GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
The Semi-annual Report 2022
August 2022
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.
Other directors attending the Meeting for annual report deliberation except for the followed:
The name of director who did Position of absent The name of director who
Reason
not attend the meeting in person director was authorized
Li Fangje Director Due to business Wang Jin
Li Baobing Director Due to business Zheng Yunpeng
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. Refer to Section 10 of Chapter III of
this annual report-situation faced and countermeasures for relevant information.
The Company Will not distribute cash dividend or bonus shares, neither capitalizing of common reserves.
Table of Contents
I.Important Notice, Table of contents and Definitions
II. Company Profile & Financial Highlights.
III. Management Discussion & Analysis
IV. Corporate Governance
V. Environmental & Social Responsibility
VI. Important Events
VII. Change of share capital and shareholding of Principal Shareholders
VIII. Situation of the Preferred Shares
IX. Corporate Bond
X. Financial Report
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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 2022
Definition
Terms to be defined Refers to Definition
Guangdong Energy Group Refers to Guangdong Energy Group Co., Ltd.
Sha A Power plant Refers to Guangdong Electric Power Development Co., Ltd. Sha A Power plant
Xinjiang Branch Refers to Guangdong Electric Power Development Co., Ltd.Xinjiang Branch
Qinghai Branch Refers to Guangdong Electric Power Development Co., Ltd. Qinghai Branch
Zhanjiang Electric Power Refers to Zhanjiang Electric Power Co., Ltd.
Yuejia Company Refers to Guangdong Yuejia Electric Power Co., Ltd.
Yuejiang Company Refers to Guangdong Shaoguan Yuejiang Power Generation Co., Ltd.
Zhenneng Company Refers to Maoming Zhenneng Thermal Power Co., Ltd.
Jinghai Company Refers to Guangdong Yudean Jinghai Power Co., Ltd.
Humen Power Company Refers to Guangdong Yudean Humen Power Co., Ltd.
Anxin Company Refers to Guangdong Yudean Anxin Electric Inspection & Installation Co., Ltd
Zhanjiang Zhongyue Refers to Zhanjiang Zhongyue Energy Co., Ltd.
Bohe Company Refers to Guangdong Yudean Energy Co., Ltd.
Huadu Company Refers to Guangdong Huadu Natural Gas Thermal Power Co., Ltd.
Dapu Power Plant Refers to Guangdong Dapu Power Generation Co., Ltd.
Wind Power Company Refers to Guangdong Wind Power Co., Ltd.
Guangqian Company Refers to Shenzhen Guangqian Electric Power Co., Ltd.
Electric Power Sales Company Refers to Guangdong Yudean Electric Power Sales Co., Ltd.
Huizhou Natural Gas Company Refers to Guangdong Huizhou Natural Gas Power Co., Ltd.
Red Bay Company Refers to Guangdong Red Bay Power Co., Ltd.
Pinghai Power Plant Refers to Guangdong Huizhou Pinghai Power Co., Ltd.
Lincang Company Refers to Lincang Yudean Energy Co., Ltd.
Yongan Company Refers to Guangdong Yudean Yongan Natural Gas Thermal Power Co., Ltd.
Binhaiwan Energy Company Refers to Guangdong Yudean Binhaiwan Energy Co., Ltd.
Dayawan Energy Refers to Guangdong Yudean Dayawan Integrated Energy Co., Ltd.
Qiming Energy Refers to Guangdong Yudean Qiming Energy Co., Ltd.
Huaguoquan Company Refers to Shenzhen Huaguoquan Electric Industry Service Co., Ltd.
Dananhai Company Refers to Guangdong Yudean Dananhai Intelligence Energy Co., Ltd.
Yudean Baihua Refers to Guangdong Yudean Baihua Integrated Energy Co., Ltd.
Bijie Energy Refers to Guangdong Bijie New Energy Co., Ltd.
Shaoguan Energy Refers to Guangdong Shaoguan Yuedianli New Energy Co., Ltd.
Henan Energy Refers to Henan Yudean New Energy Co., Ltd.
Sha C Company Refers to Guangdong Shajiao( plant C) Power Generation Co., Ltd.
Yuehua Power Generation Refers to Guangdong Yuehua Power Generation Co., Ltd.
Yunhe Power Generation Refers to Guangdong Yudean Yunhe Power Generation Co., Ltd.
Tumu Thermal Power Refers to Tumushuke Thermal Power Co.,Ltd.
Hanhai Energy Refers to Tumushuke Yudean Hanhai New Energy Co., Ltd.
Shibeishan Wind Power Refers to Guangdong Yudean Shibeishan Wind Energy Development Co., Ltd.
Dianbai Wind Power Company Refers to Guangdong Yudean Dianbai Wind Power Co., Ltd.
Huilai Wind Power Company Refers to Huilai Wind Power Generation Co., Ltd.
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.
Wuxuan Wind Power Company Refers to Guangxi Wuxuan Yudean New Energy Co., Ltd.
Xupu Wind Power Company Refers to Hunan Xupu Yuefeng New Energy Co., Ltd.
Pingdian Integrated Energy Company Refers to Huizhou Pingdian Integrated Energy Co., Ltd.
Zhuhai Wind Power Company Refers to Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd.
Zhanjiang Wind Power Company Refers to Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd.
Qujie Wind Power Company Refers to Guangdong Yudean Qujie Wind Power Generation Co., Ltd.
Leizhou Wind Power Company Refers to Guangdong Yudean Leizhou Wind Power Generation Co., Ltd.
Tongdao Wind Power Company Refers to Tongdao Yuexin Wind Power Generation Co., Ltd.
Yudean Fuel Company Refers to Guangdong Power Industry Fuel Co., Ltd.
5
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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.
Yueqian Company Refers to Guizhou Yueqian Electric Power Co., Ltd.
Energy Group Finance Company Refers to Guangdong Energy Group Finance Co., Ltd.
Energy Financial Leasing Company Refers to Guangdong 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 2022
II. Company Profile & Financial Highlights.
I. Company Profile
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
粤电力
Company Name in Chinese(
English name (If any) GUANGDONG ELECTRIC POWER DEVELOPMENT CO.,LTD
English abbreviation (If any) GED
Legal Representative Wang Jin
Ⅱ. Contact person and contact manner
Board secretary Securities affairs Representative
Name Liu Wei Huang XiaoWen
35F, South Tower, Yudean Plaza, No.2 35F, South Tower, Yudean Plaza, No.2
Contact address Tianhe Road East, Tianhe Road East,
Guangzhou,Guangdong Province Guangzhou,Guangdong Province
Tel (020)87570251 (020)87570251
Fax (020)85138084 (020)85138084
E-mail liuw@ged.com.cn Huangxiaowen@ged.com.cn
III. Other info.
1. Way of contact
Whether registrations address, offices address and codes as well as website and email of the Company changed
in reporting period or not
□ Applicable √ Not applicable
Registrations address, offices address and codes as well as website and email of the Company has no change in
reporting period, found more details in annual report 2021.
2. Information inquiry
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable
None of the official presses, website, and place of enquiry has been changed in the semi report period. For
details please find the Annual Report 2021.
3. Other relevant information
Did any change occur to other relevant information during the reporting period?
□ Applicable √ Not applicable
IV. Summary of Accounting data and Financial index
Whether it has retroactive adjustment or re-statement on previous accounting data
√Yes □ No
Retroactive adjustment or restatement of causes
7
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Merger of enterprises under the same control
Changes of this period
Reporting Same period of last year over same period of Last
period year(%)
Before adjustment After adjustment After adjustment
Operating income（Yuan） 22,611,239,733 17,781,521,221 20,594,038,804 9.80%
Net profit attributable to the
shareholders of the listed -1,375,739,165 109,028,853 326,629,275 -521.19%
company（Yuan）
Net profit after deducting of
non-recurring gain/loss
-1,399,609,834 90,377,204 267,001,900 -624.19%
attributable to the shareholders
of listed company（Yuan）
Cash flow generated by
business operation, net -208,358,510 3,096,857,643 3,786,846,816 -105.50%
（Yuan）
Basic earning per
-0.2620 0.0208 0.0622 -521.19%
share(Yuan/Share)
Diluted gains per
-0.2620 0.0208 0.0622 -521.19%
share(Yuan/Share)
Weighted average ROE(%) -6.23% 0.40% 1.02% -7.25%
As at the end Changed over last year
As at the end of last year
of the reporting （％）
period Before adjustment After adjustment After adjustment
117,473,162,02
Gross assets（Yuan） 114,271,451,479 114,491,142,111 2.60%
5
Net assets attributable to
shareholders of the listed 21,910,644,854 23,185,079,805 23,402,720,821 -6.38%
company（Yuan）
Reasons of accounting policy change and correction of accounting errors
According to the relevant provisions of the Interpretation No.15 of Accounting Standards for Business
Enterprises (CK [2021] No.35), the income and cost related to the trial run sales are included in the current
profits and losses. The Company has calculated the trial run sales from January 1, 2022 according to the
requirements of this Interpretation, and made retrospective adjustments to the trial run sales that occurred from
January 1, 2021 to January 1, 2022.
1. Differences between accounting data under domestic and overseas accounting standards
1).Simultaneously pursuant to both Chinese accounting standards and international accounting standards
disclosed in the financial reports of differences in net income and net assets.
□ Applicable□√ Not applicable
None
2).Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese
accounting standards.
□ Applicable √Not applicable
None
8
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
2.Items and amount of non-current gains and losses
√Applicable □Not applicable
In RMB
Items Amount Note
Non-current asset disposal
Mainly due to Yuejia Company shut-
gain/loss(including the write-off part for
31,707,133 down and liquidation of assets to obtain
which assets impairment provision is
income.
made)
Government subsidies recognized in
current gain and loss(excluding those Mainly due to power sales economic
closely related to the Company’s 15,402,657 policy incentives and subsidies for
business and granted under the state’s various power plant projects.
policies)
Other non-business income and
8,080,287
expenditures other than the above
It is mainly due to the fine for land
reclamation of Pinghai Power Plant and
Fines and overdue payment fees -5,470,272
the tax delay charge of Guangqian Power
Plant.
It is mainly the income of Jinghai
Non-current assets scrap income 2,242,304
Company's scrapped fixed assets.
It is mainly the loss of scrapped fixed
Loss of Non-current assets scrapped -5,145,026 assets of Jinghai Company, Zhongyue
Energy and Yuehua Company.
Less: Amount of influence of income tax 13,059,777
Influenced amount of minor
9,886,637
shareholders’ equity (after tax)
Total 23,870,669
Details of other profit and loss items that meet the non-recurring profit and loss definition
□ Applicable√ Not applicable
None
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Losses
and its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information
Disclosure for Companies offering their securities to the public-non-recurring Gains and losses which have been
defined as recurring gains and losses, it is necessary to explain the reason.
√ Applicable □ Not applicable
Items Amount involved(RMB) Reason
Value-added tax will be refunded Comply with national policies and
19,790,415
immediately regulations, and continue to occur
Carbon emission quota used to fulfill the Comply with national policies and
-8,000,000
emission reduction obligation regulations, and continue to occur
9
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
III. Management Discussion & Analysis
Ⅰ.Main Business the Company is Engaged in During the Report Period
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 June 30,2022, the company has controllable installed capacity of 30.433 million
kilowatts and 71.68%, including holding installed capacity of 28.6852 million kilowatts and equity participation
installed capacity of 1.7478 million kilowatts. Including: the holding installed capacity for coal-fired power
generation of 20.55 million kilowatts and 71.64%; the holding installed capacity for gas and electricity of 5.932
million kilowatts and20.68% and renewable energy generation like wind power and hydropower of 2.2032
million kilowatts and 7.68%.in addition, The entrusted installed capacity of the Company for management is
8.854 million kilowatts, accounting for 7.68% of the total (including 6.65 million kilowatts of thermal power
and 2.204 million kilowatts of hydropower). The above controllable installed capacity and entrusted installed
capacity for management totaled 39.287 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 46.349 billion kilowatt-hours
,a decrease of 6.46% YOY; average price stated in the consolidated statements is 542.74 Yuan/ thousands
kilowatt-hours(tax included ,the same below ), YOY rise of 84.74 Yuan/ thousands kilowatt-hours, an increase
of18.5% YOY; the total operating income was RMB 22,611.24 million, an increase of RMB 2,017.20 million or
an increase of 9.8% YOY.
Since the Company's main business is thermal power, and the fuel cost accounts for a relatively large part of the
operating cost, the fluctuation of coal and natural gas prices has a 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 18,183.28 million yuan, which accounted for
78.72% 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 3,152.92 million YOY, an increase of 20.98%.
During the reporting period, due to the influence of COVID-19 and weather, the demand for social electricity in
Guangdong Province declined, and the Company's on-grid power consumption decreased slightly by 6.46%
year on year. Benefiting from the rising electricity price, the Company's operating income increased slightly.
However, due to the high price of coal and other fuels, the Company's subordinate thermal power plants
10
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
suffered large losses. In the first half of 2022, the company's thermal power business achieved net profit
attributable to its parent of -1,959.68 million yuan, and the new energy business achieved net profit attributable
to its parent of 322.77 million yuan, a year-on-year increase of 39.49%. Although the profit contribution of the
Company's new energy power business increased significantly year on year, the proportion of such business was
relatively small, which made it difficult to make up for the loss of the Company's thermal power business,
resulting in a sharp decline in the gross profit margin of the Company's main business and the net profit
attributable to its parent company. The net profit attributable to its parent company was-RMB 1,375.74 million,
with a year-on-year decrease of 521.19%.
The Company shall comply with the disclosure requirements of "power supply industries" in the Guideline No.3
for Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure
The Company's new energy development is based in Guangdong, facing the whole country, showing the "4+N"
regional layout with Guangdong, Xinjiang, Qinghai and Guizhou provinces as key development and other
domestic regions as active expansion. By the end of the reporting period, the Company had put into production
21 new energy projects with a holding installed capacity of 1,970,400 kilowatts; It has 14 new energy projects
under construction, including 1.04 million kilowatts of wind power and 1.006 million kilowatts of photovoltaic
power, with a total holding installed capacity of 2.046 million kilowatts. During the Tenth Five-Year Plan
period, the Company will actively grasp the development trend of accelerating energy transformation under the
goal of "emission peak" and "carbon neutrality", implement the strategy of "1+2+3+X", actively expand the
resources of new energy projects through self-construction and acquisition, fully promote the leap-forward
development of new energy, and build an ecological and civilized power enterprise.
1. As of June 30, 2022, 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
kilowatts)
Wind Power Zhanjiang Xuwen Yangqian 4.95 70%
Wind Power Zhanjiang Xuwen Yongshi 4.95 70%
Wind Power Jieyang Huilai Shibeishan 10.0 70%
Wind Power Jieyang Huilai Haiwanshi 1.4 90%
Wind Power Maoming Dianbai Reshui 4.95 100%
Wind Power Zhanjiang Leizhou Hongxinlou 4.95 94%
Wind Power Zhanjiang Xuwen Shibanling 4.95 100%
Wind Power Zhanjiang Xuwen Qujie 4.95 100%
Wind Power Wailluo Offshore wind power 19.8 100%
Wind Power Xuwen Wutushan Wind Power 4.95 51%
Wind Power Xuwen Dengjiao Wind Power 4.95 51%
Wind Power Pingyuan Maoping 4.8 100%
Zhuhai Jinwan Offshore wind 30 74.49%
Wind Power
power
Zhangjiang Xuwen Wailuo II 20 100%
Wind Power
Offshore wind power
Zhanjiang Xuwen Wailuo 20.35 100%
Wind Power
Offshore wind power
Wind Power Yangjiang Shapa offshore Wind 30 91.41%
11
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
power
Wind Power Guangxi Wuxuan 5 100%
Wind Power Hunan Xupu Taiyangshan 5 100%
Wind Power Hunan Tongdao Dagaoshan 5 100%
Shanwei Power Plant 1.08 65%
Wind Power
Decentralized Wind Power
Wind Power Nanxiong Zhuan Village 4.99 100%
Total 197.04
2. As of June 30, 2022, the new energy project under construction by the Company are as follows:
Installed capacity (10,000
Project type Project name Shareholding ratio
kilowatts)
Wind Power Pingyuan Sishui 4 100%
Wind Power Yangjiang Qingzhou I 40 100%
Wind Power Yangjiang Qingzhou II 60 100%
Photovoltaic Zhanjiang Potou Qiantang 10 100%
Photovoltaic Zhangjian Potou 12 90%
Photovoltaic Xinjiang Hanhai Photovoltaic project 40 100%
Photovoltaic Mujing Xipo Photovoltaic project 10 100%
Photovoltaic Muhong Xipu Photovoltaic project 10 100%
Photovoltaic Xinhui Photovoltaic project 0.92 100%
Photovoltaic Dapu Photovoltaic project 0.18 100%
Photovoltaic Yunhe Bojia Photovoltaic project 0.12 100%
Photovoltaic Jinxiu Rooftop Photovoltaic project I 0.339 100%
Photovoltaic Meizhou Wuhua Huangnizhai Project 7 100%
Photovoltaic Shanxi Hongdong Project 10 100%
Total 204.6
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 117.473 billion. It is the largest listed company of power in Guangdong Province. It is the only listed
company with over 100 billion assets controlled by state-owned holdings in Guangdong province. As of June
30,2022, The company's controllable installed capacity and entrusted managed installed capacity totaled 39.287
million kilowatts , accounting for 24% 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.
3. Comprehensive advantages of main business
Guided by the national energy development strategy, the Company is implementing the "1+2+3+X" strategy - to
12
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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 46.349 billion kilowatt-hours of electricity in the market, and
the scale of electricity sales continued to rank first in the province, with electricity sales prices superior to the
province's average. The company gives full play to its three advantages of scale, brand and service. With its
marketing service network all over the province and its technical accumulation and comprehensive resources in
the power industry, the company provides auxiliary value-added services such as peak regulation, frequency
modulation and backup for the power grid, and provides high-quality value-added services such as comprehensive
energy saving and power consumption consultation for users, thus realizing the transformation from a power
generation enterprise to an energy comprehensive service enterprise.
5. Advantage of financial resources
The Company's total assets reach 100 billion, and the cash flow of its stock business is abundant, which provides a
good support for the Company's sustainable development. The Company has a good asset-liability ratio and rich
financing channels, and it can make full use of internal and external financial resources, thus providing a strong
financial guarantee for its production and operation, key project construction and the rapid development of new
energy industry.
6. Regional development advantages
As the main energy source in Guangdong Province, the company shoulders the important task of helping
Guangdong Province to build a clean, low-carbon, safe and efficient modern energy system. The company will
actively integrate into the construction of Guangdong-Hong Kong-Macao Greater Bay Area, Shenzhen's advanced
demonstration zone and the development of Guangdong's "one core, one belt and one area". It will steadily push
forward the construction of key energy projects and the development of new energy resources in the province and
actively seek to expand into regions with better resource conditions and higher power demand, Help the "3060"
target to be implemented.
III.Main business analysis
Found more in”I. Main businesses of the Company in the reporting period”
Changes in the financial data
In RMB
YOY
Same period last
This report period change Cause change
year
（%）
Operating income 22,611,239,733 20,594,038,804 9.80%
Operating cost 23,114,184,606 19,228,178,330 20.21%
Sale expenses 30,460,050 35,594,988 -14.43%
Administrative
477,955,874 413,435,343 15.61%
expenses
It is mainly due to the large demand for new
energy development funds, and the impact of
Financial expenses 1,081,057,844 624,202,906 73.19%
high coal prices on cash flow, causing increase
of the Company's external financing.
13
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
It is mainly due to the year-on-year loss of the
Company, the year-on-year decrease in income
Income tax
-146,480,556 160,600,093 -191.21% tax expenses in the first half of the year, and the
expenses
recognition of deferred income tax assets by
some power plants.
It is mainly because that the affiliated power
plants of the Company increase R&D
investment, and meanwhile strengthen the
R & D Investment 754,240,473 124,873,808 504%
collection and management of R&D expenses,
causing substantial increase of the R&D
expenses year on year.
Cash flow
It is mainly because of the obvious increase of
generated by
-208,358,510 3,786,846,816 -105.50% capital expenditure related to coal purchase due
business operation,
to high coal price.
net
It is mainly because Bohe Company received
the terminal disposal payment this year,
Net cash flow
resulting in a large year-on-year increase in the
generated by -2,908,067,376 -4,246,922,377 -31.53%
net cash recovered from the disposal of fixed
investment
assets, intangible assets and other long-term
assets.
It is mainly due to the large demand for new
Net cash flow
energy development funds, and the impact of
generated by 5,861,027,285 578,363,307 913.38%
high coal prices on cash flow, causing increase
financing
of the Company's external financing.
Net increasing of
cash and cash 2,744,601,884 118,287,624 2,220.28% Affected by above three reasons..
equivalents
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
22,611,239,733 100% 20,594,038,804 100% 9.80%
revenue
On Industry
Electric power ,
Steam sales and 22,423,023,603 99.17% 20,336,788,241 98.75% 10.26%
labor income
Other 188,216,130 0.83% 257,250,563 1.25% -26.84%
On products
Sales Electric
22,263,672,844 98.46% 20,226,322,357 98.21% 10.07%
Power
Flyash sales 171,920,045 0.76% 241,216,389 1.17% -28.73%
Thermal sales 102,972,035 0.46% 71,811,712 0.35% 43.39%
Other 72,674,809 0.32% 54,688,346 0.27% 32.89%
Area
Guangdong 22,117,126,665 97.81% 20,568,341,641 99.88% 7.53%
Xinjiang 400,459,803 1.77% 0 0% 0%
Hunan 39,790,974 0.18% 0 0% 0%
Yunnan 29,159,946 0.13% 25,697,163 0.12% 13.48%
Guangxi 24,702,345 0.11% 0 0% 0%
14
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
(2)Situation of Industry, Product and District Occupying the Company’s Business Income and Operating Profit
with Profit over 10%
√ Applicable □Not applicable
In RMB
Increase/decrea Increase/decrea
Increase/decrea
se of business se of gross
Gross se of revenue in
cost over the profit rate over
Turnover Operation cost profit the same period
same period of the same period
rate(%) of the previous
previous year of the previous
year(%)
(%) year (%)
On Industry
Electric power ,
Steam sales and 22,423,023,603 23,089,561,766 -2.97% 10.26% 20.13% -8.38%
labor income
On Products
Sales Electric
22,263,672,844 22,945,031,969 -3.06% 10.17% 20.14% -8.64%
Power
Including：
Fire coal
Generation 17,169,530,056 18,730,511,707 -9.09% 12.63% 25.45% -11.15%
Power
Gas
Generation 3,461,327,463 3,436,132,473 0.73% -16.60% -7.74% -9.53%
Power
Wind
Generation 1,394,395,581 572,124,201 58.97% 145.85% 147.64% -0.30%
Power
Boomass
Generation 209,260,940 177,800,516 15.03% -12.34% -2.97% -8.21%
Power
Hydroelectric 29,158,804 28,463,072 2.39% 13.56% -2.23% 15.76%
Generation
Area
Guangdong 22,117,126,665 22,594,635,431 -2.16% 7.53% 10.10% -2.38%
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
As the second-phase wind power projects of Yangjiang, Zhuhai, Pingyuan, Xinliao and Wailuo were completed
and put into operation, the electricity sales income and cost of wind power business increased year on year.
IV. Analysis of Non-core Business
□ Applicable √Not applicable
V. Analysis of assets and liabilities
1.Significant changes in asset composition
In RMB
End of Reporting period End of same period of last year Change in Reason for
As a percentage As a percentage percentage( significant
Amount Amount %) change
of total assets(%) of total
15
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
assets(%)
Monetary fund 10,854,693,285 9.24% 8,105,320,953 7.08% 2.16%
Accounts
7,068,283,704 6.02% 7,030,685,357 6.14% -0.12%
receivable
Contract assets 1,044,260 0% 4,754,820 0% 0%
Inventories 3,135,765,795 2.67% 2,998,894,539 2.62% 0.05%
Real estate
374,128,161 0.32% 378,796,932 0.33% -0.01%
Investment
Long-term
equity 8,426,522,587 7.17% 8,072,208,350 7.05% 0.12%
investment
Fixed assets 60,916,046,309 51.86% 57,145,099,423 49.91% 1.95%
Construction in
5,744,786,187 4.89% 8,710,691,765 7.61% -2.72%
process
Usage right
5,172,621,990 4.40% 5,256,124,979 4.59% -0.19%
assets
Short -term
15,702,140,981 13.37% 12,360,296,429 10.80% 2.57%
loans
Contract
17,160,884 0.01% 5,864,811 0.01% 0%
liabilities
Long-term
31,647,408,640 26.94% 28,940,577,856 25.28% 1.66%
loans
Lease liabilities 5,038,032,075 4.29% 4,728,167,142 4.13% 0.16%
2.Main assets overseas
□ Applicable √Not applicable
3.Asset and Liabilities Measured by Fair Value
√ Applicable □Not applicable
In RMB
Impairme
Purchased Sold
Gain/Loss on Cumulative fair nt
amount in amount in
Opening fair value value change provision Closing
Items the the End of term
amount change in the recorded into s in the mount
reporting reporting
reporting period equity reporting
period period
period
Financial assets
1. Other equity
instrument 3,232,028,682 -125,090,302 2,166,775,764 2,000,000 3,108,938,380
investments
Subtotal 3,232,028,682 -125,090,302 2,166,775,764 2,000,000 3,108,938,380
Total 3,232,028,682 -125,090,302 2,166,775,764 2,000,000 3,108,938,380
Financial
0 0
Liability
Other change
On May 31, 2022, the Company invested in the establishment of Xinjiang Yuejianeng New Energy Equipment
Co., Ltd. and held 10% equity, which did not have a significant impact on Xinjiang Yuejianeng New Energy
Equipment Co., Ltd., so it was counted as other equity instruments.
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
On June 30, 2022, individual subsidiaries of the Group pledged the right to impose electricity charges to banks to
obtain long-term loans of RMB6,003,749,532,of which: the balance of long-term loans due within one year was
16
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
371,037,089 yuan (as of December 31, 2021: 6,002,119,898 yuan). including: the long-term borrowings due
within one year amounted to RMB386,056,214 .
17
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
VI. Investment situation
1. General
√ Applicable □ Not applicable
Investment of the period Investment of same period of last year Scale of change
447,571,800 1,254,358,100 -64.32%
2.Condition of Acquiring Significant Share Right Investment during the Report Period
√Applicable □ Not applicable
In RMB
Progress Whethe
Capit Inves Anti
Invest Share up to Gain or Less r to
Name of the Company Main Investment al Partne tment Product cipat Date of
ment Propor Balance or the Current Involve Disclosure Index(if any)
Invested Business Amount Sour r Horiz Type ed Disclosure(if any)
Way tion % Sheet Investment in
ce on Inco
Date Lawsuit
me
solar New In AnnouncementNo.:2022-11.Published in
Tumushuke Yudean
power establ Self Long Electric normal
Hanhai New Energy 276,050,000 100% No -71,600 No March 26,2022 China Securities Daily, Securities
generatio ishme funds -term Power operatio
Co., Ltd. Times and http//.www.cninfo.com.cn
n nt n
Wind Capit In AnnouncementNo.:2021-78.Published in
Guangdong Wind Poer Poer al Self Long Electric normal
110,000,000 100% No 322,770,621 No November 9,2021 China Securities Daily, Securities
Generation Co., Ltd. Generatio increa funds -term Power operatio
n se n Times and http//.www.cninfo.com.cn
Natural Capit In AnnouncementNo.:2022-16)Published in
Guangdong Yudean
Gas al Self Long Electric normal
Dananhai Intelligence 25,900,000 100% No -726,895 No April 22,2022 China Securities Daily, Securities
Generatio increa funds -term Power operatio
Energy Co., Ltd. Times and http//.www.cninfo.com.cn
n se n
Natural Capit In AnnouncementNo.:2010-58.Published in
Guangdong Yudean
Gas al Self Long Electric normal November
Qiming Energy Co., 12,000,000 100% No -7,239,523 No China Securities Daily, Securities
Generatio increa funds -term Power operatio 29,2019
Ltd. Times and http//.www.cninfo.com.cn
n se n
Thermal Capit In AnnouncementNo.:2020-52.Published in
Guangdong Yudean
power al Self Long Electric normal
Dapu Power 10,000,000 100% No -224,818,186 No October 13,2020 China Securities Daily, Securities
Generatio increa funds -term Power operatio
Generation Co., Ltd. Times and http//.www.cninfo.com.cn
n se n
Natural Capit In AnnouncementNo.:2020-13.Published in
Guangdong Yudean
Gas al Self Long Electric normal
Binhaiwan Energy Co., 9,000,000 100% No -9,974,561 No April 11,2020 China Securities Daily, Securities
Generatio increa funds -term Power operatio
Ltd. Times and http//.www.cninfo.com.cn
n se n
solar Capit Jinxiu In
Yudean Jinxiu Energy Self Long Electric
power al 2,621,800 90% Jinhen normal 0 No Not applicable Not applicable
Co., Ltd. funds -term Power
generatio increa g New operatio
18
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
n se Energ n
y
Techn
ology
Co.,
Ltd.
solar New In
Guangdong Shaoguan
power establ Self Long Electric normal
Yudean New Energy 2,000,000 100% No 1,339 No Not applicable Not applicable
generatio ishme funds -term Power operatio
Co., Ltd.
n nt n
Total -- -- 447,571,800 -- -- -- -- -- -- 0 79,941,195 -- -- --
3.Situation of the Significant Non-equity Investment Undergoing in the Report Period
□ Applicable √ Not applicable
4.Investment of Financial Asset
（1）Securities investment
√ Applicable □ Not applicable
In RMB
Purchas
Book value Sale Book value
Mode of e Gain/los
Stock Initial balance at the Changes in Cumulative fair amount balance at the
Security Security accounting amount s of the Accountin Source of
Abbreviatio investment beginning of fair value of value changes in in the end of the
category code measureme in the reportin g items the shares
n: cost the reporting the this period equity this reporting
nt this g period
period period period
period
Other
Domestic
Shenzhen equity
and foreign 000027 15,890,628 FVM 122,472,000 -25,552,800 81,028,572 96,919,200 Self funds
Energy instrument
stocks
Investment
Other
Domestic
equity
and foreign 600642 Shenergy 235,837,988 FVM 409,272,682 -93,849,502 79,585,192 315,423,180 Self funds
instrument
stocks
Investment
Domestic Other
831039 NEEQ 3,600,000 FVM 15,984,000 -5,688,000 6,696,000 10,296,000 Self funds
and foreign equity
19
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
stocks instrument
Investment
Total 255,328,616 -- 547,728,682 -125,090,302 167,309,764 0 0 0 422,638,380 -- --
Disclosure date for the notice of
October 31,2019
approval by the Board (If any)
（2）Investment in Derivatives
□ Applicable √ Not applicable
The Company had no investment in derivatives in the reporting period.
5.Application of the raised capital
□ Applicable √ Not applicable
The Company had no application of the raised capital in the reporting period.
VII. Sales of major assets and equity
1. Sales of major assets
□ Applicable √ Not applicable
The Company had no sales of major assets in the reporting period.
2.Sales of major equity
□ Applicable √ Not applicable
20
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
VIII. Analysis of the Main Share Holding Companies and Share Participating Companies
√ Applicable □ Not applicable
Situation of Main Subsidiaries and the Joint-stock Company with over 10% net profit influencing to the
Company
In RMB
Company Main Registered Operating
Type Total assets Net assets Turnover Net Profit
name business capital profit
Power
Guangdong generation
Wind Power Subsidiar and power
3,623,202,870 31,130,054,654 7,396,821,131 1,394,395,581 377,393,582 359,686,605
Generation y station
Co., Ltd. construction
.
Power
Guangdong
generation
Yudean
Subsidiar and power
Jinghai Power 2,919,272,000 8,097,329,142 2,802,934,584 2,964,790,103 -240,897,944 -179,991,581
y station
Generation
construction
Co., Ltd.
.
Guangdong Power
Huizhou generation
Natural gas Subsidiar and power
1,499,347,500 3,409,179,604 1,910,312,113 1,414,352,530 14,606,695 11,075,874
Power y station
Generation construction
Co., Ltd. .
Power
Shenzhen
generation
Guangqian
Subsidiar and power
Electric 1,030,292,500 2,016,331,469 1,811,350,341 779,138,067 232,284,582 174,741,317
y station
Power Co.,
construction
Ltd.
.
Guangdong
Power
Huizhou
generation
Pinghai
Subsidiar and power
Power 1,370,000,000 4,678,430,065 1,796,987,389 2,432,384,327 -83,773,800 -94,006,025
y station
Generation
construction
Plant Co.,
.
Ltd.
Guangdong
Electric
Sharing
Power Fuel Trade 1,190,000,000 11,357,046,528 1,751,925,945 17,314,930,225 66,759,505 74,147,449
Company
Industry Fuel
Co., Ltd.
Guangdong
Power
Guohua
generation
Yudean
Sharing and power
Taishan 4,669,500,000 12,059,573,056 9,195,852,320 5,220,268,344 424,647,161 318,537,101
Company station
Power
construction
Generation
.
Co., Ltd.
Shanxi
Mining and
Yudean Sharing
power 1,000,000,000 8,479,231,085 6,674,976,496 72,490,741 696,802,990 696,793,898
Energy Co., Company
generation
Ltd.
Guangdong
Transportati
Yudean Sharing
on and port 2,465,800,000 2,018,500,961 731,751,168 661,785,270 -4,341,757 16,813,118
Shipping Co., Company
operation
Ltd.
Guangdong
Energy Group Sharing
Finance 3,000,000,000 25,555,386,786 4,028,724,301 377,919,901 256,911,522 203,699,560
Finance Co., Company
Ltd.
21
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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
Tumushuke Yudean Hanhai New Energy During the reporting period, Hanhai New
Invested
Co., Ltd. Energy Project progressed normally.
During the reporting period, Jinxiu
Yudean Jinxiu Integrated Energy Co., Comprehensive Energy Project was in the
Invested
Ltd. preliminary stage, and the construction was
not commenced.
During the reporting period, Shaoguan New
Guangdong Shaoguan Yudean New
Invested Energy Project was in the preliminary stage,
Energy Co., Ltd.
and the construction was not commenced.
Note
1. During the reporting period, due to the high price of coal and gas, the cost of power generation increased
substantially, and the Company's thermal power business suffered a loss compared with the same period of last
year;
2. As the second-phase wind power projects of Yangjiang, Zhuhai, Pingyuan, Xinliao and Wailuo were
completed and put into operation, the profit of wind power business increased year on year;
3. As coal prices continue to rise, the operating performance of Shanxi Energy and other associated companies
is improving, and the Company's investment income has increased substantially year on year.
IX．Structured vehicle controlled by the Company
□ Applicable √ Not applicable
X. Risks facing the Company and countermeasures
1. Work safety risk
As extreme weather events are becoming increasingly frequent, which causes certain adverse effects to the
normal production and operation of enterprises, the Company needs to further strengthen the prevention of
natural disasters; some thermal power units in the Company have been running for a long time, with problems
such as decline of efficiency level, aging of equipment, and decline of operation safety and reliability, and some
contractors have insufficient safety awareness and inadequate safety management.
