2019 年第一季度报告 公司代码：600310 公司简称：桂东电力 广西桂东电力股份有限公司 2019 年第一季度报告 1 / 26 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 6 | | 四、 | 附录 9 | 2019 年第一季度报告 一、 重要提示 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 | | 本报告期末 | 上年度末 | 本报告期末比上年度末增 | | --- | --- | --- | --- | | | | | 减(%) | | 总资产 | 15,125,676,628.53 | 14,404,967,574.61 | 5.00 | | 归属于上市公司 | 2,175,682,561.22 | 1,883,176,535.90 | 15.53 | | 股东的净资产 | | | | | | 年初至报告期末 | 上年初至上年报告期末 | 比上年同期增减(%) | | 经营活动产生的 | 362,171,675.78 | -379,959,878.21 | 不适 ...

[Company Profile and Financial Overview](index=5&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Basic Information](index=5&type=section&id=II.%20Company%20Information) Guangxi Guidong Electric Power Co., Ltd. (stock code 600310) is a Shanghai Stock Exchange-listed company, with Qin Min as its legal representative, headquartered in Hezhou, Guangxi - The company's full Chinese name is "Guangxi Guidong Electric Power Co., Ltd.", with stock abbreviation "Guidong Electric Power" and stock code **600310**[15](index=15&type=chunk)[19](index=19&type=chunk) [Key Financial Data and Indicators](index=6&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Past%20Three%20Years) In 2018, revenue grew by 16.48% to CNY 11.93 billion, and net profit attributable to shareholders increased by 7.97% to CNY 68.5 million, significantly boosted by a CNY 119 million investment gain from selling Guohai Securities shares, despite a 71.07% drop in net operating cash flow Key Accounting Data for the Past Three Years (Unit: CNY) | Key Accounting Data | 2018 | 2017 | Current Period vs. Prior Year Change (%) | 2016 | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 11,933,180,236.80 | 10,244,834,999.80 | 16.48 | 5,212,623,187.30 | | **Net Profit Attributable to Listed Company Shareholders** | 68,497,672.78 | 63,440,511.04 | 7.97 | 209,400,229.84 | | **Net Profit Attributable to Listed Company Shareholders Excluding Non-Recurring Gains/Losses** | -67,191,507.66 | -104,684,855.19 | N/A | 44,775,901.91 | | **Net Cash Flow from Operating Activities** | 65,788,047.67 | 227,397,118.14 | -71.07 | 227,796,078.63 | | **Total Assets** | 14,404,967,574.61 | 12,753,786,654.20 | 12.95 | 11,004,534,019.85 | | **Net Assets Attributable to Listed Company Shareholders** | 1,883,176,535.90 | 2,038,565,512.71 | -7.62 | 2,663,104,846.19 | Key Financial Indicators for the Past Three Years | Key Financial Indicators | 2018 | 2017 | Current Period vs. Prior Year Change (%) | 2016 | | :--- | :--- | :--- | :--- | :--- | | **Basic Earnings Per Share (CNY/share)** | 0.0827 | 0.0766 | 7.96 | 0.2530 | | **Weighted Average Return on Net Assets (%)** | 3.47 | 2.35 | Increased by 1.12 percentage points | 7.53 | - Total non-recurring gains and losses in 2018 amounted to **CNY 136 million**, primarily from a **CNY 119 million** investment gain on the disposal of available-for-sale financial assets (sale of Guohai Securities shares)[28](index=28&type=chunk)[29](index=29&type=chunk) [Business Overview](index=9&type=section&id=Section%20III.%20Company%20Business%20Overview) [Main Business, Operating Model, and Industry Position](index=9&type=section&id=I.%20Description%20of%20Main%20Businesses,%20Operating%20Model,%20and%20Industry%20Status%20During%20the%20Reporting%20Period) The company's core businesses are power generation and sales, and oil products, operating a unique "generation-grid integrated" model for electricity and a preliminary integrated supply chain for oil products through its subsidiary Guangxi Yongsheng, holding a significant position in the South China market - The power business operates a "generation-grid integrated" model with a complete generation and supply network; in 2018, total installed capacity was **377,600 kW**, power generation **1.634 billion kWh** (down 7.37% YoY), and power sales **3.899 billion kWh** (up 3.07% YoY)[31](index=31&type=chunk) - The oil products business, relying on subsidiary Guangxi Yongsheng, holds wholesale qualifications for refined oil products and has initially formed a full industry chain covering production, storage, logistics, wholesale, and retail sales[32](index=32&type=chunk)[35](index=35&type=chunk) - The company is one of the few listed power enterprises with a "generation-grid integrated" operating model, possessing a stable customer base and market; its oil products subsidiary, Guangxi Yongsheng, is a major supplier in the South China refined oil market[35](index=35&type=chunk) [Core Competencies](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include power concession rights, regional advantages from inter-provincial grid connectivity, a unique "generation-grid integrated" model, experienced management, hydropower-centric clean energy, a listed company financing platform, and Guangxi Yongsheng's integrated oil products operations - The company's core competencies include power concession rights, regional advantages, a "generation-grid integrated" operating model, management expertise, hydropower clean energy advantages, a listed company financing platform, and Guangxi Yongsheng's integrated oil products production, supply, and sales capabilities[39](index=39&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=Section%20IV.%20Management%20Discussion%20and%20Analysis) [Overview of Operating Performance](index=12&type=section&id=II.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) In 2018, the company achieved **CNY 11.93 billion** in revenue, up **16.48%**, primarily driven by oil products, with net profit attributable to shareholders reaching **CNY 68.5 million**, up **7.97%**, largely due to a **CNY 118 million** investment gain from Guohai Securities share reduction and a **349.14%** increase in oil business subsidiary net profit Key Operating Data for 2018 | Indicator | Amount | YoY Change | | :--- | :--- | :--- | | Operating Revenue | CNY 11.93 billion | +16.48% | | - Power Sales Revenue | CNY 1.606 billion | +3.59% | | - Oil Products Business Revenue | CNY 9.863 billion | +17.28% | | Operating Profit | CNY 0.128 billion | +0.22% | | Net Profit | CNY 0.068 billion | +7.97% | | Earnings Per Share | CNY 0.0827 | +7.96% | - Operating performance was significantly influenced by two factors: 1) an investment gain of approximately **CNY 118 million** from the reduction of Guohai Securities shares; and 2) a substantial **349.14%** year-on-year increase in net profit from oil business subsidiaries (Guangxi Yongsheng, Guisheng) to **CNY 70.54 million**[44](index=44&type=chunk)[62](index=62&type=chunk) [Main Business Analysis](index=12&type=section&id=(II)%20Main%20Business%20Analysis) The company's main businesses are power and oil products; oil products accounted for **82.67%** of total revenue with **17.28%** growth and improved gross margin, while power sales grew **3.59%**, and power generation revenue declined **11.72%** due to low water levels, and power design consulting revenue surged **179.10%** but with a **25.6** percentage point drop in gross margin Main Business by Segment (2018) | Segment | Operating Revenue (CNY billion) | Revenue YoY | Gross Margin (%) | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | | Power Sales | 1.606 | +3.59% | 13.20% | Increased by 2.41 percentage points | | Power Generation | 0.321 | -11.72% | 55.93% | Decreased by 2.76 percentage points | | Oil Products | 9.863 | +17.28% | 3.06% | Increased by 0.81 percentage points | | Power Design Consulting | 0.269 | +179.10% | 24.29% | Decreased by 25.60 percentage points | - Oil products business achieved high growth in East and Central China, with revenues increasing by **185.38%** and **1,056.45%** respectively, indicating successful new market expansion[50](index=50&type=chunk) - Net cash flow from operating activities decreased by **71.07%** year-on-year, primarily due to increased payments for goods by subsidiaries Guangxi Yongsheng and Guisheng[45](index=45&type=chunk)[46](index=46&type=chunk) [Investment Status Analysis](index=25&type=section&id=(VI)%20Investment%20Status%20Analysis) During the reporting period, the company's total external equity investment was **CNY 85.53 million**, a **70.89%** decrease year-on-year, primarily in energy technology, industrialized construction, and power design, while also advancing significant non-equity projects and realizing a **CNY 119 million** investment gain from selling Guohai Securities shares, positively impacting annual performance - During the reporting period, significant equity investments totaled **CNY 85.53 million**, primarily directed towards Chongqing Tongyuan Energy, Guangxi Construction Industrialization, and Sichuan Xidian Power Design companies[80](index=80&type=chunk)[82](index=82&type=chunk) - The company sold **40.2878 million** shares of Guohai Securities, generating an investment income of **CNY 119 million**, which positively impacted the 2018 operating performance[89](index=89&type=chunk) Progress of Major Non-Equity Investment Projects (Unit: CNY million) | Project Name | Project Amount | Investment in Current Period | Cumulative Actual Investment | Project Progress | | :--- | :--- | :--- | :--- | :--- | | Hezhou Aluminum Electronics Industrial Power Workshop Project | 294,452.00 | 47,923.08 | 258,303.36 | 83.07% | | Power Dispatching Center Project (Guidong Plaza) | 63,438.85 | 19,351.36 | 35,102.78 | 55.33% | | Yongsheng Company Petrochemical Storage Project | 15,247.62 | 8,058.00 | 11,490.00 | 75.36% | [Analysis of Major Holding and Associate Companies](index=27&type=section&id=(VIII)%20Major%20Holding%20and%20Associate%20Companies%20Analysis) The company holds 26 wholly-owned and controlled subsidiaries and 14 associate companies; oil products subsidiary Guangxi Yongsheng showed strong performance with **329.94%** net profit growth, while major hydropower subsidiaries experienced declines, and associate companies like Guohai Securities and Guilin Bank contributed significant dividends, though some new materials and auto manufacturing ventures incurred losses - Oil trading subsidiary Guangxi Yongsheng achieved significant performance growth, with 2018 operating revenue of **CNY 7.464 billion** and net profit of **CNY 67.5239 million**, a **329.94%** year-on-year increase[93](index=93&type=chunk) - Major hydropower subsidiaries experienced performance declines: Guijiang Electric Power's net profit decreased by **22.95%** year-on-year to **CNY 30.7259 million**; Guihai Electric Power's net profit decreased by **12.02%** year-on-year to **CNY 20.0540 million**[92](index=92&type=chunk) - Associate companies Guohai Securities and Guilin Bank provided significant investment income, with cash dividends of **CNY 12.8372 million** and **CNY 6.0060 million** respectively received during the reporting period[107](index=107&type=chunk)[108](index=108&type=chunk) - Associate companies such as Fujian Wuyi Automobile Manufacturing Co., Ltd. and Guangxi Chaochao New Material Co., Ltd. incurred significant losses, negatively impacting the company's investment income[109](index=109&type=chunk)[111](index=111&type=chunk) [Future Development, Operating Plan, and Risks](index=32&type=section&id=III.%20Company's%20Discussion%20and%20Analysis%20of%20Future%20Development) The company plans to maintain its core power business while expanding oil products and new building materials, projecting **CNY 12.372 billion** in 2019 revenue but anticipating a net loss from ordinary operations due to lower electricity prices and high financial expenses, facing risks from water uncertainty, market competition, receivables, policy changes, and major investment project uncertainties - Company development strategy: maintain and strengthen power generation and supply as the core business; steadily expand the oil products business chain; and develop new building materials industries[118](index=118&type=chunk) - 2019 operating plan: estimated power generation of **1.785 billion kWh**, power sales of **4.153 billion kWh**, and operating revenue of **CNY 12.372 billion**; however, net profit from ordinary operations (excluding investment income) is projected to be **-CNY 175 million**, primarily due to reduced industrial and commercial electricity prices and high financial expenses[121](index=121&type=chunk)[122](index=122&type=chunk) - The company faces multiple risks: operational risks for hydropower generation due to natural factors; industry competition risks from power system reforms; recovery risks for certain receivables of subsidiary Guangxi Yongsheng; electricity price policy adjustment risks; and significant investment risks related to the Hezhou Aluminum Electronics Industrial Power Workshop project being suspended due to "not being included in planning"[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk) [Significant Matters](index=35&type=section&id=Section%20V.