Core Points - Guangdong Power Development Co., Ltd. has announced its 2024 annual equity distribution plan, which was approved at the shareholders' meeting on May 28, 2025 [1] - The total cash dividend to be distributed amounts to 105,005,679.72 yuan, with a distribution of 0.2 yuan per 10 shares for all shareholders [1] - The equity distribution plan is based on a total share capital of 5,250,283,986 shares, including 4,451,875,986 A shares and 798,408,000 B shares [1] Equity Distribution Details - The A share cash dividend will be 0.2 yuan per 10 shares, with a net amount of 0.18 yuan for certain qualified foreign institutional investors and individual shareholders [1] - The B share cash dividend will be 0.18 yuan per 10 shares for non-resident enterprises and individuals holding pre-IPO restricted shares, with a differentiated tax rate for other shareholders [1][2] - The A share equity registration date is set for June 25, 2025, and the ex-dividend date is June 26, 2025 [2] Payment Method - Cash dividends for A share shareholders will be directly credited to their accounts through their securities companies on June 26, 2025 [2] - B share dividends will be credited on June 30, 2025, with provisions for shareholders who transfer their shares before this date [2] Additional Information - Shareholders who believe they have been incorrectly taxed on their dividends must contact the company by July 4, 2025, to resolve the issue [4] - The company has provided contact information for inquiries regarding the equity distribution [4]

Group 1 - The stock of Guangdong Power Development Co., Ltd. (referred to as "the company") experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 20% over two consecutive trading days on May 28 and May 29, 2025 [2] - The company conducted an investigation regarding the abnormal trading and confirmed that there were no undisclosed significant information or major events that could have impacted the stock price [3][4] - The company reported a net profit of -383 million yuan for the first quarter of 2025, representing a year-on-year decline of 403.21%, but stated that its main business operations remain normal [3] Group 2 - The company confirmed that there are no undisclosed matters that should have been reported according to the Shenzhen Stock Exchange's listing rules, nor any significant events in planning or negotiation stages [4] - The company has not found any violations of fair information disclosure during its self-examination [5]

Group 1 - The company approved a capital increase of 600 million yuan to Guangdong Power Industry Fuel Co., Ltd. to enhance supply chain resilience and safety [1][5] - The company will contribute 300 million yuan, maintaining a 50% equity stake in the fuel company [1][4] - The capital increase aims to establish Guangdong Energy Bohe Fuel Supply Chain Co., Ltd., which will manage the Bohe terminal assets and related operations [4][5] Group 2 - Guangdong Energy Group, a state-owned enterprise, has a registered capital of 23.3 billion yuan and reported a net profit of 475.915 million yuan as of March 31, 2025 [2][3] - Guangdong Power Industry Fuel Co., Ltd. has a registered capital of approximately 204 million yuan and reported a net profit of 1.732 million yuan for the year 2024 [3][4] - The fuel company plays a crucial role in coal procurement and supply for the company's thermal power plants, establishing strategic partnerships with major coal enterprises [5][6] Group 3 - The capital increase is expected to strengthen the fuel company's coal supply and storage capabilities, facilitating the market-oriented transformation of the Bohe terminal [5][6] - The transaction is deemed fair and reasonable, with no harm to the interests of the company and its shareholders [6]

Group 1 - The board of directors of Guangdong Power Development Co., Ltd. held its fifth meeting of the eleventh session on May 28, 2025, in Guangzhou, with all 10 directors present [1] - The board approved a capital increase of 600 million yuan to Guangdong Power Industry Fuel Co., Ltd. to enhance the resilience and safety of the company's supply chain, with the company contributing 300 million yuan for a 50% equity stake [1] - The capital increase is part of a plan to establish Guangdong Energy Boge Fuel Supply Chain Co., Ltd. [1] Group 2 - The related party transaction was reviewed and approved by the independent directors at a special meeting prior to the board meeting, with 6 non-related directors voting in favor [2] - The board also approved the addition of a new "Director Departure Management System" and revisions to several existing management systems to improve operational standards [2] - All 10 directors voted in favor of the new and revised systems, with no votes against or abstentions [2]

