Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
The Semi-annual Report 2023
August 2023
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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.Zheng Yunpeng, 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 Semi-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
Mao Qinghan Director Due to business Ma Xiaoqian
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.
During reporting period, the company will not distribute cash dividend or bonus shares, neither capitalizing of
common reserves.
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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 2023
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 China Securities Journal,
Securities Times, Shanghai Securities News, Securities Daily 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).
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Definition
Terms to be defined Refers to Definition
Guangdong Energy Group Refers to Guangdong Energy Group Co., Ltd.
Guangdong Electric Power Development Co., Ltd. Sha
Sha A Power plant Refers to
A Power plant
Guangdong Electric Power Development Co.,
Xinjiang Branch Refers to
Ltd.Xinjiang Branch
Guangdong Electric Power Development Co., Ltd.
Qinghai Branch Refers to
Qinghai Branch
Xingjiang Company Refers to Guangdong Energy Group Xingjiang Co., Ltd.
Zhanjiang Electric Power Refers to Zhanjiang Electric Power Co., Ltd.
Yuejia Company Refers to Guangdong Yuejia Electric Power Co., Ltd.
Guangdong Yudean Shaoguan Power Generation Co.,
Shaoguan Power Genration Plant Refers to
Ltd.
Guangdong Energy Maoming Thermal Power Plant
Maoming Thermal Power Plant Refers to
Co., Ltd.
Jinghai Company Refers to Guangdong Yudean Jinghai Power Co., Ltd.
Humen Company Refers to Guangdong Yudean Humen Power Co., Ltd.
Guangdong Yudean Technology Engineering
Technology Engineering Company Refers to
Management Co., Ltd
Zhanjiang Zhongyue Refers to Zhanjiang Zhongyue Energy Co., Ltd.
Bohe Company Refers to Guangdong Yudean Energy Co., Ltd.
Guangdong Huadu Natural Gas Thermal Power Co.,
Huadu Company Refers to
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.
Guangdong Yudean Yongan Natural Gas Thermal
Yongan Company Refers to
Power Co., Ltd.
Binhaiwan Energy Company Refers to Guangdong Yudean Binhaiwan Energy Co., Ltd.
Guangdong Yudean Dayawan Integrated Energy Co.,
Dayawan Energy Refers to
Ltd.
Qiming Energy Refers to Guangdong Yudean Qiming Energy Co., Ltd.
Shenzhen Huaguoquan Electric Industry Service Co.,
Huaguoquan Company Refers to
Ltd.
Guangdong Yudean Dananhai Intelligence Energy Co.,
Dananhai Company Refers to
Ltd.
Guangdong Yudean Baihua Integrated Energy Co.,
Yudean Baihua Refers to
Ltd.
Bijie Energy Refers to Guangdong Bijie New Energy Co., Ltd.
Shaoguan New Energy Refers to Guangdong Shaoguan Yuedianli New Energy Co., Ltd.
Henan New Energy Refers to Henan Yudean New Energy Co., Ltd.
Guangdong Shajiao( plant C) Power Generation Co.,
Sha C Company Refers to
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.
Huibo Energy Refers to Guangdong Huibo New Energy Co., Ltd.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Jinxiu Energy Refers to Yuedean Jinxiu Energy Co., Ltd.
Dongguan Songshanhu Yudean Energy Service Co.,
Songshanhu Company Refers to
Ltd.
Senhong Energy Refers to Nanjing Senhong New Energy Co., Ltd.
Linyuan Senhai Energy Refers to Nanjing Linyuan Senhai New Energy Co., Ltd.
Zhennan Energy Refers to Yunfu Zhennan New Energy Co., Ltd.
Luoding Energy Refers to Yunfu Luoding Yudean New Energy Co., Ltd.
Alxa League Energy Refers to Alxa League Yudean New Energy Co., Ltd.
Sanmenxia Guangneng Refers to Sanmenxia Guangneng New Energy Co., Ltd.
Liangguang Energy Refers to Huazhou Yudean Liangguang New Energy Co., Ltd.
Caojiang Energy Refers to Gaozhou Yudean Caojiang New Energy Co., Ltd.
Dongrun Zhongneng Refers to Taishan Dongrun Zhongneng New Energy Co., Ltd.
Maoming Natural Gas Refers to Guangdong Yudean Maoming Natural Gas Co., Ltd.
Xingyue Energy Refers to Meizhou Xingyue New Energy Co., Ltd.
Xinguangyao Energy Refers to Laixi Xinguangyao New Energy Technology Co., Ltd.
Shache Energy Refers to Yudean Shache Comprehensive Energy Co., Ltd.
Zhenyun Energy Refers to Yunfu Yudean Zhenyun New Energy Co., Ltd.
Zhenneng Energy Refers to Yunfu Yudean New Energy Co., Ltd.
Zhuhai Energy Refers to Zhuhai Yudean New Energy Co., Ltd.
Liuzhou Energy Refers to Guangxi Liuzhou Yudean New Energy Co., Ltd.
Lvneng Energy Refers to Guangdong Yudean Lvneng New Energy Co., Ltd.
Dianbai Energy Refers to Maoming Dianbai New Energy Co., Ltd,
Tuoqian Energy Refers to Huanggang Tuoqian New Energy Co., Ltd.
Gaozhou Intelligence New Energy Refers to Gaozhou Yudean Intelligence New Energy Co., Ltd.
Hainan Guangneng Refers to Hainan Guangneng Yudean New Energy Co., Ltd.
Guangdong Yudean New Energy Development Co.,
Guangzhou New Energy Refers to
Ltd.
Changha Energy Refers to Tumushuke Yudean Changhe New Energy Co., Ltd.
Caohu Energy Refers to Tumushuke Yudean Caohu New Energy Co., Ltd.
Xingneng Energy Refers to Qinghai Yudean Xingneng New Energy Co., Ltd.
Zhanjiang Guangneng Refers to Zhanjiang Guangneng Yudean New Energy Co., Ltd.
Baohe Energy Refers to Gaozhou Yudean Baohe New Energy Co., Ltd.
Fushun Energy Refers to Fushun Yudean New Energy Co., Ltd.
Guangdong Yudean Leizhou Power Generation Co.,
Leizhou Power Generation Refers to
Ltd.
Jiuzhou New Energy Refers to Jiuzhou New Energy(Zhaoqing)Co., Ltd.
Xiangtan Xiangdian Chanshan Wind Power Generation
Changshan Wind Power Refers to
Co., Ltd.
Guangxi Xinyue Refers to Guangxi Xinyue New Energy Co., Ltd.
Zhanjiang Biomass Power Generation Guangdong Yudean Zhanjiang Biomass Power
Refers to
Company Generation Co., Ltd.
Guangdong Yudean Shibeishan Wind Energy
Shibeishan Wind Power Refers to
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.
Guangdong Yudean Yangjiang Offshore Wind Power
Yangjiang Wind Power Company Refers to
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.
Guangdong Yudean Zhuhai Offshore Wind Power Co.,
Zhuhai Wind Power Company Refers to
Ltd.
Guangdong Yudean Zhanjiang Wind Power Generation
Zhanjiang Wind Power Company Refers to
Co., Ltd.
Guangdong Yudean Qujie Wind Power Generation
Qujie Wind Power Company Refers to
Co., Ltd.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Guangdong Yudean Leizhou Wind Power Generation
Leizhou Wind Power Company Refers to
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.
Guangdong Energy Insurance Captive Guangdong Energy Property Insurance Captive Co.,
Refers to
Company 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 Co., Ltd.
Guangdong Energy Finance Company Refers to Guangdong Energy Group Finance Co., Ltd.
Energy Financial Leasing Company Refers to Guangdong Energy Financial Leasing Co., Ltd.
Guoneng Taishan Company Refers to Guoneng 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 Union Development
Southern Offshore wind power Refers to
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
Guangdong Yudean Environmental Protection Co.,
Environmental Protection Company Refers to
Ltd.
Hechi New Energy Refers to Hechi Yudean New Energy Co., Ltd.
Yige New Energy Refers to Guangdong Yudean Yige New Energy Co., Ltd.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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 Zheng Yunpeng
Ⅱ. Contact person and contact manner
Board secretary Securities affairs Representative
Name Liu Wei Huang Xiaowen
35F, South Tower, Yudean Plaza, No.2 Tianhe Road 35F, South Tower, Yudean Plaza, No.2 Tianhe
Contact address
East, Guangzhou,Guangdong Province Road East, 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 2022.
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 2022.
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
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Accounting policy change
Changes of this period over
Same period of last year
Reporting period same period of Last year(%)
Before adjustment After adjustment After adjustment
Operating income
28,340,840,884 22,611,239,733 22,611,239,733 25.34%
（Yuan）
Net profit attributable to
the shareholders of the 856,538,633 -1,375,739,165 -1,371,743,904 162.44%
listed company（Yuan）
Net profit after deducting
of non-recurring gain/loss
attributable to the 849,010,727 -1,399,609,834 -1,395,614,573 160.83%
shareholders of listed
company（Yuan）
Cash flow generated by
business operation, net 2,720,370,016 -208,358,510 -208,358,510 1,405.62%
（Yuan）
Basic earning per
0.1631 -0.2620 -0.2613 162.44%
share(Yuan/Share)
Diluted gains per
0.1631 -0.2620 -0.2613 162.44%
share(Yuan/Share)
Weighted average ROE(%) 3.86% -6.23% -6.21% 10.07%
As at the end of the As at the end of last year Changed over last year（％）
reporting period Before adjustment After adjustment After adjustment
Gross assets（Yuan） 143,012,763,745 131,504,274,884 131,623,802,701 8.65%
Net assets attributable to
shareholders of the listed 21,153,441,131 20,241,872,479 20,350,293,619 3.95%
company（Yuan）
Reasons of accounting policy change and correction of accounting errors
In 2022, the Ministry of Finance promulgated the Interpretation No.16 of Accounting Standards for
Business Enterprises (CS [2022] No.31) (hereinafter referred to as "Interpretation No.16"). Since January 1,
2023, the company has adopted the accounting treatment provisions in Interpretation No.16 that deferred
income tax related to assets and liabilities arising from a single transaction is not applicable to initial
recognition exemption. For the applicable single transactions that occurred between the beginning of the earliest
period of presentation in the financial statements of the first implementation of Interpretation No.16 and its
implementation date, the company has made adjustments in accordance with regulations; In case of taxable
temporary differences and deductible temporary differences arising from the lease liabilities and right-to-use
assets recognized at the beginning of the earliest period of presentation in the financial statements of
Interpretation No.16 during its implementation for the first time, the company will adjust the initial retained
income and other related financial statement items at the beginning of the earliest period of presentation in the
financial statements according to the cumulative impact.
V.The differences between domestic and international accounting standards
1).Simultaneously pursuant to both Chinese accounting standards and international accounting
standards disclosed in the financial reports of differences in net income and net assets.
□ Applicable□√ Not applicable
None
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
2).Differences of net profit and net assets disclosed in financial reports prepared under overseas and
Chinese accounting standards.
□ Applicable √Not applicable
None
VI.Items and amount of non-current gains and losses
√Applicable □Not applicable
In RMB
Items Amount Note
It was the net loss caused by disposal
Non-current asset disposal gain/loss(including the write-
-1,988,902 of dust removal device of Unit 1 in
off part for which assets impairment provision is made)
Dapu Power Plant.
It was mainly the economic policy
Government subsidies recognized in current gain and
incentives for power sales and
loss(excluding those closely related to the company’s 14,152,289
business and granted under the state’s policies) subsidies for various power plant
projects.
Other non-business income and expenditures other than
7,433,052
the above
It was mainly the advance
compensation for units received by
Insurance compensation and claims income 6,701,756
Yangjiang Wind Power Plant due to
Typhoon Siamba.
It was mainly the fine expenditure of
Fines and overdue payment fees -3,664,929
Qujiang Wind Power.
It was mainly the fixed asset scrap
Non-current assets scrap income 2,724,564 income of Jinghai company and Bohe
company.
It was mainly the fixed asset scrap loss
Loss of Non-current assets scrapped -9,754,776 of Yunhe Power Generation, Zhanjiang
Zhongyue and Guangqian company.
Less: Amount of influence of income tax 4,792,737
Influenced amount of minor shareholders’ equity
3,282,411
(after tax)
Total 7,527,906
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
12,915,790
immediately regulations, and continue to occur
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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 30,2023, the company has controllable installed capacity of 31.5117 million
kilowatts, including holding installed capacity of 29.7639 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 69.04%; the holding installed capacity for gas and electricity of 6.392 million
kilowatts and21.48% and renewable energy generation like wind power, photovoltaic, hydropower and biomass
of 2.8219 million kilowatts and 9.48%.in addition, The entrusted installed capacity of the company for
management is 8.854 million kilowatts (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 40.0537 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. During the reporting period, the company completed a total of RMB 53.457
billion kWh of on-grid electricity in consolidated statements, with a year-on-year increase of 15.34%; The
average price of electricity sold in the consolidated statement is RMB 591.86 per thousand kWh (including tax,
the same below), with a year-on-year increase of RMB 49.12 per thousand kWh, or 9.05%; The total operating
income was RMB 28,340.84 million, with a year-on-year increase of RMB 5,729.60 million, or 25.34%.
The company's business is dominated by coal-fired power generation, and the fuel costs account for a large
portion of operating costs, thus the fluctuations in coal prices have a significant impact on the company's
operating performance. During the reporting period, affected by the increase in power generation and the
continuous increase in coal prices, the company’s fuel costs were 19,793.94 million yuan, which accounted for
78.73% of the main business costs, Affected by the sharp increase of power generation and coal price, the fuel
cost increased by RMB 1,610.66 million year on year. an increase of 8.86% .
During the reporting period, China's overall economic operation rebounded, power demand continued to
grow, the company's power generation and on-grid electricity consumption increased steadily, and power
generation income increased significantly. Due to the decline in fuel prices, the profitability of the company's
thermal power business has recovered, and its new energy business has maintained stable income. The
company's overall performance in the first half of 2023 has turned losses into profits. During the reporting
period, the company realized a net profit of RMB 856.54 million, with a year-on-year increase of 2,228.28
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
million. The company realized a net profit attributed to parent company of RMB 207.02 million in coal-fired
power business; 254.18 million in gas and electricity business; RMB -23.96 million in hydropower business;
RMB 301.46 million in new energy business; and RMB 570.12 million in headquarters investment business.
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
By the end of June 2023, the company had a total installed capacity of 2.589 million kilowatts of new
energy such as wind power and photovoltaic power, including 1.2 million kilowatts of offshore wind power,
1.145 million kilowatts of onshore wind power and 244,100 kilowatts of photovoltaic power. In the first half of
2023, the company added about 67,500 kilowatts of new energy installed, all of which were photovoltaic power
generation; The first and second offshore wind power projects in Jiangqingzhou, Jianyang and the photovoltaic
project in Shache, Xinjiang that are under construction have a total installed capacity of about 4.42 million
kilowatts, and the new energy projects of about 11.8 million kilowatts have been registered and approved. In the
future, the company will continue to actively grasp the development trend of accelerating energy transformation
under the goal of "emission peak" and "carbon neutrality", 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, 2023, 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 70%
Wind Power Jieyang Huilai Haiwanshi 1.40 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 19.80 100%
Wind Power Xuwen Wutushan Wind Power 4.95 51%
Wind Power Xuwen Dengjiao Wind Power 4.95 51%
Wind Power Pingyuan Maoping 4.80 100%
Zhuhai Jinwan Offshore wind 30 74.49%
Wind Power
power
Zhangjiang Xuwen Wailuo II 20 100%
Wind Power
Offshore wind power
Zhanjiang Xuwen Xinliao 20.35 100%
Wind Power
offshore wind power
Yangjiang Shapa offshore wind 30 91.41%
Wind Power
power
Wind Power Guangxi Wuxuan 5 100%
Wind Power Hunan Xupu Taiyangshan 5 100%
Wind Power Hunan Tongdao Dagaoshan 5 100%
Decentralized Wind Power in 1.08 65%
Wind Power
Shanwei Power Plant
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Wind Power Nanxiong Zhuan village 4.99 100%
Wind Power Xiangtan Changshan 4.4 100%
Wind Power Pingyuan Sishui 4 100%
Wind Power Henan Xihua Wind Power 1.53 100%
Wind Power Henan Wuzhi Wind power 2.50 100%
Wind Power Hebei Ziyahe 10 80%
Wind Power Zhanjiang Leigao 15.03 51%
Photovoltaic Baojia Power generation 0.12 90%
Photovoltaic Dapu Power plant 0.20 100%
Photovoltaic Jiuzhou New Energy 1.73 100%
Photovoltaic Xinhui Power Plant 1.06 46%
Photovoltaic Yuehua company 0.06 51%
Photovoltaic Shandong Gaotang 4.05 100%
Photovoltaic Jinxiu Wudeng 0.34 90%
Photovoltaic Red Bay Power Plant 1.38 65%
Photovoltaic Wushi Wudeng 0.15 100%
Photovoltaic Sanhe Xihua 0.46 100%
Photovoltaic Haiyan Shalan 1 100%
Photovoltaic Shanxi Hongdong 4.80 100%
Photovoltaic Meizhou Wuhua 3 100%
Photovoltaic Yuelong Photovoltaic 0.19 100%
Photovoltaic Hanhai Photovoltaic 4 100%
Photovoltaic Boluo Dafeng Photovoltaic 1 100%
Photovoltaic Qingdao Niulian Photovoltaic 0.58 99%
Photovoltaic Potou Yuguang Photovoltaic 0.30 90%
Total 258.90
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
30,2023, The company, as the largest listed power company in Guangdong Province, has a total of 40,053,700
kilowatts of controllable installed capacity and entrusted managed installed capacity, accounting for about a
quarter of the total installed capacity in 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
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
During the "14th Five-Year Plan" period, Guided by the national energy development strategy, the company is
implementing the "1+2+3+X" strategy - to build a first-class green and low-carbon power listed company,
coordinate safety and development, optimize and strengthen coal, gas and biomass power generation services, and
vigorously develop new energy, energy storage, hydrogen energy and land park development. The company has
abundant project reserves and broad development prospects; With clear main business, reasonable structure,
outstanding industrial position and market share, it has strong comprehensive strength and broad development
prospects.
4. Competitive advantage in electricity market
The company's generator set has high parameters, large capacity, high operation efficiency, low coal consumption,
stable operation, superior environmental protection performance and strong market competitive advantage. In the
first half of 2023, the company completed a total of 5.3457 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
At present, 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 is in good financial
condition, with smooth financing channels such as bank credit, bonds and securities markets and diversified
financing methods. The company will make full use of internal and external financial resources to provide strong
financial guarantee for the enterprise production and operation, key project construction and rapid development
of new energy industries.
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
This report Same period last
change Cause change
period year
（%）
Operating income 28,340,840,884 22,611,239,733 25.34%
Operating cost 25,157,909,557 23,114,184,606 8.84%
Sale expenses 35,592,377 30,460,050 16.85%
11
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Administrative
553,789,310 477,955,874 15.87%
expenses
Financial expenses 1,146,457,140 1,081,057,844 6.05%
Due to the profit recovery of thermal power
business and the stability of new energy
Income tax expenses 365,380,562 -151,269,999 341.54% business, the total profit of the company in
this period increased year-on-year, and the
income tax expenses increased accordingly.
Mainly due to the decrease in fuel costs for
research and development in the first half of
R & D Investment 466,613,651 752,324,970 -37.98% the year and the impact on the
implementation progress of research and
development projects.
Benefiting from the increase in on-grid
Cash flow generated by electricity and the decrease in fuel prices, the
2,720,370,016 -208,358,510 1,405.62%
business operation, net net cash flow generated by operating
activities increased year-on-year.
Due to the promotion of the project, the cash
paid by the company for the purchase and
construction of fixed assets, intangible assets
Net cash flow
and other long-term assets in this period
generated by -9,765,108,918 -2,908,067,376 -235.79%
investment increased year-on-year, which was caused by
the superposition of the disposal funds
received from Bohe Terminal in the same
period last year.
Net cash flow
7,005,872,760 5,861,027,285 19.53%
generated by financing
Net increasing of cash
-38,865,772 2,744,601,884 -101.42% Affected by above three reasons..
and cash 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
28,340,840,884 100% 22,611,239,733 100% 25.34%
revenue
On Industry
Electric power ,
Steam sales and 28,177,515,353 99.42% 22,423,023,603 99.17% 25.66%
labor income
Other 163,325,531 0.58% 188,216,130 0.83% -13.22%
On products
Sales Electric
28,015,854,478 98.85% 22,263,672,844 98.46% 25.84%
Power
Flyash sales 141,968,590 0.50% 171,920,045 0.76% -17.42%
Thermal sales 121,708,867 0.43% 102,972,035 0.46% 18.20%
Other 61,308,949 0.22% 72,674,809 0.32% -15.64%
Area
Guangdong 27,672,103,611 97.64% 22,117,126,665 97.81% 25.12%
Xinjiang 470,376,437 1.66% 400,459,803 1.77% 17.46%
Hunan 73,335,885 0.26% 39,790,974 0.18% 84.30%
12
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Hebei 46,668,601 0.16% 0 0% not applicable
Guangxi 29,169,838 0.10% 24,702,345 0.11% 18.09%
Yunnan 21,621,661 0.08% 29,159,946 0.13% -25.85%
Henan 19,388,294 0.07% 0 0% not applicable
Shangdong 8,176,557 0.03% 0 0% not applicable
(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 28,177,515,353 25,146,455,159 10.76% 25.66% 8.91% 13.73%
labor income
On Products
Sales Electric
28,015,854,478 24,966,419,641 10.88% 25.84% 8.81% 13.94%
Power
Including：
Fire coal
20,838,015,889 19,233,609,511 7.70% 21.37% 2.69% 16.79%
Generation Power
Gas Generation
5,404,269,929 4,741,358,019 12.27% 56.13% 37.99% 11.54%
Power
Wind Generation
1,535,493,321 772,583,543 49.68% 10.12% 35.04% -9.28%
Power
Biomass
196,668,404 187,217,447 4.81% -6.02% 5.30% -10.23%
Generation Power
Hydroelectric
21,621,661 25,880,673 -19.70% -25.85% -9.07% -22.08%
Generation power
Photovoltaic
19,785,274 5,770,448 70.83% not applicable not applicable not applicable
Generation power
Area
Guangdong 27,672,103,611 24,619,674,193 11.03% 25.12% 8.96% 13.19%
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
IV. Analysis of Non-core Business
□ Applicable √Not applicable
V. Analysis of assets and liabilities
1.Significant changes in asset composition
In RMB
End of Reporting period End of same period of last year
Change in
As a percentage As a percentage Reason for
percentag
Amount of total Amount of total significant change
e(%)
assets(%) assets(%)
13
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Monetary fund 11,460,379,577 8.01% 11,503,523,618 8.74% -0.73%
Accounts
9,558,894,828 6.68% 7,578,636,244 5.76% 0.92%
receivable
Contract assets 2,734,346 0% 4,910,263 0% 0%
Inventories 3,802,053,813 2.66% 3,376,868,100 2.57% 0.09%
Real estate
360,857,662 0.25% 365,285,301 0.28% -0.03%
Investment
Long-term
equity 9,605,680,568 6.72% 9,198,053,183 6.99% -0.27%
investment
It was mainly the
depreciation in
accordance with
Fixed assets 60,196,257,908 42.09% 62,400,175,057 47.41% -5.32%
accounting policies,
and the decrease in
net fixed assets.
It was mainly due to
the rapid progress of
the project in the
Construction in
20,885,138,482 14.60% 11,768,828,161 8.94% 5.66% first half of the year
process
and the increase in
engineering
expenditure.
Usage right
7,878,833,005 5.51% 7,352,044,966 5.59% -0.08%
assets
Short -term
19,934,368,075 13.94% 16,261,444,860 12.35% 1.59%
loans
Contract
5,882,384 0% 4,960,974 0% 0%
liabilities
Long-term
52,742,165,795 36.88% 42,860,932,628 32.56% 4.32%
loans
Lease liabilities 7,617,307,100 5.33% 6,870,820,017 5.22% 0.11%
2.Main assets overseas
□ Applicable √Not applicable
3.Asset and Liabilities Measured by Fair Value
√ Applicable □Not applicable
In RMB
Gain/Loss on Impairment Purchased Sold
Cumulative fair
fair value provisions amount in amount in
Opening value change Closing
Items change in the in the the the End of term
amount recorded into mount
reporting reporting reporting reporting
equity
period period period period
Financial
assets
1. Other
equity
3,058,071,054 -181,994,766 1,933,913,672 0 0 0 0 2,876,076,288
instrument
investments
Subtotal 3,058,071,054 -181,994,766 1,933,913,672 0 0 0 0 2,876,076,288
Total 3,058,071,054 -181,994,766 1,933,913,672 0 0 0 0 2,876,076,288
Financial
0 0 0 0 0 0 0 0
Liability
Other change
14
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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, 2023, individual subsidiaries of the Group pledged the right to impose electricity charges to banks to
obtain long-term loans of RMB5,522,378,748 which: the balance of long-term loans due within one year was
274,518,787 yuan (as of December 31, 2022: 6,052,250,122 yuan). including: the long-term borrowings due
within one year amounted to RMB512,741,564 .
15
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
VI. Investment situation
1. General
√ Applicable □ Not applicable
Investment of the period Investment of same period of last year Scale of change
1,683,063,129 447,571,800 276.04%
2.Condition of Acquiring Significant Share Right Investment during the Report Period
√Applicable □ Not applicable
In RMB
Inves Invest Gain or Less
Main Share Progress up Whether
Name of the tmen Investment Capital ment Product Anticipat or the Date of
Busine Proporti Partner to Balance to Involve Disclosure Index(if any)
company Invested t Amount Source Horizo Type ed Current Disclosure(if any)
ss on % Sheet Date in Lawsuit
Way n Income Investment
Announcement No.:2019-
36,2021-78,2022-37 and
August 29,2019,
2022-60.Published in
November
Wind Capit 29,2019, China Securities Daily,
Guangdong Wind
Poer al Self Long- Electric In normal
Power Generation 995,000,000 100% No 291,542,390 No November 9,2021, Securities Times ,
Genera incre funds term Power operation
Co., Ltd. August 31,2022 Shanghai Securities
tion ase
and December News, Securities Daily
1,2022 and
http//.www.cninfo.com.c
n
Announcement No.:2022-60,.
Published in
Shache China Securities Daily,
light
Photov Capit Securities Times ,
Yuedan Shache storage
oltaic al Self Long- Electric
Comprehensive 5,000,000 100% No integration 818,451 No December 1,2022 Shanghai Securities
Genera incre funds term Power
Energy Co., Ltd. project is in News, Securities Daily
tion ase
normal and
progress
http//.www.cninfo.com.c
n
Guangdong Yudean Photov Capit 43,000,000 100% Self No Long- Electric Boluo -33,091 No Not applicable
16
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Huobo New Energy oltaic al funds term Power Dafeng
Co., Ltd. Genera incre distributed
tion ase photovoltai
c project
and
Huzhen
photovoltai
c
composite
project are
in normal
progress
Announcement No.:2022-11,.
Published in
China Securities Daily,
Photov Capit Securities Times ,
Tumushuke Yudean
oltaic al Self Long- Electric In normal Shanghai Securities
Hanhai New Energy 25,000,000 100% No -196,428 No March 26,2022
Genera incre funds term Power operation
Co., Ltd. News, Securities Daily
tion ase
and
http//.www.cninfo.com.c
n
Xiangtan Xiangdian Wind
Changshan Wind Power Purc Self Long- Electric In normal
21,215,997 100% No 554,209 No Not applicable
Power Generation Genera hase funds term Power operation
Co., Ltd. tion
Photov
Jiuzhou New Energy
oltaic Purc Self Long- Electric In normal
（Zhaoqing）Co., 5,280,122 100% No 2,019,855 No Not applicable
Genera hase funds term Power operation
Ltd.
tion
Announcement No.:2020-
Capit 13,.Published in
Guangdong Yudean Therm
al Self Long- Electric In normal China Securities Daily,
Binhaiwan Energy al 50,000,000 100% No -7,173,057 No April 11,2020
incre funds term Power operation
Co., Ltd. power Securities Times and
ase http//.www.cninfo.com.c
n
Guangdong Yudean Therm Capit 71,100,000 70% Self Huizhou Long- Electric In normal -9,810,805 No July 17,2021 Announcement No.:2021-
17
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Dayawan Intelligence al al funds Dayawa term Power operation 43,.Published in
Energy Co., Ltd. power incre n China Securities Daily,
ase Petroche Securities Times and
mical http//.www.cninfo.com.c
Investm n
ent
Group
Co., Ltd
（ Share
Proporti
on：
20%）
，
Huizhou
Port
Investm
ent
Group
Co., Ltd.
（ Share
Proporti
on：
10%）
Capit
Guangdong Yudean Therm
al Self Long- Electric In normal
Qiming Energy Co., al 9,000,000 100% No -7,175,376 No Not applicable
incre funds term Power operation
Ltd. power
ase
Announcement No.:2022-16,.
Yunfu
Yunda Published in
Investm China Securities Daily,
ent
Capit Securities Times ,
Guangdong Yudean Therm Holding
al Self Long- Electric In normal Shanghai Securities
Yunhe Power al 58,648,050 90% s Co., -60,535,478 No April 22,2022
incre Funds term Power operation
Generation Co., Ltd. power Ltd. News, Securities Daily
ase
（ Share and
Proporti
on： http//.www.cninfo.com.c
10%） n
18
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
China
Huaneng
Capit Group
Guangdong Yuehua Therm
al Self Co., Ltd. Long- Electric In normal
Power Generation al 36,310,000 51% -60,002,560 No Not applicable
incre Funds （Share term Power operation
Co., Ltd. power
ase proporti
on :：
49%）
Power Guangd
generat ong
ion Capit Energy
Electrici
Shanxi Yudean and al Self Group Long- In normal
54,299,600 40% ty and 256,410,685 No Not applicable
Energy Co., Ltd. coal incre Funds （ Share term operation
coal
mine ase Proporti
develo on：
pment 60%）
Photov New
Tumushuke Yudean
oltaic estab Self Long- Electric In normal
Changhe New 3,500,000 100% No 2,101 No Not applicable
Genera lish funds term Power operation
Energy Co., Ltd.
tion ment
Photov New
Yunfu Yudean
oltaic estab Self Long- Electric In normal
Zhenneng New 10,000,000 100% No 0 No Not applicable
Genera lish funds term Power operation
Energy Co., Ltd.
tion ment
Zhonggong Energy Photov
Technology oltaic Purc Self Long- Electric In normal
152,969,360 100% No 2,830 No Not applicable
（Maoming）Co., Genera hase funds term Power operation
Ltd. tion
Photov New
Zhuhai Yudean New oltaic estab Self Long- Electric In normal
2,740,000 100% No -81,582 No Not applicable
Energy Co., Ltd. Genera lish funds term Power operation
tion ment
Announcement No.:2022-60,.
New New Published in
Guangdong Energy
Energy estab Self Long- Electric In normal
Group Xingjiang Co., 100,000,000 100% No -2,019,402 No December 1,2022 China Securities Daily,
Genera lish funds term Power operation
Ltd. Securities Times ,
tion ment
Shanghai Securities
19
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
News, Securities Daily
and
http//.www.cninfo.com.c
n
Guangdong Yudean
Techn Capit
Technology
ology al Self Long- Electric In normal
Engineering 40,000,000 100% No -47,278,920 No Not applicable
Servic incre funds term Power operation
Management Co.,
e ase
Ltd.
Total -- -- 1,683,063,129 -- -- -- -- -- -- 0 357,043,822 -- -- --
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
Book value Purchase Sale Book value
Gain/los
Stock Initial Mode of balance at the Changes in fair Cumulative fair amount amount balance at the
Security Security s of the Accountin Source of the
Abbreviatio investment accounting beginning of value of the value changes in in the in the end of the
category code reportin g items shares
n: cost measurement the reporting this period equity this this reporting
g period
period period period period
Other
Domestic and
Sunshine equity
foreign HK6963 356,000,000 FVM 1,695,703,802 -269,400,742 1,070,303,060 0 0 0 1,426,303,060 Self funds
insurance instrument
stocks
Investment
Other
Domestic and
equity
foreign 600642 Shenergy 235,837,988 FVM 304,872,052 83,298,376 152,332,440 0 0 0 388,170,428 Self funds
instrument
stocks
Investment
Domestic and Other
Shenzhen
foreign 000027 15,890,628 FVM 96,163,200 3,477,600 83,750,172 0 0 0 99,640,800 equity Self funds
Energy
stocks instrument
20
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Investment
Domestic and Other
equity
foreign 831039 NEEQ 3,600,000 FVM 8,532,000 630,000 5,562,000 0 0 0 9,162,000 Self funds
instrument
stocks Investment
Total 611,328,616 -- 2,105,271,054 -181,994,766 1,311,947,672 0 0 0 1,923,276,288 -- --
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.
21
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
VII. Sales of major assets and equity
1.Situation of Significant Asset Sale
□ Applicable √ Not applicable
None
2.Sales of major equity
□ Applicable √ Not applicable
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 Sectors Registered Operating
Company Name Total assets Net assets Turnover Net Profit
type engaged in capital profit
Power
Guangdong
generation
Wind Power
Subsidiary and power 3,623,202,870 42,982,947,926 9,749,144,294 1,516,433,478 329,778,200 316,152,530
Generation Co.,
station
Ltd.
construction.
Power
generation
Huizhou Natural
Subsidiary and power 1,499,347,500 3,515,273,945 2,166,735,228 2,277,405,203 320,919,667 240,714,292
Gas company
station
construction.
Power
Pinghai Power generation
Generation Subsidiary and power 1,370,000,000 4,310,548,773 2,239,471,568 2,613,191,641 303,330,352 222,317,841
company station
construction.
Power
Shenzhen
generation
Guangqian
Subsidiary and power 1,030,292,500 2,081,585,187 1,903,458,930 865,336,003 285,162,683 211,827,254
Electric Power
station
Co., Ltd.
construction.
