeng
November 1992, first registered as: 21st Floor, No. 75 Meihua Road, Guangzhou, Guangdong
Province;
December 2002, changed to: 10th Floor, Park Lane Commercial Center, Guangfa Garden, No.
498 Huanshi East Road, Guangzhou;
Registered address
June 2005, changed to: 22-26th Floor, South Tower, Yue Dian Plaza, No. 2 Tianhe East Road,
Guangzhou City, Guangdong Province;
In March 2017, changed to: 33rd - 36th Floor, South Tower, Yudean Plaza, No. 2 Tianhe East
Road, Guangzhou, Guangdong Province, China.
Postal code of the Registered
Address
510630
Historical change of the
company's registered address
No
Office Address 33-36/F, South Tower, Yudean Plaza, No.2 Tianhe Road East, Guangzhou,Guangdong Province
Postal code of the office
510630
address
Internet Web Site http://www.ged.com.cn
E-mail ged@ged.com.cn
2. Contact person and contact manner
Board secretary Securities affairs Representative
8
Name Liu Wei Huang Xiaowen
35/F, South Tower, Yudean Plaza, No.2 35/F, South Tower, Yudean Plaza, No.2
Contact address Tianhe Road East, Tianhe Road East,
Guangzhou,Guangdong Province Guangzhou,Guangdong Province
Tel (020)87570251 (020)87570251
Fax (020)85138084 (020)85138084
E-mail liuw@ged.com.cn huangxiaowen@ged.com.cn
3. Information disclosure and placed
Internet website designated by CSRC for publishing the Annual
http://www.szse.cn/
report of the Company
China Securities Daily, Securities Times, Securities Daily and
Newspapers selected by the Company for information
Hong Kong Commercial Daily(overseas newspaper for English
disclosure
version)
The place where the Annual report is prepared and placed Affair Dept. Of the Board of directors of the Company
4.Changes in Registration
Unified social credit code 91440000617419493W
On August 25,2021, The Company's main business consists of
" investment, construction and operation management of power
projects, production and sales of power, technical consulting
and services in the power industry, leasing of terminal
facilities, general cargo warehousing, loading and unloading,
and transportation
services. (Projects subject to approval according to law, Busin
ess activities can only be carried out after being approved by th
Changes in principal business activities since listing (if any)
e relevant departments)” is changed to “investment, constructio
n and operation management of power projects and new energy
projects; production and sales of electric power; technical cons
ulting and services in the power industry; leasing of terminal fa
cilities; general cargo storage, loading and unloading ,shipmen
t service. (Projects subject to approval according to law, Busin
ess activities can only be carried out after being approved by th
e relevant departments)" .
Changes is the controlling shareholder in the past (is any) No change
5. Other Relevant Information
CPAs engaged
PWC Certified Public Accountants (special general
Name of the CPAs
partnership)
11/F,PricewaterhouseCoopers Center,2 Corporate Avenue 202
Office address Hu Bin Road, Huangpu
District, Shanghai
Names of the Certified Public Accountants as the signatories Li Xiaolei, Fan Xin
The sponsor performing persist ant supervision duties engaged by the Company in the reporting
period.
□Applicable √Not Applicable
The Financial advisor performing persist ant supervision duties engaged by the Company in the
9
reporting period
□Applicable √Not Applicable
6.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
Accounting policy change
Change
s of
this
period
over
2022 2021
same
2023 period
of Last
year(%
)
After
After Before
Before adjustment adjust After adjustment
adjustment adjustment
ment
Operating income
59,708,397,738 52,661,088,436 52,661,088,436 13.38% 44,457,866,542 44,457,866,542
（Yuan）
Net profit
attributable to the
shareholders of the 974,660,299 -3,003,916,572 -2,980,434,050 132.70% -2,928,171,731 -2,928,171,731
listed company
（Yuan）
Net profit after
deducting of non-
recurring gain/loss
attributable to the 1,094,042,279 -2,936,757,038 -2,913,274,516 137.55% -2,685,731,211 -2,685,731,211
shareholders of
listed company
（Yuan）
Cash flow
generated by
business 8,465,642,282 1,479,864,774 1,479,864,774 472.06% 122,174,668 122,174,668
operation, net
（Yuan）
Basic earning per
0.1856 -0.5721 -0.5677 132.70% -0.5577 -0.5577
share(Yuan/Share)
Diluted gains per
0.1856 -0.5721 -0.5677 132.70% -0.5577 -0.5577
share(Yuan/Share)
Weighted average
4.59% -13.77% -13.60% 18.19% -9.94% -9.94%
ROE(%)
Change
d over
End of 2022 last End of 2021
year
End of 2023 （％）
After
After Before
Before adjustment adjust After adjustment
adjustment adjustment
ment
10
Gross assets
161,207,283,087 131,504,274,884 131,623,802,701 22.48% 114,493,083,598 114,493,083,598
（Yuan）
Net assets
attributable to
shareholders of the 22,141,735,460 20,241,872,479 20,350,293,619 8.80% 23,386,185,436 23,386,185,436
listed 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.
The lower of the company’s net profit before and after the deduction of non-recurring gains and
losses in the last three fiscal years is negative, and the auditor's report of the previous year shows
that the Company’s going concern ability is uncertain.
□ Yes √No
The lower of the net profit before and after the deduction of the non-recurring gains and losses is
negative.
□ Yes √No
7.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
2） Differences of net profit and net assets disclosed in financial reports prepared under overseas
and Chinese accounting standards.
□ Applicable √Not applicable
None
11
8.Main Financial Index by Quarters
In RMB
First quarter Second quarter Third quarter Fourth quarter
Operating income 13,046,268,148 15,294,572,736 16,834,382,775 14,533,174,079
Net profit attributable
to the shareholders of 88,429,494 768,109,139 870,300,962 -751,797,954
the listed company
Net profit after
deducting of non-
recurring gain/loss
74,536,213 774,474,514 862,139,199 -736,108,285
attributable to the
shareholders of listed
company
Net Cash flow
generated by business 298,763,280 2,421,606,736 4,308,886,996 1,476,056,828
operation
Whether significant variances exist between the above financial index or the index with its sum
and the financial index of the quarterly report as well as semi-annual report index disclosed by
the Company.
□Yes No
9.Items and amount of non-current gains and losses
√Applicable □Not applicable
In RMB
Items Amount (2023) Amount (2022) Amount (2021) Notes
Non-current asset disposal It is mainly for Bohe
gain/loss(including the write-off Energy and other
9,198,759 30,802,837 82,842,178
part for which assets impairment subsidiaries to dispose
provision is made) of the fixed assets.
Government subsidy recognized in
All subsidies of
current gain and loss(excluding
government funds
those closely related to the 42,080,981 51,267,272 37,606,578
received by branches
Company’s business and granted
and subsidiaries.
under the state’s policies)
Asset impairment provisions due
0 -83,358,694 0
acts of God such as natural disasters
Reverse of the provision for
impairment of accounts receivable
29,440 0 0
undergoing impairment test
individually
Net gain and loss of the subsidiary
under the common control and
produced from enterprise 0 0 -658,714,842
consolidation from the beginning of
the period to the consolidation date
The related costs and
One-off costs incurred by the expenses of staff
enterprise as a result of the relevant resettlement caused by
business activities no longer -168,447,926 0 0 the shutdown of
continuing, such as expenses for Shajiao A Power Plant
relocating employees due to the expiration of
service period.
12
Other gains/losses in compliance It is mainly the asset
with the definition of non-recurring scrapping gains and
gain/loss losses of branches and
39,135,331 -11,625,577 99,653,915 subsidiaries, and the
proceeds from the sale
of carbon emission
quotas.
Less :Influenced amount of income
18,264,521 38,582,624 55,885,342
tax
Influenced amount of minor
23,114,044 15,662,748 -252,056,993
shareholders’ equity (after tax)
Total -119,381,980 -67,159,534 -242,440,520 --
Reasons for the change of accounting policy and the correction of accounting errors
In 2022, the Ministry of Finance promulgated the Notice on Printing and Distributing No.16
Interpretation of Accounting Standards for Business Enterprises (hereinafter referred to as
"Interpretation No.16"). Since January 1, 2023, the Group and the Company have implemented
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 the initial recognition
exemption, and adopted the retrospective adjustment method to adjust the retained income at the
beginning of 2022 and other related financial statement items accordingly, and restated the
comparative financial statements for 2022 accordingly.
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 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
25,984,374
immediately regulations, and continue to occur.
Carbon emission quota used to fulfill the Comply with national policies and
-298,330,020
emission reduction obligation regulations, and continue to occur.
13
III. Management Discussion & Analysis
I. Industry information of the Company during the reporting period
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.
According to the statistics of the national power industry in 2023 published by the National
Energy Administration, the electricity consumption of the whole society in China in 2023 was
9.22 trillion kWh, with a year-on-year increase of 11.5%. The electricity consumption of the
primary industry was 127.8 billion kWh, with a year-on-year increase of 10.4%; The electricity
consumption of the secondary industry was 6.07 trillion kWh, with a year-on-year increase of
6.5%; The electricity consumption of the tertiary industry was 1.67 trillion kWh, with a year-on-
year increase of 12.2%; The domestic electricity consumption of urban and rural residents was
1.35 trillion kWh, with a year-on-year increase of 0.9%.
In terms of power supply, with the deepening implementation of the goal of "carbon peaking and
carbon neutrality" and the continuous promotion of the development requirements of building a
new power system, the investment in non-fossil energy power generation has increased rapidly,
and the proportion of new energy in the total installed capacity in China has been increasing. In
2023, coal-fired power generation accounted for nearly 60% of the total power generation.
Considering the installed capacity and power generation, coal-fired power is still the main power
supply in China, and will continue to play the role of "pillar" and "stabilizer" for quite some time.
By the end of 2023, the cumulative installed power generation capacity in China was about 2.92
billion kilowatts, with a year-on-year increase of 13.9%, in which, The installed power
generation capacity of solar power is about 610 million kilowatts, with a year-on-year increase of
55.2%; the installed capacity of wind power is about 440 million kilowatts, with a year-on-year
increase of 20.7%; The installed capacity of coal-fired power is about 1.16 billion kilowatts, with
a year-on-year increase of 3.41%, accounting for 39.9% of the total installed power generation
capacity, falling below 40% for the first time, with a year-on-year decrease of 4%. In 2023, coal-
fired power generation accounted for nearly 60% of the total power generation in full caliber,
Combined with the installed capacity and power generation, coal-fired power is still the most
important power supply in China, and it is also the "ballast stone" to ensure the safe and stable
supply of electricity in China.
In 2023, the National Energy Administration issued the Guiding Opinions on Energy Work in
2023, calling for strengthening the exploration and development of domestic energy resources,
increasing reserves and production, actively promoting the diversification of energy resources
imports, and making every effort to ensure sustained and stable energy supply and reasonable
and controllable prices. In addition, the National Development and Reform Commission and the
National Energy Administration jointly issued the Notice on Establishing the Electricity Price
Mechanism of coal-fired power Capacity, and decided to establish the electricity price
mechanism of coal-fired power capacity from January 1, 2024, in order to promote the
transformation of the business development mode of coal-fired power and better ensure the safe
and stable supply of electricity. According to the Notice on Relevant Matters of Coal Electricity
14
Capacity Electricity Price Mechanism in our province, Guangdong Province issued by
Guangdong Provincial Development and Reform Commission, Energy Bureau of Guangdong
Province and South China Energy Regulatory Bureau of National Energy Administration,
Guangdong province will implement the national electricity price mechanism of coal-fired power
capacity and the electricity price mechanism of gas power capacity in Guangdong province at the
same time.
According to the transaction results announced by Guangdong Power Exchange Center in
December 2023, the average transaction price of bilateral negotiation transactions, annual listing
transactions and annual centralized competition transactions in the province in 2023 decreased
year-on-year, of which the electricity volume of bilateral negotiation transactions was 243.114
billion kWh, and the average transaction price was RMB 465.64/thousand kWh (including tax),
down RMB 88.24/thousand kWh from the previous year. The decrease of the electricity price in
the medium- and long-term market in Guangdong Province will impact on the company's
operating income. The Company will continue to optimize the trading strategy in the electricity
market, focus on controlling the cost of fuel procurement, strictly control various costs and
expenses, strive for its business objectives to consolidate and expand its improving performance.
II.Main Business the Company is Engaged in During the Report Period
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.
The Company mainly engages in the investment, construction and operation management of
power projects, and the production and sales of electric power. It belongs to the power, heat
production and supply industry classified in the “Guidelines for the Industry Classification of
Listed Companies” by the China Securities Regulatory Commission. Since its foundation, the
Company has always adhered to the business tenet of “Capital from the people, using it for
electricity, and benefiting the public” and adheres to the business policy of “Centering on the main
business of electricity, with diversified development”, focusing on the main business of power and
making the power structure go diversified. In addition to the development, construction and
operation of large-scale coal-fired power plants, it also has clean energy projects such as LNG
power generation, biomass power generation, wind power generation and hydropower generation,
which provides reliable and clean energy to users through the grid company. As of the end of
2023, the company has controllable installed capacity of 34.481 million kilowatts, including
holding installed capacity of 32.1258 million kilowatts and equity participation installed capacity
of 2.3552 million kilowatts. Including: The holding installed capacity for coal-fired power
generation was 19.89 million kilowatts, accounting for 61.91%; the holding installed capacity for
gas and electricity of 7.059 million kilowatts, accounting for 21.97%；and renewable energy
generation like wind power, hydropower ,Photovoltaic and biomass of 5.1768 million kilowatts,
accounting for 16.12%. In addition, the company is entrusted with managing the installed capacity
of 8.854 million kilowatts. The above controllable installed capacity and entrusted management
installed capacity totaled 43.023 million kilowatts.
Income source is primarily contributed by power production and sales, and main business
15
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. In the reporting period, the electricity sold is 114.002 billion kilowatt-hours,an
increase of 5.87% YOY; average price stated in the consolidated statements is 581.29 Yuan/
thousands kilowatt-hours(tax included ,the same below ), an increase of 37.88 yuan/ thousands
kilowatt-hours or an increase of 6.95% YOY;the total operating income was RMB 52,708.4
million, an increase of RMB 7,047.31 million or an increase of 13.38% YOY.
Since the Company's main business is thermal power, and the fuel cost accounts for a relatively
large part of the operating cost, the fluctuation of coal and natural gas prices has a great impact
on the Company's operating performance. During the reporting period, the Company's fuel cost
was RMB 40,265.88 million, accounting for 7900% of the operating cost, which benefited from
the decline of fuel price. The fuel cost decreased by RMB 2,986.11 million, with a decrease of
6.90%.
During the reporting period, benefiting from the year-on-year growth of the on-grid electricity
consumption, the Company's operating income increased significantly, while the coal market
price dropped, and the marginal income of coal-fired power business improved. In 2023, the
Company realized a net profit of 974.66 million yuan, with an increase of RMB 3,955.09 million.
The Company realized a net profit attributed to parent company of RMB 865.4 million in coal-
fired power business; 468.77 million in gas and electricity business; RMB -584.72 million in
hydropower business; RMB 351.53 million in new energy business; and RMB 925.19 million in
headquarters investment business.
Main Production and Operation Information
Items This reporting period Same period last year
Total installed capacity ('0,000 kW) 3,212.58 2,969.62
Installed capacity of units that are newly put into
242.96 147.10
production ('0,000 kW)
Planned installed capacity of approved projects ('0,000
970.40 1,803.50
kW)
Planned installed capacity of projects under
1,474.95 1,077.15
construction ('0,000 kW)
Power generation ('00,000,000 kWh) 1,205.54 1,140.59
On-grid electricity or electricity sales ('00,000,000
1,140.02 1,076.79
kWh)
Average on-grid price or selling price (RMB/ '000
583.43 545.55
kWh , including tax)
Average power consumption rate of power plant (%) 5.47% 5.71%
Power plant utilization hours (h) 3,957 3,980
(1) Operation Information of thermal power
Items This reporting period Same period last year
Total installed capacity ('0,000 kW) 2694.9 2,694.20
16
Installed capacity of units that are newly put into
0.7 92
production ('0,000 kW)
Planned installed capacity of approved projects ('0,000
350 852
kW)
Planned installed capacity of projects under
1267.42 745.6
construction ('0,000 kW)
Power generation ('00,000,000 kWh) 1,141.50 1,086.73
On-grid electricity or electricity sales ('00,000,000
1,078.79 1,025.63
kWh)
Average on-grid price or selling price (RMB/
0.58 0.54
'00,000,000 kWh , including tax)
Average power consumption rate of power plant (%) 5.49 5.62
Power plant utilization hours (h) 4,234 4,110
（2）Operation Information of wind power
Items This reporting period Same period last year
Total installed capacity ('0,000 kW) 279.5 234.5
Installed capacity of units that are newly put into
45 37.46
production ('0,000 kW)
Planned installed capacity of approved projects ('0,000
21.5 11.5
kW)
Planned installed capacity of projects under
60 100
construction ('0,000 kW)
Power generation ('00,000,000 kWh) 49.07 42.99
On-grid electricity or electricity sales ('00,000,000
47.20 41.15
kWh)
Average on-grid price or selling price (RMB/
0.70 0.73
'00,000,000 kWh , including tax)
Average power consumption rate of power plant (%) 3.77 4.27
Power plant utilization hours (h) 2,088 2,168
（3）Operation Information of water power
Items This reporting period Same period last year
Total installed capacity ('0,000 kW) 13.28 13.28
Installed capacity of units that are newly put into
0 0
production ('0,000 kW)
Planned installed capacity of approved projects ('0,000
0 0
kW)
Planned installed capacity of projects under
0 0
construction ('0,000 kW)
Power generation ('00,000,000 kWh) 4.11 3.76
On-grid electricity or electricity sales ('00,000,000
4.03 3.70
kWh)
Average on-grid price or selling price (RMB/
0.21 0.21
'00,000,000 kWh , including tax)
Average power consumption rate of power plant (%) 1.89 1.66
Power plant utilization hours (h) 3,095 2,833
（4）Operation Information of Biomass business
Items This reporting period Same period last year
17
Total installed capacity ('0,000 kW) 10 10
Installed capacity of units that are newly put into
0 0
production ('0,000 kW)
Planned installed capacity of approved projects ('0,000
0 0
kW)
Planned installed capacity of projects under
0 0
construction ('0,000 kW)
Power generation ('00,000,000 kWh) 7.08 7.09
On-grid electricity or electricity sales ('00,000,000
6.22 6.28
kWh)
Average on-grid price or selling price (RMB/
0.75 0.75
'00,000,000 kWh , including tax)
Average power consumption rate of power plant (%) 11.85 11.37
Power plant utilization hours (h) 7,080 7,087
（5）Operation Information of photovoltaic business
Items This reporting period Same period last year
Total installed capacity ('0,000 kW) 214.90 17.64
Installed capacity of units that are newly put into
197.26 17.64
production ('0,000 kW)
Planned installed capacity of approved projects ('0,000
598.9 940
kW)
Planned installed capacity of projects under
147.53 231.55
construction ('0,000 kW)
Power generation ('00,000,000 kWh) 3.85 0.03
On-grid electricity or electricity sales ('00,000,000
3.78 0.03
kWh)
Average on-grid price or selling price (RMB/
0.30 0.54
'00,000,000 kWh , including tax)
Average power consumption rate of power plant (%) 1.57 1.11
Power plant utilization hours (h) 432 146
Note：The total installed capacity is the holding
installed capacity
Electricity sales business of the Company
√ Applicable □ Not applicable
Guangdong Yudean Electric Power Sales Co., Ltd. ("Sales Company"), a wholly-owned
subsidiary of the Company, founded in July 2015, is the first power sales company in Guangdong
Province, and its power sales qualification code is SD01. Based on the business of purchasing and
selling electricity, the company focuses on improving electricity efficiency, provides customers
with services such as demand response strategy, energy saving renovation, energy consumption
strategy consultation, contracted energy management, power energy storage, etc., and carries out
comprehensive energy service projects (smart energy management, carbon asset management,
energy trusteeship, energy audit, etc.) in vertical (industry) fields, large group enterprises and
large parks.
In 2023, the electricity consumption of the Power Marketing Company was 55.873 billion kWh,
with a year-on-year increase of 13.58%, in which the electricity of the holding subsidiary of the
agency company is 42.804 billion kWh, accounting for 37.55% of the Company's on-grid
18
electricity.
Reasons for the significant changes in the relevant data
□ Applicable √Not applicable
Related new energy power generation business
During the "14th Five-Year Plan" period, the Company initially planned to add about 14 million
kilowatts of new energy installed capacity, including 1.6 million kilowatts of onshore wind
power, 2.8 million kilowatts of offshore wind power and 9.6 million kilowatts of photovoltaic
power (the above-mentioned planned installed capacity and power generation type will be
determined according to the actual situation of project approval for filing, investment and
development, and be subject to some adjustment in specific implementation.) By the end of 2023,
the Company had a total installed capacity of about 4.944 million kilowatts of new energy such
as wind power and photovoltaic power, including about 1.6 million kilowatts of offshore wind
power, 1.1934 million kilowatts of onshore wind power and 2.149 million kilowatts of
photovoltaic power; In Jianyang Jiangqingzhou No. 2 offshore wind power projects and Xinjiang
Shache photovoltaic projects, the total installed capacity is 2.0753 million kilowatts; It
completed the decision to build and sign an acquisition agreement of 2,335,000 kW; The scale of
new energy projects that the Company has approved for filing and achieved indicators is about
6.20 million kW. 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", implement the strategy of "1+2+3+X", 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.
As of December 31, 2023, the new energy power generation projects controlled by the Company
that have been put into production are as follows:
III.Analysis On core Competitiveness
The Company's main power generation assets are located in Guangdong Province, with a total
asset size of more than 161.2 billion，It is the largest listed company with state-owned assets in
Guangdong Province. As of December 31, 2023, the Company, as the largest listed power
company in Guangdong Province, has a total of 30.137 million kilowatts of market-oriented units
in the province, accounting for 15.63% of the total market-oriented units in the 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 Energy
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.
19
3. Comprehensive advantages of main business
During the 14th five-year 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 2023, the company completed a total of 109.301 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's financial position is good, with good financing channels such as bank credit,
bonds and securities markets and rich financing methods. In the meantime, the Company is
planning on establishing a new energy industry fund, to introduce strategic investors for
subsidiaries, and issue financing schemes such as public offering REITs. The Company will
make full use of internal and external financial resources to provide strong financial guarantee
for the production and operation of enterprises, the construction of key projects and the rapid
development of new energy industry.
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
"3060" target to be implemented.
20
IV.Main business analysis
Ⅰ.General
In 2023, the national economy rebounded to stimulate electricity consumption, and the demand
for electricity in Guangdong Province increased year-on-year, reaching 850.2 billion kWh, with
a year-on-year increase of 8.0%. In terms of installed capacity, by the end of 2023, the installed
capacity of Guangdong was 193 million kW, with a year-on-year increase of 12.7%, of which the
installed capacity of coal-fired power was 72.411 million kW, with a year-on-year increase of
5.6%; the installed capacity of gas power was 39.552 million kW, with a year-on-year increase
of 15.5%; the total installed capacity of wind power and solar power generation was 40.669
million kW, with a year-on-year increase of 43.4%. During the reporting period, the Company
accumulated 114.002 billion kWh of on-grid electricity in consolidated statements, with a year-
on-year increase of 5.87%, in which, the on-grid electricity of coal machine is 89.735 billion
kWh, the on-grid electricity of gas machine is 18.144 billion kWh, and the on-grid electricity of
hydropower, wind power and photovoltaic power is 5.501 billion kWh.
In 2023, thanks to the steady recovery of power market demand and the orderly promotion of
new energy projects, the Company achieved remarkable results in increasing revenue and
reducing expenditure, reducing costs and increasing efficiency, the profitability of thermal power
recovered, the performance of new energy remained stable, and its operating performance turned
losses into profits year on year. According to the consolidated statements, the total assets of the
Company were RMB 161.2 billion, with a year-on-year increase of 22.48%; The liabilities in the
consolidated statement totaled RMB 127.3 billion, and the asset-liability ratio was 78.96%; The
equity attributable to shareholders of the parent company was RMB 22.2 billion, with a year-on-
year increase of 8.80%. According to the consolidated statements, the Company's operating
income was RMB 59.7 billion, with a year-on-year increase of 13.38%; The net profit
attributable to shareholders of the parent company was RMB 1 billion and the earnings per share
was RMB 0.1856.
In 2023, the Company added 3,089,600 kilowatts of installed capacity through self-builds and
acquisitions, shut down 660,000 kilowatts of installed capacity in coal, with a total installed
capacity of about 2,429,600 kW; By the end of 2023, the Company had a holding installed
capacity of 12,235,800 kW of clean power generation such as gas power, wind power,
hydropower, photovoltaic and biomass, accounting for 38.09%. In addition, the Company
actively promoted the construction of Daya Bay Integrated Energy Station, Ningzhou Alternative
Power Supply, Zhaoqing Yongan Natural Gas Thermal Power, Yangjiang Qingzhou Offshore
Wind Power, Xinjiang Hanhai Photovoltaic and other projects, continuously optimized the
power supply structure, and promoted its green and low-carbon transformation.
2. Revenue and cost
(1)Component of Business Income
In RMB
21
2023 2022
Increase /decrease
Amount Proportion Amount Proportion
Total operating
59,708,397,738 100% 52,661,088,436 100% 13.38%
revenue
On Industry
Electric power ,
Steam sales and 59,296,174,696 99.31% 52,220,743,337 99.16% 13.55%
labor income
Other 412,223,042 0.69% 440,345,099 0.84% -6.39%
On products
Sales Electric
58,860,722,062 98.58% 51,889,521,596 98.53% 13.43%
Power
Steam income 303,847,319 0.51% 202,658,611 0.38% 49.93%
Labor income 131,605,315 0.22% 128,563,130 0.24% 2.37%
Comprehensive
utilization of fly 278,575,922 0.47% 365,533,200 0.69% -23.79%
ash
Lease revenue 50,931,914 0.09% 42,581,955 0.08% 19.61%
Other 82,715,206 0.14% 32,229,944 0.06% 156.64%
Area
Guangdong 58,383,250,691 97.78% 51,738,933,176 98.25% 12.84%
Xinjiang 934,441,658 1.57% 724,019,436 1.37% 29.06%
Hunan 141,988,229 0.24% 81,219,984 0.15% 74.82%
Hebei 79,397,685 0.13% 0 0 Not applicable
Yunnan 74,112,332 0.12% 70,173,996 0.13% 5.61%
Guangxi 52,343,423 0.09% 46,017,681 0.09% 13.75%
Henan 36,927,674 0.06% 724,163 0% 4,999.36%
Shandong 2,819,132 0% 0 0 Not applicable
Inner Mongolia 1,441,224 0% 0 0 Not applicable
Anhui 840,319 0% 0 0 Not applicable
Ganshu 835,371 0% 0 0
Sub-sale model
Direct selling 59,708,397,738 100% 52,661,088,436 100% 13.38%
(2)Situation of Industry, Product and District Occupying the Company’s Business Income and
Operating Profit with Profit over 10%
√ Applicable □Not applicable
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.
In RMB
Increase/decrea Increase/decrea
Increase/decrea
se of business se of gross
Gross se of revenue in
cost over the profit rate over
Turnover Operation cost profit the same period
same period of the same period
rate(%) of the previous
previous year of the previous
year(%)
(%) year (%)
On products
22
Sales Electric
58,860,722,062 50,557,894,829 14.11% 13.43% -3.71% 15.28%
Power
Including：
Fire coal
Generation 44,243,458,818 38,571,597,960 12.82% 8.91% -11.08% 19.60%
Power
Gas Generation
11,392,567,639 9,832,997,964 13.69% 40.47% 32.53% 5.17%
Power
Renewable
3,224,695,605 2,153,298,905 33.22% 2.23% 26.20% -12.68%
Engegy
Area
Guangdong 58,383,250,691 49,740,613,042 14.80% 12.84% -4.11% 15.05%
Sub-sale model
Direct selling 59,708,397,738 50,970,997,678 14.63% 13.38% -3.56% 15%
Reasons for great changes in related financial indicators
√ Applicable □ Not applicable
1) The Company's operating income in Henan increased by 4999.36% year-on-year, mainly
because the Company acquired Wuzhi Jindian and Xihua New Energy in December 2022.
In 2022, the operating income in this area was only the operating income generated after the
merger;
2) The Company's photovoltaic power sales revenue increased by 875.08% year-on-year, and
its operating cost increased by 4332.30% year-on-year, mainly because the number of
photovoltaic projects put into operation last year was small, with low on-grid power, and
most of them were in the trial operation stage; This year, the number of projects put into
production and the on-grid power have increased, and the income from electricity sales has
increased year-on-year. At the same time, depreciation has been accrued after the project is
officially consolidated, and other related costs have also increased, resulting in an increase
in operating costs.
3) The gross profit margin has decreased by 231.83% year-on-year, mainly due to the decline
in power generation efficiency of biomass business, rising cost of fuel, etc.
(3)Whether the Company’s Physical Sales Income Exceeded Service Income
√ Yes □ No
Classification Items Unit 2022 2022 Changes
Sales volume '00,000,000 kWh 1,140.02 1,076.79 5.87%
Electric power,
thermal production Production '00,000,000 kWh 1,205.53 1,140.59 5.69%
and supply
Explanation for a year-on –year change of over 30%
□ Applicable √Not applicable
(4) Performance of the major sales contract, major procurement contract signed by the Company
till end of the Period
√ Applicable □Not applicable
23
Implementation of Signed Major Sales Contracts as of this Reporting Period
√ Applicable □Not applicable
In RMB10,000
Amount
Total Total fulfilled Amount
Contract Whether fulfilled Description of the failure to
Counterparty contract fulfilled during the to be
object properly fulfill the contract properly
amount amount reporting fulfilled
period
CHINA
Quantity
SOUTHERN
of 5,771,897 Yes
POWER
electricity
GRID
Implementation of Signed Major Purchase Contracts as of this Reporting Period
□ Applicable √Not applicable
(5) Component of business cost
In RMB
2023 2022
Proportion Proportion Increase/Dec
Industry Items in the in the
Amount Amount rease
operating operating
costs (%) costs (%)
Electric power, thermal
Fuel cost 40,265,881,130 79% 43,251,995,444 81.84% -6.90%
production and supply
Electric power, thermal Depreciation
5,098,136,051 10% 4,750,844,684 8.91% 7.31%
production and supply expense
Electric power, thermal
Labor cost 1,930,378,946 3.79% 1,774,323,886 3.37% 8.80%
production and supply
Electric power, thermal
Other 3,676,601,551 7.21% 3,111,250,716 5.89% 18.17%
production and supply
Note
The Company is in power sector and mainly engaged in power generation at present. The cost is
composed of fuel cost, depreciation expenses, labour cost and other expenses. During the
reporting period,Fuel cost accounts for about 79.29% of total cost.
(6)Whether Changes Occurred in Consolidation Scope in the Report Period
√Yes □No
1) Addition of subsidiaries in this year:
Nature New investment Paid-in capital at the Proport Acquired
amount in this period end of period(Yuan) ion (%)
Name (Yuan)
Zhonggong Energy
Photovoltaic
Technology(Maoming) 152,969,360 152,969,360 100% Purchase
Power Generation
Co., Ltd.
24
Investment and Investment
Guangdong Energy Group
Asset 100,000,000 100,000,000 100% establishmen
Xingjiang Co., Ltd.
management t
Investment
Yunfu Yudean Zhenneng Photovoltaic
10,000,000 10,000,000 100% establishmen
New Energy Co., Ltd. Power Generation
t
Tumushuke Yudean Investment
Photovoltaic
Changhe New Energy Co., 3,500,000 3,500,000 100% establishmen
Power Generation
Ltd. t
Investment
Zhuhai Yudean New Photovoltaic
2,740,000 2,740,000 100% establishmen
Energy Co., Ltd. Power Generation
t
Gaozhou Yudean Investment
Photovoltaic
Intelligence New Energy 1,476,800 1,476,800 100% establishmen
Power Generation
Co., Ltd. t
The above-mentioned companies acquired through asset acquisition are subsidiaries acquired
by the Company and its subsidiaries from third parties through asset acquisition. On the
acquisition date, the above-mentioned companies had no other business and assets except
construction in progress, fixed assets and right-to-use assets, and the acquisition does not involve
employees. On the acquisition date, there was no output, which was an asset acquisition that did
not constitute business.
2) Reduction of subsidiaries in this year:
Business Paid-in capital before Shareholding ratio before
Subsidiary name
nature cancellation (RMB) cancellation
Guangdong Yudean Baihua Integrated Cogenerati
3,000,000 100%
Energy Co., Ltd on
Guangdong Yudean Baihua Integrated Energy Co., Ltd., a subsidiary of the Company, held a
shareholders' meeting on October 9, 2023 and decided to complete the cancellation of Baihua
Company in 2023. Liquidation and cancellation of Baihua Company will change the scope of the
Company's consolidated financial statements accordingly, but it will not have a significant
impact on the Company's existing business and performance, and will not harm the interests of
the Company and its shareholders. On November 16, 2023, Baihua Company completed the
liquidation and cancellation.
(7) Relevant Situation of Significant Changes or Adjustment of the Business, Product or Service
in the Company’s Report Period
□ Applicable √Not applicable
(8)Situation of Main Customers and Main Supplier
Information of the Company’s top 5 sales customers
Total sales amount to top 5 customers (Yuan) 48,931,054,311
Proportion of sales to top 5 customers in the annual
86.63%
sales(%)
Proportion of the sales volume to the top five
customers in the total sales to the related parties in the 62.20%
year
Information of the Company’s top 5 customers
25
No Name Amount（RMB） Proportion
1 GPGC 57,718,966,149 96.67%
2 STATE GRID 1,124,222,881 1.88%
Guangdong Energy
3 316,709,306 0.53%
Group Co., Ltd.
Tumushuke Chuangneng
4 55,440,369 0.09%
Thermal Power Co., Ltd.
Sinopec Corp Maoming
5 46,819,177 0.08%
Branch
Total -- 59,262,157,882 99.25%
Other explanation :
√Applicable □Not applicable
Guangdong Yudean Environmental Protection Co., Ltd. is a wholly-owned subsidiary of
Guangdong Electric Power Industrial Fuel Co., Ltd., a joint venture company of the Company.
Therefore, Guangdong Yudean Environmental Protection Co., Ltd. is related to the Company.
Principal suppliers
Total purchase of top 5 Suppliers（Yuan） 48,931,054,311
Percentage of total purchase of top 5 suppliers In total annual
86.63%
purchase(%)
Proportion of purchase amount from the top 5 suppliers in the
62.20%
total purchase amount from the related parties in the year
Information about the top 5 suppliers
No Name Amount（Yuan） Proportion
1 Guangdong Energy Group 35,136,135,007.00 62.20%
China Energy Construction
2 7,166,884,596.00 12.69%
Group Co., Ltd.
3 POWERCHINA 2,484,375,109.00 4.40%
Guangdong Dapeng LNG
4 2,115,566,258.00 3.75%
Co., Ltd.
Guangdong Zhujiang
5 Investment Electric Fuel Co., 2,028,093,341.00 3.59%
Ltd.
Total -- 48,931,054,311.00 86.63%
Other explanation :
√ Applicable □Not applicable
Guangdong Energy Group Co., Ltd. (hereinafter referred to as "Energy Group") is the controlling
shareholder of the Company, and has an associated relationship with the Company. The amount
of related suppliers between the Company and Energy Group listed here covers all related
transactions between the Company and Energy Group and its subsidiaries.
3.Expenses
In RMB
2023 2022 Increase/Decrease(%) Notes
Sale expenses 93,238,999 69,108,603 34.92% It is mainly due to the
Company's active
26
business expansion and
the increase in
marketing-related
expenses.
Administration It is mainly due to that
expenses because of expiration
and shutdown of the
generator set in Shajiao
A Power Plant, the
Company recognized
the personnel
1,592,057,152 1,192,506,931 33.51% placement cost, and at
the same time, the
Company's business
scale continued to
expand, and the related
management expenses
such as office
increased.
Financial expenses 2,287,869,816 2,135,900,012 7.12%
R & Development
1,116,555,274 1,229,311,572 -9.17%
expenses
4.R& D Expenses
√ Applicable □Not applicable
Expected
impact on the
Name of main Project Goal to be
No Enterprise Project purpose future
R&D project progress achieved
development of
the Company
It takes the first
step to build
the primary FM
holographic
sensing and It provides
intelligent comprehensive
Cooperate with the
management and accurate
pilot work of China
Research and and control data for the
Southern Power
application of system in promotion and
Grid, build test sub-
primary China Southern application of
stations to
frequency Power Grid, primary FM
Guangdong cooperate with the
modulation and also active test
Yudean Bohe general dispatching Complete
1 (FM) active provides function of
Energy Co., to carry out related d
test for comprehensive power grid,
LTD. tests, and better
1000MW and accurate which is of
carry out the
thermal power parameter data milestone
promotion and
unit (Units 1 for the significance to
application of FM
and 2) promotion and the promotion
active test function
application of of primary FM
in the whole grid.
primary FM management in
active test the Company.
function of
China Southern
Power Grid in
the whole grid.
27
Determine the
reliable and
Explore the
stable fuel
practical
composition
combustion
and component
blending mode,
Research on Master a wide ratio. High
give full play to
diversified fuel variety of fuel proportion of
the
Guangdong coupling power blending research low-quality
performance of
Yudean generation models, and realize fuel is blended,
Complete the unit, ensure
2 Yunhe Power technology of the decrement, and all
d the safety of
Generation large resource and parameters are
the unit, reduce
Co., Ltd. circulating reduction disposal normal. Apply
the fuel cost
fluidized bed of urban solid to the
and increase
boiler waste. environmental
the
protection
comprehensive
department for
income of the
approval of
whole plant.
long-term
blending.
Complete key
technology
R&D and
Guangqian Demonstration
demonstration
Electric Power of natural gas
Research on the verification.
Company- zero-carbon
demonstration and Formulate the
Research and emission power
application of MW industry
demonstration generation
natural gas zero standard of
Shenzhen project on key technology will
carbon emission Stage carbon capture,
Guangqian technologies of promote the
3 power generation completio and formulate
Electric Co., zero-carbon development of
technology based n and launch the
Ltd. power peak emission
on natural gas engineering
generation by and carbon
chemical looping design,
chemical chain neutrality
combustion operation and
combustion of technology in
technology. commissioning
MW natural power
standard of
gas enterprises.
chemical chain
combustion
device.
Meet the
technical
requirements of
unit flexibility
transformation;
The Put forward the
intelligent Improve the
correspon
combustion peak load
Research on ding
optimization regulation
key transform
technology capacity by
technologies of Improvement of ation has
under deep more than 10%,
Guangdong deep peak load flexible technology been
peak load which meets
Red Hong regulation is expected to complete
regulation; the needs of
4 Bay Power transformation increase the peak d, and the
Improve the power grid
Generation in coal-fired load regulation post-
peak load development,
Co., Ltd. power plants capacity of thermal transform
regulation and enhances
and their field power units. ation test
capacity by the Company's
large-scale is
more than competitivenes
application currently
10%; And s in the power
under
achieve market.
way
automatic
control of the
whole process
within the
range of deep
peak load
28
regulation.
Establish the
preventive anti- It expands the
corrosion characteristics
management of equipment
Research on system, find corrosion in
key out the failure coastal power
technologies of law and key plants to the
Develop new anti-
long-term influencing coastal power
corrosion
Guangdong economic factors, and plants of the
technology for
Red Bay corrosion carry out safety Group, which
coastal power In
5 Power protection for monitoring, so is conducive to
plants and optimize progress
Generation steel structures as to provide the more
the anti-corrosion
Co., Ltd. and equipment theoretical economical and
scheme for steel
with high salt basis and efficient
structures
and humidity in research development of
coastal power direction for the anti-
plants developing corrosion work
long-term in coastal
protection power plants of
technologies the Group.
and products.
Take measures
such as improving
flue gas flow field,
preventing dust It can improve
accumulation, the sealing and
Research and
corrosion, abrasion, pressure
application of Study the
reducing resistance resistance of
leakage present
and optimizing the heat
prevention situation and
Guangdong layout to ensure the exchanger,
technology for faults of
Yudean stable operation of effectively
MGGH Complete MGGH heat
6 Jinghai Power the primary heat reduce the
primary heat d exchanger of
Generation exchanger under leakage risk,
exchanger of 600MW unit,
Co., Ltd. different prolong the
600MW unit and put
conditions, service life of
based on three- forward the
maximize its the equipment
dimensional solutions.
service life, and and reduce the
tube
improve the safety, maintenance
environmental cost.
protection and
economy of the
unit.
29
Create the first
new negative
carbon
Through the economy
efficient model of
photosynthesis of "biomass
Research and microalgae, CO2 in power plant -
application on the original flue gas carbon fixation Become a
key of biomass power by microalgae - demonstration
technologies of plant is directly resource site of
Guangdong carbon absorbed and utilization" in microalgae
Yudean sequestration utilized, and then Prelimina China, build a project in
Biomass by microalgae, the microalgae after ry circular biomass power
7
Power emission carbon acceptanc economy plant and
Generation reduction and sequestration is e industrial chain enhance the
Co., Ltd. resource transformed into of "energy- Company's
utilization of high value-added agriculture- image and
raw flue gas products, thus environment", competitivenes
from biomass overcoming the realize the s.
power plant difficulty of poor application
economic benefits implementation
of carbon emission of cutting-edge
reduction negative carbon
technology,
and boost rural
revitalization.
Make the
Improve the
desulfurization
desulfurization
system adapt to
efficiency of the
the load of the
desulfurization
Improve the unit quickly, at
Research and system, so as to
ability of the same time
Guangdong engineering make the
existing FGD expand the
Yudean application of a desulfurization
system to treat sulfur content
Shaoguan new type of system adapt to the
Complete SO2 in raw flue ratio of the unit
8 Power nano load of the unit
d gas, and meet coal, introduce
Generation desulfurizer for quickly, and realize
the ultra-low more
Plant Co., efficient low the three goals of
emission economical
Ltd. carbon reducing the
requirement of high-sulfur
emission minimum output,
35mg/m3. coal, and
starting and
reduce the
stopping quickly
coal-fired cost
and changing the
in the power
load quickly.
plant.
Realize the analysis
and diagnosis based
Give early
on artificial
warnings to the
intelligence and
large parts with
multi-source big
hidden dangers,
data fusion, and
and find out
Research on evaluate the Establish a
Guangdong and handle the
key performance and comprehensive
Yudean faults as early
technologies of fatigue life of key evaluation
Zhanjiang as possible to
9 offshore wind components of Ongoing system for
Wind Power prevent further
power transmission chain wind turbine
Generation worsening and
operation and under all generator
Co., Ltd. reduce the huge
maintenance conditions, and operation state.
economic
establish a
losses caused
comprehensive
by the
evaluation system
replacement of
for wind turbine
large parts.
generator operation
state.
30
Aiming at the
optimal operation
(1) Improve the
of boiler
Development boiler
combustion, put
and application efficiency by Improve the
forward a multi-
of intelligent about 0.3%; (2) potential of
Zhanjiang output objective
optimization Complete Reduce the boilers to adapt
10 Electric Co., model suitable for
technology for d NOx to inferior coal
Ltd. combustion system,
boiler concentration and reduce fuel
and optimize the
combustion at the furnace costs.
model parameters
system outlet by about
to improve the
5%.
forecast
performance.
Applicable □Not applicable
Company's research and development personnel situation
2023 2022 Increase /decrease
Number of Research and
Development persons 1,421 1,333 6.06%
(persons)
Proportion of Research and
14.10% 15.08% -0.98%
Development persons
Academic structure of R&D personnel
Bachelor 984 961 2.39%
Master 93 87 6.90%
Doctor 2 2 0%
College and below 984 961 2.39%
Age composition of R&D personnel
Under 30 years old 182 127 43.31%
30-40 years old 433 455 -4.84%
Over 40 years old 806 751 7.32%
The Company's R & D investment situation
2023 2022 Increase /decrease
Amount of Research and
Development Investment 1,116,555,274 1,229,311,572 -9.17%
(Yuan)
Proportion of Research and
Development Investment of 1.87% 2.33% -0.46%
Operation Revenue
Amount of Research and
Development Investment 0 0 0%
Capitalization (Yuan)
Proportion of Capitalization
Research and Development
0% 0% 0%
Investment of Research and
Development Investment
Reasons and influence of significant changes in R&D personnel composition of the Company
□ Applicable √Not applicable
31
The Reason of the Prominent Change in Total Amount of Research and Development Input
Occupying the Business Income Year on Year
□ Applicable √Not applicable
Reasons for the drastic change of capitalization rate of R&D investment and its rationality
explanation
□ Applicable √Not applicable
5.Cash Flow
In RMB
Items 2023 2022 Increase/Decrease(%)
Subtotal of cash inflow
received from operation 67,184,093,793 61,684,580,742 8.92%
activities
Subtotal of cash outflow
received from operation 58,718,451,511 60,204,715,968 -2.47%
activities
Net cash flow arising from
8,465,642,282 1,479,864,774 472.06%
operating activities
Subtotal of cash inflow
received from investing 533,590,769 2,063,345,623 -74.14%
activities
Subtotal of cash outflow for 26,715,093,026 75.58%
15,215,449,730
investment activities
Net cash flow arising from
-26,181,502,257 -13,152,104,107 -99.07%
investment activities
Subtotal cash inflow received
64,285,957,027 51,212,894,586 25.53%
from financing activities
Subtotal cash outflow for
46,049,738,583 36,129,964,664 27.46%
financing activities
Net cash flow arising from
18,236,218,444 15,082,929,922 20.91%
financing activities
Net increase in cash and cash
equivalents 520,358,656 3,410,691,561 -84.74%
Notes to the year-on-year change of the relevant data
√Applicable □ Not applicable
(1) The net cash flow from operating activities increased by 472.06% YOY, which was mainly
due to the increase in the Company's electricity sales revenue, the increase in cash inflow from
sales of commodities, the decline in fuel market prices, and the decrease in cash outflow from
purchased commodities in the year.
(2) The cash inflow from investment activities decreased by 74.14% YOY, which was mainly
due to the recovery of the balance payment for the disposal of Bohe Wharf in the same period
last year; The cash outflow from investment activities increased by 75.58% YOY, which was
mainly due to the YOY increase in cash paid for the purchase and construction of fixed assets,
intangible assets and other long-term assets due to the construction of wind power, photovoltaic
32
power, gas power and phase II coal-fired power projects. Combined with the aforesaid effects,
the net cash flow from investment activities decreased by 99.07% YOY.
(3) The cash inflow of financing activities increased by 27.46% YOY, the cash outflow of
financing activities increased by 27.46% YOY, and the net cash flow generated by financing
activities increased by 20.91% YOY, which was mainly due to the growth of the Company's
business development capital demand, frequent capital borrowing and turnover, and the
introduction of strategic investors by provincial wind power company to absorb equity funds.
Reasons for the significant difference between the net cash flow generated by the Company's
operating activities during the reporting period and the net profit of this year
□ Applicable √Not applicable
V. Analysis of Non-core Business
□Applicable √Not applicable
VI. Condition of Asset and Liabilities
1.Condition of Asset Causing Significant Change
In RMB
End of 2023 End of 2022
Proportion Notes to the
Proportion in Proportion increase/de significant
Amount the total Amount in the total crease change
assets(%) assets(%)
Monetary fund 16,431,429,893 10.19% 11,503,523,618 8.74% 1.45%
Accounts
8,963,635,678 5.56% 7,578,636,244 5.76% -0.20%
receivable
Contract assets 5,557,720 0% 4,910,263 0% 0%
Inventories 2,655,504,711 1.65% 3,376,868,100 2.57% -0.92%
Real estate
347,192,759 0.22% 365,285,301 0.28% -0.06%
investment
Long-term
Equity 9,796,842,197 6.08% 9,198,053,183 6.99% -0.91%
Investment
This year, the
net increase of
fixed assets was
RMB 617.53
million. Due to
the
advancement of
construction in
Fixed assets progress, the
63,017,322,291 39.09% 62,400,175,057 47.41% -8.32%
construction in
progress
increased more
and promoted
the growth of
total assets,
resulting in a
relative decline
in the
33
proportion of
fixed assets to
total assets.
It is mainly due
to the
construction of
the phase II
Construction in projects of
29,990,577,678 18.60% 11,768,828,161 8.94% 9.66%
process wind power,
photovoltaic
power, gas
power and coal-
fired power.
Use right assets 9,529,610,412 5.91% 7,352,044,966 5.59% 0.32%
Short-term
15,756,979,762 9.77% 16,261,444,860 12.35% -2.58%
loans
Contract
41,328,133 0.03% 4,960,974 0% 0.03%
liabilities
Mainly is the
company's
investment and
working capital
Long-term
62,832,471,340 38.98% 42,860,932,628 32.56% 6.42% demand
borrowing
increased and
the expansion
of debt
financing scale.
Lease liabilities 10,452,666,128 6.48% 6,870,820,017 5.22% 1.26%
Overseas assets account for a relatively high proportion.
□ Applicable √ Not applicable
2.Asset and Liabilities Measured by Fair Value
√Applicable □ Not applicable
In RMB
Imp
airm
ent
Gain/Loss on Cumulative prov Purchased Sold
fair value fair value ision amount in amount in
Opening Other Closing
Items change in the change s in the the
amount changes amount
reporting recorded into the reporting reporting
period equity repo period period
rting
peri
od
Financial assets
Other
equity
3,058,071,054 -191,724,008 1,924,184,430 2,866,347,046
Instrument
Investment
Subtotal of
financial 3,058,071,054 -191,724,008 1,924,184,430 2,866,347,046
assets
Total 3,058,071,054 -191,724,008 1,924,184,430 2,866,347,046
34
Financial
0 0 0 0
Liability
Other changes
Whether the measurement attribute of the company's main assets has changed significantly
during the reporting period
□ Yes √ No
3. Restricted asset rights as of the end of the reporting period
On 31 December 2023, some subsidiaries of the Group pledged the right to charge electricity
tariff to banks to obtain long-term loans of RMB 5,401,654,578, of which the balance of long-
term loans due within one year was RMB 500,737,245 (December 31, 2022: long-term loan of
RMB 6,052,250,122, of which the balance of long-term loan due within one year is RMB
512,741,564).
VII. Investment situation
1. General
√ Applicable □ Not applicable
Investment of the period Investment of same period of last year Scale of change
4,159,800,000 8,056,177,802 -48.37%
2. Major equity investments acquired during the reporting period
Applicable □Not applicable
35
Progress as Whether
Name of Invest Current Date of Disclosure
Main Investment Investment Shareholding Sources Product of the Expected involved in
invested Partner ment investment disclosure (if index (if
business mode amount ratio of fund type balance income litigation or
company period profit and loss any) any)
sheet date not
Beijing
Chengtong
Gongrong
Equity
Investment
Fund
(Limited
Partnership)
(shareholdin
g ratio:
6.3989%%); Published in
Sanxia China
Capital Securities
Holdings Daily,
Co.,Ltd. Securities
(shareholdin August Times ,
g ratio: 31,2019 Shanghai
5.2357%); November Securities
Guangdong 29,,2019,No News ,
Wind Jianxin
Wind Power Capital 2,845,000, Self Long- In normal vember Securities
power 76.44% Financial Electric 313,523,662 No
Generation increase 000 fund term operation 9,2021, Daily and
generation Asset
Co., Ltd. August http//.www.c
Investment
31,2022 , ninfo.com.cn
Co., Ltd.
December .(Announce
(shareholdin
1,2022 ment
g ratio:
No.:2019-36,
5.0705%);
2019-
Bank of 58,2021-
Communica 77,2022-37
tions and 2022-
Financial 60 .
Assets
Investment
Co., Ltd.
(shareholdin
g ratio:
2.2851%);
Agricultural
Bank of
China
Financial
36
Assets
Investment
Co., Ltd.
(shareholdin
g ratio:
2.2851%);
China
Financial
Assets
Investment
Co., Ltd.
(shareholdin
g ratio:
2.2851%)
Yunfu
Jinshenglan
Yunfu Distributed
Yudean Photovolt Photovoltaic
Newly Self Long- Not
Zhenneng aic power 10,000,000 100% No Electric Power -27,645 No
established fund term applicable
New Energy generation Generation
Co., Ltd. Project is
progressing
properly
Published in
China
Securities
Daily,
Shache Securities
Yudean Optical Times ,
Shache Photovolt Storage Shanghai
Capital Self Long- December Securities
Comprehensi aic power 29,500,000 100% No Electric Integration 408,179 No
Increased fund term 1,2022 News ,
ve Energy generation Project is
Co., Ltd. progressing Securities
properly Daily and
http//.www.c
ninfo.com.cn
.(Announce
ment No.:
2022-60
Shaoguan
Guangdong
Power Plant
Shaoguan Photovolt
Capital Self Long- Photovoltaic Not
Guangdong aic power 10,000,000 100% No Electric 452,949 No
Increased fund term Project and applicable
Electric generation Wushi
Power New
Town
Energy Co.,
Distributed
37
Ltd. Photovoltaic
Project are
progressing
properly
Boluo
Dafeng
Distributed
Guangdong Photovoltaic
Yudean Photovolt Project and
Capital Self Long- Not
Huibo New aic power 52,000,000 100% No Electric Huzhen 43,592 No
Increased fund term applicable
Energy Co., generation Photovoltaic
Ltd. Composite
Project are
progressing
properly
Published in
China
Securities
Daily,
Securities
Tumushuk Hanhai Times ,
Yudean Photovolt Photovoltaic Shanghai
Capital Self Long- March Securities
Hanhai New aic power 60,000,000 100% No Electric Project is 3,839,072 No
Increased fund term 26,2022 News ,
Energy Co., generation progressing
Ltd. properly Securities
Daily and
http//.www.c
ninfo.com.cn
.(Announce
ment No.:
2022-11
Preliminary
Work of the
400,000 kW
Optical
Tumushuk Storage
Yudean Integration
Photovolt
Changhe Capital Self Long- Project of Not
aic power 3,500,000 100% No Electric 7,750 No
New Energy Increased fund term the 42nd applicable
generation
Company Regiment of
Project the Third
Division of
Guangdong
Electric
Power is
38
Xiangtan
Xiangdian Wind
Chan gshan Power Capital Self Long- In normal Not
21,220,000 100% No Electric 2,364,812 No
Wind Power Generatio Increased fund term operation applicable
Generation n
Co., Ltd.
Jiuzhou New
Photovolt
Energy Self Long- In normal Not
aic power Purchase 9,180,000 100% No Electric 4,399,116 No
(Zhaoqing) fund term operation applicable
generation
Co., Ltd.
Published in
China
Securities
Daily,
Securities
Guangdong Dananhai Times ,
Yudean Smart Shanghai
Dananhai Cogenerat Capital Self Long- Energy April Securities
40,000,000 100% No Electric -19,799,182 No
Smart ion Increased fund term Project is 22,2022 News ,
Energy Co., progressing Securities
Ltd. properly Daily and
http//.www.c
ninfo.com.cn
.(Announce
ment No.:
2022-16
Bijie New
Guangdong
Photovolt Energy
Yudean Bijie Capital Self Long- Not
aic power 3,000,000 100% No Electric Project is -6,685,114 No
New Energy Increased fund term applicable
generation progressing
Co., Ltd.
properly
Published in
Zhaoqing China
Guangdong Hejiang Yong'an Securities
Yudean Electric Natural Gas Daily,
Yong'an Power Thermal Securities
Cogenerat Capital Self Long- October
Natural Gas 90,000,000 90% Developme Electric Power -32,980,317 No Times ,and
ion Increased fund term 13,2020
Thermal nt Co., Ltd. Project is http//.www.c
Power Co., (shareholdin progressing ninfo.com.cn
Ltd. g ratio: properly .(Announce
10%) ment No.:
2020-52
Guangdong Cogenerat Capital 170,000,00 Self Long- Ningzhou April Published in
100% No Electric -34,756,193 No
Yudean ion Increased 0 fund term Alternative 11,2020 China
39
Binhai Power Securities
Energy Co., Supply Daily,
Ltd. Project is Securities
progressing Times and
properly http//.www.c
ninfo.com.cn
.(Announce
ment No.:
2020-13
Huizhou
Port
Investment Published in
Group Co.,
Ltd. China
Guangdong (shareholdin Dayawan Securities
Yudean Daya g ratio: comprehensi Daily,
wan Cogenerat Capital 105,580,00 Self 20%); Long- ve energy Securities
70% Electric -22,146,279 No July 17,2021 Times and
Integrated ion Increased 0 fund Huizhou term project is
Energy Co., Port progressing http//.www.c
Ltd. Investment normally. ninfo.com.cn
Group Co., .(Announce
Ltd. ment No.:
(shareholdin 2021-43
g ratio:
10%)
Guangdong Qiming
Yudean Energy
Cogenerat Capital Self Long- Not
Qiming 15,000,000 100% No Electric project is -14,571,604 No
ion Increased fund term applicable
Energy Co., progressing
Ltd. normally
Published in
Yunfu China
Yunda Securities
Guangdong Daily,
Investment
Yudean Thermal Securities
Capital Self Holding Long- In normal April
Yunhe Power power 97,830,000 90% Electric 38,980,163 No Times and
Increased fund Co., Ltd. term operation 22,2022
Generation generation http//.www.c
(shareholdin
Co., Ltd. ninfo.com.cn
g ratio:
10%) .(Announce
ment No.:
2022-16
Guangdong China Published in
Thermal
Yuehua Capital Self Huaneng Long- In normal January China
power 76,500,000 51% Electric -147,354,195 No
Power Increased fund Group Co., term operation 14,2022 Securities
generation
Generation Ltd. Daily,
40
Co., Ltd. (shareholdin Securities
g ratio: Times ,
49%) Shanghai
Securities
News ,
Securities
Daily and
http//.www.c
ninfo.com.cn
.(Announce
ment No.:
2022-01
Guangdong
Power
Energy
Shanxi generation
Group Co.,
Yudean and coal Capital Self Long- In normal Not
54,300,000 40% Ltd. Electric 464,539,278 No
Energy Co., mine Increased fund term operation applicable
(shareholdin
Ltd. developm
g ratio:
ent
60%)
Guangzhou Published in
Developme
nt Electric China
The Securities
Power
Expansion Daily,
Group Co.,
Project of Securities
Ltd.
Phase II Times ,
Guangdong (shareholdin
Units 5 and Shanghai
Yudean Red Thermal g ratio:
Capital 130,000,00 Self Long- 6 March Securities
Bay Power power 65% 25%); Electric 146,733,946 No
Increased 0 fund term (2x1000MW 16,2023 News ,
Generation generation Shanwei
) in Shanwei Securities
Co., Ltd. Talent
Power Plant Daily and
Developme
is http//.www.c
nt Group
progressing ninfo.com.cn
Co., Ltd.
properly .(Announce
(shareholdin
g ratio: ment No.:
10%) 2023-13
Zhonggong
Energy Photovolt
Technology 152,970,00 Self Long- In normal Not
aic power Purchase 100% No Electric -22,859 No
（Maoming 0 fund term operation applicable
generation
）Co., lTD.
Gaozhou Photovolt
Yudean Self Long- Not
aic power Purchase 1,480,000 100% No Electric Suspended. -10,676 No
Smart New fund term applicable
generation
Energy Co.,
41
Ltd.
Published in
China
Securities
Daily,
New Securities
Guangdong energy Times ,
Energy investmen Shanghai
Newly 100,000,00 Self Long- In normal December Securities
Group t and 100% No Electric -33,402,819 No
established 0 fund term operation 1,2022 News ,
Xinjiang Co., operation
Ltd. managem Securities
ent Daily and
http//.www.c
ninfo.com.cn
.(Announce
ment No.:
2022-60
The
Qianfeng
500MW
Fishery and
Photovoltaic
Complement
ary Power
Zhuhai
Photovolt Generation
Yudean New Newly Self Long- Not
aic power 2,740,000 100% No Electric Project in -21,264 No
Energy Co., established fund term applicable
generation Pingsha
Ltd.
Town,
Jinwan
District,
Zhuhai City
is
progressing
properly
Guangdong
Yudean
Power
Technology Capital Self Long- In normal Not
Generatio 80,000,000 100% No Electric 602,431 No
Engineering Increased fund term operation applicable
n services
Management
Co., Ltd.
4,159,800,
Total -- -- -- -- -- -- -- -- 664,116,803 -- -- --
000
42
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
Mode
of Changes in Cumulative Purchase
Stock Initial Book value Book value balance
Security Security account fair value of fair value amount in Sale amount in Accounting Source of the
Abbrevia- investment balance at the at the end of the
category code ing the this changes in the this the this period items shares
tion: cost beginning reporting period
measure period equity period
ment
Other equity
Domestic and Sunshine 1,023,000,0
HK6963 356,000,000 FVM 1,695,703,802 -316,703,800 1,379,000,002 instrument Self funds
foreign stocks insurance 02
Investment
Shenergy Other equity
Domestic and 120,679,05
600642 235,837,988 FVM 304,872,052 51,644,992 356,517,044 instrument Self funds
foreign stocks 6
Investment
Other equity
Domestic and Shenzhen
000027 15,890,628 FVM 96,163,200 1,360,800 81,633,372 97,524,000 instrument Self funds
foreign stocks Energy
Investment
Other equity
Domestic and
831039 NEEQ 3,600,000 FVM 8,532,000 7,974,000 12,906,000 16,506,000 instrument Self funds
foreign stocks
Investment
1,238,218,4
Total 611,328,616 -- 2,105,271,054 -255,724,008 0 0 1,849,547,046 -- --
30
43
（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.
VIII. Sales of major assets and equity
1.Situation of Significant Asset Sale
□ Applicable √ Not applicable
None
2.Sales of major equity
□ Applicable √ Not applicable
IX. 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 Company Sectors Registered Operating
Total assets Net assets Turnover Net Profit
Name type engaged in capital profit
Power
Zhanjiang generation
Electric Subsidiary and power 2,875,440,000 3,963,749,536 3,586,287,525 2,632,129,542 180,364,166 200,754,158
Power station
construction
Guangdong
Power
Yudean
generation
Jinghai
Subsidiary and power 2,919,272,000 8,997,481,222 2,976,553,763 7,515,001,585 486,540,996 344,929,223
Power
station
Generation
construction
Co., Ltd.
Power
generation
Bohe
and power
Energy Subsidiary 3,118,000,000 8,974,151,061 2,035,464,355 4,341,202,832 502,990,681 515,000,223
station
Company
constructio
n
Wind Power Power
Generation Subsidiary generation 9,700,881,364 58,526,086,09416,028,907,433 2,926,077,478 379,344,924 360,484,856
Company and power
station
44
constructio
n
Power
Lincang generation
Yudean and power
Subsidiary 459,790,000 536,533,508 -525,424,730 74,112,332 -593,371,947 -593,492,768
Energy Co., station
Ltd. constructio
n
Power
Shenzhen generation
Guangqian and power
Subsidiary 1,030,292,500 2,234,608,179 2,077,411,754 1,894,249,504 516,890,617 392,420,390
Electric Co., station
Ltd. constructio
n
Power
Red Bay
generation
Power
Subsidiary and power 2,749,750,000 6,263,640,495 2,799,425,021 5,778,506,230 382,909,806 225,744,533
Generation
station
Company
constructio
Guangdong Power
Huizhou generation
Pinghai and power
Subsidiary 1,370,000,000 4,406,014,378 2,600,857,158 5,629,394,497 1,037,793,392 773,612,843
Power station
Generation constructio
Co., Ltd. n
Power
generation
Huizhou
and power
Natural Gas Subsidiary 1,499,347,500 3,089,874,940 2,427,821,180 4,819,681,306 668,624,419 507,919,146
station
Company
constructio
n.
Power
generation
Shajiao C and power
Subsidiary 2,500,000,000 5,290,761,231 1,341,969,462 5,698,990,816 -385,845,463 -454,877,765
Company station
constructio
n
Power
Guangdong
generation
Yuehua
and power
Power Subsidiary 1,164,714,000 4,156,662,087 629,976,728 1,391,427,698 -288,272,298 -288,929,795
station
Generation
constructio
Co., Ltd.
n
Power
Tumushuke generation
Thermal and power
Subsidiary 1,006,523,900 2,555,977,303 324,964,637 905,308,707 -191,804,644 -182,606,594
power Co., station
Ltd. constructio
n.
Investment
in electric
Shanxi
power,
Yudean Shareing
mining, 1,620,749,000 11,480,121,047 8,860,695,147 245,492,971 1,151,343,435 1,163,153,949
Energy Co., Company
new energy
Ltd.
and other
projects
Guoneng Sharing Investment 4,669,500,000 12,924,774,707 9,949,433,538 12,708,122,816 1,960,377,174 1,220,438,041
Yudean Company in electric
45
Taishan power,
Power mining,
Generation new energy
Co., Ltd. and other
projects
Guangdong
Cosco
Yudean Sharing
cargo 2,465,800,000 1,436,580,389 318,402,921 1,299,318,868 -401,967,040 -475,220,240
Shipping Company
transport
Co., Ltd.
Acquirement and disposal of subsidiaries in the Reporting period
√ Applicable □ Not applicable
Way of acquiring and disposing of
Impact on the whole producing
Company name subsidiary corporations within the
operation and performance
reporting period
During the reporting period ,
150MW agriculture and
Zhonggong Energy
Purchase photovoltaic complementary new
Technology(Maoming) Co., Ltd.
energy photovoltaic power station
project is under construction
During the reporting period ,
Guangdong Energy Group Xinjiang Co., Guangyuan New Energy Project is
Invested
Ltd. in the preliminary stage, and the
construction is not commenced.
During the reporting period , The
Tumushuke Yudean Changhe New
Invested 400,000 kW photovoltaic project of
Energy Co., lTD.
42 groups is in its preparatory stage.
During the reporting period ,
Gaozhou Yudean Smart New
Gaozhou Yudean Intelligence New
Invested Energy Project is in its preliminary
Energy Co., Ltd.
stage and has not started
construction.
During the reporting period , Yunfu
Yunfu Yudean Zhenneng New Energy Jinshenglan Distributed
Invested
Co., Ltd. Photovoltaic Power Generation
Project is under construction
During the reporting period, the
Qianfeng 500MW fishery and
photovoltaic complementary power
Zhuhai Yudean New Energy Co., Ltd. Invested
generation project in Pingsha Town,
Jinwan District, Zhuhai City is
under construction
It has no significant impact on the
Guangdong Yudean Baihua Energy Co.,
Liquidation and cancellation Company's existing business and
Ltd.
operating performance.
Note
(1) During the reporting period, mainly due to the increase in operating income and the decline in coal
market prices, the profitability of the Company's subordinatethermal power plants and the
shareholding company Taishan Power Plant recovered and the operating performance increased YOY;
(2) Affected by the decline in coal prices, the Company's investment income in Shanxi energy
decreased YOY.
46
(3) Affected by the current international economy and domestic and foreign trade market environment,
the shipping company suffered a year-on-year decline and asset impairment, and the Company's
investment income in the shipping company declined year-on-year;
(4) Due to the changes in the relationship between supply and demand of biomass resources and the
rise in fuel prices, the biomass company, a subsidiary of Shajiao C Company, suffered losses and asset
impairment, resulting in a year-on-year decline in the operating performance of Shajiao C Company.
