Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
Guangdong Electric Power Development Co., Ltd.
The First Quarter Report 2021
April 2021
1
Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
1 Important notes
The Board of Directors ， the Supervisory Committee, the directors, the supervisors, and executives of the
Company guarantee that there are no significant omissions, fictitious or misleading statements carried in the
Quarter Report and we will accept individual and joint responsibilities for the truthfulness, accuracy and
completeness of the Quarter Report.
All of the directors presented the board meeting at which this Quarter Report was examined.
Mr. Wang Jin, Person in charge of the Company, Mr.Liu Wei , Person in charge of accounting works, Mr.Meng
Fei ,CFO as well as person in charge of accounting institution represent and warrant the financial and accounting
report in the first quarter report is true and complete.
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Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
II. Basic information about the company
I. Main financial data and indices
Indicate by tick mark whether the Company needs to retroactively restate any of its accounting data.
□ Yes √ No
Changes of this period over
This period Same period of last year same period of last year
（％）
Operating revenue（Yuan） 7,855,944,946 4,703,863,816 67.01%
Net profit attributable to the shareholders
-49,403,428 7,373,105 Not applicable
of the listed company（Yuan）
Net profit after deducting of non-recurring
gain/loss attributable to the shareholders of -53,624,970 -372,094 Not applicable
listed company（Yuan）
Net cash generated from /used in operating
700,758,687 1,170,574,344 -40.14%
activities（Yuan）
Basic earning per share(Yuan/Share) -0.0094 0.0014 Not applicable
Diluted gains per share(Yuan/Share) -0.0094 0.0014 Not applicable
Weighted average return on equity（%） -0.18% 0.03% -0.21%
Changes of this period-end
End of this period End of last period over same period-end of last
year(%)
Total assets（Yuan） 88,793,725,069 85,970,818,168 3.28%
Net assets attributable to the shareholders
27,409,481,697 27,369,995,422 0.14%
of the listed company（Yuan）
Items and amount of non-current gains and losses
√ Applicable □ Not applicable
In RMB
Amount (Year-beginning to
Items Notes
the end of the report period.)
Non-current asset disposal gain/loss(including the write-off part
2,741,914
for which assets impairment provision is made)
Mainly due to the electricity sales
Govemment subsidy recognized in current gain and company received a special
loss(excluding those closely related to the Company’s business 4,858,932 subsidy of 1.81 million yuan
and granted under the state’s policies) from the Nansha Finance Bureau
and some subordinate units
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Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
received the job-post stabilization
subsidy.
Other non-operating income and expenditure except for the
-3,886,333
aforementioned items
Less: Amount of influence of income tax 687,703
Influenced amount of minor shareholders’ equity (after tax) -1,194,732
Total 4,221,542 --
Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in
the Explanatory Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the
Public-Extraordinary Gains and Losses, or classifies any extraordinary gain/loss item mentioned in the said
explanatory announcement as a recurrent gain/loss item.
√ Applicable □Not applicable
Items Amount involved Reason
According to the preferential policy of immediate refund of
Value-added tax will be value-added tax, the Company and its holding subsidiaries are in
1,465,803
refunded immediately compliance with the relevant regulations and continue to enjoy the
preferential value-added tax refund.
II. Total number of shareholders at the period-end and shareholdings of top 10 shareholders
1. About Total Common Shareholders, Total Preference Shareholders with the Voting Power Recovered
and the Shares Held by Top Ten Common Shareholders
In shares
Total preference shareholders with
Total number of common
92,978 the voting power recovered at the 0
shareholders at the period-end
end of the reporting period(if any)
Shares held by the top 10 shareholders
Amount of Pledging or freezing
Share
Properties of tradable shares
Shareholder name proportion Quantity Status of the
shareholder with Conditional Quantity
% shares
held
Guangdong Energy Group Co., State-owned
67.39% 3,538,005,285 1,893,342,621
Ltd. legal person
Guangzhou Development Group State-owned
2.22% 116,693,602
Co., Ltd. legal person
State-owned
China Securities Finance Co., Ltd. 1.94% 102,099,671
legal person
Guangdong Electric Power State-owned
1.80% 94,367,341
Development Corporation legal person
Li Zhuo Domestic 1.18% 61,996,411
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Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
Natural person
Domestic
Zheng Jianxiang 0.48% 25,128,874
Natural person
Domestic
Non-State
Harbin Hali Industry Co., Ltd. 0.40% 20,942,945
owned legal
person
VANGUARD TOTAL
Overseas
INTERNATIONAL STOCK 0.30% 15,855,512
Legal person
INDEX FUND
CHINA INT'L CAPITAL CORP
Overseas
HONG KONG SECURITIES 0.29% 15,216,066
Legal person
LTD
Domestic
Harbin Daoli District Charity Non-State
0.26% 13,660,906
Foundation owned legal
person
Shares held by the Top 10 Shareholders of Non-restricted shares
Share type
Shareholders’ Names Number of the non-restricted shares held
Share type Quantity
Guangdong Energy Group Co., Ltd. 1,644,662,664 RMB Common shares 1,644,662,664
Guangzhou Development Group
116,693,602 RMB Common shares 116,693,602
Co., Ltd.