Countermeasures: First, pay close attention to rain and flood, and well ensure flood control and typhoon
prevention; Second, strengthen equipment maintenance and operation management, earnestly carry out overhaul
& maintenance, operation management and technical supervision, improve the equipment management system,
well ensure elimination of equipment defects, and improve the reliability of unit equipment; Third, strictly
manage contractors, well control the "access", resolutely put an end to illegitimate subcontracting and illegal
subcontracting, encourage appraisal activities to reward outstanding contractors, strengthen the safety education
and training of contractors, and continuously improve the safety management of contractors.
2. Fuel cost risk
In 2022, the domestic coal production capacity continues to be released under the policy of ensuring supply and
stabilizing prices, but the domestic coal fundamentals still shows tight supply and increased demand, and coal
prices remain at a high level. Meanwhile, as the geopolitical game in the international energy market intensifies,
the global coal supply expectation is uncertain, and the uncertainty of the future trend of overseas coal prices
increases. The cost of coal accounts for a large proportion of the Company's main business cost, and the
fluctuation of coal price has a significant impact on the Company's operating performance. If the coal price
remains high, the Company's operating efficiency will continue to be under serious pressure.
22
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Countermeasures: First, optimize fuel procurement, and reduce costs through "precise inventory" strategy,
increasing economic coal blending, optimizing unit energy consumption, etc.; Second, improve the market
operation level and increase generation of efficient electricity; Third, actively strive for full implementation of
national regulatory policies, and improve the performance rate of long-term cooperative contracts; Fourth,
increase budget control and strengthen other cost management.
3. Adjustment risk of power supply structure
Under the background of "3060" goal of emission peak and carbon neutrality, the central government has
clearly built a new power system with new energy as the mainstay, to accelerate the transformation of China's
energy production and consumption to green and low-carbon, and increase the installed capacity and power
growth of wind power, photovoltaic power and other new energy, which will further decrease the living space
of coal-fired generating units. At present, the Company's coal-fired power business accounts for a relatively
high proportion, and the transformation pressure of clean and low-carbon power supply is high.
Countermeasures: First, the Company will actively increase investment in new energy projects and accelerate
the progress of new energy projects according to the national double-carbon goal and the relevant requirements
of new energy development planning. Second, continue to increase investment and development of clean energy
and project reserves, steadily and orderly promote the construction of Dayawan Comprehensive Energy Station,
Zhaoqing Yongan Natural Gas Thermal Power Project, Yunfu Natural Gas Cogeneration Project and Yangjiang
Qingzhou Offshore Wind Power Project, actively explore new energy development space in other provinces and
regions in China, increase new energy development efforts in Xinjiang, Guizhou, Hebei, Qinghai, Guangxi and
other regions, and enrich the reserves of new energy projects. Third, deeply explore the distributed energy
supply of cold, heat, electricity and gas, as well as the infrastructure construction such as electricity exchange,
charging piles and energy storage as well as the development and utilization of hydrogen energy. Fourthly,
continuously optimize the management of carbon assets, make full use of internal and external resources, utilize
the advantages of group operations, strengthen the management of carbon emission data and management of
carbon asset operation, enhance internal coordination, promote energy conservation and carbon reduction, and
realize the increment and profit of carbon assets.
23
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
IV. Corporate Governance
I. Annual General Meeting and Provisional Shareholders’ Meetings in the Reporting Period
1.Annual General Meeting
Investor
Meeting Type participation Convened date Disclosure date Index to disclosed information
ratio
First Provisional Provisional Announcement No.:2022-10).
Shareholders’ Shareholders’ Published in China Securities D
78.75% February 22,2022 February 23,2022
general meeting general aily, Securities Times and http//
of 2022 meeting .www.cninfo.com.cn
Annual Announcement No.:2022-29)..
2021
Shareholders’ Published in China Securities D
Shareholders’ 72.68% May 20,2022 May 21,2022
General aily, Securities Times and http//
general meeting
Meeting .www.cninfo.com.cn
2. Preferred stockholders restored voting rights to request to convene Provisional Shareholders’ Meeting.
□Applicable √ Not applicable
II. Changes in directors, supervisors and senior management staffs
√ Applicable □Not applicable
Name Positions Types Date Reason
Elected as the director
of the tenth board of di
Li Xiaoqing Director Elected May 20,2022 rectors of the company
by the company's 2021
annual general meeting
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.
24
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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
Emis
Main Excess
sion
Company pollutant Emissi Emission Total Verified ive
conce Implemented
or and Emission on port port emissio total emissi
ntrati pollutant emission
subsidiary specific way numbe distribution n emission( on
on standards
name pollutant r condition (Tons) Tons) conditi
(mg/
name on
Nm3)
Emission Standard
Concentra
of Air Pollutants for
Shajao A ted
Within the Thermal Power
Power Smoke emission 1 1.12 6.92 6.92 No
factory Plants (GB13223-
Plant through
2011) special
chimney
emission limit
Emission Standard
Concentra
of Air Pollutants for
Shajao A ted
Within the Thermal Power
Power SO2 emission 1 15.97 98.33 98.33 No
factory Plants (GB13223-
Plant through
2011) special
chimney
emission limit
Emission Standard
Concentra
of Air Pollutants for
Shajao A ted
Within the Thermal Power
Power NOX emission 1 29.89 184.01 184.01 No
factory Plants (GB13223-
Plant through
2011) special
chimney
emission limit
Guangdo Emission Standard
Concentra
ng of Air Pollutants for
ted
Yudean Within the Thermal Power
Smoke emission 2 1.78 16.29 72 No
Bohe factory Plants (GB13223-
through
Energy 2011) special
chimney
Co., Ltd. emission limit
Guangdo Emission Standard
Concentra
ng of Air Pollutants for
ted
Yudean Within the Thermal Power
SO2 emission 2 13.89 127.27 974 No
Bohe factory Plants (GB13223-
through
Energy 2011) special
chimney
Co., Ltd. emission limit
Guangdo Emission Standard
Concentra
ng of Air Pollutants for
ted
Yudean Within the Thermal Power
NOX emission 2 37.45 351.28 1195 No
Bohe factory Plants (GB13223-
through
Energy 2011) special
chimney
Co., Ltd. emission limit
Guangdo Emission Standard
Concentra
ng of Air Pollutants for
ted
Yudean Within the Thermal Power
Smoke emission 2 2 20.73 593 No
Dapu factory Plants (GB13223-
through
Power 2011) special
chimney
Plant emission limit
Guangdo Emission Standard
Concentra
ng of Air Pollutants for
ted
Yudean Within the Thermal Power
SO2 emission 2 13.63 141.39 1447 No
Dapu factory Plants (GB13223-
through
Power 2011) special
chimney
Plant emission limit
Guangdo Emission Standard
Concentra
ng of Air Pollutants for
ted
Yudean Within the Thermal Power
NOX emission 2 38.73 401.82 1502 No
Dapu factory Plants (GB13223-
through
Power 2011) special
chimney
Plant emission limit
25
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Guangdo Emission Standard
Concentra
ng Red of Air Pollutants for
ted
Bay Within the Thermal Power Unapprov
Smoke emission 4 2.2 36.42 No
Power factory Plants (GB13223- ed
through
General 2011) special
chimney
Co., ltd. emission limit
Guangdo Emission Standard
Concentra
ng Red of Air Pollutants for
ted
Bay Within the Thermal Power Unapprov
SO2 emission 4 9.21 177.46 No
Power factory Plants (GB13223- ed
through
General 2011) special
chimney
Co., ltd. emission limit
Guangdo Emission Standard
Concentra
ng Red of Air Pollutants for
ted
Bay Within the Thermal Power Unapprov
NOX emission 4 32.5 579.48 No
Power factory Plants (GB13223- ed
through
General 2011) special
chimney
Co., ltd. emission limit
Guangdo
Emission Standard
ng Concentra
of Air Pollutants for
Yudean ted
Within the Thermal Power
Jinghai Smoke emission 4 2.17 61.36 1770 No
factory Plants (GB13223-
Power through
2011) special
General chimney
emission limit
Co., Ltd.
广
Guangdo Emission Standard
Concentra
ng of Air Pollutants for
ted
Yudean Within the Thermal Power
SO2 emission 4 16.89 477.83 6502 No
Jinghai factory Plants (GB13223-
through
Power 2011) special
chimney
General emission limit
Co., Ltd.
Guangdo
Emission Standard
ng Concentra
of Air Pollutants for
Yudean ted
Within the Thermal Power
Jinghai NOX emission 4 32.24 912.23 4687 No
factory Plants (GB13223-
Power through
2011) special
General chimney
emission limit
Co., Ltd.
Guangdo
Emission Standard
ng Energy Concentra
of Air Pollutants for
Maoming ted
Within the Thermal Power
Thermal Smoke emission 2 1.26 11.52 168.12 No
factory Plants (GB13223-
Power through
2011) special
Plant Co., chimney
emission limit
Ltd.
Guangdo
Emission Standard
ng Energy Concentra
of Air Pollutants for
Maoming ted
Within the Thermal Power
Thermal SO2 emission 2 14.9 145.51 385.51 No
factory Plants (GB13223-
Power through
2011) special
Plant Co., chimney
emission limit
Ltd.
Guangdo
Emission Standard
ng Energy Concentra
of Air Pollutants for
Maoming ted
Within the Thermal Power
Thermal NOX emission 2 24.42 234.24 689.58 No
factory Plants (GB13223-
Power through
2011) special
Plant Co., chimney
emission limit
Ltd.
Guangdo Emission Standard
Concentra
ng of Air Pollutants for
ted
Huizhou Within the Thermal Power
Smoke emission 6 0.19 3.33 232.11 No
Natural factory Plants (GB13223-
through
Gas 2011) special
chimney
Power emission limit
26
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Generatio
n Co., Ltd
Guangdo
ng Emission Standard
Concentra
Huizhou of Air Pollutants for
ted
Natural Within the Thermal Power
NOX emission 6 27.04 429.50 2033.1 No
Gas factory Plants (GB13223-
through
Power 2011) special
chimney
Generatio emission limit
n Co., Ltd
Guangdo
ng Emission Standard
Concentra
Shaoguan of Air Pollutants for
ted
Yuejiang Within the Thermal Power
Smoke emission 2 1.57 14.26 717.78 No
Power factory Plants (GB13223-
through
Generatio 2011) special
chimney
n Co., emission limit
Ltd.
Guangdo
ng Emission Standard
Concentra
Shaoguan of Air Pollutants for
ted
Yuejiang Within the Thermal Power
SO2 emission 2 18.16 165.15 2303.55 No
Power factory Plants (GB13223-
through
Generatio 2011) special
chimney
n Co., emission limit
Ltd.
Guangdo
ng Emission Standard
Concentra
Shaoguan of Air Pollutants for
ted
Yuejiang Within the Thermal Power
NOX emission 2 36.74 333.99 2809.07 No
Power factory Plants (GB13223-
through
Generatio 2011) special
chimney
n Co., emission limit
Ltd.
Guangdo
ng Emission Standard
Concentra
Yudean of Air Pollutants for
ted
Yunhe Within the Thermal Power
Smoke emission 1 1.6 6.65 6.65 No
Power factory Plants (GB13223-
through
Generatio 2011) special
chimney
n Co., emission limit
Ltd.
Guangdo
ng Emission Standard
Concentra
Yudean of Air Pollutants for
ted
Yunhe Within the Thermal Power
SO2 emission 1 6.89 29.04 29.04 No
Power factory Plants (GB13223-
through
Generatio 2011) special
chimney
n Co., emission limit
Ltd.
Guangdo
ng Emission Standard
Concentra
Yudean of Air Pollutants for
ted
Yunhe Within the Thermal Power
NOX emission 1 34.83 140.27 140.27 No
Power factory Plants (GB13223-
through
Generatio 2011) special
chimney
n Co., emission limit
Ltd.
Emission Standard
Concentra
Zhanjiang of Air Pollutants for
ted
Electric Within the Thermal Power
Smoke emission 2 1 17 17 No
Power factory Plants (GB13223-
through
Co., Ltd. 2011) special
chimney
emission limit
Zhanjiang Concentra Emission Standard
Within the
Electric SO2 ted 2 15 of Air Pollutants for 187 187 No
factory
Power emission Thermal Power
27
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Co., Ltd. through Plants (GB13223-
chimney 2011) special
emission limit
Emission Standard
Concentra
Zhanjiang of Air Pollutants for
ted
Electric Within the Thermal Power
NOX emission 2 36 441 441 No
Power factory Plants (GB13223-
through
Co., Ltd. 2011) special
chimney
emission limit
Emission Standard
Concentra
Zhanjiang of Air Pollutants for
ted
Zhongyue Within the Thermal Power
Smoke emission 2 0.95 7.42 480 No
Energy factory Plants (GB13223-
through
Co., Ltd. 2011) special
chimney
emission limit
Emission Standard
Concentra
Zhanjiang of Air Pollutants for
ted
Zhongyue Within the Thermal Power
SO2 emission 2 13.33 104.17 1200 No
Energy factory Plants (GB13223-
through
Co., Ltd. 2011) special
chimney
emission limit
Emission Standard
Concentra
Zhanjiang of Air Pollutants for
ted
Zhongyue Within the Thermal Power
NOX emission 2 25.54 199.6 1078 No
Energy factory Plants (GB13223-
through
Co., Ltd. 2011) special
chimney
emission limit
Emission Standard
Shenzhen Concentra
of Air Pollutants for
Guangqia ted
Within the Thermal Power
n Electric NOX emission 3 10.97 77.69 1312.5 No
factory Plants (GB13223-
Power through
2011) special
Co., Ltd. chimney
emission limit
Guangdo
Emission Standard
ng Concentra
of Air Pollutants for
Huizhou ted
Within the Thermal Power
Pinghai Smoke emission 2 3.26 52.39 700 No
factory Plants (GB13223-
Power through
2011) special
Plant Co., chimney
emission limit
Ltd.
Guangdo
Emission Standard
ng Concentra
of Air Pollutants for
Huizhou ted
Within the Thermal Power
Pinghai SO2 emission 2 22.31 353.81 1670 No
factory Plants (GB13223-
Power through
2011) special
Plant Co., chimney
emission limit
Ltd.
Guangdo
Emission Standard
ng Concentra
of Air Pollutants for
Huizhou ted
Within the Thermal Power
Pinghai NOX emission 2 38 591.84 2423 No
factory Plants (GB13223-
Power through
2011) special
Plant Co., chimney
emission limit
Ltd.
Guangdo
Emission Standard
ng Concentra
of Air Pollutants for
Yuehua ted
Within the Thermal Power
Power SO2 emission 2 0.101 0.664 27.54 No
factory Plants (GB13223-
Generatio through
2011) special
n Co., chimney
emission limit
Ltd.
Guangdo Emission Standard
Concentra
ng of Air Pollutants for
ted
Yuehua Within the Thermal Power
NOX emission 2 38.97 254.75 1367.55 No
Power factory Plants (GB13223-
through
Generatio 2011) special
chimney
n Co., emission limit
28
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Ltd.
Guangdo
Guangdo
ng Emission Standard
ng
Yudean of Air Pollutants for
Huizhou
Xinhui Within the Thermal Power
Pinghai Smoke 2 0.057 0.23 0.23 No
Power factory Plants (GB13223-
Power
Generatio 2011) special
Plant Co.,
n Co., emission limit
Ltd.
Ltd.
Guangdo
Guangdo
ng Emission Standard
ng
Yudean of Air Pollutants for
Huizhou
Xinhui Within the Thermal Power
Pinghai SO2 2 0.213 0.87 0.87 No
Power factory Plants (GB13223-
Power
Generatio 2011) special
Plant Co.,
n Co., emission limit
Ltd.
Ltd.
Guangdo
Guangdo
ng Emission Standard
ng
Yudean of Air Pollutants for
Huizhou
Xinhui Within the Thermal Power
Pinghai NOX 2 36.02 147.73 147.73 No
Power factory Plants (GB13223-
Power
Generatio 2011) special
Plant Co.,
n Co., emission limit
Ltd.
Ltd.
Emission Standard
Tumushu Concentra
of Air Pollutants for
ke ted
Within the Thermal Power
Thermo Smoke emission 1 2.04 12.13 135 No
factory Plants (GB13223-
electric through
2011) special
Co., Ltd. chimney
emission limit
Emission Standard
Tumushu Concentra
of Air Pollutants for
ke ted
Within the Thermal Power
Thermo SO2 emission 1 14.35 88.81 474 No
factory Plants (GB13223-
electric through
2011) special
Co., Ltd chimney
emission limit
Emission Standard
Tumushu Concentra
of Air Pollutants for
ke ted
Within the Thermal Power
Thermo NOX emission 1 27.61 165 675 No
factory Plants (GB13223-
electric through
2011) special
Co., Ltd chimney
emission limit
Emission Standard
Concentra
of Air Pollutants for
ted
Within the Thermal Power
Shajia C Smoke emission 3 2.17 26.3 277.8 No
factory Plants (GB13223-
through
2011) special
chimney
emission limit
Emission Standard
Concentra
of Air Pollutants for
Shajiao C ted
Within the Thermal Power
power SO2 emission 3 11.7 141.89 972.3 No
factory Plants (GB13223-
plant through
2011) special
chimney
emission limit
Emission Standard
Concentra
of Air Pollutants for
Shajiao C ted
Within the Thermal Power
power NOX emission 3 30.2 366.03 1389 No
factory Plants (GB13223-
plant through
2011) special
chimney
emission limit
Concentra Emission Standard
Huadu
ted of Air Pollutants for
Thermoel Within the Not
Smoke emission 3 2.6 Thermal Power 1.8 No
ectric factory approved
through Plants (GB13223-
Company
chimney 2011) special
29
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
emission limit
Emission Standard
Concentra
Huadu of Air Pollutants for
ted
Thermoel Within the Thermal Power
SO2 emission 3 18.5 12.6 13.4 No
ectric factory Plants (GB13223-
through
Company 2011) special
chimney
emission limit
Emission Standard
Concentra
Huadu of Air Pollutants for
ted
Thermoel Within the Thermal Power
NOX emission 3 29.2 19.2 1173.2 No
ectric factory Plants (GB13223-
through
Company 2011) special
chimney
emission limit
Prevention and control of pollution facilities construction and operation
In the first half of 2022, the Company took the great development of new energy and energy saving and
carbon reduction as an important step to accelerate the construction of ecological civilization and pollution
prevention and control, and constantly improved the energy security and clean and low-carbon level. All
emission indicators were better than the industry average. The Company adhered to the goal of building a
resource-saving and environment-friendly enterprise, and actively promoted the upgrading and transformation
of existing coal-fired generating units in a planned and step-by-step manner by formulating and implementing
various measures such as energy consumption management improvement, operation optimization, equipment
management, overhaul and technical transformation, and strove to reduce the emission intensity of coal-fired
generating units.
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
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.
During the reporting period, the affiliated power generation enterprises of the Company disclosed
environmental information and their supervision and management activities in accordance with the
requirements of laws and regulations such as the China's Administrative Measures for Legal Disclosure of
Enterprise Environmental Information (Order No.24 of Ministry of Ecology and Environment), prepared annual
30
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
environmental information disclosure reports and uploaded them to the enterprise environmental information
disclosure system, with the publication rate reaching 100%.
Administrative penalties for environmental problems during the reporting period
None
Other environmental information that should be disclosed
None
Measures and effects taken to reduce its carbon emissions during the reporting period
√Applicable □Not applicable
In 2022, according to the requirements of the national double-carbon target and energy development plan,
the Company actively increased investment in new energy, with 14 new energy projects under construction, and
a total installed capacity of 2.046 million kilowatts. After all the above-mentioned projects under construction
are completed and put into operation, it is estimated that they can contribute about 4.358 billion kilowatts of
clean energy every year, saving about 1.3728 million tons of standard coal every year, and reducing carbon
dioxide emissions by about 3.6172 million tons, equivalent to rebuilding 9,144.26 hectares of forest. In the
meantime, the Company has made every effort to promote the transformation project of replacing liquid
ammonia with urea in the ammonia station of coal-fired power plants, actively participated in the national
carbon market, and made overall plans for carbon asset management and performance transactions.
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 has strictly abode by the Environmental Protection Law of People's Republic of China, the
Law of the People's Republic of China on the Prevention and Control of Atmospheric Pollution, the Law of the
People's Republic of China on the Prevention and Control of Water Pollution and the Law of the People's
Republic of China on Prevention and Control of Environmental Pollution by Solid Waste to carry out
production and business activities. In the first half of 2022, the Company's thermal power plant's operating
expenses for implementing environmental protection policies and regulations were mainly due to the purchase
of limestone and denitration materials, totaling about RMB 128.31 million.
2. In the first half of 2022, the standard coal consumption of the Company's thermal power plant was
304.86g/kWh, the sulfur dioxide emission performance value was 0.045g/kWh, the nitrogen oxide emission
performance value was 0.120g/kWh, and the soot emission performance value was 0.006g/kWh. Including: the
operation rate of desulfurization device of 100%, with an average desulfurization efficiency of 99.25%; the
average operation rate of denitration device of 97.12%, with an average denitration efficiency of 89.67%; and
the operation rate of dry dedusting device of 100%, with an average dedusting efficiency of 99.81%.
II. Social responsibilities
In 2022, the Company continued to implement the spirit of the Opinions of the Central Committee of CCP
and the State Council on Realizing the Limited Connection between Consolidating and Expanding the
31
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Achievements of Poverty Alleviation and Rural Revitalization. According to the decision-making arrangements
and work requirements of the Guangdong Provincial Party Committee and the Provincial Government, the
Company actively invested resources in consolidating the achievements of poverty alleviation, actively carried
out poverty alleviation by consumption, and adopted multiple measures to promote the comprehensive rural
revitalization.
1. Yuejiang Company's assistance counterpart: Ruyuan Dongping Town
In the first half of 2022, Yuejiang Company vigorously promoted consumption assistance, strictly adhered
to the bottom line of not returning to poverty on a large scale, strengthened the dynamic monitoring of
preventing returning to poverty, rationally formulated assistance project plans, and effectively connected the
achievements of consolidating poverty alleviation with rural revitalization. The Company's trade unions actively
carried out consumption assistance procurement activities, expanded consumption assistance channels,
broadened the sales of local agricultural and sideline products and increased farmers' income. Up to now, the
total expenses on assistance, consolation and other expenses have reached more than RMB 160,000, effectively
solving the problem of increasing farmers' income and laying a solid foundation for the industrial revitalization
of Dongping Town.
2. Zhanjiang Electric Power Company's assistance counterpart: Xuwen Xilian Town
Zhanjiang Electric Power Company has resolutely implemented the national rural revitalization strategy,
helped the rural revitalization of Xilian Town as always, and practiced the due role of a state-owned enterprise.
The Company's staff in helping villages in Xilian Town dared to take responsibility, planned measures
according to local conditions, fully implemented all aspects of rural revitalization, and took charge of and
participated in the overall planning of Xilian Town from 2021 to 2026. The work results were selected as
excellent planning by Xuwen County and Zhanjiang Agriculture and Rural Bureau and sent to Guangdong
Province for appraisal.
3. Dabu Power Generation Company's assistance counterpart: Huilai Jinghai Town
In order to well ensure assisting villages and towns, Dapu Power Generation Company selected Mr. Guo
Jie, the Deputy General Manager of the Company, as the first secretary in village and a member of the
assistance work team in town, to assist rural revitalization in Jinghai Town, Huilai County, Jieyang City. On
Guangdong Poverty Alleviation Day in 2022, the Company actively carried out a poverty alleviation activity,
and raised a total of RMB 63,200 to support rural revitalization.
4. Zhongyue Energy Company's assistance counterpart: Leizhou Jijia Town
In the first half of 2022, Zhanjiang Zhongyue Energy Company's rural revitalization work team stationed
in Leizhou Jijia Town, Zhanjiang, conducted a special investigation with the theme of rural revitalization
industry assistance, mainly focusing on how to integrate land resources and solve existing problems, and held
discussions and exchanges with village committee cadres and villagers. It was suggested that according to the
local conditions and on the basis of respecting the popular will, the form of land cooperatives should be
established, farmers should buy shares in scattered land, select accurate and excellent projects, and actively
explore the development modes of "land shares+large-scale planting", "decentralized production+unified
management", and "small households supported by large households, and scattered households supported by
specialized households", so as to continuously enhance the vitality and strength of collective economic
development.
5. Guangdong New Energy's assistance counterpart: Nanxiong Baishun Town
32
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
In order to actively promote the integration and development of new energy development and rural
revitalization, Nanxiong Yuefeng New Energy, a subsidiary of provincial wind power company in Shaoguan
City, signed a new energy cooperative development framework agreement with Nanxiong People's Government
in June 2022, and assisted local rural revitalization by developing local rooftop photovoltaic, ground distributed
photovoltaic and ground distributed wind power projects. Currently, the preliminary work for the Pilot Project
of Rural Revitalization Distributed Wind Power in Baishun Town, Nanxiong, Shaoguan has started.
33
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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.
34
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
VIII. Litigations and arbitrations
Significant litigations and arbitrations
□ Applicable √ Not applicable
No such cases in the reporting period.
Other lawsuits
□ Applicable √ Not applicable
IX. Punishments and rectifications
□ Applicable √ Not applicable
X. Credit conditions of the Company as well as its controlling shareholder and actual controller
□ Applicable √ Not applicable
XI.Material related transactions
1. Related transactions in connection with daily operation
□ Applicable √ Not applicable
Please refer to "7. Other significant related party transactions" for the related transactions related to the daily
operation of the Company during 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 Relationsh Maximum Deposit interest Beginning The amount incurred Ending
35
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
ip daily deposit rate range balance Total deposit Total amount balance
limitd（Ten （Ten amount of withdrawn in （Ten
thousand thousand thousand
the current the current
yuan） yuan） yuan）
period（Ten period（Ten
thousand thousand
yuan） yuan）
Controlled
Guangdong by
Energy Group Guangdon 1,100,000 0.35% 647,482 4,385,964 4,127,759 905,687
Co., Ltd. g Energy
Group
Loan business
Related party Relationsh Beginning The amount incurred
ip balance
（Ten Total
Total loan Ending
Loan limit thousand repayment
amount for balance
（Ten Loant interest yuan） amount of （Ten
thousand rate range the current
this period thousand
yuan） period（Ten
（Ten yuan）
thousand
thousand
yuan）
yuan）
Controlled
Guangdong by
Energy Group Guangdon 3,500,000 2.70%-4.26% 934,417 1,058,703 990,724 1,002,396
Co., Ltd. g Energy
Group
Credit extension or other financial services
Related party Relationship Business Total amount（Ten Actual amount incurred
type thousand yuan） （Ten thousand
yuan）
Guangdong Energy Group Controlled by Guangdong
Credit 3,500,000 1,002,396
Co., Ltd. Energy Group
6. Transactions with related finance company controlled by the Company
□ Applicable √ Not applicable
The company does not have a controlling financial company.
7. Other significant related-party transactions
√ Applicable □Not applicable
（1）2022 daily related transactions were carried out after examination and approval by 2022 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 20, 2022, the first meeting of the tenth 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 2022.
Website for temporary disclosure of the connected transaction
36
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Announcement Date of disclosure Website for disclosure
Estimates announcement of the Daily Related Party
January 20,2022 http//www.cninfo.com.cn.
Transactions of 2022
Announcement of Related Transactions on Signing of the
Financial Services Framework Agreement, Framework
Agreement on Financing Leasing Cooperation and January 20,2022 http//www.cninfo.com.cn.
Framework Agreement on Cooperation in Insurance and Risk
Management Services
XII. Significant contracts and execution
1.Entrustments, contracting and leasing
（1）Entrustment
√ Applicable □Not applicable
Statement of Trusteeship Situation :
According to the statement of Guangdong Energy Group on fulfilling relevant matters, and to avoid the
horizontal competition and fulfill the relevant commitment of the horizontal competition, the Company signed
Stock Trusteeship Agreement with Guangdong Energy Group, wherein the shareholder's rights within the
trusteeship range, except the ownership, right of earning and right of disposition, will be trusted to the Company,
which is predicted to charge 245,000 yuan as trustee fee per year. See details at the " Related Transaction
Announcement on Stock Trusteeship Agreement signed with Guangdong Yudean Group Co., Ltd." published by
the Company in China Securities Daily, Securities Times and http://www.cninfo.com.cn on January 13,
2018(Announcement No.2018-04);
In the first half of 2022, the Company confirmed a custody income of RMB 900,000.
Gains/losses to the Company from projects that reached over 10% in total profit of the Company in reporting
period
□Applicable √ Not applicable
No gains or losses to the Company from projects that reached over 10% in total profit of the Company in
reporting period
(2) Contract
□ Applicable √ Not applicable
No any contract for the Company in the reporting period.
(3) Lease
√ Applicable □Not applicable
Note:
The Company, as the lessee, incurred a lease fee of RMB 14,137,813 this year.
Project which generates profit or loss reaching over 10% of total profits of the Company during the Reporting
Period
□ Applicable √ Not applicable
There were no leases with a 10% or greater impact on the Company’s gross profit in the Reporting Period.
37
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
2.Significant Guarantees
√Applicable □ Not applicable
In RMB 10,000
Guarantee of the Company for the controlling subsidiaries (Exclude controlled subsidiaries)
Relevant
Date of Guarantee
disclosure Counter-
happening Actual Complete for
Name of the date/No. of Amount of Guaranty Guarantee
(Date of mount of Guarantee type guarantee（If implementation associated
Company the Guarantee （If any） term
signing guarantee any） or not parties
guaranteed
agreement) (Yes or no)
amount
Yunnan
Baoshan
Binglangjiang
Hydropower
Yunnan Baoshan
Development
Binlangjiang
December November Guaranteeing of Co., Ltd.
Hydroelectricity 4,350 580 15 years No No
19,2007 30,2007 joint liabilities. provides joint
Development Co.,
and several
Ltd.
liability
guarantee
counter-
guarantee.
Yunnan
Baoshan
Binglangjiang
Hydropower
Yunnan Baoshan
Development
Binlangjiang
Guaranteeing of Co., Ltd.
Hydroelectricity May 27,2009 9,367 June 22,2009 3,567 18 years No No
joint liabilities. provides joint
Development Co.,
and several
Ltd.
liability
guarantee
counter-
guarantee.
Guangdong
Yudean
Yangjiang
Guangdong
November Guaranteeing of Offshore wind
Energy Group October 29,2020 200,000 167,285 23.9 years No Yes
19,2020 joint liabilities. power Co.,
Co., Ltd.
Ltd. provides
joint and
several liability
38
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
guarantee
counter-
guarantee
Xinjiang Jintai
December Guaranteeing of
Electric Power 3,775 0 3 years Yes No
11,2021 joint liabilities.
Co., Ltd.
Total actually amount of
Total amount of approved external
external guarantee in the 1,039
guarantee in the report period(A1)
report period(A2)
Total amount of approved external Total actually amount of
guarantee at the end of the report 425,459 external guarantee at the end 171,432
period(A3) of the report period(A4)
Guarantee of the company for its subsidiaries
Relevant
Date of Guarantee
disclosure Counter-
happening Actual Complete for
Name of the date/No. of Amount of Guaranty Guarantee
(Date of mount of Guarantee type guarantee（If implementation associated
Company the Guarantee （If any） term
signing guarantee any） or not parties
guaranteed
agreement) (Yes or no)
amount
Zhanjiang Wind
Guaranteeing of
Power Generation April 29,2009 18,572 October 9,2010 5,022 18 years No No
joint liabilities.
Co., Ltd.
Total of guarantee for subsidiaries Total of actual guarantee for
0 -60
approved in the period(B1) subsidiaries in the period (B2)
Total of guarantee for subsidiaries Total of actual guarantee for
141,536 5,022
approved at period-end(B3) subsidiaries at period-end(B4)
Guarantee of the subsidiaries for the controlling subsidiaries
Relevant
Date of Guarantee
disclosure Counter-
happening Actual Complete for
Name of the date/No. of Amount of Guaranty Guarantee
(Date of mount of Guarantee type guarantee（If implementation associated
Company the Guarantee （If any） term
signing guarantee any） 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 guarantee
Total guarantee quota approved in the actually incurred in the
0 979
reporting period（A1+B1+C1）
reporting period
（A2+B2+C2）
Total guarantee quota already Total balance of the actual
566,995 176,454
approved at the end of the reporting guarantee at the end of the
39
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
period（A3+B3+C3） reporting period
（A4+B4+C4）
The proportion of the total amount of actually guarantee in the net assets
8.05%
of the Company (that is A4+B4+C4）%
Including：
Amount of guarantees provided for shareholders, the actual controller
167,285
and their related parties (D)
Amount of debt guarantees provided directly or indirectly for entities
4,147
with a liability-to-asset ratio over 70% (E)
Proportion of total amount of guarantee in net assets of the company
0
exceed 50%（F）
Total amount of the three kinds of guarantees above (D+E+F) 171,432
Note: As for the joint liability guarantee of Xinjiang Jintai Electric Power Co., Ltd. undertaken by the Company due to the acquisition of Toumchouq Thermal
Power Company, the actual date is the date when Toumchouq Thermal Power Company completes the industrial and commercial change registration.
40
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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 Website
Date of disclosure for
disclosure
In order to implement the deployment of aid to Xinjiang, deepen Announcement of Resolutions of March 26,2022 http//ww
the Second Meeting of the Tenth
gic cooperation with key regions, further optimize the power supply str w.cninfo.
Board of Directors by
ucture, and increase the proportion of clean energy, the Company'sCorrespondence of 2022 com.cn.
rd of directors agreed to the Company's wholly-
owned establishment of Tumusuke Yudean Hanhai New Energy Co., L
td (hereinafter referred to as "Hanhai New Energy Company”) to invest
in the construction of a 400,000-
kilowatt photovoltaic power generation project in the 45th Regiment of
the Third Division of the Xinjiang Production and Construction Corps.
The total investment of the project is 2,226,851,400 yuan, and the capi
tal is set at 445,370,000 yuan according to 20% of the total project inve
stment, which will be solved by the Company's capital increase to Han
hai New Energy Company in batches.
In order to meet the heat load demand of Yunfu Industrial Announcement of Resolutions of April 22,2022 http//ww
Park and peripheral enterprises, further optimize the Company's the Sixth Meeting of the Tenth w.cninfo.
power supply structure, and promote the Company's sustainable Board of Directors com.cn.
development, the board of directors agrees to invest in the
construction of Yunhe Power Generation Company Natural Gas
Cogeneration Project (2×460MW), and Guangdong
YudeanYunhe Co., Ltd. is responsible for the specific
construction and operation of the project. The total investment
of the project is 2,809.70 million yuan (including the heating
network project), and the project capital is calculated as 561.94
million yuan according to 20% of the total project investment.
The Company invests 505.75 million yuan according to the
proportion of 90% equity ratio. The capital required for the
41
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
project will be solved by the Company's capital increase to
Yunhe Power Generation Company in batches according to the
actual construction progress and capital needs of the project.
In order to meet the electricity load growth in Jieyang City Announcement of Resolutions of April 22, http//ww
and the heat load demand of Dananhai Petrochemical Industrial the Sixth Meeting of the Tenth w.cninfo.
Zone, and further increase the proportion of clean energy of the Board of Directors com.cn.
