Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
The Semi-annual Report 2024
August 2024
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
I. Important Notice, Table of Contents and Definitions
The Board of Directors , Supervisory Committee ,Directors, Supervisors and Senior Executives of the
Company hereby guarantees that there are no misstatement, misleading representation or important omissions in
this report and shall assume joint and several liability for the authenticity, accuracy and completeness of the
contents hereof.
Mr.Zheng Yunpeng, The Company leader, Mr. Liu Wei, Chief financial officer and the Mr.Meng Fei, the
person in charge of the accounting department (the person in charge of the accounting )hereby confirm the
authenticity and completeness of the financial report enclosed in this semi-annual report.
All directors have attended the Board meeting to consider the semi-annual report
The main business of the company is the investment, construction and operation management of power
projects and new energy projects. For the risks and countermeasures that the company may face in its future
development, Refer to Section 10 of Chapter III of this annual report-situation faced and countermeasures for
relevant information.
The Company Will not distribute cash dividend or bonus shares, neither capitalizing of common reserves.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
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
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Documents available for inspection
1.Financial statements bearing the seal and signature of legal representative, financial controller and the
person in charge of the accounting organ;
2..All original copies of official documents and notices, which were disclosed in China Securities Journal,
Securities Times, Shanghai Securities News, Securities Daily and Hong Kong Commercial Daily (Both English
and Chinese version);
3.Chinese version of the semi-annual report.
The documents mentioned above are kept in office, and are ready for reference at any time (except public
holidays, Saturday and Sunday).
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Definition
Terms to be defined Refers to Definition
Guangdong Energy Group Refers to Guangdong Energy Group Co.
Maoming Thermal Power Plant Refers to Guangdong Energy Maoming Thermal Power Plant Co.
Jinghai Power Generation Refers to Guangdong Yuedian Jinghai Power Generation Co.
Guangdong Yuedian Technology & Engineering
Technical Engineering Company Refers to
Management Co.
Humen Power Generation Refers to Guangdong Yudean Humen Power Generation Co.
Boga Energy Refers to Guangdong Yudean Boga Energy Co.
Huadu Natural Gas Refers to Guangdong Yudean Huadu Natural Gas Cogeneration Co.
Tai Po Power Generation Refers to Guangdong Yudean Tai Po Power Generation Co.
Zhanjiang Power Refers to Zhanjiang Electric Power Co.
Yuejia Power Refers to Guangdong Yuejia Power Co.
Shaoguan Power Plant Refers to Guangdong Yudean Shaoguan Power Plant Co.
Zhongyue Energy Refers to Zhanjiang Zhongyue Energy Co.
Power Sales Company Refers to Guangdong Yueyang Electric Power Sales Co.
Lincang Energy Refers to Lincang Guangdong Power Energy Co.
Guangqian Power Refers to Shenzhen Guangqian Electric Power Co.
Huizhou Natural Gas Refers to Guangdong Huizhou Natural Gas Power Generation Co.
Pinghai Power Plant Refers to Guangdong Huizhou Pinghai Power Plant Co.
Honghai Bay Power Generation Refers to Guangdong Honghai Bay Power Generation Co.
Guangdong Yuejiang Hongrui Power Technology
Hongrui Technology Refers to
Development Co.
Guangdong Yueyang Yongan Natural Gas Cogeneration
Yongan Natural Gas Refers to
Co.
Pingdian Integrated Refers to Huizhou Pingdian Integrated Energy Co.
Binhai Bay Company Refers to Guangdong Yudean Binhai Bay Energy Co.
Daya Bay Company Refers to Guangdong Yudean Daya Bay Integrated Energy Co.
Qiming Company Refers to Guangdong Yuedian Qiming Energy Co.
Huaguoquan Company Refers to Shenzhen Huaguoquan Electricity Service Co.
Tai Nanhai Company Refers to Guangdong Yudean Dahanhai Intelligent Energy Co.
Sha C Company Refers to Guangdong Shajiao (C Plant) Power Generation Co.
Guanghe Power Refers to Guangdong Guanghe Power Co.
Guangdong Yudean Zhanjiang Biomass Power Generation
Biomass Power Generation Refers to
Co.
Xinhui Power Generation Refers to Guangdong Yudean Xinhui Power Generation Co.
Yunhe Power Refers to Guangdong Yudean Yunhe Power Generation Co.
YunDian Energy Refers to Yunfu Yundian Energy Co.
Yuehua Power Refers to Guangdong Yuehua Power Generation Co.
Yuehua Integrated Energy Refers to Guangdong Yudean Yuehua Integrated Energy Co.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Huangpu Power Engineering Refers to Guangzhou Huangpu Electric Power Engineering Co.
Guangdong Yudean Maoming Natural Gas Cogeneration
Maoming Natural Gas Refers to
Co.
Huixin Thermal Power Refers to Guangdong Yudean Huixin Thermal Power Co.
Guangdong Wind Power Refers to Guangdong Wind Power Generation Co.
Zhanjiang Wind Power Refers to Guangdong Yudean Zhanjiang Wind Power Generation Co.
Xuwen Wind Power Refers to Guangdong Yuedian Xuwen Wind Power Generation Co.
Dianbai Wind Power Refers to Guangdong Yudean Dianbai Wind Power Co.
Qujie Wind Power Refers to Guangdong Yudean Qujie Wind Power Co.
Yangjiang Wind Power Refers to Guangdong Yudean Yangjiang Offshore Wind Power Co.
Guangdong Yudean Shibishan Wind Power Development
Shibishan Wind Power Refers to
Co.
Leizhou Wind Power Refers to Guangdong Yudean Leizhou Wind Power Generation Co.
Channel Company Refers to GuangDong YueXin Wind Power Generation Co.
Electricity Pingyuan Wind Refers to Guangdong Yueyang Pingyuan Wind Power Co.
Heping Wind Power Refers to Guangdong Yudean Heping Wind Power Co.
Huilai Wind Refers to Huilai Wind Power Co.
Xupu Yuefeng Refers to Hunan Xupu Yuefeng New Energy Co.
Wuxuan Yuefeng Refers to Guangxi Wuxuan Yuefeng New Energy Co.
Zhuhai Wind Power Refers to Guangdong Yuedian Zhuhai Offshore Wind Power Co.
Green Island Offshore Wind Refers to Guangdong Energy Qingzhou Offshore Wind Power Co.
Guangdong Wind Power Refers to Guangdong YUE Wind Power Co.
Luoding Yuefeng Refers to Yunfu Luoding Yuefeng New Energy Co.
Zhao Cheng Yuefeng Refers to Linfen Zhaocheng Yuefeng New Energy Co.
Xintian Yuefeng Refers to Xintian Yuefeng New Energy Co.
Lanshan Yuefeng Refers to Lanshan Yuefeng New Energy Co.
Jincheng Yuefeng Refers to Jincheng Yuefeng New Energy Co.
Baiyin Yuefeng Refers to Baiyin Yuefeng New Energy Co.
Yunan Yuexin Refers to Yunfu Yunan Yuexin Power Generation Co.
Yuhai Yuefeng Refers to Lingao County Yuhai Yuefeng New Energy Co.
Bijie New Energy Refers to Guangdong Yudean Bijie New Energy Co.
Shangyang Energy Refers to Zhanjiang Shangyang Energy Technology Co.
Guidian Energy Refers to Zhanjiang Botou District Guidian Energy Technology Co.
Shunfeng New Energy Refers to Xihua Shunfeng New Energy Co.
Jindian New Energy Refers to Wuzhi Jindian New Energy Technology Co.
Lianjiang New Energy Refers to Lianjiang Yuefeng New Energy Co.
Shaoguan New Energy Refers to Guangdong Shaoguan Yue Power New Energy Co.
Hanhai New Energy Refers to Tumushuke Guangdong Power Hanhai New Energy Co.
Jinxiu Integrated Energy Refers to GD Power Jinxiu Integrated Energy Co.
Senhong New Energy Refers to Nanjing Senhong New Energy Co.
Mu Hong New Energy Refers to Jinchang Muhong New Energy Co.
Senhai New Energy Refers to Nanjing Linyuan Senhai New Energy Co.
Mu Jin New Energy Refers to Jinchang Jieyuan Muzhin New Energy Co.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Huibo New Energy Refers to Guangdong Yudean Huibo New Energy Co.
Dongrun Zhongneng New Energy Refers to Taishan Dongrun Zhongneng New Energy Co.
Dongrun Qingneng New Energy Refers to Taishan Dongrun Qingneng New Energy Co.
Runze Jieyuan New Energy Refers to Taishan Runze Jieyuan New Energy Co.
Xingyue New Energy Refers to Meizhou Xingyue New Energy Co.
Xin Guangyao New Energy Refers to Laixi Xin Guangyao New Energy Technology Co.
Special Union New Energy Refers to Laixi Telian New Energy Technology Co.
Lianyao New Energy Refers to Pingdu Lianyao New Energy Technology Co.
Jiuzhou New Energy Refers to Jiuzhou New Energy (Zhaoqing) Co.
Changshan Wind Energy Refers to Xiangtan Xiangdian Changshan Wind Power Co.
Luoding New Energy Refers to Yunfu Luoding Yuedian New Energy Co.
Zhenneng New Energy Refers to Yunfu Yuedian Zhenneng New Energy Co.
Zhonggong New Energy Refers to Zhonggong Energy Technology (Maoming) Co.
Yahua New Energy Refers to Yawar New Energy Technology (Gaozhou) Co.
Nanxiong New Energy Refers to Shaoguan Nanxiong Yuefeng New Energy Co.
Wanhaowei New Energy Refers to Zhanjiang Wanhaowei New Energy Co.
Wanchuang Hengwei New Energy Refers to Zhanjiang Wanchuang Hengwei New Energy Co.
Nanhua New Energy Refers to Guangdong Guangye Nanhua New Energy Co.
Datang New Energy Refers to Guangdong Yue Energy Datang New Energy Co.
Wuhua New Energy Refers to Meizhou Wuhua Yuefeng New Energy Co.
Yingyang New Energy Refers to Lotus Yingyang New Energy Technology Co.
Li-Neng New Energy Refers to Lotus Yingyang New Energy Technology Co.
Longmen New Energy Refers to Huizhou Longmen Yuefeng New Energy Co.
Inner Mongolia New Energy Refers to Inner Mongolia Yuefeng New Energy Co.
Zhuhai New Energy Refers to Zhuhai Yuefeng New Energy Co.
Shion New Energy Refers to Dacheng Shion New Energy Co.
Gaotang New Energy Refers to Gaotang Shihui New Energy Co.
Zhuhai Yuedian New Energy Refers to Zhuhai Yuedian New Energy Co.
Gaozhou New Energy Refers to Gaizhou GD Power Intelligent New Energy Co.
Lianjiang New Energy Refers to Lianjiang Hangneng New Energy Co.
Hurun New Energy Refers to Eddy County Hurun New Energy Technology Co.
Guangxi Air Energy Refers to Guangxi Hangneng New Energy Co.
Yuncheng Wanquan Yuefeng Refers to Yuncheng Wanquan Yuefeng New Energy Co.
AVIC Shenxin Refers to AVIC Shenxin Wind Power Co.
Yue New Energy Refers to Zhanjiang Yuexin Distributed Energy Technology Co.
Xinjiang Company Refers to Guangdong Energy Group Xinjiang Co.
Tumushuke Thermal Power Refers to Tumushuke Thermal Power Co.
Shache Comprehensive Energy Refers to Yudean Shache Comprehensive Energy Co.
Tumushuke Changhe Refers to Tumushuke Guangdong Power Changhe New Energy Co.
Xinjiang Comprehensive Energy Refers to GD Power Xinjiang Integrated Energy Co.
Torkun Energy Refers to Guangneng Torkun New Energy Power Generation Co.
Industrial Fuel Refers to Guangdong Electric Power Industry Fuel Co.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Taishan Power Generation Refers to Guoneng Yuedaishan Power Generation Co.
Energy Group Finance Company Refers to Guangdong Energy Group Finance Co.
Guangdong Power Shipping Refers to Guangdong Yudean Shipping Co.
Shanxi Guangdong Power Energy Refers to Shanxi Yuedian Energy Co.
Energy Finance and Insurance Refers to Guangdong Energy Property Insurance Co.
WeiXin YunTou Refers to Yunnan Energy Investment Weixin Energy Co.
Energy Finance Leasing Company Refers to Guangdong Energy Finance Leasing Co.
Yueqian Power Refers to Guizhou Yueqian Electric Power Co.
Zhongshankeng Power Refers to Yangshan Centre Keng Electric Power Co.
Jiangkeng Hydropower Refers to Yangshan County Jiangkeng Hydropower Station Co.
Southern Offshore Wind Power Refers to Southern Offshore Wind Power Joint Development Co.
Sunshine Insurance Refers to Sunshine Insurance Group Co.
Shenzhen Venture Capital Refers to Shenzhen Innovation Investment Group Co.
Guoyi Tender Refers to Guoyi Bidding Co.
Shenzhen Energy Refers to Shenzhen Energy Group Co.
Shenneng Refers to Shenneng Co.
Environmental Protection Company Refers to Guangdong Yuedian Environmental Protection Co.
Yunfu B Power Plant Refers to Yunfu Power Plant (B Plant) Co.
Shantou Huaneng Wind Power Refers to Huaneng Shantou Wind Power Co.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
II. Company Profile & Financial Highlights.
I. Company Profile
Yue Dian Li A, Yue Dian
Stock abbreviation Stock code： 000539.SZ,200539.SZ
Li B
Stock exchange for listing Shenzhen Stock Exchange
Name in Chinese 广东电力发展股份有限公司
Abbreviation of Registered Company
粤电力
Name in Chinese(
English name (If any) GUANGDONG ELECTRIC POWER DEVELOPMENT CO.,LTD
English abbreviation (If any) GED
Legal Representative Zheng Yunpeng
Ⅱ. Contact person and contact manner
Board secretary Securities affairs Representative
Name Liu Wei Hang Xiaowen
35F, South Tower, Yudean Plaza, No.2 35F, 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
III. Other info.
1. Way of contact
Whether registrations address, offices address and codes as well as website and email of the Company changed
in reporting period or not
□ Applicable √ Not applicable
Registrations address, offices address and codes as well as website and email of the Company has no
change in reporting period, found more details in annual report 2023.
2. Information inquiry
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable
None of the official presses, website, and place of enquiry has been changed in the semi report period. For
details please find the Annual Report 2023.
3. Other relevant information
Did any change occur to other relevant information during the reporting period?
□ Applicable √ Not applicable
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
IV. Summary of Accounting data and Financial index
Whether it has retroactive adjustment or re-statement on previous accounting data
□Yes √No
Changes of this period over
Reporting period Same period of last year
same period of Last year(%)
Operating income（Yuan） 26,078,790,971 28,340,840,884 -7.98%
Net profit attributable to the
shareholders of the listed 902,938,860 856,538,633 5.42%
company（Yuan）
Net profit after deducting of
non-recurring gain/loss
attributable to the 886,059,830 849,010,727 4.36%
shareholders of listed
company（Yuan）
Cash flow generated by
business operation, net 6,006,225,071 2,720,370,016 120.79%
（Yuan）
Basic earning per
0.172 0.1631 5.42%
share(Yuan/Share)
Diluted gains per
0.172 0.1631 5.42%
share(Yuan/Share)
Weighted average ROE(%) 4.03% 3.86% 0.17%
As at the end of the Changed over last year
As at the end of last year
reporting period （％）
Gross assets（Yuan） 164,569,341,102 161,207,283,087 2.09%
Net assets attributable to
shareholders of the listed 22,680,612,863 22,141,735,460 2.43%
company（Yuan）
V.The differences between domestic and international accounting standards
1).Simultaneously pursuant to both Chinese accounting standards and international accounting
standards disclosed in the financial reports of differences in net income and net assets.
□ Applicable□√ Not applicable
None
2).Differences of net profit and net assets disclosed in financial reports prepared under overseas and
Chinese accounting standards.
□ Applicable √Not applicable
None
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
VI.Items and amount of non-current gains and losses
√Applicable □Not applicable
In RMB
Items Amount Note
Non-current asset disposal
gain/loss(including the write-off part for Disposal of right-of-use assets.
10,435
which assets impairment provision is
made)
Government subsidies recognized in
current gain and loss(excluding those It was mainly the economic policy
closely related to the Company’s 11,546,345 incentives for power sales and subsidies
business and granted under the state’s for various power plant projects.
policies)
One-off costs incurred by the enterprise Sha A Power Plant terminated the
as a result of the relevant business contract with one-time compensation and
-5,199,814
activities no longer continuing, such as one-time compensation for internal
expenses for relocating employees retired.
Other non-business income and
38,970,028
expenditures other than the above
Mainly due to the income from the
Non-current assets scrap income 10,103,480 demolition and disposal of houses of
Yuehua Power Generation.
It’s mainly the income from the trading
Income from carbon emission quota
1,881,635 of carbon emission allowances of the
trading
Pinghai Power Plant.
It’s mainly the scrapping of the Yunhe
power generation boiler body, the loss of
Loss of Non-current assets scrapped -9,701,664 coal machinery inventory disposal and
the scrapping of fixed assets of Yuehua
Company.
Less: Amount of influence of income tax 14,711,087
Influenced amount of minor
16,020,328
shareholders’ equity (after tax)
Total 16,879,030
Details of other profit and loss items that meet the non-recurring profit and loss definition
□ Applicable√ Not applicable
None
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Losses
and its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information
Disclosure for Companies offering their securities to the public-non-recurring Gains and losses which have been
defined as recurring gains and losses, it is necessary to explain the reason.
√ Applicable □ Not applicable
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Items Amount involved(RMB) Reason
Value-added tax will be refunded Comply with national policies and
16,007,406
immediately regulations, and continue to occur.
Carbon emission quota used to fulfill the Comply with national policies and
-150,950,755
emission reduction obligation regulations, and continue to occur.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
III. Management Discussion & Analysis
Ⅰ.Main Business the Company is Engaged in During the Report Period
The company is mainly engaged in the investment, construction and management of electric power
projects, new energy projects, and the production and sale of electric power, which belongs to the electric power
and heat production and supply industry in the Guidelines for Industry Classification of Listed Companies of
the China Securities Regulatory Commission. Since its establishment, the company has been adhering to the
business tenet of ‘taking capital from the people, using capital in electricity, and benefiting the public’ and the
business policy of ‘running electricity as the mainstay, diversified development’, focusing on the main business
of electric power, and diversifying the power supply structure with large-scale coal-fired power generation,
natural gas-fired power generation, biomass power generation, wind power generation, wind power generation
and power supply. It has a diversified power supply structure with large-scale coal-fired power generation,
natural gas power generation, biomass power generation, wind power generation, solar power generation and
hydroelectric power generation, etc., and provides reliable and clean energy to customers through the power
grid company. As at 30 June 2024, the Company had a controllable installed capacity of 38,451,100 kilowatts,
of which 36,092,300 kilowatts were owned by the Company and 2,358,800 kilowatts were owned by the
Company. Among them: coal-fired power generation holding installed capacity of 19.89 million kilowatts,
accounting for 55.11 per cent; gas power holding installed capacity of 10.1910 million kilowatts, accounting for
28.24 per cent; wind power holding installed capacity of 3.395 million kilowatts, accounting for 9.41 per cent;
photovoltaic holding installed capacity of 2.3835 million kilowatts, accounting for 6.60 per cent;
hydroelectricity holding installed capacity of 132,800 kilowatts; Biomass holding installed capacity of 100,000
kilowatts; the above wind power, hydropower, photovoltaic, biomass and other renewable energy power
generation holding installed capacity of 6,011,300 kilowatts, accounting for 16.66%. In addition, the company
is entrusted with the management of the installed capacity of 8,854,000 kilowatts, the above controlled installed
capacity, entrusted with the management of the installed capacity totalled 46,993,100 kilowatts.
Income source is primarily contributed by power production and sales, and main business income is
derived from Guangdong Province. The company electricity sales price is subject to the benchmark price
verified by the price authority per relevant policies based on National Development and Reform Commission
(NDRC) and the electricity transaction price through the market trade implementation per Guangdong
Electricity Market Trade Basic Rules and supporting files. During the reporting period, The Company's
electricity sales were 53.904 billion kWh, a YOY increase of 0.84%; The average price of electricity sold in the
consolidated statement was 539.50 yuan/ Thousand KWh, a YOY decrease of 52.36 yuan/Thousand kWh, a
decrease of 8.85%; The operating income was 26,078.79 million yuan, a YOY decrease of 2,262.05 million
yuan or a decrease of 7.98%.
The Company's main business is thermal power generation, the fuel costs account for a large proportion of
operating costs, and fluctuations in coal and natural gas prices have a great impact on the Company's operating
performance. During the reporting period, the Company's fuel cost was 16,932.16 million yuan, accounting for
75.25% of the operating cost, benefiting from the decline in fuel prices, and the fuel cost decreased by 2,861.78
million yuan YOY, a decrease of 14.46%.
During the reporting period, benefiting from the completion and commissioning of new units of clean
energy and renewable energy, the Company achieved year-on-year growth in feed-in electricity. The Company
fully grasped the favourable conditions of the current drop in fuel prices, carried out in-depth work on energy
conservation and consumption reduction, strengthened the control of financing costs, improved the efficiency of
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
the use of funds, and effectively hedged against the adverse impact of the drop in electricity prices by adopting
a comprehensive approach.2024 The Company achieved a net profit of RMB902.94 million in the first half of
the year, representing a year-on-year increase of RMB46.4 million. Among them, the Company's coal-fired
power business achieved a net profit attributable to the parent company of 305.8 million yuan; the net profit
attributable to the parent company of the gas electricity business was 143.73 million yuan; the net profit
attributable to the parent company of the hydropower business was -10.15 million yuan; the net profit
attributable to the parent company of the new energy business was 198.43 million yuan; The Company's
investment business achieved a net profit attributable to the parent company of 211.47 million yuan。
The Company shall comply with the disclosure requirements of "power supply industries" in the Guideline
No.3 for Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure
As of June 2024, the Company has a total of about 5.7785 million kilowatts of wind power, photovoltaic
and other new energy installed capacity, including approximately 2.2015 million kilowatts of offshore wind
power, approximately 1.1934 million kilowatts of onshore wind power, and approximately 2.3835 million
kilowatts of photovoltaic power generation. In the first half of 2024, the Company added 834,500 kilowatts of
new energy installed capacity, including 600,000 kilowatts of wind power and 234,500 kilowatts of
photovoltaic power, which mainly were the projects of the Qingzhou Erhai Wind Power Project and the Taishan
Sanhe Agricultural Photovoltaic Complementary Power Generation Project-that have been fully connected to
the grid and put into operation; The Xinjiang Shache photovoltaic project under construction has a total
installed capacity of 3.25 million kilowatts; the projects with a capacity of 2.335 million kilowatts have been
completed through decision-making of construction and signing of acquisition agreement; and the scale of new
energy projects approved by the Company for filing and for which the target has been obtained is approximately
6.204 million kilowatts. In the future, the Company will continue to actively grasp the development trend of
accelerating energy transformation under the goals of "carbon peak" and "carbon neutrality", implement the
"1310" deployment of the Guangdong Provincial Party Committee, actively expand new energy project
resources through self-construction and acquisition, and make every effort to promote the leapfrog development
of new energy and build an ecological civilization power generation enterprise.
II.Analysis On core Competitiveness
1. The largest listed company of power in Guangdong
The Company's main power generation assets are located in Guangdong Province, with a total asset size of
more than 164.6 billion yuan，It is the largest listed company with state-owned assets in Guangdong Province.
As of June 30, 2024, the Company, as the largest listed power company in Guangdong Province, It has a total of
31.6825 million kilowatts of unified dispatch units in the province, accounting for 16.43% of the installed
capacity of Guangdong Province.
2. Strong background and resource advantages
Guangdong Energy Group, the controlling shareholder of the company, as a provincial key energy enterprise,
has been actively supporting listed companies to become better and stronger by using the advantages of its
resources, technology and asset scale. As the only listed company and main force of Guangdong Energy Group,
the company has always been subordinated to serving the overall situation of the reform and development of
Guangdong Province and Guangdong Yudean Group. It has deeply cultivated the main power industry, actively
played the value discovery function and resource allocation function of the capital market, and assisted the reform
and development of Guangdong Province's energy resources.
3. Comprehensive advantages of main business
During the "14th Five-Year Plan" period, Guided by the national energy development strategy, the Company
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
is implementing the "1+2+3+X" strategy - to build a first-class green and low-carbon power listed company,
coordinate safety and development, optimize and strengthen coal, gas and biomass power generation services, and
vigorously develop new energy, energy storage, hydrogen energy and land park development. The Company has
abundant project reserves and broad development prospects; With clear main business, reasonable structure,
outstanding industrial position and market share, it has strong comprehensive strength and broad development
prospects.
4. Competitive advantage in electricity market
The company's generator set has high parameters, large capacity, high operation efficiency, low coal
consumption, stable operation, superior environmental protection performance and strong market competitive
advantage. In the first half of 2024, the company completed a total of 50.828 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
The Company's total assets exceeded 100 billion yuan. and the cash flow of its stock business is abundant,
which provides a good support for the Company's sustainable development. The Company is in good financial
condition, with smooth financing channels such as bank credit, bonds and securities markets and diversified
financing methods. The Company will make full use of internal and external financial resources to provide
strong financial guarantee for the enterprise production and operation, key project construction and rapid
development of new energy industries.
6. Regional development advantages
As the main energy source in Guangdong Province, the company shoulders the important task of helping
Guangdong Province to build a clean, low-carbon, safe and efficient modern energy system. The company will
actively integrate into the construction of Guangdong-Hong Kong-Macao Greater Bay Area, Shenzhen's advanced
demonstration zone and the development of Guangdong's "one core, one belt and one area". It will steadily push
forward the construction of key energy projects and the development of new energy resources in the province and
actively seek to expand into regions with better resource conditions and higher power demand, Help the "3060"
target to be implemented.
III.Main business analysis
Found more in "I. Main businesses of the Company in the reporting period"
Changes in the financial data
In RMB
Same period last YOY change
This report period Cause change
year （%）
Operating income 26,078,790,971 28,340,840,884 -7.98%
Operating cost 22,607,604,729 25,157,909,557 -10.14%
Sale expenses 43,812,406 35,592,377 23.09%
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Administrative
612,823,789 553,789,310 10.66%
expenses
Financial expenses 1,136,016,260 1,146,457,140 -0.91%
Income tax expenses 443,445,689 365,380,562 21.37%
Mainly due to the
decrease in fuel costs
for research and
development in the
first half of the year
R & D Investment 323,176,647 466,613,651 -30.74%
and the impact on the
implementation
progress of research
and development
projects
Benefiting from the
increase in on-grid
electricity and the
Cash flow
decrease in fuel prices,
generated by business 6,006,225,071 2,720,370,016 120.79%
the net cash flow
operation, net
generated by operating
activities increased
year-on-year
Due to the completion
and commissioning of
some projects, the cash
Net cash flow paid by the Company
generated by -5,579,362,986 -9,765,108,918 42.86% for the purchase and
investment construction of fixed
assets, intangible assets
and other long-term
assets decreased YOY.
Due to the continuous
improvement of
operating activities and
the decrease in the
expenditure of
investment funds for
Net cash flow
-367,933,221 7,005,872,760 -105.25% project construction,
generated by financing
the cash received by
the Company from
borrowings in the
current period
decreased significantly
YOY.
16
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Net increasing of cash Affected by above
58,849,676 -38,865,772 251.42%
and cash equivalents three reasons..
Major changes to the profit structure or sources of the Company in the reporting period
□ Applicable √Not applicable
The profit composition or sources of the Company have remained largely unchanged during the report period.
Component of Business Income
In RMB
This report period Same period last year
Increase /decrease
Amount Proportion Amount Proportion
Total operating
26,078,790,971 100% 28,340,840,884 100% -7.98%
revenue
On Industry
Electric power ,
Steam sales and 25,944,529,404 99.49% 28,177,515,353 99.42% -7.92%
labor income
Other 134,261,567 0.51% 163,325,531 0.58% -17.80%
On products
Sales Electric
25,734,992,703 98.69% 28,015,854,478 98.85% -8.14%
Power
Flyash sales 71,679,656 0.27% 141,968,590 0.50% -49.51%
Thermal sales 158,977,001 0.61% 121,708,867 0.43% 30.62%
Other 113,141,611 0.43% 61,308,949 0.22% 84.54%
Area
Guangdong 25,222,008,969 96.72% 27,672,103,611 97.64% -8.85%
Xinjiang 592,499,860 2.27% 470,376,437 1.66% 25.96%
Hunan 49,432,632 0.19% 73,335,885 0.26% -32.59%
Hebei 43,562,606 0.17% 46,668,601 0.16% -6.66%
Guangxi 55,975,991 0.21% 29,169,838 0.10% 91.90%
Yunnan 30,094,272 0.12% 21,621,661 0.08% 39.19%
Henan 18,907,253 0.07% 19,388,294 0.07% -2.48%
Shandong 15,532,130 0.06% 8,176,557 0.03% 89.96%
Inner mongolia 21,887,814 0.08% 0 0% 0%
Gansu 8,053,227 0.03% 0 0% 0%
Anhui 20,836,217 0.08% 0 0% 0%
(2)Situation of Industry, Product and District Occupying the Company’s Business Income and Operating Profit
with Profit over 10%
√ Applicable □Not applicable
In RMB
Increase/decrea Increase/decrea Increase/decrea
Gross profit se of revenue in se of business se of gross
Turnover Operation cost
rate(%) the same period cost over the profit rate over
of the previous same period of the same period
17
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
year(%) previous year of the previous
(%) year (%)
On Industry
Electric power ,
Steam sales and 25,944,529,404 22,502,230,247 13.27% -7.92% -10.52% 2.51%
labor income
On Product
Sales Electric
25,734,992,703 22,358,121,716 13.12% -8.14% -10.45% 2.24%
Power
Including：Fire
coal Generation 17,294,109,900 15,404,291,658 10.93% -17.01% -19.91% 3.23%
Power
Gas Generation
6,404,268,365 5,845,369,267 8.73% 18.50% 23.28% -3.54%
Power
Biomass
2,036,614,438 1,108,460,791 45.57% 14.83% 11.80% 1.47%
Generation Power
Area
Guangdong 25,222,008,969 21,889,282,782 13.21% -8.85% -11.09% 2.18%
Under circumstances of adjustment in reporting period for statistic scope of main business data, adjusted main
business based on latest on year’s scope of period-end.
□ Applicable √Not applicable
IV. Analysis of Non-core Business
□ Applicable √Not applicable
V. Analysis of assets and liabilities
1.Significant changes in asset composition
In RMB
End of Reporting period End of same period of last year
Change in Reason for
As a As a percentage
percentage(% significant
Amount percentage of Amount of total
) change
total assets(%) assets(%)
Monetary fund 16,111,494,756 9.79% 16,431,429,893 10.19% -0.40%
Accounts
8,132,965,850 4.94% 8,963,635,678 5.56% -0.62%
receivable
Contract assets 10,410,179 0.01% 5,557,720 0% 0.01%
Inventories 4,306,381,050 2.62% 2,655,504,711 1.65% 0.97%
Real estate
342,839,369 0.21% 347,192,759 0.22% -0.01%
Investment
18
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Long-term
equity 10,177,923,445 6.18% 9,796,842,197 6.08% 0.10%
investment
Fixed assets 68,724,837,776 41.76% 63,017,322,291 39.09% 2.67%
Construction in
26,153,498,930 15.89% 29,990,577,678 18.60% -2.71%
process
Usage right
9,392,971,206 5.71% 9,529,610,412 5.91% -0.20%
assets
Short -term
17,020,331,818 10.34% 15,756,979,762 9.77% 0.57%
loans
Contract
42,133,556 0.03% 41,328,133 0.03% 0%
liabilities
Long-term
67,237,211,209 40.86% 62,832,471,340 38.98% 1.88%
loans
Lease liabilities 10,546,756,611 6.41% 10,452,666,128 6.48% -0.07%
2.Main assets overseas
□ Applicable √Not applicable
3.Asset and Liabilities Measured by Fair Value
√ Applicable □Not applicable
In RMB
Impair
ment
Gain/Loss on Purchase Sold
Cumulative fair provisi
fair value d amount amount Other
Opening value change ons in
Items change in the in the in the chang End of term
amount recorded into the
reporting reporting reportin es
equity reporti
period period g period
ng
period
Financial
assets
Other equity
instrument 2,866,347,046 -431,139,138 1,493,045,292 2,435,207,908
investments
Subtotal 2,866,347,046 -431,139,138 1,493,045,292 2,435,207,908
Total 2,866,347,046 -431,139,138 1,493,045,292 2,435,207,908
Financial
0 0 1,493,045,292 0
Liability
Other change
Did great change take place in measurement of the principal assets in the reporting period ?
19
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
□ Yes √ No
4. Restricted asset rights as of the end of this Reporting Period
On June 30, 2024, individual subsidiaries of the Group pledged the right to impose electricity charges to
banks to obtain long-term loans of 5,015,180,259 yuan which: the balance of long-term loans due within one year
was 229,859,949 yuan (as of December 31, 2023: 5,401,654,578 yuan). including: the long-term borrowings due
within one year amounted to 500,737,245 yuan .
20
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
VI. Investment situation
1. General
√ Applicable □ Not applicable
Investment of the period Investment of same period of last year Scale of change
825,091,532 1,683,063,129 -50.98%
2.Condition of Acquiring Significant Share Right Investment during the Report Period
√Applicable □ Not applicable
In RMB
Whet
Share Progress Antici her to
Name of the Main Gain or Less Date of
Investme Investment Prop Capital Investmen Product up to pated Invol Disclosure
Company Busines Partner or the Current Disclosure(if
nt Way Amount ortio Source t Horizon Type Balance Incom ve in Index(if any)
Invested s Investment any)
n% Sheet Date e Laws
uit
Announcement
No.:2022-60,.
Published in
Shache China
Yuedan light Securities
Photovo
Shache storage Daily,
ltaic Capital 100 Long- Electric December
Comprehensi 21,000,000 Self funds No integration 24,141,281 No Securities
Generat increase % term Power 1,2022
ve Energy project is Times ,
ion
Co., Ltd. in normal Shanghai
progress Securities
News,
Securities
Daily and
21
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
http//.www.cni
nfo.com.cn
The Announcement
Hanhai No.:2022-11,.
Photovolta Published in
ic Project China
and the Securities
Tumushuke Third Daily,
Photovo
Yudean Division Securities
ltaic Capital 100 Long- Electric
Hanhai New 140,000,000 Self funds No 45th -3,968,810 No March 26,2022 Times ,
Generat increase % term Power
Energy Regiment Shanghai
ion
Co., Ltd. Photovolta Securities
ic News,
Integration Securities
Project are Daily and
progressin http//.www.cni
g normally nfo.com.cn
Laixi
Liante
New
Laixi Qingdao
Photovo Energy
Xinguangyao Jiulian
ltaic Capital Technolo Long- Electric
New Energy 13,134,600 99% Self funds Project is 2,326,889 No Not applicable
Generat increase gy Co., term Power
Technology normal
ion Ltd.
Co., Ltd. progress
（Share
proportio
n:1%）
Guangdong Photovo Capital 100 Long- Electric Huzhen
30,830,000 Self funds N/A -366,953 No Not applicable
Yudean ltaic increase % term Power Photovolta
22
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Huibo New Generat ic
Energy Co., ion Generatio
Ltd. n Project
is normal
progress
Announcement
No.:2022-16,.
Published in
China
Securities
Guangdong Dananhai
Daily,
Yudean Intelligenc
Securities
Dananhai Therma Capital 100 Long- Electric e Energy
80,000,000 Self funds No -7,629,467 No April 22,2022 Times ,
Intelligence l power increase % term Power Project is
Shanghai
Energy Co., normal
Securities
Ltd. progress
News,
Securities
Daily and
http//.www.cni
nfo.com.cn
Zhaoqing Announcement
Guangdong Hejiang No.:2020-52,.
Yudean Electric Published in
Yongan Therm Cap Power China
Long- Electric In normal October
Natural Gas al ital 45,000,000 90% Self Funds Developm -46,015,778 No Securities
term Power operation 13,2020
Thermal power increase ent Co., Daily,
power Co., ltd. Securities
Ltd. （Share Times and
Proportion http//.www.cni
23
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
：10%） nfo.com.cn
Announcement
Yunfu No.:2022-16,.
Guangdong Yunda Published in
Yudean Investment China
Yunhe Therma Capital Holdings Long- Electric In normal Securities
47,080,000 90% Self Funds -7,463,179 No April 22,2022
Power l power increase Co., Ltd. term Power operation Daily,
General Co., （ Share Securities
Ltd. Proportion Times and
：10%） http//.www.cni
nfo.com.cn
Announcement
No.:2020-13,.
Published in
Guangdong
China
Yudean Therm
Capital 100 Long- Electric In normal Securities
Binhaiwan al 100,000,000 Self Funds No -4,162,481 No April 11,2020
increase % term Power operation Daily,
Energy Co., power
Securities
Ltd.
Times and
http//.www.cni
nfo.com.cn
Huizhou Announcement
Guangdong Port No.:2021-43,.
Yudean Investment Published in
Dayawan Therma Capital Group Co., Long- Electric In normal China
88,046,932.33 70% Self Fund -10,988,053 No July 17,2021
Integrated l power increase Ltd. term Power operation Securities
Energy Co., （ Share Daily,
Ltd. Proportion Securities
：20%）, Times and
24
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Huizhou http//.www.
Port cninfo.com.
Investment cn
Group Co.,
Ltd.
（ Share
Proportion
：10%）
Guangdong
Yudean
Therma Capital 100 Long- Electric In normal
Qiming 10,000,000 Self Funds No -6,281,926 No Not applicable
l power increase % term Power operation
Energy Co.,
Ltd.
Announcement
No.:2024-28,.
Guangdon
Published in
g Energy
Guangdong China
Group Co., Power
Electric Fuel Capital Long- In normal Securities
50,000,000 50% Self Funds Ltd. generati 46,479,816 No April 30,2024
Industry Fuel sales increase term operation Daily,
（ Share on fuel
Co., Ltd. Securities
Proportion
Times and
：50%）
http//.www.cni
nfo.com.cn
Announcement
Guangdong
New No.:2022-60,.
Energy New
Energy 100 Long- Electric In normal December Published in
Group establish 200,000,000 Self funds No -18,921,661 No
Generat % term Power operation 1,2022 China
Xingjiang ment
ion Securities
Co., Ltd.
Daily,
25
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Securities
Times ,
Shanghai
Securities
News,
Securities
Daily and
http//.www.
cninfo.com.
cn Announcement
No.:2022-60,.
Published in
China
Securities
Daily,
Securities
Times and
http//.www.cni
nfo.com.cn
Total -- -- 825,091,532 -- -- -- -- -- -- 0 -32,850,322 -- -- --
3.Situation of the Significant Non-equity Investment Undergoing in the Report Period
□ Applicable √ Not applicable
26
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
4.Investment of Financial Asset
（1）Securities investment
√ Applicable □ Not applicable
In RMB
Mode Purcha
Book value Sale Book value
of Changes in Cumulative se Gain/loss
Stock Initial balance at the amount balance at the
Security Security account fair value of fair value amount of the Accounti Source of
Abbreviatio investment beginning of in the end of the
category code ing the this changes in in the reporting ng items the shares
n: cost the reporting this reporting
measur period equity this period
period period period
ement period
Other
Domestic
Sunshine equity
and foreign HK6963 356,000,000 FVM 1,379,000,002 -570,821,860 452,178,142 0 0 0 808,178,142 Self funds
insurance instrument
stocks
Investment
Other
Domestic
equity
and foreign 600642 Shenergy 235,837,988 FVM 356,517,044 133,832,722 254,511,778 0 0 0 490,349,766 Self funds
instrument
stocks
Investment
Other
Domestic
Shenzhen equity
and foreign 000027 15,890,628 FVM 97,524,000 12,852,000 94,485,372 0 0 0 110,376,000 Self funds
Energy instrument
stocks
Investment
Other
Domestic
equity
and foreign 831039 NEEQ 3,600,000 FVM 16,506,000 -7,002,000 5,904,000 0 0 0 9,504,000 Self funds
instrument
stocks
Investment
27
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Other securities investments held at the
0 -- 0 0 0 0 0 0 0 -- --
end of the period
Total 611,328,616 -- 1,849,547,046 -431,139,138 807,079,292 0 0 0 1,418,407,908 -- --
Disclosure date for the notice of
approval by the Board (If any)
（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.
28
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
VII. Sales of major assets and equity
1.Situation of Significant Asset Sale
□ Applicable √ Not applicable
2.Sales of major equity
□ Applicable √ Not applicable
VIII.Analysis of the Main Share Holding Companies and Share Participating Companies
√ Applicable □ Not applicable
Situation of Main Subsidiaries and the Joint-stock Company with over 10% net profit influencing to the
Company
In RMB
Company Compa Sectors Registered Operating
Total assets Net assets Turnover Net Profit
Name ny type engaged in capital profit
Power
Guangdon
generation
g Wind
Subsidi and power
Power 9,700,881,364 57,424,355,973 16,405,577,778 1,683,513,925 395,051,248 318,149,169
ary station
Generatio
construction
n Co., Ltd.
.
Power
Huizhou generation
Natural Subsidi and power
1,499,347,500 3,135,100,611 2,166,823,046 1,852,297,784 262,188,204 196,132,247
Gas ary station
Company construction
.
Power
Pinghai
generation
Power
Subsidi and power
Generatio 1,370,000,000 3,817,953,123 2,250,657,506 1,810,201,016 181,917,096 134,952,787
ary station
n
construction
Company
.
Power
Shenzhen
generation
Guangqia
Subsidi and power
n Electric 1,030,292,500 2,107,913,545 1,863,297,235 759,229,110 172,325,608 132,511,410
ary station
Power
construction
Co., Ltd.
.
Guangdon Subsidi Power
2,919,272,000 9,051,892,713 3,207,127,369 2,957,829,113 300,732,021 217,139,250
g Yudean ary generation
29
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Jinghai and power
Power station
Generatio construction
n Co., Ltd. .
Power
Red Bay
generation
Power
Subsidi and power
Generatio 2,749,750,000 6,416,334,364 2,960,338,141 2,360,735,992 237,216,574 155,446,980
ary station
n
construction
Company
.
Power
generation
Bohe
Subsidi and power
Energy 3,118,000,000 9,978,233,761 2,202,457,062 1,724,373,686 226,150,628 166,992,706
ary station
Company
construction
.
Shanxi Sharin
Mining and
Yudean g
power 1,620,749,000 12,118,196,262 9,384,716,457 155,633,534 529,530,656 523,868,842
Energy Compa
generation
Co., Ltd. ny
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, the
Yuncheng Wanquan Yuefeng New
Energy Project is in the preliminary
Yuncheng Wanquan Yuefeng New work stage, has started construction,
Asset acquisition
Energy Co., Ltd. and is expected to be put into operation
within this year, with no significant
impact on the Company's overall
production, operation and performance.
During the reporting period, the
Guangneng Toksun new energy
project is in the preliminary work stage,
has started construction, and is expected
Guangneng Toxon New Energy
Invested to put into operation 500,000 kilowatts
Generation Co., Ltd.
of installed capacity within this year,
which has no significant impact on the
Company's overall production,
operation and performance.
Lingao Yehai Yuefeng New Energy Invested During the reporting period, the Lingao
30
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Co., Ltd. County Yehai Yuefeng New Energy
Project is in the early stage of work and
has not yet started construction, which
has no significant impact on the
Company's overall production,
operation and performance.
Note
1.During the reporting period, the Company's coal unit price decreased, and the profitability of thermal power
business was further enhanced.
2. One of the sources of income of Shanxi Energy Company, a joint venture company, is the investment income
of the coal mines, due to the decline in coal price, the net profit of Shanxi Energy Company declined YOY, and
the Company's investment income in Shanxi Energy decreased by 47.47 million yuan YOY, a decrease of
18.51%.
IX．Structured vehicle controlled by the Company
□ Applicable √ Not applicable
X. Risks facing the Company and countermeasures
1. Work safety risk
The "three-protection" situation is severe. It is estimated that 4-5 typhoons will land in the post-flood
season or seriously affect our province. The typhoons are overall intense, accompanied by more rainfall in
the early stage. As the soil water content in some mountainous areas is highly saturated, the safety risk of
geological disasters is further increased; During the peak summer, the continuous operation of the unit under
high load, combined with the unstable safety and supply as well as coal quality, reduces the reliability of the
generator set, which is prone to installation safety hazards; The outsourcing and leasing safety management
needs to be further strengthened, and some contractors and tenants lack safety awareness, with increasin gly
prominent problems such as improper operation of their own safety management system; There are a large
number of capital construction workers with uneven ability levels, causing phenomenal construction risks.
Countermeasures: First, pay close attention to the rain and flood, thoroughly investigate and rectify
the hidden dangers of geological disasters, and well ensure flood control and typhoon prevention; Second,
strengthen equipment maintenance and operation management, earnestly carry out maintenance, operation
management and technical supervision, improve the equipment management system, well ensure the
elimination of equipment defects and improve the reliability of unit equipment; Third, strengthen the "three
external management", ensure the "access", resolutely put an end to illegal contracting and illegal
subcontracting, define respective management responsibilities, urge contractors and tenants to effectively
operate their own safety management systems and fully perform their duties, strengthen saf ety education and
training, and continuously improve the safety management of contractors and tenants. Fourthly, ensure the
safety of engineering construction, resolutely prevent and curb personal accidents, and firmly uphold the
basic principles of work safety.
2. Increasingly fierce competition in the electricity market
31
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
In the context of the increasing proportion of electricity traded in the market, Guangdong Provincial
Development and Reform Commission issued the Notice on Relevant Matters of Coal-fired Power and Gas-
fired Power Capacity Tariff Mechanism in Guangdong Province, stating that while implementing the
national coal-fired power capacity tariff mechanism, Guangdong Province will simultaneously implement
the gas-fired power capacity tariff mechanism with reference to the coal-fired power capacity tariff
mechanism and combined with its own reality. The introduction of capacity tariff in Guangdong province
will affect the market behavior of competitors, and the spot market quotation strategy will be more radical,
causing the continuous decline in tariff. 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 market transaction scale and the diversification o f transaction methods since the power
reform, it will not only create a broader market space for the Company, but also further increase in the
competition intensity among power enterprises.
Countermeasures: First, spare no effort to expand the market. Strengthen the power generation process
management, optimize the operation mode of the units, ensure the implementation of various types of
electricity contracts for thermal power units, and ensure that new energy units can generate more electricity
at full capacity, striving to achieve the Company's annual electricity target. Second, strengthen the analysis
and judgment of the electricity market, dynamically optimize market competition strategies, continuously
improve and strengthen the construction of the electricity marketing system, strive for the tariff of electricity
traded in the market above the market average level, further improve the collaborative operation mechanism
of the electricity spot market, and scientifically formulate the trading strategies. Third, focus on cost control.
Strengthen the idea of leading an austere life, strictly control general management expenses and non
production expenses, strive to control power generation and operating costs, and improve the Company's
market competitiveness.
3. Risk of power structure adjustment
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 June 2024, the holding installed capacity of the Company's
coal-fired power accounted for 55.11%, which was high, with greater transformation pressure of clean and
low-carbon power supply.
Countermeasures: The first is to steadily promote the transformation and upgrading of the power
supply structure, strive to achieve greater breakthroughs in structural adjustment, accelerate the progress of
key energy projects, and solidly promote the Xinjiang Shache photovoltaic project, Qingdao Jiulian
distributed photovoltaic power generation project and Yunfu natural gas cogeneration project, etc., to ensure
that the project investment and construction plan are completed on schedule. T he second is to continue to
enrich the reserve 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. The third is to deeply explore the development and utilization of distributed energy for
32
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
cold, heat, electricity and gas cogeneration, as well as infrastructure construction such as battery swapping,
charging piles and energy storage. Fourth, we will continue to optimize the management of carbon assets,
make full use of internal and external resources, strengthen the management of carbon emission data and the
operation and management of carbon assets, promote energy conservation and carbon reduction, and rea lize
the value-added and income of carbon assets.
XI. 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
The Company conscientiously implements the guiding ideology of "activating the capital market and
boosting investor confidence" proposed by the Political Bureau of the Central Committee and the executive
meeting of the State Council "to vigorously improve the quality and investment value of listed companies, take
more strong and effective measures, and focus on stabilizing the market and confidence", and combined with
the Company's development strategy, operating situation, and financial situation, it has formulated the "dual
improvement of quality and return" action plan. For details, please refer to the "Announcement on the Action
Plan for "Double Improvement of Quality and Return" published by the Company on August 28,
2024(Announcement No.:2024-45)
The main contents of the plan, the specific measures for the implementation of the plan and the results are
as follows:
1. Focus on the main responsibilities and main businesses, and build a first-class green and low-carbon
power listed company. Since its establishment, the Company has always adhered to the business tenet of
"taking capital from the people, using capital in electricity, and benefiting the public" and the business policy
of "running electricity-based, diversified development", focusing on the main business of electric power, and
the power supply structure is diversified, with large-scale coal-fired power generation, natural gas power
generation, biomass power generation, wind power generation, solar power generation and hydropower
generation and other energy projects, providing reliable and clean energy to users through the power grid
company. As of June 30, 2024, the Company has a controllable installed capacity of 38.4511 million kilowatts,
including 19.89 million kilowatts of coal-fired power generation, 10.191 million kilowatts of gas-fired power,
5,778,500 kilowatts of wind power, photovoltaic and other new energy sources, and the total controllable
installed capacity and entrusted managed installed capacity is 46.9931 million kilowatts , making it the l argest
listed power company in Guangdong Province.
2. Strengthen the leadership of science and technology, actively cultivate and develop new quality
productivity, actively implement the strategy of scientific and technological innovation, and orderly buil d a
deep integration system of "production, education, research and application". Since 2023, the Company has
added 1 provincial-level recognized R&D platform, 3 municipal-level recognized R&D platforms, and
undertaken 1 national key R&D project and 3 provincial key R&D projects; In 2024, 25 new national industry
R&D achievements are declared, 41 utility model patents and 10 invention patents are newly authorized.
3. Pay attention to shareholder returns, stabilize dividends and share the fruits of business development.
The Company attaches great importance to the protection of investors' rights and interests, and adheres to the
principle of "If there is profit, dividends must be distributed". In addition to the phased losses in 2021 -2022 to
fulfill the responsibility of power and energy security, we have always insisted on paying dividends to
33
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
shareholders. Since its listing in 1993, the average annual profit dividend ratio has exceeded 50%, and a total of
13.166 billion yuan has been distributed to shareholders, which is 4.77 times of the raised funds, which fully
reflects the Company's good business performance and sincere returns to investors.