%20Significant%20Matters) [Profit Distribution Plan](index=35&type=section&id=I.%20Proposed%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan%20for%20Ordinary%20Shares) The board proposes a 2018 profit distribution of **CNY 0.25** (tax inclusive) cash dividend per 10 shares based on **828 million** total shares, totaling **CNY 20.6944 million**, representing **30.21%** of net profit attributable to shareholders, with no bonus shares or capital reserve conversion - The 2018 profit distribution plan proposes a cash dividend of **CNY 0.25** (tax inclusive) per 10 shares, totaling **CNY 20,694,375.00**, with cash dividends accounting for **30.21%** of net profit attributable to shareholders[5](index=5&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk) [Significant Related Party Transactions](index=39&type=section&id=XIV.%20Significant%20Related%20Party%20Transactions) In 2018, the company's routine related party transactions primarily involved power sales to affiliates, totaling **CNY 231 million**, exceeding the estimated amount, but these transactions did not compromise the company's independence in business, personnel, or assets Actual Routine Related Party Transactions in 2018 (Unit: CNY million) | Related Party Transaction Category | Related Party Transaction Content | Related Party | Estimated Amount | Actual Amount | | :--- | :--- | :--- | :--- | :--- | | Sales of Goods | Power Sales | Guangxi Zhengrun New Material Technology Co., Ltd. | 1,430 | 1,537.49 | | | Power Sales | Guangxi Hezhou Guidong Electronic Technology Co., Ltd. | 18,650 | 20,995.09 | | | Power Sales | Guangxi Zhengrun Riqing High Purity Aluminum Technology Co., Ltd. | 350 | 282.50 | | Other Related Party Transactions | Office Space Lease | Guangxi Zhengrun Development Group Co., Ltd. | 154.33 | 236.34 | [Significant Contracts and Guarantees](index=41&type=section&id=XV.%20Significant%20Contracts%20and%20Their%20Performance) As of the reporting period end, the company's total external guarantees amounted to **CNY 798 million**, representing **33.39%** of net assets, all for subsidiaries, with **CNY 708 million** for subsidiaries with debt-to-asset ratios exceeding **70%**; the company and its subsidiaries cumulatively incurred **CNY 3.594 billion** and **USD 67 million** in new borrowings to support operations and projects - As of the end of the reporting period, the company's total guarantees amounted to **CNY 798 million**, accounting for **33.39%** of its net assets, all of which were guarantees for subsidiaries[146](index=146&type=chunk) - Debt guarantees provided for guaranteed entities with a debt-to-asset ratio exceeding **70%** amounted to **CNY 708 million**[146](index=146&type=chunk) - In 2018, the company and its controlled subsidiaries cumulatively borrowed **CNY 3.594 billion** and **USD 67 million** from financial institutions, and repaid **CNY 3.580 billion** and **USD 100 million** in borrowings[43](index=43&type=chunk)[148](index=148&type=chunk) [Other Significant Matters](index=44&type=section&id=XVI.%20Other%20Significant%20Matters) The company disclosed several significant matters, including subsidiary Guangxi Yongsheng's major lawsuits and receivable recovery issues, notably a **CNY 114 million** claim against Liuzhou Zhenglin Group with uncertain recovery, plans for Philippine power project investment, borrowing from the controlling shareholder for liquidity, internal equity transfers for management optimization, and various financing plans including medium-term notes, corporate bonds, and asset securitization - Subsidiary Guangxi Yongsheng still holds a **CNY 114 million** claim against Liuzhou Zhenglin Group and its affiliates, with recovery uncertainty due to the latter's bankruptcy reorganization proceedings[153](index=153&type=chunk) - The company plans to apply to the National Association of Financial Market Institutional Investors for registration of various debt financing instruments totaling no more than **CNY 2.75 billion**, and intends to conduct asset securitization business not exceeding **CNY 1.2 billion**[158](index=158&type=chunk)[159](index=159&type=chunk)[161](index=161&type=chunk) - Subsidiary Guixu Energy plans to acquire the capacity indicators for Guangxi Liuzhou Power Generation Co., Ltd.'s **2x220MW** units to facilitate the resumption of construction for the suspended Power Workshop project[160](index=160&type=chunk) [Share Capital and Shareholder Information](index=48&type=section&id=Section%20VI.%20Changes%20in%20Ordinary%20Shares%20and%20Shareholder%20Information) [Shareholders and Actual Controller](index=49&type=section&id=III.%20Shareholders%20and%20Actual%20Controller%20Information) As of 2018 year-end, the company had **828 million** total shares and **40,229** shareholders; Guangxi Zhengrun Development Group Co., Ltd. is the controlling shareholder with **50.03%**, and Hezhou SASAC is the actual controller, though a pending equity transfer will shift the actual control to Guangxi Zhuang Autonomous Region SASAC - The controlling shareholder is Guangxi Zhengrun Development Group Co., Ltd., with a **50.03%** stake[179](index=179&type=chunk)[180](index=180&type=chunk) - During the reporting period, the indirect controlling shareholder's equity transfer was initiated, upon completion of which the company's actual controller will change from Hezhou SASAC to Guangxi Zhuang Autonomous Region SASAC[185](index=185&type=chunk)[186](index=186&type=chunk) [Corporate Bonds](index=64&type=section&id=Section%20X.%20Information%20on%20Corporate%20Bonds) [Corporate Bond Overview, Ratings, and Solvency](index=64&type=section&id=I.%20Basic%20Information%20on%20Corporate%20Bonds) As of 2018 year-end, the company had four outstanding corporate bonds totaling **CNY 2.828 billion**, with all interest paid on time; United Credit Rating maintained an "AA" long-term credit rating with a "stable" outlook, but the debt-to-asset ratio increased to **83.42%** and interest coverage ratio decreased to **0.95**, indicating increased debt repayment pressure Corporate Bond Status as of 2018 Year-End | Bond Abbreviation | Code | Maturity Date | Bond Balance (CNY) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | | 11 Guidong 01 | 122138 | 2019-04-16 | 600,000,000.00 | 6.3% | | 11 Guidong 02 | 122145 | 2019-06-20 | 228,015,000.00 | 5.3% | | 16 Guidong 01 | 135219 | 2019-02-20 | 1,000,000,000 | 6.3% | | 16 Guidong 02 | 135248 | 2019-03-12 | 1,000,000,000 | 5.7% | - United Credit Rating Co., Ltd. maintained the company's long-term corporate credit rating at "**AA**" with a "stable" outlook, and also maintained the credit rating of all outstanding bonds at "**AA**"[232](index=232&type=chunk) Key Solvency Indicators for the Past 2 Years | Key Indicators | 2018 | 2017 | Change | | :--- | :--- | :--- | :--- | | Debt-to-Asset Ratio (%) | 83.42% | 80.24% | Increased by 3.18 percentage points | | Current Ratio | 54.76% | 76.91% | Decreased by 22.15 percentage points | | Interest Coverage Ratio | 0.95 | 1.15 | -17.39% | [Financial Report](index=68&type=section&id=Section%20XI.%20Financial%20Report) [Audit Report](index=68&type=section&id=I.%20Audit%20Report) Daxin Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2018 financial statements, highlighting three key audit matters: goodwill impairment, construction in progress impairment, and oil business revenue recognition, all involving significant management judgment and estimates - The audit firm issued a standard unqualified audit opinion[243](index=243&type=chunk) - Key audit matters include: 1. **Goodwill Impairment**: Year-end goodwill book value of **CNY 351 million**, with impairment testing relying on significant management judgment 2. **Construction in Progress Impairment**: Construction in progress book value of **CNY 3.981 billion**, including the "Power Workshop Project" with a book value of **CNY 2.446 billion** which was suspended, but management believes no impairment provision is needed 3. **Oil Business Revenue Recognition**: Oil business revenue accounts for **82.67%** of total revenue, is material in amount, and has a low gross margin, making its revenue recognition a key audit matter[245](index=245&type=chunk)[247](index=247&type=chunk)[251](index=251&type=chunk) [Financial Statement Summary](index=72&type=section&id=II.%20Financial%20Statements) Financial statements show total assets increased to **CNY 14.405 billion**, but total liabilities also rose to **CNY 12.017 billion**, pushing the debt-to-asset ratio to **83.42%**, with a significant surge in current liabilities; despite revenue growth, high financial expenses and asset impairment losses eroded profits, and cash flow analysis indicates reliance on external financing for operations and investments Consolidated Balance Sheet Summary (Unit: CNY billion) | Item | 2018 Year-End | 2017 Year-End | | :--- | :--- | :--- | | **Total Assets** | 14.405 | 12.754 | | Current Assets | 5.045 | 3.947 | | Non-Current Assets | 9.360 | 8.807 | | **Total Liabilities** | 12.017 | 10.234 | | Current Liabilities | 9.212 | 5.131 | | Non-Current Liabilities | 2.805 | 5.103 | | **Total Owners' Equity** | 2.388 | 2.520 | | Equity Attributable to Parent Company Owners | 1.883 | 2.039 | Consolidated Income Statement Summary (Unit: CNY billion) | Item | 2018 | 2017 | | :--- | :--- | :--- | | Total Operating Revenue | 11.933 | 10.245 | | Total Operating Costs | 11.895 | 10.313 | | Operating Profit | 0.128 | 0.127 | | Total Profit | 0.144 | 0.134 | | Net Profit | 0.101 | 0.100 | | Net Profit Attributable to Parent Company Shareholders | 0.068 | 0.063 | Consolidated Cash Flow Statement Summary (Unit: CNY billion) | Item | 2018 | 2017 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 0.066 | 0.227 | | Net Cash Flow from Investing Activities | -0.686 | -1.353 | | Net Cash Flow from Financing Activities | 0.282 | 1.096 | [Summary of Financial Statement Notes](index=105&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) Notes detail key financial items: **CNY 727 million** in restricted cash, full bad debt provisions for certain receivables due to recovery uncertainty, **CNY 3.98 billion** in construction in progress including the **CNY 2.446 billion** Power Workshop project deemed not impaired despite suspension, **CNY 3.79 million** goodwill impairment for Deqing Yuecheng Xinghai Oil Station, and significant short-term debt of **CNY 6.715 billion** indicating substantial short-term repayment pressure, alongside ongoing major litigation - Of the monetary funds, **CNY 727 million** is restricted as bank acceptance bill deposits, limiting its ownership or use[360](index=360&type=chunk)[548](index=548&type=chunk) - The year-end balance of construction in progress is **CNY 3.981 billion**, with the "Power Workshop Project" having a book value of **CNY 2.446 billion**; although this project has been suspended, management believes there is a high probability of resuming construction, thus no impairment provision was made[417](index=417&type=chunk)[419](index=419&type=chunk)[608](index=608&type=chunk)[614](index=614&type=chunk) - Goodwill had a year-end book value of **CNY 351 million**; following impairment testing, a goodwill impairment provision of **CNY 3.79 million** was made for the asset group related to Deqing Yuecheng Xinghai Oil Station Co., Ltd[425](index=425&type=chunk)[428](index=428&type=chunk)[429](index=429&type=chunk) - Non-current liabilities due within one year significantly increased from **CNY 493 million** at the end of the previous year to **CNY 3.744 billion**, primarily due to a **CNY 3.369 billion** increase in bonds payable due within one year[475](index=475&type=chunk)[479](index=479&type=chunk) - The company is involved in multiple significant lawsuits, primarily concerning sales contract disputes of subsidiary Guangxi Yongsheng, with significant uncertainty regarding the recovery of certain receivables, for which substantial bad debt provisions have been made[615](index=615&type=chunk)[616](index=616&type=chunk)[620](index=620&type=chunk)

2018 年第三季度报告 公司代码：600310 公司简称：桂东电力 广西桂东电力股份有限公司 2018 年第三季度报告 1 / 24 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 10 | 2018 年第三季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 | | | | | 单位：元 币种：人民币 | | | --- | --- | --- | --- | --- | --- | | | | 本报告期末 | 上年度末 | 本报告期末比上年度 | | | | | | | 末增减(%) | | | 总资产 | | 14,775,458,527.22 | 12,753,786,654.20 | 15.85 | | | 归属于上市公司股东 | | 1,751,033,084.30 | 2,038,565,512.71 | -14.10 | | | 的净资产 | | | | | | | | | 年初至报告期末 | 上年初至上年报告期末 | 比 ...

