Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD. The Semi-annual Report 2021 August 2021 1 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 I. Important Notice, Table of Contents and Definitions The Board of Directors , Supervisory Committee ,Directors, Supervisors and Senior Executives of the Company hereby guarantees that there are no misstatement, misleading representation or important omissions in this report and shall assume joint and several liability for the authenticity, accuracy and completeness of the contents hereof. Mr.Wang Jin, The Company leader, Mr. Liu Wei, Chief financial officer and the Mr.Meng Fei, the person in charge of the accounting department (the person in charge of the accounting )hereby confirm the authenticity and completeness of the financial report enclosed in this semi-annual report. Directors other than the following ones have attended the Board meeting to review the Semi-annual report. Name of absent director Position of absent director Reason Name of proxy Mao Qinghan Director Due to business Wang Xi Shen Hongtao Independent director Due to business Wang Xi Li Fangje Director Due to business Li Baobing The Company is mainly engaged in thermal power generation. The business of thermal power generation is greatly affected by factors including electric power demand and fuel price. For details, please refer to the possible risk factors that the company may face in the X "Risks facing the Company and countermeasures " in the Section III "Management Discussion & Analysis". The Company Will not distribute cash dividend or bonus shares, neither capitalizing of common reserves. 2 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Table of Contents I.Important Notice, Table of contents and Definitions II. Company Profile & Financial Highlights. III. Management Discussion & Analysis IV. Corporate Governance V. Environmental & Social Responsibility VI. Important Events VII. Change of share capital and shareholding of Principal Shareholders VIII. Situation of the Preferred Shares IX. Corporate Bond X. Financial Report 3 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Documents available for inspection 1.Financial statements bearing the seal and signature of legal representative, financial controller and the person in charge of the accounting organ; 2. All original copies of official documents and notices, which were disclosed in Securities Times, China Securities and Hong Kong Commercial Daily (Both English and Chinese version); 3. Chinese version of the semi-annual report. The documents mentioned above are kept in office, and are ready for reference at any time (except public holidays, Saturday and Sunday). 4 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Definition Terms to be defined Refers to Definition Guangdong Energy Group Refers to Guangdong Energy Group Co., Ltd. Guangqian Company Refers to Shenzhen Guangqian Electric Power Co., Ltd. Guangdong Yudean Bohe Energy Co., Ltd. (formerly " Guangdong Bohe Company Refers to Yudean Bohe Coal & Electricity Co., Ltd." renamed on February 25, 2021) Dapu Company Refers to Guangdong Dapu Power Generation Co., Ltd. Wind Power Company Refers to Guangdong Wind Power Co., Ltd. Lincang Company Refers to Lincang Yudean Energy Co., Ltd. Qujie Wind Power Company Refers to Guangdong Yudean Qujie Wind Power Generation Co., Ltd. Electric Power Sales Company Refers to Guangdong Yudean Electric Power Sales Co., Ltd. Anxin Electric Inspection & Installation Refers to Guangdong Yudean Anxin Electric Inspection & Installation Co., Ltd Company Tongdao Wind Power Company Refers to Tongdao Yuexin Wind Power Generation Co., Ltd. Zhongyue Compamy Refers to Zhanjiang Zhongyue Energy Co., Ltd. Yuejiang Company Refers to Guangdong Shaoguan Yuejiang Power Generation Co., Ltd. Yongan Natural Gas Company Refers to Guangdong Yudean Yongan Natural Gas Thermal Power Co., Ltd. Leizhou Wind Power Company Refers to Guangdong Yudean Leizhou Wind Power Generation Co., Ltd. Zhanjiang Company Refers to Zhanjiang Electric Power Co., Ltd. Zhanjiang Wind Power Company Refers to Guangdong Yudean Zhanjiang Wind Power Co., Ltd. Huizhou Natural Gas Company Refers to Guangdong Huizhou Natural Gas Power Co., Ltd. Maoming Thermal Power Plant Refers to Guangdong Energy Maoming Thermal Power Co., Ltd. Jinghai Company Refers to Guangdong Yudean Jinghai Power Co., Ltd. Red Bay Company Refers to Guangdong Red Bay Power Co., Ltd. Huadu Natural Gas Company Refers to Guangdong Huadu Natural Gas Thermal Power Co., Ltd. Humen Power Company Refers to Guangdong Yudean Humen Power Co., Ltd. Yuejia Company Refers to Guangdong Yuejia Electric Power Co., Ltd. Pinghai Power Plant Refers to Guangdong Hluizhou Pinghai Power Co., Ltd. Pingdian Integrated Energy Company Refers to Huizhou Pingdian Integrated Energy Co., Ltd. Zhencheng Integrated Energy Company Refers to Guangdong Yudean Zhencheng Integrated Energy Co., Ltd. Binhaiwan Energy Company Refers to Guangdong Yudean Binhaiwan Energy Co., Ltd. Dianbai Wind Power Company Refers to Guangdong Yudean Dianbai Wind Power Co., Ltd. 5 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Yangjiang Wind Power Company Refers to Guangdong Yudean Yangjiang Offshore Wind Power Co., Ltd. Heping Wind Power Company Refers to Guangdong Yudean Heping Wind Power Co., Ltd. Pingyuan Wind Power Company Refers to Guangdong Yudean Pingyuan Wind Power Co., Ltd. Zhuhai Wind Power Company Refers to Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd. Wuxuan Wind Power Company Refers to Guangxi Wuxuan Yudean New Energy Co., Ltd. Xupu Wind Power Company Refers to Hunan Xupu Yuefeng New Energy Co., Ltd. Shibeishan Wind Power Refers to Guangdong Yudean Shibeishan Wind Energy Development Co., Ltd. Huilai Wind Power Company Refers to Huilai Wind Power Generation Co., Ltd. Yudean Fuel Company Refers to Guangdong Power Industry Fuel Co., Ltd. Yudean Insurance Captive Company Refers to Guangdong Yudean Property Insurance Captive Co., Ltd. Shanxi Energy Company Refers to Shanxi Yudean Energy Co., Ltd. Yudean Shipping Company Refers to Guangdong Yudean Shipping Co., Ltd. Yudean Western Investment Company Refers to Guangdong Yudeann Holdings Western Investment Co., Ltd. Energy Group Finance Company Refers to Guangdong Energy Group Finance Co., Ltd. Energy Financial Leasing Company Refers to Guangdong Energy Energy Financial Leasing Co., Ltd. Guohua Taishan Company Refers to Guangdong Guohua Yudean Taishan Power Generation Co., Ltd. Weixin Energy Co., Ltd. Refers to Yunnan Yuntou Weixin Energy Co., Ltd. Zhongxinkeng hydropower station Refers to Yangshan Zhongxinkeng Power Co., Ltd. Jiangkeng hydropower station Refers to Yangshan Jiangkeng hydropower station Southern Offshore wind power Refers to Southern Offshore wind power Union Development Co., Ltd. Sunshine Insurance Refers to Sunshine Insurance Group Co., Ltd. Shenzhen Capital Refers to Shenzhen Capital Group Co., Ltd. GMG Refers to GMG International Tendering Co., Ltd. Shenzhen Energy Refers to Shenzhen Energy Group Co., Ltd. Shenergy Company Refers to Shenergy Company Limited Environmental Protection Company Refers to Guangdong Yudean Environmental Protection Co., Ltd. 6 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 II. Company Profile & Financial Highlights. I.Company information Stock abbreviation Yue Dian Li A, Yue Dian Li B Stock code: 000539,200539 Stock exchange for listing Shenzhen Stock Exchange Name in Chinese 广东电力发展股份有限公司 Abbreviation of Registered Company Name in 粤电力 Chinese(If any) English name (If any) GUANGDONG ELECTRIC POWER DEVELOPMENT CO.,LTD English abbreviation (If GED any) Legal Representative Wang Jin Ⅱ.Contact person and contact manner Board secretary Securities affairs Representative Name Liu Wei Qin Xiao 35F, South Tower, Yudean Plaza, No.2 36/F, South Tower, Yudean Plaza, No.2 Contact address Tianhe Road East, Tianhe Road East, Guangzhou,Guangdong Province Guangzhou,Guangdong Province Tel (020)87570251 (020)87570251 Fax (020)85138084 (020)85138084 E-mail liuw@ged.com.cn qinxiao@ged.com.cn III. Other info. 1. Way of contact Whether registrations address, offices address and codes as well as website and email of the Company changed in reporting period or not □ Applicable √ Not applicable Registrations address, offices address and codes as well as website and email of the Company has no change in reporting period, found more details in annual report 2020. 2. Information inquiry Whether information disclosure and preparation place changed in reporting period or not □ Applicable √ Not applicable 7 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 None of the official presses, website, and place of enquiry has been changed in the semi report period. For details please find the Annual Report 2020. IV.Summary of Accounting data and Financial index May the Company make retroactive adjustment or restatement of the accounting data of the previous years □ Yes √ No Reporting period Same period of last year YoY+/-(%) Operating income(yuan) 17,781,521,221 12,539,917,823 41.80% Net profit attributable to the shareholders 109,028,853 813,684,495 -86.60% of the listed company(yuan) Net profit after deducting of non-recurring gain/loss attributable to 90,377,204 784,542,709 -88.48% the shareholders of listed company (yuan) Cash flow generated by business 3,096,857,643 4,018,221,897 -22.93% operation, net(yuan) Basic earning per share(yuan/Share) 0.0208 0.1550 -86.60% Diluted gains per share(yuan/Share) 0.0208 0.1550 -86.60% Weighted average income/asset ratio(%) 0.40% 3.03% -2.63% As at the end of the As at the end of last year YoY+/-(%) reporting period Gross assets(yuan) 92,331,563,629 85,970,818,168 7.40% Shareholders’ equity attributable to shareholders of the listed company 26,933,339,749 27,369,995,422 -1.60% (yuan) V.The differences between domestic and international accounting standards 1.Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosed in the financial reports of differences in net income and net assets. √ Applicable □Not applicable In RMB Net profit attributable to the shareholders of the Net Assets attributable to the shareholders of listed company the listed company Amount in the Amount in the previous End of the reporting Beginning of the reporting period period period reporting period According to CAS 109,028,853 813,684,495 26,933,339,749 27,369,995,422 8 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Items and amount adjusted according to IAS The difference arising from recognition of goodwill 38,638,777 38,638,777 after merger of enterprises under the same control(a) Difference arising from recognition of land use -315,000 -315,000 16,025,000 16,340,000 value after enterprise merger Influence on minority 27,060 27,060 4,945,519 4,918,459 interests(b) According to IAS 108,740,913 813,396,555 26,992,949,045 27,429,892,658 2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese accounting standards. □ Applicable √Not applicable The Company had no difference of the net profit or net assets disclosed in financial report, under either foreign accounting rules or Chinese GAAP(Generally Accepted Accounting Principles) in the period. 3.Note to the Difference in the Accounting Data based on the Accounting Standards of CAS and IAS. √ Applicable □ Not applicable (a) The difference arising from recognition of goodwill after merger of enterprises under the same control and recognition of land value after enterprise merger. As required by new Chinese accounting standards, the goodwill formed by the merger of enterprises under the same control shall not be recognized and capital surplus shall be adjusted. Under IFRS, the golldwill formed by the merger of enterprises under the same control shall be recognized and equal to the difference between merger cost and share of fair value of recognizable net assets of the purchased party obtained in merger. Meanwhile, all assets of the purchased party obtained in merger shall be accounted for according to their fair value while such assets shall be accounted for according to their book value according to original Chinese accounting standards for business enterprises. Therefore, this difference will continue to exist. (b) Influence on minority interests Housing reform loss occurred to the Company and some holding subsidiaries. Therefore, there’s some influence on minority interests. VI.Items and amount of deducted non-current gains and losses √ Applicable □ Not applicable In RMB Items Amount Notes Non-current asset disposal gain/loss(including the write-off part 23,852,682 Mainly due to Yuejia Company 9 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 for which assets impairment provision is made) shut-down and liquidation of assets to obtain income. Mainly due to power sales Government subsidy recognized in current gain and economic policy incentives and loss(excluding those closely related to the Company’s business 6,433,278 subsidies for various power and granted under the state’s policies) plant projects. Other non-business income and expenditures other than the 595,487 above Fines and overdue payment fees -209,860 Mainly due to the income from scrapped fixed assets of Non-current assets scrap income 7,507,022 Guangdong wind power and Pinghai Power Plant. Loss of Non-current assets scrapped -4,006,514 Less: Amount of influence of income tax 8,588,045 Influenced amount of minor shareholders’ equity (after tax) 6,932,401 Total 18,651,649 -- For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on information disclosure for Compaines Offering their Securities to the Public-Non-recurring Gains and Losses and its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as recurring gains and losses, it is necessary to explain the reason. √Applicable □ Not applicable Items Amount involved Reason Value-added tax will be 4,141,947 Comply with national policies and regulations, and continue to occur refunded immediately Carbon emission quota used to fulfil the emission -2,750,000 Comply with national policies and regulations, and continue to occur reduction obligation 10 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 III. Management Discussion & Analysis Ⅰ.Main Business the Company is Engaged in During the Report Period The Company shall comply with the disclosure requirements of Shenzhen Stock Exchange Industry Information Disclosure Guidelines No.15-Listed Companies Engaged in Power-related Business The Company mainly engages in the investment, construction and operation management of power projects, and the production and sales of electric power. It belongs to the power, heat production and supply industry classified in the “Guidelines for the Industry Classification of Listed Companies” by the China Securities Regulatory Commission. Since its foundation, the Company has always adhered to the business tenet of “Capital from the people, using it for electricity, and benefiting the public” and adheres to the business policy of “Centering on the main business of electricity, with diversified development”, focusing on the main business of power and making the power structure go diversified. In addition to the development, construction and operation of large-scale coal-fired power plants, it also has clean energy projects such as LNG power generation, wind power generation and hydropower generation, which provides reliable and clean energy to users through the grid company. As of the end of the reporting period, the company has controllable installed capacity of 23.473 million kilowatts, including holding installed capacity of 21.759 million kilowatts and equity participation installed capacity of 1.714 million kilowatts. Including: the holding installed capacity for coal-fired power generation of 17.15 million kilowatts; the holding installed capacity for gas and electricity of 3.72 million kilowatts and renewable energy generation like wind power and hydropower of 889,000 kilowatts. Clean energy installation accounted for 21.2%.In addition, the company is entrusted with managing the installed capacity of 13.286 million kilowatts . Income source is primarily contributed by power production and sales, and main business income is derived from Guangdong Province. The company electricity sales price is subject to the benchmark price verified by the price authority per relevant policies based on National Development and Reform Commission (NDRC) and the electricity transaction price through the market trade implementation per Guangdong Electricity Market Trade Basic Rules and supporting files. In the reporting period, the electricity sold is 44.757 billion kilowatt-hours ,an increase of 43.07% YOY; average price stated in the consolidated statements is 440.05 Yuan/ thousands kilowatt-hours(tax included ,the same below ), YOY drop of 2.41 Yuan/ thousands kilowatt-hours, a decrease of0.54% YOY; the total operating income was RMB 17,781.52 million, an increase of RMB 5,241.6 million or an increase of 41.8% YOY. The company's business is dominated by coal-fired power generation, and the fuel costs account for a large portion of operating costs, thus the fluctuations in coal prices have a significant impact on the company's operating performance. During the reporting period, affected by the increase in power generation and the continuous increase in coal prices, the company’s fuel costs were 13,218.15 million yuan, which accounted for 78.77% of the main business costs; Affected by the rebound in power generation and the rising coal price, the fuel cost for power generation increased by RMB 6,175.19 million YOY, an increase of 87.68%. During the reporting period, benefiting from the gradual recovery of the domestic macro-economy and the increase in total social electricity demand, the Company's on-grid electricity increased by 43% YOY in the first half of the year. However, due to the increase in bulk commodity prices, the cost of coal and gas power generation fuels increased significantly YOY, plus the influence of factors such as the lowering of the benchmark on-grid price of natural gas, the increase in market transaction electricity and the power spot trial operation, the Company's power generation gross profit and the net profit attributable to the parent company decreased YOY, and it achieved a net profit attributable to the parent company of RMB 109,028,900-a YOY decrease of 86.60%. 11 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 The Company shall comply with the disclosure requirements of Shenzhen Stock Exchange Industry Information Disclosure Guidelines No.15-Listed Companies Engaged in Power-related Business In the first half of 2021, the Company resolutely implemented the requirements of the supply-side structural reform of the power industry, adhered to a clean, low-carbon, safe and efficient energy development strategy, and continued to optimize the power supply structure and asset structure. As of the end of the reporting period, the Company has put into production of a total of 12 new energy power generation projects with a holding installed capacity of 757,500 kilowatts; there are 10 wind power projects under construction, with a holding installed capacity of 1,261,800 kilowatts. In addition, the Company had respectively signed cooperation framework agreements with local governments of Tumshuk City of the Third Division of Xinjiang Production and Construction Corps, Dafang County, Hezhou City and other local governments. In the future, it will make full use of the existing resource advantages of local solar and wind energy to cooperate in the development of centralized and decentralized photovoltaic power generation and wind power projects, industrial integration, carbon neutrality, etc., which will help transform resource advantages into industrial advantages, economic advantages, and promote the development of green energy and green economy, thus promoting the Company's clean and low-carbon energy transformation. 1. As of June 30, 2021, the holding new energy power generation projects that the Company has put into production are as follows: Installed capacity (10,000 Project type Project name Shareholding ratio Investment amount kilowatts) Zhanjiang Xuwen Wind Power 4.95 70% 48,300 Yangqian Zhanjiang Xuwen Wind Power 4.95 70% 38,348 Yongshi Wind Power Jieyang Huilai Shibeishan 10.0 70% 67,797 Wind Power Jieyang Huilai Haiwanshi 1.4 90% 13,119 Wind Power Maoming Dianbai Reshui 4.95 100% 48,255 Zhanjiang Leizhou Wind Power 4.95 80% 38,069 Hongxinlou Zhanjiang Xuwen Wind Power 4.95 100% 92,699 Shibanling Wind Power Zhanjiang Xuwen Qujie 4.95 100% 373,945 Wailluo Offshore wind Wind Power 19.8 100% 44,852 power Xuwen Wutushan Wind Wind Power 4.95 100% 44,800 Power Xuwen Dengjiao Wind Wind Power 4.95 51% 49,396 Power 12 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Wind Power Pingyuan Maoping 4.95 100% 151,000 Total 75.75 1,010,580 2. As of June 30, 2021, the new energy project under construction by the Company are as follows: Installed capacity Project type Project name Shareholding ratio Planned production time (10,000 kilowatts) Wind Power Zhuhai Jinwan Offshore 30.25 74% September 2021 wind power Wind Power Zhanjiang Xuwen Wailuo 20 100% December 2021 Offshore wind power Wind Power Zhanjiang Xuwen Xinliao 20.64 100% December 2021 offshore wind power Wind Power Yangjiang Shapa offshore 30.22 89% December 2021 Wind power Wind Power Guangxi Wuxuan 5 100% December 2021 Wind Power Hunan Xupu Taiyangshan 5 100% December 2021 Wind Power Hunan Tongdao 5 100% December 2021 Dagaoshan Wind Power Shanwei Power Plant 1.08 65% December 2021 Decentralized Wind Power Wind Power Nanxiong Zhuan Village 4.99 100% June 2022 Wind Power Pingyuan Sishui 4 100% June 2022 Total 126.18 II.Analysis On core Competitiveness 1. The largest listed company of power in Guangdong The Company's main power generation assets are located in Guangdong Province, with a total asset size of more than 92.3 billion. It is the largest listed company of power in Guangdong Province. As of June 30,2021, The company's controllable installed capacity and entrusted managed installed capacity totaled 36.416 million kilowatts , accounting for 25.3% of the total installed capacity of Guangdong Province. 2. Strong background and resource advantages Guangdong Energy Group, the controlling shareholder of the company, as a provincial key energy enterprise, has been actively supporting listed companies to become better and stronger by using the advantages of its resources, technology and asset scale. As the only listed company and main force of Guangdong Energy Group, the company has always been subordinated to serving the overall situation of the reform and development of Guangdong Province and Guangdong Yudean Group. It has deeply cultivated the main power industry, actively played the value discovery function and resource allocation function of the capital market, and assisted the reform and development of Guangdong Province's energy resources. 13 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 3. Comprehensive advantages of main business Guided by the national energy development strategy, the Company is implementing the "1+2+3+X" strategy - to build a first-class green and low-carbon power listed company, coordinate safety and development, optimize and strengthen coal, gas and biomass power generation services, and vigorously develop new energy, energy storage, hydrogen energy and land park development. The Company has abundant project reserves and broad development prospects; With clear main business, reasonable structure, outstanding industrial position and market share, it has strong comprehensive strength and broad development prospects. 4. Competitive advantage in electricity market The company's generator set has high parameters, large capacity, high operation efficiency, low coal consumption, stable operation, superior environmental protection performance and strong market competitive advantage. In the first half of 2021, the company completed a total of 44.757 billion kilowatt-hours of electricity in the market, and the scale of electricity sales continued to rank first in the province, with electricity sales prices superior to the province's average. The company gives full play to its three advantages of scale, brand and service. With its marketing service network all over the province and its technical accumulation and comprehensive resources in the power industry, the company provides auxiliary value-added services such as peak regulation, frequency modulation and backup for the power grid, and provides high-quality value-added services such as comprehensive energy saving and power consumption consultation for users, thus realizing the transformation from a power generation enterprise to an energy comprehensive service enterprise. 5. Advantage of financial resources As of June 30,2021, the company's total assets were 92.331 billion yuan, net assets were 35.04 billion yuan, net assets attributable to the parent were 26.933 billion yuan; Net cash inflow from operating activities was 3.097 billion yuan, net cash outflow from investment activities was 4.191 billion yuan, and net cash outflow from financing activities was 87 million yuan. The company has large assets, abundant cash flow and strong financial resources. 6. Regional development advantages As the main energy source in Guangdong Province, the company shoulders the important task of helping Guangdong Province to build a clean, low-carbon, safe and efficient modern energy system. The company will actively integrate into the construction of Guangdong-Hong Kong-Macao Greater Bay Area, Shenzhen's advanced demonstration zone and the development of Guangdong's "one core, one belt and one area". It will steadily push forward the construction of key energy projects and the development of new energy resources in the province and actively seek to expand into regions with better resource conditions and higher power demand, Help the "3060" target to be implemented. III.Main business analysis Found more in”I. Main businesses of the Company in the reporting period” Changes in the financial data In RMB This report period Same period last year YOY change(%) Cause change Operating income 17,781,521,221 12,539,917,823 41.80% Benefiting from the gradual 14 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 recovery of the domestic macro economy and the increase of the total demand for electricity in the society, the on-grid electricity increased YOY and the operating income increased in the first half of the year. Affected by the increase in bulk commodity prices and a high level coal prices in the first half of the Operating cost 16,786,719,665 10,150,973,022 65.37% year, plus the impact of increased on-grid electricity, the cost of power generation fuel increased YOY. The Company strengthened its investment in power marketing and Sale expenses 30,495,119 22,894,557 33.20% actively competed for market share of electricity, thus the sales expenses increased YOY. Administrative expenses 348,713,784 301,675,673 15.59% Financial expenses 576,650,599 561,314,905 2.73% Affected by the substantial increase in fuel costs for power generation, Income tax expenses 106,678,961 472,879,412 -77.44% the Company’s profit fell YOY and the income tax expenses decreased. Mainly due to the increase in R&D investment in the affiliated power plants this year and the R & D Investment 96,674,773 831,109 11,532.02% strengthening of the concentration management of R&D expenses at the same time, the R&D expenses increased significantly YOY. Cash flow generated by 3,096,857,643 4,018,221,897 -22.93% business operation, net Net cash flow generated -4,190,865,039 -3,327,095,659 25.96% by investment Mainly due to the wind power companies and new power plants are in the infrastructure construction Net cash flow generated 869,529,862 -46,707,153 -1,961.66% period, a large amount of funds need by financing to be raised for the purchase of power generation equipment and the construction of plants. 15 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Mainly due to the Company is in a stage of rapid development, the Net increasing of cash -224,477,656 644,419,313 -134.83% investment in power plants and cash equivalents especially new power plants has increased. Major changes to the profit structure or sources of the Company in the reporting period □ Applicable √Not applicable The profit composition or sources of the Company have remained largely unchanged during the report period. Component of Business Income In RMB This report period Same period last year Increase /decrease Amount Proportion Amount Proportion Total operating 17,781,521,221 100% 12,539,917,823 100% 41.80% revenue On Industry Electric power , Steam sales and 17,535,862,514 98.62% 12,359,160,846 98.56% 41.89% labor income Other 245,658,707 1.38% 180,756,977 1.44% 35.91% On products Sales Electric Power 17,429,546,654 98.02% 12,249,310,829 97.68% 42.29% Thermal sales 62,652,754 0.35% 68,698,614 0.55% -8.80% Comprehensive 232,388,965 1.31% 145,845,255 1.16% 59.34% utilization of fly ash Other 56,932,848 0.32% 76,063,125 0.61% -25.15% Area Guangdong 17,755,824,058 99.86% 12,517,016,866 99.82% 41.85% Yunnan 25,697,163 0.14% 22,900,957 0.18% 12.21% (2)Situation of Industry, Product and District Occupying the Company’s Business Income and Operating Profit with Profit over 10% √ Applicable □Not applicable In RMB Increase/decrease Increase/decrease Increase/decrease of revenue in the of business cost of gross profit Gross profit Turnover Operation cost same period of over the same rate over the same rate(%) the previous period of period of the year(%) previous year (%) previous year (%) On Industry 16 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Electric power , Steam sales and 17,535,862,514 16,780,408,772 4.31% 41.89% 65.52% -13.66% labor income On Products Sales Electric 17,429,546,654 16,669,365,676 4.36% 42.29% 65.94% -13.63% Power Thermal sales 62,652,754 50,523,078 19.36% -8.80% 16.02% -17.25% Area Guangdong 17,755,824,058 16,757,608,850 5.62% 41.85% 65.51% -13.49% Under circumstances of adjustment in reporting period for statistic scope of main business data, adjusted main business based on latest on year’s scope of period-end. □ Applicable √Not applicable Explanation for a year-on –year change of over 30% √ Applicable □ Not applicable The company's operating income, operating costs, sales expenses, etc. have changed by over 30% year on year, and the reasons for the changes are shown in "Year-on-year Changes of Major Financial Data" in the above table. IV. Analysis of Non-core Business □ Applicable √Not applicable V. Analysis of assets and liabilities 1.Significant changes in asset composition In RMB End of Reporting period End of same period of last year Change in As a As a percentage( Reason for significant change Amount percentage of Amount percentage of %) total assets(%) total assets(%) Monetary fund 5,566,527,909 6.03% 5,790,946,117 6.74% -0.71% Accounts 4,533,682,583 4.91% 4,332,149,033 5.04% -0.13% receivable Contract assets 4,276,992 0% 3,870,497 0% 0% Inventories 2,329,827,695 2.52% 1,589,882,029 1.85% 0.67% Real estate 48,457,262 0.05% 49,732,668 0.06% -0.01% Investment Long-term equity 7,369,368,592 7.98% 6,687,257,614 7.78% 0.20% investment Fixed assets 48,296,881,750 52.31% 47,195,233,079 54.90% -2.59% The Company applies the new lease standard in 2021, and the Construction in 6,961,952,641 7.54% 9,153,637,100 10.65% -3.11% constructions in progress are process reclassified to right-of-use assets. The Company applies the new lease standard in 2021, Usage right assets 4,399,305,885 4.76% 0% 4.76% Recognize the right-of-use assets Short -term loans 8,112,048,863 8.79% 7,622,427,916 8.87% -0.08% Contract 586,470 0% 6,573,912 0.01% -0.01% 17 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 liabilities Long-term loans 21,969,981,365 23.79% 18,998,555,568 22.10% 1.69% The Company applies the new Lease liabilities 4,136,908,238 4.48% 0% 4.48% lease standard in 2021, Recognize the lease liabilities 2.Main assets overseas □ Applicable √Not applicable 3.Asset and Liabilities Measured by Fair Value √ Applicable □Not applicable In RMB Gain/Loss on Cumulative Sold Impairment Purchased fair value fair value amount in Opening provisions in amount in the Closing Items change in the change the End of term amount the reporting reporting mount reporting recorded into reporting period period period equity period Financial assets 4.Investment in other 3,548,088,015 112,466,070 2,651,191,469 -70,500,870 3,590,053,215 equity instruments Subtotal 3,548,088,015 112,466,070 2,651,191,469 -70,500,870 3,590,053,215 Total 3,548,088,015 112,466,070 2,651,191,469 -70,500,870 3,590,053,215 Financial 0 0 0 0 0 0 0 0 Liability Other change On January 14, 2021, Guangdong Wind Power Generation Co., Ltd., a wholly-owned subsidiary of the Company, acquired 10% equity of Southern Offshore Wind Power Joint Development Co., Ltd. through equity transfer, that is, the Company holds 20% equity of Southern Offshore Wind Power Joint Development Co., Ltd., which has a significant impact on its business decision, and its accounting method has been changed from other equity instruments investment to long-term equity investment equity method(Note VII(170). Did great change take place in measurement of the principal assets in the reporting period ? □ Yes √ No 4. Restricted asset rights as of the end of this Reporting Period (1)Asset pledge situation On June 30, 2021, individual subsidiaries of the Group pledged the right to impose electricity charges to banks to obtain long-term loans of RMB4,013,469,662,of which: the balance of long-term loans due within one year was 290,559,745 yuan (as of December 31, 2020: 4,193,207,913 yuan). including: the long-term borrowings due within one year amounted to RMB298,558,767 . The borrowings are detailed as follows: 1. On June 30, 2021, the long-term pledge borrowings of the following subsidiaries were based on their power fee charging rights and accounts receivable as pledges: 18 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 In RMB Name June 30,2021 December 31,2020 Guangdong Shaoguan Yuejiang Power Generation Co., Ltd. 1,723,480,897 1,840,351,082 Guangdong Yudean Leizhou Wind Power Generation Co., Ltd. 1,279,237,340 1,310,860,000 Guangdong Yudean Qujie Wind Power Generation Co., Ltd. 651,000,000 661,000,000 Guangdong Yudean Zhanjiang Wind Power Co., Ltd. 220,059,905 224,052,692 Lincang Yudean Energy Co., Ltd. 84,465,000 98,565,000 Guangdong Yudean Xuwen Wind Power Generation Co., Ltd. 55,226,519 58,379,139 Total 4,013,469,662 4,193,207,913 2.On June 30, 2021, the long-term pledge borrowings of the following subsidiaries due within one year were based on their power fee charging rights and accounts receivable as pledges: In RMB Name June 30,2021 December 31,2020 Guangdong Shaoguan Yuejiang Power Generation Co., ltd. 193,711,564 193,721,167 Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd. 61,549,006 42,285,806 Lincang Yudean Energy Co., Ltd. 10,000,000 20,000,000 Guangdong Yudean Xuwen Wind Power Generation Co., Ltd. 7,985,575 7,985,575 Guangdong Yudean Leizhou Power Generation Co., Ltd. 14,100,000 28,200,000 Guangdong Yudean Qujie Wind Power Generation Co., Ltd. 3,213,600 6,366,219 Total 290,559,745 298,558,767 19 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 VI. Investment situation 1. General √ Applicable □ Not applicable Investment of the period Investment of same period of last year Scale of change 1,254,358,100 447,600,000 180.24% 2.Condition of Acquiring Significant Share Right Investment during the Report Period √Applicable □ Not applicable In RMB Whether Gain or Less Name of the Share Progress up to to Date of Main Investmen Investment Capital Investment Product or the Company Proportion Partner Balance Sheet Anticipated Involve Disclosur Disclosure Index(if any) Business t Way Amount Source Horizon Type Current Invested % Date Income in e(if any) Investment Lawsuit Announcement Guangdong No.:2020-13)Published in Yudean Natural Capital Self Electric April China Securities Daily, Binhaiwan Gas 50,000,000 100% No Long-term -8,850,553 No increase Funds Power 10,2020 Securities Times and Energy Generation http//.www.cninfo.com.cn Co.,Ltd. During the Guangdo reporting Guangdong ng period, the Announcement Huadu Guokun construction Natural No.:2017-14)Published in Natural Gas Capital Self New Electric of Huadu April Gas 97,500,000 65% Long-term -3,041,456 No China Securities Daily, Thermal increase Funds Energy Power Thermoelectri 26,2017 Generation Securities Times and Power Co., Co., city Project http//.www.cninfo.com.cn Ltd. Ltd.: was 35% progressing normally. Guangdong Wind Capital 100,000,000 100% Self No Long-term Electric During the 351,866 No August Announcement 20 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Yudean power increase funds power reporting 31,2019 No.:2019-40)Published in Qujie Wind generation period, the China Securities Daily, Power construction Securities Times and Generation of Zhanjiang http//.www.cninfo.com.cn Co., Ltd. Wailuo Offshore Wind Power Project Phase II was progressing normally. During the reporting period, the Announcement Guangdong construction No.:2019-59)Published in Yudean Wind of Zhanjiang Qujie Wind Capital Self Electric November China Securities Daily, power 100,000,000 100% No Long-term Xinliao 354,113 No Power increase funds power 29,2019 Securities Times and generation Offshore Wind Generation http//.www.cninfo.com.cn Power Project Co., Ltd. was progressing normally. During the reporting period, the construction Announcement Guangdong Wind of Yangjiang No.:2018-45)Published in Wind Power Capital Self Electric August power 160,000,000 100% No Long-term Shapa -1,383,351 No China Securities Daily, Generation increase funds power 31,2018 generation Offshore wind Securities Times and Co., Ltd. power Project http//.www.cninfo.com.cn was progressing normally. During the Guangdong Announcement Wind reporting Wind Power Capital Self Electric January No.:2019-05)Published in power 50,000,000 100% No Long -term period, the 10,892,619 No Generation increase funds Power 26,2019 China Securities Daily, generation construction Co., Ltd. Securities Times and of Zhuhai 21 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Jinwan http//.www.cninfo.com.cn Offshore wind power Project was progressing normally. During the reporting period, the Announcement Guangdong construction Wind No.:2019-58)Published in Wind Power Capital Self Electric of Guangxi November power 30,000,000 100% No Long-term -128,049 No China Securities Daily, Generation increase funds Power Wuxuan Wind 29,2019 generation Securities Times and Co., Ltd. Farm Phase I http//.www.cninfo.com.cn project was progressing normally. During the reporting period, the construction of Dagaoshan Tongdao Wind Power Announcement Yuexin Wind Project in No.:2020-13)Published in Capital Self Electric April Wind Power power 40,000,000 100% No Long-term Tongdao Dong -15,141 No China Securities Daily, increase funds Power 11,2020 Generation generation Autonomous Securities Times and Co., Ltd. County of http//.www.cninfo.com.cn Hunan Province was progressing normally. During the Announcement Guangdong reporting Wind No.:2020-13)Published in Wind Power Capital Self Elecrric period, the April power 30,000,000 100% No Long-term -46,108 No China Securities Daily, Generation increase funds Power construction 11,2020 generation Securities Times and Co., Ltd. of http//.www.cninfo.com.cn Taiyangshan 22 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Wind Farm Project in Xupu, Hunan Province was progressing normally. Southern Announcement Offshore Wind No.:2020-63)Published in wind power Capital Self Electric In normal December power 10,000,000 100% No Long-term 8,563,328 No China Securities Daily, Union increase funds Power operation 5,2020 generation Securities Times and Developme http//.www.cninfo.com.cn nt Co., Ltd. During the reporting Huizhou period, the Daya preliminary Bay work of the Guangdong Petrificat Western Announcement No.:2020-10 February Yudean Natural ion Comprehensiv and 2020-34)Published in Capital Self Electric 15,2020, Daya Bay Gas 128,000,000 80% Industrial Long-term e Energy -2,400,948 No China Securities Daily, increase funds power May Energy Co., Generation Zone Station Project Securities Times and 21,2021 Ltd. Investme of Daya Bay http//.www.cninfo.com.cn nt Co., Petrochemical Ltd.: Zone in 20% Huizhou was progressing normally. During the reporting period, the Announcement Guangdong construction Wind No.:2020-63)Published in Wind Power Capital Self Electric of Pingyuan December Power 166,858,100 100% No Long-term 25,906,046 No China Securities Daily, Generation increase funds power Sishui Zhuhai 5,2020 generation Securities Times and Co., Ltd. Jinwan Wind http//.www.cninfo.com.cn farm Project was progressing 23 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 normally. During the reporting period, the construction of Guangdong Announcement Guangdong Wind Yudean No.:2020-63)Published in Wind Power Capital Self Electric December power 30,000,000 100% No Long-term Nanxiong -202,386 No China Securities Daily, Generation increase funds power 5,2020 geneation ZhuanVillage Securities Times and Co., Ltd. Wind farm http//.www.cninfo.com.cn Project was progressing normally. Guangdo Announcement Guangdong ng No.:2020-69)Published in Wind Power Capital Self Energy Coal In normal December Coal sales 180,000,000 50% Long-term 82,773,307 No China Securities Daily, Generation increase funds Group sales operation 23,2020 Securities Times and Co., Ltd. Co., http//.www.cninfo.com.cn Ltd.:50% Guangdo Shanxi ng Announcement Published in Yudean Coal Capital Self Energy Coal In normal April China Securities Daily, 64,000,000 40% Long-term 168,305,759 No Energy Co., mining increase funds Group mining operation 28,2021 Securities Times and Ltd. Co., http//.www.cninfo.com.cn Ltd.:60% During the reporting Guangdong period, the Announcement Yudean Natural New construction No.:2021-01)Published in Dananhai Self Electric January Gas establish 15,000,000 100% No Long-term of Jieyang 788 No China Securities Daily, Intelligence funds Power 29,2021 Generation ment Dananhai Securities Times and Energy Co., Petrochemical http//.www.cninfo.com.cn Ltd. comprehensiv e energy 24 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 project was progressing normally. The preliminary work of the source Guangdong network lotus Announcement Yudean Natural New and storage No.:2021-36)Published in Baihua Self Electric August Gas establish 3,000,000 100% No Long-term integration 1,250 No China Securities Daily, Integrated fduns power 10,2021 Generation ment project of Securities Times and Energy Co., Huizhou New http//.www.cninfo.com.cn Ltd. Material Industrial Park is progressing normally Total -- -- 1,254,358,100 -- -- -- -- -- -- 0 281,081,084 -- -- -- 3.Situation of the Significant Non-equity Investment Undergoing in the Report Period □ Applicable √ Not applicable 4.Investment of Financial Asset (1)Securities investment √ Applicable □ Not applicable Purchase Sale Book value Changes in Cumulative Gain/loss Stock Mode of Book value balance at amount amount balance at Security Security Initial fair value of fair value of the Accounting Source of Abbreviati accounting the beginning of the in the in the the end of category code investment cost the this changes in reporting items the shares on: measurement reporting period this this the reporting period equity period period period period Domestic 000027 Shenzhen 15,890,628 FVM 92,080,800 61,916,400 138,106,572 153,997,200 Other Self funds 25 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 and foreign Energy equity stocks instrument Investment Other Domestic equity and foreign 600642 Shenergy 235,837,988 FVM 289,878,345 51,089,670 105,130,027 340,968,015 Self funds instrument stocks Investment Other Domestic equity and foreign 831039 NEEQ 3,600,000 FVM 11,628,000 -540,000 7,488,000 11,088,000 Self funds instrument stocks Investment Total 255,328,616 -- 393,587,145 112,466,070 250,724,599 0 0 0 506,053,215 -- -- 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) (2)Investment in Derivatives □ Applicable √ Not applicable The Company had no investment in derivatives in the reporting period. VII. Sales of major assets and equity I. Sales of major assets □ Applicable √ Not applicable The Company had no sales of major assets in the reporting period. II. Sales of major equity □ Applicable √ Not applicable 26 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 VIII.Analysis of the Main Share Holding Companies and Share Participating Companies √ Applicable □ Not applicable Situation of Main Subsidiaries and the Joint-stock Company with over 10% net profit influencing to the Company In RMB Registered Operating Company name Type Main business Total assets Net assets Turnover Net Profit capital profit Guangdong Yudean Jinghai Power generation Power Subsidiary and power station 2,919,272,000 7,997,777,091 3,557,332,208 2,825,023,205 86,997,783 65,049,865 Generation Co., construction. Ltd. Guangdong Huizhou Natural Power generation gas Power Subsidiary and power station 1,499,347,500 3,759,515,960 2,099,003,894 1,996,292,606 267,439,226 208,243,950 Generation Co., construction. Ltd. Shenzhen Power generation Guangqian Subsidiary and power station 1,030,292,500 1,648,152,649 1,462,765,262 619,922,588 105,654,585 80,613,094 Electric Power construction. Co., Ltd. Guangdong Huizhou Pinghai Power generation Power Subsidiary and power station 1,370,000,000 4,975,546,191 2,123,552,234 2,196,837,720 190,548,407 139,810,863 Generation Plant construction. Co., Ltd. Guangdong Yudean Qujie Power generation Wind Power Subsidiary and power station 1,479,750,000 7,844,728,468 1,535,653,436 203,124,990 27,491,741 27,087,204 Generation Co., construction. Ltd. Guangdong Power generation Energy Maoming Subsidiary and power station 1,437,985,100 2,761,333,958 1,312,921,194 957,316,941 -71,296,508 -53,402,223 Thermal Power construction. Co., Ltd. Zhanjiang Power generation Zhongyue Subsidiary and power station 1,454,300,000 3,580,699,535 913,859,441 959,628,170 -62,483,053 -48,384,003 Energy Co., Ltd. construction. Guangdong Power generation Yudean Bohe Subsidiary and power station 4,724,013,372 10,399,297,794 3,992,273,151 1,190,006,156 -163,549,065 -163,273,077 Energy Co., Ltd. construction. Guangdong Red Power generation Bay Power Co., Subsidiary and power station 2,749,750,000 5,852,870,398 3,228,790,940 2,197,125,947 16,821,053 19,513,157 Ltd. construction. Guangdong Yudean Electric Sales of electric Subsidiary 230,000,000 313,361,605 207,489,970 7,664,541 -110,421,992 -82,816,494 Power Sales Co., power Ltd. Guangdong Power generation Dapu Power Subsidiary and power station 1,040,000,000 4,130,884,045 803,644,684 1,139,690,207 -92,006,304 -69,805,099 Generation Co., construction. Ltd. Guangdong Power generation Wind Power Co., Subsidiary and power station 2,801,252,870 12,150,583,176 3,082,222,908 109,142,383 7,936,864 6,264,742 Ltd. construction. 27 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Guangdong Shaoguan Power generation Yuejiang Power Subsidiary and power station 1,564,055,690 5,843,126,551 354,373,100 1,514,986,939 -150,008,429 -157,176,602 Generation Co., construction. Ltd. Guangdong Electric Power Sharing Fuel Trade 1,190,000,000 7,546,904,335 1,434,860,455 15,512,366,825 210,332,261 165,546,614 Industry Fuel Company Co., Ltd. Guangdong Guohua Yudean Power generation Sharing Taishan Power and power station 4,669,500,000 10,044,606,934 7,947,414,616 4,199,718,332 273,024,568 195,349,373 Company Generation Co., construction. Ltd. Shanxi Yudean Sharing Mining and power 1,160,000,000 6,544,093,925 5,134,942,174 40,369,217 420,795,807 420,775,891 Energy Co., Ltd. Company generation Guangdong Sharing Transportation Yudean Shipping 2,465,800,000 2,133,357,614 756,130,810 975,357,361 65,889,265 62,555,903 Company and port operation Co., Ltd. Guangdong Sharing Energy Group Finance 3,000,000,000 24,953,958,935 3,962,163,511 361,371,694 265,102,812 212,021,766 Company Finance Co., Ltd. Acquirement and disposal of subsidiaries in the Reporting period √ Applicable □ Not applicable Way of acquiring and disposing of Impact on the whole producing operation Company name subsidiary corporations within the and performance reporting period During the reporting period, the Dananhai Guangdong Yudean Dananhai Intelligence Smart Project is in the early stage of Invested Energy Co., Ltd. upfront work and the construction has not yet started. During the reporting period, the Yudean Guangdong Yudean Baihua Integrated Baihua Project is in the early stage of Invested Energy Co., Ltd. upfront work and the construction has not yet started. Guangdong Guangye Nanhua New Energy M &A No significant impact. Co., Ltd. Guangdong Yueneng Datang New Energy M &A No significant impact. Co., Ltd. Guangdong Yueneng Wind Power Co., Ltd. M & A No significant impact. Note IX.Structured vehicle controlled by the Company □ Applicable √ Not applicable 28 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 X. Risks facing the Company and countermeasures Under the background of "3060" goal on carbon emission peak and carbon neutrality, and accelerated the transition of energy production and consumption to low carbon. According to the requirements of optimizing the energy structure of the country, thermal power will gradually change from the main power supply to the basic power supply of peak shaving and frequency modulation. As of June 2021, the installed capacity of the company's coal-fired power holdings accounted for 78.8%, with a high proportion; The main power assets are mainly in Guangdong Province, where there are many other power generators, which are greatly affected by the West-to-East Power Transmission Project. The Company shall continuously promote the optimization and adjustment of power supply structure, vigorously develop the construction of new energy projects, and promote the clean and low-carbon energy transformation of the Company. (I) Power supply structure is facing adjustment Countermeasures: Firstly, accelerate the progress of key energy projects, solidly promote the construction of Ningzhou Alternative Power Project, Huadu Thermal Power Project, Yangjiang Shaba, Wailuo Phase II, Xinliao Offshore Wind Power Project, Guangxi Wuxuan, Tongdao Daodashan, Xupu Taiyangshan Onshore Wind Power Project, and ensure that the annual project investment and construction plan are completed on schedule; Secondly, increase the investment and development of clean energy and project reserves, and accelerate the preliminary work of Daya Bay Comprehensive Energy Station, Zhaoqing Yong'an Natural Gas Thermal Power Project, Yangjiang Qingzhou Offshore Wind Power Project, etc.; Thirdly, explore distributed energy sources of cold, heat, electricity and gas multi-generation, as well as infrastructure construction such as electricity exchange, charging piles and energy storage, and hydrogen energy development and utilization; Fourthly, through the establishment and improvement of carbon emission management system, realize the increment and benefit of carbon assets. (II) The situation of work safety is complicated Some of the Company’s thermal power units have been in operation for a long time, and the deep peak shaving and the unplanned outages of the units have been prominent, which have caused adverse consequences for the safe operation and economic profit of the Company. The on-site personnel of some units operated in violation of regulations and failed to implement safety measures sometimes, and the phenomenon of inadequate investigation and rectification of hidden dangers was prominent. With the formal implementation of the amendment to the "Safety Production Law", higher requirements have been put forward on the ability and strength of enterprise safety production management. Countermeasures: Firstly, further strengthen the safety risk classification control and hidden danger investigation and elimination, strengthen the safety education and training of employees, strengthen emergency rescue and fire drills, and fully implement the main responsibility of enterprise work safety; Secondly, accelerate the construction of work safety standardization, improve the level of work safety, and ensure work safety; Thirdly, continuously enhance risk identification and risk management and control capabilities, focus on preventing and resolving major risks, and improve and implement safety risk management and control measures. (III) The reform of the power system continues to deepen At present, China has clearly defined the independent operation schedule of power trading institutions, and requires that a unified national power trading organization system be basically established during the "14th Five-Year Plan" period. In May 2021, the Guangdong power market launched a spot settlement trial run. Based on that the existing base planned power, annual price difference, long-term contract power and retail agency relationship remain unchanged, the settlement trial run of "price difference monthly trading+absolute price weekly trading+spot" will be continuously organized, and the competition in Guangdong power market will become increasingly fierce. Meanwhile, in 2021, the trading scale of Guangdong power market will be expanded to 270 29 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 billion kWh, which puts forward higher requirements for power marketing. Countermeasures: Firstly, continuously strengthen the construction of power marketing system, optimize the power spot trading mechanism, improve the ability to participate in the power spot market competition, and realize the integration linkage of power production, marketing and service. Secondly, continuously promote all-round refined management of all employees, and focus on strengthening the control of fuel costs, production costs, financial expenses and other costs and expenses. Thirdly, steadily push forward the reform and innovation of the system and mechanism, improve the system and mechanism suitable for the high-quality development of listed companies, stimulate the endogenous motivation and vitality of enterprises, and study and build an assessment and distribution incentive mechanism integrating incremental incentive, bottom line constraint and fault-tolerant mechanism. 