4. Standardize information disclosure and strengthen investor relations management. In strict accordance
with "The Company Law", "Measures for the Administration of Information Disclosure of Listed Companies"
and other laws and regulations, the Company follows the principle of "truthfulness, accuracy, completeness,
timeliness and fairness", fulfills its information disclosure obligations in accordance with the law, and its
information disclosure has been assessed by the Shenzhen Stock Exchange as "A" for ten consecutive years.
The Company will continue to enhance transparency and investor demand, and enhance the pertinence and
effectiveness of information disclosure through voluntary release of quarterly power generation completion
information disclosure announcements. Meanwhile, the Company will continue to strengthen the management
of investor relations, and establish a multi-channel and multi-level investor communication system through
investor on-site research, investor hotline, e-mail, Shenzhen Stock Exchange's "interactive easy" platform,
performance briefing, etc., so as to increase investors' understanding especially small investors ’
understanding of the Company's production and operation, build a benign and interactive investor relationship,
and give investors a real, transparent and compliant Guangdong Electric Power.
34
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
IV. Corporate Governance
I. Annual General Meeting and Provisional Shareholders’ Meetings in the Reporting Period
1.Annual General Meeting
Investor
particip Index to disclosed
Meeting Type Convened date Disclosure date
ation information
ratio
Announcement
No.:2024-01).
Published in
China Securities
First Provisional
Provisional Daily, Securities
Shareholders’
Shareholders’ 72.57% January 5,2024 January 6,2024 Times , Shanghai
general meeting of
general meeting Securities News,
2024
Securities Daily
and
http//.www.cninfo
.com.cn
Announcement
No.:2024-02).
Published in
Second China Securities
Provisional Provisional Daily, Securities
Shareholders’ Shareholders’ 72.58% January 19,2024 January 20,2024 Times , Shanghai
general meeting of general meeting Securities News,
2024 Securities Daily
and
http//.www.cninfo
.com.cn
Announcement
No.:2024-27).
Published in
China Securities
2023 Annual Daily, Securities
Shareholders’ Shareholders’ 72.64% April 26,2024 April 27,2024 Times , Shanghai
general meeting General Meeting Securities News,
Securities Daily
and
http//.www.cninfo
.com.cn
35
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Announcement
No.:2024-35).
Published in
China Securities
Third Provisional
Provisional Daily, Securities
Shareholders’
Shareholders’ 72.54% May 22,2024 May 23,2024 Times , Shanghai
general meeting of
general meeting Securities News,
2024
Securities Daily
and
http//.www.cninfo
.com.cn
2. Preferred stockholders restored voting rights to request to convene Provisional Shareholders’
Meeting
□Applicable √ Not applicable
II. Changes in directors, supervisors and senior management staffs
√ Applicable □Not applicable
Name Positions Types Date Reason
Liang Chao Vice Chairman Elected January 19,2024
Zhao Zengli Independent director Elected April 26,2024
Chairman of the
Yang Hai Supervisory Elected April 26,2024
Committee
Xu Ang Employee supervisor Elected February 23,2024
Independent
Ma Xiaoqian Elected April 26,2024
supervisor
He will resign at
Ma Xiaoqian Independent director Dimission April 26,2024 the expiration of
his term of office.
Chairman of the
Zhou Zhijian Supervisory Dimission April 26,2024 Job changes
Committee
Li Ruiming Employee supervisor Dimission February 23,2024 Retire
III. Pre-plan for profit allocation and turning capital reserve into share capital for the reporting period
□ Applicable √ Not applicable
The Company planned not to distribute cash dividend and bonus share, and not to convert capital reserves into
share capital in half year.
IV. Implementation of the company’s stock incentive plan, employee stock ownership plan or other
employee incentives
□Applicable √ Not applicable
36
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
The Company has no implementation of the company’s stock incentive plan, employee stock ownership plan or
other employee incentives in the period.
37
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
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
Emis
pollut
Main sion Impleme
ant Excessiv
Company pollutant port nted
and Emissio Emission Verified e
or and Emissio distri pollutant Total
specifi n port concentrati total emission
subsidiary specific n way butio emission emission
c number on emission conditio
name pollutant n standard
pollut n
name condi s
ant
tion
type
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Air emissio in
Bohe ts for
pollut Smoke n 2 the 1.51 19.28 71.5 N/A
Company Thermal
ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
A Concent With Emissio
SO2 2 12.60 160.81 973.5 N/A
Bohe ir rated in n
38
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Company pollut emissio the Standard
ant n facto of Air
through ry Pollutan
chimne ts for
y Thermal
Power
Plants
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Air emissio in
Bohe ts for
pollut NOX n 2 the 34.07 434.79 1122.1 N/A
Company Thermal
ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Dapu Air emissio in
ts for
Power pollut Smoke n 2 the 4.55 38.32 593 N/A
Thermal
Plant ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
Concent n
rated With Standard
Dapu Air emissio in of Air
Power pollut SO2 n 2 the 8.59 Pollutan 72.13 1447 N/A
Plant ant through facto ts for
chimne ry Thermal
y Power
Plants
39
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Dapu Air emissio in
ts for
Power pollut NOX n 2 the 41.54 349.72 1502 N/A
Thermal
Plant ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
A Pollutan
Red emissio in
ir Sm ts for
Bay n 4 the 2.89 58.47 422.04 N/A
pollut oke Thermal
Company through facto
ant Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Air emissio in
Red Bay ts for
pollut SO2 n 4 the 7.23 146.06 1477.2 N/A
Company Thermal
ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Concent With Emissio
Air
Red Bay rated in n
pollut NOX 4 27.80 561.55 2111.58 N/A
Company emissio the Standard
ant
n facto of Air
40
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
through ry Pollutan
chimne ts for
y Thermal
Power
Plants
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Air emissio in
ts for
Jinghai pollut Smoke n 4 the 2.48 70.27 341.2 N/A
Thermal
Company ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Air emissio in
ts for
Jinghai pollut SO2 n 4 the 16.58 468.54 1728.4 N/A
Thermal
Company ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Concent Standard
rated With of Air
Air emissio in Pollutan
Jinghai NO
pollut n 4 the 35.75 ts for 1010.36 2470 N/A
Company X
ant through facto Thermal
chimne ry Power
y Plants
(GB132
23-
41
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Maoming Air emissio in
ts for
Power pollut Smoke n 2 the 0.79 7.77 168.12 N/A
Thermal
Plant ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Maoming Air emissio in
ts for
Power pollut SO2 n 2 the 15.96 156.50 385.51 N/A
Thermal
Plant ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Em
ission
Standard
Concent
of Air
rated With
Pollutan
Maoming Air emissio in
ts for
Power pollut NOX n 2 the 29.14 285.76 751.82 N/A
Thermal
Plant ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Concent Emissio
With
rated n
Pinghai Air in
emissio Standard
Power pollut Smoke 2 the 2.10 28.15 346 N/A
n of Air
Plant ant facto
through Pollutan
ry
chimne ts for
42
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
y Thermal
Power
Plants
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Pinghai Air emissio in
ts for
Power pollut SO2 n 2 the 23.31 312.66 1670 N/A
Thermal
Plant ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Pinghai Air emissio in
ts for
Power pollut NOX n 2 the 38.06 510.41 1731 N/A
Thermal
Plant ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Shaoguan Pollutan
Air emissio in
Power ts for
pollut Smoke n 2 the 1.45 15.88 717.78 N/A
Generatio Thermal
ant through facto
n Plant Power
chimne ry
Plants
y
(GB132
23-
2011)
Shaoguan Air SO2 Concent 2 With 23.17 Emissio 253.80 2303.55 N/A
43
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Power pollut rated in n
Generatio ant emissio the Standard
n Plant n facto of Air
through ry Pollutan
chimne ts for
y Thermal
Power
Plants
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Shaoguan Pollutan
Air emissio in
Power ts for
pollut NOX n 2 the 39.24 429.86 2254.42 N/A
Generatio Thermal
ant through facto
n Plant Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Yunhe Pollutan
Air emissio in
Power ts for
pollut Smoke n 1 the 2.34 14.94 360 N/A
Generatio Thermal
ant through facto
n Plant Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
Concent
n
Yudean rated With
Standard
Yunhe Air emissio in
of Air
Power pollut SO2 n 1 the 6.75 43.08 2400 N/A
Pollutan
Generatio ant through facto
ts for
n Plant chimne ry
Thermal
y
Power
44
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Plants
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Yunhe Pollutan
Air emissio in
Power ts for
pollut NOX n 1 the 36.05 229.85 2400 N/A
Generatio Thermal
ant through facto
n Plant Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Air emissio in
Zhanjiang ts for
pollut Smoke n 2 the 1.16 15.42 528 N/A
Electric Thermal
ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Air emissio in
Zhanjiang ts for
pollut SO2 n 2 the 17.91 236.47 1320 N/A
Electric Thermal
ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Air Concent With Emissio
Zhanjiang
pollut NOX rated 2 in 39.81 n 525.43 1990.7 N/A
Electric
ant emissio the Standard
45
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
n facto of Air
through ry Pollutan
chimne ts for
y Thermal
Power
Plants
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Air emissio in
Zhanjiang ts for
pollut Smoke n 2 the 1.66 21.98 480 N/A
Zhongyue Thermal
ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Air emissio in
Zhanjiang ts for
pollut SO2 n 2 the 14.93 197.38 1200 N/A
Zhongyue. Thermal
ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Concent
Standard
rated With
of Air
Air emissio in
Zhanjiang Pollutan
pollut NOX n 2 the 26.47 349.95 1290.08 N/A
Zhongyue ts for
ant through facto
Thermal
chimne ry
Power
y
Plants
(GB132
46
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Air emissio in
Guangqian ts for
pollut NOX n 3 the 10.56 80.55 1312.5 N/A
Company Thermal
ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Huizhou Air emissio in
ts for
Natural pollut Smoke n 6 the 0.26 4.60 242.61 N/A
Thermal
Gas ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Huizhou Air emissio in
ts for
Natural pollut NOX n 6 the 21.45 369.78 1774.98 N/A
Thermal
Gas ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Concent With Emissio
Yuehua
Air rated in n
Power
pollut SO2 emissio 2 the 0.39 Standard 2.98 27.54 N/A
Generatio
ant n facto of Air
n
through ry Pollutan
47
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
chimne ts for
y Thermal
Power
Plants
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Yuehua Pollutan
Air emissio in
Power ts for
pollut NOX n 2 the 41.82 318.18 1367.55 N/A
Generatio Thermal
ant through facto
n Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Xinhui Pollutan
Air emissio in
Power ts for
pollut Smoke n 2 the 0.07 0.22 85.6 N/A
Generatio Thermal
ant through facto
n Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Xinhui Pollutan
Air emissio in
Power ts for
pollut SO2 n 2 the 0.24 0.97 45 N/A
Generatio Thermal
ant through facto
n Power
chimne ry
Plants
y
(GB132
23-
2011)
48
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Emissio
n
Standard
Concent
of Air
rated With
Xinhui Pollutan
Air emissio in
Power ts for
pollut NOX n 2 the 36.68 136.62 1104 N/A
Generatio Thermal
ant through facto
n Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Tumushuk Pollutan
Air emissio in
e ts for
pollut Smoke n 2 the 1.79 15.62 135 N/A
Thermo Thermal
ant through facto
electric Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
Tumushuk rated With
Pollutan
e Air emissio in
ts for
Thermo pollut SO2 n 2 the 7.49 65.33 474 N/A
Thermal
electric ant through facto
Power
Co., Ltd chimne ry
Plants
y
(GB132
23-
2011)
Concent Emissio
rated With n
Tumushuk
Air emissio in Standard
e
pollut NOX n 2 the 26.31 of Air 229.38 675 N/A
Thermo
ant through facto Pollutan
electric
chimne ry ts for
y Thermal
49
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Power
Plants
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Air emissio in
ts for
Shajiao C pollut Smoke n 3 the 2.77 39.68 277.8 N/A
Thermal
ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Air emissio in
ts for
Shajiao C pollut SO2 n 3 the 17.02 243.79 972.3 N/A
Thermal
ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Air emissio in
ts for
Shajiao C pollut NOX n 3 the 31.93 457.37 1389 N/A
Thermal
ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Huadu Air Concent With Emissio
Smoke 3 0.20 0.90 92.39 N/A
Company pollut rated in n
50
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
ant emissio the Standard
n facto of Air
through ry Pollutan
chimne ts for
y Thermal
Power
Plants
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Air emissio in
Huadu ts for
pollut SO2 n 3 the 0.21 0.94 6.7 N/A
Company Thermal
ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Air emissio in
Huadu ts for
pollut NOX n 3 the 35.70 154.27 586.6 N/A
Company Thermal
ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
Concent n
Zhanjiang rated With Standard
Biomass Air emissio in of Air
Power pollut Smoke n 2 the 6.26 Pollutan 11.26 80.94 N/A
Generatio ant through facto ts for
n chimne ry Thermal
y Power
Plants
51
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
Zhanjiang rated With
Pollutan
Biomass Air emissio in
ts for
Power pollut SO2 n 2 the 4.76 8.57 183 N/A
Thermal
Generatio ant through facto
Power
n chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
Zhanjiang rated With
Pollutan
Biomass Air emissio in
ts for
Power pollut NOX n 2 the 58.79 105.69 397 N/A
Thermal
Generatio ant through facto
Power
n chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
Dayawan rated With
Pollutan
Power Air emissio in
ts for
Generati pollut Smoke n 2 the 2.06 4.28 80.94 N/A
Thermal
on ant through facto
Power
Company chimne ry
Plants
y
(GB132
23-
2011)
Dayawan Concent With Emissio
Air
Power rated in n
pollut SO2 2 0.30 0.23 183 N/A
Generati emissio the Standard
ant
on n facto of Air
52
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Company through ry Pollutan
chimne ts for
y Thermal
Power
Plants
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
Dayawan rated With
Pollutan
Power Air emissio in
ts for
Generati pollut NOX n 2 the 31.42 66.81 397 N/A
Thermal
on ant through facto
Power
Company chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Air emissio in
Yongan ts for
pollut Smoke n 2 the 0.83 2.28 36.04 N/A
Company Thermal
ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Concent Standard
rated With of Air
Air emissio in Pollutan
Yongan
pollut SO2 n 2 the 0.14 ts for 0.40 0.42 N/A
Company
ant through facto Thermal
chimne ry Power
y Plants
(GB132
23-
53
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Air emissio in
Yongan ts for
pollut NOX n 2 the 22.01 60.15 596.77 N/A
Company Thermal
ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Air emissio in
Binhaiwan ts for
pollut Smoke n 3 the 0.18 0.12 181.56 N/A
Company Thermal
ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Emissio
n
Standard
Concent
of Air
rated With
Pollutan
Air emissio in
Binhaiwan ts for
pollut SO2 n 3 the 0.05 0.03 4.77 N/A
Company Thermal
ant through facto
Power
chimne ry
Plants
y
(GB132
23-
2011)
Concent Emissio
With
rated n
Air in
Binhaiwan emissio Standard
pollut NOX 3 the 23.8 15.86 1785 N/A
Company n of Air
ant facto
through Pollutan
ry
chimne ts for
54
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
y Thermal
Power
Plants
(GB132
23-
2011)
Treatment of contaminants
In the first half of 2024, the Company continued to promote the coordinated treatment regarding
pollution reduction and carbon reduction, and carried out the flow path retrofit, comprehensive improvement
of cold-end efficiency, utilization of flue gas waste heat, sealing of air preheater, resistance reduction of air-
flue system, energy saving of fans and pumps, comprehensive optimization of pulverizing system, energy -
saving and consumption-reducing transformation of high-energy-consuming motors and transformers, and
continued to promote the transformation of urea instead of liquid ammonia and the renewal and replacement
of environmental protection equipment such as denitration catalyst, oxidation fan, slurry circulating pump
and anode and cathode of dust collector to reduce the discharge of various pollutants.
Emergency plan for emergency environmental incidents
Combining with the Environmental Protection Law of the People's Republic of China and the Opinions of
the Ministry of Environmental Protection on Strengthening Environmental Emergency Management Work and
other laws and regulations on the monitoring of environmental risks, the company’s subordinate power
generation enterprises have formulated the Emergency Plan for Emergency Environmental Incidents according
to their actual conditions, which has standardized and improved the handling of emergent environmental events
from the aspects of environmental accident risk analysis, emergency command organization and responsibilities,
disposal procedures, and disposal measures, improved the ability to respond to unexpected environmental
events, and ensured that after an outbreak of an environmental incident, the company can organize emergency
rescue work in a timely, orderly and efficient manner to prevent pollution of the surrounding environment,
minimize the damage and social harm caused by the incident, maintain social stability, and protect public
health and property safety.
Investment in environmental governance and protection and payment of environmental protection tax
In the first half of 2024, The company purchased desulfurization and denitration materials totaling about
117.63 million yuan,The Company paid environmental protection tax of 5.75 million yuan.
Environmental self-monitoring program
During the reporting period, the affiliated power generation enterprises of the Company disclosed
environmental information and their supervision and management activities in accordance with the
requirements of laws and regulations such as the China's Administrative Measures for Legal Disclosure of
Enterprise Environmental Information (Order No.24 of Ministry of Ecology and Environment), prepared
annual environmental information disclosure reports and uploaded them to the enterprise environmental
information disclosure system, with the publication rate reaching 100%.
Administrative penalties for environmental problems during the reporting period
Impact on Company's
Company or Reason of Violation of Punishment
the production rectification
subsidiary name punishment regulations result
and operation of measures
55
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
listed companies
N/A N/A N/A N/A N/A N/A
Other environmental information that should be disclosed
None
Measures and effects taken to reduce its carbon emissions during the reporting period
√Applicable □Not applicable
In the first half of 2024, the Company added 600,000 kilowatts of wind power and 234,500 kilowatts of
photovoltaic power, which is expected to contribute about 1.892 billion kWh of clean energy every year,
saving about 596,000 tons of standard coal and reducing about 1570400 tons of carbon dioxide emissions,
equivalent to rebuilding 3,900 hectares of forest. In addition, with the main goal of energy saving and carbon
reduction, the Company actively promoted the "three-reform linkage" of coal-fired power units, completed
the flow path retrofit of Jinghai No.1 and No.2 units and Red Bay No.1 and No.2 units in the first half of the
year, actively explored the heating market, tapped the heating potential, promoted the comprehensive
improvement of cold-end efficiency of coal-fired power units, utilization of flue gas waste heat, sealing of
air preheater, resistance reduction of air-flue gas system, energy saving of fans and pumps, comprehensive
optimization of pulverizing system, energy-saving and consumption-reducing transformation of high-energy-
consuming motors and transformers, and finally achieved a year-on-year reduction of coal consumption in
power supply of the Company, which is 3.34 g/kWh.
Other information related to environmental protection
None
The Company shall comply with the disclosure requirements of power-related industries in the
Guideline No.3 for Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information
Disclosure.
1. The Company has strictly abode by the Environmental Protection Law of People's Republic of China,
the Law of the People's Republic of China on the Prevention and Control of Atmospheric Pollution, the Law
of the People's Republic of China on the Prevention and Control of Water Pollution and the Law o f the
People's Republic of China on Prevention and Control of Environmental Pollution by Solid Waste to carry
out production and business activities. In the first half of 2024, the Company's thermal power plant's
operating expenses for implementing environmental protection policies and regulations were mainly due to
the purchase of limestone and denitration materials, totaling about RMB 117.63 million.
2. In the first half of 2024, the standard coal consumption of the Company's thermal power plant was
293.17g/kWh, the sulfur dioxide emission performance value was 0.048g/kWh, the nitrogen oxide emission
performance value was 0.127g/kWh, and the soot emission performance value was 07g/kWh. Including: the
operation rate of desulfurization device of 100%, with an average desulfurization efficiency of 99.1%; the
average operation rate of denitration device of 99.8%, with an average denitration efficiency of 88.3%; and
the operation rate of dry dedusting device of 99.99%, with an average dedusting efficiency of 99.88%.
Information related to environmental accidents of the listed company
56
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
In the first half of 2024, there were no environmental accidents in the Company.
II. Social responsibilities
1. Jinghai Power Generation Company provided pairing-off assistance to Jishui Geshan Village
In the first half of 2024, Jinghai Power Generation Company actively fulfilled its social responsibilities,
solidly carried out the assistance work in the town, and focused on the villagers' urgent concerns based on
the main principle of "emphasizing key points, improving shortcomings and strengthening weaknesses";
Relying on the professional strength of the team of science and technology specialists of Huizhou University,
it provided technical guidance to the villagers on the whole process of shrimp breeding to improve the
shrimp breeding efficiency; It carried out special investigation and rectification activities for electricity
safety in key areas, and investigated and solves more than 10 electricity hidden dangers, so as to help Ges han
Village realize the controllable and in-control electricity safety; It went to saline-alkali land to conduct water
quality inspection, and improved the utilization rate of land by introducing advanced saline -alkali land
improvement technology.
2. Red Bay Power Generation Company provided pairing-off assistance to Jishui Village in Bawan
Town
In the first half of 2024, Red Bay Power Generation Company actively implemented the "Hundred -
Thousand-Ten Thousand Project" of the provincial party committee and the deployment of Green and
Beautiful Guangdong, and donated 480 saplings to Jishui Village and Changgou Village in total, creating a
rural environment of "roads in green, houses in gardens and people in scenery", helping the "Hundred -
Thousand-Ten Thousand Project" and bringing new vitality and vigor to the beautiful countryside. At the
same time, it actively carried out activities of helping the "Happy Canteen" and "Visiting and Expressing
Solicitudes", and donated materials (rice and cooking oil) with a total value of RMB 145,000, which not only
solved the dining problem of empty nesters and households enjoying the five guarantees in Jishui Village,
but also strengthened communication with Dongzhou Street and Zhelang Street, demonstrating corporate
social responsibility and accountability with practical actions.
3. Yunhe Power Generation Company provided pairing-off assistance to Furong Village, Yaogu Town
In the first half of 2024, Yunhe Power Generation Company actively carried out rural revitalization,
organized its employees to go to Furong Village to participate in voluntary tree planting activities, and
contributed to greening Furong Village and beautifying Furong Village's environment; It continued to carry
out consumer assistance actions, purchased agricultural and sideline products such as Dali rice flour,
Niuxiaoyang crushed peanut oil, Luoding Longfeng Chengxiang rice, etc., totally worthy of about RMB
130,000, to increase the collective economic income of the village and empower the "Rural Revitali zation".
4. Zhanjiang Electric Power Company provided pairing-off assistance to Xilian Town
In the first half of 2024, it carried out in-depth work to help the towns and villages, and sent two
employees to Xilian Town. Through various co-construction activities, it jointly explored the demonstration
path led by party building with rich local characteristics to enrich the people and strengthen the village and
for livability and good governance; It assisted Xilian Town in planning green plants in the tow n, carried out
tree planting activities in the countryside, and planned the assigned forests such as "Guangdong Energy
Youth Forest" and planted 400 trees of various varieties such as white sugar poppy and litchi in Guateng
Village, Xilian Town, helping Xilian Town write a realistic "green and beautiful" answer sheet; It improved
the rural living environment, painted a new scene of Xilian, and assisted Bianban Village in Xilian Town
57
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
with many units to build a portal park integrating leisure, entertainment and party building propaganda on
idle land, effectively improving the environmental facilities and villagers' quality of life in Xilian Town.
5. Hanhai New Energy Company helped the surrounding areas
Hanhai New Energy Company practiced the slogan of "promoting the spirit of aiding Xinjiang at the
foot of Kunlun Mountain and casting excellent projects on Gobi Desert" and adhered to the combination of
"support" and "cooperation", which brought not only clean energy projects, but also advanced technologi es
and concepts; It carried out skills upgrading training for farmers in the surrounding areas of the project, and
provided employment opportunities, greatly improving the quality of life of farmers in the surrounding areas.
6. Maoming Thermal Power Plant provided pairing-off assistance to Xiaoliang Town
In the first half of 2024, Maoming Thermal Power Plant vigorously carried out the work of helping the
towns and villages in the town, and sent one cadre to the town, mainly to help Nazhuang Village, and
allocated RMB 100,000 for the construction of the cultural square promenade project to create a harmonious
living environment between man and nature, which won unanimous praise from the local party committee
and government, village committees and villagers; It strengthened the cooperation between government and
enterprises, implemented the practice of civilization in the new era, paired up with the civilization practice
station in the new era of Hexi Street to jointly organize the cultural exchange activity of "Inheriting the
Tradition of the Festival and Welcoming the Lantern Festival", and regularly organized volunteers to go to
the community to carry out voluntary service activities to create a national civilized city and consolidate a
national health city.
58
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
VI. Important Events
I. The fulfilled commitments in the reporting period and under-fulfillment commitments by the end of
the reporting period made by the company, shareholder, actual controller, acquirer, director, supervisor,
senior management personnel and other related parities.
□ Applicable √Not applicable
There is no commitment that has not been fulfilled by actual controller, shareholders, related parties, acquirers
of the Company
II. Particulars about the non-operating occupation of funds by the controlling shareholder
□ Applicable √ Not applicable
No non-operational fund occupation from controlling shareholders and its related party in period.
III. External guarantee out of the regulations
□ Applicable √ Not applicable
No external guarantee out of the regulations occurred in the period.
IV. Appointment and non-reappointment (dismissal) of CPA
Whether the semi-annual financial report had been audited
□Yes √ No
The semi-annual report was not audited
V. Explanation on “non Qualified Opinion” from CPA by the Board and Supervisory Committee
□ Applicable √ Not applicable
VI. Explanation from the Board for “non Qualified Opinion” of last year’s
□ Applicable √ Not applicable
VII. Bankruptcy reorganization
□ Applicable √ Not applicable
No bankruptcy reorganization for the Company in reporting period
VIII. Litigations and arbitrations
Significant litigations and arbitrations
□ Applicable √ Not applicable
No such cases in the reporting period.
Other lawsuits
√Applicable □ Not applicable
59
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Whether
Outcome Enforcement
Amount a
Litigation and impact of litigation
Basic information of involved projected Date of Disclosure
(arbitration) of litigation (arbitration)
litigation (arbitration). (RMB liability disclosure Index
progress (arbitration) judgments
10,000 ) is formed
hearings
Guangdong Yuedian
Yangjiang Offshore Wind
Power Co., Ltd. v. Fuzhou
Xinchuang
Electromechanical
Equipment Co., Ltd., Fujian
Yongfu Electric Power
The case has
Design Co., Ltd. and Fujian
been held in
Huajing Marine Technology
December
Co., Ltd., Guangdong
2023, and the
Yuedian Yangjiang
24,140.77 NO parties are N/A N/A
Offshore Wind Power Co.,
currently in
Ltd.'s litigation claims
the judicial
include: compensation for
appraisal
the costs of dismantling,
stage.
repairing or replacing the
offshore wind power
facilities due to damage, as
well as the loss of operation
or expected profits, totaling
RMB241,407,700.
Guangdong Yuedian
Yangjiang Offshore Wind
Power Co., Ltd. v. China
Energy Construction Group
Guangdong Thermal Power
Engineering Co., Ltd. and
Jiangsu Huaxicun Offshore
The case has
Engineering Service Co.,
been held at a
Ltd., Guangdong Yuedian
pre-trial
Yangjiang Offshore Wind
conference on
Power Co., Ltd.'s litigation
August 24,
claims include: 1. the return
17,673.92 NO 2024, and the N/A N/A
of the advance payment for
parties are
the project and the payment
still in the
of liquidated damages for
evidence
construction delays,
stage on the
totaling RMB 176,739,200;
matter.
2. The litigation costs,
preservation fees, attorney
fees and reasonable
expenses incurred in this
case shall be jointly borne
by Guanghuo Huaxi
Consortium.
IX. Penalty and rectification
□ Applicable √ Not applicable
60
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
During the reporting period, the Company had no Penalty and rectification.
X. Integrity of the company and its controlling shareholders and actual controllers
□ Applicable √ Not applicable
XI.Material related transactions
1. Related transactions in connection with daily operation
√Applicable □Not applicable
Details of the connected transactions relating to daily operations that occurred during the reporting period of
the Company are set out in ‘7. Other Significant Connected Transactions’.
2. Related-party transactions arising from asset acquisition or sold
□Applicable √ Not applicable
No such cases in the reporting period.
3. Related-party transitions with joint investments
√Applicable □Not applicable
Refer to "7. Other major related-party transactions" for the related-party transactions of joint foreign
investment during the reporting period.
4. Credits and liabilities with related parties
□Applicable √ Not applicable
Whether has non-operational contact of related liability and debts or not
□Yes √ No
No non-operational contact of related liability or debts in Period
5. Transactions with related finance company, especially one that is controlled by the Company
√ Applicable □Not applicable
Deposit business
Related Relationship Maximum Deposit Beginning The amount incurred
party daily deposit interest rate balance(Te
Total
limitd(Ten range n thousand Total deposit
amount Ending
thousand yuan） amount of
withdrawn in balance(Ten
yuan） the current
the current thousand
period （ Ten
period （ Ten yuan）
thousand
thousand
yuan）
yuan）
Guangdong Controlled
1,800,000 0.2%-3.5% 1,418,370 5,559,064 5,563,747 1,413,687
Energy by
61
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Group Guangdong
Finance Co., Energy
Ltd. Group Co.,
Ltd.
Loan business
Related Relationship Beginning The amount of this period
party balance((T Total
Total loan Ending
Loan en repayment
Loant amount of the balance((T
limit((Ten thousand amount of the
interest rate current en
thousand yuan） current
range period(Ten thousand
yuan） period(Ten
thousand yuan）
thousand
yuan）
yuan）
Guangdong Controlled
Energy by
Group Guangdong 2.40%-
3,900,000 1,041,466 128,185.08 99,729 1,069,922
Finance Co., Energy 3.81%
Ltd. Group Co.,
Ltd.
Credit extension or other financial services
Related party Relationship Business type Total amount(Ten Actual amount
thousand yuan） incurred(Ten thousand
yuan）
Guangdong
Communications Controlled by the same
Credit extension 3,900,000 1,069,922
Group Finance Co., parent company
Ltd
6. Transactions with related finance company controlled by the Company
□ Applicable √ Not applicable
No such cases in the reporting period.
7. Other significant related-party transactions
√ Applicable □Not applicable
1. On December 14, 2023, the 16th meeting of the 10th Board of Directors of the company reviewed and
passed the "Proposal on Daily Connected Transactions between the Company and Guangdong Energy Group
Co., Ltd. in 2024", and this connected transaction matter was reviewed and approved for implementation by the
company's first extraordinary general meeting of shareholders in 2024.
2. On December 14, 2023, the 16th meeting of the 10th Board of Directors of the company reviewed and
passed the "Proposal on Signing the 'Financial Services Framework Agreement' with Guangdong Energy Group
62
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Finance Co., Ltd.", the "Proposal on Signing the 'Financing Leasing Cooperation Framework Agreement' with
Guangdong Energy Financing Leasing Co., Ltd.", and the "Proposal on Signing the 'Insurance and Risk
Management Services Cooperation Framework Agreement' with Guangdong Energy Property Insurance Self-
Insurance Co., Ltd.". The above-mentioned connected transaction matters were reviewed and approved for
implementation by the company's first extraordinary general meeting of shareholders in 2024.
3. On February 22, 2024, the first communication meeting of the 10th Board of Directors in 2024
reviewed and passed the "Proposal on the Introduction of Investors by Indirect Subsidiaries". In order to
implement the usage purpose of the special funds of the Guangdong Provincial State-owned Assets Supervision
and Administration Commission and meet the requirements of the special funds as project capital, the Board of
Directors agreed that the company's indirect subsidiary, Guangdong Yuedian Qujie Wind Power Generation
Co., Ltd., would introduce 50 million yuan of special funds for promoting economic development of
Guangdong Energy Group Co., Ltd. through a non-public agreement capital increase. After the completion of
the capital increase of this special fund, Guangdong Energy Group's final investment ratio was 1.98%, and it
would enjoy the income dividend of the Wailuo Project in accordance with the proportion of the special funds
accounting for 7.69% of the capital of the Wailuo Project. The company's holding subsidiary, Guangdong Wind
Power Generation Co., Ltd., waived the preemptive right to subscribe for capital increase of Qujie Wind Power
Company this time.
4. On April 26, 2024, the 19th meeting of the 10th Board of Directors of the company reviewed and
passed the "Proposal on Capital Increase of Guangdong Provincial Electric Power Industry Fuel Co., Ltd." and
the "Proposal on Capital Increase by Conversion of Undistributed Profits of Guangdong Provincial Electric
Power Industry Fuel Co., Ltd.". In order to meet the capital demand for the construction of new energy projects,
the Board of Directors agreed that our company and Guangdong Energy Group Co., Ltd. would simultaneously
increase capital to Guangdong Provincial Electric Power Industry Fuel Co., Ltd. in accordance with the equity
ratio of 111.8739 million yuan for the construction of the 150MW photovoltaic power station (Phase I 100MW)
project in Yanhu District, Yuncheng City, Shanxi Province. Among them, our company increased capital by
55.937 million yuan in accordance with a 50% equity ratio. In order to reduce financial risks and enhance
financing strength, the Board of Directors agreed that the subsidiary, Guangdong Provincial Electric Power
Industry Fuel Co., Ltd., would convert 347.13 million yuan of undistributed profits into registered capital.
Website for temporary disclosure of the connected transaction
Announcement Date of disclosure Website for disclosure
Expected Announcement of Daily Connected Party
December 16,2023 http//www.cninfo.com.cn.
Transactions in 2024
Financial Services Framework Agreement <
Financial Leasing Cooperation Framework
Agreement >< Insurance and Risk Management December 16,2023 http//www.cninfo.com.cn.
Service Cooperation Framework Agreement > and
Related Transaction Announcement
Announcement on related party transactions
involving the introduction of investors by indirect February 23, 2024 http//www.cninfo.com.cn.
subsidiaries
Announcement on the related party transaction of
capital increase to Guangdong Electric Power April 30, 2024 http//www.cninfo.com.cn.
Industry Fuel Co., Ltd. and the conversion of
63
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
undistributed profits into registered capital
XII. Significant contracts and execution
1.Entrustments, contracting and leasing
（1）Entrustment
√ Applicable □Not applicable
Statement of Trusteeship Situation :
According to the statement of Guangdong Energy Group on fulfilling relevant matters, and to avoid the
horizontal competition and fulfill the relevant commitment of the horizontal competition, the Company signed
Stock Trusteeship Agreement with Guangdong Energy Group, wherein the shareholder's rights within the
trusteeship range, except the ownership, right of earning and right of disposition, will be trusted to the
Company, which is predicted to charge 245,000 yuan as trustee fee per year. See details at the " Related
Transaction Announcement on Stock Trusteeship Agreement signed with Guangdong Yudean Group Co., Ltd."
published by the Company in China Securities Daily, Securities Times and http://www.cninfo.com.cn on
January 13, 2018(Announcement No.2018-04);In the first half of 2024, the Company confirmed a custody
income of RMB 900,000.
Gains/losses to the Company from projects that reached over 10% in total profit of the Company in
reporting period
□Applicable √ Not applicable
No gains or losses to the Company from projects that reached over 10% in total profit of the Company in
reporting period
(2) Contract
□ Applicable √ Not applicable
No any contract for the Company in the reporting period.
(3) Lease
□ Applicable √ Not applicable
Note
As the lessee, the company has incurred a rental fee of RMB 16,058,358 in this year.
Project which generates profit or loss reaching over 10% of total profits of the Company during the Reporting
Period
□ Applicable √ Not applicable
There were no leases with a 10% or greater impact on the Company’s gross profit in the Reporting Period.
64
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
2.Significant Guarantees
√Applicable □ Not applicable
In RMB10,000
Guarantee of the Company for the controlling subsidiaries (Exclude controlled subsidiaries)
Relevant
Date of Guarant
dis Compl
hap ee
closure ete
pening Actual for
Name of dat Amount Counter- i
(Da mo Guarant ass
the e/No. of of Guarant guarante Guarantee mplem
te of unt of y （ If ociated
Compan the Guarant ee type e （ If term entatio
sig gua any） part
y gua ee any） n
ning rantee ies
ranteed or
agr (Ye
am not
eement) s or no)
ount
Guangd
ong
Yudean
Yangjia
ng
Offshore
wind
Joint
Guangd power
and
ong Novemb Co., Ltd. 23 years
October several
Energy 200,000 er 184,208 N/A provides and 9 No Yes
29,2020 liability
Group 19,2020 joint months
guarante
Co., Ltd. and
e
several
liability
guarante
e
counter-
guarante
e
Total amount of Total actually
approved external amount of external
0 -5,264
guarantee in the guarantee in the
report period(A1) report period(A2)
Total amount of Total actually
approved external 425,459 amount of external 184,208
guarantee at the end guarantee at the end
65
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
of the report of the report
period(A3) period(A4)
Guarantee of the company for its subsidiaries
Relevant
Date of Guarant
dis Compl
hap ee
closure ete
pening Actual for
Name of dat Amount Counter- i
(Da mo Guarant ass
the e/No. of of Guarant guarante Guarantee mplem
te of unt of y （ If ociated
Compan the Guarant ee type e （ If term entatio
sig gua any） part
y gua ee any） n
ning rantee ies
ranteed or
agr (Ye
am not
eement) s or no)
ount
The durati
on of each
issue of c
orporate b
onds unde
r the regis
tration ap
Guangd proval of
ong Guangdon
Joint
Wind March g Wind Po
August liability
Power 200,000 21, 60,000 N/A N/A wer Gener No No
31,2022 guarante
Generati 2023 ation Co.,
e
on Co., Ltd. will e
Ltd. nd on the
day that is
two years
after the l
atest due
date of the
corporate
bond
Total of guarantee Total of actual
for subsidiaries guarantee for
0 0
approved in the subsidiaries in the
period(B1) period (B2)
Total of guarantee Total of actual
for subsidiaries guarantee for
441,536 60,000
approved at period- subsidiaries at
end(B3) period-end(B4)
Guarantee of the subsidiaries for the controlling subsidiaries
66
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Relevant
Date of Guarant
dis Compl
hap ee
closure ete
pening Actual for
Name of dat Amount Counter- i
(Da mo Guarant ass
the e/No. of of Guarant guarante Guarantee mplem
te of unt of y （ If ociated
Compan the Guarant ee type e （ If term entatio
sig gua any） part
y gua ee any） n
ning rantee ies
ranteed or
agr (Ye
am not
eement) s or no)
ount
The Company’s total guarantee(i.e.total of the first three main items)
Total amount of
Total guarantee
guarantee actually
quota approved in
0 incurred in the -5,264
the reporting period
reporting period
（A1+B1+C1）
（A2+B2+C2）
Total guarantee
Total balance of the
quota already
actual guarantee at
approved at the end
866,995 the end of the 244,208
of the reporting
reporting period
period
（A4+B4+C4）
（A3+B3+C3）
The proportion of the total amount of
actually guarantee in the net assets of the 10.77%
Company (that is A4+B4+C4）%
Including：
Amount of guarantees provided for
shareholders, the actual controller and their 184,208
related parties (D)
Amount of debt guarantees provided
directly or indirectly for entities with a 60,000
liability-to-asset ratio over 70% (E)
Proportion of total amount of guarantee in
net assets of the company exceed 50% 0
（F）
Total amount of the three kinds of
244,208
guarantees above (D+E+F)
67
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
After the capital increase and stock expansion of Guangdong Wind Power Company, the six strategic investors
introduced hold a total of 23.5604% of the equity of Guangdong Wind Power Company, and the company's
shareholding of Guangdong wind Power Company decreased from 100% to 76.4396%. Due to the fact that
according to relevant regulations, Beijing Chengtong Industrial Finance Equity Investment Fund (Limited
Partnership) and other investors cannot provide guarantees for Guangdong Wind Power Company, the
Company has provided full guarantees for Guangdong Wind Power Company's public bond issuance before
this capital increase, The six strategic investors agreed to provide risk control measures by Guangdong Wind
Power Company to pay guarantee fees to the Company after the completion of this capital increase to prevent
the Company's guarantee compensation risk.
Guangdong Wind Power Company, as the holding subsidiary of the company, holds good quality of project
assets and stable production and operation; In accordance with the standard operation requirements of listed
companies, I manage the project operation, daily affairs, financial control and other aspects, so that the risks
and decisions of its business activities can be effectively controlled, and it has the due solvency. Therefore, the
risk of this guarantee behavior is controllable, and there is no behavior that damages the interests of the
company and shareholders.
3. Finance management on commission
□Applicable √ Not applicable
No such cases in the reporting period.
4. Other significant contract
□ Applicable √ Not applicable
No such cases in the reporting period.
XIII. Explanation on other significant events
Applicable □ Not applicable
1. In order to objectively and fairly reflect the asset status of the Company and provide investors with more
truthful, reliable and accurate accounting information, after deliberation at the 18th meeting of the 10th
Board of Directors of the Company, it is agreed that the Company will make a impairment provision for
long-term equity investment of RMB 1,206,292,600 for the equity held by the parent company in its
subsidiaries in 2023 in accordance with relevant regulations such as the Accounting Standards for Business
Enterprises, taking into account the actual situation of the Company's assets, resulting in a decrease of RMB
1,206,292,600 in the net profit of the parent company's financial statements and no impact on the net profit
attributable to the parent company in the consolidated statements; and it will make an asset impairment
provision of RMB 1,324,520,400 for potential asset impairment of the Company and its subsidiaries in 2023,
resulting in a decrease of RMB 1,140,904,900 in the net profit attributable to the parent company in the
consolidated statements.
2. In order to more objectively and fairly reflect the financial condition and operating results of the Company,
after deliberation at the 18th meeting of the 10th Board of Directors, it is agreed that the Company will make
68
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
accounting policy changes in accordance with Interpretation No. 17 of the Accounting Standards for
Business Enterprises from January 1, 2024.
XIV. Significant event of subsidiary of the Company
□ Applicable √ Not applicable
69
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
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 Proportion Capitalizati
Share Bonus on of Proporti
Other Subtotal Quantity
allotment shares common on
reserve fund
I. Share with conditional
1,897,963,287 36.15% 16,050 16,050 1,897,979,337 36.15%
subscription
1. State-owned shares 0
2. State-owned legal person
1,893,454,257 36.06% 0 1,893,454,257 36.06%
shares
3.Other domestic shares 4,509,030 0.09% 16,050 16,050 4,525,080 0.09%
Of which ： Domestic legal
3,535,770 0.07% 0 3,535,770 0.07%
person shares
Domestic natural person shares 973,260 0.02% 16,050 16,050 989,310 0.02%
4.Foreign shares
Of which：Foreign legal person
shares
Foreign natural person shares
II. Shares with unconditional
3,352,320,699 63.85% -16,050 -16,050 3,352,304,649 63.85%
subscription
1.Common shares in RMB 2,553,912,699 48.64% -16,050 -16,050 2,553,896,649 48.64%
2.Foreign shares in domestic
798,408,000 15.21% 798,408,000 15.21%
market
3.Foreign shares in foreign
market
4.Other
III. Total of capital shares 5,250,283,986 100% 5,250,283,986 100%
Reasons for share changed
√ Applicable □ Not applicable
In March, 2024, Ms. Ling Xiaoqing, the former director of the Company, newly held 16,050 A shares of the
Company, and these A shares have been converted into executive lock-in shares, therefore the number of
restricted shares of the Company has correspondingly increased.
Approval of Change of Shares
□Applicable √Not applicable
Ownership transfer of share changes
□Applicable √Not applicable
Progress on any share repurchase:
□ Applicable √ Not applicable
70
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Progress on reducing the repurchased shares by means of centralized bidding:
□ Applicable √ Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share
attributable to common shareholders of Company in latest year and period
□ Applicable √ Not applicable
Other information necessary to disclose for the company or need to disclosed under requirement from security
regulators
□ Applicable √Not applicable
2. Change of shares with limited sales condition
√ Applicable □ Not applicable
In Shares
Number of Number of
Number of Number of
restricted restricted
restricted restricted Reasons for Release date of
Shareholder shares in shares at the
shares at the shares released sales restriction sales restriction
increased this end of the
beginning in this period
period period
Executive
Li Xiaoqing 0 0 16,050 16,050 February 2025
lock-in shares
Total 0 0 16,050 16,050 -- --
II. Securities issue and listing
□ Applicable √Not applicable
III. Number of shareholders and shareholding
In Shares
Total number of preferred
Total number of common
shareholders that had restored the voting
shareholders at the end of the 114,297 0
right at the end of the reporting period (if
reporting period
any) (note 8)
Particulars about shares held above 5% by shareholders or top ten shareholders(Excludes shares lent through refinancing)
Propo Number of share
rtion pledged/frozen
Nature of of Number of Changes in Amount of Amount of un-
Shareholders sharehol share shares held at reporting restricted shares restricted State
Amoun
der s held period -end period held shares held of
t
（ % share
）
State-
Not
Guangdong Energy owned
67.39% 3,538,116,921 0 1,893,454,257 1,644,662,664 appli 0
Group Co., Ltd. legal
cable
person
71
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
State-
Guangzhou Not
owned
Development Group 2.22% 116,693,602 0 0 116,693,602 appli 0
legal
Co., Ltd. cable
person
State-
Guangdong Electric Not
owned
Power Development 1.80% 94,367,341 0 0 94,367,341 appli 0
legal
Corporation cable
person
Domestic Not
Zheng Jianxiang Natural 0.51% 26,600,000 195,056 0 26,600,000 appli 0
person cable
VANGUARD TOTAL
Overseas Not
INTERNATIONAL
Legal 0.30% 15,855,512 0 0 15,855,512 appli 0
STOCK INDEX
person cable
FUND
CHINA
INTERNATIONAL
Overseas Not
CAPITAL
Legal 0.29% 15,378,366 50,000 0 15,378,366 appli 0
CORPORATION
person cable
HONG KONG
SECURITIES LTD
GUOTAI JUNAN
Overseas Not
SECURITIES
Legal 0.26% 13,846,931 -2,523,820 0 13,846,931 appli 0
（HONG KONG）
person cable
LIMITED
NOMURA Overseas Not
SINGAPORE Legal 0.24% 12,599,843 0 0 12,599,843 appli 0
LIMITED person cable
Overseas Not
Chaokang Investment
Legal 0.22% 11,656,677 0 0 11,656,677 appli 0
Co., Ltd.
person cable
Domestic Not
Zhou Zheng Natural 0.21% 10,812,795 0 0 10,812,795 appli 0
person cable
Strategy investors or general legal
person becomes top 10
Not applicable
shareholders due to rights issued
(if applicable)（See Notes 3）
The Third largest shareholder Guangdong Electric Power Development Corporation
Explanation on associated And the ninth largest shareholder Chaokang Investment Co., Ltd. Are the the wholly-owned
relationship among the aforesaid subsidiaries of the largest shareholder Energy Group. These three companies have
shareholders relationships; whether the other shareholders have relationships or unanimous acting was
unknown
72
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Above shareholders entrusting or
entrusted with voting rights, or Not applicable
waiving voting rights
Top 10 shareholders including the
special account for repurchase (if Not applicable
any) (see note 11)
Shareholding of top 10 shareholders of unrestricted shares(Excluding shares lent through refinancing and Top management lock-in
stock)
Quantity of unrestricted shares held at the end of Share type
Name of the shareholder
the reporting period Share type Quantity
Guangdong Energy Group RMB Common
1,644,662,664 1,644,662,664
Co., Ltd. shares
Guangzhou Development RMB Common
116,693,602 116,693,602
Group Co., Ltd. shares
Guangdong Electric Power RMB Common
94,367,341 94,367,341
Development Corporation shares
Foreign shares
placed in
Zheng Jianxiang 26,600,000 26,600,000
domestic
exchange
Foreign shares
VANGUARD TOTAL
placed in
INTERNATIONAL STOCK 15,855,512 15,855,512
domestic
INDEX FUND
exchange
CHINA INTERNATIONAL Foreign shares
CAPITAL CORPORATION placed in
15,378,366 15,378,366
HONG KONG SECURITIES domestic
LTD exchange
Foreign shares
GUOTAI JUNAN
placed in
SECURITIES（HONG 13,846,931 13,846,931
domestic
KONG） LIMITED
exchange
Foreign shares
NOMURA SINGAPORE placed in
12,599,843 12,599,843
LIMITED domestic
exchange
Foreign shares
Chaokang Investment placed in
11,656,677 11,656,677
Co., Ltd. domestic
exchange
Foreign shares
Zhou Zheng 10,812,795 placed in 10,812,795
domestic
73
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
exchange
Explanation on associated
relationship or consistent
action among the top 10
The Third largest shareholder Guangdong Electric Power Development Corporation
shareholders of non-restricted
And the ninth largest shareholder Chaokang Investment Co., Ltd. Are the the wholly-owned
negotiable shares and that
subsidiaries of the largest shareholder Energy Group. These three companies have relationships;
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
Not applicable
trading business(if any )(See
Notes 4)
Information of shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10
shareholders of unrestricted tradable shares participating in the lending of shares in securities lending and
borrowing business
□ Applicable √ Not applicable
The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have changed compared
with the previous period due to the securities lending/returning,
□ Applicable √ Not applicable
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.
IV. Changes in shareholdings of directors, supervisors and executive officers
Applicable□ Not applicable
Number
Number
Number of Number
Number of
of shares Number Number restricted of
of shares restricted
held at of shares of shares shares restricted
held at shares
Employm the increased reduced granted shares
Name Position the end granted
ent status beginnin in this in this at the granted
of the at the end
g of the period period beginnin in this
period of the
period (shares) (shares) g of the period
(shares) period
(shares) period (shares)
(shares)
(shares)
Li Director Dimissio 0 16,050 0 16,050 0 0 0
74
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Xiaoqing n
Total -- -- 0 16,050 0 16,050 0 0 0
V. Change of the controlling shareholder or the actual controller
Change of the controlling shareholder in the reporting period
□ Applicable √ Not Applicable
There was no any change of the controlling shareholder of the Company in the reporting period.
Change of the actual controller in the reporting period
□ Applicable √ Not applicable
There was no any change of the actual controller of the Company in the reporting period.
75
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
VIII. Situation of the Preferred Shares
□Applicable √Not applicable
The Company had no preferred shares in the reporting period
76
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
IX. Corporate Bond
√ Applicable □ Not applicable
I. Enterprise bond
□ Applicable √ Not applicable
No such cases in the reporting period.
