Group 1: Company Overview and Market Conditions - Guangdong Power Development Co., Ltd. is one of the earliest joint-stock reform enterprises in Guangdong and one of the first power listed companies in China, with the largest installed capacity among listed power companies in Guangdong [1] - The company primarily engages in investment, construction, and management of power and renewable energy projects, with a diversified energy source structure including large coal-fired, LNG, and hydropower projects [1] - In Q1 2025, the company faced significant operational pressure due to intensified competition in the Guangdong electricity market, leading to a 10% year-on-year decrease in on-grid electricity volume [2] Group 2: Financial Performance and Future Plans - The company's gross profit from power generation declined, resulting in a year-on-year loss in Q1 2025; the company plans to optimize trading strategies and control fuel procurement costs to improve operational performance [2] - The procurement structure for coal is balanced, with domestic and imported coal each accounting for approximately 50% of total procurement [2] Group 3: Future Development and Energy Transition - Long-term electricity demand in Guangdong is expected to continue growing, necessitating enhanced support and auxiliary functions from local power sources due to the impact of west-to-east electricity transmission and increasing renewable energy capacity [3] - The company currently has a controlling installed capacity of 39.3657 million kW, with wind power accounting for 3.3950 million kW (8.62%) and solar power accounting for 3.8809 million kW (9.86%); approximately 2.079 million kW of renewable projects are under construction [4] Group 4: Debt Management and Financing Strategy - The company acknowledges a high debt-to-asset ratio and plans to manage debt levels by enhancing operational efficiency, controlling financing scale, and exploring equity financing opportunities [5]