粤电力Ｂ：2023年半年度报告（英文版）

Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023GUANGDONGELECTRICPOWERDEVELOPMENTCO., LTD.The Semi-annual Report 2023August 2023Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023I. Important Notice, Table of Contents and DefinitionsThe Board of Directors , Supervisory Committee ,Directors, Supervisors and Senior Executives of the companyhereby guarantees that there are no misstatement, misleading representation or important omissions in this reportand shall assume joint and several liability for the authenticity, accuracy and completeness of the contents hereof.Mr.Zheng Yunpeng, The company leader, Mr. Liu Wei, Chief financial officer and the Mr.Meng Fei, the personin charge of the accounting department (the person in charge of the accounting )hereby confirm the authenticityand completeness of the financial report enclosed in this semi-annual report.Other directors attending the Meeting for Semi-annual report deliberation except for the followed:The name of director who didnot attend the meeting in personPosition of absentdirector ReasonThe name of director whowas authorizedMao Qinghan Director Due to business Ma XiaoqianThe company is mainly engaged in thermal power generation. The business of thermal power generation is greatlyaffected by factors including electric power demand and fuel price. Refer to Section 10 of Chapter III of thisannual report-situation faced and countermeasures for relevant information.During reporting period, the company will not distribute cash dividend or bonus shares, neither capitalizing ofcommon reserves.Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023Table of ContentsI.Important Notice, Table of contents and DefinitionsII. Company Profile & Financial Highlights.III. Management Discussion & AnalysisIV. Corporate GovernanceV. Environmental & Social ResponsibilityVI. Important EventsVII. Change of share capital and shareholding of Principal ShareholdersVIII. Situation of the Preferred SharesIX. Corporate BondX. Financial ReportGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 1Documents available for inspection1.Financial statements bearing the seal and signature of legal representative, financial controller and the personin charge of the accounting organ;2..All original copies of official documents and notices, which were disclosed in China Securities Journal,Securities Times, Shanghai Securities News, Securities Daily and Hong Kong Commercial Daily (Both Englishand Chinese version);3.Chinese version of the semi-annual report.The documents mentioned above are kept in office, and are ready for reference at any time (except publicholidays, Saturday and Sunday).Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 2DefinitionTerms to be defined Refers to DefinitionGuangdong Energy Group Refers to Guangdong Energy Group Co., Ltd.Sha APower plant Refers to Guangdong Electric Power Development Co., Ltd. ShaAPower plantXinjiang Branch Refers to Guangdong Electric Power Development Co.,Ltd.Xinjiang BranchQinghai Branch Refers to Guangdong Electric Power Development Co., Ltd.Qinghai BranchXingjiang Company Refers to Guangdong Energy Group Xingjiang Co., Ltd.Zhanjiang Electric Power Refers to Zhanjiang Electric Power Co., Ltd.Yuejia Company Refers to Guangdong Yuejia Electric Power Co., Ltd.Shaoguan Power Genration Plant Refers to Guangdong Yudean Shaoguan Power Generation Co.,Ltd.Maoming Thermal Power Plant Refers toGuangdong Energy Maoming Thermal Power PlantCo., Ltd.Jinghai Company Refers to Guangdong Yudean Jinghai Power Co., Ltd.Humen Company Refers to Guangdong Yudean Humen Power Co., Ltd.Technology Engineering Company Refers to Guangdong Yudean Technology EngineeringManagement Co., LtdZhanjiang Zhongyue Refers to Zhanjiang Zhongyue Energy Co., Ltd.Bohe Company Refers to Guangdong Yudean Energy Co., Ltd.Huadu Company Refers to Guangdong Huadu Natural Gas Thermal Power Co.,Ltd.Dapu Power Plant Refers to Guangdong Dapu Power Generation Co., Ltd.Wind Power Company Refers to Guangdong Wind Power Co., Ltd.Guangqian Company Refers to Shenzhen Guangqian Electric Power Co., Ltd.Electric Power Sales Company Refers to Guangdong Yudean Electric Power Sales Co., Ltd.Huizhou Natural Gas Company Refers to Guangdong Huizhou Natural Gas Power Co., Ltd.Red Bay Company Refers to Guangdong Red Bay Power Co., Ltd.Pinghai Power Plant Refers to Guangdong Huizhou Pinghai Power Co., Ltd.Lincang Company Refers to Lincang Yudean Energy Co., Ltd.Yongan Company Refers to Guangdong Yudean Yongan Natural Gas ThermalPower Co., Ltd.Binhaiwan Energy Company Refers to Guangdong Yudean Binhaiwan Energy Co., Ltd.Dayawan Energy Refers to Guangdong Yudean Dayawan Integrated Energy Co.,Ltd.Qiming Energy Refers to Guangdong Yudean Qiming Energy Co., Ltd.Huaguoquan Company Refers to Shenzhen Huaguoquan Electric Industry Service Co.,Ltd.Dananhai Company Refers to Guangdong Yudean Dananhai Intelligence Energy Co.,Ltd.Yudean Baihua Refers to Guangdong Yudean Baihua Integrated Energy Co.,Ltd.Bijie Energy Refers to Guangdong Bijie New Energy Co., Ltd.Shaoguan New Energy Refers to Guangdong Shaoguan Yuedianli New Energy Co., Ltd.Henan New Energy Refers to Henan Yudean New Energy Co., Ltd.Sha CCompany Refers to Guangdong Shajiao( plant C) Power Generation Co.,Ltd.Yuehua Power Generation Refers to Guangdong Yuehua Power Generation Co., Ltd.Yunhe Power Generation Refers to Guangdong Yudean Yunhe Power Generation Co., Ltd.Tumu Thermal Power Refers to Tumushuke Thermal Power Co.,Ltd.Hanhai Energy Refers to Tumushuke Yudean Hanhai New Energy Co., Ltd.Huibo Energy Refers to Guangdong Huibo New Energy Co., Ltd.Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 3Jinxiu Energy Refers to Yuedean Jinxiu Energy Co., Ltd.Songshanhu Company Refers toDongguan Songshanhu Yudean Energy Service Co.,Ltd.Senhong Energy Refers to Nanjing Senhong New Energy Co., Ltd.Linyuan Senhai Energy Refers to Nanjing Linyuan Senhai New Energy Co., Ltd.Zhennan Energy Refers to Yunfu Zhennan New Energy Co., Ltd.Luoding Energy Refers to Yunfu Luoding Yudean New Energy Co., Ltd.Alxa League Energy Refers to Alxa League Yudean New Energy Co., Ltd.Sanmenxia Guangneng Refers to Sanmenxia Guangneng New Energy Co., Ltd.Liangguang Energy Refers to Huazhou Yudean Liangguang New Energy Co., Ltd.Caojiang Energy Refers to Gaozhou Yudean Caojiang New Energy Co., Ltd.Dongrun Zhongneng Refers to Taishan Dongrun Zhongneng New Energy Co., Ltd.Maoming Natural Gas Refers to Guangdong Yudean Maoming Natural Gas Co., Ltd.Xingyue Energy Refers to Meizhou Xingyue New Energy Co., Ltd.Xinguangyao Energy Refers to Laixi Xinguangyao New Energy Technology Co., Ltd.Shache Energy Refers to Yudean Shache Comprehensive Energy Co., Ltd.Zhenyun Energy Refers to Yunfu Yudean Zhenyun New Energy Co., Ltd.Zhenneng Energy Refers to Yunfu Yudean New Energy Co., Ltd.Zhuhai Energy Refers to Zhuhai Yudean New Energy Co., Ltd.Liuzhou Energy Refers to Guangxi Liuzhou Yudean New Energy Co., Ltd.Lvneng Energy Refers to Guangdong Yudean Lvneng New Energy Co., Ltd.Dianbai Energy Refers to Maoming Dianbai New Energy Co., Ltd,Tuoqian Energy Refers to Huanggang Tuoqian New Energy Co., Ltd.Gaozhou Intelligence New Energy Refers to Gaozhou Yudean Intelligence New Energy Co., Ltd.Hainan Guangneng Refers to Hainan Guangneng Yudean New Energy Co., Ltd.Guangzhou New Energy Refers toGuangdong Yudean New Energy Development Co.,Ltd.Changha Energy Refers to Tumushuke Yudean Changhe New Energy Co., Ltd.Caohu Energy Refers to Tumushuke Yudean Caohu New Energy Co., Ltd.Xingneng Energy Refers to Qinghai Yudean Xingneng New Energy Co., Ltd.Zhanjiang Guangneng Refers to Zhanjiang Guangneng Yudean New Energy Co., Ltd.Baohe Energy Refers to Gaozhou Yudean Baohe New Energy Co., Ltd.Fushun Energy Refers to Fushun Yudean New Energy Co., Ltd.Leizhou Power Generation Refers toGuangdong Yudean Leizhou Power Generation Co.,Ltd.Jiuzhou New Energy Refers to Jiuzhou New Energy(Zhaoqing)Co., Ltd.Changshan Wind Power Refers toXiangtan Xiangdian Chanshan Wind Power GenerationCo., Ltd.Guangxi Xinyue Refers to Guangxi Xinyue New Energy Co., Ltd.Zhanjiang Biomass Power GenerationCompanyRefers to Guangdong Yudean Zhanjiang Biomass PowerGeneration Co., Ltd.Shibeishan Wind Power Refers to Guangdong Yudean Shibeishan Wind EnergyDevelopment Co., Ltd.Dianbai Wind Power Company Refers to Guangdong Yudean Dianbai Wind Power Co., Ltd.Huilai Wind Power Company Refers to Huilai Wind Power Generation Co., Ltd.Yangjiang Wind Power Company Refers to Guangdong Yudean Yangjiang Offshore Wind PowerCo., Ltd.Heping Wind Power Company Refers to Guangdong Yudean Heping Wind Power Co., Ltd.Pingyuan Wind Power Company Refers to Guangdong Yudean Pingyuan Wind Power Co., Ltd.Wuxuan Wind Power Company Refers to Guangxi Wuxuan Yudean New Energy Co., Ltd.Xupu Wind Power Company Refers to Hunan Xupu Yuefeng New Energy Co., Ltd.Pingdian Integrated Energy Company Refers to Huizhou Pingdian Integrated Energy Co., Ltd.Zhuhai Wind Power Company Refers to Guangdong Yudean Zhuhai Offshore Wind Power Co.,Ltd.Zhanjiang Wind Power Company Refers to Guangdong Yudean Zhanjiang Wind Power GenerationCo., Ltd.Qujie Wind Power Company Refers to Guangdong Yudean Qujie Wind Power GenerationCo., Ltd.Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 4Leizhou Wind Power Company Refers to Guangdong Yudean Leizhou Wind Power GenerationCo., Ltd.Tongdao Wind Power Company Refers to Tongdao Yuexin Wind Power Generation Co., Ltd.Yudean Fuel Company Refers to Guangdong Power Industry Fuel Co., Ltd.Guangdong Energy Insurance CaptiveCompany Refers toGuangdong Energy Property Insurance Captive Co.,Ltd.Shanxi Energy Company Refers to Shanxi Yudean Energy Co., Ltd.Yudean Shipping Company Refers to Guangdong Yudean Shipping Co., Ltd.Yueqian Company Refers to Guizhou Yueqian Electric Co., Ltd.Guangdong Energy Finance Company Refers to Guangdong Energy Group Finance Co., Ltd.Energy Financial Leasing Company Refers to Guangdong Energy Financial Leasing Co., Ltd.Guoneng Taishan Company Refers to Guoneng Yudean Taishan Power Generation Co., Ltd.Weixin Energy Co., Ltd. Refers to Yunnan Yuntou Weixin Energy Co., Ltd.Zhongxinkeng hydropower station Refers to Yangshan Zhongxinkeng Power Co., Ltd.Jiangkeng hydropower station Refers to Yangshan Jiangkeng hydropower stationSouthern Offshore wind power Refers to Southern Offshore wind power Union DevelopmentCo., Ltd.Sunshine Insurance Refers to Sunshine Insurance Group Co., Ltd.Shenzhen Capital Refers to Shenzhen Capital Group Co., Ltd.GMGRefers to GMGInternational Tendering Co., Ltd.Shenzhen Energy Refers to Shenzhen Energy Group Co., Ltd.Shenergy Company Refers to Shenergy Company LimitedEnvironmental Protection Company Refers to Guangdong Yudean Environmental Protection Co.,Ltd.Hechi New Energy Refers to Hechi Yudean New Energy Co., Ltd.Yige New Energy Refers to Guangdong Yudean Yige New Energy Co., Ltd.Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 5II. Company Profile & Financial Highlights.I. Company ProfileStock abbreviation Yue Dian Li A, Yue Dian Li BStock code：000539,200539Stock exchange for listing Shenzhen Stock ExchangeName in Chinese广东电力发展股份有限公司Abbreviation of RegisteredCompany Name in Chinese(粤电力English name (If any) GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTDEnglish abbreviation (If any) GEDLegal Representative Zheng YunpengⅡ. Contact person and contact mannerBoard secretary Securities affairs RepresentativeName Liu Wei Huang XiaowenContact address 35F, South Tower, Yudean Plaza, No.2 Tianhe RoadEast, Guangzhou,Guangdong Province35F, South Tower, Yudean Plaza, No.2 TianheRoad East, Guangzhou,Guangdong ProvinceTel (020)87570251 (020)87570251Fax (020)85138084 (020)85138084E-mail liuw@ged.com.cn huangxiaowen@ged.com.cnIII. Other info.1. Way of contactWhether registrations address, offices address and codes as well as website and email of the company changedin reporting period or not□ Applicable √ Not applicableRegistrations address, offices address and codes as well as website and email of the company has no change inreporting period, found more details in annual report 2022.2. Information inquiryWhether information disclosure and preparation place changed in reporting period or not□ Applicable √ Not applicableNone of the official presses, website, and place of enquiry has been changed in the semi report period. Fordetails please find the Annual Report 2022.3. Other relevant informationDid any change occur to other relevant information during the reporting period□ Applicable √ Not applicableIV. Summary of Accounting data and Financial indexWhether it has retroactive adjustment or re-statement on previous accounting data√Yes □ NoRetroactive adjustment or restatement of causesGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 6Accounting policy changeReporting periodSame period of last year Changes of this period oversame period of Last year(%)Before adjustment After adjustment After adjustmentOperating income（Yuan） 28,340,840,88422,611,239,73322,611,239,73325.34%Net profit attributable tothe shareholders of thelisted company（Yuan）856,538,633 -1,375,739,165 -1,371,743,904162.44%Net profit after deductingof non-recurring gain/lossattributable to theshareholders of listedcompany（Yuan）849,010,727 -1,399,609,834 -1,395,614,573160.83%Cash flow generated bybusiness operation, net（Yuan）2,720,370,016 -208,358,510 -208,358,5101,405.62%Basic earning pershare(Yuan/Share) 0.1631 -0.2620 -0.2613162.44%Diluted gains pershare(Yuan/Share) 0.1631 -0.2620 -0.2613162.44%Weighted average ROE(%) 3.86% -6.23% -6.21% 10.07%As at the end of thereporting periodAs at the end of last year Changed over last year（%）Before adjustment After adjustment After adjustmentGross assets（Yuan） 143,012,763,745131,504,274,884131,623,802,7018.65%Net assets attributable toshareholders of the listedcompany（Yuan）21,153,441,13120,241,872,47920,350,293,6193.95%Reasons of accounting policy change and correction of accounting errorsIn 2022, the Ministry of Finance promulgated the Interpretation No.16 of Accounting Standards forBusiness Enterprises (CS [2022] No.31) (hereinafter referred to as "Interpretation No.16"). Since January 1,2023, the company has adopted the accounting treatment provisions in Interpretation No.16 that deferredincome tax related to assets and liabilities arising from a single transaction is not applicable to initialrecognition exemption. For the applicable single transactions that occurred between the beginning of the earliestperiod of presentation in the financial statements of the first implementation of Interpretation No.16 and itsimplementation date, the company has made adjustments in accordance with regulations; In case of taxabletemporary differences and deductible temporary differences arising from the lease liabilities and right-to-useassets recognized at the beginning of the earliest period of presentation in the financial statements ofInterpretation No.16 during its implementation for the first time, the company will adjust the initial retainedincome and other related financial statement items at the beginning of the earliest period of presentation in thefinancial statements according to the cumulative impact.V.The differences between domestic and international accounting standards1).Simultaneously pursuant to both Chinese accounting standards and international accountingstandards disclosed in the financial reports of differences in net income and net assets.□ Applicable□√ Not applicableNoneGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 72).Differences of net profit and net assets disclosed in financial reports prepared under overseas andChinese accounting standards.□ Applicable √Not applicableNoneVI.Items and amount of non-current gains and losses√Applicable □Not applicableIn RMBItems Amount NoteNon-current asset disposal gain/loss(including the write-off part for which assets impairment provision is made) -1,988,902It was the net loss caused by disposalof dust removal device of Unit 1 inDapu Power Plant.Government subsidies recognized in current gain andloss(excluding those closely related to the company’sbusiness and granted under the state’s policies)14,152,289It was mainly the economic policyincentives for power sales andsubsidies for various power plantprojects.Other non-business income and expenditures other thanthe above 7,433,052Insurance compensation and claims income 6,701,756It was mainly the advancecompensation for units received byYangjiang Wind Power Plant due toTyphoon Siamba.Fines and overdue payment fees -3,664,929It was mainly the fine expenditure ofQujiang Wind Power.Non-current assets scrap income 2,724,564It was mainly the fixed asset scrapincome of Jinghai company and Bohecompany.Loss of Non-current assets scrapped -9,754,776It was mainly the fixed asset scrap lossof Yunhe Power Generation, ZhanjiangZhongyue and Guangqian company.Less: Amount of influence of income tax 4,792,737Influenced amount of minor shareholders’ equity(after tax) 3,282,411Total 7,527,906Details of other profit and loss items that meet the non-recurring profit and loss definition□ Applicable√ Not applicableNoneFor the company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 oninformation disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Lossesand its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on informationDisclosure for Companies offering their securities to the public-non-recurring Gains and losses which have beendefined as recurring gains and losses, it is necessary to explain the reason.√ Applicable □ Not applicableItems Amount involved(RMB) ReasonValue-added tax will be refundedimmediately12,915,790Comply with national policies andregulations, and continue to occurGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 8III. Management Discussion & AnalysisⅠ.Main Business the company is Engaged in During the Report PeriodThe company mainly engages in the investment, construction and operation management of power projects,and the production and sales of electric power. It belongs to the power, heat production and supply industryclassified in the “Guidelines for the Industry Classification of Listed Companies” by the China SecuritiesRegulatory Commission. Since its foundation, the company has always adhered to the business tenet of “Capitalfrom the people, using it for electricity, and benefiting the public” and adheres to the business policy of“Centering on the main business of electricity, with diversified development”, focusing on the main business ofpower and making the power structure go diversified. In addition to the development, construction andoperation of large-scale coal-fired power plants, it also has clean energy projects such as LNG power generation,wind power generation and hydropower generation, which provides reliable and clean energy to users throughthe grid company. As of June 30,2023, the company has controllable installed capacity of 31.5117 millionkilowatts, including holding installed capacity of 29.7639 million kilowatts and equity participation installedcapacity of 1.7478 million kilowatts. Including: the holding installed capacity for coal-fired power generation of20.55 million kilowatts and 69.04%; the holding installed capacity for gas and electricity of 6.392 millionkilowatts and21.48% and renewable energy generation like wind power, photovoltaic, hydropower and biomassof 2.8219 million kilowatts and 9.48%.in addition, The entrusted installed capacity of the company formanagement is 8.854 million kilowatts (including 6.65 million kilowatts of thermal power and 2.204 millionkilowatts of hydropower). The above controllable installed capacity and entrusted installed capacity formanagement totaled 40.0537 million kilowatts.Income source is primarily contributed by power production and sales, and main business income is derivedfrom Guangdong Province. The company electricity sales price is subject to the benchmark price verified by theprice authority per relevant policies based on National Development and Reform Commission (NDRC) and theelectricity transaction price through the market trade implementation per Guangdong Electricity Market TradeBasic Rules and supporting files. During the reporting period, the company completed a total of RMB 53.457billion kWh of on-grid electricity in consolidated statements, with a year-on-year increase of 15.34%; Theaverage price of electricity sold in the consolidated statement is RMB 591.86 per thousand kWh (including tax,the same below), with a year-on-year increase of RMB 49.12 per thousand kWh, or 9.05%; The total operatingincome was RMB 28,340.84 million, with a year-on-year increase of RMB 5,729.60 million, or 25.34%.The company's business is dominated by coal-fired power generation, and the fuel costs account for a largeportion of operating costs, thus the fluctuations in coal prices have a significant impact on the company'soperating performance. During the reporting period, affected by the increase in power generation and thecontinuous increase in coal prices, the company’s fuel costs were 19,793.94 million yuan, which accounted for78.73% of the main business costs, Affected by the sharp increase of power generation and coal price, the fuelcost increased by RMB 1,610.66 million year on year. an increase of 8.86% .During the reporting period, China's overall economic operation rebounded, power demand continued togrow, the company's power generation and on-grid electricity consumption increased steadily, and powergeneration income increased significantly. Due to the decline in fuel prices, the profitability of the company'sthermal power business has recovered, and its new energy business has maintained stable income. Thecompany's overall performance in the first half of 2023 has turned losses into profits. During the reportingperiod, the company realized a net profit of RMB 856.54 million, with a year-on-year increase of 2,228.28Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 9million. The company realized a net profit attributed to parent company of RMB 207.02 million in coal-firedpower business; 254.18 million in gas and electricity business; RMB -23.96 million in hydropower business;RMB 301.46 million in new energy business; and RMB 570.12 million in headquarters investment business.The company shall comply with the disclosure requirements of "power supply industries" in the Guideline No.3for Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information DisclosureBy the end of June 2023, the company had a total installed capacity of 2.589 million kilowatts of newenergy such as wind power and photovoltaic power, including 1.2 million kilowatts of offshore wind power,1.145 million kilowatts of onshore wind power and 244,100 kilowatts of photovoltaic power. In the first half of2023, the company added about 67,500 kilowatts of new energy installed, all of which were photovoltaic powergeneration; The first and second offshore wind power projects in Jiangqingzhou, Jianyang and the photovoltaicproject in Shache, Xinjiang that are under construction have a total installed capacity of about 4.42 millionkilowatts, and the new energy projects of about 11.8 million kilowatts have been registered and approved. In thefuture, the company will continue to actively grasp the development trend of accelerating energy transformationunder the goal of "emission peak" and "carbon neutrality", actively expand the resources of new energy projectsthrough self-construction and acquisition, fully promote the leap-forward development of new energy, and buildan ecological and civilized power enterprise.1. As of June 30,2023, the holding new energy power generation projects that the company has put intoproduction are as follows:Project type Project name Installed capacity (10,000kilowatts) Shareholding ratioWind Power Zhanjiang Xuwen Yangqian 4.9570%Wind Power Zhanjiang Xuwen Yongshi 4.9570%Wind Power Jieyang Huilai Shibeishan 1070%Wind Power Jieyang Huilai Haiwanshi 1.4090%Wind Power Maoming Dianbai Reshui 4.95100%Wind Power Zhanjiang Leizhou Hongxinlou 4.9594%Wind Power Zhanjiang Xuwen Shibanling 4.95100%Wind Power Zhanjiang Xuwen Qujie 4.95100%Wind Power Wailluo Offshore wind power 19.80100%Wind Power Xuwen Wutushan Wind Power 4.9551%Wind Power Xuwen Dengjiao Wind Power 4.9551%Wind Power Pingyuan Maoping 4.80100%Wind Power Zhuhai Jinwan Offshore windpower3074.49%Wind Power Zhangjiang Xuwen Wailuo IIOffshore wind power20100%Wind Power Zhanjiang Xuwen Xinliaooffshore wind power20.35100%Wind Power Yangjiang Shapa offshore windpower3091.41%Wind Power Guangxi Wuxuan 5100%Wind Power Hunan Xupu Taiyangshan 5100%Wind Power Hunan Tongdao Dagaoshan 5100%Wind Power Decentralized Wind Power inShanwei Power Plant1.0865%Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 10Wind Power Nanxiong Zhuan village 4.99100%Wind Power Xiangtan Changshan 4.4100%Wind Power Pingyuan Sishui 4100%Wind Power Henan Xihua Wind Power 1.53100%Wind Power Henan Wuzhi Wind power 2.50100%Wind Power Hebei Ziyahe 1080%Wind Power Zhanjiang Leigao 15.0351%Photovoltaic Baojia Power generation 0.1290%Photovoltaic Dapu Power plant 0.20100%Photovoltaic Jiuzhou New Energy 1.73100%Photovoltaic Xinhui Power Plant 1.0646%Photovoltaic Yuehua company 0.0651%Photovoltaic Shandong Gaotang 4.05100%Photovoltaic Jinxiu Wudeng 0.3490%Photovoltaic Red Bay Power Plant 1.3865%Photovoltaic Wushi Wudeng 0.15100%Photovoltaic Sanhe Xihua 0.46100%Photovoltaic Haiyan Shalan 1100%Photovoltaic Shanxi Hongdong 4.80100%Photovoltaic Meizhou Wuhua 3100%Photovoltaic Yuelong Photovoltaic 0.19100%Photovoltaic Hanhai Photovoltaic 4100%Photovoltaic Boluo Dafeng Photovoltaic 1100%Photovoltaic Qingdao Niulian Photovoltaic 0.5899%Photovoltaic Potou Yuguang Photovoltaic 0.3090%Total 258.90II.Analysis On core Competitiveness1. The largest listed company of power in GuangdongThe company's main power generation assets are located in Guangdong Province, with a total asset size of morethan 117.473 billion. It is the largest listed company of power in Guangdong Province. It is the only listedcompany with over 100 billion assets controlled by state-owned holdings in Guangdong province. As of June30,2023, The company, as the largest listed power company in Guangdong Province, has a total of 40,053,700kilowatts of controllable installed capacity and entrusted managed installed capacity, accounting for about aquarter of the total installed capacity in Guangdong Province.2. Strong background and resource advantagesGuangdong Energy Group, the controlling shareholder of the company, as a provincial key energy enterprise, hasbeen actively supporting listed companies to become better and stronger by using the advantages of its resources,technology and asset scale. As the only listed company and main force of Guangdong Energy Group, the companyhas always been subordinated to serving the overall situation of the reform and development of GuangdongProvince and Guangdong Yudean Group. It has deeply cultivated the main power industry, actively played thevalue discovery function and resource allocation function of the capital market, and assisted the reform anddevelopment of Guangdong Province's energy resources.3. Comprehensive advantages of main businessGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 11During the "14th Five-Year Plan" period, Guided by the national energy development strategy, the company isimplementing the "1+2+3+X" strategy - to build a first-class green and low-carbon power listed company,coordinate safety and development, optimize and strengthen coal, gas and biomass power generation services, andvigorously develop new energy, energy storage, hydrogen energy and land park development. The company hasabundant project reserves and broad development prospects; With clear main business, reasonable structure,outstanding industrial position and market share, it has strong comprehensive strength and broad developmentprospects.4. Competitive advantage in electricity marketThe company's generator set has high parameters, large capacity, high operation efficiency, low coal consumption,stable operation, superior environmental protection performance and strong market competitive advantage. In thefirst half of 2023, the company completed a total of 5.3457 billion kilowatt-hours of electricity in the market, andthe scale of electricity sales continued to rank first in the province, with electricity sales prices superior to theprovince's average. The company gives full play to its three advantages of scale, brand and service. With itsmarketing service network all over the province and its technical accumulation and comprehensive resources inthe power industry, the company provides auxiliary value-added services such as peak regulation, frequencymodulation and backup for the power grid, and provides high-quality value-added services such as comprehensiveenergy saving and power consumption consultation for users, thus realizing the transformation from a powergeneration enterprise to an energy comprehensive service enterprise.5. Advantage of financial resourcesAt present, the company's total assets reach 100 billion, and the cash flow of its stock business is abundant,which provides a good support for the company's sustainable development. The company is in good financialcondition, with smooth financing channels such as bank credit, bonds and securities markets and diversifiedfinancing methods. The company will make full use of internal and external financial resources to provide strongfinancial guarantee for the enterprise production and operation, key project construction and rapid developmentof new energy industries.6. Regional development advantagesAs the main energy source in Guangdong Province, the company shoulders the important task of helpingGuangdong Province to build a clean, low-carbon, safe and efficient modern energy system. The company willactively integrate into the construction of Guangdong-Hong Kong-Macao Greater Bay Area, Shenzhen's advanceddemonstration zone and the development of Guangdong's "one core, one belt and one area". It will steadily pushforward the construction of key energy projects and the development of new energy resources in the province andactively seek to expand into regions with better resource conditions and higher power demand, Help the "30·60"target to be implemented.III.Main business analysisFound more in "I. Main businesses of the Company in the reporting period"Changes in the financial dataIn RMBThis reportperiodSame period lastyearYOYchange（%）Cause changeOperating income 28,340,840,88422,611,239,73325.34%Operating cost 25,157,909,55723,114,184,6068.84%Sale expenses 35,592,37730,460,05016.85%Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 12Administrativeexpenses 553,789,310477,955,87415.87%Financial expenses 1,146,457,1401,081,057,8446.05%Income tax expenses 365,380,562 -151,269,999341.54%Due to the profit recovery of thermal powerbusiness and the stability of new energybusiness, the total profit of the company inthis period increased year-on-year, and theincome tax expenses increased accordingly.R & DInvestment 466,613,651752,324,970 -37.98%Mainly due to the decrease in fuel costs forresearch and development in the first half ofthe year and the impact on theimplementation progress of research anddevelopment projects.Cash flow generated bybusiness operation, net 2,720,370,016 -208,358,5101,405.62%Benefiting from the increase in on-gridelectricity and the decrease in fuel prices, thenet cash flow generated by operatingactivities increased year-on-year.Net cash flowgenerated byinvestment-9,765,108,918 -2,908,067,376 -235.79%Due to the promotion of the project, the cashpaid by the company for the purchase andconstruction of fixed assets, intangible assetsand other long-term assets in this periodincreased year-on-year, which was caused bythe superposition of the disposal fundsreceived from Bohe Terminal in the sameperiod last year.Net cash flowgenerated by financing 7,005,872,7605,861,027,28519.53%Net increasing of cashand cash equivalents -38,865,7722,744,601,884 -101.42% Affected by above three reasons..Major changes to the profit structure or sources of the company in the reporting period□ Applicable √Not applicableThe profit composition or sources of the company have remained largely unchanged during the report period.Component of Business IncomeIn RMBThis report period Same period last yearIncrease /decreaseAmount Proportion Amount ProportionTotal operatingrevenue28,340,840,884100% 22,611,239,733100% 25.34%On IndustryElectric power ,Steam sales andlabor income28,177,515,35399.42% 22,423,023,60399.17% 25.66%Other 163,325,5310.58% 188,216,1300.83% -13.22%On productsSales ElectricPower 28,015,854,47898.85% 22,263,672,84498.46% 25.84%Flyash sales 141,968,5900.50% 171,920,0450.76% -17.42%Thermal sales 121,708,8670.43% 102,972,0350.46% 18.20%Other 61,308,9490.22% 72,674,8090.32% -15.64%AreaGuangdong 27,672,103,61197.64% 22,117,126,66597.81% 25.12%Xinjiang 470,376,4371.66% 400,459,8031.77% 17.46%Hunan 73,335,8850.26% 39,790,9740.18% 84.30%Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 13Hebei 46,668,6010.16% 00% not applicableGuangxi 29,169,8380.10% 24,702,3450.11% 18.09%Yunnan 21,621,6610.08% 29,159,9460.13% -25.85%Henan 19,388,2940.07% 00% not applicableShangdong 8,176,5570.03% 00% not applicable(2)Situation of Industry, Product and District Occupying the Company’s Business Income and Operating Profitwith Profit over 10%√ Applicable □Not applicableIn RMBTurnover Operation costGrossprofitrate(%)Increase/decrease of revenue inthe same periodof the previousyear(%)Increase/decrease of businesscost over thesame period ofprevious year(%)Increase/decrease of grossprofit rate overthe same periodof the previousyear (%)On IndustryElectric power ,Steam sales andlabor income28,177,515,35325,146,455,15910.76% 25.66% 8.91% 13.73%On ProductsSales ElectricPower 28,015,854,47824,966,419,64110.88% 25.84% 8.81% 13.94%Including：Fire coalGeneration Power 20,838,015,88919,233,609,5117.70% 21.37% 2.69% 16.79%Gas GenerationPower 5,404,269,9294,741,358,01912.27% 56.13% 37.99% 11.54%Wind GenerationPower 1,535,493,321772,583,54349.68% 10.12% 35.04% -9.28%BiomassGeneration Power 196,668,404187,217,4474.81% -6.02% 5.30% -10.23%HydroelectricGeneration power21,621,66125,880,673 -19.70% -25.85% -9.07% -22.08%PhotovoltaicGeneration power19,785,2745,770,44870.83% not applicable not applicable not applicableAreaGuangdong 27,672,103,61124,619,674,19311.03% 25.12% 8.96% 13.19%Under circumstances of adjustment in reporting period for statistic scope of main business data, adjusted mainbusiness based on latest on year’s scope of period-end.□ Applicable √Not applicableIV. Analysis of Non-core Business□ Applicable √Not applicableV. Analysis of assets and liabilities1.Significant changes in asset compositionIn RMBEnd of Reporting period End of same period of last year Change inpercentage(%)Reason forsignificant changeAmountAs a percentageof totalassets(%)AmountAs a percentageof totalassets(%)Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 14Monetary fund 11,460,379,5778.01% 11,503,523,6188.74% -0.73%Accountsreceivable 9,558,894,8286.68% 7,578,636,2445.76% 0.92%Contract assets 2,734,3460% 4,910,2630% 0%Inventories 3,802,053,8132.66% 3,376,868,1002.57% 0.09%Real estateInvestment 360,857,6620.25% 365,285,3010.28% -0.03%Long-termequityinvestment9,605,680,5686.72% 9,198,053,1836.99% -0.27%Fixed assets 60,196,257,90842.09% 62,400,175,05747.41% -5.32%It was mainly thedepreciation inaccordance withaccounting policies,and the decrease innet fixed assets.Construction inprocess 20,885,138,48214.60% 11,768,828,1618.94% 5.66%It was mainly due tothe rapid progress ofthe project in thefirst half of the yearand the increase inengineeringexpenditure.Usage rightassets 7,878,833,0055.51% 7,352,044,9665.59% -0.08%Short -termloans 19,934,368,07513.94% 16,261,444,86012.35% 1.59%Contractliabilities 5,882,3840% 4,960,9740% 0%Long-termloans 52,742,165,79536.88% 42,860,932,62832.56% 4.32%Lease liabilities 7,617,307,1005.33% 6,870,820,0175.22% 0.11%2.Main assets overseas□ Applicable √Not applicable3.Asset and Liabilities Measured by Fair Value√ Applicable □Not applicableIn RMBItems OpeningamountGain/Loss onfair valuechange in thereportingperiodCumulative fairvalue changerecorded intoequityImpairmentprovisionsin thereportingperiodPurchasedamount inthereportingperiodSoldamount inthereportingperiodClosingmount End of termFinancialassets1. Otherequityinstrumentinvestments3,058,071,054 -181,994,7661,933,913,67200002,876,076,288Subtotal 3,058,071,054 -181,994,7661,933,913,67200002,876,076,288Total 3,058,071,054 -181,994,7661,933,913,67200002,876,076,288FinancialLiability 00000000Other changeGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 15Did great change take place in measurement of the principal assets in the reporting period □ Yes √ No4. Restricted asset rights as of the end of this Reporting PeriodOn June 30,2023, individual subsidiaries of the Group pledged the right to impose electricity charges to banks toobtain long-term loans of RMB5,522,378,748 which: the balance of long-term loans due within one year was274,518,787 yuan (as of December 31,2022: 6,052,250,122 yuan). including: the long-term borrowings duewithin one year amounted to RMB512,741,564.Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 16VI. Investment situation1. General√ Applicable □ Not applicableInvestment of the period Investment of same period of last year Scale of change1,683,063,129447,571,800276.04%2.Condition of Acquiring Significant Share Right Investment during the Report Period√Applicable □ Not applicableIn RMBName of thecompany InvestedMainBusinessInvestmentWayInvestmentAmountShareProportion %CapitalSource PartnerInvestmentHorizonProductTypeProgress upto BalanceSheet DateAnticipatedIncomeGain or Lessor theCurrentInvestmentWhetherto Involvein LawsuitDate ofDisclosure(if any) Disclosure Index(if any)Guangdong WindPower GenerationCo., Ltd.WindPoerGenerationCapitalincrease995,000,000100% Selffunds NoLong-termElectricPowerIn normaloperation 291,542,390 NoAugust 29,2019,November29,2019,November 9,2021,August 31,2022and December1,2022Announcement No.:2019-36,2021-78,2022-37 and2022-60.Published inChina Securities Daily,Securities Times ,Shanghai SecuritiesNews, Securities Dailyandhttp//..cnYuedan ShacheComprehensiveEnergy Co., Ltd.PhotovoltaicGenerationCapitalincrease5,000,000100% Selffunds NoLong-termElectricPowerShachelightstorageintegrationproject is innormalprogress818,451 No December 1,2022Announcement No.:2022-60,.Published inChina Securities Daily,Securities Times ,Shanghai SecuritiesNews, Securities Dailyandhttp//..cnGuangdong Yudean Photov Capit 43,000,000100% Self No Long- Electric Boluo -33,091 No Not applicableGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 17Huobo New EnergyCo., Ltd.oltaicGenerationalincreasefunds term Power Dafengdistributedphotovoltaic projectandHuzhenphotovoltaiccompositeproject arein normalprogressTumushuke YudeanHanhai New EnergyCo., Ltd.PhotovoltaicGenerationCapitalincrease25,000,000100% Selffunds NoLong-termElectricPowerIn normaloperation-196,428 No March 26,2022Announcement No.:2022-11,.Published inChina Securities Daily,Securities Times ,Shanghai SecuritiesNews, Securities Dailyandhttp//..cnXiangtan XiangdianChangshan WindPower GenerationCo., Ltd.WindPowerGenerationPurchase21,215,997100% Selffunds NoLong-termElectricPowerIn normaloperation554,209 No Not applicableJiuzhou New Energy（Zhaoqing）Co.,Ltd.PhotovoltaicGenerationPurchase5,280,122100% Selffunds NoLong-termElectricPowerIn normaloperation2,019,855 No Not applicableGuangdong YudeanBinhaiwan EnergyCo., Ltd.ThermalpowerCapitalincrease50,000,000100% Selffunds NoLong-termElectricPowerIn normaloperation-7,173,057 No April 11,2020Announcement No.:2020-13,.Published inChina Securities Daily,Securities Times andhttp//..cnGuangdong Yudean Therm Capit 71,100,00070% Self Huizhou Long- Electric In normal -9,810,805 No July 17,2021 Announcement No.:2021-Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 18Dayawan IntelligenceEnergy Co., Ltd.alpoweralincreasefunds DayawanPetrochemicalInvestmentGroupCo., Ltd（ ShareProportion：20%），HuizhouPortInvestmentGroupCo., Ltd.（ ShareProportion：10%）term Power operation 43,.Published inChina Securities Daily,Securities Times andhttp//..cnGuangdong YudeanQiming Energy Co.,Ltd.ThermalpowerCapitalincrease9,000,000100% Selffunds NoLong-termElectricPowerIn normaloperation -7,175,376 No Not applicableGuangdong YudeanYunhe PowerGeneration Co., Ltd.ThermalpowerCapitalincrease58,648,05090%SelfFundsYunfuYundaInvestmentHoldings Co.,Ltd.（ ShareProportion：10%）Long-termElectricPowerIn normaloperation -60,535,478 No April 22,2022Announcement No.:2022-16,.Published inChina Securities Daily,Securities Times ,Shanghai SecuritiesNews, Securities Dailyandhttp//..cnGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 19Guangdong YuehuaPower GenerationCo., Ltd.ThermalpowerCapitalincrease36,310,00051%SelfFundsChinaHuanengGroupCo., Ltd.（Shareproportion :：49%）Long-termElectricPowerIn normaloperation -60,002,560 No Not applicableShanxi YudeanEnergy Co., Ltd.PowergenerationandcoalminedevelopmentCapitalincrease54,299,60040%SelfFundsGuangdongEnergyGroup（ ShareProportion：60%）Long-termElectricity andcoalIn normaloperation 256,410,685 No Not applicableTumushuke YudeanChanghe NewEnergy Co., Ltd.PhotovoltaicGenerationNewestablishment3,500,000100% Selffunds NoLong-termElectricPowerIn normaloperation2,101 No Not applicableYunfu YudeanZhenneng NewEnergy Co., Ltd.PhotovoltaicGenerationNewestablishment10,000,000100% Selffunds NoLong-termElectricPowerIn normaloperation0 No Not applicableZhonggong EnergyTechnology（Maoming）Co.,Ltd.PhotovoltaicGenerationPurchase152,969,360100% Selffunds NoLong-termElectricPowerIn normaloperation2,830 No Not applicableZhuhai Yudean NewEnergy Co., Ltd.PhotovoltaicGenerationNewestablishment2,740,000100% Selffunds NoLong-termElectricPowerIn normaloperation-81,582 No Not applicableGuangdong EnergyGroup Xingjiang Co.,Ltd.NewEnergyGenerationNewestablishment100,000,000100% Selffunds NoLong-termElectricPowerIn normaloperation-2,019,402 No December 1,2022Announcement No.:2022-60,.Published inChina Securities Daily,Securities Times ,Shanghai SecuritiesGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 20News, Securities Dailyandhttp//..cnGuangdong YudeanTechnologyEngineeringManagement Co.,Ltd.TechnologyServiceCapitalincrease40,000,000100% Selffunds NoLong-termElectricPowerIn normaloperation-47,278,920 No Not applicableTotal -- -- 1,683,063,129 -- -- -- -- -- -- 0357,043,822 -- -- --3.Situation of the Significant Non-equity Investment Undergoing in the Report Period□ Applicable √ Not applicable4.Investment of Financial Asset（1）Securities investment√ Applicable □ Not applicableIn RMBSecuritycategorySecuritycodeStockAbbreviation:InitialinvestmentcostMode ofaccountingmeasurementBook valuebalance at thebeginning ofthe reportingperiodChanges in fairvalue of thethis periodCumulative fairvalue changes inequityPurchaseamountin thethisperiodSaleamountin thethisperiodGain/loss of thereporting periodBook valuebalance at theend of thereportingperiodAccounting itemsSource of thesharesDomestic andforeignstocksHK6963Sunshineinsurance356,000,000 FVM 1,695,703,802 -269,400,7421,070,303,0600001,426,303,060OtherequityinstrumentInvestmentSelf fundsDomestic andforeignstocks600642 Shenergy 235,837,988 FVM 304,872,05283,298,376152,332,440000388,170,428OtherequityinstrumentInvestmentSelf fundsDomestic andforeignstocks000027 ShenzhenEnergy 15,890,628 FVM 96,163,2003,477,60083,750,17200099,640,800OtherequityinstrumentSelf fundsGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 21InvestmentDomestic andforeignstocks831039 NEEQ 3,600,000 FVM 8,532,000630,0005,562,0000009,162,000OtherequityinstrumentInvestmentSelf fundsTotal 611,328,616 -- 2,105,271,054 -181,994,7661,311,947,6720001,923,276,288 -- --Disclosure date for the notice ofapproval by the Board (If any) October 31,2019（2）Investment in Derivatives□ Applicable √ Not applicableThe company had no investment in derivatives in the reporting period.5.Application of the raised capital□ Applicable √ Not applicableThe company had no application of the raised capital in the reporting period.Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 22VII. Sales of major assets and equity1.Situation of Significant Asset Sale□ Applicable √ Not applicableNone2.Sales of major equity□ Applicable √ Not applicableVIII.Analysis of the Main Share Holding Companies and Share Participating Companies√ Applicable □ Not applicableSituation of Main Subsidiaries and the Joint-stock company with over 10% net profit influencing to thecompanyIn RMBCompany Name CompanytypeSectorsengaged inRegisteredcapital Total assets Net assets TurnoverOperatingprofit Net ProfitGuangdongWind PowerGeneration Co.,Ltd.SubsidiaryPowergenerationand powerstationconstruction.3,623,202,87042,982,947,9269,749,144,2941,516,433,478329,778,200316,152,530Huizhou NaturalGas company SubsidiaryPowergenerationand powerstationconstruction.1,499,347,5003,515,273,9452,166,735,2282,277,405,203320,919,667240,714,292Pinghai PowerGenerationcompanySubsidiaryPowergenerationand powerstationconstruction.1,370,000,0004,310,548,7732,239,471,5682,613,191,641303,330,352222,317,841ShenzhenGuangqianElectric PowerCo., Ltd.SubsidiaryPowergenerationand powerstationconstruction.1,030,292,5002,081,585,1871,903,458,930865,336,003285,162,683211,827,254GuangdongYudean JinghaiPowerGeneration Co.,Ltd.SubsidiaryPowergenerationand powerstationconstruction.2,919,272,0009,012,491,3942,839,699,0553,561,337,800264,818,814201,412,703Red Bay PowerGenerationcompanySubsidiaryPowergenerationand powerstationconstruction.2,749,750,0006,817,586,7332,563,331,6832,856,474,955227,453,684169,901,566Bohe Energycompany SubsidiaryPowergenerationand powerstationconstruction.3,118,000,0008,397,628,2561,665,919,8761,963,659,434144,883,334145,455,744Yuehua PowerGenrationcompanySubsidiaryPowergenerationand powerstation1,004,714,0004,400,210,162659,128,887695,407,059 -117,779,986 -117,652,078Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 23construction.GuonengYudean TaishanPowerGeneration Co.,Ltd.SharingcompanyPowergenerationand powerstationconstruction.4,669,500,00013,461,042,5769,925,808,3626,138,517,716799,312,320552,443,285Shanxi YudeanEnergy Co., Ltd.SharingcompanyMining andpowergeneration1,620,749,00010,799,587,7038,401,880,078118,159,035642,695,846641,106,524Acquirement and disposal of subsidiaries in the Reporting period√ Applicable □ Not applicableCompany nameWay of acquiring and disposing ofsubsidiary corporations within thereporting periodImpact on the whole producing operation andperformanceGuangdong Energy Group XinjiangCo., Ltd.InvestedDuring the reporting period, During the reportingperiod, Xinjiang company, as a regionalmanagement platform, was in the stage of gradualestablishment and improvement, which had nosignificant influence on the overall production,operation and performance of the company.Zhuhai Yudean New Energy Co.,Ltd.InvestedDuring the reporting period, During the reportingperiod, Zhuhai Yudean New Energy Project was inthe preliminary stage, and the construction was notcommenced, which had no significant influence onthe overall production, operation and performanceof the company.Tumushuke Yudean Changhe NewEnergy Co., Ltd.InvestedDuring the reporting period, Tumushuke YudeanChanghe New Energy Project was in thepreliminary stage. and the construction was notcommenced,which had no significant influence onthe overall production, operation and performanceof the company.Yunfu Yudean Zhenneng NewEnergy Co., Ltd.InvestedDuring the reporting period, Yunfu YudeanZhenneng New Energy Project was in thepreliminary stage, and construction was started. Itis expected to be put into operation next year.Zhonggong Energy Technology（Maoming）Co., Ltd.PurchaseDuring the reporting period, the ZhonggongEnergy Technology Project was in the preliminarystage. and the construction was notcommenced,which had no significant influence onthe overall production, operation and performanceof the company.Note1. During the reporting period, due to the year-on-year decline in coal prices, the profitability of the company'sthermal power business gradually recovered;2. Due to the increase of on-grid electricity in wind power business, the operating income has increased.However, due to the end of trial operation of wind power projects such as in Yangjiang and Wuxuan, theconstruction in progress has been converted into fixed assets and depreciated, and the net profit has decreasedyear-on-year.3. Benefiting from the decrease in coal prices, the joint stock company Guoneng Taishan Company's operatingperformance has improved, and the company's investment income has increased by 55.79 million yuan year-on-year, a growth rate of 101%; One of the sources of income for the participating company Shanxi EnergyCompany is its investment income in coal mines. Due to the decrease in coal prices, Shanxi Energy Company'sGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 24profits have decreased year-on-year. Therefore, the company's investment income in Shanxi Energy Companydecreased by 22.45 million yuan year-on-year, a decrease of 8%.IX．Structured vehicle controlled by the company□ Applicable √ Not applicableX. Risks facing the company and countermeasures1. Operating results need to be further consolidatedThis year, the overall fuel price showed a downward trend, and the profitability of the company's thermalpower business continued to recover, however some power plants were still in a state of continuous losses, andthe operating situation was not yet stable. At present, the company is in a critical period of "coping with thepeak in summer", and the fuel price trend in the second half of the year is still unclear, therefore it is uncertainwhether the company can further consolidate its operating results in the second half of the year.Countermeasures: First, continue to promote the "accurate inventory" strategy, follow up the progress ofelectricity and consumption in real time, adjust operating decisions in time, and further improve the level of fuelmanagement; Second, optimize the procurement structure, strengthen the management of coal blending, andwell ensure coal inventory management during peak coping in summer; Third, actively adapt to the changes inthe power marketing model, actively seek changes and take initiatives, improve the quality of marketing dataanalysis and management, scientifically coordinate the company's electricity trading decisions, and activelystrive for more efficient electricity.2. Safety management foundation needs to be strengthenedSome thermal power plants in the company have been running for a long time, and in the spot marketenvironment, the unit starts and stops frequently, and the equipment failure problem is increasingly notable,which affects the reliability and economy of the safe operation of the unit; Some contractors do not pay enoughattention to work safety and have insufficient safety management ability, therefore the company's safetymanagement system needs to be further improved.Countermeasures: First, strengthen the whole life cycle management and preventive management ofequipment, well ensure the maintenance quality and guarantee the stable and reliable operation of the unit;Second, improve the construction of safety management system, strengthen the standardization construction ofwork safety, and compile the guidance system documents; Third, strengthen the debugging guidance ofinfrastructure projects, innovate management methods, strengthen contractor management, and ensure the safeand high-quality production of the project; Fourth, carry out in-depth investigation and rectification of safetyhazards, continue to carry out special investigation and rectification actions of accident hazards, and strengthenclosed-loop management of hazards.3. Pressure of power supply structure adjustment is highWith the gradual landing of China's carbon peaking and carbon neutrality target, thermal power will betransformed from the main power supply to the basic power supply, and the proportion of new energy installedwill gradually increase By the end of June 2023, the installed capacity of the company's coal-fired powerholding accounted for 69.04%, with a high proportion. During the "Tenth Five-Year Plan" period, the companyhas vigorously promoted the investment and construction of clean energy projects and continuously optimizedand adjusted the power supply structure. However, some new energy projects were affected by policies, marketsand other factors, and there were still great variables in whether they could finally be implemented.Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 25Countermeasures: First, adhere to the two-wheel drive of both independent development and merger andacquisition, and both centralized development and distributed development, focus on the development of newenergy projects in Guangdong, Xinjiang, Hunan, Hebei and other regions, and expand the regional developmentin Gansu, Shandong, Guangxi and Shanxi to strive for the project implementation; Second, fully promote theconstruction progress of projects under construction; Third, strengthen the talent guarantee for high-qualitydevelopment, hold training courses on infrastructure project management, and improve the whole processmanagement ability of infrastructure project managers.Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 26IV. Corporate GovernanceI. Annual General Meeting and Provisional Shareholders’ Meetings in the Reporting Period1.Annual General MeetingMeeting TypeInvestorparticipation ratioConvened date Disclosure date Index to disclosedinformationFirst ProvisionalShareholders’general meeting of2023ProvisionalShareholders’general meeting73.93% March 9,2023 March 10,2023Announcement No.:2023-10). Published inChina Securities Daily,Securities Times , ShanghaiSecurities News, SecuritiesDaily andhttp//.2022Shareholders’general meetingAnnualShareholders’General Meeting74.04% April 21,2023 April 22,2023Announcement No.:2022-28). Published inChina Securities Daily,Securities Times , ShanghaiSecurities News, SecuritiesDaily andhttp//.2. Preferred stockholders restored voting rights to request to convene Provisional Shareholders’ Meeting.□Applicable √ Not applicableII. Changes in directors, supervisors and senior management staffs√ Applicable □Not applicableName Positions Types Date ReasonWang Jin Chairman Dimission February 22,2023 Job changesLi Xiaoqing Director Dimission March 16,2023 Job changesHe Ruxin Director Elected April 21,2023III. Pre-plan for profit allocation and turning capital reserve into share capital for the reporting period□ Applicable √ Not applicableThe company planned not to distribute cash dividend and bonus share, and not to convert capital reserves intoshare capital in half year.IV. Implementation of any equity incentive plan, employee stock ownership plan or other incentivemeasures for employees□ Applicable √ Not applicableNone.Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 27V. Environmental & Social ResponsibilityI. Significant environmental issuesWhether the company or any of its subsidiaries is identified as a key polluter by the environment authorities√ Yes □ NoEnvironmental protection related policies and industry standardsThe company and its subordinate units strictly abide by the "Environmental Protection Law of the People'sRepublic of China", "Atmospheric Pollution Prevention and Control Law of the People's Republic of China","Water Pollution Prevention and Control Law of the People's Republic of China", "Law of the People'sRepublic of China on the Prevention and Control of Environmental Pollution of Solid Waste", "Air PollutantEmission Standards for Thermal Power Plants" (GB13223), "Comprehensive Sewage Discharge Standards"(GB8978) and other relevant laws, regulations and industry standards to carry out production and businessactivities.Environmental protection administrative licensingThe company and its subsidiaries all have obtained environmental protection administrative permits inaccordance with regulations, and the pollution discharge permits are currently within the validity period.CompanyorsubsidiarynameMainpollutantand specificpollutanttypeMainpollutantandspecificpollutantnameEmission wayEmission portnumberEmission portdistributionconditionEmissionconcentrationImplementedpollutant emissionstandardsTotalemissionVerifiedtotalemissionExcessiveemissionconditionShajiao ApowerplantAir pollutant SmokeConcentratedemissionthroughchimney1Withinthefactory1.64Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)13.32121.90 NoShajiao ApowerplantAir pollutant SO2Concentratedemissionthroughchimney1Withinthefactory14.52Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)118.13426.65 NoShajiao ApowerplantAir pollutant NOXConcentratedemissionthroughchimney1Withinthefactory29.50Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)240.02609.50 NoBohecompanyAir pollutant SmokeConcentratedemissionthroughchimney2Withinthefactory1.77Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)27.4771.50 NoBohecompanyAir pollutant SO2Concentratedemissionthroughchimney2Withinthefactory13.73Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)180.24973.5 NoBohecompanyAir pollutant NOXConcentratedemissionthroughchimney2Withinthefactory37.57Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)359.161122.50 NoDapuPowerPlantAir pollutant SmokeConcentratedemissionthroughchimney2Withinthefactory4.54Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)40.50593.00 NoDapuPowerAir pollutant SO2Concentratedemissionthrough2Withinthefactory11.86Emission Standard ofAir Pollutants for105.891447.00 NoGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 28Plant chimney Thermal Power Plants(GB13223-2011)DapuPowerPlantAir pollutant NOXConcentratedemissionthroughchimney2Withinthefactory40.56Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)362.241502.00 NoRed Baycompany Air pollutant SmokeConcentratedemissionthroughchimney4Withinthefactory2.93Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)59.801512.00 NoRed Baycompany Air pollutant SO2Concentratedemissionthroughchimney4Withinthefactory11.19Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)248.464851.00 NoRed Baycompany Air pollutant NOXConcentratedemissionthroughchimney4Withinthefactory26.84Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)537.724851.00 NoJinghaicompany Air pollutant SmokeConcentratedemissionthroughchimney4Withinthefactory2.31Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)76.22341.20 NoJinghaicompany Air pollutant SO2Concentratedemissionthroughchimney4Withinthefactory14.93Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)490.801728.40 NoJinghaicompany Air pollutant NOXConcentratedemissionthroughchimney4Withinthefactory33.40Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)1097.002470.00 NoMaomingPowerPlantAir pollutant SmokeConcentratedemissionthroughchimney2Withinthefactory1.01Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)11.52168.12 NoMaomingPowerPlantAir pollutant SO2Concentratedemissionthroughchimney2Withinthefactory14.02Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)165.07385.51 NoMaomingPowerPlantAir pollutant NOXConcentratedemissionthroughchimney2Withinthefactory28.98Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)318.68751.82 NoPinghaiPowerPlantAir pollutant SmokeConcentratedemissionthroughchimney2Withinthefactory2.75Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)46.05346.00 NoPinghaiPowerPlantAir pollutant SO2Concentratedemissionthroughchimney2Withinthefactory24.00Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)394.061670.00 NoPinghaiPowerPlantAir pollutant NOXConcentratedemissionthroughchimney2Withinthefactory39.15Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)628.131731 NoShaoguanPowerGenerationAir pollutant SmokeConcentratedemissionthroughchimney2Withinthefactory2.40Emission Standard ofAir Pollutants forThermal Power Plants29.19717.78 NoGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 29Plant (GB13223-2011)ShaoguanPowerGenerationPlantAir pollutant SO2Concentratedemissionthroughchimney2Withinthefactory16.48Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)199.902303.55 NoShaoguanPowerGenerationPlantAir pollutant NOXConcentratedemissionthroughchimney2Withinthefactory37.56Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)451.922254.42 NoYunhePowerGenerationPlantAir pollutant SmokeConcentratedemissionthroughchimney1Withinthefactory2.23Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)9.79360.00 NoYudeanYunhePowerGenerationPlantAir pollutant SO2Concentratedemissionthroughchimney1Withinthefactory8.91Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)36.822400.00 NoYunhePowerGenerationPlantAir pollutant NOXConcentratedemissionthroughchimney1Withinthefactory41.03Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)162.662400 NoZhanjiangElectric Air pollutant SmokeConcentratedemissionthroughchimney2Withinthefactory1.00Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)15.38528.00 NoZhanjiangElectric Air pollutant SO2Concentratedemissionthroughchimney2Withinthefactory14.00Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)165.731320.00 NoZhanjiangElectric Air pollutant NOXConcentratedemissionthroughchimney2Withinthefactory37.00Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)449.441527.00 NoZhanjiangZhongyue Air pollutant SmokeConcentratedemissionthroughchimney2Withinthefactory1.09Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)9.88480.00 NoZhanjiangZhongyue. Air pollutant SO2Concentratedemissionthroughchimney2Withinthefactory13.96Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)126.621200.00 NoZhanjiangZhongyue Air pollutant NOXConcentratedemissionthroughchimney2Withinthefactory22.40Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)203.141078.00 NoGuangqiancompanyAir pollutant NOXConcentratedemissionthroughchimney3Withinthefactory10.24Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)71.841312.50 NoHuizhouNaturalGasAir pollutant SmokeConcentratedemissionthroughchimney6Withinthefactory0.28Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)4.57242.61 NoHuizhouNaturalGasAir pollutant NOXConcentratedemissionthroughchimney6Withinthefactory27.90Emission Standard ofAir Pollutants forThermal Power Plants547.061774.98 NoGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 30(GB13223-2011)YuehuaPowerGenerationAir pollutant SmokeConcentratedemissionthroughchimney2Withinthefactory0.22Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)2.4981.80 NoYuehuaPowerGenerationAir pollutant SO2Concentratedemissionthroughchimney2Withinthefactory0.37Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)2.6227.54 NoYuehuaPowerGenerationAir pollutant NOXConcentratedemissionthroughchimney2Withinthefactory38.53Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)224.381367.55 NoXinhuiPowerGenerationAir pollutant SmokeConcentratedemissionthroughchimney2Withinthefactory0.06Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)0.28171.32 NoXinhuiPowerGenerationAir pollutant SO2Concentratedemissionthroughchimney2Withinthefactory0.07Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)0.3190.00 NoXinhuiPowerGenerationAir pollutant NOXConcentratedemissionthroughchimney2Withinthefactory33.22Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)153.252208.00 NoTumushuke ThermoelectricAir pollutant SmokeConcentratedemissionthroughchimney1Withinthefactory2.48Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)19.68135.00 NoTumushuke ThermoelectricCo., LtdAir pollutant SO2Concentratedemissionthroughchimney1Withinthefactory10.34Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)76.82474.00 NoTumushuke ThermoelectricAir pollutant NOXConcentratedemissionthroughchimney1Withinthefactory32.54Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)257.28675.00 NoShajiao CAir pollutant SmokeConcentratedemissionthroughchimney3Withinthefactory1.58Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)20.39277.80 NoShajiao CAir pollutant SO2Concentratedemissionthroughchimney3Withinthefactory14.81Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)191.16972.30 NoShajiao CAir pollutant NOXConcentratedemissionthroughchimney3Withinthefactory33.00Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)425.941389.00 NoHuaducompany Air pollutant SmokeConcentratedemissionthroughchimney3Withinthefactory0.09Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)0.0292.40 NoHuaducompany Air pollutant SO2Concentratedemissionthroughchimney3Withinthefactory0.037Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)0.496.70 NoGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 31Huaducompany Air pollutant NOXConcentratedemissionthroughchimney3Withinthefactory30.54Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)202.30586.60 NoZhanjiangBiomassPowerGenerationAir pollutant SmokeConcentratedemissionthroughchimney2Withinthefactory9.69Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)12.3080.94 NoZhanjiangBiomassPowerGenerationAir pollutant SO2Concentratedemissionthroughchimney2Withinthefactory1.73Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)3.96183.00 NoZhanjiangBiomassPowerGenerationAir pollutant NOXConcentratedemissionthroughchimney2Withinthefactory104.10Emission Standard ofAir Pollutants forThermal Power Plants(GB13223-2011)138.89397.00 NoTreatment of contaminantsIn the first half of 2023, the company steadily promoted the renovation project of replacing liquid ammoniawith urea, vigorously promoted the flow through renovation of large units, and increased investment indesulfurization, denitrification, dust removal, and zero discharge wastewater equipment to reduce pollutantemissions. During the reporting period, the company's various emission indicators were better than the industryaverage. In addition, the company adheres to the goal of building a resource-saving and environmentallyfriendly enterprise, and actively promotes the upgrading and renovation of existing coal-fired power generationunits in a planned and step-by-step manner by formulating and implementing measures to improve energyconsumption management, optimize operation, manage equipment, and improve maintenance technology,striving to reduce the emission intensity of coal-fired units.Emergency plan for emergency environmental incidentsCombining with the Environmental Protection Law of the People's Republic of China and the Opinions of theMinistry of Environmental Protection on Strengthening Environmental Emergency Management Work and otherlaws and regulations on the monitoring of environmental risks, the company’s subordinate power generationenterprises have formulated the Emergency Plan for Emergency Environmental Incidents according to their actualconditions, which has standardized and improved the handling of emergent environmental events from the aspectsof environmental accident risk analysis, emergency command organization and responsibilities, disposalprocedures, and disposal measures, improved the ability to respond to unexpected environmental events, andensured that after an outbreak of an environmental incident, the company can organize emergency rescue work ina timely, orderly and efficient manner to prevent pollution of the surrounding environment, minimize the damageand social harm caused by the incident, maintain social stability, and protect public health and property safety.Investment in environmental governance and protection and payment of environmental protection taxIn the first half of 2023, The company purchased desulfurization and denitration materials totaling about127.74 million yuan,The company paid environmental protection tax of 7.14 million yuan.Environmental self-monitoring programDuring the reporting period, the affiliated power generation enterprises of the company disclosedGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 32environmental information and their supervision and management activities in accordance with therequirements of laws and regulations such as the China's Administrative Measures for Legal Disclosure ofEnterprise Environmental Information (Order No.24 of Ministry of Ecology and Environment), prepared annualenvironmental information disclosure reports and uploaded them to the enterprise environmental informationdisclosure system, with the publication rate reaching 100%.Administrative penalties for environmental problems during the reporting periodNoneOther environmental information that should be disclosedNoneMeasures and effects taken to reduce its carbon emissions during the reporting period√Applicable □Not applicableIn the first half of 2023, the company installed 67,500 kilowatts of new energy, all of which are ofphotovoltaic projects, which is estimated to contribute clean energy by about 126 million kWh every year, savestandard coal by about 39,300 tons of and reduce carbon dioxide emissions by about 105,800 tons, which isequivalent to rebuilding 267 hectares of forest. It is of great significance to optimize the regional energystructure and layout and promote the company to build a clean, low-carbon, safe and efficient energy system. Inorder to implement the requirements of the State Council's Notice on the Comprehensive Work Plan for EnergyConservation and Emission Reduction in the 14th Five-Year Plan (GF [2021] No.33) and other documents,vigorously promote the energy conservation and emission reduction of coal-fired power units, promote theclean and low-carbon transformation of the power industry, and help achieve the goal of peak emission andcarbon neutrality as scheduled, the company has formulated the implementation plan for energy conservationand emission reduction in the 14th Five-Year Plan based on the actual situation.Other information related to environmental protectionNoneThe company shall comply with the disclosure requirements of power-related industries in the Guideline No.3for Self-regulation of Listed Companies of Shenzhen Stock Exchange-Industry Information Disclosure.1. The company has strictly abode by the Environmental Protection Law of People's Republic of China, the Lawof the People's Republic of China on the Prevention and Control of Atmospheric Pollution, the Law of thePeople's Republic of China on the Prevention and Control of Water Pollution and the Law of the People'sRepublic of China on Prevention and Control of Environmental Pollution by Solid Waste to carry outproduction and business activities. In the first half of 2023, the company's thermal power plant's operatingexpenses for implementing environmental protection policies and regulations were mainly due to the purchaseof limestone and denitration materials, totaling about RMB 127.74 million.2. In the first half of 2023, the standard coal consumption of the company's thermal power plant was299.59g/kWh, the sulfur dioxide emission performance value was 0.035g/kWh, the nitrogen oxide emissionperformance value was 0.097g/kWh, and the soot emission performance value was 0.006g/kWh. Including: theoperation rate of desulfurization device of 100%, with an average desulfurization efficiency of 99.17%; theaverage operation rate of denitration device of 99.83%, with an average denitration efficiency of 89.37%; andGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 33the operation rate of dry dedusting device of 99.96%, with an average dedusting efficiency of 99.88%.Information related to environmental accidents of the listed companyIn the first half of 2023, there were no environmental accidents in the company.II. Social responsibilities1. Jinghai company helped Jishui Geshan VillageIn the first half of 2023, Jinghai Power Generation company earnestly fulfilled its social responsibilities, alwayskept in mind the responsibility of state-owned enterprises, actively give full play to the resource advantages ofstate-owned enterprises, and promoted activities such as targeted poverty alleviation, education donation andlove donation based on the actual situation of Geshan Village; mobilized all cadres and employees to donatemore than RMB 30,000 to help local afforestation and greening actions; assisted the local authorities in firerescue and maritime search and rescue; and actively cooperated with the Geshan Village Committee to carry out"rural revitalization" activities in various forms, with donations totaling more than RMB 10,000.2. Red Bay company helped Jishui Village in Bawan TownRed Bay Power Generation company has carried out solid assistance work in the town, and actively introducedChina Energy Engineering Group Guangdong Electric Power Design Institute Co.,Ltd. to design and build roofphotovoltaic power generation project of Jishui Village Committee, which is expected to increase the economicincome of Jishui Village by about RMB 20,000 per year. In addition, the company made full use of the ruralrevitalization assistance fund of RMB 180,000 to build a video monitoring system in Jishui Village to helpsolve the problem of people's safe construction in Jishui Village.3. Yunhe Power Generation company helped Yaogu Town in Yunfu CityYunhe Power Generation company organized the "630" donation campaign for poverty alleviation, and thedonations were fully used to invest in the rural revitalization of Yaogu Town, mainly for the improvement andrestoration of farmland irrigation canals. At the same time, the company actively promoted the Yaogu 33MWPhotovoltaic Compound Project. At present, it has completed the inquiry for land selection and signed a letter ofintent for land lease, and signed a cooperation framework agreement with the government. This project isconducive to promoting local economic development and helping rural revitalization.4. Zhanjiang Wind Power company helped Jinhe Town in Xuwen CountyZhanjiang Wind Power company has given full play to the technical experience advantages of state-ownedenergy enterprise in project development and construction, production and operation management, and used theresource endowment and policy support of Jinhe Town to vigorously promote the development and constructionof new energy projects such as offshore wind power, energy storage and photovoltaic power, and create ademonstration and model for deepening the rural energy revolution and helping to realize rural revitalizationaccording to local conditions.5. Zhanjiang Biomass Power Generation company helped Gangmen TownZhanjiang Biomass Power Generation company has given full play to the social benefits of "benefiting thepeople and benefiting farmers", put forward a real and feasible fuel purchase and sale plan to its helped villagesand towns in combination with the actual situation of the company's rural revitalization station, defined thebiomass fuel suppliers to purchase the agricultural and forestry biomass fuels for its helped villages and towns,and increased the employment and income of farmers in the villages and towns. At the same time, it senttechnicians to provide technical guidance on the processing and storage of biomass fuels in the helped villagesand towns for many times, so as to improve farmers' operating skills and work efficiency.6. Dabu Power Plant helped Huilai Jinghai TownIn order to well ensure assisting villages and towns, Dapu Power Generation company selected Mr. Guo Jie, theDeputy General Manager of the company, as the first secretary in village and a member of the assistance workteam in town, to actively promote rural revitalization in Jinghai Town, Huilai County, Jieyang City. On theGuangdong Poverty Alleviation Day in 2023, the company actively carried out an activity to help ruralrevitalization, and raised a total of RMB 61,200 to support rural revitalization.Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 347. Shaoguan Power Plant helped Ruyuan Dongping TownIn the first half of 2023, Shaoguan Power Generation company actively promoted the development of localindustries in Dongping Town and assisted the local introduction of Chinese herbal medicines; extended the teaindustry chain and built a new tea processing factory; increased the investment in ginger industry and built aginger brand. At the same time, the company's trade union actively carried out consumer assistanceprocurement activities to broaden the sales of local agricultural and sideline products and increase farmers'income. Up to now, the total expenses on assistance have reached more than RMB 75,000, effectively solvingthe problem of increasing farmers' income and laying a solid foundation for the industrial revitalization ofDongping Town.Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 35VI. Important EventsI. The fulfilled commitments in the reporting period and under-fulfillment commitments by the end ofthe reporting period made by the company, shareholder, actual controller, acquirer, director, supervisor,senior management personnel and other related parities.□ Applicable √Not applicableThere is no commitment that has not been fulfilled by actual controller, shareholders, related parties, acquirersof the companyII. Particulars about the non-operating occupation of funds by the controlling shareholder□ Applicable √ Not applicableNoneIII. Illegal provision of guarantees for external parties□ Applicable √ Not applicableNoneIV. Engagement and disengagement of CPAs firmWhether the semi-annual financial report has been audited□ Yes √ NoThe semi-annual financial report of the company has not been auditedV. Notes for “non-standard audit report” of CPAs firm during the Reporting Period by board ofdirectors and supervisory board□ Applicable √ Not applicableVI. Notes for the related information of “non-standard audit reports” last year by board of directors□ Applicable √ Not applicableVII. Bankruptcy and restructuring□ Applicable √ Not applicableNo such cases in the reporting period.Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 36VIII. Litigations and arbitrationsSignificant litigations and arbitrations□ Applicable √ Not applicableNo such cases in the reporting period.Other lawsuits□ Applicable √ Not applicableIX. Punishments and rectifications□ Applicable √ Not applicableX. Credit conditions of the company as well as its controlling shareholder and actual controller□ Applicable √ Not applicableXI.Material related transactions1. Related transactions in connection with daily operation□ Applicable √ Not applicablePlease refer to "7. Other significant related party transactions" for the related transactions related to the dailyoperation of the company during the reporting period.2. Related-party transactions arising from asset acquisition or sold□Applicable √ Not applicableNo such cases in the reporting period.3. Related-party transitions with joint investments□Applicable √ Not applicableNo such cases in the reporting period.4. Credits and liabilities with related parties□Applicable √ Not applicableNo such cases in the reporting period.5. Transactions with related finance company, especially one that is controlled by the company√ Applicable □Not applicableDeposit businessGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 37Related party Relationship Maximumdaily depositlimitd（Tenthousandyuan）Depositinterest raterangeBeginningbalance（Tenthousandyuan）The amount incurredEndingbalance（Tenthousandyuan）Total depositamount ofthe currentperiod（Tenthousandyuan）Total amountwithdrawn inthe currentperiod（Tenthousandyuan）GuangdongEnergy GroupCo., Ltd.Controlled byGuangdongEnergyGroup1,300,0000.2%-0.25% 874,0625,961,5345,906,505929,091Loan businessRelated party RelationshipLoanlimit（Tenthousandyuan）Loant interestrate rangeBeginningbalance（Tenthousandyuan）The amount incurredEndingbalance（Tenthousandyuan）Total loanamount forthe currentperiod（Tenthousandyuan）Totalrepaymentamount ofthis period（Tenthousandyuan）GuangdongEnergy GroupCo., Ltd.Controlled byGuangdongEnergy Group3,700,0002.65%-4.06% 990,809488,980482,111997,678Credit extension or other financial servicesRelated party Relationship BusinesstypeTotal amount（Tenthousand yuan）Actual amount incurred（Ten thousandyuan）Guangdong Energy Group Co.,Ltd.Controlled by GuangdongEnergy Group Credit 3,700,000997,6786. Transactions with related finance company controlled by the company□ Applicable √ Not applicableNo such cases in the reporting period.7. Other significant related-party transactions√ Applicable □Not applicable(1) In order to improve the efficiency of capital use, the 12th meeting of the Tenth Board of Directors of thecompany deliberated on February 20,2023, and agreed that Guangdong Yudean Bohe Energy Co., Ltd. wouldreduce the capital of the phase I power plant project and the wharf project by no more than RMB 3.103 billion,and by reduction in capital contribution of the same proportion for shareholders.（2）2023 daily related transactions were carried out after examination and approval by 2023 first provisionalshareholders' general meeting. Refer to (5) Related transactions of XII. Relationship between related parties andthe transactions between them of the Financial Report of this report for details.（3）On February 20,2023, the 12th meeting of the Tenth Board of Directors of the company deliberated andpassed the Proposal on Daily Related Transactions between the company and Guangdong Energy Group Co.,Ltd., the Proposal on Signing the "Financial Services Framework Agreement" with Guangdong Energy GroupFinance Co., Ltd. and the Proposal on Signing the "Financial Leasing Cooperation Framework Agreement" withGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 38Guangdong Energy Finance Leasing Co., Ltd., and the above related transactions were deliberated and passedby the first extraordinary general meeting of shareholders in 2023.（4）In order to improve the power supply guarantee capacity, increase the scale of advanced clean coal-firedpower and promote the company's sustainable development, the first communication meeting of the TenthBoard of Directors of the company in 2023 deliberated and passed the Proposal on Investment in the ExpansionProject of Units 5 and 6 (2×1000MW) in Shanwei Power Plant Phase II on March 15,2023, and agreed thatGuangdong Red Bay Power Generation Co., Ltd. would invest in the expansion project of Units 5 and 6 inShanwei Power Plant Phase II. The construction scale of the project is two 1 million kilowatt ultra-supercriticalsecondary reheat coal-fired power units, with the total dynamic investment controlled within RMB 7,864.37million, and the capital is set at RMB 1,572.87 million according to 20% of the total dynamic investment. Thecompany needs to contribute about RMB 1,022.37 million according to the 65% equity ratio, and the funddemand other than capital is solved by bank financing.（5）In order to protect the interests of the company and its holding subsidiary Pinghai Power Plant, the 13thmeeting of the Tenth Board of Directors of the company deliberated and agreed on March 30,2023 that PinghaiPower Plant and Huizhou LNGCo., Ltd. would sign a compensation agreement, and Huizhou LNG companywould pay compensation of RMB 177,384,900 to Pinghai Power Plant.Website for temporary disclosure of the connected transactionAnnouncement Date of disclosure Website for disclosureAnnouncement on the related party transaction of Guangdong YudeanBohe Energy Co., Ltd reducing its capitalFebruary 22,2023 http//.Estimates announcement of the Daily Related Party Transactions of2023February 22,2023 http//.Announcement of Related Transactions on Signing of the FinancialServices Framework Agreement, Framework Agreement onFinancing Leasing Cooperation and Framework Agreement onCooperation in Insurance and Risk Management ServicesFebruary 22,2023 http//.Announcement of Resolutions of the First provisional shareholders'general meeting of 2023 March 10,2023 http//.Announcement on the investment and construction of Shanwei PowerPlant Unit 5 and Unit 6 (2×1000MW) expansion project namely therelated transactionMarch 16,2023 http//.Announcement on Related Party Transactions of The CompensationAgreement signed between Pinghai Power Plant and Huizhou LNGCo., Ltd.April 1,2023 http//.XII. Significant contracts and execution1.Entrustments, contracting and leasing（1）Entrustment√ Applicable □Not applicableStatement of Trusteeship Situation :According to the statement of Guangdong Energy Group on fulfilling relevant matters, and to avoid thehorizontal competition and fulfill the relevant commitment of the horizontal competition, the company signedStock Trusteeship Agreement with Guangdong Energy Group, wherein the shareholder's rights within thetrusteeship range, except the ownership, right of earning and right of disposition, will be trusted to the company,which is predicted to charge 245,000 yuan as trustee fee per year. See details at the " Related TransactionAnnouncement on Stock Trusteeship Agreement signed with Guangdong Yudean Group Co., Ltd." publishedby the company in China Securities Daily, Securities Times and on January 13,2018(Announcement No.2018-04);In the first half of 2023, the company confirmed a custody income of RMBGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 39 900,000.Gains/losses to the company from projects that reached over 10% in total profit of the company in reportingperiod□Applicable √ Not applicableNo gains or losses to the company from projects that reached over 10% in total profit of the company inreporting period(2) Contract□ Applicable √ Not applicableNo any contract for the company in the reporting period.