Part I [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This chapter defines common terms used in the report, including company names, related party names, subsidiary names, and reporting period definitions, to ensure clear understanding of the content - “Company,” “the Company,” and “Guidong Electric Power” all refer to Guangxi Guidong Electric Power Co., Ltd[11](index=11&type=chunk) - The “reporting period” refers to January-June 2018[11](index=11&type=chunk) Part II [Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This chapter presents the company's basic registration information, including its Chinese name, abbreviation, foreign name, and legal representative - The company's Chinese name is Guangxi Guidong Electric Power Co., Ltd., abbreviated as Guidong Electric Power, with Qin Min as its legal representative[14](index=14&type=chunk) [Contact Person and Contact Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This chapter provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses - The Board Secretary is Lu Peijun, and the Securities Affairs Representative is Liang Sheng, both located at No. 12 Pingan West Road, Hezhou City, Guangxi[15](index=15&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This chapter discloses basic company information such as registered address, office address, postal code, and company website - The company's registered and office address is No. 12 Pingan West Road, Hezhou City, Guangxi, postal code 542899[16](index=16&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This chapter specifies the designated newspapers and website for company information disclosure, as well as the report storage location - The company's designated newspapers for information disclosure are "Shanghai Securities News" and "Securities Daily," and the designated website is www.sse.com.cn[17](index=17&type=chunk) [Brief Introduction to Company Shares](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This chapter introduces the company's stock type, listing exchange, stock abbreviation, and code - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation “Guidong Electric Power” and stock code 600310[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue significantly increased, but net profit attributable to shareholders and non-recurring net profit sharply declined, primarily due to reduced self-generated power, increased purchased power, and electricity price reduction policies Key Accounting Data | Key Accounting Data | This Reporting Period (Jan-Jun) | Same Period Last Year | Change from Same Period Last Year (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 6,558,474,962.18 | 4,085,752,565.60 | 60.52 | | Net Profit Attributable to Listed Company Shareholders | 2,345,682.67 | 5,521,622.34 | -57.52 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-recurring Gains and Losses | -330,036.05 | 1,595,869.41 | -120.68 | | Net Cash Flow from Operating Activities | -43,362,646.56 | -247,772,810.42 | N/A | | **End of This Reporting Period** | **End of Last Year** | **Change from End of Last Year (%)** | | | Net Assets Attributable to Listed Company Shareholders | 1,778,342,584.72 | 2,038,565,512.71 | -12.77 | | Total Assets | 13,849,005,018.45 | 12,753,786,654.20 | 8.59 | Key Financial Indicators | Key Financial Indicators | This Reporting Period (Jan-Jun) | Same Period Last Year | Change from Same Period Last Year (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.0028 | 0.0067 | -58.21 | | Diluted Earnings Per Share (Yuan/share) | 0.0028 | 0.0067 | -58.21 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (Yuan/share) | -0.0004 | 0.0019 | -121.05 | | Weighted Average Return on Net Assets (%) | 0.11 | 0.21 | Decrease of 0.10 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | -0.02 | 0.06 | Decrease of 0.08 percentage points | - The increase in operating revenue was primarily due to the expanded sales scale of wholly-owned subsidiaries Guangxi Yongsheng and Guisheng Company[21](index=21&type=chunk) - The year-on-year decrease in net profit was mainly due to a reduction in highly profitable self-generated power, an increase in higher-cost purchased power, and electricity price reduction policies leading to decreased gross profit from the main power business[21](index=21&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This chapter discloses the detailed composition and amount of non-recurring gains and losses during the reporting period, totaling **2,675,718.72 yuan** Non-recurring Gains and Losses Items | Non-recurring Gains and Losses Items | Amount (Yuan) | Notes (if applicable) | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets | 129,643.29 | | | Government grants recognized in current profit or loss | 732,540.68 | | | Gains or losses from changes in fair value of trading financial assets and liabilities, and investment income from disposal of trading financial assets, liabilities, and available-for-sale financial assets | -526,767.88 | | | Other non-operating income and expenses apart from the above | 3,940,234.02 | Income from liquidated damages, etc | | Impact on minority interests | -716,988.15 | | | Income tax impact | -882,943.24 | | | Total | 2,675,718.72 | | Part III [Main Business, Operating Model, and Industry Situation](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F%E5%8F%8A%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's main businesses are power generation and sales, and oil product trading; the power business benefits from a "generation-grid integration" advantage but is significantly affected by natural climate, while the oil product trading business actively expands its market and industry chain - The company's main businesses are power generation and sales, and oil product trading[26](index=26&type=chunk) - The power business is a local power enterprise integrating hydropower generation, supply, and distribution, possessing a "generation-grid integration" advantage[27](index=27&type=chunk) - In the first half of 2018, the company's self-owned hydropower plants generated **850 million kWh**, a year-on-year decrease of **10.43%**; electricity sales were **1.978 billion kWh**, a year-on-year increase of **8.92%**; and purchased electricity increased by **22.23%** year-on-year[28](index=28&type=chunk) - Oil product trading is conducted by wholly-owned subsidiary Guangxi Yongsheng, utilizing its wholesale franchise qualification to expand into East China, North China, and Northeast China markets, and promoting gas station network construction[28](index=28&type=chunk) - The overall supply and demand in the power industry are relaxed, with national electricity consumption growing by **9.4%** and power generation by **8.3%** year-on-year[28](index=28&type=chunk) - The company's hydropower generation is highly constrained by natural climate, requiring purchased electricity during dry seasons[29](index=29&type=chunk) - The oil product trading market is highly competitive, with Guangxi Yongsheng deploying retail terminals through leasing, self-construction, and cooperative operations[29](index=29&type=chunk) [Significant Changes in Major Assets](index=8&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E8%B5%84%E4%BA%A7%E5%8F%91%E7%94%9F%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8C%96%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company's long-term equity investments, available-for-sale financial assets, and construction in progress all underwent significant changes, with long-term equity investments increasing, available-for-sale financial assets decreasing, and construction in progress increasing - Long-term equity investments increased by **37.5723 million yuan**, primarily including subscription for Guangxi Chaochao New Material, acquisition of Hydrocore Corporation equity, and subscription for Guangxi Construction Industrialization equity[30](index=30&type=chunk) - Available-for-sale financial assets decreased by **284.5579 million yuan**, mainly due to changes in the fair value of Guohai Securities shares[30](index=30&type=chunk) - Construction in progress increased by **381.4684 million yuan**, mainly due to an increase in projects under construction by the company and its subsidiaries[30](index=30&type=chunk) [Analysis of Core Competencies](index=9&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies remained largely unchanged, primarily reflected in its power concession rights, regional market advantages, "generation-grid integration" operating model, mature management experience, hydropower clean energy advantages, and listed company financing platform advantages - The company holds power concession rights and an independent power supply service area[31](index=31&type=chunk) - The market region is stable, forming an interconnected power exchange pattern with neighboring provinces and regions[31](index=31&type=chunk) - The "generation-grid integration" operating model ensures market advantages in regional power supply[31](index=31&type=chunk) - Possesses a decision-making and management team with decades of mature power management experience[31](index=31&type=chunk) - Hydropower is a clean energy source, unaffected by raw material prices, offering long-term stable operational advantages[31](index=31&type=chunk) - As a listed company, it has financing platform advantages[31](index=31&type=chunk) Part IV [Overview of Operations](index=9&type=section&id=%E4%B8%80%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2018, the company faced significant operational pressure, including reduced self-generated power due to low water levels at hydropower plants, increased purchased electricity, decreased industrial power load, electricity price reductions, and rising financing costs. The company actively responded, making progress in both its main power business and oil product trading business - In the first half, rainfall and water inflow in the company's hydropower plant basins were low, leading to a **10.43%** year-on-year decrease in self-generated power[33](index=33&type=chunk) - Total purchased electricity was **1.179 billion kWh**, a year-on-year increase of **16.16%**[33](index=33&type=chunk) - Operating revenue was **6.558 billion yuan**, a year-on-year increase of **60.52%**, with trade sales revenue at **5.541 billion yuan**, a year-on-year increase of **67.79%**[33](index=33&type=chunk) - Net profit attributable to owners of the parent company was **2.3457 million yuan**, a year-on-year decrease of **58.21%**[33](index=33&type=chunk) - Actively promoted power project construction, acquired Shaanxi Changxing Photovoltaic Technology Company, and advanced transmission and transformation projects[34](index=34&type=chunk) - Oil product trading and other trade businesses achieved operating revenue of **5.541 billion yuan** and net profit of **35.1796 million yuan**, realizing growth in both quality and quantity[34](index=34&type=chunk) - Invested in new building industrial chain businesses, including Minshang Stone Industry, Chaochao New Material, and Construction Industrialization Company[34](index=34&type=chunk) - Compressed management hierarchy to improve management efficiency[35](index=35&type=chunk) [Analysis of Main Business](index=10&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue and costs significantly increased due to the expanded sales scale of oil product trading, financial expenses rose due to increased borrowings, and net profit was affected by reduced gross profit from the main power business Analysis of Changes in Financial Statement Items | Item | Current Period Amount | Same Period Last Year Amount | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 6,558,474,962.18 | 4,085,752,565.60 | 60.52 | | Operating Cost | 6,162,969,507.75 | 3,771,348,554.83 | 63.42 | | Financial Expenses | 200,798,921.40 | 148,330,480.99 | 35.37 | | Asset Impairment Losses | 1,711,863.55 | -367,419.89 | N/A | | Investment Income | 3,235,359.27 | 14,404,765.05 | -77.54 | | Non-operating Income | 5,480,835.73 | 3,085,975.93 | 77.60 | | Income Tax Expense | 25,962,772.52 | 18,417,157.70 | 40.97 | | Net Cash Flow from Operating Activities | -43,362,646.56 | -247,772,810.42 | N/A | | Net Cash Flow from Investing Activities | -473,162,220.03 | -827,697,944.28 | N/A | | Net Cash Flow from Financing Activities | 557,093,616.22 | 289,766,131.83 | 92.26 | - Changes in operating revenue and costs were mainly due to the expanded sales scale of wholly-owned subsidiaries Guangxi Yongsheng and Guisheng Company[37](index=37&type=chunk) - Changes in financial expenses were mainly due to increased company borrowings[37](index=37&type=chunk) - The increase in net cash flow from operating activities was mainly due to increased cash received by Guangxi Yongsheng from sales of goods and provision of services[37](index=37&type=chunk) - The decrease in investment income was mainly due to reduced investment gains/losses from associates and joint ventures[37](index=37&type=chunk) - Significant changes in profit composition were mainly due to reduced self-generated power, increased purchased power, and electricity price reduction policies leading to decreased gross profit from the main power business[38](index=38&type=chunk) [Analysis of Assets and Liabilities](index=10&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's asset and liability structure changed significantly, with substantial increases in accounts receivable, inventories, non-current liabilities due within one year, and long-term payables, while notes receivable, employee benefits payable, interest payable, and bonds payable decreased. Both total assets and total liabilities grew, and the asset-liability ratio increased Changes in Assets and Liabilities | Item Name | Period-End Amount | Period-End Proportion of Total Assets (%) | Prior Period-End Amount | Prior Period-End Proportion of Total Assets (%) | Change from Prior Period-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 108,184,565.04 | 0.78 | 181,329,092.33 | 1.42 | -40.34 | Increase in bank acceptance bill maturity and acceptance | | Accounts Receivable | 426,339,954.53 | 