X．Structured vehicle controlled by the Company
□ Applicable √ Not applicable
XI. Prospect for future development of the Company
（I）The Development Trend of the Industry
In June, 2023, the Blue Book of New Power System Development issued by the National Energy
Administration determined the "three-step" development path of new power system construction,
namely, accelerated transformation period (present-2023), consolidation and improvement period
(2045 -2060) and consolidation and improvement period (2045 -2060). During the accelerated
transformation period (present-2023), it will improve the adjustable and controllable ability of new
energy as well as its reliable substitution ability; During the consolidation and improvement period
(2045 -2060), new energy will become the main power supply of the system, to achieve low-carbon
transformation, slow down the growth rate of hydropower, and further expand the installed scale of
nuclear power by relying on clean and low-carbon technologies such as coal-fired coupled biomass
power generation, CCUS and upgrading and reducing carbon combustion; During the consolidation
and improvement period (2045 -2060), new energy will gradually become the main power source of
power generation structure, to promote the deep integration and utilization of secondary energy such
as electric energy and hydrogen energy. To sum up, the future development of the thermal power
industry will focus on promoting the development of large-capacity, high-parameter, advanced
energy-saving coal-fired power, clean gas-fired power and new energy, in order to optimize the
overall power supply structure, improve the power quality and efficiency by enhancing the strength of
technical R&D, adopt active marketing strategies, strive for more favorable electricity quantity and
electricity price, and reduce costs through refined management.
(II) Corporate development strategy
In the future, it will focus on energy production and supply, with consideration of comprehensive
energy services, centered by the goals of carbon peaking and carbon neutralization. Based on
Guangdong and targeted at the whole country, it will implement the "1+2+3+X" strategy- to build a
first-class green low-carbon power listed company, coordinate safety and development, optimize and
strengthen the coal power, gas power and biomass power generation business, and vigorously develop
new energy, energy storage, hydrogen energy and land park development. It will fully promote the
leap-forward development of new energy; Grasp the window phase of thermal power development
and accelerate the development and construction of key projects; Explore the distribution of multi-
energy joint supply project of "integration of source network, load and storage", promote the
integrated development of "integration of wind, light and fire hydrogen storage", and build an
ecological and civilized power generation enterprise.
(III) Production and operation plans
47
In 2024, the budgeted target value of the Company's consolidated statement-caliber feed-in electricity
was 122.315 billion kWh, representing a year-on-year increase of 8.313 billion kWh compared with
the actual completed feed-in electricity of 114.002 billion kWh in 2023; the budgeted target value of
the revenue from main business was 56.919 billion yuan, representing a decrease of 2.377 billion yuan
compared with the actual revenue from main business of 59.296 billion yuan in 2023; According to
the actual progress of the power supply project, combined with the milestone nodes of the project, the
company plans to invest 24.007 billion yuan in 2024, of which the capital contribution part is about
2.871 billion yuan, which is mainly used for thermal power, new energy, technological transformation
and scientific and technological development, capital injection of holding shares, acquisition projects,
etc..
(Note: The above production and operation plan does not represent the Company's profit forecast for
the year 2024, and whether it can be realized depends on a variety of factors such as changes in the
power market and the conditions of the coal and natural gas markets, etc., which are subject to
considerable uncertainty, so investors are advised to pay special attention to it.)(IV) Possible risks and
countermeasures
(IV) Possible risks and countermeasures
1. Work safety risk
As extreme weather events are becoming increasingly frequent, which causes certain adverse effects
to the normal production and operation of enterprises, the Company needs to further strengthen the
prevention of natural disasters; some thermal power units in the Company have been running for a
long time, with problems such as decline of efficiency level, aging of equipment, and decline of
operation safety and reliability, and some contractors have insufficient safety awareness and
inadequate safety management.
Countermeasures: First, pay close attention to rain and flood, and well ensure flood control and
typhoon prevention; Second, strengthen equipment maintenance and operation management, earnestly
carry out overhaul & maintenance, operation management and technical supervision, improve the
equipment management system, well ensure elimination of equipment defects, and improve the
reliability of unit equipment; Third, strictly manage contractors, well control the "access", resolutely
put an end to illegitimate subcontracting and illegal subcontracting, strengthen the safety education
and training of contractors, and continuously improve the safety management of contractors.
2. Competition in the electricity market is becoming increasingly fierce
With the acceleration of the construction of a unified national electricity market and the increasing
proportion of electricity traded in the market, the Guangdong Provincial Development and Reform
Commission issued the Notice on Relevant Matters Concerning the Electricity Price Mechanism of
Coal-fired and Gas-fired Power Capacity in Guangdong Province (hereinafter referred to as the
Notice). The Notice proposed that while implementing the national electricity price mechanism of
coal-fired power capacity, the electricity price mechanism of gas-fired power capacity should be
implemented simultaneously in combination with the actual situation in Guangdong Province and with
reference to the electricity price mechanism of coal-fired power capacity. The introduction of capacity
price in Guangdong province will affect the market behavior of competitors, and the spot market
quotation strategy will be more radical, driving the price of electricity to continue to decline.
Considering the policy expectation of gradually increasing the recovery ratio of coal-fired power unit
cost, the intertemporal behavior adjustment of the unit will be more complicated. In the meantime,
with the continuously intensified cross-regional diversified competition, the surge in the number of
market players, the expansion of the floating range of thermal power prices, the continuous growth of
48
market transaction scale and the diversification of transaction methods since the power reform, it will
not only create a broader market space for the Company, but also bring about further increase in the
competition intensity among power enterprises.
Countermeasures: First, fully expand the market. Strengthen the management of power generation
process, optimize the operation mode of units, ensure that all kinds of power contracts of thermal
power units are implemented in place, and new energy units are frequently and fully generated, and
strive to achieve the Company's annual power target. Second, strengthen the research and judgment of
the electricity market, dynamically optimize the market competition strategy, continuously improve
and strengthen the construction of the electricity marketing system, strive for the electricity price of
market-oriented transactions to be higher than the market average level, further improve the
cooperative operation mechanism of the spot electricity market, and scientifically formulate trading
strategies. Third, focus on cost control. Firmly adhere to the principle of "frugality", strictly control
general management expenses and unproductive expenses, strive to control power generation costs
and operating costs, and improve the Company's market competitiveness.
3. Adjustment risk of power supply structure
Under the background of carbon peaking and carbon neutrality, as well as the "3060" goal, energy
production and consumption are accelerating towards low carbon transformation. According to
China's requirements of optimizing the energy structure, thermal power will gradually change from
the main power supply to the basic power supply of peak shaving and frequency modulation, and the
installed capacity and power growth of new energy such as wind power and photovoltaic power will
further squeeze the living space of coal-fired power units. By the end of December 2023, the holding
installed capacity of the Company's coal-fired power accounted for 61.91%, which was high, with
greater transformation pressure of clean and low-carbon power supply.
Countermeasures: First, steadily promote the transformation and upgrading of power supply structure,
strive to achieve greater breakthroughs in structural adjustment, accelerate the progress of key energy
projects, solidly promote Daya Bay Comprehensive Energy Station, Xinjiang Shache Photovoltaic
Project, Yunfu Natural Gas Cogeneration Project, Yangjiang Qingzhou Offshore Wind Power Project,
etc., and ensure that the project investment and construction plans are completed as scheduled. Second,
continue to enrich the reserves of new energy projects, actively explore the development space of new
energy in other provinces and regions in China, and increase the development of new energy in
Xinjiang, Hebei, Guangxi and other regions. Third, deeply explore the distributed energy supply of
cold, heat, electricity and gas, as well as the infrastructure construction such as electricity exchange,
charging piles and energy storage as well as the development and utilization of hydrogen energy.
Fourthly, continuously optimize the management of carbon assets, make full use of internal and
external resources, strengthen the management of carbon emission data and management of carbon
asset operation, promote energy conservation and carbon reduction, and realize the increment and
profit of carbon assets.
XII.Particulars about researches, visits and interviews received in this reporting period
√ Applicable □Not applicable
Main contents
Receptio Place of Way of Types of discussed and
Visitors received Basic index
n time reception reception visitors information
provided
January Meeting Huaxia Fund, Guosen Please refer to the For details, please refer to
17,2023, room of Securities,Caitong investor activity the "Record Form of Inve
the Other Organization Fund,Guotai Junan, record form for stor Relations Activities o
January
Company, Southern fund, details of the f Guangdong Electric Pow
18, 2023
Online Penghua Fund, Xinda discussion. No er Development Co., Ltd."
49
research Securities information is disclosed by the interactiv
provided by the e platform （2023001）
Company
Please refer to the For details, please refer to
Meeting investor activity the "Record Form of Inve
room of record form for stor Relations Activities o
Tianfeng Securities,
January the details of the f Guangdong Electric Pow
Other Organization Taikang Asset, Boshi
29,2023 Company, discussion. No er Development Co., Ltd."
Fund
Online information is disclosed by the interactiv
research provided by the
e platform （2023002）
Company
CCB Principal Asset
Management, Mirae
Asset,CMB Wealth
Management,Changjia
ng Pension,Alluvium
Asset, Guotai Fund,
Please refer to the For details, please refer to
ZOOMTREND
investor activity the "Record Form of Inve
Investment,Guorong
Meeting record form for
Securities, Fullgoal stor Relations Activities o
February room of Field details of the
Organization Fund,Hony Horizon f Guangdong Electric Pow
8,2023 the research discussion. No
Fund,Tianhong Fund, er Development Co., Ltd."
Company information is disclosed by the interactiv
Guosheng Securities,
provided by the
CCB Wealth e platform （2023003）
Company
Management,
GALAXY Fund,
Foresea Life
Insurance,Bocom
Schroders,Guohai
Securities
Bank of Beling Please refer to the
For details, please refer to
Scotiabank Asset investor activity
the "Record Form of Inve
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stor Relations Activities o
February room of Field Ltd.,Huaxia Fund, details of the
Organization f Guangdong Electric Pow
14,2023 the research Galaxy discussion. No er Development Co., Ltd."
Company Securities,CICC, Xi information is
disclosed by the interactiv
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e platform （2023004）
Securities Company
Guolian Securities,
Guotai Junan
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Securities, Huachuang
investor activity
Securities,Minsen the "Record Form of Inve
Meeting record form for stor Relations Activities o
Investment, E
February room of Field details of the
Organization fund,Xiangcai Fund, f Guangdong Electric Pow
21,2023 the research discussion. No er Development Co., Ltd."
Huatai Asset
Company information is
Management, Yuanshi disclosed by the interactiv
provided by the
Investment, Kunyi e platform （2023005）
Company
Asset, Fande
Investment
Orient Fund, China
Fund,CITIC Please refer to the
proprietary, CITIC For details, please refer to
investor activity
Asset Management, the "Record Form of Inve
record form for stor Relations Activities o
April Online China Re Asset details of the
Other Organization Management, Bank of f Guangdong Electric Pow
13,2023 research discussion. No er Development Co., Ltd."
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Asset Management, disclosed by the interactiv
provided by the
Zhongrong Xinhui e platform （2023006）
Company
Investment,China Post
Fund, PICC Fund,
50
Cinda Fund, Industrial
securities
proprietary，China
Everwin
Asset,Huabao
Fund,Tongtai Fund,
Jiashi Fund, China
Life AMP Asset
Management,China
life asset
Management, China
life fund,Dajia Asset
management,CCB
Trust, CCB
Fund,CIGNA
CMB,Founder Fubon
Fund, Manulife fund,
AXA SPDB
Investment
Managers,Haitong
Asset Management,
Yuanfeng Fund,
Yimin Fund, Caitong
Fund, Yunzhou
Investment, Xinyuan
Fund, Yinhua Fund,
Changjiang
proprietary
Please refer to the
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Online Investors who investor activity the "Record Form of Inve
platform participated in the record form for stor Relations Activities o
The
April for Company's details of the
panorami Other f Guangdong Electric Pow
20,2023 online performance briefing discussion. No
c network er Development Co., Ltd."
communi through the panoramic information is
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cation network platfo provided by the
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Company
TF Securities,PICC
Please refer to the For details, please refer to
Asset,Zhonghai
investor activity
Fund,SES MU Fund the "Record Form of Inve
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Managment, Western
April room of Field details of the f Guangdong Electric Pow
Organization Leadbank
26,2023 the research discussion. No
FMC,Baoyng Fund, er Development Co., Ltd."
Company information is disclosed by the interactiv
Maxwealth Fund,
provided by the
Haifutong Fund, Boshi e platform （2023008）
Company
Fund, China Taiping
Please refer to the For details, please refer to
investor activity
the "Record Form of Inve
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May room of Field China Merchants fund, details of the
Organization f Guangdong Electric Pow
22,2023 the research Huatai Fund discussion. No er Development Co., Ltd."
Company information is
disclosed by the interactiv
provided by the
e platform （2023009）
Company
May Haitong Please refer to the For details, please refer to
30,2023, Securities,Maxwealth investor activity the "Record Form of Inve
Meeting
May 31, Fund,Industry record form for stor Relations Activities o
room of Field
2023, Organization Securities,GALALAX details of the f Guangdong Electric Pow
the research er Development Co., Ltd."
June 1, Company Y Fund, Zheshang discussion. No
2023, proprietary,CMS information is disclosed by the interactiv
June 5, Securities,China Life provided by the e platform （2023010）
51
2023 Pension, Changjiang Company
Securities, Jingshun
Great wall Fund,Home
Capital, Huaxi
Securities
GITHUB, Xinda
Securities,Northeast
Electric,Shenwan
Hongyuan Securities,
E Fund, Southern
Fund, Guangfa Fund,
China Life Pension,
Luojia Fangyuan,
Please refer to the
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investor activity the "Record Form of Inve
assets,CS Richland
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July 18, room of Field details of the
Organization MAXWEALTH f Guangdong Electric Pow
2023 the research discussion. No
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Company information is disclosed by the interactiv
Management,CGS,
provided by the
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Company
management,Rongton
g Fund, China
Everwin Asset,
Hongdao Investment,
Lord Abbett China
Asset Management ,
Xuanyuan Investment
Gousheng Securities
Xinda Securuties,
Dacheng Fund,
Guolian Securities,
Haitong Securities,
Alluvium Asset, Loyal
Valley Capital, Peng
Shi investment,BOSC
Asset, Donghai
Funds,PICC Asset
management,
Zhonghai Fund,
Industry Fund, ABC-
Meeting CA Fund
room of Management, Huabao Please refer to the
For details, please refer to
the Fund, investor activity the "Record Form of Inve
Septembe Company, record form for
Mirae Asset, Huaneng stor Relations Activities o
r 5,2023, No.1388, details of the
Other Organization Guicheng Trust, f Guangdong Electric Pow
Septembe Huamu discussion. No er Development Co., Ltd."
r 7, 2023 Road, Tuotai Fund, GTS information is
Fund, Allianz, disclosed by the interactiv
Pudong provided by the
Shanxi Securities, e platform （2023012）
New area, Company
Shanghai Fenggang Asset,
Zhuque Fund,
Maxwealth Fund,
China Universal Asset
Management, First-
Trust Fund
Management,
Haifutong Fund,
Haitong Asset,
Purekind Fund,
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FMC,Caitong Fund,
Caitong Securities,
52
Daoming Asset
Management,
Goldstate Capital
FMC,
Xinyuan
Fund,Blackrock,Golde
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Capital,PinPoint
Group
Huirongcheng Private
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Fund, Guangfa For details, please refer to
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Sheraton record form for stor Relations Activities o
Investors who
August Hotel, details of the
Other Other participated in the f Guangdong Electric Pow
19,2023 The discussion. No er Development Co., Ltd."
Company's
panorami information is disclosed by the interactiv
performance briefing
c network provided by the
through the panoramic e platform （2023013）
Company
network platfo
CMS ,Shenwan
Hongyuan,
Changjiang Securities,
CMS Fund, Jingan Please refer to the For details, please refer to
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the "Record Form of Inve
Meeting Huaxin proprietary, record form for
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Novembe room of Field Guafa Fund, Xinhua details of the
Organization f Guangdong Electric Pow
r 2,2023 the research Asset, discussion. No
er Development Co., Ltd."
Company China Everwin Asset, information is
disclosed by the interactiv
Huaneng Trust,Jinying provided by the
e platform （2023014）
Fund, Zhuque Fund, Company
PICC Asset, Loyal
Valley Capital, Pingan
Securites
Maxwealth Fund,
Guangfa Fund, Fuguo
Fund, Pingan Asset,
Dacheng Fund,
Huashang Fund,
Huaxia Fund,
Minsheng Royal Fund, Please refer to the
Guotai Fund, Yuanshi For details, please refer to
investor activity the "Record Form of Inve
Guangzho Investment, Guangfa record form for stor Relations Activities o
u, Securities,, Fangying
Novembe details of the
Shangri- Other Organization Investment, f Guangdong Electric Pow
r 22,2023 discussion. No
La Grand er Development Co., Ltd."
CAF, UBS SDIC, information is
Hotel disclosed by the interactiv
Zhuque Inestment, provided by the
e platform （2023015）
China Fund, Company
Yuancheng
Investment,
Bank of Beling
Scotiabank Asset
Management, Zezheng
Private
53
XIII. The implementation of the action plan of "Double improvement of quality and return".
Whether the Company has disclosed the action plan of "Double improvement of quality and return".
□Yes No
54
IV. Corporate Governance
I. General situation
In strict accordance with the requirements of the Company Law, the Securities Law, the Guidelines
for the Governance of Listed Companies, the Listing Rules for Stocks of Shenzhen Stock Exchange
and the Guidelines for Self-discipline Supervision of Listed Companies in Shenzhen Stock Exchange
No.1-Standard Operation of Listed Companies on Main Board, the Company has continuously
improved its legal person governance structure, standardized its operation and improved its corporate
governance level. The Company has formulated systems such as the Articles of Association, the rules
of procedure for the operation of the three boards, the working rules of special committees of the
Board of Directors, and the working system of independent directors.
In 2023, the Company implemented the Guidelines for Corporate Governance of Listed Companies
and the relevant requirements of China Securities Regulatory Commission on improving the quality of
listed companies, and earnestly achieved a steady and prudent management, abided by laws and
regulations, highlighted and refined its main business, respected investors, and constantly improved
the corporate governance level and the development quality of listed companies. The Board of
Directors organized 5 on-site meetings and 4 communication meetings, and completed the
examination and approval of 65 proposals of the Board of Directors, including regular reports, internal
control evaluation, comprehensive risk management, profit distribution plan, major investment and
financing, major related party transactions, etc., all of which were passed and effectively implemented.
The Board of Directors also convened 3 general meeting of shareholders, and all 19 proposals
submitted at the general meeting of shareholders were passed and effectively implemented. The
Company successfully completed the preparation and disclosure of regular reports and temporary
announcements, and issued 112 announcements throughout the year. The information disclosure has
been assessed as "A" by Shenzhen Stock Exchange for eight consecutive years.
Does there exist any difference in compliance with the corporate governance , the PRC Company Law
and the relevant provisions of CSRC,
□ Yes √ No
There exist no difference in compliance with the corporate governance , the PRC Company Law and
the relevant provisions of CSRC.
II. Independence and Completeness in business, personnel , assets, organization and finance
The company has implemented separation of operation, separation of human resource, separation of
assets, separat ion of organization and financial independence between controlling shareholder. And it
has a complete business and operations management ability. 1. Separation of operation: the Company
is principally engaged in the electricity generation and sales to Guangdong Electric Power Holding
Co.(“GPHC”) directly. The Company has subcontracted the subsidiary of Yudean, the holding
company, to purchase the fuels, which is solely for the purpose of better utilization of large-scale
purchase and cost control. 2. Separation of human resource: the General Manager and all his
subordinates, Secretary to the Board of Directors, Financial Manager are paid by the Company and
take no position in the holding company. 3. Separation of assets: the Company has independent
production system, supporting system and other facilities. The Company owns its intangible assets
such as intellectual property rights, trademarks and non-patent technology; 4. Separation of
organization: the Company has established integrated operating institution of its own.5.. Financial
independence: the Company has an independent financial department and has established independent
accounting system and financial management system. It opened independent bank accounts for its
55
own operation.
III. Competition situations of the industry
√Applicable □ Not Applicable
Types of Property of Time Schedule
Name of the
Problem relationship the of Works and
Controlling Problems and Causes Countermeasures
Types with listed Controlling Follow-up
Shareholders
companies Shareholders Program
Energy Group was On January 3, Our company
established when 2018, the will actively
Guangdong company fulfill the
Provincial disclosed trusteeship and
Government took Announcement responsibilities
the lead in the on Controlling according to the
implementation of Shareholders' “Equity
the “plant and Commitment to Custody
network Perform Related Agreement”
separation” power Matters (public and participate
system reform in notice No.: 2018- in the
China, and was 01); on January management
separated and 13, 2018, the and decision-
formed from company making and
Guangdong disclosed inspection and
Provincial Power Announcement supervision of
Group of Related the custody
Corporation. It is Transactions on target. The
the largest and the "Equity company will
most powerful Custody cooperate with
power generation Agreement" Energy Group
enterprise in signed with to push forward
Guangdong Guangdong the defect
Horizontal Guangdong Province. Yudean Energy Group rectification of
Controlling Local Power is the only Co., Ltd. (public the underlying
competitio Energy Group
shareholder SASAC listed company notice No.: 2018- assets, study
ns Co., Ltd.
under the Energy 04). In order to the rectification
Group and is avoid and solution to
engaged in power competition in the defects and
production the same industry obstacles in the
business. At and to fulfill the relevant assets
present, Energy relevant that do not
Group still has horizontal meet the listing
some remaining competition conditions,
power generation commitments, promote
assets that have not Energy Group relevant
been included in has signed the rectification
Yudean Power Entrusted work from the
temporarily. Management aspects of
Considering the Agreement with improving
situation of these the company, and project
power generation all the approval or
assets, it is shareholders' approval
temporarily not in rights other than procedures,
line with the listing the ownership, clarifying land
conditions, and it income, and and property
is difficult to solve disposal rights of ownership,
these problems in the company that enhancing asset
the short term. temporarily fails profitability,
Therefore, there is to meet the and
56
a certain degree of listing conditions implementing
horizontal in the company's legal
competition. custody area of compliance.
the Energy Group For custody
are escrowed to assets that meet
our company. the listing
conditions in
the future,
Energy Group
will, in
accordance
with the unified
deployment of
the Guangdong
Provincial
Party
Committee and
the provincial
government
and the overall
requirements
for the reform
of state-owned
enterprises,
actively create
conditions for
the injection
into listed
companies in
accordance
with the status
of the assets
under custody,
combined with
enterprise
restructuring,
structural
adjustment
arrangements,
electricity
market and
capital market
conditions.
IV. Annual General Meeting and Extraordinary Shareholders’ Meetings in the Reporting
Period
1.Annual General Meeting
Investor
Sessions Type Meeting Date Disclosure date Disclosure index
participation ratio
Announcement
No.:2023-10).
Published in
The first
provisional Provisional China Securities
shareholders’ shareholders’ 73.93% March 9,2023 March 10,2023 Daily, Securities
General meeting in General Meeting Times , Shanghai
2023 Securities News,
Securities Daily and
http//.www.cninfo.co
m.cn
57
Announcement
No.:2023-28).
Published in
2022 Annual China Securities
Shareholders’ Shareholders’ 74.04% April 21,2023 April 22,2023 Daily, Securities
general meeting General Meeting Times , Shanghai
Securities News,
Securities Daily and
http//.www.cninfo.co
m.cn
Announcement
No.:2023-47).
Published in
Second
Provisional Provisional China Securities
September September Daily, Securities
Shareholders’ shareholders’ 73.61%
15,2023 16,2022 Times , Shanghai
general meeting of General Meeting
2023 Securities News,
Securities Daily and
http//.www.cninfo.co
m.cn
2. Request for extraordinary general meeting by preferred stockholders whose voting rights restore
□ Applicable √Not applicable
V. Information about Directors, Supervisors and Senior Executives
1.Basic situation
Share Amount Amount Number Reasons
s held of shares of shares of shares for
Starting Expiry at the increased decrease held at increase
Office at the
Name Sex Age Positions date of date of year- d at the the end or
status reporting
tenure tenure begin reporting of the decreas
(share period period(sh period(s e of
) (share) are) hares) shares
Feb
Zheng Board
Male 55 In office 20,202
Yunpeng chairman
3
Deputy Jan
Liang Chao Male 54 Board In office 19,202
Chairman 4
Aug
Li Fangji Male 56 Director In office
2,2021
Aug
Li Baobing Male 49 Director In office
2,2021
Apr
He Ruxin Male 47 Director In office 21,202
3
Chen Employee Aug
Male 48 In office
Yanzhi director 2,2021
Mao Aug
Male 49 Director In office
Qinghan 2,2021
Ma Independe Aug
Male 59 In office
Xiaoqian nt director 2,2021
Sep
Zhang Independe
Female 58 In office 16,202
Hanyu nt director
2
58
Septem
Wu Independe ber
Male 48 In office
Zhanchi nt director 16,202
2
Sep
Independe
Cai Guowei Male 44 In office 16,202
nt director
2
Chairman
of the
Zhou Superviso Aug
Male 51 In office
Zhijian ry 2,2021
Committe
e
Employee Aug Feb
Li Ruiming Male 60 In office
supervisor 2,2021 23,2024
Feb
Employee
Xu Ang Male 56 In office 23,202
supervisor
4
Superviso Aug
Shi Yan Female 46 In office
r 2,2021
Employee Aug
Li Qing Male 46 In office
supervisor 2,2021
Independe
Aug
Sha Qilin Male 63 nt In office
2,2021
supervisor
Apr
Guo Deputy
Male 49 In office 27,202
Yongxiong GM
1
Deputy
GM, Aug
Liu Wei Male 44 In office
Finance 2,2021
manager
Board Aug
Liu Wei Male 44 In office
secretary 2,2021
Feb
General
Qin Xiao Female 40 In office 20,202
Counsel
3
Board Aug Feb
Wang Jin Male 60 Dimission 0 2000 0 2000
chairman 2,2021 20,2023
Zheng General Aug Dec
Male 55 Dimission
Yunpeng Manager 2,2021 29,2023
May
Mar
Li Xiaoqing Female 52 Director Dimission 20,
16,2023
2022
Employee Aug Feb
Li Ruiming Male 60 Dimission
supervisor 2,2021 23,2024
Total -- -- -- -- -- -- 0 2000 0 2000 --
Indicate whether any director, supervisor or senior management resigned before the expiry of their
tenure during the Reporting Period
√Yes □ No
1. As reached the statutory retirement age, Mr. Wang Jin no longer continues to serve as the chairman
of the Company, and no longer holds any position in the Company and its subsidiaries after leaving
59
office;
2. Due to work change, Ms. Li Xiaoqing no longer serves as a director of the Company, and no longer
holds any position in the Company and its subsidiaries after leaving office;
3. Due to work adjustment, Mr. Zheng Yunpeng no longer serves as the general manager of the
Company, but still continues to serve as the Chairman, director,special committee of the board of
directors of the Companyand corresponding positions of subordinate units.
As has reached the statutory retirement age, Mr. Li Ruiming no longer holds the post of employee
supervisor of the Company, and will no longer hold any post of the Company and its subsidiaries after
leaving office.
Changes of directors, supervisors and senior executives
√ Applicable □ Not applicable
Name Positions Types Date Reason
Zheng Yunpeng Board chairman Elected February 20,2023
He Ruxin Director Elected April 21,2023
Deputy Board
Liang Chao Elected December 29,2023
Chairman
Qin Xiao General Counsel Appoint February 20,2023
Wang Jin Board chairman Dimission February 20,2023 Retire
Li Xiaoqing Director Dimission March 16,2023 Job changes
Zheng Yunpeng General Manager Dimission December 29,2023 Job changes
Xu Aang Employee supervisor Elected February 23,2024
Li Ruiming Employee supervisor Dimission February 23,2024 Retire
2.Posts holding
Work Experience in the past five years of Directors, supervisors and senior Executives in Current
office
Mr. Zheng Yunpeng, born in October 1968, Bachelor of South China University of Technology and
MBA of Jinan University, is a senior engineer. Currently, he is the general manager of Guangdong
Electric Power Development Co., Ltd. He had served as Deputy Minister of Strategy Development
Department of Guangdong Yudean Asset Management Co., Ltd., Deputy Minister of Strategy
Development Department of Guangdong Energy Group Co., Ltd., Minister of Strategy Development
Department of Guangdong Energy Group Co., Ltd., Secretary of the Party Branch and General
Manager of Branch Company of Guangdong Yudean Environmental Protection Engineering
Management Company, Factory Director and Secretary of the Party Committee of Huangpu Power
Plant, General Manager of Yuehua Power Generation Company, General Manager and Secretary of
the Party Branch of Guangdong Yudean Natural Gas Co., Ltd. ,and the Deputy Secretary of the Party
Committee and Vice chairman of Guangdong Electric Power Development Co., Ltd.
Mr. Liang Chao, born in June 1969, senior engineer, holds a bachelor's degree in engineering from
Shanghai Jiao Tong University and a master's degree in business administration from Jinan University.
He is currently the Deputy Secretary of the Party Committee, Vice Chairman and General Manager of
Guangdong Electric Power Development Co., Ltd. He used to be the supervisor of the heat engine
60
section of the maintenance department, the section chiefof the power generation business section of
the production and maintenance department, the minister of the maintenance department, the minister
and the secretary of the party branchof the equipment management department, the minister of the
production and operation departmentof Huangpu Power Plant, the deputy general manager of
Guangdong Yuedian Western Holdings Investment Co., Ltd. (Concurrently severed as deputy general
manager of Yueqian Company), concurrently severed as the deputy general manager of Yuedian
Group Guizhou Co., Ltd., and concurrently severed as the general manager of Guizhou Yuewang
Integrated Energy Co., Ltd. Moreover, he served as the general manager and secretary of the Party
Committee of Guizhou Yueqian Electric Power Co., Ltd., and the deputy secretary of the Party
Committee, general manager and factory director of Guangdong Yuehua Power Generation Co., Ltd.
Mr. Li Fangji, born in November 1967, is a senior engineer. He holds a bachelor degree from Beijing
Institute of Water Resources and Electric Power Economics and Management and a master degree in
engineering from Tianjin University. He currently serves as Deputy Chief Engineer of Guangdong
Energy Group Co., Ltd. and concurrently serves as Minister of Strategy Development Department and
Secretary of Party Branch of Energy Group Corporation. He had served as Engineer of Shenzhen
Energy Corporation, Assistant to General Manager and Deputy General Manager of Shenzhen
Qianwan Electric Power Development Co., Ltd., Assistant to General Manager, Chairman of the
Labor Union, Deputy General Manager, General Manager, and Secretary of the Party Committee of
Shenzhen Guangqian Electric Power Co., Ltd., Secretary of Party Committee and General Manager of
Guangdong Yudean Jinghai Power Generation Co., Ltd.，Minister of strategy Development Dept and
party branch secretary of Energy Group.
Ms. Li Xiaoqing, born in September 1971, graduated from Chongqing University with a master'
s degree and is a senior economist. She once served as secretary and manager assistant in the general
manager office of Guangdong Electric Power Development Co., Ltd., secretary of the board of directo
rs and manager of the board affairs department, deputy general manager, and concurrently served as g
eneral manager of Guangdong Yudean Financial Leasing Co., Ltd., secretary of the party branch of G
uangdong Yudean Financial Leasing Co., Ltd. General Manager, Secretary and Chairman of the Party
Branch of Guangdong Energy Group Finance Co., Ltd., Secretary of the Party Branch of the Headquar
ters, Secretary of the Board of Directors of Guangdong Energy Group Co., Ltd., Secretary of the Party
Branch and General Manager of the Legal Affairs and Capital Operations Department, Director of the
Office of the Board of Directors, Guangdong Electric Power Director of Development Co., Ltd.
Mr. Li Baobing, born in September 1974, graduated from Xi'an Jiaotong University with a master
degree, is a senior economist. Currently he is the Minister of Finance Department and Secretary of the
Party Branch of Guangdong Energy Group Co., Ltd.,He served as Assistant to General Manager of
Budget and Finance Department and Director of Asset Management Department of Guangzhou
Lingnan International Enterprise Group Co., Ltd., Manager of Investment Department and Deputy
General Manager of Guangdong Yudean Finance Co., Ltd., and had concurrently served as General
Manager of Shenzhen Tianxin Insurance Brokers Co., Ltd.and Vice Minister，Minister and Secretary
of the Party Branch of Finance Department of Guangdong Energy Group Co., Ltd.
Mr. He Ruxin, born in July 1976, holds a bachelor's degree in law from Fudan University, a master's
degree in business administration from South China University of Technology, and is a senior
economist. He is currently the Deputy General Counsel and Deputy General Manager of the Legal
Practice and Capital Operation Department of Guangdong Energy Group Co., Ltd. He used to be the
specialist and office secretary of the personnel section of Shanwei Electric Power Industry Bureau,
and the deputy director and legal affairs supervisor of the office of Shanwei Power Supply Branch
ofGuangdong PowerGrid Group; Specialist and Head of Comprehensive Department of Shanwei
Power Plant Preparation Group; Minister of the Comprehensive Department and Human Resources
Department of Guangdong Red Bay Power Generation Co., Ltd., Minister of the Comprehensive
61
Department and Secretary of the Board of Directors, Minister of the Human Resources Department
and Secretary of the Board of Directors, Minister of the Production and Operation Department of
Guangdong Red Bay Power Generation Co., Ltd., and served as the Manager of the Board of
Directors Work Division, Manager of the Capital Operation Division, Deputy Minister of the Legal
Affairs and Capital Operation Department of Guangdong Yudean Group Co., Ltd.
Mr. Chen Yanzhi, born in July 1975, graduated from Guangdong University of Technology with a
bachelor's degree, Senior Political Engineer. He is currently the Deputy Secretary of the Party
Committee and Chairman of the Trade Union of Guangdong Electric Power Development Co., Ltd.
He used to be the Assistant Engineer of the Technical Improvement Company of Guangdong Electric
Power Industry Bureau, the special person in charge of the Labor and Wage Division, the special
person in charge of the personnel of Tianshengqiao First-class Hydropower Development Co., Ltd.,
the special person in charge of the Human Resources Department and the Manager and Deputy Head
of the Personnel Division of Guangdong Yudean Group Co., Ltd.
Mr. Mao Qinghan, born in October 1974, Bachelor of Hunan University and Master of Engineering
from South China University of Technology. Engineer. He once served as the secretary and director of
the party branch of Xicun Thermal Power Plant in Guangzhou power plant, the deputy general
manager of Guangzhou Power Plant, the secretary of the party branch of Guangzhou Power Plant Co.,
Ltd., the secretary and general manager of the party branch of Guangzhou Wanglong Thermal Power
Co., Ltd., the safety director and general manager of the Health and Safety Management Department
of Guangzhou Development Group Co., Ltd., and the secretary and general manager of the Party
Committee of Guangzhou Development Power Group Co., Ltd.
Mr. Ma Xiaoqian, born in March 1964, is Ph.D.of engineering thermophysics from South China
University of Technology. He is a professor and currently serving as the director of the Key
Laboratory of the Electric Power School of South China University of Technology and concurrently
serving as the deputy director of teaching guiding committee of energy and power professional of high
education of the Ministry of Education, the chairman of the Guangzhou Energy Institute, the outside
director of Guangzhou Environmental Protection Investment Group Co., Ltd., and the independent
director of Guangzhou Development Group Co., Ltd. He used to be the dean and vice president of
Electric Power College of the South China University of Technology.
Ms. Zhang Hanyu was born in January 1965, with a Doctor of Philosophy from Renmin University of
China. She is currently the vice chairman of Shenzhen Hualing Derui Equity Investment Fund
Management Company, and concurrently holds an independent director of JSTI Group Co., Ltd. She
used to serve asLecturer at Capital University of Economics and Business, Section Chief of China
Securities Regulatory Commission, Assistant General Manager of China Securities Depository and
Clearing Corporation, and Deputy General Manager of Ping An Securities.
Mr. Wu Zhanchi was born in October 1975, with a Doctor of Management from Southwestern
University of Finance and Economics. He is a Professor and doctoral supervisor, and he is non-
practicing member of Chinese Institute of Certified Public Accountants. He is currently a professor of
Jinan University, an expert of the Guangdong Provincial Department of Finance and the State-owned
Assets Supervision and Administration Commission, an independent director of Jitai Co., Ltd, an
independent director of Jiahe Intelligent Co., Ltd, an independent director of Shenzhen Baiguoyuan
Co., Ltd, and an independent director of Minbang Optoelectronics Co., Ltd. He used to be the auditor
of Hunan Yingte Accounting Firm and the executive director of the Accounting Master Education
Center of Jinan University.
Mr. Cai Guowei was born in November 1979, with a Doctor of Economics from Sun Yat-Sen
University. He is professor and doctoral supervisor. He is the chief expert of major projects of the
62
National Social Science Foundation, as well as a professor and doctoral supervisor of Lingnan College
of Sun Yat-sen University, and he is the head of the Institute of Digital Economy and Policy of Sun
Yat-sen University. He is also the executive director of the China World Economics Association, the
deputy secretary-general and director of the Guangdong Economic Association, the director of the
China Institutional Economics Forum, the member of the Youth Committee of the China Optimal Law
Coordination Law and Economic Mathematics Research Association, the consultant expert of the
Guangzhou and Huizhou Municipal Governments, and the evaluation expert of the National Natural
Science Foundation of China and the National Social Science Fund . He used to be the assistant dean
and vice dean of Lingnan College of Sun Yat-Sen University.
Mr. Zhou Zhijian, was born in October 1972, with bachelor of Economics from Zhongnan University
of Finance and Economics and Master of Business Administration from Jinan University, and he is
senior accountant. He is currently the Chief Auditor, General Manager and Secretary of the Party
Branch of the Audit Department of Guangdong Energy Group Co., Ltd. He served as Manager of the
Asset Operation Division of the Strategic Development Department of Guangdong Yudean Asset
Management Co., Ltd, Deputy Minister of the Finance Department of Guangdong Yudean Asset
Management Co., Ltd, Deputy Minister and Minister of the Finance Department of Guangdong
Yudean Group Co., Ltd, and Deputy Secretary and General Manager of the General Party Branch of
Guangdong Energy Group Finance Co., Ltd.
Mr. Xu Ang, born in June 1967, graduated from the Correspondence College of the Party School of
the Central Committee of CPC with a bachelor's degree, senior political engineer. He is currently the
Deputy Secretary of the Party Committee and Secretary of Committee for Discipline Inspection of
Guangdong Electric Power Development Co., Ltd. He used to be the organization director, secretary
of the party committee, secretary of the first party branch, head of the party committee office,
secretary of the party branch, deputy secretary of the party committee, secretary of committee for
discipline inspection, and chairman of the trade union of Shaoguan Power Plant. deputy secretary of
the party committee, secretary of committee for discipline inspection and chairman of the trade union
of Guangdong Jinghai Power Generation Co., Ltd., and deputy secretary of the party committee,
secretary of committee for discipline inspection and chairman of the trade union of Guangdong Red
Bay Power Generation Co., Ltd.
Ms. Shi Yan, born in December 1977, Master graduate from Sun Yat-sen University, Senior
accountant. Currently, she is the manager of the comprehensive branch of the Finance Department of
Guangdong Energy Group Co., Ltd. Previously, she was the special manager, director and general
manager of the Cost Accounting Division of the Finance Department of Guangdong Energy Group
Co., Ltd.
Mr. Li Qing, born in May 1977. Bachelor of Economics, Shanghai University of Finance and
Economics. senior accountant. The current Guangdong Electric Power Development Co., Ltd.
employee supervisor, director of the audit room. Former Yunfu Power Plant Finance Department
Accounting, Guangdong Yuelong Power Co., Ltd.
Mr. Sha Qilin, born in October 1960. Master of Wuhan Institute of Technology. Associate Professor,
practicing lawyer. He is currently a lawyer of Guangdong Nanguo Desai Law Firm, member of the
Professional Committee of Financial and Securities of Guangzhou Lawyers Association, and
concurrently an independent director of Guangdong Electric Power Development Co., Ltd. He was an
associate professor of Wuhan Institute of Technology (now Wuhan University of Technology), head
of investment and development department of China Huandao Group Company, deputy chief engineer
of group and chief manager of overseas listed leading group.
Mr. Guo Yongxiong, born in January 1974, Bachelor of Engineering from Hehai University, Master
63
of Engineering from South China University of Technology, is Senior Engineer. Currently, he is
deputy general manager of Guangdong Electric Power Development Co., Ltd. He used to be in charge
for the production preparation department of Zhuhai Guangzhu Power Generation Co., Ltd, specially
in charge of Engineering Department for steam turbines of Guangdong Zhuhai Power Generation Co.,
Ltd as a loaned staff borrowed by Zhuhai Power Plant, and used to be team leader and planning
supervisor of Zhuhai Power Plant Maintenance Department, Engineer of Zhuhai Guangzhu Power
Generation Co., Ltd, Planning Director of Planning and Contract Department and Planning Director of
Zhuhai Power Plant Unit 3 and 4 Extension Office, Deputy Manager of Planning and Contract
Department and Planning Director of Jinwan Power Generation Company, Manager of Human
Resources Department, Manager of Equipment Department, Party Committee Member, Chief
Engineer of Guangdong Zhuhai Jinwan Power Generation Co., Ltd, and served as Deputy General
Manager of Guangdong Red Bay Power Generation Co., Ltd.
Mr. Liu Wei, born in April 1979, is Bachelor of finance from Zhongnan University of Economics and
Law. He is an economist and currently serves as the Company’s deputy general manager, chief
financial officer, secretary of the board of directors, had served as the specialist of the financial
department of Guangdong Electric Power Group Co., Ltd, the specialist and the principal officer for
the board affairs department , the representative of the company's securities affairs of Guangdong
Yudean Group Co., Ltd, the manager of the board affairs department.
Ms. Qin Xiao, born in July 1983, holds a bachelor's degree in engineering and economics from Wuhan
University and is an economist. She is currently the general counsel of Guangdong Electric Power
Development Co., Ltd. and Guangdong Wind Power Generation Co., Ltd. Sheused to be thespecialist
of the human resources department of Shajiao A Power Plant, the specialist of the planning and
development department, the specialist,department assistant, department head, and minister of the
board of directors affairs department of Guangdong Electric Power Development Co., Ltd., and the
general counsel of Guangdong Electric Power Industrial Fuel Co., Ltd.
Office taking in shareholder companies
√Applicable □Not applicable
Does he /she
receive
Names of the Names of the Titles engaged in Sharing date of Expiry date of
remuneration or
persons in office shareholders the shareholders office term office term
allowance from the
shareholder
Vice chief
engineer, General
Manager of
Guangdong Energy
Li Fangji Operating April, 2018 Yes
Group Co., Ltd. Management
Dept and Secretary
of Party Branch
Vice Chief
accountant,
General Manager
Guangdong Energy
Li Baobing of the Finance September, 2019 Yes
Group Co., Ltd.
Department and
Secretary of the
Party Branch
General Auditor,
Guangdong Energy General Manager
Zhou Zhijian of the Audit January, 2021 Yes
Group Co., Ltd.
Department,
secretary of Party
64
Branch
Deputy General
Guangdong Energy legal practice and
He Ruxin February, 2022 Yes
Group Co., Ltd. capital operation
Dept
Guangdong Energy Deputy GM of
Shi Yan June, 2020 Yes
Group Co., Ltd. Finance Dept
Guangzhou
Assistant general
Mao Qinghan Development Group July, 2021 No
manager
Co., Ltd.
Notes to post- Where there are more than one post, the starting time of appointment shall be the starting time of the main
holding in post.
shareholder’s
unit
Offices taken in other organizations
√Applicable □Not applicable
Drawing
Start date of office End date of office remuneration and
Name Other unit Title
term term allowance from of
other unit(Y/N)
Guangdong
Energy Maoming
Zheng Yunpeng Board chairman May, 2023 No
Thermal Power
Plant Co., Ltd.
Guangdong
Yudean Jinghai
Zheng Yunpeng Board chairman May, 2023 No
Power Generation
Co., Ltd.
Guangdong
Huizhou Natural
Zheng Yunpeng Gas Power Board chairman May, 2023 No
Generation Co.,
Ltd.
Guangdong
Huizhou Pinghai Vice Board
Zheng Yunpeng April, 2023 No
Power Generation chairman
Co., Ltd.
Guangdong
Yudean Huadu
Zheng Yunpeng Natural Gas Board chairman June, 2021 No
Thermal Power
Co., Ltd.
Guangdong
Zheng Yunpeng Yudean Bohe Coal Board chairman June, 2021 No
Power Co.,Ltd.
Guangdong
Zheng Yunpeng Yudean Baihua Executive director February, 2021 No
Energy Co., Ltd.
Guangdong
Yudean Dapu
Zheng Yunpeng Executive director January,2024 No
Power Generation
Co., Ltd.
Zheng Yunpeng Guangdong Board chairman September,2022 No
Yudean
65
Technology
Engineering
Management Co.,
Ltd.
Guangdong
Yuehua Power
Liang Chao Director August,2022 Yes
Generation Co.,
Ltd.
Guangdong
Li Fangji Electric Power Director June,2021 No
Trading Center
Guangdong
Li Fangji Electric Power Director March,2021 No
Trading Center
Guangdong
Li Baobing Energy Group Board chairman June,2022 No
Finance Co., Ltd.
Guangdong
Li Baobing Yudean Finance Board chairman December,2023 No
Lease Co., Ltd.
Guangdong
Energy Property
Li Baobing Director June,2023 No
Insurance Captive
Co., Ltd.
CSPG Energy Co.,
Li Baobing Supervisor September,2022 No
Ltd.
Northern Union
He Ruxin Director April,2023 No
Power Co., Ltd.
Guangdong
He Ruxin Yudean Finance Director December,2023 No
Lease Co., Ltd.
Guangdong
Chen Yanzhi Yudean Shipping Director April,2021 No
Co., Ltd.
Guangdong
Yudean
Chen Yanzhi Technology Director September,2022 No
Management Co.,
Ltd.
Guangzhou Executive director
Development （legal
Mao Qinghan Electric Power representative）, December,2017 Yes
Enterprise Co., secretary of the
Ltd. party committee
Guangzhou
Mao Qinghan Energy Storage Board chairman August,2023 No
Group
Guangdong
Sha Qilin Guangyue Law A lawyer, Partner July,2022 Yes
firm
School of Electric
Power, South
Ma Xiaoqian Professor July,1995 Yes
China University
of Technology
Ma Xiaoqian Guangzhou Independent March,2021 Yes
66
Hengyun Director
Enterprise Group
Co., Ltd.
Guangzhou Steel
Independent
Ma Xiaoqian Gas Energy Co., July,2021 Yes
Director
Ltd
Shenzhen Hualing
Derui Investment
Zhang Hanyu Vice Chairman January,2020 Yes
Fund Management
Company
Independent
Zhang Hanyu JSTI September,2021 Yes
Director
Wu Zhanchi Jinan University Professor July,2006 Yes
Guangzhou Jitai Independent
Wu Zhanchi April,2021 Yes
Chemical Co., Ltd. Director
Shenzhen
Baiuoyuan Independent
Wu Zhanchi April,2020 Yes
Industrial (Group) Director
Co., Ltd
Shenzhen Minbao
Independent
Wu Zhanchi Photoelectricity July,2019 Yes
Director
Co., Ltd.
Sun Yat-sen
Cai Guowei Professor June, 2015 Yes
University
Dinglong Culture Independent
Cai Guowei September,2023 Yes
Co., Ltd. Director
Chairman of the
Yangjiang Nuclear
Zhou Zhijian Supervisory February,2020 No
Power Co., Ltd.
Committee
Taishan Nuclear
Power Industry
Zhou Zhijian Supervisor February,2021 No
Investment Co.,
Ltd.
Guangdong
Shi Yan Energy Group Director June,2022 No
Finance Co., Ltd.
Guangdong
Chairman of the
Electric Power
Shi Yan Supervisory February,2021 No
Development
Committee
Corporation
Guangdong
Shi Yan Electric Power Supervisor June,2021 No
Trading Center
Convenor of the
Zhanjiang Electric
Li Qing Board of October,2022 No
Power Co., Ltd
Supervisors
Guangdong
Yudean Chairman of the
Li Qing Technology Supervisory September,2022 No
Management Co., Committee
Ltd.
Guangdong Chairman of the
Li Qing Yudean Huixin Supervisory August,2022 No
Co., Ltd. Committee
67
Guangdong Chairman of the
Li Qing Yudean Bohe Supervisory June,2021 No
Energy Co., Ltd. Committee
Guangdong
Yudean Yongan Chairman of the
Li Qing Natural Gas Supervisory March,2022 No
thermal Power Committee
Co., Ltd.
Yunnan Nengtou Convenor of the
Li Qing Weixin Energy Board of March,2022 No
Co., Ltd. Supervisors
Shenzhen
Convenor of the
Guangqian
Li Qing Board of July,2022 No
Electric Power
Supervisors
Co., ltd.
Zhanjiang Chairman of the
Li Qing Zhongyue Energy Supervisory August,2019 No
Co., Ltd. Committee
Guangdong
Yudean Baihua
Li Qing Supervisor February, 2021 No
Integrated Energy
Co., Ltd
Guangdong Convenor of the
Li Qing Yudean Shipping Board of April,2021 No
Co., Ltd. Supervisors
Guangdong
Li Qing Energy Finance Supervisor November,2020 No
lease Co., Ltd.
Zhanjiang Electric
Guo Yongxiong Board chairman October,2022 No
Power Co., Ltd.
Zhanjiang
Guo Yongxiong Zhongyue Energy Board chairman April,2023 No
Co., Ltd.
Guoneng Yudean
Taishan Power
Guo Yongxiong Director November,2023 No
Generation Co.,
Ltd.
Guangdong
Yuelong Power
Guo Yongxiong Board chairman January, 2022 No
Generation Co.,
Ltd.
Guangdong
Yudean Yongan
Guo Yongxiong Natural Gas Board chairman March,2022 No
thermal Power
Co., Ltd.
Guangdong
Yudean Maoming
Guo Yongxiong Natural Gas Board chairman March,2023 No
thermal Power
Co., Ltd.
Guangdong
Yudean Maoming
Guo Yongxiong Natural Gas Board chairman September,2022 No
thermal Power
Co., Ltd.
68
Guangdong
Yudean Leizhou
Guo Yongxiong Executive director November,2022 No
Power Generation
Co., Ltd.
Guangdong
Guo Yongxiong Yudean Bijie New Executive director October,2021 No
Energy Co., Ltd.
Zhuhai Yudean
Guo Yongxiong New Energy Co., Executive director June,2022 No
Ltd.
Guandong Energy
Guo Yongxiong Group Xinjiang Director December,2022 No
Co., Ltd.
Guangdong Wind
Liu Wei Power Generation Director June,2022 No
Co., Ltd.
Guangdong
Liu Wei Energy Group Director June,2022 No
Finance Co., Ltd.
Guangdong
Yudean Electric
Liu Wei Director April,2020 No
Power Sales Co.,
Ltd.
Shenzhen Capital
Liu Wei Supervisor October,2019 No
Group Co., Ltd.
Guangzhou
Zhujiang Natural
Vice Board
Liu Wei Gas Power October,2023 No
chairman
Generation Co.,
Ltd.
Guangzhou
Zhujiang Natural
Vice Board
Liu Wei Gas Power April,2022 No
chairman
Generation Co.,
Ltd.
Guangdong
Liu Wei Energy Finance Director December,2023 No
lease Co., Ltd.
Guangdong
Yudean Xinhui
Liu Wei Board chairman April,2023 No
Power Generation
Co., Ltd.
Guangdong
Yudean
Liu Wei Zhongshan Board chairman April,2021 No
Thermal Power
Plant Co., Ltd.
Tumushuke
Liu Wei Thermal Power Director December,2021 No
Co.,Ltd.
Guangdong Chairman of the
Liu Wei Energy Group Supervisory December,2022 No
Xinjiang Co., Ltd. Committee
Guangdong
Liu Wei Yudean Humen Director April,2021 No
Power Generation
69
Co., Ltd.
Yunnan Nengtou
Vice Board
Liu Wei Weixin Energy March,2022 No
chairman
Co., Ltd.
Guangdong Wind
Qin Xiao Power Generation General Counsel February 28,2023 No
Co., Ltd.
Guangdong
Huizhou Pinghai
Qin Xiao Director April,2023 No
Power Generation
Co., Ltd.
Guangdong
Yudean Jinghai
Qin Xiao Director May,2023 No
Power Generation
Co., Ltd.
Guangdong
Yuehua Power
Qin Xiao Director March,2023 No
Generation Co.,
Ltd.
Shajiao C Power
Qin Xiao Generation Co., Director March,2023 No
ltd.
Guangdong
Yudean New
Qin Xiao Energy Executive director March,2023 No
Development Co.,
Ltd.
Guangdong
Energy Property
Qin Xiao Director June,2023 No
Insurance Captive
Co., Ltd.
Punishments to the current and leaving board directors, supervisors and senior managers during the
report period by securities regulators in the recent three years
□ Applicable √Not applicable
3. Remuneration to directors, supervisors and senior executives
Decision-making procedures, basis for determination and actual payment of the remuneration to
directors , supervisors and senior executives
Directors, supervisors and senior executives of the Company shall obtain labor remuneration and
enjoy corresponding employee benefits according to their position and the Company's wage system.
Except such remuneration and benefits, no other remuneration and fringe benefits shall be additionally
provided；The allowance for the independent directors and independent supervisors of the Company
shall be paid according to the standards approved by the shareholders' general meeting.
At the end of the report period, the directors, supervisors and senior executives received the actual rem
uneration before tax was total RMB 5.9598 million .
Remuneration to directors, supervisors and senior executives in the reporting period
In RMB10,000
70
Remuneration
Total actually
remuneration receives at the
Name Sex Age Positions Office status
received from end of the
the shareholder reporting
period
Zheng
Male 55 Board chairman In office 77.78 No
Yunpeng
Liang Chao Male 54 Director In office 0 Yes
Li Fangji Male 56 Director In office 0 Yes
Li Baobing Male 49 Director In office 0 Yes
He Ruxin Male 47 Director In office 0 Yes
Employee
Chen Yanzhi Male 48 In office 70.38 No
director
Mao Qinghan Male 49 Director In office 0 Yes
Independent
Ma Xiaoqian Male 59 In office 11.86 No
director
Independent
Cai Guowei Male 44 In office 12.93 No
director
Independent
Zhang Hanyu Male 58 In office 12.39 No
director
Independent
Wu Zhanchi Male 48 In office 12.93 No
director
Chairman of
Zhou Zhijian Male 51 the Supervisory In office 0 Yes
Committee
Shi Yan Female 46 Supervisor In office 0 Yes
Employee
Li Qing Male 46 In office 47.39 No
supervisor
Independent
Sha Qilin Male 63 In office 7.28 No
supervisor
Guo
Male 49 Deputy GM In office 69.85 No
Yongxiong
Deputy General
manager,
Liu Wei Male 44 Finance In office 72.4 No
Manager,
Board secretary
General
Qin Xiao Female 40 In office 34.66 Yes
Counsel
Wang Jin Male 60 Director Dimission 23.39 Yes
Li Xiaoqing Female 52 Director Dimission 0 Yes
Total -- -- -- -- 524.98 --
Other
□Applicable Not applicable
71
VI. Performance of directors' duties during the reporting period
1. Information of the board meetings during the reporting period
Session Convening date Disclosure date Meeting resolution
Announcement No.:2023-05).
Published in
The 12th meeting of the China Securities Daily,
February 20,2023 February 22,2023 Securities Times , Shanghai
Tenth Board of Directors
Securities News, Securities
Daily and
http//.www.cninfo.com.cn
Announcement No.:2023-12).
Published in
The First Meeting of the China Securities Daily,
Tenth Board of Directors by March 15,2023 March 16,2023 Securities Times , Shanghai
Correspondence of 2023 Securities News, Securities
Daily and
http//.www.cninfo.com.cn
Announcement No.:2023-17).
Published in
The 13th meeting of the China Securities Daily,
March 30,2023 April 1,2023 Securities Times , Shanghai
Tenth Board of Directors
Securities News, Securities
Daily and
http//.www.cninfo.com.cn
Announcement No.:2023-29).
Published in
The Second Meeting of the China Securities Daily,
Tenth Board of Directors by April 21,2023 April 22,2023 Securities Times , Shanghai
Correspondence of 2023 Securities News, Securities
Daily and
http//.www.cninfo.com.cn
Announcement No.:2023-40).
Published in
The 14th meeting of the China Securities Daily,
August 29,2023 August 31,2022 Securities Times , Shanghai
Tenth Board of Directors
Securities News, Securities
Daily and
http//.www.cninfo.com.cn
Announcement No.:2023-51).
Published in
The 15th meeting of the China Securities Daily,
October 30,2023 October 31,2023 Securities Times , Shanghai
Tenth Board of Directors
Securities News, Securities
Daily and
http//.www.cninfo.com.cn
Announcement No.:2023-59).
Published in
The Third Meeting of the China Securities Daily,
Tenth Board of Directors by November 27,2023 November 28,2023 Securities Times , Shanghai
Correspondence of 2023 Securities News, Securities
Daily and
http//.www.cninfo.com.cn
The 16th meeting of the Announcement No.:2023-60).
December 14,2023 December 16,2023
Tenth Board of Directors Published in
72
China Securities Daily,
Securities Times , Shanghai
Securities News, Securities
Daily and
http//.www.cninfo.com.cn
Announcement No.:2023-65).
Published in
The Fourth Meeting of the China Securities Daily,
Tenth Board of Directors by December 29,2023 December 30,2023 Securities Times , Shanghai
Correspondence of 2023 Securities News, Securities
Daily and
http//.www.cninfo.com.cn
2. Attendance of directors at the board meetings and the general meeting of shareholders
Attendance of directors at the board meetings and the general meeting of shareholders
Number of Number of
Whether to
board Number of board Number of
Number of attend the General
meetings board meetings board
Name of board board meetings of
attended meetings attended by meetings
director meetings meeting in shareholders
during the attended in means of attended by
absent from person twice attended
reporting person communicati proxy
in a row
period on
Zheng
9 5 4 0 0 No 3
Yunpeng
Li Fangji 9 4 4 1 0 No 2
Li Baobing 9 5 4 0 0 No 0
He Ruxin 6 3 3 0 0 No 1
Chen Yanzhi 9 5 4 0 0 No 3
Mao
9 2 4 3 0 No 0
Qinghan
Ma Xiaoqian 9 5 4 0 0 No 3
Zhang Hanyu 9 5 4 0 0 No 3
Wu Zhanchai 9 5 4 0 0 No 3
Cai Guowei 9 5 4 0 0 No 3
Wang Jin 1 1 0 0 0 No 0
Li Xiaoqing 1 0 0 1 0 No 0
Explanation of failure to attend the board meeting in person twice in a row
None
3. Directors' objections to related matters of the Company
Whether the director raises any objection to the relevant matters of the Company
□ Yes √ No
During the reporting period, the directors did not raise any objection to the relevant matters of the
Company.
73
4. Other descriptions of directors' performance of duties
Whether the directors' suggestions on the Company have been adopted
√ Yes □No
The director's statement on whether the relevant suggestions of the Company have been adopted or
not
In 2023, the directors of the Company faithfully and diligently performed their corresponding duties
in strict accordance with the Company Law, Securities Law, Listing Rules for Stocks of Shenzhen
Stock Exchange and other relevant laws and regulations, as well as the Articles of Association and the
Rules of Procedure of the Board of Directors, paid close attention to the Company's standardized
operation, production and management, carefully reviewed the reports and related documents
submitted by the Company, actively attended the Company's board meetings, special committee
meetings and general meeting of shareholders, carefully considered all proposals, made professional,
independent, objective and fair judgments, and put forward constructive opinions and suggestions on
the Company's development strategy, corporate governance and business decisions, which played an
important role in the Company's scientific decision-making and steady development. During the
reporting period, the Company's directors performed their duties diligently, honestly and faithfully,
ensured scientific, timely and efficient decision-making through continuous supervision and
promotion of the implementation of the resolutions of the Board of Directors, and earnestly protected
the overall interests of the Company and the legitimate rights and interests of minority shareholders.
VII. Situation of special committees under the Board of Directors during the reporting period
Put forward
Other
Number of important Details of
Committee Member Convening information
meetings Meeting content opinions objections
name information date of duty
convened and (if any)
performance
suggestions
1. It reviewed the 1. Consider
accounting and pass all
statements and the motions.
notes in the 2022, 2, that the
2022 Financial financial
Report;.2.It report of the
reviewed the Company
proposal of the fairly
report on the reflects the
evaluation of the financial
Wu Zhanchi, Li Company’s position,
Audit and Baobing ,He internal control operating
March for 2022;3.It results and
Compliance Ruxin, Zhang 5
29,2023 reviewed the cash flows
Committee Hanyu and Cai
Guowei Proposal of of the
internal control Company
self-evaluation for the year
work plan in 2022, and
2023;4.It that the
reviewed the preparation
Proposal on the of the
2022 annual Risk accounting
management statements
report;5.It and notes is
reviewed the true and
Proposal on the accurate, in
74
2022 annual compliance
compliance with the
management specificatio
report; 6.It ns, and that
reviewed the no material
proposal of the errors or
provision for omissions
impairment of have been
assets ;7.It found.
reviewed the
Proposal for
Hiring the Annual
Financial Report
Audit Agency.
1.
Considering
and passing
all the
motions.
2, that the
financial
report of the
Company
faithfully
1. It reviewed the reflects the
Proposal on financial
Change in the position and
Accounting operating
Policy ；2.It results of
reviewed the the
Wu Zhanchi, Li
proposal Company in
Audit and Baobing ,He
April concening the first
Compliance Ruxin, Zhang 5
21,2023 Financial Report quarter of
Committee Hanyu and Cai
Guowei for the First 2023, and
quarter of 2023; that the
3.It reviewed the financial
accounting statements
statements and are true and
notes for the First accurate, in
quarter of 2023 line with the
requirement
s of the
specificatio
ns, and that
no
significant
errors or
omissions
have been
found.
1.It reviewed the 1. Consider
proposal and pass all
Concerning the motions.
Wu Zhanchi, Li Financial Report 2.
Audit and Baobing ,He for the semi- Considering
August
Compliance Ruxin, Zhang 5 annual of that the
24,2023
Committee Hanyu and Cai 2023;2.It financial
Guowei reviewed the report of the
accounting Company
statements and faithfully
notes for the reflects the
75
semi-annual of financial
2023; position and
operating
results of
the
Company in
the first half
of 2023, and
that the
preparation
of the
financial
statements
and notes is
true and
accurate,
conforms to
the
requirement
s of the
specificatio
ns, and that
no material
errors or
omissions
have been
found.
1.
Considering
and passing
all the
motions.
2, that the
financial
report of the
1..It reviewed the Company
proposal of the faithfully
provision for reflects the
impairment of financial
assets；2.It position and
reviewed the operating
Wu Zhanchi, Li proposal results of
Audit and Baobing ,He concening the
October Company in
Compliance Ruxin, Zhang 5 Financial Report
30,2023 the third
Committee Hanyu and Cai for the Third
Guowei quarter of 2023; quarter of
3.It reviewed the 2023, and
accounting that the
statements and financial
notes for the statements
Third quarter of have been
2023 prepared
truthfully
and
accurately,
in
compliance
with the
specificatio
ns, and that
no material
76
errors or
omissions
have been
found.
Considerati
on and
adoption of
the
"Proposal
on the plan
for the
diversion
and
resettlement
of in-service
.It reviewed the employees
proposal on the of Shajiao
Wu Zhanchi, Li Diversion and A Power
Audit and Baobing ,He Resettlement Plan Plant",
December for On-the-job
Compliance Ruxin, Zhang 5 considering
14,2023 Employees of
Committee Hanyu and Cai that the
Guowei Shajiao A Power decision-
Plant making
procedures
are in
compliance
with the
relevant
laws and
regulations
and the
Articles of
Association
of the
Company.
The Budget
Committee
worked in
strict
accordance
with the
Company
Law, the
1. It reviewed the regulatory
Company's 2022 rules of
Zheng Budget China
Yunpeng, Li Implementation Securities
Budget March Report; 2. It Regulatory
Fangji, Li 1
Committee 29,2023 reviewed the Commissio
Baoging, Wu
Zhanchi Company's 2023 n, the
Budget Report. Articles of
Association
and other
relevant
regulations,
performed
its duties
diligently
and
conscientio
usly, and
77
unanimousl
y passed all
proposals
according to
the actual
situation of
the
Company.
The
Nomination
Committee
worked in
strict
accordance
with the
Company
Law, the
regulatory
rules of
China
Securities
Regulatory
It reviewed the Commissio
Ma Xiaoqian,
Proposal on n, the
Zheng
Recommending Articles of
Nomination Yunpeng, Chen March
2 He Ruxin as a Association
Committee Yanzhi, Wu 29,2023
candidate for and other
Zhanchi, Cai
director of the relevant
Guo Wei
company regulations,
performed
its duties
diligently
and
conscientio
usly, and
unanimousl
y passed all
proposals
according to
the actual
situation of
the
Company.
The
Nomination
1.It reviewed the Committee
Proposal on worked in
Recommending strict
Liang Chao as a accordance
Ma Xiaoqian, with the
candidate for
Zheng director of the Company
Nomination Yunpeng, Chen December Law, the
2 company；2.It
Committee Yanzhi, Wu 29,2023 regulatory
Zhanchi, Cai seviewed the
rules of
Guo Wei Proposal on
China
Recommending
Securities
Liang Chao as
Regulatory
General Manager
Commissio
of the Company
n, the
Articles of
Association
78
and other
relevant
regulations,
performed
its duties
diligently
and
conscientio
usly, and
unanimousl
y passed all
proposals
according to
the actual
situation of
the
Company.
The
Remunerati
on and
Assessment
Committee
worked in
strict
1.It accordance
reviewed the "Pro with the
posal on the Resul Company
ts of the 2022 Bus Law, the
iness Performance regulatory
Assessment of th rules of
e Management M China
embers of Guang Securities
dong Electric Po Regulatory
Zhang Hanyu, wer Development Commissio
Remuneration Co.,L Ltd." .2.It
Li Fangji, Mao n, the
and November Reveviewed
Qinghan, Ma 2 Articles of
Assessment 24,2023 the "Proposal on t
Xiaoqian, Cai Association
Committee he Responsibility
Guo wei and other
Letter for the Man relevant
agement regulations,
Members of Guan performed
gdong Electric Po its duties
wer Development diligently
Co., Ltd. for the and
2023 Annual Ope conscientio
rating Performanc usly, and
e" unanimousl
y passed all
proposals
according to
the actual
situation of
the
Company.
1.It The
Zhang Hanyu, reviewed the "Pro Remunerati
Remuneration
Li Fangji, Mao posal on on and
and December
Qinghan, Ma 2 Guangdong Assessment
Assessment 29,2023
Xiaoqian Cai Electric Power Committee
Committee
Guowei Development Co., worked in
Ltd.'s 2022 Total strict
79
Salary accordance
Liquidation with the
Plan;2. It Company
reviewed the "Pro Law, the
posal on the 2022 regulatory
annual salary rules of
distribution plan China
for the Securities
management Regulatory
members of Commissio
Guangdong n, the
Electric Power Articles of
Development Co., Association
Ltd.;3. It and other
reviewed the "Pro relevant
posal on regulations,
Determining the performed
2023 Annual its duties
Salary Position diligently
Coefficients of and
Management conscientio
Members of usly, and
Guangdong unanimousl
Electric Power y passed all
Development Co., proposals
Ltd. according to
the actual
situation of
the
Company.
