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. 2 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 3 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 4 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 5 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 6 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, 7 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 8 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. 9 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) 10 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 11 Guangdong Electric Power Development Co., Ltd. The First Quarter Report 2021 Capital planning, etc. website(www.cninfo.com.cn) on 8 March 2021. 12 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 13 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 14 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 15 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 16 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 17 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 18 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 19 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