3.08 | 169,708,685.05 | 1.33 | 151.22 | Increase in receivables from parent company and wholly-owned subsidiary Guangxi Yongsheng | | Other Receivables | 582,096,325.26 | 4.20 | 392,929,844.02 | 3.08 | 48.14 | Increase in inter-company receivables | | Inventories | 1,090,499,205.83 | 7.87 | 781,243,827.08 | 6.13 | 39.59 | Increase in inventories at wholly-owned subsidiaries Guisheng Company and Tianxiang Company | | Notes Payable | 824,672,460.06 | 5.95 | 575,771,738.71 | 4.51 | 43.23 | Increase in notes payable at wholly-owned subsidiaries Guangxi Yongsheng and Guisheng Company | | Accounts Payable | 408,402,484.45 | 2.95 | 90,648,135.72 | 0.71 | 350.54 | Increase in payables at wholly-owned subsidiaries Guangxi Yongsheng and Guisheng Company | | Employee Benefits Payable | 2,045,985.65 | 0.01 | 31,823,110.19 | 0.25 | -93.57 | Payment of employee benefits payable at the beginning of the period | | Interest Payable | 92,586,124.81 | 0.67 | 183,618,455.62 | 1.44 | -49.58 | Increase in interest paid on bonds payable this period | | Non-current Liabilities Due Within One Year | 3,932,235,337.25 | 28.39 | 492,850,000.00 | 3.86 | 697.86 | Increase in bonds and borrowings due within one year | | Bonds Payable | - | 0.00 | 3,462,896,422.79 | 27.15 | -100.00 | Parent company bonds payable reclassified to non-current liabilities due within one year | | Long-term Payables | 800,000,000.00 | 5.78 | - | 0.00 | 100.00 | Increase in amounts owed by parent company to Guangdong Yuecai Trust Co., Ltd | | Specific Payables | 65,558,919.07 | 0.47 | 108,975,852.95 | 0.85 | -39.84 | Decrease in specific payables at controlling subsidiary Guiyuan Company | | Deferred Income Tax Liabilities | 62,880,026.71 | 0.45 | 105,692,142.84 | 0.83 | -40.51 | Impact of fair value changes in Guohai Securities | | Deferred Income | 15,587,872.10 | 0.11 | 10,883,850.18 | 0.09 | 43.22 | Controlling subsidiary Guiyuan Company received government matching funds | | Other Comprehensive Income | 332,446,530.11 | 2.40 | 574,320,761.65 | 4.50 | -42.11 | Impact of fair value changes in Guohai Securities | - At the end of the reporting period, total assets were **13.849 billion yuan**, an **8.59%** increase from the end of the previous year; net assets attributable to listed company shareholders were **1.778 billion yuan**, a **12.77%** decrease from the end of the previous year[20](index=20&type=chunk) - The asset-liability ratio was **83.40%**, an increase of **3.16 percentage points** from the end of the previous year, mainly due to increased company borrowings[136](index=136&type=chunk) [Major Asset Restrictions](index=11&type=section&id=2.%20%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E4%B8%BB%E8%A6%81%E8%B5%84%E4%BA%A7%E5%8F%97%E9%99%90%E6%83%85%E5%86%B5) At the end of the reporting period, some of the company's monetary funds, fixed assets, and intangible assets were restricted due to bill deposits, litigation preservation deposits, and mortgages, with a total restricted amount of **661 million yuan** Major Asset Restrictions | Item | Period-End Book Value (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 119,268,111.89 | Bill deposits, litigation preservation deposits | | Fixed Assets | 535,883,998.08 | Mortgage | | Intangible Assets | 6,014,855.93 | Mortgage | | Total | 661,166,965.90 | / | [Analysis of Investment Status](index=12&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's total external equity investments decreased by **30.13%** year-on-year, but it still made several significant equity and non-equity investments and held financial assets measured at fair value - External equity investment amounted to **77.5396 million yuan**, a **30.13%** decrease from the same period last year[45](index=45&type=chunk) - Significant equity investments include the acquisition of **90%** equity in Shaanxi Changxing Photovoltaic Technology, subsidiary Xidian Company's acquisition of **40%** equity in Hydrocore Corporation, and a **20%** stake in Guangxi Construction Industrialization Co., Ltd[46](index=46&type=chunk)[47](index=47&type=chunk) Significant Equity Investments | Investee Company Name | Main Business | Planned Investment Amount (Ten Thousand Yuan) | Actual Investment Amount in This Reporting Period (Ten Thousand Yuan) | Cumulative Actual Investment Amount (Ten Thousand Yuan) | Proportion of Investee's Equity | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shaanxi Changxing Photovoltaic Technology Co., Ltd. | Construction and sales of photovoltaic power plants; manufacturing and sales of photovoltaic power generation equipment, etc. | 3,375.00 | 0 | 0 | 90% | Self-raised | | Hydrocore Corporation | Development, operation, and maintenance rights of Ibulao Hydropower Project | 2,320.96 | 2,320.96 | 2,320.96 | 40% | Self-raised | | Guangxi Construction Industrialization Co., Ltd. | Production and sales of building components; real estate development, sales, and property management, etc. | 2,000.00 | 2,000.00 | 2,000.00 | 20% | Self-raised | | Sichuan Xidian Electric Power Design Co., Ltd. | Survey, design, and supervision of transmission and transformation projects, water conservancy and hydropower projects, and industrial and civil construction projects, etc. | 15,912.00 | 1,632.00 | 15,912.00 | 51% | Self-raised | | Shaanxi Guixing Electric Power Co., Ltd. | Investment, construction, and operation management of power and other energy projects, etc. | 1,040.00 | 501.00 | 501.00 | 52% | Self-raised | | Guangxi Chaochao New Material Co., Ltd. | Research, development, and production of new materials for new housing construction, etc. | 2,541.88 | 1,300.00 | 2,541.88 | 30% | Self-raised | | Total | / | 27,189.84 | 7,753.96 | 23,275.84 | / | / | - Significant non-equity investments include the Hezhou Aluminum Electronic Industry Power Workshop Project, Power Dispatching Building Project (Guidong Plaza), Petrochemical Storage Project, etc., with several projects still under construction[49](index=49&type=chunk) Significant Non-Equity Investments | Project Name | Project Amount (Ten Thousand Yuan) | Amount Invested in This Reporting Period (Ten Thousand Yuan) | Cumulative Actual Investment Amount (Ten Thousand Yuan) | Project Progress (%) | Project Revenue Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Wholly-owned subsidiary Guixu Energy invested in and constructed Hezhou Aluminum Electronic Industry Power Workshop Project | 294,452.00 | 17,767.64 | 228,147.92 | 71 | Incomplete | | Investment and construction of Power Dispatching Building Project (Guidong Plaza) | 63,438.85 | 8,215.86 | 23,967.28 | 38 | Incomplete | | Wholly-owned subsidiary Guangxi Yongsheng invested in and constructed Petrochemical Storage Project | 15,247.62 | 3,106.35 | 6,538.35 | 50 | Incomplete | | JiangKou Switching Station to Tiantang Substation 110 kV Transmission Line Project | 11,748.24 | 665.70 | 8,479.03 | 90 | Incomplete | | Wholly-owned subsidiary Guixu Energy invested in and constructed Phase I of Xindu Railway Station Modern Logistics Park in Guangdong-Guangxi Industrial Cooperation Demonstration Zone | 17,900.00 | 488.23 | 7,705.14 | 60 | Incomplete | | 110 kV Shiti Transmission and Transformation Project | 6,252.30 | 22.61 | 6,220.31 | 90 | Incomplete | | Hezhou Aluminum Electronic Industry Project (Phase I) 220 kV Transmission Line Project | 24,856.00 | 2,958.12 | 20,806.32 | 96 | Incomplete | | 220 kV Fulong Transmission and Transformation Project | 18,859.53 | 522.08 | 13,333.92 | 98 | Incomplete | | 220 kV Litou Transmission and Transformation Project | 14,518.22 | 1,219.45 | 4,415.05 | 25 | Incomplete | | Wholly-owned subsidiary Guixu Energy invested in and constructed Hezhou Aluminum Electronic Industry Power Workshop Railway Special Line | 51,700.00 | 3,080.86 | 42,069.21 | 76 | Incomplete | | Technical Transformation | 5,800.00 | 851.08 | 851.08 | N/A | N/A | | Shangcheng Electric Power Datian Hydropower Station Project | 23,650.44 | 277.62 | 23,475.07 | 55 | Incomplete | | Total | 548,423.20 | 39,175.59 | 386,008.69 | / | | - Financial assets measured at fair value are mainly Guohai Securities shares, with a fair value change of **264.3127 million yuan** at period-end[51](index=51&type=chunk) [Analysis of Major Holding and Participating Companies](index=14&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company owns 21 wholly-owned and controlled subsidiaries and 14 associate companies; some subsidiaries performed exceptionally well, such as Guangxi Yongsheng Petrochemical Co., Ltd. with a **96.99%** net profit increase, while some hydropower subsidiaries saw performance decline due to low water levels. The company also plans to dissolve Minfeng Industrial - The company owns **21** wholly-owned and controlled subsidiaries, with main businesses covering power, oil product trading, new building industrial chain, etc[52](index=52&type=chunk) - Guangxi Guineng Electric Power Co., Ltd. reported a net profit of **18.5187 million yuan**, a year-on-year increase of **236.34%**[53](index=53&type=chunk) - Pingle Guijiang Electric Power Co., Ltd. reported a net profit of **19.0779 million yuan**, a year-on-year decrease of **12.54%**[54](index=54&type=chunk) - Zhaoping Guihai Electric Power Co., Ltd. reported a net profit of **12.9868 million yuan**, a year-on-year decrease of **7.00%**[54](index=54&type=chunk) - Hezhou Shangcheng Electric Power Co., Ltd. reported a net loss of **2.7148 million yuan**, with losses increasing by **0.3946 million yuan**[55](index=55&type=chunk) - Guangxi Hezhou Minfeng Industrial Co., Ltd. reported a net profit of **1.5765 million yuan**, a year-on-year decrease of **77.78%**; the company plans to dissolve Minfeng Company[55](index=55&type=chunk)[56](index=56&type=chunk) - Guangxi Yongsheng Petrochemical Co., Ltd. reported a net profit of **31.3105 million yuan**, a year-on-year increase of **96.99%**, mainly due to expanded sales scale[59](index=59&type=chunk)[76](index=76&type=chunk) - Guangxi Guisheng Energy Co., Ltd. reported a net profit of **4.4359 million yuan**, a year-on-year increase of **129.70%**[60](index=60&type=chunk) - Hezhou Guiyuan Water Conservancy and Electric Power Co., Ltd. reported a net profit of **11.9960 million yuan**, a year-on-year increase of **164.68%**, primarily by expanding its electricity market[62](index=62&type=chunk)[76](index=76&type=chunk) - Wuzhou Guijiang Electric Power Co., Ltd. reported a net profit of **13.2217 million yuan**, a year-on-year decrease of **34.93%**[63](index=63&type=chunk) - Guangdong Guidong Electric Power Co., Ltd. reported a net profit of **1.4492 million yuan**, a year-on-year increase of **1,262.03%**[65](index=65&type=chunk) - Sichuan Xidian Electric Power Design Co., Ltd. reported a net profit of **17.7053 million yuan**[66](index=66&type=chunk) - Associate companies include Guohai Securities, Guilin Bank, Liuzhou Guanghe Microfinance, and **11** others, totaling **14** companies[68](index=68&type=chunk) - During the reporting period, the company received a 2017 annual cash dividend of **12.8372 million yuan** from Guohai Securities, accounting for **51.36%** of the company's net profit for January-June 2018[69](index=69&type=chunk) - Changes in company subsidiaries include the acquisition of equity in Shaanxi Changxing Photovoltaic Technology, the transfer of Guangxi Yongsheng's equity in Guisheng Energy and Deqing Xinghai Gas Station, and the transfer of Guisheng Energy's equity in Guangdong Guisheng New Energy[76](index=76&type=chunk) [Other Disclosure Matters](index=18&type=section&id=%E4%BA%8C%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) This chapter discloses potential risks faced by the company, including operational risks, industry competition risks, accounts receivable recovery risks, market and electricity price policy adjustment risks, investment risks, and financing environment change risks, along with corresponding countermeasures - The cumulative net profit from the beginning of the year to the end of the next reporting period is uncertain due to the planned sale of some Guohai Securities shares[77](index=77&type=chunk) - Operational risks primarily stem from the single power source structure of the electricity business, which is highly susceptible to natural factors, potentially leading to reduced power generation and increased purchase costs[79](index=79&type=chunk) - Industry competition risks arise from the deepening reform of the power system and intensified market competition[79](index=79&type=chunk) - Accounts receivable recovery risks mainly involve historical outstanding receivables of wholly-owned subsidiary Guangxi Yongsheng[80](index=80&type=chunk) - Market and electricity price policy adjustment risks may affect the company's electricity sales and profitability[80](index=80&type=chunk) - Investment risks include lower-than-expected returns on external investments and the suspension of the power workshop project under construction by wholly-owned subsidiary Guixu Energy[81](index=81&type=chunk) - Changes in the financing environment lead to stricter corporate credit conditions, rising financing costs, and increased financing difficulty[83](index=83&type=chunk) - The company will address risks by optimizing dispatch, expanding markets, strengthening internal controls, adjusting operating strategies, reinforcing investment project supervision, and broadening financing channels[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk) Part V [Shareholders' Meeting Information](index=20&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%B8%9C%E5%A4%A7%E4%BC%9A%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This chapter discloses the convening date and resolution publication information of the 2017 Annual Shareholders' Meeting - The 2017 Annual Shareholders' Meeting was held on May 18, 2018, with resolutions published on www.sse.com.cn and disclosed on May 19, 2018[85](index=85&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=20&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) During the reporting period, the company did not formulate a profit distribution or capital reserve