VIII.The working status of the board of supervisors
The board of supervisors finds out whether the company has risks during the monitoring activities duri
ng the reporting period
□ Yes √ No
The Supervisory Committee has no objection to the supervision matters during the reporting period.
IX. Particulars about employees.
1.Number of staff, professional structure and educational background
Number of in-service staff of the parent company（person） 765
Number of in-service staff of the main subsidiaries（person） 9,369
Total number of the in-service staff（person） 10,074
Total number of staff receiving remuneration in the current
period（person） 10,514
The number of the parent company and the main subsidiary’s
4,829
retired staffs who need to bear the cost（person）
Professional
Classified according by Professions Number of persons（person）
Production 5,805
Sales 272
80
Technical 2,076
Financial 356
Administrative 1,565
Total 10,074
Education
Classified according by education background Number of persons（person）
Doctor 2
Master 349
Universities 5,388
Colleges 2,623
Technical secondary school 512
High school and Below 1,200
Total 10,074
2. Remuneration policies
The company’s staff received the salaries and enjoyed the benefits according to the relevant
provisions stipulated in the company’s Salary Management Approach. The salary of the company’s
staff (Except the management staff who categorized in the annual salary system) basically constituted
by the basic salary, post salary, performance salary, allowance, overtime wages and special bounties
and so on.
3.Training plan
The company formulated the Temporary Provisions for the Management of Staff Education and
Training. The staff training was adhered to the principle of learning integrated with application,
learning by the needs and stressing of practical effect, focused on the main contents of the post and the
practical operation skills. The training contents included the new staff orientation training, post
training, continuing education, overseas training and other trainings.
4. Outsourcing situation
□ Applicable √ Not applicable
X. Specification of profit distribution and capitalizing of common reserves
Formulation, implementation or adjustment of the profit distribution policy, especially the cash
dividend policy during the reporting period
√ Applicable □Not applicable
The profit distribution policy in the Articles of Association is as follows:
Article 161
The Company attaches importance to the reasonable return on investment for investors, especially
small and medium-sized investors. The Company's dividend policy is as follows:
81
(I) Dividends of the Company shall be distributed in proportion to the shares held by shareholders.
(II) The Company may distribute dividends in cash, stock, a combination of cash and stock or other
ways permitted by laws and regulations, with priority given to cash dividends. If the requirements for
cash dividends are met, cash dividends shall be adopted for profit distribution.
(III) When the net profit attributable to shareholders of the parent company realized by the Company
in that year is positive and the accumulated distributable profit at the end of the year is positive,
dividends can be distributed.
(IV) The Company's annual profit distributed in cash is not less than 10% of the distributable profit
realized in that year, and the accumulated profit distributed in cash in the last three years is not less
than 30% of the annual distributable profit realized in the last three years. When the Company
distributes profits, the proportion of cash dividends in this profit distribution should be at least 20%.
(V) The Company can distribute the profits in the medium term.
During the reporting period, the Company implemented the profit distribution policy in strict
accordance with the relevant provisions of the Articles of Association. In the future, the Company will
continue to maintain the continuity, rationality and stability of cash dividends and actively repay its
shareholders.
Special description of cash dividend policy
Whether it meets the requirements of the Articles of Association or
Yes
the resolution of the general meeting of shareholders:
Whether the dividend standard and proportion are explicit and clear: Yes
Whether the relevant decision-making procedures and mechanisms
Yes
are complete:
Whether the independent directors have performed their duties and
Yes
played their due role:
If the Company does not distribute cash dividends, specific reasons,
as well as the measures to be taken to enhance investor returns No applicable
should be disclosed:
Whether the minority shareholders have the opportunity to fully
express their opinions and demands, and whether their legitimate Yes
rights and interests have been fully protected:
Whether the cash dividend policy is adjusted or changed, and
whether the conditions and procedures are compliant and No applicable
transparent:
The Company was profitable during the reporting period and the parent company's profit available for
distribution to shareholders was positive but no cash dividend distribution proposal was made.
Applicable √ Not applicable
Profit distribution and capitalization of capital reserve for the reporting period
Applicable Not applicable
Number of bonus shares per 10 shares (shares) 0
82
Number of dividends per 10 shares (yuan) (including
0.2
tax)
Share capital base for distribution proposal (shares) 5,250,283,986
Amount of cash dividend (yuan) (tax included) 105,005,680
Amount of cash dividends by other means (e.g. share
0
repurchase) (yuan)
Total amount of cash dividends (including other ways)
105,005,680
(yuan)
Distributable profit (yuan) 5,226,773,509
Total cash dividends (including other ways) as a
100
percentage of total profit distribution
Cash dividend
If the company's development stage is in the growth period and there is a major capital expenditure
arrangement, cash dividends shall account for at least 20% of the profit distribution.
Detailed explanations of the profit distribution or capitalization of capital reserve proposal
According to the company's articles of association, "when a company distributes its after-tax profit for the year,
10% of the profit shall be withdrawn and included in the company's legal reserve. If the accumulated amount of
the company's legal reserve is 50% or more of the company's registered capital, it can be withdrawn no more."
In view of the net profit of the Parent Company for the year 2023 being a loss and the accumulated legal
reserve of the Parent Company amounting to 57% of the registered capital of the Company as at the end of the
year 2023, no legal reserve and arbitrary reserve will be withdrawn in the year 2023. In order to reflect the
Company's sincere return to investors, in view of the increasing demand for funds for the Company's
sustainable development and the net profit loss of the parent company, the Company still decided to pay
appropriate cash dividends, with the ratio of cash dividends to net profit attributable to shareholders of the
parent company amounting to 10.77%. The Company's dividend proposal for FY201023 is as follows: based on
the total share capital of the Company of 5,250,283,986 shares, for every 10 A shares, RMB0.2 (including tax)
will be distributed. Based on the total share capital of the Company of 5,250,283,986 shares, A shares will be
distributed RMB0.2 per 10 shares (tax included); B shares will be distributed RMB0.2 per 10 shares (tax
included).
XI. Implementation Situation of Stock Incentive Plan of the Company, Employee Stock
Ownership Plan or Other Employee Incentive Measures
□Applicable √ Not applicable
None
XII. Construction and implementation of internal control system during the reporting period
1. Construction and implementation of internal control
(I) Organization setup and operation
The Company has established a perfect organizational structure system, and its corporate governance
structure, internal organization design and operation mechanism meet the requirements of modern
enterprise system. The Board of Directors of the Company shall bear the ultimate responsibility for
the evaluation of internal control; The Audit and Compliance Committee shall be responsible for
83
organizing, leading and supervising the internal control evaluation, reviewing the internal control
evaluation report, and examining and approving the rectification opinions of major and important
defects in internal control. The management of the Company is responsible for organizing the
implementation of the internal control evaluation, proposing the business or matters that should be
focused on in the internal control evaluation, and examining and approving the internal control
evaluation plan and the internal control evaluation report.
As the centralized department of internal control management, the Board Affairs Department of the
Company is responsible for organizing the internal control self-inspection, testing and evaluation in
the Company, proposing rectification schemes and specific rectification plans for the design and
operation defects found, supervising the completion of rectification, and cooperating with the internal
audit department and external auditors to carry out internal control evaluation at the enterprise level.
The Board of Directors, the Audit and Compliance Committee, the management and functional
departments of the Company earnestly perform their duties of internal control and management. Every
year, the Company conducts a comprehensive self-evaluation on the effectiveness of the internal
control system, timely corrects the internal control defects, continuously optimizes the internal control
system, and effectively improves the Company's management level and risk prevention ability.
(II) Establishment and implementation of internal control system
According to the Basic Standards for Internal Control of Enterprises and its supporting guidelines,
Guideline No.1 for Self-discipline Supervision of Listed Companies of Shenzhen Stock Exchange -
Standardized Operation of Listed Companies on Main Board, Listing Rules for Stocks of Shenzhen
Stock Exchange and relevant laws and regulations, combined with the actual situation of the Company,
from the perspective of business management, function management and post management, the
Company formulates basic management systems including financial accounting system, procurement
system, asset management system, engineering project management system, human resource
management system, administrative management system, internal audit system, guarantee
management system, related party transaction system, investment and financing management system,
and subsidiary management system, to make decisions and management on major issues of the
Company.
(III) Overall evaluation
In 2023, the Company conscientiously implemented the latest regulatory standards and normative
requirements in terms of national and industry laws and regulations, state-owned assets supervision,
etc., continuously improved the compliance of the standard system, did a good job in revising,
improving and elevating the internal control system, strictly implemented the internal management
system, and standardized major decision-making behaviors, effectively prevented decision-making
risks, enhanced scientific decision-making and avoided decision-making mistakes; carried out in-
depth internal control self-evaluation, continuously strengthened the rectification of internal control
defects, formed an effective internal control management closed loop of "control-evaluation-
improvement-control", continuously and dynamically improved the internal control management
system, and ensured that the Company maintained effective internal control in all major aspects
according to the requirements of the enterprise internal control standard system and relevant
regulations, and no factors that affect the evaluation conclusion of internal control effectiveness would
occur.
2.Details of major internal control defects found during the reporting period
□ Yes √ No
84
XIII. Management and control of the Company's subsidiaries during the reporting period
Problems Subsequent
Integration Measures taken Solution
Company name Integration plan encountered in planned
progress for solution progress
integration solution
Zhonggong
Acquired 100%
Energy
equity of the Merge
Technology No Not applicable Not applicable Not applicable
Company in completed
(Maoming)
cash.
Co., Ltd.
XIV.Internal control self-evaluation report or internal control audit report
1.Self-evaluation report on internal control
Disclosure date of appraisal report on
March 29,2024
internal control
Disclosure index of appraisal report on Juchao Website:（http://www.cninfo.com.cn）, Self-evaluation report of internal
internal control control in 2023
The ratio of the total assets of units
included in the scope of evaluation
accounting for the total assets on the 94.51%
company's consolidated financial
statements
The ratio of the operating income of
units included in the scope of evaluation
accounting for the operating income on 99.81%
the company's consolidated financial
statements
Standards of Defects Evaluation
Category Financial Report Non-financial Report
A. significant deficiency：① the
ineffective environmental control; ②
irregularities appearing between A. significant deficiency ： (1) The
company directors, supervisors and company lacks democratic and scientific
senior executives; ③ serious mistakes in decision-making procedures; (2) Serious
the financial statements of the current violation of national laws and
period found by external audit but not the regulations; (3) The company's important
inner control in the process of operating; business lacks institutional control or the
④ ineffective supervision of inner system control fails. B. Important
control from directorate and inner audit defects: (1) Large-scale and long-term
institution.B. significant deficiency：① interruption of important business may
Qualitative criteria accounting policy chosen and applied is cause the company to deviate from the
not based on the GAAP; ② anti- control goal in the field; (2) The
irregularity procedure and control important defects of the previous year
measures are not established; ③ very have not been rectified; (3) There are
deficiencies in the company's important
few relative control measures are
business systems. C. General defects:
established or implemented in terms of
other internal control deficiencies in
the accounting treatment related to
financial reporting that do not constitute
unconventional or special transaction; C.
material defects or important defects.
common deficiency means, apart from
the above “significant deficiency” and
“serious deficiency”, other deficiencies
exist in the inner control process.
Quantitative standard A. Quantitative standards for material (1)A significant deficiency means that
85
defects: (1) The amount of misstatement the direct property loss is between 50
≥ 0.5% of operating income; (2) the million yuan .(2) the significant
amount of misstatement ≥ 5% of the deficiency means hat the direct property
total profit; (3) The amount of loss is between 30 million yuan
misstatement ≥ 0.5% of the total assets. (including 30 million yuan) ; the serious
B. Quantitative standards for important deficiency means that the direct property
loss is between 30 million.
defects: (1) 0.2% of operating income≤
misstatement amount< 0.5% of operating
income; (2) 5% of total profits ≤
misstatement amount< 1% of total
profits; (3) 0.2% of total assets ≤
misstatement amount < 0.5% of total
assets. C. General defect quantitative
standards: (1) The amount of
misstatement < 0.2% of operating
income; (2) the amount of misstatement
< 1% of the total profit; (3) The amount
of misstatement < 0.2% of total assets.
Number of major defects in financial
0
reporting（a）
Number of major defects in non financial
0
reporting (a)
Number of important defects in financial
0
reporting（a）
Number of important defects in non
0
financial reporting（a）
2. Internal Control audit report
√ Applicable □Not applicable
Review opinions in the internal control audit report
We believe that Guangdong Electric Power Development Co., Ltd. has maintained effective internal control over financial
reporting in all material respects as of 31 December 2023 as per the Basic Rules for Enterprise Internal Control and relevant
regulations.
Disclosure date of audit report of internal control Disclosure
Index of audit report of internal control March 30, 2024
Juchao Website: （http://www.cninfo.com.cn）2023 Audit
Internal audit report’s opinion
report of internal control
Type of audit report on internal control Unqualified auditor’s report
Whether there is significant defect in non-financial report No
Has the CPAs issued a qualified auditor’s report of internal control .
□ Yes √No
Does the internal control audit report issued by the CPAs agree with the self-assessment report of the
Board of Directors
√Yes □No
XV. Rectification of self-examination problems in special governance actions of listed companies
None
86
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.
Industrial emission standards and the specific situation of the pollutant emission involved in the
production and business activities
Main Main
Implement
Company pollutant pollutant Emissi Emission
Emission ed Total Verified Excessive
or and and on port concentrati
pollutant emissi total emission
subsidiary specific specific Way numbe on
emission on emission condition
name pollutant pollutant r (mg/Nm3)
standards
type name
Emission
Standard
of Air
Concentra
Pollutants
Shajiao A ted
Air for
power Smoke emission 1 1.59 20.36 121.9 No
pollutant Thermal
plant through
Power
chimney
Plants
(GB13223
-2011)
Emission
Concentra Standard
Shajiao A ted of Air
Air Pollutants
power SO2 emission 1 14.66 187.41 426.65 No
pollutant for
plant through
chimney Thermal
Power
Plants
87
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
Shajiao A ted
Air for
power NOX emission 1 29.68 379.43 609.5 No
pollutant Thermal
plant through
Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
ted
Bohe Air for
Smoke emission 2 1.68 49.57 71.5 No
Company pollutant Thermal
through
Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
ted
Bohe Air for
SO2 emission 2 12.06 387.24 973.5 No
Company pollutant Thermal
through
Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
ted
Bohe Air for 1044.1
NOX emission 2 33.04 1195 No
Company pollutant Thermal 2
through
Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
Dapu ted
Air for
Power Smoke emission 2 4.29 79.83 593 No
pollutant Thermal
Plant through
Power
chimney
Plants
(GB13223
-2011)
Emission
Concentra Standard
Dapu ted of Air
Air Pollutants
Power SO2 emission 2 12.17 226.56 1447 No
pollutant for
Plant through
chimney Thermal
Power
Plants
88
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
Dapu ted
Air for
Power NOX emission 2 41.14 765.91 1502 No
pollutant Thermal
Plant through
Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
ted
Red Bay Air for
Smoke emission 4 2.96 125.21 422.04 No
Company pollutant Thermal
through
Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
ted
Red Bay Air for
SO2 emission 4 9.99 443.23 1477.2 No
Company pollutant Thermal
through
Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
ted
Red Bay Air for 1091.5
NOX emission 4 26.88 2111.58 No
Company pollutant Thermal 8
through
Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
ted
Jinghai Air for
Smoke emission 4 2.38 162.70 341.2 No
Company pollutant Thermal
through
Power
chimney
Plants
(GB13223
-2011)
Emission
Concentra Standard
ted of Air
Jinghai Air Pollutants 1016.7
SO2 emission 4 14.85 1728.4 No
Company pollutant for 8
through
chimney Thermal
Power
Plants
89
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
ted
Jinghai Air for 2335.6
NOX emission 4 34.10 2470 No
Company pollutant Thermal 3
through
Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
Maoming ted
Air for
Power Smoke emission 2 1.11 27.50 168.12 No
pollutant Thermal
Plant through
Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
Maoming ted
Air for
Power SO2 emission 2 14.25 356.76 385.51 No
pollutant Thermal
Plant through
Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
Maoming ted
Air for
Power NOX emission 2 28.48 704.32 751.82 No
pollutant Thermal
Plant through
Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
Pinghai ted
Air for
Power Smoke emission 2 2.89 104.74 346 No
pollutant Thermal
Plant through
Power
chimney
Plants
(GB13223
-2011)
Emission
Concentra Standard
Pinghai ted of Air
Air Pollutants
Power SO2 emission 2 24.04 852.01 1670 No
pollutant for
Plant through
chimney Thermal
Power
Plants
90
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
Pinghai ted
Air for 1372.9
Power NOX emission 2 39.58 1731 No
pollutant Thermal 9
Plant through
Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Shaoguan Pollutants
ted
Power Air for
Smoke emission 2 2.00 56.11 717.78 No
Generatio pollutant Thermal
through
n Plant Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Shaoguan Pollutants
ted
Power Air for
SO2 emission 2 19.15 537.02 2303.55 No
Generatio pollutant Thermal
through
n Plan Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Shaoguan Pollutants
ted
Power Air for 1055.4
NOX emission 2 37.63 2254.42 No
Generatio pollutant Thermal 2
through
n Plan Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Yunhe Pollutants
ted
Power Air for
Smoke emission 1 2.14 23.78 360 No
Generatio pollutant Thermal
through
n Plant Power
chimney
Plants
(GB13223
-2011)
Emission
Concentra Standard
Yunhe of Air
ted
Power Air Pollutants
SO2 emission 1 8.01 87.49 2400 No
Generatio pollutant for
through
n Plant Thermal
chimney
Power
Plants
91
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Yunhe Pollutants
ted
Power Air for
NOX emission 1 41.85 439.56 2400 No
Generatio pollutant Thermal
through
n Plant Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
ted
Zhanjiang Air for
Smoke emission 2 1.31 37.26 528 No
Electric pollutant Thermal
through
Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
ted
Zhanjiang Air for
SO2 emission 2 12.36 344.82 1320 No
Electric pollutant Thermal
through
Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
ted
Zhanjiang Air for
NOX emission 2 33.96 951.84 1990.7 No
Electric pollutant Thermal
through
Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
ted
Zhanjiang Air for
Smoke emission 2 1.19 25.07 480 No
Zhongyue pollutant Thermal
through
Power
chimney
Plants
(GB13223
-2011)
Emission
Concentra Standard
ted of Air
Zhanjiang Air Pollutants
SO2 emission 2 14.98 316.51 1200 No
Zhongyue pollutant for
through
chimney Thermal
Power
Plants
92
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
ted
Zhanjiang Air for
NOX emission 2 26.25 554.61 1290.08 No
Zhongyue pollutant Thermal
through
Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
Guangqia ted
Air for
n NOX emission 3 11.42 177.98 1312.5 No
pollutant Thermal
Company through
Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
Huizhou ted
Air for
Natural Smoke emission 6 0.29 10.75 242.61 No
pollutant Thermal
Gas through
Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
Huizhou ted
Air for 1190.2
Natural NOX emission 6 26.77 1774.98 No
pollutant Thermal 8
Gas through
Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Yuehua Pollutants
ted
Power Air for
SO2 emission 2 0.37 4.74 27.54 No
Generatio pollutant Thermal
through
n Power
chimney
Plants
(GB13223
-2011)
Emission
Concentra Standard
Yuehua of Air
ted
Power Air Pollutants
NOX emission 2 38.78 397.26 1367.55 No
Generatio pollutant for
through
n Thermal
chimney
Power
Plants
93
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Xinhui Pollutants
ted
Power Air for
Smoke emission 2 0.07 0.65 85.6 No
Generatio pollutant Thermal
through
n Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Xinhui Pollutants
ted
Power Air for
SO2 emission 2 0.11 1.01 45 No
Generatio pollutant Thermal
through
n Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Xinhui Pollutants
ted
Power Air for
NOX emission 2 34.09 327.50 1104 No
Generatio pollutant Thermal
through
n Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Tumushu Concentra
Pollutants
ke ted
Air for
Thermo Smoke emission 2 2.23 34.46 135 No
pollutant Thermal
electric through
Power
Co., Ltd chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Tumushu Concentra
Pollutants
ke ted
Air for
Thermo SO2 emission 2 10.75 163.66 474 No
pollutant Thermal
electric through
Power
Co., Ltd chimney
Plants
(GB13223
-2011)
Emission
Tumushu Concentra Standard
ke ted of Air
Air Pollutants
Thermo NOX emission 2 31.51 489.19 675 No
pollutant for
electric through
Co., Ltd chimney Thermal
Power
Plants
94
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
ted
Air for
Shajiao C Smoke emission 3 1.90 50.50 277.8 No
pollutant Thermal
through
Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
ted
Air for
Shajiao C SO2 emission 3 15.55 412.54 972.3 No
pollutant Thermal
through
Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
ted
Air for
Shajiao C NOX emission 3 32.60 864.97 1389 No
pollutant Thermal
through
Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
ted
Huadu Air for
Smoke emission 3 0.09 0.96 92.39 No
Company pollutant Thermal
through
Power
chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Concentra
Pollutants
ted
Huadu Air for
SO2 emission 3 0.10 0.99 6.7 No
Company pollutant Thermal
through
Power
chimney
Plants
(GB13223
-2011)
Emission
Concentra Standard
ted of Air
Huadu Air Pollutants
NOX emission 3 33.20 385.13 586.6 No
Company pollutant for
through
chimney Thermal
Power
Plants
95
(GB13223
-2011)
Emission
Standard
of Air
Zhanjiang Concentra
Pollutants
Biomass ted
Air for
Power Smoke emission 2 10.74 25.22 80.94 No
pollutant Thermal
Generatio through
Power
n chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Zhanjiang Concentra
Pollutants
Biomass ted
Air for
Power SO2 emission 2 3.33 6.78 183 No
pollutant Thermal
Generatio through
Power
n chimney
Plants
(GB13223
-2011)
Emission
Standard
of Air
Zhanjiang Concentra
Pollutants
Biomass ted
Air for
Power NOX emission 2 94.90 257.71 397 No
pollutant Thermal
Generatio through
Power
n chimney
Plants
(GB13223
-2011)
Treatment of contaminants
In 2023, the Company strictly controlled pollutant discharge according to relevant standards,
implemented pollution control measures from the source of production, strengthened the operation
management of existing pollution control devices, and upgraded and transformed the pollution control
facilities. The emission performance values of soot, sulfur dioxide and nitrogen oxides were 0.008
g/kWh, 0.058 g/kWh and 0.125 g/kWh, respectively, which ensured the stable discharge of pollutants
in wastewater and waste gas. Meanwhile, the Company implemented General Secretary Xi Jinping's
important instructions on the "30-60" dual-carbon target and accelerated planning and construction of
a new type of energy system, seized the important strategic opportunity, and steadily pushed forward
the construction of clean energy projects. The Huangpu "gas substituting for coal" and Zhaoqing
Dinghu projects were successfully put into operation, and the Dongguan Ningzhou and Huizhou Daya
Bay gas and power projects entered the unit commissioning stage. The Company actively promoted
the "three reforms linkage" of coal power, and the level of clean and efficient utilization of coal
continued to improve, with the coal consumption of coal-fired power units for power supply falling by
1.24 g/kWh YOY, and the carbon emission intensity of full-caliber power generation dropping by 22
g/kWh.
Emergency Response Plan for Environmental Emergencies
According to the "Environmental Protection Law of the People's Republic of China", "Production
Safety Law of the People's Republic of China", "Guidelines for the Preparation of Emergency Plans
for Production Safety Accidents of Production and Business Operation Units" (GB/T29639-2013),
96
"Decision of the Ministry of Emergency Management on Amending the "Measures for the
Management of Emergency Plans for Production Safety Accidents" (Order No. 2 of the Ministry of
Emergency Management), "Measures for the Management of Emergency Plans for Electric Power
Enterprises" (No. 508 [2014] Guoneng Safety ), "Guidelines for the Preparation of Emergency Plans
for Production Safety Accidents of Production and Business Operation Units" (GB/ T29639-2020),
"Opinions of the Ministry of Environmental Protection on Strengthening Environmental Emergency
Management" and other laws and regulations and relevant requirements of national, local and superior
departments, the Company and its subordinate power generation enterprises have formulated the
"Emergency Plan for Environmental Emergencies" in combination with their own actual conditions,
and standardized and improved the handling of environmental emergencies from various aspects such
as environmental accident risk analysis, emergency command institutions and responsibilities,
disposal procedures, and disposal measures, so as to improve the ability to respond to environmental
emergencies and to ensure that emergency rescue work is carried out quickly, orderly and efficiently,
and to prevent and reduce personal injury, property loss, environmental damage and adverse social
impacts caused by environmental emergencies.
Environmental self-monitoring program
During the reporting period, the company’s subordinate power generation companies organized
annual environmental self-monitoring programs in accordance with the national Administrative
Measures on Automatic Monitoring of Pollution Sources and other laws and regulations, and
conducted self-monitoring of the environment in accordance with the monitoring program, and
announced its own monitoring results in Guangdong Province's key pollution source regulatory
information platform and the national pollution source monitoring information and sharing platform.
Both the announced rate and completion rate had reached 100%.
Investment in environmental governance and protection and payment of environmental protection tax
In 2023, The company purchased desulfurization and denitration materials totaling about 277.49
million yuan,The Company paid environmental protection tax of 24.03 million yuan.
Measures taken to reduce their carbon emissions during the reporting period
Applicable □Not applicable
In 2023, the Company earnestly implemented the strategic requirements of "peak emission and carbon
neutrality" and actively explored various tasks of energy conservation and carbon reduction, as
follows: Firstly, added a total of 30 new energy projects, including 2 wind power projects (a total of
450,000 kilowatts) and 28 photovoltaic projects (a total of 1,972,600 kilowatts), with a total new
installed capacity of 2,422,600 kilowatts, which’s expected to contribute about 465 million kilowatt-
hours of clean energy every year, save about 14 million tons of standard coal, and reduce carbon
dioxide emissions by about 384,300 tons, which’s equivalent to rebuilding 900 hectares of forest; The
second, it has newly put into operation one "gas substituting for coal" project, with a total installed
capacity of 667,000 kilowatts, which can save about 319,000 tons of standard coal consumption and
reduce carbon dioxide emissions by about 1.27 million tons per year compared with coal-fired power
plants; Thirdly, ithas coordinated and promoted the "three reforms" of coal-fired power units and the
shutdown and disposal of Shajiao A power plant at the end of its service period, promoted 15 coal
turbines to carry out steam turbine flow transformation, improved regulation performance and reduced
energy consumption, and reduced coal consumption for thermal power units by 2.73 g/kWh YOY in
2023; Fourth, the overall management of carbon assets has been accelerated, and emission control
enterprises have fully completed the settlement of allowances in the second compliance period of the
national carbon market.
97
Administrative penalties for environmental problems during the reporting period
Impact on the
Company's
Company or Reason of Violation of production and
Punishment result rectification
subsidiary name punishment regulations operation of listed
measures
companies
On the day of
inspection, the
rectification was
implemented
When the online
immediately, and
automatic
the excess air
monitoring
coefficient of the
equipment for
online automatic
boiler flue gas was
monitoring
started, the excess
equipment for
air coefficient of
boiler flue gas was
the equipment
revised, and the
parameters was
special action of
wrongly set by the
environmental risk
equipment
hazard
Guangdong manufacturer,
The air excess No impact on the investigation and
Yudean Huadu causing that the Administrative
coefficient of start- normal production rectification was
Natural Gas converted penalty of 48,000
up boiler is set and operation of carried out by
Thermal Power concentration of yuan
incorrectly. listed companies analogy, so as to
Co., Ltd. some pollutant
further improve
data uploaded to
the calibration,
the NDRC
verification and
platform and
daily O&M of
Guangzhou
environmental
pollution source
online monitoring
automatic
equipment,
monitoring
strengthen the
platform was
training of O&M
lower than the
and management
measured
personnel, and
concentration.
improve the
professional level
and sense of
responsibility.
Other environmental information that should be disclosed
None
Other Environmental Related Information
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 strictly abides by the Environmental Protection Law of the People's Republic of
China, Air Pollution Prevention Law of the People's Republic of China, Water Pollution Prevention
Law of the People's Republic of China and Law of the People's Republic of China on Prevention and
Control of Environmental Pollution by Solid Waste, and the current environmental protection policies
98
and regulations have no impact on the Company. In 2023, the operating expenses required by the
Company's thermal power plants to implement environmental protection policies and regulations are
mainly to purchase limestone and denitration materials, totaling about RMB 277.49 million.
2. In 2023, according to the standard, the coal consumption for comprehensive power supply of the
Company's thermal power plants is 299.14 g/kWh of coal, the sulfur dioxide emission performance
value is 0.058g/kWh, nitrogen oxide emission performance value is 0.125g/kWh, and soot emission
performance value is 0.008g/kWh. Where, the commissioning rate of desulfurization device is 100%,
and the average desulfurization efficiency is 99.16%; The average operation rate of denitration device
is 99.83%, and the average denitration efficiency is 88.9%; The average operation rate of wet electric
dust removal is 99.96%, and the average dust removal efficiency is 99.88%.
Information related to environmental accidents of the listed company
In 2023, there were no environmental accidents in the Company.
II. Social responsibilities
For details of the Company's social responsibility report, please refer to the Social Responsibility
Report 2023 published by the Company on CNINF (http://www.cninfo.com.cn)
III. Consolidate and expand the achievements of poverty alleviation and rural revitalization
In 2023, the Company conscientiously implemented the national rural revitalization strategy, and all
its subordinate units actively carried out consumption assistance in combination with local
development conditions, constantly explored and practiced new consumption poverty alleviation
models, and set up special working groups to solidly promote the work of helping towns and villages,
accurately meet the needs of helping areas, and continuously delivered key resources such as funds,
technology and talents, thus making solid contributions to rural revitalization and regional
development in Guangdong Province.
1. Shajiao A Power Plant's consumption assistance on Luoping Town, Luoding City
Shajiao A Power Plant actively responded to the call of the superior trade union, and distributed rural
revitalization assistance and consolation gifts worthy of RMB 541,200 to all employees through the
poverty alleviation platform of "Southern Excellent Product". On November 28, in the 2023
Assistance in Rural Revitalization through "Consumption" Activity of state-funded and state-owned
enterprises organized in Luoping Town, Luoding City by Provincial State-owned Assets Supervision
and Administration Commission, the Company purchased about RMB 60,000 of high-quality
agricultural products such as Luoping rice and distributed them to employees through the way of
"purchasing instead of donating" and "buying instead of helping", and promoted the consumption
assistance work with pragmatic actions to contribute to rural revitalization.
2. Zhanjiang Electric Power Company helped Xilian Town, Xuwen County
Zhanjiang Electric Power Company sent two party members to Xilian Town, Xuwen County for rural
revitalization, and applied to Zhanjiang Electric Power Company for a rural revitalization fund of
RMB 490,000, which was used to upgrade and transform the leisure and entertainment project of
Maigu Village Fengshui Reservoir and build a livable leisure and entertainment park to help build
beautiful countryside.
99
3. Zhanjiang Biomass Power Generation Company helped Gangmen Town, Suixi County
In 2023, Zhanjiang Biomass Power Generation Company actively responded to the call of national
rural revitalization and applied for RMB 225,000 of assistance funds to support the rural revitalization
of Xincheng Village, Gangmen Town, Suixi County, including the expansion of village cultural
square, drilling wells, and developing fishery and safe agricultural technology training. Through
targeted assistance, the quality of life and well-being of villagers have been effectively improved.
4. Yunhe Power Generation Company helped Luoding Fucheng Street
Yunhe Power Generation Company appointed a special person as the first secretary of Tiance Village
Branch of Fucheng Street in Luoding City, to actively carry out the rural revitalization work, and
applied to Yunhe Power Generation Company for RMB 45,000 as poverty alleviation funds for the
installation of street lamps in the Cuntou Village, so as to facilitate the daily life of villagers and
enhance their sense of safety.
5. Maoming Thermal Power Plant helped Xiaoliang Town, Dianbai District
Maoming Thermal Power Plant sent a party member as a resident cadre to Xiaoliang Town, Dianbai
District for rural revitalization and assistance. According to the actual needs of Xiaoliang Town, a
series of assistance activities were carried out, including renovation of living environment, renovation
of dangerous houses and consolation to people in need, which effectively improved the living
standards of villagers, promoted the sustainable development of rural economy and made important
contributions to rural revitalization.
6. Zhongyue Energy Company's assistance counterpart: Leizhou Jijia Town
In 2023, Zhanjiang Zhongyue Energy Company invested RMB 395,000 in Jijia Town for a number of
revitalization projects, such as Shuangshui Village Party-mass Activity Center, housing repair for
people in need, centralized water supply in Wukeng Village of Mozhai Village Committee of Jijia
Town, and industrial technology training, which not only improved the living conditions of villagers,
but also improved their skill level and injected new impetus into rural revitalization.
7. Red Bay Company helped Jishui Village in Bawan Town, Lufeng City
Since August, 2021, Red Bay Company has sent people to Jishui Village for five times to carry out
rural revitalization research, with a total investment of RMB 613,500, focusing on solving the
shortcomings and weaknesses in Jishui Village's rural revitalization and the practical problems that
people are anxious for solutions, helping Jishui Village to build multiple livelihood projects, such as
the integrated construction project of party building and propaganda positions in Jishui Village, the
project of reclaiming wasteland in Jishui Village and helping farmers with water conservancy
facilities, and contributing to the comprehensive promotion of rural revitalization in Jishui Village,
Bawan Town, Lufeng City.
Note: On December 20, 2023, Guangdong Wind Power Company introduced six strategic investors
through public listing, and the shareholding ratio of the Company decreased from 100% to 76.4396%.
At present, the capital increase and share expansion of Guangdong Wind Power Company is going
through the formalities of shareholder approval and industrial and commercial change registration.
The Company will urge other shareholders of Guangdong Wind Power Company later to provide the
same guarantee or pay the guarantee fee or take other risk control measures according to the capital
increase and share expansion agreement.
100
VI. Important Events
I. Commitments to fulfill the situation
1.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
2.The existence of the company's assets or projects earnings forecasts and earnings reporting period is
still in the forecast period, the company has assets or projects meet the original profit forecast made
and the reasons explained
□ Applicable √ Not applicable
II. Particulars about the non-operating occupation of funds by the controlling shareholder
□ Applicable √ Not applicable
No such cases in the reporting period.
III. Illegal provision of guarantees for external parties
□ Applicable √ Not applicable
No such cases in the reporting period.
IV. Explanation of the Board of Directors on the latest "Non-standard Audit Report"
□ Applicable √ Not applicable
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. Explain change of the accounting policy, accounting estimate and measurement methods as
compared with the financial reporting of last year.
√ Applicable □ Not applicable
In 2022, the Ministry of Finance promulgated the Notice on Printing and Distributing the
Interpretation No. 16 of Accounting Standards for Business Enterprises (hereinafter referred to as
"Interpretation No. 16"). Since 1 January 2023, the Group and the Company have implemented the
accounting treatment provisions in Interpretation No. 16 that the deferred income tax related to assets
and liabilities arising from a single transaction is not subject to the initial recognition exemption, and
101
adopted the retrospective adjustment method to adjust the retained earnings and other relevant
financial statement items at the beginning of 2022 accordingly, and the comparative financial
statements for 2022 have been restated accordingly.
VII.Explain change of the consolidation scope as compared with the financial reporting of last
year.
√ Applicable □ Not applicable
(1) Addition of subsidiaries in this year:
Nature New investment Paid-in capital at the end Proportion
amount in this period of period(Yuan) (%)
Name (Yuan) Acquired
Photovoltaic
Zhonggong Energy
Power 152,969,360 152,969,360 100% Purchase
Technology( Maoming) Co., Ltd.
Generation
Investment
Guangdong Energy Group and asset Newly
100,000,000 100,000,000 100%
Xinjiang Co., Ltd. managemen established
t
Photovoltaic
Yunfu Yudean Zhenneng New Newly
Power 10,000,000 10,000,000 100%
Energy Co., Ltd. established
Generation
Photovoltaic
Tumushuke Yudean Changhe New Newly
Power 3,500,000 3,500,000 100%
Energy Co., Ltd. established
Generation
Photovoltaic
Zhuhai Yudean New Energy Co., Newly
Power 2,740,000 2,740,000 100%
Ltd. established
Generation
Photovoltaic
Gaozhou Yudean Intelligence Newly
Power 1,476,800 1,476,800 100%
New Energy Co., Ltd. established
Generation
The above-mentioned companies acquired through asset acquisition are subsidiaries acquired by the
Company and its subsidiaries from third parties through asset acquisition. On the acquisition date, the
above-mentioned companies had no other business and assets except construction in progress, fixed
assets and right-to-use assets, and the acquisition does not involve employees. On the acquisition date,
there was no output, which was an asset acquisition that did not constitute business.
(2) Cancellation of subsidiaries in this year:
Shareholding ratio before
Subsidiary name Business nature Paid-in capital before cancellation
cancellation
(RMB)
Guangdong Yudean Baihua Combined heat and
power 3,000,000 100%
Integrated Energy Co., Ltd (Cogeneration)
Guangdong Yudean Baihua Integrated Energy Co., Ltd., a subsidiary of the Company, held a
shareholders' meeting on October 9, 2023 and decided to complete the cancellation of Baihua
Company in 2023. Liquidation and cancellation of Baihua Company will change the scope of the
Company's consolidated financial statements accordingly, but it will not have a significant impact on
102
the Company's existing business and performance, and will not harm the interests of the Company and
its shareholders. On November 16, 2023, Baihua Company completed the liquidation and cancellation.
VIII. Engagement/Disengagement of CPAs
CPAs currently engaged
PWC Certified Public Accountants (special general
Name of the domestic CPAs
partnership)
Remuneration for domestic accounting firm (RMB 0',000) 900
Successive years of the domestic CPAs offering auditing
8
services
Name of CPA Li Xiaolei, Fan Xin
Continuous years of audit services of certified public
Li Xiaolei(3 years), Fan Xin( 2 year)
accountants of domestic public accounting firms
Has the CPAs been changed in the current period
□ Yes √ No
Description of the CPAs, financial advisers or sponsors engaged for internal control auditing
√ Applicable □Not applicable
In the report year, the Company engaged PWC Certified Public Accountants (special general
partnership)as the certified public accountants and internal control audit body in 2023. The audit
remuneration was RMB 9 million
IX. Situation of Facing Listing Suspension and Listing Termination after the Disclosure of the
Yearly Report
□Applicable √ Not applicable
X. Relevant Matters of Bankruptcy Reorganization
□Applicable √ Not applicable
No such cases in the reporting period.
XI. Matters of Important Lawsuit and Arbitration
□Applicable √ Not applicable
No such cases in the reporting period.
XII. Situation of Punishment and Rectification
□Applicable √ Not applicable
No such cases in the reporting period.
103
XIII. Credit Condition of the Company and its Controlling Shareholders and Actual Controllers
□Applicable √ Not applicable
XIV. Material related transactions
1. Related transactions in connection with daily operation
√Applicable Not applicable
For related party transactions related to daily operations during the reporting period, please see "7.
Other Major Related Party Transactions"
2. Related-party transactions arising from asset acquisition or sale
□Applicable √ Not applicable
No such cases in the reporting period.
3. Related party transactions of joint outbound investment
□Applicable √ Not applicable
No such cases in the reporting period.
For related party transactions related to daily operations during the reporting period, please see "7.
Other Major Related Party Transactions"
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
Related party Relationship Maximum Deposit Beginning The amount of this period The amount
daily deposit interest rate balance(RM of this period
limit(RMB range B '0,000) Total deposit Total deposit Total amount
'0,000) amount amount is withdrawn
(RMB (RMB for this
'0,000) '0,000) period(RMB
'0,000)
Guangdong Controlled
Energy by
Group Guangdong 1,300,000 0.2%-3.5% 874,062 14,142,493 13,598,185 1,418,370
Finance Co., Energy
Ltd. Group Co.,
104
Ltd.
Loan business
Related party Relationship Beginning The amount of this period
balance(RM Total
Loan Loant B '0,000) Total loan Ending
repayment
limit(RMB interest rate amount of balance(RM
amount of
'0,000) range the current B '0,000)
the current
period(RMB
period(RMB
'0,000)
'0,000)
Guangdong Controlled
Energy by
Group Guangdong 2.50%-
3,700,000 990,809 1,108,100 1,057,443 1,041,466
Finance Co., Energy 3.81%
Ltd. Group Co.,
Ltd.
Credit extension or other financial services
Related party Relationship Business type Total amount(RMB Actual amount
'0,000) incurred(RMB '0,000)
Guangdong
Communications Controlled by the same
Credit extension 3,700,000 1,041,466
Group Finance Co., parent company
Ltd
6. Transactions between the financial company controlled by the Company and related parties
□ Applicable √Not applicable
There is no deposit, loan, credit or other financial business between the financial company controlled
by the Company and related parties.
7. Other significant related-party transactions
√ Applicable □Not applicable
（1）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.
（2）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 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.
(3) 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
105
shareholders. 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 7,864.37 million, and the above related
transactions were deliberated and passed by the f general meeting of shareholders in 2022.
（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,and the above related transactions were deliberated and passed by the f
general meeting of shareholders in 2022.
(6) In order to solve the construction capital needs of the Shapa offshore wind power project and
ensure the smooth progress and the continuous and stable operation of the project settlement, the
"Proposal on Adjusting the Total Investment of Yangjiang Shapa Offshore Wind Power Project and
Increasing the Project Capital"was deliberated and passed in the 15th meeting of the 10th board of
directors of the Company on October 30, 2023, agreed that the total investment of Yangjiang Shapa
offshore wind power project will be adjusted to 6.778 billion yuan, and the project capital will be
adjusted to 1.3556 billion yuan according to 20% of the total investment, and the capital of RMB
162.95 million increased shall be settled by capital increase by Guangdong Wind Power Company and
Guangdong Energy Group at a price of 1 yuan per 1 yuan of registered capital simultaneously to
Yangjiang Company according to share ratio of 89.0406%:10.9594%, of which Guangdong Wind
Power Company shall increasethe capital by 145,091,700 yuan.
(7) On December 14, 2023, the "Proposal on the Routine Related Party Transactions between the
Company and Guangdong Energy Group Co., Ltd. in 2024"was deliberated and approved in the 16th
meeting of the 10th board of directors of the Company. and the above related transactions were
deliberated and passed by the first extraordinary general meeting of shareholders in 2024.
(8) On December 14, 2023, the "Proposal on Signing the Financial Service Framework Agreement
with Guangdong Energy Group Finance Co., Ltd.", the "Proposal on Signing the Financial Leasing
Cooperation Framework Agreement with Guangdong Energy Financial Leasing Co., Ltd.", and the
"Proposal on Signing the "Insurance and Risk Management Service Cooperation Framework
Agreement" with Guangdong Energy Property Insurance Captive Insurance Co., Ltd. were deliberated
and approved in the 16th meeting of the 10th board of directors of the Company. The afore-mentioned
related transactions were considered and approved for execution by the Company's first extraordinary
general meeting of shareholders in 2024.
Website for temporary disclosure of the connected transaction
Announcement Date of disclosure Website for disclosure
Estimates announcement of the Daily
February 22,2023 http//www.cninfo.com.cn.
Related Party Transactions of 2023
Announcement of Related Transactions
on Signing of the Financial Services February 22,2023 http//www.cninfo.com.cn.
Framework Agreement, Framework
106
Agreement on Financing Leasing
Cooperation
Announcement on the related party
transaction of Guangdong Yudean Bohe February,22, 2023 http//www.cninfo.com.cn.
Energy Co., Ltd reducing its capital
Announcement on the investment and
construction of Shanwei Power Plant
Unit 5 and Unit 6 (2×1000MW) March 16,2023 http//www.cninfo.com.cn.
expansion project namely the related
transaction
Announcement on Related Party
Transactions of The Compensation
April 1,2023 http//www.cninfo.com.cn.
Agreement signed between Pinghai
Power Plant and Huizhou LNG Co., Ltd.
Announcement on the related party
transaction on capital increase to
October 31,2023 http//www.cninfo.com.cn.
Guangdong Yudean Yangjiang Shapa
Offshore wind power Co., Ltd
Estimates announcement of the Daily
December 16,2023 http//www.cninfo.com.cn.
Related Party Transactions of 2024
Announcement of Related Transactions
on Signing of the Financial Services
Framework Agreement, Framework
Agreement on Financing Leasing December 16,2023 http//www.cninfo.com.cn.
Cooperation and Framework Agreement
on Cooperation in Insurance and Risk
Management Services
XV. 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, The custody fee collected from each company directly
holding the first-class target of Guangdong Energy Group is RMB 100,000/year; The custody fee
collected from each company indirectly holding the secondary target is RMB 50,000/year. published
by the Company in China Securities Daily, Securities Times and http://www.cninfo.com.cn on
January 13, 2018(Announcement No.2018-04). the custody fee actually collected by the Company
was RMB 1.6981 million in 2023.
Gains/losses to the Company from projects that reached over 10% in total profit of the Company in
reporting period
107
□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 RMB37,590,576 in this year.
108
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 10,000
Guarantee of the Company for the controlling subsidiaries (Exclude controlled subsidiaries)
Relevant
Date of Guarantee
disclosure
Name of Amount happening Actual Complete for
date/No. of Guarantee Guaranty Counter-guarantee Guarantee
the of (Date of mount of implementation associated
the type （If any） （If any） term
Company Guarantee signing guarantee or not parties
guaranteed
agreement) (Yes or no)
amount
Until two
Guangdong
years after
Yudean Yangjiang
the date of
Guangdong Guarantee Offshore wind
expiration
Energy October November ing of power Co., Ltd.
200,000 189,472 No of the No Yes
Group Co., 29,2020 19,2020 joint provides joint and
performan
Ltd. liabilities. several liability
ce period
guarantee counter-
of the loan
guarantee
agreement
Total amount of approved Total actually amount of
external guarantee in the 0 external guarantee in the -10,528
report period(A1) report period(A2)
Total actually amount of
Total amount of approved 425,459 189,472
external guarantee at the
external guarantee at the end
end of the report
109
of the report period(A3) period(A4)
Guarantee of the company for its subsidiaries
Relevant
Date of Guarantee
disclosure
Name of Amount happening Actual Complete for
date/No. of Guarantee Guaranty Counter-guarantee Guarantee
the of (Date of mount of implementation associated
the type （If any） （If any） term
Company Guarantee signing guarantee or not parties
guaranteed
agreement) (Yes or no)
amount
Until two
years after
Zhanjiang the date of
Wind Guarantee expiration
October
Power April 29,2009 18,572 0 ing of No No of the No No
9,2010
Generation joint performan
Co., Ltd. ce period
of the loan
agreement
The durati
on of each
issue of co
rporate bo
nds under t
he registra
tion appro
val of Gua
Guangdong
ngdong W
Wind Guarantee
August ind Power
Power 200,000 March 21,2023 60,000 ing of No No No No
31,2022 Generation
Generation joint
Co., Ltd.
Co., Ltd.
will end o
n the day t
hat is two
years after
the latest d
ue date of
the corpor
ate bond.
Total of guarantee for 0 Total of actual guarantee 55,128
110
subsidiaries approved in the for subsidiaries in the
period(B1) period (B2)
Total of guarantee for Total of actual guarantee
subsidiaries approved at 441,536 for subsidiaries at period- 60,000
period-end(B3) end(B4)
Guarantee of the subsidiaries for the controlling subsidiaries
Relevant
Date of Guarantee
disclosure
Name of happening Actual Complete for
date/No. of Amount of Guarantee Guaranty Counter-guarantee Guarantee
the (Date of mount of implementation associated
the Guarantee type （If any） （If any） term
Company signing guarantee or not parties
guaranteed
agreement) (Yes or no)
amount
The Company’s total guarantee(i.e.total of the first three main items)
Total amount of
Total guarantee quota
guarantee actually
approved in the reporting 0 44,600
incurred in the reporting
period（A1+B1+C1）
period（A2+B2+C2）
Total guarantee quota Total balance of the
already approved at the end actual guarantee at the
866,995 249,472
of the reporting period end of the reporting
（A3+B3+C3） period（A4+B4+C4）
The proportion of the total amount of actually guarantee in
11.27%
the net assets of the Company (that is A4+B4+C4）%
Including：
Amount of guarantees provided for shareholders, the actual
189,472
controller and their related parties (D)
Amount of debt guarantees provided directly or indirectly for
60,000
entities with a liability-to-asset ratio over 70% (E)
Proportion of total amount of guarantee in net assets of the
0
company exceed 50%（F）
Total amount of the three kinds of guarantees above (D+E+F) 249,472
Explanations on possibly bearing joint and several liquidating
No
responsibilities for undue guarantees (if any)
Explanations on external guarantee against regulated No
111
procedures (if any)
3. Finance management on commission
(1)Situation of Entrusted Finance
□ Applicable √ Not applicable
No any Entrusted Finance for the Company in the reporting period..
（2）Situation of Entrusted Loans
□ Applicable √ Not applicable
No any Entrusted loans for the Company in the reporting period..
4. Other significant contract
□ Applicable √ Not applicable
No other significant contracts for the Company in reporting period.
XVI. Explanation on other significant events
√ Applicable □Not applicable
Summary of important matters Name Date of disclosure Website for disclosure
In order to reflect the Company's financial position and operating results more Announcement on Accounting April 22,2023 http//www.cninfo.com.cn.
objectively and fairly, it’s agreed that the Company would make changes in accounting Policy Changes
policy in accordance with Interpretation No. 16 from January 1, 2023, and make
retrospective adjustments in accordance with the bridging provisions.
In order to objectively and fairly reflect the Company's financial position and the value Announcement on The October 31,2023 http//www.cninfo.com.cn.
of assets at the end of the period, after deliberation at the 13th meeting of the 10th board Provision for Asset
of directors of the Company, it’s agreed that the Company will make an asset Impairment
112
impairment provision of 383,987,700 yuan for the relevant assets of the Company and
its holding subsidiaries as of September 2023 in accordance with the relevant provisions
of the "Accounting Standards for Business Enterprises" and the actual situation of the
Company's assets.
In order to implement the Xinjiang industrial development strategy and smoothly Resolutions of the 15th October 31,2023 http//www.cninfo.com.cn.
promote the construction of new energy projects, the board of directors of the Company meeting of the Tenth Board of
agreed to invest in the construction of a 350MW integrated photovoltaic power directors
generation and storage project of the 45th regiment of the third division of Guangdong
Electric Power(hereinafter referred to as the "project") , with a total investment of
1,706.36 million yuan and a capital of 341.27 million yuan calculated according to 20%,
which will be solved by the Company by capital increase in batches to Tumshuk
Yudean Hanhai New Energy Co., Ltd. according to the actual progress of the project
and the capital needs.
XVII. Significant event of subsidiary of the Company
Applicable □Not applicable
In order to further deepen the reform of state-owned enterprises, optimize the capital structure, absorb external resources, and better promote the
development of the Company's new energy strategy, Guangdong Wind Power Company, a wholly-owned subsidiary of the Company, increased its
capital and shares by way of public listing, and introduced six strategic investors-Beijing Chengtong Gongrong Equity Investment Fund, Three Gorges
Capital Holding Co., Ltd., CCB Financial Assets Investment Co., Ltd., Bank of Communications Financial Assets Investment Co., Ltd., ABC Financial
Assets Investment Co., Ltd., and Bank of China Financial Assets Investment Co., Ltd., raising a total of RMB 4.5 billion yuan, and totally increasing the
registered capital of2,990,033,222 yuan, and the part exceeding the newly increased registered capital is included in the capital reserve of Guangdong
Wind Power Company. The details of the capital increase are as follows:
Subscription to the newly increased
No. Strategic investor Capital increase amount (’0000 yuan)
registered capital (’0000 yuan)
Chengtong Gongrong Equity Investment
1 122,218.3949 6.3989
Fund
2 Sanxia Capital 100,000.0000 5.2357
3 CCB Investment 96,846.6051 5.0705
4 BOCOM Investment 43,645.0000 2.2851
113
5 ABC Investment 43,645.0000 2.2851
6 BOC Investment 43,645.0000 2.2851
Total 450,000.0000 23.5604
114
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 Change
Amount Proporti Capitaliza
on tion of
Share Bonus Proport
common Other Subtotal Quantity
allotment shares ion
reserve
fund
I. Share with
conditional 1,897,963,287 36.15% 1,897,963,287 36.15%
subscription
1. State-owned
shares
2. State-owned
legal person 1,893,374,517 36.06% 79,740 79,740 1,893,454,257 36.06%
shares
3.Other
domestic 4,588,770 0.09% -79,740 -79,740 4,509,030 0.09%
shares
Of which：
Domestic legal 3,535,770 0.07% 3,535,770 0.07%
person shares
Domestic
natural person 1,053,000 0.02% -79,740 -79,740 973,260 0.02%
shares
4.Foreign
shares
Of which：
Foreign legal
person shares
Foreign natural
person shares
II. Shares with
unconditional 3,352,320,699 63.85% 3,352,320,699 63.85%
subscription
1.Common
2,553,912,699 48.64% 2,553,912,699 48.64%
shares in RMB
2.Foreign
shares in
798,408,000 15.21% 798,408,000 15.21%
domestic
market
3.Foreign
shares in
foreign market
4.Other
III. Total of
5,250,283,986 5,250,283,986
capital shares
Reasons for share changed
√ Applicable □ Not applicable
115
The 79,740 restricted A-shares held by Luo Guoliang were changed to held by Guangdong Energy
Group Co., Ltd. due to the advance repayment procedures for the share-trading reform;
Approval of Change of Shares
□Applicable √Not applicable
Ownership transfer of share changes
The 79,740 restricted A-shares held by Luo Guoliang were changed to held by Guangdong Energy
Group Co., Ltd. due to the advance repayment procedures for the share-trading reform;
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
2. Change of shares with limited sales condition
□ Applicable √Not applicable
Ⅱ.Issuing and listing
1.Explanation of the Situation of the Security Issue(No Preferred Shares) in the Report Period
□Applicable √Not applicable
2.Change of asset and liability structure caused by change of total capital shares and structure
□Applicable √Not applicable
3.About the existing employees’ shares
□Applicable √Not applicable
Ⅲ.Shareholders and actual controlling shareholder
1. Number of shareholders and shareholding
In Shares
Total Total The total n Total
number of shareholder umber of pr preferred shareholders at
common s at the end eferred shar the end of the month from
99,312 103,509 0 0
shareholders of the eholders vo the date of disclosing the
at the end of month from ting rights ( annual report(if any)(See
the the date of if any)(See Notes 8)
116
reporting disclosing Notes 8)
period
Particulars about shares held above 5% by shareholders or top ten shareholders
Number of Changes Number of share
Proportion Amount of Amount of un- pledged/frozen
Shareholders Nature of shares held in
of shares restricted restricted
shareholder at period - reporting State of
held（%） shares held shares held Amount
end period share
Guangdong State-
Energy owned
67.39% 3,538,116,921 79,740 1,893,454,257 1,644,662,664
Group Co., legal
Ltd. person
Guangzhou State-
Development owned
2.22% 116,693,602 0 0 116,693,602
Group Co., legal
Ltd. person
Guangdong
State-
Electric
owned
Power 1.80% 94,367,341 0 0 94,367,341
legal
Development
person
Corporation
Overseas
HKSCC Legal 0.77% 40,553,587 29,919,965 0 40,553,587
person
Domestic
Zheng
Natural 0.50% 26,404,944 170,444 0 26,404,944
Jianxiang
person
ICBC－
Guangfa
Domestic
strategy Non-State
preferred
owned 0.35% 18,387,270 18,387,270 0 18,387,270
hybrid legal
securities person
investment
fund
China
Merchants
Bank Co.,
Ltd－ABC
remittance Domestic
strategy Non-State
income a owned 0.33% 17,076,400 17,076,400 0 17,076,400
year holding legal
period of person
hybrid
securities
investment
fund
GUOTAI
JUNAN Overseas
SECURITIE Legal 0.31% 16,370,751 12,294,711 0 16,370,751
S（HONG person
KONG）
VANGUAR
D TOTAL Overseas
INTERNATI Legal 0.30% 15,855,512 15,855,512 0 15,855,512
ONAL person
STOCK
117
INDEX
FUND
CHINA
INTERNATI
ONAL
CAPITAL Overseas
CORPORAT Legal 0.29% 15,328,366 112,300 0 15,328,366
ION HONG person
KONG
SECURITIE
S LTD
Strategy investors or
general legal person
becomes top 10
shareholders due to rights Not applicable
issued (if applicable)（See
Notes 3）
Explanation on associated The Third largest shareholder Guangdong Electric Power Development Corporation is the wholly-
relationship among the owned subsidiaries of the largest shareholder Energy Group. These two companies have relationships;
aforesaid shareholders whether the other shareholders have relationships or unanimous acting was unknown
Above shareholders
entrusting or entrusted with
Not applicable
voting rights, or waiving
voting rights
Top 10 shareholders
including the special
Not applicable
account for repurchase (if
any) (see note 10)
Shareholding of top 10 shareholders of unrestricted shares
Share type
Name of the shareholder Quantity of unrestricted shares held at the end of the reporting period Share
Quantity
type
RMB
Guangdong Energy Group
1,644,662,664 Common 1,644,662,664
Co., Ltd.
shares
RMB
Guangzhou Development
116,693,602 Common 116,693,602
Group Co., Ltd.
shares
RMB
Guangdong Electric Power
94,367,341 Common 94,367,341
Development Corporation
shares
RMB
HKSCC 40,553,587 Common 40,553,587
shares
Foreign
shares
Zheng Jianxiang 26,404,944 placed in 26,404,944
domestic
exchange
ICBC－Guangfa strategy RMB
preferred hybrid securities 18,387,270 Common 18,387,270
investment fund shares
China Merchants Bank Co., RMB
Ltd－ABC remittance 17,076,400 Common 17,076,400
strategy income a year shares
118
holding period of hybrid
securities investment fund
Foreign
GUOTAI JUNAN shares
SECURITIES（HONG 16,370,751 placed in 16,370,751
KONG） domestic
exchange
Foreign
VANGUARD TOTAL shares
INTERNATIONAL 15,855,512 placed in 15,855,512
STOCK INDEX FUND domestic
exchange
CHINA Foreign
INTERNATIONAL shares
CAPITAL 15,328,366 placed in 15,328,366
CORPORATION HONG domestic
KONG SECURITIES LTD exchange
Explanation on associated
relationship or consistent
action among the top 10
shareholders of non- The Third largest shareholder Guangdong Electric Power Development Corporation is the wholly-
restricted negotiable shares owned subsidiaries of the largest shareholder Energy Group. These two companies have relationships;
and that between the top 10 whether the other shareholders have relationships or unanimous acting was unknown.
shareholders of non-
restricted negotiable shares
and top 10 shareholders
Explanation on
shareholders participating
in the margin trading Not applicable
business(if any )(See Notes
4)
Lending of shares by the top ten shareholders participating in refinancing business
□ Applicable √ Not applicable
The top ten shareholders have changed from the previous period
Applicable □Not applicable
In Shares
Changes of the top ten shareholders compared with the end of the previous period
Number of shares held by shareholders
Number of shares lent by refinancing at in general accounts and credit accounts
Name of Addition/Withdra the end of the period and not yet returned and lent by refinancing at the end of the
shareholder (full wal in this period and not yet returned
name) reporting period
Proportion of total Proportion of total
Total quantity Total quantity
share capital share capital
ICBC－Bank of
Communications
Schroder Trend Withdrew 0 0% 2,755,009 0.05%
Preferred Mixed
Securities
Investment Fund
ICBC－Caitong Withdrew 0 0% 0 0%
119
Value Momentum
Hybrid Securities
Investment Fund
ICBC－Qianhai
Open Source New
Economy Flexible Withdrew 0 0% 0 0%
Allocation Hybrid
Securities
Investment Fund
ICBC－Caitong
Growth Preferred Withdrew 0 0% 0 0%
Hybrid Securities
Investment Fund
China Securities
Withdrew 0 0% 0 0%
Finance Co., Ltd.
HKSCC Newly added 0 0% 40,553,587 0.77%
ICBC－GF
Strategy Preferred Newly added 0 0% 18,387,270 0.35%
Hybrid Securities
Investment Fund
China Merchants
Bank Co., Ltd.-
ABCCA Strategic
Income One-year Newly added 0 0% 17,076,400 0.33%
Holding Period
Hybrid Securities
Investment Fund
GUOTAI JUNAN
SECURITIES
Newly added 0 0% 16,370,751 0.31%
（HONG
KONG）
CHINA
INTERNATIONA
L CAPITAL
CORPORATION Newly added 0 0% 15,328,366 0.29%
HONG KONG
SECURITIES
LTD
Whether top ten common shareholders or top ten common shareholders with un-restrict shares held
have a buy-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.
2.Controlling shareholder
Nature of Controlling Shareholders: Local state holding
Type of Controlling Shareholders: Legal person
Name of the Legal Principal business
Date of incorporation Organization code
Controlling representative/Leader activities
120
shareholder
Management and sales
of the electricity
investment
construction operation
management，
electricity
power(Thermal
Power)，
The industry of
Guangdong Energy transportation
Zhang Fan August 3,2001 91440000730486022G
Group Co., Ltd. resources
environmental
protection，new
source of energy
electricity investment;
investment planning
and consulting ;
information consulting
service; sales of
production materials.
The equity of the
controlling shareholder
in other domestic and
foreign listed Unknown
companies held or
partly held by it in the
report period
Change of the actual controller in the reporting period
□Applicable √Not applicable
No such cases in the Reporting Period.
3．Information about the controlling shareholder of the Company
Actual controller nature：Local state owned assets management
Actual controller type：Legal person
Legal
Name of the Principal business
representative/person Date of establishment Organization code
controlling shareholder activities
in charge
As the special
State-owned Assets institution directly
subordinate to
supervision and
Guangdong Provincial
administration
People's Government,
Commission of Yu,Gang June 26,2004 114400007583361658
performed the
Guangdong
obligation of provincial
Provincial People’s state-asset contributor
Government entrusted by the
provincial government.
Equity of other
Unknown
domestic/foreign listed
121
company with share
controlling and share
participation by
controlling shareholder
in reporting period
Changes of the actual controller in the reporting period
□Applicable √Not applicable
No Changes of the actual controller in the reporting period
Block Diagram of the ownership and control relations between the company and the actual controller
The actual controller controls the company by means of trust or managing the assets in other way
□Applicable √Not applicable
4.The cumulative number of shares pledged by the controlling shareholder or the largest shareholder
of the company and its person acting in concert accounts for 80% of the number of shares held by the
company
□Applicable √Not applicable
5.Particulars about other legal person shareholders with over 10% share held
□Applicable √Not applicable
6.Situation of Share Limitation Reduction of Controlling Shareholders, Actual Controllers,
Restructuring Party and Other Commitment Subjects
□Applicable √Not applicable
122
IV. Specific implementation of share repurchase during the reporting period
Progress in implementation of share repurchase
□ Applicable √Not applicable
Implementation progress of reducing repurchased shares by centralized bidding
□ Applicable √Not applicable
123
VIII. Situation of the Preferred Shares
□Applicable √Not applicable
The Company had no preferred shares in the reporting period.
124
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
1). Basic information of corporate bonds
In RMB 10,000
Bond short Bond Bond balance Interest
Bond name Issue day Value date Due day Servicing way Trading
name code (RMB '0,000) rate
Public Issuance
of Corporate Using simple interest rate
Bonds to on a yearly basis,
Qualified regardless of compound
Investors in interest. Due payments Shenzhen
2020 (Phase I) 20 Yudean 149113.S
April 28,2020 April 29,2020 April 29,2023 0 2.45% once a year, maturing debt Stock
of Guandong 01 Z
at a time. In the final phase, Exchange
Electric Power interest is paid together
Development with the principal
Co.,Ltd. redemption.
Public Issuance Using simple interest rate
of Corporate on a yearly basis, Shenzhen
21 Yudean 149369.S January January
Bonds to January 26,2021 100,000 3.57% regardless of compound Stock
01 Z 27,2021 27,2024
Qualified interest. Due payments Exchange
Investors in once a year, maturing debt
125
2021 (Phase I) at a time. In the final
of Guandong phase, interest is paid
Electric Power together with the principal
Development redemption.
Co.,Ltd.
Public Issuance
of Corporate Using simple interest rate
Bonds to on a yearly basis,
Qualified regardless of compound
Investors in interest. Due payments Shenzhen
21Yudean 149418.S April 28,
2021 (Phase II) April 27,2021 April 28,2021 150,000 3.5% once a year, maturing debt Stock
of Guandong 02 Z 2026
at a time. In the final Exchange
Electric Power phase, interest is paid
Development together with the principal
Co.,Ltd. redemption.
Public Issuance
Using simple interest rate
of Corporate
on a yearly basis,
Bonds to
regardless of compound
Professional
interest. Due payments Shenzhen
Investors in 21Yudean 149711.S November November November
80,000 3.41% once a year, maturing debt Stock
2021 (Phase I) 03 Z 23,2021 24,2021 24,2026
at a time. In the final Exchange
of Guandong
phase, interest is paid
Electric Power
together with the principal
Development
redemption.
Co.,Ltd.
Public Issuance
of Green
Using simple interest rate
Corporate
on a yearly basis,
Bonds to
regardless of compound
professional
interest. Due payments
Investors in G23 115042.S March Shanghai Stock
March 17,2023 March 21,2023 60,000 3.15% once a year, maturing debt
2023(phase Yuefeng 2 H 21,2028 Exchange
at a time. In the final
I)(Variety 2) of
phase, interest is paid
Guangdong
together with the principal
Wind Power
redemption.
Generation Co.,
Ltd.
126
Public Issuance
of Corporate Using simple interest rate
Bonds to on a yearly basis,
Professional regardless of compound
Investors in interest. Due payments
21Pinghai 188197.S Shanghai Stock
2021 (Phase I) June 3,2021 June 4,2021 June 5,2023 0 3.57% once a year, maturing debt
01 H Exchange
of Guandong at a time. In the final
Huizhou Pinghai phase, interest is paid
Power together with the principal
Generation redemption.
Co.,Ltd.
During the reporting period, interest
payment situation of the company bonds 20 Yudean 01, 21 Yudean 01,21 Yudean 02, 21 Yudean 03, G23 Yuefeng 2 and 21 Pinghai 01 are bonds for professional investors.