Company, the board of directors agrees to invest in the
construction of the Jieyang Dananhai Natural Gas Cogeneration
Project (2×480MW), and Guangdong Yudean Dananhai Smart
Energy Co., Ltd.-a wholly-owned subsidiary-is responsible for
the specific construction and operation of the project. The total
investment of the project is 2,855.45 million yuan (including the
heating network project), and the project capital is calculated as
571.09 million yuan according to 20% of the total project
investment. The capital required by the project will be solved by
the Company's capital increase to Dananhai Smart Energy
Company in batches according to the actual construction
progress and capital needs of the project.
XIV. Significant event of subsidiary of the Company
□ Applicable √ Not applicable
42
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
VII. Change of share capital and shareholding of Principal Shareholders
I. Changes in share capital
1. Changes in share capital
In shares
Before the change Increase/decrease（+，-） After the Change
Amount Proporti Capitali
on zation
Bon
Share of
us Subtot Proportio
allot commo Other Quantity
shar al n
ment n
es
reserve
fund
I. Share with
conditional 1,897,966,117 36.15% -2,830 1,897,963,287 36.15%
subscription
1. State-owned
shares
2. State-owned legal
1,893,342,621 36.06% 1,893,342,621 36.06%
person shares
3.Other domestic
4,623,496 0.09% -2,830 4,620,666 0.09%
shares
Of which：Domestic
4,620,666 0.09% 4,620,666 0.09%
legal person shares
Domestic natural
2,830 0% -2,830 0 0%
person shares
4.Foreign shares
Of which：Foreign
legal person shares
Foreign natural person
shares
II. Shares with
unconditional 3,352,317,869 63.85% 2,830 3,352,320,699 63.85%
subscription
1.Common shares in
2,553,909,869 48.64% 2,830 2,553,912,699 48.64%
RMB
2.Foreign shares in
798,408,000 15.21% 798,408,000 15.21%
domestic market
3.Foreign shares in
foreign market
4.Other
III. Total of capital
5,250,283,986 100% 5,250,283,986 100%
shares
Reasons for share changed
√ Applicable □ Not applicable
On February 2, 2022, the lock-up period of the 2,830 restricted shares held by Mr.Wen Lianhe, aformer
director of the company, has expired it has been converted into tradable shares whthout restiiction .therefore,
the number of restricted shares of the company has also increased accordingly.
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
43
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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 Number of
restricted restricted Reasons for
restricted restricted Release date of
Shareholder shares in shares at the sales
shares at the shares released sales restriction
increased this end of the restriction
beginning in this period
period period
Director
Wen Lianhe 2,830 2,830 0 0 February 2,2022
change
Total 2,830 2,830 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 common Total number of preferred
shareholders at the end of the 94,373 shareholders that had restored the voting right at the end of the 0
reporting period reporting period (if any) (note 8)
Particulars about shares held above 5% by shareholders or top ten shareholders
Number of
Proporti share
Nature of on of Number of Changes in Amount of Amount of un- pledged/froze
Shareholders sharehold shares shares held at reporting restricted restricted n
er held period -end period shares held shares held State
Amo
（%） of
unt
share
State-
Guangdong
owned
Energy Group 67.39% 3,538,005,285 0 1,893,342,621 1,644,662,664
legal
Co., Ltd.
person
State-
Guangzhou
owned
Development 2.22% 116,693,602 0 0 116,693,602
legal
Group Co., Ltd.
person
Guangdong State-
Electric Power owned
1.80% 94,367,341 0 0 94,367,341
Development legal
Corporation person
ICBC－First
Seafront fund
New Economy
flexible allocation Other 0.82% 43,245,455 -1,472,463 0 43,245,455
of hybrid
securities
investment fund
44
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
The National
Social Security
Other 0.70% 36,986,590 32,098,900 0 36,986,590
Fund 102
portfolio
Domestic
Zheng Jianxiang Natural 0.49% 25,514,900 0 0 25,514,900
person
Ningbo Bank－
Boshi Growth
advantage hybrid Other 0.36% 18,915,500 0 0 18,915,500
securities
investment fund
State-
China Securities owned
0.35% 18,246,045 -33,781,100 0 18,246,045
Finance Co., Ltd. legal
person
VANGUARD
TOTAL Overseas
INTERNATIONA Legal 0.30% 15,855,512 0 0 15,855,512
L STOCK INDEX person
FUND
CHINA
INTERNATIONA
L CAPITAL Overseas
CORPORATION Legal 0.29% 15,216,066 0 0 15,216,066
HONG KONG person
SECURITIES
LTD
Strategy investors or general legal person
becomes top 10 shareholders due to rights Not applicable
issued (if applicable)（See Notes 3）
The Third largest shareholder Guangdong Electric Power Development
Explanation on associated relationship Corporation is the wholly-owned subsidiaries of the largest shareholder Energy
among the aforesaid shareholders Group. These two companies have relationships; whether the other shareholders
have relationships or unanimous acting was unknown
Above shareholders entrusting or entrusted
Not applicable
with voting rights, or waiving voting rights
Top 10 shareholders including the special
account for repurchase (if any) (see note Not applicable
10)
Shareholding of top 10 shareholders of unrestricted shares
Quantity of unrestricted Share type
Name of the shareholder shares held 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
Guangdong Electric Power Development Corporation 94,367,341 94,367,341
shares
ICBC－First Seafront fund New Economy flexible allocation RMB Common
43,245,455 43,245,455
of hybrid securities investment fund shares
RMB Common
The National Social Security Fund 102 portfolio 36,986,590 36,986,590
shares
Foreign shares
placed in
Zheng Jianxiang 25,514,900 25,514,900
domestic
exchange
Ningbo Bank－Boshi Growth advantage hybrid securities RMB Common
18,915,500 18,915,500
investment fund shares
RMB Common
China Securities Finance Co., Ltd. 18,246,045 18,246,045
shares
Foreign shares
VANGUARD TOTAL INTERNATIONAL STOCK INDEX placed in
15,855,512 15,855,512
FUND domestic
exchange
45
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Foreign shares
CHINA INTERNATIONAL CAPITAL CORPORATION placed in
15,216,066 15,216,066
HONG KONG SECURITIES LTD domestic
exchange
The Third largest shareholder Guangdong Electric Power
Explanation on associated relationship or consistent action
Development Corporation is the wholly-owned subsidiaries of
among the top 10 shareholders of non-restricted negotiable
the largest shareholder Energy Group. These two companies have
shares and that between the top 10 shareholders of non-
relationships; whether the other shareholders have relationships
restricted negotiable shares and top 10 shareholders
or unanimous acting was unknown.
Explanation on shareholders participating in the margin
Not applicable
trading business(if any )(See Notes 4)
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 2021 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.
46
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
VIII. Situation of the Preferred Shares
□Applicable √Not applicable
The Company had no preferred shares in the reporting period
47
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
IX. Corporate Bond
√ Applicable □ Not applicable
I. Enterprise bond
□ Applicable √ Not applicable
No such cases in the reporting period.
II. Corporate bond
√ Applicable □ Not applicable
I. Basic information of corporate bonds
In RMB
Bond balance
Bond short Interest
Bond name Bond code Issue day Value date Due day (Ten thousand Servicing way Trading
name rate
yuan )
Using simple interest rate
Public Issuance of on a yearly basis,
Corporate Bonds to regardless of compound
Qualified Investors in interest. Due payments
Shenzhen Stock
2020 (Phase I) of 20 Yudean 01 149113.SZ April 29,2020 April 29,2020 April 29,2025 1,500,000,000 2.45% once a year, maturing debt
Exchange
Guandong Electric Power at a time. In the final
Development Co.,Ltd. phase, interest is paid
together with the principal
redemption.
Using simple interest rate
Public Issuance of on a yearly basis,
Corporate Bonds to regardless of compound
Qualified Investors in interest. Due payments
Shenzhen Stock
2021 (Phase I) of 21 Yudean 01 149369.SZ January 27,2021 January 27,2021 January 27,2024 1,000,000,000 3.57% once a year, maturing debt
Exchange
Guandong Electric Power at a time. In the final
Development Co.,Ltd. phase, interest is paid
together with the principal
redemption.
48
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Public Issuance of
Corporate Bonds to
Qualified Investors in In the final phase, interests
21Yudean Shenzhen Stock
2021 (Phase II) of 149418.SZ April 28,2021 April 28,2021 April 28,2026 1,500,000,000 3.50% are paid together with the
02 Exchange
Guandong Electric Power principal redemption.
Development Co.,Ltd.
Public Issuance of
Corporate Bonds to
In the final phase, interests
Professional Investors in Shenzhen Stock
21Yedean 03 149711.SZ November 24,2021 November 24,2021 November 24,2026 800,000,000 3.41% are paid together with the
2021 (Phase I) of Exchange
principal redemption.
Guandong Electric Power
Development Co.,Ltd.
Using simple interest rate
Public Issuance of on a yearly basis,
Corporate Bonds to regardless of compound
Professional Investors in interest. Due payments
Shanghai Stock
2021 (Phase I) of 21Pinghai 01 188197.SH June 4,2021 June 4,2021 June 4,2023 200,000,000 3.57% once a year, maturing debt
exchange
Guandong Huizhou Ping at a time. In the final
Power Generation phase, interest is paid
Co.,Ltd. together with the principal
redemption.
During the reporting period, interest payment situation 20 Yudean 01, 21 Yudean 01 and 21 Yudean 02 are bonds for qualified investors, 21 Yudean 03 and 21 Pinghai 01 are bonds for
of the company bonds（If any） professional investors.
Applicable trading mechanism Bidding, quotation, inquiry and agreement transaction.
Whether there are risks and countermeasures for termi
No
nating listing transactions（If any)
Overdue and unpaid bonds
□ Applicable √ Not applicable
49
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
2. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor
√ Applicable □ Not applicable
21Yudean03 is attached with the "Commitment of the Issuer on Debt Repayment Guarantee Measures".
According to the agreement, the net cash flow from operating activities generated every six months during the
duration of the bonds of the current period according to the Issuer's consolidated financial statements shall not
be less than RMB 200 million, or the cash flow ratio from operating activities (net cash flow from operating
activities/interest-bearing liabilities) shall not be less than 0.5%. The Issuer regularly tracks and monitors the
stability of the sources of debt repayment funds every six months. If the source of debt repayment funds is
lower than that in the commitment requirements, the Issuer will take timely measures such as realizing assets,
collecting overdue receivables and improving business performance, and ensure that the relevant indicators of
debt repayment funds in the next monitoring period meet the commitment requirements. If the Issuer fails to
meet the commitment requirements during two consecutive monitoring periods, the Issuer shall collect funds in
advance before the latest interest payment or redemption date. The Issuer shall collect 20% of the debt
repayment funds within 1 month before the latest interest payment or redemption date, and collect 50% of the
debt repayment funds within 5 trading days before the latest interest payment or redemption date.
At the expiration of the first half year of the existence period of 21Yudean03, the net cash flow from
operating activities of the Company was RMB -208 million, and the cash flow ratio from operating activities
was -0.32%. The Company will take timely measures to improve its business performance, and strive for the
relevant indicators of the source of debt repayment funds in the next monitoring period to meet the commitment
requirements. Up to now, the Company has not triggered the need to collect debt repayment funds in advance.
3.Adjustment of credit rating results during the reporting period
□ Applicable √ Not applicable
4. The implementation and changes of guarantee, debt repayment plan and other debt repayment guarantee
measures during the reporting period and their impact on the rights and interests of bond investors
√ Applicable □ Not applicable
(1). Credit enhancement mechanism: 20 Yudean 01, 21 Yudean 01, 21 Yudean 02, 21 Yudean 03 and 21 Pinghai
Company 01 bonds are not guaranteed.
(2). Debt repayment plan and other debt repayment guarantee measures: 20 Yudean 01, 21 Yudean 01, 21 Yudean
02, 21 Yudean 03 and 21 Pinghai 01 debt repayment plans and other debt repayment guarantee measures have not
changed during the reporting period, and the payment of their principal and interest will be handled by the bond
registration institution and relevant institutions. The specific matters of payment will be elaborated in the
announcement disclosed by the issuer in the media specified by China Securities Regulatory Commission,
Shenzhen Stock Exchange, Shanghai Stock Exchange and China Securities Industry Association in accordance
with relevant regulations.
50
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
III. Debt financing instruments of non-financial enterprises
√ Applicable □ Not applicable
1. Debt financing instruments of non-financial enterprises
In RMB
Bond short Interest
Bond name Bond code Issue day Value date Due day Bond balance Servicing way Trading
name rate
Using simple
interest rate on a
yearly basis,
regardless of
2021 MTN
compound interest.
(Phase I) of
Due payments once
Guangdong 21Yudean Interbank
102101339.IB July 19,2021 July 21,2021 July 21,2024 1,200,000,000 3.17% a year, maturing
Electric Power Fa MTN001 market
debt at a time. In
Development
the final phase,
Co., Ltd.
interest is paid
together with the
principal
redemption.
Using simple
interest rate on a
yearly basis,
regardless of
2021 MTN
compound interest.
(Phase II) of
Due payments once
Guangdong 21Yudean Interbank
102102318.IB November 15,2021 November 17,2021 November 17,2024 2,200,000,000 3.13% a year, maturing
Electric Power Fa MTN002 market
debt at a time. In
Development
the final phase,
Co., Ltd.
interest is paid
together with the
principal
redemption.
Guangdong
Electric Power
Development One time
Co., Ltd. Co., 22Yudean repayment of Interbank
012280516.IB February 14,2022 February 15,2022 August 12,2022 1,200,000,000 2.01%
Ltd.2022 first Fa SCP001 principal and market
phase Ultra- interest due
short term
financing bills
51
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Guangdong
Electric Power
Development One time
Co., Ltd. Co., 22 Yudean repayment of Interbank
012282169.IB June 16,2022 June 20,2022 November 15,2022 1,500,000,000 2%
Ltd.2022 FaSCP002 principal and market
Second phase interest due
Ultra-short term
financing bills
MTN (Phase I)
(Sustainable
One time
lingged)of
21Pinghai repayment of Interbank
Guangdong 102102049.IB October 15,2021 October 15,2021 October 15,2024 300,000,000 3.72%
Fa MTN001 principal and market
Pinghai Power
interest due
Generation
Plant Co., Ltd.
Circulation and transfer in the national inter-bank bond market, its listing and circ ulation will be carried out in accordance with the
Applicable trading mechanism
relevant regulations promulgate d by the National Interbank Funding Center
52
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Overdue and unpaid bonds
□ Applicable √ Not applicable
2. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor
□ Applicable √ Not applicable
3.Adjustment of credit rating results during the reporting period
□ Applicable √ Not applicable
4 The implementation and changes of guarantee, debt repayment plan and other debt repayment guarantee
measures during the reporting period and their impact on the rights and interests of bond investors
√ Applicable □ Not applicable
1. 21Yudeanfa MTN001, 21 21Yudeanfa MTN002, 21Yudeanfa SCP002, 22Yudeanfa SCP001 and
21Pinghaifadian MTN001 are not guaranteed.
2. The debt repayment plan of the above-mentioned debt financing instruments and other debt repayment
guarantee measures of the Company have not changed during the reporting period.
IV. Convertible bond
□ Applicable √ Not applicable
No such cases in the reporting period.
V. The loss within the scope of consolidated statements in the reporting period exceeded 10% of the net
assets at the end of the previous year
□ Applicable √ Not applicable
VI. Main accounting data and financial indicators of the Company in recent two years by the end of the
reporting period
In RMB10,000
At the end of the reporting At the same time rate of
At the end of last year
period change
Current ratio 0.61 0.61 0%
Debt ratio 73.72% 71.34% 2.38%
Quick ratio 0.47 0.47 0%
At the same time rate of
Amount of this period Amount of last period
change
Net profit after deducting
-215,681 39,148 -650.94%
non-recurring profit and loss
EBITDA total debt ratio 1.3% 5.39% -4.09%
Time interest earned ratio -1.02 1.67 -161.08%
Cash interest guarantee times 1.43 6.95 -79.42%
EBITDATime interest earned
1.01 4.25 -76.24%
ratio
Repayment of debt (%) 100% 100% 0%
Payment of interest (%) 100% 100% 0%
53
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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 30,2022 January 1,2022
Current asset：
Monetary fund 10,854,693,285 8,105,320,953
Settlement provision
Outgoing call loan
Transactional financial assets
Derivative financial assets
Notes receivable 0 165,603
Account receivable 7,068,283,704 7,030,685,357
Financing of receivables
Prepayments 1,481,378,318 892,771,238
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts
receivable
Other account receivable 955,052,963 2,429,475,558
Including：Interest receivable 2,581,384 0
Dividend receivable 0 5,633,417
Repurchasing of financial assets
Inventories 3,135,765,795 2,998,894,539
Contract assets 1,044,260 4,754,820
Assets held for sales
Non-current asset due within 1 year
Other current asset 877,369,564 1,417,985,608
Total of current assets 24,373,587,889 22,880,053,676
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 8,426,522,587 8,072,208,350
Other equity instruments investment 3,108,938,380 3,232,028,682
Other non-current financial assets
Property investment 374,128,161 378,796,932
Fixed assets 60,916,046,309 57,145,099,423
54
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Construction in progress 5,744,786,187 8,710,691,765
Production physical assets
Oil & gas assets
Use right assets 5,172,621,990 5,256,124,979
Intangible assets 2,718,331,332 2,658,726,346
Development expenses 0 0
Goodwill 139,983,037 139,983,037
Long-germ expenses to be amortized 29,323,564 30,335,301
Deferred income tax asset 1,483,508,097 1,176,841,986
Other non-current asset 4,985,384,492 4,810,251,634
Total of non-current assets 93,099,574,136 91,611,088,435
Total of assets 117,473,162,025 114,491,142,111
Current liabilities
Short-term loans 15,702,140,981 12,360,296,429
Loan from Central Bank
Borrowing funds
Transactional financial liabilities
Derivative financial liabilities
Notes payable 1,881,546,000 1,908,780,000
Account payable 4,805,853,502 6,626,567,064
Advance receipts 0 0
Contract liabilities 17,160,884 5,864,811
Selling of repurchased financial assets
Deposit taking and interbank deposit
Entrusted trading of securities
Entrusted selling of securities
Employees’ wage payable 581,990,907 422,013,230
Tax payable 190,273,788 502,303,075
Other account payable 9,953,740,901 10,569,763,778
Including：Interest payable 0 0
Dividend payable 9,771,322 9,771,322
Fees and commissions payable
Reinsurance fee payable
Liabilities held for sales
Non-current liability due within 1 year 3,421,306,639 3,697,619,753
Other current liability 3,360,484,485 1,658,449,006
Total of current liability 39,914,498,087 37,751,657,146
Non-current liabilities：
Reserve fund for insurance contracts
Long-term loan 31,647,408,640 28,940,577,856
Bond payable 8,694,513,314 8,693,083,422
Including：preferred stock 0 0
Sustainable debt 0 0
Lease liability 5,038,032,075 4,728,167,142
Long-term payable 124,372,257 121,779,223
Long-term remuneration payable to staff 381,795,957 415,480,262
Expected liabilities
Deferred income 157,765,939 163,611,515
Deferred income tax liability 597,076,519 635,754,761
Other non-current liabilities 50,985,667 75,469,729
Total non-current liabilities 46,691,950,368 43,773,923,910
Total of liability 86,606,448,455 81,525,581,056
Owners’ equity
Share capital 5,250,283,986 5,250,283,986
Other equity instruments
Including：preferred stock
55
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Sustainable debt
Capital reserves 4,272,909,979 4,295,429,055
Less：Shares in stock
Other comprehensive income 1,656,193,845 1,750,011,571
Special reserve
Surplus reserves 8,903,515,135 8,903,515,135
Common risk provision
Retained profit 1,827,741,909 3,203,481,074
Total of owner’s equity belong to the
21,910,644,854 23,402,720,821
parent company
Minority shareholders’ equity 8,956,068,716 9,562,840,234
Total of owners’ equity 30,866,713,570 32,965,561,055
Total of liabilities and owners’ equity 117,473,162,025 114,491,142,111
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 30,2022 January 1,2022
Current asset：
Monetary fund 1,651,534,569 708,028,634
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 146,436,654 192,707,778
Financing of receivables
Prepayments 26,893,925 26,368,250
Other account receivable 321,165,984 415,990,566
Including：Interest receivable 859,926 887,856
Dividend receivable
Inventories 145,544,894 216,808,997
Contract assets
Assets held for sales
Non-current asset due within 1 year
Other current asset 12,702,412 21,453,621
Total of current assets 2,304,278,438 1,581,357,846
Non-current assets：
Debt investment
Other investment on bonds
Long-term receivable 677,000,000 627,000,000
Long term share equity investment 37,339,653,831 36,539,978,077
Other equity instruments investment 3,108,138,380 3,231,228,683
Other non-current financial assets
Property investment 5,436,448 5,754,247
Fixed assets 386,257,719 436,327,041
Construction in progress 2,163,857 1,201,126
Production physical assets
Oil & gas assets
Use right assets 6,094,058 8,125,410
Intangible assets 78,289,281 80,670,784
Development expenses
Goodwill
56
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Long-germ expenses to be amortized 686,114 0
Deferred income tax asset 0 0
Other non-current asset 136,500,000 136,500,000
Total of non-current assets 41,740,219,688 41,066,785,368
Total of assets 44,044,498,126 42,648,143,214
Current liabilities
Short-term loans 2,482,315,472 2,442,508,111
Transactional financial liabilities
Derivative financial liabilities
Notes payable
Account payable 95,082,678 214,080,378
Advance receipts
Contract Liabilities 11,315,924 1,083,950
Employees’ wage payable 120,027,300 105,045,040
Tax payable 410,739 8,288,884
Other account payable 2,269,794,500 2,535,329,957
Including：Interest payable
Dividend payable
Liabilities held for sales
Non-current liability due within 1 year 129,038,626 125,174,953
Other current liability 2,726,736,951 1,030,040,123
Total of current liability 7,834,722,190 6,461,551,396
Non-current liabilities：
Long-term loan
Bond payable 8,195,204,720 8,193,949,060
Including：preferred stock
Sustainable debt
Lease liability 2,403,629 4,251,838
Long-term payable
Long-term remuneration payable to staff 63,599,445 68,648,773
Expected liabilities
Deferred income 19,992,404 19,992,404
Deferred income tax liability 530,839,778 562,112,354
Other non-current liabilities
Total non-current liabilities 8,812,039,976 8,848,954,429
Total of liability 16,646,762,166 15,310,505,825
Owners’ equity
Share capital 5,250,283,986 5,250,283,986
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 4,834,039,575 4,834,039,575
Less：Shares in stock
Other comprehensive income 1,670,603,582 1,764,421,309
Special reserve
Surplus reserves 8,903,515,135 8,903,515,135
Retained profit 6,739,293,682 6,585,377,384
Total of owners’ equity 27,397,735,960 27,337,637,389
Total of liabilities and owners’ equity 44,044,498,126 42,648,143,214
3.Consolidated Income statement
In RMB
Items The first half year of 2022 The first half year of 2021
I. Income from the key business 22,611,239,733 20,594,038,804
57
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Incl：Business income 22,611,239,733 20,594,038,804
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 25,527,998,725 20,546,194,534
Incl：Business cost 23,114,184,606 19,228,178,330
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 72,015,381 125,033,155
Sales expense 30,460,050 35,594,988
Administrative expense 477,955,874 413,435,343
R & D costs 752,324,970 119,749,812
Financial expenses 1,081,057,844 624,202,906
Including：Interest expense 1,140,777,896 693,307,586
Interest income 66,359,894 69,736,114
Add: Other income 35,193,072 23,426,921
Investment gain（“-”for loss） 589,691,504 458,465,127
Incl: investment gains from affiliates 498,927,895 429,715,965
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 1,728,699 -417,309
Impairment loss of assets
Assets disposal income 31,707,133 117,901,195
III. Operational profit（“-”for loss） -2,258,438,584 647,220,204
Add ：Non-operational income 8,866,265 16,517,954
Less: Non-operating expense 19,957,360 15,237,962
IV. Total profit(“-”for loss) -2,269,529,679 648,500,196
Less：Income tax expenses -146,480,556 160,600,093
V. Net profit -2,123,049,123 487,900,103
(I) Classification by business continuity
1.Net continuing operating profit -2,123,049,123 487,900,103
2.Termination of operating net profit 0 0
(II) Classification by ownership
1.Net profit attributable to the owners of parent company -1,375,739,165 326,629,275
2.Minority shareholders’ equity -747,309,958 161,270,828
VI. Net after-tax of other comprehensive income -93,817,727 84,349,552
Net of profit of other comprehensive income attributable to owners -93,817,727 84,349,552
of the parent company.
（I）Other comprehensive income items that will not be
-93,817,727 84,349,552
reclassified into gains/losses in the subsequent accounting period
1.Re-
measurement of defined benefit plans of changes in net debt or net
assets
2.Other comprehensive income under the equity method investee c
an not be reclassified into profit or loss.
3. Changes in the fair value of investments in other equity
-93,817,727 84,349,552
instruments
4. Changes in the fair value of the company’s credit risks
5.Other
58
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
（II）
Other comprehensive income that will be reclassified into profit or
loss.
1.Other comprehensive income under the equity method investee c
an be reclassified 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 financial statements
7.Other
Net of profit of other comprehensive income attributable to Minori
ty shareholders’ equity
VII. Total comprehensive income -2,216,866,850 572,249,655
Total comprehensive income attributable to the owner of the parent
-1,469,556,892 410,978,827
company
Total comprehensive income attributable minority shareholders -747,309,958 161,270,828
VIII. Earnings per share
（I）Basic earnings per share -0.2620 0.0622
(II)Diluted earnings per share -0.2620 0.0622
The current business combination under common control, the net profits of the combined party before achieved
net 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 2022 The first half year of 2021
I. Income from the key business 549,224,797 665,551,244
Incl：Business cost 798,118,470 705,513,618
Business tax and surcharge 1,314,970 3,788,180
Sales expense 1,181,738 1,107,630
Administrative expense 54,984,849 46,656,602
R & D expense 13,572,929 0
Financial expenses 180,748,898 123,235,844
Including：Interest expenses 182,898,115 123,796,443
Interest income 3,986,671 2,267,082
Add：Other income 496,298 61,144
Investment gain（“-”for loss） 652,477,745 2,007,008,902
Including: investment gains from
450,257,095 392,738,688
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 -59,342 -1,866
Impairment loss of assets
Assets disposal income
II. Operational profit（“-”for loss） 152,217,644 1,792,317,550
Add ：Non-operational income 1,763,961 1,034,325
Less：Non -operational expenses 65,307 624,872
59
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
III. Total profit(“-”for loss) 153,916,298 1,792,727,003
Less：Income tax expenses 0 0
IV. Net profit 153,916,298 1,792,727,003
1.Net continuing operating profit 153,916,298 1,792,727,003
2.Termination of operating net profit
V. Net after-tax of other comprehensive
-93,817,727 84,349,552
income
（I）Other comprehensive income items
that will not be reclassified into
-93,817,727 84,349,552
gains/losses in the subsequent accounting
period
1.Re-
measurement of defined benefit plans of
changes in net debt or net assets
2.Other comprehensive income under the
equity method investee can not be reclas
sified into profit or loss.
3. Changes in the fair value of
-93,817,727 84,349,552
investments in other equity instruments
4. Changes in the fair value of the
company’s credit risks
5.Other
(II)Other comprehensive income that wil
l be reclassified into profit or loss
1.Other comprehensive income under the
equity method investee can be reclassifi
ed into profit or loss.
2. Changes in the fair value of
investments in other debt obligations
3. Other comprehensive income arising
from the reclassification of financial
assets
4.Allowance for credit impairments in
investments in other debt obligations
5. Reserve for cash flow hedges
6.Translation differences in currency fina
ncial statements
7.Other
VI. Total comprehensive income 60,098,571 1,877,076,555
VII. Earnings per share
（I）Basic earnings per share 0.0293 0.3415
(II)Diluted earnings per share 0.0293 0.3415
60
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
5. Consolidated Cash flow statement
In RMB
Items The first half year of 2022 The first half year of 2021
I.Cash flows from operating activities
Cash received from sales of goods or
25,418,678,331 24,080,579,726
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 1,779,253,397 19,925,513
Other cash received from business
264,049,592 180,056,035
operation
Sub-total of cash inflow 27,461,981,320 24,280,561,274
Cash paid for purchasing of merchandise
25,271,904,394 18,008,458,333
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 1,089,329,670 1,019,053,606
Taxes paid 692,608,470 990,676,735
Other cash paid for business activities 616,497,296 475,525,784
Sub-total of cash outflow from business
27,670,339,830 20,493,714,458
activities
Net cash generated from /used in
-208,358,510 3,786,846,816
operating activities
II. Cash flow generated by investing
Cash received from investment retrieving 623,034
Cash received as investment gains 240,403,213 227,688,525
Net cash retrieved from disposal of fixed
assets, intangible assets, and other long- 1,643,618,096 123,146,842
term assets
Net cash received from disposal of
-7,173,212
subsidiaries or other operational units
Other investment-related cash received 300,000 0
Sub-total of cash inflow due to
1,884,944,343 343,662,155
investment activities
Cash paid for construction of fixed
assets, intangible assets and other 4,446,188,809 4,148,574,448
long-term assets
Cash paid as investment 346,822,910 338,850,126
Net increase of loan against pledge
61
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Net cash received from subsidiaries and
103,159,958
other operational units
Other cash paid for investment activities 0
Sub-total of cash outflow due to
4,793,011,719 4,590,584,532
investment activities
Net cash flow generated by investment -2,908,067,376 -4,246,922,377
III.Cash flow generated by financing
Cash received as investment 133,484,514 126,187,000
Including: Cash received as investment
133,484,514 126,187,000
from minor shareholders
Cash received as loans 18,884,583,500 15,122,805,723
Other financing –related cash received
Sub-total of cash inflow from financing
19,018,068,014 15,248,992,723
activities
Cash to repay debts 12,110,573,262 12,657,634,723
Cash paid as dividend, profit, or interests 1,025,673,784 1,970,950,322
Including: Dividend and profit paid by
25,174,599 606,874,009
subsidiaries to minor shareholders
Other cash paid for financing activities 20,793,683 42,044,371
Sub-total of cash outflow due to
13,157,040,729 14,670,629,416
financing activities
Net cash flow generated by financing 5,861,027,285 578,363,307
IV. Influence of exchange rate alternation
485 -122
on cash and cash equivalents
V.Net increase of cash and cash
2,744,601,884 118,287,624
equivalents
Add: balance of cash and cash
8,023,116,939 9,405,082,609
equivalents at the beginning of term
VI ..Balance of cash and cash
10,767,718,823 9,523,370,233
equivalents at the end of term
6. Cash Flow Statement of the Parent Company
In RMB
Items The first half year of 2022 The first half year of 2021
I.Cash flows from operating activities
Cash received from sales of goods or
664,254,583 783,452,071
rending of services
Tax returned 25,152,420 63,577
Other cash received from business
566,054,241 20,188,753
operation
Sub-total of cash inflow 1,255,461,244 803,704,401
Cash paid for purchasing of merchandise
799,187,397 581,204,165
and services
Cash paid to staffs or paid for staffs 133,850,000 133,944,525
Taxes paid 8,275,389 26,292,457
Other cash paid for business activities 318,144,283 22,417,628
Sub-total of cash outflow from business
1,259,457,069 763,858,775
activities
Net cash generated from /used in
-3,995,825 39,845,626
operating activities
II. Cash flow generated by investing
Cash received from investment retrieving
Cash received as investment gains 301,487,457 1,767,052,502
Net cash retrieved from disposal of fixed
assets, intangible assets, and other long- 11,796,295 532,467
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 313,283,752 1,767,584,969
62
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
investment activities
Cash paid for construction of fixed
assets, intangible assets and other 3,607,272 11,365,569
long-term assets
Cash paid as investment 925,694,710 1,254,689,794
Net cash received from subsidiaries and
other operational units
Other cash paid for investment activities
Sub-total of cash outflow due to
929,301,982 1,266,055,363
investment activities
Net cash flow generated by investment -616,018,230 501,529,606
III. Cash flow generated by financing
Cash received as investment
Cash received as loans 3,539,536,458 4,399,822,000
Other financing –related ash received 0 1,104,829
Sub-total of cash inflow from financing
3,539,536,458 4,400,926,829
activities
Cash to repay debts 1,800,000,000 3,900,000,000
Cash paid as dividend, profit, or interests 176,305,840 738,484,034
Other cash paid for financing activities 6,248 2,188,825
Sub-total of cash outflow due to
1,976,312,088 4,640,672,859
financing activities
Net cash flow generated by financing 1,563,224,370 -239,746,030
IV. Influence of exchange rate alternation
485 -122
on cash and cash equivalents
V.Net increase of cash and cash
943,210,800 301,629,080
equivalents
Add: balance of cash and cash
707,707,282 338,045,631
equivalents at the beginning of term
VI ..Balance of cash and cash
1,650,918,082 639,674,711
equivalents at the end of term
63
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
7. Consolidated Statement on Change in Owners’ Equity
Amount in this period
In RMB
The first half year of 2022
Owner’s equity Attributable to the Parent Company
Other Equity Minor Total of
Items instrument Less: Comm
Other Specializ shareholde owners’
Share Capital Shar Surplus on risk Retained Oth
Preferr Comprehen ed Subtotal rs’ equity equity
Capital Oth reserves es in reserves provisi profit er
ed Sustaina sive Income reserve
er stock on
stock ble debt
5,250,283, 4,295,429, 1,750,011,5 8,903,515, 2,985,840, 23,185,079, 9,560,790, 32,745,870,
I.Balance at the end of last year
986 055 71 135 058 805 618 423
217,641,01
Add: Change of accounting policy 217,641,016 2,049,616 219,690,632
6
Correcting of previous errors 0
Merger of entities under common control 0
Other 0
II.Balance at the beginning of current 5,250,283, 4,295,429, 1,750,011,5 8,903,515, 3,203,481, 23,402,720, 9,562,840, 32,965,561,
year 986 055 71 135 074 821 234 055
- - - -
-
III.Changed in the current year -93,817,726 1,375,739, 1,492,075,9 606,771,51 2,098,847,4
22,519,076
165 67 8 85
- - - -
（1）Total comprehensive income -93,817,726 1,375,739, 1,469,556,8 747,309,95 2,216,866,8
165 91 8 49
（II）Investment or decreasing of - 165,672,60
0 0 0 0 0 0 0 -22,519,076 143,153,533
capital by owners 22,519,076 9
1．Ordinary Shares invested by sharehol 145,026,31
0 145,026,311
ders 1
2．Holders of other equity instruments i
0
nvested capital
3．Amount of shares paid and
0
accounted as owners’ equity
-
4．Other -22,519,076 20,646,298 -1,872,778
22,519,076
-
（III）Profit allotment -25,134,169
25,134,169
1.Providing of surplus reserves 0
2.Providing of common risk provisions 0
3．Allotment to the owners (or -
0 -25,134,169
shareholders) 25,134,169
64
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
4．Other
(IV) Internal transferring of owners’
0
equity
1. Capitalizing of capital reserves (or to
0
capital shares)
2. Capitalizing of surplus reserves (or to
0
capital shares)
3．Making up losses by surplus
0
reserves.