30 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 IV. Corporate Governance I. Annual General Meeting and Provisional Shareholders’ Meetings in the Reporting Period 1.Annual General Meeting Investor Index to disclosed Meeting Type participatio Convened date Disclosure date information n ratio Announcement First Provisional Provisional No.:2021-09).. Shareholders’ Shareholders’ 72.57% February 25,2021 February 26,2021 Published in China Securitie general meeting of general meeting s Daily, Securities Times an 2021 d http//.www.cninfo.com.cn Announcement 2020 Annual No.:2021-33).. Shareholders’ Shareholders’ 72.58% May 20,2021 May 21,2021 Published in China Securitie general meeting General Meeting s Daily, Securities Times an d http//.www.cninfo.com.cn. 2. Preferred stockholders restored voting rights to request to convene Provisional Shareholders’ Meeting. □Applicable √ Not applicable II. Changes in directors, supervisors and senior management staffs □Applicable √Not applicable No change has taken place in directors, supervisors and senior executives of the Company during the reporting period. For the detail, refer to 2020 Annual Report. III. Pre-plan for profit allocation and turning capital reserve into share capital for the reporting period □ Applicable √ Not applicable The Company planned not to distribute cash dividend and bonus share, and not to convert capital reserves into share capital in half year. IV. Implementation of any equity incentive plan, employee stock ownership plan or other incentive measures for employees □ Applicable √ Not applicable None. 31 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 V. Environmental & Social Responsibility I. Significant environmental issues Whether the Company or any of its subsidiaries is identified as a key polluter by the environment authorities √ Yes □No Excess Main Emission Emission Total Verified ive pollutant and Emissio Company or Emission port concentra Implemented pollutant emissi total emissi specific n port subsidiary name way distribution tion emission standards on emission( on pollutant number condition (mg/Nm3) (Tons) Tons) conditi name on Concentra Emission Standard of Air ted Pollutants for Thermal Shajao A Power Within the Smoke emission 1 1.38 Power Plants 9.41 9.41 No Plant factory through (GB13223-2011) special chimney emission limit Concentra Emission Standard of Air ted Pollutants for Thermal Shajao A Power Within the SO2 emission 1 17.38 Power Plants 118.46 118.46 No Plant factory through (GB13223-2011) special chimney emission limit Concentra Emission Standard of Air ted Pollutants for Thermal Shajao A Power Within the NOX emission 1 28.99 Power Plants 197.62 197.62 No Plant factory through (GB13223-2011) special chimney emission limit Concentra Emission Standard of Air ted Pollutants for Thermal Guangdong Yudean Within the Smoke emission 2 0.96 Power Plants 13.87 593 No Dapu Power Plant factory through (GB13223-2011) special chimney emission limit Concentra Emission Standard of Air ted Pollutants for Thermal Guangdong Yudean Within the SO2 emission 2 12.33 Power Plants 177.90 1447 No Dapu Power Plant factory through (GB13223-2011) special chimney emission limit Concentra Emission Standard of Air ted Pollutants for Thermal Guangdong Yudean Within the NOX emission 2 33.36 Power Plants 481.53 1502 No Dapu Power Plant factory through (GB13223-2011) special chimney emission limit Concentra Emission Standard of Air Zhanjiang ted Pollutants for Thermal Within the Zhongyue Energy Smoke emission 2 1.19 Power Plants 12.39 480 No factory Co., Ltd. through (GB13223-2011) special chimney emission limit Concentra Emission Standard of Air Zhanjiang ted Pollutants for Thermal Within the Zhongyue Energy SO2 emission 2 16.11 Power Plants 168.24 1200 No factory Co., Ltd. through (GB13223-2011) special chimney emission limit Concentra Emission Standard of Air Zhanjiang ted Pollutants for Thermal Within the Zhongyue Energy NOX emission 2 26.19 Power Plants 273.52 1587 No factory Co., Ltd. through (GB13223-2011) special chimney emission limit 32 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Concentra Emission Standard of Air Guangdong ted Pollutants for Thermal Shaoguan Yuejiang Within the Smoke emission 2 1.98 Power Plants 25.42 717.78 No Power Generation factory through (GB13223-2011) special Co., Ltd. chimney emission limit Concentra Emission Standard of Air Guangdong ted Pollutants for Thermal Shaoguan Yuejiang Within the SO2 emission 2 21.46 Power Plants 275.52 2303.55 No Power Generation factory through (GB13223-2011) special Co., Ltd. chimney emission limit Concentra Emission Standard of Air Guangdong ted Pollutants for Thermal Shaoguan Yuejiang Within the NOX emission 2 42.03 Power Plants 539.73 2809.07 No Power Generation factory through (GB13223-2011) special Co., Ltd. chimney emission limit Concentra Emission Standard of Air ted Pollutants for Thermal Zhanjiang Electric Within the Smoke emission 2 1 Power Plants 12 12 No Power Co., Ltd. factory through (GB13223-2011) special chimney emission limit Concentra Emission Standard of Air ted Pollutants for Thermal Zhanjiang Electric Within the SO2 emission 2 15 Power Plants 211 211 No Power Co., Ltd. factory through (GB13223-2011) special chimney emission limit Concentra Emission Standard of Air ted Pollutants for Thermal Zhanjiang Electric Within the NOX emission 2 32 Power Plants 446 446 No Power Co., Ltd. factory through (GB13223-2011) special chimney emission limit Concentra Emission Standard of Air Guangdong Yudean ted Pollutants for Thermal Within the Jinghai Power Smoke emission 4 2.84 Power Plants 85.62 1770 No factory General Co., Ltd. through (GB13223-2011) special chimney emission limit Concentra Emission Standard of Air 广 Guangdong ted Pollutants for Thermal Yudean Jinghai Within the SO2 emission 4 19.99 Power Plants 603.36 6502 No Power General Co., factory through (GB13223-2011) special Ltd. chimney emission limit Concentra Emission Standard of Air Guangdong Yudean ted Pollutants for Thermal Within the Jinghai Power NOX emission 4 36.51 Power Plants 1101.6 4687 No factory General Co., Ltd. through (GB13223-2011) special chimney emission limit Concentra Emission Standard of Air Guangdong Red ted Pollutants for Thermal Within the Not Bay Power General Smoke emission 4 2.03 Power Plants 42.89 No factory approved Co., ltd. through (GB13223-2011) special chimney emission limit Concentra Emission Standard of Air Guangdong Red ted Pollutants for Thermal Within the Not Bay Power General SO2 emission 4 9.24 Power Plants 223.8 No factory approved Co., ltd. through (GB13223-2011) special chimney emission limit Guangdong Red Concentra Within the Emission Standard of Air Not NOX 4 32.73 743.64 No Bay Power General ted factory Pollutants for Thermal approved 33 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Co., ltd. emission Power Plants through (GB13223-2011) special chimney emission limit Concentra Emission Standard of Air Guangdong Energy ted Pollutants for Thermal Maoming Thermal Within the Smoke emission 2 1.13 Power Plants 15.71 168.12 No Power Plant Co., factory through (GB13223-2011) special Ltd. chimney emission limit Concentra Emission Standard of Air Guangdong Energy ted Pollutants for Thermal Maoming Thermal Within the SO2 emission 2 12.9 Power Plants 146.2 385.51 No Power Plant Co., factory through (GB13223-2011) special Ltd. chimney emission limit Concentra Emission Standard of Air Guangdong Energy ted Pollutants for Thermal Maoming Thermal Within the NOX emission 2 24.57 Power Plants 274.5 689.58 No Power Plant Co., factory through (GB13223-2011) special Ltd. chimney emission limit Concentra Emission Standard of Air Guangdong ted Pollutants for Thermal Huizhou Pinghai Within the Smoke emission 2 2.38 Power Plants 43.06 700 No Power Plant Co., factory through (GB13223-2011) special Ltd. chimney emission limit Concentra Emission Standard of Air Guangdong ted Pollutants for Thermal Huizhou Pinghai Within the SO2 emission 2 22.34 Power Plants 391.09 1670 No Power Plant Co., factory through (GB13223-2011) special Ltd. chimney emission limit Concentra Emission Standard of Air Guangdong ted Pollutants for Thermal Huizhou Pinghai Within the NOX emission 2 36.86 Power Plants 644.46 2423 No Power Plant Co., factory through (GB13223-2011) special Ltd. chimney emission limit Concentra Emission Standard of Air ted Pollutants for Thermal Qianwan LNG Within the NOX emission 5 12.05 Power Plants 71.49 180.37 No Power Plant factory through (GB13223-2011) special chimney emission limit) Concentra Emission Standard of Air ted Pollutants for Thermal Huizhou LNG Within the Smoke emission 6 0.22 Power Plants 4.15 232.11 No power plant factory through (GB13223-2011) special chimney emission limit Concentra Emission Standard of Air ted Pollutants for Thermal Huizhou LNG Within the NOX emission 6 25.79 Power Plants 672.32 2033.1 No power plant factory through (GB13223-2011) special chimney emission limit) Concentra Emission Standard of Air ted Pollutants for Thermal Within the Bohe Company Smoke emission 3 1.89 Power Plants 8.612 72 No factory through (GB13223-2011) special chimney emission limit Concentra Emission Standard of Air ted Within the Pollutants for Thermal Bohe Company SO2 3 7.02 171 974 No emission factory Power Plants through (GB13223-2011) special 34 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 chimney emission limit Concentra Emission Standard of Air ted Pollutants for Thermal Within the Bohe Company NOX emission 3 30.58 Power Plants 558.67 1195 No factory through (GB13223-2011) special chimney emission limit) Prevention and control of pollution facilities construction and operation During the reporting period, the Company actively responded to the latest environmental protection policy requirements, strengthened the operation adjustment and equipment maintenance management of dust removal, desulfurization and denitrification systems, vigorously promoted the improvement of energy-saving technologies and the transformation of urea instead of liquid ammonia, improved the equipment operation efficiency, reduced the smoke and dust emission concentration, and ensured that the emission of various pollutants met the national and territorial environmental protection management requirements. According to the national environmental protection plan, the power plants under the Company actively responded to the the policy documents such as Notice of the Comprehensive Division of the National Energy Administration on Decomposing and Implementing the Objectives and Tasks of Upgrading and Renovating Coal-fired Power Energy Saving and Emission Reduction, continued to implement the Action Plan for Upgrading and Renovating Coal-fired Power Energy Saving and Emission Reduction (2014-2020) and other energy saving and emission reduction requirements, and actively promoted the transformation of urea instead of liquid ammonia and through-flow transformation projects. Conditions of environmental impact assessment and other environmental protection administrative licensing of construction projects The company's construction projects that have been approved by government agencies have all undergone environmental impact assessments and have obtained other necessary environmental protection administrative 建 Emergency plan for emergency environmental incidents Combining with the Environmental Protection Law of the People's Republic of China and the Opinions of the Ministry of Environmental Protection on Strengthening Environmental Emergency Management Work and other laws and regulations on the monitoring of environmental risks, the company’s subordinate power generation enterprises have formulated the Emergency Plan for Emergency Environmental Incidents according to their actual conditions, which has standardized and improved the handling of emergent environmental events from the aspects of environmental accident risk analysis, emergency command organization and responsibilities, disposal procedures, and disposal measures, improved the ability to respond to unexpected environmental events, and ensured that after an outbreak of an environmental incident, the company can organize emergency rescue work in a timely, orderly and efficient manner to prevent pollution of the surrounding environment, minimize the damage and social harm caused by the incident, maintain social stability, and protect public health and property safety. Environmental self-monitoring program During the reporting period, the company’ s subordinate power generation companies organized annual environmental self-monitoring programs in accordance with the national Administrative Measures on Automatic Monitoring of Pollution Sources (No. 28 order of State Environmental Protection Administration) and other laws and regulations, and conducted self-monitoring of the environment in accordance with the monitoring program, and announced its own monitoring results in Guangdong Province's key pollution source regulatory information 35 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 platform and the national pollution source monitoring information and sharing platform. Other environmental information that should be disclosed None Other environmental protection related information None The Company shall comply with the disclosure requirements of Shenzhen Stock Exchange Industry Information Disclosure Guidelines No.15-Listed Companies Engaged in Power-related Business 1. The Company strictly abides by the Environmental Protection Law of the People's Republic of China, Air Pollution Prevention Law of the People's Republic of China, Water Pollution Prevention Law of the People's Republic of China and Law of the People's Republic of China on Prevention and Control of Environmental Pollution by Solid Waste, and the current environmental protection policies and regulations have no impact on the Company. In 2020, the operating expenses required by the Company's thermal power plants to implement environmental protection policies and regulations are mainly to purchase limestone and denitration materials, totaling about RMB 175 million. 2. In 2020, according to the standard, the coal consumption for comprehensive power supply of the Company's thermal power plants is 301.59 g/kWh of coal, the sulfur dioxide emission performance value is 0.055g/kWh, nitrogen oxide emission performance value is 0.125g/kWh, and soot emission performance value is 0.006g/kWh. Where, the commissioning rate of desulfurization device is 100%, and the average desulfurization efficiency is 99.15%; The average operation rate of denitration device is 99.79%, and the average denitration efficiency is 84.42%; The operation rate of dry dust removal device is 100%, and the average dust removal efficiency is 99.88%; The average operation rate of wet electric dust removal is 99.79%, and the average dust removal efficiency is 73.36%. II. Social responsibilities During the reporting period, the Company earnestly implemented the overall arrangement and arrangement of "targeted poverty relief and targeted poverty alleviation" in Guangdong Province, and continuously organized manpower, material resources and financial resources to consolidate the poverty alleviation achievements. Five subsidiaries, including Yuejiang Company, Maoming Power Plant, Zhanjiang Company, Dapu Company and Zhanjiang Wind Power Company, actively consolidated and expanded the poverty alleviation achievements and made efforts to advance the rural revitalization plan. I Counterpart assistance of Yuejiang Company on Mi Xiashui village, Quan’an Town, Nan Xiong City 2021 is the first year to promote the effective connection between poverty alleviation and rural revitalization. The poverty relief work thoroughly implements the internship of General Secretary Jin Ping's poverty relief and development strategy in the new period, and fully implements the relevant work arrangements of the central government, provinces and cities on poverty alleviation. Yuejiang Power Generation Company closely follows the 2021 work objectives and carries out its work in a solid and orderly manner. Firstly, consolidate the effectiveness of poverty alleviation. In 2020, Mixiashui Village has lifted 39 households with 97 relatively poor people out of poverty, with an exit rate of poverty alleviation of 100%, on the basis of relatively poor villages getting rid of poverty. According to the working principle of "poverty alleviation according to policies and responsibilities", continue to understand and track the production and living conditions of poverty-stricken households in Mixiashui Village, implement the basic requirements of "one household, one policy", and consolidate the effectiveness of poverty alleviation. Meanwhile, start the early warning mechanism for people with relative difficulties in rural areas, timely understand and report the production and living conditions of people with relative difficulties, and formulate targeted assistance measures to implement the effectiveness of assistance. Secondly, well ensure filing 36 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 poverty relief archives. According to the requirements, sort out and improve the household files, documents, construction and other information, and accept and file them in early June 2021 through the archives center. Thirdly, well ensure linking poverty alleviation and rural revitalization. According to the requirements, sort out and improve the relevant ledgers of poverty relief funds, poverty relief assets, industrial poverty relief and asset income projects, and complete the handover work to ensure the effective connection between poverty alleviation and rural revitalization. II.Assistance provided by Maoming Power Plant to Xinbei Village, Shalang Town, Dianbai District, Maoming City In 2020, the per capita disposable income of 16 households of poverty alleviation under targeted assistance of Maoming Power Plant was RMB 16,200, which exceeded the annual per capita disposable income standard of RMB 8,951 for poor households with labor in poverty-stricken villages in 2020, achieving poverty alleviation. In the first half of 2021, the annual income of the above 16 households of poverty alleviation has reached the poverty alleviation standards, with no sign of returning to poverty, which has continuously consolidated the work achievements in 2020. In addition, Maoming Power Plant sent personnel to participate in the poverty relief team in Xinbei Village and won the honor of "Guangdong Advanced Collective for Poverty Alleviation". III. Counterpart assistance of Zhanjiang Company on Waiyuan Village, Nanxing Town, Leizhou City Since the poverty relief team of Zhanjiang Company went to Waiyuan Village Committee for poverty relief in May 2016, the poverty relief team has carried out five poverty relief projects for poor households, so that poor households will have a certain stable income in the next 20 years. Currently, all the five poverty relief projects have produced benefits, and all the benefits have been distributed to poor households. After five years' efforts, by December 2020, the per capita income of the original poor households (78 households of 219 people, including 34 households with labor ability of 153 people and 44 households without labor ability of 66 people) increased from RMB 3,200 in 2015 to RMB 12,818 in 2020. Now, 100% of all poor households in Waiyuan Village Committee have reached the poverty alleviation standard, with no sign of returning to poverty. The poverty relief team of Zhanjiang Company has left Waiyuan Village and rushed to Xilian Town, Xuwen County to carry out rural revitalization work. IV. Counterpart assistance of Dapu Company on Xiamu Village, Fenglang Town, Dapu County, Meizhou City In the first half of 2021, Dapu Power Generation Company continued to send party building instructors to help Xiamu Village, Fenglang Town, Dapu County, Meizhou City. Party building instructors played the role of "Head Goose Project", focused on solving the hot and difficult issues such as policy propaganda for benefiting the people, practical handling of people's livelihood, mediation of contradictions and disputes, effectively improved the production and living conditions of poor people, and effectively boosted Xiamu Village in poverty alleviation. They further innovated and created the characteristics of village party building, created a strong learning atmosphere for party members, always reminded the majority of party members and cadres to devote themselves to the construction of new countryside with full work enthusiasm, and contributed to the development of party building to boost rural revitalization, win the tough fight of poverty alleviation and achieve the well-off goal. By June 30, 2021, there were 67 poor households (including 41 low-income poor households, 15 poor households with five guarantees and 11 general poor households), and 138 poor people, all of whom had been lifted out of poverty stably. V. Counterpart assistance of Zhanjiang Wind Power Co., Ltd. on Houhai Village, Xinliao Town, Xuwen 37 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 County Zhanjiang Wind Power Company has successfully completed the task of poverty alleviation. On June 23, at the summary and commendation meeting of poverty alleviation in Guangdong Province, the poverty relief team of Zhanjiang Wind Power Company in Houhai Village, Xinliao Town, Xuwen County won the advanced collective honor of poverty alleviation in Guangdong Province. According to the relevant arrangements of government departments for rural revitalization, Zhanjiang Wind Power Company will send two cadres to Jinhe Town, Xuwen County in July 2021 to carry out assistance work in the town, continue to shoulder corporate social responsibility and help rural revitalization. 38 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 VI. Important Events I. The fulfilled commitments in the reporting period and under-fulfillment commitments by the end of the reporting period made by the company, shareholder, actual controller, acquirer, director, supervisor, senior management personnel and other related parities. □ Applicable √Not applicable There is no commitment that has not been fulfilled by actual controller, shareholders, related parties, acquirers of the Company II. Particulars about the non-operating occupation of funds by the controlling shareholder □ Applicable √ Not applicable None III. Illegal provision of guarantees for external parties □ Applicable √ Not applicable None IV. Engagement and disengagement of CPAs firm Whether the semi-annual financial report has been audited □ Yes √ No The semi-annual financial report of the Company has not been audited V. Notes for “non-standard audit report” of CPAs firm during the Reporting Period by board of directors and supervisory board □ Applicable √ Not applicable VI. Notes for the related information of “non-standard audit reports” last year by board of directors □ Applicable √ Not applicable VII. Bankruptcy and restructuring □ Applicable √ Not applicable No such cases in the reporting period. 39 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 VIII. Litigations and arbitrations Significant litigations and arbitrations □ Applicable √ Not applicable No such cases in the reporting period. Other litigation matters √Applicable □ Not applicable Imple Litigatio mentati Amount Whether t n(arbitra on of Discl involved Litigation(ar Disclo o form est tion)trial litigati osure Basic situation of litigation(arbitration) (Ten tho bitration)pro sure d imated lia results on(arbi inde usand yu gress ate bilities and im tration) x an) pact judgme nts On June 1, 2021, the Dapu County People’ s Court accepted the Dapu County Natura l Resources Bureau’s claim to Guangdon The case wa g Yuedian Dapu Power Generation Co., Lt s held for th d for a contract dispute. The Dapu Count e first time o y Natural Resources Bureau’s petitions inc n July 29, 2 lude: 1. Order the defendant to hand over th 021, yet th 1,067.94 No None None e remaining funds for the new constructio e two side n project of “developing large units and su s are still ne ppressing small ones” of Guangdong Yude gotiating o an Dapu Power Plant to fulfill the paddy fie n the matte ld quota, which totaled in RMB 10.679362 r currently. million; 2. All litigation costs in this case s hall be borne by the defendant. IX. Punishments and rectifications □ Applicable √ Not applicable No such cases in the Reporting Period. X. Credit conditions of the Company as well as its controlling shareholder and actual controller □ Applicable √ Not applicable 40 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 XI.Material related transactions 1. Related transactions in connection with daily operation □ Applicable √ Not applicable No such cases in the reporting period. 2. Related-party transactions arising from asset acquisition or sold □Applicable √ Not applicable No such cases in the reporting period. 3. Related-party transitions with joint investments □Applicable √ Not applicable No such cases in the reporting period. 4. Credits and liabilities with related parties □Applicable √ Not applicable No such cases in the reporting period. 5. Transactions with related finance company, especially one that is controlled by the Company √ Applicable □Not applicable Deposit business Related party Relationship Maximum daily Deposit interest Beginning The Ending deposit limit rate range balance amount balance (Ten thousand (Ten incurred (Ten yuan) thousand (Ten thousand yuan) thousand yuan) yuan) Guangdong Energy Group Controlled by Guangdong 800,000 0.35% 477,628 6,804 484,431 Finance Co., Ltd. Energy Group Co., Ltd. Loan business Related party Relationship Beginning The Ending balance amount balance Loan limit(Ten Loant interest (Ten incurred (Ten thousand yuan) rate range thousand (Ten thousand yuan) thousand yuan) yuan) Guangdong Energy Group Controlled by Guangdong ,300,000 3.05% to 815,572 164,474 980,046 Finance Co., Ltd. Energy Group Co., Ltd. 4.41% Credit extension or other financial services Related party Relationship Business type Total amount(Ten Actual amount incurred thousand yuan) (Ten thousand yuan) Guangdong Energy Group Controlled by Guangdong Credit 2,785,778 731,191 Finance Co., Ltd. Energy Group Co., Ltd. 41 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 6. Other significant related-party transactions √ Applicable □Not applicable (1)2021 daily related transactions were carried out after examination and approval by 2021 first provisional shareholders' general meeting. Refer to (5) Related transactions of XII. Relationship between related parties and the transactions between them of the Financial Report of this report for details. (2)On January 28, 2021, the 19th meeting of the ninth board of directors reviewed and approved the Proposal on Daily Related Transactions between the Company and Guangdong Energy Group Co., Ltd. in 2021, the Proposal on Signing the Financial Services Framework Agreement between the Guangdong Yudean Finance Co., Ltd., the Proposal on Signing the Financial Leasing Cooperation Framework Agreement between the Company and Guangdong Yudean Financial Leasing Co., Ltd., the Proposal on Signing the Framework Agreement on Cooperation in Insurance and Risk Management Services between the Company and Guangdong Yudean Property Insurance Self-insurance Co., Ltd., and the above related party transactions will be implemented after being reviewed and approved by the first provisional general meeting of shareholders in 2021. (3)On April 27, 2021,In order to smoothly promote the construction of new energy projects and ease the financial pressure, the First meeting of the ninth board of directors by Correspondence of 2021 reviewed and approved the Proposal on Indirect Subsidiaries Introducing Investors, It is agreed to introduce Zhuhai Special Economic Zone Power Development Group Co., Ltd. and Guangdong Energy Group Co., Ltd. as investors of Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd. by means of capital increase and share expansion, in which Zhuhai Power contributed RMB 89.187 million and held 20% equity of Zhuhai Wind Power Company, while Guangdong Energy Group contributed RMB 25.5003 million and held 5.7184% equity of Zhuhai Wind Power Company. After the completion of capital increase and share expansion, the shareholding ratio of Guangdong Wind Power Company in Zhuhai Wind Power Company decreased to 74.2816%, and the final shareholding ratio of each shareholder shall be subject to the asset appraisal record results. It is agreed to implement the capital increase of special funds for promoting economic development in 2018 by means of capital increase and share expansion proposed by the State-owned Assets Supervision and Administration Commission of the People's Government of Guangdong Province, and introduce Guangdong Energy Group as the shareholder of Guangdong Yudean Yangjiang Offshore Wind Power Co., Ltd., with Guangdong Energy Group contributing RMB 58.1053 million and holding 10.9594% equity of Yangjiang Wind Power Company. After the capital increase and share expansion, the shareholding ratio of Guangdong Wind Power Company in Yangjiang Wind Power Company decreased to 89.0406%, and the final shareholding ratio of each shareholder shall be subject to the asset appraisal record results. (4)On April 27, 2021,In order to smoothly promote the development and construction of new energy projects and ease the financial pressure of Shanxi Yudean Energy Co., Ltd., the First meeting of the ninth board of directors by Correspondence of 2021 reviewed and approved the Proposal on Capital Increase to Shanxi Yudean Energy Co., Ltd., the Company's board of directors agreed that the Company and Guangdong Energy Group Co., Ltd will simultaneously increase the capital to Shanxi Energy Company by 160 million yuan in accordance with the equity ratio, which shall be used by Shanxi Energy Company to invest in Jilin Qian’an Phase I 50MW Wind Power Project and Hebei Pingshan 100MW Photovoltaic Project. Our Company increased the capital by RMB 64 million according to a 40% equity ratio. (5)June 8,2021,In order to secure project construction funds and reduce financing costs, the Third meeting of the ninth board of directors by Correspondence of 2021 reviewed and approved the Proposal on Some Subsidiaries Applying for Entrusted Loans from Guangdong Energy Group Co., Ltd"., the board of directors agreed to the Company’s wholly-owned subsidiaries Guangdong Yudean Qujie Wind Power Co., Ltd.and 42 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Guangdong Yudean Binhaiwan Energy Co., Ltd. applying for the entrusted loan from Guangdong Energy Group, of which Qujie Wind Power Company’s applying loan amount does not exceed 1 billion yuan, and Binhaiwan Company’s loan amount does not exceed 1 billion yuan; with the loan term does not exceed 15 years; the interest rate is determined in accordance with the same interest rate as the green bonds issued by Guangdong Energy Group in the current period. and the above related party transactions will be implemented after being reviewed and approved by the Second provisional general meeting of shareholders in 2021. (6)On June 8,2021, In order to secure project construction funds and reduce financing costs, the Third meeting of the ninth board of directors by Correspondence of 2021 reviewed and approved the Proposal on Some Subsidiaries Applying for Entrusted Loans from Guangdong Energy Group Co., Ltd"., the Company’s board of directors agreed that Bohe Energy would respectively acquire the shutdown capacity of 660,000 kilowatts of Guangdong Yuehua Power Generation Co., Ltd-a subsidiary to Guangdong Energy Group Co., Ltd and the shutdown capacity of 250,000 kilowatts of Guangdong Yudean Yunhe Power Generation Co., Ltd in accordance with the alternative shutdown capacity approval document of Bohe Power Plant Project; Bohe Energy Company and Huangpu Power Plant and Yunfu Power Plant respectively sign the small thermal power unit capacity indicator transfer agreements, and the transfer unit price does not exceed 400 yuan/kW. The total value of the corresponding transfer agreement including tax does not exceed RMB 264 million and RMB 100 million respectively. and the above related party transactions will be implemented after being reviewed and approved by the Second provisional general meeting of shareholders in 2021. Website for temporary disclosure of the connected transaction Announcement Date of disclosure Website for disclosure Estimates announcement of the Daily Related Party Transactions January 29,2021 http//www.cninfo.com.cn. of 2021 Announcement of Related Transactions on Signing of the Financial Services Framework Agreement, Framework Agreement January 29,2021 http//www.cninfo.com.cn. on Financing Leasing Cooperation and Framework Agreement on Cooperation in Insurance and Risk Management Services Announcement on Related Transactions of Indirect Investors April 28,2021 http//www.cninfo.com.cn. Introduced by Subsidiaries Announcement on Related Transactions of Capital Increase to April 28,2021 http//www.cninfo.com.cn. Shanxi Yudean Energy Co., Ltd. Announcement on Related Transaction of Some Subsidiaries June 10,2021 http//www.cninfo.com.cn. Applying Entrusted Loans from Guangdong Energy Group Announcement on related transaction concerning the acquisition of capacity indicators for small thermal power units of Huangpu June 10,2021 http//www.cninfo.com.cn. Power Plant and Yunfu Power Plant XII. Significant contracts and execution 1.Entrustments, contracting and leasing (1)Entrustment √ Applicable □Not applicable Statement of Trusteeship Situation : According to the statement of Guangdong Energy Group on fulfilling relevant matters, and to avoid the horizontal competition and fulfill the relevant commitment of the horizontal competition, the Company signed Stock Trusteeship Agreement with Guangdong Energy Group, wherein the shareholder's rights within the trusteeship 43 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 range, except the ownership, right of earning and right of disposition, will be trusted to the Company, which is predicted to charge 245,000 yuan as trustee fee per year. See details at the " Related Transaction Announcement on Stock Trusteeship Agreement signed with Guangdong Yudean Group Co., Ltd." published by the Company in China Securities Daily, Securities Times and http://www.cninfo.com.cn on January 13, 2018(Announcement No.2018-04). Gains/losses to the Company from projects that reached over 10% in total profit of the Company in reporting period □Applicable √ Not applicable No gains or losses to the Company from projects that reached over 10% in total profit of the Company in reporting period (2) Contract □ Applicable √ Not applicable No any contract for the Company in the reporting period. (3) Lease √ Applicable □Not applicable Note: As a lessee, the Company rented houses and billboards from Yudean Real Estate Company Yudean Property Company and Yangjiang Port , and the rental fee incurred this year was RMB6,135,667; The parent company of the Company, as a leassor, leases the houses as Guangdong Yudean Porperty Company and ,Shaoguan Port and Qujiang New Energy. The rental income for this year was confirmed to be RMB 1,059,844. The parent company of the Company, as a leassor, leases the houses and parking spaces to units and individuals such as Guangdong Electric Power Communication and Information Company and Guangdong Electric Power Dispatching Center. The rental income for this year was confirmed to be RMB 369,008. Project which generates profit or loss reaching over 10% of total profits of the Company during the Reporting Period □ Applicable √ Not applicable There were no leases with a 10% or greater impact on the Company’s gross profit in the Reporting Period. 2.Significant Guarantees √Applicable □ Not applicable In RMB 10,000 Guarantee of the Company for the controlling subsidiaries (Exclude controlled subsidiaries) Relevant Guarantee Date of disclosure Complete for happening Actual Name of the date/No. of Amount of Guarantee Guaranty Counter-guar Guarantee impleme associated (Date of mount of Company the Guarantee type (If any) antee(If any) term ntation parties signing guarantee guaranteed or not (Yes or agreement) amount no) 44 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Yunnan Baoshan Guarantee Binlangjiang December November ing of Hydroelectrici 4,350 1,160 15 years No No 19,2007 30,2007 joint ty liabilities. Development Co., Ltd. Yunnan Baoshan Guarantee Binlangjiang May June ing of Hydroelectrici 9,367 4,147 18 years No No 27,2009 22,2009 joint ty liabilities. Development Co., Ltd. Yunnan Baoshan Guarantee Binlangjiang May May ing of Hydroelectrici 7,250 0 15 No No 27,2009 27,2009 joint ty liabilities. Development Co., Ltd. Guarantee Guangdong October November ing of 23 years,9 Energy Group 200,000 60,023 No Yes 29,2020 19,2020 joint months Co., Ltd. liabilities. Total actually Total amount of approved amount of external external guarantee in the 0 26,992 guarantee in the report period(A1) report period(A2) Total actually Total amount of approved amount of external external guarantee at the 425,459 guarantee at the end 65,330 end of the report of the report period(A3) period(A4) Guarantee of the company for its subsidiaries Relevant Date of Guarantee disclosure Complete happening Actual for Name of the date/No. of Amount of Guarantee Guaranty Counter-guar Guarantee implement (Date of mount of associated Company the Guarantee type (If any) antee(If any) term ation signing guarantee parties guaranteed or not agreement) (Yes or no) amount Zhanjiang Guarantee Wind Power April October ing of 18,572 5,523 18 years No No Generation 29,2009 9,2010 joint Co., Ltd. liabilities. Total of actual Total of guarantee for guarantee for subsidiaries approved in 0 -315 subsidiaries in the the period(B1) period (B2) Total of actual Total of guarantee for guarantee for subsidiaries approved at 141,536 5,523 subsidiaries at period-end(B3) period-end(B4) Guarantee of the subsidiaries for the controlling subsidiaries Relevant Date of Actual Complete Guarantee Name of the Amount of Guarantee Guaranty Counter-guar Guarantee disclosure happening mount of implement for Company Guarantee type (If any) antee(If any) term date/No. of (Date of guarantee ation associated 45 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 the signing or not parties guaranteed agreement) (Yes or no) amount The Company’s total guarantee(i.e.total of the first three main items) Total amount of Total guarantee quota approved guarantee actually in the reporting period 0 incurred in the 26,677 (A1+B1+C1) reporting period (A2+B2+C2) Total balance of the Total guarantee quota already actual guarantee at approved at the end of the 566,995 the end of the 70,853 reporting period reporting period (A3+B3+C3) (A4+B4+C4) The proportion of the total amount of actually guarantee in the net assets of the Company (that is 2.63% A4+B4+C4)% Including: Amount of guarantees provided for shareholders, 60,023 the actual controller and their related parties (D) Amount of debt guarantees provided directly or indirectly for entities with a liability-to-asset ratio 5,307 over 70% (E) Total amount of the three kinds of guarantees above 65,330 (D+E+F) Description of the guarantee with complex method 3. Finance management on commission □Applicable √ Not applicable No such cases in the reporting period. 4.Major contracts for daily operations □ Applicable √ Not applicable 5. Other significant contract □ Applicable √ Not applicable No such cases in the reporting period. XIII. Explanation on other significant events √ Applicable □Not applicable Summary of important matters Name Date of Website for disclosure disclosure On January 28, 2021, the 19th meeting of the ninth board of directors Announcement of Related January 29, reviewed and approved the Proposal on Daily Related Transactions Transactions on Signing of 2021 http//www.cnin between the Company and Guangdong Energy Group Co., Ltd. in 2021, the Financial Services fo.com.cn. the Proposal on Signing the Financial Services Framework Agreement Framework Agreement, 46 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 between the Guangdong Yudean Finance Co., Ltd., the Proposal on Framework Agreement on Signing the Financial Leasing Cooperation Framework Agreement Financing Leasing between the Company and Guangdong Yudean Financial Leasing Co., Cooperation and Framework Ltd., the Proposal on Signing the Framework Agreement on Agreement on Cooperation Cooperation in Insurance and Risk Management Services between the in Insurance and Risk Company and Guangdong Yudean Property Insurance Self-insurance Management Services Co., Ltd., and the above related party transactions will be implemented after being reviewed and approved by the first provisional general meeting of shareholders in 2021. The Company's 2021 daily related party transactions are approved and Estimates announcement of January http//www.cnin implemented by the 2021 first provisional General Meeting of the Daily Related Party 29,2021 fo.com.cn. Shareholders held on February 25, 2021. Transactions of 2021 In order to supplement working capital, expanding financing channels Announcement of January and reducing financing costs, after reviewed at the 19th meeting of the Resolutions of the 19th 29,2021 Ninth Board of directors held on January 18,2021,the Board of Meeting of the Ninth Board Directors agrees that the Company shall apply for registration and of Directors issuance of RMB 4 billion of ultra-short-term financing bills in National http//www.cnin Association of Financial Market Institutional Investors. The specific fo.com.cn. work shall be handled by the Company's management team authorized. and the Matter will be implemented after being reviewed and approved by the first provisional general meeting of shareholders in 2021 on February 25,2021. In order to further accelerate the development of major energy projects Announcement of January and accelerate the optimization and upgrading of the energy structure, Resolutions of the 19th 29,2021 after reviewed at the 19th meeting of the Ninth Board of directors held Meeting of the Ninth Board on January 18,2021,the board of directors agreed to the Company’s of Directors sole proprietorship to establish a project company for the Jieyang Da’ nanhai Petrochemical Integrated Energy Project. The project registration place is Jieyang Da’nanhai Petrochemical Industrial Zone, with the first http//www.cnin phase of registered capital is 15 million yuan. It’s agreed that the fo.com.cn. project company will carry out the upfront work of Jieyang Da’nanhai petrochemical integrated energy project (2~3 400MW/9F or 600MW gas-fired combined heat and power units, which will be determined according to the heat load and heating characteristics of the project), with the work expenses are controlled at no more than 12.5 million yuan. Currently, the Company is carrying out the preliminary work of the project according to the relevant requirements of project approval. On February 23, 2021, the Company and the third division of Xinjiang "Announcement on the February Production and Construction Corps Tumshuk at Dongguan City signed signing of the "Cooperation 24,2021 the "Cooperation Framework Agreement on Investment in 1.5 Million Framework Agreement" with kW Photovoltaic Power Projects" and " Cooperation Framework the Third Division of the http//www.cnin Agreement on Investment in 500,000 kW Wind Power Projects". The Xinjiang Production and fo.com.cn. Company is currently actively promoting the investment and Construction Corps development of 1.5 million kilowatts of photovoltaic and 500,000 Tumushuk City" kilowatts of wind power projects of Tumshuk City of the third division of Xinjiang Corps. Approved by the China Securities Regulatory Commission (No. "Announcement on Public April 2477-[2019] China Securities Regulatory Commission), the Company Issuance of Corporate 22,2021 publicly issued 1.5 billion yuan of corporate bonds to qualified investors Bonds(Phase II) to Qualified http//www.cnin on April 28, 2021. The bond issuance interest rate is 3.5% and the Investors in 2021" fo.com.cn. issuance period is 5 years. Attached is the option of investors to sell back at the end of the third year and the option of adjusting the issuer's coupon rate. During the reporting period, the interest payment for the corporate bond `Announcement on Interest April of "20 Yudean 01" was completed on April 29, 2021. Payment in 2021 for the 23,2021 http//www.cnin Corporate Bonds by the fo.com.cn. Public Issuance of Corporate 47 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Bonds(Phase1) to Qualified Investors in 2020 '' In order to smoothly promote the construction of Offshore wind power Announcement on Related April projects, after reviewed at the First meeting of the Ninth Board of Transactions of Indirect 28,2021 directors by Correspondence held on April 27,2021,It is agreed to Investors Introduced by introduce Zhuhai Special Economic Zone Power Development Group Subsidiaries Co., Ltd. and Guangdong Energy Group Co., Ltd. as investors of Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd. by means of http//www.cnin capital increase and share expansion; It is agreed to implement the fo.com.cn. capital increase of special funds for promoting economic development in 2018 by means of capital increase and share expansion proposed by the State-owned Assets Supervision and Administration Commission of the People's Government of Guangdong Province, and introduce Guangdong Energy Group as the shareholder of Guangdong Yudean Yangjiang Offshore Wind Power Co., Ltd. In order to smoothly promote the development and construction of new Announcement on April energy projects and ease the financial pressure of Shanxi Yudean Energy Related Transactions of 28,2021 Co., Ltd., after reviewed at the First meeting of the Ninth Board of Capital Increase to directors by Correspondence held on April 27,2021,the Company's Shanxi Yudean Energy board of directors agreed that the Company and Guangdong Energy Co., Ltd. http//www.cnin Group Co., Ltd will simultaneously increase the capital to Shanxi fo.com.cn. Energy Company by 160 million yuan in accordance with the equity ratio, which shall be used by Shanxi Energy Company to invest in Jilin Qian’an Phase I 50MW Wind Power Project and Hebei Pingshan 100MW Photovoltaic Project. Our Company increased the capital by RMB 64 million according to a 40% equity ratio. On April 29, 2021, the Company and Dafang County People's "Announcement on the April Government signed the "Strategic Cooperation Framework Agreement" signing of the "Strategic 30,2021 in Guangzhou. According to the agreement, the Company and the Cooperation Framework Dafang County People’s Government will make full use of the new Agreement" with the energy and existing resource advantages of Dafang County to actively People's Government of http//www.cnin promote cooperation in the energy industry, energy conservation and Dafang County" fo.com.cn. environmental protection industry, productive service industry, talent training and rural revitalization in Dafang County. The planned investment is 15 billion yuan. The Company is currently actively promoting the upfront work of the investment projects. On May 12, 2021, the Company signed the "Investment Cooperation "Announcement on the May 13,2021 Agreement on the Construction of 2 Million Kilowatt Photovoltaic signing of an additional 2 Power Generation Projects" in Dongguan City with the third division of million kilowatt photovoltaic the Xinjiang Production and Construction Corps Tumushuk City. power generation project According to the agreement, the Company intends to increase the investment cooperation http//www.cnin investment of 2 million kilowatts of photovoltaic power generation agreement