（If any）
Applicable trading mechanism Matching transaction, click transaction, inquiry transaction, bidding transaction, negotiation transaction
Whether there are risks and countermeasure
s for terminating listing transactions（If No
any)
Overdue and outstanding bonds
□ Applicable √ Not applicable
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 ,149418.SZ and 115042.SH
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
127
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 1.5 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
3.Information of intermediary agency
Name of Contact person of
Name of bond Name of signing
intermediary Office Address intermediary Tel
project accountant
agency agency
China Securities 9/F, Taikang
Co., Ltd. (lead Group Building,
principal Building 1, Yard
Not applicable Liu Renshuo 010-86451370
underwriter/bookk 16, Jinghui Street,
eeping Chaoyang District,
manager/trustee) Beijing
22/F, CITIC
Securities
CITIC Securities
Building, No.48
Co., Ltd. (joint Not applicable Song Yilan 010-60836755
Liangmaqiao
lead underwriter)
Road, Chaoyang
Public Issuance of District, Beijing
Corporate Bonds
to Qualified 23/F, R&F Center,
Investors in 2020 No.10 Huaxia
(Phase I) of Beijing Zhong Lun Road, Zhujiang
Not applicable Ling Qinghua 020-28261689
Guandong Electric Law Firm New Town,
Power Tianhe District,
Development Guangzhou
Co.,Ltd. 18/F,
PricewaterhouseC Wang Bin, Li
PricewaterhouseC Yanhua
oopers Center,
oopers Zhongtian （2019）；Wang
No.10 Zhujiang
Certified Public
West Road, Bin, Guo Biyu Wang Bin 020-38192000
Accountants
Zhujiang New （2018）；Wang
(Special General
Town, Tianhe Bin, Chen Junjun
Partnership)
District, （2017）
Guangzhou, China
China Cheng Xin Building 6, Yinhe
International SOHO, No.2
Nanzhugan Not applicable Fang Zibin 010-66428877
Credit Rating Co.
Ltd. Hutong,
Dongcheng
128
District, Beijing
China Securities 9/F, Taikang
Co., Ltd. (lead Group Building,
principal Building 1, Yard
Not applicable Liu Renshuo 010-86451370
underwriter/bookk 16, Jinghui Street,
eeping Chaoyang District,
manager/trustee) Beijing
22/F, CITIC
Securities
CITIC Securities
Building, No.48
Co., Ltd. (joint Not applicable Song Yilan 010-60836755
Liangmaqiao
lead underwriter)
Road, Chaoyang
District, Beijing
Public Issuance of 23/F, R&F Center,
Corporate Bonds No.10 Huaxia
to Qualified Beijing Zhong Lun Road, Zhujiang
Not applicable Liang Qinghua 020-28261689
Investors in 2021 Law Firm New Town,
(Phase I) of Tianhe District,
Guandong Electric Guangzhou
Power 18/F,
Development PricewaterhouseC Wamg Bin, Li
Co.,Ltd. PricewaterhouseC Yanhua
oopers Center,
oopers Zhongtian （2019）；Wang
No.10 Zhujiang
Certified Public
West Road, Bin, Guo Biyu Wang Bin 020-38192000
Accountants
Zhujiang New （2018）；Wang
(Special General
Town, Tianhe Bin, Chen Junjun
Partnership)
District, （2017）
Guangzhou, China
Building 6, Yinhe
China Cheng Xin SOHO, No.2
International Nanzhugan
Not applicable Fang Zibin 010-66428877
Credit Rating Co. Hutong,
Ltd. Dongcheng
District, Beijing
China Securities 9/F, Taikang
Co., Ltd. (lead Group Building,
principal Building 1, Yard
Not applicable Liu Renshuo 010-86451370
underwriter/bookk 16, Jinghui Street,
eeping Chaoyang District,
manager/trustee) Beijing
22/F, CITIC
Public Issuance of Securities
CITIC Securities
Corporate Bonds Building, No.48
Co., Ltd. (joint Not applicable Song Yilan 010-60836755
to Professional Liangmaqiao
lead underwriter)
Investors in 2021 Road, Chaoyang
(Phase II) of District, Beijing
Guandong Electric 23/F, R&F Center,
Power No.10 Huaxia
Development Beijing Zhong Lun Road, Zhujiang
Co.,Ltd. Not applicable Liang Qinghua 020-28261689
Law Firm New Town,
Tianhe District,
Guangzhou
PricewaterhouseC 18/F, Wang Bin, Li
oopers Zhongtian PricewaterhouseC Yanhua（2019-
Certified Public oopers Center, 2020）；Wang Wang Bin 020-38192000
Accountants No.10 Zhujiang
(Special General Bin, Guo Biyu
West Road,
Partnership) （2018）
Zhujiang New
129
Town, Tianhe
District,
Guangzhou, China
Building 6, Yinhe
China Cheng Xin SOHO, No.2
International Nanzhugan
Not applicable Fang Zibin 010-66428877
Credit Rating Co. Hutong,
Ltd. Dongcheng
District, Beijing
9/F, Taikang
China Securities
Group Building,
Co., Ltd. (principal
Building 1, Yard
underwriter/bookk Not applicable Liu Renshuo 010-86451370
16, Jinghui Street,
eeping
Chaoyang District,
manager/trustee)
Beijing
29/F, 10/F and
11/F (01-04 units),
Chow Tai Fook
Finance Centre,
NO.6 Zhujiang
ETR Law Firm Not applicable Wang Xing 020-37181333
Public Issuance of Dong Road,
Corporate Bonds Tianhe District
to Professional Guangzhou City,
Investors in 2021 Guangdong
(Phase I) of Province
Guandong Electric 18/F,
Power PricewaterhouseC
Development PricewaterhouseC Wang Bin, Li
oopers Center,
Co.,Ltd. oopers Zhongtian Yanhua（2019-
No.10 Zhujiang
Certified Public
West Road, 2020）；Wang Chen Junjun 020-38192645
Accountants
Zhujiang New Bin, Guo Biyu
(Special General
Partnership)
Town, Tianhe （2018）
District,
Guangzhou, China
Building 5, Yinhe
China Cheng Xin SOHO, No.2
International Nanzhugan
Not applicable Sheng Lei 010-66428877
Credit Rating Co. Hutong,
Ltd. Dongcheng
District, Beijing
43/F, Guangfa
Securities Chen Jieyi, Li
Guangfa Securities Building, No.26, Manjia, Wang
Not appliacable 020-66335451
Co., Ltd. Machang Road, Sihui, Yang
Tianhe District, Mingchuan
Public Issuance of Guangzhou
Green Corporate
Bonds to 16/22/23 楼 Floor
professional 16/22/23,
Investors in Shengang Chamtime Zhan Xinda, Chi
2023(phase International
Securities Co., Not applicable Cheng, Liang 021-20639666
I)(Variety 2) of Ltd. Finance Center, Hanbing
Guangdong Wind 1589 Century
Power Generation Avenue, Pudong
Co., Ltd. Shanghai
PricewaterhouseC Unit 507, Room
oopers Zhongtian 1,DBS Building, Li Xiaolei, Fan Li Xiaolei, Fan
Certified Public 020-38192097
No.1318,Lu Jia Xin Xin, Tang Di
Accountants Zui Ring Road
(Special General
130
Partnership)
Building 5, Yinhe
China Cheng Xin SOHO, No.2
International Nanzhugan Wang Linbo, Liu
Not applicable 010-66428877
Credit Rating Co. Hutong, Yinle
Ltd. Dongcheng
District, Beijing
3,13/F, Industrial
Bnk Building , Chen Ling, Yan
Goldsun Law Firm Not applicable 020-38790290
No.101,Tianhe Lixin
Road, Guangzhou
North Block,
Times Square
Excellence (Phase
CITIC Securities II), No.8 Zhongxin
Not applicable Jian Qiongwen 13539997160
Co., Ltd Third Road, Futian
District, Shenzhen
City, Guangdong
Province
Public Issuance of
Corporate Bonds Zhongxi Certified 11/F, Block A,
to Professional Public Xincheng Culture
Wei Shuzhen, Fan
Investors in 2021 Accountants Building, No.11 Fan Fengwei 18520643032
Fengwei
(Phase I) of (Special General Chongwenmenwai
Guandong Partnership) Street, Beijing
Huizhou Pinghai Shanghai 14/F, Huasheng
Power Generation Brilliance Credit Building, No.398,
Co.,Ltd. Not applicable Yu Liping 13641825613
Rating & Investors Hankou Road,
Service Co., Ltd. Shanghai
7/F, Block D,
Qiaofufang
Beijing Dentons Grassland, No.9
Not applicable Lv Sihui 13692899924
Law Offices, LLP Dongdaqiao Road,
Chaoyang District,
Beijing
Whether the above agency changes during the reporting period
□ Yes √No
4. Use of raised funds
In RMB10,000
Whether it is
consistent with
Operation of Rectification of the purpose,
Name of bond Total amount of special account illegal use of use plan and
Used amount Unused amount
project raised funds for raised funds raised funds (if other
(if any) any) agreements
stipulated in the
prospectus
Public Issuance
of Corporate The special
Bonds to fund-raising
Qualified 150,000 150,000 0 account No Yes
Investors in operates
2020 (Phase I) properly
of Guandong
Electric Power
131
Development
Co.,Ltd.
Public Issuance
of Corporate
Bonds to
The special
Qualified
fund-raising
Investors in
100,000 100,000 0 account No Yes
2021 (Phase I)
operates
of Guandong
properly
Electric Power
Development
Co.,Ltd.
Public Issuance
of Corporate
Bonds to
The special
Professional
fund-raising
Investors in
150,000 150,000 0 account No Yes
2021 (Phase II)
operates
of Guandong
properly
Electric Power
Development
Co.,Ltd.
Public Issuance
of Corporate
Bonds to
The special
Professional
fund-raising
Investors in
80,000 80,000 0 account No Yes
2021 (Phase I)
operates
of Guandong
properly
Electric Power
Development
Co.,Ltd.
Public Issuance
of Green
Corporate
Bonds to
The special
professional
fund-raising
Investors in
60,000 25,044 34,956 account No Yes
2023(phase
operates
I)(Variety 2) of
properly
Guangdong
Wind Power
Generation Co.,
Ltd.
Public Issuance
of Corporate
Bonds to
Professional The special
Investors in fund-raising
2021 (Phase I) 20,000 20,000 0 account No Yes
of Guandong operates
Huizhou properly
Pinghai Power
Generation
Co.,Ltd.
The raised funds are used for construction projects
Applicable □ Not applicable
132
During the reporting period, the Company changed the use of funds raised from the above bonds
□ Applicable √ Not applicable
5.Adjustment of credit rating results during the reporting period
□ Applicable √ Not applicable
6． 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 has set up credit enhancement measures, with full unconditional irrevocable joint and several liability guarantee provided by Guangdong
Electric Power Development Co.Ltd.
(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
G23 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.
III. Debt financing instruments of non-financial enterprises
√ Applicable □ Not applicable
1. Debt financing instruments of non-financial enterprises
In RMB10,000
Bond short Bond Bond Interest
Bond name Issue day Value date Due day Servicing way Trading
name code balance rate
2021 MTN 21 Yudean 102101 July July July 21,2024 120,000 3.17% Using simple interest rate on a Interbank market
133
(Phase I) of Fa 339.IB 19,2021 21,2021 yearly basis, regardless of
Guangdong MTN001 compound interest. Due
Electric Power payments once a year, maturing
Development debt at a time. In the final
Co., Ltd. phase, interest is paid together
with the principal redemption.
Using simple interest rate on a
2021 MTN
yearly basis, regardless of
(Phase II) of
21 Yudean compound interest. Due
Guangdong 102102 November November November
Fa 220,000 3.13% payments once a year, maturing Interbank market
Electric Power 318.IB 15,2021 17,2021 17,2024
MTN002 debt at a time. In the final
Development
phase, interest is paid together
Co., Ltd.
with the principal redemption.
Using simple interest rate on a
2022 MTN
yearly basis, regardless of
(Phase I) of
22 Yudean compound interest. Due
Guangdong 102281 August August August
FaMTN00 60,000 2.9% payments once a year, maturing Interbank market
Electric Power 929.IB 24,2022 26,2022 26,2027
1 debt at a time. In the final
Development
phase, interest is paid together
Co., Ltd.
with the principal redemption.
Using simple interest rate on a
2023 MTN
yearly basis, regardless of
(Phase I) of
23 Yudan compound interest. Due
Guangdong 102380 March March March
FaMTN00 160,000 3.35% payments once a year, maturing Interbank market
Electric Power 558.IB 15,2023 17,2023 17,2028
1 debt at a time. In the final
Development
phase, interest is paid together
Co., Ltd.
with the principal redemption.
Guangdong
Electric Power
Development
Co., Ltd. Co., 22 Yudean 012284 December December One time repayment of
June 7,2023 0 2.34% Interbank market
Ltd.2022 III FaSCP003 265.IB 9,2022 12,2022 principal and interest due
phase Ultra-short
term financing
bills
Guangdong 22
Electric Power 012284 December December March One time repayment of
Yudean 0 2.52% Interbank market
Development 408.IB 22,2022 23,2022 23,2023 principal and interest due
FaSCP004
Co., Ltd. Co.,
134
Ltd.2022 IV
phase Ultra-short
term financing
bills
Guangdong
Electric Power
Development 23
012382 July July January One time repayment of
Co., Ltd. Co., Yudean Fa 100,000 2.13% Interbank market
809.IB 25,2023 26,2023 19,2024 principal and interest due
Ltd.2023 I phase SCP001
Ultra-short term
financing bills
Guangdong
Electric Power
Development 23
012384 December December One time repayment of
Co., Ltd. Co., Yudean Fa May 31,2024 100,000 2.56% Interbank market
361.IB 5,2023 6,2023 principal and interest due
Ltd.2023 II phase SCP002
Ultra-short term
financing bills
2021 MTN Using simple interest rate on a
(Phase I) of yearly basis, regardless of
Guangdong 21 Pnghai compound interest. Due
102102 October October October
Huizhou Pinghai Fa 30,000 3.72% payments once a year, maturing Interbank market
049.IB 15,2021 15,2021 15,2024
Power MTN001 debt at a time. In the final
Generationt Co., phase, interest is paid together
Ltd. with the principal redemption.
During the reporting period, interest
payment situation of the company bonds No
（If any）
Circulation and transfer in the national inter-bank bond market, its listing and circulation will be carried out in accordance with the
Applicable trading mechanism
relevant regulations promulgate d by the National Interbank Funding Center
Whether there are risks and
countermeasures for terminating listing No
transactions（If any)
Overdue and unpaid bonds
□ Applicable √ Not applicable
135
2. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor
□ Applicable √ Not applicable
3.Information of intermediary agency
Name of Contact person of
Name of bond Name of signing
intermediary Office Address intermediary Tel
project accountant
agency agency
2021 MTN (Phase
Industry Bank(lead
I) of Guangdong No.154, Hudong
principal Zhao Xinle, Liu 010-89926570、
Electric Power Road, Fuzhou, Not applicable
underwriter/bookk Jingyi 020-38160153
Development Co., Fujian
eeping manager
Ltd.
2021 MTN (Phase
No. 55,
I) of Guangdong
ICBC(joint lead Fuxingmennei,
Electric Power Not applicable Sheng Xue 010-66106736
underwriter) Street , Xicheng
Development Co.,
District , Beijing
Ltd.
31,33, 36 and
2021 MTN (Phase
37/F, SK Building,
I) of Guangdong
Beijing Zhong Lun A6,
Electric Power Not Applicable Liang Qinghua 020-28262689
Law Firm Jianguomenwai
Development Co.,
Street , Chaoyang
Ltd.
District, Beijing
11/F,
PricewaterhouseC PricewaterhouseC Wang Bin, Li
2021 MTN (Phase
oopers Zhongtian oopers, No.2, Yanhua（2019-
I) of Guangdong
Certified Public Enterprist
Electric Power 2020）；Wang Li Xiaolei 021-23238888
Accountants Building, No.202,
Development Co., Bin, Guo Biyu
(Special General Hubin Road,
Ltd.
Partnership) Huangpu District （2018）
Shanghai
2021 MTN (Phase
Shanghai 14/f, Huasheng
I) of Guangdong
Brilliance Credit Building , No.398
Electric Power Not applicable Zhang Jie 18600048666
Rating & Investors Hankou Road,
Development Co.,
Service Co., Ltd. Shanghai
Ltd.
2021 MTN (Phase
Industry Bank
II) of Guangdong No.154, Hudong
(lead principal Zhao Xinle, Ye 010-89926570、
Electric Power Road, Not applicable
underwriter/bookk Huishan 020-38160153
Development Co., Fuzhou ,Fujian
eeping manager
Ltd.
2021 MTN (Phase
No. 55,
II) of Guangdong
ICBC(joint lead Fuxingmennei,
Electric Power Not applicable Sheng Xue 010-66106736
underwriter) Street , Xicheng
Development Co.,
District , Beijing
Ltd.
31,33, 36 and
2021 MTN (Phase
37/F, SK Building,
II) of Guangdong
Beijing Zhong Lun A6,
Electric Power Not Applicable Liang Qinghua 020-28262689
Law Firm Jianguomenwai
Development Co.,
Street , Chaoyang
Ltd.
District, Beijing
11/F,
PricewaterhouseC PricewaterhouseC Wang Bin , Li
2021 MTN (Phase
oopers Zhongtian oopers, No.2, Yanhua（2019-
II) of Guangdong
Certified Public Enterprist
Electric Power 2020）；Wang Li Xiaolei 021-23238888
Accountants Building, No.202,
Development Co., Bin, Guo Biyu
(Special General Hubin Road,
Ltd.
Partnership) Huangpu District （2018）
Shanghai
2022 MTN (Phase Industry Bank
No.154, Hudong
I) of Guangdong (lead principal Zhao Xinle, Ye 010-89926570、
Road, Not applicable
Electric Power underwriter/bookk Huishan 020-38160153
Fuzhou ,Fujian
Development Co., eeping manager
Ltd.
2022 MTN (Phase
No. 55,
I) of Guangdong
ICBC(joint lead Fuxingmennei,
Electric Power Not applicable Sheng Xue 010-66106736
underwriter) Street , Xicheng
Development Co.,
District , Beijing
Ltd.
31,33, 36 and
2022 MTN (Phase
37/F, SK Building,
I) of Guangdong
Beijing Zhong Lun A6,
Electric Power Not Applicable Liang Qinghua 020-28262689
Law Firm Jianguomenwai
Development Co.,
Street , Chaoyang
Ltd.
District, Beijing
11/F,
PricewaterhouseC PricewaterhouseC Chen Junjun, Li
2022 MTN (Phase
oopers Zhongtian oopers, No.2, Xiaolei(2021)；
I) of Guangdong
Certified Public Enterprist
Electric Power Wang Bin, Li Li Xiaolei 021-23238888
Accountants Building, No.202,
Development Co., Yanhua（2019-
(Special General Hubin Road,
Ltd. 2020）
Partnership) Huangpu District
Shanghai
2023 MTN (Phase
Industry Bank
I) of Guangdong No.154, Hudong
(lead principal Zhao Xinle, Ye
Electric Power Road, Not applicable 020-38988015
underwriter/bookk Huishan
Development Co., Fuzhou ,Fujian
eeping manager
Ltd.
2023 MTN (Phase Agricultural Bank
No.69, Jianguo
I) of Guangdong of China
Mennei Street,
Electric Power Corporation Not applicable An Liwei 010-85109045
Chaoyang District,
Development Co., Limited (co-lead
Beijing
Ltd. underwriter)
31,33, 36 and
2023 MTN (Phase
37/F, SK Building,
I) of Guangdong
Beijing Zhong Lun A6,
Electric Power Not Applicable Liang Qinghua 020-28262689
Law Firm Jianguomenwai
Development Co.,
Street , Chaoyang
Ltd.
District, Beijing
11/F,
PricewaterhouseC PricewaterhouseC Li Xiaolei, Fan
2023 MTN (Phase Xin（2022）Chen
oopers Zhongtian oopers, No.2,
I) of Guangdong Junjun, Li
Certified Public Enterprist
Electric Power Li Xiao Lei 021-23238888
Accountants Building, No.202, Xiaolei(2021)；
Development Co.,
(Special General Hubin Road, Wang Bin, Li
Ltd.
Partnership) Huangpu District Yanhua（2020）
Shanghai
Guangdong
China
Electric Power
Construction Bank No.25, Finance
Development Co.,
(lead principal Street, Xicheng Not applicable Zhou Peng 010-67596478
Ltd.2022 III phase
underwriter/bookk District Beijing
Ultra-short term
eeping manager
financing bills
Guangdong
Electric Power
Industrial Bank No.154, Hudong
Development Co., Zhao Xinle, Ye 010-89926570、
Co., Ltd. (joint Road, Not applicable
Ltd.2022 III phase Huishan 020-38160153
lead underwriter) Fuzhou ,Fujian
Ultra-short term
financing bills
10 &11/f, Chow
Guangdong
Tai Fook Finance
Electric Power
Certire No.6
Development Co.,
ETR Law Firm Zhujiang Dong Not applicable Wang Xing 020-37181333
Ltd.2022 III phase
Road, Tianhe
Ultra-short term
District
financing bills
Guangzhou
Guangdong PricewaterhouseC 11/F, Chen Junjun, Li
Electric Power oopers Zhongtian PricewaterhouseC Xiaolei Li Xiaolei 021-23238888
Development Co., Certified Public oopers, No.2, （2021）；Wang
137
Ltd.2022 III phase Accountants Enterprist Bin,Li Yanhua
Ultra-short term (Special General Building, No.202, （2019-2020)
financing bills Partnership) Hubin Road,
Huangpu District
Shanghai
Guangdong
Electric Power SPD Bank
Development Co., （principal No.12, Zhongshan
Not applicable Wang Lei 020-38156751
Ltd.2022 IV phase underwriter/bookk 1 Road, Shanghai
Ultra-short term eeping manager）
financing bills
10 &11/f, Chow
Guangdong
Tai Fook Finance
Electric Power
Certire No.6
Development Co.,
ETR Law Firm Zhujiang Dong Not applicable Wang Xing 020-37181333
Ltd.2022 IV phase
Road, Tianhe
Ultra-short term
District
financing bills
Guangzhou
11/F,
Guangdong PricewaterhouseC PricewaterhouseC Chen Junjun, Li
Electric Power oopers Zhongtian oopers, No.2, Xiaolei
Development Co., Certified Public Enterprist （2021）；Wang Li Xiaolei 021-23238888
Ltd.2022 IV phase Accountants Building, No.202,
Bin,Li Yanhua
Ultra-short term (Special General Hubin Road,
financing bills Partnership) Huangpu District （2019-2020)
Shanghai
Guangdong
Electric Power Industry Bank
No.154, Hudong
Development Co., (lead principal Zhao Xinle, Ye 010-89926570、
Road, Not applicable
Ltd.2023 I phase underwriter/bookk Huishan 020-38160153
Fuzhou ,Fujian
Ultra-short term eeping manager
financing bills
Guangdong
Electric Power SPD Bank
Development Co., （principal No.12, Zhongshan
Not applicable Wang Lei 020-38156751
Ltd.2023 I phase underwriter/bookk 1 Road, Shanghai
Ultra-short term eeping manager）
financing bills
10 &11/f, Chow
Guangdong
Tai Fook Finance
Electric Power
Certire No.6
Development Co.,
ETR Law Firm Zhujiang Dong Not applicable Wang Xing 020-37181333
Ltd.2023 I phase
Road, Tianhe
Ultra-short term
District
financing bills
Guangzhou
11/F,
Guangdong PricewaterhouseC PricewaterhouseC Li Xiaolei, Fan
Electric Power oopers Zhongtian oopers, No.2, Xin（2022）Chen
Development Co., Certified Public Enterprist Junjun, Li
Li Xiaolei 021-23238888
Ltd.2023 I phase Accountants Building, No.202, Xiaolei(2021)；
Ultra-short term (Special General Hubin Road, Wang Bin, Li
financing bills Partnership) Huangpu District Yanhua（2020）
Shanghai
Guangdong
Electric Power No. 55,
Development Co., ICBC(joint lead Fuxingmennei,
Not applicable Sheng Xue 010-66106736
Ltd.2023 II phase underwriter) Street , Xicheng
Ultra-short term District , Beijing
financing bills
Guangdong
China
Electric Power
Construction Bank No.25, Finance
Development Co.,
(lead principal Street, Xicheng Not applicable Zhou Peng 010-67596478
Ltd.2023 II phase
underwriter/bookk District Beijing
Ultra-short term
eeping manager
financing bills
Guangdong ETR Law Firm 10 &11/f, Chow Not applicable Wang Xing 020-37181333
Electric Power Tai Fook Finance
138
Development Co., Certire No.6
Ltd.2023 II phase Zhujiang Dong
Ultra-short term Road, Tianhe
financing bills District
Guangzhou
11/F,
Guangdong PricewaterhouseC PricewaterhouseC Li Xiaolei, Fan
Electric Power oopers Zhongtian oopers, No.2, Xin（2022）Chen
Development Co., Certified Public Enterprist Junjun, Li
Li Xiaolei 021-23238888
Ltd.2023 II phase Accountants Building, No.202, Xiaolei(2021)；
Ultra-short term (Special General Hubin Road, Wang Bin, Li
financing bills Partnership) Huangpu District Yanhua（2020）
Shanghai
2021 MTN (Phase
II) of Guangdong
Huizhou Pinghai No. 55,
Power Genration ICBC(joint lead Fuxingmennei,
Not applicable Dai Ying 010-66109649
Co., Ltd. underwriter) Street , Xicheng
District , Beijing
（Sustainable
peg）
2021 MTN (Phase
II) of Guangdong
Huizhou Pinghai Industry Bank
No.154, Hudong
Power Genration (lead principal
Road, Not applicable Zhao Xinle 010-89926570
Co., Ltd. underwriter/bookk
Fuzhou ,Fujian
eeping manager
（Sustainable
peg）
2021 MTN (Phase
II) of Guangdong 11/F, Block A,
Huizhou Pinghai Zhongxi
Xincheng Culture
Power Genration CPAs( Special Wei Shuzhen, Fan
Building, No.11 Fan Fengwei 18520643032
Co., Ltd. General Fengwei
Chongwenmenwai
Partnership)
（Sustainable Street, Beijing
peg）
2021 MTN (Phase
II) of Guangdong
Huizhou Pinghai Shanghai 14/F, Huasheng
Power Genration Brilliance Credit Building, No.398,
Not Applicable Yu Liping 13641825613
Co., Ltd. Rating & Investors Hankou Road,
Service Co., Ltd Shanghai
（Sustainable
peg）
2021 MTN (Phase
II) of Guangdong 7/F, Block D,
Huizhou Pinghai Qiaofufang
Power Genration Beijing Dentons Grassland, No.9
Not applicable Lv Sihui 13692899924
Co., Ltd. Law Offices, LLP Dongdaqiao Road,
（Sustainable Chaoyang District,
Beijing
peg）
Whether the above agency changes during the reporting period
□ Yes √No
4. Use of raised funds
In RMB10,000
Whether it is
consistent with
Operation of Rectification of the purpose,
Name of bond Total amount of special account illegal use of use plan and
Used amount Unused amount
project raised funds for raised funds raised funds (if other
(if any) any) agreements
stipulated in the
prospectus
139
2021 MTN
The special
(Phase I) of
fund-raising
Guangdong
120,000 120,000 0 account No Yes
Electric Power
operates
Development
properly
Co., Ltd.
2021 MTN
(Phase II) of
Guangdong
220,000 220,000 0 Not applicable No Yes
Electric Power
Development
Co., Ltd.
2022 MTN
(Phase I) of
Guangdong
60,000 60,000 0 Not applicable No Yes
Electric Power
Development
Co., Ltd.
2023 MTN
(Phase I) of
Guangdong
160,000 160,000 0 Not applicable No Yes
Electric Power
Development
Co., Ltd.
Guangdong
Electric Power
Development
Co., Ltd.2022 200,000 200,000 0 Not applicable No Yes
III phase Ultra-
short term
financing bills
Guangdong
Electric Power
Development
Co., Ltd.2022 150,000 150,000 0 Not applicable No Yes
IV phase Ultra-
short term
financing bills
Guangdong
Electric Power
Development
Co., Ltd. Co.,
100,000 100,000 0 Not applicable No Yes
Ltd.2023 I
phase Ultra-
short term
financing bills
Guangdong
Electric Power
Development
Co., Ltd. Co.,
100,000 100,000 0 Not applicable No Yes
Ltd.2023 II
phase Ultra-
short term
financing bills
2021 MTN
(Phase I) of
Guangdong
Huizhou 30,000 30,000 0 Not applicable No Yes
Pinghai Power
Generationt
Co., Ltd.
The raised funds are used for construction projects
√ Applicable □Not applicable
140
21Yudeanfa MTN001 raised RMB 1.2 billion, of which RMB 375 million was used to replace the
increased capital of its holding subsidiaries, that is, it was finally used to replace the paid-in capital of key
construction projects. RMB 250 million is used to replace the increased capital of Guangdong Yudean
Marina Bay Energy Co., Ltd., and finally used for the capital of the alternative power supply project at
Ningzhou plant site in Dongguan; RMB 125 million is used to replace the increased capital of Guangdong
Yudean Qujie Wind Power Generation Co., Ltd., and finally used for the capital of phase II of Guangdong
Yudean Zhanjiang Wailuo Offshore Wind Power Project. In the main building installation project of the
alternative power supply project at Ningzhou plant site in Dongguan, the first concrete of the main plant
foundation was poured in September 2021. The construction of the project is progressing as planned. As of
February 27, 2024, the first ignition and pipe blow of gas turbine of Unit 1 was carried out; theunit 2 has
the capability to complete the installation and commissioning of the single unit, and the divisional test is in
progress; the hydraulic test of theboiler of Unit 3 has been completed, and the main equipment has been
put into position forinstallation, and the single-unit test is in progress. It’s expected that Unit 1 will be put
into operation in May 2024, and Units 2 and 3 will be put into operation in June and August of the same
year. The second phase of Guangdong Yuedian Zhanjiang Wailuo Offshore Wind Power Project was put
into operation in December 2021,and the project is in good operating condition. In 2023, it realized an
operating income of RMB 360.6457 million and an operating profit of RMB 49.1124 million.
During the reporting period, the Company changed the use of funds raised from the above bonds
□ Applicable √ Not applicable
5.Adjustment of credit rating results during the reporting period
□ Applicable √ Not applicable
6 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, 22Yudeanfa MTN 001, 23Yudeanfa MTN001,22
Yudeanfa SCP003 ,22 Yudeanfa SCP004,23 Yudeanfa SCP001,23 Yudeanfa SCP002 AND 21 Pinghai
FD MTN 001 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.Overdue interest-bearing debts except bonds at the end of the reporting period
□ Applicable √ Not applicable
VII.Whether there are any violations of rules and regulations during the reporting period
□ Yes √ No
141
VIII. Main accounting data and financial indicators of the Company in recent two years by the end
of the reporting period
In RMB10,000
At the end of the reporting At the same time rate of
Items At the end of last year
period change
Current ratio 0.68 0.61 11.48%
Debt ratio 78.96% 78.09% 0.87%
Quick ratio 0.62 0.53 16.98%
At the same time rate of
Amount of this period Amount of last period
change
Net profit after deducting 172,221 -443,663 138.82%
non-recurring profit and loss
EBITDA total debt ratio 9.25% 3.43% 5.82%
Time interest earned ratio 2.01 -0.94 313.83%
Cash interest guarantee times 3.53 0.66 434.85%
EBITDATime interest earned 4.09 1.30 214.62%
ratio
Repayment of debt (%) 100% 100% 0%
Payment of interest (%) 100% 100% 0%
142
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
FINANCIAL STATEMENTS AND
AUDITOR’S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
[English translation for reference only. Should there be any inconsistency between the
Chinese and English versions, the Chinese version shall prevail.]
143
Guangdong Electric Power Development Co., Ltd.
Financial Statements and Auditor’s Report
For the Year Ended 31 December 2023
[English translation for reference only]
Content Page
Auditor’s Report 145 - 152
Financial statements for the year ended 31 December 2023
Consolidated and company balance sheets 153 - 156
Consolidated and company income statements 157 - 159
Consolidated and company cash flow statements 160 - 163
Consolidated statement of changes in shareholders’ equity 164 - 165
Company statement of changes in shareholders’ equity 166 - 167
Notes to the financial statements 168 - 336
Supplementary information to the financial statements 337 - 338
144
[English Translation for Reference Only]
Auditor’s Report
PwC ZT Shen Zi (2024) No. 10033
(Page 1 of 8)
To the shareholders of Guangdong Electric Power Development Co., Ltd.,
Opinion
What we have audited
We have audited the accompanying financial statements of Guangdong Electric Power
Development Co., Ltd. (hereinafter “Guangdong Electric Power”), which comprise:
the consolidated and company balance sheets as at 31 December 2023;
the consolidated and company income statements for the year then ended;
the consolidated and company cash flow statements for the year then ended;
the consolidated and company statements of changes in shareholders’ equity for
the year then ended; and
notes to the financial statements.
Our opinion
In our opinion, the accompanying financial statements present fairly, in all material respects,
the consolidated and company’s financial position of Guangdong Electric Power as at 31
December 2023, and their financial performance and cash flows for the year then ended in
accordance with the requirements of Accounting Standards for Business Enterprises
(“CASs”).
Basis for Opinion
We conducted our audit in accordance with China Standards on Auditing (“CSAs”). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities
for the Audit of the Financial Statements section of our report. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We are independent of Guangdong Electric Power in accordance with the Code of Ethics for
Professional Accountants of the Chinese Institute of Certified Public Accountants (“CICPA
Code”), and we have fulfilled our other ethical responsibilities in accordance with the CICPA
Code.
Key Audit Matter
Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the financial statements of the current period. These matters
were addressed in the context of our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
145
PwC ZT Shen Zi (2024) No. 10033
(Page 2 of 8)
Key Audit Matter (Cont’d)
Key audit matters identified in our audit are summarised as follows:
(1) Impairment of power related fixed assets
(2) Recognition of deferred tax assets related to deductible losses
Key Audit Matter How our audit addressed the Key Audit Matter
(1) Impairment of power related fixed Our audit procedures for the impairment of
assets power related fixed assets mainly include:
Refer to Note 2(29)(b)(i) and Note We understood and evaluated the internal
4(10)(a)(iii) to the financial statements. control relevant to the impairment test of
fixed assets and tested the operating
Certain subsidiaries of Guangdong effectiveness of key control;
Electric Power have been experiencing
continuous operating losses in recent We involved internal valuers to review and
years, and management continuously analyse the appropriateness of the method
assesses the impairment of the fixed applied by management for the impairment
assets of these subsidiaries. test;
As at 31 December 2023, management Based on our understanding of the
conducted impairment tests for the fixed businesses of the subsidiaries as well as the
assets of these subsidiaries, and made a industry in which they operate, we evaluated
provision for impairment at the excess of the rationality of assumptions adopted by
the carrying amount of asset groups of management in calculation of the present
generator units over their recoverable value of estimated future cash flows,
amount. The recoverable amount of the including the discount rate, the estimated
asset groups was the higher of the fair on-grid price, the estimated electricity sale,
value, less costs to sell, of the asset and the estimated price of fuel used in power
groups and the present value of the generation:
future cash flows expected to be derived
from them. Management estimates for - For the discount rate, we involved
recoverable amounts based on the internal valuers to evaluate the
present value of projected future cash appropriateness in combination with
flows, to be calculated as at 31 December industry situation;
2023. The calculations of the present - For the estimated on-grid electricity
value of the future cash flows expected to price and the estimated price of fuel used
be derived from them involve in power generation, we compared
management’s significant estimates and historical data and industry data, and
judgements, including the discount rate, considered market trend;
the estimated on-grid electricity price,
the estimated electricity sale and the
estimated price of fuel used in power
generation.
146
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(Page 3 of 8)
Key Audit Matter (Cont’d)
Key Audit Matter (Cont’d) How our audit addressed the Key Audit Matter
(Cont’d)
(1) Impairment of power related fixed Our audit procedures for the impairment of
assets (Cont’d) power related fixed assets mainly include
(Cont’d):
As the carrying amounts of fixed assets
with indication of impairment are - For the estimated electricity sale, we have
significant to the consolidated financial compared historical data, approved
statements of Guangdong Electric budgets and business plans, and checked
Power, and the impairment test of asset the corresponding supporting
groups of generator units involves documents;
management’s significant estimates and
judgements, impairment of power We checked the input data and formulas
related fixed assets is identified as a key used in the calculation of the present value of
audit matter. future cash flows expected to be derived from
them, and evaluated the mathematic
accuracy;
We compared the key assumptions used by
management in estimating the present value
of future cash flows in the previous year with
the actual operation of the current year to
evaluate if there’s any indication of
management bias;
We conducted sensitivity analysis on the
discount rate and other key assumptions
applied by management, and evaluated how
the changes in key assumptions (individually
or in aggregate) will give rise to different
results to further evaluate if there’s any
indication of management bias in selecting
parameters of key assumptions.
Based on the results of the aforesaid work, we
found that management’s judgements and
estimates on the impairment of fixed assets are
supported by appropriate evidence.
147
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(Page 4 of 8)
Key Audit Matter (Cont’d)
Key Audit Matter (Cont’d) How our audit addressed the Key Audit Matter
(Cont’d)
(2) Recognition of deferred tax assets Our audit procedures for the recognition of
related to deductible losses deferred tax assets related to deductible losses
mainly include:
Refer to Note 2(29)(b)(iv) and Note
4(16) to the financial statements. We understood and evaluated
management's internal controls tested the
As at 31 December 2023, Guangdong effectiveness of key controls;
Electric Power recognised the
corresponding deferred tax assets for the We obtained management’s calculation
deductible losses incurred by some sheet for the financial forecast in future
subsidiaries at a total of RMB periods, checked the input data and
658,089,447. formulas used in the calculation, and
evaluated the mathematic accuracy;
According to the financial forecast of the
aforesaid subsidiaries in future periods, We obtained supporting documents such
management recognises deferred tax as the income tax settlement report, tax
assets within the limits of which the returns and accounting records of the
aforesaid subsidiaries are likely to obtain aforesaid subsidiaries, and reviewed for the
future taxable income to offset the existence of deductible losses and the
deductible losses. The financial forecast accuracy of the amount and period;
of the aforesaid subsidiaries in future
periods involves significant Based on our understanding of the
management’s significant estimates and businesses of the aforesaid subsidiaries and
judgements, including estimated the industry in which they operate, and
electricity sale, estimated on-grid combined with industry development trend
electricity price, estimated price of fuel and historical operating performance, we
used in power generation and other evaluated the key assumptions used by
operating expenses. management to calculate the expected
taxable income for future periods, including
the reasonableness of assumptions on
estimated electricity sale, estimated on-grid
electricity price, estimated fuel price, and
other operating expenses;
148
PwC ZT Shen Zi (2024) No. 10033
(Page 5 of 8)
Key Audit Matter (Cont’d)
Key Audit Matter (Cont’d) How our audit addressed the Key Audit Matter
(Cont’d)
(2) Recognition of deferred tax assets Our audit procedures for the recognition of
related to deductible losses (Cont’d) deferred tax assets related to deductible losses
mainly include (Cont’d):
As the deferred tax assets related to
deductible losses are significant to the We compared the taxable income
consolidated financial statements of estimated by management last year with the
Guangdong Electric Power, and the actual taxable income for the current year to
financial forecast for future periods access the historical accuracy of
involves management’s significant management’s forecast;
estimates and judgements, the
recognition of the deferred tax assets We reviewed whether the deferred tax
related to deductible losses is identified assets were recognised within the limits of
as a key audit matter. which the taxable income was likely to be
obtained in the future to offset deductible
losses and deductible temporary differences.
Based on the results of the above work, we
found that management’s estimates regarding
the recognition of deferred tax assets related to
deductible losses were supported by appropriate
evidence.
149
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(Page 6 of 8)
Other Information
Management of Guangdong Electric Power is responsible for the other information. The
other information comprises all of the information included in 2023 annual report of
Guangdong Electric Power other than the financial statements and our auditor’s report
thereon.
Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated. If, based on the work we have performed, we
conclude that there is a material misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard.
Responsibilities of Management and Audit and Compliance Committee for the
Financial Statements
Management of Guangdong Electric Power is responsible for the preparation and fair
presentation of these financial statements in accordance with the CASs, and for such internal
control as management determines is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing these financial statements, management is responsible for assessing
Guangdong Electric Power’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate Guangdong Electric Power or to cease operations, or
has no realistic alternative but to do so.
The Audit and Compliance Committee is responsible for overseeing Guangdong Electric
Power’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether these financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue
an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with CSAs will
always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of these financial
statements.
150
PwC ZT Shen Zi (2024) No. 10033
(Page 7 of 8)
Auditor’s Responsibilities for the Audit of the Financial Statements (Cont’d)
As part of an audit in accordance with CSAs, we exercise professional judgement and
maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances.
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis
of accounting and based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on
Guangdong Electric Power’s ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in these financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or
conditions may cause Guangdong Electric Power to cease to continue as a going
concern.
Evaluate the overall presentation (including the disclosures), structure and content
of the financial statements, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of
the entities or business activities within Guangdong Electric Power to express an
opinion on the financial statements. We are responsible for the direction,
supervision and performance of the group audit. We remain solely responsible for
our audit opinion.
We communicate with the Audit and Compliance Committee regarding, among other
matters, the planned scope and timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify during our audit.
151
PwC ZT Shen Zi (2024) No. 10033
(Page 8 of 8)
Auditor’s Responsibilities for the Audit of the Financial Statements (Cont’d)
We also provide the Audit and Compliance Committee with a statement that we have
complied with relevant ethical requirements regarding independence, and to communicate
with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with the Audit and Compliance Committee, we determine
those matters that were of most significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We describe these matters in our
auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
PricewaterhouseCoopers Zhong Tian LLP Signing CPA
Li Xiaolei
(Engagement Partner)
Shanghai, the People’s Republic of China Signing CPA
29 March 2024 Fan Xin
152
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
ASSETS Note 31 December 2023 31 December 2022
(Restated)
Current assets
Cash at bank and on hand 4(1) 16,431,429,893 11,503,523,618
Notes receivables 1,489,433 2,644,300
Accounts receivables 4(2) 8,963,635,678 7,578,636,244
Advances to suppliers 4(3) 1,578,880,994 1,534,982,252
Other receivables 4(4) 798,789,835 934,784,152
Including: Dividends receivable 134,959,219 -
Inventories 4(5) 2,655,504,711 3,376,868,100
Contract assets 5,557,720 4,910,263
Other current assets 4(6) 1,496,077,994 875,605,805
Total current assets 31,931,366,258 25,811,954,734
Non-current assets
Long-term equity investments 4(7) 9,796,842,197 9,198,053,183
Investments in other equity
instruments 4(8) 2,866,347,046 3,058,071,054
Investment properties 4(9) 347,192,759 365,285,301
Fixed assets 4(10) 63,017,322,291 62,400,175,057
Construction in progress 4(11) 29,990,577,678 11,768,828,161
Right-of-use assets 4(12) 9,529,610,412 7,352,044,966
Intangible assets 4(13) 3,480,199,559 3,346,735,496
Goodwill 4(14) 8,608,881 128,097,553
Long-term prepaid expenses 4(15) 81,082,134 109,485,746
Deferred tax assets 4(16) 1,333,310,824 1,478,552,898
Other non-current assets 4(17) 8,824,823,048 6,606,518,552
Total non-current assets 129,275,916,829 105,811,847,967
TOTAL ASSETS 161,207,283,087 131,623,802,701
153
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
CONSOLIDATED BALANCE SHEET (CONT’D)
AS AT 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
LIABILITIES AND
SHAREHOLDERS’ EQUITY Note 31 December 2023 31 December 2022
(Restated)
Current liabilities
Short-term borrowings 4(19) 15,756,979,762 16,261,444,860
Notes payables 4(20) 755,000,000 1,495,778,076
Accounts payables 4(21) 4,430,036,315 5,938,254,013
Contract liabilities 41,328,133 4,960,974
Employee benefits payable 4(22) 556,515,567 447,421,417
Taxes payable 4(23) 343,432,880 302,484,915
Other payables 4(24) 13,252,090,748 9,403,658,031
Current portion of non-current
liabilities 4(25) 8,926,373,371 3,975,249,970
Other current liabilities 4(26) 2,781,355,471 4,174,850,374
Total current liabilities 46,843,112,247 42,004,102,630
Non-current liabilities
Long-term borrowings 4(27) 62,832,471,340 42,860,932,628
Debentures payable 4(28) 5,096,597,183 9,094,489,909
Lease liabilities 4(29) 10,452,666,128 6,870,820,017
Long-term payables 4(30) 856,210,905 666,297,028
Deferred income 4(31) 128,296,225 142,292,215
Long-term employee benefits
payable 4(32) 509,049,799 429,265,269
Deferred tax liabilities 4(16) 526,993,391 584,586,563
Other non-current liabilities 4(33) 51,028,167 129,428,167
Total non-current liabilities 80,453,313,138 60,778,111,796
Total liabilities 127,296,425,385 102,782,214,426
Shareholders’ equity
Share capital 4(34) 5,250,283,986 5,250,283,986
Capital surplus 4(35) 5,202,572,804 4,257,046,505
Other comprehensive income 4(36) 1,495,237,690 1,629,837,957
Specific reserve 6,375,889 520,379
Surplus reserve 4(37) 8,903,515,135 8,903,515,135
Undistributed profits 4(38) 1,283,749,956 309,089,657
Total equity attributable to
shareholders of the Company 22,141,735,460 20,350,293,619
Minority interests 11,769,122,242 8,491,294,656
Total shareholders’ equity 33,910,857,702 28,841,588,275
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY 161,207,283,087 131,623,802,701
The accompanying notes form an integral part of these financial statements.
Legal representative: Principal in charge of accounting: Head of accounting department:
Zheng Yunpeng Liu Wei Meng Fei
154
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
ASSETS Note 31 December 2023 31 December 2022
(Restated)
Current assets
Cash at bank and on hand 640,629,379 879,381,053
Accounts receivables 15(1) 15,920,526 191,716,383
Advances to suppliers 26,667,749 26,568,272
Other receivables 15(2) 1,366,067,792 568,099,765
Including: Dividends receivable 134,959,219 -
Inventories 2,558,632 85,079,898
Other current assets 117,483 1,198,615
Total current assets 2,051,961,561 1,752,043,986
Non-current assets
Long-term receivables 1,450,000,000 1,160,000,000
Long-term equity investments 15(3) 43,289,974,748 41,709,796,167
Investments in other equity
instruments 2,865,547,046 3,057,271,054
Investment properties 4,483,052 5,118,650
Fixed assets 162,035,315 340,983,004
Construction in progress 5,477,184 1,052,786
Right-of-use assets 1,217,398 6,443,720
Intangible assets 68,772,261 77,808,432
Long-term prepaid expenses 1,025,668 1,595,480
Deferred tax assets - 10,895
Other non-current assets 624,569 218,100,000
Total non-current assets 47,849,157,241 46,578,180,188
TOTAL ASSETS 49,901,118,802 48,330,224,174
155
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
COMPANY BALANCE SHEET (CONT’D)
AS AT 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
LIABILITIES AND OWNERS’
EQUITY Note 31 December 2023 31 December 2022
(Restated)
Current liabilities
Short-term borrowings 4,524,405,741 3,522,986,272
Accounts payables 17,666,241 169,028,547
Contract liabilities 551,450 -
Employee benefits payable 192,951,983 115,457,391
Taxes payable 4,888,565 17,655,588
Other payables 46,649,392 60,615,999
Current portion of non-current
liabilities 5,195,892,954 751,166,231
Other current liabilities 2,012,999,526 3,525,551,274
Total current liabilities 11,996,005,852 8,162,461,302
Non-current liabilities
Long-term borrowings 7,030,700,000 4,498,800,000
Debentures payable 4,497,107,076 8,794,981,607
Lease liabilities 505,313 610,527
Deferred income - 9,996,202
Long-term employee benefits
payable 158,949,307 76,074,603
Deferred tax liabilities 474,824,263 520,442,187
Total non-current liabilities 12,162,085,959 13,900,905,126
Total liabilities 24,158,091,811 22,063,366,428
Shareholders’ equity
Share capital 5,250,283,986 5,250,283,986
Capital surplus 4,842,767,997 4,834,675,772
Other comprehensive income 1,508,154,355 1,640,520,684
Surplus reserve 8,903,515,135 8,903,515,135
Undistributed profits 5,238,305,518 5,637,862,169
Total shareholders’ equity 25,743,026,991 26,266,857,746
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY 49,901,118,802 48,330,224,174
The accompanying notes form an integral part of these financial statements.
Legal representative: Principal in charge of accounting: Head of accounting department:
Zheng Yunpeng Liu Wei Meng Fei
156
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Item Note 2023 2022
(Restated)
Revenue 4(39) 59,708,397,738 52,661,088,436
Less: Cost of sale 4(39) (50,970,997,678) (52,852,310,181)
Taxes and surcharges 4(40) (334,231,124) (245,262,277)
Selling expenses 4(41) (93,238,999) (69,108,603)
General and administrative expenses 4(42) (1,592,057,152) (1,192,506,931)
Research and development expenses 4(43) (1,116,555,274) (1,229,311,572)
Financial expenses 4(44) (2,287,869,816) (2,135,900,012)
Including: Interest expenses 2,395,532,582 2,257,705,843
Interest income 124,290,218 132,632,800
Add: Other income 4(48) 68,065,355 80,160,312
Investment income 4(49) 983,912,378 1,061,876,396
Including: Share of profit of associates
and joint ventures 866,186,173 960,006,337
Credit impairment (loss)/reversal 4(47) (24,778,506) 1,563,130
Asset impairment losses 4(46) (1,674,838,036) (173,772,140)
Gains on disposals of assets 4(50) 9,198,759 30,802,837
Operating profit/(loss) 2,675,007,645 (4,062,680,605)
Add: Non-operating income 4(51) 97,966,120 125,490,287
Less: Non-operating expenses 4(52) (357,160,809) (443,902,556)
Total profit/(loss) 2,415,812,956 (4,381,092,874)
Less: Income tax expenses 4(53) (789,869,221) (107,033,098)
Net profit/(loss) 1,625,943,735 (4,488,125,972)
157
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
CONSOLIDATED INCOME STATEMENT (CONT’D)
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Item Note 2023 2022
(Restated)
Classified by continuity of operations
Net profit/(loss) from continuing operations 1,625,943,735 (4,488,125,972)
Net profit from discontinued operations - -
Classified by ownership of the equity
Net profit/(loss) attributable to shareholders
of the Company 974,660,299 (2,980,434,050)
Minority interests 651,283,436 (1,507,691,922)
Other comprehensive income, net of tax (136,360,159) (118,919,844)
Attributable to shareholders of the Company 4(36) (134,600,267) (120,173,614)
Other comprehensive income that will not be
reclassified to profit or loss
Changes arising from remeasurement of
defined benefit plans (12,434,913) -
Share of other comprehensive income of
the investee accounted for using equity
method that will not be reclassified to
profit or loss 21,286,205 9,938,693
Changes in fair value of investments in
other equity instruments (143,793,006) (131,968,221)
Other comprehensive income that will be
reclassified to profit or loss
Share of other comprehensive income of
the investee accounted for using equity
method that will be reclassified to profit
or loss 341,447 1,855,914
Attributable to minority interests (1,759,892) 1,253,770
Total comprehensive income 1,489,583,576 (4,607,045,816)
Attributable to shareholders of the Company 840,060,032 (3,100,607,664)
Attributable to minority interests 649,523,544 (1,506,438,152)
Earnings per share
Basic earnings per share (RMB Yuan) 4(54) 0.19 (0.57)
Diluted earnings per share (RMB Yuan) 4(54) 0.19 (0.57)
The accompanying notes form an integral part of these financial statements.
Legal representative: Principal in charge of accounting: Head of accounting department:
Zheng Yunpeng Liu Wei Meng Fei
158
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
COMPANY INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Item Note 2023 2022
Revenue 15(4) 1,238,706,190 1,533,266,982
Less: Cost of sale 15(4) (1,238,246,113) (1,849,774,728)
Taxes and surcharges (13,352,652) (9,648,354)
Selling expenses (2,714,553) (2,412,869)
General and administrative expenses (344,528,275) (171,586,927)
Research and development expenses (1,240,395) (29,788,257)
Financial expenses (642,687,401) (432,576,281)
Including: Interest expenses 660,325,611 441,545,281
Interest income 20,671,761 12,627,185
Add: Other income 10,935,728 11,028,484
Investment income 15(5) 1,746,419,154 1,115,058,948
Including: Share of profit of
associates and joint
ventures 801,817,879 880,732,739
Credit impairment reversal/(loss) 108,771 (67,605)
Asset impairment losses 15(6) (1,388,445,763) (1,101,203,999)
Gains on disposals of assets 60,294 -
Operating loss (634,985,015) (937,704,606)
Add: Non-operating income 249,693,176 11,982,760
Less: Non-operating expenses (23,461,954) (19,485,023)
Total loss (408,753,793) (945,206,869)
Less: Income tax expenses (2,323,972) (2,319,241)
Net loss (411,077,765) (947,526,110)
Classified by continuity of operations
Net loss from continuing operations (411,077,765) (947,526,110)
Net loss from discontinued operations - -
Other comprehensive income, net of tax (132,366,329) (123,900,625)
Other comprehensive income that will not
be reclassified to profit or loss
Changes arising from remeasurement of
defined benefit plans (2,660,244) -
Share of other comprehensive income of
the investee accounted for using
equity method that will not be
reclassified to profit or loss 13,745,474 6,211,682
Changes in fair value of investments in
other equity instruments (143,793,006) (131,968,221)
Other comprehensive income that will be
reclassified to profit or loss
Share of other comprehensive income of
the investee accounted for using
equity method that will be reclassified
to profit or loss 341,447 1,855,914
Total comprehensive income (543,444,094) (1,071,426,735)
The accompanying notes form an integral part of these financial statements.
Legal representative: Principal in charge of accounting: Head of accounting department:
Zheng Yunpeng Liu Wei Meng Fei
159
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Item Note 2023 2022
Cash flows from operating activities
Cash received from sale of goods or
rendering of services 66,673,290,196 58,985,187,824
Refund of taxes and surcharges 172,717,196 2,436,660,341
Cash received relating to other
operating activities 4(55)(a) 338,086,401 262,732,577
Sub-total of cash inflows 67,184,093,793 61,684,580,742
Cash paid for goods and services (51,362,008,628) (54,729,703,233)
Cash paid to and on behalf of
employees (2,992,988,961) (2,736,395,371)
Payments of taxes and surcharges (2,835,638,678) (1,722,416,617)
Cash paid relating to other operating
activities 4(55)(b) (1,527,815,244) (1,016,200,747)
Sub-total of cash outflows (58,718,451,511) (60,204,715,968)
Net cash flows from operating
activities 4(56)(a) 8,465,642,282 1,479,864,774
Cash flows from investing activities
Cash received from disposals of
investments - 2,033,756
Cash received from returns on
investments 307,897,323 257,724,562
Net cash received from disposals of
fixed assets, intangible assets and
other long-term assets 225,692,124 1,734,284,438
Net cash received from disposals of
subsidiaries and other business
units - 2,510,000
Cash received relating to other
investing activities 4(55)(c) 1,322 66,792,867
Sub-total of cash inflows 533,590,769 2,063,345,623
Cash paid to acquire fixed assets,
intangible assets and other long-
term assets (21,715,697,762) (14,599,355,445)
Cash paid to acquire investments 4(56)(d) (54,299,600) (306,328,518)
Net cash paid to acquire subsidiaries
and other business units 4(56)(b) (363,895,664) (93,901,448)
Cash paid relating to other investing
activities 4(55)(e) (4,581,200,000) (215,864,319)
Sub-total of cash outflows (26,715,093,026) (15,215,449,730)
Net cash flows used in investing
activities (26,181,502,257) (13,152,104,107)
160
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
CONSOLIDATED CASH FLOW STATEMENT (CONT’D)
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Item Note 2023 2022
Cash flows from financing activities
Cash received from capital
contributions 4,729,271,112 466,806,611
Including: Cash received from capital
contributions by minority
shareholders of
subsidiaries 4,729,271,112 466,806,611
Cash received from borrowings 4(56)(c) 55,117,178,834 50,147,797,975
Cash received from issuance of
debentures 4(56)(c) 4,199,053,962 598,290,000
Cash received relating to other
financing activities 4(55)(f) 240,453,119 -
Sub-total of cash inflows 64,285,957,027 51,212,894,586
Cash repayments of borrowings (40,570,051,805) (30,388,831,183)
Cash payments for distribution of
dividends, profits or interest
expenses (2,847,572,358) (2,267,620,075)
Including: Dividends or profits paid to
minority shareholders by
subsidiaries (242,513,782) (35,299,408)
Cash paid relating to other financing
activities 4(55)(g) (2,632,114,420) (3,473,513,406)
Sub-total of cash outflows (46,049,738,583) (36,129,964,664)
Net cash flows from financing
activities 18,236,218,444 15,082,929,922
Effect of foreign exchange rate
changes on cash and cash
equivalents 187 972
Net increase in cash and cash
equivalents 4(56)(a) 520,358,656 3,410,691,561
Add: Cash and cash equivalents at
the beginning of the year 11,433,808,500 8,023,116,939
Cash and cash equivalents at the end
of the year 4(56)(d) 11,954,167,156 11,433,808,500
The accompanying notes form an integral part of these financial statements.
Legal representative: Principal in charge of accounting: Head of accounting department:
Zheng Yunpeng Liu Wei Meng Fei
161
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
COMPANY CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Item 2023 2022
Cash flows from operating activities
Cash received from sale of goods or rendering
of services 1,572,416,810 1,704,886,911
Refund of taxes and surcharges 10,373,317 48,773,944
Cash received relating to other operating
activities 32,114,824 29,357,378
Sub-total of cash inflows 1,614,904,951 1,783,018,233
Cash paid for goods and services (1,290,711,639) (1,663,501,651)
Cash paid to and on behalf of employees (301,587,846) (313,707,873)
Payments of taxes and surcharges (84,107,797) (32,727,086)
Cash paid relating to other operating activities (69,172,372) (58,467,469)
Sub-total of cash outflows (1,745,579,654) (2,068,404,079)
Net cash flows used in operating activities (130,674,703) (285,385,846)
Cash flows from investing activities
Cash received from disposals of investments 5,352,468,959 50,000,000
Cash received from returns on investments 973,340,738 334,042,053
Net cash received from disposals of fixed
assets, intangible assets and other long-term
assets 264,713,953 262,854,303
Net proceeds from disposals of subsidiaries 2,896,524 -
Cash received relating to other investing
activities 16,653,802 -
Sub-total of cash inflows 6,610,073,976 646,896,356
Cash paid to acquire fixed assets, intangible
assets and other long-term assets (9,293,409) (15,738,158)
Cash paid to acquire investments (8,219,060,324) (6,403,397,010)
Net cash paid to acquire the subsidiary (9,180,122) (2,622,780,791)
Sub-total of cash outflows (8,237,533,855) (9,041,915,959)
Net cash flows used in investing activities (1,627,459,879) (8,395,019,603)
162
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
COMPANY CASH FLOW STATEMENT (CONT’D)
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Item 2023 2022
Cash flows from financing activities
Cash received from borrowings 11,117,200,000 16,131,600,000
Cash received from issuance of debentures 3,599,459,917 598,290,000
Sub-total of cash inflows 14,716,659,917 16,729,890,000
Cash repayments of borrowings (12,552,750,000) (7,440,000,000)
Cash payments for distribution of dividends,
profits or interest expenses (633,104,276) (434,052,090)
Cash paid relating to other financing activities (7,380,137) (7,983,067)
Sub-total of cash outflows (13,193,234,413) (7,882,035,157)
Net cash flows from financing activities 1,523,425,504 8,847,854,843
Effect of foreign exchange rate changes on
cash and cash equivalents 187 976
Net (decrease)/increase in cash and cash
equivalents (234,708,891) 167,450,370
Add: Cash and cash equivalents at the
beginning of the year 875,157,652 707,707,282
Cash and cash equivalents at the end of the
year 640,448,761 875,157,652
The accompanying notes form an integral part of these financial statements.
Legal representative: Principal in charge of accounting: Head of accounting department:
Zheng Yunpeng Liu Wei Meng Fei
163
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Note Attributable to shareholders of the Company
Other Total
comprehensive Specific Surplus Undistributed Minority shareholders’
Share capital Capital surplus income reserve reserve profits interests equity
Balance at 1 January 2023
(Restated) 5,250,283,986 4,257,046,505 1,629,837,957 520,379 8,903,515,135 309,089,657 8,491,294,656 28,841,588,275
Movements for the year
ended 31 December 2023
Total comprehensive income
Net profit - - - - - 974,660,299 651,283,436 1,625,943,735
Other comprehensive
income 4(36) - - (134,600,267) - - - (1,759,892) (136,360,159)
Total comprehensive income
for the year - - (134,600,267) - - 974,660,299 649,523,544 1,489,583,576
Capital contribution and
withdrawal by shareholders
Capital contribution by
shareholders - - - - - - 274,502,958 274,502,958
Capital withdrawal by
shareholders 6(1)(b)(iii) - - - - - - (1,023,994,413) (1,023,994,413)
Transactions with minority 4(35),
shareholders 6(1)(b)(ii) - 937,434,074 - - - - 3,595,734,080 4,533,168,154
Profit distribution
Appropriation to surplus
reserve 4(37) - - - - - - - -
Distribution to shareholders - - - - - - (223,960,261) (223,960,261)
Specific reserve
Appropriation in the current
year - - - 397,209,164 - - 169,370,947 566,580,111
Utilisation in the current year - - - (391,353,654) - - (163,326,417) (554,680,071)
Share of interests in associates
in proportion to the
shareholding 4(35) - 8,092,225 - - - - - 8,092,225
Others - - - - - - (22,852) (22,852)
Balance at 31 December 2023 5,250,283,986 5,202,572,804 1,495,237,690 6,375,889 8,903,515,135 1,283,749,956 11,769,122,242 33,910,857,702
164
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (CONT’D)
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Note Attributable to shareholders of the Company
Other Total
comprehensive Specific Undistributed Minority shareholders’
Share capital Capital surplus income reserve Surplus reserve profits interests equity
Balance at 31 December 2021 5,250,283,986 4,276,952,183 1,750,011,571 - 8,903,515,135 3,205,422,561 9,581,317,106 32,967,502,542
Changes in accounting policies - - - - - 84,938,618 7,255,746 92,194,364
Balance at 1 January 2022 5,250,283,986 4,276,952,183 1,750,011,571 - 8,903,515,135 3,290,361,179 9,588,572,852 33,059,696,906
Movements for the year
ended 31 December 2022
Total comprehensive income
Net loss (Restated) - - - - - (2,980,434,050) (1,507,691,922) (4,488,125,972)
Other comprehensive
income 4(36) - - (120,173,614) - - - 1,253,770 (118,919,844)
Total comprehensive income
for the year - - (120,173,614) - - (2,980,434,050) (1,506,438,152) (4,607,045,816)
Capital contribution and
withdrawal by shareholders
Capital contribution by
shareholders - - - - - - 265,147,196 265,147,196
Transactions with minority
shareholders - (19,288,105) - - - - 167,047,220 147,759,115
Profit distribution
Appropriation to surplus
reserve 4(37) - - - - - - - -
Distribution to shareholders - - - - - - (53,852,929) (53,852,929)
Specific reserve
Appropriation in the current
year - - - 58,277,883 - - 22,825,440 81,103,323
Utilisation in the current year - - - (57,757,504) - - (22,687,361) (80,444,865)
Share of interests in associates
in proportion to the
shareholding 4(35) - 636,197 - - - - - 636,197
Acquisition of subsidiaries - - - - - - 32,000,000 32,000,000
Others - (1,253,770) - - - (837,472) (1,319,610) (3,410,852)
Balance at 31 December 2022
(Restated) 5,250,283,986 4,257,046,505 1,629,837,957 520,379 8,903,515,135 309,089,657 8,491,294,656 28,841,588,275
The accompanying notes form an integral part of these financial statements.
Legal representative: Zheng Yunpeng Principal in charge of accounting: Liu Wei Head of accounting department: Meng Fei
165
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
COMPANY STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Other Total
comprehensive Specific Surplus Undistributed shareholders’
Note Share capital Capital surplus income reserve reserve profits equity
Balance at 1 January 2023
(Restated) 5,250,283,986 4,834,675,772 1,640,520,684 - 8,903,515,135 5,637,862,169 26,266,857,746
Movements for the year
ended 31 December 2023
Total comprehensive income
Net loss - - - - - (411,077,765) (411,077,765)
Other comprehensive
income - - (132,366,329) - - - (132,366,329)
Total comprehensive
income for the year - - (132,366,329) - - (411,077,765) (543,444,094)
Specific reserve
Appropriation in the current
year - - - 15,396,203 - - 15,396,203
Utilisation in the current year - - - (15,396,203) - - (15,396,203)
Share of interests in
associates in proportion to
the shareholding 4(35) - 8,092,225 - - - - 8,092,225
Others - - - - - 11,521,114 11,521,114
Balance at 31 December
2023 5,250,283,986 4,842,767,997 1,508,154,355 - 8,903,515,135 5,238,305,518 25,743,026,991
166
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
COMPANY STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (CONT’D)
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Other Total
comprehensive Undistributed shareholders’
Note Share capital Capital surplus income Specific reserve Surplus reserve profits equity
Balance at 31 December 2021 5,250,283,986 4,834,039,575 1,764,421,309 - 8,903,515,135 6,585,377,384 27,337,637,389
Changes in accounting policies - - - - - 10,895 10,895
Balance at 1 January 2022 5,250,283,986 4,834,039,575 1,764,421,309 - 8,903,515,135 6,585,388,279 27,337,648,284
Movements for the year ended
31 December 2022
Total comprehensive income
Net loss - - - - - (947,526,110) (947,526,110)
Other comprehensive income - - (123,900,625) - - - (123,900,625)
Total comprehensive income
for the year - - (123,900,625) - - (947,526,110) (1,071,426,735)
Specific reserve
Appropriation in the current
year - - - 3,991,586 - - 3,991,586
Utilisation in the current year - - - (3,991,586) - - (3,991,586)
Share of interests in associates
in proportion to the
shareholding 4(35) - 636,197 - - - - 636,197
Balance at 31 December 2022
(Restated) 5,250,283,986 4,834,675,772 1,640,520,684 - 8,903,515,135 5,637,862,169 26,266,857,746
The accompanying notes form an integral part of these financial statements.
Legal representative: Zheng Yunpeng Principal in charge of accounting: Liu Wei Head of accounting department: Meng Fei
167
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
1 General information
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 (currently named as Guangdong
Guangkong Group Co., Ltd.). The address of the Company’s registered office and head office is
F33~F36 South Tower Building of Yudean Square on 2nd Tianhe East Road, Guangzhou,
Guangdong Province, the People’s Republic of China (“the PRC”). The Company’s parent
company is Guangdong Energy Group Co., Ltd. (“GEGC”) and its ultimate controlling shareholder
is the State-owned Assets Supervision and Administration Commission of the People’s
Government of Guangdong Province.
The Company’s RMB ordinary shares (“A-share”) and domestic listed foreign shares (“B-share”)
issued were listed for transactions in Shenzhen Stock Exchange respectively on 26 November
1993 and 28 June 1995. As at 31 December 2023, the total share capital of the Company was
RMB 5,250,283,986 with face value of RMB 1 per share.
The Company and its subsidiaries (collectively referred to as “the Group”) are principally engaged
in the businesses of developing and operating electric power projects in Guangdong Province,
Yunnan Province, Xinjiang Uygur Autonomous Region, Hunan Province and Guangxi Zhuang
Autonomous Region of the PRC. For the information of the Company’s major subsidiaries
included in the consolidation scope in the current year, please refer to Note 6(1).
These financial statements were authorised for issue by the Company’s Board of Directors on 29
March 2024.