(3) Lease□ Applicable √ Not applicableNoteAs the lessee, the company has incurred a rental fee of RMB 14,334,456 in this year.Project which generates profit or loss reaching over 10% of total profits of the company during the ReportingPeriod□ Applicable √ Not applicableThere were no leases with a 10% or greater impact on the company’s gross profit in the Reporting Period.2.Significant Guarantees√Applicable □ Not applicableIn RMB 10,000Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 40Guarantee of the company for the controlling subsidiaries (Exclude controlled subsidiaries)NameofthecompanyRelevantdisclosuredate/No. oftheguaranteedamountAmountofGuaranteeDate ofhappening(Date ofsigningagreement)Actualmount ofguaranteeGuaranteetypeGuaranty（Ifany） Counter-guarantee（If any） Guarantee termCompleteimplementationor notGuaranteeforassociatedparties(Yes orno)GuangdongEnergyGroupCo.,Ltd.October29,20 20 200,000November19,2020 194,736Guaranteeing of jointliabilities.NoGuangdong Yudean YangjiangOffshore wind power Co., Ltd.provides joint and several liabilityguarantee counter-guarantee23 years and 9 months No YesTotal amountof approvedexternalguarantee inthe reportperiod(A1)0Total actually amount ofexternal guarantee in thereport period(A2)-5,264Total amountof approvedexternalguarantee atthe end of thereportperiod(A3)425,459Total actually amount ofexternal guarantee at theend of the reportperiod(A4)194,736Guarantee of the company for its subsidiariesName ofthecompanyRelevantdisclosuredate/No. ofAmountofGuaranteeDate ofhappening(Date ofsigningagreement)Actualmount ofguaranteeGuarantee type Guaranty（If any） Counter-guarantee（If any） Guarantee termCompleteimplementationor notGuaranteeforassGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 41theguaranteedamountociatedparties(Yesorno)ZhanjiangWindPowerGenerationCo., Ltd.April29,200 9 18,572October9,20104,703 Guaranteeing of joint No No 18 years No NoGuangdongWindPowerGenerationCo., Ltd.August31,202 2 200,000September26,202260,000 Guaranteeing of joint No NoThe duration of eachissue of corporate bonds under the registration approval of Guangdong Wind Power Generation Co., Ltd. will end on the day that is two years after the latest due date of the corporate bond.No NoTotal of guarantee forsubsidiaries approvedin the period(B1)0 Total of actual guarantee for subsidiaries in theperiod (B2) 59,831Total of guarantee forsubsidiaries approvedat period-end(B3)441,536 Total of actual guarantee for subsidiaries atperiod-end(B4) 64,703Guarantee of the subsidiaries for the controlling subsidiariesNameofthecompanyRelevantdisclosuredate/No.oftheguaranteedamountAmountofGuaranteeDate ofhappening(Date ofsigningagreement)Actualmount ofguaranteeGuarantee typeGuaranty（Ifany） Counter-guarantee（If any） Guarantee termCompleteimplementationor notGuaranteeforassociatedparties(Yes orno)Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 42The company’s total guarantee(i.e.total of the first three main items)Totalguaranteequotaapprovedin thereportingperiod（A1+B1+C1）0Total amount of guarantee actuallyincurred in the reporting period（A2+B2+C2）54,567Totalguarantee quotaalreadyapproved at theend ofthereportingperiod（A3+B3+C3）866,995Total balance of the actual guarantee atthe end of the reporting period（A4+B4+C4）259,439The proportion of the total amount of actually guarantee in the net assets of thecompany (that is A4+B4+C4）% 12.26%Including：Amount of guarantees providedfor shareholders, the actualcontroller and their relatedparties (D)194,736Amount of debt guaranteesprovided directly or indirectlyfor entities with a liability-to-asset ratio over 70% (E)60,000Proportion of total amount of 0Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 43guarantee in net assets of thecompany exceed 50%（F）Total amount of the three kindsof guarantees above (D+E+F) 254,736Explanations on possiblybearing joint and severalliquidating responsibilities forundue guarantees (if any)NoExplanations on externalguarantee against regulatedprocedures (if any)NoGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 443. Finance management on commission□Applicable √ Not applicableNo such cases in the reporting period.4. Other significant contract□ Applicable √ Not applicableNo such cases in the reporting period.XIII. Explanation on other significant events□ Applicable √ Not applicableNo such cases in the reporting period.XIV. Significant event of subsidiary of the company□ Applicable √ Not applicableGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 45VII. Change of share capital and shareholding of Principal ShareholdersI. Changes in share capital1. Changes in share capitalIn sharesBefore the change Increase/decrease（+，-） After the ChangeAmount Proportion ShareallotmentBonussharesCapitalization of commonreserve fundOther Subtotal QuantityProportionI. Share with conditionalsubscription 1,897,963,28736.15% 1,0001,897,964,28736.15%1. State-owned shares2. State-owned legal personshares 1,893,374,51736.06% 01,893,374,51736.06%3.Other domestic shares 4,588,7700.09% 1,0004,589,7700.09%Of which：Domestic legalperson shares 3,535,7700.07% 03,535,7700.07%Domestic natural personshares 1,053,0000.02% 1,0001,054,0000.02%4.Foreign sharesOf which：Foreign legalperson sharesForeign natural person sharesII. Shares with unconditionalsubscription 3,352,320,69963.85% -1,0003,352,319,69963.85%1.Common shares in RMB 2,553,912,69948.64% -1,0002,553,911,69948.64%2.Foreign shares in domesticmarket 798,408,00015.21% 0798,408,00015.21%3.Foreign shares in foreignmarket4.OtherIII. Total of capital shares 5,250,283,986100% 05,250,283,986100%Reasons for share changed√ Applicable □ Not applicableIn March,2023, Mr. Wang Jin, the former chairman of the company, purchased 1,000 A shares of thecompany, and these A shares have been converted into executive lock-in shares, therefore the number ofrestricted shares of the company has correspondingly increased.Approval of Change of Shares□Applicable √Not applicableOwnership transfer of share changes□Applicable √Not applicableProgress on any share repurchase:□ Applicable √ Not applicableProgress on reducing the repurchased shares by means of centralized bidding:□ Applicable √ Not applicableInfluence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributableto common shareholders of company in latest year and period□ Applicable √ Not applicableOther information necessary to disclose for the company or need to disclosed under requirement from securityregulators□ Applicable √Not applicableGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 462. Change of shares with limited sales condition√ Applicable □ Not applicableIn SharesShareholderNumber ofrestrictedshares at thebeginningNumber ofrestrictedshares inincreased thisperiodNumber ofrestrictedshares releasedin this periodNumber ofrestrictedshares at theend of theperiodReasons forsales restrictionRelease date ofsales restrictionWang Jin 001,0001,000Executivelock-insharesSeptember2023Total 001,0001,000 -- --II. Securities issue and listing□ Applicable √Not applicableIII. Number of shareholders and shareholdingIn SharesTotal number of commonshareholders at the end of thereporting period101,889Total number of preferredshareholders that had restored the votingright at the end of the reporting period (ifany) (note 8)0Particulars about shares held above 5% by shareholders or top ten shareholdersShareholdersNature ofshareholderProportion ofsharesheld（%）Number ofshares held atperiod -endChanges inreportingperiodAmount ofrestrictedshares heldAmount of un-restrictedshares heldNumber ofsharepledged/frozenStateofshareAmountGuangdong Energy Group Co., Ltd.State-ownedlegalperson67.39% 3,538,037,18101,893,374,5171,644,662,664Guangzhou Development Group Co.,Ltd.State-ownedlegalperson2.22% 116,693,60200116,693,602Guangdong Electric PowerDevelopment CorporationState-ownedlegalperson1.80% 94,367,3410094,367,341ICBC－Bank of CommunicationsSchroders trend preferred hybridsecurities investment fundDomesticNon-Stateownedlegalperson0.94% 49,150,299 -1,443,100049,150,299Zheng JianxiangDomesticNaturalperson0.50% 26,234,5000026,234,500VANGUARDTOTALINTERNATIONALSTOCKINDEXFUNDOverseasLegalperson0.30% 15,855,5120015,855,512HKSCCOverseasLegalperson0.29% 15,306,3334,672,711015,306,333Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 47CHINAINTERNATIONALCAPITALCORPORATIONHONGKONGSECURITIESLTDOverseasLegalperson0.29% 15,216,0660015,216,066Bank of Communications Co., Ltd－Yongying long-term value hybridsecurities investment fundDomesticNon-Stateownedlegalperson0.26% 13,556,67713,556,677013,556,677NOMURASINGAPORELIMITEDOverseasLegalperson0.24% 12,599,8430012,599,843Strategy investors or general legalperson becomes top 10 shareholdersdue to rights issued (if applicable)（See Notes 3）Not applicableExplanation on associatedrelationship among the aforesaidshareholdersThe Third largest shareholder Guangdong Electric Power Development Corporation is thewholly-owned subsidiaries of the largest shareholder Energy Group. These two companieshave relationships; whether the other shareholders have relationships or unanimous actingwas unknownAbove shareholders entrusting orentrusted with voting rights, orwaiving voting rightsNot applicableTop 10 shareholders including thespecial account for repurchase (ifany) (see note 10)Not applicableShareholding of top 10 shareholders of unrestricted sharesName of the shareholderQuantity of unrestrictedshares held at the end ofthe reporting periodShare typeShare type QuantityGuangdong Energy Group Co., Ltd.1,644,662,664 RMBCommonshares 1,644,662,664Guangzhou Development Group Co., Ltd.116,693,602 RMBCommonshares 116,693,602Guangdong Electric Power Development Corporation 94,367,341 RMBCommonshares 94,367,341ICBC－Bank of Communications Schroders trend preferredhybrid securities investment fund49,150,299 RMBCommonshares 49,150,299Zheng Jianxiang 26,234,500Foreign sharesplaced in domesticexchange26,234,500VANGUARDTOTALINTERNATIONALSTOCKINDEXFUND15,855,512Foreign sharesplaced in domesticexchange15,855,512HKSCC 15,306,333 RMBCommonshares 15,306,333CHINAINTERNATIONALCAPITALCORPORATIONHONGKONGSECURITIESLTD15,216,066Foreign sharesplaced in domesticexchange15,216,066Bank of Communications Co., Ltd－Yongying long-termvalue hybrid securities investment fund13,556,677 RMBCommonshares 13,556,677NOMURASINGAPORELIMITED 12,599,843Foreign sharesplaced in domesticexchange12,599,843Explanation on associated relationship or consistent actionamong the top 10 shareholders of non-restricted negotiableshares and that between the top 10 shareholders of non-restricted negotiable shares and top 10 shareholdersThe Third largest shareholder Guangdong Electric PowerDevelopment Corporation is the wholly-owned subsidiaries of thelargest shareholder Energy Group. These two companies haverelationships; whether the other shareholders have relationships orunanimous acting was unknown.Explanation on shareholders participating in the margintrading business(if any )(See Notes 4) Not applicableWhether top ten common shareholders or top ten common shareholders with un-restrict shares held have a buy-Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 48back agreement dealing in reporting period.□ Yes √ NoThe top ten common shareholders or top ten common shareholders with un-restrict shares held of the companyhave no buy –back agreement dealing in reporting period.IV. Changes in shareholdings of directors, supervisors and executive officersApplicable□ Not applicableName PositionEmployment statusNumberof sharesheld atthebeginningof theperiod(shares)Numberof sharesincreasedin thisperiod(shares)Numberof sharesreducedin thisperiod(shares)Numberof sharesheld atthe end ofthe period(shares)Numberofrestrictedsharesgranted atthebeginningof theperiod(shares)Numberofrestrictedsharesgranted inthisperiod(shares)Numberofrestrictedsharesgranted atthe end ofthe period(shares)Wang Jin Chairman Dimission 01,00001,000000Total -- -- 01,00001,000000V. Change of the controlling shareholder or the actual controllerChange of the controlling shareholder in the reporting period□ Applicable √ Not ApplicableThere was no any change of the controlling shareholder of the company in the reporting period.Change of the actual controller in the reporting period□ Applicable √ Not applicableThere was no any change of the actual controller of the company in the reporting period.Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 49VIII. Situation of the Preferred Shares□Applicable √Not applicableThe company had no preferred shares in the reporting periodGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 50IX. Corporate Bond√ Applicable □ Not applicableI. Enterprise bond□ Applicable √ Not applicableNo such cases in the reporting period.II. Corporate bond√ Applicable □ Not applicableI. Basic information of corporate bondsIn RMB 10,000Bond name Bond shortname Bond code Issue day Value date Due day Bond balanceInterestrate Servicing way TradingPublic Issuance of CorporateBonds to Qualified Investors in2020 (Phase I) of GuandongElectric Power DevelopmentCo.,Ltd.20 Yudean01149113.SZApril 29,2020 April 29,2020 April 29,202302.45%Using simple interest rate on ayearly basis, regardless ofcompound interest. Duepayments once a year, maturingdebt at a time. In the finalphase, interest is paid togetherwith the principal redemption.ShenzhenStockExchangePublic Issuance of CorporateBonds to Qualified Investors in2021 (Phase I) of GuandongElectric Power DevelopmentCo.,Ltd.21 Yudean01149369.SZJanuary 27,2021 January 27,2021 January 27,2024100,0003.57%Using simple interest rate on ayearly basis, regardless ofcompound interest. Duepayments once a year, maturingdebt at a time. In the finalphase, interest is paid togetherwith the principal redemption.ShenzhenStockExchangePublic Issuance of CorporateBonds to Qualified Investors in2021 (Phase II) of GuandongElectric Power Development21Yudean02149418.SZApril 28,2021 April 28,2021 April 28,2026150,0003.50%Using simple interest rate on ayearly basis, regardless ofcompound interest. Duepayments once a year, maturingShenzhenStockExchangeGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 51Co.,Ltd. debt at a time. In the finalphase, interest is paid togetherwith the principal redemption.Public Issuance of CorporateBonds to Professional Investorsin 2021 (Phase I) of GuandongElectric Power DevelopmentCo.,Ltd.21Yedean03149711.SZNovember 24,2021 November 24,2021 November 24,202680,0003.41%Using simple interest rate on ayearly basis, regardless ofcompound interest. Duepayments once a year, maturingdebt at a time. In the finalphase, interest is paid togetherwith the principal redemption.ShenzhenStockExchangePublic Issuance of CorporateBonds to Professional Investorsin 2021 (Phase I) of GuandongHuizhou Pinghai PowerGeneration Co.,Ltd.21Pinghai01188197.SHJune 4,2021 June 4,2021 June 5,202303.57%Using simple interest rate on ayearly basis, regardless ofcompound interest. Duepayments once a year, maturingdebt at a time. In the finalphase, interest is paid togetherwith the principal redemption.ShanghaiStockexchangePublic Issuance of GreenCorporate Bonds toprofessional Investors in2023(phase I)(Variety 2) ofGuangdong Wind PowerGeneration Co., Ltd.G23Yuefeng 2115042.SHMarch 21,2023 March 21,2023 March 21,202860,0003.15%Using simple interest rate on ayearly basis, regardless ofcompound interest. Duepayments once a year, maturingdebt at a time. In the finalphase, interest is paid togetherwith the principal redemption.上海证券交易所During the reporting period, interest payment situationof the company bonds（If any） 20 Yudean 01,21 Yudean 01,21 Yudean 02,21 Yudean 03,21 Pinghai 01 and G23 Yuefeng 2 are bonds for professional investors.Applicable trading mechanism Matching transaction, click transaction, inquiry transaction, bidding transaction, negotiation transactionWhether there are risks and countermeasures for terminating listing transactions（If any) NoOverdue and outstanding bonds□ Applicable √ Not applicableGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 522. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor√ Applicable □ Not applicable1. Some bonds of the company have option clauses, as follows:Bond codes: 149113.SZ and 149418.SZBond abbreviation: 20 Yudean 01,21 Yudean 02, G23 Yuefeng 2Types of terms included in bonds: adjustment of coupon rate option and resale optionTrigger and implementation of option clause: During the reporting period,20 Yudean 01 triggered the optionclause. From March 28,2023 to March 30,2023, the company issued three suggestive announcements on theimplementation measures of coupon rate non-adjustment and investors' resale. After the company issued theannouncement of coupon rate non-adjustment, investors exercised the resale option, and the registered scale ofresale was RMB 1 billion. After the resale, the balance of 20 Yudean 01 was RMB 0.00 billion, and 20 Yudean01 was not resold. During the reporting period,21 Yudean 02 and G23 Yuefeng 2 did not reach the exerciseperiod and thus did not trigger the option clause.2. Some bonds of the company have investor protection clauses, as follows:Bond code: 149711.SZBond abbreviation: 21 Yudean 03Types of terms included in bonds: the issuer's commitment to debt repayment safeguards and remedies fornegative mattersTrigger and implementation of investor protection clauses: The trigger and implementation of investorprotection clauses were not involved in the reporting period.3.Adjustment of credit rating results during the reporting period□ Applicable √ Not applicable4. The implementation and changes of guarantee, debt repayment plan and other debt repaymentguarantee measures during the reporting period and their impact on the rights and interests of bondinvestors√ Applicable □ Not applicable(1). Credit enhancement mechanism: 20 Yudean 01,21 Yudean 01,21 Yudean 02,21 Yudean 03 and 21 Pinghaicompany 01 bonds are not guaranteed.G23 Yuefeng 2 set up credit enhancement measures, and GuangdongElectric Power Development Co., Ltd. provided full and unconditional irrevocable joint liability guarantee.(2). Debt repayment plan and other debt repayment guarantee measures: 20 Yudean 01,21 Yudean 01,21 Yudean02,21 Yudean 03,21 Pinghai 01 and G3 Yuefeng 2 debt repayment plans and other debt repayment guaranteemeasures have not changed during the reporting period, and the payment of their principal and interest will behandled by the bond registration institution and relevant institutions. The specific matters of payment will beelaborated in the announcement disclosed by the issuer in the media specified by China Securities RegulatoryCommission, Shenzhen Stock Exchange, Shanghai Stock Exchange and China Securities Industry Association inaccordance with relevant regulations.Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 53III. Debt financing instruments of non-financial enterprises√ Applicable □ Not applicable1. Debt financing instruments of non-financial enterprisesIn RMB10,000Bond name Bond shortname Bond code Issue day Value date Due day Bond balanceInterestrate Servicing way Trading2021 MTN (Phase I) ofGuangdong Electric PowerDevelopment Co., Ltd.21YudeanFa MTN001102101339.IBJuly 19,2021 July 21,2021 July 21,2024120,0003.17%Using simple interest rate on a yearlybasis, regardless of compound interest.Due payments once a year, maturingdebt at a time. In the final phase,interest is paid together with theprincipal redemption.Interbankmarket2021 MTN (Phase II) ofGuangdong Electric PowerDevelopment Co., Ltd.21YudeanFa MTN002102102318.IBNovember15,2021November17,2021November17,2024 220,0003.13%Using simple interest rate on a yearlybasis, regardless of compound interest.Due payments once a year, maturingdebt at a time. In the final phase,interest is paid together with theprincipal redemption.Interbankmarket2022 MTN (Phase I) ofGuangdong Electric PowerDevelopment Co., Ltd.22YudeanFa MTN001102281929.IBAugust 24,2022 August 26,2022August26,2027 60,0002.90%Using simple interest rate on a yearlybasis, regardless of compound interest.Due payments once a year, maturingdebt at a time. In the final phase,interest is paid together with theprincipal redemption.Interbankmarket2023 MTN (Phase I) ofGuangdong Electric PowerDevelopment Co., Ltd.23YudeanFa MTN001102380558.IBMarch 15,2023 March 17,2023 March 17,2028160,0003.35%Using simple interest rate on a yearlybasis, regardless of compound interest.Due payments once a year, maturingdebt at a time. In the final phase,interest is paid together with theprincipal redemption.InterbankmarketGuangdong Electric PowerDevelopment Co., Ltd. Co.,Ltd.2022 III phase Ultra-shortterm financing bills22YudeanFa SCP001012284265.IBDecember9,2022December12,2022June 7,202302.34%One time repayment of principal andinterest dueInterbankmarketGuangdong Electric PowerDevelopment Co., Ltd. Co.,22YudeanFa SCP001012284408.IBDecember22,2022December23,2022March 23,202302.52%One time repayment of principal andinterest dueInterbankmarketGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 54Ltd.2022 IV phase Ultra-shortterm financing billsGuangdong Electric PowerDevelopment Co., Ltd. Co.,Ltd.2023 I phase Ultra-short termfinancing bills23 YudeanFa SCP004012382809.IBJuly 25,2023 July 26,2023January19,2024 100,0002.13%One time repayment of principal andinterest dueInterbankmarketMTN (Phase I) (Sustainablelingged)of Guangdong PinghaiPower Generation Plant Co.,Ltd.of 202121 PinghaiFa MTN001102102049.IBOctober 15,2021 October 15,2021October15,2024 30,0003.72%Using simple interest rate on a yearlybasis, regardless of compound interest.Due payments once a year, maturingdebt at a time. In the final phase,interest is paid together with theprincipal redemption.InterbankmarketDuring the reporting period, interest payment situation of the company bonds（If any） NoApplicable trading mechanismCirculation and transfer in the national inter-bank bond market, its listing and circulation willbe carried out in accordance with the relevant regulations promulgate d by the NationalInterbank Funding CenterWhether there are risks and countermeasures for terminating listing transactions（If any) NoGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 55Overdue and unpaid bonds□ Applicable √ Not applicable2. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor□ Applicable √ Not applicable3.Adjustment of credit rating results during the reporting period□ Applicable √ Not applicable4 The implementation and changes of guarantee, debt repayment plan and other debt repaymentguarantee measures during the reporting period and their impact on the rights and interests of bondinvestors√ Applicable □ Not applicable1.21Yudeanfa MTN001,21Yudeanfa MTN002,22 Yudeanfa MTN001,23 Yudeanfa MTN001,22 YudeanfaSCP003,22 Yudeanfa SCP004,23 Yudeanfa SCP001 and 21 Pinghaifadian MTN001 are not guaranteed.2. The debt repayment plan of the above-mentioned debt financing instruments and other debt repaymentguarantee measures of the company have not changed during the reporting period.IV. Convertible bond□ Applicable √ Not applicableNo such cases in the reporting period.V. The loss within the scope of consolidated statements in the reporting period exceeded 10% of the netassets at the end of the previous year□ Applicable √ Not applicableVI. Main accounting data and financial indicators of the company in recent two years by the end of thereporting periodIn RMB10,000At the end of the reportingperiod At the end of last yearAt the same time rate ofchangeCurrent ratio 0.650.616.56%Debt ratio 79.68% 78.09% 1.59%Quick ratio 0.540.508%Amount of this period Amount of last period At the same time rate ofchangeNet profit after deductingnon-recurring profit and loss 116,044 -215,202153.92%EBITDA total debt ratio 5% 1.30% 3.70%Time interest earned ratio 2.06 -1.02301.96%Cash interest guarantee times 2.741.4391.61%EBITDATime interest earnedratio 4.121.01307.92%Repayment of debt (%) 100% 100% 0%Payment of interest (%) 100% 100% 0%Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 56X. Financial ReportI. Audit reportHas this semi-annual report been audited□ Yes √ NoThe semi-annual financial report has not been audited.II. Financial statementsCurrency unit for the statements in the notes to these financial statements: RMB1. Consolidated balance sheetPrepared by：Guangdong Electric Power Development Co., Ltd.In RMBItems June 30,2023 January 1,2023Current asset：Monetary fund 11,460,379,57711,503,523,618Settlement provisionOutgoing call loanTransactional financial assetsDerivative financial assetsNotes receivable 02,644,300Account receivable 9,558,894,8287,578,636,244Financing of receivablesPrepayments 1,228,183,9651,534,982,252Insurance receivableReinsurance receivableProvisions of Reinsurance contractsreceivableOther account receivable 883,366,006934,784,152Including：Interest receivableDividend receivable 63,000,0000Repurchasing of financial assetsInventories 3,802,053,8133,376,868,100Contract assets 2,734,3464,910,263Assets held for salesNon-current asset due within 1 yearOther current asset 1,178,237,288875,605,805Total of current assets 28,113,849,82325,811,954,734Non-current assets：Loans and payment on other’s behalfdisbursedCreditor's right investmentOther investment on bondsLong-term receivableLong term share equity investment 9,605,680,5689,198,053,183Other equity instruments investment 2,876,076,2883,058,071,054Other non-current financial assetsProperty investment 360,857,662365,285,301Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 57Fixed assets 60,196,257,90862,400,175,057Construction in progress 20,885,138,48211,768,828,161Production physical assetsOil & gas assetsUse right assets 7,878,833,0057,352,044,966Intangible assets 3,400,937,3543,346,735,496Development expensesGoodwill 128,097,553128,097,553Long-germ expenses to be amortized 90,035,118109,485,746Deferred income tax asset 1,456,242,5341,478,552,898Other non-current asset 8,020,757,4506,606,518,552Total of non-current assets 114,898,913,922105,811,847,967Total of assets 143,012,763,745131,623,802,701Current liabilitiesShort-term loans 19,934,368,07516,261,444,860Loan from Central BankBorrowing fundsTransactional financial liabilitiesDerivative financial liabilitiesNotes payable 527,784,0411,495,778,076Account payable 6,415,882,3875,938,254,013Advance receipts 177,384,900Contract liabilities 5,882,3844,960,974Selling of repurchased financial assetsDeposit taking and interbank depositEntrusted trading of securitiesEntrusted selling of securitiesEmployees’ wage payable 674,865,470447,421,417Tax payable 547,959,808302,484,915Other account payable 9,533,190,4299,403,658,031Including：Interest payableDividend payable 9,771,32228,324,843Fees and commissions payableReinsurance fee payableLiabilities held for salesNon-current liability due within 1 year 4,608,565,3633,975,249,970Other current liability 736,111,2504,174,850,374Total of current liability 43,161,994,10742,004,102,630Non-current liabilities：Reserve fund for insurance contractsLong-term loan 52,742,165,79542,860,932,628Bond payable 8,794,096,1759,094,489,909Including：preferred stockSustainable debtLease liability 7,617,307,1006,870,820,017Long-term payable 516,662,974666,297,028Long-term remuneration payable to staff 401,840,324429,265,269Expected liabilitiesDeferred income 135,006,557142,292,215Deferred income tax liability 533,414,068584,586,563Other non-current liabilities 51,028,167129,428,167Total non-current liabilities 70,791,521,16060,778,111,796Total of liability 113,953,515,267102,782,214,426Owners’ equityShare capital 5,250,283,9865,250,283,986Other equity instrumentsGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 58Including：preferred stockSustainable debtCapital reserves 4,253,434,8394,257,046,505Less：Shares in stockOther comprehensive income 1,507,857,9241,629,837,957Special reserve 72,720,957520,379Surplus reserves 8,903,515,1358,903,515,135Common risk provisionRetained profit 1,165,628,290309,089,657Total of owner’s equity belong to theparent company 21,153,441,13120,350,293,619Minority shareholders’ equity 7,905,807,3478,491,294,656Total of owners’ equity 29,059,248,47828,841,588,275Total of liabilities and owners’ equity 143,012,763,745131,623,802,701Legal representative：Zheng YunpengnPerson-in-charge of the accounting work：Liu WeiPerson-in -charge of the accounting organ：Meng Fei2.Parent Company Balance SheetIn RMBItems June 30,2023 January 1,2023Current asset：Monetary fund 553,451,238879,381,053Transactional financial assetsDerivative financial assetsNotes receivableAccount receivable 167,605,261191,716,383Financing of receivablesPrepayments 26,550,35626,568,272Other account receivable 190,190,441568,099,765Including：Interest receivableDividend receivable 63,000,000Inventories 219,221,84685,079,898Contract assetsAssets held for salesNon-current asset due within 1 yearOther current asset 6,913,5571,198,615Total of current assets 1,163,932,6991,752,043,986Non-current assets：Debt investmentOther investment on bondsLong-term receivable 1,220,000,0001,160,000,000Long term share equity investment 41,741,067,75441,709,796,167Other equity instruments investment 2,875,276,2883,057,271,054Other non-current financial assetsProperty investment 4,800,8515,118,650Fixed assets 297,935,932340,983,004Construction in progress 1,052,7861,052,786Production physical assetsOil & gas assetsUse right assets 3,375,7096,443,720Intangible assets 75,199,68577,808,432Development expensesGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 59GoodwillLong-germ expenses to be amortized 1,207,4921,595,480Deferred income tax assetOther non-current asset 136,500,000218,100,000Total of non-current assets 46,356,416,49746,578,169,293Total of assets 47,520,349,19648,330,213,279Current liabilitiesShort-term loans 5,240,948,2903,522,986,272Transactional financial liabilitiesDerivative financial liabilitiesNotes payableAccount payable 143,136,149169,028,547Advance receiptsContract LiabilitiesEmployees’ wage payable 134,780,493115,457,391Tax payable 533,11817,655,588Other account payable 49,716,67960,615,999Including：Interest payableDividend payable 09,771,322Liabilities held for salesNon-current liability due within 1 year 1,752,394,671751,166,231Other current liability 19,280,9913,525,551,274Total of current liability 7,340,790,3918,162,461,302Non-current liabilities：Long-term loan 4,801,000,0004,498,800,000Bond payable 7,894,990,2688,794,981,607Including：preferred stockSustainable debtLease liability 388,148610,527Long-term payableLong-term remuneration payable to staff 76,074,60376,074,603Expected liabilitiesDeferred income 9,996,2029,996,202Deferred income tax liability 474,943,496520,442,187Other non-current liabilitiesTotal non-current liabilities 13,257,392,71713,900,905,126Total of liability 20,598,183,10822,063,366,428Owners’ equityShare capital 5,250,283,9865,250,283,986Other equity instrumentsIncluding：preferred stockSustainable debtCapital reserves 4,834,675,7724,834,675,772Less：Shares in stockOther comprehensive income 1,513,097,1361,640,520,684Special reserveSurplus reserves 8,903,515,1358,903,515,135Retained profit 6,420,594,0595,637,851,274Total of owners’ equity 26,922,166,08826,266,846,851Total of liabilities and owners’ equity 47,520,349,19648,330,213,2793.Consolidated Income statementIn RMBItems The first half year of 2023 The first half year of 2022Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 60I. Income from the key business 28,340,840,88422,611,239,733Incl：Business income 28,340,840,88422,611,239,733Interest incomeInsurance fee earnedFee and commission receivedII. Total business cost 27,463,198,02025,527,998,725Incl：Business cost 25,157,909,55723,114,184,606Interest expenseFee and commission paidInsurance discharge paymentNet claim amount paidNet amount of withdrawal of insurancecontract reserveInsurance policy dividend paidReinsurance expensesBusiness tax and surcharge 102,835,98572,015,381Sales expense 35,592,37730,460,050Administrative expense 553,789,310477,955,874R & D costs 466,613,651752,324,970Financial expenses 1,146,457,1401,081,057,844Including：Interest expense 1,192,393,9831,135,329,167Interest income 53,610,04766,355,499Add: Other income 26,146,14735,193,072Investment gain（“-”for loss） 636,141,107589,691,504Incl: investment gains from affiliates 518,414,902498,927,895Financial assets measured at amortizedcost cease to be recognized as incomeGains from currency exchangeNet exposure hedging incomeChanging income of fair valueCredit impairment loss -567,7351,728,699Impairment loss of assets -5,052,018Assets disposal income -1,988,90231,707,133III. Operational profit（“-”for loss） 1,532,321,463 -2,258,438,584Add：Non-operational income 20,730,3398,866,265Less: Non-operating expense 16,425,08719,957,360IV. Total profit(“-”for loss) 1,536,626,715 -2,269,529,679Less：Income tax expenses 365,380,562 -151,269,999V. Net profit 1,171,246,153 -2,118,259,680(I) Classification by businesscontinuity1.Net continuing operating profit 1,171,246,153 -2,118,259,6802.Termination of operating net profit(II) Classification by ownership1.Net profit attributable to the owners ofparent company 856,538,633 -1,371,743,9042.Minority shareholders’ equity 314,707,520 -746,515,776VI. Net after-tax of other comprehensiveincome -121,980,03384,349,552Net of profit of other comprehensive income attributable to owners of the parentcompany.-121,980,03384,349,552（I）Other comprehensive income itemsthat will not be reclassified intogains/losses in the subsequent accountingperiod-121,980,03384,349,5521.Re-measurement of defined benefit plans ofGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 61changes in net debt or net assets2.Other comprehensive income under theequity method investee can not be reclassified into profit or loss.14,516,04103. Changes in the fair value ofinvestments in other equity instruments -136,496,07484,349,5524. Changes in the fair value of thecompany’s credit risks5.Other（II）Other comprehensive income that will bereclassified into profit or loss.1.Other comprehensive income under theequity method investee can be reclassified into profit or loss.2. Changes in the fair value ofinvestments in other debt obligations3. Other comprehensive income arisingfrom the reclassification of financialassets4.Allowance for credit impairments ininvestments in other debt obligations5. Reserve for cash flow hedges6.Translation differences in currency financial statements7.OtherNet of profit of other comprehensive income attributable to Minorityshareholders’ equityVII. Total comprehensive income 1,049,266,120 -2,033,910,128Total comprehensive income attributableto the owner of the parent company 734,558,600 -1,287,394,352Total comprehensive incomeattributable minority shareholders 314,707,520 -746,515,776VIII. Earnings per share（I）Basic earnings per share 0.1631 -0.2613(II)Diluted earnings per share 0.1631 -0.2613Legal representative：Zheng YunpengPerson-in-charge of the accounting work：Liu WeiPerson-in -charge of the accounting organ：Meng Fei4. Income statement of the Parent CompanyIn RMBItems The first half year of 2023 The first half year of 2022I. Income from the key business 778,009,618549,224,797Incl：Business cost 796,227,119798,118,470Business tax and surcharge 1,587,0791,314,970Sales expense 1,083,0861,181,738Administrative expense 61,472,57154,984,849R & D expense 13,701,30313,572,929Financial expenses 316,774,799180,748,898Including：Interest expenses 318,584,536182,898,115Interest income 3,854,8943,986,671Add：Other income 933,974496,298Investment gain（“-”for loss） 1,194,924,087652,477,745Including: investment gains from affiliates 473,105,895450,257,095Financial assets measured at amortized cost cease to beGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 62recognized as incomeNet exposure hedging incomeChanging income of fair valueCredit impairment loss -58,935 -59,342Impairment loss of assetsAssets disposal incomeII. Operational profit（“-”for loss） 782,962,787152,217,644Add：Non-operational income 108,4061,763,961Less：Non -operational expenses 328,40865,307III. Total profit(“-”for loss) 782,742,785153,916,298Less：Income tax expensesIV. Net profit 782,742,785153,916,2981.Net continuing operating profit 782,742,785153,916,2982.Termination of operating net profitV. Net after-tax of other comprehensive income -127,423,548 -93,817,727（I）Other comprehensive income items that will not bereclassified into gains/losses in the subsequent accountingperiod-127,423,548 -93,817,7271.Re-measurement of defined benefit plans of changes in net debt or net assets2.Other comprehensive income under the equity method investee can not be reclassified into profit or loss.9,072,5263. Changes in the fair value of investments in other equityinstruments -136,496,074 -93,817,7274. Changes in the fair value of the company’s credit risks5.Other(II)Other comprehensive income that will be reclassified into profit or loss1.Other comprehensive income under the equity method investee can be reclassified into profit or loss.2. Changes in the fair value of investments in other debtobligations3. Other comprehensive income arising from thereclassification of financial assets4.Allowance for credit impairments in investments inother debt obligations5. Reserve for cash flow hedges6.Translation differences in currency financial statements7.OtherVI. Total comprehensive income 655,319,23760,098,571VII. Earnings per share（I）Basic earnings per share 0.14910.0293(II)Diluted earnings per share 0.14910.02935. Consolidated Cash flow statementIn RMBItems The first half year of 2022 The first half year of 2021I.Cash flows from operating activitiesCash received from sales of goods or rending of services 29,849,801,75525,418,678,331Net increase of customer deposits and capital kept forbrother companyNet increase of loans from central bankNet increase of inter-bank loans from other financial bodiesCash received against original insurance contractNet cash received from reinsurance businessGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 63Net increase of client deposit and investmentCash received from interest, commission charge andcommissionNet increase of inter-bank fund receivedNet increase of repurchasing businessNet cash received by agent in securities tradingTax returned 126,494,0261,779,253,397Other cash received from business operation 232,786,939264,049,592Sub-total of cash inflow 30,209,082,72027,461,981,320Cash paid for purchasing of merchandise and services 24,754,414,59525,271,904,394Net increase of client trade and advanceNet increase of savings in central bank and brother companyCash paid for original contract claimNet increase in financial assets held for trading purposesNet increase for Outgoing call loanCash paid for interest, processing fee and commissionCash paid to staffs or paid for staffs 1,195,727,7671,089,329,670Taxes paid 917,215,517692,608,470Other cash paid for business activities 621,354,825616,497,296Sub-total of cash outflow from business activities 27,488,712,70427,670,339,830Net cash generated from /used in operating activities 2,720,370,016 -208,358,510II. Cash flow generated by investingCash received from investment retrieving 0623,034Cash received as investment gains 234,329,364240,403,213Net cash retrieved from disposal of fixed assets, intangibleassets, and other long-term assets 180,038,1821,643,618,096Net cash received from disposal of subsidiaries or otheroperational unitsOther investment-related cash received 0300,000Sub-total of cash inflow due to investment activities 414,367,5461,884,944,343Cash paid for construction of fixed assets, intangible assetsand other long-term assets 9,792,986,7424,446,188,809Cash paid as investment 386,489,722346,822,910Net increase of loan against pledgeNet cash received from subsidiaries and other operationalunitsOther cash paid for investment activitiesSub-total of cash outflow due to investment activities 10,179,476,4644,793,011,719Net cash flow generated by investment -9,765,108,918 -2,908,067,376III.Cash flow generated by financingCash received as investment 105,993,820133,484,514Including: Cash received as investment from minorshareholders 105,993,820133,484,514Cash received as loans 30,489,894,29218,884,583,500Other financing –related cash receivedSub-total of cash inflow from financing activities 30,595,888,11219,018,068,014Cash to repay debts 20,776,673,22112,110,573,262Cash paid as dividend, profit, or interests 1,345,062,5171,025,673,784Including: Dividend and profit paid by subsidiaries to minorshareholders 80,892,22925,174,599Other cash paid for financing activities 1,468,279,61420,793,683Sub-total of cash outflow due to financing activities 23,590,015,35213,157,040,729Net cash flow generated by financing 7,005,872,7605,861,027,285IV. Influence of exchange rate alternation on cash and cashequivalents 370485V.Net increase of cash and cash equivalents -38,865,7722,744,601,884Add: balance of cash and cash equivalents at the beginningof term 11,433,808,5008,023,116,939VI ..Balance of cash and cash equivalents at the end of term 11,394,942,72810,767,718,823Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 646. Cash Flow Statement of the Parent CompanyIn RMBItems The first half year of 2023 The first half year of 2022I.Cash flows from operating activitiesCash received from sales of goods or rending of services 906,093,635664,254,583Tax returned 4,169,90825,152,420Other cash received from business operation 43,706,151566,054,241Sub-total of cash inflow 953,969,6941,255,461,244Cash paid for purchasing of merchandise and services 933,058,819799,187,397Cash paid to staffs or paid for staffs 125,818,320133,850,000Taxes paid 24,128,2938,275,389Other cash paid for business activities 58,329,630318,144,283Sub-total of cash outflow from business activities 1,141,335,0621,259,457,069Net cash generated from /used in operating activities -187,365,368 -3,995,825II. Cash flow generated by investingCash received from investment retrieving 2,716,018,959Cash received as investment gains 792,311,002301,487,457Net cash retrieved from disposal of fixed assets, intangible assets,and other long-term assets 7,54011,796,295Net cash received from disposal of subsidiaries or otheroperational unitsOther investment-related cash receivedSub-total of cash inflow due to investment activities 3,508,337,501313,283,752Cash paid for construction of fixed assets, intangible assets andother long-term assets 2,225,7233,607,272Cash paid as investment 1,943,373,129925,694,710Net cash received from subsidiaries and other operational unitsOther cash paid for investment activitiesSub-total of cash outflow due to investment activities 1,945,598,852929,301,982Net cash flow generated by investment 1,562,738,649 -616,018,230III. Cash flow generated by financingCash received as investmentCash received as loans 4,699,632,0003,539,536,458Other financing –related ash receivedSub-total of cash inflow from financing activities 4,699,632,0003,539,536,458Cash to repay debts 6,099,000,0001,800,000,000Cash paid as dividend, profit, or interests 298,701,528176,305,840Other cash paid for financing activities 3,087,3406,248Sub-total of cash outflow due to financing activities 6,400,788,8681,976,312,088Net cash flow generated by financing -1,701,156,8681,563,224,370IV. Influence of exchange rate alternation on cash and cashequivalents 370485V.Net increase of cash and cash equivalents -325,783,217943,210,800Add: balance of cash and cash equivalents at the beginning of term 875,157,652707,707,282VI ..Balance of cash and cash equivalents at the end of term 549,374,4351,650,918,082Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 657. Consolidated Statement on Change in Owners’ EquityAmount in this periodIn RMBItemsThe first half year of 2023Owner’s equity Attributable to the Parent CompanyMinorshareholders’ equityTotal ofowners’equityShareCapitalOther EquityinstrumentCapitalreservesLess:Shares instockOtherComprehensive IncomeSpecializedreserveSurplusreservesCommon riskprovisionRetainedprofitOther SubtotalPreferredstockSustainable debtOtherI.Balance at the end of last year 5,250,283,986 4,257,046,505 1,629,837,9 57 520,379 8,903,515,135 200,668,51 7 20,241,872,479 8,480,658,277 28,722,530,756Add: Change of accounting policy108,421,14 0 108,421,14 0 10,636,379 119,057,51 9Correcting of previous errorsMerger of entities under commoncontrolOtherII.Balance at the beginning of currentyear5,250,283,986 4,257,046,505 1,629,837,9 57 520,379 8,903,515,135 309,089,65 7 20,350,293,619 8,491,294,656 28,841,588,275III.Changed in the current year -3,611,666 - 121,980,03 3 72,200,5 78 856,538,63 3 803,147,51 2 - 585,487,30 9 217,660,20 3（1）Total comprehensive income- 121,980,03 3 856,538,63 3 734,558,60 0 314,707,52 0 1,049,266,1 20（ II ） Investment or decreasing ofcapital by owners -3,611,666 -3,611,666 - 860,988,92 7 - 864,600,59 31．Ordinary Shares invested by shareholders- 864,600,59 3 - 864,600,59 32．