with Tumushuk of fo.com.cn. projects in the territory of Tumshuk City, with an estimated total the third division of the investment of about 10 billion yuan. The Company is currently actively Xinjiang Production and promoting the investment and development of 2 million kilowatts of Construction Corps" photovoltaic power in Tumshuk City of the third division of Xinjiang Corps. In order to promote the development of the Company’s clean Announcement of May 21,2021 energy projects and speed up the implementation of the Daya Bay Resolutions of the Second Integrated Energy Station Project , after reviewed at the Second meeting of the Ninth Board meeting of the Ninth Board of directors by Correspondence held on of directors by May 20,2021,the Company’s board of directors agreed that the Correspondence of 2021 http//www.cnin Company and Huizhou Daya Bay Petrochemical Industrial Zone fo.com.cn. Investment Co., Ltd shall simultaneously increase capital by amount 160 million yuan to Guangdong Yudean Daya Bay Comprehensive Energy Co., Ltd. for the Daya Bay Thermal Power Company to purchase the project construction land, of which the Company shall 48 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 invest 128 million yuan according to the equity ratio of 80%. On June 4, 2021, the Company and the Hezhou Municipal People's "Announcement on the June 8,2021 Government signed the "Strategic Cooperation Framework Agreement" signing of the Cooperation in Hezhou. According to the agreement, the Company and the Hezhou Framework Agreement with Municipal People’s Government will make full use of Hezhou’s existing Hezhou Municipal People's http//www.cnin solar resource advantages and actively promote cooperation in the Government and Haifeng fo.com.cn. energy industry in Hezhou. The project plans to invest 10 billion yuan. County People's The Company is currently actively promoting the upfront work of the Government" investment project. On June 4, 2021, the Company and Haifeng County People's "Announcement on the June 8,2021 Government of Shanwei City signed the Investment Cooperation signing of the Cooperation Framework Agreement for Shanwei Haifeng Natural Gas Cogeneration Framework Agreement with Power Supply Project. According to the agreement, the Company will Hezhou Municipal People's invest in the construction of Shanwei Haifeng Natural Gas Cogeneration Government and Haifeng Power Supply Project, and initially plan to build two 460,000 kW county People's http//www.cnin gas-steam combined cycle units in the first phase, with a total Government" fo.com.cn. investment of about RMB 3 billion; In the second phase, 2 new natural gas cogeneration units will be built after full demonstration according to the growth of local electricity and steam demand. Currently, the Company is actively promoting the preliminary work of investment projects. As Guangdong Yudean Baihua Integrated Energy Co., Ltd.basically has Announcement of June 10,2021 the conditions to carry out the CCHP project of the new technology Resolutions of the Third industrial park, the implementation of the upfront work will be meeting of the Ninth Board conducive to the implementation and rapid progress of the project,after of directors by reviewed at the Third meeting of the Ninth Board of directors by Correspondence of 2021 Correspondence held on June 8,2021,The board of directors of the http//www.cnin Company agreed that Baihua Energy Company will first build a 9F fo.com.cn. gas-fired unit supporting a 100t/h gas boiler (finally determined according to the feasibility study of the project) to carry out the upfront work. The upfront work cost of the project shall be controlled at 12 million yuan, which shall be solved by the Company's capital increase. At present, Baihua Energy Company is actively coordinating and promoting the preliminary work of the project. In order to meet the requirements for the approval of the Bohe Announcement of June 10,2021 Power Plant project, after reviewed at the Third meeting of the Ninth Resolutions of the Third Board of directors by Correspondence held on June 8,2021 , he meeting of the Ninth Board Company’s board of directors agreed to Guangdong Yudean Bohe of directors by Energy Co., Ltd. purchasing 1.29 million kilowatts capacity of Correspondence of 2021 shut-down small thermal power units of Shajiao A Power Plant-a http//www.cnin subsidiary of the Company in accordance with the alternative shutdown fo.com.cn. capacity approval document of Bohe Power Plant Project; Bohe Power Plant Project and Shajiao A Power Plant sign the transfer agreement of capacity indicators of small thermal power units, with the transfer unit price does not exceed 400 yuan/kW and the total price of the transfer agreement including tax does not exceed 516 million yuan. In order to meet the requirements for the approval of the Bohe Power Announcement of June 10,2021 Plant project, after reviewed at the Third meeting of the Ninth Board Resolutions of the Third of directors by Correspondence held on June 8,2021,the Company’s meeting of the Ninth Board board of directors agreed that Bohe Energy would respectively acquire of directors by the shutdown capacity of 660,000 kilowatts of Guangdong Yuehua Correspondence of 2021 http//www.cnin Power Generation Co., Ltd-a subsidiary to Guangdong Energy Group fo.com.cn. Co., Ltd and the shutdown capacity of 250,000 kilowatts of Guangdong Yudean Yunhe Power Generation Co., Ltd in accordance with the alternative shutdown capacity approval document of Bohe Power Plant Project; Bohe Energy Company and Huangpu Power Plant and Yunfu Power Plant respectively sign the small thermal power unit capacity 49 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 indicator transfer agreements, and the transfer unit price does not exceed 400 yuan/kW. The total value of the corresponding transfer agreement including tax does not exceed RMB 264 million and RMB 100 million respectively. and the above related party transactions will be implemented after being reviewed and approved by the Second provisional general meeting of shareholders in 2021. In order to secure project construction funds and reduce financing costs, Announcement of June 10,2021 after reviewed at the Third meeting of the Ninth Board of directors by Resolutions of the Third Correspondence held on June 8,2021,the board of directors agreed to meeting of the Ninth Board the Company’s wholly-owned subsidiaries Guangdong Yudean Qujie of directors by Wind Power Co., Ltd(here referred to as "Qujie Wind Power Correspondence of 2021 Company") and Guangdong Yudean Binhaiwan Energy Co., Ltd (here referred to as "Binhaiwan Company") applying for the entrusted loan from Guangdong Energy Group, of which Qujie Wind Power http//www.cnin Company’s applying loan amount does not exceed 1 billion yuan, and fo.com.cn. Binhaiwan Company’s loan amount does not exceed 1 billion yuan; with the loan term does not exceed 15 years; the interest rate is determined in accordance with the same interest rate as the green bonds issued by Guangdong Energy Group in the current period. and the above related party transactions will be implemented after being reviewed and approved by the Second provisional general meeting of shareholders in 2021. XIV. Significant event of subsidiary of the Company □ Applicable √ Not applicable 50 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 VII. Change of share capital and shareholding of Principal Shareholders I. Changes in share capital 1. Changes in share capital In shares Before the change Increase/decrease(+,-) After the Change Amount Proportion Capitalization Share Bonus of common Other Subtotal Quantity Proportion allotment shares reserve fund I. Share with conditional 1,897,970,125 36.15% -4,716 1,897,965,409 36.15% subscription 1. State-owned shares 2. State-owned legal person 1,893,342,621 36.06% 1,893,342,621 36.06% shares 3.Other domestic shares 4,627,504 0.09% -4,716 4,622,788 0.09% Of which:Domestic legal 4,620,666 0.09% 4,620,666 0.09% person shares Domestic natural person 6,838 0% -4,716 2,122 0% shares 4.Foreign shares Of which:Foreign legal person shares Foreign natural person shares II. Shares with unconditional 3,352,313,861 63.85% 4,716 3,352,318,577 63.85% subscription 1.Common shares in RMB 2,553,905,861 48.64% 4,716 2,553,910,577 48.64% 2.Foreign shares in domestic 798,408,000 15.21% 798,408,000 15.21% market 3.Foreign shares in foreign market 4.Other III. Total of capital shares 5,250,283,986 100% 5,250,283,986 Reasons for share changed √ Applicable □ Not applicable On February 10, 2021, the lock-up period of 4,716 restricted shares held by Mr. Lin Weifeng, a former employee supervisor of the company, expired and such shares became unrestricted shares, so the number of unrestricted shares of the Company also increased correspondingly. 51 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Approval of Change of Shares □Applicable √Not applicable Ownership transfer of share changes □Applicable √Not applicable Progress on any share repurchase: □ Applicable √ Not applicable Progress on reducing the repurchased shares by means of centralized bidding: □ Applicable √ Not applicable Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to common shareholders of Company in latest year and period □ Applicable √ Not applicable Other information necessary to disclose for the company or need to disclosed under requirement from security regulators □ Applicable √Not applicable 2. Change of shares with limited sales condition √ Applicable □ Not applicable In RMB Number of Number of Number of restricted Number of restricted restricted shares Reasons for Release date of sales Shareholder restricted shares shares in increased shares released in this at the end of the sales restriction restriction at the beginning this period period period Change of Lin 4,716 4,716 0 0 employee February 10,2021 Weifeng supervisor Total 4,716 4,716 0 0 -- -- II. Securities issue and listing □ Applicable √Not applicable III. Shareholders and actual controlling shareholder 1. Number of shareholders and shareholding In Shares Total number of preferred Total number of common shareholders that had restored the shareholders at the end of the 90,117 0 voting right at the end of the reporting period reporting period (if any) (note 8) 52 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Particulars about shares held above 5% by shareholders or top ten shareholders Number of share Proportion Number of shares Changes in Amount of Amount of Nature of pledged/frozen Shareholders of shares held at period reporting restricted shares un-restricted shareholder State of held(%) -end period held shares held Amount share Guangdong Energy State-owned 67.39% 3,538,005,285 1,893,342,621 1,644,662,664 Group Co., Ltd. legal person Guangzhou State-owned Development Group 2.22% 116,693,602 116,693,602 legal person Co., Ltd. China Securities State-owned 1.93% 101,323,877 -29,559,025 101,323,877 Finance Co., Ltd. legal person Guangdong Electric State-owned Power Development 1.80% 94,367,341 94,367,341 legal person Corporation Domestic Li Zhuo Natural 1.32% 69,463,211 8,790,800 69,463,211 person Domestic Zheng Jianxiang Natural 0.48% 25,128,874 323,988 25,128,874 person Domestic Harbin Hali Industry Non-State 0.48% 25,030,385 4,087,440 25,030,385 Co., Ltd. owned legal person VANGUARD TOTAL Overseas INTERNATIONAL 0.30% 15,855,512 15,855,512 Legal person STOCK INDEX FUND CHINA INT'L CAPITAL CORP Overseas 0.29% 15,216,066 15,216,066 HONG KONG Legal person SECURITIES LTD Domestic Harbin Daoli District Non-State 0.26% 13,659,108 -8,298 13,659,108 Charity Foundation owned legal person Strategic investor or general legal None person becoming top-10 ordinary 53 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 shareholder due to rights issue The fourth largest shareholder Guangdong Electric Power Development Corporation is the Explanation on associated wholly-owned subsidiaries of the largest shareholder Energy Group. These two companies have relationship among the aforesaid relationships; whether the other shareholders have relationships or unanimous acting was shareholders unknown Above shareholders entrusting or entrusted with voting rights, or Not applicable waiving voting rights Top 10 shareholders including the Not applicable special account for repurchase Shareholding of top 10 shareholders of unrestricted shares Quantity of unrestricted shares held Share type Name of the shareholder at the end of the reporting period Share type Quantity RMB Common Guangdong Energy Group Co., Ltd. 1,644,662,664 1,644,662,664 shares RMB Common Guangzhou Development Group Co., Ltd. 116,693,602 116,693,602 shares RMB Common China Securities Finance Co., Ltd. 101,323,877 101,323,877 shares Guangdong Electric Power Development RMB Common 94,367,341 94,367,341 Corporation shares RMB Common Li Zhuo 69,463,211 69,463,211 shares Foreign shares Zheng Jianxiang 25,128,874 placed in domestic 25,128,874 exchange RMB Common Harbin Hali Industry Co., Ltd. 25,030,385 25,030,385 shares Foreign shares VANGUARD TOTAL INTERNATIONAL 15,855,512 placed in domestic 15,855,512 STOCK INDEX FUND exchange Foreign shares CHINA INT'L CAPITAL CORP HONG 15,216,066 placed in domestic 15,216,066 KONG SECURITIES LTD exchange RMB Common Harbin Daoli District Charity Foundation 13,659,108 13,659,108 shares Explanation on associated relationship or The fourth largest shareholder Guangdong Electric Power Development Corporation consistent action among the top 10 is the wholly-owned subsidiaries of the largest shareholder Energy Group. These two shareholders of non-restricted negotiable companies have relationships; whether the other shareholders have relationships or 54 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 shares and that between the top 10 shareholders unanimous acting was unknown. of non-restricted negotiable shares and top 10 shareholders The Fifth largest shareholder Li Zhuo holds 1,307,620 A shares of the Company through A shares ordinary stock account, and holds68,155,591A shares of the Company through stock account with credit transaction and guarantee. hold Explanation on shareholders participating in 69,463,211 shares of the Company's stock totally. the margin trading business(if any )(See Notes The Seventh largest shareholder Harbin Hali Industry Co., Ltd. holds300 A shares of 4) the Company through A shares ordinary stock account, and holds25,030,085A shares of the Company through stock account with credit transaction and guarantee, hold 25,030,385 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. IV. Changes in shareholdings of directors, supervisors and executive officers □ Applicable √Not applicable There was no change in shareholding of directors, supervisors and senior management staffs, for the specific information please refer to the 2020 Annual Report V. Change of the controlling shareholder or the actual controller Change of the controlling shareholder in the reporting period □ Applicable √ Not Applicable There was no any change of the controlling shareholder of the Company in the reporting period. Change of the actual controller in the reporting period □ Applicable √ Not applicable There was no any change of the actual controller of the Company in the reporting period. 55 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 VIII. Situation of the Preferred Shares □Applicable √Not applicable The Company had no preferred shares in the reporting period 56 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 IX. Corporate Bond √ Applicable □ Not applicable I. Enterprise bond □ Applicable √ Not applicable No such cases in the reporting period. II. Corporate bond √ Applicable □ Not applicable 1. Basic information of corporate bonds Bond balance Bond Issue Value Interest Bond name Bond code Due day (Ten thousand Servicing way Trading short name day date rate yuan ) Using simple interest Public Issuance of rate on a yearly basis, Corporate Bonds to regardless of Qualified Investors compound interest. Shenzhe in 2020 (Phase I) of 20 Yudean April April April Due payments once a n Stock 149113.SZ 1,500,000,000 2.45% Guandong Electric 01 29,2020 29,2020 29,2025 year, maturing debt at a Exchan Power Development time. In the final phase, ge Co.,Ltd. interest is paid together with the principal redemption. Using simple interest Public Issuance of rate on a yearly basis, Corporate Bonds to regardless of Qualified Investors compound interest. Shenzhe in 2021 (Phase I) of 21 Yudean January January January Due payments once a n Stock 149369.SZ 1,000,000,000 3.57% Guandong Electric 01 27,2021 27,2021 27,2024 year, maturing debt at a Exchan Power Development time. In the final phase, ge Co.,Ltd. interest is paid together with the principal redemption. Using simple interest Public Issuance of rate on a yearly basis, Corporate Bonds to regardless of Qualified Investors compound interest. Shenzhe in 2021 (Phase II) of 21Yudean April April April Due payments once a n Stock 149418.SZ 1,500,000,000 3.50% Guandong Electric 02 28,2021 28,2021 28,2026 year, maturing debt at a Exchan Power Development time. In the final phase, ge Co.,Ltd. interest is paid together with the principal redemption. Public Issuance of Using simple interest Shangha Corporate Bonds to 21 Pinghai June June June rate on a yearly basis, i Stock 188197.SH 200,000,000 3.57% Qualified Investors 01 4,2021 4,2021 4,2023 regardless of Exchan in 2021 (Phase I) of compound interest. ge 57 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Guangdong Pinghai Due payments once a Power Generation year, maturing debt at a Plant Co., Ltd. time. In the final phase, interest is paid together with the principal redemption. Bonds traded for qualified investors Bonds traded for qualified investors Applicable trading mechanism Bidding, quotation, inquiry and agreement transaction Whether there are risks and countermeasures Not applicable for terminating listing transactions(If any) Overdue and unpaid bonds □ Applicable √ Not applicable 2. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor □ Applicable √ Not applicable 3.Adjustment of credit rating results during the reporting period □ Applicable √ Not applicable 4 The implementation and changes of guarantee, debt repayment plan and other debt repayment guarantee measures during the reporting period and their impact on the rights and interests of bond investors □ Applicable √ Not applicable III. Debt financing instruments of non-financial enterprises √ Applicable □ Not applicable 1. Debt financing instruments of non-financial enterprises Intere Bond short Bond balan Servicing Bond name Bond code Issue day Value date Due day st rat Trading name ce way e Guangdong Provincia Repayme l Expressway Develop 21 Yeduan nt of princ January 26, January 26, July 23,202 Interban ment Co., Ltd.2021 fi FA SCP0 012100376 800,000,000 2.65% ipal and in 2021 2021 1 k market rst phase Ultra-short 01 terest onc term financing bills e due Guangdong Provincia Due pay 18 Yeduan l Expressway Develop August 27, August 27, August 27, ments on Interban FA MTN 101800948 800,000,000 4.19% ment Co., Ltd. 2018 fi 2018 2018 2021 ce a yea k market 001 rst phase medium-ter r,,Repay 58 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 m notes ment of pr incipal an d interes t once due During the reporting period, interest payment None situation of the company bonds(If any) Circulation and transfer in the national inter-bank bond market, its listing and circ Applicable trading mechanism ulation will be carried out in accordance with the relevant regulations promulgate d by the National Interbank Funding Center. Whether there are risks and countermeasures fo No r terminating listing transactions(If any) 2. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor □ Applicable √ Not applicable 3.Adjustment of credit rating results during the reporting period □ Applicable √ Not applicable 4 The implementation and changes of guarantee, debt repayment plan and other debt repayment guarantee measures during the reporting period and their impact on the rights and interests of bond investors □ Applicable √ Not applicable IV.Convertible bond □ Applicable √ Not applicable V. The loss within the scope of consolidated statements in the reporting period exceeded 10% of the net assets at the end of the previous year □ Applicable √ Not applicable VI. Main accounting data and financial indicators of the Company in recent two years by the end of the reporting period In RMB10,000 At the end of the reporting At the same time rate of Items At the end of last year period change Current ratio 57.72% 58.89% -1.17% Debt ratio 62.05% 56.62% 5.43% 59 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Quick ratio 41.49% 45.11% -3.62% At the same time rate of Amount of this period Amount of last period change Net profit after deducting 92,233,454 784,542,709 -88.24% non-recurring profit and loss EBITDA total debt ratio 19.62% 11.34% 8.28% Time interest earned ratio 1.21 3.25 -62.77% Cash interest guarantee times 6.23 7.94 -21.54% EBITDATime interest earned 3.85 5.62 -31.49% ratio Repayment of debt (%) 100% 100% 0% Payment of interest (%) 100% 100% 0% 60 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 X. Financial Report I. Audit report Has this semi-annual report been audited? □ Yes √ No The semi-annual financial report has not been audited. II. Financial statements Currency unit for the statements in the notes to these financial statements: RMB 1. Consolidated balance sheet Prepared by:Guangdong Electric Power Development Co., Ltd. In RMB Items June 30,2021 December 31,2020 Current asset: Monetary fund 5,566,527,909 5,790,946,117 Settlement provision Outgoing call loan Transactional financial assets Derivative financial assets Notes receivable Account receivable 4,533,682,583 4,332,149,033 Financing of receivables Prepayments 917,813,487 766,871,830 Insurance receivable Reinsurance receivable Provisions of Reinsurance contracts receivable Other account receivable 525,976,003 459,266,554 Including:Interest receivable 34,258,847 27,301,568 Dividend receivable 31,500,000 Repurchasing of financial assets Inventories 2,329,827,695 1,589,882,029 61 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Contract assets 4,276,992 3,870,497 Assets held for sales Non-current asset due within 1 year 49,785,734 Other current asset 912,303,817 546,685,636 Total of current assets 14,790,408,486 13,539,457,430 Non-current assets: Loans and payment on other’s behalf disbursed Creditor's right investment Other investment on bonds Long-term receivable Long term share equity investment 7,369,368,592 6,687,257,614 Other equity instruments 3,590,053,215 3,548,088,015 investment Other non-current financial assets Property investment 48,457,262 49,732,668 Fixed assets 48,296,881,750 47,195,233,079 Construction in progress 6,961,952,641 9,153,637,100 Production physical assets Oil & gas assets Use right assets 4,399,305,885 Intangible assets 2,147,486,225 2,141,625,383 Development expenses Goodwill 27,209,147 2,449,886 Long-germ expenses to be amortized 26,112,427 26,409,305 Deferred income tax asset 520,513,509 446,587,650 Other non-current asset 4,153,814,490 3,180,340,038 Total of non-current assets 77,541,155,143 72,431,360,738 Total of assets 92,331,563,629 85,970,818,168 Current liabilities Short-term loans 8,112,048,863 7,622,427,916 Loan from Central Bank Borrowing funds Transactional financial liabilities Derivative financial liabilities 62 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Notes payable 923,000,000 1,092,292,546 Account payable 4,362,279,518 2,666,180,513 Advance receipts Contract liabilities 586,470 6,573,912 Selling of repurchased financial assets Deposit taking and interbank deposit Entrusted trading of securities Entrusted selling of securities Employees’ wage payable 452,118,517 304,548,373 Tax payable 437,552,411 498,801,080 Other account payable 7,461,304,204 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 3,066,253,723 3,180,551,951 year Other current liability 809,060,822 3,217,523,576 Total of current liability 25,624,204,528 25,364,600,451 Non-current liabilities: Reserve fund for insurance contracts Long-term loan 21,969,981,365 18,998,555,568 Bond payable 4,199,373,854 1,499,542,911 Including:preferred stock Sustainable debt Lease liability 4,136,908,238 Long-term payable 24,960,000 3,171,971,127 Long-term remuneration payable to 206,313,777 218,543,743 staff Expected liabilities Deferred income 135,266,636 134,647,590 Deferred income tax liability 704,031,063 638,571,910 Other non-current liabilities 290,157,029 200,970,029 63 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Total non-current liabilities 31,666,991,962 24,862,802,878 Total of liability 57,291,196,490 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 Other comprehensive income 2,030,655,147 1,946,305,595 Special reserve Surplus reserves 8,903,515,135 8,515,360,638 Common risk provision Retained profit 5,846,621,567 6,755,781,289 Total of owner’s equity belong to the 26,933,339,749 27,369,995,422 parent company Minority shareholders’ equity 8,107,027,390 8,373,419,417 Total of owners’ equity 35,040,367,139 35,743,414,839 Total of liabilities and owners’ 92,331,563,629 85,970,818,168 equity Legal representative :Wang Jin Person-in-charge of the accounting work:Liu Wei Person-in -charge of the accounting organ:Meng Fei 2.Parent Company Balance Sheet In RMB Items June 30,2021 December 31,2020 Current asset: Monetary fund 639,674,711 338,045,631 Transactional financial assets Derivative financial assets Notes receivable Account receivable 121,419,472 173,029,247 64 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Financing of receivables Prepayments 27,649,966 26,680,500 Other account receivable 298,564,358 328,224,857 Including:Interest receivable 1,116,857 1,038,206 Dividend receivable 31,500,000 Inventories 164,383,988 118,530,205 Contract assets Assets held for sales Non-current asset due within 1 year Other current asset 895,008 1,209,217 Total of current assets 1,252,587,503 985,719,657 Non-current assets: Debt investment Other investment on bonds Long-term receivable 467,000,000 467,000,000 Long term share equity investment 29,872,486,231 28,453,042,855 Other equity instruments investment 3,670,554,085 3,548,088,015 Other non-current financial assets Property investment 6,072,046 6,389,845 Fixed assets 511,066,141 559,635,880 Construction in progress 3,082,960 200,574 Production physical assets Oil & gas assets Use right assets Intangible assets 79,887,603 81,954,649 Development expenses Goodwill Long-germ expenses to be amortized Deferred income tax asset Other non-current asset 305,853,879 208,353,879 Total of non-current assets 34,916,002,945 33,324,665,697 Total of assets 36,168,590,448 34,310,385,354 Current liabilities Short-term loans 2,302,429,806 1,902,013,125 65 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Transactional financial liabilities Derivative financial liabilities Notes payable Account payable 213,018,637 136,723,162 Advance receipts Contract Liabilities 258,000 6,343,773 Employees’ wage payable 102,242,247 93,479,997 Tax payable 24,306,819 28,112,055 Other account payable 37,437,900 40,872,386 Including:Interest payable Dividend payable 9,771,322 9,771,322 Liabilities held for sales Non-current liability due within 1 859,359,167 836,189,634 year Other current liability 809,060,822 3,217,281,173 Total of current liability 4,348,113,398 6,261,015,305 Non-current liabilities: Long-term loan Bond payable 3,999,493,854 1,499,542,911 Including:preferred stock Sustainable debt Lease liability Long-term payable Long-term remuneration payable to 52,802,577 56,805,513 staff Expected liabilities Deferred income 29,988,606 29,988,606 Deferred income tax liability 649,624,463 621,507,946 Other non-current liabilities Total non-current liabilities 4,731,909,500 2,207,844,976 Total of liability 9,080,022,898 8,468,860,281 Owners’ equity Share capital 5,250,283,986 5,250,283,986 Other equity instruments Including:preferred stock 66 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Sustainable debt Capital reserves 5,405,326,643 5,405,326,643 Less:Shares in stock Other comprehensive income 2,030,655,147 1,946,305,595 Special reserve Surplus reserves 8,903,515,135 8,515,360,638 Retained profit 5,498,786,639 4,724,248,211 Total of owners’ equity 27,088,567,550 25,841,525,073 Total of liabilities and owners’ 36,168,590,448 34,310,385,354 equity 3.Consolidated Income statement In RMB Items The first half year of 2021 The first half year of 2020 I. Income from the key business 17,781,521,221 12,539,917,823 Incl:Business income 17,781,521,221 12,539,917,823 Interest income Insurance fee earned Fee and commission received II. Total business cost 17,943,454,838 11,135,841,343 Incl:Business cost 16,786,719,665 10,150,973,022 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 107,013,832 98,152,077 Sales expense 30,495,119 22,894,557 Administrative expense 348,713,784 301,675,673 R & D costs 93,861,839 831,109 Financial expenses 576,650,599 561,314,905 67 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Including:Interest expense 618,003,887 594,291,506 Interest income 41,832,597 35,840,406 Add: Other income 10,575,225 13,488,715 Investment gain(“-”for loss) 428,095,078 236,069,065 Incl: investment gains from affiliates 397,912,700 214,698,621 Financial assets measured at amortized cost cease to be recognized as income Gains from currency exchange Net exposure hedging income Changing income of fair value Credit impairment loss -238,645 20,911 Impairment loss of assets -16,743,630 Assets disposal income 23,852,682 51,176,776 III. Operational profit(“-”for loss) 300,350,723 1,688,088,317 Add :Non-operational income 15,761,876 16,867,922 Less: Non-operating expense 14,626,058 13,027,594 IV. Total profit(“-”for loss) 301,486,541 1,691,928,645 Less:Income tax expenses 106,678,961 472,879,412 V. Net profit 194,807,580 1,219,049,233 (I) Classification by business continuity 1.Net continuing operating profit 194,807,580 1,219,049,233 2.Termination of operating net profit (II) Classification by ownership 1.Net profit attributable to the owners 109,028,853 813,684,495 of parent company 2.Minority shareholders’ equity 85,778,727 405,364,738 VI. Net after-tax of other 84,349,552 -5,609,082 comprehensive income Net of profit of other comprehensive in 84,349,552 -5,609,082 come attributable to owners of the pare nt company. (I)Other comprehensive income items that will not be reclassified into 84,349,552 -5,609,082 gains/losses in the subsequent 68 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 accounting period 1.Re-measurement of defined benefit pl ans of changes in net debt or net assets 2.Other comprehensive income under t he equity method investee can not be re classified into profit or loss. 3. Changes in the fair value of 84,349,552 -5,609,082 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 t he equity method investee can be reclas sified 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 fi nancial statements 7.Other Net of profit of other comprehensive in come attributable to Minority shareholders’ equity VII. Total comprehensive income 279,157,132 1,213,440,151 Total comprehensive income attributable to the owner of the parent 193,378,405 808,075,413 company Total comprehensive income 85,778,727 405,364,738 attributable minority shareholders VIII. Earnings per share 69 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 (I)Basic earnings per share 0.0208 0.1550 (II)Diluted earnings per share 0.0208 0.1550 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 the accounting work:Liu Wei Person-in -charge of the accounting organ:Meng Fei 4. Income statement of the Parent Company In RMB Items The first half year of 2021 The first half year of 2020 I. Income from the key business 665,551,244 469,554,164 Incl:Business cost 705,513,618 501,798,888 Business tax and surcharge 3,788,180 3,804,965 Sales expense 1,107,630 1,264,698 Administrative expense 46,656,602 54,085,038 R & D expense Financial expenses 123,235,844 111,084,805 Including:Interest expenses 123,796,443 112,921,626 Interest income 2,267,082 2,323,189 Add:Other income 61,144 44,061 Investment gain(“-”for loss) 2,007,008,902 1,335,585,326 Including: investment gains from 392,738,688 211,523,852 affiliates Financial assets measured at amortized cost cease to be recognized as income Net exposure hedging income Changing income of fair value Credit impairment loss -1,866 20,911 Impairment loss of assets -16,743,630 Assets disposal income 157,963 II. Operational profit(“-”for loss) 1,792,317,550 1,116,418,492 Add :Non-operational income 1,034,325 9,787,936 70 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Less:Non -operational expenses 624,872 1,374,084 III. Total profit(“-”for loss) 1,792,727,003 1,124,832,344 Less:Income tax expenses 2,056,715 IV. Net profit 1,792,727,003 1,122,775,629 1.Net continuing operating profit 1,792,727,003 1,122,775,629 2.Termination of operating net profit V. Net after-tax of other 84,349,552 -5,609,080 comprehensive income (I)Other comprehensive income items that will not be reclassified into 84,349,552 -5,609,080 gains/losses in the subsequent accounting period 1.Re-measurement of defined benefit plans of changes in net debt or net ass ets 2.Other comprehensive income under the equity method investee can not b e reclassified into profit or loss. 3. Changes in the fair value of investments in other equity 84,349,552 -5,609,080 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 equity method investee can be re classified 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 71 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 5. Reserve for cash flow hedges 6.Translation differences in currency financial statements 7.Other VI. Total comprehensive income 1,877,076,555 1,117,166,549 VII. Earnings per share (I)Basic earnings per share 0.3415 0.2139 (II)Diluted earnings per share 0.3415 0.2139 5. Consolidated Cash flow statement In RMB Items The first half year of 2021 The first half year of 2020 I.Cash flows from operating activities Cash received from sales of goods or 19,776,330,714 13,888,627,580 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 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 19,779,329 118,191,168 Other cash received from business 128,303,455 180,127,664 operation 72 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Sub-total of cash inflow 19,924,413,498 14,186,946,412 Cash paid for purchasing of 14,761,223,364 8,244,133,716 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 in financial assets held for trading purposes Net increase for Outgoing call loan Cash paid for interest, processing fee and commission Cash paid to staffs or paid for staffs 848,669,695 703,279,072 Taxes paid 872,091,806 871,954,680 Other cash paid for business activities 345,570,990 349,357,047 Sub-total of cash outflow from 16,827,555,855 10,168,724,515 business activities Net cash generated from /used in 3,096,857,643 4,018,221,897 operating activities II. Cash flow generated by investing Cash received from investment retrieving Cash received as investment gains 181,835,789 331,332,300 Net cash retrieved from disposal of fixed assets, intangible assets, and 55,491,644 127,909,560 other long-term assets Net cash received from disposal of subsidiaries or other operational units Other investment-related cash 83,767,669 received Sub-total of cash inflow due to 321,095,102 459,241,860 investment activities Cash paid for construction of fixed assets, intangible assets and 4,069,950,057 3,786,337,519 other long-term assets Cash paid as investment 338,850,126 73 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Net increase of loan against pledge Net cash received from subsidiaries 103,159,958 and other operational units Other cash paid for investment activities Sub-total of cash outflow due to 4,511,960,141 3,786,337,519 investment activities Net cash flow generated by -4,190,865,039 -3,327,095,659 investment III.Cash flow generated by financing Cash received as investment 126,187,000 4,400,000 Including: Cash received as 4,400,000 investment from minor shareholders Cash received as loans 14,573,805,723 11,920,106,727 Other financing –related cash received Sub-total of cash inflow from 14,699,992,723 11,924,506,727 financing activities Cash to repay debts 11,881,467,765 10,243,656,584 Cash paid as dividend, profit, or 1,908,378,220 1,727,557,296 interests Including: Dividend and profit paid 605,612,185 405,101,369 by subsidiaries to minor shareholders Other cash paid for financing 40,616,876 activities Sub-total of cash outflow due to 13,830,462,861 11,971,213,880 financing activities Net cash flow generated by financing 869,529,862 -46,707,153 IV. Influence of exchange rate alternation on cash and cash -122 228 equivalents V.Net increase of cash and cash -224,477,656 644,419,313 equivalents Add: balance of cash and cash 5,763,619,876 5,079,641,969 equivalents at the beginning of term VI ..Balance of cash and cash 5,539,142,220 5,724,061,282 equivalents at the end of term 74 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 6. Cash Flow Statement of the Parent Company In RMB Items The first half year of 2021 The first half year of 2020 I.Cash flows from operating activities Cash received from sales of goods or 783,452,071 583,190,697 rending of services Tax returned 63,577 1,797,630 Other cash received from business 20,188,753 52,625,737 operation Sub-total of cash inflow 803,704,401 637,614,064 Cash paid for purchasing of 581,204,165 379,318,233 merchandise and services Cash paid to staffs or paid for staffs 133,944,525 138,572,849 Taxes paid 26,292,457 38,922,537 Other cash paid for business activities 22,417,628 28,960,467 Sub-total of cash outflow from 763,858,775 585,774,086 business activities Net cash generated from /used in 39,845,626 51,839,978 operating activities II. Cash flow generated by investing Cash received from investment 16,460,000 retrieving Cash received as investment gains 1,767,052,502 1,437,319,191 Net cash retrieved from disposal of fixed assets, intangible assets, and 532,467 855,007 other long-term assets Net cash received from disposal of subsidiaries or other operational units Other investment-related cash received Sub-total of cash inflow due to 1,767,584,969 1,454,634,198 investment activities Cash paid for construction of fixed assets, intangible assets and 11,365,569 7,829,959 other long-term assets Cash paid as investment 1,254,689,794 653,932,389 Net cash received from subsidiaries 75 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 and other operational units Other cash paid for investment activities Sub-total of cash outflow due to 1,266,055,363 661,762,348 investment activities Net cash flow generated by 501,529,606 792,871,850 investment III. Cash flow generated by financing Cash received as investment Cash received as loans 4,399,822,000 3,800,505,296 Other financing –related ash 1,104,829 received Sub-total of cash inflow from 4,400,926,829 3,800,505,296 financing activities Cash to repay debts 3,900,000,000 3,201,205,812 Cash paid as dividend, profit, or 738,484,034 765,486,917 interests Other cash paid for financing 2,188,825 activities Sub-total of cash outflow due to 4,640,672,859 3,966,692,729 financing activities Net cash flow generated by financing -239,746,030 -166,187,433 IV. Influence of exchange rate alternation on cash and cash -122 228 equivalents V.Net increase of cash and cash 301,629,080 678,524,623 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 639,674,711 903,028,912 equivalents at the end of term 76 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 7. Consolidated Statement on Change in Owners’ Equity Amount in this period In RMB The first half year of 2021 Owner’s equity Attributable to the Parent Company Other Equity Com Less: Other Minor Total of Items instrument Speciali mon Share Capital Shares Comprehen Surplus Ot shareholders’ owners’ Preferr zed risk Retained profit Subtotal Capital Oth reserves in sive reserves her equity equity ed Sustaina reserve provis er stock Income stock ble debt ion 5,250,283, 4,902,263 1,946,305,5 8,515,360, I.Balance at the end of last year 6,755,781,289 27,369,995,422 8,373,419,417 35,743,414,839 986 ,914 95 638 Add: Change of accounting policy Correcting of previous errors Merger of entities under common control Other II.Balance at the beginning of current 5,250,283, 4,902,263 1,946,305,5 8,515,360, 6,755,781,289 27,369,995,422 8,373,419,417 35,743,414,839 year 986 ,914 95 638 388,154,49 III.Changed in the current year 84,349,552 -909,159,722 -436,655,673 -266,392,027 -703,047,700 7 (1)Total comprehensive income 84,349,552 109,028,853 193,378,405 85,778,727 279,157,132 (II)Investment or decreasing of capital 253,441,431 253,441,431 by owners 1.Ordinary Shares invested by shareho 253,441,431 253,441,431 lders 2.Holders of other equity instruments i nvested capital 3.Amount of shares paid and accounted as owners’ equity 4.Other 388,154,49 (III)Profit allotment -1,018,188,575 -630,034,078 -605,612,185 -1,235,646,263 7 388,154,49 1.Providing of surplus reserves -388,154,497 7 2.Providing of common risk provisions 77 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 3.Allotment to the owners (or -630,034,078 -630,034,078 -605,612,185 -1,235,646,263 shareholders) 4.Other (IV) Internal transferring of owners’ equity 1. Capitalizing of capital reserves (or to capital shares) 2. Capitalizing of surplus reserves (or to capital shares) 3.Making up losses by surplus reserves. 4.Change amount of defined benefit plans that carry forward Retained earnings 5.Other comprehensive income carry-over retained earnings 6.Other (V). Special reserves 1. Provided this year 2.Used this term (VI)Other 5,250,283, 4,902,263 2,030,655,1 8,903,515, IV. Balance at the end of this term 5,846,621,567 26,933,339,749 8,107,027,390 35,040,367,139 986 ,914 47 135 Amount in last year In RMB The first half year of 2020 Owner’s equity Attributable to the Parent Company Other Equity Less Minor instrument : Comm Total of Items Other Speciali sharehol Share Capital Shar Surplus on risk Retained Oth owners’ Preferr Comprehen zed Subtotal ders’ Capital Oth reserves es in reserves provisi profit er equity ed Sustaina sive Income reserve equity er stoc on stock ble debt k 5,250,283, 5,096,918, 1,676,143,0 8,245,767, 5,909,128, 26,178,241,0 8,011,44 34,189,685, I.Balance at the end of last year 986 174 44 593 280 77 4,289 366 Add: Change of accounting policy Correcting of previous errors 78 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Merger of entities under common control Other II.Balance at the beginning of current 5,250,283, 5,096,918, 1,676,143,0 8,245,767, 5,909,128, 26,178,241,0 8,011,44 34,189,685, year 986 174 44 593 280 77 4,289 366 269,593,04 -85,942,62 21,068,9 199,110,27 III.Changed in the current year -5,609,082 178,041,335 5 8 38 3 813,684,49 405,364, 1,213,440,1 (1)Total comprehensive income -5,609,082 808,075,413 5 738 51 (II)Investment or decreasing of capital 20,805,5 20,805,569 by owners 69 1.Ordinary Shares invested by shareho 20,805,5 20,805,569 lders 69 2 . Holders of other equity instruments invested capital 3.Amount of shares paid and accounted as owners’ equity 4.Other 269,593,04 -899,627,1 -405,101, -1,035,135, (III)Profit allotment -630,034,078 5 23 369 447 269,593,04 -269,593,0 1.Providing of surplus reserves 5 45 2.Providing of common risk provisions 3.Allotment to the owners (or -630,034,0 -405,101, -1,035,135, -630,034,078 shareholders) 78 369 447 4.Other (IV) Internal transferring of owners’ equity 1. Capitalizing of capital reserves (or to capital shares) 2. Capitalizing of surplus reserves (or to capital shares) 3.Making up losses by surplus reserves. 4.Change amount of defined benefit plans that carry forward Retained earnings 5.Other comprehensive income 79 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 carry-over retained earnings 6.Other (V). Special reserves 1. Provided this year 2.Used this term (VI)Other 5,250,283, 5,096,918, 1,670,533,9 8,515,360, 5,823,185, 26,356,282,4 8,032,51 34,388,795, IV. Balance at the end of this term 986 174 62 638 652 12 3,227 639 8.Statement of change in owner’s Equity of the Parent Company Amount in this period In RMB The first half year of 2021 Other Equity instrument Less: Other Total of Items Capital Share Specialize Surplus Retained Othe Share capital Preferre Comprehensiv owners’ Sustainabl Other reserves s in d reserve reserves profit r d stock e Income equity e debt stock 5,250,283,98 5,405,326,6 8,515,360,63 25,841,525,07 I.Balance at the end of last year 1,946,305,595 4,724,248,211 6 43 8 3 Add: Change of accounting policy Correcting of previous errors Other 5,250,283,98 5,405,326,6 8,515,360,63 25,841,525,07 II.Balance at the beginning of current year 1,946,305,595 4,724,248,211 6 43 8 3 III.Changed in the current year 84,349,552 388,154,497 774,538,428 1,247,042,477 (I)Total comprehensive income 84,349,552 1,792,727,003 1,877,076,555 (II) Investment or decreasing of capital by owners 1.Ordinary Shares invested by shareholders 2 . Holders of other equity instruments invested capital 3.Amount of shares paid and accounted as owners’ equity 80 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 4.Other -1,018,188,57 (III)Profit allotment 388,154,497 -630,034,078 5 1.Providing of surplus reserves 388,154,497 -388,154,497 2.Allotment to the owners (or shareholders) -630,034,078 -630,034,078 3.Other (IV) Internal transferring of owners’ equity 1. Capitalizing of capital reserves (or to capital shares) 2. Capitalizing of surplus reserves (or to capital shares) 3.Making up losses by surplus reserves. 4.Change amount of defined benefit plans that carry forward Retained earnings 5.Other comprehensive income carry-over retained earnings 6.Other (V) Special reserves 1. Provided this year 2.Used this term (VI)Other 5,250,283,98 5,405,326,6 8,903,515,13 27,088,567,55 IV. Balance at the end of this term 2,030,655,147 5,498,786,639 6 43 5 0 Amount in last year In RMB The first half year of 2020 Other Equity instrument Less: Other Specializ Total of Items Share Preferr Capital Shar Surplus Retained Oth Oth Comprehen ed owners’ Capital ed Sustaina reserves es in reserves profit er er sive Income reserve equity stock ble debt stock 5,250,283, 5,599,980, 1,676,143,0 8,245,767, 4,514,862, 25,287,038, I.Balance at the end of last year 986 903 44 593 488 014 Add: Change of accounting policy Correcting of previous errors Other 81 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 5,250,283, 5,599,980, 1,676,143,0 8,245,767, 4,514,862, 25,287,038, II.Balance at the beginning of current year 986 903 44 593 488 014 269,593,04 223,148,50 III.Changed in the current year -5,609,082 487,132,469 5 6 1,122,775, 1,117,166,5 (I)Total comprehensive income -5,609,082 629 47 (II) Investment or decreasing of capital by owners 1.Ordinary Shares invested by shareholders 2.Holders of other equity instruments inve sted capital 3.Amount of shares paid and accounted as owners’ equity 4.Other 269,593,04 -899,627,1 -630,034,07 (III)Profit allotment 5 23 8 269,593,04 -269,593,0 1.Providing of surplus reserves 5 45 -630,034,0 -630,034,07 2.Allotment to the owners (or shareholders) 78 8 3.Other (IV) Internal transferring of owners’ equity 1. Capitalizing of capital reserves (or to capital shares) 2. Capitalizing of surplus reserves (or to capital shares) 3.Making up losses by surplus reserves. 4.Change amount of defined benefit plans that carry forward Retained earnings 5.Other comprehensive income carry-over retained earnings 6.Other (V) Special reserves 1. Provided this year 2.Used this term (VI)Other 82 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 5,250,283, 5,599,980, 1,670,533,9 8,515,360, 4,738,010, 25,774,170, IV. Balance at the end of this term 986 903 62 638 994 483 83 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 III.Basic Information of the Company Guangdong Electric Power Development Co., Ltd. (“the Company”) is a limited liability company jointly established by Guangdong Electric Power Holding Company, China Construction Bank, Guangdong Province Trust Investment Company, Guangdong Power Development Co., Ltd., Guangdong International Trust and China Guangfa Bank (currently named as Guangdong Guangkong Group Co., Ltd.). The address of the Company’s registered office and head office is F33~F36 South Tower Building of Yudean Square on 2nd Tianhe East Road, Guangzhou, Guangdong Province, the People’ Republic of China “the PRC”). The Company’ parent company is Guangdong Energy Group Co., Ltd. (“GEGC”, previously Guangdong Province Yudean Group Co., Ltd.) and its ultimate controlling shareholder is the State-owned Assets Supervision and Administration Commission of the People’s Government of Guangdong Province. The Company’s issuing RMB ordinary shares (“A-share”) and domestic listed foreign shares (“B-share”) are listed for transactions in Shenzhen Stock Exchange respectively on 26 November 1993 and 28 June 1995. As at 30 June 2021, the total share capital of the Company is RMB 5,250,283,986 with par value of RMB 1 each. The Company and its subsidiaries (collectively referred to as “the Group”) are principally engaged in the businesses of developing and operating electric power plants in Guangdong Province , Yunnan Province, Hunan Province and Guangxi, the PRC. The financial statement has been approved for issue by the Company’s Board of Directors on August 26,2021. The Company and its subsidiaries (collectively referred to as “the Group”) are principally engaged in the businesses of developing and operating electric power plants in Guangdong Province , Yunnan Province, Hunan Province and Guangxi, the PRC. The financial statement has been approved for issue by the Company’s Board of Directors on August 2020. For the Consolidation scope changed of the Group, please refer to VIII and IX(Equity in other entities IV.Basis for the preparation of financial statements 1.Basis for the preparation The financial statements are prepared in accordance with the Accounting Standard for Business Enterprises - Basic Standard, and the specific accounting standards and other relevant regulations issued by the Ministry of Finance on 15 February 2006 and in subsequent periods (hereafter collectively referred to as “the Accounting Standard for Business Enterprises” or “CAS”), and “Information Disclosure Rule No. 15 for Companies with Public Traded Securities - Financial Reporting General Provision” issued by China Security Regulatory Commission. 