China Securities Finance Co., Ltd. 102,099,671 RMB Common shares 102,099,671
Guangdong Electric Power
94,367,341 RMB Common shares 94,367,341
Development Corporation
Li Zhuo 61,996,411 RMB Common shares 61,996,411
Foreign shares placed
Zheng Jianxiang 25,128,874 25,128,874
in domestic exchange
Harbin Hali Industry Co., Ltd. 20,942,945 RMB Common shares 20,942,945
VANGUARD TOTAL
Foreign shares placed
INTERNATIONAL STOCK INDEX 15,855,512 15,855,512
in domestic exchange
FUND
CHINA INT'L CAPITAL CORP Foreign shares placed
15,216,066 15,216,066
HONG KONG SECURITIES LTD in domestic exchange
Harbin Daoli District Charity
13,660,906 RMB Common shares 13,660,906
Foundation
Explanation on associated The fourth largest shareholder Guangdong Electric Power Development Corporation is the
relationship or concerted action of wholly-owned subsidiaries of the largest shareholder Guangdong Energy Group. These two
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Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
the above shareholders companies have relationships; whether the other shareholders have relationships or
unanimous acting was unknown.
The Fifth largest shareholder Li Zhuo holds1,270,220 A shares of the Company through A
shares ordinary stock account, and holds 60,726,191A shares of the Company through stock
account with credit transaction and guarantee, hold61,996,411 shares of the Company's stock
totally；
Note to the top 10 common The seventh largest shareholder Harbin Hali Industry Co., Ltd. holds300 A shares of the
stockholders involved in margin Company through A shares ordinary stock account, and holds20,942,645A shares of the
financing & securities lending (If Company through stock account with credit transaction and guarantee. hold 20，942，945
any) shares of the Company's stock totally；
The Tenth largest shareholder Harbin Daoli District Charity Foundation holds10,300 A shares
of the Company through A shares ordinary stock account, and holds 13,650,606A shares of
the Company through stock account with credit transaction and guarantee, holds 13,660,906
shares of the Company's stock totally.
Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a
buy-back agreement dealing in reporting period.
□ Yes √ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company
have no buy –back agreement dealing in reporting period.
2.Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end of
the report period
□ Applicable √Not applicable
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Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
III. Significant Events
I. Particular about large-margin change of main accounting statement item and financial index and its
reason.
√ Applicable □ Not applicable
In 2021, the domestic macro-economy has gradually recovered, and the total social electricity demand has
increased. In the first quarter of 2021, the electricity consumption of the whole society in Guangdong Province
increased by 32.08% YOY. The Company has completed the total power generation of 21.012 billion kWh upon
consolidated statement, an increase of 73.08% YOY; the cumulative on-grid electricity consumption in
consolidated statement is 19.938 billion kWh, an increase of 73.12% YOY.
However, due to factors such as the reduction of benchmark on-grid electricity price for natural gas power plants
from August 2020 and the increase in market transaction electricity, average price stated in the consolidated
statements is 437.03 Yuan/ thousands kilowatt-hours(tax included ,the same below ), YOY drop of 12.95 Yuan/
thousands kilowatt-hours; the total operating income was RMB 7,855.9449 million, an increase of 67.01%. and
the sharp increase in thermal coal prices YOY, the Company's power generation fuel cost in the first quarter of
2021 was 5,809.8175 million yuan, increased by 3,035.8766 million yuan from the same period last year, an
increase of 109.44% YOY, and the Company's gross profit margin decreased by 6.14% YOY. Combining the
above factors, the Company's net cash flow from operating activities in the first quarter of 2021 decreased by
40.14% YOY, and the net profit attributable to shareholders of the listed company was -49.4034 million yuan,
decreased by 56.7765 million yuan from the last year.
In the first quarter of 2021, the Company's non-recurring profits and losses amounted to RMB 4,221,500 yuan, a
decrease of 45.49% YOY, which was mainly due to the decrease in the amount of government subsidies received
by its subordinate units. Therefore, with the low net profit base after deducted non-recurring gains and losses in
the same period last year, the Company realized the net profit attributable to shareholders of the listed company of
-53,625,000 yuan in the first quarter of 2021 after deducting non-recurring gains and losses, a significant YOY
change.
II. The progress of significant events and influence, as well as the analysis and explanation on resolving
proposal.
√ Applicable □ Not applicable
1.January 28, 2021,The 19th meeting of the Ninth board of directors of GuangdongElectricPowerDevelopmentCo.,Ltd.
（“TheCompany”）examined and adopted the Proposal on 2021 Daily Related Transactions between the Company
and Guangdong Energy Group Co., Ltd,. the Proposal on Signing the Supplementary Agreement to the Financial
Services Agreement with Guangdong Communications Group Finance Co., Ltd., the Proposal on Signing the
Framework Agreement on Financing Leasing Cooperation between the Company and Guangdong Energy
Financing Leasing Co., Ltd.and the Proposal of Signs of the Insurance Cooperation Framework Agreement with
Guangdong Energy Property Insurance Captive Co., Ltd., The above-mentioned related transaction was approved
to implement by the Company's first provisional general meeting of shareholders of 2021 held on February 25,
2021.
2. In order to continue to supplement working capital, expand financing channels, and reduce financing costs,
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Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
after deliberated in the nineteenth meeting of the Company's ninth board of directors held on January 28, 2021, it’s
agreed that the Company continues to apply for mid-term note registration and issuance with the Association of
Interbank Market Dealers, with the amount of limit of 4 billion yuan, and the Company’s management team is
authorized to handle the concrete work. This matter was approved to implement by the Company's first
provisional general meeting of shareholders of 2021 held on February 25, 2021.