| 中小股东 | 168,008,949 | 85.4983% | 28,001,875 | 14.2499% | 494,820 | 0.2518% | | | --- | --- | --- | --- | --- | --- | --- | --- | | （3）审议《关于〈2024年度财务报告〉的议案》 | | | | | | | | | 表决结果：通过 | | | | | | | | | | 同意 | | 反对 | | | 弃权 | | | 股东类型 | | | | | | | | | 票数 | | 比例 | 票数 | 比例 | | 票数 | 比例 | | A股 | 3,762,961,826 | 99.9703% | 759,420 | 0.0202% | 357,820 | 0.0095% | | | B股 | 49,354,422 | 64.4587% | 27,213,095 | 35.5413% | 0 | 0.0000% | | | 合计 | 3,812,316,248 | 99.2624% | 27,972,515 | 0.7283% | 357,820 | 0.0093% | | | ...

Group 1: Energy Capacity and Investment Plans - As of the end of 2024, the company has a coal-fired power installed capacity of 19.95 million kW, gas-fired capacity of 1.1847 million kW, and renewable energy capacity of 727.59 thousand kW. The total capacity of renewable projects under construction is approximately 2.079 million kW [1][2] - The company plans to invest 16.096 billion RMB in 2025, with about one-third allocated to renewable energy [1][2] - The company has 8 million kW of coal-fired capacity under construction, with an expected 4-5 million kW to be operational in 2025 [2] Group 2: Financial Performance and Debt Management - The company's asset-liability ratio for 2024 is 79.47%. Future plans include managing debt levels through operational efficiency and financing strategies [2] - The company plans to issue 888 million RMB in REITs in 2024 and will explore equity financing opportunities [2] Group 3: Market and Pricing Strategies - The company faces higher on-grid prices for gas-fired power (approximately 0.68 RMB) compared to coal due to market dynamics [2] - The company is actively managing costs through fuel procurement, energy conservation, and expenditure control to enhance profitability [7] Group 4: Corporate Governance and Market Management - The company is committed to improving investor relations and market management, with plans to enhance its market value through various strategies [5][6] - The company has a dividend distribution plan for 2024, proposing a cash dividend of 0.2 RMB per 10 shares, totaling approximately 105 million RMB [6] Group 5: Future Development and Industry Position - The company is focusing on balancing traditional thermal power and renewable energy development in line with carbon neutrality goals [3] - The company has no current plans for nuclear power projects but is exploring offshore wind power investments [9]

| 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 广东省能源集团有限公司 | 164466.27 | 49.06 | 不变 | | 广州发展（600098）集团股份有限公司 | 11669.36 | 3.48 | 不变 | | 广东省电力开发公司 | 9436.73 | 2.81 | 不变 | | 郑建祥 | 2660.00 | 0.79 | 不变 | | CHINA INTERNATIONAL CAPITAL CORPORATION HONG KONG SECURITIES LTD | 1526.61 | 0.46 | 不变 | | VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND | 1507.52 | 0.45 | 不变 | | 南方中证500ETF | 1267.38 | 0.38 | -299.95 | | NOMURA SINGAPORE LIMITED | 1259.98 | 0.38 | 不变 | | 超康投资有限公司 | 1165.67 | ...