2. Continuous operation. As at 30 June 2021,the Group’s net current liabilities amounted to RMB 10.834 billion, capital commitments contracted for by the Group amounted to RMB 18.381 billion, and capital commitments amounted to RMB 160 million, among which the capital expenditure due within one year amounted to RMB 9.477 billion. Therefore, the Group is to some extent exposed to liquidity risk. The reason for net current liabilities is that a portion of the Group’s capital expenditure is backed by short-term borrowings and funds in hand. Management of the Company plans to take the following measures to ensure that 84 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 the Group can continuously obtain sufficient working capital to liquidate debts due within 12 months starting from 30 June 2021, therefore, the financial statements are prepared on a going concern basis (a) The Group continuously generates profit after its generator sets have successively been put into production in recent years. Management expects stable cash inflows from operating activities in the future; and (b) The Group maintains good relations of long-term cooperation with financial institutions (including the Company’ associate Guangdong Energy Group Finance Co., Ltd. “Energy Group Finance Company”), formerly known as Guangdong Yudean Finance Co., Ltd.) in order to obtain sufficient financing credit lines. As at 30 June 2021 , the Group’s available credit line from financial institutions amounted to approximately RMB 46.699 billion, with RMB20.546 billion from Energy Group Finance Company, RMB 24.153 billion from other commercial banks and financial institutions, RMB 1.2 billion from issuance of corporate bonds approved by the China Securities Regulatory Commission, and RMB 800 million of quota of medium-term notes financing obtained after the registration in the Interbank Market in China. Among the Group’s available credit line from financial institutions, approximately RMB 16.57 billion million is due before 30 June 2021. Management has communicated with the financial institutions and hence expected the credit line due before 30 June 2021 to renew the term for another 12 months. V. Significant accounting policies and accounting estimates Specific accounting policies and accounting estimates tips: The Group determines specific accounting policies and accounting estimates based on the characteristics of production and operation, which are mainly reflected in the measurement of expected credit losses of receivables (Note 5(10)), costing of inventory (Note 5(15)), fixed asset depreciation and intangible asset amortisation (Notes 5(24),(30,(29)), impairment of long-term assets (Note 5(20)), timing of revenue recognition (Note 5(31)), deferred tax assets and deferred tax liabilities (Note 5(41)), etc. Details of the Group's critical judgements used in determining significant accounting policies are set forth in Note 5(44). 1.Complying with the statements in Accounting Standards for Business Enterprises The financial Report and statements are prepared with compliance to the requirement of the Enterprise Accounting Standard. They reflect the financial position as of June 30, 2021 as well as the business performance and cash flow situation in the first half of 2021 of the Company frankly and completely. 2. Accounting period Fiscal year is dated from Gregorian calendar Jan., 1 to Gregorian calendar December., 31. The accounting of the financial statements during the period starts from January 1, 2021 to 6 months ended June 3 0,2021. 3.Operating cycle The business cycles for principal activities are usually less than 12 months. 4.Standard currency for bookkeeping The Company adopts CNY to prepare its functional statements. 85 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 5. Accounting process method of enterprise consolidation under same and different controlling. (1) Business combinations involving enterprises under common control The consideration the combining party paid for the combination and the carrying amount of the net assets obtained are measured at carrying amount. The difference between the carrying amount of the net assets obtained and the carrying amount of consideration paid for the combination is adjusted to share premium (capital premium) in the capital reserve. If the balance of share premium (capital premium) is insufficient, any excess is adjusted to retained earnings. Any costs directly attributable to the combination are recognized in profit or loss for the current period when occurred. The transaction costs of issuing equity or debt securities for business combinations. (2) Business combinations not involving enterprises under common control The acquirer’s combining costs and the identifiable net assets obtained at the acquisition date are measured at fair value. If the combining costs are greater than the fair value of identifiable net assets at the acquisition date, the difference is recognized as goodwill; if the combining costs are less than the fair value of identifiable net assets at the acquisition date, the difference is recognized in profit or loss for the current period. The direct acquisition-related costs arising from the business combination are recognized as expenses in the periods in which the costs are incurred. The costs of the issuance of equity or debt securities as a part of the consideration paid for the acquisition are included as a part of initial recognition amount of the equity or debt securities. 6.Preparation of the consolidated financial statements The consolidated financial statements comprise the financial statements of the Company and all of its subsidiaries. Subsidiaries are consolidated from the date on which the Group obtains control and are de-consolidated from the date that such control ceases. For a subsidiary that is acquired in a business combination involving enterprises under common control, it is included in the consolidated financial statements from the date when it, together with the Company, comes under common control of the ultimate controlling party. The portion of the net profits realised before the combination date is presented separately in the consolidated income statement. In the preparation of consolidated financial statements, if the accounting policies or accounting period among the Company and subsidiaries are inconsistent, the financial statements of subsidiaries have been adjusted to conform to the Company’s policies and accounting period. For business combination not obtained under common control, the financial statements have been adjusted based on the fair value of net recognisable asset on the acquisition date. All significant intra-group balances, transactions and unrealised profits are eliminated in the consolidated financial statements. The portion of subsidiaries’ owners’ equity and the portion of subsidiaries’ net profits and losses and comprehensive incomes for the period not attributable to the Company are recognised as minority interests, net profit attributed to minority interests and total comprehensive incomes attributed to minority interests and presented separately in the consolidated financial statements under owners’ equity, net profits and total comprehensive income respectively. When the Company sells assets to subsidiaries, the unrealised gains and losses should fully offset the net profit attributed to shareholders of the parent company; when subsidiaries sell assets to the Company, the unrealised gains and losses should be assigned and offset between the net profit attributed to shareholders of the parent company and minority interests according to the Company’s distribution ratio of the subsidiary. The unrealised gains and losses between subsidiaries should be assigned and offset between the net profit attributed to shareholders of the parent company and minority interests according to the 86 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 parent company’s distribution ratio of the subsidiary. In preparing the consolidated financial statements, where the accounting policies and the accounting periods of the Company and subsidiaries are inconsistent, the financial statements of the subsidiaries are adjusted in accordance with the accounting policies and the accounting period of the Company. For subsidiaries acquired from business combinations involving enterprises not under common control, the individual financial statements of the subsidiaries are adjusted based on the fair value of the identifiable net assets at the acquisition date. 7.Classification of joint venture arrangement and accounting treatment methods for joint operation 8.Cash and cash equivalents Cash and cash equivalents comprise cash on hand, demand deposits, and short-term, highly liquid investments, which are readily convertible into known amounts of cash and are subject to an insignificant risk of change in value. 9.Foreign currency transactions Foreign currency transactions are translated into recording currency using the exchange rates prevailing at the dates of the transactions. At the balance sheet date, monetary items denominated in foreign currencies are translated into RMB using the spot exchange rates on the balance sheet date. Exchange differences arising from these translations are recognised in profit or loss for the current period, except for those attributable to foreign currency borrowings that have been taken out specifically for acquisition or construction of qualifying assets, which are capitalised as part of the cost of those assets. Non-monetary items denominated in foreign currencies that are measured at historical costs are translated at the balance sheet date using the spot exchange rates at the date of the transactions. The effect of exchange rate changes on cash is presented separately in the cash flow statement. 10. Financial instruments Financial instruments refer to contracts that form financial assets of one party and financial liabilities or equity instruments of other parties. When the Group becomes a party to a financial instrument contract, the relevant financial assets or financial liabilities are recognized. (a) Financial assets (i) Classification and measurement According to the business model for managing financial assets and the contractual cash flow characteristics of financial assets, the Group classifies financial assets into: (1) Financial assets measured in amortized cost; (2) Financial assets measured at fair value, whose changes are included in other comprehensive income; (3) Financial assets measured at fair value and whose changes are included in current profits and losses. The initial measurement of financial assets is calculated by using fair value. For financial assets measured at fair value, whose changes are included in current profits and losses, relevant transaction costs are directly included in current profits and losses; For other types of financial assets, relevant transaction costs are included in the initial recognition amount. Accounts receivable or notes receivable arising from the sale of products or the provision of labor services that do not include or take into account significant financing components are initially recognized by the Group in accordance with the amount of consideration that the Group is expected to be entitled to receive. Debt instrument 87 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Debt instruments held by the Group refer to instruments that meet the definition of financial liabilities from the perspective of the issuer and are measured in the following ways: Measured in amortized cost: The Group's business model for managing such financial assets is to collect the contractual cash flow, and the contractual cash flow characteristics of such financial assets are consistent with the basic lending arrangements, that is, the cash flow generated on a specific date is only the payment of principal and interest based on the amount of outstanding principal. The Group recognizes interest income for such financial assets according to the effective interest rate method. Such financial assets mainly include monetary funds, accounts receivable, other receivables and long-term receivables. The Group lists long-term receivables due within one year (including one year) from the balance sheet date as non-current assets due within one year. Equity instruments The Group will measure the equity instrument investments that it has no control, joint control and significant influence on at fair value, and their changes are included in the current profits and losses, and listed as trading financial assets. In addition, the Group designated some non-trading equity instrument investments as financial assets measured at fair value with changes included in other comprehensive income and listed them as other equity instrument investments. Dividend income related to such financial assets is included in current profits and losses. (ii) Impairment For financial assets measured in amortized cost, the Group recognizes loss reserves on the basis of expected credit losses. The Group takes into account reasonable and reliable information on historical events, current situation and future economic situation forecasts, and uses the risk of default as the weight to calculate the probability weighted amount of the present value of the difference between the cash flow receivable from the contract and the cash flow expected to be received to confirm the expected credit loss. On each balance sheet date, the Group separately measures the expected credit losses of financial instruments at different stages. If the credit risk of financial instruments has not increased significantly since the initial confirmation, it is in the first stage. The Group measures the loss reserve according to the expected credit loss in the next 12 months; If the credit risk of a financial instrument has increased significantly since its initial recognition but no credit impairment has occurred, it is in the second stage. The Group measures the loss reserve according to the expected credit loss of the instrument throughout the duration; If a financial instrument has suffered credit impairment since its initial recognition, it is in the third stage. The Group measures the loss reserve according to the expected credit loss of the instrument throughout the duration. For financial instruments with low credit risk on the balance sheet date, the Group assumes that their credit risk has not increased significantly since the initial confirmation, and measures the loss reserve according to the expected credit loss in the next 12 months. For financial instruments in the first and second stages and with low credit risk, the Group calculates interest income based on the book balance before deducting impairment provisions and the actual interest rate. For financial instruments in the third stage, the interest income shall be calculated according to their book balance minus the amortized cost after impairment provision and the actual interest rate. For accounts receivable, regardless of whether there is any significant financing component, the Group measures the loss reserve according to the expected credit loss throughout the duration. When a single financial asset cannot evaluate the expected credit loss information at a reasonable cost, the Group divides the receivables into several combinations according to the credit risk characteristics, calculates the expected credit loss on the basis of the combinations, and determines the combination on the following basis: 88 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Account receivable portfolio 1: Accounts receivable from electricity sales Account receivable portfolio 2: Related party receivable Account receivable portfolio 3:Other account receivable Other Account receivable portfolio 1:Advance payments receivable petty cash and other receivable For accounts receivable divided into combinations, the Group refers to the historical credit loss experience, combines the current situation with the forecast of future economic situation, compiles a comparison table of overdue days of accounts receivable and the expected credit loss rate for the whole duration, and calculates the expected credit loss. For other receivables divided into portfolios, the Group refers to the historical credit loss experience, combines the current situation with the forecast of future economic situation, and calculates the expected credit loss through default risk exposure and the expected credit loss rate within the next 12 months or the whole duration. The Group includes the accrued or reversed loss reserves into the current profits and losses. (iii) Derecognition of financial assets A financial asset is derecognised when: (i) the contractual rights to the cash flows from the financial asset expire, (ii) the financial asset has been transferred and the Group transfers substantially all the risks and rewards of ownership of the financial asset to the transferee, or (iii) the financial asset has been transferred and the Group has not retained control of the financial asset, although the Group neither transfers nor retains substantially all the risks and rewards of ownership of the financial asset. When the investment in other equity instruments is derecognized, the difference between the book value and the consideration received and the accumulated amount of the changes in fair value originally included in other comprehensive income shall be included in the retained income; On derecognition of a financial asset, the difference between the carrying amount and the sum of the consideration received and the cumulative changes in fair value that had been recognised directly in owners’ equity, is recognised in profit or loss. (b) Financial liabilities Financial liabilities are classified into the following categories at initial recognition: financial liabilities at fair value through profit or loss and other financial liabilities. The financial liabilities of the Group are other comprise financial liabilities, including payables, borrowings and debentures payable. This kind of financial liabilities are initially measured according to their fair value after deducting transaction costs, and are subsequently measured using the effective interest rate method. If the term is less than one year (including one year), it shall be listed as current liabilities; If the term is more than one year but expires within one year (including one year) from the balance sheet date, it shall be listed as non-current liabilities due within one year; The rest is listed as non-current liabilities. When the current obligation of the financial liability has been discharged in whole or in part, the Group terminates the recognition of the part of the financial liability or obligation that has been discharged. The difference between the book value of the termination recognition and the consideration paid shall be included in the profit and loss of the current period. (c) Determination of the fair value of the financial instruments The fair value of a financial instrument that is traded in an active market is determined at the quoted price in the active market. The fair value of a financial instrument that is not traded in an active market is determined by using a valuation technique. Valuation techniques include using prices of recent market transactions between knowledgeable and willing parties, reference to the current fair value of another financial asset that is substantially the same with this instrument, and discounted cash flow analysis, etc. When a valuation technique is used to establish the fair value of a financial instrument, it makes the maximum use of observable market inputs and relies 89 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 as little as possible on entity-specific inputs. When the observable inputs are not available or are unrealistic to obtained, unobservable inputs shall be used 11.Note receivable 12.Account receivable See Note V (10) Financial Instruments for details. 13.Financing receivable 14.Other account receivable Determination method of expected credit loss of other receivables and accounting treatment method See Note V (10) Financial Instruments for details. 15. Inventories (a) Classification Inventories include fuel and spare parts measured at the lower of cost and net realisable value.. (b) Cost of inventories transferred out Cost of fuel transferred out is calculated using the weighted average method. Spare parts are amortised in full when received for use. (c) Basis for determining the net realisable value of inventories and provisioning methods for decline in value of inventories Any excess of the cost over the net realisable value of inventories is recognised as a provision for diminution in the value of inventories. Net realisable value is measured by the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale and relevant taxes. (d) The Group maintains a perpetual inventory system.. (e) Amortization methods of low-value consumables Low-value consumables are amortized in full amount. 16.Contract assets See Note V (10) Financial Instruments for details. 90 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 17.Contract costs 18.Held-for-sale assets 19.Creditor's rights investment 20.Other Creditor's rights investment 21.Long-term account receivable See Note V (10) Financial Instruments for details. 22. Long-term equity investment Long-term equity investments comprise the Company’s long-term equity investments in its subsidiaries and the Group’s long-term equity investments in its associates. Subsidiaries are the investees over which the Company is able to exercise control. Associates are the investees over which the Group has significant influence, but not control, on their financial and operating policies. Investments in subsidiaries are presented in the Company’s financial statements using the cost method, and are adjusted to the equity method when preparing the consolidated financial statements. Investments in associates are accounted for using the equity method. (a) Determination of investment cost For long-term equity investments acquired through a business combination: for long-term equity investments acquired through a business combination involving enterprises under common control, the investment cost shall be the absorbing party’s share of the carrying amount of owners’ equity of the party being absorbed at the combination date; for long-term equity investment acquired through a business combination involving enterprises not under common control, the investment cost shall be the combination cost. For long-term equity investments acquired not through a business combination: if the long-term equity investments are acquired in cash, the initial investment cost shall be the purchase price actually paid; if the long-term equity investments are acquired by issuing equity securities, the initial investment cost shall be the fair value of the equity securities. (b) Subsequent measurement and recognition of related profit and loss For long-term equity investments accounted for using the cost method, they are measured at the initial investment costs, and cash dividends or profit distribution declared by the investees are recognised as investment income in profit or loss. For long-term equity investments accounted for using the equity method, where the initial investment cost exceeds the Group’s share of the fair value of the investee’s identifiable net assets at the time of acquisition, the investment is initially measured at cost. Where the initial investment cost is less than the Group’s share of the fair value of the investee’s identifiable net assets at the time of acquisition, the difference is included in profit or loss for the current period and the cost of the long-term equity investment is adjusted accordingly. For long-term equity investments accounted for using the equity method, the Group recognises the investment income or losses according to its share of net profit or loss of the investee. The Group discontinues recognising its share of net losses of an investee after the carrying amount of the long-term equity investment together with any long-term interests that, in substance, form part of the investor’ net investment in the investee are reduced to zero. However, if the Group has obligations for additional losses and the criteria with respect to recognition of 91 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 provisions under the accounting standards on contingencies are satisfied, the Group continues recognising the investment losses and the provisions. The Company shall adjust the carrying amount of the long term investment for other changes in shareholders’ equity of the investee (other than net profits or losses), and include the corresponding adjustment in shareholders’ equity. The carrying amount of the investment is reduced by the Group’s share of the profit distribution or cash dividends declared by an investee. The unrealised profits or losses arising from the intra-group transactions amongst the Group and its investees are eliminated in proportion to the Group’s equity interest in the investees, and then based on which the investment gains or losses are recognised. For the loss on the intra-group transaction amongst the Group and its investees attributable to asset impairment, any unrealised loss is not eliminated. (c) Basis for determining existence of control and significant influence over investees Control is the power to govern the investee so as to obtain variable returns by participating in the related business activities of the investees and the ability to affect the returns by exercising its power over the investees. Joint control is the contractually agreed sharing of control over an investee’s economic activities, and exists only when the strategic financial and operating decisions relating to the activities require the unanimous consent of the Group and the parties sharing the control. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. (d) Impairment of long-term equity invest The carrying amount of long-term equity investments in subsidiaries, joint venture, and associates is reduced to the recoverable amount when the recoverable amount is less than the carrying amount(Note 5(31). 23. Investment properties The measurement mode of investment property The measurement by the cost method Depreciation or amortization method Investment properties, including land use rights that have already been leased out and buildings that are held for the purpose of leasing are measured initially at cost. Subsequent expenditures incurred in relation to an investment properties are included in the cost of the investment property when it is probable that the associated economic benefits will flow to the Group and their costs can be reliably measured; otherwise, the expenditures are recognised in profit or loss in the period in which they are incurred. The Group adopts the cost model for subsequent measurement of investment properties. Buildings and land use rights are depreciated or amortised to their estimated net residual values over their estimated useful lives. The estimated useful lives, the estimated net residual values that are expressed as a percentage of cost and the annual depreciation (amortization) rates of investment properties are as follows: Estimated useful lives Estimated net residual value Annual depreciation rates Building 20-40years 0%- 5% 2.38%-4.75% When an investment property is transferred to owner-occupied properties, it is reclassified as fixed asset at the date of the transfer. The carrying amount of the fixed asset shall be measured on the basis of fair value of the investment property. The investment property’ estimated useful life, net residual value and depreciation (amortisation) method applied are reviewed and adjusted as appropriate at each year-end. An investment property is derecognised on disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from its disposal. The net amount of proceeds from sale, 92 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 transfer, retirement or damage of an investment property after its carrying amount and related taxes and expenses is recognised in profit or loss for the current period. 24. Fixed assets (1)Recognition of fixed assets Fixed assets comprise plant and building, power generator equipment, motor vehicles and other equipment. Fixed asset is recognised when it is probable that the related economic benefits will flow to the Group and its cost can be reliably measured. Fixed assets purchased or constructed by the Group are initially measured at cost at the acquisition date. The fixed assets injected by the state-owned shareholder during the restructuring of corporation were initially recorded at the valuated amount approved by the relevant authorities managing state-owned assets. Subsequent expenditures incurred for a fixed asset are included in the cost of the fixed asset when it is probable that the economic benefits associated with the fixed asset will flow to the Group and the costs can be reliably measured. The carrying amount of those parts that are replaced is derecognised and all the other subsequent expenditures are recognised in income statement when they are incurred. (2)Depreciation of fixed assets The method for Expected useful life Estimated residual Category Depreciation depreciation (Year) value House and building Straight-line method 10 -50 years 5% 1.90% to9.50% Generation equipment Straight-line method 5-25 years 0% to 5% 3.80% to20% Transportation Straight-line method 5-15 years 0% to5% 6.33% to20% equipment Other equipment Straight-line method 5-25 years 0% to5% 3.80% to20% The estimated useful life and the estimated net residual value of a fixed asset and the depreciation method applied to the asset are reviewed, and adjusted as appropriate at each year-end. (3)Cognizance evidence and pricing method of financial leasing fixed assets The Group applied the new lease standards in 2021,See Note V (42) Lease for details. 25.Construction in progress Construction in progress is measured at its actual costs incurred. Actual costs include construction cost, installation cost, capitalised borrowing costs, and any other costs directly attributable to bringing the asset to working condition for its intended use. When the construction in progress is ready for its intended use, it is transferred to fixed assets and starts depreciation the following month. When recoverable amount of the construction in progress is lower than its carrying value, its carrying value is then reduced to the recoverable amount(NoteV(31)). 93 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 26.Borrowing costs The borrowing costs that are directly attributable to the acquisition and construction of a fixed asset that needs a substantially long period of time of acquisition and construction for its intended use commence to be capitalised and recorded as part of the cost of the asset when expenditures for the asset and borrowing costs have been incurred, and the activities relating to the acquisition and construction that are necessary to prepare the asset for its intended use have commenced. The capitalisation of borrowing costs ceases when the asset under acquisition or construction becomes ready for its intended use, the borrowing costs incurred thereafter are recognised in income statement. Capitalisation of borrowing costs is suspended when the acquisition or construction of a fixed asset is interrupted abnormally and the interruption lasts for more than 3 months, until the acquisition or construction is resumed. For the specific borrowings obtained for the acquisition or construction of a fixed asset qualifying for capitalisation, the amount of borrowing costs eligible for capitalisation is determined by deducting any interest income earned from depositing the unused specific borrowings in the banks or any investment income arising on the temporary investment of those borrowings during the capitalisation period. For the general borrowings obtained for the acquisition or construction of a fixed asset qualifying for capitalisation, the amount of borrowing costs eligible for capitalisation is determined by applying the weighted average effective interest rate of general borrowings, to the weighted average of the excess amount of cumulative expenditures on the asset over the amount of specific borrowings. The effective interest rate is the rate at which the estimated future cash flows during the period of expected duration of the borrowings or applicable shorter period are discounted to the initial amount of the borrowings. 27.Biological Assets 28.Oil & Gas assets 29. Right to use assets The Group applied the new lease standards in 2021,See Note V (42) Lease for details. 30. Intangible assets 1. Valuation Method, Service Life and Impairment Test of Intangible Assets Intangible assets mainly including land use rights, sea use rights, software, associated projects for electricity transmission and transformation, microwave engineering and transportation engineering are measured at cost. Intangible assets contributed by the state-owned shareholders at the incorporation of a limited company are initially recorded at the valuation amount recognised by the state-owned assets supervision and administration department. (a) Land use right and sea use right Land use rights are amortized on a straight-line basis over their approved period of 20 to 70 years. If the purchase costs of land and attached buildings cannot be reasonably allocated between the land use right and the buildings, the purchase costs are recognised as fixed assets. (b) Other intangible assets Besides land use right, sea use right, associated projects for electricity transmission and transformation, 94 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 microwave engineering and transportation engineering, other intangible assets are amortized on a straight-line basis over their expected life of 2 years to 25 years. (c) Periodic review on useful life and method of amortization For intangible assets with finite useful life, their expected life and amortization method are reviewed and adjusted at the end of every year. (d)Research and development The expenditure on an internal research and development project is classified into expenditure on the research phase and expenditure on the development phase based on its nature and whether there is material uncertainty that the research and development activities can form an intangible asset at the end of the project. Expenditure on the research phase is recognised in profit or loss in the period in which it is incurred. Expenditure on the development phase is capitalised only if all of the following conditions are satisfied: management intends to complete the intangible asset, and use or sell it; it can be demonstrated how the intangible asset will generate economic benefits: products with the application of intangible assets or the intangible assets themselves can prove to have market value, intangible assets for internal use application can prove to be of usefulness; there are adequate technical, financial and other resources to complete the development and the ability to use or sell the intangible asset; it is technically feasible to complete the intangible asset so that it will be available for use or sale; and the expenditure attributable to the intangible asset during its development phase can be reliably measured. Other development expenditures that do not meet the conditions above are recognised in profit or loss in the period in which they are incurred. Development costs previously recognised as expenses are not recognised as an asset in a subsequent period. Capitalised expenditure on the development phase is presented as development costs in the balance sheet and transferred to intangible assets at the date that the asset is ready for its intended use. (e) Impairment of intangible assets The carrying amount of intangible assets is reduced to the recoverable amount when the recoverable amount is less than the carrying amount. 2.Accounting policies for the internal research and development expenditure 31. Impairment of long-term assets Fixed assets, construction in progress, intangible assets with finite useful lives, investment property measured at cost and long-term equity investments in subsidiaries, joint venture, and associates are tested for impairment if there is any indication that an asset may be impaired at the balance date. If the result of the impairment test indicates that the recoverable amount of the asset is less than its carrying amount, a provision for impairment and an impairment loss are recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’ fair value less costs to sell and the present value of the future cash flows expected to be derived from the asset. A provision for asset impairment is determined and recognised on an individual asset basis. If it is not possible to estimate the recoverable amount of an individual asset, the recoverable amount of the group of assets to which the asset belongs is determined. A group of assets is the smallest group of assets that is able to generate independent cash inflows. Goodwill that is separately presented in the financial statements is tested at least annually for impairment, irrespective of whether there is any indication that it may be impaired. In conducting the test, the carrying value of 95 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 goodwill is allocated to the related asset group or groups of asset groups which are expected to benefit from the synergies of the business combination. If the result of the test indicates that the recoverable amount of an asset group or a group of asset groups, including the allocated goodwill, is lower than its carrying amount, the corresponding impairment loss is recognised. The impairment loss is first deducted from the carrying amount of goodwill that is allocated to the asset group or group of asset groups, and then deducted from the carrying amounts of other assets within the asset group or group of asset groups in proportion to the carrying amounts of assets other than goodwill. Once the asset impairment loss mentioned above is recognised, it is not allowed to be reversed for the value recovered in the subsequent periods. 32.Long-term deferred expenses Long-term prepaid expenses include the expenditure for improvements to fixed assets held under operating leases, and other expenditures that have been incurred but should be recognised as expenses over more than one year in the current and subsequent periods. Long-term prepaid expenses are amortised on the straight-line basis over the expected beneficial period and are presented at actual expenditure net of accumulated amortisation. 33.Constract Liabilities See Note V (39) Revenue for details. 34. Employee benefits (1) Short-term employee benefits Short-term remunerations mainly include wages or salaries, bonuses, allowances and subsidies, staff welfare, medical insurance, work injury insurance, maternity insurance, housing funds, labour union funds, employee education funds, short-term paid absence. Short-term remunerations are recognised as current liabilities in the accounting period in which the service has been rendered by the employees, and as costs of assets or expenses to whichever the employee service is attributable. Non-monetary benefits are measured at fair value. (2)Post –employment benefits The Company’s post-employment benefits scheme includes both Defined Contribution Plan (DCP) and Defined Benefit Plan (DBP). A DCP is a pension plan under which the Company pays fixed contributions into a separate entity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. A DBP is a pension plan that is not a defined contribution plan. During the periods of reporting, the Company’s post-employment benefits scheme mainly includes basic pension insurance and unemployment insurances, both of which are DCP. Basic pension insurance Employees of the Group have entered into the social pension insurance scheme organised by local labour and social security department. The Group pays basic pension insurances to local labour and social security department monthly according to local insurance base and corresponding rate. Local labour and social security department is obligated to pay basic pensions to retired employees. Supplementary pension insurance The company purchases supplementary pension insurance on behalf of employees, and pays pension insurances according to the policies of Energy Group. The amounts based on the above calculations are recognised as 96 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 liabilities in the accounting period in which the service has been rendered by the employees, with a corresponding charge to the profit or loss for the current period or the cost of relevant assets. Defined benefit plan For defined benefit plan, the Group used the projected unit credit method and includes the obligation of the defined benefit plan in the accounting period in which the service has been rendered by the employees, with a corresponding charge to the profit or loss for the period. The cost of employee benefits arising from defined benefit plans are classified into the following parts: — service cost (including current service cost as well as gains and losses on curtailments and settlements); — net interest expenses on net liabilities of the defined benefit plan (including interest expenses for obligations of the defined benefit plan); and — Changes arising from remeasurement on net liabilities of defined benefit plans Service cost and net interest expenses on net liabilities of defined benefit plans are included in profit or loss for the current period. Changes arising from remeasurement on net liabilities of defined benefit plans (including actuarial gains or losses) are included in other comprehensive income. (3) Termination benefits The Group provides compensation for terminating the employment relationship with employees before the end of the employment contracts or as an offer to encourage employees to accept voluntary redundancy before the end of the employment contracts. The Group recognises a liability arising from compensation for termination of the employment relationship with employees, with a corresponding charge to profit or loss at the earlier of the following dates: 1) when the Group cannot unilaterally withdraw the offer of termination benefits because of an employment termination plan or a curtailment proposal; 2) when the Group recognises costs or expenses related to the restructuring that involves the payment of termination benefits. (4) Other long-term employee benefits Early retirement benefits The Group provides early retirement benefits for employees who enrolled in internal retirement arrangement. Early retirement benefits refer to wages and social benefit paid by the Group on behalf of the employees who have not meet retirement age requirement but voluntarily retire after permission from the Group’s management level. The Group starts paying early retirement benefits to early retired employees from the start date of their early retirement until they reach the statutory retirement age. For the accounting treatment of early retirement benefits, the Group adopts the same method as termination benefits, that is, upon confirming the termination benefits comply with relevant conditions, proposed payment of early retirement wages. and social security from the start date of termination of services to the date of statutory retirement age are recognised as liability and recorded into profit and loss at lump sum. The discrepancy caused by change in actuarial assumption and adjustment of welfare standard is recorded into current profit or loss. 35.Lease liabilities The Group applied the new lease standards in 2021,See Note V (42) Lease for details. 36. Estimated Liabilities Provisions for product warranties, onerous contracts etc. are recognised when the Group has a present obligation, it is probable that an outflow of economic benefits will be required to settle the obligation, and the amount of the obligation can be measured reliably. A provision is initially measured at the best estimate of the expenditure required to settle the related present 97 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 obligation. Factors surrounding a contingency, such as the risks, uncertainties and the time value of money, are taken into account as a whole in reaching the best estimate of a provision. Where the effect of the time value of money is material, the best estimate is determined by discounting the related future cash outflows. The increase in the discounted amount of the provision arising from passage of time is recognised as interest expense. The carrying amount of provisions is reviewed at each balance sheet date and adjusted to reflect the current best estimate. The Group recognises the loss provision of financial guarantee contracts which provision is based on ECL. The provisions expected to be settled within one year since the balance sheet date are classified as current liabilities. 37. Share payment 38. Other financial instruments such as preferred stocks and perpetual bonds 39. Revenue Accounting policies adopted for income recognition and measurement When the customer obtains the control of the relevant goods or services, the Group recognizes the income according to the expected amount of consideration that it is entitled to receive. (a) Revenue from sales of electricity and heat energy Revenue is recognised when electricity and heat energy are supplied to grid companies or customers, and grid companies or customers obtain control over electricity. (b) Revenue from sales of by-products Revenue from the sales of goods is recognised when the Group transfers by-products (such as coal ash) produced by electricity generations to the designated delivery place pursuant to the contract or agreement, the recipient resource utilisation confirms receipt and they obtain control over the by-products. (c) Provision of electric power transaction service For the electric power transaction service provided by the Group to external parties, upon the receiving of the service, revenue is recognised based on the difference between the purchase price and the selling price of electricity. (d) Rendering of services The Group provides maintenance services to external parties. The related revenue is recognised based on the stage of completion within a certain period, which is determined based on proportion of costs incurred to date to the estimated total costs. On the balance sheet date, the Group re-estimates the stage of completion to reflect the actual status of contract performance. When the Group recognises revenue based on the stage of completion, the amount with unconditional collection right obtained by the Group is recognised as accounts receivable, and the rest is recognised as contract assets. Meanwhile, loss provision for accounts receivable and contract assets are recognised on the basis of ECLs (Note V(10)). If the contract price received or receivable exceeds the amount for the completed service, the excess portion will be recognised as contract liabilities. Contract assets and contract liabilities under the same contract are presented on a net basis. Contract costs include contract performance costs and contract acquisition costs. The costs incurred by the Group for the rendering of maintenance services are recognised as contract performance costs and are carried forward to the cost of main operations based on the stage of completion when associated revenue is recognised. The Group provides external maintenance service, revenue is recognised according to the percentage completion method, determined by percentage of the total cost incurred. 98 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 The adoption of different business models in similar businesses leads to differences in accounting policies for income recognition Not applicable 40.Government grants Government grants refer to the monetary or non-monetary assets obtained by the Group from the government, including tax return, financial subsidy and etc. Government grants are recognised when the grants can be received and the Group can comply with all attached conditions. If a government grant is a monetary asset, it will be measured at the amount received or receivable. If a government grant is a non-monetary asset, it will be measured at its fair value. If it is unable to obtain its fair value reliably, it will be measured at its nominal amount. Government grants related to assets refer to government grants which are obtained by the Group for the purposes of purchase, construction or acquisition of the long-term assets. Government grants related to income refer to the government grants other than those related to assets. Government grants related to assets are recorded as deferred income and recognised in profit or loss on a systemic basis over the useful lives of the assets. Government grants related to income that compensate the incurred costs, expenses or losses are recognised in profit or loss. Government grants related to income that compensate future costs, expenses or losses are recorded as deferred income and recognised in profit or loss in reporting the related costs, expenses or losses; government grants related to income that compensate incurred costs, expenses or losses are recognised in profit or loss directly in the current period. The Group applies the presentation method consistently to the similar government grants in the financial statements. 41. Deferred income tax assets/Deferred income tax liability Deferred tax assets and deferred tax liabilities are calculated and recognised based on the differences arising between the tax bases of assets and liabilities and their carrying amounts (temporary differences). Deferred tax asset is recognised for the deductible losses that can be carried forward to subsequent years for deduction of the taxable profit in accordance with the tax laws. No deferred tax liabilities is recognised for the temporary differences resulting from the initial recognition of Goodwill. No deferred tax asset or deferred tax liability is recognised for the temporary differences resulting from the initial recognition of assets or liabilities due to a transaction other than a business combination, which affects neither accounting profit nor taxable profit (or deductible loss). At the balance sheet date, deferred tax assets and deferred tax liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled. Deferred tax assets are only recognised for deductible temporary differences, deductible losses and tax credits to the extent that it is probable that taxable profit will be available in the future against which the deductible temporary differences, deductible losses and tax credits can be utilised. Deferred tax liabilities are recognised for temporary differences arising from investments in subsidiaries, joint venture, and associates, except where the Group is able to control the timing of reversal of the temporary difference, and it is probable that the temporary difference will not reverse in the foreseeable future. When it is probable that the temporary differences arising from investments in subsidiaries and associates will be reversed in the foreseeable future and that the taxable profit will be available in the future against which the temporary differences can be utilised, the corresponding deferred tax assets are recognised. Deferred tax assets and liabilities are offset when: the deferred taxes are relate to the same tax payer within the Group and same fiscal authority, and; 99 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 that tax payer has a legally enforceable right to offset current tax assets against current tax liabilities. 