Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2020 Stock code: 000539,200539 Stock Abbreviation: Yue Dian Li A, Yue Dian Li B Announcement No.: 2020-47 Guangdong Electric power Development Co., Ltd. Summary of the Semi-Annual Report 2020 I. Important notes The summary is abstract from full-text of summary of the semi-annual report, for more details information , investors should found in the full-text of summary of the semi-annual report that published on website of Shenzhen Stock Exchange and other website appointed by CSRC. Directors other than the following ones have attended the Board meeting to review the interim report. Name of director absent Title for absent director Reasons for absent Attorney Wang Jin Director Due to business Zheng Yunpeng Li Fangji Director Due to business Zheng Yunpeng Chen Ze Director Due to business Rao Subo Yan Ming Director Due to business Wen Lianhe Liang Peilu Director Due to business Sha Qilin Mao Qinghan Director Due to business Ma Xiaoqian Non-standard auditor’s opinion □ Applicable √Not applicable Preliminary plan for profit distribution to the common shareholders or turning the capital reserve into the share capital for the reporting period, which has been reviewed and approved at the board meeting □ Applicable √Not applicable The company will distribute no cash dividends or bonus shares and has no reserve capitalization plan. The preference share profit distribution pre-plan approved by the Board of Directors □ Applicable √Not applicable II. Basic information about the company 1. Company profile Yue Dian Li A, Yue Dian Li Stock abbreviation Stock code 000539、200539 B Stock exchange for listing Shenzhen Stock Exchange Contact person and contact manner Board secretary Securities affairs Representative Name Liu Wei Qin Xiao 35/F, South Tower, Yudean Plaza, No.2 36/F, South Tower, Yudean Plaza, No.2 Address Tianhe Road East, Guangzhou,Guangdong Tianhe Road East, Guangzhou,Guangdong Province Province Tel (020)87570251 (020)87570251 E-mail liuw@ged.com.cn qinxiao@ged.com.cn 2. Major accounting data and financial indicators 1 Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2020 May the Company make retroactive adjustment or restatement of the accounting data of the previous years □ Yes√ No Reporting period Same period of last year YoY+/-(%) Operating income(RMB) 12,539,917,823 12,874,181,250 -2.60% Net profit attributable to the shareholders 813,684,495 581,569,383 39.91% of the listed company(RMB) Net profit after deducting of non-recurring gain/loss attributable to the shareholders of 784,542,709 588,588,917 33.29% listed company(RMB) Cash flow generated by business operation, 4,018,221,897 3,803,441,801 5.65% net(RMB) Basic earning per share(RMB/Share) 0.1550 0.1108 39.89% Diluted gains per 0.1550 0.1108 39.89% share(RMB/Share)(RMB/Share) Weighted average ROE(%) 3.03% 2.37% 0.66% As at the end of the As at the end of last year YoY+/-(%) reporting period Gross assets (RMB) 79,265,582,617 75,472,027,123 5.03% Net assets attributable to shareholders of 26,356,282,412 26,178,241,077 0.68% the listed company (RMB) III. Shareholders and shareholding In shares Number of shareholders of preferred stocks of Total Number of common shareholders at the end of 94,823 which voting rights 0 the reporting period recovered in the report period(If any) Shareholdings of Top 10 shareholders Number or share Proportion of Number of Amount of Shareholders Nature of pledged/frozen shares held shares held at restricted shares shareholder (%) period -end State of share Amount held Guangdong Energy Group Co., State-owned legal 67.39% 3,538,005,285 1,893,342,621 Ltd. person China Securities Finance Co., State-owned legal 2.84% 148,862,420 Ltd. person Guangzhou Development Group State-owned legal 2.22% 116,693,602 Co., Ltd. person Guangdong Electric Power State-owned legal 1.80% 94,367,341 Development Corporation person Domestic Natural Li Zhuo 0.60% 31,756,823 person Domestic Natural Zheng Jianxiang 0.45% 23,372,798 person Domestic Harbin Hali Industry Co., Ltd. Non-State owned 0.40% 20,942,945 legal person VANGUARD TOTAL Overseas Legal INTERNATIONAL STOCK 0.34% 17,697,397 person INDEX FUND CHINA INT'L CAPITAL CORP Overseas Legal 0.29% 15,216,066 2 Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2020 HONG KONG SECURITIES person LTD