Holders of other equity instruments invested capital3 ． Amount of shares paid andaccounted as owners’ equity4．Other -3,611,666 -3,611,6663,611,6660Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 66（III）Profit allotment - 62,338,708 -62,338,7081.Providing of surplus reserves2.Providing of common risk provisions3 ． Allotment to the owners (orshareholders)- 62,338,708 -62,338,7084．Other(IV) Internal transferring of owners’equity1. Capitalizing of capital reserves (or tocapital shares)2. Capitalizing of surplus reserves (or tocapital shares)3 ． Making up losses by surplusreserves.4.Change amount of defined benefitplans that carry forwardRetained earnings5．Other comprehensive income carry-over retained earnings6．Other(V). Special reserves 72,200,5 78 72,200,57823,132,80695,333,3841. Provided this year 165,514,235 165,514,23 5 64,004,036 229,518,27 12．Used this term- 93,313,6 57 -93,313,657 - 40,871,230 - 134,184,88 7（VI）OtherIV. Balance at the end of this term 5,250,283,986 4,253,434,839 1,507,857,9 24 72,720,9 57 8,903,515,135 1,165,628,290 21,153,441,131 7,905,807,347 29,059,248,478Amount in last yearIn RMBItemsThe first half year of 2022Owner’s equity Attributable to the Parent CompanyMinorshareholders’ equityTotal ofowners’equityShareCapitalOther EquityinstrumentCapitalreservesLess:Shares instocOtherComprehensive IncomeSpecializedreserveSurplusreservesCommon riskprovisionRetainedprofitOther SubtotalPreferredstockSustainable debtOtherGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 67kI.Balance at the end of last year 5,250,283,986 4,276,952,183 1,750,011,5 71 8,903,515,135 3,205,422,561 23,386,185,436 9,581,317,106 32,967,502,542Add: Change of accounting policy 84,938,61884,938,6187,255,74692,194,364Correcting of previous errorsMerger of entities under commoncontrolOtherII.Balance at the beginning of currentyear5,250,283,986 4,276,952,183 1,750,011,5 71 8,903,515,135 3,290,361,179 23,471,124,054 9,588,572,852 33,059,696,906III.Changed in the current year - 22,519,076 -93,817,726 - 1,371,743,904 - 1,488,080,7 06 - 605,977,33 6 - 2,094,058,0 42（1）Total comprehensive income -93,817,726 - 1,371,743,904 - 1,465,561,6 30 - 746,515,77 6 - 2,212,077,4 06（ II ） Investment or decreasing ofcapital by owners- 22,519,076 -22,519,076 165,672,60 9 143,153,53 31．Ordinary Shares invested by shareholders145,026,31 1 145,026,31 12．Holders of other equity instruments invested capital3 ． Amount of shares paid andaccounted as owners’ equity4．Other - 22,519,076-22,519,07620,646,298 -1,872,778（III）Profit allotment - 25,134,169 -25,134,1691.Providing of surplus reserves2.Providing of common risk provisions3 ． Allotment to the owners (orshareholders)- 25,134,169 -25,134,1694．Other(IV) Internal transferring of owners’equity1. Capitalizing of capital reserves (or tocapital shares)2. Capitalizing of surplus reserves (or tocapital shares)3 ． Making up losses by surplusGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 68reserves.4.Change amount of defined benefitplans that carry forwardRetained earnings5．Other comprehensive income carry-over retained earnings6．Other(V). Special reserves1. Provided this year2．Used this term（VI）OtherIV. Balance at the end of this term 5,250,283,986 4,254,433,107 1,656,193,8 45 8,903,515,135 1,918,617,275 21,983,043,348 8,982,595,516 30,965,638,8648.Statement of change in owner’s Equity of the Parent CompanyAmount in this periodIn RMBItemsThe first half year of 2023Share capitalOther Equity instrumentCapitalreservesLess:Shares instockOtherComprehensive IncomeSpecialized reserveSurplusreservesRetainedprofitOtherTotal ofowners’ equityPreferred stockSustainable debtOtherI.Balance at the end of last year5,250,283,98 6 4,834,675,77 2 1,640,520,684 8,903,515,13 5 5,637,851,27 4 26,266,846,85 1Add: Change of accounting policyCorrecting of previous errorsOtherII.Balance at the beginning of current year5,250,283,98 6 4,834,675,77 2 1,640,520,684 8,903,515,13 5 5,637,851,27 4 26,266,846,85 1III.Changed in the current year 00 -127,423,5480782,742,785655,319,237（I）Total comprehensive income -127,423,548782,742,785655,319,237(II) Investment or decreasing of capital byowners1．Ordinary Shares invested by shareholders2．Holders of other equity instruments invested capitalGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 693.Amount of shares paid and accounted asowners’ equity4．Other（III）Profit allotment1.Providing of surplus reserves2．Allotment to the owners (or shareholders)3．Other(IV) Internal transferring of owners’ equity1. Capitalizing of capital reserves (or to capitalshares)2. Capitalizing of surplus reserves (or to capitalshares)3．Making up losses by surplus reserves.4.Change amount of defined benefit plans thatcarry forwardRetained earnings5 ． Other comprehensive income carry-overretained earnings6．Other(V) Special reserves1. Provided this year 7,488,1807,488,1802．Used this term -7,488,180 -7,488,180（VI）OtherIV. Balance at the end of this term 5,250,283,98 6 4,834,675,77 2 1,513,097,136 8,903,515,13 5 6,420,594,05 9 26,922,166,08 8Amount in last yearIn RMBItemsThe first half year of 2022Share CapitalOther Equity instrumentCapitalreservesLess:Shares instockOtherComprehensive IncomeSpecialized reserveSurplusreservesRetainedprofitOtherTotal ofowners’ equityPreferred stockSustainable debtOtherI.Balance at the end of last year5,250,283,98 6 4,834,039,57 5 1,764,421,309 8,903,515,13 5 6,585,377,38 4 27,337,637,38 9Add: Change of accounting policyCorrecting of previous errorsOtherII.Balance at the beginning of current year 5,250,283,984,834,039,571,764,421,3098,903,515,136,585,377,3827,337,637,38Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 70 65549III.Changed in the current year 000000 -93,817,72700153,916,298060,098,571（I）Total comprehensive income -93,817,727153,916,29860,098,571(II) Investment or decreasing of capital byowners1．Ordinary Shares invested by shareholders2．Holders of other equity instruments invested capital3.Amount of shares paid and accounted asowners’ equity4．Other（III）Profit allotment1.Providing of surplus reserves2．Allotment to the owners (or shareholders)3．Other(IV) Internal transferring of owners’ equity1. Capitalizing of capital reserves (or to capitalshares)2. Capitalizing of surplus reserves (or to capitalshares)3．Making up losses by surplus reserves.4.Change amount of defined benefit plans thatcarry forwardRetained earnings5 ． Other comprehensive income carry-overretained earnings6．Other(V) Special reserves1. Provided this year2．Used this term（VI）OtherIV. Balance at the end of this term 5,250,283,98 6 000 4,834,039,57 5 01,670,603,5820 8,903,515,13 5 6,739,293,68 20 27,397,735,96 0Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 71III．Basic Information of the CompanyGuangdong Electric Power Development Co., Ltd. (“the company”) is a limited liability company jointlyestablished by Guangdong Electric Power Holding company, China Construction Bank, Guangdong ProvinceTrust Investment company, Guangdong Power Development Co., Ltd., Guangdong International Trust and ChinaGuangfa Bank. The address of the company’s registered office and head office is F33~F36 South Tower Buildingof Yudean Square on 2nd Tianhe East Road, Guangzhou, Guangdong Province, the People’s Republic of China(“the PRC”). The company’s parent company is Guangdong Energy Group Co., Ltd. (“GEGC”, previouslyGuangdong Province Yudean Group Co., Ltd.) and its ultimate controller is the State-owned Assets Supervisionand Administration Commission of the People’s Government of Guangdong Province.The company’s issuing RMB ordinary shares (“A-share”) and domestic listed foreign shares (“B-share”) are listedfor transactions in Shenzhen Stock Exchange respectively on 26 November 1993 and 28 June 1995. As at 30 June2022, the total share capital of the company is RMB 5,250,283,986 with par value of RMB 1 each.The company and its subsidiaries (collectively referred to as “the Group”) are principally engaged in thebusinesses of developing and operating electric power plants in Guangdong，Xingjiang, Yunnan, HunanProvince and Guangxi, the PRC. For the Consolidation scope changed of the Group, please refer to VIIIThe financial statement has been approved for issue by the company’s Board of Directors on August 29,2023.For the Consolidation scope changed of the Group, please refer to VIII and IX(Equity in other entitiesIV.Basis for the preparation of financial statements1.Basis for the preparationThe financial statements are prepared in accordance with the Accounting Standard for Business Enterprises -Basic Standard, and the specific accounting standards and other relevant regulations issued by the Ministry ofFinance on 15 February 2006 and in subsequent periods (hereafter collectively referred to as “the AccountingStandard for Business Enterprises” or “CAS”), and “Information Disclosure Rule No.15 for Companies withPublic Traded Securities - Financial Reporting General Provision” issued by China Security RegulatoryCommission.2. Continuous operation.As at 30 June 2023, the Group’s net current liabilities amounted to RMB 15.048 billion, capitalcommitments amounted to RMB 28.754 billion, among which the amount expected to be settled within one yearwas RMB 14.873 billion. Therefore, the group is to some extent exposed to liquidity risk. The reasons for netcurrent liabilities were that the group is in a period of rapid development, and there is a match problem in theinvestment and financing terms and the significant rise of coal prices from 2021 to 2022In view of the above, the Board of Directors of the company has carefully considered the Group's futureworking capital, operating conditions and available financing sources when assessing the Group's ability tocontinue as a going concern. The Group has formulated the following plans and measures to reduce pressure ofworking capital and improve its financial position:(i) The Group maintains good relations of long-term cooperation with financial institutions (including thecompany’s associate Guangdong Energy Group Finance Co., Ltd. (“Energy Group Finance company”) andGuangdong Energy Finance Leasing company (“Energy Finance Leasing company”)) in order to obtainsufficient financing credit lines. As at 30 June 2023, the Group’s available credit line and approved debtinsurance from financial institutions amounted to approximately RMB 97.045 billion, with RMB 16.889 billionGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 72from Energy Group Finance company, RMB 10.004 billion million from Energy Finance Leasing company,RMB 56.352 billion from other commercial banks, RMB 1.4 billion of corporate debentures approved forissuance by the CSRC and RMB 7.4 billion of quota of medium-term notes financing obtained after theregistration in the Interbank Market in China. Among the Group’s available credit line from financialinstitutions, approximately RMB 7.275 billion is due before 30 June 2024. In view of the Group’s businessoperation as well as good and long-term cooperative relationships with financial institutions, managementexpected the credit line due could be renewed for another 12 months.The Board of Directors of the company has reviewed the Group's cash flow forecasting for July 1,2023 toJune 30,2024 prepared by management. The cash flow forecasting is based on management's judgements andassumptions regarding a number of future events and is subject to the successful completion of a series of plansand measures planned and being implemented by the Group, including: (1) The Group will continuouslymonitor the financial indicators of its subsidiaries and improve the operation and financing structure of itssubsidiaries through various measures, including but not limited to providing financing support and capitalinjection, so that the subsidiaries within the Group can continue to meet the requirements of the borrowingagreements in foreseeable future; (2) the Group can continue to meet the conditions of existing bank financingand obtain necessary borrowing renewals and new borrowings, including financing from Energy Group Financecompany and Energy Finance Leasing company, and it can successfully conduct external financing by issuingcorporate debentures, medium-term notes, and ultra-short-term financing bonds when necessary; and (3) theGroup will obtain more favourable long-term electricity price and effective adoption to lower fuel procurementcosts so as to improve operating cash flows. Taking into full consideration of the above measures beingimplemented or planned by the Group, management believes that the Group can obtain sufficient funds to payits operating expenses, capital commitment within one year and repay its matured debt obligations within thenext 12 months from 1 July 2023. Therefore, management believes that it is appropriate to prepare thesefinancial statements on a going concern basis.V. Significant accounting policies and accounting estimatesSpecific accounting policies and accounting estimates tips:The Group determines specific accounting policies and accounting estimates based on the characteristics ofproduction and operation, which are mainly reflected in the measurement of expected credit losses ofreceivables (Note 5(10)), costing of inventory (Note 5(15)), fixed asset depreciation and intangible assetamortisation (Notes 5(24),(30，（ 29） ), impairment of long-term assets (Note 5(31)), timing of revenuerecognition (Note 5(39)), deferred tax assets and deferred tax liabilities (Note 5(41)), etc.Details of the Group's critical judgements used in determining significant accounting policies are set forth inNote 5(44).1.Complying with the statements in Accounting Standards for Business EnterprisesThe financial Report and statements are prepared with compliance to the requirement of the EnterpriseAccounting Standard. They reflect the financial position as of June 30,2023 as well as the business performanceand cash flow situation in the first half of 2023 of the company frankly and completely.2. Accounting periodFiscal year is dated from Gregorian calendar Jan.,1 to Gregorian calendar December,31.The accounting of the financial statements during the period starts from January 1,2023 to 6 months ended June30,2023.Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 733.Operating cycleThe business cycles for principal activities are usually less than 12 months.4.Standard currency for bookkeepingThe company adopts CNY to prepare its functional statements.5. Accounting process method of enterprise consolidation under same and different controlling.(1) Business combinations involving enterprises under common controlThe consideration the combining party paid for the combination and the carrying amount of the net assetsobtained are measured at carrying amount. The difference between the carrying amount of the net assets obtainedand the carrying amount of consideration paid for the combination is adjusted to share premium (capital premium)in the capital reserve. If the balance of share premium (capital premium) is insufficient, any excess is adjusted toretained earnings. Any costs directly attributable to the combination are recognized in profit or loss for the currentperiod when occurred. The transaction costs of issuing equity or debt securities for business combinations.(2) Business combinations not involving enterprises under common controlThe acquirer’s combining costs and the identifiable net assets obtained at the acquisition date are measured at fairvalue. If the combining costs are greater than the fair value of identifiable net assets at the acquisition date, thedifference is recognized as goodwill; if the combining costs are less than the fair value of identifiable net assets atthe acquisition date, the difference is recognized in profit or loss for the current period. The direct acquisition-related costs arising from the business combination are recognized as expenses in the periods in which the costsare incurred. The costs of the issuance of equity or debt securities as a part of the consideration paid for theacquisition are included as a part of initial recognition amount of the equity or debt securities.6.Preparation of the consolidated financial statementsThe consolidated financial statements comprise the financial statements of the company and all of its subsidiaries.Subsidiaries are consolidated from the date on which the Group obtains control and are de-consolidated from thedate that such control ceases. For a subsidiary that is acquired in a business combination involving enterprisesunder common control, it is included in the consolidated financial statements from the date when it, together withthe company, comes under common control of the ultimate controlling party. The portion of the net profitsrealised before the combination date is presented separately in the consolidated income statement.In the preparation of consolidated financial statements, if the accounting policies or accounting period among thecompany and subsidiaries are inconsistent, the financial statements of subsidiaries have been adjusted to conformto the company’s policies and accounting period. For business combination not obtained under common control,the financial statements have been adjusted based on the fair value of net recognisable asset on the acquisitiondate.All significant intra-group balances, transactions and unrealised profits are eliminated in the consolidated financialstatements. The portion of subsidiaries’ owners’ equity and the portion of subsidiaries’ net profits and losses andcomprehensive incomes for the period not attributable to the company are recognised as minority interests, netprofit attributed to minority interests and total comprehensive incomes attributed to minority interests andpresented separately in the consolidated financial statements under owners’ equity, net profits and totalcomprehensive income respectively. When the company sells assets to subsidiaries, the unrealised gains andlosses should fully offset the net profit attributed to shareholders of the parent company; when subsidiaries sellassets to the company, the unrealised gains and losses should be assigned and offset between the net profitGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 74attributed to shareholders of the parent company and minority interests according to the company’s distributionratio of the subsidiary. The unrealised gains and losses between subsidiaries should be assigned and offsetbetween the net profit attributed to shareholders of the parent company and minority interests according to theparent company’s distribution ratio of the subsidiary.In preparing the consolidated financial statements, where the accounting policies and the accounting periods of thecompany and subsidiaries are inconsistent, the financial statements of the subsidiaries are adjusted in accordancewith the accounting policies and the accounting period of the company. For subsidiaries acquired from businesscombinations involving enterprises not under common control, the individual financial statements of thesubsidiaries are adjusted based on the fair value of the identifiable net assets at the acquisition date.7.Classification of joint venture arrangement and accounting treatment methods for joint operationThe Group is in a period of rapid development, and there is a certain mismatch in the investment and financingperiod. It refers to an arrangement jointly controlled by two or more participants. The Group divides jointventure arrangements into joint ventures and joint ventures based on the rights and obligations they enjoy andundertake. Joint operation refers to a joint venture arrangement in which the group enjoys the assets related tothe arrangement and bears the liabilities related to the arrangement. Joint venture refers to a joint venturearrangement in which the Group only has rights to the net assets of the arrangement.The Group's investments in joint ventures are accounted for using the equity method and are treated inaccordance with the accounting policies described in "V (22) Long term Equity Investments" in this note. Thegroup does not involve joint operations.8.Cash and cash equivalentsCash and cash equivalents comprise cash on hand, demand deposits, and short-term, highly liquid investments,which are readily convertible into known amounts of cash and are subject to an insignificant risk of change invalue.9.Foreign currency transactionsForeign currency transactions are translated into recording currency using the exchange rates prevailing at thedates of the transactions. At the balance sheet date, monetary items denominated in foreign currencies aretranslated into RMB using the spot exchange rates on the balance sheet date. Exchange differences arising fromthese translations are recognised in profit or loss for the current period, except for those attributable to foreigncurrency borrowings that have been taken out specifically for acquisition or construction of qualifying assets,which are capitalised as part of the cost of those assets. Non-monetary items denominated in foreign currenciesthat are measured at historical costs are translated at the balance sheet date using the spot exchange rates at thedate of the transactions. The effect of exchange rate changes on cash is presented separately in the cash flowstatement.10. Financial instrumentsFinancial instruments refer to contracts that form financial assets of one party and financial liabilities or equityinstruments of other parties. When the Group becomes a party to a financial instrument contract, the relevantfinancial assets or financial liabilities are recognized.Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 75(a) Financial assets(i) Classification and measurementAccording to the business model for managing financial assets and the contractual cash flow characteristics offinancial assets, the Group classifies financial assets into: (1) Financial assets measured in amortized cost; (2)Financial assets measured at fair value, whose changes are included in other comprehensive income; (3) Financialassets measured at fair value and whose changes are included in current profits and losses.The initial measurement of financial assets is calculated by using fair value. For financial assets measured at fairvalue, whose changes are included in current profits and losses, relevant transaction costs are directly included incurrent profits and losses; For other types of financial assets, relevant transaction costs are included in the initialrecognition amount. Accounts receivable or notes receivable arising from the sale of products or the provision oflabor services that do not include or take into account significant financing components are initially recognized bythe Group in accordance with the amount of consideration that the Group is expected to be entitled to receive.Debt instrumentDebt instruments held by the Group refer to instruments that meet the definition of financial liabilities from theperspective of the issuer and are measured in the following ways:Measured in amortized cost:The Group's business model for managing such financial assets is to collect the contractual cash flow, and thecontractual cash flow characteristics of such financial assets are consistent with the basic lending arrangements,that is, the cash flow generated on a specific date is only the payment of principal and interest based on theamount of outstanding principal. The Group recognizes interest income for such financial assets according to theeffective interest rate method. Such financial assets mainly include monetary funds, accounts receivable, otherreceivables and long-term receivables. The Group lists long-term receivables due within one year (including oneyear) from the balance sheet date as non-current assets due within one year.Equity instrumentsThe Group will measure the equity instrument investments that it has no control, joint control and significantinfluence on at fair value, and their changes are included in the current profits and losses, and listed as tradingfinancial assets.In addition, the Group designated some non-trading equity instrument investments as financial assets measured atfair value with changes included in other comprehensive income and listed them as other equity instrumentinvestments. Dividend income related to such financial assets is included in current profits and losses.(ii) ImpairmentFor financial assets measured in amortized cost, the Group recognizes loss reserves on the basis of expected creditlosses.The Group takes into account reasonable and reliable information on historical events, current situation and futureeconomic situation forecasts, and uses the risk of default as the weight to calculate the probability weightedamount of the present value of the difference between the cash flow receivable from the contract and the cashflow expected to be received to confirm the expected credit loss.On each balance sheet date, the Group separately measures the expected credit losses of financial instruments atdifferent stages. If the credit risk of financial instruments has not increased significantly since the initialconfirmation, it is in the first stage. The Group measures the loss reserve according to the expected credit loss inthe next 12 months; If the credit risk of a financial instrument has increased significantly since its initialrecognition but no credit impairment has occurred, it is in the second stage. The Group measures the loss reserveaccording to the expected credit loss of the instrument throughout the duration; If a financial instrument hassuffered credit impairment since its initial recognition, it is in the third stage. The Group measures the loss reserveGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 76according to the expected credit loss of the instrument throughout the duration.For financial instruments with low credit risk on the balance sheet date, the Group assumes that their credit riskhas not increased significantly since the initial confirmation, and measures the loss reserve according to theexpected credit loss in the next 12 months.For financial instruments in the first and second stages and with low credit risk, the Group calculates interestincome based on the book balance before deducting impairment provisions and the actual interest rate. Forfinancial instruments in the third stage, the interest income shall be calculated according to their book balanceminus the amortized cost after impairment provision and the actual interest rate.For accounts receivable, regardless of whether there is any significant financing component, the Group measuresthe loss reserve according to the expected credit loss throughout the duration.When a single financial asset cannot evaluate the expected credit loss information at a reasonable cost, the Groupdivides the receivables into several combinations according to the credit risk characteristics, calculates theexpected credit loss on the basis of the combinations, and determines the combination on the following basis:Account receivable portfolio 1: Accounts receivable from electricity salesAccount receivable portfolio 2: Related party receivableAccount receivable portfolio 3:Other account receivableOther Account receivable portfolio 1:Advance payments receivable petty cash and other receivableFor accounts receivable divided into combinations, the Group refers to the historical credit loss experience,combines the current situation with the forecast of future economic situation, compiles a comparison table ofoverdue days of accounts receivable and the expected credit loss rate for the whole duration, and calculates theexpected credit loss.For other receivables divided into portfolios, the Group refers to the historical credit loss experience, combines thecurrent situation with the forecast of future economic situation, and calculates the expected credit loss throughdefault risk exposure and the expected credit loss rate within the next 12 months or the whole duration.The Group includes the accrued or reversed loss reserves into the current profits and losses.（iii） Derecognition of financial assetsA financial asset is derecognised when: (i) the contractual rights to the cash flows from the financial asset expire,(ii) the financial asset has been transferred and the Group transfers substantially all the risks and rewards ofownership of the financial asset to the transferee, or (iii) the financial asset has been transferred and the Group hasnot retained control of the financial asset, although the Group neither transfers nor retains substantially all therisks and rewards of ownership of the financial asset.When the investment in other equity instruments is derecognized, the difference between the book value and theconsideration received and the accumulated amount of the changes in fair value originally included in othercomprehensive income shall be included in the retained income; On derecognition of a financial asset, thedifference between the carrying amount and the sum of the consideration received and the cumulative changes infair value that had been recognised directly in owners’ equity, is recognised in profit or loss.(b) Financial liabilitiesFinancial liabilities are classified into the following categories at initial recognition: financial liabilities at fairvalue through profit or loss and other financial liabilities.The financial liabilities of the Group are other comprise financial liabilities, including payables, borrowings anddebentures payable. This kind of financial liabilities are initially measured according to their fair value afterdeducting transaction costs, and are subsequently measured using the effective interest rate method. If the term isless than one year (including one year), it shall be listed as current liabilities; If the term is more than one year butexpires within one year (including one year) from the balance sheet date, it shall be listed as non-current liabilitiesGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 77due within one year; The rest is listed as non-current liabilities.When the current obligation of the financial liability has been discharged in whole or in part, the Group terminatesthe recognition of the part of the financial liability or obligation that has been discharged. The difference betweenthe book value of the termination recognition and the consideration paid shall be included in the profit and loss ofthe current period.(c) Determination of the fair value of the financial instrumentsThe fair value of a financial instrument that is traded in an active market is determined at the quoted price in theactive market. The fair value of a financial instrument that is not traded in an active market is determined by usinga valuation technique. Valuation techniques include using prices of recent market transactions betweenknowledgeable and willing parties, reference to the current fair value of another financial asset that is substantiallythe same with this instrument, and discounted cash flow analysis, etc. When a valuation technique is used toestablish the fair value of a financial instrument, it makes the maximum use of observable market inputs and reliesas little as possible on entity-specific inputs. When the observable inputs are not available or are unrealistic toobtained, unobservable inputs shall be used11.Note receivableSee Note V (10) Financial Instruments for details.12.Account receivableSee Note V (10) Financial Instruments for details.13.Financing receivableNot applicable14.Other account receivableDetermination method of expected credit loss of other receivables and accounting treatment methodSee Note V (10) Financial Instruments for details.15. Inventories(a) ClassificationInventories include fuel and spare parts measured at the lower of cost and net realisable value..(b) Cost of inventories transferred outCost of fuel transferred out is calculated using the weighted average method. Spare parts are amortised in fullwhen received for use.(c) Basis for determining the net realisable value of inventories and provisioning methods for decline in value ofinventoriesAny excess of the cost over the net realisable value of inventories is recognised as a provision for diminution inthe value of inventories. Net realisable value is measured by the estimated selling price in the ordinary course ofbusiness less the estimated costs necessary to make the sale and relevant taxes.(d) The Group maintains a perpetual inventory system..Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 78(e) Amortization methods of low-value consumablesLow-value consumables are amortized in full amount.16.Contract assetsSee Note V (10) Financial Instruments for details.17.Contract costsNot applicable18.Held-for-sale assetsNot applicable19.Creditor's rights investmentNot applicable20.Other Creditor's rights investmentNot applicable21.Long-term account receivableSee Note V (10) Financial Instruments for details.22. Long-term equity investmentLong-term equity investments comprise the company’s long-term equity investments in its subsidiaries and theGroup’s long-term equity investments in its associates.Subsidiaries are the investees over which the company is able to exercise control. Associates are the investeesover which the Group has significant influence, but not control, on their financial and operating policies.Investments in subsidiaries are presented in the company’s financial statements using the cost method, and areadjusted to the equity method when preparing the consolidated financial statements. Investments in associates areaccounted for using the equity method.(a) Determination of investment costFor long-term equity investments acquired through a business combination: for long-term equity investmentsacquired through a business combination involving enterprises under common control, the investment cost shallbe the absorbing party’s share of the carrying amount of owners’ equity of the party being absorbed at thecombination date; for long-term equity investment acquired through a business combination involving enterprisesnot under common control, the investment cost shall be the combination cost. For long-term equity investmentsacquired not through a business combination: if the long-term equity investments are acquired in cash, the initialinvestment cost shall be the purchase price actually paid; if the long-term equity investments are acquired byissuing equity securities, the initial investment cost shall be the fair value of the equity securities.(b) Subsequent measurement and recognition of related profit and lossGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 79For long-term equity investments accounted for using the cost method, they are measured at the initial investmentcosts, and cash dividends or profit distribution declared by the investees are recognised as investment income inprofit or loss.For long-term equity investments accounted for using the equity method, where the initial investment cost exceedsthe Group’s share of the fair value of the investee’s identifiable net assets at the time of acquisition, theinvestment is initially measured at cost. Where the initial investment cost is less than the Group’s share of the fairvalue of the investee’s identifiable net assets at the time of acquisition, the difference is included in profit or lossfor the current period and the cost of the long-term equity investment is adjusted accordingly.For long-term equity investments accounted for using the equity method, the Group recognises the investmentincome or losses according to its share of net profit or loss of the investee. The Group discontinues recognising itsshare of net losses of an investee after the carrying amount of the long-term equity investment together with anylong-term interests that, in substance, form part of the investor’s net investment in the investee are reduced to zero.However, if the Group has obligations for additional losses and the criteria with respect to recognition ofprovisions under the accounting standards on contingencies are satisfied, the Group continues recognising theinvestment losses and the provisions. The company shall adjust the carrying amount of the long term investmentfor other changes in shareholders’ equity of the investee (other than net profits or losses), and include thecorresponding adjustment in shareholders’ equity. The carrying amount of the investment is reduced by theGroup’s share of the profit distribution or cash dividends declared by an investee. The unrealised profits or lossesarising from the intra-group transactions amongst the Group and its investees are eliminated in proportion to theGroup’s equity interest in the investees, and then based on which the investment gains or losses are recognised.For the loss on the intra-group transaction amongst the Group and its investees attributable to asset impairment,any unrealised loss is not eliminated.(c) Basis for determining existence of control and significant influence over investeesControl is the power to govern the investee so as to obtain variable returns by participating in the related businessactivities of the investees and the ability to affect the returns by exercising its power over the investees.Joint control is the contractually agreed sharing of control over an investee’s economic activities, and exists onlywhen the strategic financial and operating decisions relating to the activities require the unanimous consent of theGroup and the parties sharing the control.Significant influence is the power to participate in the financial and operating policy decisions of the investee, butis not control or joint control over those policies.(d) Impairment of long-term equity investThe carrying amount of long-term equity investments in subsidiaries, joint venture, and associates is reduced tothe recoverable amount when the recoverable amount is less than the carrying amount（Note 5(31).23. Investment propertiesThe measurement mode of investment propertyThe measurement by the cost methodDepreciation or amortization methodInvestment properties, including land use rights that have already been leased out and buildings that are held forthe purpose of leasing are measured initially at cost. Subsequent expenditures incurred in relation to an investmentproperties are included in the cost of the investment property when it is probable that the associated economicbenefits will flow to the Group and their costs can be reliably measured; otherwise, the expenditures arerecognised in profit or loss in the period in which they are incurred.Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 80The Group adopts the cost model for subsequent measurement of investment properties. Buildings and land userights are depreciated or amortized to their estimated net residual values over their estimated useful lives. Theestimated useful lives, the estimated net residual values that are expressed as a percentage of cost and the annualdepreciation (amortization) rates of investment properties are as follows:Estimated useful lives Estimated net residual valueAnnual depreciation ratesHouse and Building 20 - 40 years 0% to5% 2.38% to 4.75%Land use right 60 years 0% 1.67%The investment property’s estimated useful life, net residual value and depreciation (amortisation) method appliedare reviewed and adjusted as appropriate at each year-end.When an investment property is transferred to owner-occupied properties, it is reclassified as fixed asset at thedate of the transfer. The carrying amount of the fixed asset shall be measured on the basis of fair value of theinvestment property.An investment property is derecognised on disposal or when the investment property is permanently withdrawnfrom use and no future economic benefits are expected from its disposal. The net amount of proceeds from sale,transfer, retirement or damage of an investment property after its carrying amount and related taxes and expensesis recognised in profit or loss for the current period.The carrying amount of an investment property is reduced to the recoverable amount if the recoverable amount isbelow the carrying amount (Note V(31)).24. Fixed assets（1）Recognition of fixed assetsFixed assets comprise plant and building, power generator equipment, motor vehicles and other equipment. Fixedasset is recognised when it is probable that the related economic benefits will flow to the Group and its cost canbe reliably measured. Fixed assets purchased or constructed by the Group are initially measured at cost at theacquisition date. The fixed assets injected by the state-owned shareholder during the restructuring of corporationwere initially recorded at the valuated amount approved by the relevant authorities managing state-owned assets.Subsequent expenditures incurred for a fixed asset are included in the cost of the fixed asset when it is probablethat the economic benefits associated with the fixed asset will flow to the Group and the costs can be reliablymeasured. The carrying amount of those parts that are replaced is derecognised and all the other subsequentexpenditures are recognised in income statement when they are incurred.（2）Depreciation of fixed assetsCategoryThe method fordepreciationExpected useful life（Year）Estimated residualvalueDepreciationHouse and building Straight-line method 10 to 50 years 0% to 5% 1.90% to 9.50%Generation equipment Straight-line method 5 to 30 years 0% to5% 3.17% to 20%TransportationequipmentStraight-line method 5 to 10 years 0% to5% 9.50% to 20%Other equipment Straight-line method 5 to 22 years 0% to 5% 4.32% to20%Except for fixed assets purchased using work safety funds, other fixed assets are depreciated using the straight-line method to allocate the cost of the assets to their estimated net residual values over their estimated usefullives. For the fixed assets that have been provided for impairment loss, the related depreciation charge isprospectively determined based upon the adjusted carrying amounts over their remaining useful lives.Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 81Fixed assets are depreciated using the straight-line method to allocate the cost of the assets to their estimated netresidual values over their estimated useful lives. For the fixed assets that have been provided for impairmentloss, the related depreciation charge is prospectively determined based upon the adjusted carrying amounts overtheir remaining useful lives.The estimated useful life and the estimated net residual value of a fixed asset and the depreciation methodapplied to the asset are reviewed, and adjusted as appropriate at each year-end.(a) The carrying amounts of fixed assets are reduced to the recoverable amounts when the recoverable amountsare below their carrying amounts (Note V(31)).A fixed asset is derecognised on disposal or when no future economic benefits are expected from its use ordisposal. The amount of proceeds from disposals on sale, transfer, retirement or damage of a fixed asset net ofits carrying amount and related taxes and expenses is recognised in profit or loss for the current period.