II. Corporate bond
√ Applicable □ Not applicable
I. Basic information of corporate bonds
In RMB 10,000
Bond Servicing
Bond name Bond short name Bond code Issue day Value date Due day Interest rate Trading
balance way
Using
simple
Public Issuance of interest rate
Corporate Bonds to on a yearly
Qualified Investors in basis,
Shenzhen
2021 (Phase I) of January January 27, January 27, regardless of
21 Yudean 01 149369.SZ 0 3.57% Stock
Guandong Electric 26,2021 2021 2024 compound
Exchange
Power Development interest. Due
Co.,Ltd. payments
once a year,
maturing
debt at a
77
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
time. In the
final phase,
interest is
paid
together
with the
principal
redemption.
Using
simple
interest rate
on a yearly
basis,
regardless of
Public Issuance of compound
Corporate Bonds to interest. Due
Qualified Investors in payments
Shenzhen
2021 (Phase II) of 21Yudean April April once a year,
149418.SZ April 28,2021 12,500 2.45% Stock
Guandong Electric 02 27,2021 28,2026 maturing
Exchange
Power Development debt at a
Co.,Ltd. time. In the
final phase,
interest is
paid
together
with the
principal
redemption.
Public Issuance of 21Yedean 03 149711.SZ Novembe November 24, November 80,000 3.41% Using Shenzhen
78
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Corporate Bonds to r 23,2021 2021 24, simple Stock
Professional Investors 2026 interest rate Exchange
in 2021 (Phase I) of on a yearly
Guandong Electric basis,
Power Development regardless of
Co.,Ltd. compound
interest. Due
payments
once a year,
maturing
debt at a
time. In the
final phase,
interest is
paid
together
with the
principal
redemption.
Using
Public Issuance of simple
Green Corporate interest rate
Bonds to professional on a yearly
Shenzhen
Investors in March March basis,
G23 Yuefeng 2 115042.SH March 21,2023 60,000 3.15% Stock
2023(phase I)(Variety 20,2023 21,2028 regardless of
Exchange
2) of Guangdong compound
Wind Power interest. Due
Generation Co., Ltd. payments
once a year,
79
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
maturing
debt at a
time. In the
final phase,
interest is
paid
together
with the
principal
redemption.
During the reporting period, interest payment situation of the company
21 Yudean 01, 21 Yudean 02, 21 Yudean 03 and G23 Yuefeng 2 are bonds for professional investors
bonds（If any）
Applicable trading mechanism Matching transaction, click transaction, inquiry transaction, bidding transaction, negotiation transaction
Whether there are risks and countermeasures for terminating listing transa
No
ctions（If any)
Overdue and outstanding bonds
□ Applicable √ Not applicable
80
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
2.. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor
√ Applicable □ Not applicable
Some bonds of the Company have option clauses, as follows:
Bond codes: 149418.SZ,115042.SZ
Bond abbreviation: 21 Yudean 02, G23 Yuefeng 2
Types of terms included in bonds: adjustment of coupon rate option and resale option
Trigger and implementation of option clause: During the reporting period, 21 Yudean 02 triggered the
option clause. From March 25, 2024 to March 27, 2024, the Company issued three suggestive
announcements on the implementation measures of coupon rate non-adjustment and investors' resale.
It will reduce the coupon rate to 2.45%. After the announcement on the coupon rate adjustment by the
Company, investors exercised the repurchase option, with a registered repurchase size of RMB 1.375 billion
and a balance of RMB 125 million after the repurchase of 21 Yudean 02.
During the reporting period, d G23 Yuefeng 2 did not reach the exercise period and thus did not trigger
the option clause.
Some bonds of the Company have investor protection clauses, as follows:
Bond code: 149711.SZ
Bond abbreviation: 21 Yudean 03
Types of terms included in bonds: the issuer's commitment to debt repayment safeguards and remedies
for negative matters
Trigger and implementation of investor protection clauses: The trigger and implementation of investor
protection clauses were not involved in the reporting period.
3.Adjustment of credit rating results during the reporting period
□ Applicable √ Not applicable
4. The implementation and changes of guarantee, debt repayment plan and other debt repayment
guarantee measures during the reporting period and their impact on the rights and interests of bond
investors
√ Applicable □ Not applicable
(1). Credit enhancement mechanism: 21 Yudean 01, 21 Yudean 02 and 21 Yudean 03 are not guaranteed.G23
Yuefeng 2 set up credit enhancement measures, and Guangdong Electric Power Developme nt Co., Ltd.
provided full and unconditional irrevocable joint liability guarantee.
(2). Debt repayment plan and other debt repayment guarantee measures: 21 Yudean 01, 21 Yudean 02, 21
Yudean 03 and G3 Yuefeng 2 debt repayment plans and other debt repayment guarantee measures have not
changed during the reporting period, and the payment of their principal and interest will be handled by the
bond registration institution and relevant institutions. The specific matters of payment will be elaborated in
the announcement disclosed by the issuer in the media specified by China Securities Regulatory Commission,
Shenzhen Stock Exchange, Shanghai Stock Exchange and China Securities Industry Association in
accordance with relevant regulations.
81
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
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 name Bond code Issue day Value date Due day Bond balance Interest rate Servicing way Trading
name
Using simple
interest rate on
a yearly basis,
regardless of
compound
2021 MTN
interest. Due
(Phase I) of
payments once
Guangdong 21Yudean Fa Interbank
102101339.IB July 19,2021 July 21,2021 July 21,2024 120,000 3.17% a year,
Electric Power MTN001 market
maturing debt
Development
at a time. In the
Co., Ltd.
final phase,
interest is paid
together with
the principal
redemption.
2021 MTN Using simple
(Phase II) of 21Yudean Fa November November November interest rate on Interbank
102102318.IB 220,000 3.13%
Guangdong MTN002 15,2021 17,2021 17,2024 a yearly basis, market
Electric Power regardless of
82
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Development compound
Co., Ltd. interest. Due
payments once
a year,
maturing debt
at a time. In the
final phase,
interest is paid
together with
the principal
redemption.
Using simple
interest rate on
a yearly basis,
regardless of
compound
2022 MTN
interest. Due
(Phase I) of
payments once
Guangdong 22Yudean Fa Interbank
102281929.IB August 24,2022 August 26,2022 August 26,2027 60,000 2.9% a year,
Electric Power MTN001 market
maturing debt
Development
at a time. In the
Co., Ltd.
final phase,
interest is paid
together with
the principal
redemption.
2023 MTN Using simple
23Yudean Fa Interbank
(Phase I) of 102380558.IB March 15,2023 March 17,2023 March 17,2028 160,000 3.35% interest rate on
MTN001 market
Guangdong a yearly basis,
83
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Electric Power regardless of
Development compound
Co., Ltd. interest. Due
payments once
a year,
maturing debt
at a time. In the
final phase,
interest is paid
together with
the principal
redemption.
Using simple
interest rate on
a yearly basis,
regardless of
compound
2024 MTN
interest. Due
(Phase I) of
payments once
Guangdong 24 Yudean Fa Interbank
102482034.IB May 22,2024 May 24,2024 May 24,2029 100,000 2.41% a year,
Electric Power MTN001 market
maturing debt
Development
at a time. In the
Co., Ltd.
final phase,
interest is paid
together with
the principal
redemption.
2024 MTN 24 Yudean Fa Using simple Interbank
102483012.IB July 11,2024 July 15,2024 July 15,2034 150,000 2.54%
(Phase II) of MTN002 interest rate on market
84
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Guangdong a yearly basis,
Electric Power regardless of
Development compound
Co., Ltd. interest. Due
payments once
a year,
maturing debt
at a time. In the
final phase,
interest is paid
together with
the principal
redemption.
Guangdong
Electric Power
Development One time
Co., Ltd. Co., 23 Yudean Fa July 25,2023 January repayment of Interbank
012382809.IB July 26,2023 0 2.13%
Ltd.2023 I SCP001 19,2024 principal and market
phase Ultra- interest due
short term
financing bills
Guangdong
Electric Power
Development One time
Co., Ltd. Co., 23 Yudean Fa December December 6, repayment of Interbank
012384361.IB May 31,2024 0 2.56%
Ltd.2023 II SCP002 5,2023 2023 principal and market
phase Ultra- interest due
short term
financing bills
85
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Guangdong
Electric Power
Development One time
Co., Ltd. Co., 24 Yudean Fa October repayment of Interbank
012481357.IB April 18,2024 April 19,2024 100,000 1.84%
Ltd.2024 I SCP001 16,2024 principal and market
phase Ultra- interest due
short term
financing bills
Using simple
interest rate on
a yearly basis,
regardless of
MTN (Phase I)
compound
(Sustainable
interest. Due
lingged)of
payments once
Guangdong 21 Pinghai Fa October October October Interbank
102102049.IB 30,000 3.72% a year,
Pinghai Power MTN001 135,2021 15,2021 15,2024 market
maturing debt
Generation
at a time. In the
Plant Co.,
final phase,
Ltd.of 2021
interest is paid
together with
the principal
redemption.
During the reporting period, interest payment
N//A
situation of the company bonds（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
No
terminating listing transactions（If any)
86
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Overdue and unpaid bonds
□ Applicable √ Not applicable
2. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor
□ Applicable √ Not applicable
3.Adjustment of credit rating results during the reporting period
□ Applicable √ Not applicable
4 The implementation and changes of guarantee, debt repayment plan and other debt repayment
guarantee measures during the reporting period and their impact on the rights and interests of bond
investors
√ Applicable □ Not applicable
1.21Yudeanfa MTN001, 21Yudeanfa MTN002, 22 Yudeanfa MTN001,23 Yudeanfa MTN001, 24Yudeanfa
MTN001, 24Yudeanfa MTN002, 23 Yudeanfa SCP001,23 Yudeanfa SCP002,24 Yudeanfa SCP001 and 2121
Pinghai Fa MTN001 are not guaranteed.
2. The debt repayment plan of the above-mentioned debt financing instruments and other debt repayment
guarantee measures of the Company have not changed during the reporting period.
IV. Convertible bond
□ Applicable √ Not applicable
No such cases in the reporting period.
V. The loss within the scope of consolidated statements in the reporting period exceeded 10% of the net
assets at the end of the previous year
□ Applicable √ Not applicable
VI. Main accounting data and financial indicators of the Company in recent two years by the end of the
reporting period
In RMB10,000
At the end of the At the same time rate of
At the end of last year
reporting period change
Current ratio 0.71 0.68 4.41%
Debt ratio 79.05% 78.96% 0.09%
Quick ratio 0.55 0.62 -11.29%
At the same time rate of
Amount of this period Amount of last period
change
Net profit after deducting non-
119,738 116,044 3.18%
recurring profit and loss
EBITDA total debt ratio 5% 5% 0%
87
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Time interest earned ratio 1.84 2.06 -10.68%
Cash interest guarantee times 3.82 2.74 39.42%
EBITDATime interest earned
4.09 4.12 -0.73%
ratio
Repayment of debt (%) 100% 100% 0%
Payment of interest (%) 100% 100% 0%
88
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
X. Financial Report
I. Audit report
Has this semi-annual report been audited?
□ Yes √ No
The semi-annual financial report has not been audited.
II. Financial statements
Currency unit for the statements in the notes to these financial statements: RMB
1. Consolidated balance sheet
Prepared by：Guangdong Electric Power Development Co., Ltd.
June 30,2024
In RMB
Items June 30,2024 January 1, 2024
Current asset：
Monetary fund 16,111,494,756 16,431,429,893
Settlement provision 0 0
Outgoing call loan 0 0
Transactional financial assets 0 0
Derivative financial assets 0 0
Notes receivable 0 1,489,433
Account receivable 8,132,965,850 8,963,635,678
Financing of receivables 0 0
Prepayments 1,351,213,830 1,578,880,994
Insurance receivable 0 0
Reinsurance receivable 0 0
Provisions of Reinsurance contracts
0 0
receivable
Other account receivable 708,354,003 798,789,835
Including：Interest receivable 0 0
Dividend receivable 65,472,755 134,959,219
Repurchasing of financial assets 0 0
Inventories 4,306,381,050 2,655,504,711
Including：Data resources 0 0
Contract assets 10,410,179 5,557,720
Assets held for sales 0 0
Non-current asset due within 1 year 0 0
Other current asset 1,698,415,559 1,496,077,994
89
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Total of current assets 32,319,235,227 31,931,366,258
Non-current assets：
Loans and payment on other’s behalf
0 0
disbursed
Creditor's right investment 0 0
Other investment on bonds 0 0
Long-term receivable 0 0
Long term share equity investment 10,177,923,445 9,796,842,197
Other equity instruments investment 2,435,207,908 2,866,347,046
Other non-current financial assets 0 0
Property investment 342,839,369 347,192,759
Fixed assets 68,724,837,776 63,017,322,291
Construction in progress 26,153,498,930 29,990,577,678
Production physical assets 0 0
Oil & gas assets 0 0
Use right assets 9,392,971,206 9,529,610,412
Intangible assets 3,458,729,821 3,480,199,559
Including：Data resources 0 0
Development expenses 0 0
Including：Data resources 0 0
Goodwill 8,608,881 8,608,881
Long-germ expenses to be amortized 68,147,265 81,082,134
Deferred income tax asset 1,141,623,735 1,333,310,824
Other non-current asset 10,345,717,539 8,824,823,048
Total of non-current assets 132,250,105,875 129,275,916,829
Total of assets 164,569,341,102 161,207,283,087
Current liabilities
Short-term loans 17,020,331,818 15,756,979,762
Loan from Central Bank 0 0
Borrowing funds 0 0
Transactional financial liabilities 0 0
Derivative financial liabilities 0 0
Notes payable 450,000,000 755,000,000
Account payable 5,209,262,775 4,430,036,315
Advance receipts 0 0
Contract liabilities 42,133,556 41,328,133
Selling of repurchased financial assets 0 0
Deposit taking and interbank deposit 0 0
Entrusted trading of securities 0 0
Entrusted selling of securities 0 0
Employees’ wage payable 784,380,163 556,515,567
90
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Tax payable 272,534,355 343,432,880
Other account payable 12,794,775,121 13,252,090,748
Including：Interest payable 0 0
Dividend payable 0 0
Fees and commissions payable 0 0
Reinsurance fee payable 0 0
Liabilities held for sales 0 0
Non-current liability due within 1 year 7,438,442,347 8,926,373,371
Other current liability 1,705,416,011 2,781,355,471
Total of current liability 45,717,276,146 46,843,112,247
Non-current liabilities：
Reserve fund for insurance contracts 0 0
Long-term loan 67,237,211,209 62,832,471,340
Bond payable 4,720,908,325 5,096,597,183
Including：preferred stock 0 0
Sustainable debt 0 0
Lease liability 10,546,756,611 10,452,666,128
Long-term payable 829,355,556 856,210,905
Long-term remuneration payable to
491,371,120 509,049,799
staff
Expected liabilities 0 0
Deferred income 125,174,912 128,296,225
Deferred income tax liability 418,105,462 526,993,391
Other non-current liabilities 1,028,167 51,028,167
Total non-current liabilities 84,369,911,362 80,453,313,138
Total of liability 130,087,187,508 127,296,425,385
Owners’ equity
Share capital 5,250,283,986 5,250,283,986
Other equity instruments 0 0
Including：preferred stock 0 0
Sustainable debt 0 0
Capital reserves 5,212,591,885 5,202,572,804
Less：Shares in stock 0 0
Other comprehensive income 1,175,808,164 1,495,237,690
Special reserve 56,730,557 6,375,889
Surplus reserves 8,903,515,135 8,903,515,135
Common risk provision 0 0
Retained profit 2,081,683,136 1,283,749,956
Total of owner’s equity belong to the
22,680,612,863 22,141,735,460
parent company
Minority shareholders’ equity 11,801,540,731 11,769,122,242
Total of owners’ equity 34,482,153,594 33,910,857,702
91
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Total of liabilities and owners’ equity 164,569,341,102 161,207,283,087
Legal representative ：Zheng Yunpengn
Person-in-charge of the accounting work：Liu Wei
Person-in -charge of the accounting organ：Meng Fei
2.Parent Company Balance Sheet
In RMB
Items June 30,2024 January 1,2024
Current asset：
Monetary fund 754,857,528 640,629,379
Transactional financial assets 0 0
Derivative financial assets 0 0
Notes receivable 0 0
Account receivable 0 15,920,526
Financing of receivables 0 0
Prepayments 30,416,669 26,667,749
Other account receivable 279,765,594 1,366,067,792
Including：Interest receivable 0 0
Dividend receivable 65,472,755 134,959,219
Inventories 1,702,255 2,558,632
Including：Data resources 0 0
Contractual assets 0 0
Assets held for sale 0 0
Non-current asset due within one year 0 0
Other current assets 615,374 117,483
Total current assets 1,067,357,420 2,051,961,561
Non-current assets:
Loans and payments on behalf 0 0
Debt investment 0 0
Other debt investment 1,506,000,000 1,450,000,000
Long-term account receivable 44,440,995,960 43,289,974,748
Long-term equity investment 2,434,407,908 2,865,547,046
Investment in other equity instrument 0 0
Other non-current financial assets 4,165,253 4,483,052
Investment real estate 163,603,312 162,035,315
Fixed assets 3,021,298 5,477,184
Construction in progress 0 0
Productive biological asset 0 0
Oil and gas asset 2,349,964 1,217,398
Right-of-use assets 66,521,721 68,772,261
Including：Data resources 0 0
92
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Development expenses 0 0
Including：Data resources 0 0
Goodwill 0 0
Long-germ expenses to be amortized 1,028,092 1,025,668
Deferred income tax asset 0 0
Other non-current asset 624,569 624,569
Total of non-current assets 48,622,718,077 47,849,157,241
Total of assets 49,690,075,497 49,901,118,802
Current liabilities
Short-term loans 3,404,618,493 4,524,405,741
Transactional financial liabilities 0 0
Derivative financial liabilities 0 0
Notes payable 0 0
Account payable 254,302 17,666,241
Advance receipts 0 0
Contract Liabilities 872,706 551,450
Employees’ wage payable 120,292,454 192,951,983
Tax payable 425,398 4,888,565
Other account payable 38,478,664 46,649,392
Including：Interest payable 0 0
Dividend payable 0 0
Liabilities held for sales 0 0
Non-current liability due within 1 year 4,225,398,446 5,195,892,954
Other current liability 1,003,680,000 2,012,999,526
Total of current liability 8,794,020,463 11,996,005,852
Non-current liabilities：
Long-term loan 9,854,400,000 7,030,700,000
Bond payable 4,121,373,769 4,497,107,076
Including：preferred stock 0 0
Sustainable debt 0 0
Lease liability 1,123,462 505,313
Long-term payable 0 0
Long-term remuneration payable to
158,949,307 158,949,307
staff
Expected liabilities 0 0
Deferred income 0 0
Deferred income tax liability 367,039,479 474,824,263
Other non-current liabilities 0 0
Total non-current liabilities 14,502,886,017 12,162,085,959
Total of liability 23,296,906,480 24,158,091,811
Owners’ equity
Share capital 5,250,283,986 5,250,283,986
93
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Other equity instruments 0 0
Including：preferred stock 0 0
Sustainable debt 0 0
Capital reserves 4,856,678,284 4,842,767,997
Less：Shares in stock 0 0
Other comprehensive income 1,187,310,872 1,508,154,355
Special reserve 0 0
Surplus reserves 8,903,515,135 8,903,515,135
Retained profit 6,195,380,740 5,238,305,518
Total of owners’ equity 26,393,169,017 25,743,026,991
Total of liabilities and owners’ equity 49,690,075,497 49,901,118,802
3.Consolidated Income statement
In RMB
Items The first half year of 2024 The first half year of 2023
I. Income from the key business 26,078,790,971 28,340,840,884
Incl：Business income 26,078,790,971 28,340,840,884
Interest income 0 0
Insurance fee earned 0 0
Fee and commission received 0 0
II. Total business cost 24,864,237,682 27,463,198,020
Incl：Business cost 22,607,604,729 25,157,909,557
Interest expense 0 0
Fee and commission paid 0 0
Insurance discharge payment 0 0
Net claim amount paid 0 0
Net amount of withdrawal of insurance
0 0
contract reserve
Insurance policy dividend paid 0 0
Reinsurance expenses 0 0
Business tax and surcharge 140,803,851 102,835,985
Sales expense 43,812,406 35,592,377
Administrative expense 612,823,789 553,789,310
R & D costs 323,176,647 466,613,651
Financial expenses 1,136,016,260 1,146,457,140
Including：Interest expense 1,215,356,585 1,192,393,983
Interest income 91,313,895 53,610,047
Add: Other income 27,553,751 26,146,147
Investment gain（“-”for loss） 545,549,269 636,141,107
Incl: investment gains from affiliates 432,959,549 518,414,902
Financial assets measured at amortized 0 0
94
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
cost cease to be recognized as income
Gains from currency exchange 0 0
Net exposure hedging income 0 0
Changing income of fair value 0 0
Credit impairment loss -4,240,548 -567,735
Impairment loss of assets -2,060 -5,052,018
Assets disposal income 10,435 -1,988,902
III. Operational profit（“-”for loss） 1,783,424,136 1,532,321,463
Add ：Non-operational income 76,597,546 20,730,339
Less: Non-operating expense 186,294,822 16,425,087
IV. Total profit(“-”for loss) 1,673,726,860 1,536,626,715
Less：Income tax expenses 443,445,689 365,380,562
V. Net profit 1,230,281,171 1,171,246,153
(I) Classification by business continuity
1.Net continuing operating profit 1,230,281,171 1,171,246,153
2.Termination of operating net profit 0 0
(II) Classification by ownership
1.Net profit attributable to the owners
902,938,860 856,538,633
of parent company
2.Minority shareholders’ equity 327,342,311 314,707,520
VI. Net after-tax of other
-319,429,526 -121,980,033
comprehensive income
Net of profit of other comprehensive inc
-319,429,526 -121,980,033
ome attributable to owners of the parent
company.
（ I ） Other comprehensive income
items that will not be reclassified into
-319,601,321 -121,980,033
gains/losses in the subsequent
accounting period
1.Re-
measurement of defined benefit plans of 0 0
changes in net debt or net assets
2.Other comprehensive income under th
e equity method investee can not be recl 3,753,032 14,516,041
assified into profit or loss.
3. Changes in the fair value of
-323,354,353 -136,496,074
investments in other equity instruments
4. Changes in the fair value of the
0 0
company’s credit risks
5.Other 0 0
（II）
171,795 0
Other comprehensive income that will b
95
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
e reclassified into profit or loss.
1.Other comprehensive income under th
171,795 0
e equity method investee can be reclassi
fied into profit or loss.
2. Changes in the fair value of
0 0
investments in other debt obligations
3. Other comprehensive income arising
from the reclassification of financial 0 0
assets
4.Allowance for credit impairments in
0 0
investments in other debt obligations
5. Reserve for cash flow hedges 0 0
6.Translation differences in currency fin
0 0
ancial statements
7.Other 0 0
Net of profit of other comprehensive inc
ome attributable to Minority 0 0
shareholders’ equity
VII. Total comprehensive income 910,851,645 1,049,266,120
Total comprehensive income
attributable to the owner of the parent 583,509,334 734,558,600
company
Total comprehensive income
327,342,311 314,707,520
attributable minority shareholders
VIII. Earnings per share
（I）Basic earnings per share 0.172 0.1631
(II)Diluted earnings per share 0.172 0.1631
As for the enterprise combined under the same control, net profit of 0 Yuan achieved by the merged party
before combination while 0 Yuan achieved last period.
Legal representative ：Zheng Yunpeng
Person-in-charge of the accounting work：Liu Wei
Person-in -charge of the accounting organ：Meng Fei
4. Income statement of the Parent Company
In RMB
Items The first half year of 2024 The first half year of 2023
I. Income from the key business 12,200,605 778,009,618
Incl：Business cost 11,988,776 796,227,119
Business tax and surcharge 1,148,508 1,587,079
Sales expense 0 1,083,086
Administrative expense 92,212,910 61,472,571
96
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
R & D expense 378,600 13,701,303
Financial expenses 322,963,257 316,774,799
Including：Interest expenses 327,978,159 318,584,536
Interest income 6,659,945 3,854,894
Add：Other income 115,021 933,974
Investment gain（“-”for loss） 1,466,734,197 1,194,924,087
Including: investment gains from
394,508,211 473,105,895
affiliates
Financial assets measured at amortized
0 0
cost cease to be recognized as income
Net exposure hedging income 0 0
Changing income of fair value 0 0
Credit impairment loss -4,807 -58,935
Impairment loss of assets -2,060 0
Assets disposal income -6,971 0
II. Operational profit（“-”for loss） 1,050,343,934 782,962,787
Add ：Non-operational income 11,756,724 108,406
Less：Non -operational expenses 19,756 328,408
III. Total profit(“-”for loss) 1,062,080,902 782,742,785
Less：Income tax expenses 0 0
IV. Net profit 1,062,080,902 782,742,785
1.Net continuing operating profit 1,062,080,902 782,742,785
2.Termination of operating net profit 0 0
V. Net after-tax of other comprehensive
-320,843,483 -127,423,548
income
（ I ） Other comprehensive income
items that will not be reclassified into
-321,015,278 -127,423,548
gains/losses in the subsequent
accounting period
1.Re-
measurement of defined benefit plans of 0 0
changes in net debt or net assets
2.Other comprehensive income under th
e equity method investee can not be recl 2,339,075 9,072,526
assified into profit or loss.
3. Changes in the fair value of
-323,354,353 -136,496,074
investments in other equity instruments
4. Changes in the fair value of the
0 0
company’s credit risks
5.Other 0 0
(II)Other comprehensive income that wi 171,795 0
ll be reclassified into profit or loss
97
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
1.Other comprehensive income under th
171,795 0
e equity method investee can be reclassi
fied into profit or loss.
2. Changes in the fair value of
0 0
investments in other debt obligations
3. Other comprehensive income arising
from the reclassification of financial 0 0
assets
4.Allowance for credit impairments in
0 0
investments in other debt obligations
5. Reserve for cash flow hedges 0 0
6.Translation differences in currency fin
0 0
ancial statements
7.Other 0 0
VI. Total comprehensive income 741,237,419 655,319,237
VII. Earnings per share
（I）Basic earnings per share 0.2023 0.1491
(II)Diluted earnings per share 0.2023 0.1491
5. Consolidated Cash flow statement
In RMB
Items The first half year of 2024 The first half year of 2023
I.Cash flows from operating activities
Cash received from sales of goods or
30,155,856,337 29,849,801,755
rending of services
Net increase of customer deposits and
0 0
capital kept for brother company
Net increase of loans from central bank 0 0
Net increase of inter-bank loans from
0 0
other financial bodies
Cash received against original insurance
0 0
contract
Net cash received from reinsurance
0 0
business
Net increase of client deposit and
0 0
investment
Cash received from interest,
0 0
commission charge and commission
Net increase of inter-bank fund received 0 0
Net increase of repurchasing business 0 0
Net cash received by agent in securities 0 0
98
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
trading
Tax returned 276,914,844 126,494,026
Other cash received from business
399,412,989 232,786,939
operation
Sub-total of cash inflow 30,832,184,170 30,209,082,720
Cash paid for purchasing of
21,060,012,921 24,754,414,595
merchandise and services
Net increase of client trade and advance 0 0
Net increase of savings in central bank
0 0
and brother company
Cash paid for original contract claim 0 0
Net increase in financial assets held for
0 0
trading purposes
Net increase for Outgoing call loan 0 0
Cash paid for interest, processing fee
0 0
and commission
Cash paid to staffs or paid for staffs 1,331,473,771 1,195,727,767
Taxes paid 1,432,074,491 917,215,517
Other cash paid for business activities 1,002,397,916 621,354,825
Sub-total of cash outflow from business
24,825,959,099 27,488,712,704
activities
Net cash generated from /used in
6,006,225,071 2,720,370,016
operating activities
II. Cash flow generated by investing
Cash received from investment
0 0
retrieving
Cash received as investment gains 301,789,602 234,329,364
Net cash retrieved from disposal of
fixed assets, intangible assets, and other 138,401,823 180,038,182
long-term assets
Net cash received from disposal of
0 0
subsidiaries or other operational units
Other investment-related cash received 400,209,930 0
Sub-total of cash inflow due to
840,401,355 414,367,546
investment activities
Cash paid for construction of fixed
assets, intangible assets and other 6,144,744,853 9,792,986,742
long-term assets
Cash paid as investment 51,321,388 386,489,722
Net increase of loan against pledge 0 0
Net cash received from subsidiaries and
0 0
other operational units
Other cash paid for investment 223,698,100 0
99
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
activities
Sub-total of cash outflow due to
6,419,764,341 10,179,476,464
investment activities
Net cash flow generated by investment -5,579,362,986 -9,765,108,918
III.Cash flow generated by financing
Cash received as investment 56,327,600 105,993,820
Including: Cash received as investment
56,327,600 105,993,820
from minor shareholders
Cash received as loans 19,341,168,585 30,489,894,292
Other financing –related cash received 0 0
Sub-total of cash inflow from financing
19,397,496,185 30,595,888,112
activities
Cash to repay debts 17,478,255,109 20,776,673,221
Cash paid as dividend, profit, or
1,921,200,234 1,345,062,517
interests
Including: Dividend and profit paid by
424,199,447 80,892,229
subsidiaries to minor shareholders
Other cash paid for financing activities 365,974,063 1,468,279,614
Sub-total of cash outflow due to
19,765,429,406 23,590,015,352
financing activities
Net cash flow generated by financing -367,933,221 7,005,872,760
IV. Influence of exchange rate
-79,188 370
alternation on cash and cash equivalents
V.Net increase of cash and cash
58,849,676 -38,865,772
equivalents
Add: balance of cash and cash
11,954,167,156 11,433,808,500
equivalents at the beginning of term
VI ..Balance of cash and cash
12,013,016,832 11,394,942,728
equivalents at the end of term
6. Cash Flow Statement of the Parent Company
In RMB
Items The first half year of 2024 The first half year of 2023
I.Cash flows from operating activities
Cash received from sales of goods or
22,875,455 906,093,635
rending of services
Tax returned 0 4,169,908
Other cash received from business
41,415,885 43,706,151
operation
Sub-total of cash inflow 64,291,340 953,969,694
Cash paid for purchasing of
8,717,642 933,058,819
merchandise and services
100
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Cash paid to staffs or paid for staffs 146,150,402 125,818,320
Taxes paid 8,546,885 24,128,293
Other cash paid for business activities 58,500,292 58,329,630
Sub-total of cash outflow from business
221,915,221 1,141,335,062
activities
Net cash generated from /used in
-157,623,881 -187,365,368
operating activities
II. Cash flow generated by investing
Cash received from investment
1,063,550,000 2,716,018,959
retrieving
Cash received as investment gains 1,223,895,198 792,311,002
Net cash retrieved from disposal of
fixed assets, intangible assets, and other 727,565 7,540
long-term assets
Net cash received from disposal of
0 0
subsidiaries or other operational units
Other investment-related cash received 10,265,892 0
Sub-total of cash inflow due to
2,298,438,655 3,508,337,501
investment activities
Cash paid for construction of fixed
assets, intangible assets and other 8,679,887 2,225,723
long-term assets
Cash paid as investment 931,371,532 1,943,373,129
Net cash received from subsidiaries and
0 0
other operational units
Other cash paid for investment
0 0
activities
Sub-total of cash outflow due to
940,051,419 1,945,598,852
investment activities
Net cash flow generated by investment 1,358,387,236 1,562,738,649
III. Cash flow generated by financing
Cash received as investment 0 0
Cash received as loans 6,384,704,415 4,699,632,000
Other financing –related ash received 0 0
Sub-total of cash inflow from
6,384,704,415 4,699,632,000
financing activities
Cash to repay debts 7,010,850,000 6,099,000,000
Cash paid as dividend, profit, or
456,844,435 298,701,528
interests
Other cash paid for financing activities 3,394,682 3,087,340
Sub-total of cash outflow due to
7,471,089,117 6,400,788,868
financing activities
Net cash flow generated by financing -1,086,384,702 -1,701,156,868
101
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
IV. Influence of exchange rate
-79,188 370
alternation on cash and cash equivalents
V.Net increase of cash and cash
114,299,465 -325,783,217
equivalents
Add: balance of cash and cash
640,448,760 875,157,652
equivalents at the beginning of term
VI ..Balance of cash and cash
754,748,225 549,374,435
equivalents at the end of term
102
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
7. Consolidated Statement on Change in Owners’ Equity
Amount in this period
In RMB
The first half year of 2024
Minor
Total of owners’
Owner’s equity Attributable to the Parent Company shareholders’
equity
equity
Other Equity L
Items instrument Less
Comm
: Other
Capital Specialized Surplus on risk Retained
Share Capital Preferr Shar Comprehensiv Other Subtotal
Sustai reserves reserve reserves provisi profit
ed Other es in e Income
nable on
stock stoc
debt
k
5,202,572,80 8,903,515, 1,283,749,
I.Balance at the end of last year 5,250,283,986 0 0 0 0 1,495,237,690 6,375,889 0 0 22,141,735,460 11,769,122,242 33,910,857,702
4 135 956
Add: Change of accounting
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
policy
Correcting of previous
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
errors
Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
II.Balance at the beginning of 5,202,572,80 8,903,515, 1,283,749,
5,250,283,986 0 0 0 0 1,495,237,690 6,375,889 0 0 22,141,735,460 11,769,122,242 33,910,857,702
current year 4 135 956
797,933,1
III.Changed in the current year 0 0 0 0 10,019,081 0 -319,429,526 50,354,668 0 0 0 538,877,403 32,418,489 571,295,892
80
（ 1 ） Total comprehensive 902,938,8
0 0 0 0 0 0 -319,429,526 0 0 0 0 583,509,334 327,342,311 910,851,645
income 60
（II）Investment or decreasing 0 0 0 0 10,019,081 0 0 0 0 0 0 0 10,019,081 110,218,806 120,237,887
103
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
of capital by owners
1．Ordinary Shares invested by
0 0 0 0 0 0 0 0 0 0 0 0 0 106,327,600 106,327,600
shareholders
2 ． Holders of other equity instr
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
uments invested capital
3．Amount of shares paid and
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
accounted as owners’ equity
4．Other 0 0 0 0 10,019,081 0 0 0 0 0 0 0 10,019,081 3,891,206 13,910,287
-
（III）Profit allotment 0 0 0 0 0 0 0 0 0 0 105,005,6 0 -105,005,680 -425,900,867 -530,906,547
80
1.Providing of surplus reserves 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
2.Providing of common risk
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
provisions
-
3．Allotment to the owners (or
0 0 0 0 0 0 0 0 0 0 105,005,6 0 -105,005,680 -425,900,867 -530,906,547
shareholders)
80
4．Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
(IV) Internal transferring of
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
owners’ equity
1. Capitalizing of capital
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
reserves (or to capital shares)
2. Capitalizing of surplus
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
reserves (or to capital shares)
3．Making up losses by surplus
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
reserves.
4.Change amount of defined
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
benefit plans that carry forward
104
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Retained earnings
5 ． Other comprehensive
income carry-over retained 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
earnings
6．Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
(V). Special reserves 0 0 0 0 0 0 0 50,354,668 0 0 0 0 50,354,668 20,758,239 71,112,907
1. Provided this year 0 0 0 0 0 0 0 193,830,276 0 0 0 0 193,830,276 88,037,497 281,867,773
2．Used this term 0 0 0 0 0 0 0 -143,475,608 0 0 0 0 -143,475,608 -67,279,258 -210,754,866
（VI）Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
IV. Balance at the end of this 5,212,591,88 8,903,515, 2,081,683,
5,250,283,986 0 0 0 0 1,175,808,164 56,730,557 0 0 22,680,612,863 11,801,540,731 34,482,153,594
term 5 135 136
Amount in last year
In RMB
The first half year of 2023
Minor
Total of
Owner’s equity Attributable to the Parent Company shareholders’
owners’ equity
equity
Other Equity Less
Items instrument Com
:
Other mon
Shar Specialize Surplus Retained
Share Capital Preferre Sustai Capital reserves Comprehensiv risk Other Subtotal
Other es in d reserve reserves profit
d stock nable e Income prov
stoc
debt ision
k
I.Balance at the end of last year 5,250,283,986 4,257,046,505 1,629,837,957 520,379 8,903,515,135 200,668,517 20,241,872,479 8,480,658,277 28,722,530,756
Add: Change of accounting
108,421,140 108,421,140 10,636,379 119,057,519
policy
105
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Correcting of previous errors
Other
II.Balance at the beginning of
5,250,283,986 4,257,046,505 1,629,837,957 520,379 8,903,515,135 309,089,657 20,350,293,619 8,491,294,656 28,841,588,275
current year
III.Changed in the current year -3,611,666 -121,980,033 72,200,578 856,538,633 803,147,512 -585,487,309 217,660,203
（ 1 ） Total comprehensive
-121,980,033 856,538,633 734,558,600 314,707,520 1,049,266,120
income
（ II ） Investment or decreasing
-3,611,666 -3,611,666 -860,988,927 -864,600,593
of capital by owners
1 ． Ordinary Shares invested by s
-864,600,593 -864,600,593
hareholders
2 ． Holders of other equity instru
ments invested capital
3． Amount of shares paid and
accounted as owners’ equity
4．Other -3,611,666 -3,611,666 3,611,666 0
（III）Profit allotment -62,338,708 -62,338,708
1.Providing of surplus reserves
2.Providing of common risk
provisions
3．Allotment to the owners (or
-62,338,708 -62,338,708
shareholders)
4．Other
(IV) Internal transferring of
owners’ equity
1. Capitalizing of capital reserves
(or to capital shares)
2. Capitalizing of surplus reserves
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
(or to capital shares)
3．Making up losses by surplus
reserves.
4.Change amount of defined
benefit plans that carry forward
Retained earnings
5．Other comprehensive income
carry-over retained earnings
6．Other
(V). Special reserves 72,200,578 72,200,578 23,132,806 95,333,384
165,514,23
1. Provided this year 165,514,235 64,004,036 229,518,271
5
-
2．Used this term -93,313,657 -40,871,230 -134,184,887
93,313,657
（VI）Other
IV. Balance at the end of this 1,165,628,29
5,250,283,986 4,253,434,839 1,507,857,924 72,720,957 8,903,515,135 21,153,441,131 7,905,807,347 29,059,248,478
term 0
8.Statement of change in owner’s Equity of the Parent Company
Amount in this period
In RMB
The first half year of 2024
Other Equity instrument Less: Other
Items Specialized Surplus
Share capital Preferred Capital reserves Shares in Comprehensiv Retained profit Other Total of owners’ equity
Other reserve reserves
stock Sustainable stock e Income
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debt
I.Balance at the end of last year 5,250,283,986 0 0 0 4,842,767,997 0 1,508,154,355 0 8,903,515,135 5,238,305,518 0 25,743,026,991
Add: Change of accounting
policy
Correcting of previous errors
Other
II.Balance at the beginning of
5,250,283,986 0 0 0 4,842,767,997 0 1,508,154,355 0 8,903,515,135 5,238,305,518 0 25,743,026,991
current year
III.Changed in the current year 13,910,287 0 -320,843,483 0 0 957,075,222 650,142,026
（ I ） Total comprehensive
-320,843,483 1,062,080,902 741,237,419
income
(II) Investment or decreasing of
13,910,287 13,910,287
capital by owners
1 ． Ordinary Shares invested by
shareholders
2．Holders of other equity instru
ments invested capital
3.Amount of shares paid and
accounted as owners’ equity
4．Other 13,910,287 13,910,287
（III）Profit allotment -105,005,680 -105,005,680
1.Providing of surplus reserves
2．Allotment to the owners (or
-105,005,680 -105,005,680
shareholders)
3．Other
(IV) Internal transferring of
owners’ equity
1. Capitalizing of capital
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
reserves (or to capital shares)
2. Capitalizing of surplus
reserves (or to capital shares)
3．Making up losses by surplus
reserves.
4.Change amount of defined
benefit plans that carry forward
Retained earnings
5．Other comprehensive income
carry-over retained earnings
6．Other
(V) Special reserves
1. Provided this year 311,908 311,908
2．Used this term -311,908 -311,908
（VI）Other
IV. Balance at the end of this
5,250,283,986 0 0 0 4,856,678,284 0 1,187,310,872 0 8,903,515,135 6,195,380,740 0 26,393,169,017
term
Amount in last year
In RMB
The first half year of 2023
Less Total of owners’
Other Equity instrument
: equity
Other
Items Capital Shar Specialized Surplus Retained
Share Capital Comprehensiv Other
Preferre reserves es in reserve reserves profit
Sustaina Other e Income
d stock stoc
ble debt
k
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
I.Balance at the end of last year 5,250,283,986 4,834,675,772 1,640,520,684 8,903,515,135 5,637,851,274 26,266,846,851
Add: Change of accounting policy
Correcting of previous errors
Other
II.Balance at the beginning of current year 5,250,283,986 4,834,675,772 1,640,520,684 8,903,515,135 5,637,851,274 26,266,846,851
III.Changed in the current year 0 0 -127,423,548 0 782,742,785 655,319,237
（I）Total comprehensive income -127,423,548 782,742,785 655,319,237
(II) Investment or decreasing of capital by owners
1．Ordinary Shares invested by shareholders
2 ． Holders of other equity instruments invested ca
pital
3.Amount of shares paid and accounted as owners’
equity
4．Other
（III）Profit allotment
1.Providing of surplus reserves
2．Allotment to the owners (or shareholders)
3．Other
(IV) Internal transferring of owners’ equity
1. Capitalizing of capital reserves (or to capital
shares)
2. Capitalizing of surplus reserves (or to capital
shares)
3．Making up losses by surplus reserves.
4.Change amount of defined benefit plans that
carry forward Retained earnings
5 ． Other comprehensive income carry-over
retained earnings
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
6．Other
(V) Special reserves
1. Provided this year 7,488,180 7,488,180
2．Used this term -7,488,180 -7,488,180
（VI）Other
IV. Balance at the end of this term 5,250,283,986 4,834,675,772 1,513,097,136 8,903,515,135 6,420,594,059 26,922,166,088
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III．Basic Information of the Company
Guangdong Electric Power Development Co., Ltd. (“the Company”) is a limited liability company jointly
established by Guangdong Electric Power Holding Company, China Construction Bank, Guangdong Province
Trust Investment Company, Guangdong Power Development Co., Ltd., Guangdong International Trust and
China Guangfa Bank (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”, previously Guangdong Province
Yudean Group Co., Ltd.) and its ultimate controlling shareholder is the State-owned Assets Supervision and
Administration Commission of the People’s Government of Guangdong Province.
The Company’s issuing RMB ordinary shares (“A-share”) and domestic listed foreign shares (“B-share”)
are listed for transactions in Shenzhen Stock Exchange respectively on 26 November 1993 and 28 June 1995.
On 30 June 2024, the total share capital of the Company is RMB 5,250,283,986 with par value of RMB 1 each.
The Company and its subsidiaries (collectively referred to as “the Group”) are principally engaged in the
businesses of developing and operating electric power plants in Guangdong ， Xingjiang, Yunnan, Hunan
Province and Guangxi, the PRC. For the Consolidation scope changed of the Group, please refer to IX
The financial statement has been approved for issue by the Company’s Board of Directors on August
29,2024.
For the Consolidation scope changed of the Group, please refer to IX and X(Equity in other entities
IV.Basis for the preparation of financial statements
1.Basis for the preparation
The financial statements are prepared in accordance with the Accounting 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 (hereafter collectively referred to as “the
Accounting Standard for Business Enterprises” or “CAS”), and “Information Disclosure Rule No. 15 for
Companies with Public Traded Securities - Financial Reporting General Provision” issued by China Security
Regulatory Commission.
2. Continuous operation.
This financial statement is prepared on a going-concern basis.
When preparing the financial statements for this year, the Board of Directors of the Company made a full evaluation on
the Company's going-concern ability for 12 months from the end of the reporting period, and the evaluation results showed no
major doubts about its going-concern ability.
V. Significant accounting policies and accounting estimates
Specific accounting policies and accounting estimates tips:
The Group determines specific accounting policies and accounting estimates based on the characteristics of
production and operation, which are mainly reflected in the measurement of expected credit losses of
receivables (Note 5(11)), costing of inventory (Note 5(17)), fixed asset depreciation and intangible asset
amortisation (Notes 5(24),(29 and（41）, impairment of long-term assets (Note 5(30)), timing of revenue
recognition (Note 5(37)), deferred tax assets and deferred tax liabilities (Note 5(40)), etc.
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Details of the Group's critical judgements used in determining significant accounting policies are set
forth in Note 5(43).
1.Complying with the statements in Accounting Standards for Business Enterprises
The financial Report and statements are prepared with compliance to the requirement of the Enterprise
Accounting Standard. They reflect the financial position as of June 30, 2024 as well as the business
performance and cash flow situation in the first half of 2024 of the Company frankly and completely.
2. Accounting period
Fiscal year is dated from Gregorian calendar Jan., 1 to Gregorian calendar December, 31.
The accounting of the financial statements during the period starts from January 1, 2024 to 6 months ended Jun
e 30,2024.
3.Operating cycle
The business cycles for principal activities are usually less than 12 months.
4.Standard currency for bookkeeping
The Company adopts CNY to prepare its functional statements.
5.Determination method and selection basis of importance standard
Applicable □Not applicable
Items Criterion of importance
The Group determines significant long-term equity
investments by taking into account factors such as the book
value of joint ventures and associated enterprises, the
Long-term equity investment
proportion of long-term equity investment income
calculated by equity method to the consolidated net profit of
the Group.
The Group recognizes fixed asset items with signs of
Fixed assets impairment and asset balances greater than RMB 500
million as important fixed asset items.
The Group determines the subsidiaries with significant
minority shareholders' equity in consideration of the
Subsidiaries with significant minority interests
proportion of minority shareholders' equity of subsidiaries
to the total minority shareholders' equity of the Group.
The Group determines major construction in progress in
Construction in progress consideration of the proportion of construction in progress
to the total construction in progress of the Group.
The Group determines significant long-term equity
Basic information of important joint ventures and associated investments by taking into account factors such as the book
enterprises value of joint ventures and associated enterprises, the
proportion of important joint ventures and associated
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enterprises income calculated by equity method to the
consolidated net profit of the Group.
6. Accounting process method of enterprise consolidation under same and different controlling.
(1) Business combinations involving enterprises under common control
The consideration the combining party paid for the combination and the carrying amount of the net assets
obtained are measured at carrying amount. The difference between the carrying amount of the net assets
obtained and the carrying amount of consideration paid for the combination is adjusted to share premium
(capital premium) in the capital reserve. If the balance of share premium (capital premium) is insufficient, any
excess is adjusted to retained earnings. Any costs directly attributable to the combination are recognized in
profit or loss for the current period when occurred. The transaction costs of issuing equity or debt securities for
business combinations.
(2) Business combinations not involving enterprises under common control
The acquirer’s combining costs and the identifiable net assets obtained at the acquisition date are
measured at fair value. If the combining costs are greater than the fair value of identifiable net assets at the
acquisition date, the difference is recognized as goodwill; if the combining costs are less than the fair value of
identifiable net assets at the acquisition date, the difference is recognized in profit or loss for the current period.
The direct acquisition-related costs arising from the business combination are recognized as expenses in the
periods in which the costs are incurred. The costs of the issuance of equity or debt securities as a part of the
consideration paid for the acquisition are included as a part of initial recognition amount of the equity or debt
securities.
7.Criteria for Control and Preparation Method of Consolidated Financial Statements
Control means that the Company has the power over the investee, enjoys variable returns by participating
in the related activities of the investee, and has the ability to influence the amount of returns by using the power
over the investee.
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
deconsolidated 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
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
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
8.Classification of joint venture arrangement and accounting treatment methods for joint operation
The Group is in a period of rapid development, and there is a certain mismatch in the investment and
financing period. It refers to an arrangement jointly controlled by two or more participants. The Group divides
joint venture arrangements into joint ventures and joint ventures based on the rights and obligations they enjoy
and undertake. Joint operation refers to a joint venture arrangement in which the group enjoys the assets related
to the arrangement and bears the liabilities related to the arrangement. Joint venture refers to a joint venture
arrangement in which the Group only has rights to the net assets of the arrangement.
The Group's investments in joint ventures are accounted for using the equity method and are treated in
accordance with the accounting policies described in "V (22) Long term Equity Investments" in this note. The
group does not involve joint operations
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9.Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, demand deposits, and short-term, highly liquid
investments, which are readily convertible into known amounts of cash and are subject to an insignificant risk
of change in value.
10.Foreign currency transactions
Foreign currency transactions are translated into recording currency using the exchange rates prevailing at
the dates of the transactions.
At the balance sheet date, monetary items denominated in foreign currencies are translated into RMB
using the spot exchange rates on the balance sheet date. Exchange differences arising from these translations
are recognised in profit or loss for the current period, except for those attributable to foreign currency
borrowings that have been taken out specifically for acquisition or construction of qualifying assets, which are
capitalised as part of the cost of those assets. Non-monetary items denominated in foreign currencies that are
measured at historical costs are translated at the balance sheet date using the spot exchange rates at the date of
the transactions. The effect of exchange rate changes on cash is presented separately in the cash flow statement.
11. Financial instruments
Financial instruments refer to contracts that form financial assets of one party and financial liabilities or
equity instruments of other parties. When the Group becomes a party to a financial instrument contract, the
relevant financial assets or financial liabilities are recognized.
(a) Financial assets
(i) Classification and measurement
According to the business model for managing financial assets and the contractual cash flow
characteristics of financial assets, the Group classifies financial assets into: (1) Financial assets measured in
amortized cost; (2) Financial assets measured at fair value, whose changes are included in other comprehensive
income; (3) Financial assets measured at fair value and whose changes are included in current profits and losses.
The initial measurement of financial assets is calculated by using fair value. For financial assets measured
at fair value, whose changes are included in current profits and losses, relevant transaction costs are directly
included in current profits and losses; For other types of financial assets, relevant transaction costs are included
in the initial recognition amount. Accounts receivable or notes receivable arising from the sale of products or
the provision of labor services that do not include or take into account significant financing components are
initially recognized by the Group in accordance with the amount of consideration that the Group is expected to
be entitled to receive.
Debt instrument
Debt instruments held by the Group refer to instruments that meet the definition of financial liabilities
from the perspective of the issuer and are measured in the following ways:
Measured in amortized cost:
The Group's business model for managing such financial assets is to collect the contractual cash flow, and
the contractual cash flow characteristics of such financial assets are consistent with the basic lending
arrangements, that is, the cash flow generated on a specific date is only the payment of principal and interest
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
based on the amount of outstanding principal. The Group recognizes interest income for such financial assets
according to the effective interest rate method. Such financial assets mainly include monetary funds, accounts
receivable, other receivables and long-term receivables. The Group lists long-term receivables due within one
year (including one year) from the balance sheet date as non-current assets due within one year.