Domestic Harbin Daoli District Charity Non-State owned 0.26% 13,667,406 Foundation legal person The fourth largest shareholder Guangdong Electric Power Development Explanation on associated relationship among the Corporation is the wholly-owned subsidiaries of the largest shareholder Energy aforesaid shareholders Group. These two companies have relationships; whether the other shareholders have relationships or unanimous acting was unknown The Fifth largest shareholder Li Zhuo holds 249,500 A shares of the Company through A shares ordinary stock account, and holds 31,756,823A shares of the Company through stock account with credit transaction and guarantee. The Seventh largest shareholder Harbin Hali Industry Co., Ltd. holds300 A shares of the Company through A shares ordinary stock account, and holds 20,942,645 6A shares of the Company through stock account with credit Explanation on shareholders participating in the transaction and guarantee, hold 20,942,945 shares of the Company's stock margin trading business(if any )(See Notes 4) totally. The Tenth largest shareholder Harbin Daoli District Charity Foundation holds16,800 A shares of the Company through A shares ordinary stock account, and holds 13,650,606A shares of the Company through stock account with credit transaction and guarantee, hold 13,667,406 shares of the Company's stock totally. IV. Change of the controlling shareholder or the actual controller Change of the controlling shareholder in the reporting period □ Applicable √ Not Applicable There was no any change of the controlling shareholder of the Company in the reporting period. Change of the actual controller in the reporting period □ Applicable √ Not applicable There was no any change of the actual controller of the Company in the reporting period. 5.Number of preference shareholders and shareholdings of top 10 of them □ Applicable √ Not applicable No preference shareholders in the reporting period 6.Corporate bonds Are there any corporate bonds publicly offered and listed on the stock exchange, which were undue before the approval date of this report or were due but could not be redeemed in full? Yes 1.Basic information of corporate bonds Bond Bond short balance Interest Bond name Bond code Issue day Due day name (Ten rate thousand ) Public Issuance of Corporate Bonds to 20 Yudean 149113.SZ April 29,2020 April 29,2025 150,000 2.45% Qualified Investors in 2020 (Phase I) 01 (2) As at the end of the reporting period , the company's major financial indicators In RMB 10,000s 3 Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2020 As at the end of the reporting Items As at the end of last year YoY+/-(%) period Asset liabilities ratio 56.62% 55.92% 0.70% Items Reporting period Same period of last year YoY+/-(%) EBITDA interest coverage ratio 3.25 2.41 34.85% III. Performance discussion & analysis 1.Performance Review for Reporting period Is the company subject to any disclosure requirements for special industries? No In the first half of 2020, affected by the COVID-19, the demand for industrial electricity in the whole society declined. However, with the solid resumption of production and business, the total electricity consumption in Guangdong Province reached 296.484 billion kWh, which was close to the same level last year, and the decline continued to narrow. From January to June, 2020, Guangdong Province's power generation and purchase decreased by 1.93% year-on-year, nuclear power and wind power in Guangdong Province increased by 19.54% and 23.1% year-on-year, and the power purchase of XD Group decreased by 20.36% year-on-year. The company completed 31.284 billion kWh of on-grid power, down by 0.76% year-on-year, and the average utilization hours of holding coal-fired units were 1764 hours, down by 60 hours year-on-year. In 2020, the scale of marketization transaction in Guangdong Province continued to expand, with the total volume reached 260 billion kWh (an increase of 30% over 2019). According to the data released by the Guangdong Electric Power Trading Center, the 2020 annual bilateral negotiation transaction volume organized by the Guangdong Electric Power Trading Center was 211.713 billion kWh, and the average transaction price difference was -47.1 Cent(RMB)/kWh. In the first half of 2020, the monthly concentrated bidding transaction