4.Change amount of defined benefit
plans that carry forward 0
Retained earnings
5．Other comprehensive income carry-
0
over retained earnings
6．Other 0
(V). Special reserves 0
1. Provided this year 0
2．Used this term 0
（VI）Other 0
5,250,283, 4,272,909, 1,656,193,8 8,903,515, 1,827,741, 21,910,644, 8,956,068, 30,866,713,
IV. Balance at the end of this term
986 979 45 135 909 854 716 570
Amount in last year
In RMB
The first half year of 2021
Owner’s equity Attributable to the Parent Company
Other Equity Minor Total of
Items instrument Less: Comm
Other Specializ shareholder owners’
Share Capital Shar Surplus on risk Retained Oth
Preferr Comprehen ed Subtotal s’ equity equity
Capital Oth reserves es in reserves provisi profit er
ed Sustaina sive Income reserve
er stock on
stock ble debt
5,250,283, 8,014,211, 1,957,175,4 8,515,360, 8,083,048, 31,820,079, 11,808,648, 43,628,727,
I.Balance at the end of last year
986 278 81 638 238 621 219 840
Add: Change of accounting policy 0
Correcting of previous errors 0
Merger of entities under common
0
control
Other 0
II.Balance at the beginning of current 5,250,283, 8,014,211, 1,957,175,4 8,515,360, 8,083,048, 31,820,079, 11,808,648, 43,628,727,
year 986 278 81 638 238 621 219 840
388,154,49 - - - -
III.Changed in the current year 0 11,033,133 84,349,552
7 738,350,20 254,813,02 188,197,81 443,010,83
65
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
7 5 0 5
326,629,27 410,978,82 161,270,82 572,249,65
（1）Total comprehensive income 84,349,552
5 7 9 6
（II）Investment or decreasing of 264,048,17 275,081,30
11,033,133 11,033,133
capital by owners 1 4
1．Ordinary Shares invested by shareho 253,441,43 253,441,43
0
lders 1 1
2．Holders of other equity instruments i
nvested capital
3．Amount of shares paid and
accounted as owners’ equity
4．Other 11,033,133 11,033,133 10,606,740 21,639,873
- - - -
388,154,49
（III）Profit allotment 1,064,979, 676,824,98 613,516,81 1,290,341,7
7
482 5 0 95
-
388,154,49
1.Providing of surplus reserves 388,154,49
7
7
2.Providing of common risk provisions
- - - -
3．Allotment to the owners (or
675,886,03 675,886,03 612,608,40 1,288,494,4
shareholders)
2 2 4 36
4．Other -938,953 -938,953 -908,406 -1,847,359
(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, 8,025,244, 2,041,525,0 8,903,515, 7,344,698, 31,565,266, 11,620,450, 43,185,717,
IV. Balance at the end of this term
986 411 33 135 031 596 409 005
66
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
8.Statement of change in owner’s Equity of the Parent Company
Amount in this period
In RMB
The first half year of 2022
Other Equity instrument Less:
Items Other
Capital Share Specialize Surplus Retained Total of
Share capital Preferre Othe reserves Comprehensiv Other
Sustainabl r s in d reserve reserves profit owners’ equity
d stock e Income
e debt stock
5,250,283,98 4,834,039,57 8,903,515,13 6,585,377,3 27,337,637,38
I.Balance at the end of last year 1,764,421,309
6 5 5 84 9
Add: Change of accounting policy
Correcting of previous errors
Other
5,250,283,98 4,834,039,57 8,903,515,13 6,585,377,3 27,337,637,38
II.Balance at the beginning of current year 1,764,421,309
6 5 5 84 9
153,916,29
III.Changed in the current year 0 0 0 0 0 0 -93,817,727 0 0 0 60,098,571
8
153,916,29
（I）Total comprehensive income -93,817,727 60,098,571
8
(II) Investment or decreasing of capital by owners
1．Ordinary Shares invested by shareholders
2．Holders of other equity instruments invested capi
tal
3.Amount of shares paid and accounted as owners’
equity
4．Other
（III）Profit allotment
1.Providing of surplus reserves
2．Allotment to the owners (or shareholders)
3．Other
(IV) Internal transferring of owners’ equity
1. Capitalizing of capital reserves (or to capital
shares)
2. Capitalizing of surplus reserves (or to capital
shares)
3．Making up losses by surplus reserves.
4.Change amount of defined benefit plans that carry
forward
Retained earnings
67
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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 4,834,039,57 8,903,515,13 6,739,293,6 27,397,735,96
IV. Balance at the end of this term 0 0 0 0 1,670,603,582 0 0
6 5 5 82 0
Amount in last year
In RMB
The first half year of 2021
Other Equity instrument Less:
Items Other
Capital Share Specialize Surplus Retained Othe Total of
Share Capital Preferre Othe Comprehensiv
reserves s in d reserve reserves profit r owners’ equity
d stock Sustainabl r stock
e Income
e debt
5,250,283,98 5,405,326,64 8,515,360,63 4,724,248,21 25,841,525,07
I.Balance at the end of last year 1,946,305,595
6 3 8 1 3
Add: Change of accounting policy
Correcting of previous errors
Other
5,250,283,98 5,405,326,64 8,515,360,63 4,724,248,21 25,841,525,07
II.Balance at the beginning of current year 1,946,305,595
6 3 8 1 3
III.Changed in the current year 0 0 0 0 0 0 84,349,552 0 388,154,497 774,538,428 0 1,247,042,477
1,792,727,00
（I）Total comprehensive income 84,349,552 1,877,076,555
3
(II) Investment or decreasing of capital by owners
1．Ordinary Shares invested by shareholders
2．Holders of other equity instruments invested c
apital
3.Amount of shares paid and accounted as
owners’ equity
4．Other -571,287,069
-
（III）Profit allotment 0 0 0 0 0 0 0 388,154,497 1,018,188,57 0 -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
68
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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 5,405,326,64 8,903,515,13 5,498,786,63 27,088,567,55
IV. Balance at the end of this term 0 0 0 0 2,030,655,147 0 0
6 3 5 9 0
69
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
III．Basic Information of the Company
Guangdong Electric Power Development Co., Ltd. (“the Company”) is a limited liability company jointly
established by Guangdong Electric Power Holding Company, China Construction Bank, Guangdong Province
Trust Investment Company, Guangdong Power Development Co., Ltd., Guangdong International Trust and China
Guangfa Bank (currently named as Guangdong Guangkong Group Co., Ltd.). The address of the Company’s
registered office and head office is F33~F36 South Tower Building of Yudean Square on 2nd Tianhe East Road,
Guangzhou, Guangdong Province, the People’s Republic of China (“the PRC”). The Company’s parent company
is Guangdong Energy Group Co., Ltd. (“GEGC”, previously Guangdong Province Yudean Group Co., Ltd.) and
its ultimate controlling shareholder is the State-owned Assets Supervision and Administration Commission of the
People’s Government of Guangdong Province.
The Company’s issuing RMB ordinary shares (“A-share”) and domestic listed foreign shares (“B-share”) are
listed for transactions in Shenzhen Stock Exchange respectively on 26 November 1993 and 28 June 1995. As at 30
June 2022, the total share capital of the Company is RMB 5,250,283,986 with par value of RMB 1 each.
The Company and its subsidiaries (collectively referred to as “the Group”) are principally engaged in the
businesses of developing and operating electric power plants in Guangdong ， Xingjiang, Yunnan, Hunan
Province and Guangxi, the PRC.
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 29,2022.
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.
On June 30, 2022, the Group's net current liabilities were RMB 15.541 billion, the capital expenditure
commitment was RMB 22.704 billion, and the foreign investment commitment was RMB 1.2 billion, of which
the total capital expenditure commitment and foreign investment commitment expected to be paid within one
year was RMB 8.788 billion, which posed a certain liquidity risk. The net current liabilities are mainly due to
the fact that some capital expenditures of the Group are supported by short-term loans.
In view of the above, the Board of Directors of the Company has carefully considered the future working capital,
operating conditions and available financing sources of the Group when evaluating the Group's going concern
capability. The Group has formulated the following plans and measures to reduce the pressure on working
capital and improve its financial position:
70
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
(i) (i) The Group has maintained a long-term and good cooperative relationship with various financial
institutions (including Guangdong Energy Group Finance Co., Ltd. ("Energy Group Finance Company"), an
associate of the Company, and Guangdong Energy Finance Leasing Co., Ltd. ("Energy Group Finance Leasing
Company"), thus enabling the Group to obtain sufficient financing credit lines from these financial institutions.
On June 30, 2022, the credit lines of the Group's contracted available financial institutions and the approved
bond issuance lines totaled about RMB 43.582 billion, of which the credit line provided by Energy Group
Finance Company was about RMB 13.759 billion, the financing line provided by Energy Group Finance
Leasing Company was about RMB 6.188 billion, and the credit line provided by other commercial banks was
about RMB 22.835 billion; and the financing amount of medium-term notes registered in China's interbank
market was RMB 800 million. Among the credit lines of the above-mentioned contracted available financial
institutions, about RMB 10.931 billion will expire before June 30, 2023. According to the communication
results between the management and relevant financial institutions, it is expected that these credit lines can be
extended for 12 months upon expiration.
(ii) (ii) The Board of Directors of the Company has reviewed the cash flow forecast of the Group prepared by
the management, which covers a period of not less than 12 months from June 30, 2022. The cash flow forecast
is based on the management's judgments and assumptions on certain future items, and its realization will depend
on the achievement of the Group's plans and a series of plans and measures under implementation, including: (1)
The Group will continuously monitor the financial indicators of its affiliated companies, and improve the
operation and financing structure of its subsidiaries through various measures, including but not limited to
measures such as providing financing support and capital increase, so that its subsidiaries can continuously meet
the requirements stipulated in the loan agreement in the foreseeable future;(2) The Group can continuously meet
the financing conditions of existing banks and obtain necessary loan renewal and new loans, including the
financing from the Energy Group Finance Company and Finance Leasing Company. When necessary, it can
successfully conduct external financing by issuing corporate bonds, medium-term notes and ultra-short-term
financing bonds; On the basis of fully considering the above-mentioned measures that the Group is
implementing or planning to implement, the management is convinced that the Group will be able to obtain
sufficient funds to pay its operating expenses, capital expenditure commitment within one year and repay its
due debts in the next 12 months from June 30, 2022. Therefore, the management considers it appropriate to
prepare the financial statements on the basis of going concern.
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(31)), timing of revenue
recognition (Note 5(43)), 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).
71
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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, 2022 as well as the business performance
and cash flow situation in the first half of 2022 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, 2022 to 6 months ended June
30,2022.
3.Operating cycle
The business cycles for principal activities are usually less than 12 months.
4.Standard currency for bookkeeping
The Company adopts CNY to prepare its functional statements.
5. 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,
72
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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
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.
73
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
(a) Financial assets
(i) Classification and measurement
According to the business model for managing financial assets and the contractual cash flow characteristics of
financial assets, the Group classifies financial assets into: (1) Financial assets measured in amortized cost; (2)
Financial assets measured at fair value, whose changes are included in other comprehensive income; (3) Financial
assets measured at fair value and whose changes are included in current profits and losses.
The initial measurement of financial assets is calculated by using fair value. For financial assets measured at fair
value, whose changes are included in current profits and losses, relevant transaction costs are directly included in
current profits and losses; For other types of financial assets, relevant transaction costs are included in the initial
recognition amount. Accounts receivable or notes receivable arising from the sale of products or the provision of
labor services that do not include or take into account significant financing components are initially recognized by
the Group in accordance with the amount of consideration that the Group is expected to be entitled to receive.
Debt instrument
Debt instruments held by the Group refer to instruments that meet the definition of financial liabilities from the
perspective of the issuer and are measured in the following ways:
Measured in amortized cost:
The Group's business model for managing such financial assets is to collect the contractual cash flow, and the
contractual cash flow characteristics of such financial assets are consistent with the basic lending arrangements,
that is, the cash flow generated on a specific date is only the payment of principal and interest 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
74
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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:
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
75
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
due within one year; The rest is listed as non-current liabilities.
When the current obligation of the financial liability has been discharged in whole or in part, the Group terminates
the recognition of the part of the financial liability or obligation that has been discharged. The difference between
the book value of the termination recognition and the consideration paid shall be included in the profit and loss of
the current period.
(c) Determination of the fair value of the financial instruments
The fair value of a financial instrument that is traded in an active market is determined at the quoted price in the
active market. The fair value of a financial instrument that is not traded in an active market is determined by using
a valuation technique. Valuation techniques include using prices of recent market transactions between
knowledgeable and willing parties, reference to the current fair value of another financial asset that is substantially
the same with this instrument, and discounted cash flow analysis, etc. When a valuation technique is used to
establish the fair value of a financial instrument, it makes the maximum use of observable market inputs and relies
as little as possible on entity-specific inputs. When the observable inputs are not available or are unrealistic to
obtained, unobservable inputs shall be used
11.Note receivable
See Note V (10) Financial Instruments for details.
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.
76
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
16.Contract assets
See Note V (10) Financial Instruments for details.
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
77
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
share of net losses of an investee after the carrying amount of the long-term equity investment together with any
long-term interests that, in substance, form part of the investor’s net investment in the investee are reduced to zero.
However, if the Group has obligations for additional losses and the criteria with respect to recognition of
provisions under the accounting standards on contingencies are satisfied, the Group continues recognising the
investment losses and the provisions. The Company shall adjust the carrying amount of the long term investment
for other changes in shareholders’ equity of the investee (other than net profits or losses), and include the
corresponding adjustment in shareholders’ equity. The carrying amount of the investment is reduced by the
Group’s share of the profit distribution or cash dividends declared by an investee. The unrealised profits or losses
arising from the intra-group transactions amongst the Group and its investees are eliminated in proportion to the
Group’s equity interest in the investees, and then based on which the investment gains or losses are recognised.
For the loss on the intra-group transaction amongst the Group and its investees attributable to asset impairment,
any unrealised loss is not eliminated.
(c) Basis for determining existence of control and significant influence over investees
Control is the power to govern the investee so as to obtain variable returns by participating in the related 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:
Annual depreciation rates
Estimated useful lives Estimated net residual value
House and Building 20 - 40 years 0% to 5% 2.38% to 4.75%
Land use right 60 years 0% 1.67%
The investment property’s estimated useful life, net residual value and depreciation (amortisation) method applied
are reviewed and adjusted as appropriate at each year-end.
When an investment property is transferred to owner-occupied properties, it is reclassified as fixed asset at the
78
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
date of the transfer. The carrying amount of the fixed asset shall be measured on the basis of fair value of the
investment property.
An investment property is derecognised on disposal or when the investment property is permanently withdrawn
from use and no future economic benefits are expected from its disposal. The net amount of proceeds from sale,
transfer, retirement or damage of an investment property after its carrying amount and related taxes and expenses
is recognised in profit or loss for the current period.
The carrying amount of an investment property is reduced to the recoverable amount if the recoverable amount
is below the carrying amount (Note V(31)).
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 to 50 years 0% to 5% 1.90% to 9.50%
Generation equipment Straight-line method 5-35 years 0% to 5% 2.71% to 20%
Transportation Straight-line method 5- 15 years 0% to 5% 6.33% to 20%
equipment
Other equipment Straight-line method 5- 22 years 0% to5% 4.32% to 20%
Fixed assets are depreciated using the straight-line method to allocate the cost of the assets to their estimated net
residual values over their estimated useful lives. For the fixed assets that have been provided for impairment
loss, the related depreciation charge is prospectively determined based upon the adjusted carrying amounts over
their remaining useful lives.
The estimated useful life and the estimated net residual value of a fixed asset and the depreciation method
applied to the asset are reviewed, and adjusted as appropriate at each year-end.
(a) The carrying amounts of fixed assets are reduced to the recoverable amounts when the recoverable amounts
are below their carrying amounts (Note V(31)).
(b)Disposals of fixed assets
A fixed asset is derecognised on disposal or when no future economic benefits are expected from its use or
disposal. The amount of proceeds from disposals on sale, transfer, retirement or damage of a fixed asset net of
its carrying amount and related taxes and expenses is recognised in profit or loss for the current period.
79
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
(3)Cognizance evidence and pricing method of financial leasing fixed assets
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（Note V(31)).
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 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. The lease payment amount includes the
fixed payment amount, and the amount to be paid when it is reasonably determined to exercise or terminate the
call option. The variable rent determined according to a certain percentage of the sales amount is not included in
the lease payment amount, but is included in the current profits and losses when it actually occurs. The Group
80
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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 right-to-use assets of the Group include rented houses and buildings, machinery, equipment and means of
transport, etc. The right-to-use assets are initially measured according to the cost, which includes the initial
measured amount of the lease liabilities, the lease payment amount and the initial direct expenses paid on or
before the start date of the lease term, etc., with the received lease incentives 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 or 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 a single asset is brand new, the Group chooses not to recognize the right-to-use assets and lease liabilities,
and include the related rental expenses in the current profits and losses or related asset costs by the straight-line
method in each period of the lease term.
When the lease changes and the following conditions are met, the Group will treat it as a separate lease for
accounting: (1) The lease change expands the lease scope by increasing the right to use one or more leased
assets; (2) The increased consideration is equivalent to the amount of the separate price of the expanded part of
the lease scope adjusted according to the contract.
When the lease change is not treated for accounting as a separate lease, except for simplified method adopted
for contract change directly caused by the COVID-19, the Group redetermines the lease term on the effective
date of the lease change, and uses the revised discount rate to discount the changed lease payment and re-
measure the lease liabilities. If the lease scope is reduced or the lease term is shortened due to lease change, the
Group shall correspondingly reduce the book value of the right-to-use assets, and include the related gains or
losses of partial or full termination of lease in the current profits and losses. If other lease changes lead to the re-
measurement of lease liabilities, the Group will adjust the book value of the right-to-use assets accordingly.
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,
microwave engineering and transportation engineering, other intangible assets are amortized on a straight-line
basis over their expected life of 2 years to 60 years.
81
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
(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) Impairment of intangible assets
The carrying amount of intangible assets is reduced to the recoverable amount when the recoverable amount is
less than the carrying amount (Note V (31)).
（2） 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.
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’s fair value less costs to sell and the present value of the
future cash flows expected to be derived from the asset. A provision for asset impairment is determined and
recognised on an individual asset basis. If it is not possible to estimate the recoverable amount of an individual
asset, the recoverable amount of the group of assets to which the asset belongs is determined. A group of assets is
the smallest group of assets that is able to generate independent cash inflows.
Goodwill that is separately presented in the financial statements is tested at least annually for impairment,
irrespective of whether there is any indication that it may be impaired. In conducting the test, the carrying value of
goodwill is allocated to the related asset group or groups of asset groups which are expected to benefit from the
synergies of the business combination. If the result of the test indicates that the recoverable amount of an asset
group or a group of asset groups, including the allocated goodwill, is lower than its carrying amount, the
corresponding impairment loss is recognised. The impairment loss is first deducted from the carrying amount of
goodwill that is allocated to the asset group or group of asset groups, and then deducted from the carrying
amounts of other assets within the asset group or group of asset groups in proportion to the carrying amounts of
82
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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
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:
83
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
— 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
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
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
84
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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.
The adoption of different business models in similar businesses leads to differences in accounting policies for
income recognition
85
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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.
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;
that tax payer has a legally enforceable right to offset current tax assets against current tax liabilities.
42. Leases
（1）Accounting of operational leasing
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
86
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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, 2022, 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
See Note V (39
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.
(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
87
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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
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
88
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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 2022, 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) 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.
As stated in Note VI, some subsidiaries of the Group are high-tech enterprises. The high-tech enterprise
certificate is effective for three years. Upon expiration, application for high-tech enterprise identification should
be submitted again to the relevant government authorities. Based on the historical experience of reassessment
for high-tech enterprise upon expiration and the actual condition of the subsidiaries, the Group considers that
the subsidiaries are able to obtain the qualification for high-tech enterprises in future years, and therefore a
preferential tax rate of 15% is used to calculate the corresponding deferred income tax. If some subsidiaries
cannot obtain the qualification for high-tech enterprise upon expiration, then the subsidiaries are subject to a
statutory tax rate of 25% for the calculation of the income tax, which further influences the recognised deferred
tax assets, deferred tax liabilities and income tax expenses.
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.
89
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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 this notice for the first time
on January 1, 2022. According to
relevant regulations, if an enterprise sells
the products or by-products produced
before the fixed assets reach the intended
usable state or during the R&D process
(hereinafter referred to as trial run sales),
it shall separately treat the income and
cost related to trial run sales for
accounting according to the provisions of
In 2021, the Ministry of Finance issued
Accounting Standards for Business
the Notice on Printing and Distributing
Enterprises No.14–Income and
the
Enterprises No.1–Inventory, etc., and
(CK [2021] No.35), and the Group has
record them in the current profits and
adopted the above notice and Q&A to
losses, and shall not write down the net
prepare the semi-annual financial
amount of the related revenue from trial
statements for 2022
run sales deducted related costs by the
fixed asset cost or R&D expenditure. The
Group and the Company shall make
retrospective adjustment according to the
provisions of this interpretation for the
trial run sales that occurred between the
beginning of the earliest period of
presentation of the financial statements
in which this interpretation is first
implemented and the implementation
date of this interpretation.
In RMB
December 31, 2021 January 1, 2022
Project Adjusted numbers
(before adjustment) (After adjustment)
Works in Progress 8,634,727,069 75,964,696 8,710,691,765
Fixed assets 56,943,126,256 201,973,167 57,145,099,423
Consolidated balance Deferred tax assets 1,235,089,217 -58,247,231 1,176,841,986
sheet
Undistributed profits 2,985,840,058 217,641,016 3,203,481,074
Minority shareholders'
9,560,790,618 2,049,616 9,562,840,234
equity
(2) Change of main accounting estimations
□Applicable√ Not applicable
90
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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 applicable 3%,5%,6%,9% and13%, Hydropower
VAT
tax rate less deductible VAT input of the sales revenue applies to 3%.
current period) Revenue from
hydropower sales
City maintenance and construction tax Amount of VAT paid 5% to7%
Corporate income tax Taxable income 12.5%,15%,20% and 25%
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(b) applicable tax amounts of different
discharge of taxable pollutants multiplied
pollutants
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
Guangdong Yudean Leizhou Wind Power Generation Co., Ltd. 12.5%
Guangdong Guangye Nanhua New Energy Co., Ltd. 12.5%
Yudean Pingyuan Wind Power 0%
Yudean Zhuhai Offshore wind power 0%
Hunan Xupu Yuefeng New Energy Co., Ltd. 0%
Guangxi Wuxuan Yuefeng New Energy Co., Ltd. 0%
Guangdong Yudean Yangjiang Offshore wind power 0%
Shaoguan Nanxiong Yuefeng New Energy Co., Ltd. 0%
Yudean Jinxiu Interated Energy Co., Ltd. 20%
Zhangjiang Electric Power Co., Ltd. 15%
Guangdong Yudean Zhangjiang Biomass Power Generation Co., Ltd. 15%
Shenzhen Huaguoquan Electric Industry Service Co., Ltd. 20%
Zhanjiang Wanhaowei New Energy Co., Ltd. 20%
2.Tax preferences
(a) Pursuant to the approval of No. 46[2008]Caishui and No. 80[2009]Guoshuifa documents, Guangdong
Yudean Leizhou Wind Power Co., Ltd(“Leizhou Wind Power”), Guangdong Guangye Nanhua New Energy Co.,
Ltd (“Nanhua New Energy”) "), Guangdong Yuden Pingyuan Wind Power Co., Ltd("Pingyuan Wind Power"),
Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd ("Zhuhai Wind Power"), Hunan Xupu Yuefeng
New Energy Co., Ltd ("Xupu Yuefeng") ), Guangxi Wuxuan Yuefeng New Energy Co., Ltd("Wuxuan
Yuefeng"), Guangdong Yudean Yangjiang Offshore Wind Power Co., Ltd("Yangjiang Wind Power"), and
Shaoguan Nanxiong Yuefeng New Energy Co., Ltd ("Nanxiong New Energy") ) shall be exempted of the
enterprise income tax from the first year to the third year, and shall be halved of the enterprise income tax from
the fourth year to the sixth year since from the tax year in which the first production and operation income is
obtained,. The first profitable year of Leizhou Wind Power was 2017, the first profitable year of Nanhua New
Energy was 2019, the first profitable year of Pingyuan Wind Power and Zhuhai Wind Power was 2020, and the
first profitable year for Xupu Yuefeng, Wuxuan Yuefeng, Yangjiang Wind Power and Nanxiong New Energy
91
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
was 2021. Therefore, the applicable corporate income tax rate of Leizhou Wind Power and Nanhua New Energy
in 2022 is 12.5% (In 2021: 12.5% and 0% respectively), the applicable corporate income tax rate
ofPingyuan Wind Power, Zhuhai Wind Power, Xupu Yuefeng, Wuxuan Yuefeng, Yangjiang Wind Power and
Nanxiong New Energy in 2022 is 0% (In 2021: 0% for all aforesaid).
Pursuant to the Supplementary Notice on Issues Concerning the Preferential Enterprise Income Tax Policies for
Public Infrastructure Projects (Cai Shui [2014] No. 55), enterprises invest and operate public infrastructure
projects in compliance with the List of Public Infrastructure Projects Enjoying Enterprise Income Tax
Preferential, those which adopt one-off approval and are subject to construction in batches (such as terminals,
berths, airport terminals, runways, sections, generator units, etc.) are subject to income tax calculated in units of
each batch and enjoy the tax preferential policy of “three-year exemptions and three-year halves” when the
following conditions are satisfied: (i) different batches are space-independent; (ii) each batch has its own
revenue function; (iii) they are accounted for in units of each batch and are subject to income tax individually,
while the period expenses are allocated rationally. In 2022, the Group’s subsidiary Guangdong Yudean Qujie
Wind Power Co., Ltd. (“Qujie Wind Power”) met the above conditions. Therefore, Qujie wailuo wind power
project (the first time for which profits were posted was 2017), Qujie Wailuo offshore wind power project
(Phase I) (the first time for which profits were posted was 2019), Qujie Wailuo offshore wind power project
(Phase II) (the first time for which profits were posted was 2021) and Xinliao offshore wind power project (the
first time for which profits were posted was 2021) of Qujie Wind Power System are entitled to the tax
preferential policy of “three-year exemptions and three-year halves” respectively according to each wind power
project.
According to the No. 74 [2015] Caishui-"Notice on the Value-Added Tax Policy for Wind Power Generation”,
Guangdong Yudean Shibeishan Wind Energy Development Co., Ltd, Guangdong Yudean Zhanjiang Wind
Power Co., Ltd, Guangdong Yudean Xuwen Wind Power Co., Ltd, Dianbai Wind Power, Huilai Wind Power
Co., Ltd and Guangdong Yudean Wind Power Co., Ltd shall be subject tothe policy of refunding 50% of the
value-added tax on the sale of self-produced power products produced by wind power.
Furthermore, in accordance with the No. 40[2021]Caishui "Announcement on Improving the Value-Added Tax
Policy for Comprehensive Utilization of Resources", Guangdong Yudean Zhanjiang Biomass Power Generation
Co., Ltd is applied to the policy of 100% VAT refund immediately after collectiondue tothe taxpayer’s
comprehensive utilization of kitchen waste, livestock and poultry manure, rice husks, peanuts husks, corncobs,
camellia husks, cottonseed husks, three residuals, secondary fuelwood, crop straws, bagasse and so forth to
produce electricity.
(b) In 2019, Guangdong Yudean Zhanjiang Biomass Power Generation Co., Ltd, a subsidiary of the Group,
obtained the "High-tech Enterprise Certificate" (The certificate number is GR201944000926) jointly issued by
the Guangdong Provincial Department of Science and Technology, the Guangdong Provincial Department of
Finance, and the Guangdong Provincial Taxation Bureau of the State Administration of Taxation, and the
certificate is valid for 3 years, with the date of issuance is December 2, 2019. According to the relevant
provisions of Article 28 of the "Enterprise Income Tax Law of the People's Republic of China", the applicable
enterprise income tax rate for Zhanjiang Biomass during the reporting period is 15%.
In 2020, Zhanjiang Electric Power Co., Ltd., a subsidiary of the Group, obtained the "High-tech Enterprise
Certificate" (certificate number: GR202044010003) jointly issued by the Guangdong Provincial Department of
Science and Technology, the Guangdong Provincial Department of Finance, and the Guangdong Provincial
Taxation Bureau of the State Administration of Taxation, with the validity period is 3 years and the issuance
date is December 9, 2020. According to the relevant provisions of Article 28 of the "Enterprise Income Tax Law
of the People's Republic of China", the applicable enterprise income tax rate of Zhanjiang Power in 2022 is 15%.
92
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
(c) According to the approval by the regulation of No. 13[2019]Caishui"Notice on Implementing Inclusive Tax
Reduction and Exemption Policy for Small and Micro Enterprises" and theNo. 8 [2021] SAT Announcement-
Announcement of the State Administration of Taxation on Matters Concerning the Implementation of
Preferential Income Tax Policies for Supporting the Development of Small and Low-Profit Enterprises and
Individual Industrial and Commercial Households, for the portion of annual taxable income not exceeding 1
million for the small and low-profit enterprises, it shall be deducted to 12.5% to be included in the taxable
income, and the enterprise income tax shall be paid at the rate of 20%; For the part of the annual taxable income
exceeding 1 million yuan but not exceeding 3 million yuan, a 50% reduction is included in the taxable income,
and the corporate income tax is paid at the tax rate of 20%. The above-mentioned small and low-profit
enterprises refer to enterprises that engage in industries that are not restricted or prohibited by the state, and
meet the three conditions of annual taxable income not exceeding 3 million yuan, employees not exceeding 300,
and total assets not exceeding 50 million yuan. Shenzhen Huaguoquan Electric Service Co., Ltd ("Huaguoquan
Company"), Zhanjiang Wanhaowei New Energy Co., Ltd ("Haanhaowei New Energy") and Yudean Jinxiu
Comprehensive Energy Co., Ltd ("Yudean Jinxiu") ”) in 2022 meet the conditions for small and low-profit
enterprises. Therefore, in 2022, the applicable corporate income tax rate of Huaguoquan Company, Wanhaowei
New Energy, and Yudean Jinxiu is 20% respectively. (In 2021: Both Huaguoquan Company and Wanhaowei
New Energy’s corporate income tax rate was 20%).
(d) According to No. 47[2008]Caishui "Notice on Issues Concerning the Implementation of the Corporate
Income Tax Preferential Catalogues for Enterprises with Comprehensive Utilization of Resources", for the
income obtained by the enterprise from the production of the products that meet the relevant national or
industry standards in the afore-said catalogue using the resources listed in the Catalogueof Income Tax
Preferential Catalogue for Enterprises withComprehensive Utilization of Resources (2008 Edition) as the main
raw materials since January 1, 2008 , the incomeshall be reduced to be 90% to be included in the total revenue
of the company for the year.Zhanjiang Power and Guangdong Huizhou Pinghai Power Plant Co., Ltd (“Pinghai
Power Plant”), the subsidiaries of the Group, use fly ash to produce commercial fly ash, which meets the above-
mentioned preferential income tax conditions for comprehensive utilization of resources. Therefore, the income
generated from the sale of fly ash by Zhanjiang Power and Pinghai Power Plant in 2022 can be reduced to be
90% to be included in the total income for the year.
3.Other
VII. Notes on major items in consolidated financial statements
1. Monetary funds
In RMB
Items Closing balance Opening balance
Cash on hand 61,000 83,108
Cash at bank 10,805,854,122 8,062,567,451
Other cash balance 48,778,163 42,670,394
Total 10,854,693,285 8,105,320,953
Including：Total amount of
0 0
money deposited abroad
Total of money limited to
48,778,163 42,670,394
use by mortgage, pledge or freeze
Other note
93
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
（ a).As of June 30,2022,The company’s deposit in Energy Group Finance company is 9,056,865,954 yuan
(6,468,820,757 yuan before December 31, 2021).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. Energy Group Finance Company and
the Company are both controlled by Guangdong Energy Group Company.
（b）As of June 30, 2022, the Group had no funds deposited overseas (December 31, 2020: None).
（ c ） As of June 30, 2022, Other monetary funds amounted to RMB 48,778,163 (On December 31, 2021:
RMB 42,670,394), which mainly are deposits such as ecological protection deposits and performance guarantee
deposits.
2. Transactional financial assets
Not applicable
3. Derivative financial assets
Not applicable
4. Notes receivable
(1) Notes receivable listed by category
In RMB
Items Year-end balance Year-beginning balance
Trade acceptance 165,603
Total 0 165,603
In RMB
Amount in year-end Balance Year-beginning
Book Balance Bad debt provision Book Balance Bad debt provision
Category Amo Propor Amoun Proporti Book Amount Proporti Amount Proporti Book
unt tion(% t on(%) value on(%) on(%) value
)
Of which
Notes
receivable for
bad debt 165,603 100% 165,603
provision by
portfolio
Of which
Trade note
165,603 100% 165,603
receivable
Total 165,603 100% 165,603
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
(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
Category Opening balance Closing balance
Accrual Reversed or Write-off Other
94
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
collected amount
Of which the significant amount of the reversed or collected part during the reporting period
□ Applicable √ Not applicable
（3）The current accounts receivable write-offs situation
Not applicable
（4）Accounts receivable financing endorsed or discounted by the Company at the end of the period and not
expired yet on the date of balance sheet
Not applicable
（5）Accounts receivable financing transferred to accounts receivable by the Company at the end of the period
due to failure of the drawer to perform
Not applicable
（6）The Company had no accounts receivable financing actually written off in the period
Not applicable
95
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
5. Accounts receivable
(1) Accounts receivable disclosed by category
In RMB
Closing balance Opening balance
Category Book balance Bad debt provision Book balance Bad debt provision
Book value Book value
Amount Proportion % Amount Proportion % Amount Proportion % Amount Proportion %
Accrual of
bad debt
0 0% 0 0% 0 0 0% 0 0% 0
provision by
single
Of which
Accrual of
bad debt
7,068,997,560 100% 713,856 0.01% 7,068,283,704 7,030,948,863 100% 263,506 0.01% 7,030,685,357
provision by
portfolio
Of which
Electricity
sales 6,974,918,389 98.67% 0 0% 6,974,918,389 6,974,790,832 99.20% 0 0% 6,974,790,832
receivable
Related party
22,693,557 0.32% 0 0% 22,693,557 32,237,080 0.46% 0 0% 32,237,080
receivable
Other 71,385,614 1.01% 713,856 1% 70,671,758 23,920,951 0.34% 263,506 1.10% 23,657,445
Total 7,068,997,560 100% 713,856 0.01% 7,068,283,704 7,030,948,863 100% 263,506 0.01% 7,030,685,357
96
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Accrual of bad debt provision by portfolio:0
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Electricity sales receivable 6,974,918,389 0 0%
Total 6,974,918,389 0
Note：
Portfolio 1- Electricity sales receivable， As at 30 June 2022, the amount of receivables from sales of electricity
of the Group was RMB6,974,918,389(December 31,2021：RMB6,974,790,832 ), 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 31,2021:0%).