3. In order to further accelerate the development of major energy projects and accelerate the optimization and
upgrading of the energy structure, after deliberation in the nineteenth meeting of the Company's ninth board of
directors held on January 28, 2021, it’s agreed the Company establishes a project company by sole proprietorship
for the Jieyang Da’nanhai Petrochemical Integrated Energy Project , with the registered place of the project
company is Jieyang Da’nanhai Petrochemical Industrial Zone and the first phase of registered capital is 15 million
yuan. It’s agreed that the project company will carry out the upfront work for the Jieyang Da’nanhai
Petrochemical Integrated Energy Project (2~3 400MW/9F or 600MW gas-fired cogeneration units, which will be
determined according to the factors including the heat load and heating characteristics of the project), with the
work expenses shall be controlled at no more than 12.5 million yuan. The Company is currently carrying out the
upfront work of the project in accordance with the relevant requirements of the project approval.
4. On February 23, 2021, the Company and the third division of the Xinjiang Production and Construction Corps
Tumshuk in Dongguan city signed the “Cooperation framework agreement on investment of 1.5 million kilowatts
of photovoltaic power generation project" and "Cooperation Framework Agreement on Investment in
500,000-kilowatt Wind Power Project". The Company is currently actively promoting the investment and
development of 1.5 million kilowatts of photovoltaic project and 500,000 kilowatts of wind power project of
Tumshuk City of the third division of Xinjiang Corps.
Announcement Date of disclosure Website for disclosure
Estimates announcement of the Daily Related Party
January 29,2021 http//www.cninfo.com.cn.
Transactions of 2021
Announcement of Related Transactions on Signing of
the Financial Services Framework Agreement,
Framework Agreement on Financing Leasing
January 29,2021 http//www.cninfo.com.cn.
Cooperation and Framework Agreement on
Cooperation in Insurance and Risk Management
Services
Announcement of Resolutions of the 19th (Provisional) Meeting
January 29,2021 http//www.cninfo.com.cn.
of the Ninth Board of Directors
Announcement of Resolutions of the First provisional
February 26,2021 http//www.cninfo.com.cn.
shareholders' general meeting of 2021
Announcement on the signing of the "Cooperation Framework
Agreement" with the third division of the Xinjiang Production February 24,2021 http//www.cninfo.com.cn.
and Construction Corps Tumushuk City)
Progress in the implementation of share repurchase
□ Applicable √ Not applicable
Progress in the implementation of the reduction of the repurchased shares by means of centralized bidding
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Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
□ Applicable √ Not applicable
III. Commitments finished in implementation by the Company, shareholders, actual controller, acquirer,
directors, supervisors, senior executives or other related parties in the reporting period and commitments
unfinished in implementation at the end of the reporting period
□ Applicable √Not applicable
No such cases in the reporting period.
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Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
IV. Financial asset investment
1. Investment in securities
√ Applicable □ Not applicable
In RMB
Book value Changes in Cumulative Purchase Sale Gain/loss Book value
Initial Mode of
Security Security Stock balance at the fair value of fair value amount in amount in of the balance at the Accounting Source of
investment accounting
category code Abbreviation: beginning of the the this changes in the this the this reporting end of the items the shares
cost measurement
reporting period period equity period period period reporting period
Domestic Other equity
Shenzhen
and foreign 000027 15,890,628 FVM 92,080,800 64,638,000 140,828,172 0 0 0 156,718,800 instrument Own-funds
Energy
stocks Investment
Domestic Other equity
and foreign 600642 Shenergy 235,837,988 FVM 289,878,345 54,421,605 108,461,962 0 0 0 344,299,950 instrument Own-funds
stocks Investment
Domestic Other equity
and foreign 831039 NEEQ 3,600,000 FVM 11,628,000 -540,000 7,488,000 0 0 0 11,088,000 instrument Own-funds
stocks Investment
Total 255,328,616 -- 393,587,145 118,519,605 256,778,134 0 0 0 512,106,750 -- --
Disclosure date for the notice of
October 31,2019
approval by the Board (If any)
Disclosure date for the notice of
approval by shareholders’ Meeting (If
any)
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Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
2.Investment in derivatives
□ Applicable √Not applicable
There is no derivative investment during the report period.
V. Progress of investment projects with raised funds
□ Applicable √Not applicable
VI. Prediction of the performances from January to June 2021
Estimation on accumulative net profit from the beginning of the year to the end of next report period to be loss
probably or the warning of its material change compared with the corresponding period of the last year and
explanation on reason
□ Applicable √ Not applicable
VII. Major contracts for daily operations
□ Applicable √ Not applicable
VIII. Entrusted Financial Management
□ Applicable √Not applicable
There is no Entrusted Financial Management during the report period.