Equity instruments
The Group will measure the equity instrument investments that it has no control, joint control and
significant influence on at fair value, and their changes are included in the current profits and losses, and listed
as trading financial assets.
In addition, the Group designated some non-trading equity instrument investments as financial assets
measured at fair value with changes included in other comprehensive income and listed them as other equity
instrument investments. Dividend income related to such financial assets is included in current profits and
losses.
(ii) Impairment
For financial assets measured in amortized cost, the Group recognizes loss reserves on the basis of
expected credit losses.
The Group takes into account reasonable and reliable information on historical events, current situation
and future economic situation forecasts, and uses the risk of default as the weight to calculate the probability
weighted amount of the present value of the difference between the cash flow receivable from the contract and
the cash flow expected to be received to confirm the expected credit loss.
On each balance sheet date, the Group separately measures the expected credit losses of financial
instruments at different stages. If the credit risk of financial instruments has not increased significantly since
the initial confirmation, it is in the first stage. The Group measures the loss reserve according to the expected
credit loss in the next 12 months; If the credit risk of a financial instrument has increased significantly since its
initial recognition but no credit impairment has occurred, it is in the second stage. The Group measures the loss
reserve according to the expected credit loss of the instrument throughout the duration; If a financial instrument
has suffered credit impairment since its initial recognition, it is in the third stage. The Group measures the loss
reserve according to the expected credit loss of the instrument throughout the duration.
For financial instruments with low credit risk on the balance sheet date, the Group assumes that their
credit risk has not increased significantly since the initial confirmation, and measures the loss reserve according
to the expected credit loss in the next 12 months.
For financial instruments in the first and second stages and with low credit risk, the Group calculates
interest income based on the book balance before deducting impairment provisions and the actual interest rate.
For financial instruments in the third stage, the interest income shall be calculated according to their book
balance minus the amortized cost after impairment provision and the actual interest rate.
For accounts receivable, regardless of whether there is any significant financing component, the Group
measures the loss reserve according to the expected credit loss throughout the duration.
When a single financial asset cannot evaluate the expected credit loss information at a reasonable cost, the
Group divides the receivables into several combinations according to the credit risk characteristics, calculates
the expected credit loss on the basis of the combinations, and determines the combination on the following
basis:
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
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Group 3 of accounts receivables Receivables from related parties
Group 1 of contract assets Receivables from related parties
Group 2 of contract assets Other contract assets
Group 1 of other receivables Receivables from business units, reserves receivable and other receivables.
For 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 includes the accrued or reversed loss reserves into the current profits and losses.
（iii） Derecognition of financial assets
A financial asset is derecognised when: (i) the contractual rights to the cash flows from the financial asset
expire, (ii) the financial asset has been transferred and the Group transfers substantially all the risks and
rewards of ownership of the financial asset to the transferee, or (iii) the financial asset has been transferred and
the Group has not retained control of the financial asset, although the Group neither transfers nor retains
substantially all the risks and rewards of ownership of the financial asset.
When the investment in other equity instruments is derecognized, the difference between the book value
and the consideration received and the accumulated amount of the changes in fair value originally included in
other comprehensive income shall be included in the retained income; On derecognition of a financial asset, the
difference between the carrying amount and the sum of the consideration received and the cumulative changes
in fair value that had been recognised directly in owners’ equity, is recognised in profit or loss.
(b) Financial liabilities
Financial liabilities are classified into the following categories at initial recognition: financial liabilities at
fair value through profit or loss and other financial liabilities.
The financial liabilities of the Group are other comprise financial liabilities, including payables,
borrowings and debentures payable. This kind of financial liabilities are initially measured according to their
fair value after deducting transaction costs, and are subsequently measured using the effective interest rate
method. If the term is less than one year (including one year), it shall be listed as current liabilities; If the term
is more than one year but expires within one year (including one year) from the balance sheet date, it shall be
listed as non-current liabilities due within one year; The rest is listed as non-current liabilities.
When the current obligation of the financial liability has been discharged in whole or in part, the Group
terminates the recognition of the part of the financial liability or obligation that has been discharged. The
difference between the book value of the termination recognition and the consideration paid shall be included
in the profit and loss of the current period.
(c) Determination of the fair value of the financial instruments
The fair value of a financial instrument that is traded in an active market is determined at the quoted price
in the active market. The fair value of a financial instrument that is not traded in an active market is determined
by using a valuation technique. Valuation techniques include using prices of recent market transactions
between knowledgeable and willing parties, reference to the current fair value of another financial asset that is
substantially the same with this instrument, and discounted cash flow analysis, etc. When a valuation technique
is used to establish the fair value of a financial instrument, it makes the maximum use of observable market
inputs and relies as little as possible on entity-specific inputs. When the observable inputs are not available or
are unrealistic to obtained, unobservable inputs shall be used
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12.Note receivable
See Note V (11) Financial Instruments for details.
13.Account receivable
See Note V (11) Financial Instruments for details.
14.Financing receivable
Not applicable
15.Other account receivable
Determination method of expected credit loss of other receivables and accounting treatment method
See Note V (11) Financial Instruments for details.
16.Contract assets
See Note V (11) Financial Instruments for details.
17. Inventories
(a) Classification
Inventories include fuel and spare parts measured at the lower of cost and net realisable value..
(b) Cost of inventories transferred out
Cost of fuel transferred out is calculated using the weighted average method. Spare parts are amortised in
full when received for use.
(c) Basis for determining the net realisable value of inventories and provisioning methods for decline in
value of inventories
Any excess of the cost over the net realisable value of inventories is recognised as a provision for
diminution in the value of inventories. Net realisable value is measured by the estimated selling price in the
ordinary course of business less the estimated costs necessary to make the sale and relevant taxes.
(d) The Group maintains a perpetual inventory system..
(e) Amortization methods of low-value consumables
Low-value consumables are amortized in full amount.
18.Held-for-sale assets
Not applicable
19.Creditor's rights investment
Not applicable
20.Other Creditor's rights investment
Not applicable
21.Long-term account receivable
See Note V (11) Financial Instruments for details.
22. Long-term equity investment
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Long-term equity investments comprise the Company’s long-term equity investments in its subsidiaries
and the Group’s long-term equity investments in its associates.
Subsidiaries are the investees over which the Company is able to exercise control. Associates are the
investees over which the Group has significant influence, but not control, on their financial and operating
policies.
Investments in subsidiaries are presented in the Company’s financial statements using the cost method,
and are adjusted to the equity method when preparing the consolidated financial statements. Investments in
associates are accounted for using the equity method.
(a) Determination of investment cost
For long-term equity investments acquired through a business combination: for long-term equity
investments acquired through a business combination involving enterprises under common control, the
investment cost shall be the absorbing party’s share of the carrying amount of owners’ equity of the party being
absorbed at the combination date; for long-term equity investment acquired through a business combination
involving enterprises not under common control, the investment cost shall be the combination cost. For long-
term equity investments acquired not through a business combination: if the long-term equity investments are
acquired in cash, the initial investment cost shall be the purchase price actually paid; if the long-term equity
investments are acquired by issuing equity securities, the initial investment cost shall be the fair value of the
equity securities.
(b) Subsequent measurement and recognition of related profit and loss
For long-term equity investments accounted for using the cost method, they are measured at the initial
investment costs, and cash dividends or profit distribution declared by the investees are recognised as
investment income in profit or loss.
For long-term equity investments accounted for using the equity method, where the initial investment cost
exceeds the Group’s share of the fair value of the investee’s identifiable net assets at the time of acquisition, the
investment is initially measured at cost. Where the initial investment cost is less than the Group’s share of the
fair value of the investee’s identifiable net assets at the time of acquisition, the difference is included in profit
or loss for the current period and the cost of the long-term equity investment is adjusted accordingly.
For long-term equity investments accounted for using the equity method, the Group recognises the
investment income or losses according to its share of net profit or loss of the investee. The Group discontinues
recognising its share of net losses of an investee after the carrying amount of the long-term equity investment
together with any long-term interests that, in substance, form part of the investor’s net investment in the
investee are reduced to zero. However, if the Group has obligations for additional losses and the criteria with
respect to recognition of provisions under the accounting standards on contingencies are satisfied, the Group
continues recognising the investment losses and the provisions. The Company shall adjust the carrying amount
of the long term investment for other changes in shareholders’ equity of the investee (other than net profits or
losses), and include the corresponding adjustment in shareholders’ equity. The carrying amount of the
investment is reduced by the Group’s share of the profit distribution or cash dividends declared by an investee.
The unrealised profits or losses arising from the intra-group transactions amongst the Group and its investees
are eliminated in proportion to the Group’s equity interest in the investees, and then based on which the
investment gains or losses are recognised. For the loss on the intra-group transaction amongst the Group and its
investees attributable to asset impairment, any unrealised loss is not eliminated.
(c) Basis for determining existence of control and significant influence over investees
Control is the power to govern the investee so as to obtain variable returns by participating in the related
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business activities of the investees and the ability to affect the returns by exercising its power over the investees.
Joint control is the contractually agreed sharing of control over an investee’s economic activities, and
exists only when the strategic financial and operating decisions relating to the activities require the unanimous
consent of the Group and the parties sharing the control.
Significant influence is the power to participate in the financial and operating policy decisions of the
investee, but is not control or joint control over those policies.
(d) Impairment of long-term equity invest
The carrying amount of long-term equity investments in subsidiaries, joint venture, and associates is
reduced to the recoverable amount when the recoverable amount is less than the carrying amount（Note 5(30).
23. Investment properties
The measurement mode of investment property
The measurement by the cost method
Depreciation or amortization method
Investment properties, including land use rights that have already been leased out and buildings that are
held for the purpose of leasing are measured initially at cost. Subsequent expenditures incurred in relation to an
investment properties are included in the cost of the investment property when it is probable that the associated
economic benefits will flow to the Group and their costs can be reliably measured; otherwise, the expenditures
are recognised in profit or loss in the period in which they are incurred.
The Group adopts the cost model for subsequent measurement of investment properties. Buildings and
land use rights are depreciated or amortized to their estimated net residual values over their estimated useful
lives. The estimated useful lives, the estimated net residual values that are expressed as a percentage of cost
and the annual depreciation (amortization) rates of investment properties are as follows:
Estimated net residual Annual depreciation rates
Category
Estimated useful lives value
House and Building 20-40 years 0% to 5% 2.38% to 4.75%
Land use right 50-60 years 0% 1.67% to 2%
The investment property’s estimated useful life, net residual value and depreciation (amortisation) method
applied are reviewed and adjusted as appropriate at each year-end.
When an investment property is transferred to owner-occupied properties, it is reclassified as fixed asset at
the date of the transfer. The carrying amount of the fixed asset shall be measured on the basis of fair value of
the investment property.
An investment property is derecognised on disposal or when the investment property is permanently
withdrawn from use and no future economic benefits are expected from its disposal. The net amount of
proceeds from sale, transfer, retirement or damage of an investment property after its carrying amount and
related taxes and expenses is recognised in profit or loss for the current period.
The carrying amount of an investment property is reduced to the recoverable amount if the recoverable
amount is below the carrying amount (Note V(30)).
24. Fixed assets
（1）Recognition of fixed assets
Fixed assets comprise plant and building, power generator equipment, motor vehicles and other equipment.
Fixed asset is recognised when it is probable that the related economic benefits will flow to the Group and its
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cost can be reliably measured. Fixed assets purchased or constructed by the Group are initially measured at cost
at the acquisition date. The fixed assets injected by the state-owned shareholder during the restructuring of
corporation were initially recorded at the valuated amount approved by the relevant authorities managing state -
owned assets. Subsequent expenditures incurred for a fixed asset are included in the cost of the fixed asset when
it is probable that the economic benefits associated with the fixed asset will flow to the Group and the costs can
be reliably measured. The carrying amount of those parts that are replaced is derecognised and all the other
subsequent expenditures are recognised in income statement when they are incurred.
（2）Depreciation of fixed assets
The method for Expected useful life Estimated residual
Category Depreciation
depreciation （Year） value
House and building Straight-line method 10 to 50 years 0% to 5% 1.90% to 9.50%
Generation equipment Straight-line method 5 to 30 years 0% to5% 3.17% to 20%
Transportation Straight-line method
5 to 10 years 0% to5% 9.50% to 20%
equipment
Other equipment Straight-line method 5 to 22 years 0% to 5% 4.32% to20%
Except for fixed assets purchased using work safety funds, other fixed assets are depreciated using the
straight-line method to allocate the cost of the assets to their estimated net residual values over their estimated
useful lives. For the fixed assets that have been provided for impairment loss, the related depreciation charge is
prospectively determined based upon the adjusted carrying amounts over their remaining useful lives.
Fixed assets are depreciated using the straight-line method to allocate the cost of the assets to their
estimated net residual values over their estimated useful lives. For the fixed assets that have been provided for
impairment loss, the related depreciation charge is prospectively determined based upon the adjusted carrying
amounts over their remaining useful lives.
The estimated useful life and the estimated net residual value of a fixed asset and the depreciation method
applied to the asset are reviewed, and adjusted as appropriate at each year-end.
(a) The carrying amounts of fixed assets are reduced to the recoverable amounts when the recoverable
amounts are below their carrying amounts (Note V(30)).
A fixed asset is derecognised on disposal or when no future economic benefits are expected from its use or
disposal. The amount of proceeds from disposals on sale, transfer, retirement or damage of a fixed asset net of
its carrying amount and related taxes and expenses is recognised in profit or loss for the current period.
25.Construction in progress
Construction in progress is measured at its actual costs incurred. Actual costs include construction cost,
installation cost, capitalised borrowing costs, and any other costs directly attributable to bringing the asset to
working condition for its intended use. When the construction in progress is ready for its intended use, it is
transferred to fixed assets and starts depreciation the following month. When recoverable amount of the
construction in progress is lower than its carrying value, its carrying value is then reduced to the recoverable
amount（Note V(30)).
26.Borrowing costs
The borrowing costs that are directly attributable to the acquisition and construction of a fixed asset that
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needs a substantially long period of time of acquisition and construction for its intended use commence to be
capitalized and recorded as part of the cost of the asset when expenditures for the asset and borrowing costs
have been incurred, and the activities relating to the acquisition and construction that are necessary to prepare
the asset for its intended use have commenced. The capitalization of borrowing costs ceases when the asset
under acquisition or construction becomes ready for its intended use, the borrowing costs incurred thereafter
are recognised in income statement. Capitalization of borrowing costs is suspended when the acquisition or
construction of a fixed asset is interrupted abnormally and the interruption lasts for more than 3 months, until
the acquisition or construction is resumed.
For the specific borrowings obtained for the acquisition or construction of a fixed asset qualifying for
capitalization, the amount of borrowing costs eligible for capitalization is determined by deducting any interest
income earned from depositing the unused specific borrowings in the banks or any investment income arising
on the temporary investment of those borrowings during the capitalization period.
For the general borrowings obtained for the acquisition or construction of a fixed asset qualifying for
capitalization, the amount of borrowing costs eligible for capitalization is determined by applying the weighted
average effective interest rate of general borrowings, to the weighted average of the excess amount of
cumulative expenditures on the asset over the amount of specific borrowings. The effective interest rate is the
rate at which the estimated future cash flows during the period of expected duration of the borrowings or
applicable shorter period are discounted to the initial amount of the borrowings.
27.Biological Assets
Not applicabl
28.Oil & Gas assets
Not applicable
29. Right to use assets
（1） Service life and its determination basis, estimation, amortization method or review procedure
Intangible assets mainly including land use rights, sea use rights, software, associated projects for
electricity transmission and transformation, microwave engineering and transportation engineering are
measured at cost. Intangible assets contributed by the state-owned shareholders at the incorporation of a limited
company are initially recorded at the valuation amount recognised by the state-owned assets supervision and
administration department.
(a) Land use right and sea use right
Land use rights are amortized on a straight-line basis over their approved period of 20 to 70 years. If the
purchase costs of land and attached buildings cannot be reasonably allocated between the land use right and the
buildings, the purchase costs are recognised as fixed assets.
(b) Other intangible assets
Besides land use right, sea use right, associated projects for electricity transmission and transformation,
microwave engineering and transportation engineering, other intangible assets are amortized on a straight -line
basis over their expected life of 2 years to 60 years.
(c) Periodic review on useful life and method of amortization
For intangible assets with finite useful life, their expected life and amortization method are reviewed and
adjusted at the end of every year.
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(d) Impairment of intangible assets
The carrying amount of intangible assets is reduced to the recoverable amount when the recoverable
amount is less than the carrying amount (Note V (30)).
（2）Collection scope of R&D expenditure and related accounting treatment methods
The expenditure on an internal research and development project is classified into expenditure on the
research phase and expenditure on the development phase based on its nature and whether there is material
uncertainty that the research and development activities can form an intangible asset at the end of the project.
Expenditure on the research phase is recognised in profit or loss in the period in which it is incurred.
Expenditure on the development phase is capitalized only if all of the following conditions are satisfied:
management intends to complete the intangible asset, and use or sell it;
it can be demonstrated how the intangible asset will generate economic benefits: products with the
application of intangible assets or the intangible assets themselves can prove to have market value, intangible
assets for internal use application can prove to be of usefulness;
there are adequate technical, financial and other resources to complete the development and the ability to
use or sell the intangible asset;
it is technically feasible to complete the intangible asset so that it will be available for use o r sale; and
the expenditure attributable to the intangible asset during its development phase can be reliably measured.
Other development expenditures that do not meet the conditions above are recognised in profit or loss in
the period in which they are incurred. Development costs previously recognised as expenses are not recognised
as an asset in a subsequent period. Capitalized expenditure on the development phase is presented as
development costs in the balance sheet and transferred to intangible assets at the date that the asset is ready for
its intended use.
30. Impairment of long-term assets
Fixed assets, construction in progress, intangible assets with finite useful lives, investment property
measured at cost and long-term equity investments in subsidiaries, joint venture, and associates are tested for
impairment if there is any indication that an asset may be impaired at the balance date. If the result of the
impairment test indicates that the recoverable amount of the asset is less than its carrying amount, a provision
for impairment and an impairment loss are recognised for the amount by which the asset’s carrying amount
exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell
and the present value of the future cash flows expected to be derived from the asset. A provision for asset
impairment is determined and recognised on an individual asset basis. If it is not possible to estimate the
recoverable amount of an individual asset, the recoverable amount of the group of assets to which the asset
belongs is determined. A group of assets is the smallest group of assets that is able to generate independent
cash inflows.
Goodwill that is separately presented in the financial statements is tested at least annually for impairment,
irrespective of whether there is any indication that it may be impaired. In conducting the test, the carrying value
of goodwill is allocated to the related asset group or groups of asset groups which are expected to benefit from
the synergies of the business combination. If the result of the test indicates that the recoverable amount of an
asset group or a group of asset groups, including the allocated goodwill, is lower than its carrying amount, the
corresponding impairment loss is recognised. The impairment loss is first deducted from the carrying amount
of goodwill that is allocated to the asset group or group of asset groups, and then deducted from the carrying
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amounts of other assets within the asset group or group of asset groups in proportion to the carrying amounts of
assets other than goodwill.
Once the asset impairment loss mentioned above is recognised, it is not allowed to be reversed for the
value recovered in the subsequent periods.
31.Long-term deferred expenses
Long-term prepaid expenses include the expenditure for improvements to fixed assets held under
operating leases, and other expenditures that have been incurred but should be recognised as expenses over
more than one year in the current and subsequent periods. Long-term prepaid expenses are amortized on the
straight-line basis over the expected beneficial period and are presented at actual expenditure net of
accumulated amortization.
32.Constract Liabilities
See Note V (37) Revenue for details.
33. Employee benefits
(1) Short-term employee benefits
Short-term remunerations mainly include wages or salaries, bonuses, allowances and subsidies, staff
welfare, medical insurance, work injury insurance, maternity insurance, housing funds, labour union funds,
employee education funds, short-term paid absence. Short-term remunerations are recognised as current
liabilities in the accounting period in which the service has been rendered by the employees, and as costs of
assets or expenses to whichever the employee service is attributable. Non-monetary benefits are measured at
fair value.
（2）Post –employment benefits
The Company’s post-employment benefits scheme includes both Defined Contribution Plan (DCP) and
Defined Benefit Plan (DBP). A DCP is a pension plan under which the Company pays fixed contributions into
a separate entity and has no legal or constructive obligations to pay further contributions if the fund does not
hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior
periods. A DBP is a pension plan that is not a defined contribution plan. During the periods of reporting, the
Company’s post-employment benefits scheme mainly includes basic pension insurance and unemployment
insurances, both of which are DCP.
Basic pension insurance
Employees of the Group have entered into the social pension insurance scheme organized by local labour
and social security department. The Group pays basic pension insurances to local labour and social security
department monthly according to local insurance base and corresponding rate. Local labour and social security
department is obligated to pay basic pensions to retired employees.
Supplementary pension insurance
The company purchases supplementary pension insurance on behalf of employees, and pays pension
insurances according to the policies of Energy Group. The amounts based on the above calculations are
recognised as liabilities in the accounting period in which the service has been rendered by the employees, with
a corresponding charge to the profit or loss for the current period or the cost of relevant assets.
Defined benefit plan
For defined benefit plan, the Group used the projected unit credit method and includes the obligation of
the defined benefit plan in the accounting period in which the service has been rendered by the employees, with
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a corresponding charge to the profit or loss for the period. The cost of employee benefits arising from defined
benefit plans are classified into the following parts:
— service cost (including current service cost as well as gains and losses on curtailments and
settlements);
— net interest expenses on net liabilities of the defined benefit plan (including interest expenses for
obligations of the defined benefit plan); and
— Changes arising from remeasurement on net liabilities of defined benefit plans
Service cost and net interest expenses on net liabilities of defined benefit plans are included in profit or
loss for the current period. Changes arising from remeasurement on net liabilities of defined benefit plans
(including actuarial gains or losses) are included in other comprehensive income.
(3) Termination benefits
The Group provides compensation for terminating the employment relationship with employees before the
end of the employment contracts or as an offer to encourage employees to accept voluntary redundancy befo re
the end of the employment contracts. The Group recognises a liability arising from compensation for
termination of the employment relationship with employees, with a corresponding charge to profit or loss at the
earlier of the following dates: 1) when the Group cannot unilaterally withdraw the offer of termination benefits
because of an employment termination plan or a curtailment proposal; 2) when the Group recognises costs or
expenses related to the restructuring that involves the payment of termination benefits.
(4) Other long-term employee benefits
Early retirement benefits
The Group provides early retirement benefits for employees who enrolled in internal retirement
arrangement. Early retirement benefits refer to wages and social benefit paid by the Group on behalf of the
employees who have not meet retirement age requirement but voluntarily retire after permission from the
Group’s management level. The Group starts paying early retirement benefits to early retired employees from
the start date of their early retirement until they reach the statutory retirement age. For the accounting treatment
of early retirement benefits, the Group adopts the same method as termination benefits, that is, upon confirming
the termination benefits comply with relevant conditions, proposed payment of early retirement wages. and
social security from the start date of termination of services to the date of statutory retirement age are
recognised as liability and recorded into profit and loss at lump sum. The discrepancy caused by change in
actuarial assumption and adjustment of welfare standard is recorded into current profit or loss.
34. Estimated Liabilities
Provisions for product warranties, onerous contracts etc. are recognised when the Group has a present
obligation, it is probable that an outflow of economic benefits will be required to settle the obligation, and the
amount of the obligation can be measured reliably.
A provision is initially measured at the best estimate of the expenditure required to settle the related
present obligation. Factors surrounding a contingency, such as the risks, uncertainties and the time value of
money, are taken into account as a whole in reaching the best estimate of a provision. Where the effect of the
time value of money is material, the best estimate is determined by discounting the related future cash outflows.
The increase in the discounted amount of the provision arising from passage of time is recognised as interest
expense.
The carrying amount of provisions is reviewed at each balance sheet date and adjusted to reflect the
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current best estimate.
The Group recognises the loss provision of financial guarantee contracts which provision is based on ECL.
The provisions expected to be settled within one year since the balance sheet date are classified as
current liabilities.
35. Share payment
Not applicable
36. Other financial instruments such as preferred stocks and perpetual bonds
Not applicable
37. Revenue
Accounting policies adopted for income recognition and measurement
When the customer obtains the control of the relevant goods or services, the Group recognizes the income
according to the expected amount of consideration that it is entitled to receive.
(a) Revenue from sales of electricity and heat energy
Revenue is recognised when electricity and heat energy are supplied to grid companies or customers, and
grid companies or customers obtain control over electricity.
(b) Revenue from sales of by-products
Revenue from the sales of goods is recognised when the Group transfers by-products (such as coal ash)
produced by electricity generations to the designated delivery place pursuant to the contract or agreement, the
recipient resource utilisation confirms receipt and they obtain control over the by-products.
(c) Provision of electric power transaction service For the electric power transaction service provided by
the Group to external parties, upon the receiving of the service, revenue is recognised based on the difference
between the purchase price and the selling price of electricity.
(d) Rendering of services
The Group provides maintenance services to external parties. The related revenue is recognised based on
the stage of completion within a certain period, which is determined based on proportion of costs incurred to
date to the estimated total costs. On the balance sheet date, the Group re-estimates the stage of completion to
reflect the actual status of contract performance.
When the Group recognises revenue based on the stage of completion, the amount with unconditional
collection right obtained by the Group is recognised as accounts receivable, and the rest is recognised as
contract assets. Meanwhile, loss provision for accounts receivable and contract assets are recognised on the
basis of ECLs (Note V(10)). If the contract price received or receivable exceeds the amount for the completed
service, the excess portion will be recognised as contract liabilities.
Contract assets and contract liabilities under the same contract are presented on a net basis. Contract
costs include contract performance costs and contract acquisition costs. The costs incurred by the Group for the
rendering of maintenance services are recognised as contract performance costs and are carried forward to the
cost of main operations based on the stage of completion when associated revenue is recognised.
The Group provides external maintenance service, revenue is recognised according to the percentage
completion method, determined by percentage of the total cost incurred.
The adoption of different business models in similar businesses leads to differences in accounting policies
for income recognition
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38.Contract costs
Contract costs include incremental costs incurred to obtain the contract and contract performance costs.
The incremental costs incurred to obtain the contract refer to the costs that the Group would not have
incurred without obtaining the contract (such as sales commissions). If the cost is expected to be recovered,
the Group will recognize it as the contract acquisition cost and an asset. Other expenses incurred by the
Group in order to obtain the contract, except the incremental costs that are expected to be recovered, are
included in the current profits and losses when incurred.
If the cost incurred for the performance of the contract does not fall within the scope of other
accounting standards for business enterprises such as inventory and meets the following requirements at the
same time, the Group will recognize it as a contract performance cost and thus as an asset:
① The cost is directly related to a current or expected contract, including direct labor, direct materials,
manufacturing expenses (or similar expenses), costs explicitly borne by customers and other costs incurred
only due to the contract;
② The cost increases the Group's resources for performing and fulfilling its obligations in the future;
③ The cost is expected to be recovered.
Assets related to contract acquisition cost recognition and assets related to contract performance cost
recognition (hereinafter referred to as "assets related to contract cost") are amortized on the same basis as the
recognition of revenue from goods or services related to such assets and included in the current profits and
losses.
When the book value of the assets related to the contract cost is higher than the difference between the
following two items, the Group will make provision for impairment of the excess and recognize it as an asset
impairment loss:
① The remaining consideration expected to be obtained by the Group due to the transfer of goods or
services related to the asset;
② The estimated costs to be incurred for the transfer of the related goods or services.
For the contract performance cost recognized as an asset, if the amortization period does not exceed one
year or a normal operating cycle at the time of initial recognition, it will be listed in "Inventory"; If the
amortization period exceeds one year or a normal operating cycle at the time of initial recognition, it will be
listed in "Other non-current assets".
For the contract acquisition cost recognized as an asset, if the amortization period does not exceed one
year or a normal operating cycle at the time of initial recognition, it will be listed in "Other current assets";
If the amortization period exceeds one year or a normal operating cycle at the time of initial recognition, it
will be listed in "Other non-current assets".
39.Government grants
Government grants refer to the monetary or non-monetary assets obtained by the Group from the
government, including tax return, financial subsidy and etc. Government grants are recognised when the grants
can be received and the Group can comply with all attached conditions. If a government grant is a monetary
asset, it will be measured at the amount received or receivable. If a government grant is a non-monetary asset, it
will be measured at its fair value. If it is unable to obtain its fair value reliably, it will be measured a t its
nominal amount. Government grants related to assets refer to government grants which are obtained by the
Group for the purposes of purchase, construction or acquisition of the long-term assets. Government grants
related to income refer to the government grants other than those related to assets. Government grants related to
assets are recorded as deferred income and recognised in profit or loss on a systemic basis over the useful lives
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of the assets. Government grants related to income that compensate the incurred costs, expenses or losses are
recognised in profit or loss. Government grants related to income that compensate future costs, expenses or
losses are recorded as deferred income and recognised in profit or loss in reporting the related costs, expenses
or losses; government grants related to income that compensate incurred costs, expenses or losses are
recognised in profit or loss directly in the current period.
The Group applies the presentation method consistently to the similar government grants in the financial statements.
Government grants that are related to ordinary activities are included in operating profit, otherwise, they are recorded in
non-operating income or expenses.
40. Deferred income tax assets/Deferred income tax liability
Deferred tax assets and deferred tax liabilities are calculated and recognised based on the differences
arising between the tax bases of assets and liabilities and their carrying amounts (temporary differences).
Deferred tax asset is recognised for the deductible losses that can be carried forward to subsequent years for
deduction of the taxable profit in accordance with the tax laws. No deferred tax liabilities is recognised for the
temporary differences resulting from the initial recognition of Goodwill. No deferred tax asset or deferred tax
liability is recognised for the temporary differences resulting from the initial recognition of assets or liabilities
due to a transaction other than a business combination, which affects neither accounting profit nor t axable
profit (or deductible loss). At the balance sheet date, deferred tax assets and deferred tax liabilities are
measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is
settled.
Deferred tax assets are only recognised for deductible temporary differences, deductible losses and tax
credits to the extent that it is probable that taxable profit will be available in the future against which the
deductible temporary differences, deductible losses and tax credits can be utilised.
Deferred tax liabilities are recognised for temporary differences arising from investments in subsidiaries,
joint venture, and associates, except where the Group is able to control the timing of reversal of the temporary
difference, and it is probable that the temporary difference will not reverse in the foreseeable future. When it is
probable that the temporary differences arising from investments in subsidiaries and associates will be reversed
in the foreseeable future and that the taxable profit will be available in the future against which the temporary
differences can be utilised, the corresponding deferred tax assets are recognised.
Deferred tax assets and liabilities are offset when:
the deferred taxes are relate to the same tax payer within the Group and same fiscal authority, and;
that tax payer has a legally enforceable right to offset current tax assets against current tax liabilities.
41. Leases
(1) 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
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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.
（2）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.
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
42. Other significant accounting policies and estimates
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Work safety funds
Subsidiaries of the Group engaged in power generation business shall appropriate work safety funds based
on the actual revenue in the previous year and at the following percentages:
3% for the proportion of revenue up to RMB 10 million in the previous year;
1.5% for the proportion of revenue between RMB 100 million and RMB 1 billion in the previous year;
1% for the proportion of revenue between RMB 100 million and RMB 1 billion in previous year;
0.8% for the proportion of revenue between RMB 1 billion and RMB 5 billion in the previous year;
0.2% for the proportion of revenue exceeding RMB 10 billion in the previous year.
Work safety funds are mainly used for the improvement, modification and maintenance of safety
protection facilities, as well as safety production inspection, evaluation, consultation, standardised construction,
etc. Work safety funds are recognised in profit or loss as the "Special reserve" item for the current period when
appropriated. When using the special reserve, if the expenditures are expenses in nature, the expenses incurred
are offset against the special reserve directly when incurred. If the expenditures are capital expenditures, when
projects are completed and transferred to fixed assets, the special reserve should be offset against the cost of
fixed assets, and a corresponding accumulated depreciation is recognised. Such fixed assets are not depreciated
in subsequent periods.
Carbon emission use rights
Categorised as an Enterprise with High Emissions, the Group needs to fulfill its emission reduction
obligations and recognise carbon emission related assets and expenditures per relevant regulations:
(i) The present obligations incurred by the Group in fulfilling its emission reduction obligations are
measured at the best estimate of the expenditure required and recognised as other payables and non-operating
expenses.
(ii) The Group purchases carbon emission allowances and recognises related carbon emission rights assets
based on the cost paid or payable at the acquisition date, and the balance is included in other current assets; the
Group makes no accounting treatment for carbon emission allowances purchased at nil consideration;
(iii) The Group uses the purchased carbon emission allowances to fulfil its emission reduction
obligations and recognises the book balance of the allowances used as a reduction of carbon emission rights
assets; the Group makes no accounting treatment if it uses carbon emission allowances purchased at nil
consideration to fulfil its obligations;
(iv) The Group sells carbon emission allowances and recognises related non-operating income or non-
operating expenses based on the difference between the amount received or receivable at the date of sale and
the book balance of the allowances sold
Segment information
The Group identifies operating segments based on the internal organisation structure, management
requirements and internal reporting system, and discloses segment information of reportable segments which is
determined on the basis of operating segments.
An operating segment is a component of the Group that satisfies all of the following conditions: (a) the
component is able to earn revenue and incur expenses from its ordinary activities; (b) whose operating results
are regularly reviewed by the Group’s management to make decisions about resources to be allocated to the
segment and to assess its performance, and (c) for which the information on financial position, operating results
and cash flows is available to the Group. Two or more operating segments that have similar economic
characteristics and satisfy certain conditions can be aggregated into one single operating segment.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
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.
(iii) Timing of revenue recognition
With regard to sale of electricity to grid companies, the Group supplies electricity to grid companies in
accordance with the contract. Thereafter, the grid companies have the right to sell electricity and the discretion
in pricing, and take the risks of any price fluctuation or loss of the products. The Group believes that the grid
companies obtain control over electric power upon the receiving of the electric power. Therefore, revenue is
recognised upon the receiving of the electric power of grid companies.
(b) Critical accounting estimates and key assumptions
(i) Assessment on impairment of fixed assets
A fixed asset is tested for impairment by the Group if there is any indication that it may be impaired at the
balance sheet date by calculating and comparing the recoverable amount of the fixed asset with its carrying
amount to check the difference. If the result of the impairment test indicates that the recoverable amount of an
asset is less than its carrying amount, a provision for impairment and an asset impairment loss are recognised
for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
is the higher of an asset’s fair value less costs to sell and the present value of the future cash flows expected to
be derived from the asset. The determination of the recoverable amount involves accounting estimates.
When assessing whether the above assets are impaired, management mainly evaluates and analyses: (i)
whether events affecting asset impairment occurred; (ii) whether the present value of expected cash flows
arising from the continuing use or disposals of the asset is lower than its carrying amount; and (iii) whether the
significant assumptions used in the calculation of the present value of the estimated cash flows are appropriate
The calculation of the present value of future cash flows involves management’s significant estimates and
judgements, including the discount rate, the growth rate of the estimated on-grid electricity price, the growth
rate of the estimated electricity sale and the varability rate of the estimated price of coal used in power
generation. Changes in these assumptions may have material impact on the present value used in the
impairment test, and cause impairment in the above-mentioned long-term assets of the Group
(ii) Measurement of ECL
The Group calculates ECL through exposure at default and ECL rates, and determines the ECL rates based
on probability of default and loss given default. In determining the ECL rates, the Group uses data such as
internal historical credit loss experience, etc., and adjusts historical data based on current conditions and
forward-looking information.
When considering forward-looking information, the Group considered different macroeconomic scenarios.
Significant macroeconomic assumptions and parameters related to the estimation of ECL include the risk of
economic downturn, external market environment, technological environment, changes in customer conditions,
Gross Domestic Product (“GDP”) and Consumer Price Index (“CPI”), etc. The Group regularly monitors and
reviews assumptions and parameters related to the calculation of ECL
(iii) Income taxes and deferred income taxes
The Group is subject to income taxes in numerous jurisdictions. There are some transactions and events
for which the ultimate tax determination is uncertain during the ordinary course of business. Significant
judgement is required from the Group in determining the provision for income tax in each of these jurisdictions.
Where the final tax outcomes of these matters are different from the amounts that were initially recorded, such
differences will impact the income tax and deferred income tax provisions in the period in which such
determination is made.
As stated in Note 6, some subsidiaries of the Group are high-tech enterprises. The high-tech enterprise
certificate is effective for three years. Upon expiration, application for high-tech enterprise identification
should be submitted again to the relevant government authorities. Based on the historical experience of
reassessment for high-tech enterprise upon expiration and the actual condition of the subsidiaries, the Group
considers that the subsidiaries are able to obtain the qualification for high-tech enterprises in future years, and
therefore a preferential tax rate of 15% is used to calculate the corresponding deferred income tax. If some
subsidiaries cannot obtain the qualification for high-tech enterprise upon expiration, then the subsidiaries are
subject to a statutory tax rate of 25% for the calculation of the income tax, which further influences the
recognised deferred tax assets, deferred tax liabilities and income tax expenses.
A deferred tax asset is recognised for the carryforward of unused deductible losses to the extent that it is
probable that future taxable profits will be available against which the deductible losses can be utilised. Future
taxable profits include taxable profits that can be achieved through normal operations and the increase in
taxable profits due to the reversal of taxable temporary differences arising from previous period in future period.
The Group determines the future taxable profits based on the future financial forecast, which requires
management’s significant estimates and judgements, including the estimated electricity sale, estimated on-grid
133
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
electricity price, the estimated price of coal used in power generation and other operating expenses. If there is
any difference between the actual and the estimates, adjustment may be made to the carrying amount of
deferred tax assets.
43.Change of main accounting policies and estimations
(1)Change of main accounting policies
Applicable Not applicable
Unit：Yuan
The content and reason for the Name of the statement item that is
Amount affected
change in accounting policy materially affected
Accounting Standards for Business
N/A 0.00
Enterprises Interpretation No. 17
Accounting Standards for Business Enterprises Interpretation No. 17
In October 2023, the Ministry of Finance issued the Interpretation No. 17 of Accounting Standards for Business Enterprises
(Cai Kuai [2023] No. 21) (hereinafter referred to as "Interpretation No. 17").
Interpretation No. 17 stipulates that when classifying the liquidity of liabilities, the Group only considers whether the Group
has a substantial right to defer the settlement of liabilities until more than one year after the balance sheet date (hereina fter
referred to as the "right to defer the liquidation of liabilities") at the balance sheet date, without considering whether the Group
has the subjective possibility of exercising the above rights. In respect of liabilities arising from the Group's loan facili ties, if the
Group's right to defer the settlement of the liabilities depends on whether the Group has complied with the conditions set out i n
the loan arrangements (the "Contractual Conditions"), the Group will only consider the contractual conditions to be followed on
or before the balance sheet date and not the impact of the contractual conditions to be followed by the Group after the Balanc e
Sheet Date when classifying the liquidity of the relevant liabilities. For liabilities to be settled by the Group through the delivery
of its own equity instruments at the option of the counterparty, if the Group classifies the above options as equity instrume nts and
recognizes them separately as equity components of composite financial instruments in accordance with the provisions of
Accounting Standard for Business Enterprises No. 37 - Presentation of Financial Instruments, the liquidity allocation of such
liabilities will not be affected. Conversely, if the above options cannot be classified as equity instruments, the liquidity allocation
of the liability will be affected.
(2) Change of main accounting estimations
□Applicable√ Not applicable
(3)The information of the adjusting items related to the financial statements at the beginning of the year
of first implementation due to the first implementation of new accounting standards from
2024.Adjustment description
□Applicable√ Not applicable
44.Other
Not applicable
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
VI. Taxation
1. Main categories and rates of taxes
Class of tax Tax basis Tax rate
Taxable value-added amount (Tax
payable is calculated using the taxable
sales amount multiplied by the
VAT 5%,6%,9% and 13%
applicable tax rate less deductible VAT
input of the current period) Revenue
from hydropower sales
Consumption tax Not applicable
City maintenance and construction tax Amount of VAT paid 5% to 7%
Corporate income tax Taxable income 12.5%,15%,20% and25%
Education surcharges Amount of VAT paid 3%
Local education surcharges Amount of VAT paid 2%
Property’s rental income or the
House property tax residual value from original value less 12%及 1.2%
the deducting proportion
Calculated and paid based on the
pollution equivalent values or the Calculated and paid based on the
Environmental protection tax discharge of taxable pollutants applicable tax amounts of different
multiplied by the applicable tax pollutants
amounts
In case there exist any taxpayer paying corporate income tax at different tax rates, disclose the information
Name of taxpayer Income tax rates
Guangdong Yuedian Zhanjiang Wind Power Co., Ltd. 15%
Guangdong Yudean Zhanjiang Biomass Power Generation Co., Ltd. 15%
2.Tax preferences
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
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
individually, while the period expenses are allocated rationally. the Group’s subsidiary Guangdong Guangye
Nanhua New Energy Co., Ltd.,Taishan Runze Jieyuan New Energy Co., Ltd., Xiangtan Xiangdian Changshan
Wind Generation Co., Ltd., Dacheng Dunan New Energy Co., Ltd., Guangdong Shaoguan Yudean New
Energy Co., Ltd., Guangdong Yudean Huibo New Energy Co., Ltd., Pingdu Lianyao New Energy Technology
Co., Ltd., Lianjiang Yuefeng New Energy Co., Ltd., Guangdong Qujie Wind Generation Co., Ltd., Taishan
Dongrun Qingneng New Energy Co., Ltd., Laixi Telian New Energy Co., Ltd., Laixi Xinguangyao New Energy
Co., Ltd., Yudean Jianxiu Company ana Zhanjiang Potou Guidian Energy Technology Co., Ltd., are entitled to
the tax preferential policy of “three- year exemptions and three-year halves” respectively according to each
wind power project.
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 2024 is 15%.
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 the first half –year of 2024, some
of the Company’s subsidiaries were entitled to the aforesaid preferential tax policy.
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 2024, 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.
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 sel f-
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
136
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
(Cai Shui [2015] No. 74). Some subsidiaries of the Company can enjoy the aforementioned tax incentive in
2024.
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 Energysaving 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, watersaving 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. Some subsidiaries of the
Company can enjoy the aforementioned tax incentive in 2024.
3.Other
Not applicable
VII. Notes on major items in consolidated financial statements
1. Monetary funds
In RMB
Items Closing balance Opening balance
Cash on hand 58,096 43,025
Cash at bank 1,863,832,907 2,182,419,734
Other cash balance 26,993,330 23,788,146
Deposit funds from the financial
14,220,610,423 14,225,178,988
company
Total 16,111,494,756 16,431,429,893
Including：Total amount of money
0 0
deposited abroad
Other note
（a）As of June 30, 2024, the Group had no funds deposited overseas (December 31, 2023: None).
（b） As of June 30, 2024, Other monetary funds amounted to RMB26,993,330 (On December 31, 2023:
RMB23,788,146), which mainly are deposits such as ecological protection deposits and performance guarantee
deposits.
2. Transactional financial assets
Not applicable
3. Derivative financial assets
Not applicable
137
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
4. Notes receivable
(1) Notes receivable listed by category
In RMB
Items Year-end balance Year-beginning balance
Bank acceptance 0 400,000
Trade acceptance 0 1,089,433
Total 0 1,489,433
（2）By accrual of bad debt provision
In RMB
Amount in year-end Balance Year-beginning
Bad debt
Book Balance Bad debt provision Boo Book Balance
provision
Category k
Amoun Proporti Amount Proporti Amount Proporti Amount Prop Book value
valu
t on(%) on(%) on(%) ortio
e
n(%)
Of which
Notes
receivabl
e for bad
debt 1,489,433 100% 0% 1,489,433
provision
by
portfolio
Of which
Note
receivabl 1,489,433 100% 0% 1,489,433
e
Total 1,489,433 100% 0% 1,489,433
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure
method of other receivables if the provision for bad debts of bills receivable is accrued according to the general
model of expected credit loss:
□ Applicable √ Not applicable
(3) Note receivable withdraw, reversed or collected during the reporting period
Not applicable
The withdrawal amount of the bad debt provision：
□ Applicable √ Not applicable
138
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
（4） Notes receivable pledged by the company at the end of the period
Not applicable
（5）Note receivable financing endorsed or discounted by the Company at the end of the period and not
expired yet on the date of balance sheet
Not applicable
（6）The actual cancellation of notes receivable in the current period
Not applicable
5. Accounts receivable
(1) Accounts receivable disclosed by category
In RMB
Aging Amount in year-end Balance Year-beginning
Within 1 year （Including 1 year） 6,407,900,378 7,837,958,876
1-2 years 1,170,292,120 830,621,695
2-3 years 408,457,638 121,023,058
Over 3 year 178,873,165 200,382,525
3-4 years 94,740,536 189,379,564
4-5 years 73,164,884 8,356,811
Over 5 years 10,967,745 2,646,150
Total 8,165,523,301 8,989,986,154
139
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
（2） According to the bad debt provision method classification disclosure
In RMB
Amount in year-end Balance Year-beginning
Book Balance Bad debt provision Book Balance Bad debt provision Book
Category Book value
Amount Proportio Amount Proportion( Amount Proportion(%) Amount Proportion( value
n(%) %) %)
Of which
Accrual of
bad debt
8,165,523,301 100% 32,557,451 0.40% 8,132,965,850 8,989,986,154 100% 26,350,476 0.29% 8,963,635,678
provision by
portfolio
Of which
Electricity
sales 8,070,957,846 98.85% 31,676,906 0.39% 8,039,280,940 8,872,384,974 98.69% 25,225,348 0.28% 8,847,159,626
receivable
Related party
33,762,431 0.41% 0 0% 33,762,431 31,436,573 0.35% 0 0% 31,436,573
receivable
Steam sale
and other 60,803,024 0.74% 880,545 1.45% 59,922,479 86,164,607 0.96% 1,125,128 1.31% 85,039,479
receivable
Total 8,165,523,301 100% 32,557,451 0.40% 8,132,965,850 8,989,986,154 100% 26,350,476 0.29% 8,963,635,678
Accrual of bad debt provision by portfolio: ：Electricity sales receivable
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
140
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Electricity sales receivable 8,070,957,846 31,676,906 0.39%
Total 8,070,957,846 31,676,906
141
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Note：
Portfolio 1.As at 30 June 2024, the Group’s receivables from sale of electricity amounted to RMB
8,070,957,846 (31 December 2023: RMB8,872,384,974), which mainly comprised receivables of RMB
7,894,222,440 from China Southern Power Grid Co., Ltd. and its subsidiaries (collectively referred to as
“China Southern Power Grid”) and RMB 176,735,406 from State Grid Corporation of China (“State Grid”) and
its subsidiaries. Considering the favorable credit history of China Southern Power Grid and State Grid, the
Group held that there was no significant credit risk arising from receivables from sale of electricity. Since the
possibility of material losses due to the default by China Southern Power Grid and State Grid was extremely
low, the Group made no provision for the ECL of the receivables from sale of electricity (31 December 2023:
Nil)
For the receivables of renewable energy subsidies, the Group has made provision for bad debts based on
the expected credit loss model, the balance of which is RMB 31,676,906 as of June 30, 2024
Accrual of bad debt provision by portfolio: Related party receivable
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Related party receivable 33,762,431 0 0%
Total 33,762,431 0
Note：
Portfolio 2：- Related party receivable：As at 30 June 2024, the amount of receivables from related
parties of the Group was RMB26,312,165（December 31,2023:RMB31,436,573) , and the historical loss rate
was extremely low. Therefore, The Group believes that there is no significant credit risk in the receivables from
related parties, and the possibility of significant losses due to their default is extremely low. The Group's
expected credit loss rate for receivables from related parties is 0%. （December 31,2023:0%).
Accrual of bad debt provision by portfolio: Steam sale and other receivable
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Steam sale and other
60,803,024 880,545 1.45%
receivable
Total 60,803,024 880,545
Note：
Portfolio 3- For other fund receivable except Portfolio 1 and Portfolio 2, Bad provision according to the
expected credit loss mode
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure
method of other receivables if the provision for bad debts of bills receivable is accrued according to the general
model of expected credit loss:
□Applicable Not applicable
142
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
(3) Accounts receivable withdraw, reversed or collected during the reporting period
The withdrawal amount of the bad debt provision：
In RMB
Amount of change in the current period
Opening Reversed or Closing
Category
balance Accrual collected Write-off Other balance
amount
Account
26,350,476 6,429,931 222,956 32,557,451
receivable
Total 26,350,476 6,429,931 222,956 0 0 32,557,451
The important amount of bad debt provision recovered or reversed in the current period thereinto:
Not applicable
(4) The actual write-off accounts receivable
Not applicable
（5） Accounts receivable and contract assets of the top five ending balances collected by debtor
In RMB
Ending balance of
Proportion of bad debt
Ending balance of total ending provision for
Ending balance of
Ending balance of accounts balance of accounts
Unit name accounts
contract assets receivable and accounts receivable and
receivable
contract assets receivable and impairment
contract assets provision for
contract assets
GPGC 7,675,965,164 7,675,965,164 93.86% 31,541,572
Shenzhen Power
190,324,374 190,324,374 2.33% 90
supply Bureau
State Grid
Xinjiang Electric 112,589,182 112,589,182 1.38% 0
Power Co., Ltd.
State Grid Henan
Electric Power 28,485,250 28,485,250 0.35% 135,244
Co., Ltd.
Daodaoquan
Grain and oil
13,365,842 13,365,842 0.16% 133,658
(Maoming) Co.,
Ltd.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Total 8,020,729,812 8,020,729,812 98.10% 31,810,474
6.Contract assets
（1） Contract asset
In RMB
Closing balance Opening balance
Provision for Provision for
inventory inventory
Items
Book balance impairme Book value Book balance impairme Book value
nt nt
Accounts
receivable
1,305,629 0 1,305,629 990,795 0 990,795
from related
parties
Contract assets
9,117,079 12,529 9,104,550 4,579,454 12,529 4,566,925
of third parties
Total 10,422,708 12,529 10,410,179 5,570,249 12,529 5,557,720
（2） Amount and reasons of major changes in book value during the reporting period
Not applicable
(3) By accrual of bad debt provision
In RMB
Closing balance Opening balance
Bad debt
Book balance Book balance Bad debt provision
Category provision
Book value Book value
Proportion Proport Proportion Proporti
Amount Amount Amount Amount
% ion % % on %
Of which
Accrual of
bad debt
10,422, 12,5 0. 10,410,1 5,570,24 0.2 5,557,7
provision 100% 100% 12,529
708 29 12% 79 9 2% 20
by
portfolio
其中： 其中：
Related
1,305,6 12.53 0 1,305,62 0 990,79
party 0 990,795 17.79% 0
29 % % 9 % 5
receivable
Other
9,117,0 87.47 12,5 0. 9,104,55 4,579,45 0.2 4,566,9
contract 82.21% 12,529
79 % 29 14% 0 4 7% 25
asset
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
payments
10,422, 12,5 0. 10,410,1 5,570,24 0.2 5,557,7
Total 100% 100% 12,529
708 29 12% 79 9 2% 20
Accrual of bad debt provision by portfolio: Related party receivable
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Related party receivable 1,305,629 0%
Total 1,305,629
Note：
Portfolio 2：- Related party receivable：As at 30 June 2024, the amount of receivables from related
parties of the Group was RMB10,354,482（December 31,2023:RMB5,396,602) , and the historical loss rate
was extremely low. Therefore, The Group believes that there is no significant credit risk in the receivables from
related parties, and the possibility of significant losses due to their default is extremely low. The Group's
expected credit loss rate for receivables from related parties is 0%. （December 31,2023:0%).