42. Leases (1)Accounting of operational leasing The Group as the lessor Leases that substantially transfer almost all risks and rewards related to the ownership of leased assets are financial leases. Other leases are operating leases. When the Group operates leased buildings, machinery, equipment and means of transport, the rental income from operating lease is recognized on a straight-line basis during the lease period. The variable rent determined according to a certain proportion of the sales amount is included in the rental income when it actually occurs. For rent relief directly due to the COVID-19 epidemic and only before June 30, 2021, the Group chose to adopt a simplified method, taking the relief rent as variable rent, and recording the relief amount in the current profits and losses during the relief period. Except for the contract changes directly caused by the above-mentioned COVID-19 epidemic, when the lease changes, the Group takes it as a new lease from the effective date of the change, and takes the lease receipts received in advance or receivable related to the lease before the change as the new lease receipts. (2)Accounting treatment of financing leasing The Group as the lessee The Group recognizes the right to use assets on the start date of the lease term, and recognizes the lease liabilities according to the present value of the unpaid lease payments. Lease payments include fixed payments, and payments to be made when it is reasonably determined that the option to purchase or terminate the lease will be exercised. The variable rent determined according to a certain proportion of the sales amount is not included in the lease payment amount, and is included in the current profits and losses when it actually occurs. The Group lists the lease liabilities paid within one year (including one year) from the balance sheet date as non-current liabilities due within one year. The Group's right-to-use assets include rented houses and buildings, machinery, equipment and means of transport. The right-to-use assets are initially measured according to the cost, which includes the initial measurement amount of the lease liabilities, the lease payment amount paid on or before the start date of the lease term, the initial direct expenses, etc., and the received lease incentives are deducted. If the Group can reasonably determine that the ownership of the leased asset is acquired at the expiration of the lease term, depreciation shall be accrued within the remaining service life of the leased asset; If it is impossible to reasonably determine whether the ownership of the leased asset can be acquired at the expiration of the lease term, depreciation shall be accrued within the lease term and the remaining service life of the leased asset, whichever is shorter. When the recoverable amount is lower than the book value of the right-to-use assets, the Group will write down its book value to the recoverable amount. For short-term leases with a lease term of no more than 12 months and low-value asset leases with low value when individual assets are brand new, the Group chooses not to recognize the right-to-use assets and lease liabilities, and records the relevant rental expenses into the current profits and losses or related asset costs according to the straight-line method in each period of the lease term. When the lease changes and meets the following conditions, the Group will treat it as a separate lease: (1) The lease scope expands by increasing the right to use one or more leased assets; (2) The increased consideration is equivalent to the individual price of the expanded part of the lease scope adjusted according to the contract conditions. When the lease change is not accounted for as a separate lease, except for the contract change directly 100 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 caused by the COVID-19 epidemic which adopts simplified method, the Group redetermines the lease term on the effective date of the lease change, discounts the changed lease payment amount with the revised discount rate, and re-measures the lease liabilities. If the lease scope is reduced or the lease term is shortened as a result of the lease change, the Group will reduce the book value of the right-to-use assets accordingly, and include the related gains or losses related to partial or complete termination of the lease in the current profits and losses. If other lease changes lead to re-measurement of lease liabilities, the Group will adjust the book value of the right-to-use assets accordingly. For rent reduction and exemption directly caused by the COVID-19 epidemic and only before June 30, 2021, the Group chose to adopt a simplified method. When an agreement was reached to cancel the original payment obligation, the undiscounted reduction and exemption amount was included in the current profits and losses, and the lease liabilities were adjusted accordingly. 43. Other significant accounting policies and estimates Segment information: The Group identifies operating segments based on the internal organization structure, management requirements and internal reporting system, and discloses segment information of reportable segments which are determined on the basis of operating segments. An operating segment is a component of the Group that satisfies all of the following conditions: (1) the component is able to earn revenues and incur expenses from its ordinary activities; (2) whose operating results are regularly reviewed by the Group’s management to make decisions about resources to be allocated to the segment and to assess its performance, and (3) for which the information on financial position, operating results and cash flows is available to the Group. If two or more operating segments have similar economic characteristics and satisfy certain conditions, they are aggregated into one single operating segment. Critical accounting estimates and judgements The Group continually evaluates the critical accounting estimates and key judgements applied based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (a) Key judgement in critical accounting policy Critical accounting estimates and key assumptions listed bellow contain significant risks to major changes on the carrying amount of assests and liabilities in the following accouting year: (i) Classfication of financial assets The Group determines the classification of financial assets based on the significant judgement of analysis of business model and cash flow characteristics. The Group determines the business model of managing financial assets based on the level of financial assets’ group. The consideration factors include the means of assessing and reporting to the key management the performance of the financial assets, the risks that hinders the performance assets and the managing style, and the means of payment to its own management personnel. The major judgment in determining whether the contractual cash flow characteristics of the financial assets is in consistency of the borrowing arrangement includes: whether there is a change in the amount of principal or the timing of the duration when repayment in advance and etc. occurs; whether the mere considerations of interest are time value of the money, credit risk, other basic risks of debt and consideration for cost and profit. For example, the judgment on the amount of repayment in advance should be whether or not the amount only reflects the unpaid principle, the interest that is calculated based on the unpaid principle and the reasonable compensation for terminating the contract in advance. 101 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 (ii) Assessment of significant increase in credit risk The assessment of the Group on whether the increase of credit risk is significant includes changes in one or more than one indicators: the conditions of the debtor’s business, the internal and external credit rating, the significant change in the actual or expected operation result, the value of collateral asset or the significant decrease in the credit rating of the guarantor. The assessment of the Group on whether a credit loss occurs includes the debtors are in financial difficulties, in the restructure of debts or possibly subject to bankruptcy (b) Critical accounting estimates and key assumptions (i) Estimates on impairment of long-term assets As described in Note 5(20), fixed assets, construction in progress, intangible assets with finite useful lives, investment properties that are measured at cost and long-term equity investments in subsidiaries, joint ventures and associates are tested for impairment if there are indications that the assets may be impaired at the balance sheet date. When assessing whether the above assets are impaired, management mainly evaluates and analyses: (i) whether events affecting asset impairment occurred; (ii) whether the present value of expected cash flows arising from the continuing use or disposal of the asset is lower than its carrying amount; and (iii) whether the significant assumptions used in the calculation of the present value of the estimated cash flows are appropriate. Relevant assumptions adopted by the Group to determine impairment, e.g. changes in assumptions on discount rate and growth rate used to calculate the present value of future cash flows, may have material impact on the present value used in the impairment test, and cause impairment in the above-mentioned long-term assets of the Group. (ii) Measurement of expected credit losses The Group calculates expected credit losses through default risk exposure and expected credit loss rate, and determines the expected credit loss rate based on default probability and default loss rate. In determining the expected credit loss rate, the Group uses data such as internal historical credit loss experience, etc., and adjusts historical data based on current conditions and forward-looking information. When considering forward-looking information, the indicators used by the Group include the risk of economic downturn, the external market environment, the technological environment and changes in customer conditions. The Group regularly monitors and reviews assumptions related to the calculation of expected credit losses. (iii)Point of revenue recognition With regard to sales of electricity to grid companies, the Group supplies electricity to grid companies in accordance with the contract. Then grid companies have the right to sell electricity and set price at its sole discretion, and take the risks of any price fluctuation and damages or losses of the products. The Group believes that the grid companies obtain control over electric power upon receiving the electric. Therefore, revenue is recognised accordingly. (b) Critical accounting estimates and key assumptions The critical accounting estimates and key assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next accounting year are outlined below: (i) Accounting estimates on impairment of long-term assets As described in Note v(31), fixed assets, construction in progress, intangible assets with finite useful lives, investment properties that are measured at cost and long-term equity investments in subsidiaries, joint ventures and associates are tested for impairment if there is any indication that an asset may be impaired at the balance sheet date. If the result of the impairment test indicates that the recoverable amount of an asset is less than its carrying amount, a provision for impairment and an impairment loss are recognised for the amount by which the 102 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and the present value of the future cash flows expected to be derived from the asset. These calculations require use of accounting estimates. When assessing whether the above assets are impaired, management mainly evaluates and analyses: (i) whether events affecting asset impairment occurred; (ii) whether the present value of expected cash flows arising from the continuing use or disposal of the asset is lower than its carrying amount; and (iii) whether the significant assumptions used in the calculation of the present value of the estimated cash flows are appropriate. Relevant assumptions adopted by the Group to determine impairment, e.g. changes in assumptions on discount rate, growth rate and gross margins used to calculate the present value of future cash flows, may have material impact on the present value used in the impairment test, and cause impairment in the above-mentioned long-term assets of the Group. (ii) Measurement of ECLs The Group calculates ECLs through default risk exposure and ECL rate, and determines the ECL rate based on default probability and default loss rate. In determining the ECL rate, the Group uses data such as internal historical credit loss experience, etc., and adjusts historical data based on current conditions and forward-looking information. When considering forward-looking information, the Group considered different macroeconomic scenarios. Significant macroeconomic assumptions related to the estimation of ECLs include the risk of economic downturn, the external market environment, the technological environment, changes in customer conditions, gross domestic product, consumer price index, etc. The Group regularly monitors and reviews assumptions related to the calculation of ECLs. In 2021, the Group updated values of forward-looking parameters used in ECL model to reflect the impact of COVID-19 on ECLs of financial instrument in a timely manner. (iii) Depreciation period and residual values of fixed assets The depreciation period and residual values of fixed assets are determined by management after taking into account their durability and past maintenance records based on the industry practice, and are reviewed at each year-end with appropriate adjustments made accordingly. Any changes in the depreciation period and residual values of fixed assets may have significant impact on the Group’s net profit. (iv) Income tax and deferred income tax The Group is subject to enterprise income tax in numerous jurisdictions. There are some transactions and events for which the ultimate tax determination is uncertain during the ordinary course of business. Significant judgement is required from the Group in determining the provision for income taxes in each of these jurisdictions. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Deferred tax assets are recognised for the deductible tax losses that can be carried forward to subsequent years to the extent that it is probable that taxable profit will be available in the future against which the deductible tax losses can be utilised. Taxable profit that will be available in the future includes the taxable profit that will be realised through normal operations and the taxable profit that will be increased upon the reversal of taxable temporary differences incurred in prior periods. Judgments and estimates are required to determine the time and amounts of taxable profit in the future. Any difference between the reality and the estimate may result in adjustment to the carrying amount of deferred tax assets. 103 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 44.Change of main accounting policies and estimations (1)Change of main accounting policies √ Applicable □ Not applicable The content and reason for change of Approval process Remark accounting policy The Group and the Company implemented the new leasing standards for the first time on January 1, 2021. The Ministry of Finance promulgated the According to relevant regulations, the revised Accounting Standards for Group and the Company will not Business Enterprises No.21-Leasing in re-evaluate the existing contract options 2018 (hereinafter referred to as the "New before the first implementation date. As Leasing Standards"), and the Group has for the cumulative impact of the adopted the above standards and notices standard, the Group and the Company to prepare the financial statements for adjusted the amount of related items in 2020. the financial statements at the beginning of 2021, but the comparative financial statements for 2020 were not restated (2) Change of main accounting estimations □Applicable√ Not applicable (3)Adjustments to the Financial Statements at the Beginning of the First Execution Year of any New Standards Governing Financial Instruments, Revenue or Leases from year 2021 Applicable Whether need to adjust the balance sheet account at the beginning of the year √ Yes □No Consolidated balance sheet In RMB Amount involved in the Items December 31,2020 January 1,2021 adjustment Current asset: Monetary fund 5,790,946,117 5,790,946,117 Settlement provision Outgoing call loan Transactional financial assets 104 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Derivative financial assets Notes receivable Account receivable 4,332,149,033 4,332,149,033 Financing of receivables Prepayments 766,871,830 766,871,830 Insurance receivable Reinsurance receivable Provisions of Reinsurance contracts receivable Other account receivable 459,266,554 459,266,554 Including:Interest 27,301,568 27,301,568 receivable Dividend receivable 31,500,000 31,500,000 Repurchasing of financial assets Inventories 1,589,882,029 1,589,882,029 Contract assets 3,870,497 3,870,497 Assets held for sales 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 Loans and payment on other’s behalf disbursed Creditor's right investment Other creditor's right investment Long-term receivable 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 Other non-current financial assets Property investment 49,732,668 49,732,668 Fixed assets 47,195,233,079 44,554,049,443 -2,641,183,636 105 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Construction in progress 9,153,637,100 8,108,720,319 -1,044,916,781 Production physical assets Oil & gas assets Use right assets 3,712,120,546 3,712,120,546 Intangible assets 2,141,625,383 2,141,625,383 Development expenses 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 Loan from Central Bank Borrowing funds Transactional financial liabilities Derivative financial liabilities Notes payable 1,092,292,546 1,092,292,546 Account payable 2,666,180,513 2,666,180,513 Advance receipts Contract liabilities 6,573,912 6,573,912 Selling of repurchased financial assets Deposit taking and interbank deposit Entrusted trading of securities Entrusted selling of securities Employees’ wage payable 304,548,373 304,548,373 Tax payable 498,801,080 498,801,080 Other account payable 6,775,700,584 6,775,700,584 106 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 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 3,180,551,951 3,188,843,619 8,291,668 within 1 year Other current liability 3,217,523,576 3,217,523,576 Total of current liability 25,364,600,451 25,372,892,119 8,291,668 Non-current liabilities: Reserve fund for insurance contracts Long-term loan 18,998,555,568 18,998,555,568 Bond payable 1,499,542,911 1,499,542,911 Including:preferred stock Sustainable debt Lease liability 3,164,739,588 3,164,739,588 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 Expected liabilities Deferred income 134,647,590 134,647,590 Deferred income tax 638,571,910 638,571,910 liability Other non-current 200,970,029 200,970,029 liabilities Total non-current liabilities 24,862,802,878 24,880,531,339 17,728,461 Total of liability 50,227,403,329 50,253,423,458 26,020,129 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 107 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Other comprehensive 1,946,305,595 1,946,305,595 income Special reserve Surplus reserves 8,515,360,638 8,515,360,638 Common risk provision Retained profit 6,755,781,289 6,755,781,289 Total of owner’s equity belong to the parent 27,369,995,422 27,369,995,422 company Minority shareholders’ 8,373,419,417 8,373,419,417 equity Total of owners’ equity 35,743,414,839 35,743,414,839 Total of liabilities and 85,970,818,168 85,970,818,168 owners’ equity Adjustment statement Parent Company Balance Sheet In RMB Amount involved in the Items December 31,2020 January 1,2021 adjustment Current asset: Monetary fund 338,045,631 338,045,631 Transactional financial assets Derivative financial assets Notes receivable Account receivable 173,029,247 173,029,247 Financing of receivables Prepayments 26,680,500 26,680,500 Other account receivable 328,224,857 328,224,857 Including:Interest 1,038,206 1,038,206 receivable Dividend receivable 31,500,000 31,500,000 Inventories 118,530,205 118,530,205 Contract assets 108 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Assets held for sales Non-current asset due within 1 year Other current asset 1,209,217 1,209,217 Total of current assets 985,719,657 985,719,657 Non-current assets: Creditor's right investment Other Creditor's right investment Long-term receivable 467,000,000 467,000,000 Long term share equity 28,453,042,855 28,453,042,855 investment Other equity instruments 3,548,088,015 3,548,088,015 investment Other non-current financial assets Property investment 6,389,845 6,389,845 Fixed assets 559,635,880 559,635,880 Construction in progress 200,574 200,574 Production physical assets Oil & gas assets Use right assets Intangible assets 81,954,649 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 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 Transactional financial liabilities Derivative financial liabilities 109 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Notes payable Account payable 136,723,162 136,723,162 Advance receipts 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 Including:Interest payable Dividend payable 9,771,322 9,771,322 Liabilities held for sales Non-current liability due 836,189,634 836,189,634 within 1 year Other current liability 3,217,281,173 3,217,281,173 Total of current liability 6,261,015,305 6,261,015,305 Non-current liabilities: Long-term loan Bond payable 1,499,542,911 1,499,542,911 Including:preferred stock Sustainable debt Lease liability Long-term payable Long-term remuneration 56,805,513 56,805,513 payable to staff Expected liabilities Deferred income 29,988,606 29,988,606 Deferred income tax 621,507,946 621,507,946 liability Other non-current liabilities 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 Other equity instruments Including:preferred stock 110 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Sustainable debt Capital reserves 5,405,326,643 5,405,326,643 Less:Shares in stock Other comprehensive 1,946,305,595 1,946,305,595 income Special reserve 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 Note (4)Retrospective Restatement of Previous Comparative Data due to the First Execution of any New Standards Governing Financial Instruments or Leases from year 2021 √ Applicable □ Not applicable Affected amount Contents and causes of changes in accounting policies Affected report items January 1,2021 The Group The Company For the operating lease contracts that existed before the first implementation of the new leasing standards, the Group and Right to use assets 26,020,129 - the Company distinguish different connection methods according to the remaining lease term: Lease liabilities (17,728,461) - If the remaining lease term exceeds 12 months, the Group Non current and the Company shall confirm the lease liabilities liabilities due within (8,291,668) - according to the remaining lease payment amount and one year incremental borrowing rate on January 1, 2021, and determine the book value of the right-to-use assets according to the amount equal to the lease liabilities for each lease option and the necessary adjustment according to the prepaid rent. If the remaining lease term does not exceed 12 months, the Group and the Company adopt a simplified method and do not recognize the right-to-use assets and lease liabilities, which has no significant impact on the financial statements. For the operating lease contracts of low-value assets that existed before the first implementation of the new leasing standards, the Group and the Company adopted a simplified method and did not recognize the right-to-use assets and lease liabilities, which had no significant impact on the financial statements. Due to the implementation of the new leasing standards, the Right to use assets 3,686,100 ,417 - Group and the Company reclassified the fixed assets Fixed assets (2,641,183,636) - 111 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 originally included in the fixed assets as the right-to-use Construction in process (1,044,916,781) - assets, and reclassified the payable financial lease payments Long-term payable - originally included in the long-term payables as the lease 3,147,011,127 liabilities. Lease liabilities - (3,147,011,127) On January 1, 2021, when measuring the lease liabilities, the Group and the Company adopted the same discount rate for lease contracts with similar characteristics, and the weighted average of the incremental borrowing rates adopted was 4.27%. The implementation of the above revised standards has no impact on the shareholders' equity attributable to the parent company and minority shareholders' equity in the consolidated financial statements of the Group. 45.Other VI. Taxation 1. Main categories and rates of taxes Class of tax Tax basis Tax rate Taxable value-added amount (Tax payable is calculated using the taxable sales amount multiplied by the VAT 3%,5%,6%,9% and13% applicable tax rate less deductible VAT input of the current period) Revenue from hydropower sales City maintenance and construction tax Amount of VAT paid 5% to7% Corporate income tax Taxable income 20% and25% Education surcharges Amount of VAT paid 3% Local education surcharges Amount of VAT paid 2% Property’s rental income or the residual House property tax value from original value less the 12% and1.2% deducting proportion Calculated and paid based on the Calculated and paid based on the pollution equivalent values or the Environmental protection tax applicable tax amounts of different discharge of taxable pollutants pollutants multiplied by the applicable tax amounts In case there exist any taxpayer paying corporate income tax at different tax rates, disclose the information Name of taxpayer Income tax rates Dianbai Wind power 12.50% Leizhou Wind Power 12.50% Yudean Zhuhai Offshore wind power 0% 112 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Yudean Pingyuan Wind Power 0% Zhanjiang Yuheng Electric Power Maintenance and Installation 20% Co., Ltd. Tongdao Yuexin Wind Power Generation 20% Zhencheng Integrated Energy Company 20% Shenzhen Huaguoquan Electric Industry Service Co., Ltd. 20% 2.Tax preferences Pursuant to the approval documents (Cai Shui [2008] No. 46 and Guo Shui Fa [2009] No. 80), Dianbai Wind Power, Leizhou Wind Power, Pingyuan Wind Power and Zhuhai Wind Power are exempted from enterprise income tax in the first three years counting from the year when revenue from production and operations is recorded for the first time, and can enjoy half rate reduction in the following three years. As the local taxation bureau considered that Dianbai Wind Power posted profits for the first time in 2016, Leizhou Wind Power posted profits for the first time in 2017, Pingyuan Wind Power posted profits for the first time in 2020, the applicable enterprise income tax rates for Dianbai Wind Power, Leizhou Wind Power, Pingyuan Wind Power and Zhuhai Wind Power were 12.5%, and 0% in 2021 respectively. Pursuant to the Supplementary Notice on Issues Concerning the Preferential Enterprise Income Tax Policies for Public Infrastructure Projects (Cai Shui [2014] No. 55), enterprises invest and operate public infrastructure projects in compliance with the Catalog of Public Infrastructure Projects Eligible for Preferential Enterprise Income Tax Treatment, those which adopt one-off approval and are subject to construction in batches (such as terminals, berths, airport terminals, runways, sections, generator units, etc.) are subject to income tax calculated in units of each batch and enjoy the tax preferential policy of “three-year exemption and three-year 50% reduction” when the following conditions are satisfied: (i) different batches are space-independent; (ii) each batch has its own function to generate revenue; (iii) they are accounted for in units of each batch and are subject to income tax individually, while the period expenses are allocated rationally. In 2020, the Group’s subsidiary Qujie Wind Power met the above conditions. Therefore, Qujie Youhao wind power project (profits posted for the first time was in 2017), Xuwen Shibanling wind power project (profits posted for the first time was in 2016), Qujie Wailuo offshore wind power project (Phase I) (profits posted for the first time was in 2019), Qujie Wailuo offshore wind power project (Phase II) and Xinliao offshore wind power project of Qujie Wind Power are entitled to the tax preferential policy of “three-year exemption and three-year 50% reduction”respectively In addition, 50% of VAT levied on the sales of electricity generated by Guangdong Yudean Shibeishan Wind Power Co., Ltd. (“Shibeishan Wind Power”), Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd. (“Zhanjiang Wind Power”), Guangdong Yudean Xuwen Wind Power Electricity Co., Ltd. (“Xuwen Wind Power”), Dianbai Wind Power and Huilai Wind Power Co., Ltd. (“Huilai Wind Power”) will be refunded immediately in accordance with the Notice Concerning Value-added Tax Policies on Wind Power Generation (Cai Shui [2015] No. 74). In accordance with regulations of the Notice on Implementing the Inclusive Tax Deduction and Exemption Policies for Micro and Small Enterprises (Cai Shui [2019] No. 13), for a small enterprise with low profits, for the part of the annual taxable income not exceeding RMB 1 million, the amount of taxable income is reduced to 25% of income and is subject to the enterprise income at the tax rate of 20%; for the part between RMB 1 million and 113 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 RMB 3 million, the amount of taxable income is reduced to 50% of income and is subject to the enterprise income at the tax rate of 20%. The above small enterprises with low profits refer to enterprises that are engaged in non-restricted and prohibited industries of the country, which meet three conditions of annual taxable income not exceeding RMB 3 million, the number of employees not exceeding 300, and the amount of total assets not exceeding RMB 50 million. In 2021, Yuheng Electric, Tongdao Company, Zhencheng Comprehensive and Huaguoquan Company met the conditions for small low-profit enterprises, and their amount of taxable income were reduced to 25% of income and were subject to the enterprise income tax at the tax rate of 20%. Therefore, in 2021, the applicable enterprise income tax rate for Yuheng Electric, Tongdao Company, Zhencheng Comprehensive and Huaguoquan Company was 20%. Pursuant to Notice on Issues Concerning the Implementation of the Preferential Catalogue of Enterprise Income Tax for Integrated Utilisation of Resources (Cai Shui [2008] No. 47), since 1 January 2008, enterprises use the resources listed in the Preferential Catalogue of Enterprise Income Tax for Integrated Utilisation of Resources (2008 Edition) as the main raw materials to produce products in the above catalogue that meet national or industry related standards, and the income from above products is reduced to 90% of the total income of the enterprises for the year. The Group’s subsidiaries Zhanjiang Electric and Guangdong Huizhou Pinghai Power Plant Co., Ltd. (“Pinghai Power Plant”) use coal ash to produce commercial coal ash, which meets the above-mentioned preferential tax conditions for integrated utilisation of resources. Therefore, in 2021, revenue from sales of coal ash from Zhanjiang Electric and Pinghai Power Plant was reduced to 90% of the total income for the year. 3.Other (a) Pursuant to the Announcement on Relevant Policies for Deepening Value-added Tax Reform ([2019] No. 39) issued by the Ministry of Finance, the State Administration of Taxation and the General Administration of Customs and relevant regulations, the applicable tax rates of revenue arising from sales of electricity, sales of by-products and maintenance and repair services and revenue arising from sales of heat energy of the Group, are 13% and 9% respectively from 1 April 2019, while the VAT rates were 16% and 10% respectively before then. The Group’ revenue from entrusted loans between companies and training service is subject to VAT at the rate of 6%. The Group's real estate operating leases taxed by the simple taxation method are subject to the VAT rate of 5%. Pursuant to Notice on the Policy of Streamlining and Combination of Value-added Tax Levy Rates jointly issued by the Ministry of Finance and the State Administration of Taxation, revenue from sales of electricity generated from small hydropower units at the county level or below is subject to VAT at the rate of 3%. Three small hydropower plants of Lincang Yudean Energy Co., Ltd. (“Lincang Energy”), a subsidiary of the Company, are subject to VAT at the rate of 3%. According to the Notice on Deducting Relevant Enterprise Income Tax Policies for Equipment and Appliances issued by State Taxation Administration of The People's Republic of China (CS [2018] No.54) and relevant regulations, the newly purchased equipment less than RMB 5 million of Guangdong Yudean Electric Power Marketing Co., Ltd. ("Power Marketing Company"), a subsidiary of the Group, during the period from January 1, 2018 to June 30, 2021 can be included in the current cost at one time in the next month after the assets are put into use, deducted when the taxable income is calculated, and no depreciation will be calculated by year. Apart from the Group's subsidiaries, Guangdong Yudean Dianbai Wind Power Co., Ltd. ("Dianbai Wind Power"), Guangdong Yudean Qujie Wind Power Co., Ltd. ("Qujie Wind Power"), Guangdong Yudean Leizhou Wind Power Co., Ltd. ("Leizhou Wind Power"), Guangdong Yudean Pingyuan Wind Power Co., Ltd. ("Pingyuan Wind 114 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Power"), Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd. ("Zhuhai Wind Power") and Zhanjiang Yuheng Power Maintenance and Installation Co., Ltd.v("Yuheng Power"), Tongdao Yuexin Wind Power Co., Ltd. ("Tongdao Company"), Guangdong Yudean Zhencheng Integrated Energy Co., Ltd. ("Zhencheng Integrated") and Shenzhen Huaguoquan Electric Service Co., Ltd. ("Huaguoquan Company"), the applicable enterprise income tax rate of the Company and its subsidiaries is 25%. According to the Environmental Protection Tax Law of the People's Republic of China, the Group has applied the environmental protection tax since 1 January 2018. The taxation objects include air pollutants, water pollutants, solid waste and noise. Taxation is based on the amount of pollutants’ emissions. VII. Notes on major items in consolidated financial statements 1. Monetary funds In RMB Items Closing balance Opening balance Cash on hand 27,829 26,993 Cash at bank 5,539,114,391 5,763,592,883 Other cash balance 27,385,689 27,326,241 Total 5,566,527,909 5,790,946,117 Total of money limited to use by 27,385,689 27,326,241 mortgage, pledge or freeze Other note (a).As of June 30,2021,The company’s deposit in Energy Group Finance company is 4,843,720,679 yuan (4,775,686,722 yuan before December 31, 2020).The deposit in Energy Finance means that deposited in Guangdong Energy Finance Co., Ltd. (“Energy Finance”). Energy Finance is one financial institution approved by People's Bank of China and is a subsidiary of Energy Group Co., Ltd. (b)As of June 30, 2021, the Group had no funds deposited overseas (December 31, 2020: None). (c) As of June 30, 2021, other cash balances amounted to RMB27,385,689 (31 December 2020: 27,326,241) , Of which : (i) Huizhou Pingdian Integrated Energy Co., Ltd-a subsidiary to the Company Group-applied to the bank for a guarantee deposit for the issuance of a performance guarantee letter in order to participate in the electricity sales business at the Guangdong Power Exchange Center, the amount of which was RMB 7,500,000(December 31,2020:RMB7,500,000); (ii) Guangdong Yudean Anxin Electric Inspection & Installation Company -a subsidiary to the Company Group-applied to the bank for a guarantee deposit of RMB 593,730 for the issuance of a performance guarantee due to the signing of an overhaul service contract(December 31,2021: RMB592,681); (iii) Guangdong Yudean Pingyuan Wind Power Co., Ltd. ("Pingyuan Wind Power"), a subsidiary of the Group, deposited a special fund for ecological protection with the bank at the request of Pingyuan County Science and Industry Bureau when building the wind farm project, amounting to RMB 10,101,559 (December 31, 2020: RMB 10,043,160); (iv) Tongdao Yuexin Wind Power Co., Ltd. ("Tongdao Yuefeng"), a subsidiary of the Group, deposited a special margin deposit with the bank for the reclamation of temporary land for the Dagaoshan Wind Farm Project in 115 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Tongdao, amounting to RMB 3,481,900 (December 31, 2020: RMB 3,481,900); (v) Hunan Xupu Yuefeng New Energy Co., Ltd. ("Xupu Yuefeng"), a subsidiary of the Group, deposited a special margin deposit with the bank for the reclamation of the temporary land for the first phase of Taiyangshan Wind Farm in Xupu County, with an amount of RMB 3,608,500 (December 31, 2020: RMB 3,608,500). 2. Transactional financial assets Not applicable 3. Derivative financial assets Not applicable 4. Notes receivable Not applicable 5. Accounts receivable (1) Accounts receivable disclosed by category In RMB Closing balance Opening balance Book balance Bad debt provision Book balance Bad debt provision Category Proportion Proportion Book value Proportion Amoun Proportion Book value Amount Amount Amount % % % t % Of which: Accrual of bad debt provision 4,533,973,255 100% 290,672 0.01% 4,533,682,583 4,332,342,360 100% 193,327 0.01% 4,332,149,033 by portfolio Of which: Electricity sales 4,474,920,203 98.70% 4,474,920,203 4,289,945,688 99.02% 4,289,945,688 receivable Related party 29,985,808 0.66% 29,985,808 23,063,968 0.53% 23,063,968 receivable Other 29,067,244 0.64% 290,672 1% 28,776,572 19,332,704 0.45% 193,327 1% 19,139,377 Total 4,533,973,255 100% 290,672 1% 4,533,682,583 4,332,342,360 100% 193,327 1% 4,332,149,033 Accrual of bad debt provision by single item: 116 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 In RMB Closing balance Name Book balance Bad debt provision Proportion% Reason Accrual of bad debt provision by portfolio: In RMB Closing balance Name Book balance Bad debt provision Proportion% Electricity sales receivable 4,474,920,203 0 0% Total 4,474,920,203 -- Note: Portfolio 1- Electricity sales receivable,As at 30 June 2021, the amount of receivables from sales of electricity of the Group was RMB4,474,920,203, which was mainly from China Southern Power Grid Co., Ltd. and its subsidiaries (collectively referred to as “China Southern Power Grid”). Taking into consideration its good credit, the Group believes that there is no significant credit risk in the receivables from sales proceeds of electricity, and the possibility of significant losses due to China Southern Power Grid's default is extremely low. The Group's expected credit loss rate for sales proceeds of electricity is 0%(December 31,2020:0%). 2020. Accrual of bad debt provision by portfolio:0 In RMB Closing balance Name Book balance Bad debt provision Proportion% Related party receivable 29,985,808 0 0% Total 29,985,808 -- Note: Portfolio 2- Related party receivable:As at 30 June 2021, the amount of receivables from related parties of the Group was RMB 29,985,808(December 31,2020:RMB23,063,968) , and the historical loss rate was extremely low. Therefore, The Group believes that there is no significant credit risk in the receivables from related parties, and the possibility of significant losses due to their default is extremely low. The Group's expected credit loss rate for receivables from related parties is 0%. Accrual of bad debt provision by portfolio:0 In RMB Closing balance Name Book balance Bad debt provision Proportion% Other account receivable 29,067,244 290,672 1% Total 29,067,244 290,672 -- Portfolio 3- Other fund receivable: For other fund receivable except Portfolio 1 and Portfolio 2, Bad provision according to the expected credit loss mode Provision for bad debt by portfolio: 117 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 In RMB Closing balance Name Book balance Bad debt provision Proportion% Note: Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of other receivables if the provision for bad debts of bills receivable is accrued according to the general model of expected credit loss: √ Applicable □Not applicable Portfolio 1- Electricity sales receivable,As at 30 June 2021, the amount of receivables from sales of electricity of the Group was RMB4,474,920,203( December 31, 2020: RMB4,289,945,688) , which was mainly from China Southern Power Grid Co., Ltd. and its subsidiaries (collectively referred to as “China Southern Power Grid”). Taking into consideration its good credit, the Group believes that there is no significant credit risk in the receivables from sales proceeds of electricity, and the possibility of significant losses due to China Southern Power Grid's default is extremely low. The Group's expected credit loss rate for sales proceeds of electricity is 0%(December 31,2020: 0%). Portfolio 3- Fund receivable other than Portfolio 1 and Portfolio 2 Aging June 30,2021 Book balance Bad debt provision Expected credit loss rate for the Within 1 year Amount Amount entire duration 29,067,244 1% 290,672 In 2021, the amount of bad debt provision of accounts receivable reversed by the Group was RMB 290,672(In 2020: 193,327) , The bad debt provision amount of accounts receivable transferred back this year is RMB 193,327(In 2020:155,421),and the corresponding book balance was RMB19,332,704 (In 2020:15,542,140), There was no bad debt provision for accounts receivable written off this year(In 2020:None). Disclosure by aging In RMB Closing balance Aging Within 1 year(Including 1 year) 4,090,344,674 1-2 years 333,176,591 2-3 years 105,959,092 Over 3 years 4,492,898 3-4 years 4,492,898 Total 4,533,973,255 118 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 (2) Accounts receivable withdraw, reversed or collected during the reporting period The withdrawal amount of the bad debt provision: In RMB Amount of change in the current period Opening Reversed or Closing Category balance Accrual collected Write-off Other balance amount Accounts 193,327 290,672 193,327 290,672 receivable Total 193,327 290,672 193,327 0 0 290,672 Of which the significant amount of the reversed or collected part during the reporting period In RMB Name Reversed or collected amount Method Huizhou Huiling Huacheng Co., Ltd. 45,182 Cash recovery Shenzhen Energy Group Co., Ltd. 37,275 Cash recovery Eartern Power plant Total 82,457 -- (3) The actual write-off accounts receivable Not applicable (4) Top 5 of the closing balance of the accounts receivable collected according to the arrears party In RMB Name Closing balance Proportion% Bad debt provision GPGC 3,788,492,546 83.56% 0 GPGC,Zhanjiang Power 480,302,154 10.59% 0 supply Bureau Shenzhen Power 121,019,475 2.67% 0 supply Bureau GPGC,Maoming Power 38,167,780 0.84% 0 supply Bureau GPGC,Jieyang Power 29,126,744 0.64% 0 supply Bureau Total 4,457,108,699 98.30% 119 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 (5)Account receivable which terminate the recognition owning to the transfer of the financial assets Not applicable (6)The amount of the assets and liabilities formed by the transfer and the continues involvement of accounts receivable Not applicable 6.Financing receivable Not applicable 7.Prepayments (1) List by aging analysis: In RMB Closing balance Opening balance Aging Amount Proportion % Amount Proportion % Within 1 year 914,452,277 99.63% 763,808,199 99.59% 1-2 years 2,091,487 0.23% 2,226,260 0.29% 2-3 years 660,177 0.07% 779,606 0.10% Over 3 years 609,546 0.07% 57,765 0.02% Total 917,813,487 -- 766,871,830 -- Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in time As at June 30,2021, advances to suppliers aged more than 1 year were RMB3,361,210, mainly including prepayments for spare parts and materials. (2)The ending balance of Prepayments owed by the imputation of the top five parties Relationship with the Name Amount Proportion % company Guangdong Power Industry Fuel Co., Ltd. Related party 610,775,532 66.55% Guangdong Zhutou Electric Power fuel Co., Ltd. Third party 169,134,857 18.43% Zhuhai Gaolangang Railway Co., Ltd. Third party 24,324,111 2.65% Guangzhu Railway Co., Ltd. Third party 17,780,196 1.94% Carbon emissions trading Center Third party 17,000,000 1.85% Total 839,014,696 91.41% Other note: 120 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 8. Other accounts receivable In RMB Items Closing balance Opening balance Interest receivable 34,258,847 27,301,568 Dividend receivable 31,500,000 Other accounts receivable 491,717,156 400,464,986 Total 525,976,003 459,266,554 (1)Interest receivable 1) Category of interest receivable In RMB Items Closing balance Opening balance Fixed deposit 34,258,847 27,301,568 Other Total 34,258,847 27,301,568 2) Significant overdue interest Not applicable 3)Bad-debt provision □ Applicable √ Not applicable (2)Dividend receivable 1) Category of Dividend receivable In RMB Items Closing balance Opening balance Sunshine Insurance Holding Co., Ltd 0 31,500,000 Total 31,500,000 2)Dividend receivable of important account age over 1 year Not applicable 3)Bad-debt provision □ Applicable √ Not applicable 121 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 (3) Other accounts receivable 1) Other accounts receivable classified by the nature of accounts In RMB Nature Closing book balance Opening book balance Sales of by-products receivable 155,433,670 91,564,007 Land receivable deposit 146,885,400 146,885,400 Supplementary medical insurance fund 92,978,883 92,191,270 receivable Land receivable deposit 23,446,000 23,446,000 Receivable petty cash 16,882,213 8,561,629 Compensation receivable for electricity charges during the demolition and 15,094,736 11,881,442 construction period Standard funds receivable 9,192,439 3,692,394 Government subsidy receivable 4,295,513 712,256 Other 36,827,271 30,723,089 Less:Bad-debt provision -9,318,969 -9,192,501 Total 491,717,156 400,464,986 2)Bad-debt provision In RMB Stage 1 Stage 2 Stage 3 Expected credit Expected credit loss over Expected credit losses for Bad Debt Reserves Total losses over the next life (no credit the entire duration (credit 12 months impairment) impairment occurred) Balance as at January 3,517,194 0 5,675,307 9,192,501 1, 2021 Balance as at January —— —— —— —— 1, 2021 in current --Transfer to Stage 3 -117,865 117,865 0 Provision in the current 0 1,060,781 1,060,781 period Turn back in the -934,313 -934,313 current period Balance as at June 2,465,016 6,853,953 9,318,969 30,2021 Loss provision changes in current period, change in book balance with significant amount 122 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 □ Applicable √Not applicable Disclosure by aging In RMB Aging Closing balance Within 1 year(Including 1 year) 396,539,739 1-2 years 42,374,878 2-3 years 16,124,235 Over 3 years 45,997,273 3-4 years 40,260,263 4-5 years 464,098 Over 5 years 5,272,912 Total 501,036,125 3) Accounts receivable withdraw, reversed or collected during the reporting period The withdrawal amount of the bad debt provision: In RMB Amount of change in the current period Opening Reversed or Closing Category balance Accrual collected Write-off Other balance amount Other 9,192,501 1,060,781 934,313 9,318,969 receivable Total 9,192,501 1,060,781 934,313 9,318,969 Where the current bad debts back or recover significant amounts: In RMB Name Amount Mode (4) Other account receivables actually cancel after write-off Not applicable (5)Top 5 of the closing balance of the other accounts receivable collected according to the arrears party In RMB Portion in Bad debt Year-end total other provision of Name Nature Age balance receivables year-end (%) balance Within 1 Meixian Chengjiangzhen People's Land withdrawal 146,885,400 year(Includin 29.32% 0 Government of Meizhou City receivable g 1 year) Guangdong Yudean Environmental Receivables from 145,961,541 Within 1 29.13% 0 123 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Protection Co., Ltd. sales of by-products year(Includin g 1 year) Supplementary Within 4 Taikang Pension medical insurance 92,978,883 18.56% 0 years fund receivable Maoming Port Bohe New Port Land receivable 23,446,000 Over 3 \years 4.68% 0 Construction Headquarters Office deposit Compensation for Jieyang Dananhai Petrochemical electricity charges 1-2 year Industrial Zone Management Committee payable during the 15,094,736 (Including 3.01% 0 (compensation for power loss) demolition and 2 years) construction period Total -- 424,366,560 -- 84.70% 0 6) Account receivables with government subsidies involved In RMB Estimated time, Name Project name Amount in year-end At the end of aging amount and basis Within 1 year Expected to be fully Union State Taxation VAT is refunded (Including 1 year) 2,914,373 recovered by June Bureau immediately and1-2 years 2023 (Including 2 years) VAT is refunded Expected to be fully Xuwen State Taxation Within 1 year immediately 1,381,140 recovered by June Bureau (Including1 year) 2022 (7) Other account receivable which terminate the recognition owning to the transfer of the financial assets Not applicable (8) The amount of the assets and liabilities formed by the transfer and the continues involvement of other accounts receivable Not applicable 9. Inventories Whether the company need to comply with the disclosure requirements of the real estate industry No (1)Category of Inventory In RMB Closing book balance Opening book balance Items Provision for Provision for Book balance inventory Book value Book balance inventory Book value impairment impairment Raw materials 1,541,278,813 219,427 1,541,059,386 873,215,395 219,427 872,995,968 124 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Parts 789,316,402 27,848,496 761,467,906 726,029,502 28,775,273 697,254,229 Other 27,300,403 0 27,300,403 19,631,832 0 19,631,832 Total 2,357,895,618 28,067,923 2,329,827,695 1,618,876,729 28,994,700 1,589,882,029 (2) Inventory depreciation reserve In RMB Increased in current period Decreased in current period Beginning of Year-end Items Transferred term Provision Other Other balance back Raw materials 219,427 0 0 0 0 219,427 Parts 28,775,273 0 0 926,777 0 27,848,496 Total 28,994,700 0 0 926,777 0 28,067,923 (3) Explanation on inventories with capitalization of borrowing costs included at ending balance Not applicable (4) Assets unsettled formed by construction contract which has completed at period-end Not applicable 10.Contract assets In RMB Year-end balance Opening balance Items Book Bad debt Book Bad debt Book value Book value balance provision balance provision Contract assets of third 3,211,174 27,344 3,183,830 1,696,522 12,512 1,684,010 parties Contract assets of related 1,093,162 1,093,162 2,186,487 2,186,487 parties Total 4,304,336 27,344 4,276,992 3,883,009 12,512 3,870,497 Amount and reason of material change of book value of contract assets in the current period: In RMB Items Amount Reason Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of other receivables if the provision for bad debts of contract assets is accrued according to the general model of expected credit loss: □ Applicable √Not applicable Provision for impairment of contract assets in the current period 125 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 In RMB Reversed or collected Items Accrual Write-off Reason amount Contract assets of third Increase in third-party 27,344 12,512 parties contract assets Total 27,344 12,512 -- 11. Assets divided as held-to-soldNot applicable Not applicable 12. Non-current assets due within 1 year In RMB Items Year-end balance Opening balance Deposit for finance lease due within one year 49,785,734 Total 49,785,734 13. Other current assets In RMB Items Year-end balance Year-beginning balance Contract acquisition cost 0 0 Return cost receivable 0 0 VAT to be deducted 889,120,954 541,660,352 Advance payment of income tax 3,926,517 4,286,044 Carbon emission rights assets 18,517,106 0 Other 739,240 739,240 Total 912,303,817 546,685,636 Other note: 14.Creditor's right investment Not applicable 15.Other creditor's rights investment Not applicable 16. Long-term accounts receivable Not applicable 126 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 17. Long-term equity investment In RMB Increase /decrease Profits and Cash bonus or Withdraw Opening losses on Other Investees Changes profits l of balance Additional Decrease in investments comprehe in other investment investment Recognized nsive equity announced to impairme under the income equity method issue t provisio I. Joint ventures Industrial Fuel 531,313,393 180,000,000 82,773,307 29,649,898 Subtotal 531,313,393 180,000,000 82,773,307 29,649,898 II. Associates Guangdong Guohua Yudean Taishan 1,889,026,588 39,058,150 Power Generation Co., Ltd. Shanxi Yudean Energy Co., Ltd. 1,819,132,396 64,000,000 168,305,759 Energy Group Finance Company 1,027,206,662 53,005,442 76,421,226 Guangdong Energy Financng Leasing 522,483,539 10,664,772 12,576,669 Co., Ltd. Yudean Captive 268,468,953 8,183,639 1,505,619 Yudean Shipping 241,738,113 21,894,566 Wenxin Yuntou 175,592,218 -4,642,692 West Investment 144,018,912 144,018,912 Guizhou Yueqian Electric Power Co., 144,018,912 13,495,745 Ltd. Huaneng Shantou Wind Power 55,092,902 3,461,346 Generation Co., Ltd. Yangshan Zhongxinkeng 7,593,292 Yangshan Jiangkeng 5,590,646 Southern Offshore Wind Power 80,500,820 1,712,666 Zhanjiang Yuexin 9,350,000 Subtotal 6,155,944,221 297,869,732 144,018,912 315,139,393 90,503,514 Total 6,687,257,614 477,869,732 144,018,912 397,912,700 120,153,412 Other note (a)On January 14, 2021,Guangdong Wind Power Generation Co., Ltd., a subsidiary of the Company, acquired 10% equity of Southern Offshore Wind Power Joint Development Co., Ltd. through equity transfer, that is, the Company holds 20% equity of Southern Offshore Wind Power Joint Development Co., Ltd., which has a significant impact on its business decision, and its accounting method has been changed from other equity instruments investment to long-term equity investment equity method. 