2 Summary of significant accounting policies and accounting estimates
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 (“ECL”) of receivables and contract assets (Note 2(9)), costing of inventory
(Note 2(10)), investment properties, depreciation of fixed asset and right-of-use assets and
amortisation of intangible assets (Notes 2(12), 2(13), 2(25) and 2(16)), impairment of long-term
assets (Note 2(18)), timing of revenue recognition (Note 2(22)), deferred tax assets and deferred
tax liabilities (Note 2(24)), etc.
Details of the Group’s critical judgements, critical accounting estimates and key assumptions used
in determining significant accounting policies are set forth in Note 2(29).
168
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(1) Basis of 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 of Finance on 15 February 2006 and in subsequent periods
(hereinafter collectively referred to as “the Accounting Standards for Business Enterprises” or
“CAS”) and the disclosure requirements in the Preparation Convention of Information Disclosure
by Companies Offering Securities to the Public No.15 – General Rules on Financial Reporting
issued by the China Securities Regulatory Commission (“the CSRC”).
As at 31 December 2023, the Group’s net current liabilities amounted to RMB 14,912 million,
capital commitments amounted to RMB 17,533 million, among which the amount expected to be
settled within one year was RMB [12,253] million. Therefore, the Group is to some extent exposed
to liquidity risk. The reasons for net current liabilities were that a portion of the Group’s capital
expenditure was backed by short-term borrowings.
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 31 December 2023, the
Group’s available credit line and approved debt insurance from financial institutions amounted to
approximately RMB 80,120 million, with RMB 26,519 million from Energy Group Finance
Company, RMB 7,681 million from Energy Finance Leasing Company, RMB 37,120 million from
other commercial banks, RMB 1,400 million of corporate debentures approved for issuance by the
CSRC and RMB 7,400 million 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 22,513 million is due before 31 December 2024. Based
on the communication results with the relevant financial institutions, management expected that
credit lines granted by Energy Group Finance Company, Energy Group Finance Leasing
Company, and other commercial banks could be renewed for another 12 months upon the due
date. The corporate bonds and medium-term notes will be re-registered upon expiration according
to the capital requirements.
(ii) The Group will actively seek more favourable long-term electricity price and will strive to
effectively reduce coal procurement costs by giving full play to its advantages in scale. The new
units put into production by the Group in recent years mainly include photovoltaic, wind power,
and natural gas power generation units. As the above generation units have been operating well
since their formal operations, management expects that the Group will be able to obtain stable
cash inflows from its operating activities in the future.
The Board of Directors of the Company has reviewed the Group’s cash flow forecasting for 2024
prepared by management. 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 31 December 2023. Therefore, management
believes that it is appropriate to prepare these financial statements on a going concern basis.
169
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(1) Basis of preparation (Cont’d)
(2) Statement of compliance with the Accounting Standards for Business Enterprises
The financial statements of the Group and the Company for the year ended 31 December 2023
are in compliance with the Accounting Standards for Business Enterprises, and truly and
completely present the consolidated and the Company’s financial position of the Group and the
Company as at 31 December 2023 and their financial performance, cash flows and other
information for the year then ended.
(3) Accounting year
The Company’s accounting year starts on 1 January and ends on 31 December.
(4) Recording currency
The Company’s recording currency is Renminbi (RMB).
(5) Business combinations
(a) Business combinations involving enterprises under common control
The consideration paid and net assets obtained by the Group in a business combination are
measured at the carrying amount. If the acquiree is acquired from a third party by the ultimate
controlling party in a prior year, the consideration paid and net assets obtained by the Group are
measured based on the carrying amounts of the acquiree’s assets and liabilities (including the
goodwill arising from the acquisition of the acquiree by the ultimate controlling party) presented in
the consolidated financial statements of the ultimate controlling party. The difference between the
carrying amount of the net assets obtained from the combination and the carrying amount of the
consideration paid for the combination is treated as an adjustment to capital surplus (share
premium). If the capital surplus (share premium) is not sufficient to absorb the difference, the
remaining balance is adjusted against retained earnings. Costs directly attributable to the
combination are included in profit or loss in the period in which they are incurred. Transaction
costs associated with the issue of equity or debt securities for the business combination are
included in the initially recognised amounts of the equity or debt securities.
(b) Business combinations involving enterprises not under common control
For business combinations involving enterprises not under common control, the Group adopts
concentration test to judge whether the acquired production and operation activities or asset
groups constitute a business. If the concentration test is passed, the Group conducts accounting
treatment according to the relevant asset purchase principle; if the concentration test fails, the
Group will further judge whether it constitutes a business based on whether the relevant groups
obtained in the merger have at least one input and one substantive processing process, and the
combination of the two has a significant contribution to the output capacity.
The cost of combination and identifiable net assets obtained by the Group in a business
combination are measured at fair value at the acquisition date. Where the cost of the combination
exceeds the Group’s interest in the fair value of the acquiree’s identifiable net assets, the
difference is recognised as goodwill; where the cost of combination is lower than the Group’s
interest in the fair value of the acquiree’s identifiable net assets, the difference is recognised in
profit or loss for the current period. Costs directly attributable to the combination are included in
profit or loss in the period in which they are incurred. Transaction costs associated with the issue
of equity or debt securities for the business combination are included in the initially recognised
amounts of the equity or debt securities.
170
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(6) Preparation of 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 profit realised before the
combination date is presented separately in the consolidated income statement.
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.
All significant intra-group balances, transactions and unrealised profits are eliminated in the
consolidated financial statements. The portion of subsidiaries’ shareholders’ 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 or loss attributable to minority
interests and total comprehensive income attributable to minority interests, and presented
separately in the consolidated financial statements under shareholders’ equity, net profit and total
comprehensive income respectively. When the amount of loss for the current period attributable to
the minority shareholders of a subsidiary exceeds the minority shareholders’ portion of the
opening balance of owners’ equity of the subsidiary, the excess is allocated against the balance of
minority interests. Unrealised profits and losses resulting from the sale of assets by the Company
to its subsidiaries are fully eliminated against net profit attributable to owners of the parent.
Unrealised profits and losses resulting from the sale of assets by a subsidiary to the Company are
eliminated and allocated between net profit attributable to owners of the parent and net profit
attributable to minority interests in accordance with the allocation proportion of the parent in the
subsidiary. Unrealised profits and losses resulting from the sale of assets by one subsidiary to
another are eliminated and allocated between net profit attributable to owners of the parent and
net profit attributable to minority interests in accordance with the allocation proportion of the parent
in the subsidiary.
If the accounting treatment of a transaction is inconsistent in the financial statements at the Group
level and at the Company or its subsidiary level, adjustment will be made from the perspective of
the Group.
171
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(7) Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, deposits that can be readily drawn on
demand, and short-term and highly liquid investments that are readily convertible to known
amounts of cash and which are subject to an insignificant risk of changes in value.
(8) Foreign currency translation
Foreign currency transactions are translated into RMB 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.
(9) Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a
financial liability or equity instrument of another entity. A financial asset or a financial liability is
recognised when the Group becomes a party to the contractual provisions of the instrument.
(a) Financial assets
(i) Classification and measurement
Based on the Group’s business model for managing the financial assets and the contractual cash
flow characteristics of the financial assets, financial assets are classified as: (1) financial assets at
amortised cost; (2) financial assets at fair value through other comprehensive income; (3)
financial assets at fair value through profit or loss.
At initial recognition, the financial assets are measured at fair value. Transaction costs that are
incremental and directly attributable to the acquisition of the financial assets are included in the
initially recognised amounts, except for the financial assets at fair value through profit or loss, the
related transaction costs of which are expensed in profit or loss for the current period. Accounts
receivables arising from sale of products or rendering of services (excluding or without regard to
significant financing components) are initially recognised at the consideration that is entitled to be
received by the Group as expected.
172
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(9) Financial instruments (Cont’d)
(a) Financial assets (Cont’d)
(i) Classification and measurement (Cont’d)
Debt instruments
The debt instruments held by the Group refer to the instruments that meet the definition of
financial liabilities from the perspective of the issuer, and are measured in the following
categories:
Measured at amortised cost:
The objective of the Group’s business model is to hold the financial assets to collect the
contractual cash flows, and the contractual cash flow characteristics are consistent with a basic
lending arrangement, which gives rise on specified dates to the contractual cash flows that are
solely payments of principal and interest on the principal amount outstanding. The interest income
of such financial assets is recognised using the effective interest method. Such financial assets
mainly comprise cash at bank and on hand, notes receivables, accounts receivables, other
receivables and long-term receivables. Long-term receivables that are due within one year
(inclusive) as from the balance sheet date are included in the current portion of non-current
assets.
Equity instruments
Investments in equity instruments, over which the Group has no control, joint control or significant
influence, are measured at fair value through profit or loss under financial assets held for trading.
In addition, at initial recognition, a portion of certain investments in equity instruments not held for
trading are designated as financial assets at fair value through other comprehensive income
under other investments in equity instruments. The relevant dividend income of such financial
assets is recognised in profit or loss for the current period.
173
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(9) Financial instruments (Cont’d)
(a) Financial assets (Cont’d)
(ii) Impairment
The Group recognises the loss provision on the basis of the ECL for financial assets and contract
assets measured at amortised cost.
Giving consideration to reasonable and supportable information that is available without undue
cost or effort at the balance sheet date on past events, current conditions and forecasts of future
economic conditions weighted by the probability of default, the Group recognises the ECL as the
probability-weighted amount of the present value of the difference between the cash flows
receivable from the contract and the cash flows expected to collect.
For accounts receivables and contract assets arising from sale of goods and rendering of services
in the ordinary course of operating activities, the Group recognises the lifetime ECL regardless of
whether there exists a significant financing component.
Except for the above accounts receivables and contract assets, at each balance sheet date, the
ECL of financial instruments at different stages is measured respectively. A 12-month ECL is
recognised for financial instruments in Stage 1 which don’t have a significant increase in credit
risk since initial recognition; a lifetime ECL is recognised for financial instruments in Stage 2 which
have had a significant increase in credit risk since initial recognition but are not deemed to be
credit-impaired; and a lifetime ECL is recognised for financial instruments in Stage 3 that are
credit-impaired.
For the financial instruments with low credit risk as at the balance sheet date, the Group assumes
there is no significant increase in credit risk since initial recognition. The Group determines them
as the financial instruments in Stage 1 and recognises the 12-month ECL.
For the financial instruments in Stage 1 and Stage 2, the interest income is calculated by applying
the effective interest rate to the book balance (before net of ECL provision). For the financial
instrument in Stage 3, the interest income is calculated by applying the effective interest rate to
the amortised cost (net of ECL provision).
The credit risk characteristics of financial assets for which ECL are calculated on an individual
basis are significantly different from those of other financial assets. In case the ECL of an
individually assessed financial asset cannot be evaluated with reasonable cost, the Group
classifies the receivables into certain groups on the basis of shared risk characteristics, and
calculates the ECL for each group respectively. Basis for determining groups and method for
provision are as follows:
174
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(9) Financial instruments (Cont’d)
(a) Financial assets (Cont’d)
(ii) Impairment (Cont’d)
Group 1 of notes receivables Notes receivables
Group 1 of accounts receivables Receivables from sale of electricity
Group 2 of accounts receivables Receivables from renewable energy subsidies
Group 3 of accounts receivables Receivables from related parties
Receivables from sale of steam and others, for which the
initial recognition timing shall be considered as the starting
Group 4 of accounts receivables timing for ageing calculation
Group 1 of contract assets Receivables from related parties
Group 2 of contract assets Other contract assets
Receivables from business units, reserves receivable and
other receivables, for which the initial recognition timing shall
Group 1 of other receivables be considered as the starting timing for ageing calculation
For accounts receivables that are classified into groups, the Group calculates ECL with reference
to the historical credit loss experience, the current situation and the forecast of future economic
conditions, and based on the exposure at default and the lifetime ECL rates. For other receivables
that are classified into groups, the Group calculates the ECL with reference to historical credit loss
experience, current conditions and forecasts of future economic conditions, and based on the
exposure at default and the 12-month or lifetime ECL rates.
The Group recognises the loss provision made or reversed into profit or loss for the current
period.
175
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(9) Financial instruments (Cont’d)
(a) Financial assets (Cont’d)
(iii) Derecognition
A financial asset is derecognised when one of the following criteria is satisfied: (i) the contractual
rights to receive the cash flows from the financial asset are expired, (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 a financial asset is derecognised, the difference between the carrying amount and the
consideration received as well as the cumulative changes in fair value that are previously
recognised directly in other comprehensive income is recognised in profit or loss for the current
period, except for those measured at fair value through other comprehensive income, the
difference aforementioned is recognised in retained earnings instead.
(b) Financial liabilities
Financial liabilities are classified as financial liabilities at amortised cost and financial liabilities at
fair value through profit or loss at initial recognition.
Financial liabilities of the Group mainly comprise financial liabilities at amortised cost, including
notes payables, accounts payables, other payables, borrowings and debentures payable. Such
financial liabilities are initially recognised at fair value, net of transaction costs incurred, and
subsequently measured using the effective interest method. Financial liabilities with maturities of
no more than one year (inclusive) are presented as current liabilities, and those with maturities of
over one year but due within one year (inclusive) as from the balance sheet date are presented as
current portion of non-current liabilities; and others are presented as non-current liabilities.
176
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(9) Financial instruments (Cont’d)
(b) Financial liabilities (Cont’d)
A financial liability is derecognised or partly derecognised when the underlying present obligation
is discharged or partly discharged. The difference between the carrying amount of the
derecognised part of the financial liability and the consideration paid is recognised in profit or loss
for the current period.
(c) Determination of fair value of 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. In valuation, the Group adopts
valuation techniques applicable in the current situation and supported by adequate available data
and other information, selects inputs with the same characteristics as those of assets or liabilities
considered in relevant transactions of assets or liabilities by market participants, and gives priority
to the use of relevant observable inputs. When relevant observable inputs are not available or
feasible, unobservable inputs are adopted.
(10) Inventories
(a) Classification
Inventories mainly comprise fuel and spare parts, and are measured at the lower of cost and net
realisable value.
(b) Valuation of inventories
Cost of fuel is calculated using the weighted average method. Spare parts are amortised in full
amount when issued for use.
(c) Basis for determining net realisable values of inventories and method for making provision for
decline in the value of inventories
Provision for decline in the value of inventories is determined at the excess amount of the carrying
amount of the inventories over their net realisable value. Net realisable value is determined based
on the estimated selling price in the ordinary course of business, less the estimated costs
necessary to make the sale and related taxes. Among them, spare parts are recognised provision
for decline in the value of inventories based on factors such as inventory age and storage status.
(d) The Group adopts the perpetual inventory system.
(e) Amortisation methods of low-value consumables
Low value consumables are amortised in full amount.
177
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(11) Long-term equity investments
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 joint ventures and associates.
Subsidiaries are the investees over which the Company is able to exercise control. A joint venture
is a joint arrangement which is structured through a separate vehicle over which the Group has
joint control together with other parties and only has rights to the net assets of the arrangement
based on legal forms, contractual terms and other facts and circumstances. An associate is an
investee over which the Group has significant influence on its financial and operating policy
decisions.
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 joint ventures and associates are accounted for using the equity
method.
(a) Determination of investment cost
For long-term equity investments acquired through a business combination involving enterprises
under common control, the investment cost shall be the absorbing party’s share of the carrying
amount of owners’ equity of the party being absorbed in the consolidated financial statements of
the ultimate controlling party at the combination date; for long-term equity investments acquired
through a business combination involving enterprises not under common control, the investment
cost shall be the combination cost.
For long-term equity investments acquired not through a business combination: for long-term
equity investments acquired by payment in cash, the initial investment cost shall be the purchase
price actually paid; for long-term equity investments acquired by issuing equity securities, the
initial investment cost shall be the fair value of the equity securities issued.
(b) Subsequent measurement and recognition of profit or loss
Long-term equity investments accounted for using the cost method are measured at initial
investment cost. Cash dividend or profit distribution declared by the investees is recognised as
investment income in profit or loss for the current period.
For long-term equity investments accounted for using the equity method, where the initial
investment cost exceeds the 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 that 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 upwards accordingly.
For long-term equity investments accounted for using the equity method, the Group recognises
the investment income according to its share of net profit or loss of the investee. The Group does
not recognise further losses when the carrying amount of the long-term equity investment together
with any long-term interests that, in substance, form part of the Group’s net investment in the
investee is reduced to zero. However, if the Group has obligations for additional losses and the
criteria with respect to recognition of provisions are satisfied, the Group continues recognising the
investment losses and the provisions at the amount it expects to undertake. The Group’s share of
changes in the investee’s owners’ equity other than those arising from the net profit or loss, other
comprehensive income and profit distribution is recognised in capital surplus with a corresponding
adjustment to the carrying amount of the long-term equity investment. The carrying amount of the
investment is reduced by the Group’s share of the profit distribution or cash dividends declared by
the investee.
178
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(11) Long-term equity investments (Cont’d)
(b) Subsequent measurement and recognition of profit or loss (Cont’d)
Unrealised gains or losses on transactions between the Group and its investees are eliminated to
the extent of the Group’s equity interest in the investees, based on which the investment income
or losses are recognised in the Company’s financial statements. In preparing the consolidated
financial statements, for the unrealised gains or losses on transactions arising from the
downstream transactions in which the Group invests in or sells assets to its investees, the Group
shall, on the basis of the eliminating in the financial statements of the Company, eliminate the
portion of unrealised profits and costs or gains or losses on the disposals of assets that are
attributable to the Group, and adjust the investment income accordingly. For the unrealised gains
or losses on transactions arising from the upstream transactions in which the investee invests in
or sells assets to the Group, the Group shall, on the basis of the eliminating in the financial
statements of the Company, eliminate the portion of unrealised gains or losses on internal
transactions included in the carrying amount of the relevant assets, which are attributable to the
Group, and adjust the carrying amount of the long-term equity investment accordingly. Any losses
resulting from transactions between the Group and its investees, which are attributable to asset
impairment losses are not eliminated.
(c) Basis for determining existence of control, joint control or significant influence over investees
Control is the power over investees that can bring variable returns through involvement in related
activities of investees and the ability to influence the returns by using such power over investees.
Joint control is the agreed sharing of control over an arrangement, and the decision of activities
relating to such arrangement requires the unanimous consent of the Group and other parties
sharing control.
Significant influence is the power to participate in making the decisions on financial and operating
policies of the investee, but is not control or joint control over making those policies.
(d) Impairment of long-term equity investments
The carrying amounts of long-term equity investments in subsidiaries, joint ventures and
associates are reduced to the recoverable amounts when the recoverable amounts are below
their carrying amounts (Note 2(18)).
179
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(12) Investment properties
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 property 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 for the
period in which they are incurred.
The Group adopts the cost model for subsequent measurement of investment properties.
Buildings and land use rights are depreciated or amortised to their estimated net residual values
over their estimated useful lives. The estimated useful lives, the net residual values that are
expressed as a percentage of cost and the annual depreciation (amortisation) rates of investment
properties are as follows:
Estimated net residual Annual depreciation
Estimated useful lives values (amortisation) rates
Buildings 20 to 40 years 0% to 5% 2.38% to 4.75%
Land use rights 50 to 60 years 0% 1.67% to 2.00%
The investment property’s estimated useful life, estimated 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 property, it is reclassified to fixed
asset and intangible assets with the carrying amounts determined at the carrying amounts of the
investment property at the date of the transfer.
An investment property is derecognised on disposal or when the investment property is
permanently withdrawn from use and no future economic benefits are expected from its disposal.
The net amount of proceeds from sale, transfer, retirement or damage of an investment property
after its carrying amount and related taxes and expenses is recognised in profit or loss for the
current period.
The carrying amount of an investment property is reduced to the recoverable amount if the
recoverable amount is below the carrying amount (Note 2(18)).
180
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(13) Fixed assets
(a) Recognition and initial measurement of fixed assets
Fixed assets comprise buildings, power generation equipment, motor vehicles, and other
equipment.
Fixed assets are recognised when it is probable that the related economic benefits will flow into the
Group and the costs can be reliably measured. Fixed assets purchased or constructed by the
Group are initially measured at cost at the time of acquisition. The fixed assets contributed by the
State shareholders at the reorganisation of the Company into a corporation entity are recognised
based on the evaluated amounts approved by the state-owned assets administration department.
Subsequent expenditures incurred for a fixed asset are included in the cost of the fixed asset when
it is probable that the associated economic benefits will flow to the Group and the related cost can
be reliably measured. The carrying amount of the replaced part is derecognised. All the other
subsequent expenditures are recognised in profit or loss for the period in which they are incurred.
(b) Depreciation methods for fixed assets
Except for fixed assets purchased using work safety funds (Note 2 (26)), 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.
The estimated useful lives, the estimated net residual values expressed as a percentage of cost
and the annual depreciation rates of fixed assets are as follows:
Estimated useful Estimated net
lives residual values Annual depreciation rates
Buildings 10 to 50 years 0% to 5% 1.90% to 9.50%
Power generation
equipment 5 to 30 years 0% to 5% 3.17% to 20.00%
Motor vehicles 5 to 10 years 0% to 5% 9.50% to 20.00%
Other equipment 5 to 22 years 0% to 5% 4.32% to 20.00%
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.
181
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(13) Fixed assets (Cont’d)
(c) The carrying amounts of fixed assets are reduced to the recoverable amounts when the
recoverable amounts are below their carrying amounts (Note 2(18)).
(d) Disposals of fixed assets
A fixed asset is derecognised on disposal or when no future economic benefits are expected from
its use or disposal. The amount of proceeds from disposals on sale, transfer, retirement or damage
of a fixed asset net of its carrying amount and related taxes and expenses is recognised in profit or
loss for the current period.
(14) Construction in progress
Construction in progress is measured at actual cost. Actual cost comprises construction costs,
installation costs, borrowing costs that are eligible for capitalisation and other costs necessary to
bring the construction in progress ready for its intended use. Construction in progress is transferred
to fixed assets when the asset is ready for its intended use, and depreciation is charged starting
from the following month. The carrying amount of construction in progress is reduced to the
recoverable amount when the recoverable amount is below its carrying amount (Note 2(18)).
(15) Borrowing costs
The borrowing costs that are directly attributable to acquisition and construction of an asset that
needs a substantially long period of time for its intended use commence to be capitalised 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 capitalisation of borrowing costs
ceases when the asset under acquisition or construction becomes ready for its intended use and
the borrowing costs incurred thereafter are recognised in profit or loss for the current period.
Capitalisation of borrowing costs is suspended during periods in which the acquisition or
construction of an asset is interrupted abnormally and the interruption lasts for more than 3 months,
until the acquisition or construction is resumed.
For special borrowings for the acquisition and construction of qualifying assets, the capitalised
amount of the special borrowings is determined by the interest expenses incurred in the period less
interest income of the unused borrowings deposited at bank or investment income from temporary
investment.
182
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(15) Borrowing costs (Cont’d)
The capitalised amount of general borrowings intended to be used for the acquisition and
construction of qualifying assets is determined by the weighted average of the excess of
accumulated capital expenditure over capital expenditure of the special borrowings multiplied by
the weighted average effective interest rate of the utilised general borrowings. The effective
interest rate is the rate at which the future cash flows of the borrowings over the expected lifetime
or a shorter applicable period are discounted into the initial recognised amount of the borrowings.
(16) Intangible assets
Intangible assets include land use rights, sea use rights and software, and are measured at cost.
The intangible assets contributed by the state-owned shareholders upon the reorganisation of the
Group into a corporation and favourable contract are recognised based on the evaluated amounts
as approved by the state-owned assets administration department.
(a) Land use rights and sea use rights
Land use rights are amortised on the straight-line basis over their approved use period of 20 to 70
years. If the acquisition costs of the land use rights and the buildings located thereon cannot be
reasonably allocated between the land use rights and the buildings, all of the acquisition costs are
recognised as fixed assets. Allotted land with undetermined useful lives is not amortised.
Sea use rights are amortised on the straight-line basis over their approved use period of 25 to 50
years.
(b) Other intangible assets
Intangible assets other than land use rights and sea use rights are amortised on a straight-line-
basis over the expected useful lives of 2 to 60 years.
(c) Periodical review of useful life and amortisation method
For an intangible asset with a finite useful life, review of its useful life and amortisation method is
performed at each year-end, with adjustment made as appropriate.
183
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(16) Intangible assets (Cont’d)
(d) 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.
The Group’s expenditures on research and development mainly include expenditures on materials
consumed for the implementation of the Group’s research and development activities,
remuneration of employees related to research and development activities, depreciation and
amortisation of assets such as equipment and software used in research and development,
research and development testing, and research and development technical service fees.
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 capitalised 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;
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. Capitalised 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.
(e) Impairment of intangible assets
The carrying amount of intangible assets is reduced to the recoverable amount when the
recoverable amount is below the carrying amount (Note 2(18)).
(17) Long-term prepaid expenses
Long-term prepaid expenses include the expenditure for improvements to right-of-use assets, 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 amortised on
the straight-line basis over the expected beneficial period and are presented at actual expenditure
net of accumulated amortisation.
184
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(18) Impairment of long-term assets
Fixed assets, construction in progress, right-of-use assets, intangible assets with finite useful lives,
investment properties that are measured at cost and long-term equity investments in subsidiaries,
joint ventures and associates are tested for impairment if there is any indication that the assets
may be impaired at the balance sheet date. 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
impairment loss are recognised for the amount by which the asset’s carrying amount exceeds its
recoverable amount. The recoverable amount of an asset is the higher of the fair value less costs
to sell and the present value of the future cash flows expected to be derived from it. Provision for
asset impairment is determined and recognised on the individual asset basis. If it is not possible to
estimate the recoverable amount of an individual asset, the recoverable amount of a 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 amount of goodwill is allocated to the related asset groups 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 above asset impairment loss is recognised, it will not be reversed for the value recovered
in the subsequent periods.
(19) Employee benefits
Employee benefits refer to all forms of consideration or compensation given by the Group in
exchange for service rendered by employees or for termination of employment relationship, which
include short-term employee benefits, post-employment benefits, termination benefits and other
long-term employee benefits.
(a) Short-term employee benefits
Short-term employee benefits include wages or salaries, bonus, allowances and subsidies, staff
welfare, premiums or contributions on medical insurance, work injury insurance and maternity
insurance, housing funds, union running costs and employee education costs and short-term paid
absences. The short-term employee benefits actually occurred are recognised as a liability in the
accounting period in which the service is rendered by the employees, with a corresponding charge
to the profit or loss for the current period or the cost of relevant assets. Non-monetary benefits are
measured at fair value.
(b) Post-employment benefits
The Group classifies post-employment benefit plans as either defined contribution plans or defined
benefit plans. Defined contribution plans are post-employment benefit plans under which the
Group pays fixed contributions into a separate fund and will have no obligation to pay further
contributions; and defined benefit plans are post-employment benefit plans other than defined
contribution plans. During the reporting period, the Group’s post-employment benefits mainly
include basic pensions, unemployment insurance and supplementary pensions, and all of them
belong to the defined contribution plans; non-planned expenses provided to retired employees fall
under defined benefit plans.
185
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(19) Employee benefits (Cont’d)
(b) Post-employment benefits (Cont’d)
Basic pensions
The Group’s employees participate in the basic pension plan set up and administered by local
authorities of Ministry of Human Resource and Social Security. Monthly payments of premiums
on the basic pensions are calculated according to the bases and percentage prescribed by the
relevant local authorities. When employees retire, the relevant local authorities are obliged to pay
the basic pensions to them.
Supplementary pensions
The Group purchases supplementary pensions for employees, and pays insurance premium
according to the policies of the parent company, GEGC.
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 uses the projected unit credit method and includes the
obligation of the defined benefit plan in the accounting period in which the service has been
rendered by the employees, with a corresponding charge to the profit or loss for the period. The
cost of employee benefits arising from defined benefit plans 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.
186
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(19) Employee benefits (Cont’d)
(c) 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 for the current period at the earlier of the following
dates: 1) when the Group cannot unilaterally withdraw an employment termination plan or a
curtailment proposal; 2) when the Group recognises costs or expenses for a restructuring that
involves the payment of termination benefits.
Early retirement benefits
The Group offers early retirement benefits to those employees who accept early retirement
arrangements. The early retirement benefits refer to the salaries and social security contributions
to be paid to and for the employees who accept voluntary retirement before the normal retirement
date prescribed by the State, as approved by the management. The Group pays early retirement
benefits to those early retired employees from the early retirement date until the normal
retirement date. The Group accounts for the early retirement benefits in accordance with the
treatment for termination benefits, in which the salaries and social security contributions to be
paid to and for the early retired employees from the off-duty date to the normal retirement date
are recognised as liabilities with a corresponding charge to the profit or loss for the current period.
The differences arising from the changes in the respective actuarial assumptions of the early
retirement benefits and the adjustments of benefit standards are recognised in profit or loss in the
period in which they occur.
The termination benefits expected to be settled within one year since the balance sheet date are
classified as employee benefits payable.
(20) Dividend distribution
Cash dividends are recognised as liabilities in the period in which the dividends are approved by
the shareholders’ meeting.
(21) Provisions
Provisions for product warranties 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.
Loss provision for financial guarantee contracts which are recognised on the basis of ECL are
presented as provisions.
The provisions expected to be settled within one year since the balance sheet date are classified
as current liabilities.
187
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(22) Revenue recognition
The Group recognises revenue at the amount of the consideration which the Group expects to be
entitled to receive when the customer obtains control over relevant goods or services.
(a) Revenue from sale of electricity and heat energy
Revenue is recognised when electricity and heat energy are supplied to grid companies or
customers, and they obtain control over electricity.
(b) Revenue from sale of by-products
Revenue from the sale 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 resource utilisation enterprise confirms receipt and obtains 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
receipt of the service, revenue is recognised based on the difference between the purchase price
and the selling price of electricity.
(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 fulfilment.
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 receivables, and
the rest is recognised as contract assets. Meanwhile, loss provisions for accounts receivables and
contract assets are recognised on the basis of ECL (Note 2(9)). 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 fulfilment costs and contract acquisition costs. Costs incurred for
provision of maintenance services are recognised as contract fulfilment costs, which is recognised
as the cost of sale of main operations based on the stage of completion when recognising
revenue.
188
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(23) Government grants
Government grants refer to the monetary or non-monetary assets obtained by the Group from the
government, including tax return and financial subsidy.
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 reasonable and systemic basis over the useful lives of the assets.
Government grants related to daily operation 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. For other
government grants related to income that compensate the future costs, expenses or losses are
recorded as deferred income and deducted against related costs in reporting the related costs,
expenses or losses; government grants related to income that compensate the incurred costs,
expenses or losses are deducted against related costs.
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.
189
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(24) Deferred tax assets and deferred tax liabilities
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 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 liability is recognised for a temporary difference arising from the initial
recognition of goodwill. No deferred tax asset or deferred tax liability is recognised for a temporary
difference arising 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) and has not resulted in the generation of taxable temporary differences and deductible
temporary differences in equal amounts. 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, associates and joint ventures, except where the Group is able to control the timing of
reversal of the temporary differences, and it is probable that the temporary differences will not be
reversed in the foreseeable future. When it is probable that the temporary differences arising from
investments in subsidiaries, associates and joint ventures 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 deferred tax liabilities are offset when:
the deferred tax assets and deferred tax liabilities are related to the same taxpayer
within the Group and the same taxation authority; and,
that taxpayer within the Group has a legally enforceable right to offset current tax assets
against current tax liabilities.
190
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(25) Leases
A contract is, or contains, a lease if the contract conveys the right to control the use of an
identified asset for a period of time in exchange for consideration.
The Group as the lessee
At the lease commencement date, the Group recognises the right-of-use asset and measures the
lease liability at the present value of the lease payments that are not paid at that date. Lease
payments include fixed payments, the exercise price of a purchase option or termination penalty if
the lessee is reasonably certain to exercise that option etc. Variable lease payments in proportion
to sales are excluded from lease payments and recognised in profit or loss as incurred. Lease
liabilities that are due within one year (inclusive) as from the balance sheet date are included in
the current portion of non-current liabilities.
Right-of-use assets of the Group comprise leased land use rights, buildings, machinery and
equipment, and motor vehicles. Right-of-use assets are measured initially at cost which
comprises the amount of the initial measurement of lease liabilities, any lease payments made at
or before the commencement date and any initial direct costs, less any lease incentives received.
If there is reasonable certainty that the Group will obtain ownership of the underlying asset by the
end of the lease term, the asset is depreciated over its remaining useful life; otherwise, the asset
is depreciated over the shorter of the lease term and its remaining useful life. The carrying
amount of the right-of-use asset is reduced to the recoverable amount when the recoverable
amount is below the carrying amount.
For short-term leases with a term of 12 months or less and leases of an individual asset (when
new) of low value, the Group chooses to include the lease payments in the cost of the underlying
assets or in the profit or loss for the current period on a straight-line basis over the lease term,
instead of recognising right-of-use assets and lease liabilities.
The Group accounts for a lease modification as a separate lease if both: (1) the modification
increases the scope of the lease by adding the right to use one or more underlying assets; (2) the
consideration for the lease increases by an amount commensurate with the stand-alone price for
the increase in scope and any appropriate adjustments to that stand-alone price to reflect the
circumstances of the contract.
For a lease modification that is not accounted for as a separate lease, the Group redetermines
the lease term at the effective date of the lease modification, and remeasures the lease liability by
discounting the revised lease payments using a revised discount rate, except that the contract
changes directly resulting from situations prescribed by the Ministry of Finance that may apply the
practical expedient. For a lease modification which decreases the scope of the lease or shortens
the lease term, the Group decreases the carrying amount of the right-of-use asset, and
recognises in profit or loss any gain or loss relating to the partial or full termination of the lease.
For other lease modifications which lead to the remeasurement of lease liabilities, the Group
correspondingly adjusts the carrying amount of the right-of-use asset.
For the qualified rent concessions agreed on existing lease contracts, the Group applies the
practical expedient and records the undiscounted concessions in profit or loss when the
agreement is reached to discharge the original payment obligation with corresponding adjustment
of lease liabilities.
191
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(25) Leases (Cont’d)
The Group as the lessor
A lease is classified as a finance lease if it transfers substantially all the risks and rewards
incidental to ownership of an underlying asset. An operating lease is a lease other than a finance
lease.
(a) Operating leases
Where the Group leases out self-owned buildings and land use rights under operating leases,
rental income therefrom is recognised on a straight-line basis over the lease term. Variable rental
that is linked to a certain percentage of sales is recognised in rental income as incurred.
For the qualified 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
Except that the above changes in qualified contract which are accounted for by applying the
practical expedient, 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.
(26) 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 10 million and RMB 100 million in the
previous year;
1% for the proportion of revenue between RMB 100 million and RMB 1,000 million in the
previous year;
0.8% for the proportion of revenue between RMB 1,000 million and RMB 5,000 million in
the previous year;
0.6% for the proportion of revenue between RMB 5,000 million and RMB 10,000 million in
the previous year;
0.2% for the proportion of revenue exceeding RMB 10,000 million in 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.
192
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(27) Carbon emission use rights
Categorised as an Enterprise with High Emissions, the Group needs to fulfil 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.
(28) 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.
193
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(29) Critical accounting estimates and judgements
The Group continually evaluates the critical accounting estimates and key judgements applied
based on historical experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances.
(a) Critical judgements in applying the accounting policies
(i) Classification of financial assets
Significant judgements made by the Group in the classification of financial assets include analysis
on business models and contractual cash flow characteristics.
The Group determines the business model for financial asset management at the level of different
groups, and factors to be considered include the methods of evaluation on financial asset
performance and reporting of financial asset performance to key management personnel, risks
affecting financial asset performance and management methods for such risks, the ways in which
related business management personnel are remunerated, etc.
When assessing whether contractual cash flow characteristics of financial assets are consistent
with basic lending arrangement, key judgements made by the Group include: the possibility of
changes in timing or amount of the principal during the duration due to reasons such as early
repayment; whether interest only 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.
194
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(29) Critical accounting estimates and judgements (Cont’d)
(a) Critical judgements in applying the accounting policies (Cont’d)
(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
The critical accounting estimates and key assumptions that have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within the next accounting
year are outlined below:
(i) Accounting estimates on impairment of fixed assets
Fixed assets are tested for impairment by the Group if there is any indication that they may be
impaired at the balance sheet date by calculating and comparing the recoverable amounts of the
fixed assets with their carrying amount to check the difference. If the result of the impairment test
indicates that the recoverable amount of the relevant 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 (Note 4(7), Note 4(10)).
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 estimated on-grid electricity price, the
estimated electricity sale and the estimated price of fuel 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.
195
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(29) Critical accounting estimates and judgements (Cont’d)
(b) Critical accounting estimates and key assumptions (Cont’d)
(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 or ageing matrix. 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”). The Group regularly monitors and reviews assumptions and parameters
related to the calculation of ECL. In 2023, the Group considered the uncertainty under different
macroeconomic scenarios and updated the relevant assumptions and parameters.
(iii) Accounting estimates on impairment of goodwill
The Group tests whether goodwill has suffered any impairment at least annually. The recoverable
amount of asset group or group of asset groups is the higher of fair value less the cost of disposal
and the present value of the future cash flows expected to be derived from them. These
calculations require the use of estimates (Note 4(14)).
(iv) 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 3(2), 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.
196
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(29) Critical accounting estimates and judgements (Cont’d)
(b) Critical accounting estimates and key assumptions (Cont’d)
(iv) Income taxes and deferred income taxes (Cont’d)
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 fuel 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.
(30) Significant changes in accounting policies
The Ministry of Finance released the Circular on Issuing Interpretation No. 16 of Accounting Standards
for Business Enterprises (Interpretation No. 16) in 2022. From 1 January 2023, the Group and the
Company applied Interpretation No. 16 which clarifies that deferred income taxes related to assets and
liabilities arising from a specific single transaction are not applicable for initial recognition exemption, and
applied the amendment retrospectively, the opening balance of retained earnings of 2022 and other
relevant line items in the financial statements, and the comparatives have been restated, the detail
impacts are as follows:
197
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(30) Significant changes in accounting policies (Cont’d)
(a) Accounting treatment of deferred income taxes related to assets and liabilities arising from a
specific single transaction.
The amounts affected
(i) The line items
affected 1 January 2022
The Group (positive The Company
numbers for debit (positive numbers for
and negative debit and negative
numbers for credit) numbers for credit)
For equal deductible Deferred tax assets 92,664,662 10,895
temporary differences and Deferred tax
taxable temporary liabilities (470,298) -
differences arising from Undistributed
initial recognition of lease profits (84,938,618) (10,895)
liabilities and the Minority interests (7,255,746) —
corresponding right-of-use
assets at the 31 December 2022
commencement date of a The Group (positive The Company
lease, the Group and the numbers for debit (positive numbers for
Company recognise and negative debit and negative
deferred tax assets and numbers for credit) numbers for credit)
deferred tax liabilities
accordingly. Deferred tax assets 119,527,817 -
Deferred tax
liabilities (470,298) -
Undistributed
profits (108,421,140) -
Minority interests (10,636,379) —
2022
The Group (positive The Company
numbers for debit (positive numbers for
and negative debit and negative
numbers for credit) numbers for credit)
Income tax
expenses (26,863,155) -
Except for the above adjustments, the implementation of Interpretation No. 16 has no impact to
the other financial statement line items as at 1 January 2022 and 31 December 2022.
198
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Taxation
(1) The main categories and rates of taxes applicable to the Group are set out below:
Category Tax base Tax rate/Levying rate
Value-added tax Taxable value-added amount (Tax payable is 5%, 6%, 9% and 13%
(“VAT”) (a) calculated using the taxable sale amount
multiplied by the applicable tax rate less
deductible input VAT of the current period)
Revenue from hydropower sale 3%
City maintenance Amount of VAT paid 5% to 7%
and construction
tax
Educational Amount of VAT paid 3%
surcharge
Local educational Amount of VAT paid 2%
surcharge
Enterprise income Taxable income 12.5%, 15%, 20% and
tax 25%
Property tax Real estate’s rental income or the residual 12% and 1.2%
value from original value less the
deducting proportion
Environmental Calculated and paid based on the pollution Calculated and paid
protection tax (b) equivalent values or the discharge of based on the applicable
taxable pollutants multiplied by the tax amounts of different
applicable tax amounts pollutants
(a) Pursuant to the Announcement on Relevant Policies for Deepening the Value-added Tax Reform
(Cai Shui Haiguan [2019] No. 39) jointly issued by the Ministry of Finance, the State Taxation
Administration and the General Administration of Customs and relevant regulations, the Group’s
revenue from sale of electricity, sale of by-products, maintenance and repair services, etc. and
revenue arising from sale of heat energy is subject to VAT at the rate of 13% and 9% from 1 April
2019. The Group’s revenue from entrusted loan business among companies and training service
is subject to VAT at the rate of 6%. The operating leases of the real estates under simplified
taxation method is subject to VAT at a rate of 5%.
Pursuant to the Notice on the Policy of Streamlining and Combination of Value-added Tax Levy
Rates jointly issued by the Ministry of Finance and the State Taxation Administration, revenue
from sale of electricity generated from small hydropower units at the county level or below is
subject to VAT at the rate of 3%. Three small hydropower plants of Lincang Yudean Energy Co.,
Ltd. (“Lincang Energy”), a subsidiary of the Group, are subject to VAT at the rate of 3%.
Pursuant to the provisions including the Circular on Enterprise Income Tax Policy concerning
Deductions for Equipment and Appliances (Cai Shui [2018] No. 54) and the Announcement on
Extending the Implementation Period of Certain Preferential Tax Policies (Cai Shui [2021] No. 6)
issued by the State Taxation Administration, during the period from 1 January 2018 to 31
December 2023, the cost of equipment with the original cost less than RMB 5,000,000 newly
purchased by Guangdong Yudean Power Sales Co., Ltd. (“Power Sales”), a subsidiary of the
Group, can be fully deducted against taxable profit in the next month after the asset is put into
use, instead of being depreciated annually for tax filing.
199
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Taxation (Cont’d)
(1) The main categories and rates of taxes applicable to the Group are set out below (Cont’d):
(b) According to the Environmental Protection Tax Law of the People’s Republic of China, the Group
has applied the environmental protection tax since 1 January 2018. The taxation objects include
air pollutants, water pollutants, solid waste and noise. Taxation is based on the amount of
pollutants’ emissions.
(2) Tax preference
(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 2023, the Group’s subsidiary
Guangdong Yudean Qujie Wind Power Co., Ltd. (“Qujie Wind Power”), Guangdong Yudean
Pingyuan Wind Power Co., Ltd. (“Pingyuan Wind Power”) and Guangdong Yudean Zhanjiang
Wind Power Generation Co., Ltd. (“Zhanjiang Wind Power”), met the above conditions. Therefore,
Qujie Wailuo offshore wind power project (Phase I) (the first time for which revenue from sale of
power was posted was 2019), Qujie Wailuo offshore wind power project (Phase II) (the first time
for which revenue from sale of power was posted was 2021), Xinliao offshore wind power project
(the first time for which revenue from sale of power was posted was 2021), Pingyuan Maoping
project (the first time for which revenue from sale of power was posted was 2020), Pingyuan
Sishui project (the first time for which revenue from sale of power was posted was 2021), and
Zhanjiang Linfen Hongdong Photovoltaic Project (the first time for which revenue from sale of
power was posted was 2023) of Qujie Wind Power, Pingyuan Wind Power, and Zhanjiang Wind
Power are entitled to the tax preferential policy of “three-year exemptions and three-year halves”
respectively according to each wind power project or photovoltaic project.
200
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Taxation (Cont’d)
(2) Tax preference (Cont’d)
(b) In 2022, Zhanjiang Wind Power and Guangdong Yudean Zhanjiang Biomass Power Generation
Co., Ltd. (“Biomass Power Generation”), subsidiaries of the Group, were granted High-tech
Enterprise Certificate (Certificate No. GR202244006758 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 22
December 2022. 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 Wind Power and Biomass Power Generation in 2023 is 15%.
(c) In accordance with regulations of the Announcement of the Ministry of Finance and the State
Taxation Administration of Preferential Income Tax Policies for Micro and Small Enterprises and
Individual Industrial and Commercial Households (STA Announcement [2023] No. 6), for a small
enterprise with low profits, for the part of the annual taxable income not exceeding RMB
1,000,000, 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 3,000,000, the number of its employees
is not more than 300, and their total assets do not exceed RMB 50,000,000. In 2023, some of the
Company’s subsidiaries were entitled to the aforesaid preferential tax policy.
(d) Pursuant to the 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 Co., Ltd. (“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.
201
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Taxation (Cont’d)
(2) Tax preference (Cont’d)
(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.
In addition, 50% of VAT levied on the sale of electricity generated by taxpayers will be refunded
immediately in accordance with the Notice Concerning Value-added Tax Policies on Wind Power
Generation (Cai Shui [2015] No. 74). Some subsidiaries of the Company can enjoy the
aforementioned tax incentive in 2023.
(f) Pursuant to the Circular of the Ministry of Finance and the State Taxation Administration on Issues
Concerning Implementing the Catalogue of Enterprise Income Tax Preference for Environmental
Protection Special Equipment, the Catalogue of Enterprise Income Tax Preference for Energy-
saving and Water-saving Special Equipment and the Catalogue of Enterprise Income Tax
Preference for Safe Production Special Equipment (Cai Shui [2008] No. 48), from 1 January 2008,
enterprises that purchase and actually use the environmental protection, energy-saving, water-
saving and safe production special equipment specified in the above Catalogues can claim 10% of
its capital investment in the special equipment against the enterprise income tax payable for the
current year; the excess may be carried forward for a period of no more than 5 years if the
enterprise income tax payable is insufficient for credit deduction in that year. Bohe Energy, a
subsidiary of the Group, purchased and actually used the above-mentioned specialised equipment
in 2020, which met the preferential income tax conditions. Therefore, the tax payable incurred by
Bohe Energy in 2023 could be offset according to the above regulations.
202
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements
(1) Cash at bank and on hand
31 December 2023 31 December 2022
Cash on hand 43,025 46,435
Cash at bank 2,182,419,734 2,705,136,812
Energy Group Finance Company (b) 14,225,178,988 8,777,022,027
- Deposits (c) 14,171,704,397 8,728,625,253
- Interest receivable 41,474,591 36,396,774
- Other cash balances (d) 12,000,000 12,000,000
Other cash balances (d) 23,788,146 21,318,344
16,431,429,893 11,503,523,618
(a) As at 31 December 2023, the Group had no offshore deposits (31 December 2022: Nil).
(b) Deposits with Energy Group Finance Company refer to the deposits placed in Energy Group
Finance Company (Note 8(6)). Energy Group Finance Company is a financial institution
established with the approval of the People’s Bank of China. Both the Company and Energy
Group Finance Company are controlled by GEGC.
(c) Information on fixed deposits placed in Energy Group Finance Company as at 31 December 2023
is as follows (31 December 2022: Nil):
31 December 2023
Amount in RMB
Deposit period of over 3 months but less
than 1 year (inclusive)
- RMB 4,400,000,000
(d) As at 31 December 2023, other cash balances of RMB 35,788,146 (31 December 2022: RMB
33,318,344) mainly represented special funds for ecological protection and guarantees, among
which other cash balances placed in Energy Group Finance Company were RMB 12,000,000 (31
December 2022: RMB 12,000,000) (Note 8(6)).
203
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(2) Accounts receivables
31 December 2023 31 December 2022
Accounts receivables 8,989,986,154 7,579,203,103
Less: Provision for bad debts (26,350,476) (566,859)
8,963,635,678 7,578,636,244
(a) The ageing of accounts receivables is analysed as follows:
31 December 2023 31 December 2022
Within 1 year 7,837,958,876 6,943,600,556
1 to 2 years 830,621,695 364,750,508
2 to 3 years 121,023,058 243,473,499
Over 3 years 200,382,525 27,378,540
8,989,986,154 7,579,203,103
The accounts receivables for over three years are all receivables from renewable energy subsidies,
and the Group makes the provision for credit impairment losses based on the lifetime ECL rates
(b) As at 31 December 2023, the five largest accounts receivables and contract assets aggregated by
debtors are analysed as follows:
Balance of Balance of
accounts contract Provision for % of total
receivables assets bad debts balance
Total amount of the five
largest accounts
receivables 8,715,847,432 992,522 (24,986,311) 96.90%
204
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(2) Accounts receivables (Cont’d)
(c) Provision for bad debts
For accounts receivables, the Group recognises the loss provision based on the lifetime ECL
regardless of whether there is any significant financing component.
Provision for bad debts of accounts receivables is analysed by categories as follows:
31 December 2023
Book balance Provision for bad debts
Amount % of total balance Amount Provision ratio
Provision for bad debts
on a collective basis 8,989,986,154 100% (26,350,476) 0.29%
31 December 2022
Book balance Provision for bad debts
Amount % of total balance Amount Provision ratio
Provision for bad debts
on a collective basis 7,579,203,103 100% (566,859) 0.01%
As at 31 December 2023, provision for bad debts made on a collective basis for accounts
receivables is analysed as follows:
Group 1 - Receivables from sale of electricity
As at 31 December 2023, the Group’s receivables from sale of electricity other than receivables from
renewable energy subsidies amounted to RMB 6,225,956,094 (31 December 2022: RMB
5,367,791,237), which mainly comprised receivables of RMB 6,074,540,172 from China Southern
Power Grid Co., Ltd. and its subsidiaries (collectively referred to as “China Southern Power Grid”)
and RMB 151,415,922 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).
205
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(2) Accounts receivables (Cont’d)
(c) Provision for bad debts (Cont’d)
Group 2 - Receivables from renewable energy subsidies
As at 31 December 2023, the Group’s receivables from renewable energy subsidies amounted to
RMB 2,646,428,880 (31 December 2022: RMB 2,124,046,364). The provision for bad debts of
receivables from renewable energy subsidies in the current year amounted to RMB 25,225,348
(2022: Nil).
Provision for Lifetime ECL
Name Balance bad debts rates
Renewable energy subsidies
receivable 2,646,428,880 (25,225,348) 1.00%
Group 3 - Receivables from related parties
As at 31 December 2023, the Group’s receivables from related parties amounted to RMB
31,436,573 (31 December 2022: RMB 39,546,687), and the historical loss rate was extremely low.
Therefore, The Group held that there was no significant credit risk arising from receivables from
related parties. Since the possibility of material losses due to the default by related parties was
extremely low, the Group made no provision for the ECL for the receivables from related parties (31
December 2022: Nil).
Group 4 - Receivables from sale of steam and others
As at 31 December 2023, the Group’s receivables from sale of steam and others amounted to RMB
86,164,607 (31 December 2022: RMB 47,818,815). The Group made provision for bad debts based
on the lifetime ECL rates. As at 31 December 2023, the balance of provision for bad debts was
RMB 1,125,128 (31 December 2022: RMB 566,859).
31 December 2023 31 December 2022
Book Book
balance Provision for bad debts balance Provision for bad debts
Lifetime ECL Lifetime ECL
Amount rates Amount Amount rates Amount
Within 1
year 84,544,033 1.04% (875,582) 46,948,057 0.95% (445,712)
1 to 2 years 1,225,574 10.69% (131,046) 805,943 10.00% (80,594)
2 to 3 years 395,000 30.00% (118,500) 35,568 31.79% (11,306)
Over 3
years - - - 29,247 100.00% (29,247)
86,164,607 (1,125,128) 47,818,815 (566,859)
(d) As at 31 December 2023, the right to collect electric charges of the Group’s certain subsidiaries,
was pledged to banks to obtain long-term borrowings with a principal of RMB 5,401,654,578,
including current portion of long-term borrowings with a principal of RMB 500,737,245 (31
December 2022: long-term borrowings with a principal of RMB 6,052,250,122, including current
portion of long-term borrowings with a principal of RMB 512,741,564). Please refer to Note 4(27)(a)
206
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(3) Advances to suppliers
31 December 2023 31 December 2022
Advances to suppliers 1,578,995,994 1,535,097,252
Less: Provision for impairment (115,000) (115,000)
1,578,880,994 1,534,982,252
(a) The ageing of advances to suppliers is analysed as follows:
31 December 2023 31 December 2022
Amount % of total balance Amount % of total balance
Within 1 year 1,575,368,565 99.77% 1,532,647,170 99.84%
1 to 2 years 2,963,894 0.19% 1,525,236 0.10%
2 to 3 years 185,817 0.01% 370,407 0.02%
Over 3 years 477,718 0.03% 554,439 0.04%
1,578,995,994 100.00% 1,535,097,252 100.00%
As at 31 December 2023, advances to suppliers with ageing over one year amounted to RMB
3,627,429 (31 December 2022: RMB 2,450,082), mainly including prepayments for spare parts
and materials.
(b) Provision for impairment accrued in the current year
2023 2022
Opening balance (115,000) (115,000)
Write-off in the current year - -
Reversal in the current year - -
Ending balance (115,000) (115,000)
(c) As at 31 December 2023, the five largest advances to suppliers aggregated by debtors are
analysed as follows:
Amount % of total balance
Total amount of advances to five largest
debtors 1,490,930,856 94.42%
207
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(4) Other receivables
31 December 2023 31 December 2022
Land withdrawal receivable 274,833,258 285,763,798
Dividends receivable (Note 4(7)(b)) 134,959,219 -
Supplementary medical insurance fund
receivable 108,018,187 102,914,387
Receivables from sale of by-products 90,424,301 142,602,487
Including: Receivables from related parties
(Note 8(6)) 77,083,510 131,141,189
Receivables from business units 74,097,420 75,047,046
Current accounts receivables from related
parties (Note 8(6)) 36,811,179 258,446,096
Land deposits receivable 23,447,300 23,446,000
Insurance compensation receivable 16,241,973 -
Compensation receivable for electricity
charges during the demolition and
construction period 7,099,200 7,099,200
Others 64,866,825 74,768,970
830,798,862 970,087,984
Less: Provision for bad debts (32,009,027) (35,303,832)
798,789,835 934,784,152
As at 31 December 2023, the Group’s dividends receivable from its associate, CHN ENERGY
Yudean Taishan Power Generation Co., Ltd. (“Taishan Power Generation”), amounted to RMB
134,959,219.
(a) The ageing of other receivables is analysed as follows:
31 December 2023 31 December 2022
Within 1 year 365,880,402 512,250,821
1 to 2 years 65,744,746 249,175,803
2 to 3 years 219,216,710 153,072,185
Over 3 years 179,957,004 55,589,175
830,798,862 970,087,984
Other receivables for over three years include the land withdrawal receivable of RMB 131,885,400
of Guangdong Yuejia Electric Co., Ltd. (“Yuejia Electric”), a subsidiary of the Company, from the
People’s Government of Chengjiang Town, Meixian District, Meizhou City. As the counterparty is a
government unit, the risk of ECL is extremely low.
208
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(4) Other receivables (Cont’d)
(b) Loss provision and changes in book balance
31 December 2023 31 December 2022
Book balance Provision for bad debts Book balance Provision for bad debts
% of total Provision % of total Provision
Amount balance Amount ratio Amount balance Amount ratio
Provision for bad debts
on an individual basis (i) 684,734,437 82.42% (19,374,584) 2.83% 817,459,504 84.27% (21,661,263) 2.65%
Provision for bad debts
on a collective basis (ii) 146,064,425 17.58% (12,634,443) 8.65% 152,628,480 15.73% (13,642,569) 8.94%
830,798,862 100.00% (32,009,027) 3.85% 970,087,984 100.00% (35,303,832) 3.64%
Stage 1 Stage 3
Lifetime ECL (credit
12-month ECL (group) 12-month ECL (individual) Sub-total impaired) Total
Provision for Provision for Provision for Book Provision for Provision for
Book balance bad debts Book balance bad debts bad debts balance bad debts bad debts
31 December 2022 152,628,480 (13,642,569) 795,798,241 - (13,642,569) 21,661,263 (21,661,263) (35,303,832)
Increase in the
current year 71,005,114 (7,650,007) 158,287,020 - (7,650,007) - - (7,650,007)
Reversal in the
current year (77,536,714) 8,625,678 (288,725,408) - 8,625,678 (29,440) 29,440 8,655,118
Write-off in the
current year (32,455) 32,455 - - 32,455 (2,257,239) 2,257,239 2,289,694
31 December 2023 146,064,425 (12,634,443) 665,359,853 - (12,634,443) 19,374,584 (19,374,584) (32,009,027)
209
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(4) Other receivables (Cont’d)
(b) Loss provision and changes in book balance (Cont’d)
As at 31 December 2023 and 31 December 2022, the Group did not have other receivables in Stage
2. Other receivables in Stage 1 and Stage 3 are analysed as follows:
(i) As at 31 December 2023, other receivables for which the related provision for bad debts was provided
on an individual basis are analysed as follows:
12-month Provision for
Book balance ECL rates bad debts Reason
Stage 1
Land withdrawal The counterparty is a government unit and the
receivable 261,058,758 - - risk of ECL is extremely low.
The counterparty, Taishan Power Generation,
is a related party, with a historical loss rate
of 0%; therefore, the risk of ECL is
Dividends receivable 134,959,219 - - extremely low.
The counterparty is a related party, with a
Receivables from related historical loss rate of 0%; therefore, the risk
parties 113,894,689 - - of ECL is extremely low.
The counterparty is Taikang Pension Co., Ltd.
Guangdong Branch (“Taikang Pension”),
which mainly provides custody services for
Supplementary medical the Group’s supplementary medical
insurance fund insurance fund. The historical loss rate is
receivable 108,018,187 - - 0%, and the risk of ECL is extremely low.
The counterparty is a government unit, with a
historical loss rate of 0%; therefore, the risk
Land deposits receivable 23,447,300 - - of ECL is extremely low.
The counterparty, GEG Property&Casualty
Captive Insurance Co., Ltd. (“GEG
Property Insurance”), is a related party,
Insurance compensation with a historical loss rate of 0%; therefore,
receivable 14,996,854 - - the risk of ECL is extremely low.
The demolition and construction project is
Compensation receivable initiated by the government-owned
for electricity charges industrial park, which pays compensation
during the demolition expenses, and the risk of ECL is extremely
and construction period 7,099,200 - - low.
The counterparty is a government unit, with a
historical loss rate of 0%; therefore, the risk
Others 1,885,646 - - of ECL is extremely low.
665,359,853 -
Lifetime ECL Provision for
Book balance rates bad debts Reason
Stage 3
Receivables from Unrecoverable by estimation since the
business units 14,317,355 100% (14,317,355) counterparty is financially difficult.
Unrecoverable by estimation since the
Others 5,057,229 100% (5,057,229) counterparty is financially difficult.
19,374,584 (19,374,584)
210
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(4) Other receivables (Cont’d)
(b) Loss provision and changes in book balance (Cont’d)
(i) As at 31 December 2022, other receivables for which the related provision for bad debts was provided
on an individual basis are analysed as follows (Cont’d):
12-month Provision for
Book balance ECL rates bad debts Reason
Stage 1
The counterparty is a related party, with a
Receivables from related historical loss rate of 0%; therefore, the risk
parties 389,587,285 - - of ECL is extremely low.
Land withdrawal The counterparty is a government unit and the
receivable 271,989,298 - - risk of ECL is extremely low.
The counterparty is Taikang Pension Co., Ltd.
Guangdong Branch (“Taikang Pension”),
which mainly provides custody services for
Supplementary medical the Group’s supplementary medical
insurance fund insurance fund. The historical loss rate is
receivable 102,914,387 - - 0%, and the risk of ECL is extremely low.
The counterparty is a government unit and the
Land deposits receivable 23,446,000 - - risk of ECL is extremely low.
Compensation receivable
for electricity charges The demolition and construction project is
during the demolition initiated by the state-owned industrial park,
and construction which pays compensation expenses, and
period 7,099,200 - - the risk of ECL is extremely low.
The counterparty is a government unit, with a
historical loss rate of 0%; therefore, the risk
Others 762,071 - - of ECL is extremely low.
795,798,241 -
Lifetime ECL Provision for
Book balance rates bad debts Reason
Stage 3
Receivables from Unrecoverable by estimation since the
business units 16,591,996 100% (16,591,996) counterparty is financially difficult.
Unrecoverable by estimation since the
Others 5,069,267 100% (5,069,267) counterparty is financially difficult.
21,661,263 (21,661,263)
211
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(4) Other receivables (Cont’d)
(b) Loss provision and changes in book balance (Cont’d)
(ii) As at 31 December 2023 and 31 December 2022, other receivables for which the related provision for
bad debts was provided on a collective basis are all within Stage 1, which are analysed as follows:
31 December 2023
Book balance Loss provision
Amount Amount Provision ratio
Group 1
Within 1 year 70,972,659 (1,985,405) 2.80%
1 to 2 years 25,326,832 (2,164,696) 8.55%
2 to 3 years 44,589,770 (5,222,849) 11.71%
Over 3 years 5,175,164 (3,261,493) 63.02%
146,064,425 (12,634,443) 8.65%
31 December 2022
Book balance Loss provision
Amount Amount Provision ratio
Group 1
Within 1 year 77,606,733 (4,014,982) 5.17%
1 to 2 years 63,120,629 (1,263,279) 2.00%
2 to 3 years 2,357,477 (466,557) 19.79%
Over 3 years 9,543,641 (7,897,751) 82.75%
152,628,480 (13,642,569) 8.94%
(c) The amount of provision for bad debts of other receivables in the current year was RMB 7,650,007
(2022: RMB 6,252,264), and the amount of reversed provision for bad debts of other receivables in
the current year was RMB 8,655,118 (2022: RMB 8,118,747), with corresponding book balance of
RMB 77,566,154 (2022: RMB 60,896,532).
The book balance of other receivables that were actually written off in 2023 was RMB 2,289,694
(2022: RMB 577,662), and the provision for bad debts was RMB 2,289,694 (2022: RMB 577,662).
212
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(4) Other receivables (Cont’d)
(d) As at 31 December 2023, the five largest other receivables aggregated by debtors are analysed as
follows:
% of total Provision for
Nature Balance Ageing balance bad debts
Within 1
Taishan Power Generation Dividends receivable 134,959,219 year 162% -
People’s Government of
Chengjiang Town,
Meixian District, Meizhou Land withdrawal 3 to 4
City receivable 131,885,400 years 158% -
People’s Government of
Yamen Town, Xinhui Land withdrawal 2 to 3
District, Jiangmen City receivable 109,094,018 years 131% -
Supplementary
medical insurance Within 5
Taikang Pension fund receivable 108,018,187 years 130% -
Guangdong Yudean
Environmental
Protection Co., Ltd. Receivables from
(“Yudean related parties for Within 1
Environmental”) sale of by-products 77,083,510 year 9 -
561,040,334 675% -
(5) Inventories
(a) Inventories are summarised by categories as follows:
31 December 2023 31 December 2022
Provision for Provision for
decline in the decline in the
value of Carrying value of Carrying
Book balance inventories amount Book balance inventories amount
Fuel 1,757,647,048 - 1,757,647,048 2,451,751,083 - 2,451,751,083
Spare
parts 971,015,858 (92,178,375) 878,837,483 930,548,565 (34,044,608) 896,503,957
Others 19,020,180 - 19,020,180 28,613,060 - 28,613,060
2,747,683,086 (92,178,375) 2,655,504,711 3,410,912,708 (34,044,608) 3,376,868,100
213
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(5) Inventories (Cont’d)
(b) Provision for decline in the value of inventories is analysed as follows:
31 December Increase in the Written off in the
2022 current year current year 31 December 2023
Spare parts (34,044,608) (59,422,457) 1,288,690 (92,178,375)
(c) Provision for decline in the value of inventories is as follows:
Specific basis for determining net
realisable value Reason for write-off
The carrying amount is higher than
the amount of net realisable value
of the disposal proceeds less costs
Spare parts to sell. Disposal/use/scrap
(6) Other current assets
31 December 2023 31 December 2022
Input VAT to be deducted 1,435,442,817 822,610,159
Prepayment of income tax 40,660,024 15,213,902
Carbon emission rights assets 7,106,032 35,890,568
Others 12,869,121 1,891,176
1,496,077,994 875,605,805
(7) Long-term equity investments
31 December 2023 31 December 2022
Joint ventures (a) 1,044,627,976 891,570,923
Associates (b) 8,895,647,654 8,423,629,394
9,940,275,630 9,315,200,317
Less: Provision for impairment of long-term
equity investments (143,433,433) (117,147,134)
9,796,842,197 9,198,053,183
214
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(7) Long-term equity investments (Cont’d)
(a) Joint ventures
Movements in the current year Provision for impairment
Share of net Share of
profit/(loss) Share of other Cash other
31 December Increase in under equity comprehensive dividends changes in 31 31 December 31 December
2022 investments method income declared equity (ii) December2023 2022 2023
Guangdong Electric Power Industry
Fuel Co., Ltd. (“Industry Fuel”) 710,399,003 - 154,884,798 1,189,614 - 763,364 867,236,779 - -
China Aviation Shenxin Wind
Power Co., Ltd. (“China Aviation
Shenxin”) (i) 174,328,518 - (1,713,302) - - - 172,615,216 - -
Zhanjiang Yuexin Distributed
Energy and Technique Co., Ltd.
(“Yuexin Energy”) 6,843,402 - (2,067,421) - - - 4,775,981 - -
891,570,923 - 151,104,075 1,189,614 - 763,364 1,044,627,976 - -
Please refer to Note 6(2) for related information of interest in joint ventures.
(i) As at 31 December 2023, the Group's subsidiary Guangdong Wind Power Generation Co., Ltd. (“Guangdong Wind Power”) held 51% equity of China
Aviation Shenxin. According to the articles of association of China Aviation Shenxin, the resolution of the shareholders’ meeting must be unanimously
adopted by shareholders representing more than 2/3 of the voting rights. Therefore, China Aviation Shenxin is jointly controlled by the Group’s subsidiary
Provincial Wind and Inner Mongolia Electric Power Survey&Design Institute Co., Ltd., which holds 49% equity.
(ii) In 2023, other changes in equity from long-term equity investments in joint ventures were changes in capital surplus of RMB 763,364 (2022: Nil).
215
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(7) Long-term equity investments (Cont’d)
(b) Associates
Movements in the current year Provision for impairment
Share of net Share of other Share of
profit/(loss) comprehensive other Cash dividends
31 December Increase in under equity income (Note changes in or profits Provision for 31 December 31 December 31 December
2022 investments method 4(36)) equity (ii) declared impairment 2023 2022 2023
Shanxi Yudean Energy
Co., Ltd. (“Shanxi
Yudean Energy”) (i) 3,019,352,942 54,299,600 464,539,278 - 681,945 - - 3,538,873,765 - -
Taishan Power
Generation 1,901,354,532 - 244,087,608 - 6,085,304 (161,640,736) - 1,989,886,708 - -
Energy Group Finance
Company 1,704,449,321 - 145,188,598 20,108,616 - (128,886,072) - 1,740,860,463 - -
Energy Financial Leasing
Company 537,257,254 - 28,191,853 - - (20,571,445) - 544,877,662 - -
GEG Property Insurance 285,703,616 - 13,783,463 - - (1,602,723) - 297,884,356 - -
Guangdong Yudean
Shipping Co., Ltd.
(“Yudean Shipping”) 277,173,327 - (166,327,084) 341,447 253,331 - - 111,441,021 - -
Guizhou Yueqian Power
Co., Ltd. (“Yueqian
Power”) 231,974,486 - 33,678,074 (12,025) 308,281 - - 265,948,816 - -
South Sea Wind
Electricity
Development Co., Ltd.