Accrual of bad debt provision by portfolio: Other contract asset payments
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Other contract asset
9,117,079 12,530 0.14%
payments
Total 9,117,079 12,530
Note
Portfolio 2- For other contract asset payments except Contract assets other than portfolio 1.
Provision for bad debts is made according to the general model of expected credit losses
□Applicable Not applicable
(4) Bad debt provision accrual, collected or reversal in the period
Not applicable
（5） Contract assets actually written off in the current period
Not applicable
7. Receivable financing
Not applicable
8. Other account receivable
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
In RMB
Items Closing balance Opening balance
Interest receivable 0 0
Dividend receivable 65,472,755 134,959,219
Other accounts receivable 642,881,248 663,830,616
Total 708,354,003 798,789,835
（1）Interest receivable
1) Category of interest receivable
Not applicable
2) Significant overdue interest
Not applicable
3）Bad-debt provision
Not applicable
4) Accounts receivable withdraw, reversed or collected during the reporting period
Not applicable
5)Interest receivable actually written off in the current period
Not applicable
(2) Dividend receivable
1) Category
In RMB
Item (or the invested entity) Closing balance Opening balance
Taishan Power Generation Co., LTD 134,959,219
Sunshine Insurance Group Co., LTD 63,000,000
Yangshan County Jiangkeng
882,755
hydropower Station Co., LTD
Yangshan Zhongxinkeng power Co.,
1,590,000
LTD
Total 65,472,755 134,959,219
146
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
2) Important dividend receivable with over one year aged
Not applicable
3) Accrual of bad debt provision
□Applicable Not applicable
4） Bad debt provision accrual, collected or reversal in the period
Not applicable
5) Dividends receivable actually written off in the current period
Not applicable
（3） Other accounts receivable
1) Other accounts receivable classified by the nature of accounts
In RMB
Nature Closing book balance Opening book balance
Land receivable deposit 269,933,918 274,833,258
Related party receivable 94,594,654 113,894,689
Supplementary medical insurance fund
9,171,792 13,340,791
receivable
Land receivable deposit 105,626,307 108,018,187
Compensation receivable for electricity
charges during the demolition and 23,446,000 23,447,300
construction period
Current account 7,099,200 7,099,200
Receive of government subsidies 91,378,126 74,097,420
Receivable petty cash 106,405 1,141,476
Other 14,726,683 12,671,880
Less：Bad-debt provision 56,770,763 67,295,442
Total -29,972,600 -32,009,027
2） Disclosure by aging
In RMB
Aging Closing book balance Opening book balance
Within 1 year(Including 1 year） 262,405,569 230,921,183
1-2 years 56,028,878 65,744,746
2-3 years 41,314,187 219,216,710
Over 3 years 313,105,214 179,957,004
3-4 years 138,630,701 139,208,710
147
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
4-5 years 134,676,482 2,198,104
Over 5 years 39,798,031 38,550,190
Total 672,853,848 695,839,643
3）According to the bad debt provision method classification disclosure Bad-debt provision
Applicable □Not applicable
In RMB
Closing balance Opening balance
Bad debt
Book balance Bad debt provision Book balance
provision
Category
Prop Book value Propo Prop Book value
Propor
Amount Amount ortio Amount rtion Amount ortio
tion %
n% % n%
Accrual of bad
debt provision 521,807,715 77.55% 21,001,231 4.02% 500,806,484 549,775,218 79.01% 19,374,584 3.52% 530,400,634
by single
In Which
Accrua
l of bad debt
151,046,133 22.45% 8,971,369 5.94% 142,074,764 146,064,425 20.99% 12,634,443 8.65% 133,429,982
provision by
portfolio
In Which
Other
151,046,133 22.45% 8,971,369 5.94% 142,074,764 146,064,425 20.99% 12,634,443 8.65% 133,429,982
Portfolio
Total 672,853,848 100% 29,972,600 4.45% 642,881,248 695,839,643 100% 32,009,027 4.60% 663,830,616
Accrual of bad debt provision by portfolio: Other portfolio
期初余额 期末余额
名称
账面余额 坏账准备 账面余额 坏账准备 计提比例 计提理由
The other party is a
Land recovery government unit, and the
261,058,758 269,933,918 0%
receivable risk of credit loss is
expected to be very low.
The other party is a
Amounts related party, the
receivable from 113,894,689 94,594,654 0% historical loss rate is 0%,
related parties and the expected risk of
credit loss is very low.
The The counterparty is
supplementary Taikang Pension
medical 108,018,187 105,626,307 0% Insurance Co., LTD.
insurance fund is Guangdong Branch ("
due Taikang Insurance "),
148
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
which mainly provides
custody services for the
Group's supplementary
medical insurance fund,
with a historical loss rate
of 0% and an extremely
low expected risk of
credit loss.
The other party is a
government unit, the
Land deposit historical loss rate is 0%,
23,447,300 23,446,000 0%
receivable and the expected credit
loss risk is extremely
low.
Electricity
The project was led by
compensation
the government industrial
receivable
park, which paid for the
during the 7,099,200 7,099,200 0%
compensation, and the
demolition and
risk of credit loss was
construction
expected to be very low
period
The other party is a
government unit, the
Other
historical loss rate is
government 16,882,500 106,405 0%
zero, and the expected
receivables
risk of credit loss is
extremely low.
Due to the other party's
Other 19,374,584 19,374,584 21,001,231 21,001,231 100% financial difficulties, it is
not expected to recover
Total 549,775,218 19,374,584 521,807,715 21,001,231
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Other portfolio 151,046,133 8,971,369 5.94%
Total 151,046,133 8,971,369
Note：
Provision for bad debts is made according to the general model of expected credit losses
In RMB
149
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Stage 1 Stage 2 Stage 3
Expected credit losses
Expected credit losses Expected credit loss
Bad Debt Reserves for the entire duration Total
over the next 12 over life (no credit
(credit impairment
months impairment)
occurred)
Balance as at January 1,
12,634,443 0 19,374,584 32,009,027
2024
Balance as at January 1,
2023 in current
--Transfer to the second
0 0 0 0
stage
-- Transfer to the third
-229,530 0 229,530 0
stage
-- Reversal to the second
0 0 0 0
stage
-- Reversal to the first
0 0 0 0
stage
Provision in Current
383,515 0 1,417,117 1,800,632
Year
Reversal in Current Year -3,767,059 0 0 -3,767,059
Conversion in Current
0 0 0 0
Year
Write off in Current
-50,000 0 -20,000 -70,000
Year
Other change 0 0 0 0
Balance as at 30 June.
8,971,369 0 21,001,231 29,972,600
2024
Basis for division of each stage and accrual ratio for bad-debt provision
Loss provision changes in current period, change in book balance with significant amount
□ Applicable √Not applicable
4) Accounts receivable withdraw, reversed or collected during the reporting period
The withdrawal amount of the bad debt provision：
In RMB
Amount of change in the current period
Reversed or
Category Opening balance Closing balance
Accrual collected Write-off Other
amount
Other
32,009,027 1,800,632 3,767,059 70,000 0 29,972,600
receivable
Total 32,009,027 1,800,632 3,767,059 70,000 0 29,972,600
150
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Where the current bad debts back or recover significant amounts:
Not applicable
5）Other account receivables actually cancel after write-off
In RMB
Items Amount
70,000
Other receivable
Important other receivables write-off
Not applicable
6)Top 5 of the closing balance of the other accounts receivable collected according to the arrears party
In RMB
Portion in
Bad debt
total other
Name Nature Year-end balance Aging provision of year-
receivables(%
end balance
)
Meixian
Chengjiangzhen Land
People's withdrawal 126,885,400 4-5 years 19.74%
Government of receivable
Meizhou City
Guangdong
Receivables from
Yudean
sale of by-
Environmental 109,094,018 3-4 years 16.97%
products to related
Protection Co.,
parties
Ltd.
Supplementary
Taikang Pension medical insurance 105,626,307 Within 5 years 16.43% 17,530
fund receivable
Guangdong
Receivables from
Yudean Within 1 year
sale of by-
Environmental 54,036,275 （Including 1 8.41%
products to related
Protection Co., year）
parties
Ltd.
Xingjiang Jintai
Within 1 year
Electric Co., Ltd. Receivable of
25,916,869 （Including 1 4.03%
Thermoelectric Unit current
year）
branch
Total 421,558,869 65.57% 17,530
151
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
7） Other receivables reported due to centralized management of funds
Not applicable
9. Accounts paid in advance
(1) Accounts paid in advance by ageing
In RMB
Ending balance Opening balance
Account age
Amount Ratio Amount Ratio
Within 1 year 1,337,071,428 98.95% 1,575,368,565 99.78%
1-2 years 13,224,621 0.98% 2,963,894 0.19%
2-3 years 423,942 0.03% 185,817 0.01%
Over 3 years 493,839 0.04% 362,718 0.02%
Total 1,351,213,830 1,578,880,994
Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in time
As at June 30,2024, advances to suppliers aged more than 1 year were RMB14,142,402( December
31,2023, RMB3,512,429) , mainly including prepayments for spare parts and materials.
（2）The ending balance of Prepayments owed by the imputation of the top five parties
Name Relationship with the company Amount Proportion %
Related party
Guangdong Power
913,770,568 67.63%
Industry Fuel Co., Ltd.
Guangdong Zhutou Third party
Electric Power fuel Co., 91,011,510 6.74%
Ltd.
Hubei Carbon Emission
Rights Trading Center Third party 57,867,789 4.28%
Co., Ltd.
Guangdong Dapeng
Third party 37,604,959 2.78%
Natural gas Co., Ltd.
Zhuhai Gaolan Port
Third party 9,985,030 0.74%
Railway Co., Ltd
Total 1,110,239,856 82.17%
Other note：
152
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
10. Inventories
Whether the company need to comply with the disclosure requirements of the real estate industry
No
（1）Category of Inventory
In RMB
Closing book balance Opening book balance
Provision
Provision for
Items for
Book balance Book value Book balance inventory Book value
inventory
impairment
impairment
Raw materials 4,361,358,539 57,381,959 4,303,976,580 2,728,662,906 92,178,375 2,636,484,531
Other 2,404,470 0 2,404,470 19,020,180 0 19,020,180
Total 4,363,763,009 57,381,959 4,306,381,050 2,747,683,086 92,178,375 2,655,504,711
（2）Data resources recognized as inventory
In RMB
Inventory of Inventory of self Inventory of data
Items outsourced data processed data resources obtained by Total
resources resources other means
1. Ending book value 0
2. Beginning book
0
value
(3) Inventory depreciation reserve
In RMB
Increased in current period Decreased in current period
Item Raw Beginning of Year-end
Transferred
materials ms term Provision Other Other balance
back
Raw materials 92,178,375 34,796,416 57,381,959
Turnover
0 0 0
materials
Total 92,178,375 34,796,416 57,381,959
The Company uses the book value higher than the net realizable value of the disposal price less disposal costs as the
specific basis for determining the net realizable value; The main reasons for the reserve for the depreciation of resold
inventory during the year are the disposal, acquisition and scrapping of spare parts.
Inventory depreciation provision by portfolio
In RMB
At the end of the period At the beginning of the period
Portfolio
Ending Depreciation Accrual ratio Beginning Depreciation Accrual ratio
name
balance provision for balance provision for
153
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
depreciation depreciation
provision provision
Accrual standard for inventory depreciation provision by portfolio
(4) Explanation on inventories with capitalization of borrowing costs included at ending balance
Not applicable
(5) Assets unsettled formed by construction contract which has completed at period-end
Not applicable
11. Assets divided as held-to-sold
Not applicable
12. Non-current assets due within 1 year
Not applicable
13. Other current assets
In RMB
Items Year-end balance Year-beginning balance
Contract acquisition cost 0 0
Returns receivable costs 0 0
VAT to be deducted 1,594,960,230 1,435,442,817
Advance tax payment 63,779,122 40,660,024
Carbon emission rights assets 28,982,117 7,106,032
Other 10,694,090 12,869,121
Total 1,698,415,559 1,496,077,994
Other note：
14.Creditor's right investment
Not applicable
Loss provision changes in current period, change in book balance with significant amount
□Applicable √ Not applicable
Other note: Not applicable
154
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
15.Other creditor's rights investment
Not applicable
Loss provision changes in current period, change in book balance with significant amount
□Applicable √ Not applicable
Other note: Not applicable
16. Other equity instruments investment
In RMB
Losses
accum
ulated
Reason
in
designated
Gains Losses Gains other
as being
included in included in accumulated compr Dividend
measured at
other other in other ehensi income
fair value
Beginning comprehens comprehen comprehensi ve recognized Ending
Item name and change
balance ive income sive ve income at incom in the balance
being
in the income in the end of e at current
included in
current the current the current the period
other
period period period end of
comprehensi
the
ve income
curren
t
period
The Group
has not
participated
in or
influenced
Xinjiang the financial
Yuejian and business
Nengxin decisions of
2,000,000 0 0 2,000,000
Energy the above-
Equipment mentioned
Co., Ltd. investee in
any way.
Therefore,
the Group
has no
significant
155
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
impact on
the above-
mentioned
investee,
and uses it
as other
equity
instruments
for
investment
accounting.
The Group
has not
participated
in or
influenced
the financial
and business
decisions of
the above-
mentioned
investee in
any way.
Shenzhen
Therefore,
Capital
1,014,000,000 0 685,966,000 24,756,020 1,014,000,000 the Group
Group Co.,
has no
Ltd.
significant
impact on
the above-
mentioned
investee,
and uses it
as other
equity
instruments
for
investment
accounting.
The Group
Shenzhen has not
Energy 97,524,000 12,852,000 94,485,372 2,116,800 110,376,000 participated
Co., Ltd. in or
influenced
156
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
the financial
and business
decisions of
the above-
mentioned
investee in
any way.
Therefore,
the Group
has no
significant
impact on
the above-
mentioned
investee,
and uses it
as other
equity
instruments
for
investment
accounting.
The Group
has not
participated
in or
influenced
the financial
and business
decisions of
the above-
Shanghai mentioned
Shenergy 356,517,044 133,832,722 254,511,778 22,212,900 490,349,766 investee in
Group any way.
Therefore,
the Group
has no
significant
impact on
the above-
mentioned
investee,
and uses it
157
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
as other
equity
instruments
for
investment
accounting.
The Group
has not
participated
in or
influenced
the financial
and business
decisions of
the above-
mentioned
investee in
any way.
Sunshine
Therefore,
Insurance
1,379,000,002 570,821,860 452,178,142 63,000,000 808,178,142 the Group
Group Co.,
has no
Ltd.
significant
impact on
the above-
mentioned
investee,
and uses it
as other
equity
instruments
for
investment
accounting.
The Group
has not
participated
GMG
in or
Internation
influenced
al 16,506,000 7,002,000 5,904,000 504,000 9,504,000
the financial
Tendering
and business
Co., Ltd.
decisions of
the above-
mentioned
158
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
investee in
any way.
Therefore,
the Group
has no
significant
impact on
the above-
mentioned
investee,
and uses it
as other
equity
instruments
for
investment
accounting.
The Group
has not
participated
in or
influenced
the financial
and business
decisions of
the above-
mentioned
investee in
Gaozhou any way.
Yawu Therefore,
800,000 0 0 800,000
Hydropow the Group
er Co., Ltd has no
significant
impact on
the above-
mentioned
investee,
and uses it
as other
equity
instruments
for
investment
159
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
accounting.
Total 2,866,347,046 146,684,722 577,823,860 1,493,045,292 0 112,589,720 2,435,207,908
There is a termination recognition in this period.
Not applicable
Itemized disclosure of the current non - trading equity instrument investment
In RMB
Amount of Reasons for being Reasons for
other measured at fair other
Recognized comprehens value and whose comprehensive
Accumulating Accumulating
Name dividend ive income changes are income
gains losses
income transferred included in other transferred to
to retained comprehensive retained
earning income earnings
Xinjiang
Yuejian
Consideration of
Nengxin
0 strategic Not applicable
Energy
investments
Equipment
Co., Ltd.
Shenzhen Consideration of
Capital Group 24,756,020 685,966,001 strategic Not applicable
Co., Ltd. investments
Shenzhen Consideration of
Energy Co., 2,116,800 94,485,372 strategic Not applicable
Ltd. investments
Shanghai Consideration of
Shenergy 22,212,900 254,511,778 strategic Not applicable
Group investments
Sunshine
Consideration of
Insurance
63,000,000 452,178,142 strategic Not applicable
Group Co.,
investments
Ltd.
GMG
Consideration of
International
504,000 5,904,000 strategic Not applicable
Tendering Co.,
investments
Ltd.
Gaozhou Yawu Consideration of
Hydropower 0 strategic Not applicable
Co., Ltd investments
Other note：
160
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
(a) On June 30, 2024, the Company held a total of 350,000,000 H shares of Sunshine Insurance Group
Inc., Ltd. with a fair value of RMB 808,178,142, of which the investment cost was RMB 356,000,000. The
Company listed this investment at fair value with reference to the market price. During the year, the loss
measured at fair value was RMB570,821,86 (2023 income: RMB 316,703,800), and other comprehensive
income has been reduced.
(b) On June 30, 2024, the fair value of the equity of Shenzhen Capital Group Co., Ltd. held by the
Company was RMB 1,014,000,000, of which the investment cost was RMB 328,034,000. During the year,
there was no change in the fair value of the equity investment.
(c) On June 30, 2024, the Company held a total of 55,532,250 A shares of Shanghai Shenergy Company,
with a fair value of RMB 490,349,766 and an investment cost of RMB235,837,988. The Company listed this
investment at fair value with reference to the market price. During the year, the income measured at fair
value was RMB 133,832,722 (lncome in 2023: RMB ：51,644,992), and other comprehensive income has
been increased.
(d) On June 30, 2024, the Company held a total of 15,120,000 A shares of Shenzhen Energy Co., Ltd.,
with a fair value of RMB110,376,000 and an investment cost of RMB15,890,628. The Company listed this
investment at fair value with reference to the market price. During the year, the income measured at fair
value was RMB 12,852,000 (lncome in 2023: RMB ：1,360,800 ), and other comprehensive income has
been increased.
(e) On June 30, 2024, the Company held a total of 1,800,000 shares listed by GMG International
Tendering Co., Ltd. in the national share transfer system for small and medium-sized enterprises, with a fair
value of RMB 9,504,000 and an investment cost of RMB 3,600,000. The Company listed this investment at
fair value with reference to the market price. During the year, the income measured at fair value was
RMB7,002,000 (lncome in 2023: RMB 7,974,000), and other comprehensive income has been increased.
17.Long-term receivable
Not applicable
161
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
18. Long-term equity investment
In RMB
Changes in Current period
Impair
Investment Balance
ment
profit and Other Declaration Provision at year-
Invested Beginning provisio Other
Additional Disinvestme loss comprehensi of cash for Othe Ending balance end of
enterprise balance n begin- changes of
investment nt confirmed ve income dividends impairme r impairm
year equity
by equity adjustment or profits nt ent
balance
method
I. Joint ventures
Guangdong
Electric
50,000,0 46,479,8 3,584,9 22,340,5
Industrial 867,236,779 0 0 0 0 0 944,961,014 0
00 16 68 49
Fuel Co.,
Ltd.
China
Aviation
Shenxin
172,615,216 -942,057 171,673,159
Wind
Power Co.,
Ltd.
Zhanjiang
Yuexin
Distributed
4,775,981 807,788 5,583,769
Energy and
Technique
Co., Ltd.
Subtotal 1,044,627,976 0 50,000,0 0 46,345,5 0 3,584,9 22,340,5 0 0 1,122,217,942 0
162
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
00 47 68 49
二、联
二、联营企业
营企业
Taishan
Power 1,989,886,708 41,812,967 6,735,212 2,038,434,887
Generation
Energy
Group
1,740,860,463 0 0 76,878,366 3,770,552 0 92,569,945 0 0 1,728,939,436
Finance
Company
Yudean
111,441,021 8,882,663 171,795 908,301 121,403,780
Shipping
Shanxi
Yudean 208,937,68
3,538,873,765 573,335 0 3,748,384,789
Energy 9
Co., Ltd.
Yudean
297,884,356 8,025,715 2,330,169 303,579,902
Captive
Weixin 122,614,1
0 0 0 122,614,153
Yuntou 53
Guangdong
Energy
Financing 544,877,662 15,926,370 560,804,032
Leasing
Co., Ltd.
Yueqian
265,948,816 0 0 13,495,356 -17,520 2,108,471 0 0 0 281,535,123
Electric
South 199,664,740 8,619,214 208,283,954
163
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Offshore
Wind
Power
Joint
Developme
nt Co., Ltd.
20,819,28
Other 62,776,690 0 0 4,035,662 0 0 2,472,752 0 0 64,339,600 20,819,280
0
Subtot 143,433,4 386,614,00 10,325,31
8,752,214,221 0 0 3,924,827 97,372,866 0 0 9,055,705,503 143,433,433
al 33 2 9
143,433,4 432,959,54 13,910,28 119,713,41 10,177,923,44
Total 9,796,842,197 50,000,000 0 3,924,827 0 0 143,433,433
33 9 7 5 5
The recoverable amount is determined on the basis of the net amount of fair value less disposal costs
□Applicable Not applicable
The recoverable amount is determined by the present value of the projected future cash flows
□Applicable Not applicable
The reason for the obvious discrepancy between the foregoing information and the information used in the impairment test of previous years or the external
information
The reason for the obvious discrepancy between the information used in the Company's impairment test in previous years and th e actual situation in the
current year
Other note
164
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
19. Other non-current financial assets
In RMB
Items Ending balance Opening balance
Total 0 0
20. Investment property
(1) Investment property adopted the cost measurement mode
√Applicable □ Not applicable
In RMB
Construction in
Items House, Building Land use right Total
process
I. Original price
1. Balance at period-
492,035,313 46,042,801 0 538,078,114
beginning
2.Increase in the
0 0 0 0
current period
(1) Purchase 0 0 0 0
(2)Inventory\Fixed
assets\ Transferred f
0 0 0 0
rom construction in pr
ogress
(3)Increased of
Enterprise 0 0 0 0
Combination
0
3.Decreased amount
0 0 0 0
of the period
（1）Dispose 0 0 0 0
（2）Other out 0 0 0 0
0
4. Balance at period-
492,035,449 46,042,296 0 538,078,114
end
II.Accumulated
0
amortization
1.Opening balance 177,936,007 12,949,348 0 190,885,355
2.Increased amount of
3,901,442 451,948 0 4,353,390
the period
(1) Withdrawal 3,901,442 451,948 0 4,353,390
0
3.Decreased amount
0 0 0 0
of the period
165
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
（1）Dispose 0 0 0 0
（2）Other out 0 0 0 0
0
4. Balance at period-
181,837,450 13,401,295 0 195,238,745
end
III. Impairment
0
provision
1. Balance at period-
0
beginning
2.Increased amount of
0
the period
(1)
0
Withdrawal
0
3.Decreased amount
0
of the period
（1）Dispose 0
（2）Other out 0
0
4. Balance at period-
0
end
IV.Book value 0
1.Book value at
310,197,864 32,641,505 0 342,839,369
period -end
2.Book value at
314,099,306 33,093,453 0 347,192,759
period-beginning
The recoverable amount is determined on the basis of the net amount of fair value less disposal costs
□Applicable Not applicable
The recoverable amount is determined by the present value of the projected future cash flows
□Applicable Not applicable
The reason for the obvious discrepancy between the foregoing information and the information used in
the impairment test of previous years or the external information
The reason for the obvious discrepancy between the information used in the Company's impairment test
in previous years and the actual situation in the current year
Other note
(2) Investment property adopted fair value measurement mode
□ Applicable √Not applicable
166
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
(3) Converted to investment real estate and measured at fair value
Not applicable
(4) Investment real estate without certificate of ownership
In RMB
Items Book value Reason
Temporarily in the government
House and building 513,221
approved stage
Other note
On June 30, 2024, after consulting the Group's legal advisers, the management believed that there
would be no substantive legal obstacles to the handling of these property certificates and would not have a
significant adverse impact on the normal operation of the Group.
21. Fixed assets
In RMB
Items Closing balance Opening balance
Fixed assets 68,663,831,173 62,883,737,810
Disposal of fixed assets 61,006,603 133,584,481
Total 68,724,837,776 63,017,322,291
(1) List of Fixed assets
In RMB
House and Generation
Items Transportations Other equipment Total
building equipment
I. Original price
1. Balance at
35,316,925,523 98,703,039,376 745,336,241 1,553,660,977 136,318,962,117
period-beginning
2.Increase in the
2,628,420,376 5,013,227,712 14,235,378 1,357,770,853 9,013,654,319
current period
(1) Purchase 12,291,748 1,178,669,792 14,235,378 48,891,203 1,254,088,121
（ 2 ） Transferre
2,616,128,628 3,834,557,920 1,308,879,646 7,759,566,194
d from constructi
on in progress
(3)Increased of
Enterprise
Combination
3.Decreased
amount of the 21,892,074 627,112,827 31,108,230 18,720,627 698,833,758
period
167
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
（1）Dispose 21,892,074 627,112,827 31,108,230 18,720,627 698,833,758
4. Balance at
37,923,453,825 103,089,154,261 728,463,389 2,892,711,203 144,633,782,678
period-end
II. Accumulated
depreciation
1.Opening
13,536,220,178 55,886,196,564 509,766,307 1,227,990,804 71,160,173,853
balance
2.Increased
amount of the 411,436,898 2,642,260,651 22,306,681 78,041,368 3,154,045,598
period
(1) Withdrawal 411,436,898 2,642,260,651 22,306,681 78,041,368 3,154,045,598
3.Decreased
amount of the 4,173,345 486,398,482 4,685,058 16,663,286 511,920,171
period
（1）Dispose 4,173,345 486,398,482 4,685,058 16,663,286 511,920,171
4.Closing balance 13,943,483,731 58,042,058,733 527,387,930 1,289,368,886 73,802,299,280
III. Impairment
provision
1.Opening
1,022,628,479 1,246,337,575 833,801 5,250,599 2,275,050,454
balance
2.Increase in the
2,060 2,060
reporting period
（1）Withdrawal 2,060 2,060
3.Decreased
amount of the 4,896,281 101,231,742 8,778 1,263,488 107,400,289
period
（1）Dispose 4,896,281 101,231,742 8,778 1,263,488 107,400,289
4. Closing
1,017,732,198 1,145,105,833 825,023 3,989,171 2,167,652,225
balance
IV. Book value
1.Book value of
22,962,237,896 43,901,989,695 200,250,436 1,599,353,146 68,663,831,173
the period-end
2.Book value of
20,758,076,866 41,570,505,237 234,736,133 320,419,574 62,883,737,810
the period-begin
168
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
(2) List of temporarily idle fixed assets
Not applicable
(3) Fixed assets leased in the operating leases
Not applicable
(4) Fixed assets without certificate of title completed
In RMB
Items Book value Reason
Temporarily in the government
House and Building 2,522,295,902
approved stage
Other note
On June 30, 2024, after consulting the Group's legal advisers, the management believed that there
would be no substantive legal obstacles to the handling of these property certificates and would not have a
significant adverse impact on the normal operation of the Group.
(5) Information of impairment test of fixed assets
□Applicable Not applicable
（6） liquidation of fixed assets
In RMB
Items Closing balance Opening balance
Parts of power generation equipment
53,790,804 128,940,662
have been scrapped
Other equipment 7,215,799 4,643,819
Total 61,006,603 133,584,481
Other note
22. Construction in progress
In RMB
Items Closing balance Opening balance
Construction in progress 26,131,578,654 29,988,793,254
Engineering Material 21,920,276 1,784,424
Total 26,153,498,930 29,990,577,678
(1) List of construction in progress
In RMB
Closing balance Opening balance
Items
Book balance Provision Book value Book balance Provision for Book value
169
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
for impairment
impairment
Green
Island
12,338,032,414 0 12,338,032,414 12,207,889,877 0 12,207,889,877
offshore wind
power project
Shajiao
Ningzhou gas
1,449,691,986 0 1,449,691,986 3,253,906,357 0 3,253,906,357
and electricity
project
Shache
integrated
energy 2,585,151,976 0 2,585,151,976 2,411,312,391 0 2,411,312,391
photovoltaic
project
Daya
Bay
petrochemical
0 0 0 1,579,779,970 0 1,579,779,970
west
cogeneration
project
Tai Po
Phase II
1,930,515,364 0 1,930,515,364 1,292,869,254 0 1,292,869,254
expansion
project
Inner
Mongolia
Yuefeng
835,730,428 0 835,730,428 1,246,934,241 0 1,246,934,241
300MW
photovoltaic
park project
Zhaoqin
g Dinghu
natural gas 0 0 0 1,144,305,554 0 1,144,305,554
cogeneration
project
Zhuhai
Yuefengfengf
0 0 0 794,545,773 0 794,545,773
u complex
project
Guangxi
aviation 0 0 0 753,624,574 0 753,624,574
energy
170
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
landscape
storage
integration
project
Jinchang
Mu Hong
Jinchang
District west
slope 100MW 0 0 0 533,883,780 0 533,883,780
photovoltaic
power
generation
project
Bohe
power plant
1,376,281,480 0 1,376,281,480 497,328,891 0 497,328,891
phase II
project
Hongdon
g County
200MW
centralized
355,761,188 0 355,761,188 335,673,686 0 335,673,686
photovoltaic
power
generation
project
Your
power
150MW
photovoltaic
project
Zhanjian
g Potou dry
pond 120MW
fishing and
light
complementar
y project
Dananha
i cogeneration
project
Laishui
water
conservancy
171
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
80MW
affordable
online
photovoltaic
power
generation
project in
Laishui
County
Yunhe
natural gas
259,802,374 0 259,802,374 259,802,374 0 259,802,374
cogeneration
project
Jincheng
Yuefeng
170MW 52,623,336 0 52,623,336 226,234,335 0 226,234,335
photovoltaic
project
Jinghai
Power Plant
5, 6 unit 275,276,474 0 275,276,474 205,809,532 0 205,809,532
expansion
project
Yahua
New Energy
50MW agro-
optical
complementar
y new energy
photovoltaic
power station
project
Wuhua
Huangnizhai
project
Zhanjian
g Lianjiang
Dongsheng
farm
agricultural
photovoltaic
power
generation
172
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
phase I
project
Zhanjian
g Lianjiang
Changshan
farm
agricultural
photovoltaic
power
generation
project
Lianjian
g Navigation
energy 90MW
fish-light
150,846,322 0 150,846,322 197,876,965 0 197,876,965
complementar
y photovoltaic
power station
project
Huadu
cogeneration 522,733,131 0 522,733,131 195,403,201 0 195,403,201
project
Hanhai
Company
199,919,287 0 199,919,287 194,542,558 0 194,542,558
350,000 kw
project
Total 353,848,442 55,389,093 298,459,349 177,754,660 55,389,093 122,365,567
173
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
(2) Changes of significant construction in progress
In RMB
Including
Capitalizati
： Current Capitalizat
Amount at Increase Transferred Progre on of
Other Balance in Proportion( amount of ion of Source
Name Budget year at this to fixed ss of interest
decrease year-end %) capitalizati interest of funds
beginning period assets work accumulated
on of ratio（%)
balance
interest
Green
Own
Island
funds
17,107,250, 12,207,889, 202,922,0 12,338,032, 82.57
offshore 72,779,554 0 72.55% 152,571,623 54,328,548 2.45% and
000 877 91 414 %
borrowi
wind power
ng
project
Shajiao
Own
Ningzhou
funds
4,885,530,9 3,253,906,3 1,811,849, 1,449,691,9 87.63 194,159,275 47,946,798
gas and 7,634,834 0 66.76% 3.21% and
74 57 205 86 % .30 .20
borrowi
electricity
ng
project
Own
Shache
funds
12,917,064, 2,411,312,3 173,839,5 2,585,151,9 20.01
integrated 0 0 20.01% 24,674,679 19,180,808 2.30% and
600 91 85 76 %
borrowi
energy
ng
174
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
photovoltaic
project
Daya
Own
Bay
funds
petrochemic 3,820,000,0 1,579,779,9 404,593,1 1,984,373, 99.10
0 0 75.93% 71,372,242 22,172,043 2.12% and
al west 00 70 06 076 %
borrowi
cogeneratio
ng
n project
Own
Tai Po
funds
Phase II 8,122,320,0 1,292,869,2 639,680,5 1,930,515,3 23.69
2,034,434 0 23.69% 32,281,848 19,342,860 2.50% and
expansion 00 54 44 64 %
borrowi
project
ng
Inner
Own
Mongolia
funds
Yuefeng 1,572,760,0 1,246,934,2 69,691,19 470,248,47 10,646,53
835,730,428 85% 85% 28,112,275 9,346,778 2.90% and
300MW 00 41 5 0 8
borrowi
photovoltaic
ng
park project
Zhaoqi Own
ng Dinghu funds
2,551,222,5 1,144,305,5 222,684,8 1,366,990,
natural gas 0 0 93.59% 100% 100,000,000 10,374,941 3.27% and
00 54 23 377
cogeneratio borrowi
n project ng
Zhuhai Own
Yuefengfen 1,381,084,7 36,570,39 831,116,17 95.81 funds
794,545,773 0 0 85% 26,726,700 13,314,441 2.45%
gfu complex 00 7 0 % and
project borrowi
175
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
ng
Guang
xi aviation Own
energy funds
756,025,02
landscape 864,000,000 753,624,574 2,400,452 0 0 89.31% 99% 15,452,283 3,846,459 2.46% and
6
storage borrowi
integration ng
project
Jinchan
g Mu Hong
Jinchang
District
west slope 534,633,34
598,705,600 533,883,780 1,339,184 589,623 0 99.28% 100% 10,079,140 944,574 2.48% Other
100MW 1
photovoltaic
power
generation
project
Own
Bohe power funds
7,483,510,0 878,952,5 1,376,281,4 25.95
plant phase 497,328,891 0 0 12.26% 14,634,049 13,580,205 2.40% and
00 89 80 %
II project borrowi
ng
Hongdong
Own
County
funds
200MW
and
centralized
borrowi
photovoltaic
ng
power
176
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
generation
project
Own
Your power
funds
150MW
and
photovoltaic
borrowi
project
ng
Zhanjiang
Potou dry
pond
120MW
Other
fishing and
light
complement
ary project
Own
Dananhai funds
cogeneratio and
n project borrowi
ng
Laishui
water
conservancy Own
80MW funds
20,087,50 68.95
affordable 516,560,000 335,673,686 0 0 355,761,188 68.95% 12,376,020 3,990,602 3% and
2 %
online borrowi
photovoltaic ng
power
generation
177
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
project in
Laishui
County
Own
Yunhe
funds
natural gas
589,200,000 259,802,374 0 0 0 259,802,374 44.09% 45% 3,396,682 2,405,772 2.25% and
cogeneratio
borrowi
n project
ng
Jincheng
Financi
Yuefeng
173,610,9 49.98 al
170MW 500,230,000 226,234,335 0 0 52,623,336 40.71% 9,130,842 2,236,726 3.10%
99 % instituti
photovoltaic
on loan
project
Jinghai
Power Plant
2,855,450,0 69,466,94
5, 6 unit 205,809,532 0 0 275,276,474 9.64% 9.67% 8,921,908 4,658,537 2.60% Other
00 2
expansion
project
Yahua New
Energy
Own
50MW
funds
agro-optical 177,296,6 48.38
667,970,944 145,867,700 0 0 323,164,343 48.38% 1,731,862 1,731,862 2.60% and
complement 43 %
borrowi
ary new
ng
energy
photovoltaic
178
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
power
station
project
Wuhua
177,296,6 48.38
Huangnizha 667,970,944 145,867,700 0 0 323,164,343 48.38% 1,731,862 1,731,862 2.60% Other
43 %
i project
Zhanjia
ng
Lianjiang
Dongsheng
Financi
farm
99.36 al
agricultural 299,020,000 136,728,168 3,014,084 0 0 139,742,252 87.83% 9,332,148 655,648 2.75%
% instituti
photovoltaic
on loan
power
generation
phase I
project
Zhanjia
ng
Lianjiang
Changshan Financi
farm 47,030,64 54.92 al
376,000,000 197,876,965 0 0 150,846,322 54.92% 6,519,501 2,348,773 3%
agricultural 3 % instituti
photovoltaic on loan
power
generation
project
2,809,700,0 327,329,9 18.60
Lianjia 195,403,201 0 0 522,733,131 18.60% 10,158,373 5,269,633 2.15% Other
00 30 %
179
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
ng
Navigation
energy
90MW fish-
light
complement
ary
photovoltaic
power
station
project
Huadu
cogeneratio 884,700,000 194,542,558 5,376,729 0 0 199,919,287 22.61% 32% 1,985,386 448,910 2.60%
n project
Hanhai
Company
8,054,820,0 176,624,5
122,365,567 530,772 0 298,459,349 15.37% 4.40% 19,576,155 10,834,783 2.68%
00 54
350,000 kw
project
177,296,6 48.38
Total 667,970,944 145,867,700 0 0 323,164,343 48.38% 1,731,862 1,731,862 2.60%
43 %
180
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
(3) List of the withdrawal of the impairment provision of the construction in progress
Not applicable
（4） Information of impairment test of construction in progress
□Applicable Not applicable
(5) Engineering materials
In RMB
End of term Beginning of term
Provision
Items Book Book Book Provision for
for Book value
balance value balance impairment
impairment
Engineering
21,920,276 21,920,276 1,784,424 1,784,424
material
Total 21,920,276 21,920,276 1,784,424 1,784,424
23. Productive biological assets
(1) Productive biological assets measured at cost methods
□ Applicable √ Not applicable
(2) Productive biological assets measured at fair value
□ Applicable √ Not applicable
（3） Productive biological assets measured by fair value
□ApplicableNot applicable
24. Oil and gas asset
□ApplicableNot applicable
25. Right-of-use assets
（1） Right-of-use assets
In RMB
House and Machinery Transportation
Items Land use right Total
buildings equipment equipment
I. Original price
1.Opening balance 85,475,096 10,206,241,674 10,176,117 613,120,192 10,915,013,079
2.Increased amount 9,009,587 158,056,617 476,694 0 167,542,898
181
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
of the period
（ 1 ） New lease
9,009,587 158,056,617 476,694 0 167,542,898
contracts
3. Decreased amount
1,165,126 0 0 524,168 1,689,294
of the period
（1）Modification
0 0 0 0 0
of leases
（2）Leases
transferred out upon 1,165,126 0 0 524,168 1,689,294
maturity
4.Closing balance 93,319,557 10,364,298,291 10,652,811 612,596,024 11,080,866,683
II. Accumulated
0
depreciation
1.Opening balance 47,027,035 1,302,084,192 5,375,009 28,016,921 1,382,503,157
2.Increased amount
6,662,694 278,261,738 512,140 18,046,696 303,483,268
of the period
（1）Withdrawal 6,662,694 278,261,738 512,140 18,046,696 303,483,268
3.Decreased amount
466,290 0 0 524,168 990,458
of the period
(1)Disposal 0
（2）Leases
transferred out upon 466,290 0 0 524,168 990,458
maturity
4.Closing balance 53,223,439 1,580,345,930 5,887,149 45,539,449 1,684,995,967
III. Impairment
0
provision
1.Opening balance 0 2,899,510 0 0 2,899,510
2.Increased amount
0 0 0 0 0
of the period
（1）Withdrawal 0 0 0 0 0
0
3.Decreased amount
0 0 0 0 0
of the period
(1)Disposal 0 0 0 0 0
0
4.Closing balance 0 2,899,510 0 0 2,899,510
IV. Book value 0
1.Closing book value 40,096,118 8,781,052,851 4,765,662 567,056,575 9,392,971,206
2.Opening book 38,448,061 8,901,257,972 4,801,108 585,103,271 9,529,610,412
182
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
（2） Information of impairment test of right-of-use assets
□Applicable Not applicable
Other note：
26. Intangible assets
(1) Information
In RMB
Transmission
and Non-patent
Non-patent Favorable
Items Land use right Patent Software Sea use right Transformation technology Total
Technology contract
Supporting and others
Project
I. Original
price
1. Balance
at period- 3,593,035,746 37,296,810 287,222,269 521,465,484 260,331,315 52,211,379 13,720,737 4,765,283,740
beginning
2.Increase
in the
36,907,688 108,491 3,224,425 1,179,245 41,419,849
current
period
(1)
36,907,688 108,491 3,224,425 1,179,245 41,419,849
Purchase
（ 2 ）
Internal R
&D
（ 3 ）
183
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Increased
of
Enterprise
Combinatio
n
3.Decrease
d amount of 3,766 3,766
the period
3,766 3,766
(1)Dispose
4. Balance
at period- 3,629,943,434 108,491 37,296,810 290,442,928 521,465,484 260,331,315 52,211,379 14,899,982 4,806,699,823
end
II.Accumul
ated
amortizatio
n
1. Balance
at period- 692,647,949 23,095,522 174,990,691 51,124,855 260,331,315 11,314,018 12,168,956 1,225,673,306
beginning
2. Increase
in the
26,895,155 65,351 1,966,488 11,364,650 17,804,268 2,134,932 2,654,977 62,885,821
current
period
(1)
26,895,155 65,351 1,966,488 11,364,650 17,804,268 2,134,932 2,654,977 62,885,821
Withdrawal
184
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
3.Decrease
d amount of
the period
(1)Dispose
4. Balance
at period- 719,543,104 65,351 25,062,010 186,355,341 68,929,123 260,331,315 13,448,950 14,823,933 1,288,559,127
end
III.
Impairment
provision
1. Balance
at period- 56,502,373 2,460,161 448,341 59,410,875
beginning
2. Increase
in the
current
period
(1)
Withdrawal
3.Decrease
d amount of
the period
(1)Dispose
4. Balance 56,502,373 2,460,161 448,341 59,410,875
185
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
at period-
end
4. Book
value
1.Book
value at 2,853,897,957 43,140 9,774,639 103,639,246 452,536,361 38,762,429 76,049 3,458,729,821
period -end
2.Book
value at
2,843,885,424 11,741,127 111,783,237 470,340,629 40,897,361 1,551,781 3,480,199,559
period-
beginning
The intangible assets by the end of the formation of the company's internal R & D accounted of the proportion of the balance of intangible assets.
186
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
（2） Data resources recognized as intangible assets
In RMB
Intangible assets
Intangible assets of Intangible assets
of data resources
Items outsourced data of self processed Total
obtained by other
resources data resources
means
1. Ending book
0
value
2. Beginning book
0
value
（3）Details of Land use right failed to accomplish certification of property
In RMB
Items Book value Reason
The procedures have not been
Land use right 22,031,881
completed
Other note
On June 30, 2024, after consulting the Group's legal advisers, the management believed that there
would be no substantive legal obstacles to the handling of these property certificates and would not have a
significant adverse impact on the normal operation of the Group.
（4）Information of impairment test of intangible assets
□Applicable Not applicable
27. Goodwill
(1) Original book value of goodwill
In RMB
Name of the Increase Decrease
investees or
The merger
the events Opening balance Closing balance
of disposition
formed
enterprises
goodwill
Tumushuke
Thermal
119,488,672 119,488,672
Power Co.,
Ltd.
Other 45,531,259 45,531,259
187
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Total 165,019,931 165,019,931
（2）Impairment provision of goodwill
In RMB
Name of the Increase Decrease
investees or
the events Opening balance Closing balance
Provision disposition
formed
goodwill
Tumushuke
Thermal
-119,488,672 -119,488,672
Power Co.,
Ltd.
Other -36,922,378 -36,922,378
Total -156,411,050 -156,411,050
（3） Information about the asset group or asset group portfolio where the goodwill is located
Composition and basis of
Operating segment and Whether it is consistent
Name the asset group or
basis with the previous year
portfolio
The asset group business
of Tumushuk Company is
clear and single, with
relative independence. At
Asset Group (including the same time, the
This goodwill test only
goodwill) of Tumushuk products of its main Yes
involves one asset group.
Thermal Power Co., Ltd business are directly
connected to the market,
which meet the relevant
requirements of the asset
group.
The asset group or asset group combination has changed
Not applicable
(4) The specific method of determining the recoverable amount
The recoverable amount is determined on the basis of the net amount by fair value less disposal costs
□Applicable Not applicable
The recoverable amount is determined by the present value of the projected future cash flows
Applicable □Not applicable
188
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
In RMB
Numbe
Determinati
r of Key Key
on basis of
years paramet paramete
Recoverable Impairment key
Items Book value of ers of rs of
amount amount parameters
foreca forecast stable
in stable
st period period
period
period
The key
parameters
are
determined
according
to historical
Asset
experience
group
and
(includin
predictions
g
On-grid On-grid of market
goodwill)
tariff, tariff, developmen
related to
sales sales t and
power
volume, volume, remain
generatio
2,238,449,683 2,067,326,700 119,488,672 5 years fuel fuel unchanged
n
price, price, during the
equipmen
pre-tax pre-tax stable
t of
discount discount period. The
Tumushu
rate rate discount
k
rate is the
Thermal
pre-tax
Power
discount
Company
rate that
reflects the
specific
risks of
related
assets.
Total 2,238,449,683 2,067,326,700 119,488,672
The reason for the obvious discrepancy between the foregoing information and the information used in
the impairment test of previous years or the external information
Not applicable
The reason for the obvious discrepancy between the information used in the Company's impairment test
in previous years and the actual situation in the current year
Not applicable
189
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
(5) Status of completion of performance commitment and corresponding goodwill impairment
When goodwill is formed, there is a performance commitment and the reporting period or the previous
period in the reporting period is within the performance commitment period
□Applicable Not applicable
Other note：
28.Long-term amortization expenses
In RMB
Balance in year- Increase at this Amortization Balance in year-
Items Other decrease
begin period balance end
Road use right 32,004,077 108,237 874,760 0 31,237,554
Improvement of
12,174,883 1,415,198 3,374,741 11,537 10,203,803
use right assets
Insurance 18,241,146 0 9,070,734 0 9,170,412
Other 18,662,028 0 1,126,532 0 17,535,496
Total 81,082,134 1,523,435 14,446,767 11,537 68,147,265
29.Deferred income tax assets/deferred income tax liabilities
(1)Details of the un-recognized deferred income tax assets
In RMB
Balance in year-end Balance in year-begin
Items Deductible temporary Deferred income tax Deductible temporary Deferred income tax
difference assets difference assets
Provision for asset
847,188,867 210,170,974 845,364,196 209,714,804
impairments
Intra-group
586,188,866 146,547,217 609,736,237 152,434,059
transactions
Deductible losses 1,880,091,627 470,022,907 2,632,357,788 658,089,447
Employee benefits
327,611,848 81,902,962 327,611,848 81,902,962
payable
Lease Liabilities 1,947,504,521 472,585,605 1,947,504,521 472,585,605
Depreciation of fixed
272,188,031 67,127,977 272,188,031 67,127,977
assets
Other 307,532,171 76,883,042 300,291,680 75,072,919
Total 6,168,305,931 1,525,240,684 6,935,054,301 1,716,927,773
(2)Details of the un-recognized deferred income tax liabilities
In RMB
190
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Balance in year-end Balance in year-begin
Items Temporarily Temporarily
Deferred Income Tax Deferred Income Tax
Deductable or Deductable or
liabilities liabilities
Taxable Difference Taxable Difference
Non-same control
enterprise merger
200,484,772 50,121,192 212,157,077 53,039,268
assets evaluation and
appreciation
Changes in fair value
of other equity 0 0
instruments
Changes in fair value
of other creditor's 1,493,045,293 373,261,324 1,924,184,430 481,046,108
rights Investment
Right to use assets 1,599,047,127 350,867,012 1,599,047,127 350,867,012
Depreciation of fixed
85,635,977 21,408,995 78,376,256 19,594,064
assets
Amortization of
14,919,052 3,729,763 14,919,052 3,729,763
land use rights
Interest
9,336,500 2,334,125 9,336,500 2,334,125
receivable
Total 3,402,468,721 801,722,411 3,838,020,442 910,610,340
(3) Deferred income tax assets or liabilities listed by net amount after off -set
In RMB
End balance of Trade-off between the Opening balance of
Trade-off between the
deferred income tax deferred income tax deferred income tax
Items deferred income tax
assets or liabilities assets and liabilities assets or liabilities
assets and liabilities
after off-set at period-begin after off-set
Deferred income tax
383,616,949 1,141,623,735 383,616,949 1,333,310,824
assets
Deferred income
383,616,949 418,105,462 383,616,949 526,993,391
liabilities
(4)Details of income tax assets not recognized
In RMB
Items Balance in year-end Balance in year-begin
Deductible temporary difference 3,264,132,584 3,261,717,610
Deductible loss 11,702,358,857 11,025,236,426
Total 14,966,491,441 14,286,954,036
191
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
(5)Deductible losses of the un-recognized deferred income tax asset will expire in the following years
In RMB
Year Balance in year-end Balance in year-begin Remark
2024 173,024,661
2025 760,600,486 760,600,486
2026 3,861,702,218 3,861,702,218
2027 4,654,713,210 4,654,713,210
2028 1,575,195,851 1,575,195,851
2029 850,147,092 0
Total 11,702,358,857 11,025,236,426
30. Other non-current assets
In RMB
Balance in year-end Balance in year-begin
Book balance Provision Book value Book balance Provision for Book value
Items for devaluation
devaluatio
n
Prepayments
for equipment 6,126,833,814 6,126,833,814 4,859,350,910 4,859,350,910
fund
Input VAT to
3,545,257,783 3,545,257,783 3,518,523,428 3,518,523,428
be deducted
Prepayment
for equity 498,006,000 498,006,000 274,626,000 274,626,000
acquisition
Prepayment
for land use 169,020,877 169,020,877 165,746,353 165,746,353
rights
Other 6,599,065 6,599,065 6,576,357 6,576,357
Total 10,345,717,539 0 10,345,717,539 8,824,823,048 0 8,824,823,048
192
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
31. Assets with restricted ownership or right to use
In RMB
End of period Beginning of period
Itemg Restrict Restricted
Book balance Book value Book balance Book value Restricted type Restricted circumstance
ed type circumstance
Mainly for
Mainly for ecological
Mone Asset ecological
protection deposit and
tary 21,411,917 21,411,917 restricti protection deposit 35,788,146 35,788,146 Asset restriction
performance bond
funds on and performance
deposit
bond deposit
Right
Asset Right-to-use assets Right-to-use assets
-to-
10,464,472,762 8,730,686,717 restricti formed by financing 10,316,194,699 8,898,938,740 Asset restriction formed by financing
use
on lease-in lease-in
assets
Total 10,485,884,679 8,752,098,634 10,351,982,845 8,934,726,886
Other note
32. Short-term borrowings
(1) Category of short-term borrowings
In RMB
Items Closing balance Opening balance
Credit loans 17,020,331,818 15,756,979,762
Total 17,020,331,818 15,756,979,762
Note：
193
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
(2) Overdue outstanding short-term loans
Total 0 Yuan overdue outstanding short-term loans at period-end, including the followed significant amount
194
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
33. Transactional financial liabilities
Not applicable
34. Derivative financial liability
In RMB
Items Closing balance Opening balance
Total 0 0
Other note
35.Notes payable
In RMB
Items Closing balance Opening balance
Commercial acceptance 160,000,000 695,000,000
Bank acceptance bills 240,000,000 60,000,000
LC 50,000,000 0
Total 450,000,000 755,000,000
The total amount of notes payable that were due and unpaid at the end of the period was $0. The reason for
the due and unpaid amount was nil.