IX. External guarantee get out of line
□ Applicable √Not applicable
The Company has no external guarantee get out of the line in the Period
X. Controlling shareholder and its related parties occupying non-business capital of the listed company
□ Applicable √Not applicable
There are no controlling shareholder and its related parties occupying non-business capital of the listed company
in Period
XI. The registration form of acceptance of investigation, communication and interview in the report period
for future reference
√ Applicable □Not applicable
Types of Main contents
Place of Way of Index of Basic Information on
Reception time visitors Visitors received discussed and
reception reception the Investigation and Survey
received information provided
Upon understanding Details can be found in the
Haitong
Onsite Organizati the Company’s Record Chart of the Investor
March 4,2021 Guangzhou Securities,
investigation on operations, financial Relation Activity disclosed on
Southern Media
situation, strategic Juchao
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Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
Capital planning, etc. website(www.cninfo.com.cn) on
8 March 2021.
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Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
IV. Financial Statement
I. Financial statement
1. Consolidated balance sheet
Prepared by: Guangdong Electric Power Development Co., Ltd.
March 31, 2021
In RMB
Items March 31,2021 December 31,2020
Current asset：
Monetary fund 5,636,160,582 5,790,946,117
Settlement provision
Outgoing call loan
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 4,617,487,103 4,332,149,033
Financing receivable
Prepayments 842,661,240 766,871,830
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts
receivable
Other account receivable 513,001,723 459,266,554
Including：Interest receivable 28,245,475 27,301,568
Dividend receivable 31,500,000
Repurchasing of financial assets
Inventories 1,932,980,320 1,589,882,029
Contract assets 7,829,030 3,870,497
Assets held for sales
Non-current asset due within 1 year 49,785,734
Other current asset 839,180,162 546,685,636
Total of current assets 14,389,300,160 13,539,457,430
Non-current assets：
Loans and payment on other’s behalf
disbursed
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Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
Creditor's Investment
Other Creditor's Investment
Long-term receivable
Long term share equity investment 7,180,440,912 6,687,257,614
Other equity instruments investment 3,596,106,750 3,548,088,015
Other non-current financial assets
Property investment 49,094,965 49,732,668
Fixed assets 44,832,656,428 47,195,233,079
Construction in progress 7,768,416,675 9,153,637,100
Production physical assets
Oil & gas assets
Use right assets 4,429,686,056
Intangible assets 2,160,869,252 2,141,625,383
Development expenses
Goodwill 27,209,147 2,449,886
Long-germ expenses to be amortized 25,088,766 26,409,305
Deferred income tax asset 464,899,697 446,587,650
Other non-current asset 3,869,956,261 3,180,340,038
Total of non-current assets 74,404,424,909 72,431,360,738
Total of assets 88,793,725,069 85,970,818,168
Current liabilities
Short-term loans 8,173,386,610 7,622,427,916
Loan from Central Bank
Borrowing funds
Transactional financial liabilities
Derivative financial liabilities
Notes payable 1,086,300,000 1,092,292,546
Account payable 2,899,903,654 2,666,180,513
Advance receipts 86,646
Contract liabilities 3,247,167 6,573,912
Selling of repurchased financial assets
Deposit taking and interbank deposit
Entrusted trading of securities
Entrusted selling of securities
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Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
Employees’ wage payable 332,242,430 304,548,373
Tax payable 285,038,486 498,801,080
Other account payable 6,468,263,714 6,775,700,584
Including：Interest payable
Dividend payable 9,771,322 9,771,322
Fees and commissions payable
Reinsurance fee payable
Liabilities held for sales
Non-current liability due within 1 year 3,111,669,068 3,180,551,951
Other current liability 2,427,857,914 3,217,523,576
Total of current liability 24,787,995,689 25,364,600,451
Non-current liabilities：
Reserve fund for insurance contracts
Long-term loan 20,638,272,318 18,998,555,568
Bond payable 2,540,071,838 1,499,542,911
Including：preferred stock
Sustainable debt
Lease liability 3,648,367,908
Long-term payable 24,960,000 3,171,971,127
Long-term remuneration payable to
213,104,569 218,543,743
staff
Expected liabilities
Deferred income 134,064,649 134,647,590
Deferred income tax liability 716,930,338 638,571,910
Other non-current liabilities 200,970,029 200,970,029
Total non-current liabilities 28,116,741,649 24,862,802,878
Total of liability 52,904,737,338 50,227,403,329
Owners’ equity
Share capital 5,250,283,986 5,250,283,986
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 4,902,263,914 4,902,263,914
Less：Shares in stock
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Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
Other comprehensive income 2,035,195,298 1,946,305,595
Special reserve
Surplus reserves 8,515,360,638 8,515,360,638
Common risk provision
Retained profit 6,706,377,861 6,755,781,289
Total of owner’s equity belong to the
27,409,481,697 27,369,995,422
parent company
Minority shareholders’ equity 8,479,506,034 8,373,419,417
Total of owners’ equity 35,888,987,731 35,743,414,839
Total of liabilities and owners’ equity 88,793,725,069 85,970,818,168
Legal Representative: Wang Jin Person in charge of accounting：Liu Wei Accounting Dept Leader: Meng Fei
2.Parent Company Balance Sheet
In RMB
Items March 31,2021 December 31,2020
Current asset：
Monetary fund 210,959,409 338,045,631
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 144,870,098 173,029,247