Accrual of bad debt provision by portfolio:0
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Related party receivable 22,693,557 0 0%
Total 22,693,557 0
Note：
Portfolio 2- Related party receivable：As at 30 June 2022, the amount of receivables from related parties of the
Group was RMB22,693,557（December 31,2021:RMB32,237,080) , and the historical loss rate was extremely
low. Therefore, The Group believes that there is no significant credit risk in the receivables from related parties,
and the possibility of significant losses due to their default is extremely low. The Group's expected credit loss rate
for receivables from related parties is 0%. （December 31,2021:0%).
Accrual of bad debt provision by portfolio:0
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Other account receivable 71,385,614 713,856 1%
Total 71,385,614 713,856
Note：
For other fund receivable except Portfolio 1 and Portfolio 2, Bad provision according to the expected credit loss
mode
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method of
other receivables if the provision for bad debts of bills receivable is accrued according to the general model of
expected credit loss:
For other fund receivable except Portfolio 1 and Portfolio 2
The amount of bad debt provision for accounts receivable in 2022 is RMB 713,856 (In 2021: RMB 263,506),
and the amount of bad debt provision for accounts receivable reversed this year is RMB 263,506 (In 2021:
RMB 292,314), the corresponding book balance is RMB 71,385,614 (In 2021: RMB 23,920,951), and there is
no bad debt provision for accounts receivable written off this year (In 2021: none).
In RMB
97
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Aging Closing balance
Within 1 year（Including 1 year） 6,044,943,339
1-2 years 619,045,640
2-3 years 304,464,301
Over 3 years 100,544,280
3-4 years 99,003,796
4-5 years 1,540,484
Total 7,068,997,560
(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
Category Closing balance
balance Accrual collected Write-off Other
amount
Accounts
263,506 713,856 263,506 713,856
receivable
Total 263,506 713,856 263,506 713,856
(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 6,179,062,978 87.41% 0
GPGC,Zhanjiang Power
415,947,131 5.88% 0
supply Bureau
Shenzhen Power supply
148,580,674 2.10% 0
Bureau
State Grid Xinjiang Electric
60,277,367 0.85% 0
Power Co., Ltd.
Maoming Power supply
43,771,030 0.62% 0
Bureau
Total 6,847,639,180 96.86%
（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
7.Prepayments
(1) List by aging analysis:
In RMB
Closing balance Opening balance
Aging
Amount Proportion % Amount Proportion %
Within 1 year 1,451,614,259 98% 890,361,044 99.73%
1-2 years 28,190,654 1.90% 1,256,263 0.14%
2-3 years 501,647 0.03% 563,276 0.06%
Over 3 years 1,071,758 0.07% 590,655 0.07%
98
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Total 1,481,378,318 892,771,238
Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in time
As at June 30,2022, advances to suppliers aged more than 1 year were RMB29,764,059( December 31,2021,
RMB2,410,194) , mainly including prepayments for spare parts and materials.
（2）The ending balance of Prepayments owed by the imputation of the top five parties
Name Relationship with Amount Proportion %
the company
Related party
Guangdong Power Industry Fuel Co., Ltd. 816,149,016 55.09%
Guangdong Zhutou Electric Power fuel Co., Ltd. Third party 322,747,179 21.79%
Guangdong Energy Group Natural gas Co., Ltd. Related party 102,600,000 6.93%
Shanghai Boiler Plant Co., Ltd. Third party 60,617,880 4.09%
Guangdong Energy Insurance Related party 24,557,339 1.66%
Total 1,326,671,414 89.56%
Other note：
8. Other accounts receivable
In RMB
Items Closing balance Opening balance
Interest receivable 2,581,384 0
Dividend receivable 0 5,633,417
Other accounts receivable 952,471,579 2,423,842,141
Total 955,052,963 2,429,475,558
（1）Interest receivable
1) Category of interest receivable
In RMB
Items Closing balance Opening balance
Other 2,581,384
Total 2,581,384 0
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
Huaneng Shantou Nanao Wind Power
0 5,633,417
Generation Co., Ltd.
Total 0 5,633,417
99
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
2）Dividend receivable of important account age over 1 year
Applicable
3）Bad-debt provision
□ Applicable √ Not applicable
Other note：
（3） Other accounts receivable
1) Other accounts receivable classified by the nature of accounts
In RMB
Nature Closing book balance Opening book balance
Land receivable deposit 302,341,244 302,530,718
Current account 209,084,626 127,046,011
Supplementary medical insurance fund
63,143,818 98,784,664
receivable
Sales of by-products receivable 44,609,887 95,418,898
Land receivable deposit 23,446,000 23,446,000
Compensation receivable for electricity
charges during the demolition and 15,729,600 15,824,336
construction period
Receivable petty cash 4,519,419 2,646,600
Government subsidy receivable 4,190,566 3,646,053
Terminal assets disposal payment 1,347,362 1,732,123,164
Other 316,790,401 60,123,674
Less：Bad-debt provision -32,731,344 -37,747,977
Total 952,471,579 2,423,842,141
2）Bad-debt provision
In RMB
Stage 1 Stage 2 Stage 3
Expected credit losses
Bad Debt Reserves Expected credit losses Expected credit loss Total
for the entire duration
over the next 12 over life (no credit
(credit impairment
months impairment)
occurred)
Balance as at January
18,131,497 0 19,616,480 37,747,977
1, 2022
Balance as at January
1, 2022 in current
--Transfer to Stage 3 -1,124,353 1,124,353 0
Provision in the current
0 10,119,177 10,119,177
period
Turn back in the
-15,135,810 -15,135,810
current period
Balance as at June
1,871,334 30,860,010 32,731,344
30,2022
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） 733,772,881
1-2 years 53,769,876
2-3 years 153,422,383
Over 3 years 44,237,783
3-4 years 25,958,484
100
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
4-5 years 13,579,558
Over 5 years 4,699,741
Total 985,202,923
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
Category Closing balance
balance Accrual collected Write-off Other
amount
Other
37,747,977 10,119,177 15,135,810 0 0 32,731,344
receivable
Total 37,747,977 10,119,177 15,135,810 32,731,344
（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
Bad debt
Year-end Portion in total other provision
Name Nature Aging
balance receivables(%) of year-end
balance
Meixian
Chengjiangzhen Land withdrawal 2-3 years
146,885,400 14.91% 0
People's Government receivable （Including 3 years)
of Meizhou City
Guangdong Energy Within 1 year
Receivable of Unit
Finance leasing Co., 141,953,119 （Including 1 14.41% 0
current
Ltd. year）
The People's Within 1 year
Government of Yamen Land withdrawal
109,094,018 （Including 1 11.07% 0
Town, Xinhui District, receivable
year）
Jiangmen City
Guangdong Electric Within 1 year
Current payments of
Power Industry Fuel 96,734,943 （Including 1 9.82% 0
the receivable unit
Co., Ltd. year）
Within 1 year
Hunan Fourth Receivable of Unit
82,830,000 （Including 1 8.41% 0
Engineering Co., Ltd current
year）
Total 577,497,480 58.62% 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
Withn 1 year
Expected to be fully
Huilai State Taxation VAT is refunded （including 1 year）
3,988,580 recovered by June
Bureau immediately and 1-2 years
2023
（Including 2 years）
Yunfu City Yuncheng Withn 1 year Expected to be fully
VAT is refunded
District Local Taxation 201,986 recovered by June
immediately （including 1 year）
Bureau 2023
101
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 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
Provision for Provision for
Items inventory inventory
Book balance Book value Book balance Book value
impairment impairment
Raw materials 2,232,672,860 0 2,232,672,860 2,189,710,739 0 2,189,710,739
Parts 882,980,813 34,044,608 848,936,205 817,710,542 34,044,608 783,665,934
Other 54,156,730 0 54,156,730 25,517,866 0 25,517,866
Total 3,169,810,403 34,044,608 3,135,765,795 3,032,939,147 34,044,608 2,998,894,539
(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 0 0
Parts 34,044,608 0 0 0 0 34,044,608
Total 34,044,608 34,044,608
(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 Bad debt Bad debt
Book balance Book value Book balance Book value
provision provision
Contract assets
1,040,486 11,042 1,029,444 1,588,425 21,889 1,566,536
of third parties
Contract assets
of related 14,816 0 14,816 3,188,284 0 3,188,284
parties
Total 1,055,302 11,042 1,044,260 4,776,709 21,889 4,754,820
102
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
11. Assets divided as held-to-sold
Not applicable
12. Non-current assets due within 1 year
Not applicable
13. Other current assets
In RMB
Items
Year-end balance Year-beginning balance
VAT to be deducted 811,168,428 1,238,295,329
Advance payment of income tax 48,714,741 174,867,263
Carbon emission rights assets 360,998 295,315
Other 17,125,397 4,527,701
Total 877,369,564 1,417,985,608
Other note：
14.Creditor's right investment
Not applicable
15.Other creditor's rights investment
Not applicable
16. Long-term accounts receivable
Not applicable
103
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
17. Long-term equity investment
In RMB
Increase /decrease
Profits and
losses on Closing
Opening Cash bonus Withdrawal Closing balance of
Investees investments Other Changes
balance Additional Decrease in or profits of balance impairment
Recognized comprehensive in other Other
investment investment announced impairment provision
under the income equity
to issue provision
equity
method
I. Joint ventures
Guangdong
Electric
645,470,514 37,073,725 682,544,239 0
Industrial Fuel
Co., Ltd.
Zhanjiang
Yuexin Energy
9,350,000 -613,360 8,736,640 0
Technology
Co.,Ltd.
Subtotal 654,820,514 36,460,365 691,280,879 0
II. Associates
Shanxi Yudean
Energy Co., 2,363,177,253 278,866,588 2,642,043,841
Ltd.
Guangdong
Guohua
Yudean
1,784,468,086 54,702,379 1,839,170,465
Taishan Power
Generation
Co., Ltd.
Energy Group
Finance 1,666,774,664 81,479,824 123,894,709 1,624,359,779
Company
Guangdong
Energy
Financing 532,306,787 15,729,399 18,292,179 529,744,007
Leasing Co.,
Ltd.
104
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Yudean
276,532,777 7,432,402 2,426,770 281,538,409
Captive
Yudean
247,954,895 5,884,591 253,839,486
Shipping
South
Offshore Wind
Power Joint 167,812,207 16,177,560 183,989,767
Development
Co., Ltd.
Guizhou
Yueqian
161,325,870 21,836,633 183,162,503
Electric Power
Co., Ltd.
Yunnan
Nengtou
138,810,051 -22,193,510 116,616,541 96,327,854
Weixin Energy
Co., Ltd.
Huaneng
Shantou Wind
54,182,291 7,556,737 61,739,028
Generation
Co., Ltd.
Funfu Power
Generation
Plant（B 9,596,285 -4,931,388 4,664,897 20,819,280
Plant）
Co.,Ltd.
Other 14,446,670 -73,685 14,372,985
Subtotal 7,417,387,836 462,467,530 144,613,658 7,735,241,708 117,147,134
Total 8,072,208,350 498,927,895 144,613,658 8,426,522,587 117,147,134
105
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
18. Other equity instruments investment
In RMB
Items Closing balance Opening balance
Shenzhen Energy Co., Ltd. 96,919,200 122,472,000
Shanghai Shenergy Group 315,423,180 409,272,682
GMG International Tendering Co., Ltd. 10,296,000 15,984,000
Shenzhen Capital Group Co., Ltd. 1,030,000,000 1,030,000,000
Sunshine Insurance Group Co., Ltd. 1,653,500,000 1,653,500,000
Gaozhou Yawu Hydropower Co., Ltd 800,000 800,000
Xinjiang Yuejian Nengxin Energy
2,000,000 0
Equipment Co., Ltd.
Total 3,108,938,380 3,232,028,682
Itemized disclosure of the current non - trading equity instrument investment
In RMB
Reasons for
Amount of Reasons for
being measured
other other
at fair value and
Recognized comprehensiv comprehensive
Accumulating Accumula whose changes
Name dividend e income income
gains ting losses are included in
income transferred to transferred to
other
retained retained
comprehensive
earning earnings
income
Consideration of
Shenzhen Energy Co.,
2,646,000 81,028,572 strategic Not applicable
Ltd.
investments
Consideration of
Shanghai Shenergy
0 79,585,192 strategic Not applicable
Group
investments
Consideration of
GMG International
594,000 6,696,000 strategic Not applicable
Tendering Co., Ltd.
investments
Consideration of
Shenzhen Capital Group
34,416,139 701,966,000 strategic Not applicable
Co., Ltd.
investments
Consideration of
Sunshine Insurance
52,500,000 1,297,500,000 strategic Not applicable
Group Co., Ltd.
investments
Consideration of
Gaozhou Yawu
0 0 strategic Not applicable
Hydropower Co., Ltd
investments
Xinjiang Yuejian Nengxin Consideration of
Energy Equipment Co., 0 0 strategic Not applicable
Ltd. investments
Other note：
(a) As at 31 June 2022, the Company held 15,120,000 tradable A shares in Shenzhen Energy with fair value of
RMB96,919,200, and the investment cost was RMB15,890,628. The investment was stated at fair value with
reference to the market price. During the year, gains at fair value amounted to RMB25,552,800 (2021:income of
RMB30,391,20), and other comprehensive income was adjusted upwards accordingly.
(b) As at 30 June 2022, the Company held 55,532,250 tradable A shares in Shanghai Shenergy with fair value of
RMB315,423,180, 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 RMB93,849,502 (2021:income of
RMB 119,394,337), and other comprehensive income was adjusted upwards accordingly.
(c) As at 30 June 2022, 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 10,296,000, 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 RMB3,600,000 (2021:income of RMB4,356,000), and other comprehensive
106
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
income was adjusted upwards accordingly.
(d) As at 30 June 2022, the Company held A shares in Shenzhen Capital Group Co., Ltd. with fair value of
RMB1,030,000,000, 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 2021, the income from fair value measurement was RMB 328,034,000).
(e) As at 30 June 2022, the Company held A shares in Sunshine Insurance Company. with fair value of
RMB1,653,500,000, 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 2021, the income from fair value measurement was RMB328,034,000).
In 2021,
(f) On May 31, 2022, The Group participated in the investment and establishment of Xinjiang Yuejianeng New
Energy Equipment Co., Ltd and held 10% of its equity, which did not have a significant impact on Xinjiang
Yuejianeng New Energy Equipment Co., Ltd, and it’s accounted for as an investment in other equity
instruments.
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 508,730,777 46,042,801 554,773,578
2.Increase in the current period
(1) Purchase
(2)Inventory\Fixed
assets\ Transferred from construction in progress
(3)Increased of Enterprise Combination
3.Decreased amount of the period
（1）Dispose
（2）Other out
4. Balance at period-end 508,730,777 46,042,801 554,773,578
II.Accumulated amortization
1.Opening balance 164,834,616 11,142,030 175,976,646
2.Increased amount of the period 4,216,942 451,829 4,668,771
(1) Withdrawal 4,216,942 451,829 4,668,771
3.Decreased amount of the period
（1）Dispose
（2）Other out
4. Balance at period-end 169,051,558 11,593,859 180,645,417
III. Impairment provision
1. Balance at period-beginning
2.Increased amount of the period
(1) Withdrawal
107
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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 339,679,219 34,448,942 374,128,161
2.Book value at period-beginning 343,896,161 34,900,771 378,796,932
(2) Investment property adopted fair value measurement mode
□ Applicable √Not applicable
(3) Investment real estate without certificate of ownership
In RMB
Items Book balance Reason
Temporarily in the government approved
Land use right 837,089
stage
Other note
On June 30, 2022, after consulting the Group's legal advisers, the management believed that there would be no
substantive legal obstacles to the handling of these property certificates and would not have a significant adverse
impact on the normal operation of the Group.
21. Fixed assets
In RMB
Items Closing balance Opening balance
Fixed assets 60,797,454,340 57,047,122,802
Disposal of fixed assets 118,591,969 97,976,621
Total 60,916,046,309 57,145,099,423
(1) List of Fixed assets
In RMB
House and Generation Other
Items Transportations Total
building equipment equipment
I. Original price
1. Balance at period-beginning 30,461,761,423 89,377,001,367 662,435,852 1,477,718,227 121,978,916,869
2.Increase in the current period 2,251,029,307 5,904,867,627 26,431,074 54,235,303 8,236,563,311
(1) Purchase 27,731,401 8,678,103 4,513,367 15,266,527 56,189,398
（2） Transferred from constr 406,208,693 5,896,189,524 16,478,984 26,599,948 6,345,477,149
uction in progress
(3)Increased of Enterprise
Combination
Other 1,817,089,213 5,438,723 12,368,828 1,834,896,764
3.Decreased amount of the
40,236,243 2,358,728,826 7,628,513 22,557,544 2,429,151,126
period
（1）Dispose 35,308,385 189,625,053 7,628,513 22,557,544 255,119,495
Other 4,927,858 2,169,103,773 2,174,031,631
4. Balance at period-end 32,672,554,487 92,923,140,168 681,238,413 1,509,395,986 127,786,329,054
II. Accumulated depreciation
1.Opening balance 11,937,538,940 50,281,958,185 477,541,422 1,064,855,631 63,761,894,178
2.Increased amount of the
402,193,227 1,852,140,591 13,889,964 70,125,347 2,338,349,129
period
(1) Withdrawal 402,193,227 1,852,140,591 13,889,964 70,125,347 2,338,349,129
108
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
3.Decreased amount of the
30,083,911 197,691,749 7,271,057 18,973,686 254,020,403
period
（1）Dispose 30,083,911 197,691,749 7,271,057 18,973,686 254,020,403
4.Closing balance 12,309,648,256 51,936,407,027 484,160,329 1,116,007,292 65,846,222,904
III. Impairment provision
1.Opening balance 236,527,567 932,674,173 422,918 275,233 1,169,899,891
2.Increase in the reporting
period
（1）Withdrawal
3.Decreased amount of the
27,172,184 75,897 27,248,081
period
（1）Dispose 27,172,184 75,897 27,248,081
4. Closing balance 236,527,567 905,501,989 422,918 199,336 1,142,651,810
IV. Book value
1.Book value of the period-end 20,126,378,664 40,081,231,152 196,655,166 393,189,358 60,797,454,340
2.Book value of the period-
18,287,694,916 38,162,369,009 184,471,512 412,587,363 57,047,122,800
begin
(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 23,234,030
(4) Fixed assets without certificate of title completed
In RMB
Items Book value Reason
Temporarily in the government approved
House and Building 880,935,932
stage
Other note
On June 30, 2022, 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
96,103,927 93,602,122
have been scrapped
Other equipment 20,506,124 4,374,501
House and Building 1,981,918 0
Total 118,591,969 97,976,623
22. Construction in progress
In RMB
Items Closing balance Opening balance
Construction in progress 5,744,084,734 8,707,685,035
Engineering Material 701,453 3,006,730
109
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Total 5,744,786,187 8,710,691,765
(1) List of construction in progress
In RMB
Closing balance Opening balance
Items Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Huadu thermal
and power
754,058,757 754,058,757 1,054,889,800 1,054,889,800
cogeneration
project
Yangjiang
Qingzhou first and
second offshore 619,216,851 619,216,851 27,475,458 27,475,458
wind power
project
Xinjiang 45
regiment 400,000
578,682,830 578,682,830
kw photovoltaic
project
Wuxuan Hequn
418,971,546 418,971,546 413,866,414 413,866,414
Plant Project
Xupu Wind Power
416,526,856 416,526,856 402,999,870 402,999,870
Plant Project
Shajiao Ningzhou
385,500,115 385,500,115 253,652,368 253,652,368
gas power project
Hunan Tongdao
Dagaoshan wind
365,892,846 365,892,846 320,622,385 320,622,385
power plant
project
Nanxiong Zhu’an
250,857,650 250,857,650 206,297,283 206,297,283
Village Project
Zhaoqing Dinghu
Natural Gas
Thermal Power 214,239,029 214,239,029 120,337,569 120,337,569
Cogeneration
Project
Pingyuan Sishui
Wind Power 177,796,416 177,796,416 90,553,055 90,553,055
Project
Yangjiang Shapa
offshore wind 4,417,942,531 4,417,942,531
power project
Zhuhai Jinwan
Electric offshore
46,919,720 46,919,720
wind power
project
Other
infrastructure
1,036,289,812 272,760,362 763,529,450 767,062,565 272,760,362 494,302,203
construction
projects
Other technology
improvement 807,442,698 8,630,310 798,812,388 866,456,689 8,630,310 857,826,379
projects
Total 6,025,475,406 281,390,672 5,744,084,734 8,989,075,707 281,390,672 8,707,685,035
110
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
(2) Changes of significant construction in progress
In RMB
Including：
Capitalisatio Capitalisatio
Amount at Transferred Progres Current
Increase at Other Balance in Proportion( n of interest Source
Name Budget year to fixed s of amount of n of interest
this period decrease year-end %) accumulated of funds
beginning assets work capitalizatio ratio（%)
balance
n of interest
Huadu
thermal and Financial
3,593,160,00 1,054,889,80
power 118,115,491 418,946,534 754,058,757 99.55% 32.69% 38,456,114 17,667,366 3.94% institutio
0 0
cogeneratio n loan
n project
Yangjiang
Qingzhou
first and Financial
17,107,250,0
second 27,475,458 591,741,393 619,216,851 3.62% 3.05% 4,828,488 4,797,322 3.33% institutio
00
offshore n loan
wind power
project
Xinjiang 45
regiment Financial
2,022,163,00
400,000 kw 578,682,830 578,682,830 28.62% 28.62% 162,361 162,361 3.20% institutio
0
photovoltai n loan
c project
Wuxuan
Financial
Hequn
482,580,000 413,866,414 5,105,132 418,971,546 86.82% 99.50% 12,018,832 institutio
Plant
n loan
Project
Xupu Wind Financial
Power Plant 464,185,841 402,999,870 13,526,986 416,526,856 89.73% 99% 12,289,713 institutio
Project n loan
Shajiao
Financial
Ningzhou 5,927,600,00
253,652,368 131,847,747 385,500,115 6.52% 27.75% 23,183,810 15,532,218 3.36% institutio
gas power 0
n loan
project
Hunan
Tongdao
Financial
Dagaoshan
531,740,000 320,622,385 45,270,461 365,892,846 68.58% 98% 9,716,266 institutio
wind power
n loan
plant
project
Nanxiong Financial
Zhu’an 451,810,000 206,297,283 44,560,367 250,857,650 55.52% 55.52% 2,719,293 institutio
Village n loan
111
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Project
Zhaoqing
Dinghu
Natural Gas Financial
2,998,180,00
Thermal 120,337,569 93,901,460 214,239,029 7.15% 15.72% 11,824,287 7,113,966 3.85% institutio
0
Power n loan
Cogeneratio
n Project
Pingyuan
Financial
Sishui Wind
338,470,000 90,553,055 87,243,361 177,796,416 52.53% 52.53% 7,079,097 institutio
Power
n loan
Project
Yangjiang
Shapa Financial
5,963,270,00 4,417,942,53 1,149,801,41 5,567,743,94
offshore 93.37% 99% 192,996,300 36,934,127 3.79% institutio
0 1 6 7
wind power n loan
project
Zhuhai
Jinwan
Financial
Electric 5,643,170,00
46,919,720 46,919,720 74.47% 100% 120,150,149 institutio
offshore 0
n loan
wind power
project
Other
infrastructu Financial
33,836,72
re 494,302,203 310,765,561 7,701,585 763,529,450 29,309,349 9,204,453 institutio
9
constructio n loan
n projects
Other
Financial
technology 21,167,13
857,826,379 266,318,502 304,165,363 798,812,388 1,335,162 institutio
improveme 0
n loan
nt projects
45,523,578,8 8,707,685,03 3,436,880,70 6,345,477,14 55,003,85 5,744,084,73
Total 466,069,221 91,411,813
41 5 7 9 9 4
112
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
(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 Provision for
Book balance Book value Book balance Book value
impairment impairment
Special
671,117 671,117 18,162 18,162
Material
Special
30,336 30,336 2,988,568 0 2,988,568
equipment
Total 701,453 701,453 3,006,730 3,006,730
Other note
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
Transportation
Items House and buildings Machinery equipment Total
equipment
I. Original price
1.Opening balance 59,726,188 5,800,549,982 8,434,545 5,868,710,715
2.Increased amount
4,725,713 45,680,916 0 50,406,629
of the period
（1）New lease
4,725,713 45,680,916 0 50,406,629
contracts
3. Decreased
359,953 0 2,121,343 2,481,296
amount of the period
Early termination of
359,953 0 2,121,343 2,481,296
the lease contract
4.Closing balance 64,091,948 5,846,230,898 6,313,202 5,921,598,640
II. Accumulated
depreciation
1.Opening balance 17,358,410 593,074,160 2,153,166 612,585,736
2.Increased amount of
10,185,749 120,996,849 341,818 131,524,416
the period
（1）Withdrawal 10,185,749 120,996,849 341,818 131,524,416
3.Decreased amount 96,094 0 0 96,094
of the period
(1)Disposal 96,094 0 0 96,094
113
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
4.Closing balance 27,448,065 714,071,009 2,494,984 744,206,246
III. Impairment
provision
1.Opening balance
2.Increased amount of
the period
（1）Withdrawal
3.Decreased amount
of the period
(1)Disposal
4.Closing balance
IV. Book value
1.Closing book value 36,643,883 5,132,159,889 3,818,218 5,172,621,990
2.Opening book 42,367,778 5,207,475,822 6,281,379 5,256,124,979
114
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
26. Intangible assets
(1) Information
In RMB
Transmission
and Non-patent
Non-patent Favorable
Items Land use right Patent Software Sea use right Transformatio technology Total
Technology contract
n Supporting and others
Project
I. Original price
1. Balance at period-beginning 3,066,424,473 214,052,599 89,256,779 260,331,315 52,211,380 39,503,199 3,721,779,745
2.Increase in the current
29,486,784 24,927,832 57,851,340 0 0 825,908 113,091,864
period
(1) Purchase 240,673 7,396,928 0 0 0 3,900 7,641,501
（2）Internal R & D 0 2,662,089 0 0 0 822,008 3,484,097
（3）Increased of Enterprise
0 0 0 0 0 0 0
Combination
（4）Transfer of projects
0 86,792 0 0 0 0 86,792
under construction
（5）Other 29,246,111 14,782,023 57,851,340 0 0 0 101,879,474
3.Decreased amount of the
9,445,665 9,445,665 3,622,305 0 0 418,044 13,486,014
period
（1）Dispose 9,445,665 9,445,665 3,622,305 0 0 418,044 13,486,014
4. Balance at period-end 3,086,465,592 235,358,126 147,108,119 260,331,315 52,211,380 39,911,063 3,821,385,595
II.Accumulated amortization
1. Balance at period-beginning 550,473,973 138,064,496 25,163,983 260,331,315 3,085,641 29,431,618 1,006,551,026
2. Increase in the current
31,641,289 8,956,466 829,849 0 2,130,766 855,459 44,413,829
period
(1) Withdrawal 31,641,289 8,956,466 829,849 0 2,130,766 855,459 44,413,829
3.Decreased amount of the
363,303 3,631,618 0 0 0 418,044 4,412,965
period
（1）Dispose 363,303 3,631,618 0 0 0 418,044 4,412,965
4. Balance at period-end 581,751,959 143,389,344 25,993,832 260,331,315 5,216,407 29,869,033 1,046,551,890
III. Impairment provision
1. Balance at period-beginning 56,502,373 0 0 0 0 0 56,502,373
2. Increase in the current 0 0 0 0 0 0 0
115
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
period
(1) Withdrawal 0 0 0 0 0 0 0
3.Decreased amount of the
0 0 0 0 0 0 0
period
（1）Dispose 0 0 0 0 0 0 0
4. Balance at period-end 56,502,373 0 0 0 0 0 56,502,373
4. Book value
1.Book value at period -end 2,448,211,260 91,968,782 121,114,287 0 46,994,973 10,042,030 2,718,331,332
2.Book value at period-
2,459,448,127 75,988,103 64,092,796 0 49,125,739 10,071,581 2,658,726,346
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
116
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
（2）Details of Land use right failed to accomplish certification of property
In RMB
Items Book value Reason
Land use right 23,253,800 The procedures have not been completed
On June 30, 2022, 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.
27. Development expenditure
Not applicable
28. Goodwill
(1) Original book value of goodwill
In RMB
Name of the investees or Opening
Increase Decrease Closing balance
the events formed goodwill balance
Name of the investees or Opening The merger of
disposition Closing balance
the events formed goodwill balance enterprises
Guangdong Wind Power
2,449,886 2,449,886
Generation Co., Ltd.
Lincang Company 25,036,894 25,036,894
Tumushuke Thermal Power
119,488,672 119,488,672
Co., Ltd.
Guangdong Guangye
6,158,995 0 6,158,995
Nanhua New Energy
Guangdong Yueneng
11,885,484 0 11,885,484
Datang New Energy
Total 165,019,931 0 165,019,931
（2）Impairment provision of goodwill
In RMB
Increase Decrease
Name of the investees or the
Opening balance Provisio Closing balance
events formed goodwill disposition
n
Lincang Yudean New Energy -25,036,894 -25,036,894
Total -25,036,894 -25,036,894
Relevant information about the asset group or asset group combination in which goodwill resides
Describe the goodwill impairment test process, key parameters (e.g. forecast period growth rate, stable period
growth rate, profit margin, discount rate and forecast period when forecasting the present value future cash flow)
and the recognition method of goodwill impairment loss
Impact of goodwill impairment test
29.Long-term amortization expenses
In RMB
Balance in year- Increase at this Amortization Balance in year-
Items Other decrease
begin period balance end
117
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Improvement of
7,965,121 9,536,573 1,690,795 52,161 15,758,738
use right assets
Other 22,370,180 682,575 1,597,572 7,890,357 13,564,826
Total 30,335,301 10,219,148 3,288,367 7,942,518 29,323,564
Other note
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
444,970,447 109,844,598 444,961,087 109,842,258
impairments
Intra-group
788,087,796 197,021,947 685,896,928 171,474,232
transactions
Deductible losses 4,519,387,165 1,042,629,291 3,189,847,440 758,900,259
Net income from test
run included in
221,802,480 55,312,142 221,802,480 55,312,140
construction in
progress
Employee benefits
281,069,135 67,066,144 305,163,061 73,089,625
payable
Depreciation of fixed
74,112,288 18,528,072 74,881,083 18,720,271
assets
Government grants 73,836,482 17,900,898 95,459,260 23,306,593
Amortization of
7,078,023 1,769,506 4,028,407 1,007,101
intangible assets
Total 6,410,343,816 1,510,072,598 5,022,039,746 1,211,652,479
(2)Details of the un-recognized deferred income tax liabilities
In RMB
Balance in year-end Balance in year-begin
Items Temporarily Temporarily
Deferred Income Tax Deferred Income Tax
Deductable or Taxable Deductable or Taxable
liabilities liabilities
Difference Difference
Non-same control
enterprise merger
253,339,530 63,334,882 272,521,240 68,130,309
assets evaluation and
appreciation
Changes in fair value
of other equity
instruments included in 2,123,359,112 530,839,778 2,291,866,066 572,966,517
other comprehensive
income
Net expenses in trial
operation included in
78,859,322 19,714,830 89,727,430 22,431,857
construction in
progress
Amortization of land
26,553,547 6,638,387 15,685,439 3,921,360
use rights
Interest receivable 10,063,591 2,515,896 10,071,856 2,517,964
Depreciation of fixed
2,388,981 597,247 2,388,981 597,247
assets
Total 2,494,564,083 623,641,020 2,682,261,012 670,565,254
118
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
(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 after assets and liabilities at assets or liabilities after
assets and liabilities
off-set period-begin off-set
Deferred income tax
26,564,501 1,483,508,097 34,810,493 1,176,841,986
assets
Deferred income
26,564,501 597,076,519 34,810,493 635,754,761
liabilities
(4)Details of income tax assets not recognized
In RMB
Items Balance in year-end Balance in year-begin
Deductible temporary difference 1,873,007,383 1,839,401,194
Deductible loss 7,468,766,931 5,808,689,992
Total 9,341,774,314 7,648,091,186
(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
2022 0 679,470,193
2023 801,754,681 810,630,290
2024 161,611,109 173,024,661
2025 588,155,609 598,674,880
2026 3,546,889,968 3,546,889,968
2027 2,370,355,564
Total 7,468,766,931 5,808,689,992
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 equipment 1,437,684,782 1,437,684,782 479,516,879 479,516,879
fund
Prepayments
for construction 1,706,557,290 1,706,557,290 1,619,048,497 1,619,048,497
fund
Input VAT to be
1,280,759,980 1,280,759,980 2,207,784,437 2,207,784,437
deducted
Prepayment for
177,544,721 177,544,721 166,211,424 166,211,424
land use rights
Unrealised
losses on sale 196,168,230 196,168,230 196,168,230 196,168,230
and lease back
Prepayment for
equity 80,000,000 80,000,000 80,000,000 80,000,000
acquisition
Prepayments
for purchase of 58,318,764 58,318,764 58,318,764 58,318,764
buildings
119
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Other 48,350,725 48,350,725 3,203,403 3,203,403
Total 4,985,384,492 4,985,384,492 4,810,251,634 4,810,251,634
32. Short-term borrowings
(1) Category of short-term borrowings
In RMB
Items Closing balance Opening balance
Guarantee loans 108,457,861 297,347,896
Credit loans 15,593,683,120 12,062,948,533
Total 15,702,140,981 12,360,296,429
(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 301,300,000 180,000,000
Bank acceptance bills 1,580,246,000 1,728,780,000
Total 1,881,546,000 1,908,780,000
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 3,022,286,040 4,847,384,749
Materials and spare parts payable 504,338,824 501,756,882
Management fees payable for frequency
0 319,986
modulation and energy storage
Other 1,279,228,638 1,277,105,447
Total 4,805,853,502 6,626,567,064
（2）Significant accounts payable that aged over one year
In RMB
Items Closing balance Opening balance
Fuel payable and freight payable 48,461,795 Not yet settled
Total 48,461,795
Other note：
120
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
As at 30 June 2022, accounts payable with ageing over one year amounted RMB48,461,795 ( December 31，
2021: RMB51,399,876), mainly unsettled fuel payable
37. Advance from customers
Not applicable
38.Contract Liabilities
In RMB
Items Closing balance Opening balance
Advances from services 16,111,584 5,146,636
Advances from others 1,049,300 718,175
Total 17,160,884 5,864,811
39.Payable Employee wage
(1) List of Payroll payable
In RMB
Items Balance in year-begin Increase in this period decrease in this period Balance in year-end
1.Short-term
348,069,102 1,082,065,412 918,141,778 511,992,736
compensation
2.Post-employment
benefits - defined 3,092,268 161,508,024 157,711,765 6,888,527
contribution plans
3.Dismissal welfare 62,450,865 18,765,861 21,413,641 59,803,085
4. Other benefits due
8,400,995 74,391 5,559,274 2,916,112
within one year
5.Other 1,877,896 1,487,449 390,447
Total 422,013,230 1,264,291,584 1,104,313,907 581,990,907
（2）Short-term remuneration
In RMB
Balance in year- Increase in this decrease in this Balance in year-end
Items
begin period period
1.Wages, bonuses, allowances and
11,143,810 771,421,234 608,742,621 173,822,423
subsidies
2.Employee welfare 5,035,644 71,028,662 61,201,030 14,863,276
3. Social insurance premiums 184,406,723 84,550,988 115,388,269 153,569,442
Including：Medical insurance 184,406,603 81,562,912 112,437,459 153,532,056
Work injury insurance 120 1,632,910 1,615,886 17,144
Maternity insurance 0 1,355,166 1,334,924 20,242
4. Public reserves for housing 4,800 88,258,232 84,300,838 3,962,194
5.Union funds and staff education
140,396,647 30,586,153 27,020,016 143,962,784
fee
Other short-term remuneration 7,081,478 36,220,143 21,489,004 21,812,617
Total 348,069,102 1,082,065,412 918,141,778 511,992,736
（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
4,800 102,030,843 101,466,579 569,064
insurance premiums
2.Unemployment
150 2,353,869 2,326,899 27,120
insurance
121
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
3. Annuity payment 3,087,318 57,123,312 53,918,287 6,292,343
Total 3,092,268 161,508,024 157,711,765 6,888,527
Other note：
40.Tax Payable
In RMB
Items Closing balance Opening balance
VAT 22,649,535 145,874,436
Consumption tax 0 0
Enterprise Income tax 31,567,592 91,420,743
Individual Income tax 1,255,925 29,777,458
City Construction tax 2,014,520 16,340,357
House property Tax 33,556,849 77,307,640
Land use tax 9,284,683 21,588,871
Education surcharges 1,554,497 12,684,138
Environmental protection tax payable 1,266,837 8,946,714
Water resource fee 2,080,803 3,837,196
Other 85,042,547 94,525,522
Total 190,273,788 502,303,075
41.Other payable
In RMB
Items Closing balance Opening balance
Interest payable 0 0
Dividend payable 9,771,322 9,771,322
Other payable 9,943,969,579 10,559,992,456
Total 9,953,740,901 10,569,763,778
（1） Interest payable
Not applicable
（2）Dividends payable
In RMB
Items Closing balance Opening balance
Common stock dividends 9,771,322 9,771,322
Preferred stock \ perpetual debt dividend
0 0
divided into equity instruments
Other 0 0
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.