127 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 18. Other equity instruments investment In RMB Items Closing balance Opening balance Shenzhen Energy Co., Ltd. 153,997,200 92,080,800 Shanghai Shenergy Group 340,968,015 289,878,345 GMG International Tendering Co., Ltd. 11,088,000 11,628,000 Shenzhen Capital Group Co., Ltd. 1,048,000,000 1,048,000,000 Sunshine Insurance Group Co., Ltd. 2,036,000,000 2,036,000,000 Southern Offshore wind power Union 0 70,500,870 Development Co., Ltd Total 3,590,053,215 3,548,088,015 Itemized disclosure of the current non - trading equity instrument investment Amount of Reasons for being Reasons for other measured at fair other Recognized Accumul comprehens value and whose comprehensi Accumulati Name dividend ating ive income changes are ve income ng gains income losses transferred included in other transferred to to retained comprehensive retained earning income earnings Consideration of Not Shenzhen Energy Co., Ltd. 3,931,200 138,106,572 strategic applicable investments Consideration of Not Shanghai Shenergy Group 105,130,027 strategic applicable investments Consideration of GMG International Tendering Not 540,000 7,488,000 strategic Co., Ltd. applicable investments Consideration of Shenzhen Capital Group Co., Not 25,711,178 719,966,000 strategic Ltd. applicable investments Consideration of Sunshine Insurance Group 1,680,000,0 Not strategic Co., Ltd. 00 applicable investments In RMB Other note: (a) As at 31 June 2021, the Company held 15,120,000 tradable A shares in Shenzhen Energy with fair value of RMB153,997,200, and the investment cost was RMB 15,890,628. The investment was stated at fair value with reference to the market price. During the year, gains at fair value amounted to RMB61,916,400 (2020:income of RMB13,834,800), and other comprehensive income was adjusted upwards accordingly. (b) As at 30 June 2021, the Company held 55,532,250 tradable A shares in Shanghai Shenergy with fair value of RMB340,968,015, and the investment cost was RMB 235,837,988. The investment was stated at fair value with reference to the market price. During the year, gains at fair value amounted to RMB51,089,670 (2020:income of 128 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 RMB 51,644,993), and other comprehensive income was adjusted upwards accordingly. (c) As at 30 June 2021, the Company held 1,800,000 shares of GMG International Tendering Co., Ltd. traded at the National Equities Exchange and Quotations system with fair value of RMB 11,088,000, and the investment cost was RMB 3,600,000. The investment was stated at fair value with reference to the market price. During the year, gains at fair value amounted to RMB 540,000 (2020:income of RMB446,000), and other comprehensive income was adjusted upwards accordingly. (d) As at 30 June 2021, the Company held A shares in Shenzhen Cptital Group Co., Ltd. with fair value of RMB1,048,000,000, and the investment cost was RMB 328,034,000. In this year, there was no change in the fair value of the equity investment (in 2020, the income from fair value measurement was RMB82,263,440). (e) As at 30 June 2021, the Company held A shares in Sunshine Insurance Company. with fair value of RMB2,036,000,000, and the investment cost was RMB 356,000,000. In this year, there was no change in the fair value of the equity investment (in 2020, the income from fair value measurement was RMB268,000,000). In 2021, (f) On June 30, 2021, as the shareholding ratio of Southern Offshore Wind Power Company held by the Company increased from 10% to 20%, which could have a significant impact on its business decision-making, its equity accounting method was changed to the long-term equity investment method (Note VII (17)). 19.Other non-current assets Not applicable 20. Investment property (1) Investment property adopted the cost measurement mode √Applicable □ Not applicable In RMB House, Construction in Items Land use right Total Building process I. Original price 1. Balance at period-beginning 68,765,763 68,765,763 2.Increase in the current period (1) Purchase (2)Inventory\Fixed assets\ Transferred from cons truction in progress (3)Increased of Enterprise Combination 3.Decreased amount of the period (1)Dispose (2)Other out 4. Balance at period-end 68,765,763 68,765,763 II.Accumulated amortization 1.Opening balance 19,033,095 19,033,095 2.Increased amount of the 1,275,406 1,275,406 period 129 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 (1) Withdrawal 1,275,406 1,275,406 3.Decreased amount of the period (1)Dispose (2)Other out 4. Balance at period-end 20,308,501 20,308,501 III. Impairment provision 1. Balance at period-beginning 2.Increased amount of the period (1) Withdrawal 3.Decreased amount of the period (1)Dispose (2)Other out 4. Balance at period-end IV.Book value 1.Book value at period -end 48,457,262 48,457,262 2.Book value at 49,732,668 49,732,668 period-beginning (2) Investment property adopted fair value measurement mode □ Applicable √Not applicable (3) Investment real estate without certificate of ownership Not applicable 21. Fixed assets In RMB Items Closing balance Opening balance Fixed assets 48,227,173,624 44,473,573,052 Disposal of fixed assets 69,708,126 80,476,391 Total 48,296,881,750 44,554,049,443 (1) List of long-term accounts receivable In RMB Machinery Items House, building Transportations Other equipment Total equipment I. Original price 1. Balance at 22,288,247,274 60,521,334,525 1,176,889,879 1,374,529,626 85,361,001,304 period-beginning 2.Increase in the 311,661,769 6,115,146,447 5,701,040 27,729,767 6,460,239,023 current period (1) Purchase 0 23,547,404 4,477,109 15,565,824 43,590,337 13,665,113 4,443,162,159 663,717 11,387,043 4,468,878,032 (2) Transferred 130 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 from construction in progress (3)Increased of Enterprise 297,996,656 648,436,884 560,214 776,900 947,770,654 Combination (4)The lease maturity is divided 0 1,000,000,000 0 0 1,000,000,000 into fixed assets 3.Decreased amount of the 9,818,705 137,907,908 14,883,350 8,364,356 170,974,319 period (1)Dispose 9,818,705 137,907,908 14,883,350 8,364,356 170,974,319 4. Balance at 22,590,090,338 66,498,573,064 1,167,707,569 1,393,895,037 91,650,266,008 period-end II. Accumulated depreciation 1.Opening balance 7,191,153,717 31,673,834,641 442,851,631 980,856,206 40,288,696,195 2.Increased amount of the 292,972,533 2,285,716,834 26,985,202 57,376,175 2,663,050,744 period (1) 274,929,497 1,417,876,164 26,858,044 57,199,079 1,776,862,784 Withdrawal (2)Increased of Enterprise 18,043,036 138,162,872 127,158 177,096 156,510,162 Combination (3)The lease maturity is divided 0 729,677,798 0 0 729,677,798 into fixed assets 3.Decreased amount of the 281,638 95,191,386 9,066,623 16,184,328 120,723,975 period (1)Dispose 281,638 95,191,386 9,066,623 16,184,328 120,723,975 4.Closing balance 7,483,844,612 33,864,360,089 460,770,210 1,022,048,053 42,831,022,964 III. Impairment provision 1.Opening balance 65,759,328 532,306,791 422,918 243,020 598,732,057 2.Increase in the 0 0 0 0 0 reporting period (1)Withdrawal 0 0 0 0 0 3.Decreased amount of the 0 6,662,637 0 0 6,662,637 period (1)Dispose 0 6,662,637 0 0 6,662,637 4. Closing balance 65,759,328 525,644,154 422,918 243,020 592,069,420 IV. Book value 1.Book value of 15,040,486,398 32,108,568,821 706,514,441 371,603,964 48,227,173,624 the period-end 2.Book value of 15,031,334,229 28,315,193,093 733,615,330 393,430,400 44,473,573,052 the period-begin 131 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 (2) List of temporarily idle fixed assets Not applicable (3) Fixed assets leased in the operating leases In RMB Items End book value House and Building 45,874,212 (4) Fixed assets without certificate of title completed In RMB Items Book value Reason Temporarily in the government approved House and Building 531,784,609 stage On June 30, 2021, after consulting the Group's legal advisers, the management believed that there would be no substantive legal obstacles to the handling of these property certificates and would not have a significant adverse impact on the normal operation of the Group. (5)Liquidation of fixed assets In RMB Items Closing balance Opening balance Parts of power generation equipment 65,607,768 75,549,913 have been scrapped Other equipment 4,100,358 4,926,478 Total 69,708,126 80,476,391 22. Construction in progress In RMB Items Closing balance Opening balance Construction in progress 6,961,681,002 8,106,445,342 Engineering Material 271,639 2,274,977 Total 6,961,952,641 8,108,720,319 (1) List of construction in progress In RMB Items Closing balance Opening balance 132 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Provision for Provision for Book balance Book value Book balance Book value impairment impairment Yangjiang Shapa offshore 2,589,204,980 0 2,589,204,980 1,256,161,549 0 1,256,161,549 wind power project Qujie Wailuo offshore wind 917,834,843 0 917,834,843 881,078,251 0 881,078,251 power project II Xinliao offshore wind 618,604,950 0 618,604,950 353,175,641 0 353,175,641 power project Huadu thermal and power 584,444,624 0 584,444,624 410,951,764 0 410,951,764 cogeneration project Hunan Tongdao Dagaoshan 195,457,395 0 195,457,395 72,566,121 0 72,566,121 wind power plant project Bohe Energy integration 134,763,347 0 134,763,347 97,519,981 0 97,519,981 project Shajiao Ningzhou gas 91,021,229 0 91,021,229 89,785,770 0 89,785,770 power project Zhuhai Jinwan Electric 0 0 0 3,146,316,681 3,146,316,681 offshore wind power project Pingyuan Maoping wind 0 0 0 338,524,935 338,524,935 power project Other infrastructure 1,144,268,933 283,142,471 861,126,462 802,352,687 283,142,471 519,210,216 construction projects Other technology 969,223,172 0 969,223,172 941,154,433 0 941,154,433 improvement projects Total 7,244,823,473 283,142,471 6,961,681,002 8,389,587,813 283,142,471 8,106,445,342 133 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 (2) Changes of significant construction in progress Including: Capitalisatio Current Capitalisation Source Amount at Increase at this Transferred to Other Balance in Progress n of interest Name Budget Proportion(%) amount of of interest of year beginning period fixed assets decrease year-end of work accumulated capitalizatio ratio(%) funds balance n of interest Financi Yangjiang Shapa al offshore wind power 5,963,270,000 1,256,161,549 1,333,043,431 0 0 2,589,204,980 43.78% 43.78% 87,240,831 45,055,584 3.98% instituti project on loan Financi Qujie Wailuo offshore al 3,789,120,000 881,078,251 36,756,592 0 917,834,843 31.70% 35.30% 36,928,728 19,991,999 4.26% wind power project II instituti on loan Financi Xinliao offshore wind al 3,698,880,000 353,175,641 265,429,309 0 618,604,950 36.50% 32.50% 34,710,076 18,047,920 4.26% power project instituti on loan Financi Huadu thermal and al power cogeneration 3,593,160,000 410,951,764 173,492,860 0 0 584,444,624 16.53% 16.53% 32,527,914 19,240,340 3.84% instituti project on loan Financi Hunan Tongdao al Dagaoshan wind 531,740,000 72,566,121 122,891,274 0 0 195,457,395 44.93% 44.93% 7,220,283 4,166,991 4.19% instituti power plant project on loan Financi Bohe Energy al 11,037,075,900 97,519,981 37,243,366 0 0 134,763,347 88.50% 96.90% 334,552,815 500,522 4.30% integration project instituti on loan Shajiao Ningzhou gas Financi 5,927,600,000 89,785,770 1,235,459 0 0 91,021,229 1.54% 1.54% 2,219,815 2,219,815 2.85% power project al 134 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 instituti on loan Financi Zhuhai Jinwan Electric al offshore wind power 5,643,170,000 3,146,316,681 778,656,135 3,924,972,816 0 100% 100% 69,473,159 14,397,867 4.26% instituti project on loan Financi Pingyuan Maoping al 450,818,900 338,524,935 22,854,265 361,379,200 0 100% 100% 10,975,783 5,176,723 3.43% wind power project instituti on loan Financi Not Other infrastructure al 519,210,216 404,018,453 60,901,450 1,200,757 861,126,462 applicab 259,693,622 12,017,086 construction projects instituti le on loan Financi Not Other technology al 941,154,433 152,402,870 121,624,566 2,709,565 969,223,172 applicab 5,870,261 0 improvement projects instituti le on loan Total 40,634,834,800 8,106,445,342 3,328,024,014 4,468,878,032 3,910,322 6,961,681,002 -- -- 881,413,287 140,814,847 -- In RMB 135 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 (3) List of the withdrawal of the impairment provision of the construction in progress Not applicable (4)Engineering material In RMB End of term Beginning of term Items Provision for Book Provision for Book balance Book value Book value impairment balance impairment Special Material 271,639 271,639 937,407 937,407 Special equipment 1,337,570 1,337,570 Total 271,639 0 271,639 2,274,977 0 2,274,977 23. Productive biological assets (1) Productive biological assets measured at cost methods □ Applicable √ Not applicable (2) Productive biological assets measured at fair value □ Applicable √ Not applicable 24. Oil and gas assets □ Applicable √ Inapplicable 25. Right to use assets In RMB Computer and House and Machinery Transportation Items electronic Other Total buildings equipment equipment equipment. 1.Opening 16,281,302 4,748,889,791 56,243 9,682,584 4,774,909,920 balance 2.Increased amount of the 7,712,057 1,007,003,206 2,157,494 9,923,519 1,026,796,276 period New lease 7,712,057 1,007,003,206 2,157,494 9,923,519 1,026,796,276 contract 3.Decreased amount of the -1,000,000,000 -1,000,000,000 period The lease maturity is -1,000,000,000 -1,000,000,000 divided into fixed assets 4.Closing 23,993,359 4,755,892,997 2,213,737 19,606,103 4,801,706,196 balance 136 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 1.Opening -1,062,789,374 -1,062,789,374 balance 2.Increased amount of the -4,846,182 -63,923,614 -247,459 -271,480 -69,288,735 period (1) -4,846,182 -63,923,614 -247,459 -271,480 -69,288,735 Withdrawal 3.Decreased amount of the 729,677,798 729,677,798 period The lease maturity is 729,677,798 729,677,798 divided into fixed assets 4.Closing -4,846,182 -397,035,190 -247,459 -271,480 -402,400,311 balance 1.Closing book 19,147,177 4,358,857,807 1,966,278 19,334,623 4,399,305,885 value 2.Opening 16,281,302 3,686,100,417 56,243 9,682,584 3,712,120,546 book value Other note: Except for short-term leases and low-value leases, the lessee will no longer distinguish between operating leases and financial leases, and will recognize the right-to-use assets and lease liabilities, and accrue depreciation for the right-to-use assets. The short-term lease means that the lease term does not exceed one year, and low-value lease means that the total lease cost does not exceed RMB 40,000. 137 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 26. Intangible assets (1) Information In RMB Transmission and Carbon Land use Non-patent Franchise Sea use Transportation Items Patent Software Transformation emission Total right Technology right right project Supporting Project trading rights I. Original price 1. Balance at 2,465,901,227 8,461,203 152,461,615 14,795,352 129,906,544 15,170,000 251,739,268 3,038,435,209 period-beginning 2.Increase in the 41,534,960 137,865 7,040,995 48,713,820 current period (1) Purchase 11,391,783 3,325,641 14,717,424 (2)Internal R & D 137,865 2,675,069 2,812,934 (3)Increased of Enterprise 30,143,177 30,143,177 Combination (4)Transfer of projects under 1,040,286 1,040,286 construction 3.Decreased amount 3,509,034 679,245 134,513 4,322,792 of the period (1)Dispose 3,509,034 679,245 134,513 4,322,792 4. Balance at 2,503,927,153 7,919,823 159,368,097 14,795,352 129,906,544 15,170,000 251,739,268 3,082,826,237 period-end II.Accumulated amortization 1. Balance at 427,975,917 1,772,260 104,488,485 10,981,010 28,180,513 15,170,000 251,739,268 840,307,453 period-beginning 2. Increase in the 31,377,628 487,633 6,206,100 194,802 1,235,594 39,501,757 current period (1) Withdrawal 26,397,851 487,633 6,206,100 194,802 1,235,594 34,521,980 (2)Increased of 4,979,777 4,979,777 Enterprise 138 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Combination 3.Decreased amount 924,046 45,283 2,242 971,571 of the period (1)Dispose 924,046 45,283 2,242 971,571 4. Balance at 458,429,499 2,214,610 110,692,343 11,175,812 29,416,107 15,170,000 251,739,268 878,837,639 period-end III. Impairment provision 1. Balance at 56,502,373 56,502,373 period-beginning 2. Increase in the current period (1) Withdrawal 3.Decreased amount of the period (1)Dispose 4. Balance at 56,502,373 period-end 4. Book value 1.Book value at period 1,988,995,281 5,705,213 48,675,754 3,619,540 100,490,437 0 0 2,147,486,225 -end 2.Book value at 1,981,422,937 6,688,943 47,973,130 3,814,342 101,726,031 0 0 2,141,625,383 period-beginning The intangible assets by the end of the formation of the company's internal R & D accounted 0.13% of the proportion of the balance of intangible assets 139 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 (2)Details of Land use right failed to accomplish certification of property In RMB Items Book value Reason Land use right 32,527,564 The procedures have not been completed 27. Development expenditure In RMB Increase Decrease Internal Recognitio Balance in developme Transfers Closing Items n of year-begin nt Other to current balance intangible expenditur gains assets e Expenditur e on research, transformat ion & 0 96,674,773 2,812,934 93,861,839 0 developme nt of engineerin g system Total 0 96,674,773 2,812,934 93,861,839 0 28. Goodwill (1) Original book value of goodwill In RMB Increase Decrease Name of the investees or the events formed goodwill Opening balance The merger of Closing balance disposition enterprises Guangdong Wind Power Generation Co., Ltd. 2,449,886 2,449,886 Lincang Company 25,036,894 25,036,894 Guangdong Guangye Nanhua New Energy 6,158,996 6,158,995 Guangdong Yueneng Datang New Energy 18,600,266 18,600,266 Total 27,486,780 24,759,262 52,246,041 140 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 (2)Impairment provision of goodwill In RMB Increase Decrease Name of the investees or the events formed goodwill Opening balance Closing balance Provision disposition Lincang Yudean New Energy -25,036,894 -25,036,894 Total -25,036,894 -25,036,894 29.Long-term amortization expenses In RMB Balance in Increase at this Amortization Balance in Items Other decrease year-begin period balance year-end Long-term lease 13,259,296 1,005,400 12,253,896 charges Improvement of 8,555,616 2,279,975 1,569,331 9,266,260 use right assets Other 4,594,393 2,122 4,592,271 Total 26,409,305 2,279,975 2,576,853 0 26,112,427 30.Deferred income tax assets/deferred income tax liabilities (1)Details of the un-recognized deferred income tax assets In RMB Balance in year-end Balance in year-begin Items Deductible temporary Deferred income tax Deductible temporary Deferred income tax difference assets difference assets Provision for asset 442,161,096 110,384,714 442,188,855 110,391,655 impairments Intra-group 139,795,441 34,948,860 148,814,504 37,203,626 transactions Deductible losses 1,202,033,119 300,508,279 866,934,091 216,733,521 Net income from test run included in 196,913,405 50,755,502 234,870,149 54,608,985 construction in progress Employee benefits 116,540,826 29,135,206 117,216,096 29,304,023 payable 141 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Depreciation of fixed 91,157,476 22,478,651 74,700,511 18,675,127 assets Government grants 76,619,379 19,154,845 76,619,379 19,154,845 Amortization of 4,726,073 1,181,519 4,526,232 1,131,558 intangible assets Total 2,269,946,815 568,547,576 1,965,869,817 487,203,340 (2)Details of the un-recognized deferred income tax liabilities In RMB Balance in year-end Balance in year-begin Temporarily Temporarily Items Deferred Income Tax Deferred Income Tax Deductable or Taxable Deductable or Taxable liabilities liabilities Difference Difference Non-same control enterprise merger 235,334,618 58,833,655 56,290,560 14,072,640 assets evaluation and appreciation Changes in fair value of other equity instruments included in 2,651,191,471 662,797,865 2,538,725,399 634,681,350 other comprehensive income Net expenses in trial operation included in 96,051,849 24,012,962 96,051,849 24,012,962 construction in progress Amortization of land 16,068,632 4,017,158 16,068,632 4,017,158 use rights Interest receivable 6,620,900 1,655,226 6,620,900 1,655,226 Depreciation of fixed 2,993,057 748,264 2,993,057 748,264 assets Total 3,008,260,527 752,065,130 2,716,750,397 679,187,600 (3) Deferred income tax assets or liabilities listed by net amount after off-set In RMB End balance of Trade-off between the Opening balance of Trade-off between the deferred income tax deferred income tax deferred income tax Items deferred income tax assets or liabilities assets and liabilities at assets or liabilities assets and liabilities after off-set period-begin after off-set Deferred income tax 48,034,067 520,513,509 40,615,690 446,587,650 assets Deferred income 48,034,067 704,031,063 40,615,690 638,571,910 liabilities (4)Details of income tax assets not recognized In RMB Items Balance in year-end Balance in year-begin 142 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Deductible temporary difference 1,329,998,214 1,179,347,248 Deductible loss 2,288,448,367 2,074,970,324 Total 3,618,446,581 3,254,317,572 (5)Deductible losses of the un-recognized deferred income tax asset will expire in the following years In RMB Year Balance in year-end Balance in year-begin Remark 2021 0 134,978,486 2022 627,942,773 628,529,972 2023 670,390,708 670,390,708 2024 153,029,742 153,029,742 2025 488,041,416 488,041,416 2026 349,043,728 0 Total 2,288,448,367 2,074,970,324 -- 31. Other non-current assets In RMB Balance in year-end Balance in year-begin Items Book balance Provision for Book value Book balance Provision for Book value devaluation devaluation Prepayments for 1,400,545,902 1,400,545,902 1,421,038,893 1,421,038,893 equipment fund Prepayments for 1,332,568,308 1,332,568,308 394,556,021 394,556,021 construction fund Input VAT to be 918,577,935 918,577,935 886,196,509 886,196,509 deducted Prepayment for land 209,800,841 209,800,841 73,532,955 73,532,955 use rights Unrealised losses on 206,654,427 206,654,427 209,580,144 209,580,144 sale and lease back Prepayment for equity 80,000,000 80,000,000 80,000,000 80,000,000 acquisition Prepayment for 888 888 12,164 12,164 income tax Deposits prepaid for 0 0 113,381,000 113,381,000 equity acquisition Other 5,666,189 5,666,189 2,042,352 2,042,352 Total 4,153,814,490 4,153,814,490 3,180,340,038 3,180,340,038 Other note: 32. Short-term borrowings (1) Category of short-term borrowings 143 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 In RMB Items Closing balance Opening balance Credit borrowings 8,112,048,863 7,622,427,916 Total 8,112,048,863 7,622,427,916 (2) List of the short-term borrowings overdue but not return Not applicable 33. Transactional financial liabilities Not applicable 34. Derivative financial liability Not applicable 35.Notes payable In RMB Items Closing balance Opening balance Commercial acceptance 220,000,000 120,000,000 Bank acceptance bills 703,000,000 972,292,546 Total 923,000,000 1,092,292,546 Amount due in next fiscal period is RMB0.00. 36. Accounts payable (1) List of accounts payable In RMB Items Closing balance Opening balance Fuel payable and freight payable 3,863,389,738 2,152,485,461 Materials and spare parts payable 387,865,495 396,420,019 Settlement payable for power 68,712,874 41,580,819 transactions Management fees payable for frequency 12,987,129 11,686,819 modulation and energy storage 144 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Other 29,324,282 64,007,395 Total 4,362,279,518 2,666,180,513 (2)Significant accounts payable that aged over one year In RMB Items Closing balance Opening balance Fuel payable and freight payable 33,459,078 Not yet settled Total 33,459,078 -- Other note: As at 30 June 2021, accounts payable with ageing over one year amounted RMB33,459,07 ( December 31,2020: RMB36,173,534), mainly unsettled fuel payable 37. Advance from customers Not applicable 38.Contract Liabilities In RMB Items Closing balance Opening balance Advances from services 434,507 6,344,293 Advances from others 151,963 229,619 Total 586,470 6,573,912 The amount and reasons of significant changes in book value during the reporting period In RMB Items Change amount Reason for change 39.Payable Employee wage (1) List of Payroll payable In RMB Items Opening balance Increase Decrease Closing balance 1.Short-term 261,426,210 838,039,236 687,279,627 412,185,819 compensation 2.Post-employment benefits - defined 3,087,318 121,986,060 117,384,901 7,688,477 contribution plans 3.Dismissal welfare 32,292,293 1,197,769 5,290,213 28,199,849 4. Other benefits due 7,742,552 49,440 3,747,620 4,044,372 within one year 145 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 5.Other 1,264,170 1,264,170 Total 304,548,373 962,536,675 814,966,531 452,118,517 (2)Short-term remuneration In RMB Balance in Increase in this period decrease in this period Balance in year-end Items year-begin 1.Wages, bonuses, 198,851 589,148,910 471,197,553 118,150,208 allowances and subsidies 2.Employee welfare 3,089,748 56,023,549 44,876,167 14,237,130 3. Social insurance 148,100,870 66,578,634 60,339,577 154,339,927 premiums Including:Medical 148,100,870 62,480,316 56,241,259 154,339,927 insurance Work injury insurance 792,349 792,349 0 Maternity insurance 3,305,969 3,305,969 0 4. Public reserves for 69,225,130 69,225,130 0 housing 5.Union funds and staff 102,198,051 25,216,624 21,316,174 106,098,501 education fee Other short-term remuneration Total 261,426,210 838,039,236 687,279,627 412,185,819 (3)Defined contribution plans listed In RMB Items Balance in year-begin Increase in this period Payable in this period Balance in year-end 1. Basic old-age 74,034,229 74,034,229 0 insurance premiums 2.Unemployment 2,085,141 2,085,141 0 insurance 3. Annuity payment 3,087,318 45,866,690 41,265,531 7,688,477 Total 3,087,318 121,986,060 117,384,901 7,688,477 40.Tax Payable In RMB Items Closing balance Opening balance VAT 280,624,860 315,452,032 Enterprise Income tax 116,984,702 147,823,950 Individual Income tax 1,210,409 18,973,674 City Construction tax 6,124,485 4,710,210 146 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 House property Tax 17,480,457 0 Education surcharges 5,179,861 3,895,809 Land use tax 4,607,638 0 Water resource fee 2,485,261 4,690,504 Environmental protection tax payable 1,426,669 2,227,048 Other 1,428,069 1,027,853 Total 437,552,411 498,801,080 41.Other payable In RMB Items Closing balance Opening balance Dividend payable 9,771,322 9,771,322 Other payable 7,451,532,882 6,765,929,262 Total 7,461,304,204 6,775,700,584 (1)Dividends payable Not applicable (2) Dividends payable In RMB Items Closing balance Opening balance Shareholders of non-tradable shares 9,771,322 9,771,322 payable to the Company Total 9,771,322 9,771,322 Note: Including significant unpaid dividends payable over one year, the unpaid reason shall be disclosed: This part of dividends is mainly payable to shareholders of non-tradable shares who have not gone through the formalities of share-trading reform. This part of dividends will be paid after the formalities are completed. (3)Other payable (1)Disclosure by nature In RMB Items Closing balance Opening balance Construction and equipment expenses 6,237,328,791 5,539,541,169 payable 147 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Generator unit capacity payable 830,188,680 830,188,680 Engineering quality guarantee payable 93,470,674 124,770,917 Advances from land reserve 39,253,600 39,253,600 Carbon emission allowances payable 31,847,471 36,011,871 Advances from compensations for 14,373,126 14,373,126 demolition State Oceanic and Fisheries 11,531,700 11,531,700 Administration penalty payable Other 193,538,840 170,258,199 Total 7,451,532,882 6,765,929,262 (2) Other payables with large amount and aging of over one year In RMB Items Closing balance Reason Other payable 1,456,966,128 Failure to meet payment terms Total 1,456,966,128 -- Other note Mainly used to cope with project funds and retention money. Since the project has not finished the project and acceptance and final settlement or in the warranty period of acceptance, the project funds and retention money has not been settled. 42. Liabilities classified as holding for sale Not applicable 43.Non-current liabilities due within 1 year In RMB Items Closing balance Opening balance Long-term loans due in 1 year 1,289,471,734 1,391,129,374 Bond payable due in 1 year 1,583,304,666 1,544,367,074 Long-term Account payable due in 1 90,000,000 90,566,666 year Lease liabilities due in 1 year 103,477,323 162,780,505 Total 3,066,253,723 3,188,843,619 148 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 44. Other current-liabilities In RMB Items Closing balance Opening balance Short-term bond payable 809,060,822 3,216,900,546 Output VAT to be written off 623,030 Total 809,060,822 3,217,523,576 Changes in short-term debentures payable: In RMB Amort isatio Balance at the Issuance n of Repayment Balance at Face Issuance Maturit Issuance Interest at Name beginning of during the discou for the the end of value date y period amounts face value the year year nts or period the year premi um Second batch of short-term 1,600,00 1,600,000 1,613,680,3 financing 2020/8/10 172days 1,611,440,000 2,240,359 0,000 ,000 59 bonds issued of 2020 Third batch of short-term 1,600,00 1,600,000 1,619,007,8 financing 2020/11/10 178days 1,605,460,546 13,547,313 0,000 ,000 59 bonds issued of 2020 First batch of short-term 800,000, 800,000,0 financing 2021/1/26 178days 800,000,000 9,060,822 809,060,822 000 00 bonds issued of 2021 Other note: 45.Long-term borrowings (1)Long-term term borrowings In RMB Items Closing balance Opening balance Pledged borrowings 3,722,909,917 3,894,649,146 Guarantee loan 811,214,638 76,100,000 Credit loans 17,435,856,810 15,027,806,422 Total 21,969,981,365 18,998,555,568 149 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 46.Bond payable (1)Bond payable In RMB Items Closing balance Opening balance Public Issuance of Corporate Bonds to Qualified Investors in 2020 (Phase I) by Guangdong Electric 1,499,595,741 1,499,542,911 Power Development Co., Ltd. Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) by Guangdong Electric 999,898,113 Power Development Co., Ltd. Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase II) by Guangdong Electric 1,500,000,000 Power Development Co., Ltd. Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) by Guangdong Huizhou 199,880,000 Pinghai Power Generation Co., Ltd. Total 4,199,373,854 1,499,542,911 150 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 (2)Changes of bonds payable(Not including the other financial instrument of preferred stock and perpetual capital securities that classify as financial liability In RMB Overflow Pay in Opening The current Withdraw Closing Name of the bond Face value Issue date Period Issue amount discount current balance issue interest at par balance amount period Public Issuance of Corporate Bonds to Qualified Investors in 2020 (Phase I) of Guandong 3+2 1,500,000,000 2020/4/29 1,500,000,000 1,499,542,911 6,326,370 52,830 1,499,595,741 Electric Power Development years Co.,Ltd. Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) of Guandong 1,000,000,000 2021/1/26 3 years 1,000,000,000 1,000,000,000 14,875,000 -101,887 999,898,113 Electric Power Development Co.,Ltd. Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase II) of Guandong 3+2 1,500,000,000 2021/4/27 1,500,000,000 1,500,000,000 9,181,507 1,500,000,000 Electric Power Development years Co.,Ltd. Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) of Guangdong 200,000,000 2021/6/4 2 years 200,000,000 200,000,000 -120,000 199,880,000 Pinghai Power Generation Plant Co., Ltd. Total -- -- -- 4,200,000,000 1,499,542,911 2,700,000,000 30,382,877 -169,057 4,199,373,854 151 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 (3) Note to conditions and time of share transfer of convertible bonds Not applicable (4)Other financial instruments that are classified as financial liabilities Not applicable 47. Lease liability In RMB Items Closing balance Opening balance Net lease liabilities 4,136,908,238 3,164,739,588 Total 4,136,908,238 3,164,739,588 48. Long-term payable In RMB Items Closing balance Opening balance Special payable 24,960,000 24,960,000 Total 24,960,000 24,960,000 (1) Long-term payable listed by nature of the account Not applicable 152 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 (2)Specific payable In RMB Items Opening balance Increase Decrease Closing balance Cause Supporting funds 24,960,000 24,960,000 for expansion Total 24,960,000 0 0 24,960,000 -- Other note: (i) The payables for specific projects represent the fund granted for benefits improvement and capacity expansion by governments at provincial and central level to Lincang Energy, subsidiary of the Company. According to the document issued by Yunnan Water Conservancy & Hydropower Investment Co., Ltd. (Yun Shui Tou Fa [2015] No. 16), such payables for specific project were subject to an interest rate of 4% from 1 January 2015. The corresponding interest was recorded in the financial expenses by the Company. 49. Long-term employee salary payable (1)Long-term employee salary payable In RMB Items Closing balance Opening balance II. Termination benefits 122,601,354 134,831,320 III. Other Long-term benefits 83,712,423 83,712,423 Total 206,313,777 218,543,743 (2) Changes of defined benefit plans Not applicable 50.Predicted liabilities Not applicable 51.Deferred income In RMB Decreased this Items Beginning of term Increased this term End of term Reason term Asset-related Government 134,647,590 3,030,000 2,410,954 135,266,636 government grants Subsidy received Total 134,647,590 3,030,000 2,410,954 135,266,636 -- 153 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Details of government subsidies: In RMB Amount Other Amount New transferr income of cost Asset-related Beginning subsidy in ed to recorde deducte Other End of or Items of term current non-ope d in the d in the changes term income-relate period rational current current d income period period Compensation for relocation and Related to 16,684,075 16,684,075 renovation of Shajiao A assets Zhenkou pump house Special funds for #1-#3 Related to generators’ 16,410,766 16,410,766 assets desulfurisation project Related to Energy saving grants 13,790,787 82,355 13,708,432 assets Tax refund for Related to 10,332,934 10,332,934 PRC-made equipment assets Comprehensive technology upgrading for the energy saving of Related to 7,692,307 7,692,307 1&2# generator units assets turbine by Zhongyue Energy Development and Related to competitiveness funds 6,666,666 6,666,666 assets from SASAC Second incentives for comprehensive and typical demonstration Related to 6,750,000 450,000 6,300,000 projects under financial assets policies of energy saving Incentives for energy Related to efficiency of power 4,943,063 4,943,063 assets plant by Dongguan Post rewarding subsidies for ultra-low Related to 5,645,957 5,645,957 emissions of 1&2# assets generators Incentives for energy efficiency of power Related to 4,159,433 4,159,433 plant by Zhongyue assets Energy Post rewarding subsidies for ultra-low emissions of designated Related to 3,388,462 3,388,462 account of special fund assets in Maonan District of Maoming in 2018 Incentives for energy Related to efficiency of power 2,755,964 515,770 2,240,194 assets plant by Zhanjiang Dianbai Reshui wind Related to 3,000,000 3,000,000 power plant project assets 154 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Expansion on flow Related to 2,175,028 2,175,028 reconstruction project assets Shajiao A - 2016 Related to central finance energy 2,116,875 2,116,875 assets saving funds Government subsidies from the financial Related to treasury payment centre 2,375,062 75,632 2,299,430 assets of Qujiang District, Shaoguan Special prize funds of recycle economy and Related to 2,004,821 2,004,821 energy saving by assets Shenzhen Related to Energy saving funds 1,638,785 1,638,785 assets Provincial special funds for enterprises’ Related to 8,674,936 152,356 8,522,580 technology assets improvement Special fund for the Related to project of no 3,710,000 557,303 3,152,697 assets wastewater discharge Development and application project for Related to the operation and 2,550,000 2,550,000 assets maintenance of offshore wind power Provincial technical transformation fund for special enterprises Related to 2,030,000 304,939 1,725,061 promoting high-quality assets economic development in 2021 Guangdong Red Bay Power Generation Co., Related to 1,000,000 1,000,000 Ltd. -Waste water zero assets emission subsidy Related to Other 7,181,669 272,599 6,909,070 assets 2,410,9 135,266,63 Total 134,647,590 3,030,000 54 6 52. Other non-current liabilities In RMB Items Closing balance Opening balance Capital injection 289,187,000 200,000,000 Housing revolving fund 970,029 970,029 Total 290,157,029 200,970,029 Other note: In 2018, the Company’s subsidiaries Yangjiang Wind Power and Qujie Wind Power respectively received capital 155 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 injection of RMB 100,000,000 and RMB 50,000,000 from GEGC. The capital will be used for Yangjiang Shapa offshore wind power plant project and Qujie Wailuo offshore wind power plant project. As at 30 June 2021, such capital injection was recorded in other non-current liabilities as the registration for changes of business license had not been completed. In 2019, the Group’s subsidiary Zhuhai Wind Power received a capital injection of RMB 50,000,000 and RMB89,187,000 from GEGC. The capital will be used for Zhuhai Jinwan Electric offshore wind power project. As at 30 June 2021, such capital injection was recorded in other non-current liabilities as the registration for changes of business license had not been completed. 53.Stock capital In RMB Changed(+,-) Balance in Balance in Issuance of Capitalizatio year-begin Bonus shares Other Subtotal year-end new share n of public reserve Total of 5,250,283,986 5,250,283,986 capital shares 54. Other equity instruments Not applicable 55. Capital reserves In RMB Items Year-beginning Increase in the current Decrease in the current Year-end balance balance period period Share premium 4,543,959,053 4,543,959,053 Other capital reserves 2,919,327 2,919,327 Estimate Increase 119,593,718 119,593,718 Investment from 395,000,000 395,000,000 Energy Group Share of interests in the investee in -179,682,776 -179,682,776 proportion to the shareholding Transfer of capital surplus recognised 20,474,592 20,474,592 under the previous accounting system 156 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Total 4,902,263,914 4,902,263,914 56.Treasury stock Not applicable 57. Other comprehensive income In RMB Amount of current period Less:Prior Less:Amount period transferred into included in profit and loss in other Amount the current After-tax After-tax Year-beginning composite Less: Closing Items incurred period that attribute to attribute to balance income Income tax balance before recognied into the parent minority transfer to expenses income tax other company shareholder retained comprehensive income in income in prior the current period period I. Other comprehensive income that will not be 1,946,486,479 112,466,070 28,116,518 84,349,552 2,030,836,031 subsequently reclassified to profit or loss Other comprehensive income that cannot be 42,442,427 42,442,427 transferred to profit or loss under equity method Changes in fair value of investments in 1,904,044,052 112,466,070 28,116,518 84,349,552 1,988,393,604 other equity instruments II. Other -180,884 -180,884 comprehensive 157 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 income that will be subsequently reclassified to profit or loss Including:Share of other comprehensive income of the investee that cannot be -180,884 -180,884 transferred to profit or loss accounted for using the equity method Total of other comprehensive 1,946,305,595 112,466,070 28,116,518 84,349,552 2,030,655,147 income Other notes include the valid part of gain and loss of a cash-flow hedge converted into initial amount of arbitraged items for adjustment: 58. Special reserves Not applicable 59. Surplus reserves In RMB Items Year-beginning Increase in the current Decrease in the current Year-end balance balance period period Statutory surplus 2,905,992,585 110,901,285 3,016,893,870 reserve Discretionary surplus 5,609,368,053 277,253,212 5,886,621,265 reserve Total 8,515,360,638 388,154,497 8,903,515,135 60. Retained profits In RMB Items Amount of this period Amount of last period Before adjustments: Retained profits in last 6,755,781,289 5,909,128,280 period end 158 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 After adjustments: Retained profits at the period 6,755,781,289 5,909,128,280 beginning Add: Net profit attributable to owners of the 109,028,853 813,684,495 Company for the period Less: Appropriation to statutory surplus reserve 110,901,285 77,026,584 Drawing discretionary surplus reserve 277,253,212 192,566,461 Dividends payable on ordinary shares 630,034,078 630,034,078 Retained profits at the period end 5,846,621,567 5,823,185,652 As regards the details of adjusted the beginning undistributed profits (1)As the retroactive adjustment on Enterprise Accounting Standards and its related new regulations, the affected beginning undistributed profits are RMB 0.00. (2) As the change of the accounting policy, the affected beginning undistributed profits are RMB 0.00. (3) As the correction of significant accounting error, the affected beginning undistributed profits are RMB 0.00 . (4) As the change of consolidation scope caused by the same control, the affected beginning undistributed profits are RMB 0.00 (5) Other adjustment of the total affected beginning undistributed profits are RMB 0.00 . 61. Business income, Business cost In RMB Amount of current period Amount of previous period Items Income Cost Income Cost Main business 17,535,862,514 16,780,408,772 12,359,160,846 10,137,771,229 Other business 245,658,707 6,310,893 180,756,977 13,201,793 Total 17,781,521,221 16,786,719,665 12,539,917,823 10,150,973,022 Income related information: In RMB Contract classification Division 1 Division 2 Total Including: Electric power 17,429,546,654 17,429,546,654 Generation by-product 232,388,965 232,388,965 Thermal Energy 62,652,754 62,652,754 Labor service 43,663,106 43,663,106 Rent 13,269,742 13,269,742 Including: Guangdong 17,755,824,058 17,755,824,058 159 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Yunnan 25,697,163 25,697,163 Including: Power market 17,429,546,654 17,429,546,654 Other market 351,974,567 351,974,567 Including: Sell goods 17,724,588,373 17,724,588,373 Service 43,663,106 43,663,106 Assets use rights 13,269,742 13,269,742 Including: Recognize at a certain 17,724,588,373 17,724,588,373 time point Recognize in a certain 56,932,848 56,932,848 period of tim Including: Including: Information related to performance obligations: Commodity type Usual performance time of Important payment terms Commodity nature performance obligation Electric power When power is supplied to the grid Cash settlement/monthly Electric power company settlement Heat energy When heat energy is supplied to Cash settlement/monthly Heat energy customers who buy heat, settlement Power generation by-products When by-products such as fly ash Cash settlement/monthly Power generation generated by power generation are settlement by-products transported to the agreed delivery place, Labor service Service provision period Cash settlement/monthly Labor service settlement Information related to the transaction price apportioned to the residual performance obligation: The income corresponding to the performance obligations that have not been performed or have been performed incompletely but the contract has been signed at the end of the reporting period is RMB 586,471, of which RMB 586,471 is expected to be recognized as income in 2021. 62. Business tax and subjoin In RMB Items Amount of current period Amount of previous period 160 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Urban construction tax 34,711,861 29,825,058 Education surcharge 27,657,092 22,897,084 Property tax 23,538,501 23,444,528 Land use tax 5,258,950 5,061,833 vehicle and vessel usage tax 72,842 412,002 Stamp tax 9,107,495 11,158,662 Environmental protection tax 6,667,091 5,352,910 Total 107,013,832 98,152,077 63.Selling expenses In RMB Items Amount of current period Amount of previous period Employee’s remuneration 25,648,205 19,851,760 Depreciation expenses 1,720,627 371,964 Business expense 1,234,823 634,957 Publicity Expenses 160,596 289,093 Other 1,730,868 1,746,783 Total 30,495,119 22,894,557 64.Administrative expenses In RMB Items Amount of current period Amount of previous period Employee’s remuneration 186,562,425 161,938,884 Amortization of intangible assets 32,200,186 29,226,650 Depreciation expenses 27,102,873 23,540,759 Fire safety expenses 15,965,657 17,401,896 Property management expenses 14,769,806 12,697,371 Agency fee 8,186,076 4,683,784 Rental expenses 5,392,398 3,923,000 A forestation fee 4,637,517 3,518,796 Office expenses 4,592,733 3,727,413 Travel expenses 3,391,471 1,210,024 Entertainment expenses 2,097,568 1,089,133 Consulting fee 1,785,530 1,339,055 161 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Insurance expenses 1,224,748 5,030,478 Low consumables amortization 790,556 1,015,180 Expenses on board meetings 316,595 387,661 Other 39,697,645 30,945,589 Total 348,713,784 301,675,673 65. R&D Expense In RMB Items Amount of current period Amount of previous period Direct input fee 52,318,810 Employee’s remuneration 35,352,927 Outsourced research and development 1,182,183 9,434 expenses Other 5,007,919 821,675 Total 93,861,839 831,109 66.Financial Expenses In RMB Items Amount of current period Amount of previous period 618,003,887 594,291,506 Interest expenses -41,832,597 -35,840,406 Interest income Bank charges and others 479,309 2,863,805 Total 576,650,599 561,314,905 67.Other income In RMB Other sources of revenue Amount of the Current Term Amount of the Previous Term Revenue from timely levy and refund of 4,141,947 4,513,774 VAT Government subsidies related to assets 2,410,954 1,615,884 Other 4,022,324 7,359,057 Total 10,575,225 13,488,715 162 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 68. Investment income In RMB Items Amount of this period Amount of last period Long-term equity investment income by 397,912,700 214,698,621 equity method Dividends earned during the holding period 30,182,378 21,370,444 on investments in other equity instrument Total 428,095,078 236,069,065 69.Net exposure hedging income Not applicable 70. Gains on the changes in the fair value Not applicable 71. Credit impairment loss In RMB Items Amount of this period Amount of last period Loss of bad debts in other receivables -126,468 0 Impairment loss of debt investment 0 0 Loss of impairment of other debt 0 0 investment Long-term receivables and bad debt 0 0 losses Impairment loss of the contract assets -14,832 0 Loss of bad accounts receivable -97,345 20,911 Total -238,645 20,911 72. Losses from asset impairment In RMB Items Amount of this period Amount of last period II. Loss of inventory price and Impairment of contract performance -16,743,630 costs 163 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Total -16,743,630 Other note: 73.Assets disposal income In RMB Source Amount of this period Amount of last period Income from disposal of Fixed assets 17,388,533 51,176,776 Income from land disposal 6,464,149 0 74. Non-Operation income In RMB Items Amount of current period Amount of previous period Recorded in the amount of the non-recurring gains and losses Gain on disposal of 7,507,022 8,035,492 7,507,022 non-current assets Carbon emissions quota 0 2,720,755 0 disposal proceeds Claims and Compensation 4,115,168 2,843,081 4,115,168 Income Other 4,139,686 3,268,594 4,139,685 Total 15,761,876 16,867,922 15,761,875 75.Non-current expenses In RMB The amount of non-operating Items Amount of current period Amount of previous period gains & losses Foreign donations 109,792 138,137 109,792 Loss on obsolescence of 4,006,514 1,124,738 4,006,514 non-current assets Carbon emission rights assets 2,750,000 6,601,136 0 used for performance Fine for delaying payment 209,860 2,784,751 209,860 Other 7,549,892 2,378,832 7,549,892 Total 14,626,058 13,027,594 11,775,990 Other note: 164 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 In accordance with the Interim Provisions on the Accounting Treatment Regarding Carbon Emissions Right Trading and the Interim Measures for the Administration of Trading of Carbon Emission Rights (Cai Kuai [2019] No. 22), companies within the Group that were identified as key emission units recognised the purchase of carbon emission quotas used in 2021 as non-operating expenses on an accrual basis, and included relate provision for carbon emission quota payable in other payables. 