power was 9.837 billion kWh, and the average clearing spread was -33.4 Cent(RMB)/kWh. In 2020, the Company's budgetary on-grid electricity was 72.867 billion kWh, of which the base electricity was 6.054 billion kWh, accounting for about 10%; the annual long-term contracted was 50.317 billion kWh, accounting for about 70%; the rest was monthly bidding volume, accounting for about 20%. In the first half of 2020, the average selling price of the Company's consolidated statements was 442.46 yuan / thousand kWh (excluding tax), a decrease of 17.28 yuan / thousand kWh. In the first half of 2020, under the positive effects of normalization of epidemic prevention and control and overall planning of economic and social development, the company's power production was generally stable, the main cost control effect was good, and the profit rate of main business was improved, which made the company's operating performance achieve a certain growth year-on-year. As of June 2020, the total assets according to the company's consolidated statements were 79.266 billion yuan, with an increase of 5.03% over the beginning of the year, and the equity attributable to shareholders of the parent company was 26.356 billion yuan, with an increase of 0.68% over the beginning of the year. The company's revenue according to the consolidated statement was 12.54 billion yuan, with a year-on-year decrease of 2.60%; The net profit attributable to shareholders of the parent company was 814 million yuan, with a year-on-year increase of 39.91%; Earnings per share is 0.1550 yuan. According to the consolidated statement of the company, the total liabilities are 44.877 billion yuan, and the asset-liability ratio is 56.62%. In the first half of 2020, all 36 wind turbines of the Wailuo offshore wind power project (36×0.55 million kilowatts), which was controlled by the company, were put into operation in parallel, and 34 of them passed the 250h trial operation and were officially put into production, increasing the controllable installed capacity by 187,000 kilowatts. As of June 2020, the company has controllable installed capacity of 21.192 million kilowatts, including holding installed capacity of 19.536 million kilowatts and equity participation installed capacity of 1.657 million kilowatts. Including: the holding installed capacity for coal-fired power generation of 15.09 million kilowatts, accounting for 77.2%; The holding installed capacity for gas and electricity of 3.72 million kilowatts, accounting for 19.0%; The holding installed capacity for renewable energy power generation such as wind power and hydropower of 726,000 kilowatts, accounting for 3.7%. In addition, the company's installed capacity under management is 13.273 million kilowatts (11.069 million kilowatts for thermal power and 2.204 million kilowatts for hydropower), with the above-mentioned controllable installed capacity and the installed capacity under entrusted management totaling 34.465 million kilowatts. 4 Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2020 2.Maters related to financial report (1) Reason for changes in accounting policies, accounting estimates and accounting methods as compared to the financial report for the prior year √Applicable □ Not applicable The Ministry of Finance promulgated the revised Accounting Standards for Business Enterprises No.14-Income in 2017 (hereinafter referred to as the "New Income Standards"), and the Group has adopted the above standards and notices to prepare the financial statements for 2020. (2) Reason for retrospective restatement to correct major accounting errors during the reporting period □ Applicable √ Not applicable No such cases in the reporting period. (3) Reason for changes in scope of the consolidated financial statements as compared to the financial report for the prior year √ Applicable □Not applicable New Subsidiary Establishment of the Year Name Business place Registered Nature Registered capital Proportion Acquired address (%) Guangdong Yudean Daya Bay Integrated Electric Huizhou Huizhou 22,000,000 80% Establish Energy Co., Ltd. Power Electric Guangdong Yudean Qiming Energy Co., Ltd. Shenzhen Shenzhen 20,000,000 100% Establish Power The Board of Directors of Guangdong Electric Power Development Co., Ltd. Chairman of the Board: Wang Jin August 28, 2020 5