to share capital conversion plan - The company's proposed semi-annual profit distribution plan or capital reserve to share capital conversion plan is “No”[85](index=85&type=chunk) [Accounting Firm Information](index=20&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's 2017 financial statements received an unqualified audit opinion with an emphasis of matter paragraph from Daxin Certified Public Accountants, highlighting the significant impact of the suspended power workshop project under construction by wholly-owned subsidiary Guixu Energy. The company is actively coordinating to resume construction - Daxin Certified Public Accountants issued an unqualified audit report with an emphasis of matter paragraph on the company's 2017 financial statements[87](index=87&type=chunk) - The emphasis of matter concerns the power workshop project under construction by wholly-owned subsidiary Guixu Energy, which is currently suspended; if it cannot be resumed, it will have a significant impact on the company's operating results and financial position[87](index=87&type=chunk) - The company is actively communicating with various levels of government and competent authorities to secure support for resuming the power workshop project and has reached an agreement on the transfer of unit capacity indicators[88](index=88&type=chunk) [Significant Litigation and Arbitration Matters](index=21&type=section&id=%E5%85%AD%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) During the reporting period, wholly-owned subsidiary Guangxi Yongsheng was involved in multiple sales contract dispute lawsuits; some cases had final rulings dismissing appeals, while others were accepted but not yet heard - In the sales contract dispute case of Guangxi Yongsheng vs. Guangzhou Zhongyou Runao Petrochemical Co., Ltd. and Zhenghai Holding Group Co., Ltd., the final ruling dismissed Guangxi Yongsheng's appeal and upheld the original ruling[89](index=89&type=chunk) - Guangxi Yongsheng filed a lawsuit against CNOOC Guangxi Energy Co., Ltd. regarding a sales contract dispute with Nanning Xixiangtang District People's Court, which has accepted the case but has not yet held a hearing[89](index=89&type=chunk) - Guangxi Yongsheng filed a lawsuit against Cangzhou Jiantou Modern Logistics Co., Ltd. regarding a sales contract dispute with Cangzhou Intermediate People's Court in Hebei Province, which has accepted the case but has not yet held a hearing[89](index=89&type=chunk) [Significant Related Party Transactions](index=22&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in related party transactions for goods sales and office space leasing related to ordinary operations, with a significant amount in electricity sales Occurrence of Routine Related Party Transactions | Related Party Transaction Type | Classified by Product or Service | Related Party | Estimated Amount for 2018 (Ten Thousand Yuan) | Cumulative Transaction Amount with Related Party in Jan-Jun 2018 (Ten Thousand Yuan) | % of Total Estimated Annual Amount | | :--- | :--- | :--- | :--- | :--- | :--- | | Sales of Goods | Electricity Sales | Guangxi Zhengrun Development Group Co., Ltd. Wuzhou Grand Hotel | 90 | 33.29 | 39.99 | | Sales of Goods | Electricity Sales | Guangxi Zhengrun New Material Technology Co., Ltd. | 1,430 | 755.80 | 52.85 | | Sales of Goods | Electricity Sales | Guangxi Hezhou Guidong Electronic Technology Co., Ltd. | 18,650 | 9,699.82 | 52.01 | | Sales of Goods | Electricity Sales | Guangxi Zhengrun Riqing High Purity Aluminum Technology Co., Ltd. | 350 | 152.88 | 43.68 | | Other Related Party Transactions | Office Space Lease | Guangxi Zhengrun Development Group Co., Ltd. | 154.33 | 93.32 | 60.47 | | Other Related Party Transactions | Production and Office Space Lease | Hezhou Babu Water Conservancy and Electric Power Co., Ltd. | 152.55 | 12.90 | 8.46 | | Total | | | 20,826.88 | 10,748.01 | | [Significant Contracts and Their Performance](index=24&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company was primarily involved in guarantees for subsidiaries and multiple bank loan contracts, cumulatively repaying **1.849 billion yuan** in financial institution loans, with new borrowings totaling **1.97255 billion yuan**, and total guarantees accounting for **35.74%** of the company's net assets Total Company Guarantees | Total Company Guarantees | Amount (Yuan) | Proportion (%) | | :--- | :--- | :--- | | Total Guarantees (A+B) | 821,719,180.00 | | | Proportion of Total Guarantees to Company Net Assets (%) | | 35.74 | | Debt Guarantees Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 731,719,180.00 | | | Total of the Above Three Guarantee Amounts (C+D+E) | 731,719,180.00 | | - During the reporting period, the company cumulatively repaid **1.84931 billion yuan** in financial institution loans and borrowed a total of **1.97255 billion yuan** from financial institutions[96](index=96&type=chunk) - The company signed working capital loan contracts with multiple banks, with loan amounts ranging from **46 million yuan** to **200 million yuan**, mostly for a one-year term[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) - Company subsidiary Wuzhou Guijiang Company signed a fixed asset loan contract of **68 million yuan** with Bank of Communications, with a ten-year term[98](index=98&type=chunk) - The company signed a fixed asset loan contract of **85 million yuan** with Industrial and Commercial Bank of China, with a ten-year term, for the construction of the JiangKou Switching Station to Tiantang Substation 110 kV Transmission Line Project[100](index=100&type=chunk) [Listed Company Poverty Alleviation Work](index=26&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E6%89%B6%E8%B4%AB%E5%B7%A5%E4%BD%9C%E6%83%85%E5%86%B5) The company continues its targeted poverty alleviation efforts through "one-on-one" assistance, tailored approaches, technical support, and industrial poverty alleviation, planning to lift all impoverished households out of poverty by the end of 2020. During the reporting period, the company donated **80,000 yuan** to support the development of village collective economies - The company's targeted poverty alleviation work adopts a "unit head + liaison person" assistance model, providing "one-on-one" support to impoverished households[102](index=102&type=chunk) - Plans to pre-lift **15** households out of poverty by the end of 2018, striving to achieve complete poverty eradication by the end of 2020[102](index=102&type=chunk) - During the reporting period, the company donated **80,000 yuan** to support the development of village collective economies, such as planting moringa and traditional Chinese medicine, in Xinchun Village, Xianhui Township[103](index=103&type=chunk) Achievements in Targeted Poverty Alleviation | Indicator | Quantity and Implementation Status | | :--- | :--- | | I. Overall Situation | | | Of which: 1. Funds | 80,000 yuan | | 2. Value of Materials | 7,812 yuan | | 3. Number of Registered Impoverished People Helped to Escape Poverty (persons) | 5 persons | - Subsequent plans include focused tracking and support for pre-lifted and un-lifted households, and monitoring the effectiveness of donated fund utilization[106](index=106&type=chunk) [Environmental Information](index=27&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company and its subsidiaries are not classified as key polluting entities, are committed to safe production and environmental protection, and adhere to a green and environmentally friendly production philosophy through measures such as scientifically allocating unit loads, reducing energy and water consumption, and preventing electromagnetic pollution - The company and its subsidiaries are not classified as key polluting entities by environmental protection departments[107](index=107&type=chunk) - The company focuses on safe production and environmental protection, adhering to the path of sustainable development[107](index=107&type=chunk) - Adopts measures such as scientifically and reasonably allocating unit loads, reducing energy and water consumption, conserving energy resources, and preventing electromagnetic pollution from the grid[107](index=107&type=chunk) [Other Significant Matters](index=27&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company's accounting policies changed, involving adjustments to the presentation of government grants and asset disposal gains/losses. Additionally, progress on Guangxi Yongsheng's accounts receivable, the proposed dissolution of Minfeng Company, sale-and-leaseback financing, accounts receivable transfer and repurchase financing, the temporary suspension of controlling shareholder equity transfer, and the planned sale of Guohai Securities shares were disclosed - Accounting policy changes involve "Accounting Standard for Business Enterprises No. 16 – Government Grants" and "Notice of the Ministry of Finance on Revising and Issuing the Format of Financial Statements for General Enterprises," reclassifying government grants related to daily activities into other income and adjusting the presentation of asset disposal gains/losses[108](index=108&type=chunk)[109](index=109&type=chunk) - Guangxi Yongsheng prepaid **151.84 million yuan** to Liuzhou Zhengling Heavy-duty CNC Machine Tool Co., Ltd. and its related enterprises, with part offset by equity transfer payments; related work is ongoing[110](index=110&type=chunk) - Guangxi Yongsheng won the contract dispute case against Guangxi Nanning Taixie Gan Trading Co., Ltd[111](index=111&type=chunk) - In the accounts receivable dispute case between Guangxi Yongsheng and Guangxi Tietou Guanxin Industrial Co., Ltd., the second instance judgment revoked the first instance judgment and dismissed Guangxi Yongsheng's claims[111](index=111&type=chunk)[112](index=112&type=chunk) - The company plans to dissolve its wholly-owned subsidiary Guangxi Hezhou Minfeng Industrial Co., Ltd.; related work is ongoing[112](index=112&type=chunk) - The company plans to conduct sale-and-leaseback financing with China Merchants Financial Leasing (Tianjin) Co., Ltd., with a total financing amount not exceeding **500 million yuan**, which has not yet been implemented[112](index=112&type=chunk) - The company has signed agreements with Guangdong Yuecai Trust Co., Ltd. regarding accounts receivable transfer and repurchase financing business[113](index=113&type=chunk) - Hezhou Municipal People's Government and Guangxi Investment Group Co., Ltd. signed a cooperation agreement, planning to use Guangxi Zhengrun Development Group Co., Ltd., the controlling shareholder of Guidong Electric Power, as a cooperation platform to jointly promote in-depth cooperation in energy and other industries[113](index=113&type=chunk) - The Hezhou SASAC's plan to gratuitously transfer **85%** of Zhengrun Group's equity held by Nongtou Group to Hetou Group has been suspended[114](index=114&type=chunk) - The company plans to provide total financial support of up to **5 billion yuan** to its wholly-owned and controlled subsidiaries[114](index=114&type=chunk) - The company plans to sell some Guohai Securities shares, with the total sale amount not exceeding **5%** of Guohai Securities' total share capital; currently, no sales have occurred[115](index=115&type=chunk) Part VI [Changes in Share Capital](index=29&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total share capital or share capital structure - During the reporting period, there were no changes in the company's total share capital or share capital structure[118](index=118&type=chunk) [Shareholder Information](index=30&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the total number of ordinary shareholders was **39,849**. The controlling shareholder, Guangxi Zhengrun Development Group Co., Ltd., held **50.03%** of the shares, with no pledge or freeze status - As of the end of the reporting period, the total number of ordinary shareholders was **39,849**[120](index=120&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Period-End Shareholding (shares) | Proportion (%) | Pledge or Freeze Status | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Guangxi Zhengrun Development Group Co., Ltd. | 414,147,990 | 50.03 | None | State-owned Legal Person | | Song Jianbo | 12,556,400 | 1.52 | Unknown | Unknown | | Chen Guangyang | 12,111,697 | 1.46 | Unknown | Unknown | | Guangxi Hezhou Guangze Capital Investment Co., Ltd. | 10,663,536 | 1.29 | Unknown | State-owned Legal Person | | Lin Min | 8,485,271 | 1.03 | Unknown | Unknown | | Hong Kong Securities Clearing Company Limited | 7,513,279 | 0.91 | Unknown | Unknown | | Agricultural Bank of China Co., Ltd. - Invesco Great Wall CSI 300 Enhanced Index Securities Investment Fund | 7,159,814 | 0.86 | Unknown | Unknown | | China Securities Finance Corporation Limited | 3,537,900 | 0.43 | Unknown | Unknown | | Zhao Yitong | 2,686,000 | 0.32 | Unknown | Unknown | | Li Xiaodong | 2,526,803 | 0.31 | Unknown | Unknown | - Controlling shareholder Guangxi Zhengrun Development Group Co., Ltd. and Guangxi Hezhou Guangze Capital Investment Co., Ltd. are both under the actual control of Hezhou SASAC[123](index=123&type=chunk) Part VII [Preferred Shares Information](index=31&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82) Part VIII [Information on Directors, Supervisors, and Senior Management](index=31&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82) Part IX [Basic Information on Corporate Bonds](index=32&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company issued four tranches of corporate bonds, totaling **2.828 billion yuan**, all of which have completed interest payments on schedule Basic Information on Corporate Bonds | Bond Name | Abbreviation | Code | Issue Date | Maturity Date | Bond Balance (Yuan) | Interest Rate (%) | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangxi Guidong Electric Power Co., Ltd. 2011 Corporate Bonds (Tranche 1) | 11 Guidong 01 | 122138 | April 16, 2012 | April 16, 2019 | 600,000,000.00 | 6.3% | Shanghai Stock Exchange | | Guangxi Guidong Electric Power Co., Ltd. 2011 Corporate Bonds (Tranche 2) | 11 Guidong 