36. Accounts payable
(1) List of accounts payable
In RMB
Items Closing balance Opening balance
Fuel payable 4,113,366,701 3,336,450,897
Materials and spare parts payable 644,666,171 635,035,016
Repair expenses payable 171,682,216 220,484,221
Contracted operation expenses payable 101,398,018 118,816,771
Desulphurisation and
141,850,703 104,174,355
denitrification fees payable
Management fees payable for
frequency modulation and energy 19,212,768 43,473,789
storage
Other 17,086,198 75,775,621
Total 5,209,262,775 4,430,036,315
（2）Significant accounts payable that aged over one year
In RMB
195
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Items Closing balance Opening balance
Fuel payable and freight payable 176,796,599 Not yet settled
Total 176,796,599
Other note：
As at 30 June 2024, accounts payable with ageing over one year amounted RMB176,796,599
( December 31，2023: RMB113,747,802), mainly unsettled fuel payable
37.Other payable
In RMB
Items Closing balance Opening balance
Interest payable 0 0
Dividend payable 8,445,371 8,445,371
Other payable 12,786,329,750 13,243,645,377
Total 12,794,775,121 13,252,090,748
（1） Interest payable
In RMB
Items Closing balance Opening balance
Total 0 0
Important overdue interest
Not applicable
（2）Dividend Payable
Not applicable
（3）Other payable
1）Disclosure by nature
In RMB
Items Closing balance Opening balance
Construction and equipment expenses
11,489,264,300 11,925,594,043
payable
Engineering quality guarantee payable 148,221,451 445,866,489
Carbon emission allowances payable 348,611,022 357,696,647
Advances payable to third parties 11,650,660 30,759,086
Land compensation 177,384,900 177,384,900
Other 619,642,788 314,789,583
196
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Total 12,794,775,121 13,252,090,748
2) Other payables with large amount and aging of over one year
In RMB
Items Closing balance Reason
Construction and equipment expenses
payable, Engineering quality guarantee 2,098,037,620 Failure to meet payment terms
payable
Total 2,098,037,620
Other note
As at 31 June 30, 2024, other payables of RMB 2,098,037,620 (31 December 2023: RMB
3,536,804,485) aged over one year mainly represented construction and equipment expenses payable and
warranty payable not being settled because the comprehensive acceptance and settlement of relevant
projects were yet to be completed or projects were still within their warranty periods.
38. Advance from customers
(1) List of Advance from customers
In RMB
Land advance payment Items Closing balance Opening balance
Total 0 0
（2）Significant payable aging more than 1 year
Not applicable
39.Contract Liabilities
In RMB
Items Closing balance Opening balance
Pre-charge external fee 38,975,975 36,238,532
Advance service payment 1,949,989 2,219,740
Other 1,207,592 2,869,861
Total 42,133,556 41,328,133
Major contract liabilities with over one year
Not applicable
Significant changes in the book value in the current period
Not applicable
40.Payable Employee wage
(1) List of Payroll payable
In RMB
197
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Balance in year- Increase in this decrease in this Balance in year-
Items
begin period period end
1.Short-term
390,720,341 1,331,043,961 1,016,449,580 705,314,722
compensation
2.Post-employment
benefits - defined 3,085,162 196,302,226 189,822,594 9,564,794
contribution plans
3.Dismissal welfare 153,788,078 27,783,770 118,758,842 62,813,006
4. Other benefits due
8,921,986 3,574,253 5,808,598 6,687,641
within one year
Total 556,515,567 1,558,704,210 1,330,839,614 784,380,163
（2）Short-term remuneration
In RMB
Balance in year- Increase in this decrease in this Balance in year-
Items
begin period period end
1.Wages, bonuses,
allowances and 2,399,430 955,573,414 698,178,280 259,794,564
subsidies
2.Employee welfare 3,985,148 85,364,586 70,312,413 19,037,321
3. Social insurance
228,055,041 97,185,237 76,425,028 248,815,250
premiums
Including ： Medical
228,055,041 90,408,047 69,786,875 248,676,213
insurance
Work injury
0 5,912,878 5,818,871 94,007
insurance
Maternity insurance 0 864,312 819,282 45,030
4. Public reserves for
83,844 100,027,036 96,559,157 3,551,723
housing
5.Union funds and
146,008,825 38,100,897 34,819,019 149,290,703
staff education fee
6. Short-term paid
0 0 0
absence
7. Short-term profit-
0 0 0
sharing plan
8. Other short-term
10,188,053 54,792,791 40,155,683 24,825,161
remuneration
Total 390,720,341 1,331,043,961 1,016,449,580 705,314,722
（3）Defined contribution plans listed
In RMB
Balance in year- Increase in this Payable in this Balance in year-
Items
begin period period end
1. Basic old-age 49,334 121,989,382 117,925,139 4,113,577
198
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
insurance premiums
2.Unemployment
7,246 6,952,279 6,717,232 242,293
insurance
3. Annuity payment 3,028,582 67,360,565 65,180,223 5,208,924
Total 3,085,162 196,302,226 189,822,594 9,564,794
4.Tax Payable
In RMB
Items Closing balance Opening balance
VAT 73,786,023 100,339,967
Enterprise Income tax 142,046,633 170,701,728
Individual Income tax 1,740,426 31,654,416
City Construction tax 4,076,925 6,102,566
House property Tax 32,488,905 12,232,259
Education surcharges 2,997,955 4,673,903
Land use tax 8,749,190 2,803,005
Other 6,648,298 14,925,036
Total 272,534,355 343,432,880
42. Liabilities classified as holding for sale
In RMB
Items Closing balance Opening balance
Total 0 0
43.Non-current liabilities due within 1 year
In RMB
Items Closing balance Opening balance
Long-term loans due in 1 year 3,313,502,742 3,769,932,656
Bond payable due in 1 year 3,841,227,735 4,860,692,008
Long-term Account payable due in 1
19,933,733 26,861,057
year
Lease liabilities due in 1 year 263,778,137 268,887,650
Total 7,438,442,347 8,926,373,371
44. Other current-liabilities
In RMB
199
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Items Closing balance Opening balance
Short-term bond payable 1,003,680,000 2,011,102,192
Output VAT to be written off 701,736,011 770,253,279
Total 1,705,416,011 2,781,355,471
200
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Changes in short-term debentures payable：
In RMB
Balance at the Issuance
Interest Issuance Maturity Issuance Interest at Repayment Balance at the Whether
Bond Face value beginning of during the
rate date period amounts face value for the period end of the year default
the year year
24 Yudean April
1,000,000,000 1.84% 180 days 1,000,000,000 1,000,000,000 3,680,000 1,003,680,000 No
Fa SCP001 18,2024
23 Yudean July 25,
1,000,000,000 2.13% 177 days 1,000,000,000 1,009,278,630 1,022,190 1,010,300,820 No
Fa SCP001 2023
23 Yudean December 5,
1,000,000,000 2.56% 177 days 1,000,000,000 1,001,823,562 10,590,685 1,012,414,247 No
Fa SCP002 2023
Total 1,000,000,000 1,000,000,000 3,680,000 1,003,680,000
45.Long-term borrowings
（1）Long-term borrowings
InRMB
Items Closing balance Opening balance
Pledged borrowings 4,785,320,310 4,900,917,333
Guarantee loan 1,837,874,544 1,648,755,057
Credit loans 60,614,016,355 56,282,798,950
Total 67,237,211,209 62,832,471,340
Explanation on category of long-term loans:
Not applicable
Other note: including interest rate section
Not applicable
201
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
46.Bond payable
（1）Bond payable
In RMB
Items Closing balance Opening balance
2023 MTN (Phase I) of Guangdong Electric Power Development
1,598,727,044 1,598,553,459
Co., Ltd.
Public Issuance of Corporate Bonds to Qualified Investors in 2021
124,940,566 1,499,923,584
(Phase II) by Guangdong Electric Power Development Co., Ltd.
2022 MTN (Phase I) of Guangdong Electric Power Development
599,005,189 598,843,869
Co., Ltd.
Public Issuance of Corporate Bonds to Professional Investors in
2021 (Phase III) of Guandong Electric Power Development 799,823,899 799,786,164
Co.,Ltd.
2024 MTN (Phase I) of Guangdong Electric Power Development
998,877,071 0
Co., Ltd.
Public Issuance of Green Corporate Bonds to Qualified Investors
in 2023 (Phase I) by Guangdong Wind Power Generation Co., 599,534,556 599,490,107
Ltd
Total 4,720,908,325 5,096,597,183
（2）Changes of bonds payable(Not including the other financial instrument of preferred stock and perpetual capital securities tha t classify as
financial liability
In RMB
Bond Accrual Premium/ Transfer out
Interest Issuing Opening Issued in the Paid in the Whether
Bond Face value perio interest by discount to non- Closing balance
rate amount balance Period Period default
d face value amortizati current
202
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
on liabilities due
within one
yea
Guangdon
g Power
Developm
ent
Company
1,000,00
Limited 1,000,000,000 2.41% 5years 1,000,000,000 2,536,553 -1,122,930 -2,536,553 998,877,070 No
0,000
2024 First
Tranche
Medium
Term
Notes
Guangdon
g Electric
Power
2,200,00
2,200,000,000 3.13% 3years 34,430,000 591,509 -35,021,509 No
0,000
Developm
ent
Company
203
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Limited
2021
Second
Tranche
Medium
Term
Notes
Guangdon
g Electric
Power
Developm
ent
Company
1,000,00
1,000,000,000 3.57% 3years 2,479,167 -2,479,167 No
0,000
Limited
2021 First
Tranche
Medium
Term
Notes
204
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Guangdon
g Electric
Power
Developm
ent
Company -
3+2ye 1,500,00
1,500,000,000 3.50% 1,499,923,584 17,544,150 16,981 1,375,000,00 -17,544,150 124,940,564 No
ars 0,000
Limited 0
2021 First
Tranche
Medium
Term
Notes
Guangdon
g Electric
Power
1,200,00
Developm 1,200,000,000 3.17% 3years 19,020,000 322,642 -19,342,642 No
0,000
ent
Company
Limited
205
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
2022 First
Tranche
Medium
Term
Notes
Guangdon
g Electric
Power
Developm
ent
Company
Limited
2021 600,000,
600,000,000 2.90% 5years 598,843,869 8,700,000 161,321 -8,700,000 599,005,190 No
Public 000
Offering of
Corporate
Bonds to
Qualified
Investors
(First
Issue)
Guangdon
g Electric
800,000,
Power 800,000,000 3.41% 5years 799,786,164 13,640,000 37,736 -13,640,000 799,823,900 No
000
Developm
ent
206
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Company
Limited
2021
Public
Offering of
Corporate
Bonds to
Qualified
Investors
(Second
Issue)
Guangdon
g Electric
Power
Developm
ent
Company
Limited
2021 1,600,00
1,600,000,000 3.35% 5years 1,598,553,459 26,800,000 173,585 -26,800,000 1,598,727,044 No
Public 0,000
Offering of
Corporate
Bonds to
Profession
al
Investors
(Phase I)
Guan 3+2ye 600,000,
600,000,000 3.15% 599,490,107 9,494,450 44,450 -9,494,450 599,534,557 No
gdong ars 000
207
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Wind
Power
Developm
ent Co.,
Ltd. 2023
Public
Offering of
Green
Corporate
Bonds to
Profession
al
Investors
(Phase I)
(Variety
II)
Guan
gdong
Huizhou
Pinghai
300,000,
300,000,000 3.72% 3years 5,564,712 157,937 -5,722,649 No
000
Power
Plant Co.,
Ltd. 2021
Medium-
208
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Term
Notes
(Sustainabl
y Linked),
Tranche 1
-
10,800,0
Total 5,096,597,183 1,000,000,000 140,209,032 383,230 1,375,000,00 -141,281,120 4,720,908,325
00,000
0
(3) Note to conditions and time of share transfer of convertible bonds
Not applicable
（4）Other financial instruments that are classified as financial liabilities
Not applicable
209
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
47. Lease liability
In RMB
Items Closing balance Opening balance
Net lease liabilities 10,546,756,611 10,452,666,128
Total 10,546,756,611 10,452,666,128
48. Long-term payable
In RMB
Items Closing balance Opening balance
Long-term payable 804,395,556 831,250,905
Special payable 24,960,000 24,960,000
Total 829,355,556 856,210,905
(1) Long-term payable listed by nature of the account
In RMB
Items Closing balance Opening balance
Equipment and construction expenses
435,278,506 447,389,040
payable
Sea area usage fee payable 389,050,783 410,722,922
Less：Long-term payables due due
-19,933,733 -26,861,057
within one year
Total 804,395,556 831,250,905
（2）Specific payable
In RMB
Items Opening balance Increase Decrease Closing balance Cause
Supporting funds Supporting funds
24,960,000 24,960,000
for expansion for expansion
Total 24,960,000 24,960,000
The payables for specific projects represent the fund granted for benefits improvement and capacity
expansion by governments at provincial and central level to Lincang Energy, subsidiary of the Company.
According to the document issued by Yunnan Water Conservancy & Hydropower Investment Co., Ltd. (Yun
Shui Tou Fa [2015] No. 16), such payables for specific project were subject to an interest rate of 4% from 1
January 2015. The corresponding interest was recorded in the financial expenses by the Company.
49. Long-term employee salary payable
（1）Long-term employee salary payable
In RMB
Items Closing balance Opening balance
210
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
I.Post-employment benefits -
120,297,532 123,693,321
defined contribution plans
II. Dismissal benefits 357,079,803 371,362,693
III.Other long-term benefits 13,993,785 13,993,785
Total 491,371,120 509,049,799
(2) Changes of defined benefit plans
Present value of the defined benefit plan's obligations:
Not applicable
Net liabilities (net assets) of the defined benefit plan
Not applicable
Explanation of the content of the defined benefit plan and its related risks, as well as the impact
on the Company's future cash flows, time, and uncertainty:
Not applicable
Explanation of significant actuarial assumptions and sensitivity analysis results for the defined
benefit plan:
Not applicable
50.Predicted liabilities
In RMB
Items Closing balance Opening balance Reason
Total 0 0
Other explanations, including relevant important assumption and estimation explanations of
important estimated liabilities:
Not applicable
51.Deferred income
In RMB
Beginning of Increased Decreased
Items End of term Reason
term this term this term
Asset-related
Government
128,296,225 850,495 3,971,808 125,174,912 government
Subsidy
grants received
Total 128,296,225 850,495 3,971,808 125,174,912
211
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Other note：
New Amount
Asset-
subsidy transferred Other income Amount of cost
Beginning Other related or
Items in to non- recorded in the deducted in the End of term
of term changes income-
current operational current period current period
related
period income
Guangqian
Electric Power
Asset-
Company - 12,500,060 651,784 11,848,276
related
denitrification
subsidy
Special treasury
bonds for Asset-
9,394,907 671,065 8,723,842
desulfurization related
project
Unit 5 and Unit
6 Wastewater
Treatment
System Asset-
8,692,892 - 8,692,892
Upgrading related
Technical
Transformation
Project
Special fund
from the
Department of
Asset-
Natural 6,500,000 - 6,500,000
related
Resources of
Guangdong
Province
Shaoguan Power
Plant - 2021
Provincial
Special Asset-
6,491,036 363,983 6,127,053
Enterprise related
Technological
Transformation
Fund
Dapu Power
Generation Asset-
5,400,000 - 5,400,000
Company - the related
second batch of
212
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
incentive funds
of 2015 Meizhou
City's first batch
of energy
conservation and
emission
reduction fiscal
policy
comprehensive
demonstration
projects
Zhanjiang
Zhongyue
Energy Co., Ltd.
- #1 and #2
generator set
Asset-
steam turbine 5,384,615 - 5,384,615
related
energy-saving
comprehensive
technical
transformation
project
Xuwen
Company -
Provincial Asset-
4,666,667 - 4,666,667
Reform and related
Development
Fund Project
Special funds for
the ultra-low
emission
Asset-
technical 4,511,170 - 4,511,170
related
transformation
of No. 5 and No.
6 units
Yuehua SCR
Engineering
Grant from Asset-
4,030,297 - 4,030,297
Environmental related
Protection
Bureau
213
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Red Bay Power
Generation
Company - Unit
1 and unit 2 Asset-
3,746,383 - 3,746,383
ultra-low related
emission after-
the-fact reward
and subsidy
Yuehua - # 6
Unit Flow Part
Energy Saving
Asset-
and 3,742,349 - 3,742,349
related
Consumption
Reduction
Appropriation
Shaoguan Power
Plant - 2016
Central
Government
Energy
Conservation
Asset-
and Emission 3,798,561 414,388 3,384,173
related
Reduction Funds
Used for Policy
Liquidation in
Previous Years,
No. 88(2016)
Shaocai
Zhanjiang
Zhongyue
Energy Co., Ltd.
Asset-
- special fund 3,327,547 - 3,327,547
related
for motor energy
efficiency
improvement
Yuehua -
Comprehensive
Technical
Asset-
Transformation 3,147,648 - 3,147,648
related
and Upgrading
Project for Units
# 5 and # 6
214
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Asset-
Other 42,962,093 656,443 1,870,587 41,747,949
related
Income-
Other 194,051 194,051
related
Total 128,296,225 850,494 3,971,807 125,174,912
52. Other non-current liabilities
In RMB
Items Closing balance Opening balance
Capital injection 50,000,000
Housing revolving fund 1,028,167 1,028,167
Total 1,028,167 51,028,167
53.Stock capital
In RMB
Changed（+，-）
Year-beginning Issuance
Bonus Capitalizatio Subtota Balance in year-end
balance of new Other
shares n of public l
share
reserve
Total of
5,250,283,986 0 0 0 0 0 5,250,283,986
shares
54. Other equity instruments
(1) Basic information of preferred stock, perpetual capital securities and other financial
instruments outstanding issued at period-end
Not applicable
(2) Change list of preferred stock, perpetual capital securities and other financial instruments
outstanding issued at period-end
In RMB
Outstan Period-begin Current increased Current decreased Period-end
ding
Book Book Book Book
financial Amount Amount Amount Amount
value value value value
instrument
Total 0 0
215
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
55. Capital reserves
In RMB
Items Year-beginning Increase in the Decrease in the Year-end
balance current period current period balance
Share premium 4,909,980,999 2,129 3,893,336 4,906,089,792
Other capital reserves -76,905,774 0 0 -76,905,774
Appraisal of
119,593,718 0 0 119,593,718
appreciation
Interest in investee in
proportion to -165,570,731 13,910,287 0 -151,660,444
shareholding
Input from Guangdong
Energy Group 395,000,000 0 0 395,000,000
Company
Transfer from capital
surplus of the original 20,474,592 0 0 20,474,592
system
Total 5,202,572,804 13,912,417 3,893,336 5,212,591,885
Other explanations, including the increase or decrease in this period and the reasons for such
change:
Not applicable。
56.Treasury stock
In RMB
Items Year-beginning Increase in the Decrease in the Year-end
balance current period current period balance
Total 0 0
Other explanations, including the increase or decrease in this period and the reasons for such
change:
Not applicable。
216
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
57. Other comprehensive income
In RMB
Closing
Amount of current period
balance
Less ：
Amoun
t
transfer Less ：
red Prior
into period
Afte
profit included
r-tax
and in other
attri
Year- loss in composi
Amount bute
Items beginning the te Less ： After-tax
incurred to
balance current income Income tax attribute to the
before mino
period transfer expenses parent company
income tax rity
that to
shar
recogni retained
ehol
ed into income
der
other in the
compre current
hensive period
income
in prior
period
I. Other
comprehensi
ve income
that will not
be 1,493,553,365 -427,386,106 0 0 -107,784,785 -319,601,321 0 1,173,952,044
subsequently
reclassified
to profit or
loss
Including:
Changes
arising from
-49,731,906 0 0 0 0 0 -49,731,906
remeasureme
nt of defined
benefit plans
Other 100,424,365 3,753,032 0 0 0 3,753,032 104,177,397
217
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
comprehensi
ve income
that cannot
be
transferred
to profit or
loss under
equity
method
Changes in
fair value of
investments
1,442,860,906 -431,139,138 0 0 -107,784,785 -323,354,353 1,119,506,553
in other
equity
instruments
II. Other
comprehensi
ve income
that will be
1,684,325 171,795 0 0 0 171,795 0 1,856,120
subsequently
reclassified
to profit or
loss
Including ：
Share of
other
comprehensi
ve income of
the investee
that cannot
be 1,684,325 171,795 0 0 0 171,795 1,856,120
transferred
to profit or
loss
accounted
for using the
equity
method
Changes in
the fair value
0 0 0 0 0 0
of other debt
investments
218
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
The amount
of financial
assets
reclassified 0 0 0 0 0 0 0
into other
comprehensi
ve income
Other credit
impairment
provisions 0 0 0 0 0 0 0
for debt
investment
Cash flow
hedging 0 0 0 0 0 0 0
reserves
Balance in
translation of
foreign
0 0 0 0 0 0 0
currency
financial
statements
Total of
other
1,495,237,690 -427,214,311 0 0 -107,784,785 -319,429,526 0 1,175,808,164
comprehensi
ve income
Other explanations, including the adjustment of the effective part of cash flow hedging profit and loss
to the initial recognition amount of the hedged item:
219
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
58. Special reserves
In RMB
Items Year-beginning Increase in the Decrease in the Year-end
balance current period current period balance
Safety in
6,375,889 193,830,276 143,475,608 56,730,557
production
Total 6,375,889 193,830,276 143,475,608 56,730,557
Other explanations, including the increase or decrease in this period and the reasons for such
change:
Not applicable。
59. Surplus reserves
In RMB
Items Year-beginning Increase in the Decrease in the Year-end
balance current period current period balance
Statutory surplus
3,016,893,870 3,016,893,870
reserve
Discretionary
5,886,621,265 5,886,621,265
surplus reserve
Total 8,903,515,135 8,903,515,135
Explanation: including changes and reasons for changes
Not applicable
60. Retained profit
In RMB
Item Current period Prior period
Retained profit at period-end before
1,283,749,956 200,668,517
adjustment
Total of undistributed profits at the
0 108,421,140
beginning of the adjustment period
Retained profit at period-begin after
1,283,749,956 309,089,657
adjustment
Add: net profit attributable to
shareholders of parent company for 902,938,860 856,538,633
this year
Less: withdraw of statutory surplus
0 0
reserve
Withdraw of discretionary surplus 0 0
220
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
reserve
Withdraw of general risk
0 0
provision
Dividend payable for ordinary shares 105,005,680 0
Dividend of ordinary shares
0 0
transferred to share capital
Retained profit at the end of this term 2,081,683,136 1,165,628,290
As regards the details of adjusted the beginning undistributed profits
(1)As the retroactive adjustment on Enterprise Accounting Standards and its related new regulations,
the affected beginning undistributed profits are RMB 0.
(2) As the change of the accounting policy, the affected beginning undistributed profits are RMB 0.
(3) As the correction of significant accounting error, the affected beginning undistributed profits are
RMB 0 .
(4) As the change of consolidation scope caused by the same control, the affected beginning
undistributed profits are RMB 0
(5) Other adjustment of the total affected beginning undistributed profits are RMB 0 .
61. Business income, Business cost
In RMB
Amount of current period Amount of previous period
Items
Income Cost Income Cost
Main business 25,944,529,404 22,502,230,247 28,177,515,353 25,146,455,159
Other business 134,261,567 105,374,482 163,325,531 11,454,398
Total 26,078,790,971 22,607,604,729 28,340,840,884 25,157,909,557
Income related information:
In RMB
Contract Division 1 Division 2 Total
classification Income Cost Income Cost Income Cost
Business 26,078,790,971 22,607,604,729 26,078,790,971 22,607,604,729
Including：
Electricity 25,734,992,703 22,358,121,716 25,734,992,703 22,358,121,716
Desulfurization
& Denitrification 71,679,656 11,955,397 71,679,656 11,955,397
Payable
Fly Ash Revenue 158,977,001 143,739,815 158,977,001 143,739,815
Heat Sales 113,141,611 93,787,801 113,141,611 93,787,801
Area 26,078,790,971 22,607,604,729 26,078,790,971 22,607,604,729
Including：
Guangdong 25,222,008,969 21,889,282,782 25,222,008,969 21,889,282,782
Xinjiang 592,499,860 542,630,201 592,499,860 542,630,201
Hunan 49,432,632 43,884,198 49,432,632 43,884,198
Hebei 43,562,606 22,647,215 43,562,606 22,647,215
221
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Guangxi 55,975,991 27,487,149 55,975,991 27,487,149
Yunnan 30,094,272 17,162,061 30,094,272 17,162,061
Henan 18,907,253 10,267,964 18,907,253 10,267,964
Shangdong 15,532,130 8,876,080 15,532,130 8,876,080
Inner Mongolia 21,887,814 5,791,346 21,887,814 5,791,346
Gansu 8,053,227 26,237,667 8,053,227 26,237,667
Anhui 20,836,217 13,338,066 20,836,217 13,338,066
Market type 26,078,790,971 22,607,604,729 26,078,790,971 22,607,604,729
Including
Power market 25,734,992,703 22,358,121,716 25,734,992,703 22,358,121,716
Other market 343,798,268 249,483,013 343,798,268 249,483,013
Contract type 26,078,790,971 22,607,604,729 26,078,790,971 22,607,604,729
Including
Sell goods 25,965,649,360 22,513,816,928 25,965,649,360 22,513,816,928
Labour Service 93,241,428 88,385,469 93,241,428 88,385,469
Assets use rights 19,900,183 5,402,332 19,900,183 5,402,332
By the time of
commodity 26,078,790,971 22,607,604,729 26,078,790,971 22,607,604,729
transfer
Including
Recognize at a
25,972,009,323 22,453,919,652 25,972,009,323 22,453,919,652
certain time point
Recognize in a
certain period of 106,781,648 153,685,077 106,781,648 153,685,077
time
Constrict term
Including
General contract
Sales channel
Including
Total 26,078,790,971 22,607,604,729 26,078,790,971 22,607,604,729
Information related to performance obligations:
The nature of The expected The types of
The time to Whether it is
the goods that refunds to quality
fulfill the Important payment the main
Item the company customers assurance
performance terms responsible
promises to borne by the provided by
obligation person
transfer company the company
222
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
and related
obligations
Electric Cash Electric power According to
power June 30,2024 settlement/monthly Yes Not applicable the industry
settlement warranty
Heat energy Cash Heat energy According to
June 30,2024 settlement/monthly Yes Not applicable the industry
settlement warranty
Power Cash Power According to
generation June 30,2024 settlement/monthly generation by- Yes Not applicable the industry
by-products settlement products warranty
Labor Cash Labor service According to
service June 30,2024 settlement/monthly Yes Not applicable the industry
settlement warranty
Information related to the transaction price apportioned to the residual performance obligation:
The income corresponding to the performance obligations that have not been performed or have bee n
performed incompletely but the contract has been signed at the end of the reporting period is
RMB340,908,709, of which RMB218,626,656 is expected to be recognized as income in 2024,
RMB58,654,185 is expected to be recognized as income in 2025, RMB63,627,868 is expected to be
recognized as income in 2026.
Information related to variable consideration in the contract:
Not applicable
Major contract changes or major transaction price adjustments:
Not applicable
62. Business tax and subjoin
In RMB
Items Amount of current period Amount of previous period
Urban construction tax 37,209,891 20,982,925
Education surcharge 30,069,730 17,013,685
Property tax 36,335,868 30,411,494
Land use tax 11,456,432 8,191,136
vehicle and vessel usage tax 91,730 100,952
Stamp tax 16,171,101 17,244,729
Environmental protection tax 5,749,595 7,137,908
Other 3,719,504 1,753,156
Total 140,803,851 102,835,985
63.Administrative expenses
In RMB
Items Amount of current period Amount of previous period
Employee’s remuneration 366,908,237 342,670,104
223
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Amortization of intangible assets 44,730,391 39,695,165
Depreciation expenses 40,644,092 44,290,298
Fire safety expenses 24,783,110 22,669,873
Property management expenses 21,195,951 18,466,436
Long-term deferred amortization of
21,017,353 789,159
expenses
Agency fee 9,481,501 10,693,421
Publicity expense 8,529,449 1,786,244
Rental expenses 8,052,260 4,378,274
A forestation fees 6,489,193 6,278,013
Travel expenses 5,859,078 6,805,399
Repair fee 5,395,181 5,354,288
Office expenses 4,494,963 4,172,104
Consulting fee 4,490,690 3,837,134
Information system maintenance fee 3,309,825 2,803,178
Business Hospitality 2,215,455 3,446,976
Insurance premiums 854,291 1,502,305
Amortisation of low value
661,708 1,232,497
consumables
Board of Directors' fees 285,541 204,352
Other 37,442,515 39,100,220
Total 612,823,789 553,789,310
Other note
64.Selling expenses
In RMB
Items Amount of current period Amount of previous period
Employee’s remuneration 38,292,162 26,991,664
Business expense 1,035,943 1,506,634
Depreciation expenses 332,859 1,586,470
Publicity Expenses 227,859 499,576
Other 3,923,583 5,008,033
Total 43,812,406 35,592,377
65. R&D Expense
In RMB
Items Amount of current period Amount of previous period
Direct input fee 214,683,952 309,968,136
224
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Employee’s remuneration 58,717,736 84,778,704
Other 46,443,641 67,056,940
Outsourced research and
3,331,318 4,809,871
development expenses
Total 323,176,647 466,613,651
66.Financial Expenses
In RMB
Items Amount of current period Amount of previous period
Interest expenses 1,215,356,585 1,192,393,983
Interest income -91,313,895 -53,610,047
Bank charges and others 11,973,570 7,673,204
Total 1,136,016,260 1,146,457,140
67.Other income
In RMB
Other sources of revenue Amount of the Current Term Amount of the Previous Term
Revenue from timely levy and refund
16,007,406 12,915,790
of VAT
Amortization of the deferred income
3,971,808 7,315,658
related to the assets
Other 7,574,537 5,914,699
68.Net exposure hedging income
In RMB
Items Amount of the Current Term Amount of the Previous Term
Total 0 0
69. Gains on the changes in the fair value
In RMB
Items Amount of the Current Term Amount of the Previous Term
Total 0 0
70. Investment income
In RMB
Items Amount of this period Amount of last period
Long-term equity investment 432,959,549 518,414,902
225
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
income by equity method
Dividends earned during the
holding period on investments in other 112,589,720 117,258,950
equity instrument
Other 467,255
Total 545,549,269 636,141,107
71. Credit impairment loss
In RMB
Items Amount of this period Amount of last period
Loss of bad accounts receivable -6,206,975 60,337
Loss of bad debts in other receivables 1,966,427 -628,072
Total -4,240,548 -567,735
72. Losses from asset impairment
In RMB
Items Amount of this period Amount of last period
IV. Impairment loss of fixed
-2,060 -5,052,018
assets
Total -2,060 -5,052,018
Other note
73.Assets disposal income
In RMB
Source Amount of this period Amount of last period
Retirement of fixed assets 0 -1,988,902
Other 10,435 0
74. Non-Operation income
In RMB
Items Amount of current period Amount of previous period Recorded in the amount of
the non-recurring gains and
losses
Gain on disposal of non-
10,103,480 2,724,564 10,103,480
current assets
A fine net income 2,033,020 1,284,129 2,033,020
226
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Income from carbon
1,881,635 2,520,863 1,881,635
emission quota trading
liquidated damages income 1,858,508 1,546,721 1,858,508
Claims and Compensation
372,668 6,701,756 372,668
Income
Other 60,348,235 5,952,306 60,348,235
Total 76,597,546 20,730,339 76,597,546
75.Non-current expenses
In RMB
Amount of current period Amount of previous The amount of non-
Items
period operating gains & losses
Foreign donations 114,856 120,067 114,856
Carbon emission allowances
used to fulfil the emission 150,950,755 0 0
reduction obligation
Loss on obsolescence of
9,701,664 9,754,776 9,701,664
non-current assets
Fine for delaying payment 5,782,976 3,664,929 5,782,976
Other 19,744,571 2,885,315 19,744,571
Total 186,294,822 16,425,087 35,344,067
76. Income tax expenses
（1）Income tax expenses
In RMB
Items Amount of current period Amount of previous period
Current income tax expense 252,861,744 394,242,693
Deferred income tax expense 190,583,945 -28,862,131
Total 443,445,689 365,380,562
（2）Adjustment on accounting profit and income tax expenses
In RMB
Items Amount of current period
Total profits 1,673,726,860
Income tax expenses calculated on legal / applicable tax
418,431,715
rate
Effect of different tax rate applicable to the subsidiary
-4,907,111.51
Company
Impact of adjusting the income tax of prior period 1,870,072
227
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Influence of non taxable income -108,239,887.25
Impact of non-deductible costs, expenses and losses 223,531.82
Utilisation of previously unrecognised deductible losses or
-77,073,888.06
temporary differences
Utilisation of deductible temporary differences for which
213,141,257
no deferred tax asset was recognised in previous periods
Income tax expenses 443,445,689
77. Other comprehensive income
Refer to the notes VII(57)
78. Items of cash flow statement
(1) Cash related to business activities
Cash received from other activities relating to operation
In RMB
Items Amount of current period Amount of previous period
Interest income 49,472,945 52,478,188
Government Subsidy 3,629,340 7,460,673
Claims and compensation income 27,205,502 33,501,204
Rental fee 16,994,298 20,310,210
Return the fuel advance payment 111,566,739 0
Other 190,544,165 119,036,664
Total 399,412,989 232,786,939
Explanation on other cash received in relation to operation activities:
Other cash paid in relation to operation activities
In RMB
Items Amount of current period Amount of previous period
Carbon emission quota and trading
119,438,117 35,891,997
reserve fund
Information system maintenance fee 60,613,415 8,828,196
Repair and maintenance costs 47,789,696 6,798,695
Insurance premium 42,749,755 50,189,015
Water and electricity 35,711,836 45,584,565
Intensive service fee 34,063,444 0
Property management service fee 31,977,204 18,682,257
Fire-fighting and security fees 29,893,350 29,133,224
Fees for employing intermediary
21,670,333 12,231,023
agencies
228
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Equipment cleaning, sanitation and
17,028,714 13,165,075
greening fees
Auxiliary service fee for energy
16,779,238 0
storage and frequency regulation
Automobile fee 12,874,857 12,778,900
Rental fee 12,017,479 15,564,043
Travel expense 8,228,214 9,853,730
Labour union fee 6,613,745 6,907,063
Office fee 6,187,549 5,976,060
Business fee 3,101,189 4,323,743
Enterprise propagate fee 3,068,458 3,070,543
R&D 2,889,708 20,588,480
Other 523,765,059 321,788,216
Total 1,002,397,916 621,354,825
Explanation on other cash paid in relation to operation activities:
Not applicable
（2）Cash related to Investment activities
Cash receivable related to other Investment activities
In RMB
Items Amount of current period Amount of previous period
Take back the large deposit certificate
400,000,000 0
of the finance Company
Other 209,930 0
Total 400,209,930 0
Related for important cash related to investment activities
In RMB
Items Amount of current period Amount of previous period
Take back the large deposit certificate
400,000,000
of the finance Company
Total 400,000,000
Explanation on other cash received from investment activities:
Not applicable
Cash paid related with investment activities
In RMB
Items Amount of current period Amount of previous period
229
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Equity acquisition deposit 223,380,000 0
Other 318,100 0
Total 223,698,100 0
Important cash received in relation to the investment activities
In RMB
Items Amount of current period Amount of previous period
Equity Acquisition Project of
Xiangzhou Yunjiang New Energy 52,200,000
Co., Ltd.
Equity Acquisition Project of
Xiangzhou Hangjing New Energy 99,180,000
Co., Ltd.
Equity Acquisition Project of
72,000,000
Kekdalazfo New Energy Co., Ltd.
Total 223,380,000
Explanation of other cash payments related to fund -raising activities:
Not applicable
（3）Cash related to Financing activities
Other cash received in relation to financing activities
In RMB
Item Current period incurred Prior period incurred
Total 0 0
Explanation on other cash received in relation to financing activities:
Not applicable
Other cash paid related with financing activities
In RMB
Item Current period incurred Prior period incurred
Repayments of lease liabilities
307,846,245 360,504,971
and long-term payables
Pay to minority shareholders for
0 1,023,668,493
capital reductio
Other 58,127,818 84,106,150
Total 365,974,063 1,468,279,614
Explanation on other cash paid related with financing activities:
Changes in various liabilities arising from fund-raising activities
□Applicable Not applicable
230
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
(4) Statement of cash flows on a net basis
Not applicable
(5) Major activities and financial impacts that do not involve cash receipts and expenditures in the
current period, but affect the financial position of the enterprise or may affect the cash flow of the
enterprise in the future
Not applicable
79. Supplementary information to statement of cash flow
(1) Supplementary information to statement of cash flow
In RMB
Supplementary information Current amount Amount of the previous period
1．Net profit adjusted to cash flow of
operation activities:
Net profit 1,230,281,171 1,171,246,153
Add: Assets impairment provision 4,242,608 567,735
Depreciation of fixed assets,
consumption of oil assets and
3,154,045,598 2,426,875,827
depreciation of productive biology
assets
Depreciation of right-of-use assets 303,483,268 235,484,882
Amortization of intangible assets 62,885,821 55,927,883
Amortization of long-term deferred
14,446,767 24,137,448
expenses
Loss from disposal of fixed assets,
intangible assets and other long-term -10,435 1,988,902
assets (gain is listed with “-”)
Losses on scrapping of fixed assets
-401,816 7,030,212
(gain is listed with “-”)
Gain/loss of fair value changes (gain is
0 0
listed with “-”)
Financial expenses (gain is listed with
1,215,356,585 1,146,457,140
“-”)
Investment loss (gain is listed with “-
-545,549,269 -636,141,107
”)
Decrease of deferred income tax asset
191,687,089 22,310,364
(increase is listed with “-”)
Increase of deferred income tax -108,887,929 -51,172,495
231
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
liability (decrease is listed with “-”)
Decrease of inventory (increase is
-1,616,079,923 -425,185,713
listed with “-”)
Decrease of operating receivable
869,415,221 -2,036,882,617
accounts (increase is listed with “-”)
Increase of operating payable accounts
1,231,310,315 777,725,402
(decrease is listed with “-”)
Other
Net cash flow arising from operating
6,006,225,071 2,720,370,016
activities
2. Material investment and financing
not involved in cash flow
Conversion of debt into capital
Switching Company bonds due within
one year
Financing lease of fixed assets
3. Net change of cash and cash
equivalents:
Balance of cash at period end 12,013,016,832 11,394,942,728
Less: Balance of cash equivalent at
11,954,167,156 11,433,808,500
year-begin
Add: Balance at year-end of cash
equivalents
Less: Balance at year-begin of cash
equivalents
Net increased amount of cash and cash
58,849,676 -38,865,772
equivalent
(2) Net cash paid for obtaining subsidiary in the Period
Not applicable
(3)Net cash received by disposing subsidiary in the Period
Not applicable
(4) Constitution of cash and cash equivalent
In RMB
Item Ending balance Opening balance
I. Cash 12,013,016,832 11,954,167,156
232
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Including: Cash on hand 58,096 43,025
Bank deposit available for payment at
12,012,958,736 11,954,124,131
any time
III. Balance of cash and cash
12,013,016,832 11,954,167,156
equivalents at the period -end
(5) Situations where the scope of use is limited but still classified as cash and cash equivalents
Not applicable
( 6) Monetary funds that do not belong to cash and cash equivalents
In RMB
Amount of the current Amount of the previous Reason for not belonging to
Item
period period cash and cash equivalents
Accrued interest of
Accrued interest 77,066,007 31,424,584
monetary funds
Deposit certificate with a
maturity of over 1 year
Deposit certificates for
4,000,000,000 0 held by the Finance
finance Company
Company of the Energy
Group
Ecological protection
deposit and performance 21,411,917 34,012,265 Restricted deposit
bond deposit
Total 4,098,477,924 65,436,849
(7) Description of other major activities
Not applicable
80. Notes of changes of owners’ equity
Explain the name and adjusted amount in “Other” at end of last period:
Not applicable
81. Foreign currency monetary items
(1) Foreign currency monetary items
In RMB
Closing foreign currency Closing convert to RMB
Items Exchange rate
balance balance
233
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Monetary capital 13,707
Including：USD 191 7.1268 1,360
Euro 0 0
HKD 13,528 0.91268 12,347
Account receivable
Including：USD
Euro
HKD
Long –term borrowings
Including：USD
Euro
HKD
(2) Note to overseas operating entities, including important overseas operating entities, which should
be disclosed about its principal business place, function currency for bookkeeping and basis for the
choice. In case of any change in function currency, the cause should be disclosed.
□ Applicable √ Not applicable
82. Leasing
(1) The Company acts as the lessee
Applicable □Not applicable
Variable lease payments that are not included in the measurement of lease liabilities
□Applicable Not applicable
Simplified processing of lease costs for short-term leases or lease for low-value assets
□Applicable Not applicable
Cases involving sale-leaseback transactions
Not applicable
(2) The Company acts as the lessor
Operating lease as a lessor
Applicable □Not applicable
Financial lease as a lessor
□Applicable Not applicable
Annual undiscounted lease receipts for the next five years
□Applicable Not applicable
Adjustment table for undiscounted lease receipts and net lease investments
234
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
(3) Recognition of financial lease sales gains and losses as a producer or distributor
□Applicable Not applicable
83. Data resources
Not applicable
84.Other
Not applicable
VIII. R&D expenditure
1. R&D projects eligible for capitalization
Material capitalized R&D projects
Not applicable
Impairment provision for development expenditure
Not applicable
2.Important outsourcing projects under research
Not applicable
IX. Changes of merge scope
1. Business merger not under same control
(1) Business merger not under same control in reporting period
Not applicable
(2) Combination cost and goodwill
Determination method for fair value of the combination cost：
Not applicable
Main reasons for large goodwill resulted:
235
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Not applicable
(3) Identifiable assets and liability on purchasing date under the acquiree
Determination method for fair value of the identifiable assets and liabilities:
Not applicable
Contingent liability of the acquiree bear during combination:
Not applicable
(4) Gains or losses arising from re-measured by fair value for the equity held before purchasing date
Whether it is a business combination realized by two or more transactions of exchange and a
transaction of obtained control rights in the Period or not
□YesNo
(5) On purchasing date or period-end of the combination, combination consideration or fair value of
identifiable assets and liability for the acquiree are un-able to confirm rationally
Not applicable
(6) Other Note:
Not applicable
2. Enterprise combine under the same control
(1) Enterprise combined under the same control in the Period
Not applicable
(2) Combination cost
Not applicable
(3) Book value of the assets and liability of the combined party on combination date
Not applicable
3. Counter purchase
Basic transaction information, basis of counter purchase, whether making up business due to the assets
236
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
and liability reserved by listed company and basis, determination of combination cost, amount and
calculation on adjusted equity by equity transaction:
Not applicable
4. Subsidiary disposal
Whether lost controlling rights while dispose subsidiary on one time or not
□Yes No
Whether lost controlling rights in the Period while dispose subsidiary on two or more steps or not
□YesNo
5. Other reasons for consolidation range changed
Reasons for changed on consolidation range (such as new subsidiary established, subsidiary liquidated
etc.)And relevant information:
New subsidiaries in this year:
Major Place of Shareholding(%)
Nature of Registered Acquisition
Name business registratio
business capital method
location n Direct Indirect
Yuncheng Wanquan
Yunchedn Electric Acquisition of
Yuefeng New Energy Yunchedng 122,118,900 95%
g power assets
Co., Ltd.
Guangneng Tokeson Establish
Electric
New Energy Power Turpan Turpan 20,000,000 100%
power
Generation Co., Ltd.