(3)Cognizance evidence and pricing method of financial leasing fixed assetsSee Note V (42) Lease for details.25.Construction in progressConstruction in progress is measured at its actual costs incurred. Actual costs include construction cost,installation cost, capitalised borrowing costs, and any other costs directly attributable to bringing the asset toworking condition for its intended use. When the construction in progress is ready for its intended use, it istransferred to fixed assets and starts depreciation the following month. When recoverable amount of theconstruction in progress is lower than its carrying value, its carrying value is then reduced to the recoverableamount（Note V(31)).26.Borrowing costsThe borrowing costs that are directly attributable to the acquisition and construction of a fixed asset that needs asubstantially long period of time of acquisition and construction for its intended use commence to be capitalizedand recorded as part of the cost of the asset when expenditures for the asset and borrowing costs have beenincurred, and the activities relating to the acquisition and construction that are necessary to prepare the asset for itsintended use have commenced. The capitalization of borrowing costs ceases when the asset under acquisition orconstruction becomes ready for its intended use, the borrowing costs incurred thereafter are recognised in incomestatement. Capitalization of borrowing costs is suspended when the acquisition or construction of a fixed asset isinterrupted abnormally and the interruption lasts for more than 3 months, until the acquisition or construction isresumed.For the specific borrowings obtained for the acquisition or construction of a fixed asset qualifying forcapitalization, the amount of borrowing costs eligible for capitalization is determined by deducting any interestincome earned from depositing the unused specific borrowings in the banks or any investment income arising onthe temporary investment of those borrowings during the capitalization period.For the general borrowings obtained for the acquisition or construction of a fixed asset qualifying forcapitalization, the amount of borrowing costs eligible for capitalization is determined by applying the weightedaverage effective interest rate of general borrowings, to the weighted average of the excess amount of cumulativeexpenditures on the asset over the amount of specific borrowings. The effective interest rate is the rate at whichthe estimated future cash flows during the period of expected duration of the borrowings or applicable shorterperiod are discounted to the initial amount of the borrowings.Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 8227.Biological AssetsNot applicable28.Oil & Gas assetsNot applicable29. Right to use assetsThe Group recognizes the right-to-use assets on the start date of the lease term, and recognizes the leaseliabilities according to the present value of the unpaid lease payments. The lease payment amount includes thefixed payment amount, and the amount to be paid when it is reasonably determined to exercise or terminate thecall option. The variable rent determined according to a certain percentage of the sales amount is not included inthe lease payment amount, but is included in the current profits and losses when it actually occurs. The Grouplists the lease liabilities paid within one year (including one year) from the balance sheet date as non-currentliabilities due within one year.The right-to-use assets of the Group include rented houses and buildings, machinery, equipment and means oftransport, etc. The right-to-use assets are initially measured according to the cost, which includes the initialmeasured amount of the lease liabilities, the lease payment amount and the initial direct expenses paid on orbefore the start date of the lease term, etc., with the received lease incentives deducted. If the Group canreasonably determine that the ownership of the leased asset is acquired at the expiration of the lease term,depreciation shall be accrued within the remaining service life of the leased asset; If it is impossible toreasonably determine whether the ownership of the leased asset can be acquired at the expiration of the leaseterm, depreciation shall be accrued within the lease term or the remaining service life of the leased asset,whichever is shorter. When the recoverable amount is lower than the book value of the right-to-use assets, theGroup will write down its book value to the recoverable amount.For short-term leases with a lease term of no more than 12 months and low-value asset leases with low valuewhen a single asset is brand new, the Group chooses not to recognize the right-to-use assets and lease liabilities,and include the related rental expenses in the current profits and losses or related asset costs by the straight-linemethod in each period of the lease term.When the lease changes and the following conditions are met, the Group will treat it as a separate lease foraccounting: (1) The lease change expands the lease scope by increasing the right to use one or more leasedassets; (2) The increased consideration is equivalent to the amount of the separate price of the expanded part ofthe lease scope adjusted according to the contract.When the lease change is not treated for accounting as a separate lease, except for simplified method adopted forcontract change directly caused by the COVID-19, the Group redetermines the lease term on the effective date ofthe lease change, and uses the revised discount rate to discount the changed lease payment and re-measure thelease liabilities. If the lease scope is reduced or the lease term is shortened due to lease change, the Group shallcorrespondingly reduce the book value of the right-to-use assets, and include the related gains or losses of partialor full termination of lease in the current profits and losses. If other lease changes lead to the re-measurement oflease liabilities, the Group will adjust the book value of the right-to-use assets accordingly.Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 8330. Intangible assets1. Valuation Method, Service Life and Impairment Test of Intangible AssetsIntangible assets mainly including land use rights, sea use rights, software, associated projects for electricitytransmission and transformation, microwave engineering and transportation engineering are measured at cost.Intangible assets contributed by the state-owned shareholders at the incorporation of a limited company areinitially recorded at the valuation amount recognised by the state-owned assets supervision and administrationdepartment.(a) Land use right and sea use rightLand use rights are amortized on a straight-line basis over their approved period of 20 to 70 years. If the purchasecosts of land and attached buildings cannot be reasonably allocated between the land use right and the buildings,the purchase costs are recognised as fixed assets.(b) Other intangible assetsBesides land use right, sea use right, associated projects for electricity transmission and transformation,microwave engineering and transportation engineering, other intangible assets are amortized on a straight-linebasis over their expected life of 2 years to 60 years.(c) Periodic review on useful life and method of amortizationFor intangible assets with finite useful life, their expected life and amortization method are reviewed and adjustedat the end of every year.(d) Impairment of intangible assetsThe carrying amount of intangible assets is reduced to the recoverable amount when the recoverable amount isless than the carrying amount (Note V (31)).（2） Research and developmentThe expenditure on an internal research and development project is classified into expenditure on the researchphase and expenditure on the development phase based on its nature and whether there is material uncertainty thatthe research and development activities can form an intangible asset at the end of the project.Expenditure on the research phase is recognised in profit or loss in the period in which it is incurred. Expenditureon the development phase is capitalized only if all of the following conditions are satisfied: management intends to complete the intangible asset, and use or sell it; it can be demonstrated how the intangible asset will generate economic benefits: products with the applicationof intangible assets or the intangible assets themselves can prove to have market value, intangible assets forinternal use application can prove to be of usefulness;there are adequate technical, financial and other resources to complete the development and the ability to use orsell the intangible asset;it is technically feasible to complete the intangible asset so that it will be available for use or sale; andthe expenditure attributable to the intangible asset during its development phase can be reliably measured.Other development expenditures that do not meet the conditions above are recognised in profit or loss in theperiod in which they are incurred. Development costs previously recognised as expenses are not recognised as anasset in a subsequent period. Capitalized expenditure on the development phase is presented as development costsin the balance sheet and transferred to intangible assets at the date that the asset is ready for its intended use.31. Impairment of long-term assetsFixed assets, construction in progress, intangible assets with finite useful lives, investment property measured atGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 84cost and long-term equity investments in subsidiaries, joint venture, and associates are tested for impairment ifthere is any indication that an asset may be impaired at the balance date. If the result of the impairment testindicates that the recoverable amount of the asset is less than its carrying amount, a provision for impairment andan impairment loss are recognised for the amount by which the asset’s carrying amount exceeds its recoverableamount. The recoverable amount is the higher of an asset’s fair value less costs to sell and the present value of thefuture cash flows expected to be derived from the asset. A provision for asset impairment is determined andrecognised on an individual asset basis. If it is not possible to estimate the recoverable amount of an individualasset, the recoverable amount of the group of assets to which the asset belongs is determined. A group of assets isthe smallest group of assets that is able to generate independent cash inflows.Goodwill that is separately presented in the financial statements is tested at least annually for impairment,irrespective of whether there is any indication that it may be impaired. In conducting the test, the carrying value ofgoodwill is allocated to the related asset group or groups of asset groups which are expected to benefit from thesynergies of the business combination. If the result of the test indicates that the recoverable amount of an assetgroup or a group of asset groups, including the allocated goodwill, is lower than its carrying amount, thecorresponding impairment loss is recognised. The impairment loss is first deducted from the carrying amount ofgoodwill that is allocated to the asset group or group of asset groups, and then deducted from the carryingamounts of other assets within the asset group or group of asset groups in proportion to the carrying amounts ofassets other than goodwill.Once the asset impairment loss mentioned above is recognised, it is not allowed to be reversed for the valuerecovered in the subsequent periods.32.Long-term deferred expensesLong-term prepaid expenses include the expenditure for improvements to fixed assets held under operating leases,and other expenditures that have been incurred but should be recognised as expenses over more than one year inthe current and subsequent periods. Long-term prepaid expenses are amortized on the straight-line basis over theexpected beneficial period and are presented at actual expenditure net of accumulated amortization.33.Constract LiabilitiesSee Note V (39) Revenue for details.34. Employee benefits(1) Short-term employee benefitsShort-term remunerations mainly include wages or salaries, bonuses, allowances and subsidies, staff welfare,medical insurance, work injury insurance, maternity insurance, housing funds, labour union funds, employeeeducation funds, short-term paid absence. Short-term remunerations are recognised as current liabilities in theaccounting period in which the service has been rendered by the employees, and as costs of assets or expenses towhichever the employee service is attributable. Non-monetary benefits are measured at fair value.（2）Post –employment benefitsThe company’s post-employment benefits scheme includes both Defined Contribution Plan (DCP) and DefinedBenefit Plan (DBP). ADCP is a pension plan under which the company pays fixed contributions into a separateentity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficientassets to pay all employees the benefits relating to employee service in the current and prior periods. ADBP is aGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 85pension plan that is not a defined contribution plan. During the periods of reporting, the company’s post-employment benefits scheme mainly includes basic pension insurance and unemployment insurances, both ofwhich are DCP.Basic pension insuranceEmployees of the Group have entered into the social pension insurance scheme organized by local labour andsocial security department. The Group pays basic pension insurances to local labour and social securitydepartment monthly according to local insurance base and corresponding rate. Local labour and social securitydepartment is obligated to pay basic pensions to retired employees.Supplementary pension insuranceThe company purchases supplementary pension insurance on behalf of employees, and pays pension insurancesaccording to the policies of Energy Group. The amounts based on the above calculations are recognised asliabilities in the accounting period in which the service has been rendered by the employees, with a correspondingcharge to the profit or loss for the current period or the cost of relevant assets.Defined benefit planFor defined benefit plan, the Group used the projected unit credit method and includes the obligation of thedefined benefit plan in the accounting period in which the service has been rendered by the employees, with acorresponding charge to the profit or loss for the period. The cost of employee benefits arising from definedbenefit plans are classified into the following parts:— service cost (including current service cost as well as gains and losses on curtailments and settlements);— net interest expenses on net liabilities of the defined benefit plan (including interest expenses for obligations ofthe defined benefit plan); and— Changes arising from remeasurement on net liabilities of defined benefit plansService cost and net interest expenses on net liabilities of defined benefit plans are included in profit or loss forthe current period. Changes arising from remeasurement on net liabilities of defined benefit plans (includingactuarial gains or losses) are included in other comprehensive income.(3) Termination benefitsThe Group provides compensation for terminating the employment relationship with employees before the end ofthe employment contracts or as an offer to encourage employees to accept voluntary redundancy before the end ofthe employment contracts. The Group recognises a liability arising from compensation for termination of theemployment relationship with employees, with a corresponding charge to profit or loss at the earlier of thefollowing dates: 1) when the Group cannot unilaterally withdraw the offer of termination benefits because of anemployment termination plan or a curtailment proposal; 2) when the Group recognises costs or expenses related tothe restructuring that involves the payment of termination benefits.(4) Other long-term employee benefitsEarly retirement benefitsThe Group provides early retirement benefits for employees who enrolled in internal retirement arrangement.Early retirement benefits refer to wages and social benefit paid by the Group on behalf of the employees who havenot meet retirement age requirement but voluntarily retire after permission from the Group’s management level.The Group starts paying early retirement benefits to early retired employees from the start date of their earlyretirement until they reach the statutory retirement age. For the accounting treatment of early retirement benefits,the Group adopts the same method as termination benefits, that is, upon confirming the termination benefitscomply with relevant conditions, proposed payment of early retirement wages. and social security from the startGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 86date of termination of services to the date of statutory retirement age are recognised as liability and recorded intoprofit and loss at lump sum. The discrepancy caused by change in actuarial assumption and adjustment of welfarestandard is recorded into current profit or loss.35.Lease liabilitiesSee Note V (42) Lease for details.36. Estimated LiabilitiesProvisions for product warranties, onerous contracts etc. are recognised when the Group has a present obligation,it is probable that an outflow of economic benefits will be required to settle the obligation, and the amount of theobligation can be measured reliably.A provision is initially measured at the best estimate of the expenditure required to settle the related presentobligation. Factors surrounding a contingency, such as the risks, uncertainties and the time value of money, aretaken into account as a whole in reaching the best estimate of a provision. Where the effect of the time value ofmoney is material, the best estimate is determined by discounting the related future cash outflows. The increase inthe discounted amount of the provision arising from passage of time is recognised as interest expense.The carrying amount of provisions is reviewed at each balance sheet date and adjusted to reflect the current bestestimate.The Group recognises the loss provision of financial guarantee contracts which provision is based on ECL.The provisions expected to be settled within one year since the balance sheet date are classified as currentliabilities.37. Share paymentNot applicable38. Other financial instruments such as preferred stocks and perpetual bondsNot applicable39. RevenueAccounting policies adopted for income recognition and measurementWhen the customer obtains the control of the relevant goods or services, the Group recognizes the incomeaccording to the expected amount of consideration that it is entitled to receive.(a) Revenue from sales of electricity and heat energyRevenue is recognised when electricity and heat energy are supplied to grid companies or customers, and gridcompanies or customers obtain control over electricity.(b) Revenue from sales of by-productsRevenue from the sales of goods is recognised when the Group transfers by-products (such as coal ash) producedby electricity generations to the designated delivery place pursuant to the contract or agreement, the recipientresource utilisation confirms receipt and they obtain control over the by-products.(c) Provision of electric power transaction service For the electric power transaction service provided by theGroup to external parties, upon the receiving of the service, revenue is recognised based on the difference betweenthe purchase price and the selling price of electricity.Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 87(d) Rendering of servicesThe Group provides maintenance services to external parties. The related revenue is recognised based on the stageof completion within a certain period, which is determined based on proportion of costs incurred to date to theestimated total costs. On the balance sheet date, the Group re-estimates the stage of completion to reflect theactual status of contract performance.When the Group recognises revenue based on the stage of completion, the amount with unconditional collectionright obtained by the Group is recognised as accounts receivable, and the rest is recognised as contract assets.Meanwhile, loss provision for accounts receivable and contract assets are recognised on the basis of ECLs (NoteV(10)). If the contract price received or receivable exceeds the amount for the completed service, the excessportion will be recognised as contract liabilities.Contract assets and contract liabilities under the same contract are presented on a net basis. Contract costs includecontract performance costs and contract acquisition costs. The costs incurred by the Group for the rendering ofmaintenance services are recognised as contract performance costs and are carried forward to the cost of mainoperations based on the stage of completion when associated revenue is recognised.The Group provides external maintenance service, revenue is recognised according to the percentage completionmethod, determined by percentage of the total cost incurred.The adoption of different business models in similar businesses leads to differences in accounting policies forincome recognition40.Government grantsGovernment grants refer to the monetary or non-monetary assets obtained by the Group from the government,including tax return, financial subsidy and etc. Government grants are recognised when the grants can bereceived and the Group can comply with all attached conditions. If a government grant is a monetary asset, it willbe measured at the amount received or receivable. If a government grant is a non-monetary asset, it will bemeasured at its fair value. If it is unable to obtain its fair value reliably, it will be measured at its nominal amount.Government grants related to assets refer to government grants which are obtained by the Group for the purposesof purchase, construction or acquisition of the long-term assets. Government grants related to income refer to thegovernment grants other than those related to assets. Government grants related to assets are recorded as deferredincome and recognised in profit or loss on a systemic basis over the useful lives of the assets. Government grantsrelated to income that compensate the incurred costs, expenses or losses are recognised in profit or loss.Government grants related to income that compensate future costs, expenses or losses are recorded as deferredincome and recognised in profit or loss in reporting the related costs, expenses or losses; government grantsrelated to income that compensate incurred costs, expenses or losses are recognised in profit or loss directly inthe current period.The Group applies the presentation method consistently to the similar government grants in the financialstatements.Government grants that are related to ordinary activities are included in operating profit, otherwise, they arerecorded in non-operating income or expenses.41. Deferred income tax assets/Deferred income tax liabilityDeferred tax assets and deferred tax liabilities are calculated and recognised based on the differences arisingbetween the tax bases of assets and liabilities and their carrying amounts (temporary differences). Deferred taxGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 88asset is recognised for the deductible losses that can be carried forward to subsequent years for deduction of thetaxable profit in accordance with the tax laws. No deferred tax liabilities is recognised for the temporarydifferences resulting from the initial recognition of Goodwill. No deferred tax asset or deferred tax liability isrecognised for the temporary differences resulting from the initial recognition of assets or liabilities due to atransaction other than a business combination, which affects neither accounting profit nor taxable profit (ordeductible loss). At the balance sheet date, deferred tax assets and deferred tax liabilities are measured at the taxrates that are expected to apply to the period when the asset is realised or the liability is settled.Deferred tax assets are only recognised for deductible temporary differences, deductible losses and tax credits tothe extent that it is probable that taxable profit will be available in the future against which the deductibletemporary differences, deductible losses and tax credits can be utilised.Deferred tax liabilities are recognised for temporary differences arising from investments in subsidiaries, jointventure, and associates, except where the Group is able to control the timing of reversal of the temporarydifference, and it is probable that the temporary difference will not reverse in the foreseeable future. When it isprobable that the temporary differences arising from investments in subsidiaries and associates will be reversed inthe foreseeable future and that the taxable profit will be available in the future against which the temporarydifferences can be utilised, the corresponding deferred tax assets are recognised.Deferred tax assets and liabilities are offset when:the deferred taxes are relate to the same tax payer within the Group and same fiscal authority, and; that tax payer has a legally enforceable right to offset current tax assets against current tax liabilities.42. Leases（1）Accounting of operational leasingWhen the Group operates leased buildings, machinery, equipment and means of transport, the rental income fromoperating lease is recognized on a straight-line basis during the lease period. The variable rent determinedaccording to a certain proportion of the sales amount is included in the rental income when it actually occurs.For the rent concessions agreed on existing lease contracts, the Group applies the practical expedient to accountfor the concessions as variable lease payments and record the concessions in profit or loss during the waivingperiod when the Group selects the simplified method.Except that the above contract changes prescribed by the Ministry of Finance that can be used the simplifiedmethod, for a lease modification, the Group accounts for it as a new lease from the effective date of themodification, and considers any lease payments received in advance and receivable relating to the lease beforemodification as receivables of the new lease.（2）Accounting treatment of financing leasingSee Note V (29)43. Other significant accounting policies and estimatesOther significant accounting policies：Work safety fundsSubsidiaries of the Group engaged in power generation business shall appropriate work safety funds based onthe actual revenue in the previous year and at the following percentages: 3% for the proportion of revenue up to RMB 10 million in the previous year; 1.5% for the proportion of revenue between RMB 100 million and RMB 1 billion in the previous year;Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 89 1% for the proportion of revenue between RMB 100 million and RMB 1 billion in previous year; 0.8% for the proportion of revenue between RMB 1 billion and RMB 5 billion in the previous year; 0.2% for the proportion of revenue exceeding RMB 10 billion in the previous year.the previous year.Work safety funds are mainly used for the improvement, modification and maintenance of safety protectionfacilities, as well as safety production inspection, evaluation, consultation, standardised construction, etc. Worksafety funds are recognised in profit or loss as the "Special reserve" item for the current period whenappropriated. When using the special reserve, if the expenditures are expenses in nature, the expenses incurredare offset against the special reserve directly when incurred. If the expenditures are capital expenditures, whenprojects are completed and transferred to fixed assets, the special reserve should be offset against the cost offixed assets, and a corresponding accumulated depreciation is recognised. Such fixed assets are not depreciatedin subsequent periods.Carbon emission use rightsCategorised as an Enterprise with High Emissions, the Group needs to fulfill its emission reduction obligationsand recognise carbon emission related assets and expenditures per relevant regulations:(i) The present obligations incurred by the Group in fulfilling its emission reduction obligations are measured atthe best estimate of the expenditure required and recognised as other payables and non-operating expenses.(ii) The Group purchases carbon emission allowances and recognises related carbon emission rights assetsbased on the cost paid or payable at the acquisition date, and the balance is included in other current assets; theGroup makes no accounting treatment for carbon emission allowances purchased at nil consideration;(iii) The Group uses the purchased carbon emission allowances to fulfil its emission reduction obligations andrecognises the book balance of the allowances used as a reduction of carbon emission rights assets; the Groupmakes no accounting treatment if it uses carbon emission allowances purchased at nil consideration to fulfil itsobligations;(iv) The Group sells carbon emission allowances and recognises related non-operating income or non-operatingexpenses based on the difference between the amount received or receivable at the date of sale and the bookbalance of the allowances soldSegment informationThe Group identifies operating segments based on the internal organisation structure, management requirementsand internal reporting system, and discloses segment information of reportable segments which is determinedon the basis of operating segments.An operating segment is a component of the Group that satisfies all of the following conditions: (a) thecomponent is able to earn revenue and incur expenses from its ordinary activities; (b) whose operating resultsare regularly reviewed by the Group’s management to make decisions about resources to be allocated to thesegment and to assess its performance, and (c) for which the information on financial position, operating resultsand cash flows is available to the Group. Two or more operating segments that have similar economiccharacteristics and satisfy certain conditions can be aggregated into one single operating segment.Critical accounting estimates and judgementsThe Group continually evaluates the critical accounting estimates and key judgements applied based onhistorical experience and other factors, including expectations of future events that are believed to be reasonableunder the circumstances.(a)Critical judgements in applying the accounting policies(i) Classification of financial assetsGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 90Significant judgements made by the Group in the classification of financial assets include analysis on businessmodels and contractual cash flow characteristics.The Group determines the business model for financial asset management at the level of different groups, andfactors to be considered include the methods of evaluation on financial asset performance and reporting offinancial asset performance to key management personnel, risks affecting financial asset performance andmanagement methods for such risks, the ways in which related business management personnel are remunerated,etc.When assessing whether contractual cash flow characteristics of financial assets are consistent with basiclending arrangement, key judgements made by the Group include: the possibility of changes in timing oramount of the principal during the duration due to reasons such as early repayment; whether interest onlyinclude time value of money, credit risks, other basic lending risks and considerations for costs and profits. Forexample, whether the amount of prepayment only reflects the principal outstanding and the interest based on theprincipal outstanding, as well as the reasonable compensation due to the early termination of the contract.(ii) Determination of significant increase in credit riskWhen the Group classifies financial instruments into different stages, its criteria for significant increase in creditrisk and credit-impaired are as follows:Judgement of the Group for significant increase in credit risk is mainly based on whether one or more of thefollowing indicators changed significantly: business environment of the debtor, internal and external creditrating, significant changes in actual or expected operating results, significant decrease in value of collateral orcredit rate of guarantor, etc.Judgement of the Group on the occurred credit impairment is mainly based on whether it meets one or more ofthe following conditions: the debtor is suffering significant financial difficulties, engaged in other debtrestructuring, or it is probable that the debtor will enter bankruptcy, etc.(iii) Timing of revenue recognitionWith regard to sale of electricity to grid companies, the Group supplies electricity to grid companies inaccordance with the contract. Thereafter, the grid companies have the right to sell electricity and the discretionin pricing, and take the risks of any price fluctuation or loss of the products. The Group believes that the gridcompanies obtain control over electric power upon the receiving of the electric power. Therefore, revenue isrecognised upon the receiving of the electric power of grid companies.(b) Critical accounting estimates and key assumptions(i) Assessment on impairment of fixed assetsA fixed asset is tested for impairment by the Group if there is any indication that it may be impaired at thebalance sheet date by calculating and comparing the recoverable amount of the fixed asset with its carryingamount to check the difference. If the result of the impairment test indicates that the recoverable amount of anasset is less than its carrying amount, a provision for impairment and an asset impairment loss are recognisedfor the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount isthe higher of an asset’s fair value less costs to sell and the present value of the future cash flows expected to bederived from the asset. The determination of the recoverable amount involves accounting estimates.When assessing whether the above assets are impaired, management mainly evaluates and analyses: (i) whetherevents affecting asset impairment occurred; (ii) whether the present value of expected cash flows arising fromthe continuing use or disposals of the asset is lower than its carrying amount; and (iii) whether the significantassumptions used in the calculation of the present value of the estimated cash flows are appropriateThe calculation of the present value of future cash flows involves management’s significant estimates andjudgements, including the discount rate, the growth rate of the estimated on-grid electricity price, the growthGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 91rate of the estimated electricity sale and the varability rate of the estimated price of coal used in powergeneration. Changes in these assumptions may have material impact on the present value used in theimpairment test, and cause impairment in the above-mentioned long-term assets of the Group(ii) Measurement of ECLThe Group calculates ECL through exposure at default and ECL rates, and determines the ECL rates based onprobability of default and loss given default. In determining the ECL rates, the Group uses data such as internalhistorical credit loss experience, etc., and adjusts historical data based on current conditions and forward-looking information.When considering forward-looking information, the Group considered different macroeconomic scenarios.Significant macroeconomic assumptions and parameters related to the estimation of ECL include the risk ofeconomic downturn, external market environment, technological environment, changes in customer conditions,Gross Domestic Product (“GDP”) and Consumer Price Index (“CPI”), etc. The Group regularly monitors andreviews assumptions and parameters related to the calculation of ECL(iii) Income taxes and deferred income taxesThe Group is subject to income taxes in numerous jurisdictions. There are some transactions and events forwhich the ultimate tax determination is uncertain during the ordinary course of business. Significant judgementis required from the Group in determining the provision for income tax in each of these jurisdictions. Where thefinal tax outcomes of these matters are different from the amounts that were initially recorded, such differenceswill impact the income tax and deferred income tax provisions in the period in which such determination ismade.As stated in Note 6, some subsidiaries of the Group are high-tech enterprises. The high-tech enterprisecertificate is effective for three years. Upon expiration, application for high-tech enterprise identification shouldbe submitted again to the relevant government authorities. Based on the historical experience of reassessmentfor high-tech enterprise upon expiration and the actual condition of the subsidiaries, the Group considers thatthe subsidiaries are able to obtain the qualification for high-tech enterprises in future years, and therefore apreferential tax rate of 15% is used to calculate the corresponding deferred income tax. If some subsidiariescannot obtain the qualification for high-tech enterprise upon expiration, then the subsidiaries are subject to astatutory tax rate of 25% for the calculation of the income tax, which further influences the recognised deferredtax assets, deferred tax liabilities and income tax expenses.A deferred tax asset is recognised for the carryforward of unused deductible losses to the extent that it isprobable that future taxable profits will be available against which the deductible losses can be utilised. Futuretaxable profits include taxable profits that can be achieved through normal operations and the increase intaxable profits due to the reversal of taxable temporary differences arising from previous period in future period.The Group determines the future taxable profits based on the future financial forecast, which requiresmanagement’s significant estimates and judgements, including the estimated electricity sale, estimated on-gridelectricity price, the estimated price of coal used in power generation and other operating expenses. If there isany difference between the actual and the estimates, adjustment may be made to the carrying amount ofdeferred tax assets.44.Change of main accounting policies and estimations(1)Change of main accounting policies√ Applicable □ Not applicableThe content and reason for change ofaccounting policy Approval process RemarkGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 92In 2022, the Ministry of Finance issuedthe Notice on Printing and Distributingthe ,and the Group has adopted the abovenotice and Q&A to prepare the semi-annual financial statements for 2023Adopted by resolution by the secondmeeting of the 10th Board of Directors of2023 by communicationSince January 1,2023, the Group hasimplemented the relevant provisions inInterpretation No.16 that the deferredincome tax related to assets andliabilities arising from a singletransaction is not applicable to the initialrecognition exemption, and the Grouphas made retrospective adjustments tothe applicable individual transactionsthat occurred between the beginning ofthe earliest reporting period of thefinancial statements in which thisinterpretation was first applied and theimplementation date of thisinterpretation; In case of taxabletemporary differences and deductibletemporary differences arising from thelease liabilities and right-to-use assetsrecognized at the beginning of theearliest period of presentation in thefinancial statements of InterpretationNo.16 during its implementation for thefirst time, the company will adjust theinitial retained income and other relatedfinancial statement items at thebeginning of the earliest period ofpresentation in the financial statementsaccording to the cumulative impact. Thecomparative financial statementsbetween December 31,2022 and theperiod from January to June 2022 havebeen restated accordingly.Affected report items Affected amountDecember 31,2022The Group (positive for borrowing and negative for lending)Deferred income tax assets 119,527,817Deferred income tax liability -470,298Retained profit -108,421,140Minority shareholders’ equity -10,636,379January - June 2022Income tax expenses 4,789,443(2) Change of main accounting estimations□Applicable√ Not applicable（3）The information of the adjusting items related to the financial statements at the beginning of theyear of first implementation due to the first implementation of new accounting standards from2023.Adjustment description□Applicable√ Not applicableGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 9345.OtherVI. Taxation1. Main categories and rates of taxesClass of tax Tax basis Tax rateVATTaxable value-added amount (Taxpayable is calculated using the taxablesales amount multiplied by the applicabletax rate less deductible VAT input of thecurrent period) Revenue fromhydropower sales3%,5%,6%,9% and13%City maintenance and construction tax Amount of VAT paid 5% to7%Corporate income tax Taxable income 12.5%,15%,20% and 25%Education surcharges Amount of VAT paid 3%Local education surcharges Amount of VAT paid 2%House property taxProperty’s rental income or the residualvalue from original value less thededucting proportion12% and1.2%Environmental protection taxCalculated and paid based on thepollution equivalent values or thedischarge of taxable pollutants multipliedby the applicable tax amountsCalculated and paid based on theapplicable tax amounts of differentpollutantsIn case there exist any taxpayer paying corporate income tax at different tax rates, disclose the informationName of taxpayer Income tax ratesZhangjiang Electric Power Co., Ltd.15%Guangdong Yudean Zhanjiang Biomass Power Generation Co.,Ltd.15%2.Tax preferences(a)Pursuant to the approval documents (Cai Shui [2008] No.46 and Guo Shui Fa [2009] No.80), the companyand several subsidiaries are approved to engage in wind power projects and photovoltaic projects since 1January 2008 and are exempted from enterprise income tax in the first three years counting from the year whenrevenue from production and operations of those projects is recorded for the first time, and can enjoy half ratereduction in the following three years (“three-year exemptions and three-year halves”).Pursuant to the Supplementary Notice on Issues Concerning the Preferential Enterprise Income Tax Policies forPublic Infrastructure Projects (Cai Shui [2014] No.55), enterprises invest and operate public infrastructureprojects in compliance with the List of Public Infrastructure Projects Enjoying Enterprise Income TaxPreferential, those which adopt one-off approval and are subject to construction in batches (such as terminals,berths, airport terminals, runways, sections, generator units, etc.) are subject to income tax calculated in units ofeach batch and enjoy the tax preferential policy of “three-year exemptions and three-year halves” when thefollowing conditions are satisfied: (i) different batches are space-independent; (ii) each batch has its ownrevenue function; (iii) they are accounted for in units of each batch and are subject to income tax individually,while the period expenses are allocated rationally. In the first half of 2023, the Group’s subsidiary GuangdongYudean Qujie Wind Power Co., Ltd. (“Qujie Wind Power”) and Guangdong Yudean Pingyuan Wind Power Co.,Ltd. (“Pingyuan Wind Power”) met the above conditions. Therefore, Qujie Youhao wind power project (thefirst time for which revenue from sale of power was posted was 2019), Qujie Wailuo offshore wind powerproject (Phase I) (the first time for which revenue from sale of power was posted was 2021), Qujie Wailuooffshore wind power project (Phase II) (the first time for which revenue from sale of power was posted was2021) and Xinliao offshore wind power project (the first time for which profits were posted was 2021),Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 94Pingyuan maoping project (the first time for which revenue from sale of power was posted was 2020) andPingyuan Sishui project (the first time for which revenue from sale of power was posted was 2021) of QujieWind Power System and Pingyuan Wind Power are entitled to the tax preferential policy of “three- yearexemptions and three-year halves” respectively according to each wind power project.