Financing receivable
Prepayments 26,916,380 26,680,500
Other account receivable 303,765,341 328,224,857
Including：Interest receivable 2,504,478 1,038,206
Dividend receivable 31,500,000
Inventories 160,521,488 118,530,205
Contract assets
Assets held for sales
Non-current asset due within 1 year
Other current asset 999,726 1,209,217
Total of current assets 848,032,442 985,719,657
Non-current assets：
Creditor's right investment
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Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
Other Creditor's right investment
Long-term receivable 467,000,000 467,000,000
Long term share equity investment 29,203,893,776 28,453,042,855
Other equity instruments investment 3,676,607,620 3,548,088,015
Other non-current financial assets
Property investment 6,230,946 6,389,845
Fixed assets 533,083,728 559,635,880
Construction in progress 200,574 200,574
Production physical assets
Oil & gas assets
Use right assets
Intangible assets 80,862,081 81,954,649
Development expenses
Goodwill
Long-germ expenses to be amortized
Deferred income tax asset
Other non-current asset 208,353,879 208,353,879
Total of non-current assets 34,176,232,604 33,324,665,697
Total of assets 35,024,265,046 34,310,385,354
Current liabilities
Short-term loans 2,110,990,000 1,902,013,125
Transactional financial liabilities
Derivative financial liabilities
Notes payable
Account payable 172,851,597 136,723,162
Advance receipts
Contract Liabilities 3,245,840 6,343,773
Employees’ wage payable 90,869,289 93,479,997
Tax payable 17,118,120 28,112,055
Other account payable 42,356,000 40,872,386
Including：Interest payable
Dividend payable 9,771,322 9,771,322
Liabilities held for sales
Non-current liability due within 1 year 819,900,456 836,189,634
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Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
Other current liability 2,418,984,086 3,217,281,173
Total of current liability 5,676,315,388 6,261,015,305
Non-current liabilities：
Long-term loan
Bond payable 2,540,071,838 1,499,542,911
Including：preferred stock
Sustainable debt
Lease liability
Long-term payable
Long-term remuneration payable to
54,967,442 56,805,513
staff
Expected liabilities
Deferred income 29,988,606 29,988,606
Deferred income tax liability 651,137,847 621,507,946
Other non-current liabilities
Total non-current liabilities 3,276,165,733 2,207,844,976
Total of liability 8,952,481,121 8,468,860,281
Owners’ equity
Share capital 5,250,283,986 5,250,283,986
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 5,405,326,643 5,405,326,643
Less：Shares in stock
Other comprehensive income 2,035,195,299 1,946,305,595
Special reserve
Surplus reserves 8,515,360,638 8,515,360,638
Retained profit 4,865,617,359 4,724,248,211
Total of owners’ equity 26,071,783,925 25,841,525,073
Total of liabilities and owners’ equity 35,024,265,046 34,310,385,354
3.Consolidated Income statement
In RMB
Items Amount in this period Amount in last period
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Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
I. Income from the key business 7,855,944,946 4,703,863,816
Including：Business income 7,855,944,946 4,703,863,816
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 8,044,027,257 4,690,246,724
Including：Business cost 7,538,027,573 4,232,870,861
Interest expense
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Net amount of withdrawal of insurance
contract reserve
Insurance policy dividend paid
Reinsurance expenses
Business tax and surcharge 43,944,273 37,570,428
Sales expense 13,734,913 10,259,734
Administrative expense 160,609,505 133,741,951
R & D costs 6,861,162 490,566
Financial expenses 280,849,831 275,313,184
Including：Interest expense 300,840,085 291,475,183
Interest income 21,105,693 17,673,491
Add：Other income 5,094,867 8,534,600
Investment gain（“-”for loss） 162,721,608 63,673,155
Including: investment gains from
162,181,608 63,673,155
affiliates
Termination of recognition of gains on
financial assets at amortized cost
Gains from currency exchange
Net exposure hedging income
Changing income of fair value
Loss of credit impairment 119,432 20,911
Impairment losses on assets
Income on disposal of assets 6,527,174 -137
III. Operational profit（“-”for loss） -13,619,230 85,845,621
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Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
Add ：Non-operational income 1,887,701 4,627,807
Less: Non-operating expense 9,253,794 249,929
IV. Total profit(“-”for loss) -20,985,323 90,223,499
Less：Income tax expenses 37,537,342 44,747,697
V. Net profit -58,522,665 45,475,802
(I) Classification by business
continuity
1.Net continuing operating profit -58,522,665 45,475,802
2.Termination of operating net profit
(II) Classification by ownership
1.Net profit attributable to the owners of
-49,403,428 7,373,105
parent company
2.Minority shareholders’ equity -9,119,237 38,102,697
VI. Net after-tax of other comprehensive
88,889,704 -29,742,070
income
Net of profit of other comprehensive inco
88,889,704 -29,742,070
me attributable to owners of the parent co
mpany.
（I）Other comprehensive income items
that will not be reclassified into
88,889,704 -29,742,070
gains/losses in the subsequent accounting
period
1.Re-measurement of defined benefit pla
ns of changes in net debt or net assets
2.Other comprehensive income under the
equity method investee can not be reclass
ified into profit or loss.
3. Changes in the fair value of
88,889,704 -29,742,070
investments in other equity instruments
4. Changes in the fair value of the
company’s credit risks
5.Other
（II）
Other comprehensive income that will be
reclassified into profit or loss.
1.Other comprehensive income under the
20
Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
equity method investee can be reclassifie
d into profit or loss.