Financial Performance - The company's operating revenue for the reporting period was CNY 26,078,790,971, a decrease of 7.98% compared to the same period last year[13]. - Net profit attributable to shareholders of the listed company was CNY 902,938,860, an increase of 5.42% year-on-year[13]. - The net profit after deducting non-recurring gains and losses was CNY 886,059,830, reflecting a growth of 4.36% compared to the previous year[13]. - The net cash flow from operating activities reached CNY 6,006,225,071, marking a significant increase of 120.79% year-on-year[13]. - Total assets at the end of the reporting period amounted to CNY 164,569,341,102, representing a growth of 2.09% from the end of the previous year[13]. - The net assets attributable to shareholders of the listed company were CNY 22,680,612,863, an increase of 2.43% compared to the previous year[13]. - Basic earnings per share for the reporting period were CNY 0.1720, up 5.42% from CNY 0.1631 in the same period last year[13]. - The diluted earnings per share also stood at CNY 0.1720, reflecting the same growth rate of 5.42% year-on-year[13]. - The weighted average return on net assets was 4.03%, an increase of 0.17% compared to the previous year[13]. - The company reported a significant improvement in cash flow, indicating enhanced operational efficiency and financial health[13]. Business Operations - The main business focuses on investment, construction, and management of power and renewable energy projects[1]. - The company reported a total controllable installed capacity of 38.45 million kW as of June 30, 2024, with a holding capacity of 36.09 million kW, accounting for 55.11% from coal power generation[18]. - The company's electricity sales volume reached 53.904 billion kWh, a year-on-year increase of 0.84%, while the average selling price decreased by 8.85% to 539.50 RMB per thousand kWh[19]. - The company added 834,500 kW of new energy installed capacity in the first half of 2024, including 600,000 kW from wind power and 234,500 kW from solar power[19]. - The company plans to actively expand new energy projects and aims to achieve a total installed capacity of approximately 620.4 million kW in approved and planned projects[19]. - The company holds a dominant position in Guangdong Province, with a total asset scale of 164.6 billion RMB, making it the largest power listed company in the region[20]. - The company is committed to supporting the "carbon peak" and "carbon neutrality" goals, focusing on energy transition and ecological development[19]. Financial Position and Investments - The company has a strong financial position with abundant cash flow and diverse financing channels, supporting its ongoing development and project investments[24]. - The company aims to expand its market presence beyond Guangdong, targeting regions with favorable resource conditions and high electricity demand[25]. - The total investment amount for the reporting period was 825,091,532 CNY, a decrease of 50.98% compared to the same period last year, which was 1,683,063,129 CNY[34]. - The company reported a total investment loss of 32,850,322 CNY for the current period[37]. - The company is actively progressing with several projects, including the Sha Che integrated solar storage project and the Han Hai photovoltaic project[35]. - The company has made significant equity investments in various subsidiaries, including 21,000,000 CNY in solar power generation with a 100% stake[35]. - The company has also invested 200,000,000 CNY in a newly established subsidiary focused on new energy investment and operation management[37]. Environmental Compliance and Emissions - The company strictly adheres to environmental protection laws and standards, including the "Air Pollution Prevention and Control Law" and "Water Pollution Prevention and Control Law" of the People's Republic of China[54]. - The total emissions of particulate matter from Bohe Energy were 19.28 tons, with a concentration of 1.51 mg/Nm³, well within the limit of 71.5 tons per year[54]. - The total emissions of sulfur dioxide from Bohe Energy were 160.81 tons, with a concentration of 12.60 mg/Nm³, below the annual limit of 973.5 tons[54]. - The total emissions of nitrogen oxides from Bohe Energy were 434.79 tons, with a concentration of 34.07 mg/Nm³, under the annual limit of 1122.1 tons[54]. - The company has obtained all necessary environmental protection administrative licenses, which are currently valid[55]. - The company has maintained a 100% compliance rate in disclosing environmental information as required by national regulations[61]. - No environmental accidents occurred during the first half of 2024, reflecting the company's effective environmental management practices[63]. Shareholder and Governance - The company reported a plan not to distribute cash dividends or issue bonus shares for the current fiscal year[1]. - All board members attended the meeting to review the semi-annual report[1]. - The company held four shareholder meetings in 2024, with participation rates ranging from 72.54% to 72.64%[51]. - The company has not implemented any employee stock ownership plans or other incentive measures during the reporting period[53]. - The company’s financial report for the first half of 2024 has not been audited[69]. - The company has not engaged in any asset or equity acquisitions or sales during the reporting period[73]. - The company has approved several related party transactions, including financial service agreements with Guangdong Energy Financial Company[79]. Future Outlook and Strategic Initiatives - The company plans to enhance its market competitiveness by optimizing power generation processes and controlling operational costs[46]. - The company is exploring market expansion opportunities, particularly in renewable energy sectors, to enhance its sustainability profile[58]. - The company plans to invest in research and development for cleaner energy solutions, aiming to align with national environmental policies[58]. - The company has plans for market expansion and new technology development, although specific figures were not disclosed in the report[128].