(“South Sea Wind
Electricity”) 195,056,602 - 8,211,538 - - (3,603,400) - 199,664,740 - -
Yunnan Energy
Investment Weixin Co.,
Ltd. (“Weixin Yuntou”) 86,300,031 - (60,013,732) - - - (26,286,299) - (96,327,854) (122,614,153)
Others 67,860,149 - 3,742,502 - - (8,825,961) - 62,776,690 (20,819,280) (20,819,280)
Total 8,306,482,260 54,299,600 715,082,098 20,438,038 7,328,861 (325,130,337) (26,286,299) 8,752,214,221 (117,147,134) (143,433,433)
Please refer to Note 6(2) for related information of equity in associates.
216
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(7) Long-term equity investments (Cont’d)
(b) Associates (Cont’d)
(i) On 29 August 2022, Shanxi Yudean Energy applied to GEGC and the Group for a capital increase
of RMB 460,749,100, of which the Group was required to appropriate capital of RMB 184,299,600
in proportion to its 40% equity. The Group actually paid a capital increase of RMB 130,000,000 in
2022 and paid the remaining capital of RMB 54,299,600 in 2023.
(ii) In 2023, other changes in equity from long-term equity investments in associates were changes in
capital surplus of RMB 7,328,861 (2022: changes in capital surplus of RMB 636,197).
(c) Provision for impairment of long-term equity investments
Increase in the
31 December 2022 current year 31 December 2023
Weixin Yuntou 96,327,854 26,286,299 122,614,153
Yunfu Power Plant (B Power
Plant) Co., Ltd. (“Yunfu B”) 20,819,280 - 20,819,280
117,147,134 26,286,299 143,433,433
The Group determines significant long-term equity investments based on factors such as the
carrying amount of joint ventures and associates, and the proportion of investment income from
long-term equity investments under equity method accounted for in the Group's consolidated net
profit.. In 2023, the Group recognised no significant impairment of long-term equity investments.
(8) Investments in other equity instruments
Cash dividends in
31 December 2023 31 December 2022 the current year
Investments in equity instrument not held for trading
- Equity of listed
companies 1,849,547,046 2,105,271,054 74,541,960
- Equity of unlisted
companies 1,016,800,000 952,800,000 42,716,990
2,866,347,046 3,058,071,054 117,258,950
217
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(8) Investments in other equity instruments (Cont’d)
Including:
% of Cash dividends
31 December Movements in the 31 December shareholding in the current
2022 current year 2023 in investee year
Investments in other equity instruments - cost
- Shenergy Company Limited (“Shenergy”) (a) 235,837,988 - 235,837,988 1.13% 8,885,160
- Sunshine Insurance Group Company Limited
(“Sunshine Insurance”) (b) 356,000,000 - 356,000,000 3.04% 63,000,000
- Shenzhen Capital Group Co., Ltd. (“SCG”) (c) 328,034,000 - 328,034,000 3.67% 42,716,990
- Others 22,290,628 - 22,290,628 2,656,800
942,162,616 - 942,162,616 117,258,950
Investments in other equity instruments - accumulated
changes in fair value
- Shenergy (a) 69,034,064 51,644,992 120,679,056
- Sunshine Insurance (b) 1,339,703,802 (316,703,800) 1,023,000,002
- SCG (c) 621,966,000 64,000,000 685,966,000
- Others 85,204,572 9,334,800 94,539,372
2,115,908,438 (191,724,008) 1,924,184,430
Total 3,058,071,054 (191,724,008) 2,866,347,046
The Group does not participate in or influence the financial and operating decisions of the above investees in any ways. Therefore, the Group has no
significant influence on the above investees, and accordingly they are accounted for as investments in other equity instruments.
218
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(8) Investments in other equity instruments (Cont’d)
(a) As at 31 December 2023, the Company held 55,532,250 tradable A shares in Shenergy with fair
value of RMB 356,517,044, and the investment cost was RMB 235,837,988. The investment was
stated at fair value with reference to the market price. During the year, gains at fair value
amounted to RMB 51,644,992 (2022: Losses of RMB 104,400,630), and other comprehensive
income was adjusted upwards accordingly.
(b) As at 31 December 2023, the Company held 350,000,000 shares in Sunshine Insurance,
including 238,000,000 domestic shares and 112,000,000 tradable HK shares. The fair value was
RMB 1,379,000,002, and the investment cost was RMB 356,000,000. The investment was stated
at fair value with reference to the market price. During the year, losses at fair value amounted to
RMB 316,703,800 (2022: Gains of RMB 42,203,800), and other comprehensive income was
adjusted downwards accordingly.
(c) As at 31 December 2023, the fair value of the equity that the Company held in SCG amounted to
RMB 1,014,000,000, and the investment cost was RMB 328,034,000. During the year, gains at
fair value amounted to RMB 64,000,000 (2022: Losses of RMB 80,000,000), and other
comprehensive income was adjusted upwards accordingly.
219
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(9) Investment properties
Buildings Land use rights Total
Cost
- Opening balance 502,522,821 46,042,801 548,565,622
- Additions in the current year 136,800 - 136,800
- Transfer out in the current year (10,624,308) - (10,624,308)
- Ending balance 492,035,313 46,042,801 538,078,114
Accumulated depreciation
- Opening balance (171,234,632) (12,045,689) (183,280,321)
- Increase in the current year (a) (8,193,837) (903,659) (9,097,496)
- Transfer out in the current year 1,492,462 - 1,492,462
- Ending balance (177,936,007) (12,949,348) (190,885,355)
Carrying amount
- Ending balance 314,099,306 33,093,453 347,192,759
- Opening balance 331,288,189 33,997,112 365,285,301
(a) In 2023, depreciation charged to investment properties amounted to RMB 9,097,496 (2022: RMB
9,286,596) among which depreciation expenses charged to cost of sale, and general and
administrative expenses were RMB 8,461,898 and RMB 635,598 (2022: RMB 8,650,998 and RMB
635,598) respectively.
(10) Fixed assets
31 December 2023 31 December 2022
Fixed assets (a) 62,883,737,810 62,273,985,182
Disposals of fixed assets (b) 133,584,481 126,189,875
63,017,322,291 62,400,175,057
220
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(10) Fixed assets (Cont’d)
(a) Fixed assets
Power generation
Buildings equipment Motor vehicles Other equipment Total
Self-use Self-use Self-use Self-use
Cost
31 December 2022 34,616,745,771 94,186,680,408 683,197,804 1,514,514,344 131,001,138,327
Increase in the current year
Purchases 116,675,697 1,068,554,634 38,810,943 53,450,916 1,277,492,190
Transfers from construction in
progress (ii) 712,554,060 5,071,605,220 44,080,939 22,345,970 5,850,586,189
Transfers from investment
properties in the current year 10,624,308 - - - 10,624,308
Decrease in the current year
Disposal and scrap (51,220,620) (1,555,037,335) (20,753,445) (36,589,876) (1,663,601,276)
Adjustment due to differences
in project settlement (88,453,693) (68,763,551) - (60,377) (157,277,621)
31 December 2023 35,316,925,523 98,703,039,376 745,336,241 1,553,660,977 136,318,962,117
221
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(10) Fixed assets (Cont’d)
(a) Fixed assets (Cont’d)
Power generation
Buildings equipment Motor vehicles Other equipment Total
Self-use Self-use Self-use Self-use
Accumulated depreciation
31 December 2022 (12,701,475,450) (53,253,616,979) (491,585,168) (1,148,473,946) (67,595,151,543)
Increase in the current year
Provision (i) (856,892,166) (3,860,470,939) (36,836,932) (110,749,330) (4,864,949,367)
Transfers from investment
properties in the current year (1,492,462) - - - (1,492,462)
Decrease in the current year
Disposal and scrap 23,639,900 1,227,891,354 18,655,793 31,232,472 1,301,419,519
31 December 2023 (13,536,220,178) (55,886,196,564) (509,766,307) (1,227,990,804) (71,160,173,853)
222
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(10) Fixed assets (Cont’d)
(a) Fixed assets (Cont’d)
Power generation
Buildings equipment Motor vehicles Other equipment Total
Self-use Self-use Self-use Self-use
Provision for impairment
31 December 2022 (395,362,648) (735,949,101) (422,918) (266,935) (1,132,001,602)
Increase in the current year
Provision (iii) (627,993,944) (789,008,982) (411,888) (5,053,426) (1,422,468,240)
Decrease in the current year
Disposal and scrap 728,113 278,620,508 1,005 69,762 279,419,388
31 December 2023 (1,022,628,479) (1,246,337,575) (833,801) (5,250,599) (2,275,050,454)
Carrying amount
31 December 2023 20,758,076,866 41,570,505,237 234,736,133 320,419,574 62,883,737,810
31 December 2022 21,519,907,673 40,197,114,328 191,189,718 365,773,463 62,273,985,182
223
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(10) Fixed assets (Cont’d)
(a) Fixed assets (Cont’d)
As at 31 December 2022 and 31 December 2023, no power generation equipment or buildings were
pledged as collateral for long-term borrowings.
(i) In 2023, depreciation of fixed assets charged into cost of sale, general and administrative expenses,
construction in progress, research and development expenses and selling expenses are set out as
follows:
2023 2022
Cost of sale 4,700,938,963 4,404,866,139
Research and development expenses 85,540,310 145,433,531
General and administrative expenses 74,919,475 66,063,836
Construction in progress 2,857,358 1,929,448
Selling expenses 693,261 532,150
4,864,949,367 4,618,825,104
(ii) The costs of fixed assets transferred from construction in progress in the current year amounted to
RMB 5,850,586,189 (2022: RMB 9,889,634,046) (Note 4(11)(a)(i)).
224
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(10) Fixed assets (Cont’d)
(a) Fixed assets (Cont’d)
(iii) Impairment of fixed assets
In 2023, movements of provision for impairment of fixed assets are as follows:
Increase in the current Decrease in the
31 December 2022 year current year 31 December 2023
Lincang Energy (Note 1) 200,140,457 558,397,460 - 758,537,917
Biomass Power Generation (Note 2) - 306,528,103 - 306,528,103
Guangdong Yudean Jinghai Power Co., Ltd. (“Jinghai Power”)
(Note 3) 19,371,987 210,566,011 (1,935,486) 228,002,512
Bohe Energy (Note 4) 208,000,000 - - 208,000,000
Guangdong Red Bay Power Generation Co., Ltd. (“Red Bay
Power”) (Note 5) 21,228,140 181,682,234 (44,767,968) 158,142,406
Guangdong Electric Power Development Co., Ltd. Shajiao A
Power Plant (“Shajiao A Power Plant”) (Note 6) 50,648,357 104,611,232 (429,357) 154,830,232
Yuehua Power (Note 7) 373,916,608 - (225,517,783) 148,398,825
Guangdong Yudean Shaoguan Power Plant Co., Ltd. (“Shaoguan
Power Plant”) 114,623,464 20,877,227 (32,770) 135,467,921
Guangdong Yudean Yangjiang Offshore Wind Power Co., Ltd.
(“Yangjiang Wind Power”) 80,459,184 - - 80,459,184
Zhanjiang Electric 18,822,875 12,285,004 - 31,107,879
Guangdong Energy Maoming Thermal Power Station Co., Ltd.
(“Maoming Thermal”) 29,751,684 - - 29,751,684
Tumxuk Thermal Power Co., Ltd. (“Tumxuk Thermal Power”)
(Note 8) - 20,784,945 - 20,784,945
Guangdong Yudean Yunhe Power Co., Ltd. ("Yunhe Power") 10,388,437 - - 10,388,437
Guangdong Huizhou Natural Gas Power Co., Ltd. (“Huizhou
Natural Gas”) 3,230,570 - - 3,230,570
Zhanjiang Zhongyue Energy Co., Ltd. (“Zhongyue Energy”) 1,419,839 - - 1,419,839
Zhanjiang Wind Power - 6,736,024 (6,736,024) -
1,132,001,602 1,422,468,240 (279,419,388) 2,275,050,454
For the Group's significant fixed assets for which there are impairment indications and the asset
balances exceed RMB 500 million, the relevant impairment assumptions are presented as follows:
Note 1 Lincang Energy, a subsidiary of the Group, is a hydropower generation company located in Yunnan
Province. In previous years, the Group made provision for impairment of fixed assets based on the
operating conditions and impairment test results of the asset group of hydropower stations under
operation and management. As at 31 December 2022, the balance of provision for impairment of
Lincang Energy amounted to RMB 200,140,457.
In 2023, due to the impact of intensified competition in the hydropower generation market in
Yunnan Province and the persistent low inflow of water in the basin in which it is located, Lincang
Energy was unable to make further improvement in its operating losses, and there were indications
of impairment of long-term assets at Dayakou and Xintangfang Hydropower stations. The Group
performed impairment tests on Dayakou and Xintangfang Hydropower stations on individual basis,
as separate asset groups, and determined the recoverable amounts of Dayakou and Xintangfang
Hydropower stations to be RMB 414,000,000 and RMB 25,000,000 based on the present value of
the expected future cash flows. Accordingly, the Group made provisions for impairment of fixed
assets amounted to RMB 499,082,177 and RMB 59,315,283, respectively.
The Group determines the compound variability rates in on-grid electricity price and on-grid power
generation on the basis of historical experience and forecasts of market developments. The
compound variability rates in the forecast period are projected and calculated based on an
approved five-year period, and the discount rate is a pre-tax discount rate that reflects specific risks
of relevant assets. The key assumptions applied in calculating discounted future cash flows are as
follows:
225
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(10) Fixed assets (Cont’d)
(a) Fixed assets (Cont’d)
(iii) Impairment of fixed assets (Cont’d)
Dayakou Xintangfang
Hydropower Hydropower
Station Station
Prediction period years 5 years 5 years
On-grid electricity price in the forecast period (RMB/'000 kWh) 189.03 to 201.82 210.19 to 214.80
On-grid electricity price in the stable period (RMB/'000 kWh) 201.82 214.80
Electricity sale in the forecast period and the stable period
(RMB/'000 kWh) 332,713.60 40,143.10
Pre-tax discount rates 9.34% 8.61%
Note 2 Biomass Power Generation, a subsidiary of the Group, operates a direct combustion power
generation unit that utilises agricultural and forestry waste in Zhanjiang. In 2023, there was an
operating loss due to significant increases in biomass fuel prices and a decline in power generation
efficiency, and there were indications of impairment of the Company’s long-term assets. The
Group performed an impairment test on Biomass Power Plant, as an asset group, and determined
the recoverable amount of the relevant asset group to be RMB 229,644,100 based on the present
value of the expected future cash flows, and made a provision for impairment of RMB
306,528,103.
The Group determines the on-grid electricity price, electricity sale and fuel price on the basis of
historical experience and forecasts of market developments. The key parameters in the forecast
period are projected based on the Group's five-year profitability forecasts, and the discount rate is
a pre-tax discount rate that reflects specific risks of relevant assets. The key assumptions applied
in calculating discounted future cash flows are as follows:
Prediction period years 5 years
On-grid electricity price in the forecast period
(RMB/'000 kWh) 662.40 to 466.70
On-grid electricity price in the stable period
(RMB/'000 kWh) 466.70
Electricity sale in the forecast period ('000
kWh) 632,680.00 to 653,969.00
Electricity sale in the stable period ('000 kWh) 653,969.00
Fuel price in the forecast period
(RMB/tonne)** 236.40 to 150.51
Fuel price in the stable period (RMB/tonne) 150.51
Pre-tax discount rates 9.73%
According to the subsidy standards stipulated in the supplementary notice on matters relating to
the Opinions on Promoting the Healthy Development of Non-Hydro Renewable Power Generation
jointly issued by the Ministry of Finance, National Development and Reform Commission and
National Energy Administration, the on-grid electricity price for biomass power generation will
participate in the green power trading market after the expiration of the period to receive central
financial subsidies. The Group predicts the on-grid electricity prices for future periods on this basis.
**Due to the improvement in the co-firing process, Biomass Power Generation can now use lower-
cost agricultural and forestry waste for direct combustion power generation. The Group predicts
fuel prices for future periods on this basis.
226
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(10) Fixed assets (Cont’d)
(a) Fixed assets (Cont’d)
(iii) Impairment of fixed assets (Cont’d)
Note 3 In 2023, some of the power generation equipment used for production by Jinghai Power, a
subsidiary of the Group, was undergoing technical renovation, and the parts of the equipment that
should be dismantled or replaced would be discontinued or disposed of in advance. There were
indications of impairment of the related assets, and a provision for impairment of RMB 210,566,011
was made in 2023.
Note 4 In 2020, Bohe Energy obtained approval from Guangdong Provincial Development and Reform
Committee. As the alternative capacity of some generator units could not be approved,
management expected that the alternative capacity of these units would not be available for
subsequent project construction or sale. Therefore, a provision of RMB 208,000,000 for impairment
of fixed assets was made to the capitalised acquisition cost of the alternative capacity of these
generator units.
Note 5 In 2023, some of the power generation equipment used for production by Red Bay Power, a
subsidiary of the Group, was undergoing technical renovation, and the parts of the equipment that
should be dismantled or replaced would be discontinued or disposed of in advance. There were
indications of impairment of the related assets, and a provision for impairment of RMB 181,682,234
was made in 2023. In 2023, due to the scrap and disposal of some equipment parts mentioned
previously, the relevant impairment provision of RMB 23,924,140 was written off by Red Bay
Power.
Note 6 In 2023, in accordance with the Circular on Generator Units in Excess of Service Life issued by the
South China Energy Regulatory Bureau of National Energy Administration of the PRC, 4# and 5#
generator units of Shajiao A Power Plant, a subsidiary of the Group, were formally
decommissioned on 31 October 2023. A provision for impairment of RMB 104,611,232 was made
for relevant assets belonging to the 4# and 5# generator units that have been shut down in 2023.
Note 7 Yuehua Power, a subsidiary of the Group, currently operates a gas generator unit in Guangzhou.
In prior years, an impairment test was performed on the asset group of 5# and 6# coal generator
units, which were scheduled for shutting down, and provision for impairment was recognised. As at
31 December 2022, the balance of provision for impairment for Yuehua Power amounted to RMB
373,916,608. In 2023, Yuehua Power planned to sell the power generation equipment used for
production belonging to the 5# and 6# coal generator units that have been shut down through
public listing, and a provision for impairment of relevant assets of RMB 225,517,783 was
transferred to disposals of fixed assets.
227
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(10) Fixed assets (Cont’d)
(a) Fixed assets (Cont’d)
(iii) Impairment of fixed assets (Cont’d)
In 2023, there were indications of impairment of Yuehua Power’s long-term assets due to operating
losses resulting from persistently high fuel price (natural gas). The Group performed an impairment
test on the Yuehua Power as an asset group and determined the recoverable amount of the
relevant asset group to be RMB 1,935,190,900 based on the present value of the expected future
cash flows. As the recoverable amount is higher than the carrying amount of the asset group, no
provision for impairment was made.
The Group determines the on-grid electricity price, electricity sale and fuel price on the basis of
historical experience and forecasts of market developments. The key parameters in the forecast
period are projected based on the Group's five-year profitability forecasts, and the discount rate is
a pre-tax discount rate that reflects specific risks of relevant assets. The key assumptions applied
in calculating discounted future cash flows are as follows:
Prediction period years 5 years
On-grid electricity price in the forecast
period (RMB/'000 kWh) 691.06 to 682.44
On-grid electricity price in the stable
period (RMB/'000 kWh) 682.44
Electricity sale in the forecast period ('000
kWh) 2,079,863.84 to 2,445,681.52
Electricity sale in the stable period ('000
kWh) 2,445,681.52
Fuel price in the forecast period (RMB/GJ) 78.31 to 62.97
Fuel price in the stable period (RMB/GJ) 62.97
Pre-tax discount rates 10.15%
*The Group expects that as fuel prices gradually return to a reasonable range and stabilise, the on-
grid electricity prices in the forecast period will also gradually decline from the current level to a
stable level.
228
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(10) Fixed assets (Cont’d)
(a) Fixed assets (Cont’d)
(iii) Impairment of fixed assets (Cont’d)
Note 8 Tumxuk Thermal Power, a subsidiary of the Group, operates coal generator units located in
Xinjiang Province. In 2023, there were indications of impairment of Tumxuk Thermal Power’s long-
term assets due to operating losses resulting from persistently high fuel price. The Group
performed an impairment test on Tumxuk Thermal Power as an asset group (including goodwill)
and determined the recoverable amount of the relevant asset group to be RMB 2,067,326,700
based on the present value of the estimated future cash flows, and made a provision for
impairment of RMB 140,273,617, including provision for impairment of goodwill of RMB
119,488,672, and provision for impairment of fixed assets of RMB 20,784,945.
The Group determines the on-grid electricity price, electricity sale and fuel price on the basis of
historical experience and forecasts of market developments. The key parameters in the forecast
period are projected based on the Group's five-year profitability forecasts, and the discount rate is
a pre-tax discount rate that reflects specific risks of relevant assets. The key assumptions applied
in calculating discounted future cash flows are as follows:
Prediction period years 5 years
On-grid electricity price in the forecast
period (RMB/'000 kWh) 271.32 to 281.80
On-grid electricity price in the stable
period (RMB/'000 kWh) 281.80
Electricity sale in the forecast period ('000
kWh) 3,218,780.00 to 3,250,830.00
Electricity sale in the stable period ('000
kWh) 3,250,830.00
Fuel price in the forecast period (RMB/tonne)** 531.00 to 498.00
Fuel price in the stable period (RMB/tonne) 498.00
Pre-tax discount rate 10.44%
229
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(10) Fixed assets (Cont’d)
(a) Fixed assets (Cont’d)
(iii) Impairment of fixed assets (Cont’d)
Note 9 Guangdong Yudean Xinhui Power Generation Co., Ltd. (“Xinhui Power”), a subsidiary of the
Group, operates gas generator units in Jiangmen. In 2023, there were indications of impairment of
Xinhui Power’s long-term assets due to operating losses resulting from persistently high fuel
prices. The Group performed an impairment test on Xinhui Power as an asset group and
determined the recoverable amount of the relevant asset group to be RMB 2,337,429,100 based
on the present value of the expected future cash flows. As the recoverable amount is higher than
the carrying amount of the asset group, no provision for impairment was made.
The Group determines the on-grid electricity price, electricity sale and fuel price on the basis of
historical experience and forecasts of market developments. The key parameters in the forecast
period are projected based on the Group's five-year profitability forecasts, and the discount rate is
a pre-tax discount rate that reflects specific risks of relevant assets. The key assumptions applied
in calculating discounted future cash flows are as follows:
Prediction period years 5 years
On-grid electricity price in the forecast period (RMB/'000 kWh) 721.17 to 664.90
On-grid electricity price in the stable period (RMB/'000 kWh) 664.90
2,493,607.16 to
Electricity sale in the forecast period (000 kWh) 2,696,836.15
Electricity sale in the stable period(000 kWh) 2,696,836.15
Fuel price in the forecast period (RMB/GJ) 80.01 to 63.81
Fuel price in the stable period (RMB/GJ) 63.81
Pre-tax discount rate 10.15%
*The Group expects that as fuel prices gradually return to a reasonable range and stabilise, the
on-grid electricity prices in the forecast period will also gradually decline from the current level to a
stable level.
(iv) Fixed assets with pending certificates of ownership:
Carrying amount Reasons for not obtaining certificates of ownership
Buildings 2,265,854,826 Awaiting government approval
As at 31 December 2023, management believed that there were no substantial legal obstacles in
obtaining the certificates and no material adverse impact on normal operation of the Group would
occur.
230
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(10) Fixed assets (Cont’d)
(b) Disposals of fixed assets
31 December 2023 31 December 2022
Parts of power generation equipment 128,940,662 124,038,520
Other equipment 4,643,819 2,151,355
133,584,481 126,189,875
(11) Construction in progress
31 December 2023 31 December 2022
Construction in progress (a) 29,988,793,254 11,766,944,424
Construction materials 1,784,424 1,883,737
29,990,577,678 11,768,828,161
231
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(11) Construction in progress (Cont’d)
(a) Construction in progress
31 December 2023 31 December 2022
Provision for Provision for
Book balance impairment Carrying amount Book balance impairment Carrying amount
Qingzhou offshore wind power project 12,207,889,877 - 12,207,889,877 2,342,070,500 - 2,342,070,500
Shajiao Ningzhou gas power project 3,253,906,357 - 3,253,906,357 1,969,185,872 - 1,969,185,872
Shache Integrated Energy photovoltaic project 2,411,312,391 - 2,411,312,391 6,910,933 - 6,910,933
Daya Bay petrochemical western thermal power
cogeneration project 1,579,779,970 - 1,579,779,970 504,579,892 - 504,579,892
Dabu Phase II Expansion Project 1,292,869,254 - 1,292,869,254 242,662,927 - 242,662,927
Inner Mongolia Yuefeng 300MW photovoltaic park
project 1,246,934,241 - 1,246,934,241 409,218,078 - 409,218,078
Zhaoqing Dinghu natural gas thermal power
cogeneration project 1,144,305,554 - 1,144,305,554 582,964,452 - 582,964,452
Zhuhai Yuefeng photovoltaic integration project 794,545,773 - 794,545,773 4,898,241 - 4,898,241
Guangxi Hangneng wind and solar energy storage
integration project 753,624,574 - 753,624,574 - - -
Jinchang Muhong Jinchang District West Slope
100MW photovoltaic power generation project 533,883,780 - 533,883,780 216,333,499 - 216,333,499
Bohe Electric Phase II Project 497,328,891 - 497,328,891 38,477,772 - 38,477,772
Hongdong County 200MW centralised photovoltaic
power generation project 335,673,686 - 335,673,686 207,718,654 - 207,718,654
Guidian 150MW photovoltaic project 259,802,374 - 259,802,374 64,479,179 - 64,479,179
Qiantang 120MW fishery and solar complementary
project in Potou, Zhanjiang 226,234,335 - 226,234,335 194,269,709 - 194,269,709
Dananhai thermal and power cogeneration project 205,809,532 - 205,809,532 47,390,898 - 47,390,898
Laishui Conservancy Energy Laishui County 80MW
affordable on-grid photovoltaic power generation
project 197,876,965 - 197,876,965 149,824,672 - 149,824,672
Yunhe Natural Gas Thermal Power Cogeneration
Project 195,403,201 - 195,403,201 54,911,630 - 54,911,630
Jincheng Yuefeng 170MW photovoltaic project 194,542,558 - 194,542,558 - - -
Sub-total for next page 27,331,723,313 - 27,331,723,313 7,035,896,908 - 7,035,896,908
232
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(11) Construction in progress (Cont’d)
(a) Construction in progress (Cont’d)
31 December 2023 31 December 2022
Provision for Provision for
Book balance impairment Carrying amount Book balance impairment Carrying amount
Jinghai Electric 5# and 6# generator units
expansion project 177,754,660 (55,389,093) 122,365,567 76,027,415 (55,389,093) 20,638,322
Yahua New Energy 50MW agriculture and
solar complementary new energy
photovoltaic power plant project 145,867,700 - 145,867,700 - - -
Wuhua Huangnizhai project 143,328,232 - 143,328,232 130,793,897 - 130,793,897
Dongsheng Farm agricultural photovoltaic
power generation project (Phase I) in
Lianjiang, Zhanjiang 136,728,168 - 136,728,168 122,913,806 - 122,913,806
Changshan Farm agricultural photovoltaic
power generation project in Lianjiang,
Zhanjiang 135,138,247 - 135,138,247 109,540,517 - 109,540,517
Lianjiang Hangneng 90MW fishery and
solar complementary photovoltaic power
plant project 129,832,379 - 129,832,379 - - -
Huadu thermal and power cogeneration
project 113,130,945 - 113,130,945 100,715,497 - 100,715,497
Dacheng wind power project - - - 683,097,937 - 683,097,937
Yuehua Power substitution of natural gas
for coal power project - - - 616,219,696 - 616,219,696
Other infrastructure construction projects 1,001,572,498 (257,862,373) 743,710,125 2,585,351,776 (217,825,525) 2,367,526,251
Technology improvement and other
projects 997,352,316 (10,383,738) 986,968,578 588,231,904 (8,630,311) 579,601,593
30,312,428,458 (323,635,204) 29,988,793,254 12,048,789,353 (281,844,929) 11,766,944,424
233
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(11) Construction in progress (Cont’d)
(a) Construction in progress (Cont’d)
(i) Movements of major construction in progress (Cont’d)
The Group determines significant constructions in progress based on the proportion to the total of constructions in progress of the Group, as listed below:
Transfer to fixed Proportion of Including:
assets in the current investment to Capitalised Capitalised Capitalisation
31 December Increase in the year (Note Provision for Other the budget Project borrowing borrowing costs for rate of borrowing
Project name Budget 2022 current year 4(10)(a)(ii)) impairment movements (i) 31 December 2023 (%) progress costs the year cost Source of fund
Qingzhou offshore wind Borrowing and
power project 17,107,250,000 2,342,070,500 9,865,819,377 - - - 12,207,889,877 75.71% 81.51% 189,983,538 159,083,457 2.58% own funds
Shajiao Ningzhou gas power Borrowing and
project 5,927,600,000 1,969,185,872 1,284,765,768 - - (45,283) 3,253,906,357 70.00% 66.49% 144,243,101 93,628,193 3.42% own funds
Shache Integrated Energy Borrowing and
photovoltaic project 12,917,064,600 6,910,933 2,404,401,458 - - - 2,411,312,391 75.85% 99.00% 43,585,405 43,467,896 2.13% own funds
Daya Bay petrochemical
western thermal power Borrowing and
cogeneration project 3,820,000,000 504,579,892 1,075,200,078 - - - 1,579,779,970 85.11% 88.55% 49,363,871 38,502,449 2.97% own funds
Dabu Phase II Expansion Borrowing and
Project 8,134,220,000 242,662,927 1,050,206,327 - - - 1,292,869,254 25.89% 16.59% 34,061,371 30,225,121 2.71% own funds
Inner Mongolia Yuefeng
300MW photovoltaic park Borrowing and
project 1,572,760,000 409,218,078 842,895,398 (5,179,235) - - 1,246,934,241 79.08% 89.80% 19,119,509 17,392,813 2.97% own funds
Zhaoqing Dinghu natural gas
thermal power Borrowing and
cogeneration project 2,998,180,000 582,964,452 575,688,290 (14,347,188) - - 1,144,305,554 77.43% 96.99% 84,304,967 49,132,320 3.30% own funds
Zhuhai Yuefeng photovoltaic Borrowing and
integration project 1,426,466,900 4,898,241 789,647,532 - - - 794,545,773 86.30% 98.07% 14,682,338 13,322,894 2.69% own funds
Guangxi Hangneng wind and
solar energy storage Borrowing and
integration project 864,000,000 - 753,624,574 - - - 753,624,574 93.70% 99.00% - - - own funds
Jinchang Muhong Jinchang
District West Slope
100MW photovoltaic Borrowing and
power generation project 598,705,600 216,333,499 317,550,281 - - - 533,883,780 97.07% 99.00% 9,134,566 8,632,056 2.48% own funds
Bohe Electric Phase II Borrowing and
Project 7,483,510,000 38,477,772 458,851,119 - - - 497,328,891 19.12% 18.93% 11,161,911 11,161,911 2.65% own funds
Hongdong County 200MW
centralised photovoltaic Borrowing and
power generation project 516,560,000 207,718,654 127,955,032 - - - 335,673,686 66.90% 72.93% 8,385,419 6,481,366 3.05% own funds
Sub-total for next page 6,525,020,820 19,546,605,234 (19,526,423) - (45,283) 26,052,054,348 608,025,996 471,030,476
234
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(11) Construction in progress (Cont’d)
(a) Construction in progress (Cont’d)
(i) Movements of major construction in progress (Cont’d)
Transfer to fixed Proportion Including:
assets in the of Capitalised Capitalisation
current year Provision Other investment Capitalised borrowing rate of
31 December Increase in the (Note for movements 31 December to the Project borrowing costs for the borrowing
Project name Budget 2022 current year 4(10)(a)(ii)) impairment (i) 2023 budget (%) progress costs year cost Source of fund
Guidian 150MW photovoltaic Borrowing and
project 589,200,000 64,479,179 195,323,195 - - - 259,802,374 48.72% 48.80% 1,840,921 1,786,139 2.60% own funds
Qiantang 120MW fishery and
solar complementary project Borrowing and
in Potou, Zhanjiang 500,232,000 194,269,709 31,964,626 - - - 226,234,335 44.03% 49.17% 6,894,116 4,328,909 3.18% own funds
Dananhai thermal and power Borrowing and
cogeneration project 2,855,450,000 47,390,898 158,418,634 - - - 205,809,532 7.50% 5.74% 4,263,372 3,924,480 2.49% own funds
Laishui Conservancy Energy
Laishui County 80MW
affordable on-grid
photovoltaic power Borrowing and
generation project 376,000,000 149,824,672 48,052,293 - - - 197,876,965 55.37% 52.87% 4,190,234 3,656,627 2.99% own funds
Yunhe Natural Gas Thermal Borrowing and
Power Cogeneration Project 2,809,700,000 54,911,630 140,491,571 - - - 195,403,201 20.23% 8.30% 4,888,740 4,293,050 2.29% own funds
Jincheng Yuefeng 170MW Borrowing and
photovoltaic project 884,703,700 - 194,542,558 - - - 194,542,558 9.61% 16.47% 63,544 63,544 2.60% own funds
Yahua New Energy 50MW
agriculture and solar
complementary new energy
photovoltaic power plant Borrowing and
project 667,970,944 - 145,867,700 - - - 145,867,700 39.14% 21.30% 303,225 303,225 2.60% own funds
Borrowing and
Wuhua Huangnizhai project 336,020,000 130,793,897 12,534,335 - - - 143,328,232 46.36% 42.23% 4,433,291 3,711,965 3.24% own funds
Dongsheng Farm agricultural
photovoltaic power
generation project (Phase I) Borrowing and
in Lianjiang, Zhanjiang 299,020,000 122,913,806 13,814,362 - - - 136,728,168 83.49% 93.70% 10,214,846 6,793,892 2.81% own funds
Changshan Farm agricultural
photovoltaic power
generation project in Borrowing and
Lianjiang, Zhanjiang 294,690,000 109,540,517 25,597,730 - - - 135,138,247 78.41% 89.87% 4,756,076 2,775,266 2.81% own funds
Lianjiang Hangneng 90MW
fishery and solar
complementary photovoltaic Borrowing and
power plant project 432,013,100 - 129,832,379 - - - 129,832,379 87.62% 99.00% - - - own funds
Sub-total for next page 7,399,145,128 20,643,044,617 (19,526,423) - (45,283) 28,022,618,039 649,874,361 502,667,573
4 Notes to the consolidated financial statements (Cont’d)
235
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
(11) Construction in progress (Cont’d)
(a) Construction in progress (Cont’d)
(i) Movements of major construction in progress (Cont’d)
Transfer to fixed Proportion Including:
assets in the of Capitalised Capitalisation
current Other investment Capitalised borrowing rate of
31 December Increase in the year (Note Provision for movements 31 December to the Project borrowing costs for the borrowing Source of
Project name Budget 2022 current year 4(10)(a)(ii)) impairment (i) 2023 budget (%) progress costs year cost fund
Jinghai Electric 5# and 6# Borrowing
generator units expansion and own
project 8,049,770,000 20,638,322 103,599,161 (1,871,916) - - 122,365,567 2.17% 2.23% 26,541,261 24,417,928 2.50% funds
Borrowing
Huadu thermal and power and own
cogeneration project 3,536,710,000 100,715,497 19,287,567 (6,872,119) - - 113,130,945 70.49% 98.35% 6,732,916 - - funds
Borrowing
and own
Dacheng wind power project 800,000,000 683,097,937 29,024,812 (712,122,749) - - - 99.55% 100.00% 3,817,468 3,817,468 4.40% funds
Yuehua Power substitution Borrowing
of natural gas for coal and own
power project 1,532,190,000 616,219,696 641,568,378 (1,257,788,074) - - - 77.23% 100.00% 30,259,249 16,700,917 2.98% funds
Borrowing
Other infrastructure Not Not and own
construction projects Not applicable 2,367,526,251 1,690,667,653 (3,274,446,936) (40,036,843) - 743,710,125 applicable applicable 124,046,093 62,939,340 Not applicable funds
Borrowing
Technology improvement Not Not and own
and other projects Not applicable 579,601,593 1,006,682,185 (577,957,972) (4,227,023) (17,130,205) 986,968,578 applicable applicable 1,879,127 543,965 Not applicable funds
11,766,944,424 24,133,874,373 (5,850,586,189) (44,263,866) (17,175,488) 29,988,793,254 843,150,475 611,087,191
Other movements of construction in progress for the year mainly include construction in progress of RMB 17,175,488 that was completed and transferred to
intangible assets.
236
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(11) Construction in progress (Cont’d)
(a) Construction in progress (Cont’d)
(ii) Provision for impairment of construction in progress
31 December Increase in the Decrease in the 31 December
Item 2022 current year current year 2023 Reason for provision
Humen Electric 2*1000MW project (137,373,040) - - (137,373,040) Stoppage of construction
Impairment of projects under
preliminary construction of Stagnation of projects under
Jinghai generator units (55,389,093) - - (55,389,093) preliminary construction
Impairment of projects under
preliminary construction of
Guangqian Electric project Stagnation of projects under
Phase II (4,611,554) (38,626,179) - (43,237,733) preliminary construction
Impairment of projects under
preliminary construction of Stagnation of projects under
Guangdong wind power project (43,138,231) - - (43,138,231) preliminary construction
Stagnation of projects under
Others (41,333,011) (5,637,687) 2,473,591 (44,497,107) preliminary construction
(281,844,929) (44,263,866) 2,473,591 (323,635,204)
237
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(12) Right-of-use assets
Land use Machinery and Motor
rights Buildings equipment vehicles Total
Cost
31 December 2022 361,855,746 62,488,136 7,887,114,480 9,375,854 8,320,834,216
Increase in the current
year
New lease contracts 253,424,668 33,079,864 3,435,435,815 800,263 3,722,740,610
Decrease in the
current year
Modification of
leases (b) - (4,019,027) (115,784,453) - (119,803,480)
Leases transferred out
upon maturity (c) (2,160,222) (6,073,877) (1,000,524,168) - (1,008,758,267)
31 December 2023 613,120,192 85,475,096 10,206,241,674 10,176,117 10,915,013,079
Accumulated
depreciation
31 December 2022 (8,387,293) (31,989,054) (923,523,559) (1,989,834) (965,889,740)
Increase in the current
year
Provision (a) (21,789,850) (22,831,804) (534,457,384) (3,385,175) (582,464,213)
Decrease in the
current year
Modification of
leases - 1,719,946 5,924,764 - 7,644,710
Leases transferred
out upon maturity 2,160,222 6,073,877 149,971,987 - 158,206,086
31 December 2023 (28,016,921) (47,027,035) (1,302,084,192) (5,375,009) (1,382,503,157)
Provision for
impairment
31 December 2022 - - (2,899,510) - (2,899,510)
Increase in the current
year
Provision - - - - -
31 December 2023 - - (2,899,510) - (2,899,510)
Carrying amount
31 December 2023 585,103,271 38,448,061 8,901,257,972 4,801,108 9,529,610,412
31 December 2022 353,468,453 30,499,082 6,960,691,411 7,386,020 7,352,044,966
(a) In 2023, depreciation charged to right-of-use assets was RMB 582,464,213 (2022: RMB
363,554,540), among which depreciation expenses charged to cost of sale, general and
administrative expenses, selling expenses, construction in progress and research and development
expenses were RMB 362,018,385, RMB 21,355,712, RMB 2,537,609, RMB 194,362,856 and RMB
2,189,651 (2022: RMB 294,975,923, RMB 18,031,393, RMB 2,736,644, RMB 47,810,580 and RMB
0) respectively.
(b) In 2023, some subsidiaries of the Group terminated lease contracts in advance and acquired
ownership of related power generation equipment through financing replacement, and the carrying
amount of related right-of-use assets was transferred out to fixed assets.
(c) In 2023, the main reason for transfer-out of leases by the Group was the expiration of the lease
contract of the Group's subsidiary, Bohe Energy. In accordance with the contract, the Group
exercised the purchase option and paid the residual purchase price, and the net book value of the
relevant right-to-use assets was transferred to fixed assets.
238
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(13) Intangible assets
Use rights of associated projects Non-patent
Land use rights and for electricity transmission and technology and
sea use rights transformation Software others Total
Cost
31 December 2022 3,893,808,583 260,331,315 262,101,406 92,548,033 4,508,789,337
Increase in the current year
Purchase 220,692,647 - 17,559,787 1,654,812 239,907,246
Transfers from construction in progress - 8,149,407 9,026,081 17,175,488
Decrease in the current year
Disposal - - (588,331) - (588,331)
31 December 2023 4,114,501,230 260,331,315 287,222,269 103,228,926 4,765,283,740
Accumulated amortisation
31 December 2022 (653,161,547) (260,331,315) (153,639,729) (38,418,877) (1,105,551,468)
Increase in the current year
Provision (a) (90,611,257) - (21,800,117) (8,159,619) (120,570,993)
Decrease in the current year
Disposal - - 449,155 - 449,155
31 December 2023 (743,772,804) (260,331,315) (174,990,691) (46,578,496) (1,225,673,306)
239
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(13) Intangible assets (Cont’d)
Use rights of associated projects Non-patent
Land use rights and for electricity transmission and technology and
sea use rights transformation Software others Total
Provision for impairment
31 December 2022 (56,502,373) - - - (56,502,373)
Increase in the current year - - (448,341) (2,460,161) (2,908,502)
31 December 2023 (56,502,373) - (448,341) (2,460,161) (59,410,875)
Carrying amount
31 December 2023 3,314,226,053 - 111,783,237 54,190,269 3,480,199,559
31 December 2022 3,184,144,663 - 108,461,677 54,129,156 3,346,735,496
(a) In 2023, amortisation charged to intangible assets was RMB 120,570,993, with cost of sale of RMB 15,633,481, general and administrative expenses
of RMB 80,852,812, construction in progress of RMB 23,044,850 and research and development expenses of RMB 1,039,850 respectively (In 2022,
amortisation charged to intangible assets was RMB 103,173,446, with cost of sale of RMB 13,917,919, general and administrative expenses of RMB
71,440,393, construction in progress of RMB 15,582,846 and research and development expenses of RMB 2,232,288 respectively).
(b) As at 31 December 2023, for the land use rights with a carrying amount of RMB 76,703,986 (31 December 2022: RMB 224,004,105) and a cost of
RMB 86,648,022 (31 December 2022: RMB 233,461,861), the certificates had not been obtained due to incomplete filing documents or the
registration procedures were under processing.
(c) In 2023, the Group’s expenditures on research and development amounting to RMB 1,116,555,274 (2022: RMB 1,229,311,572) were all recognised
as research and development expenses in the current period (Note 4(43)). As at 31 December 2023, there were no intangible assets arising from
internal research and development of the Group.
240
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(14) Goodwill
31 December 2023 31 December 2022
Goodwill -
Tumxuk Thermal Power 119,488,672 119,488,672
Others 45,531,259 45,531,259
165,019,931 165,019,931
Less: Provision for impairment -
Tumxuk Thermal Power (119,488,672) -
Others (36,922,378) (36,922,378)
(156,411,050) (36,922,378)
8,608,881 128,097,553
All goodwill had been allocated by the Group to the relevant asset group or group of asset groups
at the acquisition date. In 2023, the allocation of goodwill remains unchanged
In test for impairment of goodwill, the Group compares the carrying amount of relevant asset group
with its recoverable amount. If the recoverable amount is lower than the carrying amount, the
difference is recorded in profit or loss for the current period (Note 4(46)).
In 2023, there were indications of impairment of long-term assets of Tumxuk Thermal Power, a
subsidiary of the Group, due to operating losses resulting from persistently high fuel prices. The
Group performed an impairment test on Tumxuk Thermal Power as an asset group (including
goodwill) and determined the recoverable amount of the asset group based on the present value
of the estimated future cash flows, and made a provision for impairment of RMB 140,273,617,
including provision for impairment of goodwill of RMB 119,488,672 and provision for impairment of
fixed assets of RMB 20,784,945.
The Group determines the on-grid electricity price, electricity sale and fuel price on the basis of
historical experience and forecasts of market development. The key parameters applied in the
forecast period are projected based on the Group’s five-year profitability forecasts, and the
discount rate is the pre-tax discount rate that reflects specific risks of relevant assets.
The main assumptions applied in calculating recoverable amount of the relevant group of asset
groups and discounted future cash flows are detailed in Note 4(10)(a)(iii).
241
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(15) Long-term prepaid expenses
Increase in the Amortisation in the 31 December
31 December 2022 current year current year 2023
Improvements to right-of-use
assets 4,696,665 13,821,622 (6,343,404) 12,174,883
Insurance expenses 56,312,422 - (38,071,276) 18,241,146
Road use rights 31,178,674 2,495,873 (1,670,470) 32,004,077
Others 17,297,985 3,894,455 (2,530,412) 18,662,028
109,485,746 20,211,950 (48,615,562) 81,082,134
(16) Deferred tax assets and deferred tax liabilities
(a) Deferred tax assets before offsetting
31 December 2023 31 December 2022
Deductible Deductible
temporary temporary
differences and differences and
deductible tax Deferred tax deductible tax Deferred tax
losses assets losses assets
(Restated) (Restated)
Deductible losses 2,632,357,788 658,089,447 4,176,626,660 968,337,573
Lease liabilities
(Note 2(30)) 1,947,504,521 472,585,605 1,947,905,279 474,645,822
Provision for asset
impairment 845,364,196 209,714,804 392,229,114 96,899,577
Unrealised profits from
intra-group transactions 609,736,237 152,434,059 656,830,968 164,207,742
Employee benefits payable 327,611,848 81,902,962 293,456,521 70,088,187
Depreciation of fixed assets 272,188,031 67,127,977 291,680,433 71,206,998
Others 300,291,680 75,072,919 79,656,959 19,505,574
6,935,054,301 1,716,927,773 7,838,385,934 1,864,891,473
Including:
Expected to be recovered
within 1 year (inclusive) 120,157,028 92,738,495
Expected to be recovered
after 1 year 1,596,770,745 1,772,152,978
1,716,927,773 1,864,891,473
242
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(16) Deferred tax assets and deferred tax liabilities (Cont’d)
(b) Deferred tax liabilities before offsetting
31 December 2023 31 December 2022
Taxable temporary Deferred tax Taxable temporary Deferred tax
differences liabilities differences liabilities
(Restated) (Restated)
Changes in fair value of
investments in other
equity instruments
included in other
comprehensive income (1,924,184,430) (481,046,108) (2,115,908,438) (528,977,110)
Right-of-use assets (Note
2(30)) (1,599,047,127) (350,867,012) (1,754,353,843) (355,588,303)
Revaluation reserve of
business combinations
involving enterprises not
under common control (212,157,077) (53,039,268) (235,501,692) (58,875,422)
Depreciation of fixed assets (78,376,256) (19,594,064) (85,028,556) (21,257,139)
Amortisation of land use
rights (14,919,052) (3,729,763) (15,302,244) (3,825,561)
Interest receivable (9,336,500) (2,334,125) (9,606,414) (2,401,603)
(3,838,020,442) (910,610,340) (4,215,701,187) (970,925,138)
Including:
Expected to be recovered
within 1 year (inclusive) (36,747,595) (22,557,238)
Expected to be recovered
after 1 year (873,862,745) (948,367,900)
(910,610,340) (970,925,138)
243
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(16) Deferred tax assets and deferred tax liabilities (Cont’d)
(c) Deductible temporary differences and deductible losses that are not recognised as deferred tax
assets are analysed as follows:
31 December 2023 31 December 2022
(Restated)
Deductible temporary differences 3,261,717,610 1,794,302,836
Deductible losses 11,025,236,426 11,033,478,760
14,286,954,036 12,827,781,596
(d) Deductible tax losses that are not recognised as deferred tax assets will expire in following years:
31 December 2023 31 December 2022
2023 - 1,171,683,402
2024 173,024,661 173,024,661
2025 760,600,486 760,600,486
2026 3,861,702,218 3,992,021,430
2027 4,654,713,210 4,936,148,781
2028 1,575,195,851 -
11,025,236,426 11,033,478,760
Management believed that as at the maturity date for the above deductible losses, the relevant
subject of tax payment has no sufficient taxable profits to deduct the above deductible losses;
therefore, no related deferred tax asset was recognised.
(e) The net balances of deferred tax assets and deferred tax liabilities after offsetting are as follows:
31 December 2023 31 December 2022(Restated)
Offsetting Balance after Offsetting Balance after
amount offsetting amount offsetting
Deferred tax assets (383,616,949) 1,333,310,824 (386,338,575) 1,478,552,898
Deferred tax liabilities 383,616,949 (526,993,391) 386,338,575 (584,586,563)
244
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(17) Other non-current assets
31 December 2023 31 December 2022
Advances for engineering and equipment 4,859,350,910 4,483,822,263
Input VAT to be deducted 3,518,523,428 1,813,240,967
Deposits prepaid for equity acquisition (a) 274,626,000 93,426,000
Prepayment for land use rights 165,746,353 198,089,693
Others 6,576,357 17,939,629
8,824,823,048 6,606,518,552
(a) In August 2022, Guangdong Wind Power and Shanxi Hengyang New Energy Co., Ltd.
("Hengyang New Energy") signed the Framework Agreement for Acquiring Equity of Wuxiang
Lvheng 100MW Photovoltaic Power Generation Project, and Guangdong Wind Power paid a
deposit of RMB 52,200,000 as agreed in the agreement in 2022.
In September 2022, Guangdong Wind Power and Shandong Fengxu New Energy Co., Ltd.
("Shandong Fengxu") signed the Framework Agreement for Acquiring 100% Equity of Gaotang
Fengxu New Energy Co., Ltd., and Guangdong Wind Power paid a deposit of RMB 41,226,000
as agreed in the agreement in 2022.
In September 2022, Guangdong Wind Power and Qinhuangdao Wohua Highway Engineering
Co., Ltd. (“Wohua Engineering”) and Qinhuangdao Angqian Trading Co., Ltd. (“Angqian Trading”)
signed the Framework Agreement for Acquiring 100% Equity of Qinglong Manchu Autonomous
County Jianhao Photovoltaic Technology Co., Ltd., and Guangdong Wind Power paid a deposit of
RMB 120,000,000 as agreed in the agreement in 2023.
In February 2023, Guangdong Wind Power and Tanxin Machinery and Equipment Leasing Co.,
Ltd. (“Tanxin Machinery”) signed the Framework Agreement for Acquiring Equity of 80MW
Fishery and Solar Complementary Photovoltaic Project in Liangdong, LianJiang, and Guangdong
Wind Power paid a deposit of RMB 61,200,000 as agreed in the agreement in 2023.
245
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(18) Provision for asset impairment and losses
Decrease in the current year
Reversal in
31 December Increase in the the current Write-off in the Charge-off in the 31 December
2022 current year year current year current year Others 2023
Provision for bad debts of
accounts receivables (566,859) (26,020,025) 236,408 - - - (26,350,476)
Including: Provision for bad
debts on a collective basis (566,859) (26,020,025) 236,408 - - - (26,350,476)
Provision for bad debts of other
receivables (35,303,832) (7,650,007) 8,655,118 2,289,694 - - (32,009,027)
Sub-total (35,870,691) (33,670,032) 8,891,526 2,289,694 - - (58,359,503)
Provision for impairment of
advances to suppliers (115,000) - - - - - (115,000)
Provision for decline in the value
of inventories (34,044,608) (59,422,457) - - 1,288,690 - (92,178,375)
Provision for impairment of
contract assets (12,529) - - - - - (12,529)
Provision for impairment of long-
term equity investments (117,147,134) (26,286,299) - - - - (143,433,433)
Provision for impairment of fixed
assets (1,132,001,602) (1,422,468,240) - 53,901,605 - 225,517,783 (2,275,050,454)
Provision for impairment of
construction in progress (281,844,929) (44,263,866) - 2,473,591 - - (323,635,204)
Provision for impairment of right-
of-use assets (2,899,510) - - - - - (2,899,510)
Provision for impairment of
intangible assets (56,502,373) (2,908,502) - - - - (59,410,875)
Provision for impairment of
goodwill (36,922,378) (119,488,672) - - - - (156,411,050)
Sub-total (1,661,490,063) (1,674,838,036) - 56,375,196 1,288,690 225,517,783 (3,053,146,430)
(1,697,360,754) (1,708,508,068) 8,891,526 58,664,890 1,288,690 225,517,783 (3,111,505,933)
246
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(19) Short-term borrowings
3eb0 31 December 2022
Credit loan 15,756,979,762 16,201,278,600
Guaranteed loan - 60,166,260
15,756,979,762 16,261,444,860
(a) As at 31 December 2023, the Group had no overdue short-term borrowings, the annual interest
rates ranged from 1.90% to 3.70% (31 December 2022: 2.00% to 3.85%).
(b) As at 31 December 2023, the principal of short-term credit loan provided by related party Energy
Group Finance Company amounted to RMB 4,989,897,653 (31 December 2022: RMB
5,723,903,012) (Note 8(6)). Interest payable of short-term borrowings to Energy Group Finance
Company amounted to RMB 3,972,710 (31 December 2022: RMB 5,323,466).
(20) Notes payables
31 December 2023 31 December 2022
Bank acceptance notes 695,000,000 1,019,206,000
Trade acceptance notes 60,000,000 476,572,076
755,000,000 1,495,778,076
As at 31 December 2023, the Group had no notes payables that were due but unpaid (31
December 2022: Nil).
247
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(21) Accounts payables
31 December 2023 31 December 2022
Fuel payable 3,232,276,542 5,182,454,648
Materials and spare parts payable 635,035,016 417,506,141
Repair expenses payable 220,484,221 98,126,083
Desulfurisation and denitrification expenses
payable 104,174,355 67,846,620
Contracted operation expenses payable 118,816,771 62,414,344
Management fees payable for frequency
modulation and energy storage 43,473,789 25,898,303
Others 75,775,621 84,007,874
4,430,036,315 5,938,254,013
(a) As at 31 December 2023, accounts payables with ageing over one year amounted to RMB
113,747,802 (31 December 2022: RMB 56,448,384), mainly including unsettled fuel payable and
materials payable.
(22) Employee benefits payable
31 December 2023 31 December 2022
Short-term employee benefits payable (a) 390,720,341 368,880,069
Defined contribution plans payable (b) 3,085,162 3,128,825
Early retirement benefits payable and
employee resettlement compensation (c) 153,788,078 67,170,982
Defined benefit plans payable (d) 8,921,986 8,241,541
556,515,567 447,421,417
248
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(22) Employee benefits payable (Cont’d)
(a) Short-term employee benefits
31 December Increase in the Decrease in the 31 December
2022 current year current year 2023
Wages and salaries, bonus,
allowances and subsidies 3,786,472 1,903,940,852 (1,905,327,894) 2,399,430
Staff welfare 4,395,098 198,041,084 (198,451,034) 3,985,148
Social security contributions 206,168,337 189,528,590 (167,641,886) 228,055,041
Including: Medical insurance 206,119,378 180,156,305 (158,220,642) 228,055,041
Work injury insurance 238 6,773,618 (6,773,856) -
Maternity insurance 48,721 2,598,667 (2,647,388) -
Housing funds 25,974 196,159,424 (196,101,554) 83,844
Labour union funds and employee
education funds 145,002,944 95,115,958 (94,110,077) 146,008,825
Other short-term employee benefits 9,501,244 77,243,918 (76,557,109) 10,188,053
368,880,069 2,660,029,826 (2,638,189,554) 390,720,341
(b) Defined contribution plans
31 December Increase in the Decrease in the 31 December
2022 current year current year 2023
Basic pensions 54,757 229,768,613 (229,774,036) 49,334
Unemployment insurance 7,008 10,514,810 (10,514,572) 7,246
Enterprise annuity contribution 3,067,060 141,314,591 (141,353,069) 3,028,582
3,128,825 381,598,014 (381,641,677) 3,085,162
(c) Early retirement benefits payable and employee resettlement compensation
31 December 2023 31 December 2022
Early retirement benefits payable (Note 4(32)(a)) 107,180,000 67,170,982
Other termination benefits (i) 46,608,078 -
153,788,078 67,170,982
(i) In 2023, Shajiao A Power Plant, a subsidiary of the Group, officially shut down the remaining
generator units on 31 October 2023 and formulated the employee resettlement plan, according to
which the Group made a one-time provision for employee resettlement compensation amounting to
RMB 46,608,078, as detailed in Note 4 (32)(a) (2022: Nil).
(d) The remuneration for the Group’s special retirement pensions that are expected to be paid within
one year from the date of the balance sheet are listed as the defined benefit plan payable. Please
refer to Note 4(32)(c) for details.
249
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(23) Taxes payable
31 December 2023 31 December 2022
Enterprise income tax payable 170,701,728 142,673,955
Unpaid VAT 100,339,967 33,926,459
Individual income tax payable 31,654,416 28,187,414
Property tax payable 12,232,259 924,458
City maintenance and construction tax payable 6,102,566 1,306,426
Educational surcharge payable 4,673,903 1,088,906
Land use tax payable 2,803,005 217,542
Land VAT payable - 80,216,700
Others 14,925,036 13,943,055
343,432,880 302,484,915
(24) Other payables
31 December 2023 31 December 2022
Construction and equipment expenses payable 11,925,594,043 8,097,497,010
Project warranty payable 445,866,489 236,415,770
Carbon emission allowances payable 357,696,647 382,721,278
Advances payable to third parties 30,759,086 98,388,118
Land compensation (b) 177,384,900 -
Generator unit capacity payable (c) - 249,056,604
Payables for equity acquisition - 68,180,122
Dividends payable - 18,553,521
Others 314,789,583 252,845,608
13,252,090,748 9,403,658,031
(a) As at 31 December 2023, other payables of RMB 3,536,804,485 (31 December 2022: RMB
2,403,143,193) 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.
250
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(24) Other payables (Cont’d)
(b) In 2023, Pinghai Power received a land compensation payment of RMB 177,384,900 from
Guangdong Huizhou Liquefied Natural Gas Co., Ltd. ("Huizhou Liquefied Natural Gas"). As at 31
December 2023, Pinghai Power is still in the performance.
(c) In 2023, Bohe Energy paid RMB 249,056,604 for generator unit capacity based on the capacity index
of thermal power generator units that was temporarily estimated in previous years.
(25) Current portion of non-current liabilities
31 December 2023 31 December 2022
Current portion of long-term borrowings (Note
4(27)) 3,769,932,656 2,685,540,872
Current portion of long-term payables (Note
4(30)) 26,861,057 18,508,453
Current portion of debentures payable (Note
4(28)) 4,860,692,008 334,056,607
Current portion of lease liabilities (Note 4(29)) 268,887,650 937,144,038
8,926,373,371 3,975,249,970
(26) Other current liabilities
31 December 2023 31 December 2022
Short-term debentures payable 2,011,102,192 3,503,496,438
Output VAT to be written off 770,253,279 671,353,936
2,781,355,471 4,174,850,374
251
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(26) Other current liabilities (Cont’d)
Related information of short-term debentures payable is as follows:
Amortisation
31 December Issued in the Interest at of discounts Repayments for 31 December
2022 current year face value or premium the year 2023
Third batch of super short-term
financing notes issued by
Guangdong Electric Power
Development Co., Ltd., 2022 2,002,564,383 - 20,130,412 - (2,022,694,795) -
Fourth batch of super short-
term financing notes issued
by Guangdong Electric
Power Development Co.,
Ltd., 2022 1,500,932,055 - 8,388,493 - (1,509,320,548) -
First batch of super short-term
financing notes issued by
Guangdong Electric Power
Development Co., Ltd., 2023 - 1,000,000,000 9,278,630 - - 1,009,278,630
Second batch of super short-
term financing notes issued
by Guangdong Electric
Power Development Co.,
Ltd., 2023 - 1,000,000,000 1,823,562 - - 1,001,823,562
3,503,496,438 2,000,000,000 39,621,097 - (3,532,015,343) 2,011,102,192
Whether there
Issuance Maturity Issuance is a breach of
Face value coupon rate date period amount contract
Third batch of super short-term
financing notes issued by
Guangdong Electric Power
Development Co., Ltd., 2022 2,000,000,000 2.34% 12/9/2022 177 days 2,000,000,000 No
Fourth batch of super short-
term financing notes issued
by Guangdong Electric
Power Development Co.,
Ltd., 2022 1,500,000,000 2.52% 12/22/2022 90 days 1,500,000,000 No
First batch of super short-term
financing notes issued by
Guangdong Electric Power
Development Co., Ltd., 2023 1,000,000,000 2.13% 7/25/2023 177 days 1,000,000,000 No
Second batch of super short-
term financing notes issued
by Guangdong Electric
Power Development Co.,
Ltd., 2023 1,000,000,000 2.56% 12/5/2023 177 days 1,000,000,000 No
In 2023, the interest rate of super short-term financing notes issued by the Company was from 2.13%
to 2.56% (2022: 2.00% to 2.52%).
252
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(27) Long-term borrowings
31 December 2023 31 December 2022
Credit loan 59,360,757,189 36,895,757,247
Pledged loan (a) 5,419,743,723 6,067,812,048
Guaranteed loan (b) 1,821,903,084 2,582,904,205
66,602,403,996 45,546,473,500
Less: Current portion of long-term
borrowings (Note 4(25))
Credit loan (3,077,958,239) (2,004,935,172)
Pledged loan (518,826,390) (528,303,490)
Guaranteed loan (173,148,027) (152,302,210)
62,832,471,340 42,860,932,628
(a) Pledged loan
As at 31 December 2023, the charge right for electricity was treated as pledge for long-term
pledged loan for some subsidiaries. Please refer to Note 4(2)(d).
(b) Guaranteed loan
As at 31 December 2023, the principal balance of long-term borrowings of Guangdong Yudean
Xuwen Wind Power Electricity Co., Ltd.(“Xuwen Wind Power”), a subsidiary of the Group, from
Energy Group Finance Company was RMB 5,000,000, including current portion of long-term
borrowings amounting to RMB 588,235, which was secured by Zhanjiang Wind Power (2022: RMB
6,400,000, including current portion of long-term borrowings amounting to RMB 1,400,000). The
annual interest rate of the loan is 3.35% (2022: 4.06%), and the remaining principal will mature in
installments by 28 November 2031.
253
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(27) Long-term borrowings (Cont’d)
(b) Guaranteed loan (Cont'd)
As at 31 December 2023, the principal balance of long-term borrowings of the Group’s subsidiary
Dacheng County Dun'An New Energy Co., Ltd. ("Dun'An New Energy") from Industrial Bank Co.,
Ltd. Hohhot Branch was RMB 522,489,812, including current portion of long-term borrowings
amounting to RMB 25,119,703, which was secured by Beijing Guangdun New Energy Technology
Co., Ltd. (2022: RMB 529,386,987, including current portion of long-term borrowings amounting to
RMB 13,234,675). The annual interest rate of the loan is 4.30% (2022: 4.40%), and the remaining
principal will mature in installments by 11 December 2037.
As at 31 December 2023, the principal balance of the Group's subsidiary Tumxuk Thermal
Power’s long-term borrowings from Shanghai Pudong Development Bank, China Guangfa Bank
and Urumqi was RMB 1,245,000,000, including current portion of long-term borrowings amounting
to RMB 135,000,000 (2022: RMB 1,375,000,000, including current portion of long-term borrowings
amounting to RMB 130,000,000), which was guaranteed by the Third Division of Xinjiang
Production and Construction Corps. The annual interest rate of the loan is 3.90% (2022: 4.90%)
and the remaining principal will mature in installments by 27 June 2032.
As at 31 December 2023, the principal balance of the Group's subsidiary Tumxuk Thermal
Power’s long-term borrowings from Bank of China was RMB 46,273,183, including current portion
of long-term borrowings amounting to RMB 9,300,000 (2022: RMB 32,649,966, including current
portion of long-term borrowings amounting to RMB 6,200,000), which was guaranteed by Xinjiang
Jintai Electric Power Co., Ltd. The annual interest rate of the loan is 4.28% (2022: 4.30%), and the
remaining principal will mature in installments by 15 December 2031.
(c) As at 31 December 2023, the Group had no overdue long-term borrowings, and the interest rates
of long-term borrowings ranged from 1.65% to 4.30% (31 December 2022: 0.75% to 4.90%).
254
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(28) Debentures payable
Transferred to Whether
Amortisation current portion of there is a
31 December Issued in the of discounts Repayments for non-current 31 December breach of
2022 current year or premium the year liabilities 2023 contract
21 Pinghai Power MTN001 (a) 299,508,302 - 307,813 - (299,816,115) - No
20 Yudean Bond 01 (b) 1,499,754,232 - 245,768 (1,500,000,000) - - No
21 Yudean Bond 01 (c) 999,962,264 - 37,736 - (1,000,000,000) - No
21 Yudean Bond 02 (d) 1,499,889,622 - 33,962 - - 1,499,923,584 No
21 Yudean Bond 03 (e) 799,710,692 - 75,472 - - 799,786,164 No
21 Yudean Faneng MTN001 (f) 1,199,372,330 - 215,095 - (1,199,587,425) - No
21 Yudean Faneng MTN002 (g) 2,197,771,241 - 1,183,019 - (2,198,954,260) - No
22 Yudean Faneng MTN001 (h) 598,521,226 - 322,643 - - 598,843,869 No
23 Yudean Faneng MTN001 (i) - 1,600,000,000 (1,446,541) - - 1,598,553,459 No
G23 Yuefeng 2(j) - 600,000,000 (509,893) - - 599,490,107 No
9,094,489,909 2,200,000,000 465,074 (1,500,000,000) (4,698,357,800) 5,096,597,183
(a) The Group’s subsidiary Pinghai Power's application for registration of middle-term notes has been accepted by the National Association of
Financial Market Institutional Investors at its 118th meeting in 2020. The registered amount of RMB 800,000,000 would be valid for 2 years
starting from 23 November 2020. On 15 October 2021, Pinghai Power issued 3-year middle-term notes with face value of RMB 300,000,000 in the
interbank market ("21 Pinghai Power MTN001"). Pinghai Power altogether raised RMB 299,100,000 after deducting an issue expense of RMB
900,000. The debenture is subject to an annual interest rate of 3.72% starting from 15 October 2021 and should be payable annually on simple
interest. As at 31 December 2023, debentures payable were measured at amortised cost using effective interest method, with the effective interest
rate of 3.83% (31 December 2022: 3.83%).
255
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(28) Debentures payable (Cont’d)
(b) As approved by CSRC Circular SFC License [2019] No. 2477, the Company issued 5-year book-
entry corporate debentures in real-name system with face value of RMB 1,500,000,000 (“20
Yudean Bond 01”) to the public on 28 April 2020. The Company altogether raised RMB
1,499,471,698 after deducting an issue expense of RMB 528,302. The debenture is subject to an
annual interest rate of 2.45% starting from 29 April 2020 and should be payable annually on
simple interest. The Company repaid the debentures in April 2023. In 2023, debentures payable
were measured at amortised cost using effective interest method, with the effective interest rate of
2.46% (31 December 2022: 2.46%).