2. Changes in the fair value of
investments in other debt obligations
3. Other comprehensive income arising
from the reclassification of financial
assets
4. Allowance for credit impairments in
investments in other debt obligations
5. Reserve for cash flow hedges
6.
Translation differences in currency financ
ial statements
7.Other
Net of profit of other comprehensive inco
me attributable to Minority shareholders’
equity
VII. Total comprehensive income 30,367,039 15,733,732
Total comprehensive income attributable
27,453,577 -22,368,965
to the owner of the parent company
Total comprehensive income
2,913,462 38,102,697
attributable minority shareholders
VIII. Earnings per share
（I）Basic earnings per share -0.0094 0.0014
(II)Diluted earnings per share -0.0094 0.0014
The current business combination under common control, the net profits of the combined party before achieved ne
t profit of RMB 0.00, last period the combined party realized RMB0.00.
Legal Representative: Wang Jin Person in charge of accounting：Liu Wei Accounting Dept Leader: Meng Fei
4. Income statement of the Parent Company
In RMB
Items Amount in this period Amount in last period
I. Revenue 328,483,248 208,902,754
Including：Business cost 360,360,665 235,016,646
Business tax and surcharge 1,718,499 1,352,528
Sales expense 513,951 537,974
Administrative expense 20,743,785 16,929,915
21
Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
R & D costs
Financial expenses 57,375,851 55,643,798
Including：Interest expenses 57,836,879 56,202,961
Interest income 931,606 1,338,054
Add: Other income 61,144
Investment gain（“-”for loss） 253,529,718 66,125,625
Including: investment gains from
158,992,821 61,448,940
affiliates
Termination of recognition of gains on
financial assets at amortized cost
Net exposure hedging income
Changing income of fair value
Credit impairment loss 20,911
Impairment losses on assets
Income on disposal of assets
II. Operational profit（“-”for loss） 141,361,359 -34,431,571
Add ：Non-operational income 7,789 895,086
Less：Non -operational expenses 57,879
III. Total profit(“-”for loss) 141,369,148 -33,594,364
Less：Income tax expenses
IV. Net profit 141,369,148 -33,594,364
1.Net continuing operating profit 141,369,148 -33,594,364
2.Termination of operating net profit
V. Net after-tax of other comprehensive
88,889,704 -29,742,070
income
（I）Other comprehensive income items
that will not be reclassified into
88,889,704 -29,742,070
gains/losses in the subsequent
accounting period
1.Re-measurement of defined benefit pl
ans of changes in net debt or net assets
2.Other comprehensive income under th
e equity method investee can not be recl
assified into profit or loss.
3. Changes in the fair value of
88,889,704 -29,742,070
investments in other equity instruments
22
Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
4. Changes in the fair value of the
company’s credit risks
5.Other
（II）
Other comprehensive income that will b
e reclassified into profit or loss.
1.Other comprehensive income under th
e equity method investee can be reclassi
fied into profit or loss.
2. Changes in the fair value of
investments in other debt obligations
3. Other comprehensive income arising
from the reclassification of financial
assets
4. Allowance for credit impairments in
investments in other debt obligations
5. Reserve for cash flow hedges
6.
Translation differences in currency fina
ncial statements
7.Other
VI. Total comprehensive income 230,258,852 -63,336,434
VII. Earnings per share
（I）Basic earnings per share
(II)Diluted earnings per share
5. Consolidated Cash flow statement
In RMB
Items Amount in this period Amount in last period
I. Cash flows from operating activities
Cash received from sales of goods or
8,555,476,632 5,951,197,187
rending of services
Net increase of customer deposits
and capital kept for brother company
Net increase of loans from central bank
Net increase of inter-bank loans from
other financial bodies
23
Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
Cash received against original insurance
contract
Net cash received from reinsurance
business
Net increase of client deposit and
investment
Cash received from interest,
commission charge and commission
Net increase of inter-bank fund received
Net increase of repurchasing business
Net cash received by agent in securities
trading
Tax returned
Other cash received from business
61,498,340 66,524,155
operation
Sub-total of cash inflow 8,616,974,972 6,017,721,342
Cash paid for purchasing of
6,847,720,393 3,839,441,128
merchandise and services
Net increase of client trade and advance
Net increase of savings in central bank
and brother company
Cash paid for original contract claim
Net increase for Outgoing call loan
Cash paid for interest, processing fee
and commission
Cash paid for policy dividend
Cash paid to staffs or paid for staffs 437,268,258 356,577,920
Taxes paid 472,566,452 472,161,097
Other cash paid for business activities 158,661,182 178,966,853
Sub-total of cash outflow from business
7,916,216,285 4,847,146,998
activities
Net cash generated from /used in
700,758,687 1,170,574,344
operating activities
II. Cash flow generated by investing
Cash received from investment
retrieving
Cash received as investment gains 32,040,000
24
Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
Net cash retrieved from disposal of
fixed assets, intangible assets, and other 1,152,886 112,300,704