Financial Performance - The company's operating revenue for Q3 2023 was CNY 16.83 billion, a decrease of 0.24% compared to the same period last year, while the year-to-date revenue increased by 14.41% to CNY 45.18 billion[3]. - Net profit attributable to shareholders for Q3 2023 was CNY 870.30 million, a significant increase of 359.40% year-on-year, with a year-to-date net profit of CNY 1.73 billion, up 201.15%[3]. - The net cash flow from operating activities for the year-to-date period reached CNY 7.03 billion, reflecting a substantial increase of 173.62% compared to the previous year[3]. - Basic earnings per share for Q3 2023 were CNY 0.1658, a significant increase from a loss of CNY 0.0655 in the same period last year[3]. - Total assets at the end of the reporting period were CNY 131.50 billion, reflecting a year-on-year increase of 14.57%[3]. - Total operating revenue for Q3 2023 reached CNY 45,175,223,659, an increase of 14.3% compared to CNY 39,486,353,935 in the same period last year[45]. - Total operating costs decreased to CNY 42,381,077,414 from CNY 43,081,906,128, reflecting a reduction of 1.6%[45]. - The company reported a net cash inflow from financing activities of CNY 11,681,862,934, compared to CNY 11,106,243,066 in the previous year[48]. - The company incurred a loss of CNY 14,968,462 from the disposal of non-current assets in Q3 2023, compared to a loss of CNY 16,957,364 in the same period last year[53]. - Government subsidies recognized in the current period amounted to CNY 7,014,560, contributing to the overall financial performance[53]. Cash Flow and Liquidity - The net cash flow from operating activities increased significantly to ¥7,029,257,012, compared to ¥2,568,938,319 in the previous period, marking a growth of approximately 174%[14]. - Cash inflow from operating activities totaled ¥50,878,043,761, up from ¥45,202,549,203, representing an increase of about 15%[14]. - The cash outflow for operating activities was ¥43,848,786,749, compared to ¥42,633,610,884 in the prior period, indicating a rise of approximately 3%[14]. - The cash flow from investing activities showed a net outflow of ¥15,257,433,680, worsening from a net outflow of ¥8,871,184,666 previously[14]. - Cash inflow from financing activities reached ¥44,526,322,893, an increase from ¥34,124,811,896, reflecting a growth of about 30%[14]. - Cash and cash equivalents at the end of Q3 2023 amounted to CNY 14,887,495,079, up from CNY 12,827,114,777 at the end of Q3 2022, representing an increase of 16.0%[48]. - The company's cash and cash equivalents increased significantly, contributing to improved liquidity[10]. Assets and Liabilities - Total current assets increased to $30.21 billion from $25.81 billion, a growth of approximately 17.5%[10]. - Non-current assets totaled $120.59 billion, up from $105.81 billion, reflecting a growth of about 14%[10]. - The total liabilities increased to $37.73 billion from $34.25 billion, reflecting a growth of about 10.5%[10]. - Total current liabilities increased to ¥44,954,922,875 from ¥42,004,102,630, reflecting a growth of approximately 7%[59]. - Total non-current liabilities rose to ¥75,771,066,932 from ¥60,778,111,796, marking an increase of about 25%[59]. - Total liabilities reached ¥120,725,989,807, up from ¥102,782,214,426, representing a growth of around 17%[59]. - Total equity attributable to shareholders increased to ¥21,924,502,603 from ¥20,350,293,619, showing an increase of approximately 8%[59]. - Total equity reached ¥30,078,464,902, up from ¥28,841,588,275, indicating a growth of about 4%[59]. - The total assets amounted to ¥150,804,454,709, compared to ¥131,623,802,701, reflecting an increase of approximately 14%[59]. - Long-term borrowings increased to ¥58,194,303,375 from ¥42,860,932,628, representing a growth of about 36%[59]. Operational Highlights - The company achieved a total power generation of 91.45 billion kWh in the first three quarters of 2023, representing a year-on-year increase of 6.47%[5]. - The average on-grid electricity price for the company was CNY 583.19 per MWh, an increase of CNY 40.25 per MWh year-on-year[5]. - The gross profit margin for the first three quarters increased by 14.75% due to a decrease in fuel costs, which amounted to CNY 3.04 billion, down 4.85% year-on-year[5]. - The company plans to introduce strategic investors to its wholly-owned subsidiary, Guangdong Wind Power Co., Ltd., with a maximum shareholding of 33% post-expansion[8]. - The company has successfully connected its Xinjiang photovoltaic project to the grid, with a total investment of CNY 2.227 billion and an installed capacity of 400 MW[8]. - The company plans to expand its market presence and invest in new technologies to drive future growth[12]. - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[42]. Research and Development - Research and development expenses decreased to $868.30 million from $1.03 billion, a reduction of approximately 15.3%[12]. Financial Adjustments - The implementation of the new accounting standard resulted in a decrease in retained earnings by ¥108,421,140[33]. - Non-recurring gains and losses included a VAT refund of ¥18,452,018 and carbon emission quota usage costs of ¥191,053,228, both in line with national policy[39].