Guangdong Power
Yudean Jinghai generation
Power Subsidiary and power 2,919,272,000 9,012,491,394 2,839,699,055 3,561,337,800 264,818,814 201,412,703
Generation Co., station
Ltd. construction.
Power
Red Bay Power generation
Generation Subsidiary and power 2,749,750,000 6,817,586,733 2,563,331,683 2,856,474,955 227,453,684 169,901,566
company station
construction.
Power
generation
Bohe Energy
Subsidiary and power 3,118,000,000 8,397,628,256 1,665,919,876 1,963,659,434 144,883,334 145,455,744
company
station
construction.
Yuehua Power Power
generation
Genration Subsidiary 1,004,714,000 4,400,210,162 659,128,887 695,407,059 -117,779,986 -117,652,078
and power
company station
22
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
construction.
Guoneng Power
Yudean Taishan generation
Sharing
Power and power 4,669,500,000 13,461,042,576 9,925,808,362 6,138,517,716 799,312,320 552,443,285
company
Generation Co., station
Ltd. construction.
Mining and
Shanxi Yudean Sharing
power 1,620,749,000 10,799,587,703 8,401,880,078 118,159,035 642,695,846 641,106,524
Energy Co., Ltd. company
generation
Acquirement and disposal of subsidiaries in the Reporting period
√ Applicable □ Not applicable
Way of acquiring and disposing of
Impact on the whole producing operation and
Company name subsidiary corporations within the
performance
reporting period
During the reporting period, During the reporting
period, Xinjiang company, as a regional
Guangdong Energy Group Xinjiang management platform, was in the stage of gradual
Invested
Co., Ltd. establishment and improvement, which had no
significant influence on the overall production,
operation and performance of the company.
During the reporting period, During the reporting
period, Zhuhai Yudean New Energy Project was in
Zhuhai Yudean New Energy Co., the preliminary stage, and the construction was not
Invested
Ltd. commenced, which had no significant influence on
the overall production, operation and performance
of the company.
During the reporting period, Tumushuke Yudean
Changhe New Energy Project was in the
Tumushuke Yudean Changhe New preliminary stage. and the construction was not
Invested
Energy Co., Ltd. commenced,which had no significant influence on
the overall production, operation and performance
of the company.
During the reporting period, Yunfu Yudean
Yunfu Yudean Zhenneng New Zhenneng New Energy Project was in the
Invested
Energy Co., Ltd. preliminary stage, and construction was started. It
is expected to be put into operation next year.
During the reporting period, the Zhonggong
Energy Technology Project was in the preliminary
Zhonggong Energy Technology stage. and the construction was not
Purchase
（Maoming）Co., Ltd. commenced,which had no significant influence on
the overall production, operation and performance
of the company.
Note
1. During the reporting period, due to the year-on-year decline in coal prices, the profitability of the company's
thermal power business gradually recovered;
2. Due to the increase of on-grid electricity in wind power business, the operating income has increased.
However, due to the end of trial operation of wind power projects such as in Yangjiang and Wuxuan, the
construction in progress has been converted into fixed assets and depreciated, and the net profit has decreased
year-on-year.
3. Benefiting from the decrease in coal prices, the joint stock company Guoneng Taishan Company's operating
performance has improved, and the company's investment income has increased by 55.79 million yuan year-on-
year, a growth rate of 101%; One of the sources of income for the participating company Shanxi Energy
Company is its investment income in coal mines. Due to the decrease in coal prices, Shanxi Energy Company's
23
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
profits have decreased year-on-year. Therefore, the company's investment income in Shanxi Energy Company
decreased by 22.45 million yuan year-on-year, a decrease of 8%.
IX．Structured vehicle controlled by the company
□ Applicable √ Not applicable
X. Risks facing the company and countermeasures
1. Operating results need to be further consolidated
This year, the overall fuel price showed a downward trend, and the profitability of the company's thermal
power business continued to recover, however some power plants were still in a state of continuous losses, and
the operating situation was not yet stable. At present, the company is in a critical period of "coping with the
peak in summer", and the fuel price trend in the second half of the year is still unclear, therefore it is uncertain
whether the company can further consolidate its operating results in the second half of the year.
Countermeasures: First, continue to promote the "accurate inventory" strategy, follow up the progress of
electricity and consumption in real time, adjust operating decisions in time, and further improve the level of fuel
management; Second, optimize the procurement structure, strengthen the management of coal blending, and
well ensure coal inventory management during peak coping in summer; Third, actively adapt to the changes in
the power marketing model, actively seek changes and take initiatives, improve the quality of marketing data
analysis and management, scientifically coordinate the company's electricity trading decisions, and actively
strive for more efficient electricity.
2. Safety management foundation needs to be strengthened
Some thermal power plants in the company have been running for a long time, and in the spot market
environment, the unit starts and stops frequently, and the equipment failure problem is increasingly notable,
which affects the reliability and economy of the safe operation of the unit; Some contractors do not pay enough
attention to work safety and have insufficient safety management ability, therefore the company's safety
management system needs to be further improved.
Countermeasures: First, strengthen the whole life cycle management and preventive management of
equipment, well ensure the maintenance quality and guarantee the stable and reliable operation of the unit;
Second, improve the construction of safety management system, strengthen the standardization construction of
work safety, and compile the guidance system documents; Third, strengthen the debugging guidance of
infrastructure projects, innovate management methods, strengthen contractor management, and ensure the safe
and high-quality production of the project; Fourth, carry out in-depth investigation and rectification of safety
hazards, continue to carry out special investigation and rectification actions of accident hazards, and strengthen
closed-loop management of hazards.
3. Pressure of power supply structure adjustment is high
With the gradual landing of China's carbon peaking and carbon neutrality target, thermal power will be
transformed from the main power supply to the basic power supply, and the proportion of new energy installed
will gradually increase By the end of June 2023, the installed capacity of the company's coal-fired power
holding accounted for 69.04%, with a high proportion. During the "Tenth Five-Year Plan" period, the company
has vigorously promoted the investment and construction of clean energy projects and continuously optimized
and adjusted the power supply structure. However, some new energy projects were affected by policies, markets
and other factors, and there were still great variables in whether they could finally be implemented.
24
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Countermeasures: First, adhere to the two-wheel drive of both independent development and merger and
acquisition, and both centralized development and distributed development, focus on the development of new
energy projects in Guangdong, Xinjiang, Hunan, Hebei and other regions, and expand the regional development
in Gansu, Shandong, Guangxi and Shanxi to strive for the project implementation; Second, fully promote the
construction progress of projects under construction; Third, strengthen the talent guarantee for high-quality
development, hold training courses on infrastructure project management, and improve the whole process
management ability of infrastructure project managers.
25
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
IV. Corporate Governance
I. Annual General Meeting and Provisional Shareholders’ Meetings in the Reporting Period
1.Annual General Meeting
Investor
Index to disclosed
Meeting Type participati Convened date Disclosure date
information
on ratio
Announcement No.:2023-
10). Published in
First Provisional
Provisional China Securities Daily,
Shareholders’
Shareholders’ 73.93% March 9,2023 March 10,2023 Securities Times , Shanghai
general meeting of
general meeting
2023 Securities News, Securities
Daily and
http//.www.cninfo.com.cn
Announcement No.:2022-
28). Published in
2022 Annual China Securities Daily,
Shareholders’ Shareholders’ 74.04% April 21,2023 April 22,2023 Securities Times , Shanghai
general meeting General Meeting
Securities News, Securities
Daily and
http//.www.cninfo.com.cn
2. Preferred stockholders restored voting rights to request to convene Provisional Shareholders’ Meeting.
□Applicable √ Not applicable
II. Changes in directors, supervisors and senior management staffs
√ Applicable □Not applicable
Name Positions Types Date Reason
Wang Jin Chairman Dimission February 22,2023 Job changes
Li Xiaoqing Director Dimission March 16,2023 Job changes
He Ruxin Director Elected April 21,2023
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.
26
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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
Environmental protection related policies and industry standards
The company and its subordinate units strictly abide by the "Environmental Protection Law of the People's
Republic of China", "Atmospheric Pollution Prevention and Control Law of the People's Republic of China",
"Water Pollution Prevention and Control Law of the People's Republic of China", "Law of the People's
Republic of China on the Prevention and Control of Environmental Pollution of Solid Waste", "Air Pollutant
Emission Standards for Thermal Power Plants" (GB13223), "Comprehensive Sewage Discharge Standards"
(GB8978) and other relevant laws, regulations and industry standards to carry out production and business
activities.
Environmental protection administrative licensing
The company and its subsidiaries all have obtained environmental protection administrative permits in
accordance with regulations, and the pollution discharge permits are currently within the validity period.
Main Emissi Exces
Main
Company pollutant Emissi on port sive
pollutant Emission Implemented Verified
or and on port distribu Total emissi
and specific Emission way concentrati pollutant emission total
subsidiary specific numbe tion emission on
pollutant on standards emission
name pollutant r conditi condit
type on ion
name
Concentrated Emission Standard of
Shajiao A Within
emission Air Pollutants for
power Air pollutant Smoke 1 the 1.64 13.32 121.90 No
through Thermal Power Plants
plant factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Shajiao A Within
emission Air Pollutants for
power Air pollutant SO2 1 the 14.52 118.13 426.65 No
through Thermal Power Plants
plant factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Shajiao A Within
emission Air Pollutants for
power Air pollutant NOX 1 the 29.50 240.02 609.50 No
through Thermal Power Plants
plant factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Within
Bohe emission Air Pollutants for
Air pollutant Smoke 2 the 1.77 27.47 71.50 No
company through Thermal Power Plants
factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Within
Bohe emission Air Pollutants for
Air pollutant SO2 2 the 13.73 180.24 973.5 No
company through Thermal Power Plants
factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Within
Bohe emission Air Pollutants for
Air pollutant NOX 2 the 37.57 359.16 1122.50 No
company through Thermal Power Plants
factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Dapu Within
emission Air Pollutants for
Power Air pollutant Smoke 2 the 4.54 40.50 593.00 No
through Thermal Power Plants
Plant factory
chimney (GB13223-2011)
Concentrated Within
Dapu Emission Standard of
Air pollutant SO2 emission 2 the 11.86 105.89 1447.00 No
Power through factory Air Pollutants for
27
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Plant chimney Thermal Power Plants
(GB13223-2011)
Concentrated Emission Standard of
Dapu Within
emission Air Pollutants for
Power Air pollutant NOX 2 the 40.56 362.24 1502.00 No
through Thermal Power Plants
Plant factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Within
Red Bay emission Air Pollutants for
Air pollutant Smoke 4 the 2.93 59.80 1512.00 No
company through Thermal Power Plants
factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Within
Red Bay emission Air Pollutants for
Air pollutant SO2 4 the 11.19 248.46 4851.00 No
company through Thermal Power Plants
factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Within
Red Bay emission Air Pollutants for
Air pollutant NOX 4 the 26.84 537.72 4851.00 No
company through Thermal Power Plants
factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Within
Jinghai emission Air Pollutants for
Air pollutant Smoke 4 the 2.31 76.22 341.20 No
company through Thermal Power Plants
factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Within
Jinghai emission Air Pollutants for
Air pollutant SO2 4 the 14.93 490.80 1728.40 No
company through Thermal Power Plants
factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Within
Jinghai emission Air Pollutants for
Air pollutant NOX 4 the 33.40 1097.00 2470.00 No
company through Thermal Power Plants
factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Maoming Within
emission Air Pollutants for
Power Air pollutant Smoke 2 the 1.01 11.52 168.12 No
through Thermal Power Plants
Plant factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Maoming Within
emission Air Pollutants for
Power Air pollutant SO2 2 the 14.02 165.07 385.51 No
through Thermal Power Plants
Plant factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Maoming Within
emission Air Pollutants for
Power Air pollutant NOX 2 the 28.98 318.68 751.82 No
through Thermal Power Plants
Plant factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Pinghai Within
emission Air Pollutants for
Power Air pollutant Smoke 2 the 2.75 46.05 346.00 No
through Thermal Power Plants
Plant factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Pinghai Within
emission Air Pollutants for
Power Air pollutant SO2 2 the 24.00 394.06 1670.00 No
through Thermal Power Plants
Plant factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Pinghai Within
emission Air Pollutants for
Power Air pollutant NOX 2 the 39.15 628.13 1731 No
through Thermal Power Plants
Plant factory
chimney (GB13223-2011)
Shaoguan Concentrated Emission Standard of
Within
emission
Power Air pollutant Smoke 2 the 2.40 Air Pollutants for 29.19 717.78 No
through
Generation factory Thermal Power Plants
chimney
28
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Plant (GB13223-2011)
Shaoguan Concentrated Emission Standard of
Within
Power emission Air Pollutants for
Air pollutant SO2 2 the 16.48 199.90 2303.55 No
Generation through Thermal Power Plants
factory
Plant chimney (GB13223-2011)
Shaoguan Concentrated Emission Standard of
Within
Power emission Air Pollutants for
Air pollutant NOX 2 the 37.56 451.92 2254.42 No
Generation through Thermal Power Plants
factory
Plant chimney (GB13223-2011)
Yunhe Concentrated Emission Standard of
Within
Power emission Air Pollutants for
Air pollutant Smoke 1 the 2.23 9.79 360.00 No
Generation through Thermal Power Plants
factory
Plant chimney (GB13223-2011)
Yudean
Concentrated Emission Standard of
Yunhe Within
emission Air Pollutants for
Power Air pollutant SO2 1 the 8.91 36.82 2400.00 No
through Thermal Power Plants
Generation factory
chimney (GB13223-2011)
Plant
Yunhe Concentrated Emission Standard of
Within
Power emission Air Pollutants for
Air pollutant NOX 1 the 41.03 162.66 2400 No
Generation through Thermal Power Plants
factory
Plant chimney (GB13223-2011)
Concentrated Emission Standard of
Within
Zhanjiang emission Air Pollutants for
Air pollutant Smoke 2 the 1.00 15.38 528.00 No
Electric through Thermal Power Plants
factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Within
Zhanjiang emission Air Pollutants for
Air pollutant SO2 2 the 14.00 165.73 1320.00 No
Electric through Thermal Power Plants
factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Within
Zhanjiang emission Air Pollutants for
Air pollutant NOX 2 the 37.00 449.44 1527.00 No
Electric through Thermal Power Plants
factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Within
Zhanjiang emission Air Pollutants for
Air pollutant Smoke 2 the 1.09 9.88 480.00 No
Zhongyue through Thermal Power Plants
factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Within
Zhanjiang emission Air Pollutants for
Air pollutant SO2 2 the 13.96 126.62 1200.00 No
Zhongyue. through Thermal Power Plants
factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Within
Zhanjiang emission Air Pollutants for
Air pollutant NOX 2 the 22.40 203.14 1078.00 No
Zhongyue through Thermal Power Plants
factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Within
Guangqian emission Air Pollutants for
Air pollutant NOX 3 the 10.24 71.84 1312.50 No
company through Thermal Power Plants
factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Huizhou Within
emission Air Pollutants for
Natural Air pollutant Smoke 6 the 0.28 4.57 242.61 No
through Thermal Power Plants
Gas factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Huizhou Within
emission
Natural Air pollutant NOX 6 the 27.90 Air Pollutants for 547.06 1774.98 No
through
Gas factory Thermal Power Plants
chimney
29
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
(GB13223-2011)
Concentrated Emission Standard of
Yuehua Within
emission Air Pollutants for
Power Air pollutant Smoke 2 the 0.22 2.49 81.80 No
through Thermal Power Plants
Generation factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Yuehua Within
emission Air Pollutants for
Power Air pollutant SO2 2 the 0.37 2.62 27.54 No
through Thermal Power Plants
Generation factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Yuehua Within
emission Air Pollutants for
Power Air pollutant NOX 2 the 38.53 224.38 1367.55 No
through Thermal Power Plants
Generation factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Xinhui Within
emission Air Pollutants for
Power Air pollutant Smoke 2 the 0.06 0.28 171.32 No
through Thermal Power Plants
Generation factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Xinhui Within
emission Air Pollutants for
Power Air pollutant SO2 2 the 0.07 0.31 90.00 No
through Thermal Power Plants
Generation factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Xinhui Within
emission Air Pollutants for
Power Air pollutant NOX 2 the 33.22 153.25 2208.00 No
through Thermal Power Plants
Generation factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Tumushuk Within
emission Air Pollutants for
e Thermo Air pollutant Smoke 1 the 2.48 19.68 135.00 No
through Thermal Power Plants
electric factory
chimney (GB13223-2011)
Tumushuk Concentrated Emission Standard of
Within
e Thermo emission Air Pollutants for
Air pollutant SO2 1 the 10.34 76.82 474.00 No
electric through Thermal Power Plants
factory
Co., Ltd chimney (GB13223-2011)
Concentrated Emission Standard of
Tumushuk Within
emission Air Pollutants for
e Thermo Air pollutant NOX 1 the 32.54 257.28 675.00 No
through Thermal Power Plants
electric factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Within
emission Air Pollutants for
Shajiao C Air pollutant Smoke 3 the 1.58 20.39 277.80 No
through Thermal Power Plants
chimney factory
(GB13223-2011)
Concentrated Emission Standard of
Within
emission Air Pollutants for
Shajiao C Air pollutant SO2 3 the 14.81 191.16 972.30 No
through Thermal Power Plants
factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Within
emission Air Pollutants for
Shajiao C Air pollutant NOX 3 the 33.00 425.94 1389.00 No
through Thermal Power Plants
factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Within
Huadu emission Air Pollutants for
Air pollutant Smoke 3 the 0.09 0.02 92.40 No
company through Thermal Power Plants
factory
chimney (GB13223-2011)
Concentrated Emission Standard of
Within
Huadu emission Air Pollutants for
Air pollutant SO2 3 the 0.037 0.49 6.70 No
company through Thermal Power Plants
factory
chimney (GB13223-2011)
30
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Concentrated Emission Standard of
Within
Huadu emission Air Pollutants for
Air pollutant NOX 3 the 30.54 202.30 586.60 No
company through Thermal Power Plants
factory
chimney (GB13223-2011)
Zhanjiang Concentrated Emission Standard of
Within
Biomass emission Air Pollutants for
Air pollutant Smoke 2 the 9.69 12.30 80.94 No
Power through Thermal Power Plants
factory
Generation chimney (GB13223-2011)
Zhanjiang Concentrated Emission Standard of
Within
Biomass emission Air Pollutants for
Air pollutant SO2 2 the 1.73 3.96 183.00 No
Power through Thermal Power Plants
factory
Generation chimney (GB13223-2011)
Zhanjiang Concentrated Emission Standard of
Within
Biomass emission Air Pollutants for
Air pollutant NOX 2 the 104.10 138.89 397.00 No
Power through Thermal Power Plants
factory
Generation chimney (GB13223-2011)
Treatment of contaminants
In the first half of 2023, the company steadily promoted the renovation project of replacing liquid ammonia
with urea, vigorously promoted the flow through renovation of large units, and increased investment in
desulfurization, denitrification, dust removal, and zero discharge wastewater equipment to reduce pollutant
emissions. During the reporting period, the company's various emission indicators were better than the industry
average. In addition, the company adheres to the goal of building a resource-saving and environmentally
friendly enterprise, and actively promotes the upgrading and renovation of existing coal-fired power generation
units in a planned and step-by-step manner by formulating and implementing measures to improve energy
consumption management, optimize operation, manage equipment, and improve maintenance technology,
striving to reduce the emission intensity of coal-fired units.
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.
Investment in environmental governance and protection and payment of environmental protection tax
In the first half of 2023, The company purchased desulfurization and denitration materials totaling about
127.74 million yuan,The company paid environmental protection tax of 7.14 million yuan.
Environmental self-monitoring program
During the reporting period, the affiliated power generation enterprises of the company disclosed
31
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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
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 the first half of 2023, the company installed 67,500 kilowatts of new energy, all of which are of
photovoltaic projects, which is estimated to contribute clean energy by about 126 million kWh every year, save
standard coal by about 39,300 tons of and reduce carbon dioxide emissions by about 105,800 tons, which is
equivalent to rebuilding 267 hectares of forest. It is of great significance to optimize the regional energy
structure and layout and promote the company to build a clean, low-carbon, safe and efficient energy system. In
order to implement the requirements of the State Council's Notice on the Comprehensive Work Plan for Energy
Conservation and Emission Reduction in the 14th Five-Year Plan (GF [2021] No.33) and other documents,
vigorously promote the energy conservation and emission reduction of coal-fired power units, promote the
clean and low-carbon transformation of the power industry, and help achieve the goal of peak emission and
carbon neutrality as scheduled, the company has formulated the implementation plan for energy conservation
and emission reduction in the 14th Five-Year Plan based on the actual situation.
Other information related to environmental protection
None
The company shall comply with the disclosure requirements of power-related industries in the Guideline No.3
for Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure.
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 2023, 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 127.74 million.
2. In the first half of 2023, the standard coal consumption of the company's thermal power plant was
299.59g/kWh, the sulfur dioxide emission performance value was 0.035g/kWh, the nitrogen oxide emission
performance value was 0.097g/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 99.17%; the
average operation rate of denitration device of 99.83%, with an average denitration efficiency of 89.37%; and
32
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
the operation rate of dry dedusting device of 99.96%, with an average dedusting efficiency of 99.88%.
Information related to environmental accidents of the listed company
In the first half of 2023, there were no environmental accidents in the company.
II. Social responsibilities
1. Jinghai company helped Jishui Geshan Village
In the first half of 2023, Jinghai Power Generation company earnestly fulfilled its social responsibilities, always
kept in mind the responsibility of state-owned enterprises, actively give full play to the resource advantages of
state-owned enterprises, and promoted activities such as targeted poverty alleviation, education donation and
love donation based on the actual situation of Geshan Village; mobilized all cadres and employees to donate
more than RMB 30,000 to help local afforestation and greening actions; assisted the local authorities in fire
rescue and maritime search and rescue; and actively cooperated with the Geshan Village Committee to carry out
"rural revitalization" activities in various forms, with donations totaling more than RMB 10,000.
2. Red Bay company helped Jishui Village in Bawan Town
Red Bay Power Generation company has carried out solid assistance work in the town, and actively introduced
China Energy Engineering Group Guangdong Electric Power Design Institute Co.,Ltd. to design and build roof
photovoltaic power generation project of Jishui Village Committee, which is expected to increase the economic
income of Jishui Village by about RMB 20,000 per year. In addition, the company made full use of the rural
revitalization assistance fund of RMB 180,000 to build a video monitoring system in Jishui Village to help
solve the problem of people's safe construction in Jishui Village.
3. Yunhe Power Generation company helped Yaogu Town in Yunfu City
Yunhe Power Generation company organized the "630" donation campaign for poverty alleviation, and the
donations were fully used to invest in the rural revitalization of Yaogu Town, mainly for the improvement and
restoration of farmland irrigation canals. At the same time, the company actively promoted the Yaogu 33MW
Photovoltaic Compound Project. At present, it has completed the inquiry for land selection and signed a letter of
intent for land lease, and signed a cooperation framework agreement with the government. This project is
conducive to promoting local economic development and helping rural revitalization.
4. Zhanjiang Wind Power company helped Jinhe Town in Xuwen County
Zhanjiang Wind Power company has given full play to the technical experience advantages of state-owned
energy enterprise in project development and construction, production and operation management, and used the
resource endowment and policy support of Jinhe Town to vigorously promote the development and construction
of new energy projects such as offshore wind power, energy storage and photovoltaic power, and create a
demonstration and model for deepening the rural energy revolution and helping to realize rural revitalization
according to local conditions.
5. Zhanjiang Biomass Power Generation company helped Gangmen Town
Zhanjiang Biomass Power Generation company has given full play to the social benefits of "benefiting the
people and benefiting farmers", put forward a real and feasible fuel purchase and sale plan to its helped villages
and towns in combination with the actual situation of the company's rural revitalization station, defined the
biomass fuel suppliers to purchase the agricultural and forestry biomass fuels for its helped villages and towns,
and increased the employment and income of farmers in the villages and towns. At the same time, it sent
technicians to provide technical guidance on the processing and storage of biomass fuels in the helped villages
and towns for many times, so as to improve farmers' operating skills and work efficiency.
6. Dabu Power Plant helped 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 actively promote rural revitalization in Jinghai Town, Huilai County, Jieyang City. On the
Guangdong Poverty Alleviation Day in 2023, the company actively carried out an activity to help rural
revitalization, and raised a total of RMB 61,200 to support rural revitalization.
33
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
7. Shaoguan Power Plant helped Ruyuan Dongping Town
In the first half of 2023, Shaoguan Power Generation company actively promoted the development of local
industries in Dongping Town and assisted the local introduction of Chinese herbal medicines; extended the tea
industry chain and built a new tea processing factory; increased the investment in ginger industry and built a
ginger brand. At the same time, the company's trade union actively carried out consumer assistance
procurement activities to broaden the sales of local agricultural and sideline products and increase farmers'
income. Up to now, the total expenses on assistance have reached more than RMB 75,000, effectively solving
the problem of increasing farmers' income and laying a solid foundation for the industrial revitalization of
Dongping Town.
34
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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.
35
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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
36
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Related party Relationship Maximum Deposit Beginni The amount incurred
daily deposit interest rate ng
limitd（Ten range balance Total deposit Total amount Ending
thousand （Ten amount of withdrawn in balance
yuan） thousan the current the current （Ten
d period（Ten period（Ten thousand
yuan） thousand thousand yuan）
yuan） yuan）
Controlled by
Guangdong
Guangdong
Energy Group 1,300,000 0.2%-0.25% 874,062 5,961,534 5,906,505 929,091
Energy
Co., Ltd.
Group
Loan business
Related party Relationship Beginning The amount incurred
balance
（Ten Total Ending
Loan Total loan
limit thousand repayment balance
Loant interest amount for
（Ten yuan） amount of （Ten
rate range the current
thousand this period thousand
period（Ten
yuan） （Ten yuan）
thousand
thousand
yuan）
yuan）
Guangdong Controlled by
Energy Group Guangdong 3,700,000 2.65%-4.06% 990,809 488,980 482,111 997,678
Co., Ltd. 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 Co., Controlled by Guangdong
Credit 3,700,000 997,678
Ltd. Energy Group
6. Transactions with related finance company controlled by the company
□ Applicable √ Not applicable
No such cases in the reporting period.
7. Other significant related-party transactions
√ Applicable □Not applicable
(1) In order to improve the efficiency of capital use, the 12th meeting of the Tenth Board of Directors of the
company deliberated on February 20, 2023, and agreed that Guangdong Yudean Bohe Energy Co., Ltd. would
reduce the capital of the phase I power plant project and the wharf project by no more than RMB 3.103 billion,
and by reduction in capital contribution of the same proportion for shareholders.
（ 2 ） 2023 daily related transactions were carried out after examination and approval by 2023 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.
（3）On February 20, 2023, the 12th meeting of the Tenth Board of Directors of the company deliberated and
passed the Proposal on Daily Related Transactions between the company and Guangdong Energy Group Co.,
Ltd., the Proposal on Signing the "Financial Services Framework Agreement" with Guangdong Energy Group
Finance Co., Ltd. and the Proposal on Signing the "Financial Leasing Cooperation Framework Agreement" with
37
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Guangdong Energy Finance Leasing Co., Ltd., and the above related transactions were deliberated and passed
by the first extraordinary general meeting of shareholders in 2023.
（4）In order to improve the power supply guarantee capacity, increase the scale of advanced clean coal-fired
power and promote the company's sustainable development, the first communication meeting of the Tenth
Board of Directors of the company in 2023 deliberated and passed the Proposal on Investment in the Expansion
Project of Units 5 and 6 (2×1000MW) in Shanwei Power Plant Phase II on March 15, 2023, and agreed that
Guangdong Red Bay Power Generation Co., Ltd. would invest in the expansion project of Units 5 and 6 in
Shanwei Power Plant Phase II. The construction scale of the project is two 1 million kilowatt ultra-supercritical
secondary reheat coal-fired power units, with the total dynamic investment controlled within RMB 7,864.37
million, and the capital is set at RMB 1,572.87 million according to 20% of the total dynamic investment. The
company needs to contribute about RMB 1,022.37 million according to the 65% equity ratio, and the fund
demand other than capital is solved by bank financing.
（5）In order to protect the interests of the company and its holding subsidiary Pinghai Power Plant, the 13th
meeting of the Tenth Board of Directors of the company deliberated and agreed on March 30, 2023 that Pinghai
Power Plant and Huizhou LNG Co., Ltd. would sign a compensation agreement, and Huizhou LNG company
would pay compensation of RMB 177,384,900 to Pinghai Power Plant.
Website for temporary disclosure of the connected transaction
Announcement Date of disclosure Website for disclosure
Announcement on the related party transaction of Guangdong Yudean
February 22,2023 http//www.cninfo.com.cn.
Bohe Energy Co., Ltd reducing its capital
Estimates announcement of the Daily Related Party Transactions of
February 22,2023 http//www.cninfo.com.cn.
2023
Announcement of Related Transactions on Signing of the Financial
Services Framework Agreement, Framework Agreement on
February 22,2023 http//www.cninfo.com.cn.
Financing Leasing Cooperation and Framework Agreement on
Cooperation in Insurance and Risk Management Services
Announcement of Resolutions of the First provisional shareholders'
March 10,2023 http//www.cninfo.com.cn.
general meeting of 2023
Announcement on the investment and construction of Shanwei Power
Plant Unit 5 and Unit 6 (2×1000MW) expansion project namely the March 16,2023 http//www.cninfo.com.cn.
related transaction
Announcement on Related Party Transactions of The Compensation
Agreement signed between Pinghai Power Plant and Huizhou LNG April 1,2023 http//www.cninfo.com.cn.
Co., Ltd.
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 2023, the company confirmed a custody income of RMB
38
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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
As the lessee, the company has incurred a rental fee of RMB 14,334,456 in 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.
2.Significant Guarantees
√Applicable □ Not applicable
In RMB 10,000
39
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Guarantee of the company for the controlling subsidiaries (Exclude controlled subsidiaries)
Relev
ant
Guarant
Na disclo Date of
Am ee
me sure happeni
ount for
of date/ ng Actual Complete
of Guarantee Guaranty（If associat
the No. of (Date of mount of Counter-guarantee（If any） Guarantee term implementation
Gua type any） ed
com the signing guarantee or not
rant parties
pan guara agreeme
ee (Yes or
y nteed nt)
no)
amou
nt
Gua
ngd
ong
Octob Guangdong Yudean Yangjiang
Ene Novemb Guaranteein
er 200, Offshore wind power Co., Ltd.
rgy er 194,736 g of joint No 23 years and 9 months No Yes
29,20 000 provides joint and several liability
Gro 19,2020 liabilities.
20 guarantee counter-guarantee
up
Co.,
Ltd.
Total amount
of approved
Total actually amount of
external
0 external guarantee in the -5,264
guarantee in
report period(A2)
the report
period(A1)
Total amount
of approved
Total actually amount of
external
external guarantee at the
guarantee at 425,459 194,736
end of the report
the end of the
period(A4)
report
period(A3)
Guarantee of the company for its subsidiaries
Relev Compl Gu
Date of
ant Amount ete ara
Name of happening Actual
disclo of Counter-guarantee implem nte
the (Date of mount of Guarantee type Guaranty（If any） Guarantee term
sure Guarant （If any） entatio e
company signing guarantee
date/N ee n for
agreement)
o. of or not ass
40
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
the oci
guaran ate
teed d
amoun par
t ties
(Y
es
or
no)
Zhanjiang
Wind April
October
Power 29,200 18,572 4,703 Guaranteeing of joint No No 18 years No No
9,2010
Generation 9
Co., Ltd.
The duration of each
issue of corporate b
onds under the regist
Guangdong ration approval of G
Augus
Wind uangdong Wind Pow
t September
Power 200,000 60,000 Guaranteeing of joint No No er Generation Co., L No No
31,202 26,2022
Generation td. will end on the da
2
Co., Ltd. y that is two years af
ter the latest due dat
e of the corporate bo
nd.
Total of guarantee for
Total of actual guarantee for subsidiaries in the
subsidiaries approved 0 59,831
period (B2)
in the period(B1)
Total of guarantee for
Total of actual guarantee for subsidiaries at
subsidiaries approved 441,536 64,703
period-end(B4)
at period-end(B3)
Guarantee of the subsidiaries for the controlling subsidiaries
Relevan
t Guarant
Na Date of
disclosu Am ee
me happeni
re ount for
of ng Actual Guaranty（If Complete
date/No. of Guarant associat
the (Date of mount of Counter-guarantee（If any） Guarantee term implementation
of Gua ee type any） ed
com signing guarantee or not
the rant parties
pan agreeme
guarante ee (Yes or
y nt)
ed no)
amount
41
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
The company’s total guarantee(i.e.total of the first three main items)
Total
guarantee
quota
approved Total amount of guarantee actually
in the 0 incurred in the reporting period 54,567
reporting
period （A2+B2+C2）
（ A1+B1+
C1）
Total
guarante
e quota
already
approve
Total balance of the actual guarantee at
d at the
866,995 the end of the reporting period 259,439
end of
（A4+B4+C4）
the
reporting
period
（A3+B
3+C3）
The proportion of the total amount of actually guarantee in the net assets of the
12.26%
company (that is A4+B4+C4）%
Including：
Amount of guarantees provided
for shareholders, the actual
194,736
controller and their related
parties (D)
Amount of debt guarantees
provided directly or indirectly
60,000
for entities with a liability-to-
asset ratio over 70% (E)
Proportion of total amount of 0
42
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
guarantee in net assets of the
company exceed 50%（F）
Total amount of the three kinds
254,736
of guarantees above (D+E+F)
Explanations on possibly
bearing joint and several
No
liquidating responsibilities for
undue guarantees (if any)
Explanations on external
guarantee against regulated No
procedures (if any)
43
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
3. Finance management on commission
□Applicable √ Not applicable
No such cases in the reporting period.
