Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2022
Stock code: 000539 Stock Abbreviation: Yue Dian Li A, Yue Dian Li B
Announcement No.: 2022-40
Corporate bond code: 149113 Abbreviation of corporate bond:20 Yudean 01
Corporate bond code: 149369 Abbreviation of corporate bond:21 Yudean 01
Corporate bond code: 149418 Abbreviation of corporate bond:21 Yudean 02
Corporate bond code: 149711 Abbreviation of corporate bond:21 Yudean 03
Guangdong Electric power Development Co., Ltd.
Summary of the Semi-Annual Report 2022
I. Important notes
This summary of the Semi-Annual Report is quoted out of the full text of the Annual Report. Investors desirous
to understand entirely the Company's operation results, financial position and future development planning are
advised to carefully read the full text of the Semi-Annual Report which is published in the medium designated
by CSRC.
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
Non-standard auditor’s opinion
□ Applicable √Not applicable
Preliminary plan for profit distribution to the common shareholders or turning the capital reserve into the share
capital for the reporting period, which has been reviewed and approved at the board meeting
□ Applicable √Not applicable
The company will distribute no cash dividends or bonus shares and has no reserve capitalization plan.
The preference share profit distribution pre-plan approved by the Board of Directors
□ Applicable √Not applicable
II. Basic information about the company
1. Company profile
Stock abbreviation Yue Dian Li A, Yue Dian Li B Stock code 000539，200539
Stock exchange for listing Shenzhen Stock Exchange
Contact person and contact manner Board secretary Securities affairs Representative
Name Liu Wei Huang Xiaowen
35/F, South Tower, Yudean Plaza, No.2 35/F, South Tower, Yudean Plaza, No.2
Address Tianhe Road East, Tianhe Road East,
Guangzhou,Guangdong Province Guangzhou,Guangdong Province
Tel (020)87570251 (020)87570251
E-mail liuw@ged.com.cn huangxiaowen@ged.com.cn
2. Major accounting data and financial indicators
May the Company make retroactive adjustment or restatement of the accounting data of the previous years
√Yes□ No
Retroactive adjustment or restatement of causes
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Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2022
Merger of enterprises under the same control
Changes of this
period over same
Same period of last year
Reporting period period of Last
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
-1,375,739,165 109,028,853 326,629,275 -521.19%
of the listed company（Yuan）
Net profit after deducting of non-
recurring gain/loss attributable to the -1,399,609,834 90,377,204 267,001,900 -624.19%
shareholders of listed company（Yuan）
Cash flow generated by business
-208,358,510 3,096,857,643 3,786,846,816 -105.50%
operation, net（Yuan）
Basic earning per share(Yuan/Share) -0.2620 0.0208 0.0622 -521.19%
Diluted gains per share(Yuan/Share) -0.2620 0.0208 0.0622 -521.19%
Weighted average ROE(%) -6.23% 0.40% 1.02% -7.25%
As at the end of Changed over last
As at the end of last year year（％）
the reporting
period Before adjustment After adjustment After adjustment
Gross assets（Yuan） 117,473,162,025 114,271,451,479 114,491,142,111 2.60%
Net assets attributable to shareholders of
21,910,644,854 23,185,079,805 23,402,720,821 -6.38%
the listed 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.
3. Shareholders and shareholding
In RMB
Total Number of common Number of shareholders of preferred
shareholders at the end of 94,373 stocks of which voting rights recovered 0
the reporting period in the report period(If any)
Shareholdings of Top 10 shareholders
Number or share
Proportion Amount of
Shareholders Number of pledged/frozen
Nature of of shares
held shares held at restricted
shareholder
period -end State of share Amount
（%）
shares held
Guangdong Energy Group State-owned legal
67.39% 3,538,005,285 1,893,342,621
Co., Ltd. person
Guangzhou Development State-owned legal
2.22% 116,693,602 0
Group Co., Ltd. person
Guangdong Electric Power State-owned legal
1.80% 94,367,341 0
Development Corporation person
ICBC－First Seafront fund
New Economy flexible Other 0.82% 43,245,455 0
allocation of hybrid
securities investment fund
The National Social
Other 0.70% 36,986,590 0
Security Fund 102 portfolio
Domestic Natural
Zheng Jianxiang 0.49% 25,514,900 0
person
Ningbo Bank－Boshi
Other 0.36% 18,915,500 0
Growth advantage hybrid
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Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2022
securities investment fund
China Securities Finance State-owned legal
0.35% 18,246,045 0
Co., Ltd. person
VANGUARD TOTAL
Overseas Legal
INTERNATIONAL 0.30% 15,855,512 0
person
STOCK INDEX FUND
CHINA
INTERNATIONAL
Overseas Legal
CAPITAL 0.29% 15,216,066 0
person
CORPORATION HONG
KONG SECURITIES LTD
Explanation on associated The Third largest shareholder Guangdong Electric Power Development Corporation is the wholly-
relationship among the owned subsidiaries of the largest shareholder Energy Group. These two companies have
aforesaid shareholders relationships; whether the other shareholders have relationships or unanimous acting was unknown
Explanation on
shareholders participating
Not applicable
in the margin trading
business(if any )
4. 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.
5.Number of preference shareholders and shareholdings of top 10 of them
□ Applicable √ Not applicable
No preference shareholders in the reporting period
6. Corporate bonds that existed on the date when this Report was authorized for issue
√Applicable□ Not applicable
（1）Basic information of corporate bonds
Bond short Bond balance (Ten Tradin
Bond name Bond code Issue day Due day
name thousand yuan ) g
Public Issuance of Corporate
Bonds to Qualified Investors in
2020 (Phase I) of Guandong
20 Yudean 01 149113.SZ April 29,2020 April 29,2025 1,500,000,000 2.45%
Electric Power Development
Co.,Ltd.