122
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
（3）Other payable
（1）Disclosure by nature
In RMB
Items Closing balance Opening balance
Construction and equipment expenses
6,900,313,767 7,210,562,333
payable
Equity acquisition payable 2,240,000,000 2,501,436,910
Engineering quality guarantee payable 83,482,425 228,942,252
State Oceanic and Fisheries
11,531,700 11,531,700
Administration penalty payable
Other 708,641,687 607,519,261
Total 9,943,969,579 10,559,992,456
(2) Other payables with large amount and aging of over one year
In RMB
Items Closing balance Reason
Other payable 682,258,828 Failure to meet payment terms
Total 682,258,828
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 2,480,232,011 2,705,229,515
Bond payable due in 1 year 134,538,212 121,526,171
Long-term Account payable due in 1
0
year
Lease liabilities due in 1 year 806,536,416 870,864,067
Total 3,421,306,639 3,697,619,753
44. Other current-liabilities
In RMB
Items Closing balance Opening balance
Short-term bond payable 2,709,891,288 1,007,871,233
Output VAT to be written off 650,593,197 650,577,773
Total 3,360,484,485 1,658,449,006
Changes in short-term debentures payable：
In RMB
Balance at the Issuance Amortizatio Balance
IssuanceMaturity Issuance Interest at Repayment
Name Face value beginning of during the n of at the end
date period amounts face value for the period
the year year discounts or of the
123
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
premium year
Second batch
of super
short-term
financing
notes issued
by 2021-8- 178
1,000,000,000 1,000,000,0001,007,871,233 0 2,906,301 01,010,777,534 0
Guangdong 23 days
Electric
Power
Development
Co., Ltd.,
2021
First batch of
super short-
term 2022-2- 178 1,208,98
1,200,000,000 1,200,000,000 01,200,000,000 8,987,178 0 0
financing 14 days 7,178
notes issued
2022
Second batch
of super
short-term 2022-6- 178 1,500,90
1,500,000,000 1,500,000,000 01,500,000,000 904,110 0 0
financing 16 days 4,110
notes issued
2022
2,709,89
Total 3,700,000,0001,007,871,2332,700,000,00012,797,589 01,010,777,534
1,288
45.Long-term borrowings
（1）Long-term term borrowings
In RMB
Items Closing balance Opening balance
Pledged borrowings 5,632,712,443 5,616,063,684
Mortgage borrowings 0
Guarantee loan 1,631,472,114 1,599,700,000
Credit loans 24,383,224,083 21,724,814,172
Total 31,647,408,640 28,940,577,856
46.Bond payable
（1）Bond payable
In RMB
Opening
Items Closing balance
balance
Public Issuance of Corporate Bonds to Qualified Investors in 2020 (Phase I) by Guangdong
1,499,701,402 1,499,648,572
Electric Power Development Co., Ltd.
Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) by Guangdong
999,943,396 999,924,528
Electric Power Development Co., Ltd.
Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase II) by Guangdong
1,499,872,642 1,499,855,660
Electric Power Development Co., Ltd.
Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) by Guangdong
799,672,956 799,635,220
Huizhou Pinghai Power Generation Co., Ltd.
2021 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. 1,198,834,594 1,198,296,858
2021 MTN (Phase II) of Guangdong Electric Power Development Co., Ltd. 2,197,179,730 2,196,588,222
Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) by Guangdong
199,951,059 199,921,484
Huizhou Pinghai Power Generation plant Co., Ltd.
124
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
299,357,535 299,212,878
2021 MTN (Phase I)of Guangdong Huizhou Pinghai Power Generation plant Co., Ltd
Total 8,694,513,314 8,693,083,422
125
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
（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
The Overflow Pay in
Opening Withdraw interest Closing
Name of the bond Face value Issue date Period Issue amount current discount current
balance at par balance
issue amount period
Public Issuance of
Corporate Bonds to
Qualified Investors in 2020
1,500,000,000 2020-4-29 3+2 years 1,500,000,000 1,499,648,572 0 18,375,000 -52,830 0 1,499,701,402
(Phase I) by Guangdong
Electric Power
Development Co., Ltd.
Public Issuance of
Corporate Bonds to
Qualified Investors in 2021
1,000,000,000 2021-1-27 3 years 1,000,000,000 999,924,528 0 17,850,000 -18,868 0 999,943,396
(Phase I) by Guangdong
Electric Power
Development Co., Ltd.
Public Issuance of
Corporate Bonds to
Qualified Investors in 2021
1,500,000,000 2021-4-28 3+2 years 1,500,000,000 1,499,855,660 0 26,250,000 -16,982 0 1,499,872,642
(Phase II) by Guangdong
Electric Power
Development Co., Ltd.
Public Issuance of
Corporate Bonds to
Qualified Investors in 2021
800,000,000 2021-11-24 5 years 800,000,000 799,635,220 0 13,640,000 -37,736 0 799,672,956
(Phase I) by Guangdong
Huizhou Pinghai Power
Generation Co., Ltd.
2021 MTN (Phase I) of
Guangdong Electric Power 1,200,000,000 2021-7-19 3 years 1,200,000,000 1,198,296,858 0 19,020,000 -537,736 0 1,198,834,594
Development Co., Ltd.
2021 MTN (Phase II) of
Guangdong Electric Power 2,200,000,000 2021-11-15 3 years 2,200,000,000 2,196,588,222 0 34,430,000 -591,508 0 2,197,179,730
Development Co., Ltd.
Public Issuance of
Corporate Bonds to
Qualified Investors in 2021
200,000,000 2021-6-4 2 years 200,000,000 199,921,484 0 3,570,000 -29,575 0 199,951,059
(Phase I) by Guangdong
Huizhou Pinghai Power
Generation plant Co., Ltd.
300,000,000 2021-10-15 3 years 300,000,000 299,212,878 0 5,580,000 -144,657 0 299,357,535
2021 MTN (Phase I)of
126
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Guangdong Huizhou
Pinghai Power Generation
plant Co., Ltd
Total —— 8,700,000,000 8,693,083,422 0 138,715,000 -1,429,892 0 8,694,513,314
127
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
(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 5,038,032,075 4,728,167,142
Total 5,038,032,075 4,728,167,142
Other note
48. Long-term payable
In RMB
Items Closing balance Opening balance
Long-term payable 99,412,257 96,819,223
Special payable 24,960,000 24,960,000
Total 124,372,257 121,779,223
(1) Long-term payable listed by nature of the account
In RMB
Items Closing balance Opening balance
Payment for desulfurization works 99,412,257 96,819,223
（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 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
I. Short-term compensation 97,367,659 91,696,972
II.Post-employment benefits -
246,020,763 280,626,572
defined contribution plans
128
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
III. Dismissal benefits 38,407,535 43,156,718
Total 381,795,957 415,480,262
(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
163,611,515 500,000 6,345,576 157,765,939 government grants
Subsidy
received
Total 163,611,515 500,000 6,345,576 157,765,939 --
Details of government subsidies：
In RMB
Amount Other Amount of
New Asset-
transferred income cost
Beginning subsidy in Other related or
Items to non- recorded in deducted in End of term
of term current changes income-
operational the current the current
period related
income period period
Compensat
ion for
relocation
and
Related to
renovation 11,122,717 0 0 0 0 0 11,122,717
assets
of Shajiao
A Zhenkou
pump
house
Special
funds for
#1-#3 Related to
15,107,198 0 0 651,784 0 0 14,455,414
generators’ assets
desulfurizat
ion project
Energy
Related to
saving 12,407,220 0 0 821,456 0 0 11,585,764
assets
grants
Tax refund
for PRC- Related to
8,036,728 0 0 0 0 0 8,036,728
made assets
equipment
Environme
ntal grants
Related to
for SCR 7,559,528 0 0 882,308 0 0 6,677,220
assets
denigration
project
Provincial
special
funds for
Related to
enterprises’ 7,707,105 0 0 1,140,618 0 0 6,566,487
assets
technology
improveme
nt
129
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
1&2#
generator
units Related to
6,923,077 0 0 0 0 0 6,923,077
turbine by assets
Zhongyue
Energy
Second
incentives
for
comprehen
sive and
typical
Related to
demonstrati 6,300,000 0 0 450,000 0 0 5,850,000
assets
on projects
under
financial
policies of
energy
saving
Developme
nt and
competitive Related to
6,000,000 0 0 0 0 0 6,000,000
ness funds assets
from
SASAC
Post
rewarding
subsidies
for ultra- Related to
5,012,766 0 0 0 0 0 5,012,766
low assets
emissions
of 1&2#
generators
Grants for
energy
saving and
consumptio
n reduction Related to
4,698,723 0 0 239,094 0 0 4,459,629
of 6# assets
generator
flow
reconstructi
on
Grants for
comprehen
sive
technical
transformat
Related to
ion project 4,200,416 0 0 263,192 0 0 3,937,224
assets
for
generator
transformat
ion and
upgrading
Special
treasury
bond-based
Related to
governmen 12,079,169 0 0 325,000 0 0 11,754,169
assets
t grants for
desulfurizat
ion projects
Related to
Other 56,456,868 500,000 0 1,572,124 0 0 55,384,744
assets
Total 163,611,515 500,000 6,345,576 157,765,939
Other note
130
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
52. Other non-current liabilities
In RMB
Items Closing balance Opening balance
Capital injection 50,000,000 74,499,700
Housing revolving fund 985,667 970,029
Total 50,985,667 75,469,729
Other note：
In 2018, Yangjiang Wind Power and Qujie Wind Power-the Company's subsidiaries-received capital injections
of RMB 100,000,000 and RMB 50,000,000 respectively from Guangdong Energy Group, which would be used
for the Yangjiang Shapa Offshore Wind Farm Project and the Qujie Wailuo Offshore Wind Power Project. In
2021, Yangjiang Wind Power had completed the industrial and commercial change registration. As of June 30,
2022, Qujie Wind Power was recorded as other non-current liabilities due to the failure to complete the
industrial and commercial change registration.
In 2019, Zhuhai Wind Power, a subsidiary of the Group, received a capital injection of RMB 50,000,000 from
Guangdong Energy Group Co., Ltd, which would be used for the Zhuhai Jinwan Offshore Wind Power Project.
As of December 31, 2021, the industrial and commercial change registration tothe equity share corresponding to
the balance of RMB 24,499,700 had not been completed. As of June 30, 2022, Zhuhai Wind Power has
completed the industrial and commercial change registration, and converted the capital increase originally
included in other non-current liabilities into paid-in capital.
53.Stock capital
In RMB
Changed（+，-）
Year-
Balance in
beginning Issuance of Capitalizatio
Bonus shares Other Subtotal year-end
balance 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 Year-end balance
balance period current period
Share premium 4,010,311,902 22,519,076 3,987,792,826
Other capital reserves -75,652,004 -75,652,004
Estimate Increase 119,593,718 119,593,718
Investment from Energy
395,000,000 395,000,000
Group
Share of interests in the
investee in proportion to the -174,299,153 -174,299,153
shareholding
131
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Transfer of capital surplus
recognised under the 20,474,592 20,474,592
previous accounting system
Total 4,295,429,055 22,519,076 4,272,909,979
Other notes, including the note to its increase/decrease and the cause(s) of its movement in the reporting period:
In 2022, Dayawan Company, a subsidiary of the Company, received a total capital increase of RMB 20,800,000
from Huizhou Port Investment Group Co., Ltd and Huizhou Dayawan Petrochemical Industrial Zone
Investment Co., Ltd, thus the Company's shareholding ratio changed from 80% to 70%.The capital reserve shall
be adjusted according to the change in the share of the subsidiary's net assets enjoyed before and after the
capital increase.
In 2022, Zhuhai Wind Power Company, a subsidiary of Provincial Wind Power, received a total capital increase
of RMB 118,735,000 from Zhuhai Special Economic Zone Power Development Group Co., Ltd and
Guangdong Energy Group Co., Ltd, thus the shareholding ratio of Provincial Wind Power was changed from
85.91% to 74.49%. The capital reserve of Provincial Wind Power is adjusted according to the change in the
share of net assets of the subsidiary enjoyed before and after the capital increase, and the Company recognizes
the change in the capital reserve according to the shareholding ratio.
56.Treasury stock
Not applicable
132
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
57. Other comprehensive income
In RMB
Amount of current period
Less：Amount
Less：Prior
transferred into
period included
Year- profit and loss in After-tax After-tax
in other Closing
Items beginning Amount the current period
composite Less：Income attribute to the attribute to balance
balance incurred before that recognied
income transfer tax expenses parent minority
income tax into other
to retained company shareholder
comprehensive
income in the
income in prior
current period
period
I. Other comprehensive income that
will not be subsequently reclassified 1,750,524,607 -125,090,302 -31,272,576 -93,817,726 1,656,706,881
to profit or loss
Including: Changes arising from
remeasurement of defined benefit -37,296,993 0 0 0 0 0 -37,296,993
plans
Other comprehensive income that
cannot be transferred to profit or loss 69,199,467 0 0 0 0 0 69,199,467
under equity method
Changes in fair value of
investments in other equity 1,718,622,133 -125,090,302 0 -31,272,576 -93,817,726 0 1,624,804,407
instruments
II. Other comprehensive income that
will be subsequently reclassified to -513,036 0 0 0 0 0 -513,036
profit or loss
Including：Share of other
comprehensive income of the investee
that cannot be transferred to profit or -513,036 0 0 0 0 0 -513,036
loss accounted for using the equity
method
Total of other comprehensive income 1,750,011,571 -125,090,302 -31,272,576 -93,817,726 1,656,193,845
Other notes include the valid part of gain and loss of a cash-flow hedge converted into initial amount of arbitraged items for adjustment:
133
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
58. Special reserves
Not applicable
59. Surplus reserves
In RMB
Items Year-beginning balance Increase in the current Decrease in the current Year-end balance
period period
Statutory surplus
3,016,893,870 3,016,893,870
reserve
Discretionary surplus
5,886,621,265 5,886,621,265
reserve
Total 8,903,515,135 8,903,515,135
Other note, including changes and reason of change
60. Retained profits
In RMB
Items Amount of this period Amount of last period
Before adjustments: Retained profits in last period
2,985,840,058 8,083,048,238
end
Adjust the total undistributed profits at the
217,641,016
beginning of the period
After adjustments: Retained profits at the period
3,203,481,075 8,083,048,238
beginning
Add：Net profit belonging to the owner of the
-1,375,739,165 326,629,275
parent company
Less: Statutory surplus reserve 0 110,901,285
Drawing discretionary surplus reserve 0 277,253,212
Drawing the general risk reserve 0
Common stock dividend payable 0 675,886,032
Common stock dividends converted to share
0
capital
Other 0 -938,953
Retained profit at the end of this term 1,827,741,909 7,344,698,031
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.
61. Business income, Business cost
In RMB
Amount of current period Amount of previous period
Items
Income Cost Income Cost
Main business 22,423,023,603 23,089,561,766 20,336,788,241 19,220,551,564
Other business 188,216,130 24,622,840 257,250,563 7,626,766
Total 22,611,239,733 23,114,184,606 20,594,038,804 19,228,178,330
Income related information:
In RMB
Contract classification Division 1 Division 2 Total
Commodity type
134
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Including
Electric power 22,263,672,844 22,263,672,844
Generation by-product 171,920,045 171,920,045
Thermal Energy 102,972,035 102,972,035
Labor service 56,378,724 56,378,724
Rent 16,296,085 16,296,085
Area
Including
Guangdong 22,117,126,665 22,117,126,665
Xinjiang 400,459,803 400,459,803
Hunan 39,790,974 39,790,974
Yunnan 29,159,946 29,159,946
Guangxi 24,702,345 24,702,345
Market type
Including
Power market 22,263,672,844 22,263,672,844
Other market 347,566,889 347,566,889
Contract type
Including
Sell goods 22,538,564,924 22,538,564,924
Service 56,378,724 56,378,724
Assets use rights 16,296,085 16,296,085
By the time of
commodity transfer
Including
Recognize at a certain
22,538,564,924 22,538,564,924
time point
Recognize in a certain
72,674,809 72,674,809
period of time
Constrict term
Including
Sales channel
Including
Total
Information related to performance obligations:
Commodity type Usual performance time of performance obligation Important payment terms Commodity nature
Electric power When power is supplied to the grid company Cash settlement/monthly Electric power
settlement
Heat energy When heat energy is supplied to customers who buy Cash settlement/monthly Heat energy
heat, settlement
Power generation When by-products such as fly ash generated by power Cash settlement/monthly Power generation by-
by-products generation are transported to the agreed delivery place, settlement products
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 136,506,091, of which
RMB 61,823,851 is expected to be recognized as income in 2022, RMB 61,130,779 is expected to be
recognized as income in 2023, RMB13,551,461 is expected to be recognized as income in 2024.
135
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
62. Business tax and subjoin
In RMB
Items Amount of current period Amount of previous period
Consumption tax 0 0
Urban construction tax 3,856,511 37,772,612
Education surcharge 2,168,420 30,420,349
Resource tax 0 0
Property tax 31,305,276 30,312,138
Land use tax 7,940,925 7,998,527
vehicle and vessel usage tax 85,951 100,204
Stamp tax 18,448,026 10,751,775
Environmental protection tax 5,504,435 7,677,550
Other 2,705,837 0
Total 72,015,381 125,033,155
Other note
63.Selling expenses
In RMB
Items Amount of current period Amount of previous period
Employee’s remuneration 25,269,233 28,210,400
Depreciation expenses 1,660,382 1,720,627
Business expense 1,255,893 1,345,254
Publicity Expenses 159,485 234,761
Other 2,115,057 4,083,946
Total 30,460,050 35,594,988
Other note
64.Administrative expenses
In RMB
Items Amount of current period Amount of previous period
Employee’s remuneration 283,189,854 222,584,846
Amortization of intangible assets 33,707,412 36,972,060
Depreciation expenses 38,783,816 34,608,134
Fire safety expenses 17,730,695 20,591,925
Property management expenses 18,911,954 17,675,282
Agency fee 9,501,922 8,921,215
Rental expenses 6,065,423 5,607,002
A forestation fee 5,882,034 5,425,685
Office expenses 5,698,458 5,233,459
Travel expenses 2,889,500 3,672,795
Entertainment expenses 2,366,481 2,555,273
Consulting fee 2,185,778 2,029,583
Insurance expenses 1,265,954 1,336,755
Low consumables amortization 1,117,419 959,910
Expenses on board meetings 150,590 317,228
Other 48,508,584 44,944,191
Total 477,955,874 413,435,343
65. R&D Expense
136
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
In RMB
Items Amount of current period Amount of previous period
Direct input fee 535,940,368 63,370,274
Employee’s remuneration 114,635,359 44,738,097
Other 92,283,264 10,152,796
Outsourced research and development
9,465,979 1,488,645
expenses
Total 752,324,970 119,749,812
66.Financial Expenses
In RMB
Items Amount of current period Amount of previous period
1,135,329,167 693,307,586
Interest expenses
-66,355,499 -69,736,114
Interest income
Bank charges and others 12,084,176 631,434
Total 1,081,057,844 624,202,906
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
19,790,415 16,646,733
VAT
Amortization of the deferred income
6,345,576 2,410,954
related to the assets
Other 9,057,081 4,369,234
68. Investment income
In RMB
Items Amount of this period Amount of last period
Long-term equity investment income by equity
498,927,895 429,715,965
method
Disposal of the investment income generated from
607,470 -1,433,216
the long-term equity investment
Dividends earned during the holding period on
90,156,139 30,182,378
investments in other equity instrument
Total 589,691,504 458,465,127
137
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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 2,201,102 -305,132
Impairment loss of the contract assets -14,832
Loss of bad accounts receivable -472,403 -97,345
Total 1,728,699 -417,309
72. Losses from asset impairment
In RMB
Items Amount of this period Amount of last period
I.Bad debt losses 0 0
II. Loss of inventory price and
Impairment of contract performance 0 0
costs
III.Long-term equity investment
0 0
impairment loss
IV. Investment real estate impairment
0 0
loss
V. Impairment loss of fixed assets 0 0
VI.Impairment loss of engineering
0 0
materials
VII.Impairment loss of the construction
0 0
in process
VIII.Impairment loss of productive
0 0
biological assets
IX. Oil and gas assets impairment loss 0 0
X. Impairment loss of intangible assets 0 0
XI. Goodwill impairment loss 0 0
XII. Impairment loss of the contract
0 0
assets
XIII.Other 0 0
73.Assets disposal income
In RMB
Source Amount of this period Amount of last period
Income from disposal of Fixed assets 31,707,133 43,236,290
Income from land disposal 0 74,664,905
138
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
74. Non-Operation income
In RMB
Items Amount of current period Amount of previous period Recorded in the amount of the
non-recurring gains and
losses
Gain on disposal of non-
2,242,304 7,507,022 2,242,304
current assets
A fine net income 1,198,829 0 1,198,829
liquidated damages income 176,008 0 176,008
Inventory scrap 416,655 0 416,655
Claims and Compensation
62,263 4,304,093 62,263
Income
Other 4,770,206 4,706,839 4,770,206
Total 8,866,265 16,517,954 8,866,265
75.Non-current expenses
In RMB
The amount of non-
Items
Amount of current period Amount of previous period operating gains & losses
Foreign donations 104,416 109,792 104,416
Loss on obsolescence of non-current
5,145,026 4,448,428 5,145,026
assets
Carbon emission rights assets used for
8,000,000 2,831,978 0
performance
Fine for delaying payment 5,470,272 219,689 5,470,272
Other 1,237,646 7,628,075 1,237,646
Total 19,957,360 15,237,962 11,957,360
Other note：
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 88,354,741 242,736,676
Deferred income tax expense -234,835,297 -82,136,583
Total -146,480,556 160,600,093
（2）Adjustment on accounting profit and income tax expenses
In RMB
Items Amount of current period
Total profits -2,269,529,679
Income tax expenses calculated on legal / applicable tax rate -567,382,420
139
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Effect of different tax rate applicable to the subsidiary Company -74,740,793
Influence of non taxable income -147,535,799
Impact of non-deductible costs, expenses and losses 1,519,902
Transfer-out of deductible losses for which deferred tax asset was recognised -7,702,108
Deductible temporary differences for which no deferred tax asset was
638,429,238
recognised in the current period
Utilisation of deductible losses for which no deferred tax asset was recognised
23,165,582
in previous periods
Utilisation of deductible temporary differences for which no deferred tax asset
-12,234,158
was recognised in previous periods
Income tax expenses -146,480,556
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
Items Amount of current period Amount of previous period
Interest income 60,744,913 54,888,486
Government Subsidy 12,106,261 11,653,675
Claims and compensation income 4,120,923 1,395,046
Rental fee 16,274,284 14,813,018
Other 170,803,211 97,305,810
Total 264,049,592 180,056,035
(2)Other cash paid related to operating activities
In RMB
Items Amount of current period Amount of previous period
Insurance expenses 59,805,167 58,482,782
Equipment cleaning and sanitation and
11,179,627 11,998,258
greening fee
Transportation fee 1,944,107 12,384,777
Fire guard fee 14,894,750 16,191,209
Business fee 3,708,958 3,809,406
Agency Charge 6,212,870 8,691,612
Office expenses 5,643,624 6,465,894
Travel expenses 4,542,242 5,414,452
Rental fee 14,137,813 10,241,795
Enterprise publicity expenses 2,671,933 2,759,897
Information system maintenance 69,173,691 5,368,490
Water and electricity 38,633,864 27,181,912
R&D 13,560,305 4,313,829
Property management 20,865,234 16,750,741
Vehicle 15,702,294 13,518,787
Labour union 8,708,932 6,537,373
Other 325,111,885 265,414,570
Total 616,497,296 475,525,784
140
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
(3)Cash received related to other investment activities
In RMB
Items Amount of current period Amount of previous period
Received returned land deposit 300,000
Total 300,000 0
(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 20,793,683 42,044,371
Total 20,793,683 42,044,371
79. Supplement Information for cash flow statement
（1）Supplement Information for cash flow statement
In RMB
Amount of current Amount of
Supplement Information
period previous period
I. Adjusting net profit to cash flow from operating activities
Net profit -2,123,049,123 487,900,103
Add: Impairment loss provision of assets -1,728,699 417,310
Depreciation of fixed assets, oil and gas assets and consumable biological assets 2,343,017,900 1,948,652,392
Depreciation of Use right assets 131,524,416 69,288,735
Amortization of intangible assets 44,413,829 38,645,842
Amortization of Long-term deferred expenses 3,288,367 2,576,853
Loss on disposal of fixed assets, intangible assets and other long-term deferred assets -31,707,133 -117,901,195
Fixed assets scrap loss 2,902,722 437,564
Loss on fair value changes 0 0
Financial cost 1,081,057,844 624,202,906
Loss on investment -589,691,504 -458,465,127
Decrease of deferred income tax assets -306,666,111 -70,238,669
Increased of deferred income tax liabilities -38,678,242 65,459,153
Decrease of inventories -136,871,256 -846,247,635
Decease of operating receivables 848,217,168 -755,958,394.
Increased of operating Payable -1,434,388,688 2,798,076,978
Other 0 0
Net cash flows arising from operating activities -208,358,510 3,786,846,816
II. Significant investment and financing activities that without cash flows:
141
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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 10,767,718,823 9,523,370,233
Less: Beginning balance of cash equivalents 8,023,116,939 9,405,082,609
Add：End balance of cash equivalents
Less: Beginning balance of cash equivalents
Net increase of cash and cash equivalent 2,744,601,884 118,287,624
(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 10,767,718,823 8,023,116,939
Including：Cash at hand 61,000 83,108
Demand bank deposit 10,767,657,823 8,023,033,831
III. Balance of cash and cash equivalents
10,767,718,823 8,023,116,939
at the period end
80. Note of statement of changes in the owner's equity
Not applicable
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 48,778,163 bond, project performance bond and
special project deposit
Assets to use rights formed by financing
Using right assets 5,132,159,889
lease
Total 5,180,938,052
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 1,900
Including：USD 191 6.7114 1,282
Euro 0 0 0
HKD 724 0.8532 618
Account receivable
Including：USD
Euro
142
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
HKD
Long –term borrowings
Including：USD 7,483,611 6.7114 50,225,507
Euro
HKD
Other note
(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
Not applicable
84. Government subsidies
（1）Government subsidies confirmed in current period
In RMB
Amount included in current
Items Amount Project
profit and loss
Revenue from timely levy and
19,790,416 Other income 19,790,416
refund of VAT
Amortization of the deferred
6,345,575 Other income 6,345,575
income related to the assets
Other 9,057,081 Other income 9,057,081
（2）Government subsidy return
□ Applicable √ Not applicable
Other note：
143
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
85.Other
VIII. Changes of merge scope
1. Business merger not under same control
(1) Business merger not under same control in reporting period
Not applicable
(2)Business combination under the same control
Not applicable
(3) Counter purchase
Not applicable
(4) The disposal of subsidiary
Whether there is a single disposal of the investment to subsidiary and lost control
□ Yes √No
Whether there are multiple transactions step by step dispose the investment to subsidiary and lost control in
reporting period
□ Yes √ No
（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:
Name of Main Places of Nature of Shareholding Ratio (%)
Registration Place Obtaining Method
Subsidiary Operation Business direct indirect
Shaoguan New Electric Power Establish
Shaoguan Shaoguan 100%
Energy
Hanhai New Electric Power Establish
Tumushuke Tumushuke 100%
Energy
Jinxiu Company Laibin, Guangxi Laibin, Guangxi Electric Power 90% Establish
In addition, this year, SVA Petroleum Storage and Transportation (formerly indirectly held 51%), Huangdian T
raining Center (formerly indirectly held 51%) and Suishen Company (formerly indirectly held 35.70%) were ca
ncelled.
144
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
(6).Other
IX. Equity in other entity
1. Equity in subsidiary
（1）Constitute of enterprise group
Registered Business Share-holding ratio
Subsidiary Main operation Acquired way
place nature Directly Indirectly
Maoming
Electric
Termal power Maoming Maoming 46.54% Establish
Power
Plant
Jinghai Powr Electric
Jieyang Jieyang 65% Establish
Generation power
Zhangjiang Electric
Zhanjiang Zhanjiang 70% Establish
Wind Power power
Anxin Electric
Electric
Power Dongguan Dongguan 100% Establish
power
Maintenance
Humen Power Electric
Dongguan Dongguan 60% Establish
Generation power
Electric
Bohe Company Maoming Maoming 67% Establish
power
Xuwen Wind Electric
Zhanjiang Zhanjiang 70% Establish
Power power
Huadu Natural Electric
Guangzhou Guangzhou 65% Establish
gas power
Electric
Dapu Company Meizhou Meizhou 100% Establish
power
Leizhou Wind Electric
Leizhou Leizhou 94% Establish
Power power
Dianbai Wind Electric
Maoming Maoming 100% Establish
Power power
Business combinations
Zhanjiang Electric
Zhanjiang Zhanjiang 76% involving enterprises under
Company power
common control
Business combinations
Yuejia Electric
Meizhou Meizhou 58% involving enterprises under
Company power
common control
Business combinations
Yuejiang Electric
Shaoguan Shaoguan 90% involving enterprises under
Company power
common control
Business combinations
Zhongyue Electric
Zhanjiang Zhanjiang 90% involving enterprises under
Company power
common control
Electric
Electric sales Guangzhou Guangzhou 100% Establish
power
Qujie Wind Electric
Zhanjiang Zhanjiang 100% Establish
Power power
Yangjiang Electric
Yangjiang Yangjiang 91.41% Establish
Wind Power power
Business combinations
Lincang Electric
Lincang Lincang 100% involving enterprises not under
Company power
common control
Business combinations
Guangqian Electric
Shenzhen Shenzhen 100% involving enterprises under
Company power
common control
Business combinations
Huizhou Electric
Huizhou Huizhou 67% involving enterprises under
Natural gas power
common control
Pinghai Power Electric Business combinations
Huizhou Huizhou 45%
Generation power involving enterprises under
145
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
common control
Business combinations
Shibeishan Electric
Jieyang Jieyang 70% involving enterprises under
Wind Power power
common control
Business combinations
Red Bay Electric
Shanwei Shanwei 65% involving enterprises under
Company power
common control
Business combinations
Guangdong Electric
Guangzhou Guangzhou 100% involving enterprises not under
Wind Power power
common control
Tongdao Wind Electric
Huaihua Huaihua 100% Establish
Power power
Pingyuan Wind Electric
Meizhou Meizhou 100% Establish
Power power
Heping Wind Electric
Heyuan Heyuan 100% Establish
Power power
Business combinations
Huilai Wind Electric
Jieyang Jieyang 89.83% involving enterprises not under
Power power
common control
Hongrui Electric
Shaoguan Shaoguan 90% Establish
Technology Power
Yongan Natural Electric
Zhaoqing Zhaoqing 90% Establish
gas power
Xupu Wind Electric
Huaihua Huaihua 100% Establish
Power power
Wuxuan Wind Electric
Guangzi Guangxi 100% Establish
Power power
Pingdian
Integrated Electric
Huizhou Huizhou 45% Establish
Energy power
Company
Zhuhai Wind Electric
Zhuhai Zhuhai 74.49% Establish
Power power
Electric
Binhai Bay Dongguan Dongguan 100% Establish
power
Dayawan Electric
Huizhou Huizhou 70% Establish
Company power
Qiming Electric
Shenzhen Shenzhen 100% Establish
Company power
Business combinations
Huaguoquan
Shenzhen Shenzhen Rent 100% involving enterprises not under
Company
common control
Dananhai Electric
Jieyang Jieyang 100% Establish
Company power
Electric
Baihua Energy Huizhou Huizhou 100% Establish
power
Nanxiong New Electric
Shaoguan Shaoguan 100% Establish
Energy power
Bijie New Electric
Bijie Bijie 100% Establish
Energy power
Qinghai Wind Electric
Yangjiang Yangjiang 100% Establish
Power power
Wanhaowei Electric
Zhanjiang Zhanjiang 100% Establish
New Energy power
Wanchuang
Electric
Hengwei New Zhanjiang Zhanjiang 100% Establish
power
Energy
Business combinations
Nanhua New Electric
Zhanjiang Zhanjiang 51% involving enterprises not under
Energy power
common control
Business combinations
Datang New Electric
Guangzhou Guangzxhou 51% involving enterprises not under
Energy power
common control
Business combinations
Yueneng Wind Electric
Zhanjiang Zhanjiang 51% involving enterprises not under
Power power
common control
146
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Tumu ermal Business combinations
Electric
power Xinjiang Xingjiang 79.48% involving enterprises not under
power
Company common control
Business combinations
Sha C Electric
Guangzhou Guangzhou 51% involving enterprises under
Company power
common control
Business combinations
Guanghe Electric
Guangzhou Guangzhou 51% involving enterprises under
Electric Power power
common control
Business combinations
Biomass power Electric
Zhangjiang Zhangjiang 51% involving enterprises under
generation power
common control
Business combinations
Xinhui power Electric
Jiangmen Jiangmen 45.90% involving enterprises under
generation power
common control
Business combinations
Huaqing power Electric
Jiangmen Jiangmen 33.15% involving enterprises under
generation power
common control
Business combinations
Yunhe power Electric
Yunfu Yunfu 90% involving enterprises under
generation power
common control
Business combinations
Yundian Electric
Yunfu Yunfu 56.25% involving enterprises under
Energy power
common control
Business combinations
Yuehua power Electric
Guangzhou Guangzhou 51% involving enterprises under
generation power
common control
Yunhua
Business combinations
ntegrated Electric
Guangzhou Guangzhou 51% involving enterprises under
Energy power
common control
Company
Guangzhou
Huangpu
Petroleum
storage
（cancelled）
Huangpu Business combinations
Electric
Electric Power Guangzhou Guangzhou 51% involving enterprises under
power
Engineering common control
Huangdian
Training center
（cancelled）
Suishen
Comapny
（cancelled）
Shaoguan New Electric
Shaoguan Shaoguan 100% Establish
Energy power
Hanhai New Electric
Xingjiang Xingjiang 100% Establish
Energy power
Electric
Jinxiu Energy Laibin Laibin 90% Establish
power
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
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.