4. Other significant contract
□ Applicable √ Not applicable
No such cases in the reporting period.
XIII. Explanation on other significant events
□ Applicable √ Not applicable
No such cases in the reporting period.
XIV. Significant event of subsidiary of the company
□ Applicable √ Not applicable
44
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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 Bonu
Capitalizatio
on Share s Subtot Proporti
n of common Other Quantity
allotment share al on
reserve fund
s
I. Share with conditional
1,897,963,287 36.15% 1,000 1,897,964,287 36.15%
subscription
1. State-owned shares
2. State-owned legal person
1,893,374,517 36.06% 0 1,893,374,517 36.06%
shares
3.Other domestic shares 4,588,770 0.09% 1,000 4,589,770 0.09%
Of which ： Domestic legal
3,535,770 0.07% 0 3,535,770 0.07%
person shares
Domestic natural person
1,053,000 0.02% 1,000 1,054,000 0.02%
shares
4.Foreign shares
Of which ： Foreign legal
person shares
Foreign natural person shares
II. Shares with unconditional
3,352,320,699 63.85% -1,000 3,352,319,699 63.85%
subscription
1.Common shares in RMB 2,553,912,699 48.64% -1,000 2,553,911,699 48.64%
2.Foreign shares in domestic
798,408,000 15.21% 0 798,408,000 15.21%
market
3.Foreign shares in foreign
market
4.Other
III. Total of capital shares 5,250,283,986 100% 0 5,250,283,986 100%
Reasons for share changed
√ Applicable □ Not applicable
In March, 2023, Mr. Wang Jin, the former chairman of the company, purchased 1,000 A shares of the
company, and these A shares have been converted into executive lock-in shares, therefore the number of
restricted shares of the company has correspondingly increased.
Approval of Change of Shares
□Applicable √Not applicable
Ownership transfer of share changes
□Applicable √Not applicable
Progress on any share repurchase:
□ Applicable √ Not applicable
Progress on reducing the repurchased shares by means of centralized bidding:
□ Applicable √ Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable
to common shareholders of company in latest year and period
□ Applicable √ Not applicable
Other information necessary to disclose for the company or need to disclosed under requirement from security
regulators
□ Applicable √Not applicable
45
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
2. Change of shares with limited sales condition
√ Applicable □ Not applicable
In Shares
Number of Number of
Number of Number of
restricted restricted
restricted restricted Reasons for Release date of
Shareholder shares in shares at the
shares at the shares released sales restriction sales restriction
increased this end of the
beginning in this period
period period
Executive
September
Wang Jin 0 0 1,000 1,000 lock-in
2023
shares
Total 0 0 1,000 1,000 -- --
II. Securities issue and listing
□ Applicable √Not applicable
III. Number of shareholders and shareholding
In Shares
Total number of preferred
Total number of common
shareholders at the end of the shareholders that had restored the voting
101,889 0
right at the end of the reporting period (if
reporting period
any) (note 8)
Particulars about shares held above 5% by shareholders or top ten shareholders
Number of
Proport share
Nature of ion of Number of Changes in Amount of Amount of un- pledged/froz
Shareholders sharehold shares shares held at reporting restricted restricted en
er held period -end period shares held shares held State
Amo
（%） of
unt
share
State-
owned
Guangdong Energy Group Co., Ltd. 67.39% 3,538,037,181 0 1,893,374,517 1,644,662,664
legal
person
State-
Guangzhou Development Group Co., owned
2.22% 116,693,602 0 0 116,693,602
Ltd. legal
person
State-
Guangdong Electric Power owned
1.80% 94,367,341 0 0 94,367,341
Development Corporation legal
person
Domestic
ICBC－Bank of Communications Non-State
Schroders trend preferred hybrid owned 0.94% 49,150,299 -1,443,100 0 49,150,299
securities investment fund legal
person
Domestic
Zheng Jianxiang Natural 0.50% 26,234,500 0 0 26,234,500
person
VANGUARD TOTAL Overseas
INTERNATIONAL STOCK INDEX Legal 0.30% 15,855,512 0 0 15,855,512
FUND person
Overseas
HKSCC Legal 0.29% 15,306,333 4,672,711 0 15,306,333
person
46
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
CHINA INTERNATIONAL Overseas
CAPITAL CORPORATION HONG Legal 0.29% 15,216,066 0 0 15,216,066
KONG SECURITIES LTD person
Domestic
Bank of Communications Co., Ltd－ Non-State
Yongying long-term value hybrid owned 0.26% 13,556,677 13,556,677 0 13,556,677
securities investment fund legal
person
Overseas
NOMURA SINGAPORE LIMITED Legal 0.24% 12,599,843 0 0 12,599,843
person
Strategy investors or general legal
person becomes top 10 shareholders
Not applicable
due to rights issued (if applicable)
（See Notes 3）
The Third largest shareholder Guangdong Electric Power Development Corporation is the
Explanation on associated
wholly-owned subsidiaries of the largest shareholder Energy Group. These two companies
relationship among the aforesaid
have relationships; whether the other shareholders have relationships or unanimous acting
shareholders
was unknown
Above shareholders entrusting or
entrusted with voting rights, or Not applicable
waiving voting rights
Top 10 shareholders including the
special account for repurchase (if Not applicable
any) (see note 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－Bank of Communications Schroders trend preferred RMB Common
49,150,299 49,150,299
hybrid securities investment fund shares
Foreign shares
Zheng Jianxiang 26,234,500 placed in domestic 26,234,500
exchange
Foreign shares
VANGUARD TOTAL INTERNATIONAL STOCK INDEX
15,855,512 placed in domestic 15,855,512
FUND
exchange
RMB Common
HKSCC 15,306,333 15,306,333
shares
Foreign shares
CHINA INTERNATIONAL CAPITAL CORPORATION
15,216,066 placed in domestic 15,216,066
HONG KONG SECURITIES LTD
exchange
Bank of Communications Co., Ltd－Yongying long-term RMB Common
13,556,677 13,556,677
value hybrid securities investment fund shares
Foreign shares
NOMURA SINGAPORE LIMITED 12,599,843 placed in domestic 12,599,843
exchange
The Third largest shareholder Guangdong Electric Power
Explanation on associated relationship or consistent action
Development Corporation is the wholly-owned subsidiaries of the
among the top 10 shareholders of non-restricted negotiable
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 or
restricted negotiable shares and top 10 shareholders
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-
47
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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
Number
Number of Number Number
of shares Number Number Number restricted of of
held at of shares of shares of shares shares restricted restricted
Employm the increased reduced held at granted at shares shares
Name Position
ent status beginning in this in this the end of the granted in granted at
of the period period the period beginning this the end of
period (shares) (shares) (shares) of the period the period
(shares) period (shares) (shares)
(shares)
Wang Jin Chairman Dimission 0 1,000 0 1,000 0 0 0
Total -- -- 0 1,000 0 1,000 0 0 0
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.
48
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
VIII. Situation of the Preferred Shares
□Applicable √Not applicable
The company had no preferred shares in the reporting period
49
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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 10,000
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
Public Issuance of Corporate yearly basis, regardless of
Bonds to Qualified Investors in compound interest. Due Shenzhen
2020 (Phase I) of Guandong 20 Yudean
149113.SZ April 29,2020 April 29,2020 April 29,2023 0 2.45% payments once a year, maturing Stock
Electric Power Development 01
debt at a time. In the final Exchange
Co.,Ltd.
phase, interest is paid together
with the principal redemption.
Using simple interest rate on a
Public Issuance of Corporate yearly basis, regardless of
Bonds to Qualified Investors in compound interest. Due Shenzhen
2021 (Phase I) of Guandong 21 Yudean
149369.SZ January 27,2021 January 27,2021 January 27,2024 100,000 3.57% payments once a year, maturing Stock
Electric Power Development 01
debt at a time. In the final Exchange
Co.,Ltd.
phase, interest is paid together
with the principal redemption.
Public Issuance of Corporate Using simple interest rate on a
Shenzhen
Bonds to Qualified Investors in 21Yudean yearly basis, regardless of
149418.SZ April 28,2021 April 28,2021 April 28,2026 150,000 3.50% Stock
2021 (Phase II) of Guandong 02 compound interest. Due Exchange
Electric Power Development payments once a year, maturing
50
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Co.,Ltd. debt at a time. In the final
phase, interest is paid together
with the principal redemption.
Using simple interest rate on a
Public Issuance of Corporate yearly basis, regardless of
Bonds to Professional Investors compound interest. Due Shenzhen
21Yedean
in 2021 (Phase I) of Guandong 149711.SZ November 24,2021 November 24,2021 November 24,2026 80,000 3.41% payments once a year, maturing Stock
03
Electric Power Development debt at a time. In the final Exchange
Co.,Ltd. phase, interest is paid together
with the principal redemption.
Using simple interest rate on a
Public Issuance of Corporate yearly basis, regardless of
Bonds to Professional Investors compound interest. Due Shanghai
21Pinghai
in 2021 (Phase I) of Guandong 188197.SH June 4,2021 June 4,2021 June 5,2023 0 3.57% payments once a year, maturing Stock
01
Huizhou Pinghai Power debt at a time. In the final exchange
Generation Co.,Ltd. phase, interest is paid together
with the principal redemption.
Using simple interest rate on a
Public Issuance of Green
yearly basis, regardless of
Corporate Bonds to
compound interest. Due
professional Investors in G23 上海证券交易
115042.SH March 21,2023 March 21,2023 March 21,2028 60,000 3.15% payments once a year, maturing
2023(phase I)(Variety 2) of Yuefeng 2 所
debt at a time. In the final
Guangdong Wind Power
phase, interest is paid together
Generation Co., Ltd.
with the principal redemption.
During the reporting period, interest payment situation
20 Yudean 01, 21 Yudean 01,21 Yudean 02, 21 Yudean 03, 21 Pinghai 01 and G23 Yuefeng 2 are bonds for professional investors.
of the company bonds（If any）
Applicable trading mechanism Matching transaction, click transaction, inquiry transaction, bidding transaction, negotiation transaction
Whether there are risks and countermeasures for termina
No
ting listing transactions（If any)
Overdue and outstanding bonds
□ Applicable √ Not applicable
51
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
2. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor
√ Applicable □ Not applicable
1. Some bonds of the company have option clauses, as follows:
Bond codes: 149113.SZ and 149418.SZ
Bond abbreviation: 20 Yudean 01, 21 Yudean 02, G23 Yuefeng 2
Types of terms included in bonds: adjustment of coupon rate option and resale option
Trigger and implementation of option clause: During the reporting period, 20 Yudean 01 triggered the option
clause. From March 28, 2023 to March 30, 2023, the company issued three suggestive announcements on the
implementation measures of coupon rate non-adjustment and investors' resale. After the company issued the
announcement of coupon rate non-adjustment, investors exercised the resale option, and the registered scale of
resale was RMB 1 billion. After the resale, the balance of 20 Yudean 01 was RMB 0.00 billion, and 20 Yudean
01 was not resold. During the reporting period, 21 Yudean 02 and G23 Yuefeng 2 did not reach the exercise
period and thus did not trigger the option clause.
2. Some bonds of the company have investor protection clauses, as follows:
Bond code: 149711.SZ
Bond abbreviation: 21 Yudean 03
Types of terms included in bonds: the issuer's commitment to debt repayment safeguards and remedies for
negative matters
Trigger and implementation of investor protection clauses: The trigger and implementation of investor
protection clauses were not involved in the reporting period.
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.G23 Yuefeng 2 set up credit enhancement measures, and Guangdong
Electric Power Development Co., Ltd. provided full and unconditional irrevocable joint liability guarantee.
(2). Debt repayment plan and other debt repayment guarantee measures: 20 Yudean 01, 21 Yudean 01, 21 Yudean
02, 21 Yudean 03 , 21 Pinghai 01 and G3 Yuefeng 2 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.
52
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
III. Debt financing instruments of non-financial enterprises
√ Applicable □ Not applicable
1. Debt financing instruments of non-financial enterprises
In RMB10,000
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 compound interest.
2021 MTN (Phase I) of
21Yudean Due payments once a year, maturing Interbank
Guangdong Electric Power 102101339.IB July 19,2021 July 21,2021 July 21,2024 120,000 3.17%
Fa MTN001 debt at a time. In the final phase, market
Development Co., Ltd.
interest is paid together with the
principal redemption.
Using simple interest rate on a yearly
basis, regardless of compound interest.
2021 MTN (Phase II) of
21Yudean November November November Due payments once a year, maturing Interbank
Guangdong Electric Power 102102318.IB 220,000 3.13%
Fa MTN002 15,2021 17,2021 17,2024 debt at a time. In the final phase, market
Development Co., Ltd.
interest is paid together with the
principal redemption.
Using simple interest rate on a yearly
basis, regardless of compound interest.
2022 MTN (Phase I) of
22Yudean August Due payments once a year, maturing Interbank
Guangdong Electric Power 102281929.IB August 24,2022 August 26,2022 60,000 2.90%
Fa MTN001 26,2027 debt at a time. In the final phase, market
Development Co., Ltd.
interest is paid together with the
principal redemption.
Using simple interest rate on a yearly
basis, regardless of compound interest.
2023 MTN (Phase I) of
23Yudean Due payments once a year, maturing Interbank
Guangdong Electric Power 102380558.IB March 15,2023 March 17,2023 March 17,2028 160,000 3.35%
Fa MTN001 debt at a time. In the final phase, market
Development Co., Ltd.
interest is paid together with the
principal redemption.
Guangdong Electric Power
Development Co., Ltd. Co., 22Yudean December December One time repayment of principal and Interbank
012284265.IB June 7,2023 0 2.34%
Ltd.2022 III phase Ultra-short Fa SCP001 9,2022 12,2022 interest due market
term financing bills
Guangdong Electric Power 22Yudean December December One time repayment of principal and Interbank
012284408.IB March 23,2023 0 2.52%
Development Co., Ltd. Co., Fa SCP001 22,2022 23,2022 interest due market
53
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Ltd.2022 IV phase Ultra-short
term financing bills
Guangdong Electric Power
Development Co., Ltd. Co., 23 Yudean January One time repayment of principal and Interbank
012382809.IB July 25,2023 July 26,2023 100,000 2.13%
Ltd.2023 I phase Ultra-short term Fa SCP004 19,2024 interest due market
financing bills
Using simple interest rate on a yearly
MTN (Phase I) (Sustainable basis, regardless of compound interest.
lingged)of Guangdong Pinghai 21 Pinghai October Due payments once a year, maturing Interbank
102102049.IB October 15,2021 October 15,2021 30,000 3.72%
Power Generation Plant Co., Fa MTN001 15,2024 debt at a time. In the final phase, market
Ltd.of 2021 interest is paid together with the
principal redemption.
During the reporting period, interest payment situation of the company bonds（If any） No
Circulation and transfer in the national inter-bank bond market, its listing and circulation will
Applicable trading mechanism be carried out in accordance with the relevant regulations promulgate d by the National
Interbank Funding Center
Whether there are risks and countermeasures for terminating listing transactions（If any) No
54
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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, 21Yudeanfa MTN002, 22 Yudeanfa MTN001,23 Yudeanfa MTN001, 22 Yudeanfa
SCP003, 22 Yudeanfa SCP004, 23 Yudeanfa SCP001 and 21 Pinghaifadian 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 0.65 0.61 6.56%
Debt ratio 79.68% 78.09% 1.59%
Quick ratio 0.54 0.50 8%
At the same time rate of
Amount of this period Amount of last period
change
Net profit after deducting
116,044 -215,202 153.92%
non-recurring profit and loss
EBITDA total debt ratio 5% 1.30% 3.70%
Time interest earned ratio 2.06 -1.02 301.96%
Cash interest guarantee times 2.74 1.43 91.61%
EBITDATime interest earned
4.12 1.01 307.92%
ratio
Repayment of debt (%) 100% 100% 0%
Payment of interest (%) 100% 100% 0%
55
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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 30,2023 January 1, 2023
Current asset：
Monetary fund 11,460,379,577 11,503,523,618
Settlement provision
Outgoing call loan
Transactional financial assets
Derivative financial assets
Notes receivable 0 2,644,300
Account receivable 9,558,894,828 7,578,636,244
Financing of receivables
Prepayments 1,228,183,965 1,534,982,252
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts
receivable
Other account receivable 883,366,006 934,784,152
Including：Interest receivable
Dividend receivable 63,000,000 0
Repurchasing of financial assets
Inventories 3,802,053,813 3,376,868,100
Contract assets 2,734,346 4,910,263
Assets held for sales
Non-current asset due within 1 year
Other current asset 1,178,237,288 875,605,805
Total of current assets 28,113,849,823 25,811,954,734
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 9,605,680,568 9,198,053,183
Other equity instruments investment 2,876,076,288 3,058,071,054
Other non-current financial assets
Property investment 360,857,662 365,285,301
56
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Fixed assets 60,196,257,908 62,400,175,057
Construction in progress 20,885,138,482 11,768,828,161
Production physical assets
Oil & gas assets
Use right assets 7,878,833,005 7,352,044,966
Intangible assets 3,400,937,354 3,346,735,496
Development expenses
Goodwill 128,097,553 128,097,553
Long-germ expenses to be amortized 90,035,118 109,485,746
Deferred income tax asset 1,456,242,534 1,478,552,898
Other non-current asset 8,020,757,450 6,606,518,552
Total of non-current assets 114,898,913,922 105,811,847,967
Total of assets 143,012,763,745 131,623,802,701
Current liabilities
Short-term loans 19,934,368,075 16,261,444,860
Loan from Central Bank
Borrowing funds
Transactional financial liabilities
Derivative financial liabilities
Notes payable 527,784,041 1,495,778,076
Account payable 6,415,882,387 5,938,254,013
Advance receipts 177,384,900
Contract liabilities 5,882,384 4,960,974
Selling of repurchased financial assets
Deposit taking and interbank deposit
Entrusted trading of securities
Entrusted selling of securities
Employees’ wage payable 674,865,470 447,421,417
Tax payable 547,959,808 302,484,915
Other account payable 9,533,190,429 9,403,658,031
Including：Interest payable
Dividend payable 9,771,322 28,324,843
Fees and commissions payable
Reinsurance fee payable
Liabilities held for sales
Non-current liability due within 1 year 4,608,565,363 3,975,249,970
Other current liability 736,111,250 4,174,850,374
Total of current liability 43,161,994,107 42,004,102,630
Non-current liabilities：
Reserve fund for insurance contracts
Long-term loan 52,742,165,795 42,860,932,628
Bond payable 8,794,096,175 9,094,489,909
Including：preferred stock
Sustainable debt
Lease liability 7,617,307,100 6,870,820,017
Long-term payable 516,662,974 666,297,028
Long-term remuneration payable to staff 401,840,324 429,265,269
Expected liabilities
Deferred income 135,006,557 142,292,215
Deferred income tax liability 533,414,068 584,586,563
Other non-current liabilities 51,028,167 129,428,167
Total non-current liabilities 70,791,521,160 60,778,111,796
Total of liability 113,953,515,267 102,782,214,426
Owners’ equity
Share capital 5,250,283,986 5,250,283,986
Other equity instruments
57
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Including：preferred stock
Sustainable debt
Capital reserves 4,253,434,839 4,257,046,505
Less：Shares in stock
Other comprehensive income 1,507,857,924 1,629,837,957
Special reserve 72,720,957 520,379
Surplus reserves 8,903,515,135 8,903,515,135
Common risk provision
Retained profit 1,165,628,290 309,089,657
Total of owner’s equity belong to the
21,153,441,131 20,350,293,619
parent company
Minority shareholders’ equity 7,905,807,347 8,491,294,656
Total of owners’ equity 29,059,248,478 28,841,588,275
Total of liabilities and owners’ equity 143,012,763,745 131,623,802,701
Legal representative ：Zheng Yunpengn
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 30,2023 January 1,2023
Current asset：
Monetary fund 553,451,238 879,381,053
Transactional financial assets
Derivative financial assets
Notes receivable
Account receivable 167,605,261 191,716,383
Financing of receivables
Prepayments 26,550,356 26,568,272
Other account receivable 190,190,441 568,099,765
Including：Interest receivable
Dividend receivable 63,000,000
Inventories 219,221,846 85,079,898
Contract assets
Assets held for sales
Non-current asset due within 1 year
Other current asset 6,913,557 1,198,615
Total of current assets 1,163,932,699 1,752,043,986
Non-current assets：
Debt investment
Other investment on bonds
Long-term receivable 1,220,000,000 1,160,000,000
Long term share equity investment 41,741,067,754 41,709,796,167
Other equity instruments investment 2,875,276,288 3,057,271,054
Other non-current financial assets
Property investment 4,800,851 5,118,650
Fixed assets 297,935,932 340,983,004
Construction in progress 1,052,786 1,052,786
Production physical assets
Oil & gas assets
Use right assets 3,375,709 6,443,720
Intangible assets 75,199,685 77,808,432
Development expenses
58
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Goodwill
Long-germ expenses to be amortized 1,207,492 1,595,480
Deferred income tax asset
Other non-current asset 136,500,000 218,100,000
Total of non-current assets 46,356,416,497 46,578,169,293
Total of assets 47,520,349,196 48,330,213,279
Current liabilities
Short-term loans 5,240,948,290 3,522,986,272
Transactional financial liabilities
Derivative financial liabilities
Notes payable
Account payable 143,136,149 169,028,547
Advance receipts
Contract Liabilities
Employees’ wage payable 134,780,493 115,457,391
Tax payable 533,118 17,655,588
Other account payable 49,716,679 60,615,999
Including：Interest payable
Dividend payable 0 9,771,322
Liabilities held for sales
Non-current liability due within 1 year 1,752,394,671 751,166,231
Other current liability 19,280,991 3,525,551,274
Total of current liability 7,340,790,391 8,162,461,302
Non-current liabilities：
Long-term loan 4,801,000,000 4,498,800,000
Bond payable 7,894,990,268 8,794,981,607
Including：preferred stock
Sustainable debt
Lease liability 388,148 610,527
Long-term payable
Long-term remuneration payable to staff 76,074,603 76,074,603
Expected liabilities
Deferred income 9,996,202 9,996,202
Deferred income tax liability 474,943,496 520,442,187
Other non-current liabilities
Total non-current liabilities 13,257,392,717 13,900,905,126
Total of liability 20,598,183,108 22,063,366,428
Owners’ equity
Share capital 5,250,283,986 5,250,283,986
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 4,834,675,772 4,834,675,772
Less：Shares in stock
Other comprehensive income 1,513,097,136 1,640,520,684
Special reserve
Surplus reserves 8,903,515,135 8,903,515,135
Retained profit 6,420,594,059 5,637,851,274
Total of owners’ equity 26,922,166,088 26,266,846,851
Total of liabilities and owners’ equity 47,520,349,196 48,330,213,279
3.Consolidated Income statement
In RMB
Items The first half year of 2023 The first half year of 2022
59
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
I. Income from the key business 28,340,840,884 22,611,239,733
Incl：Business income 28,340,840,884 22,611,239,733
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 27,463,198,020 25,527,998,725
Incl：Business cost 25,157,909,557 23,114,184,606
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 102,835,985 72,015,381
Sales expense 35,592,377 30,460,050
Administrative expense 553,789,310 477,955,874
R & D costs 466,613,651 752,324,970
Financial expenses 1,146,457,140 1,081,057,844
Including：Interest expense 1,192,393,983 1,135,329,167
Interest income 53,610,047 66,355,499
Add: Other income 26,146,147 35,193,072
Investment gain（“-”for loss） 636,141,107 589,691,504
Incl: investment gains from affiliates 518,414,902 498,927,895
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 -567,735 1,728,699
Impairment loss of assets -5,052,018
Assets disposal income -1,988,902 31,707,133
III. Operational profit（“-”for loss） 1,532,321,463 -2,258,438,584
Add ：Non-operational income 20,730,339 8,866,265
Less: Non-operating expense 16,425,087 19,957,360
IV. Total profit(“-”for loss) 1,536,626,715 -2,269,529,679
Less：Income tax expenses 365,380,562 -151,269,999
V. Net profit 1,171,246,153 -2,118,259,680
(I) Classification by business
continuity
1.Net continuing operating profit 1,171,246,153 -2,118,259,680
2.Termination of operating net profit
(II) Classification by ownership
1.Net profit attributable to the owners of
856,538,633 -1,371,743,904
parent company
2.Minority shareholders’ equity 314,707,520 -746,515,776
VI. Net after-tax of other comprehensive
-121,980,033 84,349,552
income
Net of profit of other comprehensive inc
-121,980,033 84,349,552
ome attributable to owners of the parent
company.
（I）Other comprehensive income items
that will not be reclassified into
-121,980,033 84,349,552
gains/losses in the subsequent accounting
period
1.Re-
measurement of defined benefit plans of
60
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
changes in net debt or net assets
2.Other comprehensive income under the
equity method investee can not be reclas 14,516,041 0
sified into profit or loss.
3. Changes in the fair value of
-136,496,074 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 will 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
Net of profit of other comprehensive inc
ome attributable to Minority
shareholders’ equity
VII. Total comprehensive income 1,049,266,120 -2,033,910,128
Total comprehensive income attributable
734,558,600 -1,287,394,352
to the owner of the parent company
Total comprehensive income
314,707,520 -746,515,776
attributable minority shareholders
VIII. Earnings per share
（I）Basic earnings per share 0.1631 -0.2613
(II)Diluted earnings per share 0.1631 -0.2613
Legal representative ：Zheng Yunpeng
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 2023 The first half year of 2022
I. Income from the key business 778,009,618 549,224,797
Incl：Business cost 796,227,119 798,118,470
Business tax and surcharge 1,587,079 1,314,970
Sales expense 1,083,086 1,181,738
Administrative expense 61,472,571 54,984,849
R & D expense 13,701,303 13,572,929
Financial expenses 316,774,799 180,748,898
Including：Interest expenses 318,584,536 182,898,115
Interest income 3,854,894 3,986,671
Add：Other income 933,974 496,298
Investment gain（“-”for loss） 1,194,924,087 652,477,745
Including: investment gains from affiliates 473,105,895 450,257,095
Financial assets measured at amortized cost cease to be
61
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
recognized as income
Net exposure hedging income
Changing income of fair value
Credit impairment loss -58,935 -59,342
Impairment loss of assets
Assets disposal income
II. Operational profit（“-”for loss） 782,962,787 152,217,644
Add ：Non-operational income 108,406 1,763,961
Less：Non -operational expenses 328,408 65,307
III. Total profit(“-”for loss) 782,742,785 153,916,298
Less：Income tax expenses
IV. Net profit 782,742,785 153,916,298
1.Net continuing operating profit 782,742,785 153,916,298
2.Termination of operating net profit
V. Net after-tax of other comprehensive income -127,423,548 -93,817,727
（I）Other comprehensive income items that will not be
reclassified into gains/losses in the subsequent accounting -127,423,548 -93,817,727
period
1.Re-
measurement of defined benefit plans of changes in net de
bt or net assets
2.Other comprehensive income under the equity method i
9,072,526
nvestee can not be reclassified into profit or loss.
3. Changes in the fair value of investments in other equity
-136,496,074 -93,817,727
instruments
4. Changes in the fair value of the company’s credit risks
5.Other
(II)Other comprehensive income that will be reclassified i
nto profit or loss
1.Other comprehensive income under the equity method i
nvestee can 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
VI. Total comprehensive income 655,319,237 60,098,571
VII. Earnings per share
（I）Basic earnings per share 0.1491 0.0293
(II)Diluted earnings per share 0.1491 0.0293
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 rending of services 29,849,801,755 25,418,678,331
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
62
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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 126,494,026 1,779,253,397
Other cash received from business operation 232,786,939 264,049,592
Sub-total of cash inflow 30,209,082,720 27,461,981,320
Cash paid for purchasing of merchandise and services 24,754,414,595 25,271,904,394
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 1,195,727,767 1,089,329,670
Taxes paid 917,215,517 692,608,470
Other cash paid for business activities 621,354,825 616,497,296
Sub-total of cash outflow from business activities 27,488,712,704 27,670,339,830
Net cash generated from /used in operating activities 2,720,370,016 -208,358,510
II. Cash flow generated by investing
Cash received from investment retrieving 0 623,034
Cash received as investment gains 234,329,364 240,403,213
Net cash retrieved from disposal of fixed assets, intangible
180,038,182 1,643,618,096
assets, and other long-term assets
Net cash received from disposal of subsidiaries or other
operational units
Other investment-related cash received 0 300,000
Sub-total of cash inflow due to investment activities 414,367,546 1,884,944,343
Cash paid for construction of fixed assets, intangible assets
9,792,986,742 4,446,188,809
and other long-term assets
Cash paid as investment 386,489,722 346,822,910
Net increase of loan against pledge
Net cash received from subsidiaries and other operational
units
Other cash paid for investment activities
Sub-total of cash outflow due to investment activities 10,179,476,464 4,793,011,719
Net cash flow generated by investment -9,765,108,918 -2,908,067,376
III.Cash flow generated by financing
Cash received as investment 105,993,820 133,484,514
Including: Cash received as investment from minor
105,993,820 133,484,514
shareholders
Cash received as loans 30,489,894,292 18,884,583,500
Other financing –related cash received
Sub-total of cash inflow from financing activities 30,595,888,112 19,018,068,014
Cash to repay debts 20,776,673,221 12,110,573,262
Cash paid as dividend, profit, or interests 1,345,062,517 1,025,673,784
Including: Dividend and profit paid by subsidiaries to minor
80,892,229 25,174,599
shareholders
Other cash paid for financing activities 1,468,279,614 20,793,683
Sub-total of cash outflow due to financing activities 23,590,015,352 13,157,040,729
Net cash flow generated by financing 7,005,872,760 5,861,027,285
IV. Influence of exchange rate alternation on cash and cash
370 485
equivalents
V.Net increase of cash and cash equivalents -38,865,772 2,744,601,884
Add: balance of cash and cash equivalents at the beginning
11,433,808,500 8,023,116,939
of term
VI ..Balance of cash and cash equivalents at the end of term 11,394,942,728 10,767,718,823
63
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
6. Cash Flow Statement of the Parent Company
In RMB
Items The first half year of 2023 The first half year of 2022
I.Cash flows from operating activities
Cash received from sales of goods or rending of services 906,093,635 664,254,583
Tax returned 4,169,908 25,152,420
Other cash received from business operation 43,706,151 566,054,241
Sub-total of cash inflow 953,969,694 1,255,461,244
Cash paid for purchasing of merchandise and services 933,058,819 799,187,397
Cash paid to staffs or paid for staffs 125,818,320 133,850,000
Taxes paid 24,128,293 8,275,389
Other cash paid for business activities 58,329,630 318,144,283
Sub-total of cash outflow from business activities 1,141,335,062 1,259,457,069
Net cash generated from /used in operating activities -187,365,368 -3,995,825
II. Cash flow generated by investing
Cash received from investment retrieving 2,716,018,959
Cash received as investment gains 792,311,002 301,487,457
Net cash retrieved from disposal of fixed assets, intangible assets,
7,540 11,796,295
and other long-term assets
Net cash received from disposal of subsidiaries or other
operational units
Other investment-related cash received
Sub-total of cash inflow due to investment activities 3,508,337,501 313,283,752
Cash paid for construction of fixed assets, intangible assets and
2,225,723 3,607,272
other long-term assets
Cash paid as investment 1,943,373,129 925,694,710
Net cash received from subsidiaries and other operational units
Other cash paid for investment activities
Sub-total of cash outflow due to investment activities 1,945,598,852 929,301,982
Net cash flow generated by investment 1,562,738,649 -616,018,230
III. Cash flow generated by financing
Cash received as investment
Cash received as loans 4,699,632,000 3,539,536,458
Other financing –related ash received
Sub-total of cash inflow from financing activities 4,699,632,000 3,539,536,458
Cash to repay debts 6,099,000,000 1,800,000,000
Cash paid as dividend, profit, or interests 298,701,528 176,305,840
Other cash paid for financing activities 3,087,340 6,248
Sub-total of cash outflow due to financing activities 6,400,788,868 1,976,312,088
Net cash flow generated by financing -1,701,156,868 1,563,224,370
IV. Influence of exchange rate alternation on cash and cash
370 485
equivalents
V.Net increase of cash and cash equivalents -325,783,217 943,210,800
Add: balance of cash and cash equivalents at the beginning of term 875,157,652 707,707,282
VI ..Balance of cash and cash equivalents at the end of term 549,374,435 1,650,918,082
64
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
7. Consolidated Statement on Change in Owners’ Equity
Amount in this period
In RMB
The first half year of 2023
Owner’s equity Attributable to the Parent Company
Other Equity Less
Items instrument : Comm Minor Total of
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 stoc on
stock ble debt
k
5,250,283, 4,257,046, 1,629,837,9 8,903,515, 200,668,51 20,241,872, 8,480,658, 28,722,530,
I.Balance at the end of last year 520,379
986 505 57 135 7 479 277 756
108,421,14 108,421,14 119,057,51
Add: Change of accounting policy 10,636,379
0 0 9
Correcting of previous errors
Merger of entities under common
control
Other
II.Balance at the beginning of current 5,250,283, 4,257,046, 1,629,837,9 8,903,515, 309,089,65 20,350,293, 8,491,294, 28,841,588,
520,379
year 986 505 57 135 7 619 656 275
- -
72,200,5 856,538,63 803,147,51 217,660,20
III.Changed in the current year -3,611,666 121,980,03 585,487,30
78 3 2 3
3 9
-
856,538,63 734,558,60 314,707,52 1,049,266,1
（1）Total comprehensive income 121,980,03
3 0 0 20
3
- -
（ II ） Investment or decreasing of
-3,611,666 -3,611,666 860,988,92 864,600,59
capital by owners
7 3
- -
1．Ordinary Shares invested by shareho
864,600,59 864,600,59
lders
3 3
2．Holders of other equity instruments i
nvested capital
3 ． Amount of shares paid and
accounted as owners’ equity
4．Other -3,611,666 -3,611,666 3,611,666 0
65
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
-
（III）Profit allotment -62,338,708
62,338,708
1.Providing of surplus reserves
2.Providing of common risk provisions
3 ． Allotment to the owners (or -
-62,338,708
shareholders) 62,338,708
4．Other
(IV) Internal transferring of owners’
equity
1. Capitalizing of capital reserves (or to
capital shares)
2. Capitalizing of surplus reserves (or to
capital shares)
3 ． Making up losses by surplus
reserves.