Public Issuance of Corporate
Bonds to Qualified Investors in
2021 (Phase I) of Guandong
21 Yudean 01 149369.SZ January 27,2021 January 27,2024 1,000,000,000 3.57%
Electric Power Development
Co.,Ltd.
Public Issuance of Corporate
Bonds to Qualified Investors in
2021 (Phase II) of Guandong 21Yudean 02 149418.SZ April 28,2021 April 28,2026 1,500,000,000 3.50%
Electric Power Development
Co.,Ltd.
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Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2022
Public Issuance of Corporate
Bonds to Professional Investors in
November
2021 (Phase I) of Guandong 21Yedean 03 149711.SZ November 24,2021 800,000,000 3.41%
24,2026
Electric Power Development
Co.,Ltd.
Public Issuance of Corporate
Bonds to Professional Investors in
2021 (Phase I) of Guandong 21Pinghai 01 188197.SH June 4,2021 June 4,2023 200,000,000 3.57%
Huizhou Ping Power Generation
Co.,Ltd.
（2） Financial indicators as of the end of the reporting period
In RMB
Items At the end of the reporting period At the end of last year
Debt ratio 73.72% 71.34%
Net profit after deducting non-recurring
-215,681 39,148
profit and loss
Current ratio 0.61 0.61
Quick ratio 0.47 0.47
Amount of this period Amount of last period At the same time rate of change
EBITDATime interest earned ratio 1.01 4.25
Repayment of debt (%) 100% 100%
Payment of interest (%) 100% 100%
III. Significant events
In the first half of 2022, due to factors such as the new cronovirus epidemic and the weather, the demand for
electricity in Guangdong Province has declined. From January to June, the electricity consumption of the whole
society in Guangdong Province was 355.608 billion kWh, a YOY decrease of 2.4%; the industrial electricity
consumption was 212.082 billion kWh, a YOY decrease of 3.4%; the electricity consumption in the
manufacturing industry was 174.914 billion kWh, a YOY decrease of 4.3%. During the reporting period, the
Company completed the on-grid electricity of 46.349 billion kWh, a YOY decrease of 6.46%
In 2022, the scale of electricity market-oriented transactions in Guangdong Province has continued to expand.
According to the data of the Guangdong Electric Power Exchange Center, in 2022, the province's bilateral
negotiated transaction volume is 254.16 billion kWh, a YOY increase of 18.15%, and the transaction price is
RMB497.04/1000 kWh, with an average price difference of +3.404 cent/kWh; the average on-grid electricity
price of the Company's consolidated statement is 542.74 yuan/1000 kWh (tax included, the same below), a
YOY increase of 84.74 yuan/1000 kWh, an increase of 18.5%.
Benefiting from the rise in the electricity price, the Company's operating income increased slightly, but due to
the high prices of coal and other fuels, the Company's thermal power plants 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 by the Company's new energy power
generation business has increased significantly YOY, the proportion of this business is relatively small, and it is
difficult to make up for the loss of the Company's thermal power business, resulting in a sharp decline in the
Company's main business gross profit margin and net profit attributable to the parent company. As of June 30,
2022, the total assets of the Company's consolidated statements are 117.473 billion yuan, a YOY increase of
2.6%, the total liabilities are 86.606 billion yuan, a YOY increase of 6.23%, and the Company's asset-liability
ratio is 73.72%; the equity attributable to shareholders of the parent company is 21.911 billion yuan, a YOY
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Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2022
decrease of 6.38%. The Company achieved the consolidated income of 22.611 billion yuan, a YOY increase of
9.8%; the net profit attributable to shareholders of the parent company was -1.376 billion yuan, a YOY decrease
of 521.19%; and the earnings per share was -0.26 yuan, compared with 0.06 yuan in the same period last year.
In order to promote the reasonable return of coal prices, in the first half of 2022, the National Development and
Reform Commission successively issued the "Notice on Further Improving the Coal Market Price Formation
Mechanism" (No. 303[2022] Fa Gai Price) and related documents. On the basis of insisting that coal prices are
formed by the market, a reasonable range of medium and long-term transaction prices for coal (domestic
thermal coal) is proposed. If the coal price can fall back to a reasonable range under the guidance of strong
national policies in the future, the Company's operating pressure will be released to a certain extent, and the
profit outlook is expected to improve.
The Company's new energy development is based in Guangdong and orient towards the whole country, showing
a "4+N" regional layout of key development in four provinces of Guangdong, Xinjiang, Qinghai and Guizhou
and an active expansion in other regions in China. As of June 30, 2022, the Company has put into operation of
21 new energy projects, with a total installed capacity of 1.9704 million kilowatts; There are 14 new energy
projects under construction process with a total installed capacity of 2.046 million kilowatts, including the 1
million kilowatts Yangjiang Qingzhou I and Qingzhou II offshore wind power projects, Xinjiang Hanhai
photovoltaic 400 thousand kilowatts project, Zhanjiang Potou photovoltaic220,000 kilowatts project. In the
future, the Company will actively grasp the development trend of accelerating energy transformation under the
goals of "carbon peak" and "carbon neutrality", implement the "1+2+3+X" strategy, and further actively expand
new energy project resources through self-construction and acquisitions and other forms, thus fully promoting
the leap-forward development of new energy and building an ecological civilization power generation
enterprise
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