long-term assets
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash received 23,378,830
Sub-total of cash inflow due to
56,571,716 112,300,704
investment activities
Cash paid for construction of fixed
assets, intangible assets and other 1,900,947,661 1,084,293,124
long-term assets
Cash paid as investment 260,325,125
Net increase of loan against pledge
Net cash received from subsidiaries and
103,159,958
other operational units
Other cash paid for investment
activities
Sub-total of cash outflow due to
2,264,432,744 1,084,293,124
investment activities
Net cash flow generated by investment -2,207,861,028 -971,992,420
III.Cash flow generated by financing
Cash received as investment
Including: Cash received as investment
from minor shareholders
Cash received as loans 6,945,730,746 4,318,742,335
Other financing –related cash received 20,000,000
Sub-total of cash inflow from financing
6,945,730,746 4,338,742,335
activities
Cash to repay debts 5,182,520,381 3,928,566,618
Cash paid as dividend, profit, or
369,311,727 351,311,235
interests
Including: Dividend and profit paid by
106,235,578
subsidiaries to minor shareholders
Other cash paid for financing activities 41,581,876 1,354,531
Sub-total of cash outflow due to
5,593,413,984 4,281,232,384
financing activities
Net cash flow generated by financing 1,352,316,762 57,509,951
25
Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
IV. Influence of exchange rate
46 232
alternation on cash and cash equivalents
V.Net increase of cash and cash
-154,785,533 256,092,107
equivalents
Add: balance of cash and cash
5,763,619,874 5,079,641,969
equivalents at the beginning of term
VI ..Balance of cash and cash
5,608,834,341 5,335,734,076
equivalents at the end of term
6. Cash Flow Statement of the Parent Company
In RMB
Items Amount in this period Amount in last period
I.Cash flows from operating activities
Cash received from sales of goods or
384,027,419 324,942,952
rending of services
Tax returned
Other cash received from business
10,193,013 17,887,749
operation
Sub-total of cash inflow 394,220,432 342,830,701
Cash paid for purchasing of
315,730,485 271,756,794
merchandise and services
Cash paid to staffs or paid for staffs 75,176,589 64,253,609
Taxes paid 18,488,590 24,790,894
Other cash paid for business activities 8,933,799 13,024,976
Sub-total of cash outflow from business
418,329,463 373,826,273
activities
Net cash generated from /used in
-24,109,031 -30,995,572
operating activities
II. Cash flow generated by investing
Cash received from investment
16,460,000
retrieving
Cash received as investment gains 124,893,268 3,042,532
Net cash retrieved from disposal of
fixed assets, intangible assets, and other 532,467
long-term assets
Net cash received from disposal of
subsidiaries or other operational units
26
Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
Other investment-related cash received
Sub-total of cash inflow due to
125,425,735 19,502,532
investment activities
Cash paid for construction of fixed
assets, intangible assets and other 3,388,616 5,514,986
long-term assets
Cash paid as investment 602,014,794 241,157,389
Net cash received from subsidiaries and
other operational units
Other cash paid for investment
activities
Sub-total of cash outflow due to
605,403,410 246,672,375
investment activities
Net cash flow generated by investment -479,977,675 -227,169,843
III. Cash flow generated by financing
Cash received as investment
Cash received as loans 2,399,822,000 2,299,450,000
Other financing –related ash received
Sub-total of cash inflow from
2,399,822,000 2,299,450,000
financing activities
Cash to repay debts 2,000,000,000 1,800,000,000
Cash paid as dividend, profit, or
22,763,132 80,325,978
interests
Other cash paid for financing activities 58,430 24,515
Sub-total of cash outflow due to
2,022,821,562 1,880,350,493
financing activities
Net cash flow generated by financing 377,000,438 419,099,507
IV. Influence of exchange rate
46 232
alternation on cash and cash equivalents
V.Net increase of cash and cash
-127,086,222 160,934,324
equivalents
Add: balance of cash and cash
338,045,631 224,504,289
equivalents at the beginning of term
VI ..Balance of cash and cash
210,959,409 385,438,613
equivalents at the end of term
27
Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
II Adjustments to the Financial Statements
1. Adjustment of the relevant items of the financial statements at the current year beginning according to
the new standards for financial instruments, the new standards for revenues and the new standards for
lease implemented commencing from year 2021
√ Applicable □ Not applicable
Consolidated balance sheet
Whether to adjust the balance sheet account at the beginning of the year
√ Yes □No
Consolidated balance sheet
In RMB
Items December 31,2020 January 1,2021 Adjustments
Current asset：
Monetary fund 5,790,946,117 5,790,946,117
Account receivable 4,332,149,033 4,332,149,033
Prepayments 766,871,830 766,871,830
Other account
459,266,554 459,266,554
receivable
Including：Interest receivable 27,301,568 27,301,568
Dividend receivable 31,500,000 31,500,000
Inventories 1,589,882,029 1,589,882,029
Contract assets 3,870,497 3,870,497
Non-current asset due
49,785,734 49,785,734
within 1 year
Other current asset 546,685,636 546,685,636
Total of current assets 13,539,457,430 13,539,457,430
Non-current assets：
Long term share equity