4.Change amount of defined benefit
plans that carry forward
Retained earnings
5．Other comprehensive income carry-
over retained earnings
6．Other
72,200,5
(V). Special reserves 72,200,578 23,132,806 95,333,384
78
165,514, 165,514,23 229,518,27
1. Provided this year 64,004,036
235 5 1
- -
-
2．Used this term 93,313,6 -93,313,657 134,184,88
40,871,230
57 7
（VI）Other
5,250,283, 4,253,434, 1,507,857,9 72,720,9 8,903,515, 1,165,628, 21,153,441, 7,905,807, 29,059,248,
IV. Balance at the end of this term
986 839 24 57 135 290 131 347 478
Amount in last year
In RMB
The first half year of 2022
Owner’s equity Attributable to the Parent Company
Other Equity Less Minor Total of
Items Comm
instrument : Other Speciali shareholde owners’
Share Capital Surplus on risk Retained Oth
Preferr Shar Comprehen zed Subtotal rs’ equity equity
Capital Oth reserves reserves provisi profit er
ed Sustaina es in sive Income reserve
er on
stock ble debt stoc
66
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
k
5,250,283, 4,276,952, 1,750,011,5 8,903,515, 3,205,422, 23,386,185, 9,581,317, 32,967,502,
I.Balance at the end of last year
986 183 71 135 561 436 106 542
Add: Change of accounting policy 84,938,618 84,938,618 7,255,746 92,194,364
Correcting of previous errors
Merger of entities under common
control
Other
II.Balance at the beginning of current 5,250,283, 4,276,952, 1,750,011,5 8,903,515, 3,290,361, 23,471,124, 9,588,572, 33,059,696,
year 986 183 71 135 179 054 852 906
- - - -
-
III.Changed in the current year -93,817,726 1,371,743, 1,488,080,7 605,977,33 2,094,058,0
22,519,076
904 06 6 42
- - - -
（1）Total comprehensive income -93,817,726 1,371,743, 1,465,561,6 746,515,77 2,212,077,4
904 30 6 06
（ II ） Investment or decreasing of - 165,672,60 143,153,53
-22,519,076
capital by owners 22,519,076 9 3
1．Ordinary Shares invested by shareho 145,026,31 145,026,31
lders 1 1
2．Holders of other equity instruments i
nvested capital
3 ． Amount of shares paid and
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
2.Providing of common risk provisions
3 ． Allotment to the owners (or -
-25,134,169
shareholders) 25,134,169
4．Other
(IV) Internal transferring of owners’
equity
1. Capitalizing of capital reserves (or to
capital shares)
2. Capitalizing of surplus reserves (or to
capital shares)
3 ． Making up losses by surplus
67
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
reserves.
4.Change amount of defined benefit
plans that carry forward
Retained earnings
5 ．Other comprehensive income carry-
over retained earnings
6．Other
(V). Special reserves
1. Provided this year
2．Used this term
（VI）Other
5,250,283, 4,254,433, 1,656,193,8 8,903,515, 1,918,617, 21,983,043, 8,982,595, 30,965,638,
IV. Balance at the end of this term
986 107 45 135 275 348 516 864
8.Statement of change in owner’s Equity of the Parent Company
Amount in this period
In RMB
The first half year of 2023
Other Equity instrument
Less:
Items Other
Capital Share Specialize Surplus Retained Othe Total of
Share capital Preferre Othe Comprehensiv
Sustainabl reserves s in d reserve reserves profit r owners’ equity
d stock r e Income
e debt stock
5,250,283,98 4,834,675,77 8,903,515,13 5,637,851,27 26,266,846,85
I.Balance at the end of last year 1,640,520,684
6 2 5 4 1
Add: Change of accounting policy
Correcting of previous errors
Other
5,250,283,98 4,834,675,77 8,903,515,13 5,637,851,27 26,266,846,85
II.Balance at the beginning of current year 1,640,520,684
6 2 5 4 1
III.Changed in the current year 0 0 -127,423,548 0 782,742,785 655,319,237
（I）Total comprehensive income -127,423,548 782,742,785 655,319,237
(II) Investment or decreasing of capital by
owners
1．Ordinary Shares invested by shareholders
2．Holders of other equity instruments invested c
apital
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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
5 ． Other comprehensive income carry-over
retained earnings
6．Other
(V) Special reserves
1. Provided this year 7,488,180 7,488,180
2．Used this term -7,488,180 -7,488,180
（VI）Other
5,250,283,98 4,834,675,77 8,903,515,13 6,420,594,05 26,922,166,08
IV. Balance at the end of this term 1,513,097,136
6 2 5 9 8
Amount in last year
In RMB
The first half year of 2022
Other Equity instrument
Less:
Items Other
Capital Share Specialize Surplus Retained Othe Total of
Share Capital Preferre Othe Comprehensiv
Sustainabl reserves s in d reserve reserves profit r owners’ equity
d stock r e Income
e debt stock
5,250,283,98 4,834,039,57 8,903,515,13 6,585,377,38 27,337,637,38
I.Balance at the end of last year 1,764,421,309
6 5 5 4 9
Add: Change of accounting policy
Correcting of previous errors
Other
II.Balance at the beginning of current year 5,250,283,98 4,834,039,57 1,764,421,309 8,903,515,13 6,585,377,38 27,337,637,38
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
6 5 5 4 9
III.Changed in the current year 0 0 0 0 0 0 -93,817,727 0 0 153,916,298 0 60,098,571
（I）Total comprehensive income -93,817,727 153,916,298 60,098,571
(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
（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
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 6,739,293,68 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 2 0
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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. 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 controller 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. For the Consolidation scope changed of the Group, please refer to VIII
The financial statement has been approved for issue by the company’s Board of Directors on August 29,2023.
For the Consolidation scope changed of the Group, please refer to VIII and IX(Equity in other entities
IV.Basis for the preparation of financial statements
1.Basis for the preparation
The financial statements are prepared in accordance with the Accounting Standard for Business Enterprises -
Basic Standard, and the specific accounting standards and other relevant regulations issued by the Ministry of
Finance on 15 February 2006 and in subsequent periods (hereafter collectively referred to as “the Accounting
Standard for Business Enterprises” or “CAS”), and “Information Disclosure Rule No. 15 for Companies with
Public Traded Securities - Financial Reporting General Provision” issued by China Security Regulatory
Commission.
2. Continuous operation.
As at 30 June 2023, the Group’s net current liabilities amounted to RMB 15.048 billion, capital
commitments amounted to RMB 28.754 billion, among which the amount expected to be settled within one year
was RMB 14.873 billion. Therefore, the group is to some extent exposed to liquidity risk. The reasons for net
current liabilities were that the group is in a period of rapid development, and there is a match problem in the
investment and financing terms and the significant rise of coal prices from 2021 to 2022
In view of the above, the Board of Directors of the company has carefully considered the Group's future
working capital, operating conditions and available financing sources when assessing the Group's ability to
continue as a going concern. The Group has formulated the following plans and measures to reduce pressure of
working capital and improve its financial position:
(i) The Group maintains good relations of long-term cooperation with financial institutions (including the
company’s associate Guangdong Energy Group Finance Co., Ltd. (“Energy Group Finance company”) and
Guangdong Energy Finance Leasing company (“Energy Finance Leasing company”)) in order to obtain
sufficient financing credit lines. As at 30 June 2023, the Group’s available credit line and approved debt
insurance from financial institutions amounted to approximately RMB 97.045 billion, with RMB 16.889 billion
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
from Energy Group Finance company, RMB 10.004 billion million from Energy Finance Leasing company,
RMB 56.352 billion from other commercial banks, RMB 1.4 billion of corporate debentures approved for
issuance by the CSRC and RMB 7.4 billion of quota of medium-term notes financing obtained after the
registration in the Interbank Market in China. Among the Group’s available credit line from financial
institutions, approximately RMB 7.275 billion is due before 30 June 2024. In view of the Group’s business
operation as well as good and long-term cooperative relationships with financial institutions, management
expected the credit line due could be renewed for another 12 months.
The Board of Directors of the company has reviewed the Group's cash flow forecasting for July 1,2023 to
June 30,2024 prepared by management. The cash flow forecasting is based on management's judgements and
assumptions regarding a number of future events and is subject to the successful completion of a series of plans
and measures planned and being implemented by the Group, including: (1) The Group will continuously
monitor the financial indicators of its subsidiaries and improve the operation and financing structure of its
subsidiaries through various measures, including but not limited to providing financing support and capital
injection, so that the subsidiaries within the Group can continue to meet the requirements of the borrowing
agreements in foreseeable future; (2) the Group can continue to meet the conditions of existing bank financing
and obtain necessary borrowing renewals and new borrowings, including financing from Energy Group Finance
company and Energy Finance Leasing company, and it can successfully conduct external financing by issuing
corporate debentures, medium-term notes, and ultra-short-term financing bonds when necessary; and (3) the
Group will obtain more favourable long-term electricity price and effective adoption to lower fuel procurement
costs so as to improve operating cash flows. Taking into full consideration of the above measures being
implemented or planned by the Group, management believes that the Group can obtain sufficient funds to pay
its operating expenses, capital commitment within one year and repay its matured debt obligations within the
next 12 months from 1 July 2023. Therefore, management believes that it is appropriate to prepare these
financial statements on a going concern basis.
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(39)), deferred tax assets and deferred tax liabilities (Note 5(41)), etc.
Details of the Group's critical judgements used in determining significant accounting policies are set forth in
Note 5(44).
1.Complying with the statements in Accounting Standards for Business Enterprises
The financial Report and statements are prepared with compliance to the requirement of the Enterprise
Accounting Standard. They reflect the financial position as of June 30, 2023 as well as the business performance
and cash flow situation in the first half of 2023 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, 2023 to 6 months ended June
30,2023.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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,
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
73
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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
The Group is in a period of rapid development, and there is a certain mismatch in the investment and financing
period. It refers to an arrangement jointly controlled by two or more participants. The Group divides joint
venture arrangements into joint ventures and joint ventures based on the rights and obligations they enjoy and
undertake. Joint operation refers to a joint venture arrangement in which the group enjoys the assets related to
the arrangement and bears the liabilities related to the arrangement. Joint venture refers to a joint venture
arrangement in which the Group only has rights to the net assets of the arrangement.
The Group's investments in joint ventures are accounted for using the equity method and are treated in
accordance with the accounting policies described in "V (22) Long term Equity Investments" in this note. The
group does not involve joint operations.
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.
74
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
(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
75
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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
76
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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
Not applicable
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..
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(e) Amortization methods of low-value consumables
Low-value consumables are amortized in full amount.
16.Contract assets
See Note V (10) Financial Instruments for details.
17.Contract costs
Not applicable
18.Held-for-sale assets
Not applicable
19.Creditor's rights investment
Not applicable
20.Other Creditor's rights investment
Not applicable
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
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For long-term equity investments accounted for using the cost method, they are measured at the initial investment
costs, and cash dividends or profit distribution declared by the investees are recognised as investment income in
profit or loss.
For long-term equity investments accounted for using the equity method, where the initial investment cost exceeds
the Group’s share of the fair value of the investee’s identifiable net assets at the time of acquisition, the
investment is initially measured at cost. Where the initial investment cost is less than the Group’s share of the fair
value of the investee’s identifiable net assets at the time of acquisition, the difference is included in profit or loss
for the current period and the cost of the long-term equity investment is adjusted accordingly.
For long-term equity investments accounted for using the equity method, the Group recognises the investment
income or losses according to its share of net profit or loss of the investee. The Group discontinues recognising its
share of net losses of an investee after the carrying amount of the long-term equity investment together with any
long-term interests that, in substance, form part of the investor’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.
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The Group adopts the cost model for subsequent measurement of investment properties. Buildings and land use
rights are depreciated or amortized 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% to5% 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
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 to 30 years 0% to5% 3.17% to 20%
Transportation Straight-line method 5 to 10 years 0% to5% 9.50% to 20%
equipment
Other equipment Straight-line method 5 to 22 years 0% to 5% 4.32% to20%
Except for fixed assets purchased using work safety funds, other 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.
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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)).
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.
(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 capitalized
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 capitalization 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. Capitalization 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
capitalization, the amount of borrowing costs eligible for capitalization 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 capitalization period.
For the general borrowings obtained for the acquisition or construction of a fixed asset qualifying for
capitalization, the amount of borrowing costs eligible for capitalization 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.
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27.Biological Assets
Not applicable
28.Oil & Gas assets
Not applicable
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
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.
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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.
(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 capitalized 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. Capitalized 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
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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
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 amortized on the straight-line basis over the
expected beneficial period and are presented at actual expenditure net of accumulated amortization.
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
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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 organized 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:
— 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
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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
liabilities.
37. Share payment
Not applicable
38. Other financial instruments such as preferred stocks and perpetual bonds
Not applicable
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.
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(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
40.Government grants
Government grants refer to the monetary or non-monetary assets obtained by the Group from the government,
including tax return, financial subsidy and etc. Government grants are recognised when the grants can be
received and the Group can comply with all attached conditions. If a government grant is a monetary asset, it will
be measured at the amount received or receivable. If a government grant is a non-monetary asset, it will be
measured at its fair value. If it is unable to obtain its fair value reliably, it will be measured at its nominal amount.
Government grants related to assets refer to government grants which are obtained by the Group for the purposes
of purchase, construction or acquisition of the long-term assets. Government grants related to income refer to the
government grants other than those related to assets. Government grants related to assets are recorded as deferred
income and recognised in profit or loss on a systemic basis over the useful lives of the assets. Government grants
related to income that compensate the incurred costs, expenses or losses are recognised in profit or loss.
Government grants related to income that compensate future costs, expenses or losses are recorded as deferred
income and recognised in profit or loss in reporting the related costs, expenses or losses; government grants
related to income that compensate incurred costs, expenses or losses are recognised in profit or loss directly in
the current period.
The Group applies the presentation method consistently to the similar government grants in the financial
statements.
Government grants that are related to ordinary activities are included in operating profit, otherwise, they are
recorded in non-operating income or expenses.
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
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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
according to a certain proportion of the sales amount is included in the rental income when it actually occurs.
For the rent concessions agreed on existing lease contracts, the Group applies the practical expedient to account
for the concessions as variable lease payments and record the concessions in profit or loss during the waiving
period when the Group selects the simplified method.
Except that the above contract changes prescribed by the Ministry of Finance that can be used the simplified
method, for a lease modification, the Group accounts for it as a new lease from the effective date of the
modification, and considers any lease payments received in advance and receivable relating to the lease before
modification as receivables of the new lease.
（2）Accounting treatment of financing leasing
See Note V (29)
43. Other significant accounting policies and estimates
Other significant accounting policies：
Work safety funds
Subsidiaries of the Group engaged in power generation business shall appropriate work safety funds based on
the actual revenue in the previous year and at the following percentages:
3% for the proportion of revenue up to RMB 10 million in the previous year;
1.5% for the proportion of revenue between RMB 100 million and RMB 1 billion in the previous year;
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
1% for the proportion of revenue between RMB 100 million and RMB 1 billion in previous year;
0.8% for the proportion of revenue between RMB 1 billion and RMB 5 billion in the previous year;
0.2% for the proportion of revenue exceeding RMB 10 billion in the previous year.
the previous year.
Work safety funds are mainly used for the improvement, modification and maintenance of safety protection
facilities, as well as safety production inspection, evaluation, consultation, standardised construction, etc. Work
safety funds are recognised in profit or loss as the "Special reserve" item for the current period when
appropriated. When using the special reserve, if the expenditures are expenses in nature, the expenses incurred
are offset against the special reserve directly when incurred. If the expenditures are capital expenditures, when
projects are completed and transferred to fixed assets, the special reserve should be offset against the cost of
fixed assets, and a corresponding accumulated depreciation is recognised. Such fixed assets are not depreciated
in subsequent periods.
Carbon emission use rights
Categorised as an Enterprise with High Emissions, the Group needs to fulfill its emission reduction obligations
and recognise carbon emission related assets and expenditures per relevant regulations:
(i) The present obligations incurred by the Group in fulfilling its emission reduction obligations are measured at
the best estimate of the expenditure required and recognised as other payables and non-operating expenses.
(ii) The Group purchases carbon emission allowances and recognises related carbon emission rights assets
based on the cost paid or payable at the acquisition date, and the balance is included in other current assets; the
Group makes no accounting treatment for carbon emission allowances purchased at nil consideration;
(iii) The Group uses the purchased carbon emission allowances to fulfil its emission reduction obligations and
recognises the book balance of the allowances used as a reduction of carbon emission rights assets; the Group
makes no accounting treatment if it uses carbon emission allowances purchased at nil consideration to fulfil its
obligations;
(iv) The Group sells carbon emission allowances and recognises related non-operating income or non-operating
expenses based on the difference between the amount received or receivable at the date of sale and the book
balance of the allowances sold
Segment information
The Group identifies operating segments based on the internal organisation structure, management requirements
and internal reporting system, and discloses segment information of reportable segments which is determined
on the basis of operating segments.
An operating segment is a component of the Group that satisfies all of the following conditions: (a) the
component is able to earn revenue and incur expenses from its ordinary activities; (b) 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 (c) for which the information on financial position, operating results
and cash flows is available to the Group. Two or more operating segments that have similar economic
characteristics and satisfy certain conditions can be 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)Critical judgements in applying the accounting policies
(i) Classification of financial assets
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Significant judgements made by the Group in the classification of financial assets include analysis on business
models and contractual cash flow characteristics.
The Group determines the business model for financial asset management at the level of different groups, and
factors to be considered include the methods of evaluation on financial asset performance and reporting of
financial asset performance to key management personnel, risks affecting financial asset performance and
management methods for such risks, the ways in which related business management personnel are remunerated,
etc.
When assessing whether contractual cash flow characteristics of financial assets are consistent with basic
lending arrangement, key judgements made by the Group include: the possibility of changes in timing or
amount of the principal during the duration due to reasons such as early repayment; whether interest only
include time value of money, credit risks, other basic lending risks and considerations for costs and profits. For
example, whether the amount of prepayment only reflects the principal outstanding and the interest based on the
principal outstanding, as well as the reasonable compensation due to the early termination of the contract.
(ii) Determination of significant increase in credit risk
When the Group classifies financial instruments into different stages, its criteria for significant increase in credit
risk and credit-impaired are as follows:
Judgement of the Group for significant increase in credit risk is mainly based on whether one or more of the
following indicators changed significantly: business environment of the debtor, internal and external credit
rating, significant changes in actual or expected operating results, significant decrease in value of collateral or
credit rate of guarantor, etc.
Judgement of the Group on the occurred credit impairment is mainly based on whether it meets one or more of
the following conditions: the debtor is suffering significant financial difficulties, engaged in other debt
restructuring, or it is probable that the debtor will enter bankruptcy, etc.
(iii) Timing of revenue recognition
With regard to sale of electricity to grid companies, the Group supplies electricity to grid companies in
accordance with the contract. Thereafter, the grid companies have the right to sell electricity and the discretion
in pricing, and take the risks of any price fluctuation or loss of the products. The Group believes that the grid
companies obtain control over electric power upon the receiving of the electric power. Therefore, revenue is
recognised upon the receiving of the electric power of grid companies.
(b) Critical accounting estimates and key assumptions
(i) Assessment on impairment of fixed assets
A fixed asset is tested for impairment by the Group if there is any indication that it may be impaired at the
balance sheet date by calculating and comparing the recoverable amount of the fixed asset with its carrying
amount to check the difference. 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 asset 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. The determination of the recoverable amount involves 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 disposals 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
The calculation of the present value of future cash flows involves management’s significant estimates and
judgements, including the discount rate, the growth rate of the estimated on-grid electricity price, the growth
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
rate of the estimated electricity sale and the varability rate of the estimated price of coal used in power
generation. Changes in these assumptions 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 ECL
The Group calculates ECL through exposure at default and ECL rates, and determines the ECL rates based on
probability of default and loss given default. In determining the ECL rates, 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 and parameters related to the estimation of ECL include the risk of
economic downturn, external market environment, technological environment, changes in customer conditions,
Gross Domestic Product (“GDP”) and Consumer Price Index (“CPI”), etc. The Group regularly monitors and
reviews assumptions and parameters related to the calculation of ECL
(iii) Income taxes and deferred income taxes
The Group is subject to income taxes 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 tax in each of these jurisdictions. Where the
final tax outcomes of these matters are different from the amounts that were initially recorded, such differences
will impact the income tax and deferred income tax provisions in the period in which such determination is
made.
As stated in Note 6, 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.
A deferred tax asset is recognised for the carryforward of unused deductible losses to the extent that it is
probable that future taxable profits will be available against which the deductible losses can be utilised. Future
taxable profits include taxable profits that can be achieved through normal operations and the increase in
taxable profits due to the reversal of taxable temporary differences arising from previous period in future period.
The Group determines the future taxable profits based on the future financial forecast, which requires
management’s significant estimates and judgements, including the estimated electricity sale, estimated on-grid
electricity price, the estimated price of coal used in power generation and other operating expenses. If there is
any difference between the actual and the estimates, adjustment may be made to the carrying amount of
deferred tax assets.
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
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Since January 1, 2023, the Group has
implemented the relevant provisions in
Interpretation No.16 that the deferred
income tax related to assets and
liabilities arising from a single
transaction is not applicable to the initial
recognition exemption, and the Group
has made retrospective adjustments to
the applicable individual transactions
that occurred between the beginning of
the earliest reporting period of the
financial statements in which this
In 2022, the Ministry of Finance issued interpretation was first applied and the
the Notice on Printing and Distributing implementation date of this
the , meeting of the 10th Board of Directors of
temporary differences arising from the
and the Group has adopted the above 2023 by communication lease liabilities and right-to-use assets
notice and Q&A to prepare the semi- recognized at the beginning of the
annual financial statements for 2023 earliest period of presentation in the
financial statements of Interpretation
No.16 during its implementation for the
first time, the company will adjust the
initial retained income and other related
financial statement items at the
beginning of the earliest period of
presentation in the financial statements
according to the cumulative impact. The
comparative financial statements
between December 31, 2022 and the
period from January to June 2022 have
been restated accordingly.
Affected report items Affected amount
December 31,2022
The Group (positive for borrowing and negative for lending)
Deferred income tax assets 119,527,817
Deferred income tax liability -470,298
Retained profit -108,421,140
Minority shareholders’ equity -10,636,379
January - June 2022
Income tax expenses 4,789,443
(2) Change of main accounting estimations
□Applicable√ Not applicable
（3）The information of the adjusting items related to the financial statements at the beginning of the
year of first implementation due to the first implementation of new accounting standards from
2023.Adjustment description
□Applicable√ Not applicable
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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
VAT 3%,5%,6%,9% and13%
tax rate less deductible VAT input of the
current period) Revenue from
hydropower sales
City maintenance and construction tax Amount of VAT paid 5% to7%
Corporate income tax Taxable income 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 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
Zhangjiang Electric Power Co., Ltd. 15%
Guangdong Yudean Zhanjiang Biomass Power Generation Co.,
15%
Ltd.
2.Tax preferences
(a)Pursuant to the approval documents (Cai Shui [2008] No. 46 and Guo Shui Fa [2009] No. 80), the company
and several subsidiaries are approved to engage in wind power projects and photovoltaic projects since 1
January 2008 and are exempted from enterprise income tax in the first three years counting from the year when
revenue from production and operations of those projects is recorded for the first time, and can enjoy half rate
reduction in the following three years (“three-year exemptions and three-year halves”).
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 the first half of 2023, the Group’s subsidiary Guangdong
Yudean Qujie Wind Power Co., Ltd. (“Qujie Wind Power”) and Guangdong Yudean Pingyuan Wind Power Co.,
Ltd. (“Pingyuan Wind Power”) met the above conditions. Therefore, Qujie Youhao wind power project (the
first time for which revenue from sale of power was posted was 2019), Qujie Wailuo offshore wind power
project (Phase I) (the first time for which revenue from sale of power was posted was 2021), Qujie Wailuo
offshore wind power project (Phase II) (the first time for which revenue from sale of power was posted was
2021) and Xinliao offshore wind power project (the first time for which profits were posted was 2021),
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Pingyuan maoping project (the first time for which revenue from sale of power was posted was 2020) and
Pingyuan Sishui project (the first time for which revenue from sale of power was posted was 2021) of Qujie
Wind Power System and Pingyuan Wind Power are entitled to the tax preferential policy of “three- year
exemptions and three-year halves” respectively according to each wind power project.
(b) In 2020 and 2022, Zhanjiang Electric Co., Ltd. (“Zhanjiang Electric”) and Guangdong Yudean Zhanjiang
Biomass Power Generation Co., Ltd. (“Biomass Power Generation”), subsidiaries of the Group, were granted
High-tech Enterprise Certificate (Certificate No. GR202044010003 and Certificate No. GR202244008597) by
the Department of Science and Technology of Guangdong Province, Department of Finance of Guangdong
Province and Guangdong Provincial Office of the State Taxation Bureau on 9 December 2020 and 22 December
2022 respectively. The certificates are valid for three years. Under Article 28 of the Enterprise Income Tax Law
of the People’s Republic of China, the enterprise income tax rate applicable to Zhanjiang Electric and Biomass
Power Generation for the year of 2022 is 15%.
(c) In accordance with regulations of the Notice on Implementing the Inclusive Tax Deduction and Exemption
Policies for Micro and Small Enterprises (Cai Shui [2019] No. 13), Announcement of the State Taxation
Administration on Matters Concerning the Implementation of Preferential Income Tax Policies Supporting the
Development of Small Low-Profit Enterprises and Individual Industrial and Commercial Households (STA
Announcement [2021] No. 8) and Announcement on Further Implementing Preferential Income Tax Policies for
Small and Micro Enterprises ([2022] No. 13), for a small enterprise with low profits, for the part of the annual
taxable income not exceeding RMB 1,000,000, the amount of taxable income is reduced to 12.5% of income
and is subject to the enterprise income at the tax rate of 20%; for the part between RMB 1,000,000 and RMB
3,000,000, the amount of taxable income is reduced to 25% of income and is subject to the enterprise income at
the tax rate of 20%. The aforementioned small low-profit enterprise engages in industries not restricted or
prohibited by the state and concurrently meet the three conditions, that is, the annual taxable amount is not more
than RMB 3,000,000, the number of its employees is not more than 300, and their total assets do not exceed
RMB 50,000,000. In the first half of 2023, some of the company's subsidiaries were entitled to the aforesaid
preferential tax policy.
(d) Pursuant to Notice on Issues Concerning the Implementation of the Preferential Catalogue of Enterprise
Income Tax for Integrated Utilisation of Resources (Cai Shui [2008] No. 47), since 1 January 2008, enterprises
use the resources listed in the Preferential Catalogue of Enterprise Income Tax for Integrated Utilisation of
Resources (2008 Edition) as the main raw materials to produce products in the above catalogue that meet
national or industry related standards, and the income from above products is reduced to 90% of the total
income of the enterprises for the year. The Group’s subsidiaries Zhanjiang Electric and Guangdong Huizhou
Pinghai Power Plant Co., Ltd. (“Pinghai Power Plant”) use coal ash to produce commercial coal ash, which
meets the above-mentioned preferential tax conditions for integrated utilisation of resources. The Group’s
subsidiaries Zhanjiang Electric and Guangdong Huizhou Pinghai Power Plant Co., Ltd. (“Pinghai Power Plant”)
use coal ash to produce commercial coal ash, which meets the above-mentioned preferential tax conditions for
integrated utilisation of resources. Therefore, in 2023, revenue from sale of coal ash from Zhanjiang Electric
and Ping Hai Power Plant was reduced to 90% of the total income for the year.
(e) Pursuant to the Notice on Issuing the Catalogue of Value-Added Tax Preferences for Products and Labour
Services Involving the Comprehensive Utilisation of Resources (Cai Shui [2015] No. 78), VAT levied on self-
produced products and services for comprehensive utilisation of resources will be refunded immediately, to
which Biomass Power Generation’s VAT after offsetting output VAT from revenue against input VAT from
cost of sale from main operations is entitled to. Biomass Power Generation is a subsidiary mainly engaged in
power generation using biomass materials.
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
In addition, 50% of VAT levied on the sale of electricity generated by Guangdong Yudean Shibeishan Wind
Power Co., Ltd. (“Shibeishan Wind Power”), Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd.
(“Zhanjiang Wind Power”), Guangdong Yudean Xuwen Wind Power Electricity Co., Ltd. (“Xuwen Wind
Power”), Guangdong Yudean Dianbai Wind Power Co., Ltd. (“Dianbai Wind Power”), Huilai Wind Power Co.,
Ltd. (“Huilai Wind Power”) and Guangdong Yueneng Wind Power Co., Ltd. (“Yueneng Wind Power”) will be
refunded immediately in accordance with the Notice Concerning Value-added Tax Policies on Wind Power
Generation (Cai Shui [2015] No. 74)
3.Other
VII. Notes on major items in consolidated financial statements
1. Monetary funds
In RMB
Items Closing balance Opening balance
Cash on hand 49,500 46,435
Cash at bank 11,426,317,812 11,470,158,839
Other cash balance 34,012,265 33,318,344
Total 11,460,379,577 11,503,523,618
Including：Total amount of money deposited abroad 0 0
Total of money limited to use by mortgage, pledge or freeze 34,012,265 33,318,344
Other note
（a）As of June 30, 2023, the Group had no funds deposited overseas (December 31, 2022: None).
（b） As of June 30, 2023, Other monetary funds amounted to RMB34,012,265 (On December 31, 2022: RMB
33,318,344), 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
Bank acceptance 1,600,000
Trade acceptance 1,044,300
Total 2,644,300
In RMB
Amount in year-end Balance Year-beginning
Book Balance Bad debt provision Book Balance Bad debt provision
Category Amo Prop Amoun Proporti Book Amount Propor Amou Proporti Book
unt ortio t on(%) value tion(% nt on(%) value
n(%) )
Of which
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Notes receivable
for bad debt
2,644,300 100% 0 0% 2,644,300
provision by
portfolio
Of which
Note receivable 2,644,300 100% 0 0% 2,644,300
Total 2,644,300 100% 0 0% 2,644,300
Accrual of bad debt provision by portfolio:0
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Note receivable 2,644,300 0 0%
Total 2,644,300 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
(2) Note receivable withdraw, reversed or collected during the reporting period
Not applicable
The withdrawal amount of the bad debt provision：
□ Applicable √ Not applicable
（3） Notes receivable pledged by the company at the end of the period
Not applicable
（4）Note 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 ） Note 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 actual cancellation of notes receivable in the current period
Not applicable
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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
9,559,401,350 100% 506,522 0.01% 9,558,894,828 7,579,203,103 100% 566,859 0.01% 7,578,636,244
provision by
portfolio
Of which
Electricity
sales 9,490,284,409 99.28% 0 0% 9,490,284,409 7,491,837,601 98.85% 0 0% 7,491,837,601
receivable
Related party
15,705,214 0.16% 0 0% 15,705,214 39,546,687 0.52% 0 0% 39,546,687
receivable
Steam sale
and other 53,411,727 0.56% 506,522 0.95% 52,905,205 47,818,815 0.63% 566,859 1.19% 47,251,956
receivable
Total 9,559,401,350 100% 506,522 0.01% 9,558,894,828 7,579,203,103 100% 566,859 0.01% 7,578,636,244
Accrual of bad debt provision by portfolio:0
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Electricity sales receivable 9,490,284,409 0 0%
Total 9,490,284,409 0
Note：
Portfolio 1.As at 30 June 2023, the Group’s receivables from sale of electricity amounted to RMB
9,490,284,409 (31 December 2022: RMB7,491,837,601), which mainly comprised receivables of RMB
9,363,680,611 from China Southern Power Grid Co., Ltd. and its subsidiaries (collectively referred to as “China
Southern Power Grid”) and RMB 126,603,798 from State Grid Corporation of China (“State Grid”) and its
subsidiaries. Considering the favourable credit history of China Southern Power Grid and State Grid, the Group
held that there was no significant credit risk arising from receivables from sale of electricity. Since the
possibility of material losses due to the default by China Southern Power Grid and State Grid was extremely
low, the Group made no provision for the ECL of the receivables from sale of electricity (31 December 2022:
Nil)
Accrual of bad debt provision by portfolio:0
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Related party receivable 15,705,214 0 0%
Total 15,705,214 0
Note：
Portfolio 2：- Related party receivable：As at 30 June 2023, the amount of receivables from related parties of the
Group was RMB15,705,214 （December 31,2022:RMB39,546,687) , 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 31,2022:0%).
Accrual of bad debt provision by portfolio:506,522
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Steam sale and other
53,411,727 506,522 0.95%
receivable
Total 53,411,727 506,522
Note：
Portfolio 3- 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:
Applicable □Not applicable
For other fund receivable except Portfolio 1 and Portfolio 2
The amount of bad debt provision for accounts receivable in January-June 2023 is RMB 130,159 (In January -
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
June 2022: RMB 713,856), and the amount of bad debt provision for accounts receivable reversed this year is
RMB190,496 (In January -June 2022: RMB 263,506), the corresponding book balance is RMB53,411,727 (In 2022:
RMB47,818,815), and there is no bad debt provision for accounts receivable written off this year (In 2022: none).
Disclosure by aging
In RMB
Aging Balance in year-end
Within 1 year 7,749,214,841
1-2 years 1,250,178,281
2-3 years 345,145,302
Over 3 year 214,862,926
3-4 years 198,029,442
4-5 years 16,833,484
Total 0
合计 9,559,401,350
(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
Account
566,859 130,159 190,496 0 0 506,522
receivable
Total 566,859 130,159 190,496 0 0 506,522
(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 8,730,691,632 91.33% 0
GPGC,Zhanjiang Power supply Bureau 360,447,003 3.77% 0
Shenzhen Power supply Bureau 183,692,147 1.92% 0
State Grid Xinjiang Electric Power Co.,
88,633,932 0.93% 0
Ltd.