02 | 122145 | June 20, 2012 | June 20, 2019 | 228,015,000.00 | 5.3% | Shanghai Stock Exchange | | Guangxi Guidong Electric Power Co., Ltd. 2016 Corporate Bonds (Tranche 1) | 16 Guidong 01 | 135219 | February 4, 2016 | February 4, 2021 | 1,000,000,000.00 | 6.3% | Shanghai Stock Exchange | | Guangxi Guidong Electric Power Co., Ltd. 2016 Corporate Bonds (Tranche 2) | 16 Guidong 02 | 135248 | March 1, 2016 | March 1, 2021 | 1,000,000,000.00 | 5.7% | Shanghai Stock Exchange | - During the reporting period, the company's 2011 corporate bonds (first and second tranches) and 2016 corporate bonds (first and second tranches) all completed interest payments[128](index=128&type=chunk) [Corporate Bond Trustee Management and Rating Agency Information](index=32&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%8F%97%E6%89%98%E7%AE%A1%E7%90%86%E8%81%94%E7%B3%BB%E4%BA%BA%E3%80%81%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F%E5%8F%8A%E8%B5%84%E4%BF%A1%E8%AF%84%E7%BA%A7%E6%9C%BA%E6%9E%84%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This chapter discloses the contact information and office addresses of the corporate bond trustees (Guosen Securities and Guohai Securities) and credit rating agency (United Credit Rating Co., Ltd.) - The bond trustee for 11 Guidong 01 and 11 Guidong 02 is Guosen Securities Co., Ltd[129](index=129&type=chunk)[130](index=130&type=chunk) - The bond trustee for 16 Guidong 01 and 16 Guidong 02 is Guohai Securities Co., Ltd[129](index=129&type=chunk)[130](index=130&type=chunk) - The credit rating agency for all four tranches of bonds is United Credit Rating Co., Ltd[130](index=130&type=chunk) [Use of Corporate Bond Proceeds](index=33&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The two tranches of corporate bonds issued by the company raised a total of **3 billion yuan**, with a net amount of **2.966 billion yuan** after deducting issuance expenses, all used to repay bank loans, settle company debts, supplement working capital, and fund project construction, consistent with the uses promised in the prospectus - The two tranches of corporate bonds issued in April and June 2012 raised **1 billion yuan**, with a net amount of **986 million yuan**, all used to repay the company's bank loans[131](index=131&type=chunk) - The two tranches of corporate bonds issued in February and March 2016 raised **2 billion yuan**, with a net amount of **1.98 billion yuan**, all used to repay company debts, supplement working capital, and fund project construction[131](index=131&type=chunk) [Corporate Bond Rating Status](index=33&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E8%AF%84%E7%BA%A7%E6%83%85%E5%86%B5) United Credit Rating Co., Ltd. maintained the company's "AA" long-term corporate credit rating and the credit ratings for all bond tranches, with a "stable" outlook - United Credit Rating Co., Ltd. maintained the company's "AA" long-term corporate credit rating, with a "stable" outlook[132](index=132&type=chunk) - Maintained the "AA" bond credit ratings for "16 Guidong 01" bond, "16 Guidong 02" bond, "11 Guidong 01" bond, and "11 Guidong 02" bond[132](index=132&type=chunk) [Corporate Bond Enhancement Mechanism and Repayment Plan](index=33&type=section&id=%E4%BA%94%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%A2%9E%E4%BF%A1%E6%9C%BA%E5%88%B6%E3%80%81%E5%81%BF%E5%80%BA%E8%AE%A1%E5%88%92%E5%8F%8A%E5%85%B6%E4%BB%96%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, no credit enhancement measures were adopted for the company's corporate bonds, the repayment plan was consistent with the prospectus, and annual interest payments were made on schedule - During the reporting period, no credit enhancement measures were adopted for the corporate bonds issued by the company[133](index=133&type=chunk) - The repayment plan is consistent with the content agreed upon in the prospectus, with no significant changes[133](index=133&type=chunk) - During the reporting period, the company paid the annual interest on schedule[133](index=133&type=chunk) [Corporate Bond Trustee Performance](index=33&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%8F%97%E6%89%98%E7%AE%A1%E7%90%86%E4%BA%BA%E5%B1%A5%E8%81%8C%E6%83%85%E5%86%B5) Guosen Securities and Guohai Securities, as corporate bond trustees, strictly fulfilled their duties, continuously monitored the company's operating and financial conditions, and disclosed trustee reports, safeguarding the legitimate rights and interests of bondholders - Guosen Securities and Guohai Securities both strictly fulfilled their trustee duties in accordance with the agreements[134](index=134&type=chunk) - The trustees continuously monitored the company's operating conditions, financial status, and creditworthiness, and disclosed trustee reports[134](index=134&type=chunk) [Corporate Bond Related Financial Indicators](index=33&type=section&id=%E5%85%AB%E3%80%81%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%92%8C%E4%B8%8A%E5%B9%B4%E6%9C%AB%EF%BC%88%E6%88%96%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%92%8C%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%EF%BC%89%E4%B8%8B%E5%88%97%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) At the end of the reporting period, the company's current ratio and quick ratio decreased, and the asset-liability ratio increased, mainly due to increased non-current liabilities due within one year and increased borrowings. The EBITDA interest coverage ratio slightly decreased Corporate Bond Related Financial Indicators | Key Indicator | End of This Reporting Period | End of Last Year | Change from End of Last Year (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Current Ratio | 55.69% | 76.91% | Decrease of 21.22 percentage points | Mainly due to increased non-current liabilities due within one year | | Quick Ratio | 43.52% | 57.86% | Decrease of 14.34 percentage points | Mainly due to increased non-current liabilities due within one year | | Asset-Liability Ratio (%) | 83.40 | 80.24 | Increase of 3.16 percentage points | Mainly due to increased company borrowings | | Loan Repayment Rate (%) | 100.00 | 100.00 | N/A | | | **This Reporting Period (Jan-Jun)** | **Same Period Last Year** | **Change from Same Period Last Year (%)** | **Reason for Change** | | | EBITDA Interest Coverage Ratio | 1.48 | 1.57 | -5.73 | Mainly due to decreased company profit | | Interest Payment Rate (%) | 100.00 | 100.00 | N/A | | [Interest Payment and Redemption of Other Debt Financing Instruments](index=34&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%85%B6%E4%BB%96%E5%80%BA%E5%88%B8%E5%92%8C%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7%E7%9A%84%E4%BB%98%E6%81%AF%E5%85%91%E4%BB%98%E6%83%85%E5%86%B5) As of the end of the reporting period, all non-public directed debt financing instruments issued by the company had paid interest on schedule - The first tranche of non-public directed debt financing instruments for 2015 (**100 million yuan**, 3-year term, **5%** interest rate) has paid interest on schedule[138](index=138&type=chunk) - The first tranche of non-public directed debt financing instruments for 2016 (**650 million yuan**, 3-year term, **5.5%** interest rate) has paid interest on schedule[138](index=138&type=chunk) [Bank Credit Facilities](index=34&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%9A%84%E9%93%B6%E8%A1%8C%E6%8E%88%E4%BF%A1%E6%83%85%E5%86%B5) As of June 30, 2018, the company's total bank credit facilities were **6.284 billion yuan** in RMB and **100 million USD**, with **5.392 billion yuan** and **66 million USD** utilized, respectively - As of June 30, 2018, the company's total bank RMB credit facility was **6.284 billion yuan**, with **5.392 billion yuan** utilized[139](index=139&type=chunk) - The total USD credit facility was **100 million USD**, with **66 million USD** utilized[139](index=139&type=chunk) - Repaid bank loans of **1.849 billion yuan** and **60 million USD**[139](index=139&type=chunk) [Performance of Corporate Bond Prospectus Covenants](index=34&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%89%A7%E8%A1%8C%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%8B%9F%E9%9B%86%E8%AF%B4%E6%98%8E%E4%B9%A6%E7%9B%B8%E5%85%B3%E7%BA%A6%E5%AE%9A%E6%88%96%E6%89%BF%E8%AF%BA%E7%9A%84%E6%83%85%E5%86%B5) During the reporting period, the company strictly fulfilled the relevant covenants and commitments in the corporate bond prospectus, paid interest on time, and did not harm the interests of bond investors - The company strictly fulfilled the relevant covenants and commitments in the corporate bond prospectus[140](index=140&type=chunk) - Paid corporate bond interest on time, without harming the interests of bond investors[140](index=140&type=chunk) [Impact of Significant Matters on Operations and Solvency](index=34&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%91%E7%94%9F%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E5%8F%8A%E5%AF%B9%E5%85%AC%E5%8F%B8%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E5%92%8C%E5%81%BF%E5%80%BA%E8%83%BD%E5%8A%9B%E7%9A%84%E5%BD%B1%E5%93%8D) As of the end of the reporting period, the company's loan balance was **8.528 billion yuan**, an increase of **39 million yuan** from the end of 2017, with new borrowings accounting for **1.55%** of net assets at the end of 2017. External guarantees totaled **822 million yuan**, accounting for **32.62%** of net assets at the end of 2017. These new borrowings and guarantees are within the scope of normal operating activities and have no significant impact on the company's solvency - As of the end of the reporting period, the company's loan balance was **8.528 billion yuan**, an increase of **39 million yuan** from the end of 2017[141](index=141&type=chunk) - Cumulative new borrowings accounted for **1.55%** of the company's net assets of **2.52 billion yuan** at the end of 2017[141](index=141&type=chunk) - External guarantees (all provided for subsidiaries) amounted to **822 million yuan**, accounting for **32.62%** of the company's net assets at the end of 2017[141](index=141&type=chunk) - The aforementioned new borrowings and guarantees are within the scope of the company's normal operating activities and have no significant impact on the company's solvency[141](index=141&type=chunk) Part X [Financial Statements](index=36&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This chapter includes the company's 2018 semi-annual consolidated and parent company balance sheets, income statements, and cash flow statements, as well as consolidated and parent company statements of changes in equity, comprehensively presenting the financial position and operating results at the end of the reporting period - Provides consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in equity, and parent company statement of changes in equity[145](index=145&type=chunk)[148](index=148&type=chunk)[152](index=152&type=chunk)[156](index=156&type=chunk)[158](index=158&type=chunk)[161](index=161&type=chunk)[165](index=165&type=chunk)[170](index=170&type=chunk) [Company Basic Information](index=51&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This chapter introduces the company's establishment, history of share capital changes, business scope, and approval status of financial statements - The company was approved to issue A-shares on January 9, 2001, and listed on the Shanghai Stock Exchange on February 28, with stock abbreviation “Guidong Electric Power” and code “600310”[174](index=174&type=chunk) - Share capital has undergone multiple changes, totaling **827,775,000.00 yuan** as of the end of the reporting period[175](index=175&type=chunk) - Business scope includes power generation, power supply, power investment and development, water supply, transportation construction, and infrastructure development[176](index=176&type=chunk) - The financial report was approved for issuance by the Board of Directors on August 20, 2018[176](index=176&type=chunk) [Scope of Consolidated Financial Statements](index=51&type=section&id=2.