147
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
On 30 November 2018, Maoming Termal power merged Maoming Termal power , wholly-owned by GEGC.
After the merger, GEGC held 30.12% equity of Maoming Termal power . 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 Termal power . Therefore, the Company owns control power over Maoming Termal power . In
addition, pursuant to the consent agreement entered into between the Company and GEGC, the Company holds
61.33% voting rights in Maoming Comprehensive, a subsidiary whose 80% equity is directly held by Maoming
Zhenneng. Therefore, the Company owns control power over Maoming Termal power 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-
non-controlling interest non-controlling interest non-controlling interest
controlling interest
Bohe Company
Zhanjiang Company 24% -35,199,481 853,992,823
Jinghai Company 35% -62,997,054 981,027,105
Red Bay Company 35% -78,461,652 873,812,068
Huizhou Natural gas 33% 3,655,038 25,174,599 630,402,997
Pinghai Power
55% -51,703,314 988,343,064
Generation
Sha C Company 49% -196,455,496 1,254,004,127
148
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
（3）Main financial information of significant not wholly-owned subsidiaries
In RMB
Closing balance Beginning balance
Subsidiaries Non-current Current Non-current Non-current Current Non-current Total
Current assets Total assets Total liabilities Current assets Total assets
assets liabilities Liabilities assets liabilities Liabilities liabilities
Bohe
2,458,586,385 6,490,943,049 8,949,529,434 2,098,507,523 2,704,208,491 4,802,716,014 2,609,681,761 6,892,655,462 9,502,337,223 3,008,450,314 2,359,263,315 5,367,713,629
Company
Zhanjiang
2,638,198,041 1,212,189,105 3,850,387,146 265,407,038 26,676,677 292,083,715 2,650,321,842 1,266,988,373 3,917,310,215 183,009,639 29,332,641 212,342,280
Company
Jinghai
1,462,511,357 6,634,817,785 8,097,329,142 4,081,070,987 1,213,323,571 5,294,394,558 1,526,571,272 6,829,232,837 8,355,804,109 4,033,650,563 1,339,227,380 5,372,877,943
Company
Red Bay
1,342,407,090 4,969,804,802 6,312,211,892 3,330,283,557 485,322,428 3,815,605,985 1,409,063,788 5,053,935,838 6,462,999,626 3,167,753,333 574,464,236 3,742,217,569
Company
Huizhou
603,320,187 2,805,859,417 3,409,179,604 1,037,291,784 461,575,707 1,498,867,491 339,090,166 2,930,623,382 3,269,713,548 726,965,377 567,225,268 1,294,190,645
Natural gas
Pinghai
Power 1,713,549,436 2,964,880,629 4,678,430,065 982,376,986 1,899,065,690 2,881,442,676 1,588,057,850 3,411,190,163 4,999,248,013 1,230,761,702 1,877,492,900 3,108,254,602
Generation
Sha C
2,456,100,467 3,900,169,926 6,356,270,393 2,454,231,929 1,336,056,629 3,790,288,558 2,916,866,925 3,999,456,043 6,916,322,968 2,657,111,340 1,273,188,755 3,930,300,095
Company
In RMB
Amount of current period Amount of previous period
Subsidiaries Total Cash flow from Total
Cash flow from operating
Operating revenue Net profit comprehensive operating Operating revenue Net profit comprehensive
activities
income activities income
Bohe Company 1,600,129,810 12,189,826 12,189,826 212,145,168 1,190,006,156 -163,273,077 -163,273,077 179,163,841
Zhanjiang Company 1,101,789,798 -146,664,504 -146,664,504 16,138,167 1,071,291,598 24,432,411 24,432,411 84,360,764
Jinghai Company 2,964,790,103 -179,991,581 -179,991,581 -233,268,195 2,095,200,102 230,709,943 230,709,943 661,661,302
Red Bay Company 2,321,105,097 -224,176,150 -224,176,150 -157,836,532 1,630,674,910 152,599,944 152,599,944 639,189,177
Huizhou Natural gas 1,414,352,530 11,075,874 11,075,874 -81,615,392 1,870,326,110 334,746,205 334,746,205 412,544,115
Pinghai Power Generation 2,432,384,327 -94,006,025 -94,006,025 41,046,024 1,443,009,856 242,186,835 242,186,835 326,530,144
Sha C Company 2,368,494,724 -423,529,603 -423,529,603 -901,521,160 2,534,236,245 256,458,029 253,663,059 484,084,927
149
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
(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
Name of Main Places Registration treatment of
Nature of Business investment in
Subsidiary of Operation Place direct indirect
associates
Joint ventures：-
Industry Fuel Guangzhou Guangzhou Fuel trade 50%
Associates ：
Coal
Shanxi Yudean Transportation and
Taiyuan Taiyuan 40%
Enerty port operations
investment
Transportation,
Yudean Shipping Zhenzhen Shenzhen 35%
port operations
Energy Finance Guangzhou Guangzhou Financial 40%
Taishan Power
Taishan Taishan Power Generation 20%
Generation
Energy Financing
Guangzhou Guangzhou Financing Leasing 25%
Leasing Company
（2）Main financial information of Significant joint venture
In RMB
Amount of current period Amount of previous period
Industry Fuel Industry Fuel
Current assets 7,355,609,387 8,607,437,424
Including: Balance of cash and cash
equivalents
Non-current assets 4,001,437,141 3,981,342,190
Total of assets 11,357,046,528 12,588,779,614
Current liabilities 7,369,728,718 9,741,803,372
Non current liabilities 2,235,391,865 1,169,197,748
Total liabilities 9,605,120,583 10,911,001,120
Minority shareholder Equity 67,010,551 67,010,551
Attributable to shareholders of the parent
1,684,915,394 1,610,767,943
company
Share of net assets calculated by stake 842,457,697 805,383,972
Adjustment item
--Goodwill
-- Internal transactions did not achieve
-159,913,458 -159,913,458
profit
--Other
Book value of equity investment in joint
682,544,239 645,470,514
venture
The fair value of the equity investment of
150
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
a joint venture with a public quotation
Business income 17,314,930,225 15,512,366,825
Financial expenses 87,691,402 12,439,451
Income tax 24,130,311 53,178,987
Net profit 74,174,449 160,175,934
Net profit from terminated operation 0
Other comprehensive income 0
Total comprehensive income 74,174,449 160,175,934
0
Dividends received from the joint
29,649,898
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.
151
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
(3) Main financial information of significant associated enterprise
In RMB
Closing balance/This period Opening balance/Last period
Energy Energy
Shanxi Yudean Energy Taishan Power Financing Shanxi Yudean Energy Taishan Power Financing
Energy Shipping Finance Generation Leasing Energy Shipping Finance Generation Leasing
Company Company
Current assets 1,040,969,674 641,571,286 7,371,307,527 3,071,328,769 890,239,041 1,074,073,055 829,650,386 7,694,411,383 2,930,161,081 632,968,295
Non-current
7,438,261,411 1,376,929,675 18,184,079,259 8,988,244,287 7,516,343,275 6,627,921,355 1,421,743,662 17,101,010,480 9,406,287,125 7,281,003,242
assets
Total of assets 8,479,231,085 2,018,500,961 25,555,386,786 12,059,573,056 8,406,582,316 7,701,994,410 2,251,394,048 24,795,421,863 12,336,448,206 7,913,971,537
Current
522,403,515 1,258,834,496 21,490,053,127 2,863,720,736 1,711,486,785 493,070,520 1,535,089,658 20,630,423,850 3,414,107,776 1,840,650,722
liabilities
Non-current
1,281,851,074 27,915,297 36,609,358 4,576,937,235 1,230,741,592 7,861,833 31,373,853 3,944,093,673
liabilities
Total liabilities 1,804,254,589 1,286,749,793 21,526,662,485 2,863,720,736 6,288,424,020 1,723,812,112 1,542,951,491 20,661,797,703 3,414,107,776 5,784,744,395
Minority
shareholder 69,866,595 70,239,165
Equity
Attributable to
shareholders
6,605,109,901 731,751,168 4,028,724,301 9,195,852,320 2,118,158,296 5,907,943,133 708,442,557 4,133,624,160 8,922,340,430 2,129,227,142
of the parent
company
Share of net
assets
2,642,043,841 253,839,486 1,611,489,720 -1,839,170,464 529,744,007 2,363,177,253 247,954,895 1,653,449,664 1,784,468,086 532,306,787
calculated by
stake
Adjustment
item
--Goodwill 13,325,000 13,325,000
-- Internal
transactions
did not
achieve profit
--Other -454,941 -
Book value of
equity
2,642,043,841 253,839,486 1,624,359,779 1,839,170,465 529,744,007 2,363,177,253 247,954,895 1,666,774,664 1,784,468,086 532,306,787
investment in
joint venture
The fair value
152
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
of the equity
investment of
a joint venture
with a public
quotation
Business
72,490,741 661,785,270 377,919,901 4,165,296,856 150,431,274 40,369,217 975,357,361 361,371,694 2,700,661,824 119,226,458
income
Net profit 696,793,898 16,813,118 203,699,560 234,815,986 62,917,590 420,775,891 62,555,903 212,021,766 223,754,761 41,841,369
Net profit
from
terminated
operation
Other
comprehensive
income
Total
comprehensive 696,793,898 16,813,118 207,121,927 234,815,986 62,917,590 420,775,891 62,555,903 212,021,766 223,754,761 41,841,369
income
Dividends
received from
the associated 123,894,709 18,292,179 76,421,226 12,576,669
enterprise this
year
153
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
(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 8,736,640 9,350,000
Share of net assets calculated by stake
----Net Profit -613,359.54
-- Total comprehensive income -613,359.54
Associated enterprise：
Total investment book value 846,084,130.54 1,070,661,046
The total number of the following
--Net Profit 25,804,751.54 20,498,038
- Total comprehensive income 25,804,751.54 20,498,038
(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
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
Items Closing fair value
Fair value Fair value Fair value
measurement items measurement items at measurement items at Total
at level 1 level 2 level 3
I. Consistent fair value
-- -- -- --
measurement
（3）Other equity
422,638,380 2,686,300,000 3,108,938,380
instrument investment
II Inconsistent fair value
-- -- -- --
measurement
154
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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 s
ensitivity 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.
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 of
Parent company
Registration place Nature Registered capital parent company parent company
name
against the against the
155
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
company(%) company(%)
Operation and
management of
power generation
enterprises, capital
Guangdong
Guangzhou management of 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 14,300 staff now, and the company is the strongest
On February 18, 2019, With the approval of the state-owned assets supervision and administration commission of
the Guangdong provincial people's government and the approval of the Guangdong provincial market supervision
administration, the former Guangdong Energy group Co., Ltd. was renamed as Guangdong Energy Group Co., Ltd
Ultimate controller of the Company is Guangdong Provincial People’s Government state owned assets
supervision and Administration Commission.
2.Subsidiary of the Enterprise
See to Notes IX.1.
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 previous 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
Yunfu Power Generation ( B plant) Co., Ltd. Associate
4.Other related party
Other related party Relationship with the Enterprise
Guangdong Energy Zhuhai Power Generation Plant Controlled by Energy Group
Guangdong Energy Shajiao Power plant Controlled by Energy Group
Guangdong Yudean Property Management Co., Ltd. Controlled by Energy Group
Yudean Infornation Technology Controlled by Energy Group
Yudean Real estate Investment Co., Ltd. Controlled by Energy Group
Yudean Environmental protection Co., Ltd. Controlled by Energy Group
Yudean Zhongshan Thermal power plant Controlled by Energy Group
Yangjiang Port Co., Ltd. Controlled by Energy Group
Guangzhou Development Zone Yudean New Energy Co., Ltd. Controlled by Energy Group
Yudean Huizhou New Energy Co., Ltd. Controlled by Energy Group
156
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Shaoguan Qujiang Yudean New Energy Co., Ltd. Controlled by Energy Group
Guangdong Energy Group Natural gas Co., Ltd. Controlled by Energy Group
Controlled by Energy Group
Dongguan Mingyuan Hotel Co., Ltd. Controlled by Energy Group
Guangdong Shaoguan Port Co., Ltd. Controlled by Energy Group
Inner Mongolia Yudean Menghua New Energy Co., Ltd. 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
Approval trading Whether over the
Related party Content Current amount Last amount
limit trading limit(Y/N)
Fuel Company Fuel purchase 12,665,241,377 No 11,474,680,573
Energy Group
Fuel purchase 2,160,279,170 No 2,306,754,224
Natural gas
Yudean
Environment Material purchase 116,123,991 No 110,877,667
Protection
Zhuhai Special
Economic Zone
Guangzhu Power Electric purchase 89,988,153 No 59,973,500
Generation Co.,
Ltd.
Guangdong
Zhuhai Jinwan
Electric purchase 52,914,799 No 56,010,529
Power Generation
Co., Ltd.
Guangdong
Yuelong Power
Electric purchase 16,297,566 No 14,351,040
Generation Co.,
Ltd.
Zhongshan
Thermal power Electric purchase 5,024,466 No 44,818,875
plant
Yudean Insurance Acceptance of
40,039,372 No 24,347,588
Captive Company insurance services
Acceptance of
Yudean Shipping 12,430,189 No 12,113,208
tugboat services
Yudean Property Management
12,058,164 No 14,400,407
Management services
Acceptance of
Yangjiang Port 3,774,201 No 12,695,230
tugboat services
Acceptance of
Yudean
management 2,648,984 No 2,861,901
Information
services
Guangdong
Energy Group
Science and Acceptance of R &
339,623 No 59,973,500
Technology D Services
Research Institute
Co., Ltd
Sales of goods and services
In RMB
Related parties Content Occurred current term Occurred in previous term
Yudean Environment
Sale of Material 104,738,860 160,373,232
Protection
Shajiao C plant Providing maintenance 23,637,465 22,011,907
157
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
services
Zhongshan Thermal power Providing maintenance
6,953,621 5,303,421
plant services
Guangdong Energy Zhuhai Providing maintenance
2,284,679 1,758,858
Power Generation Co., Ltd. services
Shaoguan Qujiang Yudean Providing maintenance
1,514,255 1,531,789
New Energy Co., Ltd. services
Guangzhou Development
Providing maintenance
Zone Yudean New Energy 97,262 753,322
services
Co., Ltd.
Guangdong Yudean Huizhou Providing maintenance
34,821 138,813
New Energy Co., Ltd. services
Providing emergency rescue
Guangdong Energy Group 0 4,716,981
services
（2）Related trusteeship or contracting
Related trusteeship or contracting in which the Company is the undertake
In RMB
Asset Gains from
Name of the Name of the Terminatin
situation of Start date Pricing basis the deal in
employer undertaker g date
the undertaker 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
Shareholders'
calculation formula of the
rights except
custody fee of each target
Guangdong ownership,
Guangdong company is calculated
Electric Power income right January
Energy Group according to the custody days. 900,000
Development and 1,2018
Co., Ltd. During the current period,
Co., Ltd. disposition
there are 16 first-level subject
right
companies that have been in
custody for half a year , 4
second-level subject
companies that have been in
custody for half a year, The
annual custody fee of the first-
level subject companies is 1.6
million yuan, 800,000 yuan,
the second-level subject
companies is 200,000 yuan,
and 100,000 yuan, totaling
900,000 yuan.
Note
According to the instructions of Guangdong Energy Group on undertaking to perform related matters, in order to
avoid horizontal competition and fulfill the commitments of related horizontal competition, the Company and
Guangdong Energy Group have signed the Equity Trust Agreement, which entrusts the rights of shareholders of
the Company within the trust scope of Guangdong Energy Group to the Company except for the rights of
ownership, income and disposition. Charge RMB 100,000/year custody fees for each Guangdong Energy Group's
direct holding primary target company; charge each indirectly controlling secondary target company 50,000/year
custody fee. For details, please refer to the " Announcement on Related Party Transaction of the Signing of the
158
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
“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.
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
Dongguan Mingyuan Hotal
Property Leas 1,935,106 1,904,760
Co., Ltd.
Property Company Property Leas 326,832 2,633,503
Shaoguan Port Property Leas 0 330,400
Qujiang New Energy Property Leas 0 701
- The company was lessee：
In RMB
Variable lease
payments not
Rental charges for Interest expenses
included in lease Increased use right
short-term and low- Rent paid on lease liabilities
liabilities assets
value assets (if any) assumed
measurement (if
Categ any)
ory
of
Lessor
lease Amount Amoun Amoun Amoun Amoun Amoun Amoun Amoun Amoun Amoun
d
assets
of current t of t of t of t of t of t of t of t of t of
period previou current previou current previou current previou current previou
s period period s period period s period period s period period s period
Finan
Yudean
cing 117,062 42,494, 108,205 65,813, 45,680, 246,482
Finance 0 0 0 0
leasin ,870 333 ,269 168 915 ,205
lease
g
Leasi
Yudean
ng 6,859,2 5,227,2 13,021,
Real 0 0 0 0 277,385 217,275 29,940
servi 67 55 699
Estate
ce
（4）Status of related party guarantee
As a guarantor for the company
In RMB
Execution
Guarantor Guarantee amount Start date End date
accomplished
Guangdong Energy
1,672,845,423 December 3,2019 September 15,2043 No
Group
As a secured party for the company
Not applicable
(5) Inter-bank lending of capital of related parties：
In RMB
159
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Amount borrowed and
Related party Initial date Due date Notes
loaned
Borrowed
Guangdong Energy Group
100,000,000 March 28,2022 March 27,2023
Finance Co., Ltd.
Guangdong Energy Group
50,000,000 June 10,2022 June 9,2023
Finance Co., Ltd.
Guangdong Energy Group
121,846,154.08 September 2,2015 May 26,2030
Finance Co., Ltd.
Guangdong Energy Group
121,846,153.80 December 17,2015 May 26,2030
Finance Co., Ltd.
Guangdong Energy Group
8,529,230.72 January 25,2017 May 26,2030
Finance Co., Ltd.
Guangdong Energy Group
6,188,102.08 October 27,2017 May 26,2030
Finance Co., Ltd.
Guangdong Energy Group
27,227,240.48 December 11,2017 May 26,2030
Finance Co., Ltd.
Guangdong Energy Group
12,060,961.92 January 31,2018 May 26,2030
Finance Co., Ltd.
Guangdong Energy Group
4,608,409.44 April 28,2018 May 26,2030
Finance Co., Ltd.
Guangdong Energy Group
15,169,281.28 July 4,2018 May 26,2030
Finance Co., Ltd.
Guangdong Energy Group
3,460,692 August 1,2018 May 26,2030
Finance Co., Ltd.
Guangdong Energy Group
5,551,691.36 November 22,2018 May 26,2030
Finance Co., Ltd.
Guangdong Energy Group
4,118,124.42 January 24,2019 May 26,2030
Finance Co., Ltd.
Guangdong Energy Group
4,910,157.54 April 12,2019 May 26,2030
Finance Co., Ltd.
Guangdong Energy Group
7,630,428 January 17,2020 May 26,2030
Finance Co., Ltd.
Guangdong Energy Group
5,994,747.20 March 25,2020 May 26,2030
Finance Co., Ltd.
Guangdong Energy Group
12,816,109.20 April 8,2020 May 26,2030
Finance Co., Ltd.
Guangdong Energy Group
17,281,721.36 April 30,2020 May 26,2030
Finance Co., Ltd.
Guangdong Energy Group
50,000,000 July 29,2021 July 20,2022
Finance Co., Ltd.
Guangdong Energy Group
50,000,000 August 30,2021 August 29,2022
Finance Co., Ltd.
Guangdong Energy Group
30,000,000 October 29,2021 October 28,2022
Finance Co., Ltd.
Guangdong Energy Group
50,000,000 February 25,2022 February 24,2023
Finance Co., Ltd.
Guangdong Energy Group
50,000,000 March 18,2022 March 17,2023
Finance Co., Ltd.
Guangdong Energy Group
50,000,000 March 29,2022 March 28,2023
Finance Co., Ltd.
Guangdong Energy Group
50,000,000 April 14,2022 April 13,2023
Finance Co., Ltd.
Guangdong Energy Group
100,000,000 April 27,2022 April 26,2023
Finance Co., Ltd.
Guangdong Energy Group
50,000,000 May 27,2022 May 26,2023
Finance Co., Ltd.
Guangdong Energy Group
50,000,000 June 8,2022 June 7,2023
Finance Co., Ltd.
Guangdong Energy Group
40,000,000 October 16,2014 October 13,2029
Finance Co., Ltd.
Guangdong Energy Group
50,000,000 March 15,2022 March 14,2023
Finance Co., Ltd.
Guangdong Energy Group
200,000,000 April 27,2022 April 26,2023
Finance Co., Ltd.
Guangdong Energy Group 200,000,000 May 30,2022 May 29,2023
160
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Finance Co., Ltd.
Guangdong Energy Group
80,000,000 June 17,2022 June 16,2023
Finance Co., Ltd.
Guangdong Energy Group
215,000,000 June 5,2011 December 5,2024
Finance Co., Ltd.
Guangdong Energy Group
100,000,000 September 29,2021 September 23,2022
Finance Co., Ltd.
Guangdong Energy Group
100,000,000 July 29,2021 July 28,2022
Finance Co., Ltd.
Guangdong Energy Group
21,210,000 January 15,2021 December 24,2035
Finance Co., Ltd.
Guangdong Energy Group
55,000,000 January 19,2022 December 24,2035
Finance Co., Ltd.
Guangdong Energy Group
100,000,000 February 4,2015 October 27,2029
Finance Co., Ltd.
Guangdong Energy Group
45,000,000 June 17,2015 October 27,2029
Finance Co., Ltd.
Guangdong Energy Group
25,000,000 July 23,2015 October 27,2029
Finance Co., Ltd.
Guangdong Energy Group
24,000,000 September 15,2015 October 27,2029
Finance Co., Ltd.
Guangdong Energy Group
30,000,000 September 28,2015 October 27,2029
Finance Co., Ltd.
Guangdong Energy Group
19,000,000 October 13,2015 October 27,2029
Finance Co., Ltd.
Guangdong Energy Group
144,500,000 December 16,2015 October 27,2029
Finance Co., Ltd.
Guangdong Energy Group
12,000,000 June 20,2018 October 27,2029
Finance Co., Ltd.
Guangdong Energy Group
17,000,000 September 20,2018 October 27,2029
Finance Co., Ltd.
Guangdong Energy Group
46,360,000 December 10,2014 October 27,2029
Finance Co., Ltd.
Guangdong Energy Group
1,790,000 December 10,2014 October 27,2029
Finance Co., Ltd.
Guangdong Energy Group
1,790,000 December 10,2014 October 27,2029
Finance Co., Ltd.
Guangdong Energy Group
120,000,000 February 9,2022 February 8,2023
Finance Co., Ltd.
Guangdong Energy Group
130,000,000 February 14,2022 February 13,2023
Finance Co., Ltd.
Guangdong Energy Group
100,000,000 February 11,2022 February 10,2023
Finance Co., Ltd.
Guangdong Energy Group
30,000,000 April19,2022 October 19,2022
Finance Co., Ltd.
Guangdong Energy Group
30,000,000 April 19,2022 October 19,2022
Finance Co., Ltd.
Guangdong Energy Group
30,000,000 April 19,2022 October 19,2022
Finance Co., Ltd.
Guangdong Energy Group
30,000,000 April 19,2022 October 19,2022
Finance Co., Ltd.
Guangdong Energy Group
30,000,000 April 19,2022 October 19,2022
Finance Co., Ltd.
Guangdong Energy Group
10,000,000 July 2,2021 July 1,2022
Finance Co., Ltd.
Guangdong Energy Group
10,000,000 July 28,2021 July 27,2022
Finance Co., Ltd.
Guangdong Energy Group
10,000,000 August 4,2021 August 3,2022
Finance Co., Ltd.
Guangdong Energy Group
10,000,000 August 12,2021 August 11,2022
Finance Co., Ltd.
Guangdong Energy Group
10,000,000 August 20,2021 August 19,2022
Finance Co., Ltd.
Guangdong Energy Group
10,000,000 September 2,2021 September 1,2022
Finance Co., Ltd.
Guangdong Energy Group 10,000,000 September 8,2021 September 7,2022
161
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Finance Co., Ltd.
Guangdong Energy Group
10,000,000 September 14,2021 September 13,2022
Finance Co., Ltd.
Guangdong Energy Group
5,000,000 September 15,2021 September 14,2022
Finance Co., Ltd.
Guangdong Energy Group
10,000,000 September 17,2021 September 16,2022
Finance Co., Ltd.
Guangdong Energy Group
10,000,000 December 17,2021 December 16,2022
Finance Co., Ltd.
Guangdong Energy Group
5,000,000 December 22,2021 December 21,2022
Finance Co., Ltd.
Guangdong Energy Group
10,000,000 May 20,2022 May 19,2023
Finance Co., Ltd.
Guangdong Energy Group
10,000,000 May 27,2022 May 26,2023
Finance Co., Ltd.
Guangdong Energy Group
10,000,000 June 7,2022 June 6,2023
Finance Co., Ltd.
Guangdong Energy Group
10,000,000 June 17,2022 June 16,2023
Finance Co., Ltd.
Guangdong Energy Group
10,000,000 June 28,2022 June 27,2023
Finance Co., Ltd.
Guangdong Energy Group
11,503,169.20 February 24,2022 November 11,2041
Finance Co., Ltd.
Guangdong Energy Group
28,604,889.75 April 20,2022 November 11,2041
Finance Co., Ltd.
Guangdong Energy Group
10,200,000 June 23,2022 November 11,2041
Finance Co., Ltd.
Guangdong Energy Group
200,000,000 March 8,2022 March 7,2023
Finance Co., Ltd.
Guangdong Energy Group
190,000,000 March 10,2022 March 9,2023
Finance Co., Ltd.
Guangdong Energy Group
100,000,000 April 12,2022 April 11,2023
Finance Co., Ltd.
Guangdong Energy Group
80,000,000 April 14,2022 April 13,2023
Finance Co., Ltd.
Guangdong Energy Group
20,000,000 April 20,2022 April 19,2023
Finance Co., Ltd.
Guangdong Energy Group
40,000,000 April 29,2022 April 28,2023
Finance Co., Ltd.
Guangdong Energy Group
40,000,000 May 12,2022 May 11,2023
Finance Co., Ltd.
Guangdong Energy Group
50,000,000 May 24,2022 May 23,2023
Finance Co., Ltd.
Guangdong Energy Group
30,000,000 June 1,2022 May 31,2023
Finance Co., Ltd.
Guangdong Energy Group
60,000,000 June 14,2022 June 13,2023
Finance Co., Ltd.
Guangdong Energy Group
50,000,000 June 22,2022 June 23,2023
Finance Co., Ltd.
Guangdong Energy Group
20,000,000 June 22,2022 June 23,2023
Finance Co., Ltd.
Guangdong Energy Group
65,000,000 May 11,2022 May 10,2023
Finance Co., Ltd.
Guangdong Energy Group
45,000,000 May 17,2022 May 16,2023
Finance Co., Ltd.
Guangdong Energy Group
96,000,000 June 10,2022 June 9,2023
Finance Co., Ltd.
Guangdong Energy Group
70,000,000 June 27,2022 June 26,2023
Finance Co., Ltd.
Guangdong Energy Group
11,100,000 May 10,2018 June 22,2032
Finance Co., Ltd.
Guangdong Energy Group
13,600,000 May 29,2018 June 22,2032
Finance Co., Ltd.
Guangdong Energy Group
17,300,000 June 13,2018 June 22,2032
Finance Co., Ltd.
Guangdong Energy Group 69,600,000 May 20,2018 June 22,2032
162
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Finance Co., Ltd.
Guangdong Energy Group
3,600,000 July 25,2018 June 22,2032
Finance Co., Ltd.
Guangdong Energy Group
7,140,000 September 13,2018 June 22,2032
Finance Co., Ltd.
Guangdong Energy Group
5,360,000 October 10,2018 June 22,2032
Finance Co., Ltd.
Guangdong Energy Group
2,680,000 October 23,2018 June 22,2032
Finance Co., Ltd.
Guangdong Energy Group
4,110,000 October 29,2018 June 22,2032
Finance Co., Ltd.
Guangdong Energy Group
12,500,000 November 20,2018 June 22,2032
Finance Co., Ltd.
Guangdong Energy Group
2,550,000 November 11,2021 November 10,2022
Finance Co., Ltd.
Guangdong Energy Group
13,221,100.30 November 18,2021 November 10,2022
Finance Co., Ltd.
Guangdong Energy Group
180,785,689.48 November 25,2021 November 10,2022
Finance Co., Ltd.
Guangdong Energy Group
112,087,730.40 December 9,2021 November 10,2022
Finance Co., Ltd.
Guangdong Energy Group
32,992,208.44 December 27,2021 November 10,2022
Finance Co., Ltd.
Guangdong Energy Group
57,741,800.04 February 16,2022 November 10,2022
Finance Co., Ltd.
Guangdong Energy Group
26,310,486.97 March 7,2022 March 7,2023
Finance Co., Ltd.
Guangdong Energy Group
80,000,000 April 25,2022 March 16,2042
Finance Co., Ltd.
Guangdong Energy Group
10,000,000 June 28,2022 March 16,2042
Finance Co., Ltd.
Guangdong Energy Group
23,000,000 June 30,2022 March 16,2042
Finance Co., Ltd.
Guangdong Energy Group
200,000,000 October 26,2022 October 25,2023
Finance Co., Ltd.
Guangdong Energy Group
50,500,000 June 27,2022 June 27,2023
Finance Co., Ltd.
Guangdong Energy Group
100,000,000 July 29,2021 July 28,2022
Finance Co., Ltd.
Guangdong Energy Group
40,000,000 March 31,2022 March 30,2023
Finance Co., Ltd.
Guangdong Energy Group
50,000,000 March 23,2022 March 22,2023
Finance Co., Ltd.
Guangdong Energy Group
30,000,000 June 21,2022 June 20,2023
Finance Co., Ltd.
Guangdong Energy Group
100,000,000 July 29,2021 July 28,2022
Finance Co., Ltd.
Guangdong Energy Group
21,175,000 May 17,2016 May 16,2031
Finance Co., Ltd.
Guangdong Energy Group
49,273,911 March 7,2017 May 16,2031
Finance Co., Ltd.
Guangdong Energy Group
9,075,000 May 19,2017 May 16,2031
Finance Co., Ltd.
Guangdong Energy Group
32,655,000 June 14,2017 May 16,2031
Finance Co., Ltd.
Guangdong Energy Group
30,000,000 June 21,2017 May 16,2031
Finance Co., Ltd.
Guangdong Energy Group
16,456,000 August 10,2017 May 16,2031
Finance Co., Ltd.
Guangdong Energy Group
223,496 January 10,2018 May 16,2031
Finance Co., Ltd.
Guangdong Energy Group
16,553,381 May 11,2018 May 16,2031
Finance Co., Ltd.
Guangdong Energy Group
50,000,000 September 1,2021 August 30,2022
Finance Co., Ltd.
Guangdong Energy Group 30,000,000 March 23,2022 March 22,2023
163
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Finance Co., Ltd.
Guangdong Energy Group
10,000,000 November 4,2020 November 2,2035
Finance Co., Ltd.
Guangdong Energy Group
9,000,000 November 19,2020 November 2,2035
Finance Co., Ltd.
Guangdong Energy Group
3,000,000 January 22,2021 November 2,2035
Finance Co., Ltd.
Guangdong Energy Group
26,000,000 July 26,2021 November 2,2035
Finance Co., Ltd.
Guangdong Energy Group
10,000,000 October 20,2021 November 2,2035
Finance Co., Ltd.
Guangdong Energy Group
10,000,000 December 10,2021 November 2,2035
Finance Co., Ltd.
Guangdong Energy Group
15,000,000 December 27,2021 November 2,2035
Finance Co., Ltd.
Guangdong Energy Group
15,000,000 January 19,2022 November 2,2035
Finance Co., Ltd.
Guangdong Energy Group
10,000,000 May 30,2022 November 2,2035
Finance Co., Ltd.
Guangdong Energy Group
632,991.90 June 26,2019 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
570,000 July 15,2019 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
297,042.21 August 26,2019 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
1,297,700 September 12,2019 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
180,000 September 29,2019 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
210,000 October 29,2019 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
3,000,000 November 21,2019 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
2,000,000 December 5,2019 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
1,100,000 December 18,2019 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
1,800,000 January 14,2020 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
1,500,000 February 25,2020 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
47,400,000 April 16,2020 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
54,000,000 April 29,2020 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
8,500,000 May 18,2020 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
6,700,000 June 17,2020 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
11,200,000 July 9,2020 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
19,500,000 August 10,2020 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
7,700,000 August 20,2020 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
36,000,000 September 10,2020 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
5,700,000 September 15,2020 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
11,600,000 October 15,2020 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
7,100,000 November 19,2020 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
5,000,000 March 16,2021 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group 10,000,000 April 6,2021 June 25,2039
164
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Finance Co., Ltd.
Guangdong Energy Group
8,121,853.80 April 22,2021 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
5,000,000 May 20,2021 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
20,000,000 August 12,2021 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
13,700,000 May 21,2020 June 25,2039
Finance Co., Ltd.
Guangdong Energy Group
3,000,000 June 12,2020 May 18,2035
Finance Co., Ltd.
Guangdong Energy Group
1,500,000 June 30,2020 May 18,2035
Finance Co., Ltd.
Guangdong Energy Group
8,000,000 July 28,2020 May 18,2035
Finance Co., Ltd.
Guangdong Energy Group
12,000,000 September 21,2020 May 18,2035
Finance Co., Ltd.
Guangdong Energy Group
8,000,000 November 23,2020 May 18,2035
Finance Co., Ltd.
Guangdong Energy Group
8,500,000 February 3,2021 May 18,2035
Finance Co., Ltd.
Guangdong Energy Group
5,000,000 May 13,2021 May 18,2035
Finance Co., Ltd.
Guangdong Energy Group
10,000,000 November 11,2021 May 18,2035
Finance Co., Ltd.
Guangdong Energy Group
10,000,000 December 16,2021 May 18,2035
Finance Co., Ltd.
Guangdong Energy Group
17,000,000 December 23,2021 May 18,2035
Finance Co., Ltd.
Guangdong Energy Group
10,000,000 January 4,2022 May 18,2035
Finance Co., Ltd.