Maoming Power supply Bureau 45,918,901 0.48% 0
Total 9,409,383,615 98.43%
（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
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Not applicable
6. Financing of receivables
Not applicable
7.Prepayments
(1) List by aging analysis:
In RMB
Closing balance Opening balance
Aging
Amount Proportion % Amount Proportion %
Within 1 year 1,220,234,301 99.35% 1,532,647,170 99.85%
1-2 years 6,450,392 0.53% 1,525,236 0.10%
2-3 years 1,128,865 0.09% 370,407 0.02%
Over 3 years 370,407 0.03% 439,439 0.03%
Total 1,228,183,965 1,534,982,252
Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in time
As at June 30,2023, advances to suppliers aged more than 1 year were RMB7,949,664( December 31,2022,
RMB2,335,082) , 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 the company Amount Proportion %
Related party
Guangdong Power Industry Fuel Co., Ltd. 929,077,181 75.65%
Guangdong Zhutou Electric Power fuel Co., Third party
160,071,225 13.03%
Ltd.
Xinjiang Suneng Coal Transportation and
Third party 13,941,119 1.14%
Marketing Co., Ltd
China Railway (Huizhou) Co., Ltd Third party 11,387,462 0.93%
Guangzhou Port Xinsha Port Services Co.,
Third party 7,902,585 0.64%
Ltd
Total 1,122,379,571 91.39%
8. Other accounts receivable
In RMB
Items Closing balance Opening balance
Dividend receivable 63,000,000
Other accounts receivable 820,366,006 934,784,152
Total 883,366,006 934,784,152
100
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
（1）Interest receivable
1) Category of interest receivable
Not applicable
2) Significant overdue interest
Not applicable
3）Bad-debt provision
Not applicable
(2)Dividend receivable
1) Category of Dividend receivable
In RMB
Items Closing balance Opening balance
Sunshine Insurance Group Co., Ltd 63,000,000 0
Total 63,000,000
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 280,753,918 285,763,798
Current account 188,349,351 258,446,096
Sales of by-products receivable 123,092,484 142,602,487
Supplementary medical insurance fund
102,133,987 102,914,387
receivable
Current account receivable 70,772,588 75,047,046
Land receivable deposit 23,446,000 23,446,000
Compensation receivable for electricity
charges during the demolition and 0 7,099,200
construction period
Receivable petty cash 11,019,088 3,460,868
Other 56,730,494 71,308,102
Less：Bad-debt provision -35,931,904 -35,303,832
Total 820,366,006 934,784,152
2）Bad-debt provision
In RMB
Stage 1 Stage 2 Stage 3
Expected credit losses
Expected credit loss
Bad Debt Reserves Expected credit losses for the entire duration Total
over life (no credit
over the next 12 months (credit impairment
impairment)
occurred)
101
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Balance as at January 1, 2023 13,642,569 0 21,661,263 35,303,832
Balance as at January 1, 2023
in current
Provision in the current period 756,456 0 423,976 1,180,432
Turn back in the current period -548,384 0 -3,976 -552,360
This period write-off 0 0 0 0
Balance as at June 30,2023 13,850,641 0 22,081,263 35,931,904
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） 444,622,805
1-2 years 201,666,835
2-3 years 9,156,954
Over 3 years 200,851,316
3-4 years 134,973,733
4-5 years 20,645,489
Over 5 years 45,232,094
Total 856,297,910
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
35,303,832 1,180,432 552,360 0 0 35,931,904
receivable
Total 35,303,832 1,180,432 552,360 0 0 35,931,904
Where the current bad debts back or recover significant amounts:
Not applicable
4）Other account receivables actually cancel after write-off
In RMB
Items Amount
Unable to recover the money 4,274,179
Important other receivables 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 of
Name Nature Aging
balance receivables(%) year-end
balance
Meixian Chengjiangzhen
Land withdrawal
People's Government of 131,885,400 3-4 years 15.48% 0
receivable
Meizhou City
102
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Within 1
Guangdong Energy Receivable of Unit year
167,213,809 19.63% 0
Finance leasing Co., Ltd. current （Including
1 yaar）
Within 1
Guangdong Yudean Receivables from sale
year
Environmental Protection of by-products to 114,097,732 13.39% 0
（Including
Co., Ltd. related parties
1 yaar）
Yamen Town, Xinhui Land withdrawal
109,094,018 1-2 years 12.80% 0
District, Jiangmen City receivable
Supplementary medical
Taikang Pension insurance fund 102,133,987 Over 5 years 11.99% 0
receivable
Total 624,424,946 73.29% 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
The State
Expected to be fully
Administration of VAT is refunded Within 1 year
2,009,597 recovered by June
Taxation, Suixi County immediately （Including 1 year）
2024
Tax Bureau
Huilai County Tax
Expected to be fully
Bureau, State VAT is refunded Within 1 year
818,792 recovered by June
Administration of immediately （Including 1 year）
2024
Taxation
Yunfu Yuncheng Expected to be fully
VAT is refunded Within 1 year
District Local Taxation 208,305 recovered by June
immediately （Including 1 year）
Bureau 2024
Expected to be fully
Maoming Maonan VAT is refunded Within 1 year
20,616 recovered by June
Local Taxation Bureau immediately （Including 1 year）
2024
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 3,754,009,724 34,044,608 3,719,965,116 3,382,299,648 34,044,608 3,348,255,040
103
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Other 82,088,697 82,088,697 28,613,060 28,613,060
Total 3,836,098,421 34,044,608 3,802,053,813 3,410,912,708 34,044,608 3,376,868,100
(2) Inventory depreciation reserve
In RMB
Increased in current period Decreased in current period
Ite Raw Beginning of Year-end
materials ms term Transferred
Provision Other Other balance
back
Raw materials 34,044,608 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
609,457 12,553 596,904 2,818,847 12,553 2,806,294
of third parties
Contract assets
of related 2,137,442 0 2,137,442 2,103,969 0 2,103,969
parties
Total 2,746,899 12,553 2,734,346 4,922,816 12,553 4,910,263
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 1,107,141,790 822,610,159
Carbon emission rights assets 65,339,436 35,890,568
Advance payment of income tax 4,713,535 15,213,902
Other 1,042,527 1,891,176
Total 1,178,237,288 875,605,805
104
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
14.Creditor's right investment
Not applicable
Loss provision changes in current period, change in book balance with significant amount
□Applicable √ Not applicable
15.Other creditor's rights investment
Not applicable
Loss provision changes in current period, change in book balance with significant amount
□Applicable √ Not applicable
16. Long-term accounts receivable
Not applicable
Loss provision changes in current period, change in book balance with significant amount
□Applicable √ Not applicable
(2) Other account receivable which terminate the recognition owning to the transfer of the financial
assets
Not applicable
(3) The amount of the assets and liabilities formed by the transfer and the continues involvement of other
accounts receivable
Not applicable
105
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
17. Long-term equity investment
In RMB
Increase /decrease
Profits and
losses on Closing
Opening Cash bonus Withdrawal Closing balance of
Investees investments Other
balance Additional Decrease in Changes in or profits of balance impairment
Recognized comprehensive Other
investment investment other equity announced impairment provision
under the income
to issue provision
equity
method
I. Joint ventures
Guangdong
Electric
Industrial 710,399,003 34,820,693 745,219,696
Fuel Co.,
Ltd.
China
Aviation
Shenxin 174,328,518 5,816,305 180,144,823
Wind Power
Co., Ltd.
Zhanjiang
Yuexin
Distributed
6,843,402 -416,162 6,427,240
Energy and
Technique
Co., Ltd.
Subtotal 891,570,923 40,220,836 931,791,759
II. Associates
Shanxi
Yudean
3,019,352,942 54,299,600 256,410,685 3,330,063,227
Energy Co.,
Ltd.
Guangdong
Guohua 1,901,354,532 110,488,657 26,681,517 1,985,161,672
Yudean
106
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Taishan
Power
Generation
Co., Ltd.
Energy
Group
1,704,449,321 74,896,067 14,516,041 128,886,072 1,664,975,357
Finance
company
Guangdong
Energy
Financing 537,257,254 17,098,174 20,571,445 533,783,983
Leasing Co.,
Ltd.
Yudean
285,703,616 8,341,232 1,602,723 292,442,125
Captive
Yudean
277,173,327 -5,385,566 271,787,761
Shipping
Guizhou
Yueqian
Electric 231,974,486 38,676,742 270,651,228
Power Co.,
Ltd.
South
Offshore
Wind Power
195,056,602 10,120,297 205,176,899
Joint
Development
Co., Ltd.
Huaneng
Shantou
Wind 60,222,912 1,702,541 61,925,453
Generation
Co., Ltd.
Yunnan
Nengtou
Weixin 86,300,031 -36,390,209 49,909,822 96,327,854
Energy Co.,
Ltd.
Yunfu Power 0 0 20,819,280
107
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Generation
Plant（B
Plant）
Co.,Ltd.
Other 7,637,237 2,235,446 1,861,401 8,011,282
Subtotal 8,306,482,260 54,299,600 478,194,066 14,516,041 179,603,158 8,673,888,809 117,147,134
Total 9,198,053,183 54,299,600 518,414,902 14,516,041 179,603,158 9,605,680,568 117,147,134
108
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
18. Other equity instruments investment
In RMB
Items Closing balance Opening balance
Sunshine Insurance Group Co., Ltd. 1,426,303,060 1,695,703,802
Shenzhen Capital Group Co., Ltd. 950,000,000 950,000,000
Shanghai Shenergy Group 388,170,428 304,872,052
Shenzhen Energy Co., Ltd. 99,640,800 96,163,200
GMG International Tendering Co., Ltd. 9,162,000 8,532,000
Xinjiang Yuejian Nengxin Energy
2,000,000 2,000,000
Equipment Co., Ltd.
Gaozhou Yawu Hydropower Co., Ltd 800,000 800,000
Total 2,876,076,288 3,058,071,054
Itemized disclosure of the current non - trading equity instrument investment
In RMB
Reasons
Amount of Reasons for being
for other
other measured at fair
comprehen
Recognize comprehens value and whose
Accumulating Accumulati sive
Name d dividend ive income changes are
gains ng losses income
income transferred included in other
transferred
to retained comprehensive
to retained
earning income
earnings
Consideration of
Sunshine Insurance Group Not
63,000,000 1,070,303,060 strategic
Co., Ltd. applicable
investments
Consideration of
Shenzhen Capital Group Not
42,716,990 621,966,000 strategic
Co., Ltd. applicable
investments
Consideration of
Not
Shanghai Shenergy Group 8,885,160 152,332,440 strategic
applicable
investments
Consideration of
Not
Shenzhen Energy Co., Ltd. 2,116,800 83,750,172 strategic
applicable
investments
Consideration of
GMG International Not
540,000 5,562,000 strategic
Tendering Co., Ltd. applicable
investments
Xinjiang Yuejian Nengxin Consideration of
Not
Energy Equipment Co., 0 0 strategic
applicable
Ltd. investments
Consideration of
Gaozhou Yawu Not
0 0 strategic
Hydropower Co., Ltd applicable
investments
Other note：
(a) On June 30, 2023, the company held a total of 350,000,000 H shares of Sunshine Insurance Group Inc., Ltd.
with a fair value of RMB 1,426,303,060, of which the investment cost was RMB 356,000,000. The company
listed this investment at fair value with reference to the market price. During the year, the loss measured at fair
value was RMB 269,400,742 (2022 income: RMB 42,203, 800), and other comprehensive income has been
reduced.
(b) On June 30, 2023, the fair value of the equity of Shenzhen Capital Group Co., Ltd. held by the company was
RMB 950,000,000, of which the investment cost was RMB 328,034,000. During the year, there was no change in
the fair value of the equity investment (loss in 2022:RMB 80,000,000)
(c) On June 30, 2023, the company held a total of 55,532,250 A shares of Shanghai Shenergy company, with a
fair value of RMB 388,170,428 and an investment cost of RMB 235,837,988. The company listed this investment
109
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
at fair value with reference to the market price. During the year, the income measured at fair value was RMB
83,298,376 (loss in 2022: RMB 104,400,630), and other comprehensive income has been increased.
(d) On June 30, 2023, the company held a total of 1,800,000 shares listed by GMG International Tendering Co.,
Ltd. in the national share transfer system for small and medium-sized enterprises, with a fair value of RMB
9,162,000 and an investment cost of RMB 3,600,000. The company listed this investment at fair value with
reference to the market price. During the year, the income measured at fair value was RMB630,000 (loss in 2022:
RMB7,452,000), and other comprehensive income has been increased.
19.Other non-current assets
Not applicable
20. Investment property
(1) Investment property adopted the cost measurement mode
√Applicable □ Not applicable
In RMB
Construction
Items House, Building Land use right Total
in process
I. Original price
1. Balance at period-beginning 502,522,821 46,042,801 548,565,622
2.Increase in the current period 136,799 136,799
(1) Purchase 136,799 136,799
(2)Inventory\Fixed
assets\ Transferred from construction in progres
s
(3)Increased of Enterprise Combination
3.Decreased amount of the period
（1）Dispose
（2）Other out
4. Balance at period-end 502,659,620 46,042,801 548,702,421
II.Accumulated amortization
1.Opening balance 171,234,632 12,045,689 183,280,321
2.Increased amount of the period 4,112,609 451,829 4,564,438
(1) Withdrawal 4,112,609 451,829 4,564,438
3.Decreased amount of the period
（1）Dispose
（2）Other out
4. Balance at period-end 175,347,241 12,497,518 187,844,759
III. Impairment provision
1. Balance at period-beginning
2.Increased amount of the period
(1) Withdrawal
3.Decreased amount of the period
（1）Dispose
（2）Other out
4. Balance at period-end
IV.Book value
110
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
1.Book value at period -end 327,312,379 33,545,283 360,857,662
2.Book value at period-beginning 331,288,189 33,997,112 365,285,301
(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 813,846
stage
Other note
On June 30, 2023, 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 60,072,716,522 62,273,985,182
Disposal of fixed assets 123,541,386 126,189,875
Total 60,196,257,908 62,400,175,057
(1) List of Fixed assets
In RMB
House and Generation Other
Items Transportations Total
building equipment equipment
I. Original price
131,001,138,32
1. Balance at period-beginning 34,616,745,771 94,186,680,408 683,197,804 1,514,514,344
7
2.Increase in the current period 17,708,831 247,823,239 18,445,260 29,652,703 313,630,033
(1) Purchase 6,358,431 18,932,429 18,445,260 18,480,605 62,216,725
（2） Transferred from construc 11,350,400 94,923,709 0 11,172,098 117,446,207
tion in progress
(3)Increased of Enterprise
0 0 0 0 0
Combination
Other 0 133,967,101 0 0 133,967,101
3.Decreased amount of the
20,240,282 173,678,396 7,711,005 9,338,757 210,968,440
period
（1）Dispose 20,027,025 109,016,127 7,711,005 9,338,757 146,092,914
Other 213,257 64,662,269 0 0 64,875,526
131,103,799,92
4. Balance at period-end 34,614,214,320 94,260,825,251 693,932,059 1,534,828,290
0
II. Accumulated depreciation
1.Opening balance 12,701,475,450 53,253,616,979 491,585,168 1,148,473,946 67,595,151,543
2.Increased amount of the period 432,047,074 1,916,262,957 12,893,862 61,107,496 2,422,311,389
(1) Withdrawal 432,047,074 1,910,338,194 12,893,862 61,107,496 2,416,386,626
Other 0 5,924,763 0 0 5,924,763
3.Decreased amount of the
9,956,861 95,779,499 8,220,651 7,540,657 121,497,668
period
（1）Dispose 9,956,861 95,556,577 8,220,651 7,540,657 121,274,746
Other 0 222,922 0 0 222,922
4.Closing balance 13,123,565,663 55,074,100,437 496,258,379 1,202,040,785 69,895,965,264
111
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
III. Impairment provision
1.Opening balance 395,362,648 735,949,101 422,918 266,935 1,132,001,602
2.Increase in the reporting period 0 5,052,018 0 0 5,052,018
（1）Withdrawal 0 5,052,018 0 0 5,052,018
3.Decreased amount of the
0 1,935,486 0 0 1,935,486
period
（1）Dispose 0 1,935,486 0 0 1,935,486
4. Closing balance 395,362,648 739,065,633 422,918 266,935 1,135,118,134
IV. Book value
1.Book value of the period-end 21,095,286,009 38,447,659,181 197,250,762 332,520,570 60,072,716,522
2.Book value of the period-begin 21,519,907,673 40,197,114,328 191,189,718 365,773,463 62,273,985,182
(2) List of temporarily idle fixed assets
Not applicable
(3) Fixed assets leased in the operating leases
Not applicable
(4) Fixed assets without certificate of title completed
In RMB
Items Book value Reason
Temporarily in the government approved
House and Building 1,284,037,233
stage
Other note
On June 30, 2023, 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
116,912,197 124,038,520
have been scrapped
Other equipment 6,629,189 2,151,355
Total 123,541,386 126,189,875
22. Construction in progress
In RMB
Items Closing balance Opening balance
Construction in progress 20,882,628,711 11,766,944,424
Engineering Material 2,509,771 1,883,737
Total 20,885,138,482 11,768,828,161
(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
112
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Qingzhou offshore wind
7,157,994,018 0 7,157,994,018 2,342,070,500 0 2,342,070,500
power project
Ningzhou gas power
2,392,085,351 0 2,392,085,351 1,969,185,872 0 1,969,185,872
project
Guangdong Energy
Xinjiang 400,000 kW 1,498,255,221 0 1,498,255,221 1,448,198,206 0 1,448,198,206
photovoltaic project
Yuehua Power
substitution of natural
1,056,903,378 0 1,056,903,378 616,219,696 0 616,219,696
gas for coal power
project
Zhaoqing Dinghu natural
gas thermal power 882,126,814 0 882,126,814 582,964,452 0 582,964,452
cogeneration project
Inner Mongolia Yuefeng
300MW photovoltaic 796,055,106 0 796,055,106 409,218,078 0 409,218,078
park project
Dacheng wind power
715,590,460 0 715,590,460 683,097,937 0 683,097,937
project
Dayawan petrochemical
western thermal power 708,341,242 0 708,341,242 504,579,892 0 504,579,892
cogeneration project
Dabu Phase II Expansion
615,316,258 0 615,316,258 238,826,677 0 238,826,677
Project
Jinchang Muhong
Jinchang District West
Slope 100MW 502,289,327 0 502,289,327 216,333,499 0 216,333,499
photovoltaic power
generation project
Jinchang Mujin Jinchang
District West Slope
502,018,776 0 502,018,776 179,642,763 0 179,642,763
100MW photovoltaic
power generation project
Guangdong Energy
Shache County 2 million
369,380,722 0 369,380,722 6,910,933 0 6,910,933
kw light storage
integration project
Hongdong County
200MW centralised
261,186,677 0 261,186,677 207,718,654 0 207,718,654
photovoltaic power
generation project
Laishui Conservancy
Energy Laishui County
80MW affordable on- 221,956,667 0 221,956,667 149,824,672 0 149,824,672
grid photovoltaic power
generation project
120 MW fishing and
light complementary
photovoltaic power
200,903,674 0 200,903,674 64,479,179 0 64,479,179
station project in Potou
Town, Potou District,
Zhanjiang
Zhanjiang City, Potou
Qiantang 100mw fishing
194,269,709 0 194,269,709 194,269,709 0 194,269,709
and light complementary
projec
Wuhua Huangni Village 133,556,585 0 133,556,585 130,793,897 0 130,793,897
113
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Project
Zhuhai Sanzao Yulin
Village photovoltaic
122,906,146 0 122,906,146 2,816,695 0 2,816,695
composite project Phase
I
Zhuhai Sanzao Yulin
Village Photovoltaic
107,781,545 0 107,781,545 2,081,546 0 2,081,546
Composite Project Phase
II
Huadu thermal and
power cogeneration 103,800,528 0 103,800,528 100,715,497 0 100,715,497
project
Other infrastructure
1,739,248,390 262,346,810 1,476,901,580 1,410,609,095 273,214,618 1,137,394,477
construction projects
Technology
improvement and other 876,250,792 13,241,865 863,008,927 588,231,904 8,630,311 579,601,593
projects
Total 21,158,217,386 275,588,675 20,882,628,711 12,048,789,353 281,844,929 11,766,944,424
114
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
(2) Changes of significant construction in progress
In RMB
Including： Capitaliza
Capitalizatio
Transferred Progres Current tion of
Amount at year Increase at Other Balance in n of interest Source of
Name Budget to fixed Proportion(%) s of amount of interest
beginning this period decrease year-end accumulated funds
assets work capitalization
balance ratio（%)
of interest
Qingzhou Borrowi
4,815,923,51
offshore wind 34,214,500,000 2,342,070,500 0 7,157,994,018 35.86% 35.86% 87,900,357 57,000,276 2.75% ngs, own
8
power project funds
Borrowi
Ningzhou gas
5,927,600,000 1,969,185,872 422,899,479 0 2,392,085,351 39.98% 66.49% 54,940,132 4,325,224 3.47% ngs, own
power project
funds
Guangdong
Energy
Borrowi
Xinjiang
2,226,851,400 1,448,198,206 50,057,015 0 1,498,255,221 67.29% 67.29% 22,984,149 11,482,137 2.73% ngs, own
400,000 kW
funds
photovoltaic
project
Yuehua Power
substitution of Borrowi
natural gas for 1,532,190,000 616,219,696 440,683,682 0 1,056,903,378 69% 90% 26,590,463 13,032,131 2.97% ngs, own
coal power funds
project
Zhaoqing
Dinghu natural
Borrowi
gas thermal
2,998,180,000 582,964,452 299,162,362 0 882,126,814 29.42% 85.15% 58,596,870 23,424,223 3.45% ngs, own
power
funds
cogeneration
project
Inner
Mongolia
Borrowi
Yuefeng
1,572,760,000 409,218,078 386,837,028 0 796,055,106 46.70% 46.70% 7,003,887 5,277,191 2.45% ngs, own
300MW
funds
photovoltaic
park project
Dacheng wind Borrowi
800,000,000 683,097,937 32,492,523 0 715,590,460 90% 100% 0 0 2.45%
power project ngs, own
115
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
funds
Dayawan
petrochemical
Borrowi
western
3,820,000,000 504,579,892 203,761,350 0 708,341,242 26.12% 26.12% 26,664,600 15,803,178 2.92% ngs, own
thermal power
funds
cogeneration
project
Dabu Phase II Borrowi
Expansion 8,122,320,000 242,662,927 372,653,331 0 615,316,258 7.58% 7.58% 4,895,148 1,058,898 2.79% ngs, own
Project funds
Jinchang
Muhong
Jinchang
District West Borrowi
Slope 100MW 598,705,600 216,333,499 285,955,828 0 502,289,327 83.90% 96% 4,033,883 3,531,373 2.45% ngs, own
photovoltaic funds
power
generation
project
Jinchang
Mujin
Jinchang
District West Borrowi
Slope 100MW 598,705,600 179,642,763 322,376,013 0 502,018,776 83.85% 93% 4,026,114 3,357,869 2.44% ngs, own
photovoltaic funds
power
generation
project
Guangdong
Energy Shache
County 2
own
million kw 5,306,810,074 6,910,933 362,469,789 0 369,380,722 6.96% 6.96% 0 0 0%
funds
light storage
integration
project
Hongdong
Borrowi
County
3,300,000 207,718,654 53,468,023 0 261,186,677 50.56% 69.37% 4,762,422 2,858,369 3.10% ngs, own
200MW
funds
centralised
116
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
photovoltaic
power
generation
project
Laishui
Conservancy
Energy Laishui
County 80MW
affordable on- own
376,000,000 149,824,672 72,131,995 0 221,956,667 49.36% 49.36% 2,107,230 1,573,623 3%
grid funds
photovoltaic
power
generation
project
120 MW
fishing and
light
complementar
Borrowi
y photovoltaic
589,200,000 64,479,179 136,424,495 0 200,903,674 34.10% 38% 215,593 215,593 2.60% ngs, own
power station
funds
project in
Potou Town,
Potou District,
Zhanjiang
Zhanjiang
City, Potou
Qiantang Borrowi
100mw fishing 500,230,000 194,269,709 0 0 194,269,709 37.70% 51.33% 4,739,126 2,173,919 3.20% ngs, own
and light funds
complementar
y projec
Wuhua Borrowi
Huangni 336,020,000 130,793,897 2,762,688 0 133,556,585 40.70% 44% 2,468,797 1,747,471 3.10% ngs, own
Village Project funds
Zhuhai Sanzao
Yulin Village Borrowi
photovoltaic 1,048,880,000 2,816,695 120,089,451 0 122,906,146 27.58% 44.59% 2,521,216 2,521,216 3.04% ngs, own
composite funds
project Phase I
117
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Zhuhai Sanzao
Yulin Village
Borrowi
Photovoltaic
377,587,800 2,081,546 105,699,999 0 107,781,545 33.74% 47.30% 2,210,959 2,210,959 3.04% ngs, own
Composite
funds
Project Phase
II
Huadu thermal
Borrowi
and power
3,536,710,000 100,715,497 3,085,031 0 103,800,528 42.11% 98% 0 0 0% ngs, own
cogeneration
funds
project
Other
Borrowi
infrastructure 5,496,95
1,133,558,227 376,401,745 27,561,442 1,476,901,580 0% 77,448,492 16,010,497 ngs, own
construction 0
funds
projects
Technology
Borrowi
improvement 4,027,89
579,601,593 377,319,998 89,884,765 863,008,927 0% 1,512,499 177,337 ngs, own
and other 9
funds
projects
9,242,655,34 9,524,84
Total 74,486,550,474 11,766,944,424 117,446,207 20,882,628,711 395,621,937 167,781,484
3 9
118
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
(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
Engineering
2,509,771 0 2,509,771 1,883,737 0 1,883,737
material
Total 2,509,771 0 2,509,771 1,883,737 0 1,883,737
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
House and Machinery Transportation
Items Land use right Total
buildings equipment equipment
I. Original price
1.Opening balance 62,488,136 7,887,114,480 9,375,854 361,855,746 8,320,834,216
2.Increased amount
21,375,291 813,122,398 0 35,985,676 870,483,365
of the period
（ 1 ） New lease
21,375,291 813,122,398 0 35,985,676 870,483,365
contracts
3. Decreased amount
0 114,135,207 0 0 114,135,207
of the period
Early termination of
0 114,135,207 0 0 114,135,207
the lease contract
4.Closing balance 83,863,427 8,586,101,671 9,375,854 397,841,422 9,077,182,374
II. Accumulated
depreciation
1.Opening balance 31,989,054 923,523,559 1,989,834 8,387,293 965,889,740
2.Increased amount of
12,055,112 212,469,516 1,492,522 9,467,732 235,484,882
the period
（1）Withdrawal 12,055,112 212,469,516 1,492,522 9,467,732 235,484,882
3.Decreased amount of 0 5,924,763 0 0 5,924,763
the period
(1)Disposal The
expiration of the lease
119
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
is divided into fixed
assets
（1） 0 5,924,763 0 0 5,924,763
4.Closing balance 44,044,166 1,130,068,312 3,482,356 17,855,025 1,195,449,859
III. Impairment
provision
1.Opening balance 0 2,899,510 0 0 2,899,510
2.Increased amount of
the period
（1）Withdrawal
3.Decreased amount
of the period
(1)Disposal
4.Closing balance 0 2,899,510 0 0 2,899,510
IV. Book value
1.Closing book value 39,819,261 7,453,133,849 5,893,498 379,986,397 7,878,833,005
2.Opening book 30,499,082 6,960,691,411 7,386,020 353,468,453 7,352,044,966
120
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
26. Intangible assets
(1) Information
In RMB
Transmission
Non-
and Non-patent
patent Favorable
Items Land use right Patent Software Sea use right Transformation technology and Total
Technolo contract
Supporting others
gy
Project
I. Original price
1. Balance at period-beginning 3,331,253,199 262,101,406 562,555,384 260,331,315 52,211,380 40,336,653 4,508,789,337
2.Increase in the current period 102,088,887 9,643,027 636,768 112,368,682
(1) Purchase 102,088,887 5,510,910 14,337 107,614,134
（2）Internal R & D
（ 3 ） Increased of Enterprise
Combination
（4）Other 4,132,117 622,431 4,754,548
3.Decreased amount of the period 1,713,873 450,237 74,831 2,238,941
（1）Dispose 1,713,873 450,237 74,831 2,238,941
4. Balance at period-end 3,431,628,213 271,294,196 562,555,384 260,331,315 52,211,380 40,898,590 4,618,919,078
II.Accumulated amortization
1. Balance at period-beginning 617,177,189 153,639,729 35,984,358 260,331,315 7,199,828 31,219,049 1,105,551,468
2. Increase in the current period 34,208,220 11,081,687 6,992,342 2,134,992 1,510,642 55,927,883
(1) Withdrawal 34,208,220 11,081,687 6,992,342 2,134,992 1,510,642 55,927,883
3.Decreased amount of the period
（1）Dispose
4. Balance at period-end 651,385,409 164,721,416 42,976,700 260,331,315 9,334,820 32,729,691 1,161,479,351
III. Impairment provision
1. Balance at period-beginning 56,502,373 56,502,373
2. Increase in the current period
(1) Withdrawal
3.Decreased amount of the period
（1）Dispose
121
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
4. Balance at period-end 56,502,373 56,502,373
4. Book value
1.Book value at period -end 2,723,740,431 106,572,780 519,578,684 42,876,560 8,168,899 3,400,937,354
2.Book value at period-beginning 2,657,573,637 108,461,677 526,571,026 45,011,552 9,117,604 3,346,735,496
The intangible assets by the end of the formation of the company's internal R & D accounted 0.14% of the proportion of the balance of intangible assets
122
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
（2）Details of Land use right failed to accomplish certification of property
In RMB
Items Book value Reason
Land use right 129,516,279 The procedures have not been completed
Other note
On June 30, 2023, 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
Increase Decrease
Name of the investees or the
Opening balance The merger of dispositio Closing balance
events formed goodwill
enterprises n
Tumushuke Thermal Power Co.,
119,488,672 119,488,672
Ltd.