(b) In 2020 and 2022, Zhanjiang Electric Co., Ltd. (“Zhanjiang Electric”) and Guangdong Yudean ZhanjiangBiomass Power Generation Co., Ltd. (“Biomass Power Generation”), subsidiaries of the Group, were grantedHigh-tech Enterprise Certificate (Certificate No. GR202044010003 and Certificate No. GR202244008597) bythe Department of Science and Technology of Guangdong Province, Department of Finance of GuangdongProvince and Guangdong Provincial Office of the State Taxation Bureau on 9 December 2020 and 22 December2022 respectively. The certificates are valid for three years. Under Article 28 of the Enterprise Income Tax Lawof the People’s Republic of China, the enterprise income tax rate applicable to Zhanjiang Electric and BiomassPower Generation for the year of 2022 is 15%.(c) In accordance with regulations of the Notice on Implementing the Inclusive Tax Deduction and ExemptionPolicies for Micro and Small Enterprises (Cai Shui [2019] No.13), Announcement of the State TaxationAdministration on Matters Concerning the Implementation of Preferential Income Tax Policies Supporting theDevelopment of Small Low-Profit Enterprises and Individual Industrial and Commercial Households (STAAnnouncement [2021] No.8) and Announcement on Further Implementing Preferential Income Tax Policies forSmall and Micro Enterprises ([2022] No.13), for a small enterprise with low profits, for the part of the annualtaxable income not exceeding RMB 1,000,000, the amount of taxable income is reduced to 12.5% of incomeand is subject to the enterprise income at the tax rate of 20%; for the part between RMB 1,000,000 and RMB3,000,000, the amount of taxable income is reduced to 25% of income and is subject to the enterprise income atthe tax rate of 20%. The aforementioned small low-profit enterprise engages in industries not restricted orprohibited by the state and concurrently meet the three conditions, that is, the annual taxable amount is not morethan RMB 3,000,000, the number of its employees is not more than 300, and their total assets do not exceedRMB 50,000,000. In the first half of 2023, some of the company's subsidiaries were entitled to the aforesaidpreferential tax policy.(d) Pursuant to Notice on Issues Concerning the Implementation of the Preferential Catalogue of EnterpriseIncome Tax for Integrated Utilisation of Resources (Cai Shui [2008] No.47), since 1 January 2008, enterprisesuse the resources listed in the Preferential Catalogue of Enterprise Income Tax for Integrated Utilisation ofResources (2008 Edition) as the main raw materials to produce products in the above catalogue that meetnational or industry related standards, and the income from above products is reduced to 90% of the totalincome of the enterprises for the year. The Group’s subsidiaries Zhanjiang Electric and Guangdong HuizhouPinghai Power Plant Co., Ltd. (“Pinghai Power Plant”) use coal ash to produce commercial coal ash, whichmeets the above-mentioned preferential tax conditions for integrated utilisation of resources. The Group’ssubsidiaries Zhanjiang Electric and Guangdong Huizhou Pinghai Power Plant Co., Ltd. (“Pinghai Power Plant”)use coal ash to produce commercial coal ash, which meets the above-mentioned preferential tax conditions forintegrated utilisation of resources. Therefore, in 2023, revenue from sale of coal ash from Zhanjiang Electricand Ping Hai Power Plant was reduced to 90% of the total income for the year.(e) Pursuant to the Notice on Issuing the Catalogue of Value-Added Tax Preferences for Products and LabourServices Involving the Comprehensive Utilisation of Resources (Cai Shui [2015] No.78), VAT levied on self-produced products and services for comprehensive utilisation of resources will be refunded immediately, towhich Biomass Power Generation’s VAT after offsetting output VAT from revenue against input VAT fromcost of sale from main operations is entitled to. Biomass Power Generation is a subsidiary mainly engaged inpower generation using biomass materials.Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 95In addition,50% of VAT levied on the sale of electricity generated by Guangdong Yudean Shibeishan WindPower Co., Ltd. (“Shibeishan Wind Power”), Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd.(“Zhanjiang Wind Power”), Guangdong Yudean Xuwen Wind Power Electricity Co., Ltd. (“Xuwen WindPower”), Guangdong Yudean Dianbai Wind Power Co., Ltd. (“Dianbai Wind Power”), Huilai Wind Power Co.,Ltd. (“Huilai Wind Power”) and Guangdong Yueneng Wind Power Co., Ltd. (“Yueneng Wind Power”) will berefunded immediately in accordance with the Notice Concerning Value-added Tax Policies on Wind PowerGeneration (Cai Shui [2015] No.74)3.OtherVII. Notes on major items in consolidated financial statements1. Monetary fundsIn RMBItems Closing balance Opening balanceCash on hand 49,50046,435Cash at bank 11,426,317,81211,470,158,839Other cash balance 34,012,26533,318,344Total 11,460,379,57711,503,523,618Including：Total amount of money deposited abroad 00Total of money limited to use by mortgage, pledge or freeze 34,012,26533,318,344Other note（a）As of June 30,2023, the Group had no funds deposited overseas (December 31,2022: None).（b） As of June 30,2023, Other monetary funds amounted to RMB34,012,265 (On December 31,2022: RMB33,318,344), which mainly are deposits such as ecological protection deposits and performance guaranteedeposits.2. Transactional financial assetsNot applicable3. Derivative financial assetsNot applicable4. Notes receivable(1) Notes receivable listed by categoryIn RMBItems Year-end balance Year-beginning balanceBank acceptance 1,600,000Trade acceptance 1,044,300Total 2,644,300In RMBCategoryAmount in year-end Balance Year-beginningBook Balance Bad debt provisionBookvalueBook Balance Bad debt provisionBookvalueAmountProportion(%)AmountProportion(%)Amount Proportion(%)AmountProportion(%)Of whichGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 96Notes receivablefor bad debtprovision byportfolio2,644,300100% 00% 2,644,300Of whichNote receivable 2,644,300100% 00% 2,644,300Total 2,644,300100% 00% 2,644,300Accrual of bad debt provision by portfolio:0In RMBNameClosing balanceBook balance Bad debt provision Proportion%Note receivable 2,644,30000%Total 2,644,3000Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method ofother receivables if the provision for bad debts of bills receivable is accrued according to the general model ofexpected credit loss:□ Applicable √ Not applicable(2) Note receivable withdraw, reversed or collected during the reporting periodNot applicableThe withdrawal amount of the bad debt provision：□ Applicable √ Not applicable（3） Notes receivable pledged by the company at the end of the periodNot applicable（4）Note receivable financing endorsed or discounted by the company at the end of the period and notexpired yet on the date of balance sheetNot applicable（ 5）Note receivable financing transferred to accounts receivable by the company at the end of theperiod due to failure of the drawer to performNot applicable（6）The actual cancellation of notes receivable in the current periodNot applicableGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 975. Accounts receivable(1) Accounts receivable disclosed by categoryIn RMBCategoryClosing balance Opening balanceBook balance Bad debt provisionBook valueBook balance Bad debt provisionBook valueAmount Proportion % Amount Proportion % Amount Proportion % Amount Proportion %Accrual ofbad debtprovision bysingle00% 00% 000% 00% 0Of whichAccrual ofbad debtprovision byportfolio9,559,401,350100% 506,5220.01% 9,558,894,8287,579,203,103100% 566,8590.01% 7,578,636,244Of whichElectricitysalesreceivable9,490,284,40999.28% 00% 9,490,284,4097,491,837,60198.85% 00% 7,491,837,601Related partyreceivable 15,705,2140.16% 00% 15,705,21439,546,6870.52% 00% 39,546,687Steam saleand otherreceivable53,411,7270.56% 506,5220.95% 52,905,20547,818,8150.63% 566,8591.19% 47,251,956Total 9,559,401,350100% 506,5220.01% 9,558,894,8287,579,203,103100% 566,8590.01% 7,578,636,244Accrual of bad debt provision by portfolio:0Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 98In RMBNameClosing balanceBook balance Bad debt provision Proportion%Electricity sales receivable 9,490,284,40900%Total 9,490,284,4090Note：Portfolio 1.As at 30 June 2023, the Group’s receivables from sale of electricity amounted to RMB9,490,284,409 (31 December 2022: RMB7,491,837,601), which mainly comprised receivables of RMB9,363,680,611 from China Southern Power Grid Co., Ltd. and its subsidiaries (collectively referred to as “ChinaSouthern Power Grid”) and RMB 126,603,798 from State Grid Corporation of China (“State Grid”) and itssubsidiaries. Considering the favourable credit history of China Southern Power Grid and State Grid, the Groupheld that there was no significant credit risk arising from receivables from sale of electricity. Since thepossibility of material losses due to the default by China Southern Power Grid and State Grid was extremelylow, the Group made no provision for the ECL of the receivables from sale of electricity (31 December 2022:Nil)Accrual of bad debt provision by portfolio:0In RMBNameClosing balanceBook balance Bad debt provision Proportion%Related party receivable 15,705,21400%Total 15,705,2140Note：Portfolio 2：- Related party receivable：As at 30 June 2023, the amount of receivables from related parties of theGroup was RMB15,705,214（December 31,2022:RMB39,546,687) , and the historical loss rate was extremely low.Therefore, The Group believes that there is no significant credit risk in the receivables from related parties, andthe possibility of significant losses due to their default is extremely low. The Group's expected credit loss rate forreceivables from related parties is 0%.（December 31,2022:0%).Accrual of bad debt provision by portfolio:506,522In RMBNameClosing balanceBook balance Bad debt provision Proportion%Steam sale and otherreceivable53,411,727506,5220.95%Total 53,411,727506,522Note：Portfolio 3- For other fund receivable except Portfolio 1 and Portfolio 2, Bad provision according to the expectedcredit loss modeRelevant information of the provision for bad debts will be disclosed with reference to the disclosure method ofother receivables if the provision for bad debts of bills receivable is accrued according to the general model ofexpected credit loss:Applicable □Not applicableFor other fund receivable except Portfolio 1 and Portfolio 2The amount of bad debt provision for accounts receivable in January-June 2023 is RMB 130,159 (In January -Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 99June 2022: RMB 713,856), and the amount of bad debt provision for accounts receivable reversed this year isRMB190,496 (In January -June 2022: RMB 263,506), the corresponding book balance is RMB53,411,727 (In 2022:RMB47,818,815), and there is no bad debt provision for accounts receivable written off this year (In 2022: none).Disclosure by agingIn RMBAging Balance in year-endWithin 1 year 7,749,214,8411-2 years 1,250,178,2812-3 years 345,145,302Over 3 year 214,862,9263-4 years 198,029,4424-5 years 16,833,484Total 0合计9,559,401,350(2) Accounts receivable withdraw, reversed or collected during the reporting periodThe withdrawal amount of the bad debt provision：In RMBCategory OpeningbalanceAmount of change in the current periodClosing balanceAccrualReversed orcollectedamountWrite-off OtherAccountreceivable566,859130,159190,49600506,522Total 566,859130,159190,49600506,522(3) The actual write-off accounts receivableNot applicable（4） Top 5 of the closing balance of the accounts receivable collected according to the arrears partyIn RMBName Closing balance Proportion% Bad debt provisionGPGC 8,730,691,63291.33% 0GPGC,Zhanjiang Power supply Bureau 360,447,0033.77% 0Shenzhen Power supply Bureau 183,692,1471.92% 0State Grid Xinjiang Electric Power Co.,Ltd.88,633,9320.93% 0Maoming Power supply Bureau 45,918,9010.48% 0Total 9,409,383,61598.43%（5）Account receivable which terminate the recognition owning to the transfer of the financial assetsNot applicable(6)The amount of the assets and liabilities formed by the transfer and the continues involvement ofaccounts receivableGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 100Not applicable6. Financing of receivablesNot applicable7.Prepayments(1) List by aging analysis:In RMBAgingClosing balance Opening balanceAmount Proportion % Amount Proportion %Within 1 year 1,220,234,30199.35% 1,532,647,17099.85%1-2 years 6,450,3920.53% 1,525,2360.10%2-3 years 1,128,8650.09% 370,4070.02%Over 3 years 370,4070.03% 439,4390.03%Total 1,228,183,9651,534,982,252Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in timeAs at June 30,2023, advances to suppliers aged more than 1 year were RMB7,949,664( December 31,2022,RMB2,335,082) , mainly including prepayments for spare parts and materials.（2）The ending balance of Prepayments owed by the imputation of the top five partiesName Relationship with the company Amount Proportion %Guangdong Power Industry Fuel Co., Ltd.Related party929,077,18175.65%Guangdong Zhutou Electric Power fuel Co.,Ltd.Third party 160,071,22513.03%Xinjiang Suneng Coal Transportation andMarketing Co., Ltd Third party 13,941,1191.14%China Railway (Huizhou) Co., Ltd Third party 11,387,4620.93%Guangzhou Port Xinsha Port Services Co.,Ltd Third party 7,902,5850.64%Total 1,122,379,57191.39%8. Other accounts receivableIn RMBItems Closing balance Opening balanceDividend receivable 63,000,000Other accounts receivable 820,366,006934,784,152Total 883,366,006934,784,152Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 101（1）Interest receivable1) Category of interest receivableNot applicable2) Significant overdue interestNot applicable3）Bad-debt provisionNot applicable(2)Dividend receivable1) Category of Dividend receivableIn RMBItems Closing balance Opening balanceSunshine Insurance Group Co., Ltd 63,000,0000Total 63,000,0002）Dividend receivable of important account age over 1 yearApplicable3）Bad-debt provision□ Applicable √ Not applicableOther note：（3） Other accounts receivable1) Other accounts receivable classified by the nature of accountsIn RMBNature Closing book balance Opening book balanceLand receivable deposit 280,753,918285,763,798Current account 188,349,351258,446,096Sales of by-products receivable 123,092,484142,602,487Supplementary medical insurance fundreceivable102,133,987102,914,387Current account receivable 70,772,58875,047,046Land receivable deposit 23,446,00023,446,000Compensation receivable for electricitycharges during the demolition andconstruction period07,099,200Receivable petty cash 11,019,0883,460,868Other 56,730,49471,308,102Less：Bad-debt provision -35,931,904 -35,303,832Total 820,366,006934,784,1522）Bad-debt provisionIn RMBBad Debt ReservesStage 1 Stage 2 Stage 3TotalExpected credit lossesover the next 12 monthsExpected credit lossover life (no creditimpairment)Expected credit lossesfor the entire duration(credit impairmentoccurred)Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 102Balance as at January 1,202313,642,569021,661,26335,303,832Balance as at January 1,2023in currentProvision in the current period 756,4560423,9761,180,432Turn back in the current period -548,3840 -3,976 -552,360This period write-off 0000Balance as at June 30,202313,850,641022,081,26335,931,904Loss provision changes in current period, change in book balance with significant amount□ Applicable √Not applicableDisclosure by agingIn RMBAging Closing balanceWithin 1 year(Including 1 year） 444,622,8051-2 years 201,666,8352-3 years 9,156,954Over 3 years 200,851,3163-4 years 134,973,7334-5 years 20,645,489Over 5 years 45,232,094Total 856,297,9103) Accounts receivable withdraw, reversed or collected during the reporting periodThe withdrawal amount of the bad debt provision：In RMBCategory OpeningbalanceAmount of change in the current periodClosing balanceAccrualReversed orcollectedamountWrite-off OtherOtherreceivable 35,303,8321,180,432552,3600035,931,904Total 35,303,8321,180,432552,3600035,931,904Where the current bad debts back or recover significant amounts:Not applicable4）Other account receivables actually cancel after write-offIn RMBItems AmountUnable to recover the money 4,274,179Important other receivables write-offNot applicable5)Top 5 of the closing balance of the other accounts receivable collected according to the arrears partyIn RMBName Nature Year-endbalance AgingPortion in total otherreceivables(%)Bad debtprovision ofyear-endbalanceMeixian ChengjiangzhenPeople's Government ofMeizhou CityLand withdrawalreceivable 131,885,4003-4 years 15.48% 0Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 103Guangdong EnergyFinance leasing Co., Ltd.Receivable of Unitcurrent 167,213,809Within 1year（Including1 yaar）19.63% 0Guangdong YudeanEnvironmental ProtectionCo., Ltd.Receivables from saleof by-products torelated parties114,097,732Within 1year（Including1 yaar）13.39% 0Yamen Town, XinhuiDistrict, Jiangmen CityLand withdrawalreceivable109,094,0181-2 years 12.80% 0Taikang PensionSupplementary medicalinsurance fundreceivable102,133,987 Over 5 years 11.99% 0Total 624,424,94673.29% 06）Account receivables with government subsidies involvedIn RMBName Project name Amount in year-end At the end of aging Estimated time,amount and basisThe StateAdministration ofTaxation, Suixi CountyTax BureauVAT is refundedimmediately 2,009,597Within 1 year（Including 1 year）Expected to be fullyrecovered by June2024Huilai County TaxBureau, StateAdministration ofTaxationVAT is refundedimmediately 818,792Within 1 year（Including 1 year）Expected to be fullyrecovered by June2024Yunfu YunchengDistrict Local TaxationBureauVAT is refundedimmediately 208,305Within 1 year（Including 1 year）Expected to be fullyrecovered by June2024Maoming MaonanLocal Taxation BureauVAT is refundedimmediately 20,616Within 1 year（Including 1 year）Expected to be fullyrecovered by June20247) Other account receivable which terminate the recognition owning to the transfer of the financial assetsNot applicable8) The amount of the assets and liabilities formed by the transfer and the continues involvement of otheraccounts receivableNot applicable9. InventoriesWhether the company need to comply with the disclosure requirements of the real estate industryNo（1）Category of InventoryIn RMBItemsClosing book balance Opening book balanceBook balanceProvision forinventoryimpairmentBook value Book balanceProvision forinventoryimpairmentBook valueRaw materials 3,754,009,72434,044,6083,719,965,1163,382,299,64834,044,6083,348,255,040Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 104Other 82,088,69782,088,69728,613,06028,613,060Total 3,836,098,42134,044,6083,802,053,8133,410,912,70834,044,6083,376,868,100(2) Inventory depreciation reserveIn RMBIte Rawmaterials msBeginning oftermIncreased in current period Decreased in current period Year-endbalanceProvision Other Transferredback OtherRaw materials 34,044,60834,044,608Total 34,044,60834,044,608(3) Explanation on inventories with capitalization of borrowing costs included at ending balanceNot applicable(4) Assets unsettled formed by construction contract which has completed at period-endNot applicable10.Contract assetsIn RMBItemsYear-end balance Opening balanceBook balanceBad debtprovisionBook value Book balanceBad debtprovisionBook valueContract assetsof third parties 609,45712,553596,9042,818,84712,5532,806,294Contract assetsof relatedparties2,137,44202,137,4422,103,96902,103,969Total 2,746,89912,5532,734,3464,922,81612,5534,910,26311. Assets divided as held-to-soldNot applicable12. Non-current assets due within 1 yearNot applicable13. Other current assetsIn RMBItemsYear-end balance Year-beginning balanceVAT to be deducted 1,107,141,790822,610,159Carbon emission rights assets 65,339,43635,890,568Advance payment of income tax 4,713,53515,213,902Other 1,042,5271,891,176Total 1,178,237,288875,605,805Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 10514.Creditor's right investmentNot applicableLoss provision changes in current period, change in book balance with significant amount□Applicable √ Not applicable15.Other creditor's rights investmentNot applicableLoss provision changes in current period, change in book balance with significant amount□Applicable √ Not applicable16. Long-term accounts receivableNot applicableLoss provision changes in current period, change in book balance with significant amount□Applicable √ Not applicable(2) Other account receivable which terminate the recognition owning to the transfer of the financialassetsNot applicable(3) The amount of the assets and liabilities formed by the transfer and the continues involvement of otheraccounts receivableNot applicableGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 10617. Long-term equity investmentIn RMBInvestees OpeningbalanceIncrease /decreaseClosingbalanceClosingbalance ofimpairmentprovisionAdditionalinvestmentDecrease ininvestmentProfits andlosses oninvestmentsRecognizedunder theequitymethodOthercomprehensiveincomeChanges inother equityCash bonusor profitsannouncedto issueWithdrawalofimpairmentprovisionOtherI. Joint venturesGuangdongElectricIndustrialFuel Co.,Ltd.710,399,00334,820,693745,219,696ChinaAviationShenxinWind PowerCo., Ltd.174,328,5185,816,305180,144,823ZhanjiangYuexinDistributedEnergy andTechniqueCo., Ltd.6,843,402 -416,1626,427,240Subtotal 891,570,92340,220,836931,791,759II. AssociatesShanxiYudeanEnergy Co.,Ltd.3,019,352,94254,299,600256,410,6853,330,063,227GuangdongGuohuaYudean1,901,354,532110,488,65726,681,5171,985,161,672Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 107TaishanPowerGenerationCo., Ltd.EnergyGroupFinancecompany1,704,449,32174,896,06714,516,041128,886,0721,664,975,357GuangdongEnergyFinancingLeasing Co.,Ltd.537,257,25417,098,17420,571,445533,783,983YudeanCaptive285,703,6168,341,2321,602,723292,442,125YudeanShipping277,173,327 -5,385,566271,787,761GuizhouYueqianElectricPower Co.,Ltd.231,974,48638,676,742270,651,228SouthOffshoreWind PowerJointDevelopmentCo., Ltd.195,056,60210,120,297205,176,899HuanengShantouWindGenerationCo., Ltd.60,222,9121,702,54161,925,453YunnanNengtouWeixinEnergy Co.,Ltd.86,300,031 -36,390,20949,909,82296,327,854Yunfu Power 0020,819,280Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 108GenerationPlant（BPlant）Co.,Ltd.Other 7,637,2372,235,4461,861,4018,011,282Subtotal 8,306,482,26054,299,600478,194,06614,516,041179,603,1588,673,888,809117,147,134Total 9,198,053,18354,299,600518,414,90214,516,041179,603,1589,605,680,568117,147,134Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 10918. Other equity instruments investmentIn RMBItems Closing balance Opening balanceSunshine Insurance Group Co., Ltd.1,426,303,0601,695,703,802Shenzhen Capital Group Co., Ltd.950,000,000950,000,000Shanghai Shenergy Group 388,170,428304,872,052Shenzhen Energy Co., Ltd.99,640,80096,163,200GMGInternational Tendering Co., Ltd.9,162,0008,532,000Xinjiang Yuejian Nengxin EnergyEquipment Co., Ltd.2,000,0002,000,000Gaozhou Yawu Hydropower Co., Ltd 800,000800,000Total 2,876,076,2883,058,071,054Itemized disclosure of the current non - trading equity instrument investmentIn RMBNameRecognized dividendincomeAccumulatinggainsAccumulating lossesAmount ofothercomprehensive incometransferredto retainedearningReasons for beingmeasured at fairvalue and whosechanges areincluded in othercomprehensiveincomeReasonsfor othercomprehensiveincometransferredto retainedearningsSunshine Insurance GroupCo., Ltd.63,000,0001,070,303,060Consideration ofstrategicinvestmentsNotapplicableShenzhen Capital GroupCo., Ltd.42,716,990621,966,000Consideration ofstrategicinvestmentsNotapplicableShanghai Shenergy Group 8,885,160152,332,440Consideration ofstrategicinvestmentsNotapplicableShenzhen Energy Co., Ltd.2,116,80083,750,172Consideration ofstrategicinvestmentsNotapplicableGMGInternationalTendering Co., Ltd.540,0005,562,000Consideration ofstrategicinvestmentsNotapplicableXinjiang Yuejian NengxinEnergy Equipment Co.,Ltd.00Consideration ofstrategicinvestmentsNotapplicableGaozhou YawuHydropower Co., Ltd00Consideration ofstrategicinvestmentsNotapplicableOther note：(a) On June 30,2023, the company held a total of 350,000,000 H shares of Sunshine Insurance Group Inc., Ltd.with a fair value of RMB 1,426,303,060, of which the investment cost was RMB 356,000,000. The companylisted this investment at fair value with reference to the market price. During the year, the loss measured at fairvalue was RMB 269,400,742 (2022 income: RMB 42,203,800), and other comprehensive income has beenreduced.(b) On June 30,2023, the fair value of the equity of Shenzhen Capital Group Co., Ltd. held by the company wasRMB 950,000,000, of which the investment cost was RMB 328,034,000. During the year, there was no change inthe fair value of the equity investment (loss in 2022:RMB 80,000,000)(c) On June 30,2023, the company held a total of 55,532,250 A shares of Shanghai Shenergy company, with afair value of RMB 388,170,428 and an investment cost of RMB 235,837,988. The company listed this investmentGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 110at fair value with reference to the market price. During the year, the income measured at fair value was RMB83,298,376 (loss in 2022: RMB 104,400,630), and other comprehensive income has been increased.(d) On June 30,2023, the company held a total of 1,800,000 shares listed by GMGInternational Tendering Co.,Ltd. in the national share transfer system for small and medium-sized enterprises, with a fair value of RMB9,162,000 and an investment cost of RMB 3,600,000. The company listed this investment at fair value withreference to the market price. During the year, the income measured at fair value was RMB630,000 (loss in 2022:RMB7,452,000), and other comprehensive income has been increased.19.Other non-current assetsNot applicable20. Investment property(1) Investment property adopted the cost measurement mode√Applicable □ Not applicableIn RMBItems House, Building Land use rightConstructionin process TotalI. Original price1. Balance at period-beginning 502,522,82146,042,801548,565,6222.Increase in the current period 136,799136,799(1) Purchase 136,799136,799(2)Inventory\Fixedassets\ Transferred from construction in progress(3)Increased of Enterprise Combination3.Decreased amount of the period（1）Dispose（2）Other out4. Balance at period-end 502,659,62046,042,801548,702,421II.Accumulated amortization1.Opening balance 171,234,63212,045,689183,280,3212.Increased amount of the period 4,112,609451,8294,564,438(1) Withdrawal 4,112,609451,8294,564,4383.Decreased amount of the period（1）Dispose（2）Other out4. Balance at period-end 175,347,24112,497,518187,844,759III. Impairment provision1. Balance at period-beginning2.Increased amount of the period(1) Withdrawal3.Decreased amount of the period（1）Dispose（2）Other out4. Balance at period-endIV.Book valueGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 1111.Book value at period -end 327,312,37933,545,283360,857,6622.Book value at period-beginning 331,288,18933,997,112365,285,301(2) Investment property adopted fair value measurement mode□ Applicable √Not applicable(3) Investment real estate without certificate of ownershipIn RMBItems Book balance ReasonLand use right 813,846Temporarily in the government approvedstageOther noteOn June 30,2023, after consulting the Group's legal advisers, the management believed that there would be nosubstantive legal obstacles to the handling of these property certificates and would not have a significant adverseimpact on the normal operation of the Group.21. Fixed assetsIn RMBItems Closing balance Opening balanceFixed assets 60,072,716,52262,273,985,182Disposal of fixed assets 123,541,386126,189,875Total 60,196,257,90862,400,175,057(1) List of Fixed assetsIn RMBItems House andbuildingGenerationequipment TransportationsOtherequipment TotalI. Original price1. Balance at period-beginning 34,616,745,77194,186,680,408683,197,8041,514,514,344 131,001,138,32 72.Increase in the current period 17,708,831247,823,23918,445,26029,652,703313,630,033(1) Purchase 6,358,43118,932,42918,445,26018,480,60562,216,725（2） Transferred from construction in progress11,350,40094,923,709011,172,098117,446,207(3)Increased of EnterpriseCombination 00000Other 0133,967,10100133,967,1013.Decreased amount of theperiod 20,240,282173,678,3967,711,0059,338,757210,968,440（1）Dispose 20,027,025109,016,1277,711,0059,338,757146,092,914Other 213,25764,662,2690064,875,5264. Balance at period-end 34,614,214,32094,260,825,251693,932,0591,534,828,290 131,103,799,92 0II. Accumulated depreciation1.Opening balance 12,701,475,45053,253,616,979491,585,1681,148,473,94667,595,151,5432.Increased amount of the period 432,047,0741,916,262,95712,893,86261,107,4962,422,311,389(1) Withdrawal 432,047,0741,910,338,19412,893,86261,107,4962,416,386,626Other 05,924,763005,924,7633.Decreased amount of theperiod 9,956,86195,779,4998,220,6517,540,657121,497,668（1）Dispose 9,956,86195,556,5778,220,6517,540,657121,274,746Other 0222,92200222,9224.Closing balance 13,123,565,66355,074,100,437496,258,3791,202,040,78569,895,965,264Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 112III. Impairment provision1.Opening balance 395,362,648735,949,101422,918266,9351,132,001,6022.Increase in the reporting period 05,052,018005,052,018（1）Withdrawal 05,052,018005,052,0183.Decreased amount of theperiod 01,935,486001,935,486（1）Dispose 01,935,486001,935,4864. Closing balance 395,362,648739,065,633422,918266,9351,135,118,134IV. Book value1.Book value of the period-end 21,095,286,00938,447,659,181197,250,762332,520,57060,072,716,5222.Book value of the period-begin 21,519,907,67340,197,114,328191,189,718365,773,46362,273,985,182(2) List of temporarily idle fixed assetsNot applicable(3) Fixed assets leased in the operating leasesNot applicable(4) Fixed assets without certificate of title completedIn RMBItems Book value ReasonHouse and Building 1,284,037,233Temporarily in the government approvedstageOther noteOn June 30,2023, after consulting the Group's legal advisers, the management believed that there would be nosubstantive legal obstacles to the handling of these property certificates and would not have a significant adverseimpact on the normal operation of the Group.（5）Liquidation of fixed assetsIn RMBItems Closing balance Opening balanceParts of power generation equipmenthave been scrapped 116,912,197124,038,520Other equipment 6,629,1892,151,355Total 123,541,386126,189,87522. Construction in progressIn RMBItems Closing balance Opening balanceConstruction in progress 20,882,628,71111,766,944,424Engineering Material 2,509,7711,883,737Total 20,885,138,48211,768,828,161(1) List of construction in progressIn RMBItemsClosing balance Opening balanceBook balanceProvision forimpairmentBook value Book balanceProvision forimpairmentBook valueGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 113Qingzhou offshore windpower project7,157,994,01807,157,994,0182,342,070,50002,342,070,500Ningzhou gas powerproject2,392,085,35102,392,085,3511,969,185,87201,969,185,872Guangdong EnergyXinjiang 400,000 kWphotovoltaic project1,498,255,22101,498,255,2211,448,198,20601,448,198,206Yuehua Powersubstitution of naturalgas for coal powerproject1,056,903,37801,056,903,378616,219,6960616,219,696Zhaoqing Dinghu naturalgas thermal powercogeneration project882,126,8140882,126,814582,964,4520582,964,452Inner Mongolia Yuefeng300MW photovoltaicpark project796,055,1060796,055,106409,218,0780409,218,078Dacheng wind powerproject715,590,4600715,590,460683,097,9370683,097,937Dayawan petrochemicalwestern thermal powercogeneration project708,341,2420708,341,242504,579,8920504,579,892Dabu Phase IIExpansionProject615,316,2580615,316,258238,826,6770238,826,677Jinchang MuhongJinchang District WestSlope 100MWphotovoltaic powergeneration project502,289,3270502,289,327216,333,4990216,333,499Jinchang Mujin JinchangDistrict West Slope100MW photovoltaicpower generation project502,018,7760502,018,776179,642,7630179,642,763Guangdong EnergyShache County 2 millionkw light storageintegration project369,380,7220369,380,7226,910,93306,910,933Hongdong County200MW centralisedphotovoltaic powergeneration project261,186,6770261,186,677207,718,6540207,718,654Laishui ConservancyEnergy Laishui County80MW affordable on-grid photovoltaic powergeneration project221,956,6670221,956,667149,824,6720149,824,672120 MW fishing andlight complementaryphotovoltaic powerstation project in PotouTown, Potou District,Zhanjiang200,903,6740200,903,67464,479,179064,479,179Zhanjiang City, PotouQiantang 100mw fishingand light complementaryprojec194,269,7090194,269,709194,269,7090194,269,709Wuhua Huangni Village 133,556,5850133,556,585130,793,8970130,793,897Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 114ProjectZhuhai Sanzao YulinVillage photovoltaiccomposite project PhaseI122,906,1460122,906,1462,816,69502,816,695Zhuhai Sanzao YulinVillage PhotovoltaicComposite Project PhaseII107,781,5450107,781,5452,081,54602,081,546Huadu thermal andpower cogenerationproject103,800,5280103,800,528100,715,4970100,715,497Other infrastructureconstruction projects1,739,248,390262,346,8101,476,901,5801,410,609,095273,214,6181,137,394,477Technologyimprovement and otherprojects876,250,79213,241,865863,008,927588,231,9048,630,311579,601,593Total 21,158,217,386275,588,67520,882,628,71112,048,789,353281,844,92911,766,944,424Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 115(2) Changes of significant construction in progressIn RMBName Budget Amount at yearbeginningIncrease atthis periodTransferredto fixedassetsOtherdecreaseBalance inyear-end Proportion(%)Progress ofworkCapitalization of interestaccumulatedbalanceIncluding：Currentamount ofcapitalizationof interestCapitalization ofinterestratio（%)Source offundsQingzhouoffshore windpower project34,214,500,0002,342,070,500 4,815,923,51 807,157,994,01835.86% 35.86% 87,900,35757,000,2762.75%Borrowings, ownfundsNingzhou gaspower project5,927,600,0001,969,185,872422,899,47902,392,085,35139.98% 66.49% 54,940,1324,325,2243.47%Borrowings, ownfundsGuangdongEnergyXinjiang400,000 kWphotovoltaicproject2,226,851,4001,448,198,20650,057,01501,498,255,22167.29% 67.29% 22,984,14911,482,1372.73%Borrowings, ownfundsYuehua Powersubstitution ofnatural gas forcoal powerproject1,532,190,000616,219,696440,683,68201,056,903,37869% 90% 26,590,46313,032,1312.97%Borrowings, ownfundsZhaoqingDinghu naturalgas thermalpowercogenerationproject2,998,180,000582,964,452299,162,3620882,126,81429.42% 85.15% 58,596,87023,424,2233.45%Borrowings, ownfundsInnerMongoliaYuefeng300MWphotovoltaicpark project1,572,760,000409,218,078386,837,0280796,055,10646.70% 46.70% 7,003,8875,277,1912.45%Borrowings, ownfundsDacheng windpower project800,000,000683,097,93732,492,5230715,590,46090% 100% 002.45% Borrowings, ownGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 116fundsDayawanpetrochemicalwesternthermal powercogenerationproject3,820,000,000504,579,892203,761,3500708,341,24226.12% 26.12% 26,664,60015,803,1782.92%Borrowings, ownfundsDabu Phase IIExpansionProject8,122,320,000242,662,927372,653,3310615,316,2587.58% 7.58% 4,895,1481,058,8982.79%Borrowings, ownfundsJinchangMuhongJinchangDistrict WestSlope 100MWphotovoltaicpowergenerationproject598,705,600216,333,499285,955,8280502,289,32783.90% 96% 4,033,8833,531,3732.45%Borrowings, ownfundsJinchangMujinJinchangDistrict WestSlope 100MWphotovoltaicpowergenerationproject598,705,600179,642,763322,376,0130502,018,77683.85% 93% 4,026,1143,357,8692.44%Borrowings, ownfundsGuangdongEnergy ShacheCounty 2million kwlight storageintegrationproject5,306,810,0746,910,933362,469,7890369,380,7226.96% 6.96% 000%ownfundsHongdongCounty200MWcentralised3,300,000207,718,65453,468,0230261,186,67750.56% 69.37% 4,762,4222,858,3693.10%Borrowings, ownfundsGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 117photovoltaicpowergenerationprojectLaishuiConservancyEnergy LaishuiCounty 80MWaffordable on-gridphotovoltaicpowergenerationproject376,000,000149,824,67272,131,9950221,956,66749.36% 49.36% 2,107,2301,573,6233% ownfunds120 MWfishing andlightcomplementary photovoltaicpower stationproject inPotou Town,Potou District,Zhanjiang589,200,00064,479,179136,424,4950200,903,67434.10% 38% 215,593215,5932.60%Borrowings, ownfundsZhanjiangCity, PotouQiantang100mw fishingand lightcomplementary projec500,230,000194,269,70900194,269,70937.70% 51.33% 4,739,1262,173,9193.20%Borrowings, ownfundsWuhuaHuangniVillage Project336,020,000130,793,8972,762,6880133,556,58540.70% 44% 2,468,7971,747,4713.10%Borrowings, ownfundsZhuhai SanzaoYulin Villagephotovoltaiccompositeproject Phase I1,048,880,0002,816,695120,089,4510122,906,14627.58% 44.59% 2,521,2162,521,2163.04%Borrowings, ownfundsGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 118Zhuhai SanzaoYulin VillagePhotovoltaicCompositeProject PhaseII377,587,8002,081,546105,699,9990107,781,54533.74% 47.30% 2,210,9592,210,9593.04%Borrowings, ownfundsHuadu thermaland powercogenerationproject3,536,710,000100,715,4973,085,0310103,800,52842.11% 98% 000%Borrowings, ownfundsOtherinfrastructureconstructionprojects1,133,558,227376,401,74527,561,442 5,496,95 01,476,901,5800% 77,448,49216,010,497Borrowings, ownfundsTechnologyimprovementand otherprojects579,601,593377,319,99889,884,765 4,027,89 9863,008,9270% 1,512,499177,337Borrowings, ownfundsTotal 74,486,550,47411,766,944,424 9,242,655,34 3 117,446,207 9,524,84 9 20,882,628,711395,621,937167,781,484Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 119(3) List of the withdrawal of the impairment provision of the construction in progressNot applicable（4）Engineering materialIn RMBItemsEnd of term Beginning of termBook balanceProvision forimpairmentBook value Book balanceProvision forimpairmentBook valueEngineeringmaterial 2,509,77102,509,7711,883,73701,883,737Total 2,509,77102,509,7711,883,73701,883,73723. Productive biological assets(1) Productive biological assets measured at cost methods□ Applicable √ Not applicable(2) Productive biological assets measured at fair value□ Applicable √ Not applicable24. Oil and gas assets□ Applicable √ Inapplicable25. Right to use assetsIn RMBItems House andbuildingsMachineryequipmentTransportationequipment Land use right TotalI. Original price1.Opening balance 62,488,1367,887,114,4809,375,854361,855,7468,320,834,2162.Increased amountof the period 21,375,291813,122,398035,985,676870,483,365（ 1 ） New leasecontracts 21,375,291813,122,398035,985,676870,483,3653. Decreased amountof the period 0114,135,20700114,135,207Early termination ofthe lease contract 0114,135,20700114,135,2074.Closing balance 83,863,4278,586,101,6719,375,854397,841,4229,077,182,374II. Accumulateddepreciation1.Opening balance 31,989,054923,523,5591,989,8348,387,293965,889,7402.Increased amount ofthe period 12,055,112212,469,5161,492,5229,467,732235,484,882（1）Withdrawal 12,055,112212,469,5161,492,5229,467,732235,484,8823.Decreased amount ofthe period05,924,763005,924,763(1)Disposal Theexpiration of the leaseGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 120is divided into fixedassets（1） 05,924,763005,924,7634.Closing balance 44,044,1661,130,068,3123,482,35617,855,0251,195,449,859III. Impairmentprovision1.Opening balance 02,899,510002,899,5102.Increased amount ofthe period（1）Withdrawal3.Decreased amountof the period(1)Disposal4.Closing balance 02,899,510002,899,510IV. Book value1.Closing book value 39,819,2617,453,133,8495,893,498379,986,3977,878,833,0052.Opening book 30,499,0826,960,691,4117,386,020353,468,4537,352,044,966Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 12126. Intangible assets(1) InformationIn RMBItems Land use right PatentNon-patentTechnologySoftware Sea use rightTransmissionandTransformationSupportingProjectFavorablecontractNon-patenttechnology andothersTotalI. Original price1. Balance at period-beginning 3,331,253,199262,101,406562,555,384260,331,31552,211,38040,336,6534,508,789,3372.Increase in the current period 102,088,8879,643,027636,768112,368,682(1) Purchase 102,088,8875,510,91014,337107,614,134（2）Internal R & D（ 3 ） Increased of EnterpriseCombination（4）Other 4,132,117622,4314,754,5483.Decreased amount of the period 1,713,873450,23774,8312,238,941（1）Dispose 1,713,873450,23774,8312,238,9414. Balance at period-end 3,431,628,213271,294,196562,555,384260,331,31552,211,38040,898,5904,618,919,078II.Accumulated amortization1. Balance at period-beginning 617,177,189153,639,72935,984,358260,331,3157,199,82831,219,0491,105,551,4682. Increase in the current period 34,208,22011,081,6876,992,3422,134,9921,510,64255,927,883(1) Withdrawal 34,208,22011,081,6876,992,3422,134,9921,510,64255,927,8833.Decreased amount of the period（1）Dispose4. Balance at period-end 651,385,409164,721,41642,976,700260,331,3159,334,82032,729,6911,161,479,351III. Impairment provision1. Balance at period-beginning 56,502,37356,502,3732. Increase in the current period(1) Withdrawal3.Decreased amount of the period（1）DisposeGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 1224. Balance at period-end 56,502,37356,502,3734. Book value1.Book value at period -end 2,723,740,431106,572,780519,578,68442,876,5608,168,8993,400,937,3542.Book value at period-beginning 2,657,573,637108,461,677526,571,02645,011,5529,117,6043,346,735,496The intangible assets by the end of the formation of the company's internal R & D accounted 0.14% of the proportion of the balance of intangible assetsGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 123（2）Details of Land use right failed to accomplish certification of propertyIn RMBItems Book value ReasonLand use right 129,516,279 The procedures have not been completedOther noteOn June 30,2023, after consulting the Group's legal advisers, the management believed that there would be nosubstantive legal obstacles to the handling of these property certificates and would not have a significant adverseimpact on the normal operation of the Group.27. Development expenditureNot applicable28. Goodwill(1) Original book value of goodwillIn RMBName of the investees or theevents formed goodwill Opening balanceIncrease DecreaseClosing balanceThe merger ofenterprisesdispositionTumushuke Thermal Power Co.,Ltd.119,488,672119,488,672Other 45,531,25945,531,259Total 165,019,931165,019,931（2）Impairment provision of goodwillIn RMBName of theinvestees or theevents formedgoodwillOpeningbalanceIncrease DecreaseClosing balanceProvision dispositionOther -36,922,378 -36,922,378Total -36,922,378 -36,922,37829.Long-term amortization expensesIn RMBItems Balance in year-beginIncrease at thisperiodAmortizationbalance Other decreaseBalance in year-endImprovement ofuse right assets4,696,6653,593,8563,352,2284,938,293Insurance 56,312,42218,879,18137,433,241Road use right 31,178,674765,90530,412,769Other 17,297,9851,092,9641,140,13417,250,815Total 109,485,7464,686,82024,137,44890,035,118Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 12430.Deferred income tax