%20%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E8%8C%83%E5%9B%B4) A total of **20** subsidiaries were included in the scope of consolidation this period, an increase of **four** from the previous year - A total of **20** subsidiaries were included in the scope of consolidation this period, an increase of **four** subsidiaries compared to the previous year[177](index=177&type=chunk) [Basis of Financial Statement Preparation](index=51&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and significant accounting policies and estimates, and possess the ability to continue as a going concern for at least 12 months - Financial statements are prepared on a going concern basis, adhering to Accounting Standards for Business Enterprises[178](index=178&type=chunk) - The company possesses the ability to continue as a going concern for at least **12** months from the end of this reporting period[179](index=179&type=chunk) [Significant Accounting Policies and Estimates](index=51&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This chapter details the company's specific accounting policies and estimation methods for accounting periods, operating cycles, functional currency, business combinations, consolidated financial statement preparation, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, receivables, inventories, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, employee benefits, provisions, revenue, government grants, deferred income tax assets/liabilities, and leases - Adheres to Accounting Standards for Business Enterprises, accurately and completely reflecting financial information[181](index=181&type=chunk) - The accounting year is from January 1 to December 31 of the Gregorian calendar, with an operating cycle of **12** months[182](index=182&type=chunk)[183](index=183&type=chunk) - Financial instruments are classified as financial assets measured at fair value with changes recognized in profit or loss, held-to-maturity investments, receivables, available-for-sale financial assets, etc[193](index=193&type=chunk) - Provision for doubtful accounts receivable is made using individual significant amounts and by grouping based on credit risk characteristics (aging analysis method)[197](index=197&type=chunk)[198](index=198&type=chunk) - Inventories are classified as raw materials, finished goods, semi-finished goods, spare parts, low-value consumables, etc.; issued inventories are valued using the weighted average method, and impairment provisions are made for individual inventory items[200](index=200&type=chunk) - Long-term equity investments in subsidiaries are accounted for using the cost method, while investments in associates and joint ventures are accounted for using the equity method[202](index=202&type=chunk) - Fixed assets are depreciated using the straight-line method, with depreciation periods and residual value rates determined by asset category[206](index=206&type=chunk) - Revenue recognition standards vary by business type (electricity sales, trading, liquor sales, power survey and design, consulting services, general contracting, engineering management services)[224](index=224&type=chunk)[225](index=225&type=chunk)[226](index=226&type=chunk)[227](index=227&type=chunk)[228](index=228&type=chunk) - Government grants are classified as asset-related or income-related, recognized as deferred income or directly in profit or loss, respectively[229](index=229&type=chunk)[230](index=230&type=chunk) [Taxation](index=63&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This chapter discloses the company's main tax categories and rates, including VAT, consumption tax, urban maintenance and construction tax, corporate income tax, and education surcharge. Some subsidiaries enjoy corporate income tax incentives for Western Development, prepaying at a **15%** tax rate Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | 17% of taxable income less deductible input tax (changed to 16% after May 1) | 17% (16%), 6%, 3% | | Consumption Tax | Taxable consumption tax income | 20% plus 0.5 yuan/500 grams | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 7%, 5%, 1% | | Corporate Income Tax | Taxable income | 25%, 15% | | Education Surcharge | Amount of turnover tax payable | 5% | - The company and some subsidiaries enjoy corporate income tax incentives for Western Development, provisionally prepaying at a **15%** income tax rate[236](index=236&type=chunk) - The newly added subsidiary Sichuan Xidian Electric Power Design Co., Ltd.'s Mianyang branch qualifies as a small-profit enterprise, paying corporate income tax at a **20%** rate, with taxable income reduced by **50%**[237](index=237&type=chunk) [Notes to Consolidated Financial Statement Items](index=64&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This chapter provides detailed notes and explanations for various assets, liabilities, owners' equity, income, and expense items in the consolidated financial statements, including period-end balances, beginning balances, reasons for changes, and recognition methods - Monetary funds at period-end totaled **1.951 billion yuan**, with other monetary funds primarily consisting of bank acceptance bill deposits and litigation preservation deposits[239](index=239&type=chunk) - Accounts receivable at period-end totaled **426 million yuan**, an increase of **151.22%** from the beginning of the period, mainly due to increased receivables from the parent company and Guangxi Yongsheng[41](index=41&type=chunk)[247](index=247&type=chunk) - Inventories at period-end totaled **1.09 billion yuan**, an increase of **39.59%** from the beginning of the period, mainly due to increased inventories at Guisheng Company and Tianxiang Company, including construction costs for the "Guidong Plaza" project and Guixu Energy's agency construction projects[41](index=41&type=chunk)[267](index=267&type=chunk) - Long-term equity investments at period-end totaled **628 million yuan**, increasing by **56.20955 million yuan** this period, primarily including investments in Hydrocore Corporation

Financial Performance - In 2017, the company's operating revenue reached CNY 10,244,834,999.80, representing a 96.54% increase compared to CNY 5,212,623,187.30 in 2016[19] - The net profit attributable to shareholders of the listed company was CNY 63,440,511.04, a decrease of 69.70% from CNY 209,400,229.84 in the previous year[19] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -104,684,855.19, a decline of 333.80% compared to CNY 44,775,901.91 in 2016[19] - Basic earnings per share decreased by 69.72% to CNY 0.0766 from CNY 0.2530 in the previous year[20] - The weighted average return on equity fell by 5.18 percentage points to 2.35% from 7.53% in the previous year[20] - The operating profit for the year was CNY 127.44 million, a decrease of 11.15% year-on-year[43] - The company reported a net loss attributable to shareholders of CNY 78,180,942.57 in Q1 2017, while Q2 showed a profit of CNY 83,702,564.91[22] - The company achieved a total electricity generation of 1.764 billion kWh in 2017, a decrease of 22.48% compared to the previous year[38] - The total electricity sales for the year were 3.783 billion kWh, down 6.28% year-on-year[38] Cash Flow and Assets - The net cash flow from operating activities was CNY 227,397,118.14, showing a slight decrease of 0.18% from CNY 227,796,078.63 in 2016[19] - As of the end of 2017, the total assets amounted to CNY 12,753,786,654.20, an increase of 15.90% from CNY 11,004,534,019.85 in 2016[19] - The net cash flow from investing activities improved by 159,146,064.92 CNY compared to the previous year, attributed to the sale of shares in Guohai Securities[61] - The company's total assets included 3,277,879,517.93 CNY in construction in progress, marking a 108.58% increase[63] - The company's short-term loans increased by 144.90% to 3,154,052,000 CNY, reflecting a significant rise in borrowing[63] Dividends and Shareholder Information - The company proposed a cash dividend of CNY 0.25 per 10 shares, totaling CNY 20,694,375.00, with the remaining profit carried forward to the next year[4] - The company does not plan to issue bonus shares or convert reserves into share capital this year[4] - The total number of common stock shareholders at the end of the reporting period was 44,045, an increase from 41,159 at the end of the previous month[186] - The largest shareholder, Guangxi Zhengrun Development Group Co., Ltd., holds 50.03% of the shares, totaling 414,147,990 shares[189] Risks and Future Plans - The report includes a risk statement indicating potential risks related to future plans and investments[5] - The company has detailed its major risks and countermeasures in the section discussing future development[6] - The company plans to actively seek high-quality hydropower resources and increase low-cost hydropower generation[40] - The company aims to enhance its electricity supply capacity and reliability by accelerating grid construction[40] - The company faces operational risks due to its reliance on hydropower generation, which is susceptible to weather conditions[120] Investments and Projects - The company completed a 51% equity acquisition in Sichuan Xidian Power Design Co., Ltd. for CNY 14,280 million during the reporting period[78] - The company has ongoing projects with varying completion rates, including the 110 kV Shiti power transmission project at 98% completion and the 220 kV Litou power transmission project at only 4%[81] - The company plans to utilize self-raised funds and loans for its capital expenditures, with costs subject to fluctuations in the central bank's benchmark interest rate[75] - The company has invested CNY 1,000 million in Guangxi Tianxiang Investment Co., Ltd., achieving 100% equity ownership[78] Related Party Transactions - The company reported a total of ¥21,435.58 million in actual related party transactions for 2017, compared to an estimated amount of ¥20,091.49 million[149] - The total amount of related party transactions in 2017 accounted for 1.8% of the company's main business revenue, indicating no significant dependency on related parties[150] Management and Governance - The report indicates that the chairman, Qin Min, received a pre-tax remuneration of 40.39 million yuan for the reporting period[200] - The executive vice president, Cao Xiaoyang, received a pre-tax remuneration of 36.76 million yuan[200] - The company has not reported any changes in shareholding for its directors and senior management during the reporting period[200] Social Responsibility and Community Engagement - In 2017, the company invested a total of 1.8973 million RMB in power grid renovation and upgrading in impoverished areas to support poverty alleviation efforts[174] - The company established resource files for 22 impoverished households and implemented a "one-on-one" assistance model, aiming to achieve poverty alleviation for all by the end of 2020[173] - The company helped 5 impoverished individuals achieve poverty alleviation through its initiatives[176]

2018 年第一季度报告 广西桂东电力股份有限公司 2018 年第一季度报告 1 / 22 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 6 | | 四、 | 附录 11 | 2018 年第一季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 | | | | 本报告期末比 | | --- | --- | --- | --- | | | 本报告期末 | 上年度末 | 上年度末增减 | | | | | (%) | | 总资产 | 13,752,464,891.50 | 12,753,786,654.20 | 7.83 | | 归属于上市公司股东 | 1,864,417,622.22 | 2,038,565,512.71 | -8.54 | | 的净资产 | | | | | | 年初至报告期末 | 上年初至上年报告期末 | 比上年同期增 | | | | | 减(%) | | 经营活动产生的现金 | -379,959,878.21 | -249,949,309.61 | 不适用 | | 流量净额 | | ...

[Important Notice](index=3&type=section&id=Item%20I.%20Important%20Notice) This section provides a declaration from the company's management regarding the accuracy and completeness of the quarterly report [Board of Directors' Statement](index=3&type=section&id=1.1%20Company%20Board%20of%20Directors%2C%20Board%20of%20Supervisors%20and%20Directors%2C%20Supervisors%2C%20Senior%20Management%20Guarantee%20the%20Truthfulness%2C%20Accuracy%2C%20and%20Completeness%20of%20the%20Quarterly%20Report%20Content) The Board of Directors, Board of Supervisors, and senior management assure the truthfulness, accuracy, and completeness of this quarterly report, which remains unaudited - Company management guarantees the truthfulness, accuracy, and completeness of the quarterly report content, assuming corresponding legal responsibilities[7](index=7&type=chunk) - This quarterly financial report is **unaudited**[7](index=7&type=chunk) [Basic Information of the Company](index=3&type=section&id=Item%20II.%20Basic%20Information%20of%20the%20Company) This section details the company's key financial performance and shareholder structure as of the reporting period end [Major Financial Data](index=3&type=section&id=2.1%20Major%20Financial%20Data) In the first three quarters of 2017, the company's operating revenue increased by 110.33%, but net profit attributable to shareholders significantly declined by 83.31%, with net cash flow from operating activities turning negative 2017 First Three Quarters Major Financial Data and Year-on-Year Change | Indicator | Year-to-Date (Jan-Sep) | Prior Year Period (Jan-Sep) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 7.16 billion RMB | 3.41 billion RMB | 110.33% | | Net Profit Attributable to Parent Company Shareholders | 17.28 million RMB | 103.53 million RMB | -83.31% | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-recurring Items) | 11.61 million RMB | 96.39 million RMB | -87.95% | | Net Cash Flow from Operating Activities | -99.49 million RMB | 39.92 million RMB | -349.25% | | Basic Earnings Per Share (RMB/share) | 0.0209 | 0.1251 | -83.29% | Asset Status Comparison at Period End | Indicator | End of Current Reporting Period | End of Prior Year | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 12.87 billion RMB | 11.00 billion RMB | 16.95% | | Net Assets Attributable to Parent Company Shareholders | 2.37 billion RMB | 2.66 billion RMB | -11.02% | - In the first three quarters of 2017, the company's total non-recurring gains and losses amounted to **5.66 million RMB**, primarily from government grants and investment income from the disposal of financial assets[9](index=9&type=chunk) [Shareholder Information](index=4&type=section&id=2.2%20Total%20Number%20of%20Shareholders%2C%20Top%20Ten%20Shareholders%2C%20and%20Top%20Ten%20Circulating%20Shareholders%20%28or%20Unrestricted%20Shareholders%29%20Shareholding%20at%20the%20End%20of%20the%20Reporting%20Period) As of the reporting period end, the company had 44,253 shareholders, with Guangxi Zhengrun Development Group Co., Ltd. as the controlling shareholder (50.03%), and the actual controller being Hezhou SASAC - As of the end of the reporting period, the company had **44,253 shareholders**[9](index=9&type=chunk) Top Three Shareholders' Shareholding | Shareholder Name | Shares Held at Period End | Shareholding Ratio (%) | | :--- | :--- | :--- | | Guangxi Zhengrun Development Group Co., Ltd. | 414,147,990 | 50.03 | | Bank of China - Dacheng Wealth Management 2020 Life Cycle Securities Investment Fund | 28,916,051 | 3.49 | | Guangxi Hezhou Guangze Capital Investment Co., Ltd. | 10,663,536 | 1.29 | - The controlling shareholder, Guangxi Zhengrun Development Group Co., Ltd., and the third-largest shareholder, Guangxi Hezhou Guangze Capital Investment Co., Ltd., are both ultimately controlled by the **Hezhou State-owned Assets Supervision and Administration Commission (SASAC)**[10](index=10&type=chunk) [Significant Matters](index=6&type=section&id=Item%20III.