Other 45,531,259 45,531,259
Total 165,019,931 165,019,931
（2）Impairment provision of goodwill
In RMB
Name of the Increase Decrease
investees or the Opening
Closing balance
events formed balance Provision disposition
goodwill
Other -36,922,378 -36,922,378
Total -36,922,378 -36,922,378
29.Long-term amortization expenses
In RMB
Balance in year- Increase at this Amortization Balance in year-
Items Other decrease
begin period balance end
Improvement of
4,696,665 3,593,856 3,352,228 4,938,293
use right assets
Insurance 56,312,422 18,879,181 37,433,241
Road use right 31,178,674 765,905 30,412,769
Other 17,297,985 1,092,964 1,140,134 17,250,815
Total 109,485,746 4,686,820 24,137,448 90,035,118
123
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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
396,589,079 98,305,518 392,229,114 96,899,577
impairments
Intra-group
537,364,251 134,341,063 656,830,968 164,207,742
transactions
Deductible losses 4,213,258,542 976,011,871 4,176,626,660 968,337,573
Depreciation of use
assets and lease
liabilities do not
1,993,863,855 475,801,214 1,993,863,855 475,801,214
recognized
amortization of
financing expenses
Depreciation of fixed
277,590,220 71,235,845 291,680,433 71,206,998
assets
Employee benefits
293,456,525 70,088,188 293,456,521 70,088,187
payable
Government grants 76,309,294 18,668,659 76,328,527 18,673,466
Amortization of
3,328,432 832,108 3,328,432 832,108
intangible assets
Total 7,791,760,198 1,845,284,466 7,884,344,510 1,866,046,865
(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
218,998,341 54,749,585 235,501,692 58,875,422
assets evaluation and
appreciation
Changes in fair value
of other equity
instruments included in 1,933,913,672 483,478,418 2,115,908,438 528,977,110
other comprehensive
income
Depreciation of use
assets and lease
liabilities do not
1,730,385,147 356,743,695 1,730,385,147 356,743,695
recognized
amortization of
financing expenses
Depreciation of fixed
83,403,015 20,850,753 85,028,556 21,257,139
assets
Amortization of land
15,302,244 3,825,561 15,302,244 3,825,561
use rights
Interest receivable 11,231,950 2,807,988 9,606,414 2,401,603
Total 3,993,234,369 922,456,000 4,191,732,491 972,080,530
124
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
(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
389,041,932 1,456,242,534 387,493,967 1,478,552,898
assets
Deferred income
389,041,932 533,414,068 387,493,967 584,586,563
liabilities
(4)Details of income tax assets not recognized
In RMB
Items Balance in year-end Balance in year-begin
Deductible temporary difference 1,987,506,247 1,987,366,998
Deductible loss 10,026,695,227 11,033,478,760
Total 12,014,201,474 13,020,845,758
(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
2023 0 1,171,683,402
2024 173,024,661 173,024,661
2025 760,600,486 760,600,486
2026 3,960,132,397 3,992,021,430
2027 4,899,784,845 4,936,148,781
2028 233,152,838 0
Total 10,026,695,227 11,033,478,760
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 5,145,015,738 0 5,145,015,738 4,483,822,263 0 4,483,822,263
fund
Input VAT to
2,319,512,035 0 2,319,512,035 1,813,240,967 0 1,813,240,967
be deducted
Prepayment for
162,669,042 0 162,669,042 198,089,693 0 198,089,693
land use rights
Prepayment for
equity 361,026,000 0 361,026,000 93,426,000 0 93,426,000
acquisition
Prepayments
for purchase of 31,733,900 0 31,733,900 11,623,305 0 11,623,305
buildings
Other 800,735 0 800,735 6,316,324 0 6,316,324
Total 8,020,757,450 0 8,020,757,450 6,606,518,552 0 6,606,518,552
125
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
32. Short-term borrowings
(1) Category of short-term borrowings
In RMB
Items Closing balance Opening balance
Pledge loans 0 0
Mortgage Loans 0 0
Guarantee loans 0 60,166,260
Credit loans 19,934,368,075 16,201,278,600
Total 19,934,368,075 16,261,444,860
(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 282,784,041 476,572,076
Bank acceptance bills 245,000,000 1,019,206,000
Total 527,784,041 1,495,778,076
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 5,247,745,268 5,182,454,648
Materials and spare parts payable 629,088,678 417,506,141
Contracted operation expenses payable 291,255,561 62,414,344
Desulfurisation and denitrification
86,376,097 67,846,620
expenses payable
Repair expenses payable 84,604,859 98,126,083
Management fees payable for frequency
13,563,503 25,898,303
modulation and energy storage
Other 63,248,421 84,007,874
Total 6,415,882,387 5,938,254,013
（2）Significant accounts payable that aged over one year
126
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
In RMB
Items Closing balance Opening balance
Fuel payable and freight payable 164,637,536 Not yet settled
Total 164,637,536
Other note：
As at 30 June 2023, accounts payable with ageing over one year amounted RMB164,637,536 ( December 31，
2022: RMB56,448,384), mainly unsettled fuel payable
37. Advance from customers
(1) List of Advance from customers
In RMB
Land advance payment Items Closing balance Opening balance
177,384,900 0
Total 177,384,900
（2）Significant payable aging more than 1 year
Not applicable
38.Contract Liabilities
In RMB
Items Closing balance Opening balance
Advance revenue from steam 3,601,242 1,979,586
Advances from services 1,182,193 2,713,981
Advances from others 1,098,949 267,407
Total 5,882,384 4,960,974
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
368,880,069 1,185,233,682 943,326,057 610,787,694
compensation
2.Post-employment
benefits - defined 3,128,825 177,319,233 167,785,981 12,662,077
contribution plans
3.Dismissal welfare 67,170,982 1,047,380 17,042,404 51,175,958
4. Other benefits due
8,241,541 1,220,748 9,222,548 239,741
within one year
Total 447,421,417 1,364,821,043 1,137,376,990 674,865,470
（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
3,786,472 853,079,562 648,984,657 207,881,377
and subsidies
2.Employee welfare 4,395,098 75,624,668 59,613,962 20,405,804
3. Social insurance premiums 206,168,337 107,757,241 94,497,431 219,428,147
127
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Including：Medical insurance 206,119,378 86,186,956 73,243,242 219,063,092
Work injury insurance 238 2,841,791 2,736,259 105,770
Maternity insurance 48,721 1,515,178 1,304,614 259,285
4. Public reserves for housing 25,974 93,270,806 90,690,059 2,606,721
5.Union funds and staff education
145,002,944 31,677,692 30,834,923 145,845,713
fee
Other short-term remuneration 9,501,244 23,823,713 18,705,025 14,619,932
Total 368,880,069 1,185,233,682 943,326,057 610,787,694
（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
54,757 110,957,531 107,262,641 3,749,647
insurance premiums
2.Unemployment
7,008 3,692,814 3,678,657 21,165
insurance
3. Annuity payment 3,067,060 62,668,888 56,844,683 8,891,265
Total 3,128,825 177,319,233 167,785,981 12,662,077
40.Tax Payable
In RMB
Items Closing balance Opening balance
VAT 165,649,502 33,926,459
Enterprise Income tax 246,339,840 142,673,955
Individual Income tax 1,527,970 28,187,414
City Construction tax 3,898,923 1,306,426
Land VAT 80,216,700 80,216,700
House property Tax 26,661,567 924,458
Land use tax 7,697,489 217,542
Education surcharges 3,054,475 1,088,906
Other 12,913,342 13,943,055
Total 547,959,808 302,484,915
41.Other payable
In RMB
Items Closing balance Opening balance
Dividend payable 9,771,322 28,324,843
Other payable 9,523,419,107 9,375,333,188
Total 9,533,190,429 9,403,658,031
（1） Interest payable
Not applicable
（2）Dividends payable
In RMB
Items Closing balance Opening balance
Common stock dividends 9,771,322 28,324,843
128
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Total 9,771,322 28,324,843
Note: Including significant unpaid dividends payable over one year, the unpaid reason shall be disclosed:
This part of dividends is mainly payable to shareholders of non-tradable shares who have not gone through the
formalities of share-trading reform. This part of dividends will be paid after the formalities are completed.
（3）Other payable
1）Disclosure by nature
In RMB
Items Closing balance Opening balance
Construction and equipment expenses
8,658,033,215 8,097,497,010
payable
Carbon emission allowances payable 335,603,198 382,721,278
Generator unit capacity payable 249,056,604 249,056,604
Advances payable to third parties 69,300,709 98,388,118
Engineering quality guarantee payable 68,867,075 236,415,770
Administrative fines payable 11,531,700 11,531,700
Payables for equity acquisition 0 68,180,122
Other 131,026,606 231,542,586
Total 9,523,419,107 9,375,333,188
2) Other payables with large amount and aging of over one year
In RMB
Items Closing balance Reason
Other payable 1,933,301,790 Failure to meet payment terms
Total 1,933,301,790
Other note
As at 31 June 30, 20232, other payables of RMB 1,933,301,790 (31 December 2022: RMB 2,403,143,193) aged
over one year mainly represented construction and equipment expenses payable and warranty payable not being
settled because the comprehensive acceptance and settlement of relevant projects were yet to be completed or
projects were still within their warranty periods.
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 2,665,830,597 2,685,540,872
Bond payable due in 1 year 1,163,289,481 334,056,607
Long-term Account payable due in 1
9,718,181 18,508,453
year
Lease liabilities due in 1 year 769,727,104 937,144,038
Total 4,608,565,363 3,975,249,970
129
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
44. Other current-liabilities
In RMB
Items Closing balance Opening balance
Short-term bond payable 0 3,503,496,438
Return payable 0 0
Output VAT to be written off 736,111,250 671,353,936
Total 736,111,250 4,174,850,374
Changes in short-term debentures payable：
In RMB
Balan
Issuan Amortizat
Balance at ce at
Maturi ce Interest ion of Repaymen
Issuanc Issuance the the
Name Face value ty during at face discounts t for the
e date amounts beginning end of
period the value or period
of the year the
year premium
year
Third
batch of
super
short-term
financing
notes Decem
2,000,000, 177 2,000,000, 2,002,564, 20,130,4 2,022,694,
issued by ber 0 0 0
000 days 000 383 11 794
Guangdon 9,2022
g Electric
Power
Developm
ent Co.,
Ltd., 2022
Fourth
batch of
super
short-term
financing
notes Decem
1,500,000, 90 1,500,000, 1,500,932, 8,388,49 1,509,320,
issued by ber 0 0 0
000 days 000 055 3 548
Guangdon 22,2022
g Electric
Power
Developm
ent Co.,
Ltd., 2022
3,500,000, 3,500,000, 3,503,496, 28,518,9 3,532,015,
Total 0 0 0
000 000 438 04 342
45.Long-term borrowings
（1）Long-term term borrowings
In RMB
Items Closing balance Opening balance
Pledged borrowings 5,247,859,961 5,539,508,558
Mortgage borrowings 0 0
Guarantee loan 2,242,271,479 2,430,601,995
130
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Credit loans 45,252,034,355 34,890,822,075
Total 52,742,165,795 42,860,932,628
46.Bond payable
（1）Bond payable
In RMB
Closing Opening
Items
balance balance
Public Issuance of Corporate Bonds to Qualified Investors in 2020 (Phase I) by Guangdong
0 1,499,754,232
Electric Power Development Co., Ltd.
Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) by Guangdong
0 999,962,264
Electric Power Development Co., Ltd.
Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase II) by Guangdong
1,499,906,603 1,499,889,622
Electric Power Development Co., Ltd.
Public Issuance of Corporate Bonds to Professional Investors in 2021 (Phase III) of
799,748,428 799,710,692
Guandong Electric Power Development Co.,Ltd.
2021 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. 1,199,910,066 1,199,372,330
2021 MTN (Phase II) of Guangdong Electric Power Development Co., Ltd. 2,198,362,750 2,197,771,241
2022 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. 598,682,547 598,521,226
2023 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd. 1,598,379,874 0
MTN (Phase I) of Guangdong Pinghai Power Generation Plant Co., Ltd. 299,659,475 299,508,302
Public Issuance of Green Corporate Bonds to Qualified Investors in 2020 (Phase I) by
599,446,432 0
Guangdong Wind Power Generation Co., Ltd
Total 8,794,096,175 9,094,489,909
（ 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
Transfer
Overflo out to non-
Withdraw w Pay in
Name of Issue Perio Issue Opening The current current Closing
Face value interest at discoun current
the bond date d amount balance issue liabilities balance
par t period
amount due within
one yea
Public
Issuance
of
Corporate
Bonds to
Qualified
Investors -
in 2020 1,500,000, April 3+2 1,500,000,0 1,499,754, 12,048,63 245,76 -
1,500,000, 0
(Phase I) 000 29,2020 years 00 232 0 8 12,048,630
by 000
Guangdon
g Electric
Power
Developm
ent Co.,
Ltd.
Public -
Issuance 1,000,000, January 3 1,000,000,0 999,962,26 17,850,00
18,868 1,017,831, 0
of 000 27,2021 years 00 4 0
Corporate 132
131
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Bonds to
Qualified
Investors
in 2021
(Phase I)
by
Guangdon
g Electric
Power
Developm
ent Co.,
Ltd.
Public
Issuance
of
Corporate
Bonds to
Qualified
Investors
in 2021 1,500,000, April 3+2 1,500,000,0 1,499,889, 26,250,00 - 1,499,906,
16,981
(Phase II) 000 28,2021 years 00 622 0 26,250,000 603
by
Guangdon
g Electric
Power
Developm
ent Co.,
Ltd.
Public
Issuance
of
Corporate
Bonds to
Profession
al
Investors Novem
800,000,00 5 799,710,69 13,640,00 - 799,748,42
in 2021 ber 800,000,000 37,736
0 years 2 0 13,640,000 8
(Phase III) 24,2021
of
Guandong
Electric
Power
Developm
ent
Co.,Ltd.
2021
MTN
(Phase I)
of
Guangdon 1,200,000, July 3 1,200,000,0 1,199,372, 19,020,00 537,73 - 1,199,910,
g Electric 000 19,2021 years 00 330 0 6 19,020,000 066
Power
Developm
ent Co.,
Ltd.
2021
MTN
Novem
(Phase II) 2,200,000, 3 2,200,000,0 2,197,771, 34,430,00 591,50 - 2,198,362,
ber
of 000 years 00 241 0 9 34,430,000 750
15,2021
Guangdon
g Electric
132
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Power
Developm
ent Co.,
Ltd.
2022
MTN
(Phase I)
of
Guangdon 600,000,00 August 5 598,521,22 161,32 598,682,54
600,000,000 8,700,000 -8,700,000
g Electric 0 24,2022 years 6 1 7
Power
Developm
ent Co.,
Ltd.
2023
MTN
(Phase I)
of
-
Guangdon 1,600,000, March 5 1,600,000,0 1,600,000, 15,602,74 - 1,598,379,
0 1,620,1
g Electric 000 15,2023 years 00 000 0 15,602,740 874
26
Power
Developm
ent Co.,
Ltd.
MTN
(Phase I)
of
Guangdon
300,000,00 October 3 299,508,30 151,17 299,659,47
g Pinghai 300,000,000 5,580,000 -5,580,000
0 15,2021 years 2 3 5
Power
Generatio
n Plant
Co., Ltd.
Public
Issuance
of Green
Corporate
Bonds to
Qualified
Investors -
600,000,00 March 3+2 600,000,00 599,446,43
in 2020 600,000,000 0 5,294,589 553,56 -5,294,589
0 17,2023 years 0 2
(Phase I) 8
by
Guangdon
g Wind
Power
Generatio
n Co., Ltd
-
11,300,000, 9,094,489, 2,200,000, 158,415,9 1,500,000, 1,158,397, 8,794,096,
Total 412,60
000 909 000 59 000 091 175
2
(3) Note to conditions and time of share transfer of convertible bonds
133
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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 7,617,307,100 6,870,820,017
Total 7,617,307,100 6,870,820,017
48. Long-term payable
In RMB
Items Closing balance Opening balance
Long-term payable 491,702,974 641,337,028
Special payable 24,960,000 24,960,000
Total 516,662,974 666,297,028
(1) Long-term payable listed by nature of the account
In RMB
Items Closing balance Opening balance
Sea area usage fee payable 387,146,927 370,495,909
Equipment and construction expenses
104,556,047 270,841,119
payable
（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：
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.Post-employment benefits -
89,461,834 83,371,428
defined contribution plans
134
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
II. Dismissal benefits 273,891,151 299,605,384
III.Other long-term benefits 38,487,339 46,288,457
Total 401,840,324 429,265,269
(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
142,292,215 30,000 7,315,658 135,006,557 government grants
Subsidy
received
Total 142,292,215 30,000 7,315,658 135,006,557
Details of government subsidies：
In RMB
Amount
Amount
New transferr
Other income of cost Othe
subsidy ed to Asset-related
Beginning of recorded in deducted r
Items in non- End of term or income-
term the current in the chan
current operatio related
period current ges
period nal
period
income
Special funds
for #1-#3
generators’ 13,803,630 651,784 13,151,846 Asset-related
desulfurization
project
Energy saving
11,023,653 821,456 10,202,197 Asset-related
grants
Special
treasury bond-
based
government 10,737,039 671,065 10,065,974 Asset-related
grants for
desulfurisation
projects
Compensation
for relocation
5,561,359 5,561,359 Asset-related
and renovation
of Shajiao A
Tax refund for
PRC-made 5,740,520 1,148,104 4,592,416 Asset-related
equipment
Environmenta
l grants for
5,794,913 882,308 4,912,605 Asset-related
SCR
denitration
135
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
project
Provincial
special funds
for enterprises’ 4,709,274 744,601 3,964,673 Asset-related
technology
improvement
1&2#
generator units
turbine by 6,153,847 6,153,847 Asset-related
Zhongyue
Energy
Second
incentives for
comprehensive
and typical
demonstration 5,850,000 5,850,000 Asset-related
projects under
financial
policies of
energy saving
Development
and
competitivenes 5,333,334 5,333,334 Asset-related
s funds from
SASAC
Post rewarding
subsidies for
ultra-low
4,379,575 4,379,575 Asset-related
emissions of
1&2#
generators
Grants for
energy saving
and
consumption 4,220,535 239,094 3,981,441 Asset-related
reduction of 6#
generator flow
reconstruction
Grants for
comprehensive
technical
transformation
3,674,031 263,192 3,410,839 Asset-related
project for
generator
transformation
and upgrading
Incentives for
energy
efficiency of 1,647,688 1,647,688 Asset-related
power plant by
Dongguan
Special funds
for technical
transformation
4,822,285 4,822,285 Asset-related
of ultra-low
emissions of
5&6#
136
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
generators
Other 48,840,532 30,000 1,894,054 46,976,478 Asset-related
Total 142,292,215 30,000 7,315,658 135,006,557
52. Other non-current liabilities
In RMB
Items Closing balance Opening balance
Capital injection 50,000,000 128,400,000
Housing revolving fund 1,028,167 1,028,167
Total 51,028,167 129,428,167
Other note：
In 2018, Qujie Wind Power-the company's subsidiaries-received capital injections of RMB 50,000,000 and
RMB 50,000,000 from Guangdong Energy Group, which would be used for the Qujie Wailuo Offshore Wind
Power Project. As of June 30, 2023, Qujie Wind Power was recorded as other non-current liabilities due to the
failure to complete the industrial and commercial change registration.
53.Stock capital
In RMB
Changed（+，-）
Year-beginning Issuance Balance in
balance Capitalizatio year-end
of new Bonus shares Other Subtotal
n of public
share
reserve
Total of 5,250,283,986 0 0 0 0 0 5,250,283,986
54. Other equity instruments
(1) Basic information of preferred stock, perpetual capital securities and other financial instruments
outstanding issued at period-end
Not applicable
(2) Change list of preferred stock, perpetual capital securities and other financial instruments
outstanding issued at period-end
Not applicable
55. Capital reserves
In RMB
Items Year-beginning Increase in the Decrease in Year-end balance
balance current period the current
period
Share premium 3,972,546,925 3,611,666 3,968,935,259
Other capital reserves -76,905,774 -76,905,774
Revaluation reserve 119,593,718 119,593,718
Investment from GEGC 395,000,000 395,000,000
137
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Share of interests in the investee in
-173,662,956 -173,662,956
proportion to the shareholding (b)
Transfer of capital surplus recognised
20,474,592 20,474,592
under the previous accounting system
Total 4,257,046,505 3,611,666 4,253,434,839
Other notes, including the note to its increase/decrease and the cause(s) of its movement in the reporting period:
In the first half of 2023, the capital surplus of the Group decreased by RMB 3,611,666 due to the dilution of the
proportion of equity held by the Group arising from capital increase by minority shareholders of certain
subsidiaries of the Group.
56.Treasury stock
Not applicable
57. Other comprehensive income
In RMB
Amount of current period
Less：
Amount
transferre Less：
d into Prior
profit and period
After-
loss in the included in
tax
Year-beginning current other
Items Amount Less： After-tax attribute Closing balance
balance incurred before period composite
Income tax attribute to the to
income tax that income
expenses parent company minority
recognied transfer to
sharehol
into other retained
der
comprehe income in
nsive the current
income in period
prior
period
I. Other
comprehensiv
e income that
will not be 1,628,495,079 -167,478,725 -45,498,692 -121,980,033 1,506,515,046
subsequently
reclassified to
profit or loss
Including:
Changes
arising from
-37,296,993 -37,296,993
remeasureme
nt of defined
benefit plans
Other
comprehensiv
e income that
cannot be
79,138,160 14,516,041 14,516,041 93,654,201
transferred to
profit or loss
under equity
method
Changes
in fair value
1,586,653,912 -181,994,766 -45,498,692 -136,496,074 1,450,157,838
of
investments
138
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
in other
equity
instruments
II. Other
comprehensiv
e income that
will be 1,342,878 1,342,878
subsequently
reclassified to
profit or loss
Including ：
Share of
other
comprehensiv
e income of
the investee
that cannot be 1,342,878 1,342,878
transferred to
profit or loss
accounted for
using the
equity
method
Total of other
comprehensiv 1,629,837,957 -167,478,725 -45,498,692 -121,980,033 1,507,857,924
e income
58. Special reserves
In RMB
Items Year-beginning Increase in the current Decrease in the current Year-end balance
balance period period
Safety in production 520,379 165,514,235 93,313,657 72,720,957
Total 520,379 165,514,235 93,313,657 72,720,957
59. Surplus reserves
In RMB
Items Year-beginning Increase in the current Decrease in the current Year-end balance
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
60. Retained profits
In RMB
Items Amount of this period Amount of last period
Before adjustments: Retained profits in
200,668,517 3,205,422,561
last period end
Adjust the total undistributed profits at
108,421,140 84,938,618
the beginning of the period
After adjustments: Retained profits at the
309,089,657 3,290,361,179
period beginning
Add：Net profit belonging to the owner
856,538,633 -1,371,743,904
of the parent company
139
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Retained profit at the end of this term 1,165,628,290 1,918,617,275
As regards the details of adjusted the beginning undistributed profits
(1)As the retroactive adjustment on Enterprise Accounting Standards and its related new regulations, the
affected beginning undistributed profits are RMB 0.00.
(2) As the change of the accounting policy, the affected beginning undistributed profits are RMB 0.00.
(3) As the correction of significant accounting error, the affected beginning undistributed profits are RMB 0.00 .
(4) As the change of consolidation scope caused by the same control, the affected beginning undistributed
profits are RMB 0.00
(5) Other adjustment of the total affected beginning undistributed profits are RMB 0.00 .
61. Business income, Business cost
In RMB
Amount of current period Amount of previous period
Items
Income Cost Income Cost
Main business 28,177,515,353 25,146,455,159 22,423,023,603 23,089,561,766
Other business 163,325,531 11,454,398 188,216,130 24,622,840
Total 28,340,840,884 25,157,909,557 22,611,239,733 23,114,184,606
Income related information:
In RMB
Contract classification Division 1 Division 2 Total
Commodity type
Including
Electric power 28,015,854,478 28,015,854,478
Generation by-product 141,968,590 141,968,590
Thermal Energy 121,708,867 121,708,867
Labor service 39,952,008 39,952,008
Rent 21,356,941 21,356,941
Area
Including
Guangdong 27,672,103,611 27,672,103,611
Xinjiang 470,376,437 470,376,437
Hunan 73,335,885 73,335,885
Hebei 46,668,601 46,668,601
Guangxi 29,169,838 29,169,838
Yunnan 21,621,661 21,621,661
Henan 19,388,294 19,388,294
Shangdong 8,176,557 8,176,557
Market type
Including
Power market 28,015,854,478 28,015,854,478
Other market 324,986,406 324,986,406
Contract type
Including
Sell goods 28,279,531,935 28,279,531,935
Service 39,952,008 39,952,008
Assets use rights 21,356,941 21,356,941
By the time of commodity
transfer
Including
Recognize at a certain time 28,279,531,935 28,279,531,935
140
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
point
Recognize in a certain period
61,308,949 61,308,949
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 RMB164,345,927, of which
RMB 123,766,025 is expected to be recognized as income in 2023, RMB37,868,830 is expected to be recognized
as income in 2024, RMB2,711,072 is expected to be recognized as income in 2025.
62. Business tax and subjoin
In RMB
Items Amount of current period Amount of previous period
Urban construction tax 20,982,925 3,856,511
Education surcharge 17,013,685 2,168,420
Property tax 30,411,494 31,305,276
Land use tax 8,191,136 7,940,925
vehicle and vessel usage tax 100,952 85,951
Stamp tax 17,244,729 18,448,026
Environmental protection tax 7,137,908 5,504,435
Other 1,753,156 2,705,837
Total 102,835,985 72,015,381
63.Selling expenses
In RMB
Items Amount of current period Amount of previous period
Employee’s remuneration 26,991,664 25,269,233
Depreciation expenses 1,586,470 1,660,382
Business expense 1,506,634 1,255,893
Publicity Expenses 499,576 159,485
Other 5,008,033 2,115,057
Total 35,592,377 30,460,050
141
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
64.Administrative expenses
In RMB
Items Amount of current period Amount of previous period
Employee’s remuneration 342,670,104 283,189,854
Depreciation expenses 44,290,298 38,783,816
Amortization of intangible assets 39,695,165 33,707,412
Fire safety expenses 22,669,873 17,730,695
Property management expenses 18,466,436 18,911,954
Agency fee 10,693,421 9,501,922
Travel expenses 6,805,399 2,889,500
A forestation fee 6,278,013 5,882,034
Rental expenses 5,354,288 6,065,423
Office expenses 4,172,104 5,698,458
Consulting fee 3,837,134 2,185,778
Business fee 3,446,976 2,366,481
Insurance expenses 1,502,305 1,265,954
Low consumables amortization 1,232,497 1,117,419
Expenses on board meetings 204,352 150,590
Other 42,470,945 48,508,584
Total 553,789,310 477,955,874
65. R&D Expense
In RMB
Items Amount of current period Amount of previous period
Direct input fee 309,968,136 535,940,368
Employee’s remuneration 84,778,704 114,635,359
Other 67,056,940 92,283,264
Outsourced research and development
4,809,871 9,465,979
expenses
Total 466,613,651 752,324,970
66.Financial Expenses
In RMB
Items Amount of current period Amount of previous period
1,192,393,983 1,135,329,167
Interest expenses
-53,610,047 -66,355,499
Interest income
Bank charges and others 7,673,204 12,084,176
Total 1,146,457,140 1,081,057,844
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
12,915,790 19,790,415
VAT
Amortization of the deferred income
7,315,658 6,345,576
related to the assets
Other 5,914,699 9,057,081
142
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
68. Investment income
In RMB
Items Amount of this period Amount of last period
Long-term equity investment income by
518,414,902 498,927,895
equity method
Disposal of the investment income
generated from the long-term equity 0 607,470
investment
Dividends earned during the holding
period on investments in other equity 117,258,950 90,156,139
instrument
Other 467,255
Total 636,141,107 589,691,504
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 -628,072 2,201,102
Loss of bad accounts receivable 60,337 -472,403
Total -567,735 1,728,699
72. Losses from asset impairment
In RMB
Items Amount of this period Amount of last period
V. Impairment loss of fixed assets -5,052,018
Total -5,052,018
73.Assets disposal income
In RMB
Source Amount of this period Amount of last period
Income from disposal of Fixed assets -1,988,902 31,707,133
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
143
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
losses
Gain on disposal of non-
2,724,564 2,242,304 2,724,564
current assets
A fine net income 6,701,756 62,263 6,701,756
Income from carbon emission
2,520,863 2,520,863
quota trading
Claims and Compensation
1,546,721 176,008 1,546,721
Income
A fine net income 1,284,129 1,198,829 1,284,129
Inventory scrap 416,655
Other 5,952,306 4,770,206 5,952,306
Total 20,730,339 8,866,265 20,730,339
Government subsidies recorded in the current profit and loss:
Not applicable
75.Non-current expenses
In RMB
The amount of non-operating
Items
Amount of current period Amount of previous period gains & losses
Foreign donations 120,067 104,416 120,067
Loss on obsolescence of non-
9,754,776 5,145,026 9,754,776
current assets
Fine for delaying payment 3,664,929 5,470,272 3,664,929
Other 2,885,315 1,237,646 2,885,315
Carbon emission rights assets
8,000,000
used for performance
Total 16,425,087 19,957,360 16,425,087
76. Income tax expenses
（1）Income tax expenses
In RMB
Items
Amount of current period Amount of previous period
Current income tax expense 394,242,693 88,354,741
Deferred income tax expense -28,862,131 -239,624,740
Total 365,380,562 -151,269,999
（2）Adjustment on accounting profit and income tax expenses
In RMB
Items Amount of current period
Total profits 1,536,626,715
Income tax expenses calculated on legal / applicable tax rate 381,499,552
Effect of different tax rate applicable to the subsidiary company -72,457,980
Influence of non taxable income -181,281,575
Impact of non-deductible costs, expenses and losses 18,515,413
Transfer-out of deductible losses for which deferred tax asset
-68,252,969
was recognised
Deductible temporary differences for which no deferred tax
300,458,156
asset was recognised in the current period
Utilisation of deductible losses for which no deferred tax asset
-4,906,746
was recognised in previous periods
144
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Utilisation of deductible temporary differences for which no
-8,193,289
deferred tax asset was recognised in previous periods
Income tax expenses 365,380,562
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 52,478,188 60,744,913
Government Subsidy 7,460,673 12,106,261
Claims and compensation income 33,501,204 4,120,923
Rental fee 20,310,210 16,274,284
Other 119,036,664 170,803,211
Total 232,786,939 264,049,592
(2)Other cash paid related to operating activities
In RMB
Items Amount of current period Amount of previous period
Insurance expenses 50,189,015 59,805,167
Equipment cleaning and sanitation and
13,165,075 11,179,627
greening fee
Transportation fee 694,898 1,944,107
Fire guard fee 29,133,224 14,894,750
Business fee 4,323,743 3,708,958
Agency Charge 12,231,023 6,212,870
Office expenses 5,976,060 5,643,624
Travel expenses 9,853,730 4,542,242
Rental fee 15,564,043 14,137,813
Enterprise publicity expenses 3,070,543 2,671,933
Information system maintenance 8,828,196 69,173,691
Water and electricity 45,584,565 38,633,864
R&D 20,588,480 13,560,305
Property management 18,682,257 20,865,234
Vehicle 12,778,900 15,702,294
Labour union 6,907,063 8,708,932
Other 363,784,010 325,111,885
Total 621,354,825 616,497,296
(3)Cash received related to other investment activities
In RMB
Items Amount of current period Amount of previous period
Received returned land deposit 0 300,000
Total 0 300,000
145
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
(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
Repayments of lease liabilities and long-
360,504,971 20,793,683
term payables
Pay to minority shareholders for capital
1,023,668,493
reductio
Other 84,106,150
Total 1,468,279,614 20,793,683
79. Supplement Information for cash flow statement
（1）Supplement Information for cash flow statement
In RMB
Supplement Information Amount of current period Amount of previous period
I. Adjusting net profit to cash flow from operating activities
Net profit 1,171,246,153 -2,118,259,680
Add: Impairment loss provision of assets 567,735 -1,728,699
Depreciation of fixed assets, oil and gas assets and
2,426,875,827 2,343,017,900
consumable biological assets
Depreciation of Use right assets 235,484,882 131,524,416
Amortization of intangible assets 55,927,883 44,413,829
Amortization of Long-term deferred expenses 24,137,448 3,288,367
Loss on disposal of fixed assets, intangible assets and other
1,988,902 -31,707,133
long-term deferred assets
Fixed assets scrap loss 7,030,212 2,902,722
Loss on fair value changes
Financial cost 1,146,457,140 1,081,057,844
Loss on investment -636,141,107 -589,691,504
Decrease of deferred income tax assets 22,310,364 -311,455,554
Increased of deferred income tax liabilities -51,172,495 -38,678,242
Decrease of inventories -425,185,713 -136,871,256
Decease of operating receivables -2,036,882,617 848,217,168
Increased of operating Payable 777,725,402 -1,434,388,688
Other
Net cash flows arising from operating activities 2,720,370,016 -208,358,510
II. Significant investment and financing activities that without
cash flows:
Conversion of debt into capital
146
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Convertible corporate bonds maturing within one year
Financing of fixed assets leased
3．Movement of cash and cash equivalents：
Ending balance of cash 11,394,942,728 10,767,718,823
Less: Beginning balance of cash equivalents 11,433,808,500 8,023,116,939
Add：End balance of cash equivalents
Less: Beginning balance of cash equivalents
Net increase of cash and cash equivalent -38,865,772 2,744,601,884
(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 11,394,942,728 11,433,808,500
Including：Cash at hand 49,500 46,435
Demand bank deposit 11,394,893,228 11,433,762,065
III. Balance of cash and cash equivalents
11,394,942,728 11,433,808,500
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 34,012,265 bond, project performance bond and
special project deposit
Assets to use rights formed by financing
Using right assets 5,547,584,619
lease
Total 5,581,596,884
82. Foreign currency monetary items
(1) Foreign currency monetary items
In RMB
Closing foreign currency Closing convert to RMB
Items Exchange rate
balance balance
Monetary capital
Including：USD 191 7.2258 1,378
Euro
HKD 13,612 0.9220 12,550
Account receivable
Including：USD
Euro
HKD
147
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Long –term borrowings
Including：USD 6,507,930 7.2258 47,025,000
Euro
HKD
(2) Note to overseas operating entities, including important overseas operating entities, which should be
disclosed about its principal business place, function currency for bookkeeping and basis for the choice.
In case of any change in function currency, the cause should be disclosed.
□ Applicable √ Not applicable
83. Hedging
Arbitrage According to arbitrage category to disclose arbitrage item, relevant arbitrage tools and the arbitraged
risk qualitative and quantitative information:
84. Government subsidies
（1）Government subsidies confirmed in current period
In RMB
Amount included in current
Items Amount Project
profit and loss
Revenue from timely levy and
12,915,790 Other income 12,915,790
refund of VAT
Amortization of the deferred
7,315,658 Other income 7,315,658
income related to the assets
Other 5,914,699 Other income 5,914,699
（2）Government subsidy return
□ Applicable √ Not applicable
85.Other
148
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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 are multiple transactions step by step dispose the investment to subsidiary and lost control in
reporting period
□ Yes √ No
(5) Note to merger could not be determined reasonable consideration or Identifiable assets, Fair value of
liabilities of the acquiree at acquisition date or closing period of the merge
Not applicable
（6） Other note
2. Business combination under the same control
(1) Business combination under the same control during the reporting period
Not applicable
(2) Combination cost
Not applicable
(3) The book value of the assets and liabilities of the merged party on the date of consolidation
Not applicable
3. Counter purchase
Not applicable
149
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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
Subsidiaries established during the year:
The above companies that were acquired by acquisition of assets are subsidiaries acquired by the company and
Its subsidiaries through acquisition of assets from related parties. As at the acquisition date, the above
Shareholding(%) Acquisiti
Place of Registered
Name Major business location Nature of business on
registration capital
Direct Indirect method
Acquisiti
Zhonggong Energy on of
Technology(Maoming) Co., Ltd. Gaozhou Gaozhou Electric power 1,000,000 100% assets
Acquisiti
Yahua New Energy on of
Technology(Gaozhou) Co., Ltd. Gaozhou Gaozhou Electric power 10,000,000 100% assets
Establish
Guangdong Energy Group Xingjiang
Co., Ltd. Urumqi Urumqi Electric power 300,000,000 100%
Establish
Zhuhai Yudean New Energy Co.,
Ltd. Zhuhai Zhuhai Electric power 5,000,000 100%
Establish
Yunfu Yudean Zhenneng New
Energy Co., Ltd. Yunfu Yunfu Electric power 1,000,000 100%
Establish
Tumusuke Yudean Changhe New
Energy Co., Ltd. Tumusuke Tumusuke Electric power 500,000 100%
Establish
Xintian Yuefeng New Energy Co.,
Ltd. Yongzhou Yongzhou Electric power 2,000,000 100%
Establish
Lanshan Yuefeng New Energy Co.,
Ltd. Yongzhou Yongzhou Electric power 2,000,000 100%
companies had no other businesses or assets other than construction in progress, fixed assets and right-of-use
assets, and the acquisition did not involve employees. The acquisition of assets did not constitute a business as
there was not any output at the acquisition date.