Establish
Lingao Yehai Yufeng Electric
Hainan Hainan 112,010,000 100%
New Energy Co., Ltd. power
6. Other
X. Equity in other entity
1. Equity in subsidiary
（1）Constitute of enterprise group
In RMB
Registered Main Register Share-holding ratio Acquired
Subsidiary Business nature
capital operation ed place Directly Indirectly way
237
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Maoming
Maomin Maomin
Termal power 1,437,985,100 Electric Power 46.54% 0% Establish
g g
Plant
Jinghai Power
2,919,272,000 Jieyang Jieyang Electric Power 65% 0% Establish
Generation
Zhangjiang Zhanjian Zhanjian
449,420,000 Electric power 0% 53.51% Establish
Wind Power g g
Technology
Donggua Donggu
Engineeging 200,000,000 Electric power 100% 0% Establish
n an
Company
Humen Power Donggua Donggu
150,000,000 Electric power 60% 0% Establish
Generation n an
Bohe Maomin Maomin
3,118,000,000 Electric Power 67% 0% Establish
Company g g
Xuwen Wind Zhanjian Zhanjian
173,190,000 Electric power 0% 53.51% Establish
Power g g
Huadu Natural Guangzh Guangzh
497,000,000 Electric power 65% 0% Establish
gas ou ou
Dapu Power
1,907,100,000 Meizhou Meizhou Electric power 100% 0% Establish
Generation
Leizhou Wind
109,803,900 Leizhou Leizhou Electric power 0% 71.85% Establish
Power
Dianbai Wind Maomin Maomin
171,872,900 Electric power 0% 76.44% Establish
Power g g
Business
combinati
ons
Zhanjiang Zhanjian Zhanjian involving
2,875,440,000 Electric Power 0% 76%
Company g g enterprise
s under
common
control
Business
combinati
ons
Yuejia involving
756,000,000 Meizhou Meizhou Electric power 58% 0%
Company enterprise
s under
common
control
Shaoguan Business
Shaogua Shaogua
Power 1,070,000,000 Electric power 90% 0% combinati
n n
Generation ons
238
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
involving
enterprise
s under
common
control
Business
combinati
ons
Zhongyue Zhanjian Zhanjian involving
1,454,300,000 Electric power 90% 0%
Company g g enterprise
s under
common
control
Guangzh Guangzh
Electric sales 500,000,000 Electric power 100% 0% Establish
ou ou
Qujie Wind Zhanjian Zhanjian
2,519,567,500 Electric power 0% 75.16% Establish
Power g g
Yangjiang Yangjian Yangjia
1,192,660,000 Electric power 0% 69.87% Establish
Wind Power g ng
Business
combinati
ons
involving
Lincang
459,790,000 Lincang Lincang Electric power 100% 0% enterprise
Company
s not
under
common
control
Business
combinati
ons
Guangqian Shenzhe Shenzhe involving
1,030,292,500 Electric power 100% 0%
Company n n enterprise
s under
common
control
Business
combinati
ons
Huizhou
1,499,347,500 Huizhou Huizhou Electric power 67% 0% involving
Natural gas
enterprise
s under
common
239
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
control
Business
combinati
ons
Pinghai Power involving
1,370,000,000 Huizhou Huizhou Electric power 45% 0%
Generation enterprise
s under
common
control
Business
combinati
ons
Shibeishan involving
231,700,000 Jieyang Jieyang Electric power 0% 53.51%
Wind Power enterprise
s under
common
control
Business
combinati
ons
Red Bay involving
2,749,750,000 Shanwei Shanwei Electric power 65% 0%
Company enterprise
s under
common
control
Business
combinati
ons
involving
Guangdong Guangzh Guangzh
9,700,881,400 Electric power 76.44% 0% enterprise
Wind Power ou ou
s not
under
common
control
Tongdao Wind
106,500,000 Huaihua Huaihua Electric power 0% 76.44% Establish
Power
Pingyuan
203,580,000 Meizhou Meizhou Electric Power 0% 76.44% Establish
Wind Power
Heping Wind
137,000,000 Heyuan Heyuan Electric power 0% 76.44% Establish
Power
Business
Huilai Wind
59,000,000 Jieyang Jieyang Electric power 0% 68.67% combinati
Power
ons
240
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
involving
enterprise
s not
under
common
control
Hongrui Shaogua Shaogua
20,000,000 Electric power 0% 90% Establish
Technology n n
Yongan Zhaoqin
400,000,000 Zhaoqing Electric power 90% 0% Establish
Natural gas g
Xupu Wind
104,910,000 Huaihua Huaihua Electric power 0% 76.44% Establish
Power
Wuxuan Wind
96,520,000 Guangxi Guangxi Electric power 0% 76.44% Establish
Power
Pingdian
Integrated
20,000,000 Huizhou Huizhou Electric power 0% 45% Establish
Energy
Company
Zhuhai Wind
1,128,634,000 Zhuhai Zhuhai Electric power 0% 56.93% Establish
Power
Donggua Donggu
Binhai Bay 620,000,000 Electric power 100% 0% Establish
n an
Dayawan
764,000,000 Huizhou Huizhou Electric Power 70% 0% Establish
Company
Qiming Shenzhe Shenzhe
53,000,000 Electric power 100% 0% Establish
Company n n
Business
combinati
ons
involving
Huaguoquan Shenzhe Shenzhe
2,650,000 Rent 100% 0% enterprise
Company n n
s not
under
common
control
Nanxiong Shaogua Shaogua
75,000,000 Electric power 0% 76.44% Establish
New Energy n n
Dananhai
291,000,000 Jieyang Jieyang Electric power 100% 0% Establish
Company
Qingzhou
Yangjian Yangjia
Offshore wind 185,000,000 Electric power 0% 76.44% Establish
g ng
power
Wanhaowei 100,046,000 Zhanjian Zhanjian Electric power 0% 76.44% Establish
241
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
New Energy g g
Wanchuang
Zhanjian Zhanjian
Hengwei New 100,046,000 Electric power 0% 76.44% Establish
g g
Energy
Business
combinati
ons
involving
Nanhua New Zhanjian Zhanjian
135,234,900 Electric power 0% 38.98% enterprise
Energy g g
s not
under
common
control
Business
combinati
ons
involving
Datang New Guangzh Guangzh
145,938,900 Electric Power 0% 38.98% enterprise
Energy ou ou
s not
under
common
control
Business
combinati
ons
involving
Yueneng Zhanjian Zhanjian
130,000,000 Electric power 0% 38.98% enterprise
Wind Power g g
s not
under
common
control
Business
combinati
ons
Tumu Termal involving
TuMu TuMu
power 1,006,523,900 Electric power 79.48% 0% enterprise
ShuKe ShuKe
Company s not
under
common
control
Business
Sha C Guangzh Guangzh
2,500,000,000 Electric power 51% 0% combinati
Company ou ou
ons
242
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
involving
enterprise
s under
common
control
Business
combinati
ons
Guanghe Guangzh Guangzh involving
2,240,816,893 Electric power 0% 51%
Electric Power ou ou enterprise
s under
common
control
Business
combinati
ons
Biomass
Zhangjia Zhangjia involving
power 621,040,000 Electric Power 0% 51%
ng ng enterprise
generation
s under
common
control
Business
combinati
ons
Xinhui power Jiangme involving
613,902,062.88 Jiangmen Electric power 0% 45.90%
generation n enterprise
s under
common
control
Business
combinati
ons
Yunhe power involving
1,080,293,258 Yunfu Yunfu Electric power 90% 0%
generation enterprise
s under
common
control
Business
combinati
Yundian ons
40,000,000 Yunfu Yunfu Electric power 0% 56.25%
Energy involving
enterprise
s under
243
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
common
control
Business
combinati
ons
Yuehua power Guangzh Guangzh involving
1,164,714,000 Electric Power 51% 0%
generation ou ou enterprise
s under
common
control
Business
combinati
Yunhua ons
Integrated Guangzh Guangzh involving
60,500,000 Electric power 0% 51%
Energy ou ou enterprise
Company s under
common
control
Business
combinati
ons
Huangpu
Guangzh Guangzh involving
Electric Power 13,000,000 Electric power 0% 51%
ou ou enterprise
Engineering
s under
common
control
Bijie New
10,000,000 Bijie Bijie Electric power 100% 0% Establish
Energy
Shangyang Zhanjian Zhanjian Acquisitio
120,820,000 Electric power 0% 100%
Energy g g n of assets
Guidian Zhanjian Zhanjian Acquisitio
120,820,000 Electric Power 0% 100%
Energy g g n of assets
Shunfeng New Acquisitio
22,293,880 Zhoukou Zhoukou Electric power 0% 76.44%
Energy n of assets
Jiandian New Acquisitio
31,350,000 Jiaozhou Jiaozhou Electric power 0% 76.44%
Energy n of assets
Lianjiang New Zhanjian Zhanjian
140,070,000 Electric power 0% 76.44% Establish
Energy g g
Luoding
100,000 Luoding Luoding Electric power 0% 76.44% Establish
Yuefeng
Zhaocheng
100,000 Linfen Linfen Electric Power 0% 76.44% Establish
Yuefeng
Wuhua New 30,800,000 Meizhou Meizhou Electric power 0% 76.44% Establish
244
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Energy
Yingyang Acquisitio
77,050,000 Baoding Baoding Electric power 0% 76.44%
New Energy n of assets
Lineng New Acquisitio
77,050,000 Baoding Baoding Electric power 0% 76.44%
Energy n of assets
Longmen New
100,000 Huizhou Huizhou Electric power 0% 76.44% Establish
Energy
Inner New
314,550,000 Hohehot Hohehot Electric Power 0% 76.44% Establish
Energy
Zhuhai
285,297,600 Zhuhai Zhuhai Electric power 0% 76.44% Establish
Yuefeng
Dunan New Langfan Acquisitio
160,000,000 Langfang Electric power 0% 61.15%
Energy g n of assets
Zhuhai Liaochen Liaoche Acquisitio
36,096,000 Electric power 0% 76.44%
Yuefeng g ng n of assets
Shaoguan Shaogua Shaogua
48,317,720 Electric power 100% 0% Establish
New Energy n n
Hanhai New Tumusuk Tumusu
5,000,000 Electric power 100% 0% Establish
Energy e ke
Jinxiu Enegy 2,913,100 Laibin Laibin Electric power 90% 0% Establish
Senhong New Acquisitio
10,000,000 Nanjing Nanjing Electric power 100% 0%
Energy n of assets
Muhong New Acquisitio
1,000,000 Jinchang Jinchang Electric Power 0% 100%
Energy n of assets
Senhai New Acquisitio
1,000,000 Nanjing Nanjing Electric power 100% 0%
Energy n of assets
Mujin New Acquisitio
120,495,920 Jinchang Jinchang Electric power 0% 100%
Energy n of assets
Huibo New
5,000,000 Huizhou Huizhou Electric power 100% 0% Establish
Energy
Dongrun
Acquisitio
Zhongneng 1,000,000 Taishan Taishan Electric power 100% 0%
n of assets
New Energy
Dongrun
Acquisitio
Qingneng 22,304,520 Taishan Taishan Electric Power 0% 100%
n of assets
New Energy
Runze Jieyuan Acquisitio
22,758,500 Taishan Taishen Electric power 0% 100%
New Energy n of assets
Maoming Maomin Maomin
135,700,000 Electric power 85% 0% Establish
Natural gas g g
Xingyue New
9,977,500 Meizhou Meizhou Electric power 100% 0% Establish
Energy
Huixin 13,500,000 Huizhou Huizhou Electric power 85% 0% Establish
245
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Thermo
Electricity
1,206,110,469. Xingjian Acquisitio
Shache Energy Xinjiang Electric Power 100% 0%
78 g n of assets
Xinguangyao Acquisitio
46,522,828 Qingdao Qingdao Electric power 99% 0%
New Energy n of assets
Telian New Acquisitio
45,774,873 Qingdao Qingdao Electric power 0% 99%
Energy n of assets
Lianyao New Acquisitio
1,000,000 Qingdao Qingdao Electric power 0% 99%
Energy n of assets
Jiuzhou New Zhaoqin Acquisitio
40,680,000 Zhaoqing Electric power 100% 0%
Energy g n of assets
Changshan Xiangta Acquisitio
110,740,000 Xiangtan Electric Power 100% 0%
Wind Power n n of assets
Luoding New
500,000 Luoding Luoding Electric power 100% 0% Establish
Energy
Zhuhai New
5,000,000 Zhuhai Zhuhai Electric power 100% 0% Establish
Enegy
Tumusuke Tumusuk Tumusu
500,000 Electric power 100% 0% Establish
Changhae e ke
Zhenneng
1,000,000 Yunfu Yunfu Electric power 100% 0% Establish
New Energy
Zhonggong Maomin Maomin Acquisitio
1,000,000 Electric power 100% 0%
Energy g g n of assets
Yanhua New Maomin Maomin Acquisitio
152,969,360 Electric power 100% 0%
Energy g g n of assets
Xinjiang
300,000,000 Urumqi Urumqi Electric power 100% 0% Establish
Company
Xinjiang
20,000,000 Urumqi Urumqi Electric power 100% 0% Establish
Energy
Gaozhou Maomin Maomin
1,476,800 Electric power 100% 0% Establish
NewEnergy g g
Xintian Yongzho Yongzh
2,000,000 Electric power 0% 76.44% Establish
Yuefeng u ou
Lanshan Yongzho Yongzh
2,000,000 Electric power 0% 76.44% Establish
Yuefeng u ou
Lianjiang Lianjian Lianjian Acquisitio
84,400,000 Electric power 0% 76.44%
Hangneng g g n of assets
Herun New Acquisitio
75,170,000 Haozhou Haozhou Electric power 0% 76.44%
Energy n of assets
Guangxi Acquisitio
179,000,000 Laibin Laibin Electric power 0% 76.44%
Hangneng n of assets
Jincheng 1,000,000 Jincheng Jincheng Electric power 0% 68.80% Establish
246
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Yuefeng
Baiyin
100,000 Baiyin Baiyin Electric power 0% 76.44% Establish
Yuefeng
Yunan Yuexin 100,000 Yunfu Yunfu Electric power 0% 76.44% Establish
Yuncheng Yunchen Yunchen Acquisitio
122,118,900 Electric power 0% 72.62%
Wanquan g g n of assets
Tuokson
20,000,000 Turpan Turpan Electric power 0% 76.44% Establish
Energy
Yehai
112,010,000 Hainan Hainan Electric power 0% 76.44% Establish
Yuefeng
Explanation on share-holding ratio in subsidiary different from ratio of voting right：
(1) On 30 November 2018, Maoming Thermal merged Guangdong Energy Maoming Thermal Power
Station Co., Ltd., wholly-owned by GEGC. After the merger, GEGC held 30.12% equity of Maoming
Thermal. According to the agreement between the Company and GEGC, the delegated shareholder and
director from GEGC maintain consensus with those of the Company while exercising the voting rights
during the shareholders’ meeting and the Board of Directors’ meeting at Maoming Thermal. Therefore, the
Company owns control power over Maoming Thermal.
(2) Pinghai Power was acquired from GEGC by the Group in 2012 through offering non-public shares.
According to the agreement between GEGC and Guangdong Huaxia Electric Power Development Co., Ltd.
(“Huaxia Electric”), which holds 40% equity in Pinghai Power, the delegated shareholder and director from
Huaxia Electric maintain consensus with those of GEGC when exercising their voting rights during the
shareholders’ meeting and Board of Directors’ meeting at Pinghai Power; besides, after GEGC transfers its
45% equity in Pinghai Power to the Company, the delegated shareholder and director from Huaxia Electric
also reach consensus with those of the Company when exercising their voting rights during the shareholders’
meeting and Board of Directors’ meeting at Pinghai Power. Therefore, the Company owns the control power
over Pinghai Power.
2. Basis for holding half or less voting rights but still controlling the investee, and holding more
than half voting rights but not controlling the investee:
1) As of June 30, 2024, Guangdong Wind Power, a subsidiary of the Group, held 51% s hares of AVIC Shenxin.
According to the Articles of Association of AVIC Shenxin, the resolutions made at the shareholders' meeting must be
unanimously approved by shareholders representing more than two thirds of the voting rights. Therefore, Guangdong
Wind Power a subsidiary of the Group, and Inner Mongolia Electric Power Survey & Design Institute Co., Ltd., which
holds 49% of the shares, jointly control AVIC Shenxin.
2) As of June 30, 2024, Guangdong Wind Power, a subsidiary of the Group, held 54.6% share s of
Yuexin Energy. According to the company's Articles of Association, if the Guangdong Wind Power
fails to reach the control requirement, China Aviation Industry Renewable Energy Corporation will
control Yuexin Energy.
Controlling basis for the structuring entity included in consolidated range:
Not applicable
Basis on determining to be an agent or consignor:
Not applicable
Other note:
247
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Not applicable
（2）Significant not wholly-owned subsidiaries
In RMB
Holding proportion of Profit or loss Dividend declared to Closing balance of
Name non-controlling attributable to non- non-controlling non-controlling
interest controlling interest interest interest
Guangdong Wind
23.56% 69,628,839 3,580,177 3,629,324,200
Company
Pinghai Power
55% 74,274,895 269,518,487 1,335,474,185
Generation
Jinghai Company 35% 75,998,738 0 1,122,494,579
Red Bay Company 35% 54,406,443 0 1,049,118,349
Zhanjiang Electric 24% 9,168,753 0 872,118,213
Huizhou Natural gas 33% 64,723,642 150,853,026 715,050,984
Bohe Company 33% 55,107,593 0 724,090,699
Explanation on share-holding ratio of minority different from ratio of voting right:
Not applicable
Other note:
Not applicable
248
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
（3）Main financial information of significant not wholly-owned subsidiaries
In RMB
Closing balance Beginning balance
Subsidiari
Current Non-current Current Non-current Non-current Current Non-current
es Total assets Total liabilities Current assets Total assets Total liabilities
assets assets liabilities Liabilities assets liabilities Liabilities
Guangdo
10,244,700,0 41,018,778,19
ng Wind 47,179,655,951 57,424,355,973 7,606,961,764 33,411,816,431 11,232,266,730 47,293,819,352 58,526,086,082 9,299,390,874 33,197,787,783 42,497,178,657
22 5
Company
Pinghai
Power 1,470,777,96
2,347,175,155 3,817,953,123 926,207,487 641,088,130 1,567,295,617 1,939,030,964 2,289,508,505 4,228,539,469 1,000,271,724 804,885,496 1,805,157,220
Generatio 8
n
Jinghai 1,668,101,85
7,383,790,854 9,051,892,713 3,839,550,213 2,005,215,131 5,844,765,344 1,813,538,355 7,183,942,867 8,997,481,222 3,931,004,172 2,089,923,287 6,020,927,459
Company 9
Red Bay 1,326,056,84
5,090,277,521 6,416,334,364 3,244,974,061 211,022,162 3,455,996,223 1,191,880,563 5,071,759,933 6,263,640,496 3,245,379,396 218,836,079 3,464,215,475
Company 3
Zhanjiang 2,828,681,25
1,167,109,139 3,995,790,396 335,645,362 27,718,946 363,364,308 2,758,759,283 1,204,990,253 3,963,749,536 347,366,674 30,095,337 377,462,011
Electric 7
Huizhou
Natural 676,982,708 2,458,117,903 3,135,100,611 783,638,490 184,639,075 968,277,565 488,990,567 2,598,386,535 3,087,377,102 562,374,680 99,679,081 662,053,761
gas
Bohe 1,906,411,79
8,071,821,962 9,978,233,761 1,501,463,568 6,274,313,131 7,775,776,699 1,328,342,678 7,654,051,205 8,982,393,883 1,199,547,165 5,739,139,541 6,938,686,706
Company 9
In RMB
Amount of current period Amount of previous period
Subsidiari
Operating Total Cash flow Operating Total Cash flow from operating
es Net profit Net profit
revenue comprehensiv from operating revenue comprehensive activities
249
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
e income activities income
Wind
1,683,513,925 318,149,169 318,149,169 964,623,921 1,516,433,478 316,152,530 316,152,530 934,009,746
Company
Pinghai
Power 1,810,201,016 134,952,787 134,952,787 597,774,788 2,613,191,641 222,317,841 222,317,841 756,088,612
Generation
Jinghai
2,957,829,113 217,139,250 217,139,250 680,317,715 3,561,337,800 201,412,703 201,412,703 350,392,934
Company
Red Bay
2,360,735,992 155,446,980 155,446,980 527,483,178 2,856,474,956 169,901,566 169,901,566 355,762,388
Company
Zhanjiang
1,163,075,942 36,803,336 36,803,336 26,246,886 1,297,631,051 75,261,404 75,261,404 113,104,710
Electric
Huizhou
Natural 1,852,297,784 196,132,247 196,132,247 383,223,562 2,277,405,203 240,714,292 240,714,292 377,380,596
gas
Bohe
1,724,373,686 166,992,706 166,992,706 822,476,414 1,963,659,434 145,455,744 145,455,744 156,619,783
Company
Other note:
Not applicable
(4) Significant restrictions of using enterprise group assets and pay off enterprise group debt
Not applicable
(5) Provide financial support or other support for structure entities incorporate into the scope of
consolidated financial statements
Not applicable
Other note:
250
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
2. The transaction of the Company with its owner’s equity share changed but still controlling the subsidiary
(1) Note to owner’s equity share changed in subsidiary
Not applicable
(2) The transaction’s influence to equity of minority shareholders and attributable to the owner's equity of the parent company
Not applicable
251
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
3. Equity in joint venture arrangement or associated enterprise
(1) Significant joint venture arrangement or associated enterprise
Shareholding Ratio (%) The
accounting
Name of Main Places of Registration Nature of
treatment of
Subsidiary Operation Place Business direct indirect
investment in
associates
Industry Fuel Guangzhou Guangzhou Fuel trade 50% Equity method
Coal
Transportation
Shanxi
Taiyuan Taiyuan and port 40% Equity method
Yudean Enerty
operations
investment
Energy
Guangzhou Guangzhou Financial 25% 15% Equity method
Finance
Taishan Power Power
Taishan Taishan 20% Equity method
Generation Generation
Energy
Financing Financing
Guangzhou Guangzhou 25% Equity method
Leasing Leasing
Company
Share-holding ratio or shares enjoyed different from voting right ratio:
Not applicable
Basis of the voting rights with 20% below but with major influence, or without major influence but
with over 20% (20% included) voting rights hold:
Not applicable
（2）Main financial information of Significant joint venture
In RMB
Amount of current period Amount of previous period
Industry Fuel Industry Fuel
Current assets 10,660,849,465 8,024,034,962
Including: Balance of cash and cash
2,845,986,086 2,846,859,508
equivalents
Non-current assets 9,064,883,660 9,370,464,679
Total of assets 19,725,733,125 17,394,499,641
Current liabilities 10,262,664,844 9,019,251,783
Non current liabilities 6,422,156,561 6,255,984,762
Total liabilities 16,684,821,405 15,275,236,545
Minority shareholder Equity 995,619,930 81,448,266
Attributable to shareholders of the 2,045,291,790 2,037,814,830
252
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
parent company
Share of net assets calculated by stake 1,022,645,895 1,018,907,415
Adjustment item
--Goodwill
-- Internal transactions did not achieve
-77,684,882 -151,670,636
profit
--Other
Book value of equity investment in
944,961,013 867,236,779
joint venture
The fair value of the equity investment
of a joint venture with a public
quotation
Business income 15,993,364,892 17,669,371,060
Financial expenses 122,357,006 118,472,192
Income tax 24,808,967 27,764,948
Net profit 99,222,039 68,027,911
Net profit from terminated operation
Other comprehensive income
Total comprehensive income 99,222,039 68,027,911
Dividends received from the joint
22,340,551
venture this year
Other note
253
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
(3) Main financial information of significant associated enterprise
In RMB
Closing balance/This period Opening balance/Last period
Energy Energy
Taishan Taishan
Shanxi Energy Financing Shanxi Energy Financing
Power Power
Energy Finance Leasing Energy Finance Leasing
Generation Generation
Company Company
Current 3,223,894, 15,951,073 4,738,410, 977,341,41 2,438,117, 13,192,594 4,614,346, 983,919,26
assets 939 ,114 047 1 630 ,942 037 3
Non-
8,894,301, 19,159,555 8,107,042, 12,743,580 9,042,003, 18,430,616 8,310,428, 12,423,147
current
323 ,648 644 ,201 417 ,356 670 ,050
assets
Total of 12,118,196 35,110,628 12,845,452 13,720,921 11,480,121 31,623,211 12,924,774 13,407,066
assets ,262 ,762 ,691 ,612 ,047 ,298 ,707 ,313
Current 410,908,82 30,733,490 2,652,638, 1,796,034, 364,675,47 27,220,413 2,975,341, 2,049,832,
liabilities 0 ,977 153 721 9 ,342 169 959
Non-
2,322,570, 9,681,670, 2,254,750, 9,177,722,
current 88,101,689 640,100 83,959,299
985 767 421 708
liabilities
Total 2,733,479, 30,821,592 2,653,278, 11,477,705 2,619,425, 27,304,372 2,975,341, 11,227,555
liabilities 805 ,666 253 ,488 900 ,641 169 ,667
Minority
shareholde 13,754,486 13,510,734
r Equity
Attributabl
e to
shareholde 9,370,961, 4,289,036, 10,192,174 2,243,216, 8,847,184, 4,318,838, 9,949,433, 2,179,510,
rs of the 971 096 ,438 124 413 657 538 646
parent
company
Share of
net assets 3,748,384, 1,715,614, 2,038,434, 560,804,03 3,538,873, 1,727,535, 1,989,886, 544,877,66
calculated 789 436 887 2 765 463 708 2
by stake
Adjustmen
t item
--Goodwill 13,325,000 13,325,000
-- Internal
transaction
s did not
achieve
254
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
profit
--Other
Book
value of
equity 3,748,384, 1,728,939, 2,038,434, 560,804,03 3,538,873, 1,740,860, 1,989,886, 544,877,66
investment 789 436 887 2 765 463 708 2
in joint
venture
The fair
value of
the equity
investment
of a joint
venture
with a
public
quotation
Business 155,633,53 394,936,18 4,848,674, 192,580,65 118,159,03 354,420,89 6,138,517, 167,876,55
income 4 8 845 5 5 5 716 2
523,868,84 192,195,91 278,889,26 641,106,52 187,240,16 552,443,28
Net profit 63,705,479 68,392,697
2 4 3 4 7 5
Net profit
from
terminated
operation
Other
comprehen
9,426,380 36,290,103
sive
income
Total
comprehen 523,868,84 201,622,29 278,889,26 641,106,52 223,530,27 552,443,28
63,705,479 68,392,697
sive 2 4 3 4 0 5
income
Dividends
received
from the 128,886,07
92,569,943 26,681,517 20,571,445
associated 2
enterprise
this year
Other note
255
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Not applicable
(4) Summary financial information of insignificant joint venture or associated enterprise
In RMB
Amount of current period Amount of previous period
Joint venture:
The total number of the following 177,256,928 177,391,197
Share of net assets calculated by stake
----Net Profit -134,269 5,400,143
-Other comprehensive income 0 0
-- Total comprehensive income -134,269 5,400,143
Associated enterprise：
Total investment book value 979,142,359 937,715,623
The total number of the following
--Net Profit 43,058,610 19,300,483
-Other comprehensive income 154,275 0
-- Total comprehensive income 43,212,885 19,300,483
Other note
Not applicable
(5) Note to the significant restrictions of the ability of joint venture or associated enterprise
transfer funds to the Company
Not applicable
(6) The excess loss of joint venture or associated enterprise
In RMB
Unrecognized losses Unrecognized losses in Unrecognized losses
Name of joint venture or
accumulated in previous this period (or net profit accumulated at the end of
associated enterprise
periods shared in this period) the period
Yunfu Power
-2,249,863 191,503 -2,058,360
Generation( B) Co., Ltd.
Yunnan Nengtou Weixin
0 -33,331,821 -33,331,821
Energy Co., Ltd.
Other note
Not applicable
(7) The unrecognized commitment related to joint venture investment
Not applicable
(8) Contingent liabilities related to joint venture or associated enterprise investment
Not applicable
256
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
4. Significant common operation
Not applicable
Share-holding ratio or shares enjoyed different from voting right ratio:
Not applicable
Other note
Not applicable
5. Equity of structure entity not including in the scope of consolidated financial statements
Not applicable
6,Other
Not applicable
XI. Government subsidy
1. Government subsidies recognized according to the receivable amount at the end of the
reporting period
□Applicable Not applicable
The reason for not receiving the estimated amount of government subsidies at the expected point in
time
□Applicable Not applicable
2. Liabilities involving government subsidies
Applicable □Not applicable
In RMB
Amount
New included Amount Related
Other
Accounting Beginning subsidy in non- transferred to Ending to
changes
subject balance amount this operatin other income balance assets/inc
this year
year g income this year ome
this year
Deferred Asset-
128,296,225 850,495 3,971,808 125,174,912
income related
3. Government subsidies included in the current profit and loss
Applicable □Not applicable
In RMB
Amount incurred in the previous
Accounting items Amount incurred in the current period
period
Other income 3,971,808 7,315,658
Other note
257
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Not applicable
XII. Risks Related to Financial Instruments
1.Risks arising from financial instruments
Not applicable
2. Hedging
(1) The Company conducts hedging business for risk management
□Applicable Not applicable
(2) The Company conducts qualified hedging business and applies hedge accounting
Not applicable
（3） The Company conducts hedging business for risk management and expects to achieve risk management
objective but does not apply hedge accounting
□Applicable Not applicable
3. Financial assets
(1) Classification of transfer methods
□Applicable Not applicable
(2) Financial assets that have been derecognized as a result of a transfer
□Applicable Not applicable
(3) Financial assets of continued involvement in asset transfer
□Applicable Not applicable
Other note:
XIII. The disclosure of the fair value
1. Closing fair value of assets and liabilities calculated by fair value
In RMB
Items Closing fair value
258
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Fair value Fair value Fair value
measurement items at measurement items at measurement items at Total 合计
level 1 level 2 level 3
I. Continuous fair
-- -- -- --
value measurement
2. Financial assets
measured at fair value
and whose changes 1,418,407,908 1,016,800,000 2,435,207,908
are included in
current gains/losses
（3）Other equity
1,418,407,908 1,016,800,000 2,435,207,908
instrument investment
Total assets
continuously 1,418,407,908 1,016,800,000 2,435,207,908
measured at fair value
II Inconsistent fair
-- -- -- --
value measurement
2.Recognized basis for the market price sustaining and non-persistent measured by fair value on first-
order
For financial instruments that are not traded in active markets, the Group adopts valuation techniques to
determine their fair value.
3. Valuation technique and qualitative and quantitative information on major parameters for the fair
value measure sustaining and non-persistent on second-order
Not applicable
4. Valuation technique and qualitative and quantitative information on major parameters for the fair
value measure sustaining and non-persistent on third -order
The fair value of financial instruments traded in an active market is dete rmined at the quoted market
price; and the fair value of those not traded in an active market is determined by the Group using valuation
techniques. The Group adopt such valuation models as cash flow discounting model and comparable
company in the market to evaluate the fair value of the other equity instrument of Level 3 financial assets.
The Group adopts average price to book value ratio (PB) and discounts for lack of marketability (DLOM) as
major unobservable inputs for SCG.
5.Continuous thirdlevel fair value measurement project, adjustment information between the opening
and closing book value and sensitivity analysis of unobservable parameters
Not applicable
259
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
6.The reasons for the conversions and the policies for determining the timing of the conversions for
continuous fair value measurement items where conversions between various levels occurred during
the current period
The Group takes the occurrence date of the event that leads to the transition between different levels as
the time to confirm the transition between different levels. This year, there is no transition among the first
level, the second level and the third level.
7. Changes in valuation technology during the current period and the reasons for the changes
Not applicable
8. Financial assets and liability not measured by fair value
The Group's financial assets and liabilities measured in amortized cost mainly include: accounts
receivable, other receivables, long-term receivables, short-term loans, fund payable, long-term loans, bonds
payable and long-term payables.
There is no significant difference between the book value and fair value of the Group's financial assets
and financial liabilities that are not measured at fair value.
9.Other
Not applicable
XIV. Related parties and related-party transactions
1. Parent company information of the enterprise
Share ratio of Vote right ratio
Parent company Registered parent company of parent
Registration place Nature
name capital against the company against
company(%) the company(%)
Operation and
management of power
generation enterprises,
Guangdong capital management of
Guangzhou 23.3 billion 67.39% 67.39%
Energy Group electricity assets,
construction of power
plant and sales of
electricity
Explanation on parent company of the enterprise
On August 8, 2001, Guangdong Provincial Government had taken the lead in the implementation of the
reform of electric power system. Guangdong Electric power Group was established by inheriting the
electricity generation business of Guangdong electric Power Group Company and its registered capital is
RMB 23 billion, with 76% stake held by Guangdong Provincial People's Government and 24% stake held by
260
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
China Hua Neng Group, owning more than 15,000 staff now, and the company is the strongest
On February 18,2019, With the approval of the state-owned assets supervision and administration
commission of the Guangdong provincial people's government and the approval of the Guangdong
provincial market supervision administration, the former Guangdong Energy group Co., Ltd . was renamed
as Guangdong Energy Group Co., Ltd
Ultimate controller of the Company is Guangdong Provincial People’s Government state owned assets
supervision and Administration Commission.
2.Subsidiary of the Enterprise
See to Notes X..
3.Cooperative enterprise and joint venture
See Notes X..
Other cooperative enterprise and joint venture that have related transaction with the Company in the
Period or occurred in previous period：
Name Relationship
Yudean Fuel Company Joint venture
Zhonghang Shenxin Wind Generation Co., Ltd. Joint venture
Yudean Shipping Company Associate
Energy Group Finance Company Associate
Yudean Insurance Captive Company Associate
Guangdong Energy Financing Leasing Co., Ltd. Associate
Yunfu Power Generation ( B plant) Co., Ltd. Associate
Other note
4.Other related party
Other related party Relationship with the Enterprise
Zhuhai Special Economic Zone Guangzhu Power
Controlled by Energy Group
Generation Co., Ltd.
Shaoguan Qujing New Energy Co., Ltd. Controlled by Energy Group
Guangdong Zhuhai Jinwan Power Generation Co., Ltd. Controlled by Energy Group
Guangdong Zhongshan Thermal Power Plant Co., Ltd. Controlled by Energy Group
Guangdong Yudean Real Estate Investment Co., Ltd. Controlled by Energy Group
Guangdong Yudean Shipping Co., Ltd. Controlled by Energy Group
Guangdong Yudean Information Technology Co., Ltd. Controlled by Energy Group
Guangdong Yudean Xinfengjiang Power Generation Co.,
Controlled by Energy Group
Ltd.
Guangdong Yudean Property Management Co., Ltd. Controlled by Energy Group
Yudean Environmental protection Co., Ltd. Controlled by Energy Group
261
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Guangdong Yudean Shipping Co., Ltd Controlled by Energy Group
Guangdong Yangjiang Port Services Co., Ltd Controlled by Energy Group
Guangdong Yuelong Power Generation Co., Ltd. Controlled by Energy Group
Guangdong Energy Group Zhuhai Power Generation Co.,
Controlled by Energy Group
Ltd.
Guangdong Energy Group Shajiao C Plant Controlled by Energy Group
Guangdong Shaoguan Port Co., Ltd. Controlled by Energy Group
Guangdong Energy Group Natural gas Co., Ltd. Controlled by Energy Group
Guangdong Energy Group Technology Resarch institute
Controlled by Energy Group
Co.,Ltd.
Guangdong Energy Group Huizhou Natural gas Co., Ltd. Controlled by Energy Group
Guangdong Energy Group Yunfu Xuneng Power
Controlled by Energy Group
GenerationCo., Ltd.
Guangdong Huizhou Natural Gas Co., Ltd. Controlled by Energy Group
Dongguan Mingyuan Hotel Co., Ltd. Controlled by Energy Group
Other note
5. Related transactions.
（1）Related transactions on purchasing goods and receiving services
Acquisition of goods and reception of labor service
In RMB
Whether over the
Approval trading
Related party Content Current amount trading Last amount
limit
limit(Y/N)
Yudean
Environment Material purchase 110,737,193 No 113,867,728
Protection
Zhuhai Special
Economic Zone
Guangzhu Power Electric purchase 8,036,562 No 143,960,700
Generation Co.,
Ltd.
Guangdong
Zhuhai Jinwan
Electric purchase 1,504,420 No 136,789,161
Power Generation
Co., Ltd.
Yunfu Power
Generation ( B Electric purchase 0 No 28,688,660
plant) Co., Ltd.
Guangdong
Electric purchase 258,085 No 25,673,150
Yuelong Power
262
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Generation Co.,
Ltd.
Zhongshan
Thermal power Electric purchase 3,023,170 No 65,382,590
plant
Fuel Company Fuel purchase 12,468,604,852 No 14,710,520,034
Energy Group
Fuel purchase 4,100,268,314 No 3,207,315,777
Natural gas
Guangdong
Yudean Acceptance of
Xinfengjiang Engineering 0 No 119,266
Power Generation services
Co., Ltd
Management
Fuel Company 27,521,200 No 51,237,017
services
Yudean Acceptance of
Environment management 0 No 4,850,515
Protection services
Acceptance of
Yudean
management 4,475,716 No 2,498,756
Information
services
Guangdong
Energy Group
Other services 71,157 No 0
Zhuhai Power
Generation Plant
Acceptance of
Yudean Shipping 12,461,321 No 12,461,321
tugboat services
Acceptance of
Yangjiang Port 9,188,425 No 6,277,274
tugboat services
Yudean Property Management
22,356,243 No 14,876,679
Management services
Guangdong
Energy Group
Science and Acceptance of R
77,410,619 No 0
Technology & D Services
Research Institute
Co., Ltd
Guangdong
Receipt of
Energy Group
operational 270,528,302 No 264,029,202
Shajiao C Power
services
Plant
Sales of goods and services
In RMB
263
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Related parties Content Occurred current term Occurred in previous term
Yudean Environment
Sale of Material 69,693,858 100,120,771
Protection
Providing maintenance
Shajiao C plant 16,173,228 7,862,832
services
Zhongshan Thermal power Providing maintenance
10,960,726 3,879,975
plant services
Shaoguan Qujiang Yudean Providing maintenance
446,157 1,340,452
New Energy Co., Ltd. services
Guangdong Yuelong Power Providing maintenance
0 336,283
Generation Co., Ltd. services
Guangdong Energy Zhuhai Providing maintenance
0 292,035
Power Generation Co., Ltd. services
Providing maintenance
Shaoguan Port Co., Ltd. 802 0
services
Yangxi Shuangyu New Providing maintenance
80,531 0
Energy Co., Ltd, services
Zhuhai Special Economic
Providing maintenance
Zone Guangzhu Power 8,854,339 0
services
Generation Co., Ltd.
Guangdong Energy Group Providing maintenance
389,381 0
Natural gas Co., Ltd. services
Guangdong Yudean
Management services 0 268,113
ShippingCo., Ltd.
Fuel Company Management services 0 73,341
Inner Mongolia Ludian
Menghua New Energy Co., Management services 2,566,980 0
Ltd.
Yudean Property
Management services 36,976 0
Management
Zhonghang Shenxin Wind
Management services 997,030 0
Generation Co., Ltd.
Yunfu Power Generation
Management services 1,927,766 16,842,027
Plant（B）Co., Ltd.
Explanation on goods purchasing, labor service providing and receiving
(2) Related trusteeship/contract and delegated administration/outsourcing
Trusteeship/contract
In RMB
Name of the Name of the Asset situation Terminati Gains from the
Start date Pricing basis
employer undertaker of the ng date deal in report
264
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
undertaker period
The
custody fee
charged to
each first-class
target
company
directly
controlled by
Guangdong
Energy Group
is 100,000
yuan/year, and
the custody fee
charged to
each second-
class target
company
Shareholders' indirectly
rights except controlled by
Guangdong ownership, Guangdong
Guangdong
Electric Power income right January Yudean Group
Energy Group 900,000
Development and 1,2018 is 50,000
Co., Ltd.
Co., Ltd. disposition yuan/year. If
right the custody
period is less
than one
complete
fiscal year, the
calculation
formula of the
custody fee of
each target
company is
calculated
according to
the custody
days. During
the current
period, there
are 16 first-
level subject
companies
265
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
that have
been in
custody for
half a year , 4
second-level
subject
companies
that have
been in
custody for
half a year,
The annual
custody fee of
the first-level
subject
companies is
1.6 million
yuan, 800,000
yuan, the
second-level
subject
companies is
200,000 yuan,
and 100,000
yuan, totaling
900,000 yuan.
Note
According to the instructions of Guangdong Energy Group on undertaking to perform related matters,
in order to avoid horizontal competition and fulfill the commitments of related horizontal competition, the
Company and Guangdong Energy Group have signed the Equity Trust Agreement, which entrusts the rights
of shareholders of the Company within the trust scope of Guangdong Energy Group to the Company except
for the rights of ownership, income and disposition. Charge RMB 100,000/year custody fees for each
Guangdong Energy Group's direct holding primary target company; charge each indirectly controlling
secondary target company 50,000/year custody fee. For details, please refer to the " Announcement on
Related Party Transaction of the Signing of the “Equity Custody Agreement” by Guangdong Electric
Power Development Co., Ltd with Guangdong Yudean Group Co., Ltd " (Announcement No.: 2018-04)
disclosed in China Securities Journal, Securities Times, and Cninfo.com on January 13, 2018.
Explanation on related trusteeship/contract
Not applicable
(3) Related lease
As a lessor for the Company::
266
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
In RMB
Lease income Lease income
Lessee Assets type
recognized in the Period recognized in prior Period
Dongguan Mingyuan Hotel
Property Lease 1,935,106 1,935,106
Co., Ltd.
Property Company Property Lease 283,746 283,746
Guangdong Yudean
property Lease 0 26,422
Shipping
Yudean Environment
property Lease 161,905 161,905
Protection
Guangdong Energy Group
Yunfu Xuneng Power property Lease 12,186 0
Generation Co., Ltd.
Huizhou Natural gas Co.,
Equipment lease 232,844 0
Ltd.
Huizhou Natural gas
Land lease 2,375,193 0
Development Co., Ltd.
The company was lessee：
In RMB
Variable lease
Rental charges payments not
Interest expenses
for short-term and included in lease Increased use
Rent paid on lease liabilities
low-value assets liabilities right assets
Catego assumed
(if any) measurement (if
ry of
Lessor any)
leased
Amoun Amoun Amoun Amoun Amoun Amoun Amoun Amoun Amoun Amoun
assets
t of t of t of t of t of t of t of t of t of t of
current previou current previou current previou current previou current previou
period s period s period s period s period s
period period period period period
Yudean Financi
165,19 584,70 76,181, 123,95 1,603,7 813,12
Financ ng 0 0 0 0
7,717 2,146 329.63 8,270 15,635 2,398
e lease leasing
Yudean Leasin
5,746,6 2,013,4 8,804,3 7,677,5 133,13
Real g 0 0 65,944 0 0
22 46 03 04 9
Estate service
Explanation on related lease
Not applicable
（4）Status of related party guarantee
As a guarantor for the company
267
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
In RMB
Execution
Guarantor Guarantee amount Start date End date
accomplished
Guangdong Energy
1,842,080,000 December 3,2019 September 15,2043 No
Group Co., Ltd.
As a secured party for the company
Not applicable
(5) Inter-bank lending of capital of related parties：
In RMB
Amount
Related party Initial date Due date Notes
borrowed and loaned
Borrowed
Guangdong Energy
Group Finance Co., 200,000,000 October 26,2023 October 25,2024
Ltd.
Guangdong Energy
Group Finance Co., 300,000,000 December 11,2023 December 10,2024
Ltd.
Guangdong Energy
Group Finance Co., 285,000,000 April 17,2024 April 16,2025
Ltd.
Guangdong Energy
Group Finance Co., 39,581,149 August 29,2023 August 28,2024
Ltd.
Guangdong Energy
Group Finance Co., 95,104,226 November 8,2023 November 7,2024
Ltd.
Guangdong Energy
Group Finance Co., 11,235,334 December 21,2023 December 20,2024
Ltd.
Guangdong Energy
Group Finance Co., 4,620,000 January 26,2024 January 24,2025
Ltd.
Guangdong Energy
Group Finance Co., 21,736,783 February 1,2024 January 27,2025
Ltd.
Guangdong Energy
Group Finance Co., 20,097,000 March 15,2024 March 14,2025
Ltd.
Guangdong Energy
Group Finance Co., 29,378,327 March 22,2024 March 21,2025
Ltd.
268
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Guangdong Energy
Group Finance Co., 86,300,104 May 14,2024 May 13,2025
Ltd.
Guangdong Energy
Group Finance Co., 78,495,353 May 27,2024 May 26,2025
Ltd.
Guangdong Energy
Group Finance Co., 80,000,000 April 25,2022 March 16,2042
Ltd.
Guangdong Energy
Group Finance Co., 10,000,000 June 28,2022 March 16,2042
Ltd.
Guangdong Energy
Group Finance Co., 23,000,000 June 30,2022 Mazrch 16,2042
Ltd.
Guangdong Energy
Group Finance Co., 10,000,000 August 30,2022 March 16,2042
Ltd.
Guangdong Energy
Group Finance Co., 10,000,000 September 20,2022 March 16,2042
Ltd.
Guangdong Energy
Group Finance Co., 7,974,011 September 29,2022 March 16,2042
Ltd.
Guangdong Energy
Group Finance Co., 50,000,000 November 8,2022 March 16,2042
Ltd.
Guangdong Energy
Group Finance Co., 4,261,922 November 16,2022 March 16,2042
Ltd.
Guangdong Energy
Group Finance Co., 30,036,827 February 14,2023 March 16,2042
Ltd.
Guangdong Energy
Group Finance Co., 26,310,487 March 3,2023 March 16,2042
Ltd.
Guangdong Energy
Group Finance Co., 10,000,000 March 28,2023 March 16,2042
Ltd.
Guangdong Energy
Group Finance Co., 10,000,000 March 29,2023 March 16,2042
Ltd.
Guangdong Energy 20,000,000 July 24,2023 March 16,2042
269
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Group Finance Co.,
Ltd.
Guangdong Energy
Group Finance Co., 4,611,055 July 27,2023 March 16,2042
Ltd.
Guangdong Energy
Group Finance Co., 28,296,015 October 23,2023 March 16,2042
Ltd.
Guangdong Energy
Group Finance Co., 20,000,000 October 30,2023 March 16,2042
Ltd.
Guangdong Energy
Group Finance Co., 28,753,948 October 31,2023 March 16,2042
Ltd.
Guangdong Energy
Group Finance Co., 34,152,153 December 21,2023 March 16,2042
Ltd.
Guangdong Energy
Group Finance Co., 38,943,771 June 21,2024 March 16,2042
Ltd.
Guangdong Energy
Group Finance Co., 20,361,600 November 15,2021 December 24,2035
Ltd.
Guangdong Energy
Group Finance Co., 52,800,000 January 19,2022 December 24,2035
Ltd.
Guangdong Energy
Group Finance Co., 633,600,000 May 19,2023 December 24,2035
Ltd.
Guangdong Energy
Group Finance Co., 48,000,000 June 26,2023 December 24,2035
Ltd.
Guangdong Energy
Group Finance Co., 28,800,000 August 17,2023 December 24,2035
Ltd.
Guangdong Energy
Group Finance Co., 38,400,000 November 17,2023 December 24,2035
Ltd.
Guangdong Energy
Group Finance Co., 6,620,000 September 22,2023 June 21,2043
Ltd.
Guangdong Energy
100,000,000 December 27,2023 June 21,2043
Group Finance Co.,
270
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Ltd.
Guangdong Energy
Group Finance Co., 38,520,000 January 19,2024 June 21,2043
Ltd.
Guangdong Energy
Group Finance Co., 26,460,000 March 28,2024 June 21,2043
Ltd.
Guangdong Energy
Group Finance Co., 18,640,000 June 20,2024 June 21,2043
Ltd.
Guangdong Energy
Group Finance Co., 25,385 September 25,2023 September 24,2024
Ltd.
Guangdong Energy
Group Finance Co., 37,870,769 November 12,2014 October 27,2029
Ltd.
Guangdong Energy
Group Finance Co., 92,008,462 December 10,2014 October 27,2029
Ltd.
Guangdong Energy
Group Finance Co., 43,068,693 February 4,2015 October 27,2029
Ltd.
Guangdong Energy
Group Finance Co., 21,153,846 June 17,2015 October 27,2029
Ltd.
Guangdong Energy
Group Finance Co., 21,153,846 July 23,2015 October 27,2029
Ltd.
Guangdong Energy
Group Finance Co., 28,700,769 September 15,2015 October 27,2029
Ltd.
Guangdong Energy
Group Finance Co., 16,076,923 September 28,2015 October 27,2029
Ltd.
Guangdong Energy
Group Finance Co., 144,199,768 October 13,2015 October 27,2029
Ltd.
Guangdong Energy
Group Finance Co., 10,176,923 December 16,2015 October 27,2029
Ltd.
Guangdong Energy
Group Finance Co., 14,384,615 June 20,2018 October 27,2029
Ltd.
271
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Guangdong Energy
Group Finance Co., 760,000 September 20,2018 October 27,2029
Ltd.
Guangdong Energy
Group Finance Co., 1,840,000 May 18,2023 May 17,2043
Ltd.
Guangdong Energy
Group Finance Co., 10,720,000 May 29,2023 May 17,2043
Ltd.
Guangdong Energy
Group Finance Co., 54,000,000 November 28,2023 May 17,2043
Ltd.
Guangdong Energy
Group Finance Co., 100,000,000 December 26,2023 May 17,2043
Ltd.
Guangdong Energy
Group Finance Co., 27,372,741 March 13,2024 March 12,2025
Ltd.
Guangdong Energy
Group Finance Co., 34,218,633 June 25,2024 March 12,2025
Ltd.
Guangdong Energy
Group Finance Co., 5,121,281 February 2,2023 December 27,2042
Ltd.
Guangdong Energy
Group Finance Co., 43,000,000 February 14,2023 December 27,2042
Ltd.
Guangdong Energy
Group Finance Co., 3,513,675 February 28,2023 December 27,2042
Ltd.
Guangdong Energy
Group Finance Co., 7,147,642 April 24,2023 December 27,2042
Ltd.
Guangdong Energy
Group Finance Co., 25,000,000 June 16,2023 December 27,2042
Ltd.
Guangdong Energy
Group Finance Co., 26,268,346 July 28,2023 December 27,2042
Ltd.
Guangdong Energy
Group Finance Co., 47,262,936 November 6,2023 December 27,2042
Ltd.
Guangdong Energy 12,403,997 February 27,2024 December 27,2042
272
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Group Finance Co.,
Ltd.
Guangdong Energy
Group Finance Co., 19,883,786 May 13,2024 December 27,2042
Ltd.
Guangdong Energy
Group Finance Co., 28,000,000 May 19,2023 May 18,2038
Ltd.
Guangdong Energy
Group Finance Co., 300,000 June 25,2023 May 18,2038
Ltd.
Guangdong Energy
Group Finance Co., 91,384,616 September 2,2015 May 26,2030
Ltd.
Guangdong Energy
Group Finance Co., 91,384,615 December 17,2015 May 26,2030
Ltd.
Guangdong Energy
Group Finance Co., 6,396,923 January 25,2017 May 26,2030
Ltd.
Guangdong Energy
Group Finance Co., 4,641,077 October 27,2017 May 26,2030
Ltd.
Guangdong Energy
Group Finance Co., 20,420,430 December 11,2017 May 26,2030
Ltd.
Guangdong Energy
Group Finance Co., 9,045,721 January 31,2018 May 26,2030
Ltd.
Guangdong Energy
Group Finance Co., 3,456,307 April 28,2018 Mary 26,2030
Ltd.
Guangdong Energy
Group Finance Co., 11,376,961 July 4,2018 May 26,2030
Ltd.
Guangdong Energy
Group Finance Co., 2,595,519 August 1,2018 May 26,2030
Ltd.
Guangdong Energy
Group Finance Co., 4,163,769 November 22,2018 May 26,2030
Ltd.
Guangdong Energy
3,088,593 January 24,2019 May 26,2030
Group Finance Co.,
273
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Ltd.
Guangdong Energy
Group Finance Co., 3,682,618 April 12,2019 May 26,2030
Ltd.
Guangdong Energy
Group Finance Co., 5,722,821 January 17,2020 May 26,2030
Ltd.
Guangdong Energy
Group Finance Co., 4,496,060 March 25,2020 May 26,2030
Ltd.
Guangdong Energy
Group Finance Co., 9,612,081 April 8,2020 May 26,2030
Ltd.
Guangdong Energy
Group Finance Co., 12,961,293 April 30,2020 May 26,2030
Ltd.
Guangdong Energy
Group Finance Co., 11,809,930 May 17,2016 May 16,2031
Ltd.
Guangdong Energy
Group Finance Co., 24,213,624 March 7,2017 May 16,2031
Ltd.
Guangdong Energy
Group Finance Co., 8,470,000 May 19,2017 May 16,2031
Ltd.
Guangdong Energy
Group Finance Co., 30,478,000 June 14,2017 May 16,2031
Ltd.
Guangdong Energy
Group Finance Co., 28,000,000 June 21,2017 May 16,2031
Ltd.
Guangdong Energy
Group Finance Co., 15,358,933 August 10,2017 May 16,2031
Ltd.
Guangdong Energy
Group Finance Co., 208,596 January 10,2018 May 16,2031
Ltd.
Guangdong Energy
Group Finance Co., 22,360,800 May 11,2018 May 16,2031
Ltd.
Guangdong Energy
Group Finance Co., 11,503,169 February 24,2022 November 11,2041
Ltd.
274
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Guangdong Energy
Group Finance Co., 28,604,890 April 20,2022 November 11,2041
Ltd.
Guangdong Energy
Group Finance Co., 10,200,000 June 23,2022 November 11,2041
Ltd.
Guangdong Energy
Group Finance Co., 5,110,000 July 25,2022 November 11,2041
Ltd.
Guangdong Energy
Group Finance Co., 25,500,000 August 29,2022 November 11,2041
Ltd.
Guangdong Energy
Group Finance Co., 8,000,000 December 28,2022 November 11,2041
Ltd.
Guangdong Energy
Group Finance Co., 100,000,000 December 28,2023 December 27,2024
Ltd.
Guangdong Energy
Group Finance Co., 334,491,906 June 28,2017 July 20,2042
Ltd.
Guangdong Energy
Group Finance Co., 115,701,252 November 7,2023 November 6,2043
Ltd.
Guangdong Energy
Group Finance Co., 3,500,000 September 27,2023 September 26,2041
Ltd.
Guangdong Energy
Group Finance Co., 3,866,592 October 11,2023 September 26,2041
Ltd.
Guangdong Energy
Group Finance Co., 4,802,412 November 20,2023 September 26,2041
Ltd.
Guangdong Energy
Group Finance Co., 3,000,000 December 25,2023 September 26,2041
Ltd.
Guangdong Energy
Group Finance Co., 1,802,412 December 27,2023 September 26,2041
Ltd.
Guangdong Energy
Group Finance Co., 4,000,000 January 15,2024 September 26,2041
Ltd.
Guangdong Energy 3,203,618 January 22,2024 September 26,2041
275
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Group Finance Co.,
Ltd.
Guangdong Energy
Group Finance Co., 100,000,000 July 20,2023 July 19,2024
Ltd.
Guangdong Energy
Group Finance Co., 100,000,000 August 7,2023 August 6,2024
Ltd.
Guangdong Energy
Group Finance Co., 100,000,000 October 19,2023 October 18,2024
Ltd.
Guangdong Energy
Group Finance Co., 100,000,000 November 28,2023 November 27,2024
Ltd.