assets/deferred income tax liabilities(1)Details of the un-recognized deferred income tax assetsIn RMBItemsBalance in year-end Balance in year-beginDeductible temporarydifferenceDeferred income taxassetsDeductible temporarydifferenceDeferred income taxassetsProvision for assetimpairments 396,589,07998,305,518392,229,11496,899,577Intra-grouptransactions 537,364,251134,341,063656,830,968164,207,742Deductible losses 4,213,258,542976,011,8714,176,626,660968,337,573Depreciation of useassets and leaseliabilities do notrecognizedamortization offinancing expenses1,993,863,855475,801,2141,993,863,855475,801,214Depreciation of fixedassets277,590,22071,235,845291,680,43371,206,998Employee benefitspayable293,456,52570,088,188293,456,52170,088,187Government grants 76,309,29418,668,65976,328,52718,673,466Amortization ofintangible assets 3,328,432832,1083,328,432832,108Total 7,791,760,1981,845,284,4667,884,344,5101,866,046,865(2)Details of the un-recognized deferred income tax liabilitiesIn RMBItemsBalance in year-end Balance in year-beginTemporarilyDeductable or TaxableDifferenceDeferred Income TaxliabilitiesTemporarilyDeductable or TaxableDifferenceDeferred Income TaxliabilitiesNon-same controlenterprise mergerassets evaluation andappreciation218,998,34154,749,585235,501,69258,875,422Changes in fair valueof other equityinstruments included inother comprehensiveincome1,933,913,672483,478,4182,115,908,438528,977,110Depreciation of useassets and leaseliabilities do notrecognizedamortization offinancing expenses1,730,385,147356,743,6951,730,385,147356,743,695Depreciation of fixedassets83,403,01520,850,75385,028,55621,257,139Amortization of landuse rights15,302,2443,825,56115,302,2443,825,561Interest receivable 11,231,9502,807,9889,606,4142,401,603Total 3,993,234,369922,456,0004,191,732,491972,080,530Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 125(3) Deferred income tax assets or liabilities listed by net amount after off-setIn RMBItemsTrade-off between thedeferred income taxassets and liabilitiesEnd balance ofdeferred income taxassets or liabilities afteroff-setTrade-off between thedeferred income taxassets and liabilities atperiod-beginOpening balance ofdeferred income taxassets or liabilities afteroff-setDeferred income taxassets 389,041,9321,456,242,534387,493,9671,478,552,898Deferred incomeliabilities 389,041,932533,414,068387,493,967584,586,563(4)Details of income tax assets not recognizedIn RMBItems Balance in year-end Balance in year-beginDeductible temporary difference 1,987,506,2471,987,366,998Deductible loss 10,026,695,22711,033,478,760Total 12,014,201,47413,020,845,758(5)Deductible losses of the un-recognized deferred income tax asset will expire in the following yearsIn RMBYear Balance in year-end Balance in year-begin Remark202301,171,683,402 2024173,024,661173,024,661 2025760,600,486760,600,486 20263,960,132,3973,992,021,430 20274,899,784,8454,936,148,781 2028233,152,8380Total 10,026,695,22711,033,478,76031. Other non-current assetsIn RMBItemsBalance in year-end Balance in year-beginBook balance Provision fordevaluationBook value Book balance Provision fordevaluationBook valuePrepaymentsfor equipmentfund5,145,015,73805,145,015,7384,483,822,26304,483,822,263Input VAT tobe deducted2,319,512,03502,319,512,0351,813,240,96701,813,240,967Prepayment forland use rights162,669,0420162,669,042198,089,6930198,089,693Prepayment forequityacquisition361,026,0000361,026,00093,426,000093,426,000Prepaymentsfor purchase ofbuildings31,733,900031,733,90011,623,305011,623,305Other 800,7350800,7356,316,32406,316,324Total 8,020,757,45008,020,757,4506,606,518,55206,606,518,552Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 12632. Short-term borrowings(1) Category of short-term borrowingsIn RMBItems Closing balance Opening balancePledge loans 00Mortgage Loans 00Guarantee loans 060,166,260Credit loans 19,934,368,07516,201,278,600Total 19,934,368,07516,261,444,860(2) List of the short-term borrowings overdue but not returnNot applicable33. Transactional financial liabilitiesNot applicable34. Derivative financial liabilityNot applicable35.Notes payableIn RMBItems Closing balance Opening balanceCommercial acceptance 282,784,041476,572,076Bank acceptance bills 245,000,0001,019,206,000Total 527,784,0411,495,778,076Amount due in next fiscal period is RMB0.00.36. Accounts payable(1) List of accounts payableIn RMBItems Closing balance Opening balanceFuel payable 5,247,745,2685,182,454,648Materials and spare parts payable 629,088,678417,506,141Contracted operation expenses payable 291,255,56162,414,344Desulfurisation and denitrificationexpenses payable86,376,09767,846,620Repair expenses payable 84,604,85998,126,083Management fees payable for frequencymodulation and energy storage13,563,50325,898,303Other 63,248,42184,007,874Total 6,415,882,3875,938,254,013（2）Significant accounts payable that aged over one yearGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 127In RMBItems Closing balance Opening balanceFuel payable and freight payable 164,637,536 Not yet settledTotal 164,637,536Other note：As at 30 June 2023, accounts payable with ageing over one year amounted RMB164,637,536 ( December 31，2022: RMB56,448,384), mainly unsettled fuel payable37. Advance from customers(1) List of Advance from customersIn RMBLand advance payment Items Closing balance Opening balance177,384,9000Total 177,384,900（2）Significant payable aging more than 1 yearNot applicable38.Contract LiabilitiesIn RMBItems Closing balance Opening balanceAdvance revenue from steam 3,601,2421,979,586Advances from services 1,182,1932,713,981Advances from others 1,098,949267,407Total 5,882,3844,960,97439.Payable Employee wage(1) List of Payroll payableIn RMBItems Balance in year-begin Increase in this period decrease in this period Balance in year-end1.Short-termcompensation368,880,0691,185,233,682943,326,057610,787,6942.Post-employmentbenefits - definedcontribution plans3,128,825177,319,233167,785,98112,662,0773.Dismissal welfare 67,170,9821,047,38017,042,40451,175,9584. Other benefits duewithin one year 8,241,5411,220,7489,222,548239,741Total 447,421,4171,364,821,0431,137,376,990674,865,470（2）Short-term remunerationIn RMBItems Balance in year-beginIncrease in thisperioddecrease in thisperiodBalance in year-end1.Wages, bonuses, allowancesand subsidies 3,786,472853,079,562648,984,657207,881,3772.Employee welfare 4,395,09875,624,66859,613,96220,405,8043. Social insurance premiums 206,168,337107,757,24194,497,431219,428,147Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 128Including：Medical insurance 206,119,37886,186,95673,243,242219,063,092Work injury insurance 2382,841,7912,736,259105,770Maternity insurance 48,7211,515,1781,304,614259,2854. Public reserves for housing 25,97493,270,80690,690,0592,606,7215.Union funds and staff educationfee 145,002,94431,677,69230,834,923145,845,713Other short-term remuneration 9,501,24423,823,71318,705,02514,619,932Total 368,880,0691,185,233,682943,326,057610,787,694（3）Defined contribution plans listedIn RMBItems Balance in year-begin Increase in this period Payable in this period Balance in year-end1. Basic old-ageinsurance premiums 54,757110,957,531107,262,6413,749,6472.Unemploymentinsurance 7,0083,692,8143,678,65721,1653. Annuity payment 3,067,06062,668,88856,844,6838,891,265Total 3,128,825177,319,233167,785,98112,662,07740.Tax PayableIn RMBItems Closing balance Opening balanceVAT 165,649,50233,926,459Enterprise Income tax 246,339,840142,673,955Individual Income tax 1,527,97028,187,414City Construction tax 3,898,9231,306,426Land VAT 80,216,70080,216,700House property Tax 26,661,567924,458Land use tax 7,697,489217,542Education surcharges 3,054,4751,088,906Other 12,913,34213,943,055Total 547,959,808302,484,91541.Other payableIn RMBItems Closing balance Opening balanceDividend payable 9,771,32228,324,843Other payable 9,523,419,1079,375,333,188Total 9,533,190,4299,403,658,031（1） Interest payableNot applicable（2）Dividends payableIn RMBItems Closing balance Opening balanceCommon stock dividends 9,771,32228,324,843Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 129Total 9,771,32228,324,843Note: Including significant unpaid dividends payable over one year, the unpaid reason shall be disclosed:This part of dividends is mainly payable to shareholders of non-tradable shares who have not gone through theformalities of share-trading reform. This part of dividends will be paid after the formalities are completed.（3）Other payable1）Disclosure by natureIn RMBItems Closing balance Opening balanceConstruction and equipment expensespayable8,658,033,2158,097,497,010Carbon emission allowances payable 335,603,198382,721,278Generator unit capacity payable 249,056,604249,056,604Advances payable to third parties 69,300,70998,388,118Engineering quality guarantee payable 68,867,075236,415,770Administrative fines payable 11,531,70011,531,700Payables for equity acquisition 068,180,122Other 131,026,606231,542,586Total 9,523,419,1079,375,333,1882) Other payables with large amount and aging of over one yearIn RMBItems Closing balance ReasonOther payable 1,933,301,790 Failure to meet payment termsTotal 1,933,301,790Other noteAs at 31 June 30,20232, other payables of RMB 1,933,301,790 (31 December 2022: RMB 2,403,143,193) agedover one year mainly represented construction and equipment expenses payable and warranty payable not beingsettled because the comprehensive acceptance and settlement of relevant projects were yet to be completed orprojects were still within their warranty periods.42. Liabilities classified as holding for saleNot applicable43.Non-current liabilities due within 1 yearIn RMBItems Closing balance Opening balanceLong-term loans due in 1 year 2,665,830,5972,685,540,872Bond payable due in 1 year 1,163,289,481334,056,607Long-term Account payable due in 1year 9,718,18118,508,453Lease liabilities due in 1 year 769,727,104937,144,038Total 4,608,565,3633,975,249,970Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 13044. Other current-liabilitiesIn RMBItems Closing balance Opening balanceShort-term bond payable 03,503,496,438Return payable 00Output VAT to be written off 736,111,250671,353,936Total 736,111,2504,174,850,374Changes in short-term debentures payable：In RMBName Face value Issuance dateMaturityperiodIssuanceamountsBalance atthebeginningof the yearIssuanceduringtheyearInterestat facevalueAmortization ofdiscountsorpremiumRepayment for theperiodBalance attheend oftheyearThirdbatch ofsupershort-termfinancingnotesissued byGuangdong ElectricPowerDevelopment Co.,Ltd.,2022 2,000,000,000December9,2022 177days2,000,000,000 2,002,564,383 0 20,130,4 11 0 2,022,694,794 0Fourthbatch ofsupershort-termfinancingnotesissued byGuangdong ElectricPowerDevelopment Co.,Ltd.,2022 1,500,000,000December22,2022 90days1,500,000,000 1,500,932,055 0 8,388,49 30 1,509,320,548 0Total3,500,000,000 3,500,000,000 3,503,496,438 0 28,518,9 04 0 3,532,015,342 045.Long-term borrowings（1）Long-term term borrowingsIn RMBItems Closing balance Opening balancePledged borrowings 5,247,859,9615,539,508,558Mortgage borrowings 00Guarantee loan 2,242,271,4792,430,601,995Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 131Credit loans 45,252,034,35534,890,822,075Total 52,742,165,79542,860,932,62846.Bond payable（1）Bond payableIn RMBItems ClosingbalanceOpeningbalancePublic Issuance of Corporate Bonds to Qualified Investors in 2020 (Phase I) by GuangdongElectric Power Development Co., Ltd.01,499,754,232Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase I) by GuangdongElectric Power Development Co., Ltd.0999,962,264Public Issuance of Corporate Bonds to Qualified Investors in 2021 (Phase II) by GuangdongElectric Power Development Co., Ltd.1,499,906,6031,499,889,622Public Issuance of Corporate Bonds to Professional Investors in 2021 (Phase III) ofGuandong Electric Power Development Co.,Ltd.799,748,428799,710,6922021 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd.1,199,910,0661,199,372,3302021 MTN (Phase II) of Guangdong Electric Power Development Co., Ltd.2,198,362,7502,197,771,2412022 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd.598,682,547598,521,2262023 MTN (Phase I) of Guangdong Electric Power Development Co., Ltd.1,598,379,8740MTN (Phase I) of Guangdong Pinghai Power Generation Plant Co., Ltd.299,659,475299,508,302Public Issuance of Green Corporate Bonds to Qualified Investors in 2020 (Phase I) byGuangdong Wind Power Generation Co., Ltd599,446,4320Total 8,794,096,1759,094,489,909（ 2）Changes of bonds payable(Not including the other financial instrument of preferred stock andperpetual capital securities that classify as financial liabilityIn RMBName ofthe bond Face valueIssuedatePeriodIssueamountOpeningbalanceThe currentissueWithdrawinterest atparOverflowdiscountamountPay incurrentperiodTransferout to non-currentliabilitiesdue withinone yeaClosingbalancePublicIssuanceofCorporateBonds toQualifiedInvestorsin 2020(Phase I)byGuangdong ElectricPowerDevelopment Co.,Ltd.1,500,000,000April29,2020 3+2years1,500,000,0 00 1,499,754,232 12,048,63 0 245,76 8 - 1,500,000,000 - 12,048,630 0PublicIssuanceofCorporate1,000,000,000January27,2021 3years1,000,000,0 00 999,962,26 4 17,850,00 0 18,868 - 1,017,831,132 0Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 132Bonds toQualifiedInvestorsin 2021(Phase I)byGuangdong ElectricPowerDevelopment Co.,Ltd.PublicIssuanceofCorporateBonds toQualifiedInvestorsin 2021(Phase II)byGuangdong ElectricPowerDevelopment Co.,Ltd.1,500,000,000April28,2021 3+2years1,500,000,0 00 1,499,889,622 26,250,00 0 16,981 - 26,250,000 1,499,906,603PublicIssuanceofCorporateBonds toProfessionalInvestorsin 2021(Phase III)ofGuandongElectricPowerDevelopmentCo.,Ltd.800,000,00 0November24,2021 5years800,000,000 799,710,69 2 13,640,00 0 37,736 - 13,640,000 799,748,42 8 2021MTN(Phase I)ofGuangdong ElectricPowerDevelopment Co.,Ltd.1,200,000,000July19,2021 3years1,200,000,0 00 1,199,372,330 19,020,00 0 537,73 6 - 19,020,000 1,199,910,066 2021MTN(Phase II)ofGuangdong Electric2,200,000,000November15,2021 3years2,200,000,0 00 2,197,771,241 34,430,00 0 591,50 9 - 34,430,000 2,198,362,750Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 133PowerDevelopment Co.,Ltd.2022MTN(Phase I)ofGuangdong ElectricPowerDevelopment Co.,Ltd.600,000,00 0August24,2022 5years600,000,000 598,521,22 6 8,700,000 161,32 1 -8,700,000 598,682,54 7 2023MTN(Phase I)ofGuangdong ElectricPowerDevelopment Co.,Ltd.1,600,000,000March15,2023 5years1,600,000,0 00 0 1,600,000,000 15,602,74 0 - 1,620,1 26 - 15,602,740 1,598,379,874MTN(Phase I)ofGuangdong PinghaiPowerGeneration PlantCo., Ltd.300,000,00 0October15,2021 3years300,000,000 299,508,30 2 5,580,000 151,17 3 -5,580,000 299,659,47 5PublicIssuanceof GreenCorporateBonds toQualifiedInvestorsin 2020(Phase I)byGuangdong WindPowerGeneration Co., Ltd600,000,00 0March17,2023 3+2years600,000,0000 600,000,00 0 5,294,589 - 553,56 8 -5,294,589 599,446,43 2Total11,300,000,000 9,094,489,909 2,200,000,000 158,415,9 59 - 412,60 2 1,500,000,000 1,158,397,091 8,794,096,175(3) Note to conditions and time of share transfer of convertible bondsGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 134Not applicable（4）Other financial instruments that are classified as financial liabilitiesNot applicable47. Lease liabilityIn RMBItems Closing balance Opening balanceNet lease liabilities 7,617,307,1006,870,820,017Total 7,617,307,1006,870,820,01748. Long-term payableIn RMBItems Closing balance Opening balanceLong-term payable 491,702,974641,337,028Special payable 24,960,00024,960,000Total 516,662,974666,297,028(1) Long-term payable listed by nature of the accountIn RMBItems Closing balance Opening balanceSea area usage fee payable 387,146,927370,495,909Equipment and construction expensespayable104,556,047270,841,119（2）Specific payableIn RMBItems Opening balance Increase Decrease Closing balance CauseSupporting fundsfor expansion 24,960,00024,960,000Total 24,960,00024,960,000Other note：The payables for specific projects represent the fund granted for benefits improvement and capacity expansion bygovernments at provincial and central level to Lincang Energy, subsidiary of the company. According to thedocument issued by Yunnan Water Conservancy & Hydropower Investment Co., Ltd. (Yun Shui Tou Fa [2015]No.16), such payables for specific project were subject to an interest rate of 4% from 1 January 2015. Thecorresponding interest was recorded in the financial expenses by the company.49. Long-term employee salary payable（1）Long-term employee salary payableIn RMBItems Closing balance Opening balanceI.Post-employment benefits -defined contribution plans89,461,83483,371,428Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 135II. Dismissal benefits 273,891,151299,605,384III.Other long-term benefits 38,487,33946,288,457Total 401,840,324429,265,269(2) Changes of defined benefit plansNot applicable50.Predicted liabilitiesNot applicable51.Deferred incomeIn RMBItems Beginning of term Increased this term Decreased thisterm End of term ReasonGovernmentSubsidy 142,292,21530,0007,315,658135,006,557Asset-relatedgovernment grantsreceivedTotal 142,292,21530,0007,315,658135,006,557Details of government subsidies：In RMBItems Beginning oftermNewsubsidyincurrentperiodAmounttransferred tonon-operationalincomeOther incomerecorded inthe currentperiodAmountof costdeductedin thecurrentperiodOtherchangesEnd of termAsset-relatedor income-relatedSpecial fundsfor #1-#3generators’desulfurizationproject13,803,630651,78413,151,846 Asset-relatedEnergy savinggrants11,023,653821,45610,202,197 Asset-relatedSpecialtreasury bond-basedgovernmentgrants fordesulfurisationprojects10,737,039671,06510,065,974 Asset-relatedCompensationfor relocationand renovationof Shajiao A5,561,3595,561,359 Asset-relatedTax refund forPRC-madeequipment5,740,5201,148,1044,592,416 Asset-relatedEnvironmental grants forSCRdenitration5,794,913882,3084,912,605 Asset-relatedGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 136projectProvincialspecial fundsfor enterprises’technologyimprovement4,709,274744,6013,964,673 Asset-related1&2#generator unitsturbine byZhongyueEnergy6,153,8476,153,847 Asset-relatedSecondincentives forcomprehensiveand typicaldemonstrationprojects underfinancialpolicies ofenergy saving5,850,0005,850,000 Asset-relatedDevelopmentandcompetitiveness funds fromSASAC5,333,3345,333,334 Asset-relatedPost rewardingsubsidies forultra-lowemissions of1&2#generators4,379,5754,379,575 Asset-relatedGrants forenergy savingandconsumptionreduction of 6#generator flowreconstruction4,220,535239,0943,981,441 Asset-relatedGrants forcomprehensivetechnicaltransformationproject forgeneratortransformationand upgrading3,674,031263,1923,410,839 Asset-relatedIncentives forenergyefficiency ofpower plant byDongguan1,647,6881,647,688 Asset-relatedSpecial fundsfor technicaltransformationof ultra-lowemissions of5&6#4,822,2854,822,285 Asset-relatedGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 137generatorsOther 48,840,53230,0001,894,05446,976,478 Asset-relatedTotal 142,292,21530,0007,315,658135,006,55752. Other non-current liabilitiesIn RMBItems Closing balance Opening balanceCapital injection 50,000,000128,400,000Housing revolving fund 1,028,1671,028,167Total 51,028,167129,428,167Other note：In 2018, Qujie Wind Power-the company's subsidiaries-received capital injections of RMB 50,000,000 andRMB 50,000,000 from Guangdong Energy Group, which would be used for the Qujie Wailuo Offshore WindPower Project. As of June 30,2023, Qujie Wind Power was recorded as other non-current liabilities due to thefailure to complete the industrial and commercial change registration.53.Stock capitalIn RMBYear-beginningbalanceChanged（+，-）Balance inyear-endIssuanceof newshareBonus shares Capitalization of publicreserveOther SubtotalTotal of 5,250,283,986000005,250,283,98654. Other equity instruments(1) Basic information of preferred stock, perpetual capital securities and other financial instrumentsoutstanding issued at period-endNot applicable(2) Change list of preferred stock, perpetual capital securities and other financial instrumentsoutstanding issued at period-endNot applicable55. Capital reservesIn RMBItems Year-beginningbalanceIncrease in thecurrent periodDecrease inthe currentperiodYear-end balanceShare premium 3,972,546,9253,611,6663,968,935,259Other capital reserves -76,905,774 -76,905,774Revaluation reserve 119,593,718119,593,718Investment from GEGC 395,000,000395,000,000Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 138Share of interests in the investee inproportion to the shareholding (b)-173,662,956 -173,662,956Transfer of capital surplus recognisedunder the previous accounting system20,474,59220,474,592Total 4,257,046,5053,611,6664,253,434,839Other notes, including the note to its increase/decrease and the cause(s) of its movement in the reporting period:In the first half of 2023, the capital surplus of the Group decreased by RMB 3,611,666 due to the dilution of theproportion of equity held by the Group arising from capital increase by minority shareholders of certainsubsidiaries of the Group.56.Treasury stockNot applicable57. Other comprehensive incomeIn RMBItemsYear-beginningbalanceAmount of current periodClosing balanceAmountincurred beforeincome taxLess：Amounttransferred intoprofit andloss in thecurrentperiodthatrecogniedinto othercomprehensiveincome inpriorperiodLess：Priorperiodincluded inothercompositeincometransfer toretainedincome inthe currentperiodLess：Income taxexpensesAfter-taxattribute to theparent companyAfter-taxattributetominorityshareholderI. Othercomprehensive income thatwill not besubsequentlyreclassified toprofit or loss1,628,495,079 -167,478,725 -45,498,692 -121,980,0331,506,515,046Including:Changesarising fromremeasurement of definedbenefit plans-37,296,993 -37,296,993Othercomprehensive income thatcannot betransferred toprofit or lossunder equitymethod79,138,16014,516,04114,516,04193,654,201Changesin fair valueofinvestments1,586,653,912 -181,994,766 -45,498,692 -136,496,0741,450,157,838Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 139in otherequityinstrumentsII. Othercomprehensive income thatwill besubsequentlyreclassified toprofit or loss1,342,8781,342,878Including：Share ofothercomprehensive income ofthe investeethat cannot betransferred toprofit or lossaccounted forusing theequitymethod1,342,8781,342,878Total of othercomprehensive income1,629,837,957 -167,478,725 -45,498,692 -121,980,0331,507,857,92458. Special reservesIn RMBItems Year-beginningbalanceIncrease in the currentperiodDecrease in the currentperiodYear-end balanceSafety in production 520,379165,514,23593,313,65772,720,957Total 520,379165,514,23593,313,65772,720,95759. Surplus reservesIn RMBItems Year-beginningbalanceIncrease in the currentperiodDecrease in the currentperiodYear-end balanceStatutory surplusreserve 3,016,893,8703,016,893,870Discretionary surplusreserve 5,886,621,2655,886,621,265Total 8,903,515,1358,903,515,13560. Retained profitsIn RMBItems Amount of this period Amount of last periodBefore adjustments: Retained profits inlast period end 200,668,5173,205,422,561Adjust the total undistributed profits atthe beginning of the period 108,421,14084,938,618After adjustments: Retained profits at theperiod beginning 309,089,6573,290,361,179Add：Net profit belonging to the ownerof the parent company 856,538,633 -1,371,743,904Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 140Retained profit at the end of this term 1,165,628,2901,918,617,275As regards the details of adjusted the beginning undistributed profits(1)As the retroactive adjustment on Enterprise Accounting Standards and its related new regulations, theaffected beginning undistributed profits are RMB 0.00.(2) As the change of the accounting policy, the affected beginning undistributed profits are RMB 0.00.(3) As the correction of significant accounting error, the affected beginning undistributed profits are RMB 0.00.(4) As the change of consolidation scope caused by the same control, the affected beginning undistributedprofits are RMB 0.00(5) Other adjustment of the total affected beginning undistributed profits are RMB 0.00.61. Business income, Business costIn RMBItemsAmount of current period Amount of previous periodIncome Cost Income CostMain business 28,177,515,35325,146,455,15922,423,023,60323,089,561,766Other business 163,325,53111,454,398188,216,13024,622,840Total 28,340,840,88425,157,909,55722,611,239,73323,114,184,606Income related information:In RMBContract classification Division 1 Division 2 TotalCommodity typeIncludingElectric power 28,015,854,47828,015,854,478Generation by-product 141,968,590141,968,590Thermal Energy 121,708,867121,708,867Labor service 39,952,00839,952,008Rent 21,356,94121,356,941AreaIncludingGuangdong 27,672,103,61127,672,103,611Xinjiang 470,376,437470,376,437Hunan 73,335,88573,335,885Hebei 46,668,60146,668,601Guangxi 29,169,83829,169,838Yunnan 21,621,66121,621,661Henan 19,388,29419,388,294Shangdong 8,176,5578,176,557Market typeIncludingPower market 28,015,854,47828,015,854,478Other market 324,986,406324,986,406Contract typeIncludingSell goods 28,279,531,93528,279,531,935Service 39,952,00839,952,008Assets use rights 21,356,94121,356,941By the time of commoditytransferIncludingRecognize at a certain time 28,279,531,93528,279,531,935Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 141pointRecognize in a certain periodof time 61,308,94961,308,949Constrict termIncludingSales channelIncludingTotalInformation related to performance obligations:Commodity type Usual performance time of performance obligation Important payment terms Commodity natureElectric power When power is supplied to the grid company Cash settlement/monthlysettlementElectric powerHeat energy When heat energy is supplied to customers who buyheat,Cash settlement/monthlysettlementHeat energyPower generationby-productsWhen by-products such as fly ash generated by powergeneration are transported to the agreed delivery place,Cash settlement/monthlysettlementPower generation by-productsLabor service Service provision period Cash settlement/monthlysettlementLabor serviceInformation related to the transaction price apportioned to the residual performance obligation:The income corresponding to the performance obligations that have not been performed or have been performedincompletely but the contract has been signed at the end of the reporting period is RMB164,345,927, of whichRMB 123,766,025 is expected to be recognized as income in 2023, RMB37,868,830 is expected to be recognizedas income in 2024, RMB2,711,072 is expected to be recognized as income in 2025.62. Business tax and subjoinIn RMBItems Amount of current period Amount of previous periodUrban construction tax 20,982,9253,856,511Education surcharge 17,013,6852,168,420Property tax 30,411,49431,305,276Land use tax 8,191,1367,940,925vehicle and vessel usage tax 100,95285,951Stamp tax 17,244,72918,448,026Environmental protection tax 7,137,9085,504,435Other 1,753,1562,705,837Total 102,835,98572,015,38163.Selling expensesIn RMBItems Amount of current period Amount of previous periodEmployee’s remuneration 26,991,66425,269,233Depreciation expenses 1,586,4701,660,382Business expense 1,506,6341,255,893Publicity Expenses 499,576159,485Other 5,008,0332,115,057Total 35,592,37730,460,050Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 14264.Administrative expensesIn RMBItems Amount of current period Amount of previous periodEmployee’s remuneration 342,670,104283,189,854Depreciation expenses 44,290,29838,783,816Amortization of intangible assets 39,695,16533,707,412Fire safety expenses 22,669,87317,730,695Property management expenses 18,466,43618,911,954Agency fee 10,693,4219,501,922Travel expenses 6,805,3992,889,500A forestation fee 6,278,0135,882,034Rental expenses 5,354,2886,065,423Office expenses 4,172,1045,698,458Consulting fee 3,837,1342,185,778Business fee 3,446,9762,366,481Insurance expenses 1,502,3051,265,954Low consumables amortization 1,232,4971,117,419Expenses on board meetings 204,352150,590Other 42,470,94548,508,584Total 553,789,310477,955,87465. R&DExpenseIn RMBItems Amount of current period Amount of previous periodDirect input fee 309,968,136535,940,368Employee’s remuneration 84,778,704114,635,359Other 67,056,94092,283,264Outsourced research and developmentexpenses 4,809,8719,465,979Total 466,613,651752,324,97066.Financial ExpensesIn RMBItems Amount of current period Amount of previous periodInterest expenses1,192,393,9831,135,329,167Interest income-53,610,047 -66,355,499Bank charges and others 7,673,20412,084,176Total 1,146,457,1401,081,057,84467.Other incomeIn RMBOther sources of revenue Amount of the Current Term Amount of the Previous TermRevenue from timely levy and refund ofVAT 12,915,79019,790,415Amortization of the deferred incomerelated to the assets 7,315,6586,345,576Other 5,914,6999,057,081Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 14368. Investment incomeIn RMBItems Amount of this period Amount of last periodLong-term equity investment income byequity method 518,414,902498,927,895Disposal of the investment incomegenerated from the long-term equityinvestment0607,470Dividends earned during the holdingperiod on investments in other equityinstrument117,258,95090,156,139Other 467,255Total 636,141,107589,691,50469.Net exposure hedging incomeNot applicable70. Gains on the changes in the fair valueNot applicable71. Credit impairment lossIn RMBItems Amount of this period Amount of last periodLoss of bad debts in other receivables -628,0722,201,102Loss of bad accounts receivable 60,337 -472,403Total -567,7351,728,69972. Losses from asset impairmentIn RMBItems Amount of this period Amount of last periodV. Impairment loss of fixed assets -5,052,018Total -5,052,01873.Assets disposal incomeIn RMBSource Amount of this period Amount of last periodIncome from disposal of Fixed assets -1,988,90231,707,13374. Non-Operation incomeIn RMBItems Amount of current period Amount of previous period Recorded in the amount of thenon-recurring gains andGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 144lossesGain on disposal of non-current assets 2,724,5642,242,3042,724,564A fine net income 6,701,75662,2636,701,756Income from carbon emissionquota trading2,520,8632,520,863Claims and CompensationIncome1,546,721176,0081,546,721A fine net income 1,284,1291,198,8291,284,129Inventory scrap 416,655Other 5,952,3064,770,2065,952,306Total 20,730,3398,866,26520,730,339Government subsidies recorded in the current profit and loss:Not applicable75.Non-current expensesIn RMBItemsAmount of current period Amount of previous periodThe amount of non-operatinggains & lossesForeign donations 120,067104,416120,067Loss on obsolescence of non-current assets 9,754,7765,145,0269,754,776Fine for delaying payment 3,664,9295,470,2723,664,929Other 2,885,3151,237,6462,885,315Carbon emission rights assetsused for performance8,000,000Total 16,425,08719,957,36016,425,08776. Income tax expenses（1）Income tax expensesIn RMBItemsAmount of current period Amount of previous periodCurrent income tax expense 394,242,69388,354,741Deferred income tax expense -28,862,131 -239,624,740Total 365,380,562 -151,269,999（2）Adjustment on accounting profit and income tax expensesIn RMBItems Amount of current periodTotal profits 1,536,626,715Income tax expenses calculated on legal / applicable tax rate 381,499,552Effect of different tax rate applicable to the subsidiary company -72,457,980Influence of non taxable income -181,281,575Impact of non-deductible costs, expenses and losses 18,515,413Transfer-out of deductible losses for which deferred tax assetwas recognised -68,252,969Deductible temporary differences for which no deferred taxasset was recognised in the current period 300,458,156Utilisation of deductible losses for which no deferred tax assetwas recognised in previous periods -4,906,746Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 145Utilisation of deductible temporary differences for which nodeferred tax asset was recognised in previous periods -8,193,289Income tax expenses 365,380,56277. Other comprehensive incomeRefer to the notes VII(57)78.Items of Cash flow statement（1）Other cash received from business operationIn RMBItems Amount of current period Amount of previous periodInterest income 52,478,18860,744,913Government Subsidy 7,460,67312,106,261Claims and compensation income 33,501,2044,120,923Rental fee 20,310,21016,274,284Other 119,036,664170,803,211Total 232,786,939264,049,592(2)Other cash paid related to operating activitiesIn RMBItems Amount of current period Amount of previous periodInsurance expenses 50,189,01559,805,167Equipment cleaning and sanitation andgreening fee 13,165,07511,179,627Transportation fee 694,8981,944,107Fire guard fee 29,133,22414,894,750Business fee 4,323,7433,708,958Agency Charge 12,231,0236,212,870Office expenses 5,976,0605,643,624Travel expenses 9,853,7304,542,242Rental fee 15,564,04314,137,813Enterprise publicity expenses 3,070,5432,671,933Information system maintenance 8,828,19669,173,691Water and electricity 45,584,56538,633,864R&D 20,588,48013,560,305Property management 18,682,25720,865,234Vehicle 12,778,90015,702,294Labour union 6,907,0638,708,932Other 363,784,010325,111,885Total 621,354,825616,497,296(3)Cash received related to other investment activitiesIn RMBItems Amount of current period Amount of previous periodReceived returned land deposit 0300,000Total 0300,000Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 146(4)Cash paid related to other investment activitiesNot applicable（5）Other cash received in relation to financing activitiesNot applicable（6）Cash paid related with financing activitiesIn RMBItems Amount of current period Amount of previous periodRepayments of lease liabilities and long-term payables360,504,97120,793,683Pay to minority shareholders for capitalreductio1,023,668,493Other 84,106,150Total 1,468,279,61420,793,68379. Supplement Information for cash flow statement（1）Supplement Information for cash flow statementIn RMBSupplement Information Amount of current period Amount of previous periodI. Adjusting net profit to cash flow from operating activitiesNet profit 1,171,246,153 -2,118,259,680Add: Impairment loss provision of assets 567,735 -1,728,699Depreciation of fixed assets, oil and gas assets andconsumable biological assets 2,426,875,8272,343,017,900Depreciation of Use right assets 235,484,882131,524,416Amortization of intangible assets 55,927,88344,413,829Amortization of Long-term deferred expenses 24,137,4483,288,367Loss on disposal of fixed assets, intangible assets and otherlong-term deferred assets 1,988,902 -31,707,133Fixed assets scrap loss 7,030,2122,902,722Loss on fair value changesFinancial cost 1,146,457,1401,081,057,844Loss on investment -636,141,107 -589,691,504Decrease of deferred income tax assets 22,310,364 -311,455,554Increased of deferred income tax liabilities -51,172,495 -38,678,242Decrease of inventories -425,185,713 -136,871,256Decease of operating receivables -2,036,882,617848,217,168Increased of operating Payable 777,725,402 -1,434,388,688OtherNet cash flows arising from operating activities 2,720,370,016 -208,358,510II. Significant investment and financing activities that withoutcash flows:Conversion of debt into capitalGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 147Convertible corporate bonds maturing within one yearFinancing of fixed assets leased3．Movement of cash and cash equivalents：Ending balance of cash 11,394,942,72810,767,718,823Less: Beginning balance of cash equivalents 11,433,808,5008,023,116,939Add：End balance of cash equivalentsLess: Beginning balance of cash equivalentsNet increase of cash and cash equivalent -38,865,7722,744,601,884(2) Net Cash paid of obtaining the subsidiaryNot applicable(3) Net Cash receive of disposal of the subsidiaryNot applicable(4) Component of cash and cash equivalentsIn RMBItems Year-end balance Year-beginning balanceI. Cash 11,394,942,72811,433,808,500Including：Cash at hand 49,50046,435Demand bank deposit 11,394,893,22811,433,762,065III. Balance of cash and cash equivalentsat the period end 11,394,942,72811,433,808,50080. Note of statement of changes in the owner's equityNot applicable81. The assets with the ownership or use right restrictedIn RMBItems Closing book value Causation of limitationMonetary funds 34,012,265Ecological security, land reclamationbond, project performance bond andspecial project depositUsing right assets 5,547,584,619 Assets to use rights formed by financingleaseTotal 5,581,596,88482. Foreign currency monetary items(1) Foreign currency monetary itemsIn RMBItems Closing foreign currencybalance Exchange rateClosing convert to RMBbalanceMonetary capitalIncluding：USD 1917.22581,378EuroHKD 13,6120.922012,550Account receivableIncluding：USDEuroHKDGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 148Long –term borrowingsIncluding：USD 6,507,9307.225847,025,000EuroHKD(2) Note to overseas operating entities, including important overseas operating entities, which should bedisclosed about its principal business place, function currency for bookkeeping and basis for the choice.In case of any change in function currency, the cause should be disclosed.□ Applicable √ Not applicable83. HedgingArbitrage According to arbitrage category to disclose arbitrage item, relevant arbitrage tools and the arbitragedrisk qualitative and quantitative information:84. Government subsidies（1）Government subsidies confirmed in current periodIn RMBItems Amount Project Amount included in currentprofit and lossRevenue from timely levy andrefund of VAT 12,915,790 Other income 12,915,790Amortization of the deferredincome related to the assets 7,315,658 Other income 7,315,658Other 5,914,699 Other income 5,914,699（2）Government subsidy return□ Applicable √ Not applicable85.OtherGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 149VIII. Changes of merge scope1. Business merger not under same control(1) Business merger not under same control in reporting periodNot applicable(2)Business combination under the same controlNot applicable(3) Counter purchaseNot applicable(4) The disposal of subsidiaryWhether there are multiple transactions step by step dispose the investment to subsidiary and lost control inreporting period□ Yes √ No(5) Note to merger could not be determined reasonable consideration or Identifiable assets, Fair value ofliabilities of the acquiree at acquisition date or closing period of the mergeNot applicable（6） Other note2. Business combination under the same control(1) Business combination under the same control during the reporting periodNot applicable(2) Combination costNot applicable(3) The book value of the assets and liabilities of the merged party on the date of consolidationNot applicable3. Counter purchaseNot applicableGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 1504. The disposal of subsidiaryWhether there is a single disposal of the investment to subsidiary and lost control□ Yes √NoWhether there are multiple transactions step by step dispose the investment to subsidiary and lost control inreporting period□ Yes √ No5. Other reasons for the changes in combination scopeSubsidiaries established during the year:The above companies that were acquired by acquisition of assets are subsidiaries acquired by the company andIts subsidiaries through acquisition of assets from related parties. As at the acquisition date, the abovecompanies had no other businesses or assets other than construction in progress, fixed assets and right-of-useassets, and the acquisition did not involve employees. The acquisition of assets did not constitute a business asthere was not any output at the acquisition date.6.OtherName Major business locationPlace ofregistrationNature of businessRegisteredcapitalShareholding(%) AcquisitionmethodDirect IndirectZhonggong EnergyTechnology(Maoming) Co., Ltd. Gaozhou Gaozhou Electric power 1,000,000100%Acquisition ofassetsYahua New EnergyTechnology(Gaozhou) Co., Ltd. Gaozhou Gaozhou Electric power 10,000,000100%Acquisition ofassetsGuangdong Energy Group XingjiangCo., Ltd. Urumqi Urumqi Electric power 300,000,000100%EstablishZhuhai Yudean New Energy Co.,Ltd. Zhuhai Zhuhai Electric power 5,000,000100%EstablishYunfu Yudean Zhenneng NewEnergy Co., Ltd. Yunfu Yunfu Electric power 1,000,000100%EstablishTumusuke Yudean Changhe NewEnergy Co., Ltd. Tumusuke Tumusuke Electric power 500,000100%EstablishXintian Yuefeng New Energy Co.,Ltd. Yongzhou Yongzhou Electric power 2,000,000100%EstablishLanshan Yuefeng New Energy Co.,Ltd. Yongzhou Yongzhou Electric power 2,000,000100%EstablishGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 151IX. Equity in other entity1. Equity in subsidiary（1）Constitute of enterprise groupSubsidiary Main operation RegisteredplaceBusinessnatureShare-holding ratioAcquired wayDirectly IndirectlyMaomingTermal powerPlantMaoming Maoming ElectricPower 46.54% EstablishJinghai PowrGeneration Jieyang JieyangElectricPower 65% EstablishZhangjiangWind Power Zhanjiang ZhanjiangElectricpower 70% EstablishTechnologyEngineegingcompanyDongguan Dongguan Electricpower 100% EstablishHumen PowerGeneration Dongguan DongguanElectricpower 60% EstablishBohe company Maoming Maoming Electricpower 67% EstablishXuwen WindPower Zhanjiang ZhanjiangElectricPower 70% EstablishHuadu Naturalgas Guangzhou GuangzhouElectricpower 65% EstablishDapu PowerGenerationMeizhou Meizhou Electricpower 100% EstablishLeizhou WindPower Leizhou LeizhouElectricpower 94% EstablishDianbai WindPower Maoming MaomingElectricpower 100% EstablishZhanjiangcompany Zhanjiang ZhanjiangElectricPower 76%Business combinationsinvolving enterprises undercommon controlYuejiacompany Meizhou MeizhouElectricpower 58%Business combinationsinvolving enterprises undercommon controlShaoguanPowerGenerationShaoguan Shaoguan Electricpower 90%Business combinationsinvolving enterprises undercommon controlZhongyuecompany Zhanjiang ZhanjiangElectricpower 90%Business combinationsinvolving enterprises undercommon controlElectric sales Guangzhou Guangzhou Electricpower 100% EstablishQujie WindPower Zhanjiang ZhanjiangElectricPower 100% EstablishYangjiangWind Power Yangjiang YangjiangElectricpower 89.04% EstablishLincangcompany Lincang LincangElectricpower 100%Business combinationsinvolving enterprises notunder common controlGuangqiancompany Shenzhen ShenzhenElectricpower 100%Business combinationsinvolving enterprises undercommon controlHuizhouNatural gas Huizhou HuizhouElectricpower 67%Business combinationsinvolving enterprises undercommon controlPinghai PowerGeneration Huizhou HuizhouElectricPower 45%Business combinationsinvolving enterprises underGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 152common controlShibeishanWind Power Jieyang JieyangElectricpower 70%Business combinationsinvolving enterprises undercommon controlRed Baycompany Shanwei ShanweiElectricpower 65%Business combinationsinvolving enterprises undercommon controlGuangdongWind Power Guangzhou GuangzhouElectricpower 100%Business combinationsinvolving enterprises notunder common controlTongdao WindPower Huaihua HuaihuaElectricpower 100% EstablishPingyuan WindPower Meizhou MeizhouElectricPower 100% EstablishHeping WindPower Heyuan HeyuanElectricpower 100% EstablishHuilai WindPower Jieyang JieyangElectricpower 89.83%Business combinationsinvolving enterprises notunder common controlHongruiTechnology Shaoguan ShaoguanElectricpower 90% EstablishYongan Naturalgas Zhaoqing ZhaoqingElectricpower 90% EstablishXupu WindPower Huaihua HuaihuaElectricPower 100% EstablishWuxuan WindPower Guangzi GuangxiElectricpower 100% EstablishPingdianIntegratedEnergycompanyHuizhou Huizhou Electricpower 45% EstablishZhuhai WindPower Zhuhai ZhuhaiElectricpower 74.28% EstablishBinhai Bay Dongguan Dongguan Electricpower 100% EstablishDayawancompany Huizhou HuizhouElectricPower 70% EstablishQimingcompany Shenzhen ShenzhenElectricpower 100% EstablishHuaguoquancompany Shenzhen ShenzhenElectricpower 100%Business combinationsinvolving enterprises notunder common controlNanxiong NewEnergy Shaoguan ShaoguanElectricpower 100% EstablishDananhaicompany Jieyang JieyangElectricpower 100% EstablishBaihua Energy Huizhou Huizhou ElectricPower 100% EstablishQingzhouOffshore windpowerYangjiang Yangjiang Electricpower 100% EstablishWanhaoweiNew EnergyZhanjiang Zhanjiang Electricpower 100% EstablishWanchuangHengwei NewEnergyZhanjiang Zhanjiang Electricpower 100% EstablishNanhua NewEnergy Zhanjiang ZhanjiangElectricpower 51%Business combinationsinvolving enterprises notunder common controlDatang NewEnergy Guangzhou GuangzhouElectricPower 51%Business combinationsinvolving enterprises notunder common controlGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 153Yueneng WindPower Zhanjiang ZhanjiangElectricpower 51%Business combinationsinvolving enterprises notunder common controlTumu ermalpower company Xinjiang XingjiangElectricpower 79.48%Business combinationsinvolving enterprises notunder common controlSha C company Guangzhou Guangzhou Electricpower 51%Business combinationsinvolving enterprises undercommon controlGuangheElectric Power Guangzhou GuangzhouElectricpower 51%Business combinationsinvolving enterprises undercommon controlBiomass powergeneration Zhangjiang ZhangjiangElectricPower 51%Business combinationsinvolving enterprises undercommon controlXinhui powergeneration Jiangmen JiangmenElectricpower 45.9%Business combinationsinvolving enterprises undercommon controlHuaqing powergeneration Jiangmen JiangmenElectricpower 33.15%Business combinationsinvolving enterprises undercommon controlYunhe powergeneration Yunfu YunfuElectricpower 90%Business combinationsinvolving enterprises undercommon controlYundianEnergy Yunfu YunfuElectricpower 56.25%Business combinationsinvolving enterprises undercommon controlYuehua powergeneration Guangzhou GuangzhouElectricPower 51%Business combinationsinvolving enterprises undercommon controlYunhuaIntegratedEnergycompanyGuangzhou Guangzhou Electricpower 51%Business combinationsinvolving enterprises undercommon controlHuangpuElectric PowerEngineeringGuangzhou Guangzhou Electricpower 51%Business combinationsinvolving enterprises undercommon controlBijie NewEnergyBijie Bijie Electricpower 100% EstablishShangyangEnergyZhanjiang Zhanjiang Electricpower 100% Acquisition of assetsGuidian Energy Zhanjiang Zhanjiang ElectricPower 100% Acquisition of assetsShunfeng NewEnergyZhoukou Zhoukou Electricpower 100% Acquisition of assetsJiandian NewEnergyJiaozhou Jiaozhou Electricpower 100% Acquisition of assetsLianjiang NewEnergyZhanjiang Zhanjiang Electricpower 100% EstablishLuodingYuefengLuoding Luoding Electricpower 100% EstablishZhaochengYuefengLinfen Linfen ElectricPower 100% EstablishWuha NewEnergyMeizhou Meizhou Electricpower 100% EstablishYingyang NewEnergyBaoding Baoding Electricpower 100% Acquisition of assetsLineng New Baoding Baoding Electric 100% Acquisition of assetsGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 154Energy powerLongmen NewEnergyHuizhou Huizhou Electricpower 100% EstablishInner NewEnergyHohehot Hohehot ElectricPower 100% EstablishZhuhaiYuefengZhuhai Zhuhai Electricpower 100% EstablishDunan NewEnergyLangfang Langfang Electricpower 80% Acquisition of assetsGaotang NewEnergyLiaocheng Liaocheng Electricpower 100% Acquisition of assetsXintian NewEnergyYongzhou YongzhouElectricpower 100% EstablishLanshan NewEnergyYongzhou YongzhouElectricPower 100% EstablishShaoguan NewEnergyShaoguan Shaoguan Eectricpower 100% EstablishHanhai NewEnergyTumusuke Tumusuke Electricpower 100% EstablishJinxiu Enegy Laibin Laibin Electricpower 90% EstablishSenhong NewEnergyNanjing Nanjing Electricpower 100% Acquisition of assetsMuhong NewEnergyJinchang Jinchang ElectricPower 100% Acquisition of assetsSenhai NewEnergyNanjing Nanjing Electricpower 100% Acquisition of assetsMujin NewEnergyJinchang Jinchang Electricpower 100% Acquisition of assetsHuibo NewEnergyHuizhou Huizhou Electricpower 100% EstablishDongrunZhongnengNew EnergyTaishan Taishan Electricpower 100% Acquisition of assetsDongrunQingneng NewEnergyTaishan Taishan ElectricPower 100% Acquisition of assetsRunze JieyuanNew EnergyTaishan Taishen Electricpower 100% Acquisition of assetsMaomingNatural gasMaoming Maoming Electricpower 85% EstablishXingyue NewEnergyMeizhou Meizhou Electricpower 100% EstablishHuixin ThermoElectricityHuizhou Huizhou Electricpower 85% EstablishShache Energy Xingjiang Xinjiang ElectricPower 100% EstablishXinguangyaoNew EnergyQingdao Qingdao Electricpower 99% Acquisition of assetsTelian NewEnergyQingdao Qingdao Electricpower 99% Acquisition of assetsLianyao NewEnergyQingdao Qingdao Electricpower 99% Acquisition of assetsJiuzhou NewEnergyZhaoqing Zhaoqing Electricpower 100% Acquisition of assetsChangshanWind PowerXiangtan Xiangtan ElectricPower 100% Acquisition of assetsLuoding New Luoding Luoding Electric 100% EstablishGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 155Energy powerZhuhai NewEnegyZhuhai Zhuhai Electricpower 100% EstablishTumusukeChanghaeTumusuke Tumusuke Electricpower 100% EstablishZhenneng NewEnergyYunfu Yunfu Electricpower 100% EstablishZhonggongEnergyGaozhou Gaozhou Electricpower 100% Acquisition of assetsYanhua NewEnergyGaozhou Gaozhou Electricpower 100% Acquisition of assetsEnergyXinjiangcompanyUrumqi Urumqi Electricpower 100% EstablishExplanation on share-holding ratio in subsidiary different from ratio of voting right：(1) On 30 November 2018, Maoming Thermal merged Guangdong Energy Maoming Thermal Power StationCo., Ltd., wholly-owned by GEGC. After the merger, GEGC held 30.12% equity of Maoming Thermal.According to the agreement between the company and GEGC, the delegated shareholder and director fromGEGC maintain consensus with those of the company while exercising the voting rights during the shareholders’meeting and the Board of Directors’ meeting at Maoming Thermal. Therefore, the company owns control powerover Maoming Thermal.