6.Other
150
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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
Technology
Electric
Engineeging Dongguan Dongguan 100% Establish
power
company
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
Dapu Power Electric
Meizhou Meizhou 100% Establish
Generation 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
Shaoguan Business combinations
Electric
Power Shaoguan Shaoguan 90% involving enterprises under
power
Generation 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 89.04% Establish
Wind Power power
Business combinations
Lincang Electric
Lincang Lincang 100% involving enterprises not
company power
under 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
151
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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
Wind Power power
under 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
Power power
under 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 74.28% 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 Electric
Shenzhen Shenzhen 100% involving enterprises not
company power
under common control
Nanxiong New Electric
Shaoguan Shaoguan 100% Establish
Energy power
Dananhai Electric
Jieyang Jieyang 100% Establish
company power
Electric
Baihua Energy Huizhou Huizhou 100% Establish
Power
Qingzhou
Electric
Offshore wind 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
Energy power
under common control
Business combinations
Datang New Electric
Guangzhou Guangzhou 51% involving enterprises not
Energy Power
under common control
152
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Business combinations
Yueneng Wind Electric
Zhanjiang Zhanjiang 51% involving enterprises not
Power power
under common control
Business combinations
Tumu ermal Electric
Xinjiang Xingjiang 79.48% involving enterprises not
power company power
under common control
Business combinations
Electric
Sha C company Guangzhou Guangzhou 51% involving enterprises under
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 45.9% 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
Integrated Electric
Guangzhou Guangzhou 51% involving enterprises under
Energy power
company common control
Huangpu Business combinations
Electric
Electric Power Guangzhou Guangzhou 51% involving enterprises under
power
Engineering common control
Bijie New Electric
Bijie Bijie 100% Establish
Energy power
Shangyang Electric
Zhanjiang Zhanjiang 100% Acquisition of assets
Energy power
Electric
Guidian Energy Zhanjiang Zhanjiang 100% Acquisition of assets
Power
Shunfeng New Electric
Zhoukou Zhoukou 100% Acquisition of assets
Energy power
Jiandian New Electric
Jiaozhou Jiaozhou 100% Acquisition of assets
Energy power
Lianjiang New Electric
Zhanjiang Zhanjiang 100% Establish
Energy power
Luoding Electric
Luoding Luoding 100% Establish
Yuefeng power
Zhaocheng Electric
Linfen Linfen 100% Establish
Yuefeng Power
Wuha New Electric
Meizhou Meizhou 100% Establish
Energy power
Yingyang New Electric
Baoding Baoding 100% Acquisition of assets
Energy power
Lineng New Baoding Baoding Electric 100% Acquisition of assets
153
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Energy power
Longmen New Electric
Huizhou Huizhou 100% Establish
Energy power
Inner New Electric
Hohehot Hohehot 100% Establish
Energy Power
Zhuhai Electric
Zhuhai Zhuhai 100% Establish
Yuefeng power
Dunan New Electric
Langfang Langfang 80% Acquisition of assets
Energy power
Gaotang New Electric
Liaocheng Liaocheng 100% Acquisition of assets
Energy power
Xintian New Electric
Yongzhou Yongzhou 100% Establish
Energy power
Lanshan New Electric
Yongzhou Yongzhou 100% Establish
Energy Power
Shaoguan New Eectric
Shaoguan Shaoguan 100% Establish
Energy power
Hanhai New Electric
Tumusuke Tumusuke 100% Establish
Energy power
Electric
Jinxiu Enegy Laibin Laibin 90% Establish
power
Senhong New Electric
Nanjing Nanjing
power
100% Acquisition of assets
Energy
Muhong New Electric
Jinchang Jinchang 100% Acquisition of assets
Energy Power
Senhai New Electric
Nanjing Nanjing 100% Acquisition of assets
Energy power
Mujin New Electric
Jinchang Jinchang 100% Acquisition of assets
Energy power
Huibo New Electric
Huizhou Huizhou 100% Establish
Energy power
Dongrun
Electric
Zhongneng Taishan Taishan 100% Acquisition of assets
power
New Energy
Dongrun
Electric
Qingneng New Taishan Taishan 100% Acquisition of assets
Power
Energy
Runze Jieyuan Electric
Taishan Taishen 100% Acquisition of assets
New Energy power
Maoming Electric
Maoming Maoming 85% Establish
Natural gas power
Xingyue New Electric
Meizhou Meizhou 100% Establish
Energy power
Huixin Thermo Electric
Huizhou Huizhou 85% Establish
Electricity power
Electric
Shache Energy Xingjiang Xinjiang 100% Establish
Power
Xinguangyao Electric
Qingdao Qingdao 99% Acquisition of assets
New Energy power
Telian New Electric
Qingdao Qingdao 99% Acquisition of assets
Energy power
Lianyao New Electric
Qingdao Qingdao 99% Acquisition of assets
Energy power
Jiuzhou New Electric
Zhaoqing Zhaoqing 100% Acquisition of assets
Energy power
Changshan Electric
Xiangtan Xiangtan 100% Acquisition of assets
Wind Power Power
Luoding New Luoding Luoding Electric 100% Establish
154
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Energy power
Zhuhai New Electric
Zhuhai Zhuhai 100% Establish
Enegy power
Tumusuke Electric
Tumusuke Tumusuke 100% Establish
Changhae power
Zhenneng New Electric
Yunfu Yunfu 100% Establish
Energy power
Zhonggong Electric
Gaozhou Gaozhou 100% Acquisition of assets
Energy power
Yanhua New Electric
Gaozhou Gaozhou 100% Acquisition of assets
Energy power
Energy
Electric
Xinjiang Urumqi Urumqi 100% Establish
power
company
Explanation on share-holding ratio in subsidiary different from ratio of voting right：
(1) On 30 November 2018, Maoming Thermal merged Guangdong Energy Maoming Thermal Power Station
Co., Ltd., wholly-owned by GEGC. After the merger, GEGC held 30.12% equity of Maoming Thermal.
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 Thermal. Therefore, the company owns control power
over Maoming Thermal.
(2) Pinghai Power was acquired from GEGC by the Group in 2012 through offering non-public shares.
According to the agreement between GEGC and Guangdong Huaxia Electric Power Development Co., Ltd.
(“Huaxia Electric”), which holds 40% equity in Pinghai Power, the delegated shareholder and director from
Huaxia Electric maintain consensus with those of GEGC when exercising their voting rights during the
shareholders’ meeting and Board of Directors’ meeting at Pinghai Power; besides, after GEGC transfers its 45%
equity in Pinghai Power to the company, the delegated shareholder and director from Huaxia Electric also reach
consensus with those of the company when exercising their voting rights during the shareholders’ meeting and
Board of Directors’ meeting at Pinghai Power. Therefore, the company owns the control power over Pinghai
Power.
（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 33% 48,000,395 549,753,559
Zhanjiang company 24% 18,062,737 832,717,030
Jinghai company 35% 70,494,446 993,894,669
Red Bay company 35% 59,465,548 897,166,089
Huizhou Natural gas 33% 79,435,716 61,368,052 715,022,625
Pinghai Power
55% 122,274,813 1,231,709,363
Generation
Sha C company 49% 27,211,304 247,346 1,024,894,050
155
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
（3）Main financial information of significant not wholly-owned subsidiaries
In RMB
Closing balance Beginning balance
Non- Non-
Subsidi Non- Non-
Current Total Current current Total Current Total Current current Total
aries current current
assets assets liabilities Liabilitie liabilities assets assets liabilities Liabilitie liabilities
assets assets
s s
Bohe
1,373,57 7,024,04 8,397,62 2,138,46 4,593,24 6,731,70 2,349,67 6,994,60 9,344,28 2,427,79 2,293,01 4,720,80
compan
y 9,014 9,242 8,255 2,141 6,238 8,379 8,889 7,638 6,527 2,723 6,300 9,023
Zhanjia
ng 2,640,76 1,202,42 3,843,19 348,559, 24,981,6 373,540, 2,470,75 1,240,61 3,711,37 295,849, 27,101,8 322,951,
compan 7,571 7,410 4,981 078 12 690 9,774 1,761 1,535 495 81 376
y
Jinghai
1,749,66 7,262,82 9,012,49 4,686,98 1,485,80 6,172,79 1,385,79 6,990,89 8,376,69 4,133,09 1,611,95 5,745,05
compan
y 7,154 4,240 1,394 9,482 2,857 2,339 8,584 8,911 7,495 6,606 5,884 2,490
Red
Bay 1,743,91 5,073,66 6,817,58 3,944,15 310,104, 4,254,25 1,335,71 4,929,89 6,265,61 3,471,80 400,374, 3,872,18
compan 7,363 9,370 6,733 0,414 636 5,050 2,024 9,200 1,224 6,657 451 1,108
y
Huizho
u 908,994, 2,606,27 3,515,27 1,060,46 288,074, 1,348,53 517,592, 2,729,89 3,247,48 854,386, 287,238, 1,141,62
Natural 778 9,167 3,945 4,393 324 8,717 961 5,338 8,299 780 842 5,622
gas
Pinghai
Power 1,673,37 2,637,17 4,310,54 789,013, 1,282,06 2,071,07 1,698,93 2,801,84 4,500,78 1,222,69 1,448,38 2,671,08
Generat 4,526 4,247 8,773 884 3,321 7,205 5,258 6,254 1,512 8,173 1,879 0,052
ion
Sha C
2,788,36 3,562,74 6,351,10 2,111,33 2,145,53 4,256,86 2,223,30 3,622,70 5,846,00 1,883,23 1,923,51 3,806,74
compan
y 3,418 2,222 5,640 4,173 1,632 5,805 8,298 0,798 9,096 1,110 5,331 6,441
In RMB
Amount of current period Amount of previous period
Cash flow Cash flow
Subsidiari Total Total
Operating from Operating from
es Net profit comprehensi Net profit comprehensi
revenue operating revenue operating
ve income ve income
activities activities
Bohe 1,963,659,4 145,455,74 156,619,78 1,600,129,8 212,145,16
145,455,744 12,189,826 12,189,826
company 34 4 3 10 8
-
Zhanjiang 1,297,631,0 113,104,71 1,101,789,7
75,261,404 75,261,404 146,664,50 -146,664,504 16,138,167
company 51 0 98
4
- -
Jinghai 3,561,337,8 201,412,70 350,392,93 2,964,790,1
201,412,703 179,991,58 -179,991,581 233,268,19
company 00 3 4 03
1 5
- -
Red Bay 2,856,474,9 169,901,56 355,762,38 2,321,105,0
169,901,566 224,176,15 -224,176,150 157,836,53
company 56 6 8 97
0 2
Huizhou
2,277,405,2 240,714,29 377,380,59 1,414,352,5 -
Natural 240,714,292 11,075,874 11,075,874
gas 03 2 6 30 81,615,392
Pinghai
Power 2,613,191,6 222,317,84 756,088,61 2,432,384,3 -
222,317,841 -94,006,025 41,046,024
Generatio 41 1 2 27 94,006,025
n
Sha C 2,865,906,9 48,192,445 48,192,445 - 2,368,494,7 - -423,529,603 -
156
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
company 08 18,910,069 24 423,529,60 901,521,16
3 0
(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
(1) Note to owner’s equity share changed in subsidiary
Not applicable
(2) The transaction’s influence to equity of minority shareholders and attributable to the owner's equity
of the parent company
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 of Registration Nature of treatment of
Subsidiary Operation Place Business direct indirect investment in
associates
Industry Fuel Guangzhou Guangzhou Fuel trade 50% Equity method
Coal
Transportation
Shanxi Yudean
Taiyuan Taiyuan and port 40% Equity method
Enerty
operations
investment
Energy Finance Guangzhou Guangzhou Financial 25% 15% Equity method
Taishan Power Power
Taishan Taishan 20% Equity method
Generation Generation
Energy
Financing Financing
Guangzhou Guangzhou 25% Equity method
Leasing 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 11,630,636,720 9,759,872,215
Including: Balance of cash and cash
2,361,332,048 2,757,809,545
equivalents
Non-current assets 6,673,276,489 6,787,019,420
Total of assets 18,303,913,209 16,546,891,635
157
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Current liabilities 12,070,932,926 10,717,387,818
Non current liabilities 4,367,589,030 4,030,111,167
Total liabilities 16,438,521,956 14,747,498,985
Minority shareholder Equity 63,367,768 67,010,551
Attributable to shareholders of the parent
1,802,023,485 1,732,382,099
company
Share of net assets calculated by stake 901,011,743 866,191,050
Adjustment item
--Goodwill
-- Internal transactions did not achieve
-155,792,047 -155,792,047
profit
--Other
Book value of equity investment in joint
745,219,696 710,399,003
venture
The fair value of the equity investment of
a joint venture with a public quotation
Business income 17,669,371,060 17,314,930,225
Financial expenses 118,472,192 87,691,402
Income tax 27,764,948 24,130,311
Net profit 68,027,911 74,174,449
Net profit from terminated operation
Other comprehensive income
Total comprehensive income 68,027,911 74,174,449
Dividends received from the joint
venture this year
158
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
(3) Main financial information of significant associated enterprise
In RMB
Closing balance/This period Opening balance/Last period
Energy Financing Taishan Power Energy Financing Taishan Power
Shanxi Energy Energy Finance Shanxi Energy Energy Finance
Leasing Company Generation Leasing Company Generation
Current assets 2,311,269,590 1,219,460,713 9,026,067,505 4,953,769,065 1,782,312,074 1,012,915,138 8,044,309,162 3,007,543,498
Non-current assets 8,488,318,113 10,167,277,225 18,132,181,989 8,507,273,511 8,228,428,605 9,190,015,523 18,171,209,855 8,964,593,732
Total of assets 10,799,587,703 11,386,737,938 27,158,249,494 13,461,042,576 10,010,740,679 10,202,930,661 26,215,519,017 11,972,137,230
Current liabilities 321,842,838 2,057,631,302 22,927,443,700 3,535,234,214 606,329,317 2,688,451,249 21,896,121,072 2,465,364,570
Non-current
2,075,864,787 7,193,970,706 101,679,901 1,697,937,309 5,365,450,397 91,587,142
liabilities
Total liabilities 2,397,707,625 9,251,602,008 23,029,123,601 3,535,234,214 2,304,266,626 8,053,901,646 21,987,708,214 2,465,364,570
Minority
shareholder 76,722,010 76,642,198
Equity
Attributable to
shareholders of
8,325,158,068 2,135,135,930 4,129,125,893 9,925,808,362 7,629,831,855 2,149,029,015 4,227,810,803 9,506,772,660
the parent
company
Share of net assets
calculated by 3,330,063,227 533,783,983 1,651,650,357 1,985,161,672 3,051,932,742 537,257,254 1,691,124,321 1,901,354,532
stake
Adjustment item
--Goodwill 13,325,000 13,325,000
-- Internal
transactions did
not achieve profit
--Other -32,579,800
Book value of
equity investment 3,330,063,227 533,783,983 1,664,975,357 1,985,161,672 3,019,352,942 537,257,254 1,704,449,321 1,901,354,532
in joint venture
The fair value of
the equity
investment of a
joint venture with
a public quotation
Business income 118,159,035 167,876,552 354,420,895 6,138,517,716 72,490,741 150,431,274 377,919,901 4,165,296,856
Net profit 641,106,524 68,392,697 187,240,167 552,443,285 696,793,898 62,917,590 203,699,560 234,815,986
159
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Net profit from
terminated
operation
Other
comprehensive 36,290,103 3,422,367
income
Total
comprehensive 641,106,524 68,392,697 223,530,270 552,443,285 696,793,898 62,917,590 207,121,927 234,815,986
income
Dividends
received from the
associated 20,571,445 128,886,072 26,681,517 18,292,179 123,894,709
enterprise this
year
160
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
(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 186,572,063 181,171,920
Share of net assets calculated by stake
----Net Profit 5,400,143 -613,360
-- Total comprehensive income 5,400,143 -613,360
Associated enterprise：
Total investment book value 1,159,904,570 1,144,068,211
The total number of the following
--Net Profit 19,300,483 25,804,752
- Total comprehensive income 19,300,483 25,804,752
(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
In RMB
Unrecognized losses Unrecognized losses in this Unrecognized losses
Name of joint venture or
accumulated in previous period (or net profit shared in accumulated at the end of the
associated enterprise
periods this period) period
Yunfu Power Generation( B)
-2,414,222 -1,543,341 -3,957,563
Co., Ltd.
(7) The unrecognized commitment related to joint venture investment
Not applicable
(8) Contingent liabilities related to joint venture or associated enterprise investment
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
Not applicable
161
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
XI. The disclosure of the fair value
1. Closing fair value of assets and liabilities calculated by fair value
In RMB
Closing fair value
Items Fair value Fair value Fair value
measurement items at measurement items at measurement items at Total
level 1 level 2 level 3
I. Consistent fair value
-- -- -- --
measurement
（ 3 ） Other equity
1,923,276,288 952,800,000 2,876,076,288
instrument investment
II Inconsistent fair
-- -- -- --
value measurement
2.Recognized basis for the market price sustaining and non-persistent measured by fair value on first-
order
For financial instruments that are not traded in active markets, the Group adopts valuation techniques to determine
their fair value.
3. Valuation technique and qualitative and quantitative information on major parameters for the fair
value measure sustaining and non-persistent on second-order
4. Valuation technique and qualitative and quantitative information on major parameters for the fair
value measure sustaining and non-persistent on third -order
The fair value of financial instruments traded in an active market is determined at the quoted market price; and the
fair value of those not traded in an active market is determined by the Group using valuation techniques. The
Group adopt such valuation models as cash flow discounting model and comparable company in the market to
evaluate the fair value of the other equity instrument of Level 3 financial assets. The Group adopts average price
to book value ratio (PB) and discounts for lack of marketability (DLOM) as major unobservable inputs for SCG.
5.Continuous thirdlevel fair value measurement project, adjustment information between the opening an
d closing book value and sensitivity analysis of unobservable parameters
6.The reasons for the conversions and the policies for determining the timing of the conversions for
continuous fair value measurement items where conversions between various levels occurred during the
current period
The Group takes the occurrence date of the event that leads to the transition between different levels as the time to
confirm the transition between different levels. This year, there is no transition among the first level, the second
level and the third level.
162
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
7. Changes in valuation technology during the current period and the reasons for the changes
Not applicable
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 parent company parent company
Registration place Nature Registered capital
name against the against the
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 15,300 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.
163
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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 company Associate
Energy Group Finance company 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 Group Natural Gas Co., Ltd. Controlled by Energy Group
Yudean Environmental protection Co., Ltd. Controlled by Energy Group
Zhuhai Special Economic Zone Guangzhu Power Generation
Controlled by Energy Group
Co., Ltd.
Guangdong Zhuhai Jinwan Power Generation Co., Ltd. Controlled by Energy Group
Guangdong Yudean Zhongshan Thermal Power Plant Controlled by Energy Group
Guangdong Yuelong Power Generation Co., Ltd. Controlled by Energy Group
Guangdong Yudean Property Management Co., Ltd. Controlled by Energy Group
Guangdong Port of Yangjiang Harbour Service Co., Ltd. Controlled by Energy Group
Guangdong Yudean Information Technology Co., Ltd Controlled by Energy Group
Guangdong Yudean Xinfengjiang Power Generation Co., Ltd. Controlled by Energy Group
Shaoguan Qujiang Yudean New Energy Co., Ltd. Controlled by Energy Group
Guangdong Energy Group Zhuhai Power Generation Co., Ltd. Controlled by Energy Group
Dongguan Mingyuan Hotal Ci., Ltd. Controlled by Energy Group
Guangdong Yudean Real Estate Investment Co., Ltd. Controlled by Energy Group
Guangzhou Development District Yudean New Energy Co.,
Controlled by Energy Group
Ltd
Guangdong Yudean Huizhou New Energy 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 14,710,520,034 No 12,665,241,377
Energy Group
Fuel purchase 3,207,315,777 No 2,160,279,170
Natural gas
Yudean
Material purchase 113,867,728 No 116,123,991
Environment
164
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Protection
Zhuhai Special
Economic Zone
Guangzhu Power Electric purchase 143,960,700 No 89,988,153
Generation Co.,
Ltd.
Guangdong
Zhuhai Jinwan
Electric purchase 136,789,161 No 52,914,799
Power Generation
Co., Ltd.
Zhongshan
Thermal power Electric purchase 65,382,590 No 5,024,466
plant
Yunfu Power
Generation ( B Electric purchase 28,688,660 No 27,985,690
plant) Co., Ltd.
Guangdong
Yuelong Power
Electric purchase 25,673,150 No 16,297,566
Generation Co.,
Ltd.
Guangdong
Receipt of
Energy Group
operational 264,029,202 No 262,930,900
Shajiao C Power
services
Plant
Management
Fuel company 51,237,017 No 39,877,250
services
Yudean Property Management
14,876,679 No 12,058,164
Management services
Acceptance of
Yudean Shipping 12,461,321 No 12,430,189
tugboat services
Acceptance of
Yangjiang Port 6,277,274 No 3,774,201
tugboat services
Yudean Acceptance of
Environment management 4,850,515 No 0
Protection services
Acceptance of
Yudean
management 2,498,756 No 2,648,984
Information
services
Guangdong
Yudean Acceptance
Xinfengjiang engineering 119,266 No 0
Power Generation service
Co., Ltd.
Guangdong
Energy Group
Science and Acceptance of R &
0 No 339,623
Technology D Services
Research Institute
Co., Ltd
Sales of goods and services
In RMB
Occurred in previous
Related parties Content Occurred current term
term
Yudean Environment Protection Sale of Material 100,120,771 104,738,860
Yunfu Power Plant (B Plant) Co., Ltd Providing services 16,842,027 3,134,578
Providing maintenance
Shajiao C plant 7,862,832 23,637,465
services
Providing maintenance
Zhongshan Thermal power plant 3,879,975 6,953,621
services
Shaoguan Qujiang Yudean New Energy Co., Providing maintenance
1,340,452 1,514,255
Ltd. services
165
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Guangdong Yuelong Power Generation Co., Providing maintenance
336,283 0
Ltd. services
Guangdong Energy Zhuhai Power Generation Providing maintenance
292,035 2,284,679
Co., Ltd. services
Yudean Shipping Management services 268,113 0
Fuel company Management services 73,341 0
Guangzhou Development Zone Yudean New Providing maintenance
0 97,262
Energy Co., Ltd. services
Providing maintenance
Yudean Huizhou New Energy Co., Ltd. 0 34,821
services
（2）Related trusteeship or contracting
Related trusteeship or contracting in which the company is the undertake
In RMB
Asset situation Gains from the
Name of the Name of the Termina
of the Start date Pricing basis deal in report
employer undertaker ting date
undertaker 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
Guangdong custody fee of each target
Guangdong ownership,
Electric Power January company is calculated
Energy Group income right 900,000
Development 1,2018 according to the custody
Co., Ltd. and disposition
Co., Ltd. days. During the current
right
period, there are 16 first-
level subject 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
166
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
custody fee. For details, please refer to the " Announcement on Related Party Transaction of the Signing of the
“Equity Custody Agreement” by Guangdong Electric Power Development Co., Ltd with Guangdong Yudean
Group Co., Ltd " (Announcement No.: 2018-04) disclosed in China Securities Journal, Securities Times, and
Cninfo.com on January 13, 2018.
(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 Hotel
Property Leas 1,935,106 1,935,106
Co., Ltd.
Property company Property Leas 283,746 326,832
Guangdong Yudean Shipping property Leas 26,422
Yudean Environment
property Leas 161,905
Protection
167
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
- The company was lessee：
In RMB
Variable lease payments not
Rental charges for short-term Interest expenses on lease
included in lease liabilities Rent paid Increased use right assets
and low-value assets (if any) liabilities assumed
measurement (if any)
Category of
Lessor Amount of Amount of Amount of Amount of Amount of Amount of Amount of Amount of Amount of Amount of
leased assets
current previous current previous current previous current previous current previous
period period period period period period period period period period
Yudean
Financing
Finance 584,702,146 117,062,870 123,958,270 108,205,269 813,122,398 45,680,915
leasing
lease
Yudean Real Leasing
2,013,446 7,677,504 6,859,267 133,139 277,385 0 29,940
Estate service
168
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
（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
1,947,360,000 December 3,2019 September 15,2043 No
Group Co., Ltd.
As a secured party for the company
Not applicable
(5) Inter-bank lending of capital of related parties：
In RMB
Amount borrowed and
Related party Initial date Due date Notes
loaned
Borrowed
Guangdong Energy Group Finance
288,764,000 June 29,2017 June 28,2032
Co., Ltd.
Guangdong Energy Group Finance
30,981,025.94 January 13,2023 July 20,2042
Co., Ltd.
Guangdong Energy Group Finance
13,518,033.58 March 6,2023 July 20,2042
Co., Ltd.
Guangdong Energy Group Finance
38,997,311.06 June 20,2023 July 20,2042
Co., Ltd.
Guangdong Energy Group Finance
66,369,544.97 June 27,2023 June 26,2024
Co., Ltd.
Guangdong Energy Group Finance
50,000,000 September 27,2022 September 26,2023
Co., Ltd.
Guangdong Energy Group Finance
331,834,304.24 May 27,2015 May 26,2030
Co., Ltd.
Guangdong Energy Group Finance
750,000,000 July 25,2022 May 10,2024
Co., Ltd.
Guangdong Energy Group Finance
16,768,478 October 26,2022 October 25,2023
Co., Ltd.
Guangdong Energy Group Finance
7,135,978 November 23,2022 October 25,2023
Co., Ltd.
Guangdong Energy Group Finance
14,435,271.57 December 20,2022 October 25,2023
Co., Ltd.
Guangdong Energy Group Finance
16,431,311.77 March 9,2023 October 25,2023
Co., Ltd.
Guangdong Energy Group Finance
17,721,357.45 October 26,2022 October 25,2023
Co., Ltd.
Guangdong Energy Group Finance
8,048,912.76 November 23,2022 October 25,2023
Co., Ltd.
Guangdong Energy Group Finance
13,356,720.86 December 20,2022 October 25,2023
Co., Ltd.
Guangdong Energy Group Finance
32,000,000 October 14,2022 October 13,2023
Co., Ltd.
Guangdong Energy Group Finance
20,000,000 December 16,2022 December 15,2023
Co., Ltd.
Guangdong Energy Group Finance
8,000,000 January 10,2023 January 9,2024
Co., Ltd.
Guangdong Energy Group Finance
20,000,000 January 10,2023 January 9,2024
Co., Ltd.
Guangdong Energy Group Finance
80,000,000 October 17,2022 October 16,2023
Co., Ltd.
Guangdong Energy Group Finance
70,000,000 October 21,2022 October 20,2023
Co., Ltd.
Guangdong Energy Group Finance
120,000,000 November 8,2022 November 7,2023
Co., Ltd.
Guangdong Energy Group Finance
30,000,000 November 4,2022 November 3,2023
Co., Ltd.
169
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Guangdong Energy Group Finance
100,000,000 November 9,2022 November 8,2023
Co., Ltd.
Guangdong Energy Group Finance
130,000,000 November 4,2022 November 3,2023
Co., Ltd.
Guangdong Energy Group Finance
455,700,000 February 4,2015 October 27,2029
Co., Ltd.
Guangdong Energy Group Finance
2,560,000 May 18,2023 May 17,2043
Co., Ltd.
Guangdong Energy Group Finance
18,068,825.94 November 3,2022 November 2,2023
Co., Ltd.
Guangdong Energy Group Finance
3,898,000 November 16,2022 November 2,2023
Co., Ltd.
Guangdong Energy Group Finance
14,877,819.90 November 22,2022 November 2,2023
Co., Ltd.
Guangdong Energy Group Finance
37,852,589.54 November 29,2022 November 2,2023
Co., Ltd.
Guangdong Energy Group Finance
5,121,281 February 2,2023 December 27,2042
Co., Ltd.
Guangdong Energy Group Finance
43,000,000 February 14,2023 December 27,2042
Co., Ltd.
Guangdong Energy Group Finance
3,513,675 February 28,2023 December 27,2042
Co., Ltd.
Guangdong Energy Group Finance
7,147,641.59 April 24,2023 December 27,2042
Co., Ltd.
Guangdong Energy Group Finance
25,000,000 June 16,2023 December 27,2042
Co., Ltd.
Guangdong Energy Group Finance
60,000,000 October 11,2022 October 10,2023
Co., Ltd.
Guangdong Energy Group Finance
50,000,000 October 19,2022 October 18,2023
Co., Ltd.
Guangdong Energy Group Finance
15,000,000 November 8,2022 November 7,2023
Co., Ltd.
Guangdong Energy Group Finance
40,000,000 November 10,2022 November 9,2023
Co., Ltd.
Guangdong Energy Group Finance
15,000,000 November 17,2022 November 16,2023
Co., Ltd.
Guangdong Energy Group Finance
20,000,000 November 22,2022 November 21,2023
Co., Ltd.
Guangdong Energy Group Finance
30,000,000 November 24,2022 November 23,2023
Co., Ltd.
Guangdong Energy Group Finance
140,000,000 November 29,2022 November 28,2023
Co., Ltd.
Guangdong Energy Group Finance
100,000,000 December 19,2022 December 18,2023
Co., Ltd.
Guangdong Energy Group Finance
100,000,000 January 12,2023 January 11,2024
Co., Ltd.
Guangdong Energy Group Finance
300,000,000 February 6,2023 February 5,2024
Co., Ltd.
Guangdong Energy Group Finance
20,000,000 May 16,2023 May 15,2024
Co., Ltd.
Guangdong Energy Group Finance
20,237,517.69 May 23,2023 May 22,2024
Co., Ltd.
Guangdong Energy Group Finance
150,000,000 May 23,2023 May 22,2024
Co., Ltd.
Guangdong Energy Group Finance
150,000,000 June 1,2023 May 31,2024
Co., Ltd.
Guangdong Energy Group Finance
170,000,000 June 2,2023 June 1,2024
Co., Ltd.
Guangdong Energy Group Finance
100,000,000 January 15,2021 January 14,2041
Co., Ltd.
Guangdong Energy Group Finance
100,000,000 January 15,2021 January 14,2041
Co., Ltd.
Guangdong Energy Group Finance
55,000,000 November 16,2022 November 15,2023
Co., Ltd.
Guangdong Energy Group Finance
50,000,000 December 20,2022 December 19,2023
Co., Ltd.
170
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Guangdong Energy Group Finance
28,156,152.28 January 18,2023 January 17,2024
Co., Ltd.
Guangdong Energy Group Finance
12,998,824.46 January 18,2023 January 17,2024
Co., Ltd.
Guangdong Energy Group Finance
56,511,631.76 March 13,2023 March 12,2024
Co., Ltd.
Guangdong Energy Group Finance
4,895,370.75 January 19,2023 January 18,2024
Co., Ltd.
Guangdong Energy Group Finance
47,430,000 June 12,2023 June 11,2024
Co., Ltd.
Guangdong Energy Group Finance
45,000,000 June 12,2023 June 11,2024
Co., Ltd.
Guangdong Energy Group Finance
9,000,000 January 19,2023 January 18,2024
Co., Ltd.
Guangdong Energy Group Finance
50,000,000 January 29,2023 January 28,2024
Co., Ltd.
Guangdong Energy Group Finance
20,000,000 February 8,2023 February 7,2024
Co., Ltd.
Guangdong Energy Group Finance
124,587,118.15 February 13,2023 February 12,2024
Co., Ltd.
Guangdong Energy Group Finance
9,000,000 February 20,2023 February 19,2024
Co., Ltd.
Guangdong Energy Group Finance
101,781,046.90 February 23,2023 February 22,2024
Co., Ltd.
Guangdong Energy Group Finance
45,103,024.05 March 8,2023 March 7,2024
Co., Ltd.
Guangdong Energy Group Finance
97,762,688.07 March 10,2023 March 9,2024
Co., Ltd.
Guangdong Energy Group Finance
9,000,000 March 16,2023 March 15,2024
Co., Ltd.
Guangdong Energy Group Finance
37,512,151.28 March 22,2023 March 21,2024
Co., Ltd.
Guangdong Energy Group Finance
100,759,349.79 March 27,2023 March 26,2024
Co., Ltd.
Guangdong Energy Group Finance
9,000,000 April 10,2023 April 9,2024
Co., Ltd.
Guangdong Energy Group Finance
226,357,110.22 April 12,2023 April 11,2024
Co., Ltd.
Guangdong Energy Group Finance
9,000,000 April 25,2023 April 24,2024
Co., Ltd.
Guangdong Energy Group Finance
47,216,782.70 May 5,2023 May 4,2024
Co., Ltd.
Guangdong Energy Group Finance
138,797,167.39 May 11,2023 May 10,2024
Co., Ltd.
Guangdong Energy Group Finance
32,197,579.86 May 17,2023 May 16,2024
Co., Ltd.
Guangdong Energy Group Finance
125,723,226.17 May 25,2023 May 24,2024
Co., Ltd.
Guangdong Energy Group Finance
54,772,935.17 June 14,2023 June 13,2024
Co., Ltd.
Guangdong Energy Group Finance
70,000,000 October 17,2022 October 16,2023
Co., Ltd.
Guangdong Energy Group Finance
140,000,000 November 14,2022 November 13,2023
Co., Ltd.
Guangdong Energy Group Finance
120,000,000 December 19,2022 December 18,2023
Co., Ltd.
Guangdong Energy Group Finance
100,000,000 February 2,2023 February 1,2024
Co., Ltd.
Guangdong Energy Group Finance
100,000,000 March 22,2023 March 21,2024
Co., Ltd.
Guangdong Energy Group Finance
160,000,000 May 25,2023 May 24,2024
Co., Ltd.
Guangdong Energy Group Finance
15,000,000 July 16,2022 December 5,2024
Co., Ltd.
Guangdong Energy Group Finance
110,000,000 August 25,2022 December 5,2024
Co., Ltd.
171
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Guangdong Energy Group Finance
10,000,000 July 26,2022 July 25,2023
Co., Ltd.
Guangdong Energy Group Finance
15,000,000 August 1,2022 July 31,2023
Co., Ltd.
Guangdong Energy Group Finance
10,000,000 August 15,2022 August 14,2023
Co., Ltd.
Guangdong Energy Group Finance
10,000,000 August 29,2022 August 28.2023
Co., Ltd.
Guangdong Energy Group Finance
20,000,000 September 5,2022 September 4,2023
Co., Ltd.