6,687,257,614 6,687,257,614
investment
Other equity instruments
3,548,088,015 3,548,088,015
investment
Property investment 49,732,668 49,732,668
Fixed assets 47,195,233,079 44,554,049,443 -2,641,183,636
Construction in progress 9,153,637,100 8,124,428,283 -1,029,208,817
28
Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
Use right assets 3,696,412,582 3,696,412,582
Intangible assets 2,141,625,383 2,141,625,383
Goodwill 2,449,886 2,449,886
Long-germ expenses to be
26,409,305 26,409,305
amortized
Deferred income tax asset 446,587,650 446,587,650
Other non-current asset 3,180,340,038 3,180,340,038
Total of non-current assets 72,431,360,738 72,457,380,867 26,020,129
Total of assets 85,970,818,168 85,996,838,297 26,020,129
Current liabilities
Short-term loans 7,622,427,916 7,622,427,916
Notes payable 1,092,292,546 1,092,292,546
Account payable 2,666,180,513 2,666,180,513
Contract liabilities 6,573,912 6,573,912
Employees’ wage payable 304,548,373 304,548,373
Tax payable 498,801,080 498,801,080
Other account payable 6,775,700,584 6,775,700,584
Dividend payable 9,771,322 9,771,322
Non-current liability due
3,180,551,951 3,026,063,115 -154,488,836
within 1 year
Other current liability 3,217,523,576 3,217,523,576
Total of current liability 25,364,600,451 25,210,111,615 -154,488,836
Non-current liabilities：
Long-term loan 18,998,555,568 18,998,555,568
Bond payable 1,499,542,911 1,499,542,911
Lease liability 3,327,520,092 3,327,520,092
Long-term payable 3,171,971,127 24,960,000 -3,147,011,127
Long-term remuneration
218,543,743 218,543,743
payable to staff
Deferred income 134,647,590 134,647,590
Deferred income tax liability 638,571,910 638,571,910
Other non-current liabilities 200,970,029 200,970,029
Total non-current liabilities 24,862,802,878 25,043,311,843 180,508,965
Total of liability 50,227,403,329 50,253,423,458 26,020,129
Owners’ equity
29
Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
Share capital 5,250,283,986 5,250,283,986
Capital reserves 4,902,263,914 4,902,263,914
Other comprehensive income 1,946,305,595 1,946,305,595
Surplus reserves 8,515,360,638 8,515,360,638
Retained profit 6,755,781,289 6,755,781,289
Total of owner’s equity
27,369,995,422 27,369,995,422
belong to the parent company
Minority shareholders’ equity 8,373,419,417 8,373,419,417
Total of owners’ equity 35,743,414,839 35,743,414,839
Total of liabilities and
85,970,818,168 85,996,838,297 26,020,129
owners’ equity
Adjustment statement
The Ministry of Finance revised and issued the “No. 21 Accounting Standards for Business Enterprises-Leases" in 2018. The
Company implemented the new lease standards from January 1, 2021, and adjusted the right-of-use assets, lease liabilities and the
amount of other related subjects in financial statements from January 1, 2021.
Parent Company Balance Sheet
In RMB
Items December 31,2020 January 1,2021 Adjustments
Current asset：
Monetary fund 338,045,631 338,045,631
Account payable 173,029,247 173,029,247
Prepayments 26,680,500 26,680,500
Other account receivable 328,224,857 328,224,857
Including：Interest receivable 1,038,206 1,038,206
Dividend receivable 31,500,000 31,500,000
Inventories 118,530,205 118,530,205
Other current assets 1,209,217 1,209,217
Total of current assets 985,719,657 985,719,657
Non-current assets：
Long-term payable 467,000,000 467,000,000
Long term share equity
28,453,042,855 28,453,042,855
investment
Other equity Instrument
3,548,088,015 3,548,088,015
investment
Property investment 6,389,845 6,389,845
30
Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
Fixed assets 559,635,880 559,635,880
Construction in process 200,574 200,574
Intangible assets 81,954,649 81,954,649
Other non-current assets 208,353,879 208,353,879
Total of non-current assets 33,324,665,697 33,324,665,697
Total of assets 34,310,385,354 34,310,385,354
Current liabilities
Short-term loans 1,902,013,125 1,902,013,125
Account payable 136,723,162 136,723,162
Contract liabilities 6,343,773 6,343,773
Employees’ wage payable 93,479,997 93,479,997
Tax payable 28,112,055 28,112,055
Other account payable 40,872,386 40,872,386
Dividend payable 9,771,322 9,771,322
Non-current liabilities due
836,189,634 836,189,634
within 1 year
Other current liabilities 3,217,281,173 3,217,281,173
Total of liability 6,261,015,305 6,261,015,305
Non-current liabilities：
Bonds payable 1,499,542,911 1,499,542,911
Employees’ wage payable 56,805,513 56,805,513
Deferred income 29,988,606 29,988,606
Deferred income tax liability 621,507,946 621,507,946
Total non-current liabilities 2,207,844,976 2,207,844,976
Total of liability 8,468,860,281 8,468,860,281
Owners’ equity
Share capital 5,250,283,986 5,250,283,986
Capital reserves 5,405,326,643 5,405,326,643
Other comprehensive income 1,946,305,595 1,946,305,595
Surplus reserves 8,515,360,638 8,515,360,638
Retained profit 4,724,248,211 4,724,248,211
Total of owners’ equity 25,841,525,073 25,841,525,073
Total of liabilities and
34,310,385,354 34,310,385,354
owners’ equity
Adjustment statement
31
Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021
2. Note to the retroactive adjustment of the previous comparative data according to the new standards for
financial instruments and the new standards for lease implemented commencing from year 2021
□ Applicable √ Not applicable
III. Auditors 'Report
Is the First Quarter Report be audited?
□ Yes √No
The First Quarter report is not audited.
32