(c) As approved by CSRC Circular SFC License [2019] No. 2477, the Company issued 3-year book-
entry corporate debentures in real-name system with face value of RMB 1,000,000,000 (“21
Yudean Bond 01”) to the public on 26 January 2021. The Company altogether raised RMB
999,848,386 after deducting an issue expense of RMB 151,614. The debenture is subject to an
annual interest rate of 3.57% starting from 27 January 2021 and should be payable annually on
simple interest. As at 31 December 2023, debentures payable were measured at amortised cost
using effective interest method, with the effective interest rate of 3.58% (31 December 2022:
3.58%).
(d) As approved by CSRC Circular SFC License [2019] No. 2477, the Company issued 5-year book-
entry corporate debentures in real-name system with face value of RMB 1,500,000,000 (“21
Yudean Bond 02”) to the public on 27 April 2021. The Company altogether raised RMB
1,499,791,783 after deducting an issue expense of RMB 208,217. The debenture is subject to an
annual interest rate of 3.50% starting from 28 April 2021 and should be payable annually on
simple interest. As at 31 December 2023, debentures payable were measured at amortised cost
using effective interest method, with the effective interest rate of 3.50% (31 December 2022:
3.50%).
(e) As approved by CSRC Circular SFC License [2021] No. 3142, the Company issued 5-year book-
entry corporate debentures in real-name system with face value of RMB 800,000,000 (“21
Yudean Bond 03”) to the public on 23 November 2021. The Company altogether raised RMB
799,565,033 after deducting an issue expense of RMB 434,967. The debenture is subject to an
annual interest rate of 3.41% starting from 24 November 2021 and should be payable annually on
simple interest. As at 31 December 2023, debentures payable were measured at amortised cost
using effective interest method, with the effective interest rate of 3.42% (31 December 2022:
3.42%).
(f) The Company’s application for registration of middle-term notes has been accepted by the
National Association of Financial Market Institutional Investors at its 51st meeting in 2021. The
registered amount of RMB 4,000,000,000 would be valid for 2 years starting from 29 June 2021.
On 19 July 2021, the Company issued 3-year middle-term notes with face value of RMB
1,200,000,000 in the interbank market ("21 Yudean Faneng MTN001"). The Company altogether
raised RMB 1,197,948,000 after deducting an issue expense of RMB 2,052,000, which should be
paid in three years. As at 31 December 2023, the issue expense of RMB 2,052,000 was all paid.
The debenture is subject to an annual interest rate of 3.17% starting from 21 July 2021 and
should be payable annually on simple interest. As at 31 December 2023, debentures payable
were measured at amortised cost using effective interest method, with the effective interest rate of
3.23% (31 December 2022: 3.23%).
256
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(28) Debentures payable (Cont’d)
(g) The Company’s application for registration of middle-term notes has been accepted by the
National Association of Financial Market Institutional Investors at its 51st meeting in 2021. The
registered amount of RMB 4,000,000,000 would be valid for 2 years starting from 29 June 2021.
On 15 November 2021, the Company issued 3-year middle-term notes with face value of RMB
2,200,000,000 in the interbank market ("21 Yudean Faneng MTN002"). The Company altogether
raised RMB 2,196,238,000 after deducting an issue expense of RMB 3,762,000, which should be
paid in three years. As at 31 December 2023, the issue expense of RMB 3,762,000 was all paid.
The debenture is subject to an annual interest rate of 3.13% starting from 17 November 2021 and
should be payable annually on simple interest. As at 31 December 2023, debentures payable
were measured at amortised cost using effective interest method, with the effective interest rate of
3.19% (31 December 2022: 3.19%).
(h) The Company’s application for registration of middle-term notes has been accepted by the
National Association of Financial Market Institutional Investors at its 61st meeting in 2022. The
registration would be valid for 2 years starting from 23 May 2022. On 24 August 2022, the
Company issued 5-year middle-term notes with face value of RMB 600,000,000 in the interbank
market ("22 Yudean Faneng MTN001"). The Company altogether raised RMB 598,290,000 after
deducting an issue expense of RMB 1,710,000, which should be paid in five years. As at 31
December 2023, the issue expense of RMB 684,000 had been paid. The debenture is subject to
an annual interest rate of 2.90% starting from 26 August 2022 and should be payable annually on
simple interest. As at 31 December 2023, debentures payable were measured at amortised cost
using effective interest method, with the effective interest rate of 2.96%. (31 December 2022:
2.96%)
(i) The Company’s application for registration of middle-term notes has been accepted by the
National Association of Financial Market Institutional Investors at its 154th meeting in 2022. The
registered amount of RMB 9,000,000,000 would be valid for 2 years starting from 7 December
2022. On 15 March 2023, the Company issued 5-year middle-term notes with face value of RMB
1,600,000,000 in the interbank market ("23 Yudean Faneng MTN001"). The Company altogether
raised RMB 1,599,632,000 after deducting an issue expense of RMB 368,000, which should be
paid at one time. As at 31 December 2023, the issue expense of RMB 368,000 had been paid.
The debenture is subject to an annual interest rate of 3.35% starting from 17 March 2023 and
should be payable annually on simple interest. As at 31 December 2023, debentures payable
were measured at amortised cost using effective interest method, with the effective interest rate of
3.37%.
(j) As approved by Shanghai Stock Exchange Announcement [2023] No. 13343, the Group’s
subsidiary Guangdong Wind Power issued 5-year book-entry corporate debentures in real-name
system with face value of RMB 600,000,000 (“G23 Yuefeng 2”) to the public on 20 March 2023.
Guangdong Wind Power altogether raised RMB 599,421,962 after deducting an issue expense of
RMB 578,038, which should be paid at one time. As at 31 December 2023, the issue expense of
RMB 578,038 had been paid. The debenture is subject to an annual interest rate of 3.15% starting
from 21 March 2023 and should be payable annually on simple interest. As at 31 December 2023,
debentures payable were measured at amortised cost using effective interest method, with the
effective interest rate of 3.17%.
257
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(29) Lease liabilities
31 December 2023 31 December 2022
Lease liabilities 10,721,553,778 7,807,964,055
Less: Current portion of non-current liabilities
(Note 4(25)) (268,887,650) (937,144,038)
10,452,666,128 6,870,820,017
(a) As at 31 December 2023, the future minimum lease payments of short-term leases and low value
asset leases adopting the practical expedient according to the new lease standard were RMB
3,529,770 and RMB 745,881 (31 December 2022: RMB 5,449,828 and RMB 387,098)
respectively, which should be paid within one year.
(30) Long-term payables
31 December 2023 31 December 2022
Equipment and construction expenses payable 447,389,040 389,004,362
Sea area usage fee payable 410,722,922 270,841,119
Others 24,960,000 24,960,000
Less: Current portion of long-term payables (26,861,057) (18,508,453)
856,210,905 666,297,028
(31) Deferred income
Increase in the Decrease in the 31 December
31 December 2022 current year current year 2023
Government grants (a) 142,292,215 16,941,010 (30,937,000) 128,296,225
(a) Government grants
Amount
recognised in
Increase in the other income in 31 December
31 December 2022 current year the current year 2023
Government grants
related to assets 142,292,215 16,941,010 (30,937,000) 128,296,225
258
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(32) Long-term employee benefits payable
31 December 2023 31 December 2022
Early retirement benefits payable (a) 503,398,521 366,776,366
Defined benefit plans payable (b) 102,777,039 91,612,969
Other long-term employee benefits payable (c) 27,105,147 61,903,987
Less: Payable within one year (124,230,908) (91,028,053)
509,049,799 429,265,269
The employee benefits payable within one year are included in the employee benefits payable
(Note 4(22)).
(a) Early retirement benefits payable
(i) According to the Group’s regulations for early retirement of employees, the employees whose
early retirement requests are approved by the Group could have early retirement before statutory
retirement age. Employees can obtain salary on a monthly basis by a certain ratio of the original
salary until they reach the statutory retirement age. Management expects the termination benefits
to be paid in the future are determined by the present value of cash flow, when accrued the above
termination benefits. As at 31 December 2023, the Group calculated the expected expense for
each employee eligible for early retirement in each year before the statutory retirement age in
accordance with the related regulations for early retirement, taking into account local salary
growth rate, and estimated the present value of future termination benefits by treasury bond
interest rate of 2.75% (2022: 3.22%) of the same period. As at 31 December 2023, the Group
accrued termination benefits of RMB 381,528,673 (31 December 2022: RMB 366,776,366) and
recognised them in long-term employee benefits payable. The actual termination benefits due
within one year totalling RMB 75,267,924 (31 December 2022: RMB 67,170,982) were recognised
in employee benefits payable.
(ii) Shajiao A Power Plant, a subsidiary of the Group, officially shut down the remaining generator
units on 31 October 2023 and formulated an employee resettlement plan. In accordance with the
employee resettlement plan and the relevant early retirement policy, the Group estimates that
employees who are resettled under the early retirement plan can obtain salary on a monthly basis
by a certain ratio of the original salary until they reach the statutory retirement age. Management
expects the termination benefits to be paid in the future are determined by the present value of
cash flows, when accrued the above termination benefits. As at 31 December 2023, the Group
calculated the expected expense for each employee eligible for early retirement in each year
before the statutory retirement age in accordance with the related regulations for early retirement,
taking into account local salary growth rate, and estimated the present value of future termination
benefits by treasury bond interest rate of 2.75% of the same period. As at 31 December 2023, the
Group accrued termination benefits of RMB 121,869,848 according to the employee resettlement
plan and recognised them in long-term employee benefits payable. The actual termination benefits
due within one year totalling RMB 31,912,076 were recognised in employee benefits payable.
Meanwhile, the one-time employee resettlement compensation of RMB 46,608,078 was
recognised in employee benefits payable.
259
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(32) Long-term employee benefits payable (Cont’d)
(b) In accordance with the FAQ on Social Management of Retired Employees in State-owned
Enterprises (Guo Zi Ting Fa Gai Ge [2020] No. 36) issued by the State-owned Assets Supervision
and Administration Commission of the State Council, the Group made a one-time provision for the
expected payments to retired employees eligible for the Group’s special retirement pensions in
2020, and made the payment on a monthly basis. The expected present values of cash flows of
the Group’s special retirement pensions during the expected remaining life of the retired
employees are recognised as long-term employee benefits payable and recorded in profit or loss
for the current period. The Group’s special retirement pensions mainly include retirement
subsidies, military transfer subsidies and living allowances for retired primary and secondary
school teachers. As at 31 December 2023, the Group calculated the expected special retirement
pensions each year during retirees’ expected remaining life, and estimated the present value of
special retirement pensions in the future by treasury bond interest rate of 2.75% (2022: 3.22%) of
the same period. As at 31 December 2023, the Group accrued defined benefit plans of RMB
102,777,039 and recognised them in long-term employee benefits payable (31 December 2022:
RMB 91,612,969). The actual defined benefit plans due within one year totalling RMB 8,921,986
are recognised in employee benefits payable (31 December 2022: RMB 8,241,541). Other
comprehensive income of RMB 14,194,805 (2022: Nil) was adjusted due to actuarial differences
in 2023.
(c) According to relevant regulations on social medical insurance in places where the subsidiaries of
the Company and the Group locate, if individual employees participating basic medical insurance
for urban residents are under their statutory ages of retirement, but their estimated contribution
years fail to meet the local standards, the Group needs to make continuous contribution for the
employees per annum till the standards are met even after their retirement. The expected present
values of cash flows that shall be paid for medical insurance for the remaining contribution years
of retired employees are recognised as long-term employee benefits payable and recorded in
profit or loss for the current period. As at 31 December 2023, the balance of the Group’s other
long-term employee benefits payable was mainly the additional payment of medical insurance
made for retired employees. The Group calculated the expected expenses for each year from the
end of the current year to regulated contribution years based on the local monthly average salary
of the year, and estimated the present value of cash expenses made by retired employees for
medical insurance in the future, with a treasury bond interest rate of 2.75% (2022: 3.22%) as
discount rate. As at 31 December 2023, the Group accrued other long-term employee benefits
payable of RMB 27,105,147 (31 December 2022: RMB 61,903,987), with actual payment of other
long-term employee benefits payable due within one year of RMB 8,128,922 (31 December 2022:
RMB 15,615,530) recognised in employee benefits payable.
(d) Long-term employee benefits payable included in profit or loss for the current period in 2023 and
2022 are as follows:
2023 2022
General and administrative expenses 203,223,192 121,071,303
260
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(33) Other non-current liabilities
31 December 2023 31 December 2022
Capital injection (a) 50,000,000 128,400,000
Housing working fund 1,028,167 1,028,167
51,028,167 129,428,167
(a) In 2018, the Group’s subsidiary Qujie Wind Power received a capital injection of RMB 50,000,000
from GEGC. The capital will be used for Qujie Wailuo offshore wind power plant project. As at 31
December 2023, as Qujie Wind Power’s registration for changes of business license had not
been completed, the capital increase was recognised in other non-current liabilities.
261
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(34) Share capital
31 December 2023 31 December 2022
Shares subject to trading restriction
- Shares held by domestic state-owned legal person 1,893,342,621 1,893,342,621
- Other domestic shares
Including: Shares held by domestic non-state-owned legal
person 4,620,666 4,620,666
Shares held by domestic natural person 5,659 5,659
Shares not subject to trading restriction
- RMB-denominated ordinary shares 2,553,907,040 2,553,907,040
- Domestically-listed foreign shares 798,408,000 798,408,000
5,250,283,986 5,250,283,986
(35) Capital surplus
31 December Increase in the Decrease in the 31 December
2022 current year current year 2023
Capital premium (a) 3,972,546,925 937,434,074 - 4,909,980,999
Revaluation reserve 119,593,718 - - 119,593,718
Investment from GEGC 395,000,000 - - 395,000,000
Share of interests in the investee in
proportion to the shareholding (b) (173,662,956) 8,092,225 - (165,570,731)
Transfer of capital surplus recognised
under the previous accounting
system 20,474,592 - - 20,474,592
Others (76,905,774) - - (76,905,774)
4,257,046,505 945,526,299 - 5,202,572,804
31 December Increase in the Decrease in the 31 December
2021 current year current year 2022
Capital premium (a) 3,991,835,030 - (19,288,105) 3,972,546,925
Revaluation reserve 119,593,718 - - 119,593,718
Investment from GEGC 395,000,000 - - 395,000,000
Share of interests in the investee in
proportion to the shareholding (b) (174,299,153) 636,197 - (173,662,956)
Transfer of capital surplus
recognised under the previous
accounting system 20,474,592 - - 20,474,592
Others (75,652,004) - (1,253,770) (76,905,774)
4,276,952,183 636,197 (20,541,875) 4,257,046,505
(a) In 2023, the capital surplus of the Group increased by RMB 937,434,074 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 (Note 6(1)(b)(ii)).
(b) In 2023, capital surplus of joint ventures and associates calculated based on proportion of equity
acquired increased by RMB 8,092,225 (Note 4(7)(a)(b)).
262
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(36) Other comprehensive income
Other comprehensive income in the income statement for the year ended 31
Other comprehensive income in the balance sheet December 2023
Transfer of other
Attributable to the comprehensive Attributable to the
parent company income to retained 31 December Amount incurred Less: Income parent company after Attributable to minority
31 December 2022 after tax earnings 2023 before tax tax expenses tax shareholders after tax
Other comprehensive income that will not be reclassified to profit
or loss
Share of other comprehensive income of the investee
accounted for using equity method that will not be
reclassified to profit or loss 79,138,160 21,286,205 - 100,424,365 21,286,205 - 21,286,205 -
Changes in fair value of investments in other equity
instruments 1,586,653,912 (143,793,006) - 1,442,860,906 (191,724,008) 47,931,002 (143,793,006) -
Changes arising from remeasurement of defined benefit
plans (37,296,993) (12,434,913) - (49,731,906) (14,194,805) - (12,434,913) (1,759,892)
Other comprehensive income that will be reclassified to profit or
loss
Share of other comprehensive income of the investee
accounted for using equity method that will be reclassified
to profit or loss 1,342,878 341,447 - 1,684,325 341,447 - 341,447 -
1,629,837,957 (134,600,267) - 1,495,237,690 (184,291,161) 47,931,002 (134,600,267) (1,759,892)
Other comprehensive income in the income statement for the year ended 31
Other comprehensive income in the balance sheet December 2022
Transfer of other
Attributable to the comprehensive Attributable to the
parent company income to retained 31 December Amount incurred Less: Income parent company Attributable to minority
31 December 2021 after tax earnings 2022 before tax tax expenses after tax shareholders after tax
Other comprehensive income that will not be reclassified to profit
or loss
Share of other comprehensive income of the investee
accounted for using equity method that will not be
reclassified to profit or loss 69,199,467 9,938,693 - 79,138,160 9,938,693 - 9,938,693 1,253,770
Changes in fair value of investments in other equity
instruments 1,718,622,133 (131,968,221) - 1,586,653,912 (175,957,628) 43,989,407 (131,968,221) -
Changes arising from remeasurement of defined benefit
plans (37,296,993) - - (37,296,993) - - - -
Other comprehensive income that will be reclassified to profit or
loss
Share of other comprehensive income of the investee
accounted for using equity method that will be reclassified
to profit or loss (513,036) 1,855,914 - 1,342,878 1,855,914 - 1,855,914 -
1,750,011,571 (120,173,614) - 1,629,837,957 (164,163,021) 43,989,407 (120,173,614) 1,253,770
263
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(37) Surplus reserve
31 December 2023 31 December 2022
Statutory surplus reserve 3,016,893,870 3,016,893,870
Discretionary surplus reserve 5,886,621,265 5,886,621,265
8,903,515,135 8,903,515,135
In accordance with the Company Law of the People's Republic of China and the Company’s
Articles of Association, the Company should appropriate 10% of net profit for the year to the
statutory surplus reserve, and the Company can cease appropriation when the statutory surplus
reserve accumulates to more than 50% of the registered capital. The Company appropriates for
the discretionary surplus reserve after the shareholders’ meeting approves the proposal from the
Board of Directors. The surplus reserve can be used to make up for the loss or increase the share
capital after approval from the appropriate authorities. As at 31 December 2023, the accumulated
statutory surplus reserve of the Company exceeded 50% of the registered capital.
According to the resolution at the shareholders’ meeting dated 21 April 2023, no statutory surplus
reserve and discretionary surplus reserve were appropriated (2022: no statutory surplus reserve
and discretionary surplus reserve were appropriated).
(38) Undistributed profits
2023 2022
Undistributed profits at the beginning of the
year (before adjustment) 309,089,657 3,205,422,561
Adjustment (a) — 84,938,618
Undistributed profits at the beginning of the
year (after adjustment) 309,089,657 3,290,361,179
Add: Net profit attributable to equity owners
of the Company 974,660,299 (2,980,434,050)
Others - (837,472)
Undistributed profits at the end of the year 1,283,749,956 309,089,657
264
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(38) Undistributed profits (Cont’d)
(a) As disclosed in Note 2(30), the amount of undistributed profits as at 31 December 2022 has been
restated as a result of application of the Interpretation No. 16 – accounting treatment of deferred
income taxes related to assets and liabilities arising from a specific single transaction that are not
applicable for initial recognition exemption.
(b) In accordance with the resolution at the shareholders’ meeting dated 21 April 2023, the Company
did not distribute cash dividend to the shareholders.
(39) Revenue and cost of sale
2023 2022
Revenue from main operations 59,296,174,696 52,220,743,337
Revenue from other operations 412,223,042 440,345,099
59,708,397,738 52,661,088,436
2023 2022
Cost of sale from main operations 50,885,838,808 52,819,129,582
Cost of sale from other operations 85,158,870 33,180,599
50,970,997,678 52,852,310,181
265
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(39) Revenue and cost of sale (Cont’d)
(a) Revenue and cost of sale from main operations
2023 2022
Revenue from main Cost of sale from Revenue from main Cost of sale from
operations main operations operations main operations
Revenue from sale
of electricity 58,860,722,062 50,557,894,829 51,889,521,596 52,503,713,101
Revenue from steam 303,847,319 203,192,592 202,658,611 202,979,909
Rendering of
services 131,605,315 124,751,387 128,563,130 112,436,572
59,296,174,696 50,885,838,808 52,220,743,337 52,819,129,582
(b) Revenue and cost of sale from other operations
2023 2022
Revenue from Cost of sale from Revenue from Cost of sale from
other operations other operations other operations other operations
Revenue from integrated
utilisation of coal ash 278,575,922 5,155,145 365,533,200 4,741,667
Rental income 50,931,914 15,941,671 42,581,955 14,431,892
Others 82,715,206 64,062,054 32,229,944 14,007,040
412,223,042 85,158,870 440,345,099 33,180,599
266
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(39) Revenue and cost of sale (Cont’d)
(c) The Group's revenue and cost of sale are broken down as follows:
2023
Sale of electricity,
steam and coal ash Services Leases Others Total
Revenue from main operations
Including: Recognised at a point in time 59,164,569,381 5,029,265 - - 59,169,598,646
Recognised over a period of time 126,576,050 - - 126,576,050
Revenue from other operations
Including: Recognised at a point in time 278,575,922 - - 38,513,392 317,089,314
Recognised over a period of time - - - 44,201,814 44,201,814
Rental income - - 50,931,914 - 50,931,914
59,443,145,303 131,605,315 50,931,914 82,715,206 59,708,397,738
2023
Sale of electricity,
steam and coal ash Services Leases Others Total
Cost of sale from main operations
Including: Recognised at a point in time 50,761,087,421 4,767,344 - - 50,765,854,765
Recognised over a period of time - 119,984,043 - - 119,984,043
Cost of sale from other operations
Including: Recognised at a point in time 5,155,145 - - 29,828,216 34,983,361
Recognised over a period of time - - - 34,233,838 34,233,838
Lease expenses - - 15,941,671 - 15,941,671
50,766,242,566 124,751,387 15,941,671 64,062,054 50,970,997,678
2022
Sale of electricity,
steam and coal ash Services Leases Others Total
Revenue from main operations
Including: Recognised at a point in time 52,092,180,207 3,389,244 - - 52,095,569,451
Recognised over a period of time - 125,173,886 - - 125,173,886
Revenue from other operations
Including: Recognised at a point in time 365,533,200 - - 31,527,646 397,060,846
Recognised over a period of time - - - 702,298 702,298
Rental income - - 42,581,955 - 42,581,955
52,457,713,407 128,563,130 42,581,955 32,229,944 52,661,088,436
267
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(39) Revenue and cost of sale (Cont’d)
(c) The Group's revenue and cost of sale are broken down as follows (Cont’d):
2022
Sale of electricity, steam
and coal ash Services Leases Others Total
Cost of sale from main operations
Including: Recognised at a point in time 52,706,693,010 2,964,108 - - 52,709,657,118
Recognised over a period of time - 109,472,464 - - 109,472,464
Cost of sale from other operations
Including: Recognised at a point in time 4,741,667 - - 13,701,823 18,443,490
Recognised over a period of time - - - 305,217 305,217
Lease expenses - - 14,431,892 - 14,431,892
52,711,434,677 112,436,572 14,431,892 14,007,040 52,852,310,181
As at 31 December 2023, the amount of revenue corresponding to the performance obligation of the
Group that has been contracted but not yet performed or not fulfilled was RMB 102,138,285, of
which RMB 102,138,285 was expected to be recognised in 2024.
(d) In 2023, the Group's revenue and cost of sale incurred from selling products produced while
preparing the production line for its intended use were RMB 233,372,634 and RMB 173,344,262
(2022: RMB 458,713,027 and RMB 135,577,216) respectively.
(40) Taxes and surcharges
2023 2022 Tax base
Property tax 113,383,969 109,180,727 Note 3
City maintenance and construction tax 68,054,989 26,958,505 Note 3
Educational surcharge 55,787,480 20,352,881 Note 3
Stamp tax 42,258,840 37,493,970
Land use tax 30,383,099 30,161,901
Environmental protection tax 24,032,428 20,789,155 Note 3
Others 330,319 325,138
334,231,124 245,262,277
268
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(41) Selling expenses
2023 2022
Employee benefits 56,573,447 44,598,614
Labour insurance 12,380,260 10,044,506
Entertainment expenses 3,742,807 3,591,287
Depreciation expenses 3,652,105 3,268,794
Travelling expenses 2,267,011 1,315,065
Others 14,623,369 6,290,337
93,238,999 69,108,603
(42) General and administrative expenses
2023 2022
Employee benefits 856,055,890 589,588,003
Labour insurance 131,002,258 123,747,304
Agency service fees 114,012,904 45,804,592
Depreciation expenses 96,910,785 84,730,831
Amortisation of intangible assets 88,959,541 71,440,393
Fire safety expenses 57,366,542 47,415,882
Property management expenses 53,026,420 46,166,694
Office expenses 37,014,971 34,911,351
Rental expenses 18,012,568 16,814,722
Travelling expenses 16,317,908 8,796,255
Afforestation fees 15,912,481 11,755,686
Traffic expenses 11,257,045 11,050,160
Maintenance costs 11,219,173 9,723,877
Labour costs 10,553,437 11,402,499
Entertainment expenses 8,328,823 8,373,023
Insurance expenses 4,997,448 5,254,017
Others 61,108,958 65,531,642
1,592,057,152 1,192,506,931
269
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(43) Research and development expenses
2023 2022
Material expenses 778,092,251 824,545,759
Employee benefits 169,109,871 210,632,851
Depreciation and amortisation expenses 88,769,811 147,665,819
Outsourced research and development
expenses 79,478,311 41,811,591
Others 1,105,030 4,655,552
1,116,555,274 1,229,311,572
(44) Financial expenses
2023 2022
Interest costs 2,673,660,820 2,283,281,355
Add: Interest costs on lease liabilities 332,958,953 306,781,528
Less: Amounts capitalised on qualifying
assets (611,087,191) (332,357,040)
Subtotal of interest expenses 2,395,532,582 2,257,705,843
Amortisation of discounts or premium of
debentures payable 2,778,961 3,001,857
Less: Interest income (124,290,218) (132,632,800)
Exchange losses/(gains) - net 2,666,246 (971,955)
Bank charges and others 11,182,245 8,797,067
2,287,869,816 2,135,900,012
270
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(45) Expenses by nature
The cost of sale, selling expenses, general and administrative expenses and research and
development expenses in the income statement are listed as follows by nature:
2023 2022
Consumed fuel and low value
consumables 41,043,973,381 44,076,541,204
Depreciation and amortisation expenses 4,988,326,936 4,741,747,341
Employee benefits 3,166,054,109 2,764,337,661
Maintenance, repair and operation
expenses 2,340,109,033 1,819,598,659
Depreciation of right-of-use assets 388,101,357 315,743,960
Insurance expenses 223,332,284 208,434,264
Transaction costs 184,814,960 315,386,943
Management fees for frequency
modulation and energy storage 156,251,267 94,379,327
Agency service fees 114,012,904 45,804,592
Utility fees 100,408,224 85,575,194
Outsourcing fees for maintenance projects 102,372,597 74,999,608
Fire safety expenses 69,164,914 58,324,674
Property management expenses 62,773,009 53,252,538
Desulfurisation expenses 58,390,261 51,318,636
Channel dredging and sanitary charges 46,011,762 50,670,983
Office expenses 45,162,372 41,905,156
Rental expenses 37,590,576 27,805,836
Traffic expenses 35,200,130 37,545,497
Leased labour expenses 32,759,339 28,198,187
Tug service fees 25,343,001 25,313,710
Other expenses 552,696,687 426,353,317
53,772,849,103 55,343,237,287
(i) The Group directly recognises the daily maintenance and repair expenses of fixed assets that do
not meet the criteria of capitalisation as the cost of sale, and included the costs related to the
research and development department, the administrative department and the sale department in
research and development expenses, general and administrative expenses and selling expenses,
respectively.
(ii) As disclosed in Note 2(25), the Group directly recognises the lease payments of short-term leases
and low value leases in profit or loss for the current period. In 2023, the amount was RMB
37,590,576 (2022: RMB 27,805,836).
271
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(46) Asset impairment losses
2023 2022
Impairment of fixed assets 1,422,468,240 158,542,249
Impairment of goodwill 119,488,672 11,885,484
Impairment of inventories 59,422,457 -
Impairment of construction in progress 44,263,866 454,257
Impairment of long-term equity investments 26,286,299 -
Provision for impairment of other assets 2,908,502 2,890,150
1,674,838,036 173,772,140
(47) Losses on/(Reversal of) credit impairment
2023 2022
Reversal of bad debts of other receivables
(Note 4(4)(b)) (1,005,111) (1,866,483)
Losses on bad debts of accounts receivables
(Note 4(2)(c)) 25,783,617 303,353
24,778,506 (1,563,130)
272
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(48) Other income
2023 2022
Government grants
- Related to assets (Note 4(31)) 30,937,000 28,476,248
- Related to income 37,128,355 51,684,064
68,065,355 80,160,312
(49) Investment income
2023 2022
Investment income from long-term equity
investments under equity method (Note 4(7)) 866,186,173 960,006,337
Dividend income earned during the holding
period of investments in other equity
instruments (Note 4(8)) 117,258,950 101,262,589
Others 467,255 607,470
983,912,378 1,061,876,396
There was no significant restriction on remittance of investment income of the Group.
(50) Gains on disposals of assets
Amount recognised in
non-recurring profit or
2023 2022 loss in 2023
Gains on disposals of fixed assets 9,058,764 30,527,957 9,058,764
Others 139,995 274,880 139,995
9,198,759 30,802,837 9,198,759
273
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(51) Non-operating income
Amount recognised in
non-recurring profit or
2023 2022 loss in 2023
Income from sale of carbon
emission allowances 48,419,077 - 48,419,077
Claims and compensation income 21,543,280 20,345,920 21,543,280
Compensation for electricity charges
during the demolition and
construction period 6,513,028 6,533,120 6,513,028
Gains on scrap of non-current
assets 4,534,077 47,885,412 4,534,077
Waived payables 3,848,883 20,398,518 3,848,883
Income from penalties and fines 3,048,456 4,100,221 3,048,456
Tax reduction and exemption for
difficulty in paying taxes - 6,846,367 -
Others 10,059,319 19,380,729 10,059,319
97,966,120 125,490,287 97,966,120
(52) Non-operating expenses
Amount recognised in
non-recurring profit or
2023 2022 loss in 2023
Carbon emission allowances used to
fulfil the emission reduction
obligation (a) 298,330,020 306,786,693 -
Losses on scrap of non-current
assets 45,085,199 73,508,692 45,085,199
Penalties and overdue fines 4,836,639 59,233,310 4,836,639
Others 8,908,951 4,373,861 8,908,951
357,160,809 443,902,556 58,830,789
(a) In accordance with the Interim Provisions on the Accounting Treatment Regarding Carbon
Emissions Rights Trading (Cai Kuai [2019] No. 22) and the Interim Measures for the
Administration of Carbon Emission Rights Trading, subsidiaries within the Group that were
identified as key emission units recognised the expected performance obligations of carbon
emission in 2023 as non-operating expenses on an accrual basis, and included related provision
for carbon emission allowances payable in other payables.
274
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(53) Income tax expenses
2023 2022
(Restated)
Current income tax calculated based on tax law
and related regulations 654,289,316 323,728,437
Deferred income tax 135,579,905 (216,695,339)
789,869,221 107,033,098
The reconciliation from income tax calculated based on the applicable tax rates and total profit
presented in the consolidated income statement to the income tax expenses is listed below:
2023 2022
(Restated)
Total profit/(loss) 2,415,812,956 (4,381,092,874)
Income tax calculated at applicable tax rates 603,953,239 (1,095,273,219)
Effect of preferential tax rates of subsidiaries (17,733,944) (69,117,778)
Effect of change in the tax rates (6,652,879) (155,561)
Income not subject to tax (237,324,804) (270,470,833)
Costs, expenses and losses not deductible for tax
purposes 130,573,289 92,867,592
Deductible losses for which no deferred tax asset
was recognised 357,178,212 1,233,642,457
Transfer-out of deductible losses for which
deferred tax asset was recognised - 241,960,423
Deductible temporary differences for which no
deferred tax asset was recognised 333,549,099 57,559,335
Utilisation of previously unrecognised deductible
losses or temporary differences (370,324,733) (61,933,017)
Others (3,348,258) (22,046,301)
Income tax expenses 789,869,221 107,033,098
275
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(54) Earnings per share
(a) Basic earnings per share
Basic earnings per share are calculated by dividing consolidated net profit attributable to ordinary
shareholders of the parent company by the weighted average number of ordinary shares
outstanding:
2023 2022
(Restated)
Consolidated net profit/(loss) attributable to ordinary
shareholders of the parent company 974,660,299 (2,980,434,050)
Weighted average number of outstanding ordinary
shares of the Company 5,250,283,986 5,250,283,986
Basic earnings per share 0.19 (0.57)
Including:
- Basic earnings per share from continuing operations 0.19 (0.57)
- Basic earnings per share from discontinued
operations: - -
(b) Diluted earnings per share
Diluted earnings per share are calculated by dividing consolidated net profit attributable to
ordinary shareholders of the parent company adjusted based on the dilutive potential ordinary
shares by the adjusted weighted average number of ordinary shares outstanding. In 2023, there
were no dilutive potential ordinary shares (2022: Nil), and diluted earnings per share are equal to
basic earnings per share.
276
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(55) Notes to the cash flow statement
(a) Cash received relating to other operating activities
2023 2022
Interest income 116,789,108 131,645,194
Rental income 50,931,914 42,581,955
Revenue from sale of carbon emission
allowances 48,419,077 -
Income from leased labour services 29,535,000 -
Government grants 28,084,991 29,947,972
Income from claims and fines 24,591,736 24,446,141
Others 39,734,575 34,111,315
338,086,401 262,732,577
(b) Cash paid relating to other operating activities
2023 2022
Carbon emission right allowances 315,246,781 50,784,414
Insurance expenses 222,495,750 220,648,827
Agency service fees 114,012,904 45,804,592
Utility fees 100,408,224 85,575,195
Research and development expenses 80,583,341 46,467,143
Fire safety expenses 69,164,914 58,324,674
Sewage and sanitary charges 68,135,836 50,670,983
Property management expenses 62,773,009 53,252,538
Office expenses 45,162,372 41,905,156
Rental expenses 37,590,576 27,805,836
Traffic expenses 35,200,130 37,545,497
Testing and inspection fees 27,865,166 26,296,208
Travelling expenses 26,002,264 17,958,287
Others 323,173,977 253,161,397
1,527,815,244 1,016,200,747
277
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(55) Notes to the cash flow statement (Cont’d)
(c) Cash received relating to other investing activities
2023 2022
Recovery of project payment - 58,920,000
Others 1,322 7,872,867
1,322 66,792,867
(d) Cash paid to acquire investments
2023 2022
Cash paid for capital increase to joint ventures and
associates 54,299,600 304,328,518
Cash paid for investments in other equity
instruments - 2,000,000
54,299,600 306,328,518
(e) Cash paid relating to other investing activities
2023 2022
Transfer to fixed deposits 4,400,000,000 -
Deposits prepaid for equity acquisition 181,200,000 93,426,000
Advances for business units - 122,438,319
4,581,200,000 215,864,319
(f) Cash received relating to other financing activities
2023 2022
Recovery of advances for equipment 240,453,119 -
278
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(55) Notes to the cash flow statement (Cont’d)
(g) Cash paid relating to other financing activities
2023 2022
Refunds to minority shareholders 1,023,994,413 -
Repayments of lease liabilities and long-term
payables 1,605,419,054 969,796,495
Agency fee for debenture issuance 2,700,953 2,280,001
Consideration paid for business combinations
involving enterprises under common control - 2,501,436,910
2,632,114,420 3,473,513,406
In 2023, total cash outflows for leases paid by the Group amounted to RMB 1,616,210,481 , except
for the repayments of lease liabilities classified as cash paid relating to financing activities, the
remaining was classified as cash paid relating to operating activities.
279
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(56) Supplementary information to the cash flow statement
(a) Supplementary information to the cash flow statement
Reconciliation from net profit to cash flows from operating activities
2023 2022
(Restated)
Net profit/(loss) 1,625,943,735 (4,488,125,972)
Add: Losses on provision for asset
impairment 1,674,838,036 173,772,140
Provision for/(Reversal of) credit
impairment loss 24,778,506 (1,563,130)
Depreciation of right-of-use assets 388,101,357 315,743,960
Depreciation of fixed assets 4,871,989,109 4,626,792,756
Depreciation of investment properties 9,097,496 9,286,596
Amortisation of intangible assets 97,526,143 87,590,600
Amortisation of long-term prepaid
expenses 9,714,188 18,077,389
Amortisation of deferred income (30,937,000) (28,476,248)
Gains on disposals of fixed assets,
intangible assets and other long-
term assets (9,198,759) (30,802,837)
Net losses on scrap of non-current
assets 40,551,122 25,623,280
Financial expenses 2,402,288,041 2,255,611,293
Investment income (983,912,378) (1,061,876,396)
Increase in deferred income taxes 135,579,905 (216,695,339)
Decrease/(Increase) in inventories 661,940,932 (377,923,028)
Increase in operating receivables (1,411,804,833) (1,246,175,995)
(Decrease)/Increase in operating
payables (1,038,382,194) 1,417,526,522
(Increase)/Decrease in operating
restricted cash (2,471,124) 1,479,183
Net cash flows from operating activities 8,465,642,282 1,479,864,774
280
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(56) Supplementary information to the cash flow statement (Cont’d)
(a) Supplementary information to the cash flow statement (Cont’d)
Significant operating, investing and financing activities that do not involve cash receipts and
payments
2023 2022
Right-of-use assets and sea use rights
increased in the current period 3,458,514,568 2,523,522,827
Net increase/(decrease) in cash and cash
equivalents
2023 2022
Cash at the end of the year 11,954,167,156 11,433,808,500
Less: Cash at the beginning of the year (11,433,808,500) (8,023,116,939)
Net increase in cash and cash equivalents 520,358,656 3,410,691,561
281
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(56) Supplementary information to the cash flow statement (Cont’d)
(b) Acquisition of the subsidiaries
2023
Cash and cash equivalents paid in the current year for business combinations
incurred in the current year
Including: Guangxi Hangneng New Energy Co., Ltd. (“Guangxi
Hangneng”) 172,800,000
Guoyang County Herun New Energy Technology Co., Ltd.
(“Herun New Energy”) 75,170,000
Lianjiang Hangneng New Energy Co., Ltd. (“Lianjiang
Hangneng”) 61,130,000
Less: Cash and cash equivalents held by subsidiaries at the acquisition date
Including: Guangxi Hangneng (881,848)
Herun New Energy (12,155,478)
Lianjiang Hangneng (347,132)
Add: Cash and cash equivalents paid in the current year for business
combinations incurred in prior periods
Including: Dun’An New Energy 59,000,000
Jiuzhou New Energy (Zhaoqing) Co., Ltd. (“Jiuzhou New
Energy”) 9,180,122
Net cash paid to acquire the subsidiaries 363,895,664
Considerations for acquisition of subsidiaries in 2023
Guangxi Hangneng 172,800,000
Herun New Energy 75,170,000
Lianjiang Hangneng 61,130,000
309,100,000
Considerations for acquisition of subsidiaries in prior periods
Dun’An New Energy 139,000,000
Jiuzhou New Energy 39,000,000
178,000,000
Net assets at the acquisition date of subsidiaries acquired in 2023
Current assets 86,748,631
Non-current assets 1,457,431,359
Current liabilities (202,582,212)
Non-current liabilities (1,032,497,778)
309,100,000
282
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(56) Supplementary information to the cash flow statement (Cont’d)
(c) Movements of liabilities arising from financing activities
Bank borrowings Debentures Lease liabilities Long-term
(including those to be payable (including (including those to payables (including
settled within one those to be settled be settled within those to be settled
year) within one year) one year) within one year) Total
31 December 2022 61,807,918,360 12,932,042,954 7,807,964,055 659,845,481 83,207,770,850
Cash inflows from financing
activities 55,117,178,834 4,199,053,962 - - 59,316,232,796
Cash outflows from financing
activities (37,970,951,171) (5,202,326,630) (1,578,619,905) (26,799,149) (44,778,696,855)
Interest accrued in the current
year 2,615,550,966 35,531,884 332,958,953 22,577,970 3,006,619,773
Movements that do not involve
cash receipts and payments
(Note 4(56)(a)) - - 3,430,869,018 27,645,550 3,458,514,568
Others 789,686,769 4,089,213 728,381,657 174,842,110 1,696,999,749
Including: Acquisition of assets 622,020,336 - 291,395,126 339,842,110 1,253,257,572
Financing
replacement 165,000,000 - - (165,000,000) -
Modification to leases - - (31,699,793) - (31,699,793)
31 December 2023 82,359,383,758 11,968,391,383 10,721,553,778 858,111,962 105,907,440,881
(d) Cash and cash equivalents
31 December 2023 31 December 2022
Cash 11,954,167,156 11,433,808,500
Including: Cash on hand 43,025 46,435
Cash at bank that can be readily drawn on
demand 11,954,124,131 11,433,762,065
Cash and cash equivalents at the end of the year 11,954,167,156 11,433,808,500
As stated in Note 4(1), as at 31 December 2023, cash at bank of RMB 4,400,000,000, other cash
balances of RMB 35,788,146 and interest receivable of RMB 41,474,591 (31 December 2022: RMB
0, RMB 33,318,344 and RMB 36,396,774) were not included in cash and cash equivalents.
283
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Changes of consolidation scope
(1) Subsidiaries established during the year:
Major business Place of Nature of Acquisition
Subsidiaries location registration business Registered capital Shareholding (%) method
Direct Indirect
Zhuhai Yudean New Energy
Co., Ltd. (“Zhuhai Yudean Electricity
New Energy”) Zhuhai Zhuhai generation RMB 5,000,000 100.00% - Investment
Tumxuk Yudean Changhe
New Energy Co., Ltd. Electricity
(“Tumxuk Changhe”) Tumxuk Tumxuk generation RMB 500,000 100.00% - Investment
Yunfu Yudean Zhenneng
New Energy Co., Ltd.
(“Zhenneng New Electricity
Energy”) Yunfu Yunfu generation RMB 1,000,000 100.00% - Investment
Zhonggong Energy
Technology (Maoming)
Co., Ltd. (“Zhonggong Electricity Acquisition
Energy”) Maoming Maoming generation RMB 1,000,000 100.00% - of assets
Yahua New Energy
Technology (Gaozhou)
Co., Ltd. (“Yahua New Electricity Acquisition
Energy”) Maoming Maoming generation RMB 152,969,360 100.00% - of assets
GEGC Xinjiang Co., Ltd. Electricity
(“Xinjiang Co., Ltd.”) Urumqi Urumqi generation RMB 300,000,000 100.00% - Investment
Yudean Xinjiang Integrated
Energy Co., Ltd.
(“Xinjiang Integrated Electricity
Energy”) Urumqi Urumqi generation RMB 20,000,000 100.00% - Investment
Gaozhou Yudean Smart
New Energy Co., Ltd. Electricity
(“Gaozhou New Energy”) Maoming Maoming generation RMB 1,476,800 100.00% - Investment
Xintian Yuefeng New
Energy Co., Ltd. (“Xintian Electricity
Yuefeng”) Yongzhou Yongzhou generation RMB 2,000,000 - 76.44% Investment
Lanshan Yuefeng New
Energy Co., Ltd. Electricity
(“Lanshan Yuefeng”) Yongzhou Yongzhou generation RMB 2,000,000 - 76.44% Investment
Electricity Acquisition
Lianjiang Hangneng Lianjiang Lianjiang generation RMB 84,400,000 - 76.44% of assets
Electricity Acquisition
Herun New Energy Bozhou Bozhou generation RMB 75,170,000 - 76.44% of assets
Electricity Acquisition
Guangxi Hangneng Laibin Laibin generation RMB 179,000,000 - 76.44% of assets
Jincheng Yuefeng New
Energy Co., Ltd. Electricity
(“Jincheng Yuefeng”) Jincheng Jincheng generation RMB 1,000,000 - 68.80% Investment
Baiyin Yuefeng New Energy
Co., Ltd. (“Baiyin Electricity
Yuefeng”) Baiyin Baiyin generation RMB 100,000 - 76.44% Investment
Yunfu Yunan Yuexin Power
Generation Co., Ltd.
("Yunan Yuexin Electricity
Company") Yunfu Yunfu generation RMB 100,000 - 76.44% Investment
The above companies that are 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 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.
(2) For the information of the Company’s disposals of subsidiaries in the current year, please refer to Note
6(1)(a).
284
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities
(1) Interests in subsidiaries
(a) Constitution of the Group
Subsidiaries Major business location Place of registration Nature of business Shareholding (%) Acquisition method
Direct Indirect
Maoming Thermal (i) Maoming Maoming Electricity generation 46.54% - Investment
Jinghai Power Jieyang Jieyang Electricity generation 65.00% - Investment
Zhanjiang Wind Power Zhanjiang Zhanjiang Electricity generation - 53.51% Investment
Guangdong Yudean Technology Engineering Management Co., Ltd.
(“Technology Engineering Company”) Dongguan Dongguan Electricity generation 100.00% - Investment
Guangdong Yudean Humen Electric Co., Ltd. (“Humen Electric”) Dongguan Dongguan Electricity generation 60.00% - Investment
Bohe Energy Maoming Maoming Electricity generation 67.00% - Investment
Xuwen Wind Power Zhanjiang Zhanjiang Electricity generation - 53.51% Investment
Guangdong Yudean Huadu Natural Gas Thermal Power Co., Ltd. (“Huadu
Natural Gas”) Guangzhou Guangzhou Electricity generation 65.00% - Investment
Guangdong Yuedean Dabu Power Generation Co., Ltd. (“Dabu Power
Generation”) Meizhou Meizhou Electricity generation 100.00% - Investment
Guangdong Yudean Leizhou Wind Power Co., Ltd. (“Leizhou Wind Power”) Leizhou Leizhou Electricity generation - 71.85% Investment
Guangdong Yudean Dianbai Wind Power Co., Ltd. (“Dianbai Wind Power”) Maoming Maoming Electricity generation - 76.44% Investment
Business combinations involving
Zhanjiang Electric Zhanjiang Zhanjiang Electricity generation - 76.00% enterprises under common control
Business combinations involving
Yuejia Electric Meizhou Meizhou Electricity generation 58.00% - enterprises under common control
Business combinations involving
Shaoguan Power Plant Shaoguan Shaoguan Electricity generation 90.00% - enterprises under common control
Business combinations involving
Zhongyue Energy Zhanjiang Zhanjiang Electricity generation 90.00% - enterprises under common control
Power Sales Guangzhou Guangzhou Electricity generation 100.00% - Investment
Qujie Wind Power Zhanjiang Zhanjiang Electricity generation - 76.44% Investment
Yangjiang Wind Power Yangjiang Yangjiang Electricity generation - 69.87% Investment
Business combinations involving
Lincang, Yunnan enterprises not under common
Lincang Energy Province Lincang Electricity generation 100.00% - control
Business combinations involving
Guangqian Electric Shenzhen Shenzhen Electricity generation 100.00% - enterprises under common control
Business combinations involving
Huizhou Natural Gas Huizhou Huizhou Electricity generation 67.00% - enterprises under common control
Business combinations involving
Pinghai Power (ii) Huizhou Huizhou Electricity generation 45.00% - enterprises under common control
285
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities (Cont’d)
(1) Interests in subsidiaries (Cont’d)
(a) Constitution of the Group (Cont’d)
Subsidiaries Major business location Place of registration Nature of business Shareholding (%) Acquisition method
Direct Indirect
Guangdong Yudean Shibeishan Wind Power Co., Ltd. (“Shibeishan Wind Business combinations involving
Power”) Jieyang Jieyang Electricity generation - 53.51% enterprises under common control
Business combinations involving
Red Bay Power Shanwei Shanwei Electricity generation 65.00% - enterprises under common control
Business combinations involving
Guangdong Wind Power Guangzhou Guangzhou Electricity generation 76.44% - enterprises not under common control
Huaihua, Hunan
Tongdao Yuexin Wind Power Generation Co., Ltd. (“Tongdao Company”) Province Huaihua Electricity generation - 76.44% Investment
Pingyuan Wind Power Meizhou Meizhou Electricity generation - 76.44% Investment
Guangdong Yudean Heping Wind Power Co., Ltd. (“Heping Wind Power”) Heyuan Heyuan Electricity generation - 76.44% Investment
Business combinations involving
Huilai Wind Power Co., Ltd. (“Huilai Wind Power”) Jieyang Jieyang Electricity generation - 68.67% enterprises not under common control
Guangdong Yuejiang Hongrui Power Technology Development Co., Ltd.
(“Hongrui Technology”) Shaoguan Shaoguan Electricity generation - 90.00% Investment
Guangdong Yudean Yongan Natural Gas Thermal Power Co., Ltd. (“Yongan
Natural Gas”) Zhaoqing Zhaoqing Electricity generation 90.00% - Investment
Huaihua, Hunan Xupu County, Huaihua,
Hunan Xupu Yuefeng New Energy Co., Ltd. (“Xupu Yuefeng”) Province Hunan Province Electricity generation - 76.44% Investment
Wuxuan, Guangxi
Guangxi Zhuang Zhuang Autonomous
Guangxi Wuxuan Yuefeng New Energy Co., Ltd. (“Wuxuan Yuefeng”) Autonomous Region Region Electricity generation - 76.44% Investment
Huizhou Pingdian Comprehensive Energy Co., Ltd. (“Pingdian Comprehensive”) Huizhou Huizhou Electricity generation - 45.00% Investment
Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd. (“Zhuhai Wind
Power”) Zhuhai Zhuhai Electricity generation - 56.93% Investment
Guangdong Yudean Binhai Bay Energy Co., Ltd. (“Binhai Bay Company”) Dongguan Dongguan Electricity generation 100.00% - Investment
Guangdong Yuedian Daya Bay Integrated Energy Co., Ltd. (“Daya Bay
Company”) Huizhou Huizhou Electricity generation 70.00% - Investment
Guangdong Yuedian Qiming Energy Co., Ltd. (“Qiming Company”) Shenzhen Shenzhen Electricity generation 100.00% - Investment
Shenzhen Huaguoquan Electric Power Service Co., Ltd. (“Huaguoquan Business combinations involving
Company”) Shenzhen Shenzhen Leases 100.00% - enterprises not under common control
Shaoguan Nanxiong Yuefeng New Energy Co., Ltd. (“Nanxiong New Energy”) Shaoguan Shaoguan Electricity generation - 76.44% Investment
Guangdong Yudean Dananhai Smart Energy Co., Ltd. ("Dananhai Company") Jieyang Jieyang Electricity generation 100.00% - Investment
Guangdong Yudean Baihua Integrated Energy Co., Ltd. ("Baihua Company")
(Deregistered) (iii) Huizhou Huizhou Electricity generation 100.00% - Investment
Guangdong Energy Qingzhou Offshore Wind Power Co., Ltd. (“Qingzhou
Offshore Wind Power”) Yangjiang Yangjiang Electricity generation - 76.44% Investment
286
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities (Cont’d)
(1) Interests in subsidiaries (Cont’d)
(a) Constitution of the Group (Cont’d)
Major business
Subsidiaries location Place of registration Nature of business Shareholding (%) Acquisition method
Direct Indirect
Zhanjiang Wanhaowei New Energy Co., Ltd. (“Wanhaowei New Energy”) Zhanjiang Zhanjiang Electricity generation - 76.44% Investment
Zhanjiang Wanchuang Hengwei New Energy Co., Ltd. (“Wanchuang Hengwei New
Energy”) Zhanjiang Zhanjiang Electricity generation - 76.44% Investment
Business combinations involving
Guangdong Guangye Nanhua New Energy Co., Ltd. (“Nanhua New Energy”) Zhanjiang Zhanjiang Electricity generation - 38.98% enterprises not under common control
Business combinations involving
Guangdong Yueneng Datang New Energy Co., Ltd. (“Datang New Energy”) Guangzhou Guangzhou Electricity generation - 38.98% enterprises not under common control
Business combinations involving
Guangdong Yueneng Wind Power Co., Ltd. (“Yueneng Wind Power”) Zhanjiang Zhanjiang Electricity generation - 38.98% enterprises not under common control
Business combinations involving
Tumxuk Thermal Power Tumxuk Tumxuk Electricity generation 79.48% - enterprises not under common control
Guangdong Province Shajiao C Company Generation Corporation (“Sha C Business combinations involving
Company”) Guangzhou Guangzhou Electricity generation 51.00% - enterprises under common control
Business combinations involving
Guangdong Guanghe Power Co., Ltd. (“Guanghe Power”) Guangzhou Guangzhou Electricity generation - 51.00% enterprises under common control
Business combinations involving
Biomass Power Generation Zhanjiang Zhanjiang Electricity generation - 51.00% enterprises under common control
Business combinations involving
Xinhui Power Jiangmen Jiangmen Electricity generation - 45.90% enterprises under common control
Guangdong Yudean Huaqing Gas Joint Cycle Power Generation Co., Ltd. Business combinations involving
(“Huaqing Power”) (Deregistered) (iv) Jiangmen Jiangmen Electricity generation - 33.15% enterprises under common control
Business combinations involving
Yunhe Power Yunfu Yunfu Electricity generation 90.00% - enterprises under common control
Business combinations involving
Yunfu Yundian Energy Co., Ltd. (“Yundian Energy”) Yunfu Yunfu Electricity generation - 56.25% enterprises under common control
Business combinations involving
Yuehua Power Guangzhou Guangzhou Electricity generation 51.00% - enterprises under common control
Guangdong Yudean Yuehua Integrated Energy Co., Ltd. (“Yuehua Integrated Business combinations involving
Energy”) Guangzhou Guangzhou Electricity generation - 51.00% enterprises under common control
Business combinations involving
Guangzhou Huangpu Power Engineering Co., Ltd. (“Huangpu Power Engineering”) Guangzhou Guangzhou Electricity generation - 51.00% enterprises under common control
Guangdong Yuedian Bijie New Energy Co. Ltd. (“Bijie New Energy”) Bijie Bijie Electricity generation 100.00% - Investment
Zhanjiang Shangyang Energy Technology Co., Ltd. (“Shangyang Energy”) Zhanjiang Zhanjiang Electricity generation - 100.00% Acquisition of assets
Zhanjiang Potou District Guidian Energy Technology Co., Ltd. (“Guidian Energy”) Zhanjiang Zhanjiang Electricity generation - 100.00% Acquisition of assets
Xihua County Shunfeng New Energy Co., Ltd. (“Shunfeng New Energy”) Zhoukou Zhoukou Electricity generation - 76.44% Acquisition of assets
Wuzhi Jindian New Energy Technology Co., Ltd. (“Jindian New Energy”) Jiaozuo Jiaozuo Electricity generation - 76.44% Acquisition of assets
287
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities (Cont’d)
(1) Interests in subsidiaries (Cont’d)
(a) Constitution of the Group (Cont’d)
Subsidiaries Major business location Place of registration Nature of business Shareholding (%) Acquisition method
Direct Indirect
Lianjiang Yuefeng New Energy Co., Ltd. (“Lianjiang New Energy”) Zhanjiang Zhanjiang Electricity generation - 76.44% Investment
Yunfu Luoding Yuefeng New Energy Co., Ltd. (“Luoding Yuefeng”) Luoding Luoding Electricity generation - 76.44% Investment
Linfen Zhaocheng Yuefeng New Energy Co., Ltd. (“Zhaocheng Yuefeng”) Linfen Linfen Electricity generation - 76.44% Investment
Meizhou Wuhua Yuefeng New Energy Co., Ltd. (“Wuhua New Energy”) Meizhou Meizhou Electricity generation - 76.44% Investment
Laishui Yingyang New Energy Technology Co., Ltd. (“Yingyang New
Energy”) Baoding Baoding Electricity generation - 76.44% Acquisition of assets
Laishui Lineng New Energy Technology Co., Ltd. (“Lineng New Energy”) Baoding Baoding Electricity generation - 76.44% Acquisition of assets
Huizhou Longmen Yuefeng New Energy Co., Ltd. (“Longmen New Energy”) Huizhou Huizhou Electricity generation - 76.44% Investment
Inner Mongolia Yuefeng New Energy Co., Ltd. (“Inner Mongolia New
Energy”) Hohhot Hohhot Electricity generation - 76.44% Investment
Zhuhai Yuefeng New Energy Co., Ltd. (“Zhuhai New Energy”) Zhuhai Zhuhai Electricity generation - 76.44% Investment
Dun’An New Energy Langfang Langfang Electricity generation - 61.15% Acquisition of assets
Gaotang Shihui New Energy Co., Ltd. (“Gaotang New Energy”) Liaocheng Liaocheng Electricity generation - 76.44% Acquisition of assets
Guangdong Shaoguan Guangdong Electric Power New Energy Co., Ltd.
(“Shaoguan New Energy”) Shaoguan Shaoguan Electricity generation 100.00% - Investment
Tumxuk Yudean Hanhai New Energy Co., Ltd. (“Hanhai New Energy”) Tumxuk Tumxuk Electricity generation 100.00% - Investment
Yudean Jinxiu Integrated Energy Co., Ltd. (“Jinxiu Integrated Energy”) Laibin Laibin Electricity generation 90.00% - Investment
Nanjing Senhong New Energy Co., Ltd. (“Senhong New Energy”) Nanjing Nanjing Electricity generation 100.00% - Acquisition of assets
Jinchang Muhong New Energy Co., Ltd. (“Muhong New Energy”) Jinchang Jinchang Electricity generation - 100.00% Acquisition of assets
Nanjing Linyuan Senhai New Energy Co., Ltd. (“Senhai New Energy”) Nanjing Nanjing Electricity generation 100.00% - Acquisition of assets
Jinchang Jieyuan Mujin New Energy Co., Ltd. (“Mujin New Energy”) Jinchang Jinchang Electricity generation - 100.00% Acquisition of assets
Guangdong Yudean Huibo New Energy Co., Ltd. (“Huibo New Energy”) Huizhou Huizhou Electricity generation 100.00% - Investment
Taishan Dongrun Zhongneng New Energy Co., Ltd. (“Dongrun Zhongneng
New Energy”) Taishan Taishan Electricity generation 100.00% - Acquisition of assets
Taishan Dongrun Qingneng New Energy Co., Ltd. (“Dongrun Qingneng New
Energy”) Taishan Taishan Electricity generation - 100.00% Acquisition of assets
Taishan Runze Jieyuan New Energy Co., Ltd. (“Runze Jieyuan New
Energy”) Taishan Taishan Electricity generation - 100.00% Acquisition of assets
288
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities (Cont’d)
(1) Interests in subsidiaries (Cont’d)
(a) Constitution of the Group (Cont’d)
Subsidiaries Major business location Place of registration Nature of business Shareholding (%) Acquisition method
Direct Indirect
Guangdong Yudean Maoming Natural Gas Thermal Power Co., Ltd.
(“Maoming Natural Gas”) Maoming Maoming Electricity generation 85.00% - Investment
Meizhou Xingyue New Energy Co., Ltd. (“Xingyue New Energy”) Meizhou Meizhou Electricity generation 100.00% - Investment
Guangdong Yudean Huixin Thermal Power Co., Ltd. (“Huixin Thermal
Power”) Huizhou Huizhou Electricity generation 85.00% - Investment
Kashi Prefecture, Kashi Prefecture,
Yudean Shache Integrated Energy Co., Ltd. (“Shache Integrated Energy”) Xinjiang Xinjiang Electricity generation 100.00% - Acquisition of assets
Laixi Xinguangyao New Energy Technology Co., Ltd. (“Xinguangyao New
Energy”) Qingdao Qingdao Electricity generation 99.00% - Acquisition of assets
Laixi Telian New Energy Technology Co., Ltd. (“Telian New Energy”) Qingdao Qingdao Electricity generation - 99.00% Acquisition of assets
Pingdu Lianyao New Energy Technology Co., Ltd. (“Lianyao New Energy”) Qingdao Qingdao Electricity generation - 99.00% Acquisition of assets
Jiuzhou New Energy Zhaoqing Zhaoqing Electricity generation 100.00% - Acquisition of assets
Xiangtan XEMC Changshan Wind Power Co., Ltd. (“Changshan Wind
Power”) Xiangtan Xiangtan Electricity generation 100.00% - Acquisition of assets
Yunfu Luoding Yudean New Energy Co., Ltd. (“Luoding New Energy”) Luoding Luoding Electricity generation 100.00% - Investment
Zhuhai Yudean New Energy Zhuhai Zhuhai Electricity generation 100.00% - Investment
Tumxuk Changhe Tumxuk Tumxuk Electricity generation 100.00% - Investment
Zhenneng New Energy Yunfu Yunfu Electricity generation 100.00% - Investment
Zhonggong Energy Maoming Maoming Electricity generation 100.00% - Acquisition of assets
Yahua New Energy Maoming Maoming Electricity generation 100.00% - Acquisition of assets
Xinjiang Co., Ltd. Urumqi Urumqi Electricity generation 100.00% - Investment
Xinjiang Integrated Energy Urumqi Urumqi Electricity generation 100.00% - Investment
Gaozhou New Energy Maoming Maoming Electricity generation 100.00% - Investment
Xintian Yuefeng Yongzhou Yongzhou Electricity generation - 76.44% Investment
Lanshan Yuefeng Yongzhou Yongzhou Electricity generation - 76.44% Investment
Lianjiang Hangneng Lianjiang Lianjiang Electricity generation - 76.44% Acquisition of assets
289
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities (Cont’d)
(1) Interests in subsidiaries (Cont’d)
(a) Constitution of the Group (Cont’d)
Major business
Subsidiaries location Place of registration Nature of business Shareholding (%) Acquisition method
Direct Indirect
Electricity
Herun New Energy Bozhou Bozhou generation - 76.44% Acquisition of assets
Electricity
Guangxi Hangneng Laibin Laibin generation - 76.44% Acquisition of assets
Electricity
Jincheng Yuefeng Jincheng Jincheng generation - 68.80% Investment
Electricity
Baiyin Yuefeng Baiyin Baiyin generation - 76.44% Investment
Electricity
Yunan Yuexin Company Yunfu Yunfu generation - 76.44% Investment
(i) 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.
(ii) 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.
(iii) Baihua Company, a subsidiary of the Company, held a shareholders' meeting on 9 October 2023, and decided to complete the cancellation of Baihua
Company in 2023. The liquidation and cancellation of Baihua Company will correspondingly change the scope of the Company's consolidated financial
statements. However, it will not have a significant impact on the Company's existing business and operating results, and will not harm the interests of the
Company and its shareholders. As at 16 November 2023, the liquidation and cancellation of Baihua Company had been completed.
290
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities (Cont’d)
(1) Interests in subsidiaries (Cont’d)
(a) Constitution of the Group (Cont’d)
(iv) Huaqing Power, a subsidiary of the Company, held a shareholders' meeting on 1 May 2023, and decided to complete the cancellation of Huaqing Power in
2023. The liquidation and cancellation of Baihua Company will correspondingly change the scope of the Company's consolidated financial statements.
However, it will not have a significant impact on the Company's existing business and operating results, and will not harm the interests of the Company
and its shareholders. As at 12 September 2023, the liquidation and cancellation of Huaqing Power had been completed.
(b) Subsidiaries with significant minority interests
The Group identifies subsidiaries with significant minority interests by considering the proportion of subsidiaries' minority interests to the Group's total
minority interests. These subsidiaries are listed as follows:
Shareholding of minority Gains or losses attributable to Dividends distributed to Minority interests as at 31
Subsidiaries shareholders (%) minority shareholders in 2023 minority shareholders in 2023 December 2023
Guangdong Wind Power (ii) 23.56% 10,942,414 - 3,560,243,474
Pinghai Power 55.00% 425,487,064 103,912,297 1,332,860,237
Jinghai Power 35.00% 120,725,228 - 1,041,793,817
Red Bay Power 35.00% 79,010,586 - 966,798,757
Zhanjiang Electric 24.00% 48,180,998 - 860,709,006
Huizhou Natural Gas 33.00% 167,613,318 61,368,052 800,356,703
Bohe Energy(iii) 33.00% 169,950,073 - 674,423,368
(i) Dividends distributed to minority shareholders in 2023 had all been paid off in the current year.
(ii) In 2023, Guangdong Wind Power, a subsidiary of the Company, introduced strategic investors through a public listing for capital increase and share
expansion. Consequently, the shareholding ratio of Guangdong Electric Power in Guangdong Wind Power decreased from 100% to 76.44%. The capital
increase and share expansion absorbed a total investment of RMB 4,500,000,000. Minority interests of RMB 3,547,645,064 and capital surplus of RMB
952,354,936 were recognised.
291
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities (Cont’d)
(1) Interests in subsidiaries (Cont’d)
(b) Subsidiaries with significant minority interests (Cont'd)
(iii) In 2023, pursuant to the resolution of the Board of Directors of the Company, Bohe Energy was approved to reduce the capital of the power plant project
(Phase I) and the terminal project, with a total amount of RMB 3,103,013,372 based on the same proportion to the shareholding. The Company and
minority shareholders reduced RMB 2,079,018,959 and RMB 1,023,994,413, respectively.
Major financial information of material non-wholly-owned subsidiaries of the Group is listed below:
31 December 2023 31 December 2022
Non-current Current Non-current Non-current Current Non-current
Current assets assets Total assets liabilities liabilities Total liabilities Current assets assets Total assets liabilities liabilities Total liabilities
Guangdong Wind
Power 11,232,266,730 47,293,819,352 58,526,086,082 9,299,390,874 33,197,787,783 42,497,178,657 — — — — — —
Pinghai Power 1,939,030,964 2,289,508,505 4,228,539,469 1,000,271,724 804,885,496 1,805,157,220 1,698,935,258 2,801,846,254 4,500,781,512 1,222,698,173 1,448,471,888 2,671,170,061
Jinghai Power 1,813,538,355 7,183,942,867 8,997,481,222 3,931,004,172 2,089,923,287 6,020,927,459 1,385,798,584 6,990,898,911 8,376,697,495 4,133,096,606 1,611,955,884 5,745,052,490
Red Bay Power 1,191,880,563 5,071,759,933 6,263,640,496 3,245,379,396 218,836,079 3,464,215,475 1,335,712,024 4,930,149,572 6,265,861,596 3,471,806,657 400,374,451 3,872,181,108
Zhanjiang Electric 2,758,759,283 1,204,990,253 3,963,749,536 347,366,674 30,095,337 377,462,011 2,470,759,774 1,240,611,761 3,711,371,535 295,849,495 27,101,881 322,951,376
Huizhou Natural Gas 488,990,567 2,598,386,535 3,087,377,102 562,374,680 99,679,081 662,053,761 517,592,961 2,727,400,652 3,244,993,613 854,386,780 287,238,842 1,141,625,622
Bohe Energy 1,328,342,678 7,654,051,205 8,982,393,883 1,199,547,165 5,739,139,541 6,938,686,706 2,349,678,889 6,994,607,638 9,344,286,527 2,427,792,723 2,293,016,300 4,720,809,023
2023 2022
Total comprehensive Cash flows from Total comprehensive Cash flows from
Revenue Net profit income operating activities Revenue Net profit/(loss) income operating activities
Guangdong Wind
Power 2,926,077,479 360,484,858 360,484,858 1,882,555,033 — — — —
Pinghai Power 5,629,394,497 773,612,843 773,612,843 1,391,774,070 5,210,093,742 116,002,938 116,092,947 119,302,012
Jinghai Power 7,515,001,585 344,929,223 344,929,223 1,148,863,997 6,996,344,270 (351,301,626) (351,301,626) (197,695,023)
Red Bay Power 5,778,506,230 225,744,533 225,744,533 844,565,918 5,565,503,172 (327,101,569) (327,351,941) 262,097,971
Zhanjiang Electric 2,632,129,542 200,754,158 200,754,158 346,042,495 2,527,747,682 (316,547,774) (316,547,774) (234,066,362)
Huizhou Natural Gas 4,819,681,306 507,919,146 507,919,146 895,932,452 3,250,426,792 206,626,438 206,626,438 692,909,637
Bohe Energy 4,341,202,832 515,000,223 515,000,223 678,906,610 4,246,193,380 8,853,910 8,853,910 399,072,873
292
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities (Cont’d)
(2) Interests in joint ventures and associates
(a) Basic information of significant joint ventures and associates
The Group identifies significant joint ventures and associates by considering factors such as the
carrying amount of joint ventures and associates, and the proportion of long-term equity investment
income accounted for under the equity method to the Group's consolidated net profit. These
important joint ventures and associates are listed as follows:
Whether
Major strategic to the
business Place of Nature of Group's
location registration business activities Shareholding (%)
Direct Indirect
Joint ventures -
Guangzhou, Guangzhou,
Industry Fuel Guangdong Guangdong Fuel trading Yes 50.00% -
Associates -
Shanxi Yudean Taiyuan, Taiyuan, Mining, power
Energy Shanxi Shanxi generation Yes 40.00% -
Energy Group
Finance Guangzhou, Guangzhou,
Company Guangdong Guangdong Finance Yes 25.00% 15.00%
Taishan Power Taishan, Taishan, Power
Generation Guangdong Guangdong generation Yes 20.00% -
Energy Financial
Leasing Guangzhou, Guangzhou,
Company Guangdong Guangdong Finance leases Yes 25.00% -
The equity investments are accounted for using the equity method by the Group.