Financial Performance - The company's operating revenue for Q1 2023 was CNY 13,046,268,148, representing a 14.55% increase compared to the same period last year[5]. - The net profit attributable to shareholders was CNY 88,429,494, a significant turnaround from a loss of CNY 449,739,596 in the previous year, marking a 119.71% increase[5]. - The net cash flow from operating activities improved to CNY 298,763,280, compared to a negative cash flow of CNY 620,286,887 in the same quarter last year, reflecting a 148.17% increase[5]. - The company reported a basic earnings per share of CNY 0.0168, a significant increase from a loss of CNY 0.0857 per share in the previous year[5]. - The company reported a total profit of CNY 134,995,133, compared to a loss of CNY 777,032,087 in the previous year[36]. - The company reported a comprehensive loss attributable to shareholders of the parent company of ¥117,960,484, an improvement from a loss of ¥524,506,882 in the same period last year[51]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 137,453,664,746, which is a 4.43% increase from the end of the previous year[6]. - Non-current liabilities totaled ¥66,618,277,663, an increase of 9.9% from ¥60,778,111,796 in the previous period[41]. - Total liabilities reached ¥108,545,423,991, up 5.5% from ¥102,782,214,426 in the previous period[41]. - The company's total equity attributable to shareholders was CNY 20,270,163,855, a slight decrease of 0.39% from the previous year[6]. - The company's total equity increased to ¥28,908,240,755, compared to ¥28,841,588,275 in the previous period[41]. - The total current assets reached ¥30,553,661,906, up from ¥25,811,954,734, indicating a growth of about 18.5%[49]. - The total non-current assets increased to ¥106,900,002,840 from ¥105,811,847,967, marking a growth of approximately 1.0%[49]. Operational Efficiency - Cash inflows from operating activities totaled CNY 13,518,520,310, compared to CNY 12,969,181,182 in the previous year, showing an increase in operational efficiency[15]. - The company's gross profit margin for the quarter was 7.58%[36]. - The average on-grid electricity price for the company was CNY 584.94 per MWh, an increase of CNY 46.10 per MWh compared to the previous year[36]. - The company's inventory decreased to ¥2,913,280,010 from ¥3,376,868,100, a decline of about 13.7%[49]. Investments and Capital Management - The company plans to invest approximately ¥102,237 million in the expansion of the Shanwei Power Plant, with a total dynamic investment controlled at ¥786,437 million[47]. - The company has approved a capital reduction of up to ¥3,103 million for Guangdong Yuedian Bohe Energy Co., Ltd.[47]. - The company continues to benefit from the VAT refund policy, with an amount of ¥3,078,204 recognized[44]. Changes in Management and Accounting - The company has adopted new accounting standards effective January 1, 2023, impacting the reporting of deferred tax assets and liabilities[43]. - The company has appointed Zheng Yunpeng as the new chairman effective February 22, 2023[47]. Financial Expenses - The company incurred financial expenses of CNY 573,352,307, with interest expenses amounting to CNY 614,514,904[36]. - The net cash flow from financing activities was ¥6,571,783,140, significantly higher than ¥2,606,731,558 in the previous period, showing an increase of about 152.5%[52].