Guangdong Energy Group Finance
15,000,000 September 9,2022 September 8,2023
Co., Ltd.
Guangdong Energy Group Finance
10,000,000 September 19,2022 September 18,2023
Co., Ltd.
Guangdong Energy Group Finance
10,000,000 December 14,2022 December 13,2023
Co., Ltd.
Guangdong Energy Group Finance
10,000,000 December 20,2022 December 19,2023
Co., Ltd.
Guangdong Energy Group Finance
10,000,000 February 21,2023 February 20,2024
Co., Ltd.
Guangdong Energy Group Finance
5,000,000 March 15,2023 March 14,2024
Co., Ltd.
Guangdong Energy Group Finance
5,000,000 March 21,2023 March 20,2024
Co., Ltd.
Guangdong Energy Group Finance
8,000,000 April 24,2023 April 23,2024
Co., Ltd.
Guangdong Energy Group Finance
5,000,000 June 15,2023 June 14,2024
Co., Ltd.
Guangdong Energy Group Finance
5,000,000 June 16,2023 June 15,2024
Co., Ltd.
Guangdong Energy Group Finance
5,000,000 June 19,2023 June 18,2024
Co., Ltd.
Guangdong Energy Group Finance
5,000,000 June 20,2023 June 19,2024 J
Co., Ltd.
Guangdong Energy Group Finance
5,000,000 June 25,2023 June 24,2024
Co., Ltd.
Guangdong Energy Group Finance
5,000,000 June 26,2023 June 25,2024
Co., Ltd.
Guangdong Energy Group Finance
50,000,000 October 19,2022 October 18,2023
Co., Ltd.
Guangdong Energy Group Finance
100,000,000 December 8,2022 December 7,2023
Co., Ltd.
Guangdong Energy Group Finance
100,000,000 December 12,2022 December 11,2023
Co., Ltd.
Guangdong Energy Group Finance
50,000,000 December 20,2022 December 19,2023
Co., Ltd.
Guangdong Energy Group Finance
50,000,000 May 24,2023 May 23,2024
Co., Ltd.
Guangdong Energy Group Finance
50,000,000 June 29,2023 June 30,2024
Co., Ltd.
Guangdong Energy Group Finance
20,000,000 October 16,2014 October 13,2029
Co., Ltd.
Guangdong Energy Group Finance
140,000,000 April 27,2023 April 26,2024
Co., Ltd.
Guangdong Energy Group Finance
22,000,000 November 9,2022 November 8,2023
Co., Ltd.
Guangdong Energy Group Finance
15,000,000 November 23,2022 November 22,2023
Co., Ltd.
Guangdong Energy Group Finance
20,000,000 December 7,2022 December 6,2023
Co., Ltd.
Guangdong Energy Group Finance
19,000,000 December 21,2022 December 20,2023
Co., Ltd.
Guangdong Energy Group Finance
8,000,000 January 6,2023 January 5,2024
Co., Ltd.
Guangdong Energy Group Finance
27,000,000 March 31,2023 March 30,2024
Co., Ltd.
172
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Guangdong Energy Group Finance
14,206,743.25 June 7,2023 June 6,2024
Co., Ltd.
Guangdong Energy Group Finance
50,000,000 January 17,2023 January 16,2024
Co., Ltd.
Guangdong Energy Group Finance
50,000,000 June 27,2023 June 26,2024
Co., Ltd.
Guangdong Energy Group Finance
159,485,665 May 17,2016 May 16,2031
Co., Ltd.
Guangdong Energy Group Finance
222,496,604 April 7,2020 April 7,2040
Co., Ltd.
Guangdong Energy Group Finance
28,000,000 May 19,2023 May 18,2038
Co., Ltd.
Guangdong Energy Group Finance
300,000 June 25,2023 June 24,2038
Co., Ltd.
Guangdong Energy Group Finance
4,500,000 June 7,2023 June 7,2024
Co., Ltd.
Guangdong Energy Group Finance
4,500,000 June 14,2023 June 14,2024
Co., Ltd.
Guangdong Energy Group Finance
24,259,965.03 June 19,2023 June 19,2024
Co., Ltd.
Guangdong Energy Group Finance
5,000,000 November 30,2016 November 28,2031
Co., Ltd.
Guangdong Energy Group Finance
3,000,000 December 27,2019 December 26,2034
Co., Ltd.
Guangdong Energy Group Finance
20,000,000 June 24,2020 December 26,2034
Co., Ltd.
Guangdong Energy Group Finance
20,000,000 October 9,2020 December 26,2034
Co., Ltd.
Guangdong Energy Group Finance
13,000,000 November 17,2020 December 26,2034
Co., Ltd.
Guangdong Energy Group Finance
24,000,000 December 11,2020 December 26,2034
Co., Ltd.
Guangdong Energy Group Finance
4,500,000 February 5,2021 December 26,2034
Co., Ltd.
Guangdong Energy Group Finance
3,528,114.28 June 24,2022 December 26,2034
Co., Ltd.
Guangdong Energy Group Finance
1,910,525 September 22,2022 December 26,2034
Co., Ltd.
Guangdong Energy Group Finance
26,000,000 July 23,2018 July 22,2033
Co., Ltd.
Guangdong Energy Group Finance
7,500,000 April 27,2021 July 22,2033
Co., Ltd.
Guangdong Energy Group Finance
7,500,000 October 28,2021 July 22,2033
Co., Ltd.
Guangdong Energy Group Finance
10,000,000 January 7,2022 July 22,2033
Co., Ltd.
Guangdong Energy Group Finance
5,000,000 April 7,2022 July 22,2033
Co., Ltd.
Guangdong Energy Group Finance
5,000,000 November 28,2022 November 27,2023
Co., Ltd.
Guangdong Energy Group Finance
5,000,000 March 14,2023 March 13,2024
Co., Ltd.
Guangdong Energy Group Finance
13,200,000 May 21,2020 May 18,2035
Co., Ltd.
Guangdong Energy Group Finance
3,000,000 June 12,2020 May 18,2035
Co., Ltd.
Guangdong Energy Group Finance
1,500,000 June 30,2020 May 18,2035
Co., Ltd.
Guangdong Energy Group Finance
8,000,000 July 28,2020 May 18,2035
Co., Ltd.
Guangdong Energy Group Finance
12,000,000 September 21,2020 May 18,2035
Co., Ltd.
Guangdong Energy Group Finance
8,000,000 November 23,2020 May 18,2035
Co., Ltd.
173
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Guangdong Energy Group Finance
8,500,000 February 3,2021 May 18,2035
Co., Ltd.
Guangdong Energy Group Finance
5,000,000 May 13,2021 May 18,2035
Co., Ltd.
Guangdong Energy Group Finance
10,000,000 November 11,2021 May 18,2035
Co., Ltd.
Guangdong Energy Group Finance
10,000,000 December 16,2021 May 18,2035
Co., Ltd.
Guangdong Energy Group Finance
17,000,000 December 23,2021 May 18,2035
Co., Ltd.
Guangdong Energy Group Finance
10,000,000 January 4,2022 May 18,2035
Co., Ltd.
Guangdong Energy Group Finance
3,300,000 January 17,2022 May 18,2035
Co., Ltd.
Guangdong Energy Group Finance
15,000,000 May 19,2022 May 18,2035
Co., Ltd.
Guangdong Energy Group Finance
10,000,000 November 4,2020 November 2,2035
Co., Ltd.
Guangdong Energy Group Finance
9,000,000 November 19,2020 November 2,2035
Co., Ltd.
Guangdong Energy Group Finance
3,000,000 January 22,2021 November 2,2035
Co., Ltd.
Guangdong Energy Group Finance
26,000,000 June 26,2021 November 2,2035
Co., Ltd.
Guangdong Energy Group Finance
10,000,000 October 20,2021 November 2,2035
Co., Ltd.
Guangdong Energy Group Finance
10,000,000 December 10,2021 November 2,2035
Co., Ltd.
Guangdong Energy Group Finance
15,000,000 December 27,2021 November 2,2035
Co., Ltd.
Guangdong Energy Group Finance
15,000,000 January 19,2022 November 2,2035
Co., Ltd.
Guangdong Energy Group Finance
10,000,000 May 30,2022 November 2,2035
Co., Ltd.
Guangdong Energy Group Finance
10,000,000 June 30,2023 June 30,2043
Co., Ltd.
Guangdong Energy Group Finance
30,000,000 March 30,2021 March 28,2036
Co., Ltd.
Guangdong Energy Group Finance
18,597,140 December 17,2021 March 28,2036
Co., Ltd.
Guangdong Energy Group Finance
21,800,000 December 31,2016 August 15,2031
Co., Ltd.
Guangdong Energy Group Finance
34,050,000 December 31,2016 August 15,2031
Co., Ltd.
Guangdong Energy Group Finance
37,529,220.87 December 28,2018 December 27,2036
Co., Ltd.
Guangdong Energy Group Finance
299,355,000 May 29,2020 May 28,2040
Co., Ltd.
Guangdong Energy Group Finance
390,000 December 3,2021 December 29,2040
Co., Ltd.
Guangdong Energy Group Finance
632,991.90 June 26,2019 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
570,000 July 15,2019 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
297,042.21 August 26,2019 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
1,297,700 September 12,2019 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
180,000 September 29, 2 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
210,000 October 29,2019 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
3,000,000 November 21,2019 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
2,000,000 December 5,2019 June 25,2039
Co., Ltd.
174
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Guangdong Energy Group Finance
1,100,000 December 18,2019 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
1,800,000 January 14,2020 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
1,500,000 February 25,2020 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
47,400,000 April 16,2020 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
54,000,000 April 29,2020 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
8,500,000 May 18,2020 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
6,700,000 June 17,2020 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
11,200,000 July 9,2020 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
19,500,000 August 10,2020 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
7,700,000 August 20,2020 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
36,000,000 September 10,2020 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
5,700,000 September 15,2020 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
11,600,000 October 14,2020 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
7,100,000 November 19,2020 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
5,000,000 March 16,2021 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
10,000,000 April 6,2021 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
8,121,853.80 April 22,2021 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
5,000,000 May 20,2021 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
20,000,000 August 12,2021 June 25,2039
Co., Ltd.
Guangdong Energy Group Finance
32,158,951.93 February 26,2020 January 2,2040
Co., Ltd.
Guangdong Energy Group Finance
20,000,000 April 9,2020 January 2,2040
Co., Ltd.
Guangdong Energy Group Finance
43,481,594.40 May 14,2020 January 2,2040
Co., Ltd.
Guangdong Energy Group Finance
43,850,008.20 May 27,2020 January 2,2040
Co., Ltd.
Guangdong Energy Group Finance
15,400,000 June 17,2020 January 2,2040
Co., Ltd.
Guangdong Energy Group Finance
48,350,000 July 16,2020 January 2,2040
Co., Ltd.
Guangdong Energy Group Finance
83,613,861.21 August 20,2020 January 2,2040
Co., Ltd.
Guangdong Energy Group Finance
21,281,009.76 August 27,2020 January 2,2040
Co., Ltd.
Guangdong Energy Group Finance
12,188,757.10 September 16,2020 January 2,2040
Co., Ltd.
Guangdong Energy Group Finance
30,000,000 October 16,2020 January 2,2040
Co., Ltd.
Guangdong Energy Group Finance
16,530,202.23 November 19,2020 January 2,2040
Co., Ltd.
Guangdong Energy Group Finance
6,290,000 December 10,2020 January 2,2040
Co., Ltd.
Guangdong Energy Group Finance
11,000,000 January 21,2021 January 2,2040
Co., Ltd.
Guangdong Energy Group Finance
13,084,525.72 March 11,2021 January 2,2040
Co., Ltd.
175
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Guangdong Energy Group Finance
86,135,247.60 April 14,2021 January 2,2040
Co., Ltd.
Guangdong Energy Group Finance
31,500,000 May 18,2021 January 2,2040
Co., Ltd.
Guangdong Energy Group Finance
60,000,000 December 16,2021 January 2,2040
Co., Ltd.
Guangdong Energy Group Finance
50,000,000 December 26,2022 January 2,2040
Co., Ltd.
Loaned
(6) Related party asset transfer and debt restructuring
Not applicable
(7) Rewards for the key management personnel
In RMB
Items
Amount of current period Amount of previous period
Annual salary of the operator 1,775,646 2,302,688
（8）Other related transactions
(a)Allocation of common expenses
In the first half of 2023, the common expenses received by the Group from Shajiao C was RMB2,897,618( In the
first half of 2022, the common expenses received by the Group from Shajiao C was RMB2,476,840 )
(b) Interest income
Items
Amount of current period Amount of previous period
Deposit interest of Energy Group Finance 40,916,640 55,824,047
Proportion % 76.32% 85.18%
(c)Interest expense
Items
Amount of current period Amount of previous period
Interest of borrowing of Guangdong Energy Finance
128,348,234 151,009,743
company
Discount interest of Guangdong Energy Finance
1,042,500 7,765,365
company
Proportion 10.85% 13.92%
（d）Interest payable
Items
Amount of current period Amount of previous period
Enerty Finance Lease interest 123,958,270 108,205,269
176
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
(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%
Energy Financing Leasing 50%
Yudean Shipping 65%
Yueqian Electric power 17.50%
Yangjiang Wind Power 10.96%
Zhuhai Wind Power 5.72%
6. Payables and receivables of the related party
（1）Receivables
In RMB
At end of term At beginning of term
Project Related parties Bad debt Bad debt
Book balance Book balance
provision provision
Monetary funds-Bank Energy Group
9,278,909,559 8,728,625,253
deposit Finance company
Monetary funds-Other Energy Group
12,000,000 12,000,000
Monetary funds Finance company
Monetary funds-Interest Energy Group
31,424,584 36,396,774
receivable Finance company
Guangdong Energy
Account receivable 0 18,753,148
Group
Zhuhai Power
1,832,632 5,115,602
Generation
Yudean New Energy 0 4,192,479
Other 13,872,582 11,485,458
Zhuhai Power
Contract assets 1,959,756 2,029,830
Generation
Other 177,686 74,139
Energy Financing
Other account receivable 167,213,809 240,453,119
Leasing
Yudean
Environmental 114,097,732 131,141,189
protection
Fuel company 1,884,082 1,700,776
Other 19,251,460 16,292,201
Advance payment Fuel company 929,077,181 1,107,710,903
Other 377,601 1,905,036
177
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Technology
Other non-current assets 0 250,000
company
（2）Payables
In RMB
Name Related party Amount at year end Amount at year beginning
Energy Group Finance
Note payable 224,189,460 597,272,076
company
Natural Gas company 52,182,748 0
Account payable Fuel company 4,529,649,033 4,566,760,528
Energy Group 291,255,561 262,414,344
Energy Natural Gas 194,150,645 180,748,337
Yudean Environmental
50,240,014 40,995,467
Protection
Environmental Protection
22,425,760 21,639,938
Material
Other 3,262,920 4,661,297
Other payable Menghua New Energy 10,502,327 10,240,523
Energy Group 50,000,000 0
Other 7,401,357 6,601,259
Lease liabilities Financing Leasing 8,455,018,807 6,697,106,654
Yudean Property 7,579,813 0
Short-term loans Finance company 4,970,316,198 5,729,226,478
-principal 4,966,404,681 5,723,903,012
-Interest 3,911,517 5,323,466
Non-current liability due in 1 Energy Group Finance
173,137,293 227,192,134
year company
-principal 92,184,578 222,079,444
-Interest 80,952,715 5,112,690
Group 143,750 527,083
-principal 0 0
-Interest 143,750 527,083
Energy Financing Leasing 23,117,519 769,850,008
Long-term loans Finance company-Principal 4,918,186,226 3,962,102,717
Group-Principal 500,000,000 500,000,000
7. Related party commitment
Not applicable
8.Other
XIII. Stock payment
1. The Stock payment overall situation
□ Applicable √ Not applicable
2. The Stock payment settled by equity
□ Applicable √ Not applicable
3. The Stock payment settled by cash
□ Applicable √ Not applicable
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
4. Modification and termination of the stock payment
Not applicable
5.Other
XIV. Commitments
1.Importance commitment events
Important commitments of existence of balance sheet date
(a) In September 2022, Guangdong Wind Power, a subsidiary of the Group, signed the framework agreement
with Shandong Fengxu for the acquisition of its 100% equity in Gaotang Fengxu New Energy Co., Ltd. As at 30
June 2023, Guangdong Wind Power paid a deposit of RMB 41,226,000 to Shandong Fengxu, but the
consideration for the equity transaction has not yet been determined.
(b) In August 2022, Guangdong Wind Power, a subsidiary of the Group, signed the framework agreement with
Hengyang New Energy for the acquisition of its no less than 65% equity in Wuxiang Lvheng Photovoltaic
Power Generation Co., Ltd. As at 30 June 2023, Guangdong Wind Power paid a deposit of RMB 52,200,000 to
Hengyang New Energy, but the consideration for the equity transaction has not yet been determined.
(c) In February 2022, Guangdong Wind Power, a subsidiary of the Group, signed the framework agreement
with Nanchang Hangneng New Energy Centre (Limited Partnership) (“Nanchang Hangneng”) for the
acquisition of its 100% equity in Lianjiang Hangneng New Energy Co., Ltd. The consideration for the equity
transaction has not yet been determined
(d) In September 2022, Guangdong Wind Power, a subsidiary of the Group, signed the framework agreement
with Qinhuangdao Wohua Highway Engineering Co., Ltd. (“Wohua Engineering”) and Qinhuangdao Angqian
Trading Co., Ltd. (“Angqian Trading”) for the acquisition of their 100% equity (51% of equity from Wohua
Engineering and 49% of equity from Angqian Trading) in Qinglong Manchu Autonomous County Jianhao
Photovoltaic Technology Co., Ltd. (“Jianhao PV”). The consideration for the equity transaction has not yet been
determined. As of June 30, 2023, Provincial Wind Power has paid a transaction deposit of RMB 120,000,000 to
Wohua Engineering and Angqian Trading, and the consideration for the equity transaction has not been
finalized yet.
(e) In February 2023, the subsidiary of the Group, Provincial Wind Power, signed a framework agreement with
Guangdong Tanxin Machinery and Equipment Leasing Co., Ltd. to acquire its 100% equity of Lianjiang
Junyang New Energy Technology Co., Ltd. As of June 30, 2023, Provincial Wind Power had paid a transaction
deposit of RMB 61,200,000 to Guangdong Tanxin Machinery and Equipment Leasing Co., Ltd., and the
consideration for the equity transaction has not been finalized yet.
(f) In February 2023, the Provincial Wind Power, a subsidiary of the Group, signed a framework agreement
with China Aviation Industry Renewable Energy Corporation to acquire its 100% equity in Guangxi Hangneng
New Energy Co., Ltd. By June 30, 2023, the Provincial Wind Power had paid a transaction deposit of RMB
179
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
86.4 million to China Aviation Industry Renewable Energy Corporation, and the consideration for the equity
transaction has not been finalized yet.
2.Contingency
（1）Significant contingency at balance sheet date
Not applicable
（2）The company have no significant contingency to disclose, also should be stated
Not applicable
3.Other
XV. Post-balance-sheet events
1. Significant events had not adjusted
Not applicable
2. Profit distribution
Not applicable
3. Sales return
Not applicable
4. Notes of other significant events
Not applicable
XVI. Other significant events
1. Correction of the accounting errors in the previous period
（1）Retrospective restatement
Not applicable
（2）Prospective application
Not applicable
2. Debt restructuring
Not applicable
3. Replacement of assets
Not applicable
180
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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, 2023, the income of the Group's power plants from China Southern Power Grid
Corporation was RMB 28,015,854,478 (January to June, 2022: RMB22,263,672,844), accounting for 98.85% of the
Group's operating income (January to June, 2022: 98.46%)
(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
181
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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 provision 0
by single
Of which
0
Accrual of bad
debt provision 167,605,261 100% 167,605,261 191,716,383 100% 191,716,383
by portfolio
Of which
Electricity
sales 167,605,261 100% 167,605,261 191,716,383 100% 191,716,383
receivable
Total 167,605,261 100% 167,605,261 191,716,383 100% 191,716,383
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Accrual of bad debt provision by portfolio:0
In RMB
Closing balance
Name
Book balance Bad debt provision Proportion%
Electricity sales receivable 167,605,261
Total 167,605,261
Note：
As at 30 June 2023, the amount of receivables from sales of electricity of the Group was RMB 167,605,261, 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） 167,605,261
Total 167,605,261
(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 167,605,261 100% 0
Total 167,605,261 100%
183
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
(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
Dividend receivable 63,000,000
Other accounts receivable 127,190,441 568,099,765
Total 190,190,441 568,099,765
（1）Interest receivable
1) Category of interest receivable
Not applicable
2) Significant overdue interest
Not applicable
3）Bad-debt provision
□ Applicable √ Not applicable
（2）Dividend receivable
1）Category of dividend receivable
In RMB
Items Closing balance Opening balance
Sunshine Insurance Group Co., Ltd 63,000,000 0
Total 63,000,000
2) Significant dividend receivable aged over 1 year
Not applicable
3）Bad-debt provision
□ Applicable √ Not applicable
（3） Other accounts receivable
1) Other accounts receivable classified by the nature of accounts
In RMB
Nature Closing book balance Opening book balance
Entrust loans receivable 50,000,000 487,000,000
Supplementary medical insurance fund
44,006,139 44,006,139
receivable
184
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Sales of by-products receivable 4,908,364 22,733,484
Alternative money receivable 3,875,885 4,115,142
Other 24,678,030 10,464,042
Lee：Bad debt reserves -277,977 -219,042
Total 127,190,441 568,099,765
2）Bad-debt provision
In RMB
Stage 1 Stage 2 Stage 3
Expected credit losses
Expected credit losses Expected credit loss
Bad Debt Reserves for the entire duration Total
over the next 12 over life (no credit
(credit impairment
months impairment)
occurred)
Balance as at January
219,042 219,042
1, 2023
Balance as at January
1, 2023 in current
Provision in the current
66,082 66,082
period
Turn back in the
-7,147 -7,147
current period
Balance as at June
277,977 277,977
30,2023
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） 124,850,449
1-2 years 674,602
2-3 years 867,420
Over 3 years 1,075,947
3-4 years 755,381
4-5 years 229,313
Over 5 years 91,253
Total 127,468,418
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
Deposit 204,237 66,082 -1,416 0 0 268,903
Other 14,805 -5,731 0 0 9,074
Total 219,042 66,082 -7,147 0 0 277,977
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
(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
Lincang Yudean Entrusted loan due
50,000,000 Within 1 year 39.23% 0
Energy within one year
Taikang
Endowment Supplementary
Insurance Co., Ltd. medical insurance 44,006,139 Within 1 year 34.52% 0
Guangdong fund receivable
Branch
Hubei Carbon
Deposit carbon
Emission Rights
emission trading 14,830,000 Within 1 year 11.63% 0
Trading Center
receivable
Co., Ltd
Yudean
Receivables
Environmental
from sale of by- 4,908,364 Within 1 year 3.85% 0
protection
products
company
Enerty Group
Receivable current
Shajiao C Power 1,558,541 Within 1 year 1.22% 0
account
Plant
Total 115,303,044 90.45% 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
35,496,100,511 2,449,328,079 33,046,772,432 35,870,036,063 2,449,328,079 33,420,707,984
subsidiaries
Investments in
associates and 8,790,623,176 96,327,854 8,694,295,322 8,385,416,037 96,327,854 8,289,088,183
joint ventures
Total 44,286,723,687 2,545,655,933 41,741,067,754 44,255,452,100 2,545,655,933 41,709,796,167
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（1） Investments in subsidiaries
In RMB
Increase /decrease in reporting period
Closing balance of
Investees Opening balance Increase in Decrease in Provision for Closing balance
Other impairment provision
investment investment impairment
Huizhou Natural gas 1,205,199,446 0 0 1,205,199,446 0
Guangqian company 1,353,153,223 0 0 1,353,153,223 0
Red Bay company 2,220,023,386 0 0 2,220,023,386 0
Lincang company 281,000,000 0 0 281,000,000 209,989,439
Zhanjiang Electric
2,185,334,400 0 0 2,185,334,400 0
company
Yuejia company 0 0 0 0 455,584,267
Shaoguan Power
0 0 0 0 1,509,698,674
Generation
Maoming company 687,458,978 0 0 687,458,978 0
Jinghai company 2,450,395,668 0 0 2,450,395,668 0
Technology
20,000,000 40,000,000 0 60,000,000 0
company
Humen company 3,192,416 0 0 3,192,416 86,807,584
Zhongyue company 963,000,000 0 0 963,000,000 187,248,115
Bohe company 3,488,600,000 0 2,079,018,959 1,409,581,041 0
Pinghai company 720,311,347 0 0 720,311,347 0
Dapu company 1,907,100,000 0 0 1,907,100,000 0
HuAdu company 186,550,000 0 0 186,550,000 0
Guangdong Wind
7,704,556,260 995,000,000 0 8,699,556,260 0
Power
Yudean Electric Sale 230,000,000 0 0 230,000,000 0
Yongan company 360,000,000 0 0 360,000,000 0
Binhaiwan company 720,000,000 50,000,000 0 770,000,000 0
Huaguoquan
49,680,900 0 0 49,680,900 0
company
Qiming company 38,000,000 9,000,000 0 47,000,000 0
Dayawan company 230,329,500 71,100,000 0 301,429,500 0
Dananhai company 171,000,000 0 0 171,000,000 0
Baihua company 3,000,000 0 0 3,000,000 0
Sha C company 1,559,120,782 0 0 1,559,120,782 0
Yunhe company 1,066,562,327 58,648,050 0 1,125,210,377 0
Yuhua company 541,247,838 117,910,000 0 659,157,838 0
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Bijie company 14,500,000 0 0 14,500,000 0
Tumusuke company 800,000,000 0 0 800,000,000 0
Shanguan New
33,473,000 0 0 33,473,000 0
Energy
Hanhai New Energy 324,050,000 25,000,000 0 349,050,000 0
Jinxiu Energy 2,621,800 0 0 2,621,800 0
Mujin New Energy 120,495,920 0 0 120,495,920 0
Muhong New
120,495,920 0 0 120,495,920 0
Energy
Huibo New Energy 15,492,360 43,000,000 0 58,492,360 0
Xingyue New
9,977,500 0 0 9,977,500 0
Energy
Maoming Nature gas 115,345,000 0 0 115,345,000 0
Huixin company 104,975,000 0 0 104,975,000 0
Dongrun Zhongneng
45,063,020 0 0 45,063,020 0
New Energy
Shache Energy 1,206,110,470 5,000,000 0 1,211,110,470 0
Xinguangyao New
32,923,000 0 0 32,923,000 0
Energy
Luoding New
1,844,520 0 0 1,844,520 0
Energy
Jiuzhou New Energy 39,000,000 0 0 39,000,000 0
Changshan Wind
89,524,003 21,215,997 0 110,740,000 0
Power
Tumusuke Changhe 0 3,500,000 0 3,500,000 0
Energy Group
0 100,000,000 0 100,000,000 0
Xingjiang company
Zhuhai New Energy 0 2,740,000 0 2,740,000 0
Zhenneng New
0 10,000,000 0 10,000,000 0
Energy
Zhonggong Energy 0 152,969,360 0 152,969,360 0
Total 33,420,707,984 1,705,083,407 2,079,018,959 33,046,772,432 2,449,328,079
（2）Investment in joint ventures and associates
In RMB
Name of Beginning of Increase/decrease in this period Balance of
End of term
investee term Increase in Decrease in Investment Other Other Announced Provision Other the provision
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investment investment income comprehensive changes in for for on for
under equity income equity distributing impairment impairment
method cash
dividend or
profit
I.Joint venture
Industry
865,576,323 34,820,693 900,397,016
Fuel
Subtotal 865,576,323 34,820,693 900,397,016
II. Associated
Guohua
Taishan 1,901,354,532 110,488,657 26,681,517 1,985,161,672
company
Shanxi
Yudean
3,019,352,942 54,299,600 256,410,685 0 3,330,063,227
Energy Co.,
Ltd.
Yudean
Shipping 277,173,327 -5,385,566 0 271,787,761
company
Yueqian
Electric
231,974,486 38,676,742 0 270,651,228
Power Co.,
Ltd.
Energy
Finance 1,070,249,573 46,810,040 9,072,526 80,553,795 1,045,578,344
company
Yudean
285,703,616 8,341,232 1,602,723 292,442,125
Captive
Weixin
Energy 86,300,031 -36,390,209 0 49,909,822 96,327,854
company
Energy
Financing
537,257,254 17,098,174 20,571,445 533,783,983
Leasing
company
Other 14,146,099 2,235,446 1,861,401 14,520,144
Subtotal 7,423,511,860 54,299,600 438,285,202 9,072,526 131,270,882 7,793,898,306 96,327,854
Total 8,289,088,183 54,299,600 473,105,895 9,072,526 131,270,882 8,694,295,322 96,327,854
189
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
（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 752,885,457 795,525,718 534,678,382 797,337,480
Other business 25,124,161 701,401 14,546,415 780,990
Total 778,009,618 796,227,119 549,224,797 798,118,470
Income related information:
In RMB
Contract classification Division 1 Division 2 Total
Commodity type 778,009,618 778,009,618
Including
Electric 752,885,457 752,885,457
Power generation by-
13,056,499 13,056,499
produce
Rent 6,911,477 6,911,477
Labour 5,156,185 5,156,185
Area 778,009,618 778,009,618
Including：
Guangdong 778,009,618 778,009,618
Other market 778,009,618 778,009,618
Including：
Power Market 752,885,457 752,885,457
Other market 25,124,161 25,124,161
Contract type 778,009,618 778,009,618
Including
Selling goods 765,941,956 765,941,956
Provide access to the
6,911,477 6,911,477
assets
Provided Labour 5,156,185 5,156,185
Time 778,009,618 778,009,618
Including
Recognize at a certain
765,941,956 765,941,956
time point
Recognize in a certain
12,067,662 12,067,662
period of time
Term
Including
Selling
Including
Total 778,009,618 778,009,618
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
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
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:
Not applicable
5. Investment income
In RMB
Items Amount of current period Amount of previous period
Long-term equity investment income
577,186,026 98,293,539
accounted by cost method
Long-term equity investment income
473,105,895 450,257,096
accounted by equity method
Dividend income from investments in
other equity instruments during the 117,258,950 90,156,139
holding period
Creditor's right from investments in other
equity instruments during the holding 27,373,216 13,770,971
period
Total 1,194,924,087 652,477,745
6.Other
XVIII. Supplement information
1. Particulars about current non-recurring gains and loss
√ Applicable □ Not applicable
In RMB
Items Amount Notes
Non-current asset disposal gain/loss(including the
It was the net loss caused by disposal of dust
write-off part for which assets impairment provision -1,988,902
removal device of Unit 1 in Dapu Power Plant.
is made)
Tax rebates, reductions or exemptions due to
approval beyond authority or the lack of official 0
approval documents
Governmental Subsidy accounted as current It was mainly the economic policy incentives for
gain/loss, except for those subsidies at with amount
14,152,289 power sales and subsidies for various power plant
or quantity fixed by the national government and
closely related to the company’s business operation. projects.
Capital occupation charges on non-financial
enterprises that are recorded into current gains and 0
losses
Gains due to that the investment costs for the
company to obtain subsidiaries, associates and joint
ventures are lower than the enjoyable fair value of the 0
identifiable net assets of the investees when making
the investments
Gain/loss on non-monetary asset swap 0
Gain/loss on entrusting others with investments or
0
asset management
Asset impairment provisions due acts of God such as
0
natural disasters
Gains/losses of debt restructure 0
Reorganization expenses, such as expenditure for
0
allocation of employees and integration fee
Gains/losses exceeding the fair value arising from
0
transactions with obviously unfair prices
191
Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
Net gain and loss of the subsidiary under the common
control and produced from enterprise consolidation
0
from the beginning of the period to the consolidation
date
Gain and loss arising from contingent matters
irrelevant with the company’s normal operation 0
business
Gain and loss from change of the fair value arising
from transactional monetary assets, transactional
financial liabilities as held as well as the investment
income arising from disposal of the transactional
0
monetary assets, transactional financial liabilities and
financial assets available for sale excluding the
effective hedging transaction in connection with the
company’s normal business
Reverse of the provision for impairment of accounts
0
receivable undergoing impairment test individually
Gain/loss from external entrusted loan 0
Gain and loss arising from change in the fair value of
the investment based real estate measure afterwards 0
by means of fair value model
Influence upon the current gains and losses from the
once-and –for –all adjustment over the current gains
0
and losses according to the taxation and accounting
laws and regulations
Income from custodian charge obtained from
0
entrusted operation
Operating income and expenses other than the
7,433,052
aforesaid items
Other gains/losses in compliance with the definition
0
of non-recurring gain/loss
It was mainly the advance compensation for units
Insurance compensation and claims income 6,701,756 received by Yangjiang Wind Power Plant due to
Typhoon Siamba.
It was mainly the fine expenditure of Qujiang Wind
Fines and overdue payment fees -3,664,929
Power.
It was mainly the fixed asset scrap income of
Non-current assets scrap income 2,724,564
Jinghai company and Bohe company.
It was mainly the fixed asset scrap loss of Yunhe
Loss of Non-current assets scrapped -9,754,776 Power Generation, Zhanjiang Zhongyue and
Guangqian company.
Less: Amount of influence of income tax 4,792,737
Influenced amount of minor shareholders’ equity ( 3,282,411
Total 7,527,906 --
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
12,915,790
immediately regulations, and continue to occur
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Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023
2. Return on net asset and earnings per share
Earnings per share
Weighted average return
Profit of report period Basic earnings per Diluted earnings per
on equity(%)
share(yuan/share） share(yuan/share)
Net profit attributable to the
Common stock shareholders of 3.86% 0.1631 0.1631
company.
Net profit attributable to the
Common stock shareholders of
3.83% 0.1617 0.1617
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 account
ing standards. If the data that has been audited by an overseas audit institution is adjusted for differences,
the name of the overseas institution should be indicated
4.Other
193
