Guangdong Electric Power Development Co., Ltd. The Semi-annual Financial Report 2025 GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD. The Semi-annual Financial Report 2025 August, 2025 1 Guangdong Electric Power Development Co., Ltd. The Semi-annual Financial Report 2025 I. Audit report Has this semi-annual report been audited? □ Yes √ No The semi-annual financial report has not been audited. II. Financial statements Currency unit for the statements in the notes to these financial statements: RMB 1. Consolida ...

Core Viewpoint - Guangdong Power Development Co., Ltd. has approved several capital increases to its subsidiaries to enhance equity, mitigate risks, and promote sustainable development [5][10][14]. Group 1: Board Meeting Details - The board meeting was held on August 5, 2025, in Guangzhou, with all 10 directors present [2][3]. - The meeting was chaired by Chairman Zheng Yunpeng, and the procedures complied with relevant laws and the company's articles of association [4]. Group 2: Capital Increase Resolutions - The board approved a capital increase of 567 million yuan to Zhanjiang Zhongyue Energy Co., Ltd. to optimize its capital structure and reduce interest expenses [5][6]. - A capital increase of 1.596 billion yuan was approved for Guangdong Yue Electric Shaoguan Power Plant Co., Ltd. for similar purposes [10][11]. - A capital increase of 660 million yuan was approved for Lincang Yue Electric Energy Co., Ltd. to enhance its operational sustainability [14][15]. Group 3: REITs Issuance Plan - The board approved a plan to issue an asset-backed special plan (similar to REITs) with a scale of up to 3.801 billion yuan, using Dongguan Ningzhou project as the underlying asset [18][26]. - The plan includes providing operational support of up to 4.3 billion yuan to the subsidiary involved in the project [26]. - The issuance aims to revitalize existing assets, improve capital structure, and ensure sustainable development [35].

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].