76. Income tax expenses (1)Income tax expenses In RMB Items Amount of current period Amount of previous period Current income tax expense 188,815,544 421,812,657 Deferred income tax expense -82,136,583 51,066,755 Total 106,678,961 472,879,412 (2)Adjustment on accounting profit and income tax expenses In RMB Items Amount of current period Total profits 301,486,541 Income tax expenses calculated on legal / applicable tax rate 75,371,635 Effect of different tax rate applicable to the subsidiary -9,278,187 Company Influence of non taxable income -109,210,376 Impact of non-deductible costs, expenses and losses 4,526,589 Transfer-out of deductible losses for which deferred tax asset -50,418 was recognised Deductible temporary differences for which no deferred tax 154,803,878 asset was recognised in the current period Utilisation of deductible losses for which no deferred tax asset -7,853,747 was recognised in previous periods Utilisation of deductible temporary differences for which no -1,630,413 deferred tax asset was recognised in previous periods Income tax expenses 106,678,961 Other note 165 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 77. Other comprehensive income Refer to the notes VII(57) 78.Items of Cash flow statement (1)Other cash received from business operation In RMB Interest income Amount of current period Amount of previous period Interest income 34,335,537 30,094,472 Rent income 11,608,886 7,443,726 Government Subsidy 6,451,965 7,080,364 Insurance indemnity 1,362,282 6,406,134 Other 74,544,785 129,102,968 Total 128,303,455 180,127,664 (2)Other cash paid related to operating activities In RMB Items Amount of current period Amount of previous period Insurance expenses 45,138,120 60,766,847 Electricity transaction expenses 15,173,967 16,514,263 Property management expenses 14,459,312 10,267,042 Fire guard fee 14,334,205 15,519,230 Transportation fee 12,384,777 9,854,130 Automobile fee 11,589,600 8,143,840 Equipment cleaning and hygiene green 10,228,571 11,827,265 fee Rental fee 10,157,296 8,116,972 Agency Charge 7,818,278 5,244,325 Union expenses 6,289,070 3,416,782 Office Expense 5,503,905 4,230,271 Information system maintenance 4,790,630 2,987,286 Travel expenses 4,760,924 1,855,526 R&D 4,313,829 546,572 Business fee 3,241,854 1,335,015 166 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Enterprise publicity expenses 2,665,366 2,220,034 Other 172,721,286 186,511,647 Total 345,570,990 349,357,047 (3)Cash received related to other investment activities In RMB Items Amount of current period Amount of previous period Net revenue from commissioning 83,767,669 Total 83,767,669 (4)Cash paid related to other investment activities Not applicable (5)Other cash received in relation to financing activities Not applicable (6)Cash paid related with financing activities In RMB Items Amount of current period Amount of previous period Rent paid by the financial lease 40,616,876 Total 40,616,876 79. Supplement Information for cash flow statement (1)Supplement Information for cash flow statement In RMB Supplement Information Amount of current period Amount of previous period I. Adjusting net profit to cash flow from -- -- operating activities Net profit 194,807,580 1,219,049,233 Add: Impairment loss provision of assets -238,645 16,743,630 Depreciation of fixed assets, oil and gas 1,778,138,190 1,634,111,347 assets and consumable biological assets Depreciation of Use right assets 69,288,735 167 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Amortization of intangible assets 34,521,980 32,553,092 Amortization of Long-term deferred 2,576,853 1,630,976 expenses Loss on disposal of fixed assets, intangible -27,353,190 -61,836,734 assets and other long-term deferred assets Fixed assets scrap loss Loss on fair value changes Financial cost 618,003,887 594,291,506 Loss on investment -428,095,078 -236,069,065 Decrease of deferred income tax assets -73,925,859 52,054,377 Increased of deferred income tax liabilities 65,459,153 Decrease of inventories -739,945,667 -489,301 Decease of operating receivables -477,018,607 285,504,917 Increased of operating Payable 2,080,638,311 480,677,919 Other Net cash flows arising from operating 3,096,857,643 4,018,221,897 activities II. Significant investment and financing -- -- activities that without cash flows: Conversion of debt into capital Convertible corporate bonds maturing within one year Financing of fixed assets leased 3 . Movement of cash and cash -- -- equivalents: Ending balance of cash 5,539,142,220 5,724,061,282 Less: Beginning balance of cash 5,763,619,876 5,079,641,969 equivalents Add:End balance of cash equivalents Less: Beginning balance of cash equivalents Net increase of cash and cash equivalent -224,477,656 644,419,313 168 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 (2) Net Cash paid of obtaining the subsidiary Not applicable (3) Net Cash receive of disposal of the subsidiary Not applicable (4) Component of cash and cash equivalents In RMB Items Year-end balance Year-beginning balance I. Cash 5,539,142,220 5,763,619,876 Including:Cash at hand 27,829 26,993 Demand bank deposit 5,539,114,391 5,763,592,883 III. Balance of cash and cash equivalents 5,539,142,220 5,763,619,876 at the period end 80. Note of statement of changes in the owner's equity Specify the description of the item "others" and the adjusted amount of the balance at the end of last year: 81. The assets with the ownership or use right restricted In RMB Items Closing book value Causation of limitation Ecological security, land reclamation Monetary funds 27,385,689 bond, project performance bond and special project deposit Assets to use rights formed by financing Using right assets 4,358,857,807 lease Total 4,386,243,496 -- 82. Foreign currency monetary items (1) Foreign currency monetary items In RMB Closing foreign currency Closing convert to RMB Items Exchange rate balance balance Monetary capital -- -- Including:USD 190 6.46010 1,227 Euro 169 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 HKD 12,886 0.83208 10,722 Account receivable -- -- Including:USD Euro HKD Long –term borrowings -- -- Including:USD 22,098,462 6.46010 142,758,274 Euro HKD (2) Note to overseas operating entities, including important overseas operating entities, which should be disclosed about its principal business place, function currency for bookkeeping and basis for the choice. In case of any change in function currency, the cause should be disclosed. □ Applicable √ Not applicable 83. Hedging Arbitrage According to arbitrage category to disclose arbitrage item, relevant arbitrage tools and the arbitraged risk qualitative and quantitative information: 84. Government subsidies (1)Government subsidies confirmed in current period In RMB Amount included in Items Amount Project current profit and loss Value-added tax will be refunded immediately 4,141,947 Other income 4,141,947 Government subsidies relating to assers 2,410,954 Other income 2,410,954 other 4,022,324 Other income 4,022,324 (2)Government subsidy return □ Applicable √ Not applicable 170 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 85.Other VIII. Changes of merge scope 1. Business merger not under same control Not applicable 2. Business combination under the same control Not applicable 3. Counter purchase Not applicable 4. The disposal of subsidiary Not applicable 5. Other reasons for the changes in combination scope Notes to reasons for the changes in combination scope (Newly established subsidiary and subsidiary of liquidation) and relevant information: Subsidiaries established during the year: Subsidiaries Major business Place of Nature of Shareholding% Acquisition location registration business method Guangdong Yudean Dananhai Intelligence Energy Co., Jieyang Jieyang Electric Power 100% Establish Ltd. Guangdong Yudean Baihua Integrated Energy Company Huizhou Huizhou Electric Power 100% Establish 6.Other IX. Equity in other entity 1. Equity in subsidiary (1)Constitute of enterprise group Business Share-holding ratio Subsidiary Main operation Registered place Acquired way nature Directly Indirectly Energy Termal Electric Maoming Maoming 46.54% Establish Power Plant Power Jinghai Company Jieyang Jieyang Electric 65% Establish 171 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 power Zhangjiang Wind Electric Zhanjiang Zhanjiang 70% Establish Power power Anxin Electric Power Electric Dongguan Dongguan 100% Establish Maintenance power Humen Power Electric Dongguan Dongguan 60% Establish Generation power Electric Bohe Company Maoming Maoming 67% Establish power Business combinations Electric Yuheng Company Zhanjiang Zhanjiang 76% involving enterprises power under common control Electric Xuwen Wind Power Zhanjiang Zhanjiang 70% Establish power Electric Huadu Natural gas Guangzhou Guangzhou 65% Establish power Electric Dapu Company Meizhou Meizhou 100% Establish power Leizhou Wind Electric Leizhou Leizhou 80% 14% Establish Power power Electric Dianbai Wind Power Maoming Maoming 100% Establish power Business combinations Electric Zhanjiang Company Zhanjiang Zhanjiang 76% involving enterprises power under common control Business combinations Electric Yuejia Company Meizhou Meizhou 58% involving enterprises not power under common control Business combinations Electric Yuejiang Company Shaoguan Shaoguan 90% involving enterprises power under common control Business combinations Electric Zhongyue Company Zhanjiang Zhanjiang 90% involving enterprises power under common control Electric Electric sales Guangzhou Guangzhou 100% Establish power Electric Qujie Wind Power Zhanjiang Zhanjiang 100% Establish power Yangjiang Wind Electric Yangjiang Yangjiang 100% Establish Power power Business combinations Electric Lincang Company Lincang Lincang 100% involving enterprises not power under common control Business combinations Guangqian Electric Shenzhen Shenzhen 100% involving enterprises under Company power common control Business combinations Electric Huizhou Natural gas Huizhou Huizhou 67% involving enterprises power under common control Business combinations Pinghai Power Electric Huizhou Huizhou 45% involving enterprisest under Generation power common control Business combinations Shibeishan Wind Electric Jieyang Jieyang 70% involving enterprises Power power under common control Electric Business combinations Red Bay Company Shanwei Shanwei 65% power involving enterprises 172 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 under common control Business combinations Guangdong Wind Electric Guangzhou Guangzhou 100% involving enterprises not Power power under common control Tongdao Wind Electric Huaihua Huaihua 100% Establish Power power Pingyuan Wind Electric Meizhou Meizhou 100% Establish Power power Electric Heping Wind Power Heyuan Heyuan 100% Establish power Business combinations Electric Huilai Wind Power Jieyang Jieyang 89.83% involving enterprises not power under common control Electric Yuejiang Hongrui Shaoguan Shaoguan 90% Establish power Electric Yongan Natural gas Zhaoqing Zhaoqing 90% Establish power Electric Xupu Wind Power Huaihua Huaihua 100% Establish power Wuxuan Wind Electric Guangzi Guangxi 100% Establish Power power Pingdian Integrated Electric Huizhou Huizhou 45% Establish Energy Company power Zhencheng Electric Integrated Energy Maoming Maoming 37.23% Establish power Company Electric Zhuhai Wind Power Zhuhai Zhuhai 100% Establish power Electric Binhai Bay Dongguan Dongguan 100% Establish power Electric Daya Bay Company Huizhou Huizhou 80% Establish power Electric Qiming Company Shenzhen Shenzhen 100% Establish power Business combinations Huaguoquan Shenzhen Shenzhen Rent 100% involving enterprises not Company under common control Nanxiong New Electric Shaoguan Shaoguan 100% Establish Energy power Electric Dananhai Company Jieyang Jieyang 100% Establish power Electric Yudean Baihua Huizhou Huizhou 100% Establish power Business combinations Electric Nanhua New Energy Zhanjiang Zhanjiang 51% involving enterprises not power under common control Business combinations Electric Datang New Energy Guangzhou Guangzxhou 51% involving enterprises not power under common control Business combinations Yueneng Wind Electric Zhanjiang Zhanjiang 51% involving enterprises not Power power under common control Explanation on share-holding ratio in subsidiary different from ratio of voting right: Pinghai power was bought by the Company in 2012 by offered non-public shares from Yudean. According to the agreement between Yudean and Huaxia Electric, which holds 40% share interest in Pinghai Power, the delegated 173 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 shareholder and director from Huaxia Electric maintain consensus with those of Yudean when exercising their voting rights during shareholder and board meeting; while after Yudean transferred its 45% shareholding of Pinghai Power to the Company, the delegated shareholder and director from Huaxia Electric also maintain consensus with those of the Company when exercising their voting rights during shareholder and board meeting. On account of the above facts, with the control power of Pinghai Power, Huaxia Electric enjoys variable returns through involving in its relevant activities and has the ability to make use of its power to influence the amount of returns. Therefore, the Company owns the control power over Pinghai Power. On 30 November 2018, Maoming Zhenneng merged Maoming Thermal, wholly-owned by GEGC. After the merger, GEGC held 30.12% equity of Maoming Zhenneng. According to the agreement between the Company and GEGC, the delegated shareholder and director from GEGC maintain consensus with those of the Company while exercising the voting rights during the shareholders’ meeting and the Board of Directors’ meeting at Maoming Zhenneng. Therefore, the Company owns control power over Maoming Zhenneng. In addition, pursuant to the consent agreement entered into between the Company and GEGC, the Company holds 61.33% voting rights in Zhencheng Comprehensive, a subsidiary whose 80% equity is directly held by Maoming Zhenneng. Therefore, the Company owns control power over Zhencheng Comprehensive (2)Significant not wholly-owned subsidiaries In RMB Profit or loss Holding proportion of Dividend declared to Closing balance of Name attributable to non-controlling interest non-controlling interest non-controlling interest non-controlling interest Bohe Company 33% -53,880,115 0 1,317,450,140 Zhanjiang Company 24% 5,863,779 23,197,930 969,651,803 Jinghai Company 35% 22,767,453 151,318,844 1,245,066,273 Red Bay Company 35% 6,829,605 96,734,416 1,130,076,829 Huizhou Natural gas 33% 68,720,504 211,037,669 692,671,285 Pinghai Power 55% 76,895,975 106,235,578 1,167,953,729 Generation Energy Thermal power 53.46% -28,548,828 0 699,712,524 Plant Zhongyue Company 10% -4,838,400.29 0 91,385,944.06 Yuejiang Company 10% -15,717,660.22 0 35,437,310.02 174 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 (3)Main financial information of significant not wholly-owned subsidiaries In RMB Closing balance Beginning balance Subsidiaries Current Non-current Current Non-current Total Current Non-current Current Non-current Total Total assets Total assets assets assets liabilities Liabilities liabilities assets assets liabilities Liabilities liabilities Bohe Company 996,163,042 9,403,134,752 10,399,297,794 3,403,576,506 3,003,448,137 6,407,024,643 767,050,262 9,643,376,566 10,410,426,828 3,764,791,895 2,490,088,705 6,254,880,600 Zhanjiang 3,169,849,923 1,216,184,060 4,386,033,983 325,114,099 20,704,040 345,818,139 3,046,263,179 1,262,920,735 4,309,183,914 175,539,000 21,203,440 196,742,440 Company Jinghai Company 1,227,254,211 6,770,522,879 7,997,777,091 2,879,267,668 1,561,177,215 4,440,444,882 1,169,487,442 6,990,897,776 8,160,385,218 2,449,512,187 1,786,251,133 4,235,763,320 Red Bay 966,546,751 4,886,323,647 5,852,870,398 1,959,993,892 664,085,567 2,624,079,459 972,859,321 5,062,032,390 6,034,891,711 1,796,971,724 752,258,158 2,549,229,882 Company Huizhou Natural 771,065,829 2,988,450,131 3,759,515,960 1,092,875,695 567,636,372 1,660,512,067 710,651,111 3,115,192,544 3,825,843,655 635,175,623 660,400,000 1,295,575,623 gas Pinghai Power 1,384,073,549 3,591,472,642 4,975,546,191 1,682,216,957 1,169,777,000 2,851,993,957 1,254,897,337 3,768,541,657 5,023,438,994 1,570,145,027 1,276,397,000 2,846,542,027 Generation Energy Thermal 553,599,600 2,207,734,357 2,761,333,958 1,124,304,402 324,108,362 1,448,412,764 549,240,963 2,288,389,730 2,837,630,693 1,124,331,591 346,975,685 1,471,307,276 power Plant Zhongyue 618,707,875 2,961,991,660 3,580,699,535 2,013,223,903 653,616,192 2,666,840,094 476,912,616 3,095,012,573 3,571,925,189 2,106,065,554 503,616,192 2,609,681,745 Company Yuejiang 1,154,897,192 4,688,229,359 5,843,126,551 2,642,274,135 2,846,479,316 5,488,753,450 857,228,782 4,837,598,797 5,694,827,579 2,098,618,875 3,084,659,002 5,183,277,877 Company In RMB 175 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Amount of current period Amount of previous period Total Total Subsidiaries Operating Cash flow from Operating Cash flow from Net profit comprehensive Net profit comprehensive revenue operating activities revenue operating activities income income Bohe Company 1,190,006,156 -163,273,077 -163,273,077 179,163,841 0 -8,721,657 -8,721,657 13,629,614 Zhanjiang Company 1,071,291,598 24,432,411 24,432,411 84,360,764 770,671,060 94,510,548 94,510,548 209,297,596 Jinghai Company 2,825,023,204 65,049,865 65,049,865 474,585,529 2,095,200,102 230,709,943 230,709,943 661,661,302 Red Bay Company 2,197,125,947 19,513,157 19,513,157 168,777,355 1,630,674,910 152,599,944 152,599,944 639,189,177 Huizhou Natural gas 1,996,292,606 208,243,950 208,243,950 490,350,045 1,870,326,110 334,746,205 334,746,205 412,544,115 Pinghai Power 2,196,837,720 139,810,863 139,810,863 238,260,223 1,443,009,856 242,186,835 242,186,835 326,530,144 Generation Energy Thermal 957,316,941 -53,402,223 -53,402,223 384,086,022 727,648,226 15,189,745 15,189,745 438,551,052 power Plant Zhongyue Company 959,628,170 -48,384,003 -48,384,003 208,055,333 598,088,942 1,152,621 1,152,621 221,798,430 Yuejiang Company 1,514,986,939 -157,176,602 -157,176,602 572,702,666 937,419,499 -51,659,034 -51,659,034 384,073,079 Other note: 176 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 (4) Significant restrictions of using enterprise group assets and pay off enterprise group debt Not applicable (5) Provide financial support or other support for structure entities incorporate into the scope of consolidated financial statements Not applicable 2. The transaction of the Company with its owner’s equity share changed but still controlling the subsidiary Not applicable 3. Equity in joint venture arrangement or associated enterprise (1) Significant joint venture arrangement or associated enterprise Shareholding Ratio (%) The accounting Main Registration treatment of Name of Subsidiary Places of Nature of Business Place direct indirect investment in Operation associates - Joint ventures: Guangzho Industry Fuel Guangzhou Fuel trade 50% u Associates : Coal Shanxi Yudean Transportation and Taiyuan Taiyuan 40% Enerty port operations investment Yudean Shipping Zhenzhen Shenzhen 35% Guangzho Energy Finance Guangzhou Financial 25% u Taishan Power Taishan Taishan Power Generation 20% Generation Energy Financing Guangzho Guangzhou Financing Leasing 25% Leasing Company u (2)Main financial information of Significant joint venture In RMB Amount of current period Amount of previous period Industry Fuel Industry Fuel Current assets 6,780,910,522 3,394,974,695 Non-current assets 922,876,289 919,752,240 Total of assets 7,703,786,811 4,314,726,935 Current liabilities 5,805,985,154 2,677,965,708 177 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Non current liabilities 306,058,725 505,894,435 Total liabilities 6,112,043,879 3,183,860,143 Minority shareholder Equity 67,010,551 67,010,550 Attributable to shareholders of the parent 1,524,732,381 1,063,856,242 company Share of net assets calculated by stake 765,051,530 531,928,121 --Other -614,728 -614,728 Book value of equity investment in joint 764,436,802 531,313,393 venture Business income 15,512,366,825 6,784,253,886 Financial expenses 12,439,451 Income tax 53,178,987 22,088,703 Net profit 160,175,934 57,819,131 Total comprehensive income 160,175,934 57,819,131 Dividends received from the joint 29,649,898 69,090,435 venture this year Other note Share of asset is calculated in proportion to the shareholding based on the amount attributable to the parent company in the consolidated financial statements of associates. The amount in the consolidated financial statements of associates considers the impacts of fair value of identifiable assets and liabilities of associates at the time of acquisition and the unification of accounting policies. 178 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 (3) Main financial information of significant associated enterprise In RMB Closing balance/This period Opening balance/Last period Energy Energy Yudean Taishan Power Financing Yudean Taishan Power Financing Shanxi Energy Energy Finance Shanxi Energy Energy Finance Shipping Generation Leasing Shipping Generation Leasing Company Company Current 455,128,400 663,148,623 8,127,000,300 2,049,580,991 1,156,853,457 359,511,675 610,941,062 4,029,448,613 1,394,060,235 913,688,722 assets Non-current 6,088,965,525 1,470,208,991 16,826,658,632 9,605,611,270 5,499,653,915 4,862,121,461 1,526,832,468 16,236,897,512 10,151,763,274 4,333,088,521 assets Total of 6,544,093,925 2,133,357,614 24,953,658,932 11,655,192,261 6,656,507,372 5,221,633,136 2,137,773,530 20,266,346,125 11,545,823,509 5,246,777,243 assets Current 367,030,212 1,375,208,726 20,967,023,636 2,097,192,318 1,727,456,519 272,974,916 1,447,093,206 16,186,047,689 2,099,513,156 1,457,308,158 liabilities Non-current 1,042,121,539 2,018,078 24,771,788 2,847,582,009 394,482,950 24,771,788 1,699,534,931 liabilities Total 1,409,151,751 1,377,226,804 20,991,795,424 2,097,192,318 4,575,038,528 667,457,866 1,447,093,206 16,210,819,477 2,099,513,156 3,156,843,089 liabilities Minority shareholder 6,281,278 1,226,302 6,344,280 1,177,413 Equity Attributable to shareholders 5,128,660,896 756,130,810 3,961,863,508 9,556,773,641 2,081,468,844 4,547,830,990 690,680,324 4,055,526,648 9,445,132,940 2,089,934,154 of the parent company Share of net assets 2,051,438,155 263,632,679 990,465,878 1,928,084,738 520,571,642 1,819,132,396 241,738,113 1,013,881,662 1,889,026,588 522,483,539 calculated by stake --Goodwill 13,325,000 13,325,000 Book value of equity 2,051,438,155 263,632,679 1,003,790,878 1,928,084,738 520,571,642 1,819,132,396 241,738,113 1,027,206,662 1,889,026,588 522,483,539 investment in associates 179 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Business 40,369,217 975,357,361 361,371,694 2,700,661,824 119,226,458 4,992,410 435,612,954 343,612,965 2,700,661,824 income Net profit 420,775,891 62,555,903 212,021,766 223,754,761 41,841,369 269,234,121 -53,831,002 209,453,720 201,189,473 Total comprehensi 420,775,891 62,555,903 212,021,766 223,754,761 41,841,369 269,234,121 -53,831,002 209,453,720 201,189,473 ve income Dividends received from the 76,421,226 12,576,669 20,000,000 73,161,903 146,136,255 associated enterprise this year Other note Guangdong Energy Group Finance Leasing Co., Ltd became an associate company to Guangdong Electric Power in November 2020, and the income statement has no comparable data in the previous period. 180 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 (4) Summary financial information of insignificant joint venture or associated enterprise In RMB Amount of current period Amount of previous period Joint venture: -- -- The total number of the following -- -- Associated enterprise: -- -- Total investment book value 675,349,344 656,356,923 The total number of the following -- -- --Net Profit 20,498,038 -1,816,145 --Other comprehensive income -1,269,641 - Total comprehensive income 20,498,038 -3,085,786 (5) Note to the significant restrictions of the ability of joint venture or associated enterprise transfer funds to the Company Not applicable (6) The excess loss of joint venture or associated enterprise Not applicable (7)The unrecognized commitment related to joint venture investment Not applicable (8) Contingent liabilities related to joint venture or associated enterprise investment Not applicable 4. Significant common operation Not applicable 5. Equity of structure entity not including in the scope of consolidated financial statements Not applicable 181 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 6.Other X. The risk related financial instruments XI. The disclosure of the fair value 1. Closing fair value of assets and liabilities calculated by fair value In RMB Closing fair value Fair value Fair value Fair value Items measurement items at measurement items at measurement items at Total level 1 level 2 level 3 I. Consistent fair value -- -- -- -- measurement (3)Other equity 506,053,215 3,164,500,870 3,670,554,085 instrument investment II Inconsistent fair value -- -- -- -- measurement 2.Recognized basis for the market price sustaining and non-persistent measured by fair value on first-order For financial instruments that are not traded in active markets, the Group adopts valuation techniques to determine their fair value. 3. Valuation technique and qualitative and quantitative information on major parameters for the fair value measure sustaining and non-persistent on second-order 4. Valuation technique and qualitative and quantitative information on major parameters for the fair value measure sustaining and non-persistent on third -order For financial instruments that are not traded in active markets, the Group adopts valuation techniques to determine their fair value. The valuation models used are mainly cash flow discount model and market comparable company model. The input values of valuation techniques mainly include risk-free interest rate, benchmark interest rate, exchange rate, credit spread, liquidity premium, dividend model, EBITDA multiplier, illiquidity discount and so on. 5.Continuous third-level fair value measurement project, adjustment information between the opening and closing book value and sensitivity analysis of unobservable parameters 6.The reasons for the conversions and the policies for determining the timing of the conversions for continuous fair value measurement items where conversions between various levels occurred during the current period The Group takes the occurrence date of the event that leads to the transition between different levels as the time to confirm the transition between different levels. This year, there is no transition among the first level, the second level and the third level. 182 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 7. Changes in valuation technology during the current period and the reasons for the changes 8. Sensitiveness analysis on unobservable parameters and adjustment information between opening and closing book value of consistent fair value measurement items at level 3 The Group's financial assets and liabilities measured in amortized cost mainly include: accounts receivable, other receivables, long-term receivables, short-term loans, fund payable, long-term loans, bonds payable and long-term payables. There is no significant difference between the book value and fair value of the Group's financial assets and financial liabilities that are not measured at fair value. 9.Other XII. Related parties and related-party transactions 1. Parent company information of the enterprise Share ratio of Vote right ratio Parent company Registered parent company of parent Registration place Nature name capital against the company against company(%) the company(%) Operation and management of power generation enterprises, Guangdong capital management of Guangzhou 23 billion 67.39% 67.39% Energy Group electricity assets, construction of power plant and sales of electricity Explanation on parent company of the enterprise On August 8, 2001, Guangdong Provincial Government had taken the lead in the implementation of the reform of electric power system. Guangdong Electric power Group was established by inheriting the electricity generation business of Guangdong electric Power Group Company and its registered capital is RMB 23 billion, with 76% stake held by Guangdong Provincial People's Government and 24% stake held by China Hua Neng Group, owning more than 13,000 staff now, and the company is the strongest On February 18, 2019, With the approval of the state-owned assets supervision and administration commission of the Guangdong provincial people's government and the approval of the Guangdong provincial market supervision administration, the former Guangdong Energy group Co., Ltd. was renamed as Guangdong Energy Group Co., Ltd Ultimate controller of the Company is Guangdong Provincial People’s Government state owned assets supervision and Administration Commission. Other note: 2.Subsidiary of the Enterprise See to Notes IX.1. 183 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 3.Cooperative enterprise and joint venture See Notes IX.3. Other cooperative enterprise and joint venture that have related transaction with the Company in the Period or occurred in pervious period: Name Relationship Yudean Fuel Company Joint venture Yudean Shipping Comany Associate Energy Group Finance Cmpany Associate Yudean Insurance Captive Company Associate Guangdong Energy Financing Leasing Co., Ltd. Associate Other note 4.Other related party Other related party Relationship with the Enterprise Yudean Environmental protection Controlled by Energy Group Guanghe Electric Power Controlled by Energy Group Yuelong Power Generation Controlled by Energy Group Xinhui Power Plant Controlled by Energy Group Yunhe Power Generation Controlled by Energy Group Zhongshan Thermal power plant Controlled by Energy Group Yuehua Power Generation Controlled by Energy Group Zhuhai Jinwan Controlled by Energy Group Guangzhu Company Controlled by Energy Group Yudean Infornation Technology Controlled by Energy Group Huangpu Power Engineering Controlled by Energy Group Yudean Property Controlled by Energy Group Yangjiang Port Controlled by Energy Group Yudean Changtan Power Generation Controlled by Energy Group Yudean Real Estate Controlled by Energy Group Shajiao C Power Plant Controlled by Energy Group Energy Group Controlled by Energy Group Huizhou New Energy Controlled by Energy Group Deqing New Energy Controlled by Energy Group Shaoguan Port Controlled by Energy Group 184 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Yudean New Energy Controlled by Energy Group Qujiang New Energy Controlled by Energy Group Yudean Environmental protection material Controlled by Energy Group Huizhou Natural gas Controlled by Energy Group Shenzhen Tianxin Controlled by Energy Group Energy Group Natural gas Controlled by Energy Group Energy Group Research Controlled by Energy Group 5. Related transactions. (1)Related transactions on purchasing goods and receiving services Acquisition of goods and reception of labor service In RMB Whether over the Approval Related party Content Current amount trading Last amount trading limit limit(Y/N) Fuel Company Fuel purchase 10,988,461,951 No 4,902,865,249 Energy Group Natural gas Fuel purchase 1,011,394,168 No 742,626,273 Yudean Environment Protection Material purchase 108,295,352 No 68,533,438 Management Yudean Property Management 14,070,665 No 15,521,486 services Acceptance of Yangjiang Port 12,695,230 No 1,479,405 tugboat services Acceptance of Yudean Shipping 12,113,208 No 13,097,736 tugboat services Maintenance Huangpu Power Engineering 5,524,654 No 5,364,513 services Acceptance of Yudean Information management 2,145,269 No 1,057,265 services Acceptance of Yudean Changtan Power management 0 No 113,208 Generation services Acceptance of Yuehua Power Generation management 0 No 37,800 services Guanghe Electric Power Electric purchase 71,683,747 No 78,863,402 Guangzhu Company Electric purchase 59,973,500 No 65,652,082 Zhuhai Jinwan Electric purchase 56,010,529 No 60,817,812 Zhongshan Thermal power plant Electric purchase 44,818,875 No 44,099,821 Yunhe Power Generation Electric purchase 33,829,900 No 28,300,770 Yuehua Power Generation Electric purchase 30,209,169 No 29,358,941 Xinhui Power Generation Electric purchase 21,348,324 No 28,026,682 Yuelong Power Generation Electric purchase 14,351,040 No 14,217,210 Sales of goods and services In RMB Related parties Content Occurred current term Occurred in previous term Yudean Environment Sale of Material 158,811,106 110,603,961 185 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Protection Providing maintenance Shajiao C plant 22,011,907 19,703,681 services Xinhui Power Generation Service 5,008,934 5,782,041 Provide emergency rescue Energy Group 4,716,981 0 services Providing maintenance Yunhe Power Generation 4,251,461 12,313,194 services Zhongshan Thermal power Providing maintenance 3,663,982 2,445,092 plant services Providing maintenance Qujiang New Energy 1,531,789 2,307,500 services Yudean New Energy Service 512,078 312,004 Providing maintenance Huizhou New Energy 138,813 19,749 services Deqing New Energy Service 0 557,677 Yudean Environment Providing maintenance 0 188,522 Protection services (2)Related trusteeship or contracting Related trusteeship or contracting in which the Company is the undertake In RMB Gains from Name of the Name of the Asset situation Start Termina Pricing basis the deal in employer undertaker of the undertaker date ting date report period The custody fee charged to each first-class target company directly controlled by Guangdong Energy Group is 100,000 yuan/year, and the custody fee charged to each second-class target company indirectly controlled by Guangdong Yudean Group is 50,000 yuan/year. If the custody period is less than one complete fiscal year, the calculation formula of the custody fee of each target company Shareholders' Guangdong is calculated according to the custody days. During Guangdong rights except Electric the current period, there are 19 first-level subject Energy ownership, January Power companiesthat have been in custody for half a year , 1,117,472 Group Co., income right and 1,2018 Developme 8 second-level subject companiesthat have been in Ltd. disposition right nt Co., Ltd. custody for half a year, and two other subject companies have been changed: (1) Xitou Company-the first-level subjectcompany-was cancelled on February 25, 2021, with the number of custody days was 56 days and the custody fee was RMB 15,342; (2) Zhuhai Power Generation Company-a second-level subject company-was cancelled on May 20, 2021, with the number of custody days was 140 daysand the custody fee was 186 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 RMB 19,178. Accordingly, in the first half of the year, the custodial income of RMB 1,117,472 was provisionally accrued. Note According to the instructions of Guangdong Energy Group on undertaking to perform related matters, in order to avoid horizontal competition and fulfill the commitments of related horizontal competition, the Company and Guangdong Energy Group have signed the Equity Trust Agreement, which entrusts the rights of shareholders of the Company within the trust scope of Guangdong Energy Group to the Company except for the rights of ownership, income and disposition. The expected trust fee is RMB 2.45 million/year. Charge RMB 100,000/year custody fees for each Guangdong Energy Group's direct holding primary target company; charge each indirectly controlling secondary target company 50,000/year custody fee. For details, please refer to the " Announcement on Related Party Transaction of the Signing of the “Equity Custody Agreement” by Guangdong Electric Power Development Co., Ltd with Guangdong Yudean Group Co., Ltd " (Announcement No.: 2018-04) disclosed in China Securities Journal, Securities Times, and Cninfo.com on January 13, 2018. 187 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Lists of entrust/contracted Not applicable (3) Information of related lease The company as lessor: In RMB The lease income confirmed The lease income confirmed Name of lessee Category of leased assets in this year in last year Shipping Company Property Leas 0 528,807 Shajiao C Power plant Property Leas 0 42,857 Shaoguan Port Property Leas 330,400 12,465 Property Company Property Leas 728,743 0 Qujiang New Energy Property Leas 701 0 The Company was lessee: In RMB The lease income confirmed Lessor Category of leased assets Category of leased assets in this year Yudean Real Estate Leasing service 6,135,668 4,909,655 Yudean Finance lease Financing leasing 71,857,044 43,685,957 Note On March 2021,Based on the Framework Agreement on Financial Lease between the Company and Yudean Leasing, Yudean Leasing is committed to offering the Group a credit line of less than RMB 10 billion, which is reusable during the one-year agreement period. As at 30 June 2021, the balance of Bohe Coal’s long-term payables of finance lease through leaseback was RMB 1,006,959,137 (December 31, 2020: 1,007,089,705 ), and its interest expenses recorded in construction in progress was RMB 20,907,626 (December 31, 2020: RMB47,836,846); Qujie Wind's balance of lease liabilities formed by financial leases is RMB 1,680,811,246 (as of December 31, 2020, the balance of long-term payables formed by financial leases is RMB: 1,106,364,504), and the interest expenses included in the right-of-use assets this year are RMB 31,468,242 yuan(December 31, 2020:RMB34,701,756); On June 30,2021,the balance of Qujie Wind Power’s long-term payables of finance lease was RMB 1,680,811,246 (December 31, 2020: 1,106,364,504), and the interest expenses recorded in construction in progress amounted to RMB31,468,242 ((December 31, 2020: 34,701,756 ). On June 30,2021,the balance of Zhuhai Wind Power’s long-term payables of finance lease was RMB 275,639,325 (December 31, 2020: 275,227,648), and the interest expenses recorded in construction in progress amounted to RMB5,741,900(December 31, 2020:RMB 8,543,651) ). On June 30,2021,the balance of Yangjiang Wind Power’s long-term payables of finance lease was RMB 223,556,472 (December 31, 2020: 138,294,539), and the interest expenses recorded in construction in progress amounted to RMB3,518,395 ((December 31, 2020:RMB 6,354,198 ). On June 30,2021,the balance of Nanxiong Yuefeng New Energy’s long-term payables of finance lease was RMB 188 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 20,830,088, and the interest expenses recorded in construction in progress amounted to RMB389,126. On June 30,2021,the balance of Huadu Natural Gasr’s long-term payables of finance lease was RMB 393,702,735 (December 31, 2020: 76,214,109), and the interest expenses recorded in construction in progress amounted to RMB8,725,389 ((December 31, 2020: RMB149,836 ). On June 30,2021,the balance of Tongdao Wind Power’s long-term payables of finance lease was RMB 67,914,839 (December 31, 2020: 40,577,991), and the interest expenses recorded in construction in progress amounted to RMB1,106,366 ((December 31, 2020:RMB 904,804 ). (4)Status of related party guarantee As a guarantor for the company In RMB Guarantor Guarantee amount Start date End date Execution accomplished Guangdong Energy 600,225,631 December 3,2019 September 15,2043 No Group As a secured party for the company In RMB Execution accomplished Guarantor Guarantee amount Start date End date or not Energy Group 0 August 14,2013 August 13,2022 Yes (5) Inter-bank lending of capital of related parties: In RMB Amount borrowed Related party Initial date Due date Notes and loaned Borrowed Guangdong Energy Group Finance Co., Ltd. 140,000,000 December 6,2007 December 5,2025 Guangdong Energy Group Finance Co., Ltd. 295,040,000 March 11,2013 March 10,2031 Guangdong Energy Group Finance Co., Ltd. 232,110,651 December 25,2013 December 24,2028 Guangdong Energy Group Finance Co., Ltd. 60,000,000 October 16,2014 October 13,2029 Guangdong Energy Group Finance Co., Ltd. 51,740,000 December 10,2014 October 27,2029 Guangdong Energy Group Finance Co., Ltd. 1,790,000 December 10,2014 October 27,2029 Guangdong Energy Group Finance Co., Ltd. 1,780,000 December 10,2014 October 27,2029 Guangdong Energy Group Finance Co., Ltd. 49,950,000 December 10,2014 October 27,2029 Guangdong Energy Group Finance Co., Ltd. 1,790,000 December 10,2014 October 27,2029 Guangdong Energy Group Finance Co., Ltd. 1,780,000 December 10,2014 October 27,2029 Guangdong Energy Group Finance Co., Ltd. 100,000,000 February 4,2015 October 27,2029 Guangdong Energy Group Finance Co., Ltd. 100,000,000 February 4,2015 October 27,2029 189 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Guangdong Energy Group Finance Co., Ltd. 10,000,000 February 11,2015 February 10,2033 Guangdong Energy Group Finance Co., Ltd. 7,000,000 June 9,2015 February 10,2033 Guangdong Energy Group Finance Co., Ltd. 45,000,000 June 17,2015 October 27,2029 Guangdong Energy Group Finance Co., Ltd. 45,000,000 June 17,2015 October 27,2029 Guangdong Energy Group Finance Co., Ltd. 5,000,000 July 2,2015 February 10,2033 Guangdong Energy Group Finance Co., Ltd. 25,000,000 July 23,2015 October 27,2029 Guangdong Energy Group Finance Co., Ltd. 25,000,000 July 23,2015 October 27,2029 Guangdong Energy Group Finance Co., Ltd. 11,500,000 August 12,2015 February 10,2033 Guangdong Energy Group Finance Co., Ltd. 200,000,000 September 2,2015 May 26,2030 Guangdong Energy Group Finance Co., Ltd. 24,000,000 September 15,2015 October 27,2029 Guangdong Energy Group Finance Co., Ltd. 24,000,000 September 15,2015 October 27,2029 Guangdong Energy Group Finance Co., Ltd. 30,000,000 September 28,2015 October 27,2029 Guangdong Energy Group Finance Co., Ltd. 30,000,000 September 28,2015 October 27,2029 Guangdong Energy Group Finance Co., Ltd. 4,000,000 September 29,2015 February 10,2033 Guangdong Energy Group Finance Co., Ltd. 19,000,000 October 13,2015 October 27,2029 Guangdong Energy Group Finance Co., Ltd. 19,000,000 October 13,2015 October 27,2029 Guangdong Energy Group Finance Co., Ltd. 144,500,000 December 16,2015 October 27,2029 Guangdong Energy Group Finance Co., Ltd. 144,500,000 December 16,2015 October 27,2029 Guangdong Energy Group Finance Co., Ltd. 4,000,000 December 16,2015 February 10,2033 Guangdong Energy Group Finance Co., Ltd. 200,000,000 December 17,2015 May 26,2030 Guangdong Energy Group Finance Co., Ltd. 3,000,000 January 27,2016 February 10,2033 Guangdong Energy Group Finance Co., Ltd. 1,000,000 March 3,2016 February 10,2033 Guangdong Energy Group Finance Co., Ltd. 78,000,000 November 30,2016 November 28,2031 Guangdong Energy Group Finance Co., Ltd. 14,000,000 January 25,2017 May 26,2030 Guangdong Energy Group Finance Co., Ltd. 4,000,000 May 15,2017 August 15,2031 Guangdong Energy Group Finance Co., Ltd. 10,055,666.05 October 27,2017 May 26,2030 Guangdong Energy Group Finance Co., Ltd. 42,542,563.40 December 11,2017 May 26,2030 Guangdong Energy Group Finance Co., Ltd. 8,800,000 December 18,2017 August 15,2032 Guangdong Energy Group Finance Co., Ltd. 18,845,253.12 January 31,2018 May 26,2030 Guangdong Energy Group Finance Co., Ltd. 7,200,639.87 April 28,2018 May 26,2030 Guangdong Energy Group Finance Co., Ltd. 12,000,000 June 20,2018 October 27,2029 Guangdong Energy Group Finance Co., Ltd. 12,000,000 June 20,2018 October 27,2029 Guangdong Energy Group Finance Co., Ltd. 22,753,922 July 4,2018 May 26,2030 Guangdong Energy Group Finance Co., Ltd. 26,000,000 July 31,2018 July 22,2033 190 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Guangdong Energy Group Finance Co., Ltd. 5,000,000 August 17,2018 August 15,2031 Guangdong Energy Group Finance Co., Ltd. 800,000 August 17,2018 August 15,2031 Guangdong Energy Group Finance Co., Ltd. 5,191,038.20 September 11,2018 May 26,2030 Guangdong Energy Group Finance Co., Ltd. 17,000,000 September 20,2018 October 27,2029 Guangdong Energy Group Finance Co., Ltd. 17,000,000 September 20,2018 October 27,2029 Guangdong Energy Group Finance Co., Ltd. 8,327,537.21 November 22,2018 May 26,2030 Guangdong Energy Group Finance Co., Ltd. 30,000,000 December 28,2018 December 27,2036 Guangdong Energy Group Finance Co., Ltd. 30,000,000 January 15,2019 December 27,2036 Guangdong Energy Group Finance Co., Ltd. 5,919,804 January 24,2019 May 26,2030 Guangdong Energy Group Finance Co., Ltd. 10,000,000 February 25,2019 August 15,2031 Guangdong Energy Group Finance Co., Ltd. 10,000,000 February 25,2019 August 15,2031 Guangdong Energy Group Finance Co., Ltd. 30,250,000 March 11,2019 August 15,2031 Guangdong Energy Group Finance Co., Ltd. 7,058,352 April 12,2019 May 26,2030 Guangdong Energy Group Finance Co., Ltd. 38,000,000 May 31,2019 December 27,2036 Guangdong Energy Group Finance Co., Ltd. 23,000,000 June 21,2019 December 27,2036 Guangdong Energy Group Finance Co., Ltd. 632,991.90 June 26,2019 June 25,2039 Guangdong Energy Group Finance Co., Ltd. 570,000 July 15,2019 June 25,2039 Guangdong Energy Group Finance Co., Ltd. 26,000,000 July 29,2019 December 27,2036 Guangdong Energy Group Finance Co., Ltd. 297,042.21 August 26,2019 June 25,2039 Guangdong Energy Group Finance Co., Ltd. 1,297,700 September 12,2019 June 25,2039 Guangdong Energy Group Finance Co., Ltd. 180,000 September 29,2019 June 25,2039 Guangdong Energy Group Finance Co., Ltd. 21,000,000 September 29,2019 December 27,2036 Guangdong Energy Group Finance Co., Ltd. 210,000 October 29,2019 June 25,2039 Guangdong Energy Group Finance Co., Ltd. 18,000,000 October 30,2019 Decemer ,27,2036 Guangdong Energy Group Finance Co., Ltd. 3,000,000 November 21,2019 June 22,2039 Guangdong Energy Group Finance Co., Ltd. 18,000,000 November 27,2019 December 27,2036 Guangdong Energy Group Finance Co., Ltd. 2,000,000 December 5,2019 June 25,2039 Guangdong Energy Group Finance Co., Ltd. 1,100,000 December 18,2019 June 25,2039 Guangdong Energy Group Finance Co., Ltd. 9,000,000 December 25,2019 December 27,2036 Guangdong Energy Group Finance Co., Ltd. 3,000,000 December 27,2019 December 26,2034 Guangdong Energy Group Finance Co., Ltd. 1,800,000 January 14,2020 June 25,2039 Guangdong Energy Group Finance Co., Ltd. 10,014,937.25 January 17,2020 May 26,2030 Guangdong Energy Group Finance Co., Ltd. 10,000,000 February 21,2020 December 27,2036 Guangdong Energy Group Finance Co., Ltd. 1,500,000 February 25,2020 June 25,2039 191 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Guangdong Energy Group Finance Co., Ltd. 32,158,951.93 February 26,2020 January 2,2040 Guangdong Energy Group Finance Co., Ltd. 7,868,106.45 March 25,2020 May 26,2030 Guangdong Energy Group Finance Co., Ltd. 100,000,000 April 3,2020 March 31,2023 Guangdong Energy Group Finance Co., Ltd. 16,821,144.20 April 8,2020 May 26,2030 Guangdong Energy Group Finance Co., Ltd. 20,000,000 April 9,2020 January 2,2040 Guangdong Energy Group Finance Co., Ltd. 47,400,000 April 16,2020 June 25,2039 Guangdong Energy Group Finance Co., Ltd. 54,000,000 April 20,2020 June 25,2039 Guangdong Energy Group Finance Co., Ltd. 22,682,257.62 April 30,2020 May 26,2030 Guangdong Energy Group Finance Co., Ltd. 43,481,594.40 May 14,2020 January 2,2040 Guangdong Energy Group Finance Co., Ltd. 8,500,000 May 18,2020 June 25,2039 Guangdong Energy Group Finance Co., Ltd. 43,850,008.20 May 27,2020 January 2,2040 Guangdong Energy Group Finance Co., Ltd. 2,800,000 May 28,2020 May 25,2035 Guangdong Energy Group Finance Co., Ltd. 69,030,000 May 29,2020 May 28,2040 Guangdong Energy Group Finance Co., Ltd. 46,020,000 June 15,2020 May 28,2040 Guangdong Energy Group Finance Co., Ltd. 6,700,000 June 17,2020 June 25,2039 Guangdong Energy Group Finance Co., Ltd. 15,400,000 June 17,2020 January 2,2040 Guangdong Energy Group Finance Co., Ltd. 2,200,000 June 22,2020 May 25,2035 Guangdong Energy Group Finance Co., Ltd. 20,000,000 June 24,2020 December 26,2034 Guangdong Energy Group Finance Co., Ltd. 4,550,000 June 28,2020 May 25,2035 Guangdong Energy Group Finance Co., Ltd. 100,000,000 July 6,2020 July 5,2021 Guangdong Energy Group Finance Co., Ltd. 11,200,000 July 9,2020 June 25,2039 Guangdong Energy Group Finance Co., Ltd. 200,000,000 July 13,2020 July 12,2021 Guangdong Energy Group Finance Co., Ltd. 48,350,000 July 16,2020 January 2,2040 Guangdong Energy Group Finance Co., Ltd. 10,000,000 July 21,2020 July 20,2021 Guangdong Energy Group Finance Co., Ltd. 6,000,000 July 22,2020 May 25,2035 Guangdong Energy Group Finance Co., Ltd. 100,000,000 July 29,2020 July 28,2021 Guangdong Energy Group Finance Co., Ltd. 80,000,000 July 30,2020 July 29,2021 Guangdong Energy Group Finance Co., Ltd. 20,000,000 August 6,2020 August 5,2021 Guangdong Energy Group Finance Co., Ltd. 400,000,000 August 10,2020 August 9,2021 Guangdong Energy Group Finance Co., Ltd. 19,500,000 August 10,2020 July 25,2039 Guangdong Energy Group Finance Co., Ltd. 60,000,000 August 13,2020 August 12,2021 Guangdong Energy Group Finance Co., Ltd. 2,700,000 August 14,2020 May 25,2035 Guangdong Energy Group Finance Co., Ltd. 100,000,000 August 19,2020 August 18,2021 Guangdong Energy Group Finance Co., Ltd. 7,700,000 August 20,2020 June 25,2039 192 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Guangdong Energy Group Finance Co., Ltd. 83,613,861.21 August 20,2020 January 2,2040 Guangdong Energy Group Finance Co., Ltd. 20,000,000 August 24,2020 August 23,2021 Guangdong Energy Group Finance Co., Ltd. 21,281,009.76 August 27,2020 January 2,2040 Guangdong Energy Group Finance Co., Ltd. 36,000,000 September 10,2020 June 25,2039 Guangdong Energy Group Finance Co., Ltd. 20,000,000 September 10,2020 September 9,2021 Guangdong Energy Group Finance Co., Ltd. 6,800,000 September 14,2020 May 25,2035 Guangdong Energy Group Finance Co., Ltd. 5,700,000 September 15,2020 June 25,2039 Guangdong Energy Group Finance Co., Ltd. 12,188,757.10 September 16,2020 January 2,2040 Guangdong Energy Group Finance Co., Ltd. 10,000,000 September 16,2020 September 15,2021 Guangdong Energy Group Finance Co., Ltd. 5,000,000 September 17,2020 September 16,2021 Guangdong Energy Group Finance Co., Ltd. 30,000,000 September 28,2020 September 27,2021 Guangdong Energy Group Finance Co., Ltd. 20,000,000 October 9,2020 December 26,2034 Guangdong Energy Group Finance Co., Ltd. 50,000,000 October 12,2020 October 11,2021 Guangdong Energy Group Finance Co., Ltd. 5,000,000 October 14,2020 October 13,2021 Guangdong Energy Group Finance Co., Ltd. 11,600,000 October 15,2020 June 25,2039 Guangdong Energy Group Finance Co., Ltd. 30,000,000 October 16,2020 January 2,2040 Guangdong Energy Group Finance Co., Ltd. 12,000,000 October 23,2020 May 25,2035 Guangdong Energy Group Finance Co., Ltd. 100,000,000 October 28,2020 October 27,2021 Guangdong Energy Group Finance Co., Ltd. 50,000,000 October 29,2020 October 28,2021 Guangdong Energy Group Finance Co., Ltd. 10,000,000 November 4,2020 November 2,2035 Guangdong Energy Group Finance Co., Ltd. 28,000,000 November 4,2020 May 28,2040 Guangdong Energy Group Finance Co., Ltd. 60,000,000 November 16,2020 November 16,2021 Guangdong Energy Group Finance Co., Ltd. 13,000,000 November 17,2020 December 26,2034 Guangdong Energy Group Finance Co., Ltd. 7,100,000 November 19,2020 June 25,2039 Guangdong Energy Group Finance Co., Ltd. 16,530,202.23 November 19,2020 January 2,2040 Guangdong Energy Group Finance Co., Ltd. 9,000,000 November 19,2020 November 2,2035 Guangdong Energy Group Finance Co., Ltd. 150,000,000 November 24,2020 November 23,2021 Guangdong Energy Group Finance Co., Ltd. 100,000,000 November 26,2020 November 25,2021 Guangdong Energy Group Finance Co., Ltd. 24,000,000 November 26,2020 December 27,2036 Guangdong Energy Group Finance Co., Ltd. 6,290,000 December 10,2020 January 2,2040 Guangdong Energy Group Finance Co., Ltd. 100,000,000 December 11,2020 December 10,2021 Guangdong Energy Group Finance Co., Ltd. 24,000,000 December 11,2020 December 26,2034 Guangdong Energy Group Finance Co., Ltd. 10,000,000 December 16,2020 December 15,2121 Guangdong Energy Group Finance Co., Ltd. 150,000,000 December 17,2020 December 16,2021 193 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Guangdong Energy Group Finance Co., Ltd. 200,000,000 December 22,2020 December 21,2021 Guangdong Energy Group Finance Co., Ltd. 60,000,000 January 4,2021 May 28,2040 Guangdong Energy Group Finance Co., Ltd. 25,000,000 January 4,2021 December 29,2040 Guangdong Energy Group Finance Co., Ltd. 300,000,000 January 14,2021 January 13,2022 Guangdong Energy Group Finance Co., Ltd. 21,210,000 January 15,2021 January 14,2036 Guangdong Energy Group Finance Co., Ltd. 100,000,000 January 15,2021 January 14,2041 Guangdong Energy Group Finance Co., Ltd. 11,000,000 January 21,2021 January 2,2040 Guangdong Energy Group Finance Co., Ltd. 100,000,000 January 22,2021 January 21,2022 Guangdong Energy Group Finance Co., Ltd. 3,000,000 January 22,2021 November 2,2035 Guangdong Energy Group Finance Co., Ltd. 4,500,000 February 5,2021 December 26,2034 Guangdong Energy Group Finance Co., Ltd. 30,000,000 February 25,2021 February 24,2022 Guangdong Energy Group Finance Co., Ltd. 100,000,000 February 26,2021 February 25,2022 Guangdong Energy Group Finance Co., Ltd. 8,500,000 February 26,2021 December 29,2040 Guangdong Energy Group Finance Co., Ltd. 13,084,525.72 March 11,2021 January 2,2040 Guangdong Energy Group Finance Co., Ltd. 5,000,000 March 16,2021 June 25,2039 Guangdong Energy Group Finance Co., Ltd. 50,000,000 March 17,2021 March 16,2022 Guangdong Energy Group Finance Co., Ltd. 5,000,000 March 24,2021 March 23,2022 Guangdong Energy Group Finance Co., Ltd. 40,000,000 March 25,2021 March 24,2022 Guangdong Energy Group Finance Co., Ltd. 19,000,000 March 26,2021 May 28,2040 Guangdong Energy Group Finance Co., Ltd. 60,000,000 March 29,2021 March 28,2022 Guangdong Energy Group Finance Co., Ltd. 30,000,000 March 30,2021 March 28,2036 Guangdong Energy Group Finance Co., Ltd. 100,000,000 March 30,2021 September 29,2021 Guangdong Energy Group Finance Co., Ltd. 30,000,000 April 1,2021 March 31,2022 Guangdong Energy Group Finance Co., Ltd. 10,000,000 April 6,2021 June 25,2039 Guangdong Energy Group Finance Co., Ltd. 100,000,000 April 13,2021 April 12,2022 Guangdong Energy Group Finance Co., Ltd. 50,000,000 April 13,2021 June 23,2022 Guangdong Energy Group Finance Co., Ltd. 86,135,247.60 April 14,2021 January 2,2040 Guangdong Energy Group Finance Co., Ltd. 10,000,000 April 15,2021 April 14,2022 Guangdong Energy Group Finance Co., Ltd. 50,000,000 April 19,2021 April 18,2022 Guangdong Energy Group Finance Co., Ltd. 8,121,853.80 April 22,2021 June 25,2039 Guangdong Energy Group Finance Co., Ltd. 16,000,000 April 22,2021 December 29,2040 Guangdong Energy Group Finance Co., Ltd. 7,500,000 April 23,2021 July 22,2033 Guangdong Energy Group Finance Co., Ltd. 300,000,000 April 25,2021 April 24,2022 Guangdong Energy Group Finance Co., Ltd. 10,000,000 April 25,2021 October 24,2021 194 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Guangdong Energy Group Finance Co., Ltd. 10,000,000 April 29,2021 April 28,2022 Guangdong Energy Group Finance Co., Ltd. 100,000,000 May 12,2021 May 11,2022 Guangdong Energy Group Finance Co., Ltd. 100,000,000 May 14,2021 May 13,2022 Guangdong Energy Group Finance Co., Ltd. 29,000,000 May 17,2021 November 16,2021 Guangdong Energy Group Finance Co., Ltd. 10,000,000 May 17,2021 May 16,2022 Guangdong Energy Group Finance Co., Ltd. 31,500,000 May 18,2021 January 2,2040 Guangdong Energy Group Finance Co., Ltd. 5,000,000 May 20,2021 June 25,2039 Guangdong Energy Group Finance Co., Ltd. 2,000,000 May 20,2021 November 19,2021 Guangdong Energy Group Finance Co., Ltd. 10,000,000 May 21,2021 May 20,2022 Guangdong Energy Group Finance Co., Ltd. 100,000,000 May 25,2021 May 24,2022 Guangdong Energy Group Finance Co., Ltd. 5,000,000 June 2,2021 June 1,2022 Guangdong Energy Group Finance Co., Ltd. 15,000,000 June 8,2021 June 7,2022 Guangdong Energy Group Finance Co., Ltd. 100,000,000 June 10,2021 June 9,2022 Guangdong Energy Group Finance Co., Ltd. 160,000,000 June 10,2021 June 9,2022 Guangdong Energy Group Finance Co., Ltd. 100,000,000 June 11,2021 June 15,2022 Guangdong Energy Group Finance Co., Ltd. 250,000,000 June 15,2021 June 14,2022 Guangdong Energy Group Finance Co., Ltd. 10,000,000 June 15,2021 December 14,2021 Guangdong Energy Group Finance Co., Ltd. 10,000,000 June 15,2021 June 14,2022 Guangdong Energy Group Finance Co., Ltd. 100,000,000 June 16,2021 June 15,2022 Guangdong Energy Group Finance Co., Ltd. 70,000,000 June 16,2021 June 10,2022 Guangdong Energy Group Finance Co., Ltd. 10,000,000 June 16,2021 June 15,2022 Guangdong Energy Group Finance Co., Ltd. 5,000,000 June 18,2021 June 17,2022 Guangdong Energy Group Finance Co., Ltd. 100,000,000 June 23,2021 June 23,2022 Guangdong Energy Group Finance Co., Ltd. 100,000,000 June 29,2021 June 28,2022 Loaned (6)Related party asset transfer and debt restructuring Not applicable (7) Rewards for the key management personnel In RMB Items Amount of current period Amount of previous period Annual salary of the operator 3,199,040 3,053,040 195 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 (8)Other related transactions (a)Allocation of common expenses In the first half of 2021,, the common expenses received by the Group from Shajiao C was RMB2,453,346.