%20Significant%20Matters) This section details significant changes in financial statement items, progress of important events, and performance forecast warnings [Analysis of Significant Changes in Major Financial Statement Items](index=6&type=section&id=3.1%20Significant%20Changes%20and%20Reasons%20for%20Major%20Financial%20Statement%20Items%20and%20Financial%20Indicators%20of%20the%20Company) During the reporting period, the company experienced significant changes in multiple financial indicators, driven by subsidiary business expansion, project construction, and increased procurement expenditures - Balance sheet item changes are primarily due to the business expansion of wholly-owned subsidiary Yongsheng Company and the company's project construction investments, with significant increases in **prepayments (+338.80%)**, **construction in progress (+87.25%)**, **short-term borrowings (+107.15%)**, and **advances from customers (+421.90%)**[12](index=12&type=chunk) - Income statement item changes are mainly due to the expanded sales scale of wholly-owned subsidiary Yongsheng Company, leading to a synchronous substantial increase in **operating revenue (+110.33%)**, **operating costs (+131.65%)**, and **selling expenses (+124.97%)**[15](index=15&type=chunk) - Net cash flow from operating activities decreased by **349.25%** year-on-year, primarily due to increased procurement payments by subsidiary Yongsheng; net cash flow from financing activities decreased by **61.02%** year-on-year, mainly because the prior year included proceeds from non-public bond issuance and targeted financing instruments, which were absent this period[17](index=17&type=chunk) [Analysis and Explanation of Progress, Impact, and Solutions for Significant Matters](index=7&type=section&id=3.2%20Analysis%20and%20Explanation%20of%20Progress%2C%20Impact%2C%20and%20Solutions%20for%20Significant%20Matters) The company's operating performance was significantly impacted by low hydropower inflow, leading to reduced self-generated electricity and increased purchased electricity costs, despite strong sales growth from a subsidiary - Due to low hydropower inflow, the company's self-generated electricity decreased by **19.87%** year-on-year from January to September, leading to increased costs for purchased electricity and reduced gross profit from electricity sales, which is the primary reason for the significant year-on-year decline in operating performance during the first three quarters[17](index=17&type=chunk) - During the reporting period, the company continued to follow up on and handle multiple contract disputes and litigation cases involving accounts receivable and prepayments related to its wholly-owned subsidiary Yongsheng Company[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) - From January to September 2017, the company cumulatively borrowed **2.383 billion RMB** from financial institutions and repaid **1.054 billion RMB** to support working capital and project construction needs[22](index=22&type=chunk) [Performance Forecast Warning](index=9&type=section&id=3.4%20Warning%20and%20Explanation%20Regarding%20Potential%20Loss%20or%20Significant%20Change%20in%20Cumulative%20Net%20Profit%20from%20Year-Beginning%20to%20the%20End%20of%20the%20Next%20Reporting%20Period) The company issues a warning regarding the cumulative net profit from the beginning of the year to the end of the next reporting period, citing uncertainty related to the planned sale of Guohai Securities shares - The company warns that the cumulative net profit from the beginning of the year to the end of the next reporting period is uncertain due to the uncertainty surrounding the planned sale of some Guohai Securities shares[24](index=24&type=chunk) [Appendix](index=9&type=section&id=Item%20IV.%20Appendix) This section contains the company's unaudited consolidated and parent company financial statements as of September 30, 2017, and for the nine months ended September 30, 2017 [Financial Statements](index=9&type=section&id=4.1%20Financial%20Statements) This appendix includes the company's unaudited consolidated and parent company balance sheets as of September 30, 2017, and consolidated and parent company income statements and cash flow statements for January-September 2017 [Consolidated Balance Sheet](index=9&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2017, the company's total assets were 12.87 billion RMB, total liabilities were 9.77 billion RMB, and total equity attributable to parent company owners was 2.37 billion RMB, with an asset-liability ratio of 75.95% Consolidated Balance Sheet Key Items (2017-09-30) | Item | Period-End Balance (RMB) | Year-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 12,869,577,419.76 | 11,004,534,019.85 | | Total Liabilities | 9,774,019,422.51 | 7,956,754,878.60 | | Total Equity Attributable to Parent Company Owners | 2,369,605,137.78 | 2,663,104,846.19 | [Consolidated Income Statement](index=14&type=section&id=Consolidated%20Income%20Statement) From January to September 2017, the company achieved total operating revenue of 7.16 billion RMB and total operating costs of 7.10 billion RMB, resulting in a net profit attributable to parent company owners of 17.28 million RMB, a significant decrease of 83.31% year-on-year Consolidated Income Statement Key Items (Jan-Sep 2017) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | I. Total Operating Revenue | 7,162,332,037.19 | 3,405,338,689.48 | | II. Total Operating Costs | 7,097,046,305.28 | 3,243,720,747.28 | | III. Operating Profit | 71,754,486.82 | 168,449,750.34 | | V. Net Profit | 45,302,914.66 | 129,865,048.98 | | Net Profit Attributable to Parent Company Owners | 17,275,058.33 | 103,528,728.85 | [Consolidated Cash Flow Statement](index=20&type=section&id=Consolidated%20Cash%20Flow%20Statement) From January to September 2017, the company's net cash flow from operating activities was -99.49 million RMB, net cash flow from investing activities was -1.30 billion RMB, and net cash flow from financing activities was 672.43 million RMB, with cash and cash equivalents at period end of 1.07 billion RMB Consolidated Cash Flow Statement Key Items (Jan-Sep 2017) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -99,488,493.47 | 39,915,375.55 | | Net Cash Flow from Investing Activities | -1,302,476,175.31 | -956,271,289.05 | | Net Cash Flow from Financing Activities | 672,434,797.00 | 1,724,866,070.11 | | Cash and Cash Equivalents at Period End | 1,066,584,794.74 | 1,837,028,935.91 | [Parent Company Financial Statements](index=12&type=section&id=Parent%20Company%20Financial%20Statements) The parent company's financial statements independently reflect the financial position and operating results of Guangxi Guidong Electric Power Co., Ltd. headquarters, showing a net loss of 98.13 million RMB for January-September 2017 - The parent company's net profit for the first three quarters of 2017 was **-98,130,467.10 RMB**, a significant difference from the consolidated net profit attributable to parent company shareholders of **17,275,058.33 RMB**, indicating that profit is primarily contributed by subsidiaries or the parent company incurred substantial losses[38](index=38&type=chunk)[42](index=42&type=chunk)

2017 年半年度报告 公司代码：600310 公司简称：桂东电力 广西桂东电力股份有限公司 2017 年半年度报告 董事长（签字）：秦敏 2017 年 8 月 16 日 1 / 130 2017 年半年度报告 重要提示 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 十、 其他 无。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，请投资者注意投资 风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 重大风险提示 无 □适用 √不适用 2 / 130 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人秦敏、主管会计工作负责人李均毅及会计机构负责人（会计主管人员）苏虹声明： 保证半年度报告中财务报告的真实、准确、完整。 | 第一节 | 释义 4 | | --- | --- ...

Financial Performance - The net profit for the parent company in 2016 was -10,313,794.70 RMB, resulting in a distributable profit of 272,342,244.95 RMB after accounting for retained earnings and cash dividends paid [3]. - The company proposed a cash dividend of 0.8 RMB per 10 shares, totaling 66,222,000 RMB, with the remaining 206,120,244.95 RMB carried forward to the next year [3]. - The company's operating revenue for 2016 was ¥5,212,623,187.30, representing a 45.17% increase compared to ¥3,590,603,839.73 in 2015 [18]. - The net profit attributable to shareholders decreased by 44.30% to ¥209,400,229.84 from ¥375,913,541.77 in the previous year [18]. - Basic earnings per share for 2016 were ¥0.2530, down 44.29% from ¥0.4541 in 2015 [19]. - The total assets increased by 19.02% to ¥11,004,534,019.85 from ¥9,245,850,748.13 in 2015 [18]. - The weighted average return on equity decreased to 7.53% from 11.87% in 2015, a decline of 4.34 percentage points [19]. - The net cash flow from operating activities was ¥227,796,078.63, a decrease of 46.91% compared to ¥429,046,552.91 in 2015 [18]. - The operating profit for the year was 141.66 million RMB, a significant decrease of 70.60% compared to the previous year [48]. - The gross profit margin for the electricity supply segment decreased by 1.91 percentage points to 16.33%, while the trade segment's gross profit margin increased by 0.36 percentage points to 2.45% [54]. Investments and Acquisitions - The company is actively investing in the new building materials industry, acquiring Minshang Stone Industry and establishing Guangxi Building Industrialization Group, aiming to create a new business and profit growth point [41]. - The company plans to establish three raw material bases and five production bases across China in the next 3-5 years to meet market demand and enhance economic benefits [43]. - The company invested a total of 200 million RMB in Minshang Stone Industry, 20 million RMB in Super New Materials, and 0 RMB in the Building Industrialization Company [45]. - Future investment plans include an additional 100 million RMB in Minshang Stone Industry and a total of 25.4 million RMB in Super New Materials within one year [45]. - The company has completed the acquisition of 64.45% equity in Guangxi Hezhou Minfeng Industrial Co., Ltd. for 4,378.90 million RMB, making it a wholly-owned subsidiary [98]. - The company plans to invest RMB 300 million to acquire a 16.67% stake in Guangxi Minshang Stone Industry Development Co., Ltd., with the equity acquisition completed but the capital increase not fully completed by the end of the reporting period [100]. Operational Highlights - The company achieved a total electricity generation of 2.063 billion kWh in 2016, an increase of 25.10% year-on-year [29]. - The total electricity sales reached 4.036 billion kWh, marking a 52.97% increase compared to the previous year [29]. - The company’s oil trading subsidiary, Yongsheng, reported sales revenue of 3.488 billion yuan, up 66.52% from the previous year [30]. - The company’s total installed capacity is 382.625 MW, with five major hydropower plants contributing to an average annual generation of approximately 1.7 billion kWh [28]. - The company’s construction in progress increased by 1.0246295 billion yuan, mainly due to investments in the power workshop construction project [33]. Risk Management and Compliance - The company has provided a detailed risk analysis in the management discussion and analysis section, highlighting potential risks and countermeasures [5]. - The audit report issued by Da Xin Accounting Firm was a standard unqualified opinion [6]. - The financial report is guaranteed to be true, accurate, and complete by the board of directors and senior management [6]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties [5]. - There are no violations of decision-making procedures regarding external guarantees [5]. Market Strategy and Future Plans - The company plans to gradually expand its electricity supply to regions outside eastern Guangxi, which may impact its production and sales [32]. - The company aims to leverage the development opportunities in Hezhou to create a new 100 billion RMB industry in new building materials, enhancing the industrial chain and market potential [46]. - The company is exploring the "Internet+" development model in the power sector, collaborating with technology firms to implement smart grid and big data solutions [38]. - The company plans to continue expanding its market presence and enhance its product offerings through ongoing research and development efforts [70]. - The company aims to maximize shareholder value through strategic investments while ensuring stable development of its main electric power business [109]. Financial Management - The company borrowed 2.382 billion RMB from financial institutions and repaid 2.916 billion RMB, while completing a non-public issuance of corporate bonds worth 2 billion RMB and 750 million RMB in debt financing tools [47]. - The company has a total of RMB 5 billion in idle funds available for investment in financial products [187]. - The company is actively managing its cash flow through various financial instruments to optimize returns [187]. - The company has allocated CNY 2 billion for potential investment in Fujian Wuyi Automobile Manufacturing Co., Ltd., contingent on market conditions [114]. - The company has reported a total of CNY 293,621.80 million in financial assets, with no further investments in other financial assets planned [117]. Related Party Transactions - The company's total revenue from related party transactions in 2016 amounted to 16,712.82 million CNY, representing 2.74% of the main business income [175]. - The company has provided credit guarantees for its subsidiaries, with a total of 1,033 million CNY for short-term loans and 1,453 million CNY for long-term loans [175]. - The company has no major issues regarding the integrity of its controlling shareholders or actual controllers during the reporting period [172]. - The company’s related party transactions are considered normal business activities and do not adversely affect its independence [175]. Legal and Regulatory Compliance - The company reported no significant litigation or arbitration matters during the reporting period, indicating a stable legal environment [172]. - The company did not experience any significant accounting policy changes or errors during the reporting period [168]. - The current accounting firm engaged is Da Xin Accounting Firm (Special General Partnership) [169].

2017 年第一季度报告 公司代码：600310 公司简称：桂东电力 广西桂东电力股份有限公司 2017 年第一季度报告 1 / 19 | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 5 | | 四、 | 附录 | 9 | 2017 年第一季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 2017 年第一季度报告 √适用 □不适用 单位：元 币种：人民币 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人秦敏、主管会计工作负责人李均毅及会计机构负责人（会计主管人员）苏虹保证 季度报告中财务报表的真实、准确、完整。 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 | | 本报告期末 | 上年度末 | 本报告期末比上年度末增 | | --- | --- | --- | --- | | | | | 减(%) | | 总 ...