Guangdong Energy
Group Finance Co., 100,000,000 December 15,2023 December 13,2024
Ltd.
Guangdong Energy
Group Finance Co., 50,000,000 December 20,2023 December 19,2024
Ltd.
Guangdong Energy
Group Finance Co., 100,000,000 April 26,2024 April 25,2025
Ltd.
Guangdong Energy
Group Finance Co., 100,000,000 May 13,2024 May 12,2025
Ltd.
Guangdong Energy
Group Finance Co., 9,000,000 July 13,2023 July 12,2024
Ltd.
Guangdong Energy
Group Finance Co., 8,000,000 July 16,2023 July 17,2024
Ltd.
Guangdong Energy
Group Finance Co., 7,000,000 July 26,2023 July 25,2024
Ltd.
Guangdong Energy
Group Finance Co., 8,500,000 August 10,2023 August 19,2024
Ltd.
Guangdong Energy
Group Finance Co., 9,000,000 August 25,2023 August 23,2024
Ltd.
Guangdong Energy
8,500,000 September 4,2023 September 3,2024
Group Finance Co.,
276
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Ltd.
Guangdong Energy
Group Finance Co., 9,000,000 September 6,2023 September 5,2024
Ltd.
Guangdong Energy
Group Finance Co., 9,800,000 September 11,2023 September 10,2024
Ltd.
Guangdong Energy
Group Finance Co., 5,000,000 November 7,2023 November 6,2024
Ltd.
Guangdong Energy
Group Finance Co., 2,820,000 November 28,2023 November 27,2024
Ltd.
Guangdong Energy
Group Finance Co., 8,620,000 December 1,2023 November 29,2024
Ltd.
Guangdong Energy
Group Finance Co., 8,560,000 December 11,2023 December 10,2024
Ltd.
Guangdong Energy
Group Finance Co., 6,000,000 February 7,2024 January 27,2025
Ltd.
Guangdong Energy
Group Finance Co., 2,900,000 February 29,2024 February 28,2025
Ltd.
Guangdong Energy
Group Finance Co., 1,900,000 March 12,2024 March 11,2025
Ltd.
Guangdong Energy
Group Finance Co., 2,200,000 April 11,2024 April 10,2025
Ltd.
Guangdong Energy
Group Finance Co., 620,000 May 13,2024 May 12,2025
Ltd.
Guangdong Energy
Group Finance Co., 2,396,616 May 15,2024 May 14,2025
Ltd.
Guangdong Energy
Group Finance Co., 899,000 June 11,2024 June 10,2025
Ltd.
Guangdong Energy
Group Finance Co., 901,000 June 17,2024 June 16,2025
Ltd.
277
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Guangdong Energy
Group Finance Co., 812,165 June 20,2024 June 19,2025
Ltd.
Guangdong Energy
Group Finance Co., 19,087,113 July 25,2023 July 24,2024
Ltd.
Guangdong Energy
Group Finance Co., 14,181,754 August 4,2023 August 2,2024
Ltd.
Guangdong Energy
Group Finance Co., 13,808,772 August 28,2023 August 27,2024
Ltd.
Guangdong Energy
Group Finance Co., 13,482,368 September 7,2023 September 6,2024
Ltd.
Guangdong Energy
Group Finance Co., 12,338,075 September 25,2023 September 24,2024
Ltd.
Guangdong Energy
Group Finance Co., 16,800,000 March 13,2024 September 26,2024
Ltd.
Guangdong Energy
Group Finance Co., 21,539,249 October 25,2023 October 24,2024
Ltd.
Guangdong Energy
Group Finance Co., 9,074,796 November 13,2023 November 12,2024
Ltd.
Guangdong Energy
Group Finance Co., 14,877,326 November 28,2023 November 27,2024
Ltd.
Guangdong Energy
Group Finance Co., 4,598,970 December 6,2023 December 5,2024
Ltd.
Guangdong Energy
Group Finance Co., 3,820,791 December 12,2023 December 11,2024
Ltd.
Guangdong Energy
Group Finance Co., 7,864,651 December 26,2023 December 25,2024
Ltd.
Guangdong Energy
Group Finance Co., 9,085,015 January 11,2024 January 10,2025
Ltd.
Guangdong Energy 13,457,019 January 23,2024 January 22,2025
278
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Group Finance Co.,
Ltd.
Guangdong Energy
Group Finance Co., 15,379,148 February 27,2024 February 26,2025
Ltd.
Guangdong Energy
Group Finance Co., 10,289,573 March 20,2024 March 19,2025
Ltd.
Guangdong Energy
Group Finance Co., 22,169,808 March 28,2024 March 27,2025
Ltd.
Guangdong Energy
Group Finance Co., 13,848,045 May 20,2024 May 19,2025
Ltd.
Guangdong Energy
Group Finance Co., 40,000,000 June 3,2024 June 2,2025
Ltd.
Guangdong Energy
Group Finance Co., 10,000,000 June 3,2024 June 2,2025
Ltd.
Guangdong Energy
Group Finance Co., 10,912,496 June 25,2024 June 24,2025
Ltd.
Guangdong Energy
Group Finance Co., 100,000,000 January 15,2021 January 14,2041
Ltd.
Guangdong Energy
Group Finance Co., 100,000,000 September 18,2023 September 17,2024
Ltd.
Guangdong Energy
Group Finance Co., 50,000,000 October 20,2023 October 18,2024
Ltd.
Guangdong Energy
Group Finance Co., 50,000,000 December 28,2023 December 27,2024
Ltd.
Guangdong Energy
Group Finance Co., 85,000,000 April 19,2024 April 18,2025
Ltd.
Guangdong Energy
Group Finance Co., 50,000,000 April 26,2024 April 25,2025
Ltd.
Guangdong Energy
50,000,000 May 11,2024 May 9,2025
Group Finance Co.,
279
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Ltd.
Guangdong Energy
Group Finance Co., 50,000,000 June 26,2024 June 25,2025
Ltd.
Guangdong Energy
Group Finance Co., 48,387,129 January 15,2015 January 14,2029
Ltd.
Guangdong Energy
Group Finance Co., 180,000,000 November 2,2023 November 1,2024
Ltd.
Guangdong Energy
Group Finance Co., 140,000,000 November 6,2023 November 5,2024
Ltd.
Guangdong Energy
Group Finance Co., 200,000,000 December 18,2023 December 17,2024
Ltd.
Guangdong Energy
Group Finance Co., 200,000,000 February 2,2024 February 1,2025
Ltd.
Guangdong Energy
Group Finance Co., 200,000,000 March 28,2024 March 27,2025
Ltd.
Guangdong Energy
Group Finance Co., 150,000,000 June 17,2024 June 16,2025
Ltd.
Guangdong Energy
Group Finance Co., 603,500 February 23,2023 February 20,2043
Ltd.
Guangdong Energy
Group Finance Co., 7,190,180 April 17,2023 February 20,2043
Ltd.
Guangdong Energy
Group Finance Co., 34,514,779 May 22,2023 February 20,2043
Ltd.
Guangdong Energy
Group Finance Co., 3,600,090 July 25,2023 February 20,2043
Ltd.
Guangdong Energy
Group Finance Co., 3,584,720 May 27,2024 February 20,2043
Ltd.
Guangdong Energy
Group Finance Co., 1,330,584 June 19,2024 February 20,2043
Ltd.
280
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Guangdong Energy
Group Finance Co., 4,125,400 June 24,2024 February 20,2043
Ltd.
Guangdong Energy
Group Finance Co., 19,450,000 July 23,2018 July 23,2033
Ltd.
Guangdong Energy
Group Finance Co., 3,000,000 March 3,2016 February 10,2033
Ltd.
Guangdong Energy
Group Finance Co., 1,000,000 March 3,2016 February 10,2033
Ltd.
Guangdong Energy
Group Finance Co., 1,639,968 December 16,2015 February 10,2033
Ltd.
Guangdong Energy
Group Finance Co., 270,634 August 26,2019 June 25,2039
Ltd.
Guangdong Energy
Group Finance Co., 1,297,700 September 12,2019 June 25,2039
Ltd.
Guangdong Energy
Group Finance Co., 180,000 September 29,2019 June 25,2039
Ltd.
Guangdong Energy
Group Finance Co., 210,000 October 29,2019 June 25,2039
Ltd.
Guangdong Energy
Group Finance Co., 3,000,000 November 21,2019 June 25,2039
Ltd.
Guangdong Energy
Group Finance Co., 2,000,000 December 5,2019 June 25,2039
Ltd.
Guangdong Energy
Group Finance Co., 1,100,000 December 18,2019 June 25,2039
Ltd.
Guangdong Energy
Group Finance Co., 1,800,000 January 14,2020 June 25,2039
Ltd.
Guangdong Energy
Group Finance Co., 1,500,000 February 25,2020 June 25,2039
Ltd.
Guangdong Energy 47,400,000 April 16,2020 June 25,2039
281
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Group Finance Co.,
Ltd.
Guangdong Energy
Group Finance Co., 54,000,000 April 29,2020 June 25,2039
Ltd.
Guangdong Energy
Group Finance Co., 8,500,000 May 18,2020 June 25,2039
Ltd.
Guangdong Energy
Group Finance Co., 6,700,000 June 17,2020 June 25,2039
Ltd.
Guangdong Energy
Group Finance Co., 11,200,000 July 9,2020 June 25,2039
Ltd.
Guangdong Energy
Group Finance Co., 19,500,000 August 10,2020 June 25,2039
Ltd.
Guangdong Energy
Group Finance Co., 7,700,000 August 20,2020 June 25,2039
Ltd.
Guangdong Energy
Group Finance Co., 36,000,000 September 10,2020 June 25,2039
Ltd.
Guangdong Energy
Group Finance Co., 5,700,000 September 15,2020 June 25,2039
Ltd.
Guangdong Energy
Group Finance Co., 11,600,000 October 15,2020 June 25,2039
Ltd.
Guangdong Energy
Group Finance Co., 7,100,000 November 19,2020 June 25,2039
Ltd.
Guangdong Energy
Group Finance Co., 5,000,000 March 16,2021 June 25,2039
Ltd.
Guangdong Energy
Group Finance Co., 10,000,000 April 6,2021 June 25,2039
Ltd.
Guangdong Energy
Group Finance Co., 8,121,854 April 22,2021 June 25,2039
Ltd.
Guangdong Energy
5,000,000 May 20,2021 June 25,2039
Group Finance Co.,
282
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Ltd.
Guangdong Energy
Group Finance Co., 20,000,000 August 12,2021 June 25,2039
Ltd.
Guangdong Energy
Group Finance Co., 2,500,000 December 27,2019 December 26,2034
Ltd.
Guangdong Energy
Group Finance Co., 19,500,000 June 24,2020 December 26,2034
Ltd.
Guangdong Energy
Group Finance Co., 16,133,103 October 9,2020 December 26,2034
Ltd.
Guangdong Energy
Group Finance Co., 13,000,000 November 17,2020 December 26,2034
Ltd.
Guangdong Energy
Group Finance Co., 24,000,000 December 11,2020 December 26,2034
Ltd.
Guangdong Energy
Group Finance Co., 4,500,000 February 5,2021 December 26,2034
Ltd.
Guangdong Energy
Group Finance Co., 3,528,114 June 24,2022 December 26,2034
Ltd.
Guangdong Energy
Group Finance Co., 1,910,525 September 22,2022 December 26,2034
Ltd.
Guangdong Energy
Group Finance Co., 1,245,833 May 29,2020 May 25,2035
Ltd.
Guangdong Energy
Group Finance Co., 2,108,333 June 22,2020 May 25,2035
Ltd.
Guangdong Energy
Group Finance Co., 4,360,417 June 28,2020 May 25,2035
Ltd.
Guangdong Energy
Group Finance Co., 5,750,000 July 22,2020 May 25,2035
Ltd.
Guangdong Energy
Group Finance Co., 2,587,500 August 14,2020 May 25,2035
Ltd.
283
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Guangdong Energy
Group Finance Co., 6,516,667 September 14,2020 May 25,2035
Ltd.
Guangdong Energy
Group Finance Co., 11,500,000 October 23,2020 May 25,2035
Ltd.
Guangdong Energy
Group Finance Co., 29,708,333 November 12,2021 May 25,2035
Ltd.
Guangdong Energy
Group Finance Co., 5,000,000 January 25,2022 May 25,2035
Ltd.
Guangdong Energy
Group Finance Co., 36,000,000 June 10,2022 May 25,2035
Ltd.
Guangdong Energy
Group Finance Co., 7,000,000 September 26,2022 May 25,2035
Ltd.
Guangdong Energy
Group Finance Co., 22,700,000 May 25,2023 May 25,2035
Ltd.
Guangdong Energy
Group Finance Co., 8,640,000 November 4,2020 November 2,2035
Ltd.
Guangdong Energy
Group Finance Co., 8,640,000 November 19,2020 November 2,2035
Ltd.
Guangdong Energy
Group Finance Co., 2,880,000 January 22,2021 November 2,2035
Ltd.
Guangdong Energy
Group Finance Co., 24,960,000 July 26,2021 November 2,2035
Ltd.
Guangdong Energy
Group Finance Co., 9,600,000 October 20,2021 November 2,2035
Ltd.
Guangdong Energy
Group Finance Co., 9,600,000 December 10,2021 November 2,2035
Ltd.
Guangdong Energy
Group Finance Co., 14,400,000 December 27,2021 November 2,2035
Ltd.
Guangdong Energy 14,400,000 January 19,2022 November 2,2035
284
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Group Finance Co.,
Ltd.
Guangdong Energy
Group Finance Co., 9,600,000 May 30,2022 November 2,2035
Ltd.
Guangdong Energy
Group Finance Co., 32,158,952 February 26,2020 November 2,2035
Ltd.
Guangdong Energy
Group Finance Co., 20,000,000 April 9,2020 January 2,2040
Ltd.
Guangdong Energy
Group Finance Co., 43,481,594 May 14,2020 January 2,2040
Ltd.
Guangdong Energy
Group Finance Co., 43,850,008 May 27,2020 January 2,2040
Ltd.
Guangdong Energy
Group Finance Co., 15,400,000 June 17,2020 January 2,2040
Ltd.
Guangdong Energy
Group Finance Co., 48,350,000 July 16,2020 January 2,2040
Ltd.
Guangdong Energy
Group Finance Co., 83,613,861 August 20,2020 January 2,2040
Ltd.
Guangdong Energy
Group Finance Co., 21,281,010 August 27,2020 January 2,2040
Ltd.
Guangdong Energy
Group Finance Co., 12,188,757 September 16,2020 January 2,2040
Ltd.
Guangdong Energy
Group Finance Co., 30,000,000 October 16,2020 January 2,2040
Ltd.
Guangdong Energy
Group Finance Co., 16,530,202 November 19,2020 January 2,2040
Ltd.
Guangdong Energy
Group Finance Co., 6,290,000 December 10,2020 January 2,2040
Ltd.
Guangdong Energy
11,000,000 January 21,2021 January 2,2040
Group Finance Co.,
285
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Ltd.
Guangdong Energy
Group Finance Co., 13,084,526 March 11,2021 January 2,2040
Ltd.
Guangdong Energy
Group Finance Co., 86,135,248 April 14,2021 January 2,2040
Ltd.
Guangdong Energy
Group Finance Co., 31,500,000 May 18,2021 January 2,2040
Ltd.
Guangdong Energy
Group Finance Co., 60,000,000 December 16,2021 January 2,2040
Ltd.
Guangdong Energy
Group Finance Co., 50,000,000 December 27,2022 January 2,2040
Ltd.
Guangdong Energy
Group Finance Co., 30,000,000 March 30,2021 March 29, 2036
Ltd.
Guangdong Energy
Group Finance Co., 18,597,140 December 17,2021 March 29, 2036
Ltd.
Guangdong Energy
Group Finance Co., 3,900,000 October 27,2023 October 26,2024
Ltd.
Guangdong Energy
Group Finance Co., 1,100,000 December 18,2023 December 17,2024
Ltd.
Guangdong Energy
Group Finance Co., 2,000,000 March 1,2024 February 28,2025
Ltd.
Guangdong Energy
Group Finance Co., 15,000,000 July 27,2023 June 21,2043
Ltd.
Guangdong Energy
Group Finance Co., 15,000,000 August 24,2023 June 21,2043
Ltd.
Guangdong Energy
Group Finance Co., 15,000,000 August 24,2023 June 21,2043
Ltd.
Guangdong Energy
Group Finance Co., 17,000,000 September 8,2023 June 21,2043
Ltd.
286
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Guangdong Energy
Group Finance Co., 27,517,661 September 15,2023 June 21,2043
Ltd.
Guangdong Energy
Group Finance Co., 37,500,000 January 29,2024 June 21,2043
Ltd.
Guangdong Energy
Group Finance Co., 13,852,070 April 17,2024 June 21,2043
Ltd.
Guangdong Energy
Group Finance Co., 9,800,000 June 30,2023 June 8,2043
Ltd.
Guangdong Energy
Group Finance Co., 20,000,000 August 28,2023 June 8,2043
Ltd.
Guangdong Energy
Group Finance Co., 30,000,000 December 21,2023 June 8,2043
Ltd.
Guangdong Energy
Group Finance Co., 11,691,667 May 21,2020 May 18,2035
Ltd.
Guangdong Energy
Group Finance Co., 2,875,000 June 22,2020 May 18,2035
Ltd.
Guangdong Energy
Group Finance Co., 1,437,500 June 30,2020 May 18,2035
Ltd.
Guangdong Energy
Group Finance Co., 7,666,667 July 28,2020 May 18,2035
Ltd.
Guangdong Energy
Group Finance Co., 11,500,000 September 21,2020 May 18,2035
Ltd.
Guangdong Energy
Group Finance Co., 7,666,667 November 23,2020 May 18,2035
Ltd.
Guangdong Energy
Group Finance Co., 8,145,833 February 3,2021 May 18,2035
Ltd.
Guangdong Energy
Group Finance Co., 4,791,667 May 13,2021 May 18,2035
Ltd.
Guangdong Energy 9,583,333 November 11,2021 May 18,2035
287
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Group Finance Co.,
Ltd.
Guangdong Energy
Group Finance Co., 9,583,333 December 16,2021 May 18,2035
Ltd.
Guangdong Energy
Group Finance Co., 16,291,667 December 23,2021 May 18,2035
Ltd.
Guangdong Energy
Group Finance Co., 9,583,333 January 4,2022 May 18,2035
Ltd.
Guangdong Energy
Group Finance Co., 3,162,500 January 17,2022 May 18,2035
Ltd.
Guangdong Energy
Group Finance Co., 14,375,000 May 19,,2022 May 18,2035
Ltd.
Guangdong Energy
Group Finance Co., 2,705,882 January 30,2019 November 30,2016
Ltd.
Guangdong Energy
Group Finance Co., 2,000,000 February 25,2019 November 30,2016
Ltd.
Guangdong Energy
Group Finance Co., 4,031,250 December 18,2017 August 15,2031
Ltd.
Guangdong Energy
Group Finance Co., 5,000,000 August 20,2018 August 15,2031
Ltd.
Guangdong Energy
Group Finance Co., 10,000,000 February 26,2019 August 15,2031
Ltd.
Guangdong Energy
Group Finance Co., 30,281,250 March 12,2019 August 15,2031
Ltd.
Guangdong Energy
Group Finance Co., 18,662,178 November 26,2020 December 27,2036
Ltd.
Guangdong Energy
Group Finance Co., 69,030,000 May 29,2020 May 28,2040
Ltd.
Guangdong Energy
46,020,000 June 16,2020 May 28,2040
Group Finance Co.,
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Ltd.
Guangdong Energy
Group Finance Co., 28,000,000 November 4,2020 May 28,2040
Ltd.
Guangdong Energy
Group Finance Co., 60,000,000 January 4,2021 May 28,2040
Ltd.
Guangdong Energy
Group Finance Co., 19,000,000 March 26,2021 May 28,2040
Ltd.
Guangdong Energy
Group Finance Co., 20,000,000 July 16,2021 May 28,2040
Ltd.
Guangdong Energy
Group Finance Co., 57,305,000 October 26,2022 May 28,2040
Ltd.
Guangdong Energy
Group Finance Co., 390,000 December 3,2021 December 29,2040
Ltd.
Guangdong Energy
Group Finance Co., 36,800,000 May 27,2024 May 26,2025
Ltd.
Guangdong Energy
Group Finance Co., 48,880,144 December 14,2023 December 13,2024
Ltd.
Guangdong Energy
Group Finance Co., 110,809,058 February 5,2024 December 13,2024
Ltd.
Guangdong Energy
Group Finance Co., 75,000,000 June 12,2024 December 13,2024
Ltd.
Guangdong Energy
Group Finance Co., 200,000,000 August 15,2023 August 14,2024
Ltd.
Guangdong Energy
Group Finance Co., 100,000,000 August 23,2023 August 22,2024
Ltd.
Guangdong Energy
Group Finance Co., 100,000,000 March 13,2024 March 12,2025
Ltd.
Guangdong Energy
Group Finance Co., 100,000,000 April 25,2024 May 24,2025
Ltd.
289
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Guangdong Energy
Group Finance Co., 172,121,088 December 25,2013 December 21,2028
Ltd.
Guangdong Energy
Group Finance Co., 142,402,887 April 24,2024 April 23,2025
Ltd.
Guangdong Energy
Group Finance Co., 32,468,786 May 23,2024 May 22,2025
Ltd.
Guangdong Energy
Group Finance Co., 57,483,944 June 25,2024 June 24,2025
Ltd.
Guangdong Energy
Group Finance Co., 1,145,000 August 24,2017 June 22,2032
Ltd.
Guangdong Energy
Group Finance Co., 190,000 September 22,2017 June 22,2032
Ltd.
Guangdong Energy
Group Finance Co., 645,000 November 2,2017 June 22,2032
Ltd.
Guangdong Energy
Group Finance Co., 6,400,000 November 28,2017 June 22,2032
Ltd.
Guangdong Energy
Group Finance Co., 110,000 December 18,2017 June 22,2032
Ltd.
Guangdong Energy
Group Finance Co., 1,610,000 May 10,2018 June 22,2032
Ltd.
Guangdong Energy
Group Finance Co., 6,600,000 May 29,2018 June 22,2032
Ltd.
Guangdong Energy
Group Finance Co., 17,300,000 June 13,2018 June 22,2032
Ltd.
Guangdong Energy
Group Finance Co., 1,600,000 June 20,2018 June 22,2032
Ltd.
Guangdong Energy
Group Finance Co., 7,140,000 September 13,2018 June 22,2032
Ltd.
Guangdong Energy 5,360,000 October 10,2018 June 22,2032
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Group Finance Co.,
Ltd.
Guangdong Energy
Group Finance Co., 2,680,000 October 23,2018 June 22,2032
Ltd.
Guangdong Energy
Group Finance Co., 4,110,000 October 29,2018 June 22,2032
Ltd.
Guangdong Energy
Group Finance Co., 12,500,000 November 20,2018 June 22,2032
Ltd.
Loaned
（6） Related party asset transfer and debt restructuring
Not applicable
(7) Rewards for the key management personnel
In RMB
Items Amount of current period Amount of previous period
Annual salary of the operator 1,903,991 1,775,646
（8）Other related transactions
（a）Interest income
Items Amount of current period Amount of previous period
Deposit interest of Energy Group
73,985,946 40,916,640
Finance
Proportion % 85.47% 76.32%
（b）Interest expense
Items Amount of current period Amount of previous period
Interest of borrowing of
Guangdong Energy Finance 114,016,943 128,348,234
Company
Discount interest of Guangdong
988,491 1,042,500
Energy Finance Company
Proportion 9.58% 10.85%
（c） Interest payable
Items Amount of current period Amount of previous period
Enerty Finance Lease interest 58,137,731 123,958,270
291
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
（d）Joint Investment
Energy Group
Maoming Thermal power plant 30.12%
Bohe Company 33%
Sha C Company 49%
Guanghe Electric Power 49%
Biomass Power Generation 49%
Xinhui Power Generation 44%
Energy Group Finance Company 60%
Industry Fuel 50%
Shanxi Energy Company 60%
Capital Company 51%
Energy Financing Leasing 50%
Yudean Shipping 65%
Yueqian Electric power 17.50%
Yangjiang Wind Power 10.96%
Zhuhai Wind Power 5.72%
Qujie Wind Power 1.68%
6. Payables and receivables of the related party
（1）Receivables
In RMB
At end of term At beginning of term
Related
Project Bad debt Book Bad debt
parties Book balance
provision balance provision
Monetary funds- Energy Group
14,136,867,933 14,171,704,397
Bank deposit Finance Company
Monetary funds-
Energy Group
Other Monetary 12,000,000
Finance Company
funds
Monetary funds- Energy Group
83,742,490 41,474,591
Interest receivable Finance Company
Guangdong Energy
Account receivable 9,132,727 8,165,793
Group
Account receivable Other 24,629,704 23,270,780
Zhuhai Power
Contract assets 13,344 26,094
Generation
Guangdong Energy
Contract assets 0 3,600
Group
Contract assets Other 1,292,285 961,101
292
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Yudean
Other account
Environmental 54,036,275 77,083,510
receivable
protection
Other account
Fuel Company 24,689,509 21,525,622
receivable
Other account
Other 15,868,870 15,285,557
receivable
Advance payment Fuel Company 913,770,568 1,309,518,653
Advance payment Other 6,093,985 897,183
Other non-current Technology
81,160,000 0
assets Company
（2）Payables
In RMB
Name Related party Amount at year end Amount at year beginning
Energy Group Finance
Note payable 240,000,000 275,000,000
Company
Account payable Fuel Company 3,090,182,416 2,810,463,766
Account payable Energy Natural Gas 569,482,894 224,060,788
Account payable Energy Group 38,960,000 118,816,771
Yudean Environmental
Account payable 58,236,717 43,397,880
Protection
Environmental Protection
Account payable 21,521,118 23,045,619
Material
Account payable Other 3,317,814 6,981,342
Other payable Huizhou Natural gas 177,384,900 177,384,900
Yudean Environmental
Other payable 90,271 19,782,246
Protection
Other payable Menghua New Energy 10,240,523 10,240,523
Other payable Yudean Property 1,107,733 6,563,681
Other payable Other 8,244,896 11,965,534
Lease liabilities Enerty Financing leasing 9,143,336,980 9,376,928,040
Short-term loans Finance Company 5,397,299,912 4,993,870,363
Non-current liability due in
Finance Company 86,566,435 299,173,285
1 year
Non-current liability due in
Energy Financing Leasing 61,697,574 102,595,561
1 year
Long-term loans Finance Company 5,533,480,400 5,131,596,996
7. Related party commitment
Not applicable
293
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
8.Other
Not applicable
XV. Stock payment
1. The Stock payment overall situation
□ Applicable √ Not applicable
2. The Stock payment settled by equity
□ Applicable √ Not applicable
3. The Stock payment settled by cash
□ Applicable √ Not applicable
4.The current shares will pay the fee
□ Applicable √ Not applicable
5. Revised and termination on share-based payment
6.Other
XVI. Commitments
1.Importance commitment events
Important commitments of existence of balance sheet date
(a) In September 2022, Guangdong Wind Power, a subsidiary of the Group, signed the framework
agreement with Shandong Fengxu for the acquisition of its 100% equity in Gaotang Fengxu New Energy Co.,
Ltd. As at 30 June 2024, Guangdong Wind Power paid a deposit of RMB 41,226,000 to Shandong Fengxu,
but the consideration for the equity transaction has not yet been determined.
(b) In August 2022, Guangdong Wind Power, a subsidiary of the Group, signed the framework
agreement with Hengyang New Energy for the acquisition of its no less than 65% equity in Wuxiang
Lvheng Photovoltaic Power Generation Co., Ltd. As at 30 June 2024, Guangdong Wind Power paid a
deposit of RMB 52,200,000 to Hengyang New Energy, but the consideration for th e equity transaction has
not yet been determined.
(c) In September 2022, Guangdong Wind Power, a subsidiary of the Group, signed the framework
agreement with Qinhuangdao Wohua Highway Engineering Co., Ltd. (“Wohua Engineering”) and
Qinhuangdao Angqian Trading Co., Ltd. (“Angqian Trading”) for the acquisition of their 100% equity (51%
of equity from Wohua Engineering and 49% of equity from Angqian Trading) in Qinglong Manchu
Autonomous County Jianhao Photovoltaic Technology Co., Ltd. (“Jianhao PV”). The con sideration for the
294
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
equity transaction has not yet been determined. As of June 30, 2024, Provincial Wind Power has paid a
transaction deposit of RMB 120,000,000 to Wohua Engineering and Angqian Trading, and the
consideration for the equity transaction has not been finalized yet.
(d) In February 2023, the subsidiary of the Group, Provincial Wind Power, signed a framework
agreement with Guangdong Tanxin Machinery and Equipment Leasing Co., Ltd. to acquire its 100%
equity of Lianjiang Junyang New Energy Technology Co., Ltd. As of June 3 0, 2024, Provincial Wind
Power had paid a transaction deposit of RMB 61,200,000 to Guangdong Tanxin Machinery and
Equipment Leasing Co., Ltd., and the consideration for the equity transaction has not been finalized yet.
e）In April 2024, the Guangdong Wind Power, a subsidiary of the Group, signed a framework
agreement with China Aviation Industry Renewable Energy Corporation ("Aviation Industry") to
acquire its 100% equity in Xiangzhou Yunjiang New Energy Co., Ltd. By June 30, 2024, the
Guangdong Wind Power had paid a transaction deposit of RMB 52,200,000 to Aviation Industry, and
the consideration for the equity transaction has not been finalized yet.
f ） In April 2024, Guangdong Wind Power, a subsidiary of the Group, signed a framework
agreement with China Aviation Industry Renewable Energy Corporation ("Aviation Industry") to
acquire its 100% equity in Xiangzhou Hangjing New Energy Co., Ltd. By June 30, 2024, Guangdong
Wind Power had paid a transaction deposit of RMB 99,180,000 to Aviation Industry, and the
consideration for the equity transaction has not been finalized yet.
g）In May 2024, Guangdong Energy Group Xinjiang Co., Ltd., a subsidiary of the Group, signed a
framework agreement with Jiangsu Sailafu Electric Power Development Co., Ltd. ("Sailafu Electric
Power") to acquire its 100% equity of Kekedala Zhongfu New Energy Co., Ltd. As of June 30, 2024,
Guangdong Wind Power had paid a transaction deposit of RMB 72,000,000 to Sailafu Electric Power,
and the consideration for the equity transaction has not been finalized yet.
2.Contingency
（1）Significant contingency at balance sheet date
Not applicable
（2）The Company have no significant contingency to disclose, also should be stated
The Company has no important contingency that need to disclosed
3.Other
XVII. Events after balance sheet date
1. Important non-adjustment items
Not applicable
2. Profit distribution
Not applicable
295
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
3. Sales return
Not applicable
4. Other events after balance sheet date
Not applicable
XVIII. Other important events
1. Previous accounting errors collection
(1) Retrospective restatement
Not applicable
(2) Prospective application
Not applicable
2. Debt restructuring
Not applicable
3. Assets replacement
(1) Non-monetary assets change
Not applicable
(2) Other assets replacement
Not applicable
4. Pension plan
Not applicable
5. Discontinued operations
Not applicable
296
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
6. Segment
(1) Recognition basis and accounting policy for reportable segment
Not applicable
(2) Financial information for reportable segment
Not applicable
(3)The Company has no reportable segments, or unable to disclose total assets and total liability for
reportable segments, explain reasons
Not applicable
(4)Other note
Not applicable
7. Major transaction and events makes influence on investor’s decision
Not applicable
XIX. Principle notes of financial statements of parent company
1. Account receivable
（1）Disclosure according to the aging
In RMB
Aging Balance in year-end Balance Year-beginning
Within 1 year(Including 1 year0 0 15,920,526
1-2 years 0 0
2-3 years 0 0
Over 3 years 0 0
3-4 years 0 0
4-5 years 0 0
Over 5 years 0 0
Total 0 15,920,526
（2） According to the bad debt provision method classification disclosure
In RMB
297
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Closing balance Opening balance
Bad debt Bad debt
Categor Book balance Book balance
provision Book provision
y Book value
Amo Propor Amo Propor value Proporti Amo Proporti
Amount
unt tion % unt tion % on % unt on %
Of
which
Accrual
of bad
debt
provisio 15,920,526 100% 0 0% 15,920,526
n by
portfoli
o
Of
which
Electrici
ty sales
15,920,526 100% 0 0% 15,920,526
receivab
le
Total 0 0% 0 0% 0 15,920,526 100% 0 0% 15,920,526
Accrual of bad debt provision by portfolio：electricity charges receivable (general electricity charges)
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Electricity sales receivable 0 0 0%
Total 0 0
Explanation on portfolio basis:
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure
method of other receivables if the provision for bad debts of bills receivable is accrued according to the
general model of expected credit loss:
□ Applicable √ Not applicable
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
(3)Accounts receivable withdraw, reversed or collected during the reporting period
Not applicable
(4) The actual write-off accounts receivable
Not applicable
(5)The ending balance of other receivables owed by the imputation of the top five parties
Not applicable
2. Other accounts receivable
In RMB
Items Closing balance Opening balance
Interest receivable 0 0
Dividend receivable 65,472,755 134,959,219
Other accounts receivable 214,292,839 1,231,108,573
Total 279,765,594 1,366,067,792
（1）Interest receivable
1) Category of interest receivable
In RMB
Items Closing balance Opening balance
Total 0 0
2) Significant overdue interest
Not applicable
3）Bad-debt provision
□ Applicable √ Not applicable
4) Accounts receivable withdraw, reversed or collected during the reporting period
Not applicable
5) The actual write-off during the reporting period
Not applicable
（2）Dividend receivable
1) Category
In RMB
Items Closing balance Opening balance
299
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Yangshan Jiangkeng Hydroprower
882,755 0
Station Co., Ltd
Sunshine Insurance Group Co., Ltd 63,000,000 0
Yangshfan Zhongxinkeng Electric
1,590,000 0
Co., Ltd.
Guangdong Guohua Yudean Taishan
0 134,959,219
Power Generation Co., Ltd.
Total 65,472,755 134,959,219
2) Significant dividend receivable aged over 1 year
Not applicable
3）Bad-debt provision
□ Applicable √ Not applicable
4） Including important amount of bad debt provision collected or reversal in the period:
Not applicable
5） Dividend receivables actually written off in the current period
Not applicable
（3）Other account receivable
1) Other accounts receivable classified by the nature of accounts
In RMB
Nature Closing book balance Opening book balance
Entrust loans receivable 111,556,118 61,538,737
Receive unified loan loans from
17,216,860 1,080,750,000
subsidiaries
Supplementary medical insurance fund
49,625,876 49,625,876
receivable
Sales of by-products receivable 0 1,320,333
Alternative money receivable 1,220,467 1,157,156
Other 34,788,596 36,826,742
Lee：Bad debt reserves -115,078 -110,271
Total 214,292,839 1,231,108,573
2） Disclosure by aging
In RMB
Aging Ending book balance Opening book balance
Within one year(one year included) 212,233,000 1,186,521,304
1-2 years 201,605 5,244,137
300
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
2-3 years 519,470 38,377,456
Over 3 years 1,453,842 1,075,947
3-4 years 377,895 755,382
4-5 years 755,382 229,312
Over years 320,565 91,253
Total 214,407,917 1,231,218,844
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
3) According to the bad debt provision method classification disclosure
In RMB
Closing balance Opening balance
Categ Book balance Bad debt provision Book balance Bad debt provision
ory Book value Proporti Book value
Amount Proportion % Amount Proportion % Amount Amount Proportion %
on %
Accr
ual of
bad
debt
1,226,026,62
provi 207,907,398 96.97% 0 0% 207,907,398 1,226,026,621 99.58% 0
1
sion
by
singl
e
Of
whic
h
Accr
ual of
bad
debt
provi 6,500,519 3.03% 115,078 1.77% 6,385,441 5,192,223 0.42% 110,271 2.12% 5,081,952
sion
by
portf
olio
302
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Of
whic
h
1,231,108,57
Total 214,407,917 100% 115,078 0.05% 214,292,839 1,231,218,844 100% 110,271 0.01%
3
303
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Accrual of bad debt provision by portfolio:Other portfolio0
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Other portfolio 6,500,519 115,078 1.77%
Total 6,500,519 115,078
Explanation on portfolio basis:
Provision for bad debts is made according to the general model of expected credit losses
In RMB
Stage 1 Stage 2 Stage 3
Expected credit losses
Bad Debt Expected credit losses Expected credit loss
for the entire duration Total
Reserves over the next 12 over life (no credit
(credit impairment
months impairment)
occurred)
Balance as at January
110,271 110,271
1, 2024
Balance as at January
1, 2024
Provision in the
15,485 15,485
current period
Turn back in the
-10,678 -10,678
current period
Balance as at June
115,078 115,078
30,2024
Basis for division of each stage and accrual ratio for bad -debt provision
Loss provision changes in current period, change in book balance with significant amount
□ Applicable √Not applicable
4) Accounts receivable withdraw, reversed or collected during the reporting period
The withdrawal amount of the bad debt provision：
In RMB
Amount of change in the current period
Opening Reversed or Closing
Category
balance Accrual collected Write-off Other balance
amount
Other
110,271 15,485 -10,678 115,078
receivable
Total 110,271 15,485 -10,678 115,078
Important amount of bad debt provision switch-back or collection in the period:
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Not applicable
5) The actual write-off other accounts receivable in the period:
Not applicable
6) Top 5 of the closing balance of the other accounts receivable collected according to the arrears
party
In RMB
Proportion of the
total year end Closing balance
Name Nature Closing balance Aging balance of the of bad debt
accounts provision
receivable
Entrusted loan
Lincang Yudean
due within one 110,384,389 Within 1 year 51.48% 0
Energy
year
Taikang
Endowment Supplementary
Within 1
Insurance Co., medical insurance 49,625,876 23.15% 0
year
Ltd. Guangdong fund receivable
Branch
Settlement
amount of coal Within 1
Fuel Company 22,804,207 10.64% 0
burning year
receivable
Jinchang Jieyuan Receive unified
Within 1
Mujian New loan from 8,608,430 4.01% 0
year
Energy Co., Ltd. subsidiaries
Jinchang Jieyuan Receive unified
Within 1
Mujian New loan from 8,608,430 4.01% 0
year
Energy Co., Ltd. subsidiaries
Total 200,031,332 93.29%
7） Reported in other receivables due to centralized management of funds
Not applicable
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
3. Long-term equity investment
In RMB
Closing balance Opening balance
Items Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
38,847,059,98 35,191,439,22 38,071,968,45 34,416,347,69
3,655,620,756 3,655,620,756
Investments in subsidiaries 2 6 0 4
Investments in associates
9,372,170,887 122,614,153 9,249,556,734 8,996,241,207 122,614,153 8,873,627,054
and joint ventures
48,219,230,86 44,440,995,96 47,068,209,65 43,289,974,74
3,778,234,909 3,778,234,909
Total 9 0 7 8
(1)Investments in subsidiaries
In RMB
Opening Increase /decrease in reporting period
The Opening
balance of the Closing balance of
invested balance(Book Increase in Decrease in Provision for Closing balance
impairment Other impairment provision
entity value) investment investment impairment
provision
Huizhou
Natural 1,205,199,446 0 0 1,205,199,446 0
gas
Guangqian
1,353,153,223 0 0 1,353,153,223 0
Electric
Red Bay
2,350,023,386 0 0 2,350,023,386 0
Company
Lincang
0 490,989,439 0 0 490,989,439
Company
306
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Zhanjiang
Electric 2,185,334,400 0 0 2,185,334,400 0
Company
Yuejia
0 455,584,267 0 0 455,584,267
Company
Shaoguan
Power 0 1,509,698,674 0 0 1,509,698,674
Generation
Maoming
687,458,978 0 0 687,458,978 0
Company
Jinghai
2,450,395,668 0 0 2,450,395,668 0
Company
Technolog
y 100,000,000 0 0 100,000,000 0
Company
Humen
3,192,416 86,807,584 0 3,192,416 86,807,584
Company
Zhongyue
963,000,000 187,248,115 0 963,000,000 187,248,115
Company
Bohe
1,409,581,041 0 0 1,409,581,041 0
Company
Pinghai
720,311,347 0 0 720,311,347 0
Company
Dapu
1,907,100,000 0 0 1,907,100,000 0
Company
Huadu
323,050,000 0 0 323,050,000 0
Company
Guangdon
10,519,096,881 0 0 10,519,096,881 0
g Wind
307
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Power
Yudean
Electric 230,000,000 0 0 230,000,000 0
Sale
Yongan
450,000,000 0 45,000,000 495,000,000 0
Company
Binhaiwan
890,000,000 0 100,000,000 990,000,000 0
Company
Huaguoqu
an 49,680,900 0 0 49,680,900 0
Company
Qiming
53,000,000 0 10,000,000 63,000,000 0
Company
Dayawan
335,908,068 0 88,046,932 423,955,000 0
Company
Dananhai
211,000,000 0 80,000,000 291,000,000 0
Company
Sha C
1,169,434,134 389,686,648 0 1,169,434,134 389,686,648
Company
Yunhe
1,164,392,327 0 47,080,000 1,211,472,327 0
Company
Yuhua
699,347,838 0 0 699,347,838 0
Company
Bijie
17,500,000 0 0 17,500,000 0
Company
Tumusuke
264,393,971 535,606,029 0 264,393,971 535,606,029
Company
Shanguan 43,473,000 0 0 43,473,000 0
308
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
New
Energy
Hanhai
New 384,050,000 0 140,000,000 524,050,000 0
Energy
Jinxiu
2,621,800 0 0 2,621,800 0
Energy
Mujin
New 120,495,920 0 0 120,495,920 0
Energy
Muhong
New 120,495,920 0 0 120,495,920 0
Energy
Huibo
New 67,492,360 0 30,830,000 98,322,360 0
Energy
Xingyue
New 9,977,500 0 0 9,977,500 0
Energy
Maoming
115,345,000 0 0 115,345,000 0
Nature gas
Huixin
104,975,000 0 0 104,975,000 0
Company
Dongrun
Zhongneng
45,063,020 0 0 45,063,020 0
New
Energy
Shache
1,235,610,470 0 21,000,000 1,256,610,470 0
Energy
309
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Xinguangy
ao New 32,923,000 0 13,134,600 46,057,600 0
Energy
Luoding
New 1,844,520 0 0 1,844,520 0
Energy
Jiuzhou
New 39,000,000 0 0 39,000,000 0
Energy
Changshan
Wind 110,740,000 0 0 110,740,000 0
Power
Tumusuke
3,500,000 0 0 3,500,000 0
Changhe
Zhonggon
152,969,360 0 0 152,969,360 0
g Energy
ZhuhaiYud
ean New 2,740,000 0 0 2,740,000 0
Energy
Zhenneng
New 10,000,000 0 0 10,000,000 0
Energy
Xingjiang
100,000,000 0 200,000,000 300,000,000 0
Company
GaozhouN
ew 1,476,800 0 0 1,476,800 0
Energy
Total 34,416,347,694 3,655,620,756 775,091,532 0 0 0 35,191,439,226 3,655,620,756
310
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
（2）Investment in joint ventures and associates
In RMB
Increase/decrease in this period
Opening Decr Announced Balance of
Funde
Opening balance of Increase ease Other for Provisi the
d Investment Other
balance(Book the in in comprehen distributing on for End of term provision
enterp income under changes in Other
value) impairment investmen inve sive cash impair on for
rise equity method equity
provision t stme income dividend or ment impairment
nt profit
I.Joint venture
Indust
50,000,00
ry 1,018,292,688 0 46,479,816 3,584,968 22,340,549 1,096,016,923 0
0
Fuel
Subtot 50,000,00
1,018,292,688 0 0 46,479,816 0 3,584,968 22,340,549 0 0 1,096,016,923 0
al 0
II. Associated
Taisha
n
Power 1,989,886,708 0 41,812,967 0 6,735,212 0 2,038,434,887 0
Gener
ation
Energ
y
Financ
1,093,006,538 0 48,048,978 2,356,595 0 57,856,215 1,085,555,896 0
e
Comp
any
Yudea 111,441,021 0 8,882,663 171,795 908,301 0 121,403,780 0
311
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
n
Shippi
ng
Comp
any
Shanx
i
Yudea
n 3,538,873,765 0 208,937,689 0 573,335 0 3,748,384,789 0
Energ
y Co.,
Ltd.
Yudea
n
297,884,356 0 8,025,715 0 0 2,330,169 303,579,902 0
Captiv
e
Weixi
n
122,614,153 0 0 0 0 0 122,614,153
Yunto
u
Energ
y
Financ
ing
544,877,662 0 15,926,370 0 0 0 560,804,032 0
Leasin
g
Comp
any
Y 265,948,816 0 13,495,356 -17,520 2,108,471 0 281,535,123 0
312
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Yueqi
an
Electri
c
Power
Co.,
Ltd.
Other 13,415,500 0 0 0 2,898,657 0 0 2,472,755 0 0 13,841,402 0
Subtot
7,855,334,366 122,614,153 0 0 348,028,395 2,510,870 10,325,319 62,659,139 0 0 8,153,539,811 122,614,153
al
50,000,00
Total 8,873,627,054 122,614,153 0 394,508,211 2,510,870 13,910,287 84,999,688 0 0 9,249,556,734 122,614,153
0
The recoverable amount is determined on the basis of the net amount of fair value less disposal costs
□Applicable Not applicable
The recoverable amount is determined by the present value of the projected future cash flows
□Applicable Not applicable
The reason for the obvious discrepancy between the foregoing information and the information used in the im pairment test of previous years or the
external information
The reason for the obvious discrepancy between the information used in the Company's impairment test in previous years and th e actual situation in
the current year
（3）Other note
Not applicable
313
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
4. Business income, Business cost
In RMB
Amount of current period Amount of previous period
Items
Income Cost Income Cost
Main business 0 0 752,885,457 795,525,718
Other business 12,200,605 11,988,776 25,124,161 701,401
Total 12,200,605 11,988,776 778,009,618 796,227,119
Income related information:
In RMB
Contract Division 1 Division 2 Total
classificati
Income Cost Income Cost Income Cost
on
Business
12,200,605 11,988,776
type
Including
Labour
6,450,258 11,727,529
service
Rent 5,750,347 261,247
Area 12,200,605 11,988,776
Including
Guangdon
12,200,605 11,988,776
g
Other
12,200,605 11,988,776
market
Including
：
Other
12,200,605 11,988,776
market
Contract
12,200,605 11,988,776
type
Including
Provided
6,450,258 11,727,529
Labour
Provided
Asset 5,750,347 261,247
use right
Time 12,200,605 11,988,776
Including
314
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Recognize
at a certain 12,200,605 11,988,776
time point
Term
Incluidng
Selling
Indluidng
Total 12,200,605 11,988,776
Information related to performance obligations:
Other note
Information relating to the transaction price assigned to the remaining performance obligation:
The amount of income corresponding to the performance obligations that have been signed at the end
of this reporting period but have not yet been fulfilled or have not done with fulfillment is 0 yuan, among
them, yuan of revenue is expected to be recognized in year, yuan of revenue is expected to be recognized in
year, and yuan of revenue is expected to be recognized in year.
5. Investment income
In RMB
Items Amount of current period Amount of previous period
Long-term equity investment income
934,393,864 577,186,026
accounted by cost method
Long-term equity investment income
394,508,211 473,105,895
accounted by equity method
Dividend income from investments in
other equity instruments during the 112,589,720 117,258,950
holding period
Creditor's right from investments in
other equity instruments during the 25,242,402 27,373,216
holding period
Total 1,466,734,197 1,194,924,087
315
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
6.Other
Not applicable
XX. Supplement information
1. Particulars about current non-recurring gains and loss
√ Applicable □ Not applicable
In RMB
Items Amount Notes
Non-current asset disposal gain/loss 10,435 Disposal of right-of-use assets.
Government subsidies recognized in
It was mainly the economic policy
current gain and loss(excluding those
incentives for power sales and
closely related to the Company’s 11,546,345
subsidies for various power plant
business and granted under the state’s
projects.
policies)
One-off costs incurred by the
Sha A Power Plant terminated the
enterprise as a result of the relevant
contract with one-time compensation
business activities no longer -5,199,814
and one-time compensation for
continuing, such as expenses for
internal retired.
relocating employees
Other non-business income and
38,970,028
expenditures other than the above
Mainly due to the income from the
Non-current assets scrap income 10,103,480 demolition and disposal of houses of
Yuehua Power Generation.
It’s mainly the income from the
Income from carbon emission quota
1,881,635 trading of carbon emission allowances
trading
of the Pinghai Power Plant.
It’s mainly the scrapping of the Yunhe
power generation boiler body, the loss
Loss of Non-current assets scrapped -9,701,664 of coal machinery inventory disposal
and the scrapping of fixed assets of
Yuehua Company.
Less: Amount of influence of income
14,711,087
tax
Influenced amount of minor
16,020,328
shareholders’ equity (after tax)
Total 16,879,030 --
Details of other profit and loss items that meet the non-recurring profit and loss definition
□ Applicable√ Not applicable
None
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Companies Offering their Securities to the Public -Non-recurring Gains and
316
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2024
Losses and its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on
information Disclosure for Companies offering their securities to the public -non-recurring Gains and losses
which have been defined as recurring gains and losses, it is necessary to explain the reason.
√Applicable□Not applicable
Items Amount involved(RMB) Reason
Value-added tax will be refunded Comply with national policies and
16,007,406
immediately regulations, and continue to occur.
Carbon emission quota used to fulfill Comply with national policies and
-150,950,755
the emission reduction obligation regulations, and continue to occur.
2. Return on net asset and earnings per share
Earnings per share
Weighted average
Profit of report period Basic earnings per Diluted earnings per
return on equity(%)
share(yuan/share） share(yuan/share)
Net profit attributable to the
Common stock shareholders 4.03% 0.172 0.172
of Company.
Net profit attributable to the
Common stock shareholders
of Company after 3.95% 0.169 0.169
deducting of non-recurring
gain/loss.
3. Differences between accounting data under domestic and overseas accounting standards
（1）Simultaneously pursuant to both Chinese accounting standards and international accounting
standards disclosed in the financial reports of differences in net income and net assets.
□ Applicable□√ Not applicable
（2）Differences of net profit and net assets disclosed in financial reports prepared under overseas
and Chinese accounting standards.
□ Applicable√ Not applicable
(3) Explanation of the reasons for the differences in accounting data under domestic and foreign acco
unting standards. If the data that has been audited by an overseas audit institution is adjusted for diff
erences, the name of the overseas institution should be indicated
4.Other
Not applicable
317