293
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities (Cont’d)
(2) Interests in joint ventures and associates (Cont’d)
(b) Summarised financial information of significant joint ventures
31 December 2023 31 December 2022
Industry Fuel Industry Fuel
Current assets 8,024,034,962 9,759,872,215
Non-current assets 9,370,464,679 6,787,019,420
Total assets 17,394,499,641 16,546,891,635
Current liabilities 9,019,251,783 10,717,387,818
Non-current liabilities 6,255,984,762 4,030,111,167
Total liabilities 15,275,236,545 14,747,498,985
Minority interests 81,448,266 67,010,551
Attributable to shareholders of the parent
company 2,037,814,830 1,732,382,099
Share of net assets based on shareholding (i) 1,018,907,415 866,191,050
Adjustments - Unrealised profits from intra-
group transactions (151,670,636) (155,792,047)
Carrying amount of equity investment in joint
ventures 867,236,779 710,399,003
Revenue 34,256,422,537 41,154,918,017
Net profit 309,769,596 129,856,977
Including: Attributable to the parent
company 309,769,596 129,856,977
Other comprehensive income 2,379,228 -
Including: Attributable to the parent
company 2,379,228 -
Total comprehensive income 312,148,824 129,856,977
Dividends received from joint ventures by the
Group for the current year - -
294
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities (Cont’d)
(2) Interests in joint ventures and associates (Cont’d)
(b) Summarised financial information of significant joint ventures (Cont’d)
(i) Share of asset is calculated according to shareholding based on the amount attributable to the parent
company in the consolidated financial statements of joint ventures. The amount in the consolidated
financial statements of joint ventures considers the impacts of fair value of identifiable assets and liabilities
of joint ventures at the time of acquisition and the unification of accounting policies. The assets involved in
the transactions between the Group and joint ventures do not constitute a business.
(c) Summarised financial information of significant associates
31 December 2023 31 December 2022
Energy Financial
Shanxi Yudean Leasing Shanxi Yudean Energy Financial
Energy Company Energy Leasing Company
Current assets 2,438,117,630 983,919,263 1,782,312,074 1,012,915,138
Non-current assets 9,042,003,417 12,423,147,050 8,228,428,605 9,190,015,523
Total assets 11,480,121,047 13,407,066,313 10,010,740,679 10,202,930,661
Current liabilities 364,675,479 2,049,832,959 606,329,317 2,688,451,249
Non-current liabilities 2,254,750,421 9,177,722,708 1,697,937,309 5,365,450,397
Total liabilities 2,619,425,900 11,227,555,667 2,304,266,626 8,053,901,646
Minority interests 13,510,734 - 76,642,198 -
Attributable to shareholders of
the parent company 8,847,184,413 2,179,510,646 7,629,831,855 2,149,029,015
Share of net assets based on
shareholding (i) 3,538,873,765 544,877,662 3,051,932,742 537,257,254
Adjustments
- Others (ii) - - (32,579,800) -
Carrying amount of equity
investment in associates 3,538,873,765 544,877,662 3,019,352,942 537,257,254
Revenue 245,492,971 357,450,462 193,310,933 312,042,217
Investment income 1,130,614,513 1,774,795 1,317,744,134 1,003,115
Net profit 1,163,153,949 112,767,410 1,319,342,256 92,970,585
Including: Attributable to the
parent company 1,161,348,196 112,767,410 1,315,439,222 92,970,585
Other comprehensive income - - - -
Including: Attributable to the
parent company - - - -
Total comprehensive income 1,163,153,949 112,767,410 1,319,342,256 92,970,585
Dividends received from
associates by the Group for the
current year - 20,571,445 - 18,292,179
295
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities (Cont’d)
(2) Interests in joint ventures and associates (Cont’d)
(c) Summarised financial information of significant associates (Cont’d)
31 December 2023 31 December 2022
Energy Group Taishan Power Energy Group Taishan Power
Finance Company Generation Finance Company Generation
Current assets 13,192,594,942 4,614,346,037 8,044,309,162 3,007,543,498
Non-current assets 18,430,616,356 8,310,428,670 18,171,209,855 8,964,593,732
Total assets 31,623,211,298 12,924,774,707 26,215,519,017 11,972,137,230
Current liabilities 27,220,413,342 2,975,341,169 21,896,121,072 2,465,364,570
Non-current liabilities 83,959,299 - 91,587,142 -
Total liabilities 27,304,372,641 2,975,341,169 21,987,708,214 2,465,364,570
Minority interests - - - -
Attributable to
shareholders of the
parent company 4,318,838,657 9,949,433,538 4,227,810,803 9,506,772,660
Share of net assets based
on shareholding (i) 1,727,535,463 1,989,886,708 1,691,124,321 1,901,354,532
Adjustments
- Goodwill 13,325,000 - 13,325,000 -
Carrying amount of equity
investment in
associates 1,740,860,463 1,989,886,708 1,704,449,321 1,901,354,532
Revenue 723,455,899 12,708,122,816 765,272,582 12,253,136,746
Net profit 362,971,495 1,220,438,041 379,076,682 584,432,230
Including: Attributable to
the parent
company 362,971,495 1,220,438,041 379,076,682 584,432,230
Other comprehensive
income 50,271,540 - 24,846,733 -
Including: Attributable to
the parent
company 50,271,540 - 24,846,733 -
Total comprehensive
income 413,243,035 1,220,438,041 403,923,415 584,432,230
Dividends received from
associates by the
Group for the current
year 128,886,072 161,640,736 123,894,709 -
(i) Share of net asset is calculated in proportion to the shareholding based on the amount attributable to
the parent company in the consolidated financial statements of associates. The amount in the
consolidated financial statements of associates considers the impacts of fair value of identifiable
assets and liabilities of associates at the time of acquisition and the unification of accounting policies.
The assets involved in the transactions between the Group and associates do not constitute a
business.
296
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities (Cont’d)
(2) Interests in joint ventures and associates (Cont’d)
(c) Summarised financial information of significant associates (Cont’d)
(ii) As at 29 August 2022, Shanxi Yudean Energy applied to GEGC and the Group for a capital
increase of RMB 460,749,100. Among which the Group shall contribute RMB 184,299,600 at the
shareholding proportion of 40%. The Group actually contributed RMB 130,000,000 for capital
increase in 2022 and paid the remaining capital of RMB 54,299,600 in the current year.
(d) Summarised information of insignificant joint ventures and associates
2023 2022
Joint ventures:
Aggregated carrying amount of investments 177,391,197 181,171,920
Aggregate of the following items in
proportion
Net loss (i) (3,780,723) (2,506,598)
Other comprehensive income (i) - -
Total comprehensive income (3,780,723) (2,506,598)
Associates:
Aggregated carrying amount of investments 937,715,623 1,144,068,211
Aggregate of the following items in
proportion
Net (loss)/profit (i) (166,925,239) 79,648,992
Other comprehensive income (i) 329,422 1,855,914
Total comprehensive income (166,595,817) 81,504,906
(i) The net (loss)/profit and other comprehensive income have taken into account the impacts of both
the fair value of the identifiable assets and liabilities upon the acquisition of investment at the time
of acquisition and the unification of accounting policies.
297
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
7 Segment information
As the Group's revenue and expenses, assets and liabilities are primarily associated with sale of
electric power and other related products, the Group's management, taking the sale of electric
power as a whole business, periodically obtains accounting information relating to financial status,
operating results and cash flow for assessment. Therefore, there is only the electric power
segment in the Group.
The Group’s revenue from main operations derives from the development and operation of
electric plants in China and all assets are within China.
In 2023, the revenue earned by the Group’s power plants from Southern Power Grid Company
and State Grid Corporation of China amounted to RMB 58,843,189,030 (2022: RMB
51,889,521,596), which took up 98.55% of the Group’s revenue (2022: 98.53%).
8 Related parties and related party transactions
(1) General information of the parent company
(a) General information of the parent company
Place of registration Nature of business
Operation and management of power generation enterprises,
capital management of electricity assets, construction of power
GEGC Guangzhou plant and sale of electricity
The ultimate holding party of the Company is State-owned Assets Supervision and Administration
Commission of the People's Government of Guangdong Province.
(b) Registered capital and changes in registered capital of the parent company
31 December Increase in the Decrease in the 31 December
2022 current year current year 2023
GEGC 23,000,000,000 300,000,000 - 23,300,000,000
(c) The percentages of shareholding and voting rights in the Company held by the parent company
31 December 2023 31 December 2022
Shareholding Voting rights Shareholding Voting rights
(%) (%) (%) (%)
GEGC 67.39% 67.39% 67.39% 67.39%
298
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(2) Information of subsidiaries
The general information and other related information of the subsidiaries are set out in Note
6(1)(a).
(3) Information of joint ventures and associates
Apart from significant joint ventures and associates disclosed in Note 6, other joint ventures and
associates that involved in related party transactions with the Group are listed as follows:
Name of entity Relationship with the Group
GEG Property Insurance Associate
Yudean Shipping Associate
Yunfu B Associate
Zhonghang Shenxin Associate
(4) Information of other related parties
Relationship with the Group
Guangdong Zhuhai Jinwan Power Co., Ltd. (“Zhuhai Jinwan
Electric”) Controlled by GEGC
Guangdong Yudean Property Management Co., Ltd. (“Yudean
PM”) Controlled by GEGC
Guangdong Yudean Information Technology Co., Ltd. (“Yudean
Information Technology”) Controlled by GEGC
Yudean Environmental Controlled by GEGC
Guangdong Yudean Environmental Protection Materials Co.,
Ltd. (“Environmental Protection Materials”) Controlled by GEGC
Guangdong Yuelong Power Generation Co., Ltd. (“Yuelong
Power”) Controlled by GEGC
Guangdong Yudean Zhongshan Thermal Power Plant
(“Zhongshan Thermal”) Controlled by GEGC
Guangzhou Development District Yudean New Energy Co., Ltd.
(“Yudean New Energy”) Controlled by GEGC
Guangdong Energy Group Natural Gas Co., Ltd. (“Guangdong
Energy Natural Gas”) Controlled by GEGC
Zhuhai Special Economic Zone Guangzhu Power Generation
Co., Ltd. (“Guangzhu Power”) Controlled by GEGC
Guangdong Energy Group Co., Ltd., Zhuhai Power Plant
(“Zhuhai Power”) Controlled by GEGC
Inner Mongolia Yudean Menghua New Energy Co., Ltd.
(“Menghua New Energy”) Controlled by GEGC
Huizhou Liquefied Natural Gas Controlled by GEGC
299
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(5) Related party transactions
(a) Purchase and sale of goods, and rendering and receiving of services
Purchase of goods and receiving of services:
Pric
Type of related
Related parties party transaction 2023
Industry Fuel Purchase of fuel Agreement price
Guangdong Energy
Natural Gas Purchase of fuel Agreement price
Receipt of
operational
GEGC services Agreement price
Purchase of
materials/Receipt
of consulting
Yudean Environmental services Agreement price
Environmental Purchase of
Protection Materials materials Agreement price
GEG Property Receipt of
Insurance insurance services Agreement price
Receipt of property
Yudean PM services Agreement price
Receipt of tug
Yudean Shipping services Agreement price
Others Receipt of services Agreement price
Sale of goods and rendering of services:
Pric
Type of related party
Related parties transaction 2023 2022
Yudean Revenue from sale of
Environmental by-products Agreement price 214,074,827 266,854,916
Provision of
maintenance, repair
and other labour
Yunfu B services Agreement price 33,687,399 6,410,538
Provision of
maintenance and
GEGC repair services Agreement price 32,798,238 45,731,154
Provision of
maintenance and
Zhongshan Thermal repair services Agreement price 23,156,952 17,397,443
Provision of
maintenance and
Guangzhu Power repair services Agreement price 15,522,479 -
Zhuhai Jinwan Carbon emission
Electric allowances trading Agreement price 11,446,934 -
Provision of
maintenance and
Zhuhai Power repair services Agreement price - 10,034,988
Others Provision of services Agreement price 19,709,876 17,759,984
350,396,705 364,189,023
300
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(5) Related party transactions (Cont’d)
(b) Purchase of electric power
Related parties 2023 2022
Guangzhu Power 261,748,980
Zhuhai Jinwan
Electric 247,530,701
Zhongshan
Thermal 61,256,035
Yunfu B 53,330,832
Yuelong Power 48,843,285
672,709,833
The amount for purchase of electric power is determined by the difference of decrease in current
on-grid electricity price and purchased quantity of electricity agreed by companies selling electric
power and power plants from related parties.
(c) Leases
Right-of-use assets increased in the current year with the Group as the lessee:
Type of the leased
Name of the lessor asset 2023 2022
Lease of
Energy Financial machinery and
Leasing Company equipment 3,130,332,097 1,765,522,635
Others Housing rental 1,947,837 3,595,926
3,132,279,934 1,769,118,561
Interest costs on lease liabilities in the current year with the Group as the lessee:
2023 2022
Energy Financial
Leasing Company 290,713,763 269,949,925
Others 179,756 1,039,339
290,893,519 270,989,264
301
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(5) Related party transactions (Cont’d)
(d) Guarantees
The Company as the guarantor
Whether the
guarantee
Guaranteed Guaranteed has been
Guaranteed party amount interest Starting date Maturity date fulfilled or not
GEGC (i) 1,894,720,000 14,318,477 03/12/2019 15/09/2043 No
(i) In order to perform the Loan Agreement for the Guangdong Yudean Yangjiang Shapa offshore
wind power project signed between the People's Republic of China (“PRC”) and New
Development Bank (“NDB”) (“Loan Agreement with NDB”) on 3 December 2019, Project
Agreement signed between NDB and the People’s Government of Guangdong Province
(“provincial government”) (“Project Agreement with NDB”), Loan Transfer Agreement signed
between the Ministry of Finance and the provincial government (“Loan Transfer Agreement with
the Ministry of Finance”) and Loan Transfer Agreement signed between the Department of
Finance of Guangdong Province and GEGC (“Loan Transfer Agreement with the Department of
Finance of Guangdong Province”), Yangjiang Wind Power signed Loan Transfer Agreement with
GEGC (Loan Transfer Agreement with GEGC) in 2020, specifying that GEGC shall transfer loans
of RMB 2,000,000,000 (“Project Loan”) to Yangjiang Wind Power; meanwhile, the Company
signed a joint liability guarantee contract with GEGC, specifying that the Company provides joint
liability guarantee for all liabilities of Yangjiang Wind Power under the Loan Transfer Agreement
with GEGC on behalf of GEGC to the Department of Finance of Guangdong Province from 3
December 2019 to 15 September 2043, and the guarantee scope includes but not limited to
principal and interest. As at 31 December 2023, Yangjiang Wind Power borrowed pledged loan of
RMB 1,894,720,000 from NDB, and the interest payable was RMB 14,318,477 The right to collect
electric charges was pledged for such borrowings.
The above Project Loan was transferred to the provincial government by the Ministry of Finance
under the country’s authorisation according to the same loan conditions, then transferred to
GEGC by the Department of Finance of Guangdong Province under the provincial government’s
authorisation, and finally transferred to Yangjiang Wind Power by GEGC. The above Project Loan
was actually provided in entrusted payment. The cash would not flow through the bank accounts
of the Ministry of Finance, Department of Finance of Guangdong Province and GEGC, and
Yangjiang Wind Power, the actual debtor of the Project Loan, directly withdrew and repaid the
loan through its account of NDB. The Project Loan was guaranteed by the Company for GEGC,
and actually the Company provided guarantee for the Project Loan obtained by Yangjiang Wind
Power from NDB. Therefore, after consulting the Company’s legal adviser, management
considered that joint liability guarantee provided by the Group for GEGC would not constitute
GEGC’s occupation of the Group’s funds.
302
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(5) Related party transactions (Cont’d)
(e) Lending among related parties
(i) According to the 2023 Framework Agreement on Financial Services between the Company and
Energy Group Finance Company, Energy Group Finance Company is committed to offering the
Group a credit line of no more than RMB 37,000 million in 2023. In 2023, the Group borrowed a
total of RMB 11,080,995,965 (2022: RMB 13,699,996,952) from Energy Group Finance Company
based on actual capital requirement. The Group paid an interest of RMB 298,945,500 (2022: RMB
340,462,529) for such borrowings (Note 8(5)(h) for details).
(ii) In 2023, the net increase of the Group’s deposits in Energy Group Finance Company was RMB
5,443,079,144 (2022: a net increase of RMB 2,259,804,496), and there was no change in the
amount of the Group’s other cash balances deposited in Energy Group Finance Company (2022:
a net increase of RMB 6,000,000). Interest due from Energy Group Finance Company amounted
to RMB 113,133,224 (2022: RMB 112,312,499) (Note 8(5)(g)). In light of the frequent deposits and
withdrawals, the Group only disclosed the amount of net change in deposits.
(iii) According to the three-party agreement signed among the Group, Energy Group Finance
Company and Industry Fuel, the notes opened by the Group in Energy Group Finance Company
and issued to Industry Fuel represented the amount payable to Energy Group Finance Company if
such notes were discounted with Energy Group Finance Company by Industry Fuel. Given the
frequent transactions, only the net change of the balance of commercial acceptance notes
discounted with Energy Group Finance Company as at 31 December is disclosed. As at 31
December 2023, the net amount of Energy Group Finance Company’s discounting of acceptance
notes issued by the Group to Industry Fuel increased by RMB 115,000,000. In 2023, the
discounting interest charged by Energy Group Finance Company and borne by the Group which
was included in the discounting interest expenses in the current year amounted to RMB 6,617,722
(2022: RMB 19,284,125) (Note 8(5)(h) for details).
(iv) Based on the Framework Agreement on Financial Lease between the Company and Energy
Finance Leasing Company in 2023, Energy Finance Leasing Company is committed to offering
the Group a credit line of no more than RMB 16,000 million, which is reusable during the one-year
agreement period. In 2023, the new lease liabilities incurred in the transaction between the Group
and Energy Finance Leasing Company were RMB 3,130,332,097 (2022: RMB 1,765,522,635), the
finance lease payment was RMB 1,104,099,818 (2022: RMB 658,995,715). and the advance
payment received was RMB 240,453,119 (2022: Nil).
303
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(5) Related party transactions (Cont’d)
(f) Allocation of common expenses
The Company’s subsidiary Shajiao A Power Plant and GEGC agreed to share common
expenses based on their agreed allocation percentage. In 2023, the common expenses received
by the Group from GEGC were RMB 5,876,947 (2022: RMB 5,496,475).
(g) Interest income
Type of related
Related parties party transaction 2023 2022
Energy Group Finance
Company Interest on deposits 113,133,224 112,312,499
(h) Interest costs
Type of related
Related parties party transaction 2023 2022
Energy Group Finance Interest on
Company borrowings 298,945,500 340,462,529
Energy Group Finance Notes discount
Company charges 6,617,722 19,284,125
305,563,222 359,746,654
In 2023, the loans provided by Energy Group Finance Company to the Group carried an annual
interest rate from 2.40% to 3.94% (2022: from 2.75% to 4.26%).
304
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(5) Related party transactions (Cont’d)
(j) Joint investment
As at 31 December 2023, subsidiaries, joint ventures and associates jointly invested by the Group
and GEGC are listed below:
Percentage of equity attributable to
GEGC
Maoming Thermal 30.12%
Bohe Energy 33.00%
Sha C Company 49.00%
Guanghe Power 49.00%
Biomass Power Generation 49.00%
Xinhui Power 44.10%
Energy Group Finance Company 60.00%
Industry Fuel 50.00%
Shanxi Yudean Energy 60.00%
GEG Property Insurance 51.00%
Energy Financial Leasing Company 50.00%
Yudean Shipping 65.00%
Yueqian Power 17.48%
Yangjiang Wind Power 10.96%
Zhuhai Wind Power 5.72%
(k) Remuneration of key management
2023 2022
Remuneration of key management 4,924,127 6,557,221
305
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(6) Receivables from and payables to related parties
Receivables from related parties
31 December 31 December
2023 2022
Cash at bank and on
hand Energy Group Finance Company
- Cash at bank 14,171,704,397 8,728,625,253
- Other cash
balances 12,000,000 12,000,000
- Interest receivable 41,474,591 36,396,774
14,225,178,988 8,777,022,027
Accounts receivables GEGC 8,165,793 18,753,148
Zhuhai Power - 5,115,602
Yudean New Energy - 4,192,479
Others 23,270,780 11,485,458
31,436,573 39,546,687
Contract assets Zhuhai Power 26,094 2,029,830
GEGC 3,600 -
Others 961,101 74,139
990,795 2,103,969
31 December 31 December
2023 2022
Other receivables Yudean Environmental 77,083,510 131,141,189
Industry Fuel 21,525,622 1,700,776
Energy Financial Leasing Company - 240,453,119
Others 15,285,557 16,292,201
113,894,689 389,587,285
Advances to suppliers Industry Fuel 1,309,518,653 1,107,710,903
Others 897,183 1,905,036
1,310,415,836 1,109,615,939
Other non-current
assets Yudean Technology - 250,000
As at 31 December 2023 and 31 December 2022, the Group made no provision for bad debts of
receivables from related parties.
306
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(6) Receivables from and payables to related parties (Cont’d)
Payables to related parties (Cont’d):
31 December 31 December
2023 2022
Notes payables Energy Group Finance Company 275,000,000 597,272,076
Accounts payables Industry Fuel 2,810,463,766 4,566,760,528
Guangdong Energy Natural Gas 224,060,788 180,748,337
GEGC 118,816,771 262,414,344
Yudean Environmental 43,397,880 40,995,467
Environmental Protection Materials 23,045,619 21,639,938
Others 6,981,342 4,661,297
3,226,766,166 5,077,219,911
Other payables Huizhou Liquefied Natural Gas 177,384,900 -
Yudean Environmental 19,782,246 -
Menghua New Energy 10,240,523 10,240,523
Yudean PM 6,563,681 2,852,932
Others 11,965,534 3,748,327
225,936,884 16,841,782
Lease liabilities Energy Financial Leasing Company 9,376,928,040 6,697,106,654
307
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(6) Receivables from and payables to related parties (Cont’d)
Receivables from and payables to related parties (Cont’d):
31 December 2023 31 December 2022
Short-term borrowings
Energy Group Finance
Company
- Principal 4,989,897,653 5,723,903,012
- Interest 3,972,710 5,323,466
4,993,870,363 5,729,226,478
Current portion of non-
current liabilities
Energy Group Finance
Company
- Principal 293,160,667 222,079,444
- Interest 6,012,618 5,112,690
GEGC
- Principal - -
- Interest - 527,083
299,173,285 227,719,217
Energy Financial Leasing
Company 102,595,561 769,850,008
Long-term borrowings
Energy Group Finance
Company
- Principal 5,131,596,996 3,962,102,717
GEGC
- Principal - 500,000,000
5,131,596,996 4,462,102,717
308
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
9 Commitments
(1) Capital commitments
Capital expenditures contracted for by the Group but are not yet necessary to be recognised on
the balance sheet as at the balance sheet date are as follows:
31 December 2023 31 December 2022
Buildings and power generation equipment 17,532,539,313 27,198,894,118
The above capital commitments will be primarily used for the construction of new electric plants
and the purchase of new generator units.
(2) Investment commitments
(a) In September 2022, Guangdong Wind Power, a subsidiary of the Group, signed a framework
agreement with Shandong Fengxu for the acquisition of its 100% equity in Gaotang Fengxu New
Energy Co., Ltd. As at 31 December 2023, Guangdong Wind Power paid a deposit of RMB
41,226,000 to Shandong Fengxu (Note 4(17)), 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 a 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 31 December 2023, Guangdong
Wind Power paid a deposit of RMB 52,200,000 to Hengyang New Energy (Note 4(17)), but the
consideration for the equity transaction has not yet been determined.
(c) In September 2022, Guangdong Wind Power, a subsidiary of the Group, signed a framework
agreement with Wohua Highway Engineering Co., Ltd. (“Wohua Engineering”) and 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”). As at 31 December 2023,
Guangdong Wind Power paid a deposit of RMB 120,000,000 to Wohua Engineering and Angqian
Trading (Note 4(17)), but the consideration for the equity transaction has not yet been determined.
(d) In February 2023, Guangdong Wind Power, a subsidiary of the Group, signed a framework
agreement with Tanxin Machinery for the acquisition of its 100% equity in Lianjiang Junyang New
Energy Technology Co., Ltd. As at 31 December 2023, Guangdong Wind Power paid a deposit of
RMB 61,200,000 to Tanxin Machinery (Note 4(17)), but the consideration for the equity transaction
has not yet been determined.
10 Events after the balance sheet date
(1) Profit distribution
In accordance with the proposal at the Board of Directors’ meeting in March 2024, the Company
proposed to distribute a cash dividend of RMB 0.2 per 10 shares to all shareholders based on total
share capital of 5,250,283,986 shares as at 31 December 2023. Such proposal is pending for
approval at the meeting of Board of Shareholders and not recognised as a liability in the financial
statements for the current year.
309
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
11 Operating lease proceeds after the balance sheet date
As the lessor, the Group’s undiscounted lease proceeds receivable after the balance sheet date are
as follows:
31 December 2023
Within 1 year 18,213,836
1 to 2 years 11,893,771
2 to 3 years 10,861,978
3 to 4 years 2,452,909
4 to 5 years 1,816,160
Over 5 years 500,000
45,738,654
12 Financial instruments and risks
The Group's activities expose it to a variety of financial risks: market risk (primarily including foreign
exchange risk and interest rate risk), credit risk and liquidity risk. The Group's overall risk
management programme focuses on the unpredictability of financial markets and seeks to
minimise potential adverse effects on the Group's financial performance.
(1) Market risk
(a) Foreign exchange risk
The Group’s major operational activities are carried out in the Chinese mainland and a majority of
the transactions are denominated in RMB. The Group is exposed to foreign exchange risk arising
from the recognised assets and liabilities, and future transactions denominated in foreign
currencies, primarily with respect to USD. The Group is exposed to foreign exchange risk arising
from the recognised assets and liabilities, and future transactions denominated in foreign
currencies, primarily with respect to USD. The Group’s finance department at its headquarters is
responsible for monitoring the amount of assets and liabilities, and transactions denominated in
foreign currencies to minimise the foreign exchange risk. Therefore, the Group may consider taking
proper measures to mitigate the foreign exchange risk as appropriate. During 2023 and 2022, the
Group did not enter into any forward exchange contracts or currency swap contracts.
310
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
12 Financial instruments and risks (Cont’d)
(1) Market risk (Cont’d)
(a) Foreign exchange risk (Cont’d)
As at 31 December 2023 and 31 December 2022, the carrying amounts in RMB equivalent of the
Group’s financial liabilities denominated in foreign currencies are summarised below:
31 December 2023
USD
Financial liabilities denominated in foreign currency -
Long-term borrowings -
Current portion of non-current liabilities -
-
31 December 2022
USD
Financial liabilities denominated in foreign currency -
Long-term borrowings 41,927,519
Current portion of non-current liabilities 6,795,228
48,722,747
311
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
12 Financial instruments and risks (Cont’d)
(1) Market risk (Cont’d)
(a) Foreign exchange risk (Cont’d)
As at 31 December 2023, there were no financial liabilities denominated in USD whose recording
currency was RMB (As at 31 December 2022, if the RMB had strengthened/weakened by 10%
against the USD while all other variables had been held constant, the Group’s net profit would
have been approximately RMB 3,618,743 higher/lower for various financial liabilities denominated
in USD, whose recording currency was RMB.)
As at 31 December 2023, as the Group’s financial assets and liabilities denominated in other
foreign currencies were not significant, the changes in exchange rate of other foreign currencies
had no significant influence on the Group.
(b) Interest rate risk
The Group’s interest rate risk mainly arises from interest bearing borrowings including bank
borrowings, debentures payable, lease liabilities and long-term payables. Financial liabilities issued
at floating rates expose the Group to cash flow interest rate risk. Financial liabilities issued at fixed
rates expose the Group to fair value interest rate risk. The Group determines the relative
proportions of its fixed rate and floating rate contracts depending on the prevailing market
conditions.
The Group continuously monitors its interest rate position. Increases in interest rates will increase
the cost of new borrowing and the interest expenses with respect to the Group’s outstanding
floating rate borrowings, and therefore could have a material adverse effect on the Group’s
financial performance. The Group makes adjustments timely with reference to the latest market
conditions and may enter into interest rate swap agreements to mitigate its exposure to interest
rate risk. During 2023 and 2022, the Group did not enter into any interest rate swap agreements.
The Group’s interest bearing borrowings were mainly bank borrowings, debentures payable, lease
liabilities and long-term payables with fixed and floating interest rates, and the amounts of
respective interest are as follows:
312
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
12 Financial instruments and risks (Cont’d)
(1) Market risk (Cont’d)
(b) Interest rate risk (Cont’d)
31 December 2023 31 December 2022
Short-term borrowings
- Fixed interest rate 12,190,798,723 8,558,171,817
- Floating interest rate 3,552,371,263 7,685,222,429
15,743,169,986 16,243,394,246
31 December 2023 31 December 2022
Long-term borrowings and current portion of
long-term borrowings
- Fixed interest rate 4,829,272,366 3,032,550,500
- Floating interest rate 61,690,798,759 42,450,700,741
66,520,071,125 45,483,251,241
31 December 2023 31 December 2022
Debentures payable and current portion of
debentures payable
- Fixed interest rate 9,796,597,183 9,294,472,072
31 December 2023 31 December 2022
Long-term payables and current portion of
long-term payables
- Fixed interest rate 542,832,003 413,964,363
- Floating interest rate 340,239,959 270,841,118
883,071,962 684,805,481
31 December 2023 31 December 2022
Lease liabilities and current portion of lease
liabilities
- Fixed interest rate 520,281,685 344,260,300
- Floating interest rate 9,481,589,183 7,463,703,755
10,001,870,868 7,807,964,055
313
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
12 Financial instruments and risks (Cont’d)
(1) Market risk (Cont’d)
(b) Interest rate risk (Cont’d)
As at 31 December 2023, the Group’s fixed interest bearing borrowings amounted to RMB
27,879,781,960 and floating interest bearing borrowings amounted to RMB 75,064,999,164 (31
December 2022: fixed interest bearing borrowings of RMB 21,643,419,052, and floating interest
bearing borrowings of RMB 57,870,468,043).
As at 31 December 2023, if interest rates on the floating rate borrowings had risen/fallen by 10
basis points while all other variables had been held constant, the Group’s interest costs would have
increased/decreased by approximately RMB 75,064,999 (31 December 2022: approximately RMB
57,870,468).
(2) Credit risk
Credit risk of the Group mainly arises from cash at bank and on hand, notes receivables, accounts
receivables, contract assets, other receivables and long-term receivables. The carrying amount of
the Group’s financial assets reflects its maximum credit exposure on the balance sheet date.
The Group expects that there is no significant credit risk associated with cash at bank and on hand
since they are deposited at Energy Group Finance Company, state-owned banks and other
medium or large size listed banks with good reputation and high credit rating. The Group does not
expect that there will be significant losses from non-performance by the counterparty.
In addition, the Group has policies to limit the credit exposure on notes receivables, accounts
receivables, contract assets, other receivables and long-term receivables. The Group assesses the
credit quality of and sets credit limits on its customers by taking into account their financial position,
the availability of guarantee from third parties, their credit history and other factors such as current
market conditions. The credit history of the customers is regularly monitored by the Group. In
respect of customers with a poor credit history, the Group will use written payment reminders, or
shorten or cancel credit periods, to ensure the overall credit risk of the Group is limited to a
controllable extent.
As at 31 December 2023, the Group had no significant collateral or other credit enhancements held
as a result of the debtor's mortgage (31 December 2022: Nil).
314
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
12 Financial instruments and risks (Cont’d)
(3) Liquidity risk
Cash flow forecasting is performed by each subsidiary of the Group. The Group is exposed to a certain degree of liquidity risk as it has net current
liabilities. In view of the above-mentioned facts, the Group has formulated certain plans and measures to alleviate the pressure on working capital and
improve its financial position, as detailed in Note 2(1).
The financial liabilities of the Group at the balance sheet date are analysed by their maturity date below at their undiscounted contractual cash flows:
31 December 2023
Carrying amount
Within 1 year 1 to 2 years 2 to 5 years Over 5 years Total on balance sheet
Short-term borrowings 15,983,783,565 - - - 15,983,783,565 15,756,979,762
Notes payables 755,000,000 - - - 755,000,000 755,000,000
Accounts payables 4,430,036,315 - - - 4,430,036,315 4,430,036,315
Other payables 13,252,090,748 - - - 13,252,090,748 13,252,090,748
Other current liabilities 2,793,125,060 - - - 2,793,125,060 2,781,355,471
Current portion of non-current
liabilities 9,172,610,523 - - - 9,172,610,523 8,926,373,371
Long-term borrowings 1,861,210,255 8,208,548,693 21,769,520,727 44,350,929,527 76,190,209,202 62,832,471,340
Debentures payable 199,497,990 1,706,430,000 5,432,080,000 - 7,338,007,990 5,096,597,183
Lease liabilities - 881,742,789 2,249,663,277 10,204,350,848 13,335,756,914 10,452,666,128
Long-term payables - 59,653,308 260,761,344 914,399,482 1,234,814,134 831,250,905
48,447,354,456 10,856,374,790 29,712,025,348 55,469,679,857 144,485,434,451 125,114,821,223
315
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
12 Financial instruments and risks (Cont’d)
(3) Liquidity risk (Cont’d)
The financial liabilities of the Group at the balance sheet date are analysed by their maturity date below at their undiscounted contractual cash flows
(Cont’d):
31 December 2022
Carrying amount
Within 1 year 1 to 2 years 2 to 5 years Over 5 years Total on balance sheet
Short-term borrowings 16,553,465,153 - - - 16,553,465,153 16,261,444,860
Notes payables 1,495,778,076 - - - 1,495,778,076 1,495,778,076
Accounts payables 5,938,254,013 - - - 5,938,254,013 5,938,254,013
Other payables 9,403,658,031 - - - 9,403,658,031 9,403,658,031
Other current liabilities 4,203,765,374 - - - 4,203,765,374 4,174,850,374
Current portion of non-current
liabilities 4,321,223,232 - - - 4,321,223,232 3,975,249,970
Long-term borrowings 1,500,338,841 6,278,047,921 17,262,962,985 28,480,679,593 53,522,029,340 42,860,932,628
Debentures payable 494,830,000 4,987,690,000 4,648,510,000 - 10,131,030,000 9,094,489,909
Lease liabilities - 624,509,123 1,900,722,122 5,890,036,507 8,415,267,752 6,870,820,017
Long-term payables - 47,109,237 224,035,543 690,202,587 961,347,367 641,337,028
43,911,312,720 11,937,356,281 24,036,230,650 35,060,918,687 114,945,818,338 100,716,814,906
The Group’s available financing credit with the financial institutions as at balance sheet date are as follows:
31 December 2023 31 December 2022
Available financing credit with the financing institutions 80,119,614,280 76,698,774,410
316
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
13 Fair value estimates
The level in which fair value measurement is categorised is determined by the level of the fair value
hierarchy of the lowest level input that is significant to the entire fair value measurement:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly or indirectly.
Level 3: Unobservable inputs for the asset or liability.
(1) Assets measured at fair value on a recurring basis
As at 31 December 2023, the assets measured at fair value on a recurring basis by the above three
levels are analysed below:
Level 1 Level 2 Level 3 Total
Investments in other equity
instruments -
Other equity instruments 1,849,547,046 - 1,016,800,000 2,866,347,046
As at 31 December 2022, the assets measured at fair value on a recurring basis by the above three
levels are analysed below:
Level 1 Level 2 Level 3 Total
Investments in other equity
instruments -
Other equity instruments 2,105,271,054 - 952,800,000 3,058,071,054
317
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
13 Fair value estimates (Cont’d)
(1) Assets measured at fair value on a recurring basis (Cont’d)
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.
The changes in Level 3 financial assets are analysed below:
Gains recognised in
other comprehensive 31 December
31 December 2022 income 2023
Investments in other equity
instruments -
Other equity instruments 952,800,000 64,000,000 1,016,800,000
(2) Assets and liabilities not measured at fair value but for which the fair value is disclosed
Financial assets and liabilities measured at amortised cost mainly include notes receivables, accounts
receivables, other receivables, long-term receivables, short-term borrowings, payables, lease liabilities,
long-term borrowings, debentures payable and long-term payables.
The carrying amount of the financial assets and liabilities not measured at fair value is a reasonable
approximation of their fair value.
14 Capital management
The Group’s capital management policies aim to safeguard the Group’s ability to continue as a going
concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain
an optimal capital structure to reduce the cost of capital.
The Group's total capital is calculated as ‘shareholders’ equity’ as shown in the consolidated balance
sheet. The Group is not subject to external mandatory capital requirements, and monitors capital on the
basis of debt-to-asset ratio.
As at 31 December 2023 and 31 December 2022, the Group's debt-to-asset ratio is as follows:
31 December 2023 31 December 2022
(Restated)
Debt-to-asset ratio 78.96% 78.09%
318
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
15 Notes to the Company’s financial statements
(1) Accounts receivables
31 December 2023 31 December 2022
Accounts receivables 15,920,526 191,716,383
Less: Provision for bad debts - -
15,920,526 191,716,383
(a) The ageing of accounts receivables is analysed as follows:
31 December 2023 31 December 2022
Within 1 year 15,920,526 191,716,383
(b) As at 31 December 2023, the five largest other receivables aggregated by debtors are analysed as
follows:
Provision for bad
Balance debts % of total balance
Total amount of the five largest
accounts receivables 15,920,526 - 100%
(c) Provision for bad debts
For accounts receivables, the Company recognises the lifetime ECL regardless of whether there
exists a significant financing component.
(i) As at 31 December 2023, provision for bad debts made on a collective basis for accounts
receivables is analysed as follows:
Group 1
As at 31 December 2023, the Company’s receivables from sale of electricity amounted to RMB
15,920,526, which mainly comprised receivables from Southern Power Grid Company. Considering
the favourable credit history of Southern Power Grid Company, the Company 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 Southern Power Grid Company was extremely low, the
Company made no provision for the ECL of the receivables from sale of electricity.
As at 31 December 2023, there were no accounts receivables categorised in Group 2, 3 and 4.
319
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
15 Notes to the Company’s financial statements (Cont’d)
(1) Accounts receivables (Cont’d)
(c) Provision for bad debts (Cont’d)
(ii) In 2023, the Company did not make any provision for bad debts of accounts receivables (2022:
Nil), and there was no provision for bad debts of accounts receivables written off in the current year
(2022: Nil).
(2) Other receivables
31 December 2023 31 December 2022
Unified funding receivable from
subsidiaries 1,080,750,000 -
Dividends receivable 134,959,219 -
Entrusted loans receivable 61,538,737 487,000,000
Supplementary medical insurance fund
receivable 49,625,876 44,006,139
Receivables from sale of by-products 1,320,333 22,733,484
Others 37,983,898 14,579,184
1,366,178,063 568,318,807
Less: Provision for bad debts (110,271) (219,042)
1,366,067,792 568,099,765
(a) The ageing of other receivables is analysed as follows:
31 December 2023 31 December 2022
Within 1 year 1,321,480,523 528,305,879
1 to 2 years 5,244,137 38,707,456
2 to 3 years 38,377,456 984,907
Over 3 years 1,075,947 320,565
1,366,178,063 568,318,807
320
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
15 Notes to the Company’s financial statements (Cont’d)
(2) Other receivables (Cont’d)
(b) Loss provision and changes in book balance
31 December 2023 31 December 2022
Book balance Provision for bad debts Book balance Provision for bad debts
% of total Provision % of total Provision
Amount balance Amount ratio Amount balance Amount ratio
Provision for bad debts on
an individual basis (i) 1,360,985,840 99.62% - 0.00% 560,460,589 98.62% - 0.00%
Provision for bad debts on a
collective basis (ii) 5,192,223 0.38% (110,271) 2.12% 7,858,218 1.38% (219,042) 2.79%
1,366,178,063 100% (110,271) 0.01% 568,318,807 100% (219,042) 0.04%
Stage 1 Stage 3
Lifetime ECL (credit
12-month ECL (group) 12-month ECL (individual) Sub-total impaired) Total
Provision Provision Provision Provision Provision
Book for bad for bad for bad Book for bad for bad
balance debts Book balance debts debts balance debts debts
31 December 2022 7,858,218 (219,042) 560,460,589 - (219,042) - - (219,042)
Increase in the
current year 4,371,284 (18,520) 1,317,109,240 - (18,520) - - (18,520)
Reversal in the
current year (7,037,279) 127,291 (516,583,989) - 127,291 - - 127,291
31 December 2023 5,192,223 (110,271) 1,360,985,840 - (110,271) - - (110,271)
321
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
15 Notes to the Company’s financial statements (Cont’d)
(2) Other receivables (Cont’d)
(b) Loss provision and changes in book balance (Cont’d)
As at 31 December 2023 and 31 December 2022, the Company did not have other receivables at
Stage 2 or Stage 3. Other receivables at Stage 1 are analysed below:
(i) As at 31 December 2023, other receivables at Stage 1 for which the related provision for bad debts
was provided on the individual basis are analysed as follows:
Provision
12-month for bad
Book balance ECL rates debts Reason
Receivables from The counterparty is a subsidiary or related
subsidiaries and party, with a historical loss rate of 0% ;
related parties 1,114,862,008 - - therefore, the risk of ECL is extremely low.
The counterparty is the Company’s associate,
Taishan Electric, with a historical loss rate of
Dividends receivable 134,959,219 - - 0%; therefore, the risk of ECL is extremely low.
The counterparty is the Company’s subsidiary
Entrusted loans with a historical loss rate of 0%; therefore, the
receivable 61,538,737 - - risk of ECL is extremely low
The counterparty is Taikang Pension, which
Supplementary medical mainly provides custody services for the
insurance fund Group’s supplementary medical insurance
receivable 49,625,876 - - fund. and the risk of ECL is extremely low.
1,360,985,840 -
As at 31 December 2022, other receivables at Stage 1 for which the related provision for bad debts
was provided on the individual basis are analysed as follows:
Provision
12-month for bad
Book balance ECL rates debts Reason
The counterparty is the Company’s subsidiary
Entrusted loans with a historical loss rate of 0%; therefore, the
receivable 487,000,000 - - risk of ECL is extremely low
The counterparty is Taikang Pension, which
Supplementary medical mainly provides custody services for the
insurance fund Group’s supplementary medical insurance
receivable 44,006,139 - - fund. and the risk of ECL is extremely low.
The counterparty is a related party, with a
Receivables from related historical loss rate of 0% ; therefore, the risk of
parties 29,454,450 - - ECL is extremely low.
560,460,589 -
322
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
15 Notes to the Company’s financial statements (Cont’d)
(2) Other receivables (Cont’d)
(b) Loss provision and changes in book balance (Cont’d)
(ii) As at 31 December 2023, other receivables at Stage 1 for which the related provision for bad debts
was provided on the collective basis are analysed as follows:
31 December 2023
Book balance Loss provision
Amount Amount Provision ratio
Group 1
Within 1 year 4,371,284 (18,518) 0.42%
1 to 2 years 275,084 - 0.00%
2 to 3 years 454,602 (500) 0.11%
Over 3 years 91,253 (91,253) 100.00%
5,192,223 (110,271) 2.12%
As at 31 December 2022, other receivables at Stage 1 for which the related provision for bad debts
was provided on the collective basis are analysed as follows:
31 December 2022
Book balance Loss provision
Amount Amount Provision ratio
Group 1
Within 1 year 6,752,837 (19,060) 0.28%
1 to 2 years 784,602 (39,871) 5.08%
2 to 3 years 229,526 (68,858) 30.00%
Over 3 years 91,253 (91,253) 100.00%
7,858,218 (219,042) 2.79%
323
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
15 Notes to the Company’s financial statements (Cont’d)
(2) Other receivables (Cont’d)
(c) As at 31 December 2023, the five largest other receivables aggregated by debtors are analysed as
follows:
Provision
% of total for bad
Nature Balance Ageing balance debts
Unified funding
receivable from Within 1
Guangdong Wind Power subsidiaries 1,064,439,765 year 779% -
Within 1
Taishan Power Generation Dividends receivable 134,959,219 year 9% -
Entrusted loans Within 1
Lincang Energy receivable 60,324,133 year 4% -
Supplementary
medical insurance fund Within 3
Taikang Pension receivable 49,625,876 years 3% -
Coal settlement Within 1
Industry Fuel receivable 19,640,209 year 1% -
1,328,989,202 972% -
(3) Long-term equity investments
31 December 2023 31 December 2022
Subsidiaries (a) 38,071,968,450 35,870,036,063
Joint ventures (b) 1,018,292,688 865,576,323
Associates (c) 7,977,948,519 7,519,839,714
Less: Long-term equity investments - provision for
impairment of subsidiaries (a) (3,655,620,756) (2,449,328,079)
Long-term equity investments - provision for
impairment of associates (c) (122,614,153) (96,327,854)
43,289,974,748 41,709,796,167
324
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
SUPPLEMENTARY INFORMATION TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
15 Notes to the Company’s financial statements (Cont’d)
(3) Long-term equity investments (Cont’d)
(a) Subsidiaries
Movements in the current year Provision for impairment
Declared cash
Increase in Decrease in Provision for dividends during
31 December 2022 investments investments impairment 31 December 2023 31 December 2022 31 December 2023 the year
Zhanjiang Electric 2,185,334,400 - - - 2,185,334,400 - - -
Yuejia Electric - - - - - (455,584,267) (455,584,267) -
Maoming
Thermal 687,458,978 - - - 687,458,978 - - -
Jinghai Power 2,450,395,668 - - - 2,450,395,668 - - -
Zhongyue Energy 963,000,000 - - - 963,000,000 (187,248,115) (187,248,115) -
Humen Electric 3,192,416 - - - 3,192,416 (86,807,584) (86,807,584) -
Technology
Engineering
Company 20,000,000 80,000,000 - - 100,000,000 - - 5,969,162
Bohe
Energy(6(1)(b)
(iii)) 3,488,600,000 - (2,079,018,959) - 1,409,581,041 - - -
Pinghai Power 720,311,347 - - - 720,311,347 - - 85,019,152
Red Bay Power 2,220,023,386 130,000,000 - - 2,350,023,386 - - -
Huizhou Natural
Gas 1,205,199,446 - - - 1,205,199,446 - - 124,595,742
Guangqian
Electric 1,353,153,223 - - - 1,353,153,223 - - 435,405,528
Shaoguan Power
Plant - - - - - (1,509,698,674) (1,509,698,674) -
Huadu Natural
Gas 186,550,000 136,500,000 - - 323,050,000 - - -
Dabu Electric 1,907,100,000 - - - 1,907,100,000 - - -
Sub-total for next
page 17,390,318,864 346,500,000 (2,079,018,959) - 15,657,799,905 (2,239,338,640) (2,239,338,640) 650,989,584
325
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
SUPPLEMENTARY INFORMATION TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
15 Notes to the Company’s financial statements (Cont’d)
(3) Long-term equity investments (Cont’d)
(a) Subsidiaries (Cont’d)
Movements in the current year Provision for impairment
Declared cash
31 December Increase in Decrease in Provision for 31 December 31 December dividends during
2022 investments investments impairment 31 December 2023 2022 2023 the year
Subtotal brought
forward 17,390,318,864 346,500,000 (2,079,018,959) - 15,657,799,905 (2,239,338,640) (2,239,338,640) 650,989,584
Guangdong Wind
Power 7,704,556,260 2,814,540,621 - - 10,519,096,881 - - -
Power Sales 230,000,000 - - - 230,000,000 - - 16,881,804
Lincang Energy (i) 281,000,000 - - (281,000,000) - (209,989,439) (490,989,439) -
Yongan Natural Gas 360,000,000 90,000,000 - - 450,000,000 - - -
Binhai Bay
Company 720,000,000 170,000,000 - - 890,000,000 - - -
Daya Bay Company 230,329,500 105,578,568 - - 335,908,068 - - -
Qiming 38,000,000 15,000,000 - - 53,000,000 - - -
Huaguoquan
Company 49,680,900 - - - 49,680,900 - - 2,638,793
Dananhai Company 171,000,000 40,000,000 - - 211,000,000 - - -
Baihua Company 3,000,000 - (3,000,000) - - - - -
Sha C Company 1,559,120,782 - - (389,686,648) 1,169,434,134 - (389,686,648) 257,442
Yunhe Power 1,066,562,327 97,830,000 - - 1,164,392,327 - - -
Yuehua Power 541,247,838 158,100,000 - - 699,347,838 - - -
Bijie New Energy 14,500,000 3,000,000 - - 17,500,000 - - -
Tumxuk Thermal
Power 800,000,000 - - (535,606,029) 264,393,971 - (535,606,029) -
Shaoguan New
Energy 33,473,000 10,000,000 - - 43,473,000 - - -
Tumxuk Hanhai 324,050,000 60,000,000 - - 384,050,000 - - -
Jinxiu Integrated
Energy 2,621,800 - - - 2,621,800 - - 45,510
Sub-total for next
page 31,519,461,271 3,910,549,189 (2,082,018,959) (1,206,292,677) 32,141,698,824 (2,449,328,079) (3,655,620,756) 670,813,133
326
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
SUPPLEMENTARY INFORMATION TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
15 Notes to the Company’s financial statements (Cont’d)
(3) Long-term equity investments (Cont’d)
(a) Subsidiaries (Cont’d)
Movements in the current year Provision for impairment
Declared cash
31 December Increase in Decrease in Provision for 31 December dividends during
2022 investments investments impairment 2023 31 December 2022 31 December 2023 the year
Subtotal brought
forward 31,519,461,271 3,910,549,189 (2,082,018,959) (1,206,292,677) 32,141,698,824 (2,449,328,079) (3,655,620,756) 670,813,133
Mujin New Energy 120,495,920 - - - 120,495,920 - - -
Muhong New Energy 120,495,920 - - - 120,495,920 - - -
Huibo New Energy 15,492,360 52,000,000 - - 67,492,360 - - -
Xingyue New Energy 9,977,500 - - - 9,977,500 - - -
Maoming Natural
Gas 115,345,000 - - - 115,345,000 - - -
Huixin Thermal
Power 104,975,000 - - - 104,975,000 - - -
Dongrun Zhongneng 45,063,020 - - - 45,063,020 - - -
Shache Integrated
Energy 1,206,110,470 29,500,000 - - 1,235,610,470 - - -
Xinguangyao New
Energy 32,923,000 - - - 32,923,000 - - -
Luoding New Energy 1,844,520 - - - 1,844,520 - - -
Jiuzhou New Energy 39,000,000 - - - 39,000,000 - - -
Changshan Wind
Power 89,524,003 21,215,997 - - 110,740,000 - - -
Tumxuk Changhe - 3,500,000 - - 3,500,000 - - -
Zhonggong Energy - 152,969,360 - - 152,969,360 - - -
Zhuhai Yudean New
Energy - 2,740,000 - - 2,740,000 - - -
Zhenneng New
Energy - 10,000,000 - - 10,000,000 - - -
Xinjiang Co., Ltd. - 100,000,000 - - 100,000,000 - - -
Gaozhou New
Energy - 1,476,800 - - 1,476,800 - - -
Total 33,420,707,984 4,283,951,346 (2,082,018,959) (1,206,292,677) 34,416,347,694 (2,449,328,079) (3,655,620,756) 670,813,133
15 Notes to the Company’s financial statements (Cont’d)
327
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
SUPPLEMENTARY INFORMATION TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
(3) Long-term equity investments (Cont’d)
(a) Subsidiaries (Cont’d)
Relevant information of the Company’s subsidiaries is set out in Note 6(1)(a).
(b) Joint ventures
Movements in the current year Provision for impairment
Share of net
profit/(loss) Share of other Share of other
31 December Increase in under equity comprehensive Cash dividends changes in 31 December 31 December 31 December
2022 investments method income declared equity 2023 2022 2023
Industry Fuel 865,576,323 - 150,763,387 1,189,614 - 763,364 1,018,292,688 - -
328
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
SUPPLEMENTARY INFORMATION TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
15 Notes to the Company’s financial statements (Cont’d)
(3) Long-term equity investments (Cont’d)
(c) Associates
Movements in the current year Provision for impairment
Share of net Share of
profit/(loss) Share of other other Cash
31 December Increase in under equity comprehensive changes in dividends Provision for 31 December 31 December 31 December
2022 investments method income equity declared impairment 2023 2022 2023
Taishan Power
Generation 1,901,354,532 - 244,087,608 - 6,085,304 (161,640,736) - 1,989,886,708 - -
Shanxi Yudean
Energy 3,019,352,942 54,299,600 464,539,278 - 681,945 - - 3,538,873,765 - -
Energy Group
Finance
Company 1,070,249,573 - 90,742,875 12,567,885 - (80,553,795) - 1,093,006,538 - -
Yudean Shipping 277,173,327 - (166,327,084) 341,447 253,331 - - 111,441,021 - -
GEG Property
Insurance 285,703,616 - 13,783,463 - - (1,602,723) - 297,884,356 - -
Weixin Yuntou 86,300,031 - (60,013,732) - - - (26,286,299) - (96,327,854) (122,614,153)
Energy Financial
Leasing
Company 537,257,254 - 28,191,853 - - (20,571,445) - 544,877,662 - -
Yueqian Power 231,974,486 - 33,678,074 (12,025) 308,281 - - 265,948,816 - -
Others 14,146,099 - 2,372,157 - - (3,102,756) - 13,415,500 - -
7,423,511,860 54,299,600 651,054,492 12,897,307 7,328,861 (267,471,455) (26,286,299) 7,855,334,366 (96,327,854) (122,614,153)
329
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
SUPPLEMENTARY INFORMATION TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
15 Notes to the Company’s financial statements (Cont’d)
(3) Long-term equity investments (Cont’d)
(d) Provision for impairment of long-term equity investments
31 December 2022 Increase in the current year Decrease in the current year 31 December 2023
Shaoguan Power Plant 1,509,698,674 - - 1,509,698,674
Tumxuk Thermal Power (i) - 535,606,029 - 535,606,029
Sha C Company (ii) - 389,686,648 - 389,686,648
Yuejia Electric 455,584,267 - - 455,584,267
Lincang Energy (iii) 209,989,439 281,000,000 - 490,989,439
Zhongyue Energy 187,248,115 - - 187,248,115
Humen Electric 86,807,584 - - 86,807,584
Weixin Yuntou 96,327,854 26,286,299 - 122,614,153
2,545,655,933 1,232,578,976 - 3,778,234,909
(i) As disclosed in Note 4(14), the Group made a provision for impairment of RMB 140,273,617 against long-term assets of asset groups (including goodwill)
of Tumxuk Thermal Power, including provision for impairment of goodwill of RMB 119,488,672. The recoverable amount determined based on the present
value of the estimated future cash flows amounted to RMB 264,393,971, and a provision for impairment losses of RMB 535,606,029 was recognised.
The Group determines the on-grid electricity price, electricity sale and fuel price on the basis of historical experience and forecasts of market
developments. The key parameters in the forecast period are projected based on the Group's five-year profitability forecasts, and the discount rate is a
pre-tax discount rate that reflects specific risks of relevant assets. The key assumptions applied in calculating discounted future cash flows are detailed in
Note 4(10)(a)(iii).
330
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
SUPPLEMENTARY INFORMATION TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
15 Notes to the Company’s financial statements (Cont’d)
(3) Long-term equity investments (Cont’d)
(d) Provision for impairment of long-term equity investments (Cont’d)
(ii) Sha C Company is acquired by the Company from business combinations involving enterprises under common control in 2021, whose principal activities
include holding equity investments of Biomass Power Generation, Xinhui Power and Guanghe Power. It suffered from continuous operating loss in 2023 due
to the sharp rise in the fuel price of biomass and the decline in the electricity efficiency of the generator units, and there was an indicator that long-term
equity investments in Sha C Company may be impaired. The recoverable amount determined based on the present value of the estimated future cash flows
amounted to RMB 1,169,434,134, and a provision for impairment losses of RMB 389,686,648 was recognised accordingly.
The Group determines the on-grid electricity price, electricity sale and fuel price on the basis of historical experience and forecasts of market developments.
The key parameters in the forecast period are projected based on the Group's five-year profitability forecasts, and the discount rate is a pre-tax discount rate
that reflects specific risks of relevant assets. The key assumptions applied in calculating discounted future cash flows are detailed in Note 4(10)(a)(iii).
331
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
SUPPLEMENTARY INFORMATION TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
15 Notes to the Company’s financial statements (Cont’d)
(3) Long-term equity investments (Cont’d)
(d) Provision for impairment of long-term equity investments (Cont’d)
(iii) The Company recognised a provision for impairment of long-term equity investments in Lincang Energy in previous years based on operating performance
and impairment test result. As at 31 December 2023, the balance of provision for impairment amounted to RMB 209,989,439.
As disclosed in Note 4(10), the Group had made a provision for the impairment for the asset groups of Lincang Energy, a subsidiary of the Group, and there
was an indicator that long-term equity investments in Lincang Energy may be impaired. The recoverable amount determined based on the present value of
the estimated future cash flows, and the book value of the long-term equity investments is written down to zero accordingly.
The Group determines the on-grid electricity price, electricity sale and fuel price on the basis of historical experience and forecasts of market developments.
The key parameters in the forecast period are projected based on the Group's five-year profitability forecasts, and the discount rate is a pre-tax discount rate
that reflects specific risks of relevant assets. The key assumptions applied in calculating discounted future cash flows are detailed in Note 4(10)(a)(iii).
332
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
SUPPLEMENTARY INFORMATION TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
15 Notes to the Company’s financial statements (Cont’d)
(4) Revenue and cost of sale
2023 2022
Revenue from main operations 1,193,547,010 1,483,048,324
Revenue from other operations 45,159,180 50,218,658
1,238,706,190 1,533,266,982
2023 2022
Cost of sale from main operations 1,234,754,725 1,848,107,659
Cost of sale from other operations 3,491,388 1,667,069
1,238,246,113 1,849,774,728
(a) Revenue and cost of sale from main operations
2023 2022
Cost of sale Cost of sale
Revenue from from main Revenue from from main
main operations operations main operations operations
Revenue from sale of
electricity 1,193,547,010 1,234,754,725 1,483,048,324 1,848,107,659
(b) Revenue and cost of sale from other operations
2023 2022
Cost of sale Cost of sale
Revenue from from other Revenue from from other
other operations operations other operations operations
Revenue from
integrated utilisation
of coal ash 20,788,674 42,516 30,835,280 -
Rental income 14,278,847 1,024,503 11,653,863 1,037,124
Others 10,091,659 2,424,369 7,729,515 629,945
45,159,180 3,491,388 50,218,658 1,667,069
333
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
SUPPLEMENTARY INFORMATION TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
15 Notes to the Company’s financial statements (Cont’d)
(4) Revenue and cost of sale (Cont’d)
(c) The Company's revenue and cost of sales are disaggregated as follows:
2023
Sale of electricity,
steam and coal ash Leases Others Total
Revenue from main operations
Including: Recognised at a point
in time 1,193,547,010 - - 1,193,547,010
Revenue from other operations
Including: Recognised at a point
in time 20,788,674 - 10,091,659 30,880,333
Recognised over a
period of time - - - -
Rental income - 14,278,847 - 14,278,847
1,214,335,684 14,278,847 10,091,659 1,238,706,190
2023
Sale of electricity,
steam and coal ash Leases Others Total
Cost of sale from main operations
Including: Recognised at a point in
time 1,234,754,725 - - 1,234,754,725
Cost of sale from other operations
Including: Recognised at a point in
time 42,516 - 2,424,369 2,466,885
Recognised over a
period of time - - - -
Lease expenses - 1,024,503 - 1,024,503
1,234,797,241 1,024,503 2,424,369 1,238,246,113
2022
Sale of electricity,
steam and coal ash Leases Others Total
Cost of sale from main operations
Including: Recognised at a point in
time 1,483,048,324 - - 1,483,048,324
Cost of sale from other operations
Including: Recognised at a point in
time 30,835,280 - 6,031,402 36,866,682
Recognised over a
period of time - - 1,698,113 1,698,113
Lease expenses - 11,653,863 - 11,653,863
1,513,883,604 11,653,863 7,729,515 1,533,266,982
334
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
SUPPLEMENTARY INFORMATION TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
15 Notes to the Company’s financial statements (Cont’d)
(4) Revenue and cost of sale (Cont’d)
(c) The Company's revenue is disaggregated as follows (Cont’d):
2022
Sale of
electricity, steam
and coal ash Leases Others Total
Cost of sale from main
operations
Including: Recognised at a
point in time 1,848,107,659 - - 1,848,107,659
Cost of sale from other
operations
Including: Recognised at a
point in time - - 491,551 491,551
Recognised over a
period of time - - 138,394 138,394
Lease expenses - 1,037,124 - 1,037,124
1,848,107,659 1,037,124 629,945 1,849,774,728
As at 31 December 2023, the Company had no performance obligation that had been contracted
but not yet fulfilled.
(5) Investment income
2023 2022
Investment income from long-term equity
investments under equity method 801,817,879 880,732,739
Income from long-term equity investments
under cost method 670,813,133 106,282,873
Dividend income earned during the holding
period of investments in other equity
instruments 117,258,950 101,262,589
Interest income from entrusted loans 48,613,160 26,780,747
Investment income from disposals of long-term
equity investments 107,916,032 -
1,746,419,154 1,115,058,948
There was no significant restriction on remittance of investment income of the Company.
335
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
SUPPLEMENTARY INFORMATION TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
15 Notes to the Company’s financial statements (Cont’d)
(6) Asset impairment losses
2023 2022
Impairment of long-term equity investments 1,232,578,976 1,101,203,999
Impairment of fixed assets(a) 104,611,231 -
Impairment of inventories 47,494,842 -
Impairment of intangible assets 2,908,502 -
Impairment of construction in progress 852,212 -
1,388,445,763 1,101,203,999
(a) In 2023, 4# and 5# generator units of the Group’s subsidiary Shajiao A Power Plant were shut
down on 31 October 2023, and the impairment loss of RMB 104,611,231 was recognised against
fixed assets, which was detailed in Note 4(10)(a).
336
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
SUPPLEMENTARY INFORMATION TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
1 Statement of non-recurring profit or loss
2023 2022
Income from sale of carbon emission allowances 48,419,077 -
Government grants recognised in profit or loss for the
current period 42,080,981 51,267,272
Gains on disposals of non-current assets 9,198,759 30,802,837
Gains on scrap of non-current assets 4,534,077 47,885,412
Waived payables 3,848,883 20,398,518
Compensation for electricity charges during the demolition
and construction period 6,513,028 6,533,120
Reversal of provision for impairment of receivables tested
for impairment on an individual basis 29,440 -
One-time costs incurred as a result of the discontinuation of
a related business activity (168,447,926) -
Losses on scrap of non-current assets (45,085,199) (73,508,692)
Penalties and overdue fines (4,836,639) (59,233,310)
Other non-operating income and expenses other than
aforesaid items 25,742,104 (37,059,319)
(78,003,415) (12,914,162)
Effect of income tax (18,264,521) (38,582,624)
Impact on minority interests (after tax) (23,114,044) (15,662,748)
(119,381,980) (67,159,534)
(1) Basis for preparation of statement of non-recurring profit or loss for the year ended 31 December
2023
China Security Regulatory Commission (“CSRC”) issued Explanatory Announcement for
Information Disclosure of Companies Offering Securities to the Public No. 1 - Non-recurring Profit
or Loss (revised in 2023] (2023 Explanatory Announcement No. 1), which was required to be
implemented since the date of issuance The Group prepared the statement of non-recurring profit
or loss for the year ended 31 December 2023 in accordance with requirements in 2023
Explanatory Announcement No. 1.
Pursuant to 2023 Explanatory Announcement No. 1, non-recurring profit or loss refers to profit or
loss arising from transactions and events those are not directly related to the Company’s normal
course of business, also from transactions and events those even are related to the Company’s
normal course of business, but will interfere with the right judgement of users of the financial
statements on the Company’s operation performance and profitability due to their special nature
and occasional occurrence.
(2) The statement of non-recurring profit or loss for the year ended 31 December 2022 was prepared
in accordance with relevant requirements of the Explanatory Announcement for Information
Disclosure of Companies Offering Securities to the Public No. 1 - Non-recurring Profit or Loss
(2008). The implementation of 2023 Explanatory Announcement No. 1 has no impact on the non-
recurring profit or loss for the year ended 31 December 2022.
(3) Non-recurring profit or loss items defined according to the definition of non-recurring profit or loss
and non-recurring profit or loss items listed which are defined as recurring profit and loss items
are as follows:
Reasons for regarding as recurring profit or
Amount of 2023 loss
Constant occurrence, conforming to
VAT refund upon collection 25,984,374 national policies and regulations
Carbon emission allowances used to fulfil Constant occurrence, conforming to
the emission reduction obligation (298,330,020) national policies and regulations
337
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
SUPPLEMENTARY INFORMATION TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Return on net assets and earnings per share
Rate of return on Earnings per share
weighted average net Basic earnings per Diluted earnings per
assets (%) share share
2023 2022 2023 2022 2023 2022
(Restated) (Restated) (Restated)
Net profit attributable to
ordinary shareholders
of the Company 4.59% -13.60% 0.19 (0.57) 0.19 (0.57)
Net profit attributable to
ordinary shareholders
of the Company after
deduction of non-
recurring profit or loss 5.15% -13.31% 0.21 (0.55) 0.21 (0.55)
338