( In the first half of 2020, the common expenses received by the Group from Shajiao C was RMB1,711,963 ) (b) Interest income In RMB Items Amount of current period Amount of previous period Deposit interest of Energy Group Finance 39,045,277 32,889,591 Proportion % 92.79% 91.77% (c)Interest expense Items Amount of current period Amount of previous period Interest of borrowing of Guangdong Energy 131,455,460 135,226,054 Finance Company Discount interest of Guangdong Energy Finance 6,589,373 12,277,995 Company Proportion 22.33% 24.82% (d)Interest payable Items Amount of current period Amount of previous period Yudean Finance Lease interest 71,857,044 43,685,957 (e)Joint Investment Name Energy Group Enerty Thermal power Plant 30.12% Bohe Company 33% Energy Group Finance Company 65% Industry Fuel 50% Shanxi Energy Company 60% Capital Company 51% Yueqian Company 17.48% Yudean Shipping 65% 196 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Energy Financing Leasing 50% 6. Payables and receivables of the related party (1)Receivables In RMB At end of term At beginning of term Project Related parties Book balance Bad debt provision Book balance Bad debt provision Energy Group Monetary funds 4,844,314,409 4,776,279,403 Finance Company Account Xinhui Power 7,921,910 6,361,157 receivable Generation Shajiao C plant 6,280,995 8,344,661 Energy Group 5,000,000 Yunhe Power 4,935,972 3,282,711 Generation Yudean Environmental 2,370,749 protection Qujiang New 1,489,952 1,282,820 Energy Zhongshan 1,323,383 2,036,029 Thermal Power Yudean 633,153 Environmental Huizhou New 29,694 438,382 Energy Yudean New 1,316,666 Energy Shaoguan Port 1,542 Zhongshan Contract assets 553,570 482,939 Thermal Power Shajiao C plant 476,800 331,627 Xinhui Power 62,792 549,950 Plant Qujiang New 566,660 Energy Yudean New 255,311 Energy Yudean Other account Environmental 145,961,541 76,071,143 receivable protection Energy Group 34,258,847 27,301,568 Finance Company Shajiao C plant 4,327,901 1,580,829 Yudean Real 1,995,522 1,715,273 Estate The Group 1,117,472 2,311,321 Yudean Property 525,708 1,006,188 Capital Company 251,769 Zhongshan 69,842 46,045 Thermal Power 197 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Research 7,177 Yudean Shipping 110,400 Advance payment Industry Fuel 610,775,532 555,574,836 Shenzhen Tianxin 6,164,093 45,487 Capital Company 1,698,503 Yudean Infornation 250,000 Technology Zhuhai Port 4,118,339 (2)Payables In RMB Name Related party Amount at year end Amount at year beginning Energy Group Finance Note Payable 320,000,000 612,992,546 Company Account Payable Industry fuel 3,368,617,262 2,003,569,440 Energy Group natural gas 172,195,427 63,883,147 Yudean Environmental 56,260,724 43,445,926 Protection Yudean Environmental 16,511,363 Protection Material Huangpu Electric 3,043,598 Engineering Yudean Shipping Company 1,150,000 2,300,000 Yudean Property 607,894 1,675,376 Yudean Infornation 245,900 Technology Xinhui Power Plant 128,964 Other account payable Yangjiang Port 3,115,810 372,400 Yudean Environmental 433,536 Protection Material Yudean Information 301,497 433,460 Technology Yudean Shipping Company 200,000 200,000 Yuemeng New Energy 183,773 Huangpu Electric 122,846 5,696,988 Engineering Yudean Property 90,086 757,262 Shenzhen Tianxin 70,000 70,000 Yudean Real Estate 47,371 2,305 Qujiang New Energy 9,000 9,000 Zhongshan Thermal Power 345,486 Yudean Environmental 132,864 Protection Changtan Power Generation 120,000 Energy Group Finance Short-term loan 5,817,794,653 4,587,920,173 Company -Principal 5,814,000,000 4,583,000,000 -Interest 3,794,653 4,920,173 Non-current liability due in 1 Energy Group Finance 140,315,586 185,952,653 year Company -Principal 132,347,725 181,449,280 -Interest 7,967,861 4,503,373 Enerty Financing Leasing 11,337,912 11,337,912 198 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Energy Group Finance Long-term loan 3,842,354,431 3,381,849,374 Company Lease liabilities Enerty Financing Leasing 3,669,413,842 2,643,768,496 7. Related party commitment Not applicable 8.Other XIII. Stock payment 1. The Stock payment overall situation □ Applicable √ Not applicable 2. The Stock payment settled by equity □ Applicable √ Not applicable 3. The Stock payment settled by cash □ Applicable √ Not applicable 4. Modification and termination of the stock payment 5.Other XIV. Commitments 1.Importance commitment events Important commitments of existence of balance sheet date (1) Commitments of capital expenditure The following are the capital expenditure commitments signed by the Group on the balance sheet date, which do not need to be listed on the balance sheet: June 30,2021 December 31,2020 House ,Building and Generation 18,360,865,379 15,285,913,171 equipment Intangible assets 19,733,104 0 Total 18,380,598,483 15,285,913,171 (2) Performance of previous commitments (a) The Ninth Session of the Board approved the Proposal on the Investment in and Construction of Dongguan Ningzhou Site Alternative Power Project during its 3rd communication meeting on 10 April 2020. The Board gave permission to Binhai Bay Company (the main part of investment) for investment in and construction of Dongguan Ningzhou Site Alternative Power Project, and the installation capacity of the project was gas-steam cooling 199 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 thermal and power cogeneration unit of 3×700MW. The dynamic investment for the project amounted to RMB 5,927,600,000, including a capital fund of RMB 1,185,520,000. As at 30 June 2021, the Company had made a capital contribution of RMB 620,000,000 to Binhai Bay Company, including a contribution of50,000,000 made in the current year. (b) The Ninth Session of the Board approved the Proposal on Investment in and Construction of Zhuhai Jinwan Offshore Wind Power Project during its 7th meeting on 25 January 2019. For the purpose of scaling up the Company’s offshore wind power in Guangdong Province and the southeast coast, the Board approved the Company’s investment in Zhuhai Jinwan Offshore Wind Power Project with a total dynamic investment of RMB 5,643,170,000, including a capital fund of RMB 1,128,634,000. On April 27, 2021,In order to smoothly promote the construction of new energy projects and ease the financial pressure, the First meeting of the ninth board of directors by Correspondence of 2021 reviewed and approved the Proposal on Indirect Subsidiaries Introducing Investors, It is agreed to introduce Zhuhai Special Economic Zone Power Development Group Co., Ltd. and Guangdong Energy Group Co., Ltd. as investors of Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd. by means of capital increase and share expansion, in which Zhuhai Power contributed RMB 89.187 million and held 20% equity of Zhuhai Wind Power Company, while Guangdong Energy Group contributed RMB 25.5003 million and held 5.7184% equity of Zhuhai Wind Power Company. After the completion of capital increase and share expansion, the shareholding ratio of Guangdong Wind Power Company in Zhuhai Wind Power Company decreased to 74.2816%. As at 30 June 2021, the Company had made a capital contribution of RMB665,000,000 to Zhuhai Jinwan Offshore Wind Power Project, including a contribution of50,000,000 made in the current year. (c) The Ninth Session of the Board approved the Proposal of Investment in and Construction of Zhanjiang Wailuo Offshore Wind Power Project (Phase I) during its 1st communication meeting on 23 March 2018. The Board gave permission to its wholly-owned subsidiary Qujie Wind Power for the construction of Zhanjiang Wailuo Offshore Wind Power Project (Phase I). The installation capacity of the project reached at 198 MW, and the total investments hit RMB 3,739,450,000. The capital fund was recorded as RMB 747,890,000 at a proportion of 20%. As at 31 December 2020, the Company made a total capital contribution of RMB 600,000,000 to the project and in 2020 the Company did not increase capital. (d) The Ninth Session of the Board approved the Proposal of Investment in Construction of Zhanjiang Wailuo Offshore Wind Power Project (Phase II) during its 1st communication meeting on 23 March 2018 and the Proposal of Investment in Construction of Zhanjiang Wailuo Offshore Wind Power Project (Phase II) during its 9th meeting on 29 August 2019. The Board gave permission to the Company’s wholly-owned subsidiary Qujie Wind Power for the investment of Wailuo Phase II, which was deemed as the main part of investment. The total dynamic investment for the project amounted to RMB 3,789,120,000, including a capital fund of RMB 757,824,000. As at 30 June 2021, the Company had made a capital contribution of RMB278,000,000 to The Project, including a contribution of100,000,000 made in the current year. (e) The Eighth Session of the Board approved the Proposal of Establishment of Yudean Yangjiang Offshore Wind Power Co., Ltd. during its 6th meeting on 27 April 2015. The Board gave permission to the Company’s wholly-owned subsidiary Guangdong Wind Power for the establishment of Yangjiang Wind Power in Yangjiang, which was deemed as the main part of investment in Yangjiang Shapa offshore wind power project. The total dynamic investment was RMB 5,963,270,000, and the capital fund was calculated as RMB 1,192,660,000 at a proportion of 20%. It is agreed to implement the capital increase of special funds for promoting economic 200 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 development in 2018 by means of capital increase and share expansion proposed by the State-owned Assets Supervision and Administration Commission of the People's Government of Guangdong Province, and introduce Guangdong Energy Group as the shareholder of Guangdong Yudean Yangjiang Offshore Wind Power Co., Ltd., with Guangdong Energy Group contributing RMB 58.1053 million and holding 10.9594% equity of Yangjiang Wind Power Company. After the capital increase and share expansion, the shareholding ratio of Guangdong Wind Power Company in Yangjiang Wind Power Company decreased to 89.0406%, and the final shareholding ratio of each shareholder shall be subject to the asset appraisal record results. As at 30 June 2021, the Company had made a capital contribution of RMB665,000,000 to The Project, including a contribution of160,000,000 made in the current year. (f) The Ninth Session of the Board approved the Proposal on Investment in and Construction of Zhanjiang Xinliao Offshore Wind Power Project during its 6th communication meeting on 28 November 2019. The Board agreed Qujie Wind Power’s investment (as the main part of the investment in the project) in construction and operation of Zhanjiang Xinliao Offshore Wind Power Project with a total dynamic investment of RMB 3,698,880,000. The capital fund was recorded as RMB 739,776,000 at a proportion of 20%. As at 30 June 2021, the Company had made a capital contribution of RMB370,000,000 to The Project, including a contribution of100,000,000 made in the current year. (g) The Ninth Session of the Board approved the Proposal on Accelerating Guangdong Yudean Dapu Power Plant Project (Phrase II) during its 15th meeting on 12 October 2020. The Board gave permission to the subsidiary Dapu Electric for part of substantive work of the project. The project investment in 2020 was limited to RMB 317,100,000, which was provided to Dapu Electric by the Company through capital increase based on actual construction progress. As at 30 June 2021, no contribution was made to Dapu Electric. (h) The Eighth Session of the Board approved the Proposal on the Establishment of Hunan Tongdao Dong Autonomous County Dagaoshan Wind Power Project Company during its 14th meeting on 25 October 2016 and the Proposal on the Construction of Hunan Tongdao Dagaoshan Wind Power Plant Project during its 3rd communication meeting on 10 April 2020. The Board gave permission to the Company’s subsidiary Tongdao Company for the investment in and construction of the Tongdao Dagaoshan wind power project and the installation capacity of the project was 50MW. The total dynamic investment was RMB 531,740,000, including a capital fund of RMB 106,348,000 (accounting for 20% of the total dynamic investment). As at 30 June 2021, the Company had made a capital contribution of RMB100,000,000 to The Project, including a contribution of40,000,000 made in the current year. (i) The Ninth Session of the Board approved the Proposal on the Investment in and Construction of Guangxi Wuxuan Wind Power Plant Project (Phrase I) during its 6th communication meeting on 28 November 2019. The total investments of the project hit RMB 482,580,000 (including investment in self-construction of outgoing circuit), including a capital fund of RMB 96,516,000. As at 30 June 2021, the Company had made a capital contribution of RMB80,000,000 to The Project, including a contribution of30,000,000 made in the current year. (j) The Ninth Session of the Board approved the Proposal on Investment in and Construction of Hunan Xupu Sun Mountain Wind Power Plant Project during its 3rd communication meeting on 10 April 2020. The Board gave permission to Guangdong Wind Power for the investment in and construction of the project. The installation capacity of the project was 50MW, and the total dynamic investment was RMB 524,532,900 (including investment in self-construction of outgoing circuit), including a capital fund of RMB 104,906,580 (accounting for 20% of the total dynamic investment). As at 30 June 2021, the Company had made a capital contribution of 201 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 RMB80,000,000 to The Project, including a contribution of30,000,000 made in the current year. (k) The Ninth Session of the Board approved the Proposal on the Investment in and Construction of Zhaoqing Dinghu Natural Gas Thermal Power Cogeneration Project during its 15th meeting on 12 October 2020. The Board gave permission to the Company’s holding subsidiary Yongan Natural Gas (as the main part of the investment in the project) for the investment in and construction of Zhaoqing Dinghu natural gas thermal power cogeneration project. The capital fund of the project was calculated as RMB 600,000,000 at 20% of the project’s total investments. The initial registered capital of Yongan Natural Gas was RMB 100,000,000, and the Company contributed RMB 90,000,000 based on its shareholding proportion of 90% in 2016. The remaining capital fund of RMB 500,000,000 for the project would be provided by the Company according to its shareholding proportion of 90% in batches based on actual construction progress and capital demand. As at 30 June 2021, the Company had made a capital contribution of RMB100,000,000 to The Project, In 2021,the Company didn’t increase registered capital. (l) The Ninth Session of the Board approved the Proposal on Acquisition of Equity of Guangdong Guangye Nanhua New Energy Co., Ltd. and Other Companies by Guangdong Wind Power during its 17th meeting on 4 December 2020. The Board gave permission to the Company’s subsidiary Guangdong Wind Power for acquisition of 10% equity of South Sea Wind Electricity with a transfer payment of RMB 70,500,870, 51% equity of Nanhua New Energy with a transfer payment of RMB 93,381,000, and 51% equity of Datang Renewable Power not exceeding the limit granted by the Board of the Company with a transfer payment of RMB 161,858,100, which would be provided to Guangdong Wind Power by the Company through capital increase. As at 30 June 2021, The Company has increased its capital by RMB 330,739,970 to Guangdong Wind Power. Guangdong Wind Power has paid RMB 93,381,000 for the acquisition of 51% equity of Nan’hua New Energy, paid RMB 161,858,100 for the acquisition of 51% equity of Datang New Energy, and paid RMB 70,500,820 for an equity transfer for the acquisition of 10% of the equity ofSouthern Offshore Wind Power Company. (m) The Ninth Session of the Board approved the Proposal on Investment in and Construction of Guangdong Yudean Nanxiong Zhu’an Village Wind Power Plant Project during its 17th meeting on 4 December 2020. The Board gave permission to the Company’ wholly-owned subsidiary Guangdong Wind Power for the investment in Guangdong Yudean Nanxiong Zhu’an Village wind power plant project (49,900 KW) as a shareholder. The total dynamic investment of the project was RMB 451,810,000, including a capital fund of RMB 90,362,000, and the remaining capital fund would be provided through bank loan financing etc. As at 30 June 2021, the Company had made a capital contribution of RMB40,000,000 to The Project, including a contribution of30,000,000 made in the current year. (n) The Ninth Session of the Board approved the Proposal on Investment in and Construction of Guangdong Yudean Pingyuan Sishui Wind Power Plant Project during its 17th meeting on 4 December 2020. The Board gave permission to the Company’ s wholly-owned subsidiary Guangdong Wind Power for the investment in Guangdong Yudean Pingyuan Sishui wind power plant project (40,000 KW) as a shareholder. The total dynamic investment of the project was RMB 339,480,000, including a capital fund of RMB 67,900,000. As at 30 June 2021, the Company had made a capital contribution of RMB40,000,000 to The Project, In 2021,the Company didn’t increase registered capital. (o) The Ninth Session of the Board approved the Proposal on Involvement in Capital of Guangdong Electric Power Industry Fuel Co., Ltd. during its 18th meeting on 21 December 2020. The Company and GEGC were allowed to increase capital of RMB 360,000,000 to Industry Fuel at the shareholding proportion for the 202 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 subscription of the new registered capital of Guangdong Yudean Faneng Investment Co., Ltd. at the corresponding shareholding proportion of 20%, and the remaining capital would be raised through self-finance by Industry Fuel. The Company needed to make a capital injection of RMB 180,000,000 based on the shareholding proportion of 50%, As at 30 June 2021, the Company made a capital injection of RMB180,000,000. (p) The 15th Meeting of the 8th Board of director approved the Proposal about Investment in the Construction of 2 ×400MW Gas-steam Thermoelectricity Cogeneration Project of Guangdong Yudean Huadu Natural Gas Thermal Power Co., Ltd. and it was agreed that Huadu Thermal Power, a holding subsidiary, would invest in the 2×400MW Gas-steam Cogeneration Project of Guangdong Yudean Huadu Natural Gas Thermal Power Co., Ltd. The total investment of the project was RMB 3,593,160,000, and the capital was RMB 718,632,000. According to the 65% share ratio, the total capital to be injected into Huadu Company by the Company was RMB 467,110,800. On June 30, 2021, the Company has injected a total capital of RMB 284,050,000 into the project, of which RMB 97,500,000 was injected this year. (q) On February 14, 2021,The Second Meeting of the Ninth board of Directors examined and adopted the Proposal on Establishing the Huizhou Daya Bay Petrochemical District Western Comprehensive Energy Station Project Company and Carrying out the Upfront Work, In order to promote the implementation and speed up the progress of the Western Comprehensive Energy Station Project of Huizhou Daya Bay Petrochemical District, the board of directors agrees: The Company and Huizhou Daya Bay Petrochemical Industrial Zone Investment Co., Ltd establish the Huizhou Daya Bay Petrochemical District Western Comprehensive Energy Station Project Company in Daya Bay District by the share structure ratio of 80%:20%, with the initial registered capital of RMB 22 million-of which the Company contributes RMB17.6 million according to the share ratio. The 2nd Meeting of the 9th Board of director by correspon dence examined and adopted the Proposal on Capital Increase to Guangdong Yudean Daya Bay Comprehensive Energy Co., Ltd., the Company’s board of directors agreed that the Company and Huizhou Daya Bay Petrochemical Industrial Zone Investment Co., Ltd shall simultaneously increase capital by amount 160 million yuan to Guangdong Yudean Daya Bay Comprehensive Energy Co., Ltd (hereinafter referred to as "Daya Bay Thermal Power Company") for the Daya Bay Thermal Power Company to purchase the project construction land, of which the Company shall invest 128 million yuan according to the equity ratio of 80%. On June 30, 2021, the Company has injected a total capital of RMB145,600,000 into the project, of which RMB 128,000,000 was injected this year. (r) On April 27,2021, The Second Meeting of the Ninth Board of Director by Correspondence examined and adopted the Proposal on Capital Increase to Shanxi Yudean Energy Co., Ltd.,the Company's board of directors agreed that the Company and Guangdong Energy Group Co., Ltd will simultaneously increase the capital to Shanxi Energy Company by 160 million yuan in accordance with the equity ratio, which shall be used by Shanxi Energy Company to invest in Jilin Qian’an Phase I 50MW Wind Power Project and Hebei Pingshan 100MW Photovoltaic Project. Our Company increased the capital by RMB 64 million according to a 40% equity ratio. On June 30, 2021, the Company has injected a total capital of RMB64,000,000 into Shanxi Energy. (s) On January 28,2021, The Third Meeting of the Ninth Board of Director by Correspondence examined and adopted the Proposal on the establishment of Guangdong Dananhai Intelligence Energy Co., Ltd., the board of directors agreed to the Company’s sole proprietorship to establish a project company for the Jieyang Da’nanhai Petrochemical Integrated Energy Project. with the first phase of registered capital is 15 million yuan. It’s agreed that the project company will carry out the upfront work of Jieyang Da’nanhai petrochemical integrated energy project (2~3 400MW/9F or 600MW gas-fired combined heat and power units. On June 30, 2021, the Company has injected a total capital of RMB15,000,000 into Dananhai Company. (t) On June 8,2021, The Third Meeting of the Ninth Board of Director by Correspondence examined and adopted 203 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 the Proposal on Carrying out the Upfront Work of the "Integrated Source, Network and Load" Project in Huizhou New Material Industrial Park,The board of directors of the Company agreed that Baihua Energy Company will first build a 9F gas-fired unit supporting a 100t/h gas boiler (finally determined according to the feasibility study of the project) to carry out the upfront work. The upfront work cost of the project shall be controlled at 12 million yuan, which shall be solved by the Company's capital increase. Baihua Energy Company was registered and established on February 25, 2021. It is a wholly-owned subsidiary to the Company with a registered capital of 5 million yuan. On June 30, 2021, the Company has injected a total capital of RMB3,000,000 into Baihua Energy Company. 2.Contingency (1)Significant contingency at balance sheet date (a)As at 30 June 2021, the Company provided joint guarantee for bank borrowings amounting to RMB 53,070,000 for Yunnan Baoshan Binlangjiang Hydroelectricity Development Co., Ltd., of which the liability relief procedure is being handled. (b) On 31 December 2014, in response to the occupation of 15.0202 hectares of paddy fields during the construction of Dapu Electric’s engineering project (Phrase I), Dapu Power Plant had paid paddy fields cultivation fund of RMB 3,965,332 in full as required by the Ministry of Land and Resources and Guangdong Provincial Department of Natural Resources. However, on 29 June 2020, the Department of Natural Resources of Dapu County issued a letter to Dapu Electric, requiring Dapu Electric to pay additional fields cultivation fund of RMB 10,679,362 according to relevant regulations of paddy fields cultivation in 2016. However, according to the suggestion of legal adviser, Dapu Electric considered that the above relevant regulations were not applicable. The Natural Resources Bureau of Dapu County has filed a lawsuit with the People's Court of Dapu County on this matter. On June 1, 2021, the People's Court of Dapu County formally filed a case, and the case was first heard on July 29, 2021. As of the issuance date of this report, both parties are still negotiating on this matter. After consulting the legal adviser, the management of the Group cannot predict the negotiation result of this matter at present, so the expenses related to the occupation of paddy fields have not been accrued in the semi-annual financial statements of 2021. (2)The Company have no significant contingency to disclose, also should be stated The was no significant contingency in the Company. 3.Other XIV. Post-balance-sheet events Not applicable XVI.. Other significant events 1. The accounting errors correction in previous period Not applicable 204 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 2. Debt restructuring Not applicable 3. Replacement of assets Not applicable 4.Pension plan Not applicable 5. Discontinuing operation Not applicable 6. Segment information (1) Recognition basis and accounting policies of reportable segment As the Group's operating income, expenses, assets and liabilities are mainly related to the production and sale of electricity and related products, the management of the Group takes the electricity business as a whole, and regularly obtains and evaluates its financial status, operating results and cash flow and other relevant accounting information. Therefore, the Group has only the power business segment, so it has not prepared the report segment information. From January to June, 2021, the income of the Group's power plants from China Southern Power Grid Corporation was RMB 17,429,546,654 (January to June, 2020: RMB 12,227,202,300), accounting for 98.2% of the Group's operating income (January to June, 2020: 97.52%) (2) The financial information of reportable segment Not applicable (3) There was no reportable segment, or the total amount of assets and liabilities of each part of reportable segment, shall disclose the reason. As the Group's operating income, expenses, assets and liabilities are mainly related to the production and sale of electricity and related products, the management of the Group takes the electricity business as a whole, and regularly obtains and evaluates its financial status, operating results and cash flow and other relevant accounting information. Therefore, the Group has only the power business segment, so it has not prepared the report segment information. 205 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 (4) Other notes 7. Other important transactions and events have an impact on investors’ decision-making 8. Other XVII. Notes s of main items in financial reports of parent company (1)Account receivable 1.Classification account receivables. In RMB Closing balance Opening balance Bad debt Book balance Book balance Bad debt provision Category provision Book Book Proport Amo Proporti value Propor Propor value Amount Amount Amount ion % unt on % tion % tion % Of which: Accrual of bad 121,419,4 121,419,4 173,02 debt provision 173,029,247 72 72 9,247 by portfolio Of which: 121,419,4 121,419,4 173,02 Total 100% 173,029,247 100% 72 72 9,247 Accrual of bad debt provision by single item: In RMB Closing balance Name Book balance Bad debt provision Proportion% Reason Accrual of bad debt provision by portfolio: In RMB Closing balance Name Book balance Bad debt provision Proportion% Electricity sales receivable 121,419,472 0 100% Total 121,419,472 0 -- Note: Portfolio 1- Electricity sales receivable,As at 30 June 2021, the amount of receivables from sales of electricity of the Group was RMB121,419,472, which was mainly from China Southern Power Grid Co., Ltd. and its subsidiaries (collectively referred to as “China Southern Power Grid”). Taking into consideration its good credit, the Group believes that there is no significant credit risk in the receivables from sales proceeds of electricity, and the possibility of significant losses due to China Southern Power Grid's default is extremely low. The Group's expected credit loss rate for sales proceeds of electricity is 0%. Accrual of bad debt provision by portfolio: In RMB 206 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Closing balance Name Book balance Bad debt provision Proportion Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of other receivables if the provision for bad debts of bills receivable is accrued according to the general model of expected credit loss: □ Applicable √ Not applicable Disclosure by aging In RMB Closing balance Aging Within 1 year(Including 1 year) 121,419,472 Total 121,419,472 (2) Accounts receivable withdraw, reversed or collected during the reporting period Not applicable (3) The actual write-off accounts receivable Not applicable (4)The ending balance of other receivables owed by the imputation of the top five parties In RMB Name Amount Proportion(%) Bad debt provision GPGC 121,419,472 100% 0 Total 121,419,472 100% (5) Account receivable which terminate the recognition owning to the transfer of the financial assets Not applicable (6) The amount of the assets and liabilities formed by the transfer and the continues involvement of accounts receivable Not applicable 2. Other accounts receivable In RMB Items Closing balance Opening balance 207 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Interest receivable 1,116,857 1,038,206 Dividend receivable 31,500,000 Other accounts receivable 297,447,501 295,686,651 Total 298,564,358 328,224,857 (1)Interest receivable 1) Category of interest receivable In RMB Items Closing balance Opening balance Fixed deposit 224,492 130,098 Entrust loans 892,365 908,108 Bond investment 0 0 Total 1,116,857 1,038,206 (2) Significant overdue interest Not applicable 3)Bad-debt provision □ Applicable √ Not applicable (2)Dividend receivable 1)Category of dividend receivable In RMB Items Closing balance Opening balance Sunshine Insurance Holding Co., Ltd 0 31,500,000 Total 31,500,000 (2) Significant dividend receivable aged over 1 year Not applicable 3)Bad-debt provision □ Applicable √ Not applicable 208 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 (3) Other accounts receivable 1) Other accounts receivable classified by the nature of accounts In RMB Nature Closing book balance Opening book balance Entrust loans receivable 240,000,000 240,000,000 Supplementary medical insurance fund 34,393,478 34,393,478 receivable Sales of by-products receivable 10,491,364 9,318,678 Advances receivable 5,482,068 3,136,509 Other 7,291,996 9,047,525 Total 297,658,906 295,896,190 2)Bad-debt provision In RMB Stage 1 Stage 2 Stage 3 Expected credit Expected credit loss over Expected credit losses for Bad Debt Reserves Total losses over the life (no credit the entire duration (credit next 12 months impairment) impairment occurred) Balance as at January 1, 209,539 2021 Balance as at January 1, —— —— —— —— 2021 in current Withvision for this 6,637 period Turn it back 4,771 Balance as at June 211,405 30,2021 Loss provision changes in current period, change in book balance with significant amount □ Applicable √Not applicable Disclosure by aging In RMB Aging Closing balance Within 1 year(Including 1 year) 262,428,025 1-2 years 18,113,142 2-3 years 254,355 Over 3 years 16,863,384 3-4 years 16,743,677 4-5 years 0 Over 5 years 119,707 Total 297,658,906 209 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 3) Accounts receivable withdraw, reversed or collected during the reporting period The withdrawal amount of the bad debt provision: In RMB Amount of change in the current period Opening Reversed or Closing Category balance Accrual collected Write-off Other balance amount Other aging portfolio 176,364 6,637 183,001 Advance payment 4,771 4,771 0 portfolio Petty Cach portfolio 28,404 28,404 Total 209,539 6,637 4,771 211,405 (4) The actual write-off accounts receivable Not applicable (5) Top 5 of the closing balance of the other accounts receivable collected according to the arrears party In RMB Proportion of the total year end Closing Closing balance of Name Nature Aging balance of the balance bad debt provision accounts receivable Guangdong Shaoguan Entrusted loan Yuejiang Power due within one 200,000,000 Within 1 year 67% 0 Generation year Entrusted loan Lincang Company due within one 40,000,000 Within 1 year 13% 0 year Supplementary Taikang Endowment medical Insurance Co., Ltd. 34,393,478 Within 1 year 12% 0 insurance fund Guangdong Branch receivable Guangdong Yudean Sales of Environmental by-products 10,491,364 Within 1 year 4% 0 Protection Co., Ltd. receivable Guangdong Energy Advances 4,327,901 Within 1 year 1% 0 Group Shajiao C Plant receivable Total -- 289,212,743 -- 97% 0 (6)Accounts receivable involved with government subsidies Not applicable 210 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 (7) Other account receivable which terminate the recognition owning to the transfer of the financial assets Not applicable (8) The amount of the assets and liabilities formed by the transfer and the continues involvement of other accounts receivable Not applicable 3. Long-term equity investment In RMB Closing balance Opening balance Items Provision for Provision for Book balance Book value Book balance Book value impairment impairment Investments in 24,071,860,322 1,348,124,079 22,723,736,243 23,169,002,222 1,348,124,079 21,820,878,143 subsidiaries Investments in associates and 7,245,077,842 96,327,854 7,148,749,988 6,728,492,566 96,327,854 6,632,164,712 joint ventures Total 31,316,938,164 1,444,451,933 29,872,486,231 29,897,494,788 1,444,451,933 28,453,042,855 (1) Investments in subsidiaries In RMB Increase /decrease Decreas Closing balance of Opening Withdrawn Investees Add ed Oth Closing balance impairment balance impairment investment investm er provision provision ent Zhanjiang 2,185,334,400 2,185,334,400 Power Yuejia Company 0 0 455,584,267 Energy Thermal 687,458,978 687,458,978 Power Jinghai 1,930,395,668 1,930,395,668 Company Zhanjiang Wind 242,277,000 242,277,000 Power Zhongyue 963,000,000 963,000,000 187,248,115 Energy Humen Power 3,192,416 3,192,416 86,807,584 Generation Anxin Company 20,000,000 20,000,000 Bohe Energy 3,167,000,000 3,167,000,000 Pinghai Power 720,311,347 720,311,347 Generation Red By Power 2,220,023,386 2,220,023,386 Generation 211 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Huizhou Natural 1,205,199,446 1,205,199,446 gas Company Guangqian 1,353,153,223 1,353,153,223 Company Yuejiang Power 892,850,119 892,850,119 408,494,674 Generation Huadu Natural 186,550,000 186,550,000 Gas Dapu Power 1,040,000,000 1,040,000,000 Generation Guangdong 2,325,301,260 466,858,100 2,792,159,360 Wind Power Leizhou Wind 80,800,000 80,800,000 Power Qujie Wind 1,279,750,000 200,000,000 1,479,750,000 Power Yudean Electric 230,000,000 230,000,000 Sale Lincang 281,000,000 281,000,000 209,989,439 Company Yongan Natural 90,000,000 90,000,000 Gas Company Tongdao Wind 60,000,000 40,000,000 100,000,000 Power Company Binhaiwan 570,000,000 50,000,000 620,000,000 Comapny Daya Bay 17,600,000 128,000,000 145,600,000 Company Qiming 20,000,000 20,000,000 Comapny Guaguoquan 49,680,900 49,680,900 Company Dananhai 0 15,000,000 15,000,000 Company Baihua Energy 0 3,000,000 3,000,000 Total 21,820,878,143 902,858,100 22,723,736,243 1,348,124,079 212 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 (2)Investment in joint ventures and associates In RMB Increase/decrease in this period Balance of Announced Investment Other the Name of Beginning of Decrease Other for Provision Increase in income under changes End of term provision on investee term in comprehensive distributing for Other investment equity in for investment income cash dividend impairment method equity impairment or profit I.Joint venture Industry Fuel 531,313,393 180,000,000 82,773,307 29,649,898 764,436,802 Subtotal 531,313,393 180,000,000 82,773,307 29,649,898 764,436,802 II. Associated Guohua Taishan 1,889,026,588 39,058,150 1,928,084,738 Company Shanxi Energy 1,819,132,396 64,000,000 168,305,759 2,051,438,155 Company Energy Group Finance 1,027,206,662 53,005,442 76,421,226 1,003,790,878 Company Yudean Shipping 241,738,113 21,894,566 263,632,679 Company Yudean 268,468,953 8,183,639 1,505,619 275,146,973 Captive Yueqian Power 0 13,495,745 144,018,912 157,514,657 West Investment 144,018,912 144,018,912 0 Company Yangshan 7,593,292 7,593,292 Zhongxinkeng Yangshan 5,590,646 5,590,646 Jiangkeng Weixin Yuntou 175,592,218 -4,642,692 170,949,526 96,327,854 Energy 522,483,539 10,664,772 12,576,669 520,571,642 213 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Financing Leasing Company Subtotal 6,100,851,319 64,000,000 309,965,381 90,503,514 6,384,313,186 96,327,854 Total 6,632,164,712 244,000,000 392,738,688 120,153,412 7,148,749,988 96,327,854 214 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 (3)Other note 4. Business income, Business cost In RMB Amount of current period Amount of previous period Items Income Cost Income Cost Main business 631,179,660 705,008,533 433,972,161 501,292,187 Other business 34,371,584 505,085 35,582,003 506,701 Total 665,551,244 705,513,618 469,554,164 501,798,888 Income related information: In RMB Contract classification Division 1 Total Including: Power Selling 631,179,660 631,179,660 Income from fly ash sales 14,754,526 14,754,526 Rent 6,884,992 6,884,992 Other income 12,732,066 12,732,066 Including: Guangdong 665,551,244 665,551,244 Including: Power Market 631,179,660 631,179,660 Other market 34,371,584 34,371,584 Including: Physical delivery 645,934,186 645,934,186 Provide labour 12,732,066 12,732,066 Provide use right 6,884,992 6,884,992 Including: Recognize at a certain time point 645,934,186 645,934,186 Recognize in a certain period of time 19,617,058 19,617,058 Including: Including: Total 665,551,244 665,551,244 215 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 Information related to performance obligations: Commodity type Usual performance time of performance Important payment terms Commodity nature obligation Electric power When power is supplied to the grid company Cash settlement/monthly Electric power settlement Power generation When heat energy is supplied to customers Power generation products who buy heat, by-product commodity Labor service When by-products such as fly ash generated Labor service by power generation are transported to the agreed delivery place, Information related to the transaction price apportioned to the residual performance obligation: The income corresponding to the performance obligations that have not been performed or have been performed incompletely but the contract has been signed at the end of the reporting period is RMB 258,000, of which RMB 258,000 is expected to be recognized as income in 2021, RMB 0 is expected to be recognized as income in the year, and RMB0 is expected to be recognized as income in the year. It is the margin deposit that Huizhou Pingdian Integrated Energy Co., Ltd. ("Pingdian Integrated"), a subsidiary of the Group, applied to the bank to issue a performance guarantee for participating in the electricity sales business in Guangdong Electric Power Trading Center. Other note: 5. Investment income In RMB Items Amount of current period Amount of previous period Long-term equity investment income 1,570,167,398 1,092,290,730 accounted by cost method Long-term equity investment income 392,738,688 211,523,852 accounted by equity method Dividend income from investments in other equity instruments during the 30,182,378 21,370,444 holding period Other 13,920,438 10,400,300 Total 2,007,008,902 1,335,585,326 6.Other XVII. Supplement information 1. Particulars about current non-recurring gains and loss √ Applicable □ Not applicable In RMB Items Amount Notes Non-current asset disposal gain/loss 23,852,682 Mainly due to Yuejia Company 216 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 shut-down and liquidation of assets to obtain income. Govemment subsidy recognized in current Mainly due to power sales economic gain and loss(excluding those closely 6,433,278 policy incentives and subsidies for related to the Company’s business and various power plant projects. granted under the state’s policies) Other non-business income and 595,487 expenditures other than the above Fines and overdue payment fees -209,860 Mainly due to the income from scrapped Non-current assets scrap income 7,507,022 fixed assets of provincial wind power and Pinghai Power Plant. Loss of Non-current assets scrapped -4,006,514 Less: Amount of influence of income tax 8,588,045 Influenced amount of minor 6,932,401 shareholders’ equity (after tax) Total 18,651,649 -- 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 Value-added tax will be 4,141,947 Comply with national policies and regulations, and continue to occur refunded immediately Carbon emission quota used to fulfil the emission -2,750,000 Comply with national policies and regulations, and continue to occur reduction obligation 2. Return on net asset and earnings per share Earnings per share Profit of report period Weighted average return on equity(%) Basic earnings per Diluted earnings per share(yuan/share) share(yuan/share) Net profit attributable to the Common stock shareholders of 0.40% 0.0208 0.0208 Company. Net profit attributable to the Common stock shareholders of 0.33% 0.0172 0.0172 Company after deducting of non-recurring gain/loss. 3.The differences between domestic and international accounting standards (1)Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosed in the financial reports of differences in net income and net assets. √ Applicable □ Not applicable In RMB Net profit Net assets Amount in the Amount in the End of the reporting Beginning of the 217 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021 reporting period previous period period reporting period According to CAS 109,028,853 813,684,495 26,933,339,749 27,369,995,422 Items and amount adjusted according to IAS The difference arising from recognition of goodwill after merger of 0 0 38,638,777 38,638,777 enterprises under the same control Difference arising from recognition of -315,000 -315,000 16,025,000 16,340,000 land use value after enterprise merger Influence on minority 27,060 27,060 4,945,519 4,918,459 interests According to IAS 108,740,913 813,396,555 26,992,949,045 27,429,892,658 (2) Discrepancy in net profit and net assets as disclosed in the financial report respectively according to the accounting standards outside Mainland China and CAS □ Applicable √ Not Applicable (3) Note to the discrepancy in accounting data under the accounting standards outside Mainland China. In case the discrepancy in data which have been audited by an overseas auditing agent has been adjusted, please specify the name of the overseas auditing agent. (a) The difference arising from recognition of goodwill after merger of enterprises under the same control and recognition of land value after enterprise merger. As required by new Chinese accounting standards, the goodwill formed by the merger of enterprises under the same control shall not be recognized and capital surplus shall be adjusted. Under IFRS, the golldwill formed by the merger of enterprises under the same control shall be recognized and equal to the difference between merger cost and share of fair value of recognizable net assets of the purchased party obtained in merger. Meanwhile, all assets of the purchased party obtained in merger shall be accounted for according to their fair value while such assets shall be accounted for according to their book value according to original Chinese accounting standards for business enterprises. Therefore, this difference will continue to exist. (b) Influence on minority interests Housing reform loss occurred to the Company and some holding subsidiaries. Therefore, there’s some influence on minority interests. 4.Other 218