Guangdong Energy Group
3,300,000 January 17,2022 May 18,2035
Finance Co., Ltd.
Guangdong Energy Group
15,000,000 May 19,2022 May 18,2035
Finance Co., Ltd.
Guangdong Energy Financing
47,731,250 July 20,2020 July 20,2035
Leasing Co., Ltd.
Guangdong Energy Financing
2,863,875 March 31,2021 July 20,2035
Leasing Co., Ltd.
Guangdong Energy Financing
9,319,375 May 13,2021 July 20,2035
Leasing Co., Ltd.
Guangdong Energy Financing
5,000,000 May 20,2021 July 20,2035
Leasing Co., Ltd.
Guangdong Energy Financing
11,455,500 June 24,2021 July 20,2035
Leasing Co., Ltd.
Guangdong Energy Group
2,800,000 May 28,2020 May 25,2035
Finance Co., Ltd.
Guangdong Energy Group
2,200,000 June 22,2020 May 25,2035
Finance Co., Ltd.
Guangdong Energy Group
4,550,000 June 28,2020 May 25,2035
Finance Co., Ltd.
Guangdong Energy Group
6,000,000 July 22,2020 May 25,2035
Finance Co., Ltd.
Guangdong Energy Group
2,700,000 August 14,2020 May 25,2035
Finance Co., Ltd.
Guangdong Energy Group
6,800,000 September 14,2020 May 25,2035
Finance Co., Ltd.
Guangdong Energy Group
12,000,000 October 23,2020 May 25,2035
Finance Co., Ltd.
Guangdong Energy Group
31,000,000 November 12,2021 May 25,2035
Finance Co., Ltd.
Guangdong Energy Group
5,000,000 January 25,2022 May 25,2035
Finance Co., Ltd.
Guangdong Energy Group
36,000,000 June 10,2022 May 25,2035
Finance Co., Ltd.
Guangdong Energy Group 51,000,000 July 23,2018 July 22,2033
165
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Finance Co., Ltd.
Guangdong Energy Group
30,000,000 March 30,2021 March 30,2036
Finance Co., Ltd.
Guangdong Energy Group
18,597,140 December 17,2021 March 28,2036
Finance Co., Ltd.
Guangdong Energy Group
3,000,000 December 27,2019 December 26,2034
Finance Co., Ltd.
Guangdong Energy Group
20,000,000 June 24,2020 December 26,2034
Finance Co., Ltd.
Guangdong Energy Group
20,000,000 October 9,2020 December 26,2034
Finance Co., Ltd.
Guangdong Energy Group
13,000,000 November 17,2020 December 26,2034
Finance Co., Ltd.
Guangdong Energy Group
24,000,000 December 11,2020 December 26,2034
Finance Co., Ltd.
Guangdong Energy Group
4,500,000 February 5,2021 December 26,2034
Finance Co., Ltd.
Guangdong Energy Group
3,528,114.28 June 24,2022 December 26,2034
Finance Co., Ltd.
Guangdong Energy Group
30,000,000 December 28,2018 December 27,2036
Finance Co., Ltd.
Guangdong Energy Group
30,000,000 January 16,2019 December 27,2036
Finance Co., Ltd.
Guangdong Energy Group
38,000,000 May 31,2019 December 27,2036
Finance Co., Ltd.
Guangdong Energy Group
23,000,000 June 21,2019 December 27,2036
Finance Co., Ltd.
Guangdong Energy Group
26,000,000 July 29,2019 December 27,2036
Finance Co., Ltd.
Guangdong Energy Group
21,000,000 September 29,2019 December 27,2036
Finance Co., Ltd.
Guangdong Energy Group
18,000,000 October 30,2019 December 27,2036
Finance Co., Ltd.
Guangdong Energy Group
18,000,000 November 27,2019 December 27,2036
Finance Co., Ltd.
Guangdong Energy Group
9,000,000 \December 25,2019 December 27,2036
Finance Co., Ltd.
Guangdong Energy Group
10,000,000 February 21,2020 December 27,2036
Finance Co., Ltd.
Guangdong Energy Group
24,000,000 November 26,2020 December 27,2036
Finance Co., Ltd.
Guangdong Energy Group
69,030,000 May 29,2020 May 28,2040
Finance Co., Ltd.
Guangdong Energy Group
46,020,000 June 16,2020 May 28,2040
Finance Co., Ltd.
Guangdong Energy Group
28,000,000 November 4,2020 May 28,2040
Finance Co., Ltd.
Guangdong Energy Group
60,000,000 January 4,2021 May 28,2040
Finance Co., Ltd.
Guangdong Energy Group
19,000,000 March 26,2021 May 28,2040
Finance Co., Ltd.
Guangdong Energy Group
20,000,000 July 16,2021 May 28,2040
Finance Co., Ltd.
Guangdong Energy Group
25,000,000 January 4,2021 December 29,2040
Finance Co., Ltd.
Guangdong Energy Group
8,500,000 February 26,2021 December 29,2040
Finance Co., Ltd.
Guangdong Energy Group
16,000,000 April 22,2021 December 29,2040
Finance Co., Ltd.
Guangdong Energy Group
7,890,000 July 16,2021 December 29,2040
Finance Co., Ltd.
Guangdong Energy Group
43,000,000 December 3,2021 December 29,2040
Finance Co., Ltd.
Guangdong Energy Group
350,000,000 August 30,2021 April 25,2024
Finance Co., Ltd.
Guangdong Energy Group 32,158,951.93 February 26,2020 January 2,2040
166
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Finance Co., Ltd.
Guangdong Energy Group
20,000,000 April 9,2020 January 2,2040
Finance Co., Ltd.
Guangdong Energy Group
43,481,594.40 May 14,2020 January 2,2040
Finance Co., Ltd.
Guangdong Energy Group
43,850,008.20 May 27,2020 January 2,2040
Finance Co., Ltd.
Guangdong Energy Group
15,400,000 June 17,2020 January 2,2040
Finance Co., Ltd.
Guangdong Energy Group
48,350,000 July 16,2020 January 2,2040
Finance Co., Ltd.
Guangdong Energy Group
83,613,861.21 August 20,2020 January 2,2040
Finance Co., Ltd.
Guangdong Energy Group
21,281,009.76 August 27,2020 January 2,2040
Finance Co., Ltd.
Guangdong Energy Group
12,188,757.10 September 16,2020 January 2,2040
Finance Co., Ltd.
Guangdong Energy Group
30,000,000 October 16,2020 January 2,2040
Finance Co., Ltd.
Guangdong Energy Group
16,530,202.23 November 19,2020 January 2,2040
Finance Co., Ltd.
Guangdong Energy Group
6,290,000 December 10,2020 January 2,2040
Finance Co., Ltd.
Guangdong Energy Group
11,000,000 January 21,2021 January 2,2040
Finance Co., Ltd.
Guangdong Energy Group
13,084,525.72 March 11,2021 January 2,2040
Finance Co., Ltd.
Guangdong Energy Group
86,135,247.60 April 14,2021 January 2,2040
Finance Co., Ltd.
Guangdong Energy Group
31,500,000 May 18,2021 January 2,2040
Finance Co., Ltd.
Guangdong Energy Group
60,000,000 December 16,2021 January 2,2040
Finance Co., Ltd.
Guangdong Energy Group
3,000,000 March 3,2016 February 10,2033
Finance Co., Ltd.
Guangdong Energy Group
1,000,000 March 3,2016 February 10,2033
Finance Co., Ltd.
Guangdong Energy Group
3,288,300 December 16,2015 February 10,2033
Finance Co., Ltd.
Guangdong Energy Group
46,351,200 January 27,2022 January 26,2025
Finance Co., Ltd.
Guangdong Energy Group
121,731,878.66 June 30,2022 January 26,2025
Finance Co., Ltd.
Guangdong Energy Group
5,000,000 March 5,2022 March 3,2024
Finance Co., Ltd.
Guangdong Energy Group
5,000,000 June 6,2022 June 5,2023
Finance Co., Ltd.
Guangdong Energy Group
14,000,000 June 27,2022 June 26,2023
Finance Co., Ltd.
Guangdong Energy Group
300,000,000 December 6,2021 December 5,2022
Finance Co., Ltd.
Guangdong Energy Group
200,000,000 December 6,2021 December 5,2022
Finance Co., Ltd.
Guangdong Energy Group
200,000,000 May 24,2022 May 23,2023
Finance Co., Ltd.
Loaned
(6) Related party asset transfer and debt restructuring
Not applicable
(7) Rewards for the key management personnel
In RMB
167
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Items
Amount of current period Amount of previous period
Annual salary of the operator 3,623,100 3,199,040
（8）Other related transactions
(a)Allocation of common expenses
In the first half of 2022, the common expenses received by the Group from Shajiao C was RMB2,476,840( In
the first half of 2021, the common expenses received by the Group from Shajiao C was RMB2,453,346 )
(b) Interest income
Items
Amount of current period Amount of previous period
Deposit interest of Energy Group Finance 55,824,047.09 67,166,135
Proportion % 85.18% 95.54%
(c)Interest expense
Items
Amount of current period Amount of previous period
Interest of borrowing of Guangdong Energy
151,009,743 145,356,412
Finance Company
Discount interest of Guangdong Energy
7,765,365 8,175,698
Finance Company
Proportion 13.92% 22.14%
（d）Interest payable
Items
Amount of current period Amount of previous period
Yudean Finance Lease interest 108,205,269 74,190,579
(e)Joint Investment
Name Energy Group
Maoming Thermal power plant 30.12%
Bohe Company 33%
Sha C Company 49%
Guanghe Electric Power 49%
Biomass Power Generation 49%
Xinhui Power Generation 44.10%
Huaqing Power Generation 31.85%
Energy Group Finance Company 60%
Industry Fuel 50%
Shanxi Energy Company 60%
Capital Company 51%
168
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Energy Financing Leasing 50%
Yudean Shipping 45%
Yueqian Electric power 17.48%
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
Monetary funds- Energy Group
9,056,865,954 6,468,820,757
Deposit Finance Company
Monetary funds- Energy Group
38,196,299 39,533,620
Interest receivable Finance Company
Monetary funds-
Energy Group
Other Monetary 12,000,000 6,000,000
Finance Company
funds
Account
Shajiao C Plant 8,458,800 8,500,800
receivable
Zhuhai Power
2,669,171 6,820,689
Generation
Yudean New
103,098 5,272,364
Energy
Other 11,462,488 11,643,227
Contract assets Shajiao C plant 0 3,132,201
Other 14,816 56,083
Other account
Fuel Company 96,734,943 1,602,258,185
receivable
Financing Leasing 141,953,119 129,864,979
Yudean
Environmental 52,822,596 76,772,719
protection
Other 7,331,023 8,113,032
Advance payment Industry Fuel 816,149,016 481,701,342
Other 127,157,339 3,707,618
Other non-current Technology
250,000 250,000
assets Company
（2）Payables
In RMB
Name Related party Amount at year end Amount at year beginning
Note payable Finance Company 480,000,000 866,000,000
Natural Gas 121,000,000
Account payable Fuel Company 2,620,505,425 4,251,347,098
Group 871,552,735 2,501,436,910
Energy Group natural gas 224,798,049 390,755,352
Yudean Environmental
44,582,143 35,115,820
Protection
Yudean Environmental
22,896,036 24,316,381
Protection Material
Other 2,394,404 3,511,517
Contract liabilities Group 2,606,132 2,606,132
Other payable Group 2,314,499,700 2,501,436,910
Financing Leasing 149,891,611 42,722,792
Menghua New Energy 11,417,296 5,276,682
Other 4,441,367 6,780,239
Lease liabilities Financing Leasing 4,757,785,995 3,801,408,039
169
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Yudean Property 12,216,717 16,521,739
Short-term loans Finance Company 5,749,415,370 4,980,279,137
-principal 5,746,189,016 4,977,136,729
-Interest 3,226,354 3,142,408
Non-current liability due in 1 Energy Group Finance
106,213,090 198,523,901
year Company
-principal 93,294,578 191,911,238
-Interest 12,918,512 6,612,663
Group 6,315,417 82,368,958
-principal 0 82,000,000
-Interest 143,750 368,958
Energy Financing Leasing 15,903,054 33,630,163
Long-term loans Finance Company-Principal 4,184,481,303 4,175,122,351
Group-Principal 500,000,000 268,000,000
7. Related party commitment
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 30,2022 December 31, 2021
House ,Building and Generation
22,596,050,631 23,518,696,981
equipment
Intangible assets 107,816,147
Total 22,703,866,778 23,518,696,981
170
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
(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 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 2022, the Company had
made a capital contribution of RMB 620,000,000 to Binhai Bay Company, including a contribution of9,000,000
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 2022, the
Company had made a capital contribution of RMB665,000,000 to Zhuhai Jinwan Offshore Wind Power Project
and in the current year the Company did not increase capital.
(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 June 30 2022, the Company made a total capital contribution of RMB 600,000,000
to the project and in the current year 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 2022, the Company had made a capital contribution of RMB478,000,000 to The
Project and in the current year the Company did not increase capital.
（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,
171
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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
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 2022,
the Company had made a capital contribution of RMB1,055,000,000 to The Project and in the current year the
Company did not increase capital.
(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 2022, the Company had made a capital contribution of RMB520,000,000 to The Project and in
the current year the Company did not increase capital.
(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 2022, the Company had made a capital contribution of
RMB10,000,000.
(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 2022,
the Company had made a capital contribution of RMB100,000,000 to The Project and in the current year the
Company did not increase capital.
(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 2022, the Company had made a capital
contribution of RMB92,000,000 to The Project and in the current year the Company did not increase capital.
(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
172
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
(accounting for 20% of the total dynamic investment). As at 30 June 2022, the Company had made a capital
contribution of RMB102,000,000 to The Project and in the current year the Company did not increase capital.
(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 2022, the Company had made a capital contribution of RMB180,000,000 to The Project and in the current
year the Company did not increase capital.
(l) 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’s 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 2022, the
Company had made a capital contribution of RMB75,000,000 to The Project and in the current year the
Company did not increase capital.
(m) 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
2022, the Company had made a capital contribution of RMB40,000,000 to The Project and in the current year
the Company did not increase capital.
(n) 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, 2022, the Company has injected a total capital of RMB97,500,000 into the project
and in the current year the Company did not increase capital.
(o) On February 14, 2021,The Second Meeting of the Ninth board of Directors examined and adopted the
Proposal on Establishing the Huizhou Dayawan 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 Dayawan Petrochemical District, the
board of directors agrees: The Company and Huizhou Dayawan Petrochemical Industrial Zone Investment Co.,
Ltd establish the Huizhou Dayawan Petrochemical District Western Comprehensive Energy Station Project
Company in Dayawan 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
173
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Meeting of the 9th Board of director by correspon dence examined and adopted the Proposal on Capital
Increase to Guangdong Yudean Dayawan Comprehensive Energy Co., Ltd.， the Company’s board of directors
agreed that the Company and Huizhou Dayawan Petrochemical Industrial Zone Investment Co., Ltd shall
simultaneously increase capital by amount 160 million yuan to Guangdong Yudean Dayawan Comprehensive
Energy Co., Ltd (hereinafter referred to as "Dayawan Thermal Power Company") for the Dayawan 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, 2022, the Company has injected a total capital of
RMB145,600,000 into the project and in the current year the Company did not increase capital.
(p) 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, 2022, the Company
has injected a total capital of RMB40,900,000 into Dananhai Company. of which RMB25,900,000 was injected
this year.
(q) On June 8,2021, The Third Meeting of the Ninth Board of Director by Correspondence examined and
adopted 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, 2022, the Company has injected a total capital of
RMB3，000，000 into Baihua Energy Company.
(r) The Tenth Session of the Board approved the Proposal on the Participation in the Initiation and
Establishment of A Provincial Futures Company during its meeting on 2 August 2021. The Board gave
permission to the Company’s participation in the initiation and establishment of Guangdong Utrust Futures Co.,
Ltd. with self-owned fund of RMB 400 million at the shareholding proportion of 20% and signing of the
Initiator Agreement and Articles of Association of the provincial futures company. It also agreed the
Company’s first capital contribution of RMB 10 million at the shareholding proportion of 20% with one month
after the reply on preparation of the provincial futures company was issued by the China Securities Regulatory
Commission, and the Company’s contribution of the remaining capital of RMB 390 million within the term as
required by the China Securities Regulatory Commission, which would depend on the notice from the
provincial futures company’s preparation team or the announcement of the China Securities Regulatory
Commission.
(s) On September 7, 2021, the Company and the Dafang County People's Government signed the "Wind and
Solar Hybrid Power Generation Project Investment and Development Agreement" in Guangzhou, further
reaching an agreement on the development and utilization of photovoltaic wind resources in Dafang County.
The planned photovoltaic and wind power project has an installed capacity of 3,123MW, with a total investment
of 18.01 billion yuan. The specific development capacity and investment amount shall be determined according
to the file-record and approval of the relevant competent authorities of the project and the approved capacity,
actual construction and operation situation.
174
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
(t) The "Proposal on Investment and Construction of YudeanYangjiangQingzhouI (400,000 kW) Offshore
Wind Power Project" and the "Proposal on Investment and Construction of YudeanYangjiang QingzhouII
(600,000 kilowatts) Offshore Wind Power Project Proposal”were reviewed and approved in the tenth board
meeting of the Company held on November 8, 2021 , agreed that Guangdong Provincial Wind Power Co., Ltd-a
wholly-owned subsidiary to the Company-will be a shareholder for investing in the construction of
YudeanYangjiang QingzhouI Offshore Wind Farm Project and YudeanYangjiang QingzhouII Offshore Wind
Farm Project, The total project construction scale is 1 million kilowatts, the total dynamic investment is
17,107,250,000 yuan, and the capital is set at 3,421,450,000 yuan according to 20% of the dynamic total
investment. Guangdong Energy Qingzhou Offshore Wind Power Co., Ltd-which is wholly-owned by
Guangdong Wind Power Company-acts as the main investor of the project and is responsible for the investment,
construction, operation and so forth work for the project. The capital required for the project will be increased
by the Company in batches to Guangdong Wind Power Company according to the actual construction progress
and capital demand of the project. On June 30, 2022, the Company injected a total of RMB 310,000,000 of
capital into the project, of which RMB 110,000,000 was newly injected in this year.
(u) The "Proposal on the Acquisition of Equity of Guangdong Shajiao (Plant C) Power Generation Co., Ltd and
other companies” was reviewed and approved in the third meeting of the tenth session of the board of directors
of the Company held on September 30, 2021, agreed that the Company would in cashacquire the shares of 51%
stake of Guangdong Shajiao (Plant C) Power Generation Co., Ltd, the 90% stake of Guangdong YudeanYunhe
Power Generation Co., Ltd, and the 51% stake of Guangdong Yuehua Power Generation Co., Ltd held by
Guangdong Energy Group. The total transaction price was RMB 4,140,549,100, which should be finally
adjusted and determined based on the recorded appraisal price and the change in the net assets corresponding to
the equity during the transition period. During the current year, the transaction price was determined to be RMB
3,743,601,600 after adjusting for the profit and loss during the transition period. As of June 30, 2022, the
remaining unpaid consideration was RMB 2,240,000,000.
(v) On January 14, 2022, Guangdong Yuehua Power Generation Co., Ltd (hereinafter referred to as "Yuehua
Power Generation Company"), a holding subsidiary by the Company, received the "Approval on the Gas-
Substitutes-Coal Power Generation Project by Guangdong Yuehua Power Generation Company (Huangpu
Power Plant")” issued by the Guangzhou Development and Reform Commission. According to the document,
the gas-substitutes-coal power generation project of Guangdong Yuehua Power Generation Company (Huangpu
Power Plant) was approved. The project mainly builds a 600-megawatt (H-class) gas-steam combined cycle
peak shaving unit and its supporting equipment. The total investment of the project is 1,532,190,000 yuan, of
which the project capital is 310 million yuan-accounting for 20.2% of the total project investment-and the rest
will be solved through bank loans.
(w) On March 25, 2022, the Company held the second communication meeting of the tenth board of directors
in 2022, and reviewed and approved the "Proposal on Investing in the 400MW Photovoltaic Power Generation
Project of the 45th Regiment of Tumusuke City, the Third Division of the Construction Corps" ". In order to
implement the deployment of aid to Xinjiang, deepen strategic cooperation with key regions, further optimize
the power supply structure, and increase the proportion of clean energy, the Company's board of directors
agreed to the Company to wholly set upTumusuke Yuedean Hanhai New Energy Co., Ltd for investing in the
construction of the 400,000-kilowatt photovoltaic power generation project of the 45th Regiment of the Third
Division of the Xinjiang Production and Construction Corps, with the total investment of the project is
2,226,851,400 yuan and the capital is set at 445,370,000 yuan according to 20% of the total project investment-
which will be solved by the Company's capital increase to Hanhai New Energy Company in batches. As of June
30, 2022, the Company has invested RMB 276.05 million to Hanhai New Energy Company.
175
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
2.Contingency
（1）Significant contingency at balance sheet date
（ a ） As at 30 June 2022, the Company provided joint guarantee for bank borrowings amounting to RMB
41,470,000 for Yunnan Baoshan Binlangjiang Hydroelectricity Development Co., Ltd., of which the liability
relief procedure is being handled.
（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
4. Note to other matters after the balance sheet date
XVI.. Other significant events
1. The accounting errors correction in previous period
Not applicable
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, 2022, the income of the Group's power plants from China Southern Power Grid
Corporation was RMB 22,263,672,844 (January to June, 2021: RMB 20,207,747,740), accounting for 98.46% of
176
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
the Group's operating income (January to June, 2020: 98.19%)
(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.
(4) Other notes
7. Other important transactions and events have an impact on investors’ decision-making
Not applicable
8. Other
177
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
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
Category Book balance Bad debt provision Book balance Bad debt provision
Book value Book value
Amount Proportion % Amount Proportion % Amount Proportion % Amount Proportion %
Accrual of
bad debt
0 0% 0 0% 0 0 0% 0 0% 0
provision by
single
Of which
Accrual of
bad debt
146,436,654 100% 0 0% 146,436,654 192,707,778 100% 0 0% 192,707,778
provision by
portfolio
Of which
Electricity
sales 146,436,654 100% 0 0% 146,436,654 192,707,778 100% 0 0% 192,707,778
receivable
Total 146,436,654 100% 0% 146,436,654 192,707,778 100% 0% 192,707,778
Accrual of bad debt provision by portfolio:0
178
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Electricity sales receivable 146,436,654 0 0%
Total 146,436,654 0
Note：
Portfolio 1- Electricity sales receivable， As at 30 June 2022, the amount of receivables from sales of electricity
of the Group was RMB146,436,654), 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%
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
Aging Closing balance
Within 1 year（Including 1 year） 146,436,654
Total 146,436,654
(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 146,436,654 100% 0
Total 146,436,654 100%
179
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
(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
Interest receivable 859,926 887,856
Dividends receivable 0 0
Other accounts receivable 320,306,058 415,102,710
Total 321,165,984 415,990,566
（1）Interest receivable
1) Category of interest receivable
Items Closing balance Opening balance
Demand deposits 0 0
Entrusted loans 859,926 887,856
Bond investment 0 0
Total 859,926 887,856
2) Significant overdue interest
Not applicable
3）Bad-debt provision
□ Applicable √ Not applicable
（2）Dividend receivable
1）Category of dividend receivable
Not applicable
2) Significant dividend receivable aged over 1 year
Not applicable
3）Bad-debt provision
□ Applicable √ Not applicable
Other note：
（3） Other accounts receivable
1) Other accounts receivable classified by the nature of accounts
In RMB
Nature Closing book balance Opening book balance
180
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Entrust loans receivable 100,000,000 100,000,000
Supplementary medical insurance fund
39,346,861 39,346,861
receivable
Sales of by-products receivable 6,586,465 13,723,340
Alternative money receivable 4,146,520 2,250,884
Capacity receivable 0 252,000,000
Other 170,436,992 7,933,062
Less: Allowance for doubtful accounts -210,780 -151,437
Total 320,306,058 415,102,710
2）Bad-debt provision
In RMB
Stage 1 Stage 2 Stage 3
Expected credit losses
Bad Debt Reserves Expected credit losses Expected credit loss Total
for the entire duration
over the next 12 over life (no credit
(credit impairment
months impairment)
occurred)
Balance as at January
151,437 151,437
1, 2022
Balance as at January
1, 2022 in current
Provision in the current
61,214 61,214
period
Turn back in the
-1,871 -1,871
current period
Balance as at June
210,780 210,780
30,2022
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） 319,233,701
1-2 years 897,895
2-3 years 924,602
Over 3 years 320,566
3-4 years 229,313
4-5 years 91,253
Over 5 years 0
Total 321,376,764
3) Accounts receivable withdraw, reversed or collected during the reporting period
The withdrawal amount of the bad debt provision：
Amount of change in the current period
Opening Reversed or
Category Closing balance
balance Accrual collected Write-off Other
amount
Deposit 145,342 58,888 -1,871 202,359
Other 6,095 2,326 8,421
Total 151,437 61,214 -1,871 210,780
181
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
(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 balance of
Name Nature Closing balance Aging balance of the
bad debt provision
accounts
receivable
Hunan Fourth
Receivable current
Engineering Co., 82,830,000 Within 1 year 26% 0
account
Ltd
Yuehua Power Receivable current
81,600,000 Within 1 year 25% 0
Generation account
Lincang Yudean Entrusted loan due
50,000,000 Within 1 year 16% 0
Energy within one year
Shaoguan Yuejiang Entrusted loan due
50,000,000 Within 1 year 16% 0
Power Generation within one year
Taikang
Endowment Supplementary
Insurance Co., Ltd. medical insurance 39,346,860 Within 1 year 12% 0
Guangdong fund receivable
Branch
Total 303,776,860 95% 0
(6) Accounts receivable involved with government subsidies
Not applicable
(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
30,967,286,850 1,348,124,079 29,619,162,771 30,519,715,049 1,348,124,079 29,171,590,970
subsidiaries
Investments in
associates and 7,816,818,914 96,327,854 7,720,491,060 7,464,714,961 96,327,854 7,368,387,107
joint ventures
Total 38,784,105,764 1,444,451,933 37,339,653,831 37,984,430,010 1,444,451,933 36,539,978,077
（1） Investments in subsidiaries
In RMB
Investees Opening Increase /decrease Closing Closing
182
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
balance balance balance of
Add
Other impairment
investment
provision
Huizhou
1,205,199,446 1,205,199,446
Natural gas
Guangqian
1,353,153,223 1,353,153,223
Company
Red Bay
2,220,023,386 2,220,023,386
Company
Lincang
281,000,000 281,000,000 209,989,439
Comapny
Zhanjiang
Electric 2,185,334,400 2,185,334,400
Company
Yuejia
0 0 455,584,267
Company
Yuejiang
1,101,203,999 1,101,204,000 408,494,674
Company
Maoming
687,458,978 687,458,977
Company
Jinghai
1,930,395,668 1,930,395,668
Company
Anxin
20,000,000 20,000,000
Company
Humen
3,192,416 3,192,416 86,807,584
Company
Zhongyue
963,000,000 963,000,000 187,248,115
Company
Bohe
3,167,000,000 3,167,000,000
Company
Pinghai
720,311,347 720,311,347
Company
Dapu
1,040,000,000 10,000,000 1,050,000,000
Company
Hudu
186,550,000 186,550,000
Company
Guangdong
6,872,556,260 110,000,000 6,982,556,260
Wind Power
Yudean
230,000,000 230,000,000
Electric Sale
Yongan
180,000,000 180,000,000
Company
Binhaiwan
620,000,000 9,000,000 629,000,000
Company
Dayawan
145,600,000 145,600,000
Company
Qiming
20,000,000 12,000,000 32,000,000
Company
Guaguoquan
49,680,900 49,680,900
Company
Dananhai
15,000,000 25,900,000 40,900,000
Company
Baihua
3,000,000 3,000,000
Company
Sha C
1,559,120,782 1,559,120,783
Company
Yunhe
1,066,562,327 1,066,562,327
Company
Yuhua
541,247,838 541,247,838
Company
Bijie
5,000,000 5,000,000
Company
Tudian
800,000,000 800,000,000
Company
Shaoguan
0 2,000,000 2,000,000
New Energy
183
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Jinxiu
2,621,800 2,621,800
Company
Hanhai
0 276,050,000 276,050,000
Company
Total 29,171,590,970 447,571,800 0 0 0 29,619,162,771 1,348,124,079
184
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
（2）Investment in joint ventures and associates
In RMB
Increase/decrease in this period
Announced Balance of
Name of Beginning of Investment for the provision
Other Other End of term
investee term Increase in Decrease in income distributing Provision for on for
comprehensive changes Other
investment investment under equity cash impairment impairment
income in equity
method dividend or
profit
I.Joint venture
Industry
804,769,245 0 0 37,073,725 0 0 0 0 0 841,842,970 0
Fuel
Subtotal 804,769,245 0 0 37,073,725 0 0 0 0 0 841,842,970 0
II. Associated
Yueqian
Electric
161,325,870 0 0 21,836,633 0 0 0 0 0 183,162,503 0
Power Co.,
Ltd.
Yudean
Shipping 247,954,895 0 0 5,884,591 0 0 0 0 0 253,839,486 0
Company
Yunnan
Nengtou
Weixin 138,810,051 0 0 -22,193,510 0 0 0 0 0 116,616,541 96,327,854
Energy
Co., Ltd.
Shanxi
Yudean
2,363,177,253 0 0 278,866,588 0 0 0 0 0 2,642,043,841 0
Energy
Co., Ltd.
Energy
Group
1,046,702,914 0 0 50,924,888 0 0 77,434,193 0 0 1,020,193,609 0
Finance
Company
Yudean
276,532,777 0 0 7,432,402 0 0 2,426,770 0 0 281,538,409 0
Captive
Guangdong
Guohua
Yudean
1,784,468,086 0 0 54,702,379 0 0 0 0 0 1,839,170,465 0
Taishan
Power
Generation
185
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Co., Ltd.
Energy
Financing
532,306,787 0 0 15,729,399 0 0 18,292,179 0 0 529,744,007 0
Leasing
Company
Other 12,339,229 0 0 0 0 0 0 0 0 12,339,229 0
Subtotal 6,563,617,862 0 0 413,183,372 0 0 98,153,142 0 0 6,878,648,090 96,327,854
Total 7,368,387,107 0 0 450,257,096 0 0 98,153,142 0 0 7,720,491,060 96,327,854
186
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
（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 534,678,382 797,337,480 631,179,660 705,008,533
Other business 14,546,415 780,990 34,371,584 505,085
Total 549,224,797 798,118,470 665,551,244 705,513,618
Income related information:
In RMB
Contract classification Division 1 Division 2 Total
Commodity type 549,224,797 549,224,797
Including
Electric 535,578,382 535,578,382
Power generation by-
6,586,465 6,586,465
produc
Rent 6,046,829 6,046,829
Labour 1,013,121 1,013,121
Area 549,224,797 549,224,797
Including
Guangdong 549,224,797 549,224,797
Market type 549,224,797 549,224,797
Power Market
Other market 534,678,382 534,678,382
Other 14,546,415 14,546,415
Contract type 549,224,797 549,224,797
Including
Selling goods 542,164,847 542,164,847
Provide access to the
6,046,829 6,046,829
assets
Provided Labour 1,013,121 1,013,121
Time 549,224,797 549,224,797
Including
Recognize at a certain
542,164,847 542,164,847
time point
Recognize in a certain
7,059,950 7,059,950
period of time
Term
Including
Selling
Including
Total 549,224,797 549,224,797
Information related to performance obligations:
Commodity type Usual performance time of performance obligation Important payment Commodity nature
terms
Electric power When power is supplied to the grid company Cash Electric power
settlement/monthly
settlement
187
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
Power generation Cash
by-product When by-products such as fly ash generated by power settlement/monthly Power generation by-product
commodity generation are transported to the agreed delivery place, settlement commodity
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 0, of which RMB 0 is
expected to be recognized as income, RMB 0 is expected to be recognized as income in the year, and RMB0 is
expected to be recognized as income in the year.
Other note
5. Investment income
In RMB
Items Amount of current period Amount of previous period
Long-term equity investment income
98,293,539 1,570,167,398
accounted by cost method
Long-term equity investment income
450,257,096 392,738,688
accounted by equity method
Dividend income from investments in
other equity instruments during the 90,156,139 30,182,378
holding period
Creditor's right from investments in other
equity instruments during the holding 13,770,971 13,920,438
period
Total 652,477,745 2,007,008,902
XVII. Supplement information
1. Particulars about current non-recurring gains and loss
√ Applicable □ Not applicable
In RMB
Items Amount Notes
Mainly due to Yuejia Company shut-
Non-current asset disposal gain/loss 31,707,133 down and liquidation of assets to obtain
income.
Govemment subsidy recognized in
current gain and loss(excluding those Mainly due to power sales economic
closely related to the Company’s 15,402,657 policy incentives and subsidies for
business and granted under the state’s various power plant projects.
policies)
Other non-business income and
8,080,287
expenditures other than the above
It is mainly due to the fine for land
reclamation of Pinghai Power Plant and
Fines and overdue payment fees -5,470,272
the tax delay charge of Guangqian Power
Plant.
It is mainly the income of Jinghai
Non-current assets scrap income 2,242,304
Company's scrapped fixed assets.
It is mainly the loss of scrapped fixed
Loss of Non-current assets scrapped -5,145,026 assets of Jinghai Company, Zhongyue
Energy and Yuehua Company.
Less: Amount of influence of income tax 13,059,777
Influenced amount of minor
9,886,637
shareholders’ equity (after tax)
Total 23,870,669 --
Details of other profit and loss items that meet the non-recurring profit and loss definition
188
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2022
□ Applicable√ Not applicable
None
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Losses
and its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information
Disclosure for Companies offering their securities to the public-non-recurring Gains and losses which have been
defined as recurring gains and losses, it is necessary to explain the reason.
√Applicable□Not applicable
Items Amount involved(RMB) Reason
Value-added tax will be refunded Comply with national policies and
19,790,415
immediately regulations, and continue to occur
Carbon emission quota used to fulfill the Comply with national policies and
-8,000,000
emission reduction obligation regulations, and continue to occur
2. Return on net asset and earnings per share
Earnings per share
Weighted average return on
Profit of report period Basic earnings per Diluted earnings per
equity(%)
share(yuan/share） share(yuan/share)
Net profit attributable to the
Common stock shareholders -6.23% -0.2620 -0.2620
of Company.
Net profit attributable to the
Common stock shareholders
-6.34% -0.2666 -0.2666
of Company after deducting
of non-recurring gain/loss.
3. Differences between accounting data under domestic and overseas accounting standards
（1）．Simultaneously pursuant to both Chinese accounting standards and international accounting standards
disclosed in the financial reports of differences in net income and net assets.
□ Applicable□√ Not applicable
（ 2 ） . Differences of net profit and net assets disclosed in financial reports prepared under overseas and
Chinese accounting standards.
□ Applicable□√ Not applicable
(3) .Explanation of the reasons for the differences in accounting data under domestic and foreign accounting sta
ndards. If the data that has been audited by an overseas audit institution is adjusted for differences, the name of t
he overseas institution should be indicated
4.Other
189