(2) Pinghai Power was acquired from GEGC by the Group in 2012 through offering non-public shares.According to the agreement between GEGC and Guangdong Huaxia Electric Power Development Co., Ltd.(“Huaxia Electric”), which holds 40% equity in Pinghai Power, the delegated shareholder and director fromHuaxia Electric maintain consensus with those of GEGC when exercising their voting rights during theshareholders’ meeting and Board of Directors’ meeting at Pinghai Power; besides, after GEGC transfers its 45%equity in Pinghai Power to the company, the delegated shareholder and director from Huaxia Electric also reachconsensus with those of the company when exercising their voting rights during the shareholders’ meeting andBoard of Directors’ meeting at Pinghai Power. Therefore, the company owns the control power over PinghaiPower.（2）Significant not wholly-owned subsidiariesIn RMBName Holding proportion ofnon-controlling interestProfit or lossattributable to non-controlling interestDividend declared tonon-controlling interestClosing balance ofnon-controlling interestBohe company 33% 48,000,395549,753,559Zhanjiang company 24% 18,062,737832,717,030Jinghai company 35% 70,494,446993,894,669Red Bay company 35% 59,465,548897,166,089Huizhou Natural gas 33% 79,435,71661,368,052715,022,625Pinghai PowerGeneration 55% 122,274,8131,231,709,363Sha C company 49% 27,211,304247,3461,024,894,050Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 156（3）Main financial information of significant not wholly-owned subsidiariesIn RMBSubsidiariesClosing balance Beginning balanceCurrentassetsNon-currentassetsTotalassetsCurrentliabilitiesNon-currentLiabilitiesTotalliabilitiesCurrentassetsNon-currentassetsTotalassetsCurrentliabilitiesNon-currentLiabilitiesTotalliabilitiesBohecompany1,373,57 9,014 7,024,04 9,242 8,397,62 8,255 2,138,46 2,141 4,593,24 6,238 6,731,70 8,379 2,349,67 8,889 6,994,60 7,638 9,344,28 6,527 2,427,79 2,723 2,293,01 6,300 4,720,80 9,023Zhanjiangcompany2,640,76 7,571 1,202,42 7,410 3,843,19 4,981 348,559,078 24,981,6 12 373,540,690 2,470,75 9,774 1,240,61 1,761 3,711,37 1,535 295,849,495 27,101,8 81 322,951,376Jinghaicompany1,749,66 7,154 7,262,82 4,240 9,012,49 1,394 4,686,98 9,482 1,485,80 2,857 6,172,79 2,339 1,385,79 8,584 6,990,89 8,911 8,376,69 7,495 4,133,09 6,606 1,611,95 5,884 5,745,05 2,490RedBaycompany1,743,91 7,363 5,073,66 9,370 6,817,58 6,733 3,944,15 0,414 310,104,636 4,254,25 5,050 1,335,71 2,024 4,929,89 9,200 6,265,61 1,224 3,471,80 6,657 400,374,451 3,872,18 1,108HuizhouNaturalgas908,994,778 2,606,27 9,167 3,515,27 3,945 1,060,46 4,393 288,074,324 1,348,53 8,717 517,592,961 2,729,89 5,338 3,247,48 8,299 854,386,780 287,238,842 1,141,62 5,622PinghaiPowerGeneration1,673,37 4,526 2,637,17 4,247 4,310,54 8,773 789,013,884 1,282,06 3,321 2,071,07 7,205 1,698,93 5,258 2,801,84 6,254 4,500,78 1,512 1,222,69 8,173 1,448,38 1,879 2,671,08 0,052Sha Ccompany2,788,36 3,418 3,562,74 2,222 6,351,10 5,640 2,111,33 4,173 2,145,53 1,632 4,256,86 5,805 2,223,30 8,298 3,622,70 0,798 5,846,00 9,096 1,883,23 1,110 1,923,51 5,331 3,806,74 6,441In RMBSubsidiariesAmount of current period Amount of previous periodOperatingrevenueNet profitTotalcomprehensive incomeCash flowfromoperatingactivitiesOperatingrevenueNet profitTotalcomprehensive incomeCash flowfromoperatingactivitiesBohecompany1,963,659,4 34 145,455,74 4 145,455,744 156,619,78 3 1,600,129,8 10 12,189,82612,189,826 212,145,16 8Zhanjiangcompany1,297,631,0 51 75,261,40475,261,404 113,104,71 0 1,101,789,7 98 - 146,664,50 4 -146,664,50416,138,167Jinghaicompany3,561,337,8 00 201,412,70 3 201,412,703 350,392,93 4 2,964,790,1 03 - 179,991,58 1 -179,991,581 - 233,268,19 5Red Baycompany2,856,474,9 56 169,901,56 6 169,901,566 355,762,38 8 2,321,105,0 97 - 224,176,15 0 -224,176,150 - 157,836,53 2HuizhouNaturalgas2,277,405,2 03 240,714,29 2 240,714,292 377,380,59 6 1,414,352,5 30 11,075,87411,075,874 - 81,615,392PinghaiPowerGeneration2,613,191,6 41 222,317,84 1 222,317,841 756,088,61 2 2,432,384,3 27 - 94,006,025 -94,006,02541,046,024Sha C 2,865,906,948,192,44548,192,445 - 2,368,494,7 - -423,529,603 -Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 157company 0818,910,06924423,529,60 3 901,521,16 0(4) Significant restrictions of using enterprise group assets and pay off enterprise group debtNot applicable(5) Provide financial support or other support for structure entities incorporate into the scope ofconsolidated financial statementsNot applicable2. The transaction of the company with its owner’s equity share changed but still controlling thesubsidiary(1) Note to owner’s equity share changed in subsidiaryNot applicable(2) The transaction’s influence to equity of minority shareholders and attributable to the owner's equityof the parent companyNot applicable3. Equity in joint venture arrangement or associated enterprise(1) Significant joint venture arrangement or associated enterpriseName ofSubsidiaryMain Places ofOperationRegistrationPlaceNature ofBusinessShareholding Ratio (%) The accountingtreatment ofinvestment inassociatesdirect indirectIndustry Fuel Guangzhou Guangzhou Fuel trade 50% Equity methodShanxi YudeanEnerty Taiyuan TaiyuanCoalTransportationand portoperationsinvestment40% Equity methodEnergy Finance Guangzhou Guangzhou Financial 25% 15% Equity methodTaishan PowerGeneration Taishan TaishanPowerGeneration 20% Equity methodEnergyFinancingLeasingcompanyGuangzhou Guangzhou FinancingLeasing 25% Equity method（2）Main financial information of Significant joint ventureIn RMBAmount of current period Amount of previous periodIndustry Fuel Industry FuelCurrent assets 11,630,636,7209,759,872,215Including: Balance of cash and cashequivalents 2,361,332,0482,757,809,545Non-current assets 6,673,276,4896,787,019,420Total of assets 18,303,913,20916,546,891,635Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 158Current liabilities 12,070,932,92610,717,387,818Non current liabilities 4,367,589,0304,030,111,167Total liabilities 16,438,521,95614,747,498,985Minority shareholder Equity 63,367,76867,010,551Attributable to shareholders of the parentcompany 1,802,023,4851,732,382,099Share of net assets calculated by stake 901,011,743866,191,050Adjustment item--Goodwill-- Internal transactions did not achieveprofit -155,792,047 -155,792,047--OtherBook value of equity investment in jointventure 745,219,696710,399,003The fair value of the equity investment ofa joint venture with a public quotationBusiness income 17,669,371,06017,314,930,225Financial expenses 118,472,19287,691,402Income tax 27,764,94824,130,311Net profit 68,027,91174,174,449Net profit from terminated operationOther comprehensive incomeTotal comprehensive income 68,027,91174,174,449Dividends received from the jointventure this yearGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 159(3) Main financial information of significant associated enterpriseIn RMBClosing balance/This period Opening balance/Last periodShanxi EnergyEnergy FinancingLeasing CompanyEnergy FinanceTaishan PowerGenerationShanxi EnergyEnergy FinancingLeasing CompanyEnergy FinanceTaishan PowerGenerationCurrent assets 2,311,269,5901,219,460,7139,026,067,5054,953,769,0651,782,312,0741,012,915,1388,044,309,1623,007,543,498Non-current assets 8,488,318,11310,167,277,22518,132,181,9898,507,273,5118,228,428,6059,190,015,52318,171,209,8558,964,593,732Total of assets 10,799,587,70311,386,737,93827,158,249,49413,461,042,57610,010,740,67910,202,930,66126,215,519,01711,972,137,230Current liabilities 321,842,8382,057,631,30222,927,443,7003,535,234,214606,329,3172,688,451,24921,896,121,0722,465,364,570Non-currentliabilities 2,075,864,7877,193,970,706101,679,9011,697,937,3095,365,450,39791,587,142Total liabilities 2,397,707,6259,251,602,00823,029,123,6013,535,234,2142,304,266,6268,053,901,64621,987,708,2142,465,364,570MinorityshareholderEquity76,722,01076,642,198Attributable toshareholders ofthe parentcompany8,325,158,0682,135,135,9304,129,125,8939,925,808,3627,629,831,8552,149,029,0154,227,810,8039,506,772,660Share of net assetscalculated bystake3,330,063,227533,783,9831,651,650,3571,985,161,6723,051,932,742537,257,2541,691,124,3211,901,354,532Adjustment item--Goodwill 13,325,00013,325,000-- Internaltransactions didnot achieve profit--Other -32,579,800Book value ofequity investmentin joint venture3,330,063,227533,783,9831,664,975,3571,985,161,6723,019,352,942537,257,2541,704,449,3211,901,354,532The fair value ofthe equityinvestment of ajoint venture witha public quotationBusiness income 118,159,035167,876,552354,420,8956,138,517,71672,490,741150,431,274377,919,9014,165,296,856Net profit 641,106,52468,392,697187,240,167552,443,285696,793,89862,917,590203,699,560234,815,986Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 160Net profit fromterminatedoperationOthercomprehensiveincome36,290,1033,422,367Totalcomprehensiveincome641,106,52468,392,697223,530,270552,443,285696,793,89862,917,590207,121,927234,815,986Dividendsreceived from theassociatedenterprise thisyear20,571,445128,886,07226,681,51718,292,179123,894,709Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 161(4) Summary financial information of insignificant joint venture or associated enterpriseIn RMBAmount of current period Amount of previous periodJoint venture:The total number of the following 186,572,063181,171,920Share of net assets calculated by stake----Net Profit 5,400,143 -613,360-- Total comprehensive income 5,400,143 -613,360Associated enterprise：Total investment book value 1,159,904,5701,144,068,211The total number of the following--Net Profit 19,300,48325,804,752- Total comprehensive income 19,300,48325,804,752(5) Note to the significant restrictions of the ability of joint venture or associated enterprise transferfunds to the companyNot applicable(6) The excess loss of joint venture or associated enterpriseIn RMBName of joint venture orassociated enterpriseUnrecognized lossesaccumulated in previousperiodsUnrecognized losses in thisperiod (or net profit shared inthis period)Unrecognized lossesaccumulated at the end of theperiodYunfu Power Generation( B)Co., Ltd.-2,414,222 -1,543,341 -3,957,563(7) The unrecognized commitment related to joint venture investmentNot applicable(8) Contingent liabilities related to joint venture or associated enterprise investment4. Significant common operationNot applicable5. Equity of structure entity not including in the scope of consolidated financial statementsNot applicable6.OtherX. The risk related financial instrumentsNot applicableGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 162XI. The disclosure of the fair value1. Closing fair value of assets and liabilities calculated by fair valueIn RMBItemsClosing fair valueFair valuemeasurement items atlevel 1Fair valuemeasurement items atlevel 2Fair valuemeasurement items atlevel 3TotalI. Consistent fair valuemeasurement -- -- -- --（ 3 ） Other equityinstrument investment 1,923,276,288952,800,0002,876,076,288IIInconsistent fairvalue measurement -- -- -- --2.Recognized basis for the market price sustaining and non-persistent measured by fair value on first-orderFor financial instruments that are not traded in active markets, the Group adopts valuation techniques to determinetheir fair value.3. Valuation technique and qualitative and quantitative information on major parameters for the fairvalue measure sustaining and non-persistent on second-order4. Valuation technique and qualitative and quantitative information on major parameters for the fairvalue measure sustaining and non-persistent on third -orderThe fair value of financial instruments traded in an active market is determined at the quoted market price; and thefair value of those not traded in an active market is determined by the Group using valuation techniques. TheGroup adopt such valuation models as cash flow discounting model and comparable company in the market toevaluate the fair value of the other equity instrument of Level 3 financial assets. The Group adopts average priceto book value ratio (PB) and discounts for lack of marketability (DLOM) as major unobservable inputs for SCG.5.Continuous thirdlevel fair value measurement project, adjustment information between the opening and closing book value and sensitivity analysis of unobservable parameters6.The reasons for the conversions and the policies for determining the timing of the conversions forcontinuous fair value measurement items where conversions between various levels occurred during thecurrent periodThe Group takes the occurrence date of the event that leads to the transition between different levels as the time toconfirm the transition between different levels. This year, there is no transition among the first level, the secondlevel and the third level.Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 1637. Changes in valuation technology during the current period and the reasons for the changesNot applicable8. Sensitiveness analysis on unobservable parameters and adjustment information between opening andclosing book value of consistent fair value measurement items at level 3The Group's financial assets and liabilities measured in amortized cost mainly include: accounts receivable, otherreceivables, long-term receivables, short-term loans, fund payable, long-term loans, bonds payable and long-termpayables.There is no significant difference between the book value and fair value of the Group's financial assets andfinancial liabilities that are not measured at fair value.9.OtherXII. Related parties and related-party transactions1. Parent company information of the enterpriseParent companyname Registration place Nature Registered capitalShare ratio ofparent companyagainst thecompany(%)Vote right ratio ofparent companyagainst thecompany(%)GuangdongEnergy Group GuangzhouOperation andmanagement ofpower generationenterprises, capitalmanagement ofelectricity assets,construction ofpower plant andsales of electricity23 billion 67.39% 67.39%Explanation on parent company of the enterpriseOn August 8,2001, Guangdong Provincial Government had taken the lead in the implementation of the reform ofelectric power system. Guangdong Electric power Group was established by inheriting the electricity generationbusiness of Guangdong electric Power Group company and its registered capital is RMB 23 billion, with 76%stake held by Guangdong Provincial People's Government and 24% stake held by China Hua Neng Group,owning more than 15,300 staff now, and the company is the strongestOn February 18,2019, With the approval of the state-owned assets supervision and administration commission ofthe Guangdong provincial people's government and the approval of the Guangdong provincial market supervisionadministration, the former Guangdong Energy group Co., Ltd. was renamed as Guangdong Energy Group Co.,LtdUltimate controller of the company is Guangdong Provincial People’s Government state owned assetssupervision and Administration Commission.2.Subsidiary of the EnterpriseSee to Notes IX.1.Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 1643.Cooperative enterprise and joint ventureSee Notes IX.3.Other cooperative enterprise and joint venture that have related transaction with the company in the Period oroccurred in previous period：Name RelationshipYudean Fuel company Joint ventureYudean Shipping company AssociateEnergy Group Finance company AssociateYudean Insurance Captive company AssociateGuangdong Energy Financing Leasing Co., Ltd. AssociateYunfu Power Generation ( B plant) Co., Ltd. Associate4.Other related partyOther related party Relationship with the EnterpriseGuangdong Energy Group Natural Gas Co., Ltd. Controlled by Energy GroupYudean Environmental protection Co., Ltd. Controlled by Energy GroupZhuhai Special Economic Zone Guangzhu Power GenerationCo., Ltd.Controlled by Energy GroupGuangdong Zhuhai Jinwan Power Generation Co., Ltd. Controlled by Energy GroupGuangdong Yudean Zhongshan Thermal Power Plant Controlled by Energy GroupGuangdong Yuelong Power Generation Co., Ltd. Controlled by Energy GroupGuangdong Yudean Property Management Co., Ltd. Controlled by Energy GroupGuangdong Port of Yangjiang Harbour Service Co., Ltd. Controlled by Energy GroupGuangdong Yudean Information Technology Co., Ltd Controlled by Energy GroupGuangdong Yudean Xinfengjiang Power Generation Co., Ltd. Controlled by Energy GroupShaoguan Qujiang Yudean New Energy Co., Ltd. Controlled by Energy GroupGuangdong Energy Group Zhuhai Power Generation Co., Ltd. Controlled by Energy GroupDongguan Mingyuan Hotal Ci., Ltd. Controlled by Energy GroupGuangdong Yudean Real Estate Investment Co., Ltd. Controlled by Energy GroupGuangzhou Development District Yudean New Energy Co.,LtdControlled by Energy GroupGuangdong Yudean Huizhou New Energy Co., Ltd. Controlled by Energy GroupInner Mongolia Yudean Menghua New Energy Co., Ltd. Controlled by Energy Group5. Related transactions.（1）Related transactions on purchasing goods and receiving servicesAcquisition of goods and reception of labor serviceIn RMBRelated party Content Current amount Approval tradinglimitWhether over thetrading limit(Y/N) Last amountFuel company Fuel purchase 14,710,520,034 No 12,665,241,377Energy GroupNatural gas Fuel purchase 3,207,315,777 No 2,160,279,170YudeanEnvironment Material purchase 113,867,728 No 116,123,991Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 165ProtectionZhuhai SpecialEconomic ZoneGuangzhu PowerGeneration Co.,Ltd.Electric purchase 143,960,700 No 89,988,153GuangdongZhuhai JinwanPower GenerationCo., Ltd.Electric purchase 136,789,161 No 52,914,799ZhongshanThermal powerplantElectric purchase 65,382,590 No 5,024,466Yunfu PowerGeneration ( Bplant) Co., Ltd.Electric purchase 28,688,660 No 27,985,690GuangdongYuelong PowerGeneration Co.,Ltd.Electric purchase 25,673,150 No 16,297,566GuangdongEnergy GroupShajiao CPowerPlantReceipt ofoperationalservices264,029,202 No 262,930,900Fuel companyManagementservices51,237,017 No 39,877,250Yudean PropertyManagementManagementservices 14,876,679 No 12,058,164Yudean Shipping Acceptance oftugboat services 12,461,321 No 12,430,189Yangjiang Port Acceptance oftugboat services 6,277,274 No 3,774,201YudeanEnvironmentProtectionAcceptance ofmanagementservices4,850,515 No 0YudeanInformationAcceptance ofmanagementservices2,498,756 No 2,648,984GuangdongYudeanXinfengjiangPower GenerationCo., Ltd.Acceptanceengineeringservice119,266 No 0GuangdongEnergy GroupScience andTechnologyResearch InstituteCo., LtdAcceptance of R &DServices 0 No 339,623Sales of goods and servicesIn RMBRelated parties Content Occurred current term Occurred in previoustermYudean Environment Protection Sale of Material 100,120,771104,738,860Yunfu Power Plant (BPlant) Co., Ltd Providing services 16,842,0273,134,578Shajiao C plant Providing maintenanceservices 7,862,83223,637,465Zhongshan Thermal power plant Providing maintenanceservices 3,879,9756,953,621Shaoguan Qujiang Yudean New Energy Co.,Ltd.Providing maintenanceservices 1,340,4521,514,255Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 166Guangdong Yuelong Power Generation Co.,Ltd.Providing maintenanceservices336,2830Guangdong Energy Zhuhai Power GenerationCo., Ltd.Providing maintenanceservices 292,0352,284,679Yudean Shipping Management services 268,1130Fuel company Management services 73,3410Guangzhou Development Zone Yudean NewEnergy Co., Ltd.Providing maintenanceservices 097,262Yudean Huizhou New Energy Co., Ltd.Providing maintenanceservices034,821（2）Related trusteeship or contractingRelated trusteeship or contracting in which the company is the undertakeIn RMBName of theemployerName of theundertakerAsset situationof theundertakerStart date Terminating date Pricing basisGains from thedeal in reportperiodGuangdongEnergy GroupCo., Ltd.GuangdongElectric PowerDevelopmentCo., Ltd.Shareholders'rights exceptownership,income rightand dispositionrightJanuary1,2018The custody fee charged toeach first-class targetcompany directlycontrolled by GuangdongEnergy Group is 100,000yuan/year, and the custodyfee charged to eachsecond-class targetcompany indirectlycontrolled by GuangdongYudean Group is 50,000yuan/year. If the custodyperiod is less than onecomplete fiscal year, thecalculation formula of thecustody fee of each targetcompany is calculatedaccording to the custodydays. During the currentperiod, there are 16 first-level subject companiesthat have been in custodyfor half a year ,4 second-level subject companiesthat have been in custodyfor half a year, The annualcustody fee of the first-level subject companies is1.6 million yuan,800,000yuan, the second-levelsubject companies is200,000 yuan, and100,000 yuan, totaling900,000 yuan.900,000NoteAccording to the instructions of Guangdong Energy Group on undertaking to perform related matters, in order toavoid horizontal competition and fulfill the commitments of related horizontal competition, the company andGuangdong Energy Group have signed the Equity Trust Agreement, which entrusts the rights of shareholders ofthe company within the trust scope of Guangdong Energy Group to the company except for the rights ofownership, income and disposition. Charge RMB 100,000/year custody fees for each Guangdong Energy Group'sdirect holding primary target company; charge each indirectly controlling secondary target company 50,000/yearGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 167custody fee. For details, please refer to the " Announcement on Related Party Transaction of the Signing of the“Equity Custody Agreement” by Guangdong Electric Power Development Co., Ltd with Guangdong YudeanGroup Co., Ltd " (Announcement No.: 2018-04) disclosed in China Securities Journal, Securities Times, andCninfo.com on January 13,2018.(3) Information of related leaseThe company as lessor:In RMBName of lessee Category of leased assets The lease income confirmedin this yearThe lease income confirmedin last yearDongguan Mingyuan HotelCo., Ltd. Property Leas 1,935,1061,935,106Property company Property Leas 283,746326,832Guangdong Yudean Shipping property Leas 26,422Yudean EnvironmentProtectionproperty Leas 161,905Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 168- The company was lessee：In RMBLessor Category ofleased assetsRental charges for short-termand low-value assets (if any)Variable lease payments notincluded in lease liabilitiesmeasurement (if any)Rent paidInterest expenses on leaseliabilities assumedIncreased use right assetsAmount ofcurrentperiodAmount ofpreviousperiodAmount ofcurrentperiodAmount ofpreviousperiodAmount ofcurrentperiodAmount ofpreviousperiodAmount ofcurrentperiodAmount ofpreviousperiodAmount ofcurrentperiodAmount ofpreviousperiodYudeanFinanceleaseFinancingleasing 584,702,146117,062,870123,958,270108,205,269813,122,39845,680,915Yudean RealEstateLeasingservice 2,013,4467,677,5046,859,267133,139277,385029,940Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 169（4）Status of related party guaranteeAs a guarantor for the companyIn RMBGuarantor Guarantee amount Start date End date ExecutionaccomplishedGuangdong EnergyGroup Co., Ltd.1,947,360,000 December 3,2019 September 15,2043 NoAs a secured party for the companyNot applicable(5) Inter-bank lending of capital of related parties：In RMBRelated party Amount borrowed andloaned Initial date Due date NotesBorrowedGuangdong Energy Group FinanceCo., Ltd.288,764,000 June 29,2017 June 28,2032Guangdong Energy Group FinanceCo., Ltd.30,981,025.94 January 13,2023 July 20,2042Guangdong Energy Group FinanceCo., Ltd.13,518,033.58 March 6,2023 July 20,2042Guangdong Energy Group FinanceCo., Ltd.38,997,311.06 June 20,2023 July 20,2042Guangdong Energy Group FinanceCo., Ltd.66,369,544.97 June 27,2023 June 26,2024Guangdong Energy Group FinanceCo., Ltd.50,000,000 September 27,2022 September 26,2023Guangdong Energy Group FinanceCo., Ltd.331,834,304.24 May 27,2015 May 26,2030Guangdong Energy Group FinanceCo., Ltd.750,000,000 July 25,2022 May 10,2024Guangdong Energy Group FinanceCo., Ltd.16,768,478 October 26,2022 October 25,2023Guangdong Energy Group FinanceCo., Ltd.7,135,978 November 23,2022 October 25,2023Guangdong Energy Group FinanceCo., Ltd.14,435,271.57 December 20,2022 October 25,2023Guangdong Energy Group FinanceCo., Ltd.16,431,311.77 March 9,2023 October 25,2023Guangdong Energy Group FinanceCo., Ltd.17,721,357.45 October 26,2022 October 25,2023Guangdong Energy Group FinanceCo., Ltd.8,048,912.76 November 23,2022 October 25,2023Guangdong Energy Group FinanceCo., Ltd.13,356,720.86 December 20,2022 October 25,2023Guangdong Energy Group FinanceCo., Ltd.32,000,000 October 14,2022 October 13,2023Guangdong Energy Group FinanceCo., Ltd.20,000,000 December 16,2022 December 15,2023Guangdong Energy Group FinanceCo., Ltd.8,000,000 January 10,2023 January 9,2024Guangdong Energy Group FinanceCo., Ltd.20,000,000 January 10,2023 January 9,2024Guangdong Energy Group FinanceCo., Ltd.80,000,000 October 17,2022 October 16,2023Guangdong Energy Group FinanceCo., Ltd.70,000,000 October 21,2022 October 20,2023Guangdong Energy Group FinanceCo., Ltd.120,000,000 November 8,2022 November 7,2023Guangdong Energy Group FinanceCo., Ltd.30,000,000 November 4,2022 November 3,2023Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 170Guangdong Energy Group FinanceCo., Ltd.100,000,000 November 9,2022 November 8,2023Guangdong Energy Group FinanceCo., Ltd.130,000,000 November 4,2022 November 3,2023Guangdong Energy Group FinanceCo., Ltd.455,700,000 February 4,2015 October 27,2029Guangdong Energy Group FinanceCo., Ltd.2,560,000 May 18,2023 May 17,2043Guangdong Energy Group FinanceCo., Ltd.18,068,825.94 November 3,2022 November 2,2023Guangdong Energy Group FinanceCo., Ltd.3,898,000 November 16,2022 November 2,2023Guangdong Energy Group FinanceCo., Ltd.14,877,819.90 November 22,2022 November 2,2023Guangdong Energy Group FinanceCo., Ltd.37,852,589.54 November 29,2022 November 2,2023Guangdong Energy Group FinanceCo., Ltd.5,121,281 February 2,2023 December 27,2042Guangdong Energy Group FinanceCo., Ltd.43,000,000 February 14,2023 December 27,2042Guangdong Energy Group FinanceCo., Ltd.3,513,675 February 28,2023 December 27,2042Guangdong Energy Group FinanceCo., Ltd.7,147,641.59 April 24,2023 December 27,2042Guangdong Energy Group FinanceCo., Ltd.25,000,000 June 16,2023 December 27,2042Guangdong Energy Group FinanceCo., Ltd.60,000,000 October 11,2022 October 10,2023Guangdong Energy Group FinanceCo., Ltd.50,000,000 October 19,2022 October 18,2023Guangdong Energy Group FinanceCo., Ltd.15,000,000 November 8,2022 November 7,2023Guangdong Energy Group FinanceCo., Ltd.40,000,000 November 10,2022 November 9,2023Guangdong Energy Group FinanceCo., Ltd.15,000,000 November 17,2022 November 16,2023Guangdong Energy Group FinanceCo., Ltd.20,000,000 November 22,2022 November 21,2023Guangdong Energy Group FinanceCo., Ltd.30,000,000 November 24,2022 November 23,2023Guangdong Energy Group FinanceCo., Ltd.140,000,000 November 29,2022 November 28,2023Guangdong Energy Group FinanceCo., Ltd.100,000,000 December 19,2022 December 18,2023Guangdong Energy Group FinanceCo., Ltd.100,000,000 January 12,2023 January 11,2024Guangdong Energy Group FinanceCo., Ltd.300,000,000 February 6,2023 February 5,2024Guangdong Energy Group FinanceCo., Ltd.20,000,000 May 16,2023 May 15,2024Guangdong Energy Group FinanceCo., Ltd.20,237,517.69 May 23,2023 May 22,2024Guangdong Energy Group FinanceCo., Ltd.150,000,000 May 23,2023 May 22,2024Guangdong Energy Group FinanceCo., Ltd.150,000,000 June 1,2023 May 31,2024Guangdong Energy Group FinanceCo., Ltd.170,000,000 June 2,2023 June 1,2024Guangdong Energy Group FinanceCo., Ltd.100,000,000 January 15,2021 January 14,2041Guangdong Energy Group FinanceCo., Ltd.100,000,000 January 15,2021 January 14,2041Guangdong Energy Group FinanceCo., Ltd.55,000,000 November 16,2022 November 15,2023Guangdong Energy Group FinanceCo., Ltd.50,000,000 December 20,2022 December 19,2023Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 171Guangdong Energy Group FinanceCo., Ltd.28,156,152.28 January 18,2023 January 17,2024Guangdong Energy Group FinanceCo., Ltd.12,998,824.46 January 18,2023 January 17,2024Guangdong Energy Group FinanceCo., Ltd.56,511,631.76 March 13,2023 March 12,2024Guangdong Energy Group FinanceCo., Ltd.4,895,370.75 January 19,2023 January 18,2024Guangdong Energy Group FinanceCo., Ltd.47,430,000 June 12,2023 June 11,2024Guangdong Energy Group FinanceCo., Ltd.45,000,000 June 12,2023 June 11,2024Guangdong Energy Group FinanceCo., Ltd.9,000,000 January 19,2023 January 18,2024Guangdong Energy Group FinanceCo., Ltd.50,000,000 January 29,2023 January 28,2024Guangdong Energy Group FinanceCo., Ltd.20,000,000 February 8,2023 February 7,2024Guangdong Energy Group FinanceCo., Ltd.124,587,118.15 February 13,2023 February 12,2024Guangdong Energy Group FinanceCo., Ltd.9,000,000 February 20,2023 February 19,2024Guangdong Energy Group FinanceCo., Ltd.101,781,046.90 February 23,2023 February 22,2024Guangdong Energy Group FinanceCo., Ltd.45,103,024.05 March 8,2023 March 7,2024Guangdong Energy Group FinanceCo., Ltd.97,762,688.07 March 10,2023 March 9,2024Guangdong Energy Group FinanceCo., Ltd.9,000,000 March 16,2023 March 15,2024Guangdong Energy Group FinanceCo., Ltd.37,512,151.28 March 22,2023 March 21,2024Guangdong Energy Group FinanceCo., Ltd.100,759,349.79 March 27,2023 March 26,2024Guangdong Energy Group FinanceCo., Ltd.9,000,000 April 10,2023 April 9,2024Guangdong Energy Group FinanceCo., Ltd.226,357,110.22 April 12,2023 April 11,2024Guangdong Energy Group FinanceCo., Ltd.9,000,000 April 25,2023 April 24,2024Guangdong Energy Group FinanceCo., Ltd.47,216,782.70 May 5,2023 May 4,2024Guangdong Energy Group FinanceCo., Ltd.138,797,167.39 May 11,2023 May 10,2024Guangdong Energy Group FinanceCo., Ltd.32,197,579.86 May 17,2023 May 16,2024Guangdong Energy Group FinanceCo., Ltd.125,723,226.17 May 25,2023 May 24,2024Guangdong Energy Group FinanceCo., Ltd.54,772,935.17 June 14,2023 June 13,2024Guangdong Energy Group FinanceCo., Ltd.70,000,000 October 17,2022 October 16,2023Guangdong Energy Group FinanceCo., Ltd.140,000,000 November 14,2022 November 13,2023Guangdong Energy Group FinanceCo., Ltd.120,000,000 December 19,2022 December 18,2023Guangdong Energy Group FinanceCo., Ltd.100,000,000 February 2,2023 February 1,2024Guangdong Energy Group FinanceCo., Ltd.100,000,000 March 22,2023 March 21,2024Guangdong Energy Group FinanceCo., Ltd.160,000,000 May 25,2023 May 24,2024Guangdong Energy Group FinanceCo., Ltd.15,000,000 July 16,2022 December 5,2024Guangdong Energy Group FinanceCo., Ltd.110,000,000 August 25,2022 December 5,2024Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 172Guangdong Energy Group FinanceCo., Ltd.10,000,000 July 26,2022 July 25,2023Guangdong Energy Group FinanceCo., Ltd.15,000,000 August 1,2022 July 31,2023Guangdong Energy Group FinanceCo., Ltd.10,000,000 August 15,2022 August 14,2023Guangdong Energy Group FinanceCo., Ltd.10,000,000 August 29,2022 August 28.2023Guangdong Energy Group FinanceCo., Ltd.20,000,000 September 5,2022 September 4,2023Guangdong Energy Group FinanceCo., Ltd.15,000,000 September 9,2022 September 8,2023Guangdong Energy Group FinanceCo., Ltd.10,000,000 September 19,2022 September 18,2023Guangdong Energy Group FinanceCo., Ltd.10,000,000 December 14,2022 December 13,2023Guangdong Energy Group FinanceCo., Ltd.10,000,000 December 20,2022 December 19,2023Guangdong Energy Group FinanceCo., Ltd.10,000,000 February 21,2023 February 20,2024Guangdong Energy Group FinanceCo., Ltd.5,000,000 March 15,2023 March 14,2024Guangdong Energy Group FinanceCo., Ltd.5,000,000 March 21,2023 March 20,2024Guangdong Energy Group FinanceCo., Ltd.8,000,000 April 24,2023 April 23,2024Guangdong Energy Group FinanceCo., Ltd.5,000,000 June 15,2023 June 14,2024Guangdong Energy Group FinanceCo., Ltd.5,000,000 June 16,2023 June 15,2024Guangdong Energy Group FinanceCo., Ltd.5,000,000 June 19,2023 June 18,2024Guangdong Energy Group FinanceCo., Ltd.5,000,000 June 20,2023 June 19,2024 JGuangdong Energy Group FinanceCo., Ltd.5,000,000 June 25,2023 June 24,2024Guangdong Energy Group FinanceCo., Ltd.5,000,000 June 26,2023 June 25,2024Guangdong Energy Group FinanceCo., Ltd.50,000,000 October 19,2022 October 18,2023Guangdong Energy Group FinanceCo., Ltd.100,000,000 December 8,2022 December 7,2023Guangdong Energy Group FinanceCo., Ltd.100,000,000 December 12,2022 December 11,2023Guangdong Energy Group FinanceCo., Ltd.50,000,000 December 20,2022 December 19,2023Guangdong Energy Group FinanceCo., Ltd.50,000,000 May 24,2023 May 23,2024Guangdong Energy Group FinanceCo., Ltd.50,000,000 June 29,2023 June 30,2024Guangdong Energy Group FinanceCo., Ltd.20,000,000 October 16,2014 October 13,2029Guangdong Energy Group FinanceCo., Ltd.140,000,000 April 27,2023 April 26,2024Guangdong Energy Group FinanceCo., Ltd.22,000,000 November 9,2022 November 8,2023Guangdong Energy Group FinanceCo., Ltd.15,000,000 November 23,2022 November 22,2023Guangdong Energy Group FinanceCo., Ltd.20,000,000 December 7,2022 December 6,2023Guangdong Energy Group FinanceCo., Ltd.19,000,000 December 21,2022 December 20,2023Guangdong Energy Group FinanceCo., Ltd.8,000,000 January 6,2023 January 5,2024Guangdong Energy Group FinanceCo., Ltd.27,000,000 March 31,2023 March 30,2024Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 173Guangdong Energy Group FinanceCo., Ltd.14,206,743.25 June 7,2023 June 6,2024Guangdong Energy Group FinanceCo., Ltd.50,000,000 January 17,2023 January 16,2024Guangdong Energy Group FinanceCo., Ltd.50,000,000 June 27,2023 June 26,2024Guangdong Energy Group FinanceCo., Ltd.159,485,665 May 17,2016 May 16,2031Guangdong Energy Group FinanceCo., Ltd.222,496,604 April 7,2020 April 7,2040Guangdong Energy Group FinanceCo., Ltd.28,000,000 May 19,2023 May 18,2038Guangdong Energy Group FinanceCo., Ltd.300,000 June 25,2023 June 24,2038Guangdong Energy Group FinanceCo., Ltd.4,500,000 June 7,2023 June 7,2024Guangdong Energy Group FinanceCo., Ltd.4,500,000 June 14,2023 June 14,2024Guangdong Energy Group FinanceCo., Ltd.24,259,965.03 June 19,2023 June 19,2024Guangdong Energy Group FinanceCo., Ltd.5,000,000 November 30,2016 November 28,2031Guangdong Energy Group FinanceCo., Ltd.3,000,000 December 27,2019 December 26,2034Guangdong Energy Group FinanceCo., Ltd.20,000,000 June 24,2020 December 26,2034Guangdong Energy Group FinanceCo., Ltd.20,000,000 October 9,2020 December 26,2034Guangdong Energy Group FinanceCo., Ltd.13,000,000 November 17,2020 December 26,2034Guangdong Energy Group FinanceCo., Ltd.24,000,000 December 11,2020 December 26,2034Guangdong Energy Group FinanceCo., Ltd.4,500,000 February 5,2021 December 26,2034Guangdong Energy Group FinanceCo., Ltd.3,528,114.28 June 24,2022 December 26,2034Guangdong Energy Group FinanceCo., Ltd.1,910,525 September 22,2022 December 26,2034Guangdong Energy Group FinanceCo., Ltd.26,000,000 July 23,2018 July 22,2033Guangdong Energy Group FinanceCo., Ltd.7,500,000 April 27,2021 July 22,2033Guangdong Energy Group FinanceCo., Ltd.7,500,000 October 28,2021 July 22,2033Guangdong Energy Group FinanceCo., Ltd.10,000,000 January 7,2022 July 22,2033Guangdong Energy Group FinanceCo., Ltd.5,000,000 April 7,2022 July 22,2033Guangdong Energy Group FinanceCo., Ltd.5,000,000 November 28,2022 November 27,2023Guangdong Energy Group FinanceCo., Ltd.5,000,000 March 14,2023 March 13,2024Guangdong Energy Group FinanceCo., Ltd.13,200,000 May 21,2020 May 18,2035Guangdong Energy Group FinanceCo., Ltd.3,000,000 June 12,2020 May 18,2035Guangdong Energy Group FinanceCo., Ltd.1,500,000 June 30,2020 May 18,2035Guangdong Energy Group FinanceCo., Ltd.8,000,000 July 28,2020 May 18,2035Guangdong Energy Group FinanceCo., Ltd.12,000,000 September 21,2020 May 18,2035Guangdong Energy Group FinanceCo., Ltd.8,000,000 November 23,2020 May 18,2035Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 174Guangdong Energy Group FinanceCo., Ltd.8,500,000 February 3,2021 May 18,2035Guangdong Energy Group FinanceCo., Ltd.5,000,000 May 13,2021 May 18,2035Guangdong Energy Group FinanceCo., Ltd.10,000,000 November 11,2021 May 18,2035Guangdong Energy Group FinanceCo., Ltd.10,000,000 December 16,2021 May 18,2035Guangdong Energy Group FinanceCo., Ltd.17,000,000 December 23,2021 May 18,2035Guangdong Energy Group FinanceCo., Ltd.10,000,000 January 4,2022 May 18,2035Guangdong Energy Group FinanceCo., Ltd.3,300,000 January 17,2022 May 18,2035Guangdong Energy Group FinanceCo., Ltd.15,000,000 May 19,2022 May 18,2035Guangdong Energy Group FinanceCo., Ltd.10,000,000 November 4,2020 November 2,2035Guangdong Energy Group FinanceCo., Ltd.9,000,000 November 19,2020 November 2,2035Guangdong Energy Group FinanceCo., Ltd.3,000,000 January 22,2021 November 2,2035Guangdong Energy Group FinanceCo., Ltd.26,000,000 June 26,2021 November 2,2035Guangdong Energy Group FinanceCo., Ltd.10,000,000 October 20,2021 November 2,2035Guangdong Energy Group FinanceCo., Ltd.10,000,000 December 10,2021 November 2,2035Guangdong Energy Group FinanceCo., Ltd.15,000,000 December 27,2021 November 2,2035Guangdong Energy Group FinanceCo., Ltd.15,000,000 January 19,2022 November 2,2035Guangdong Energy Group FinanceCo., Ltd.10,000,000 May 30,2022 November 2,2035Guangdong Energy Group FinanceCo., Ltd.10,000,000 June 30,2023 June 30,2043Guangdong Energy Group FinanceCo., Ltd.30,000,000 March 30,2021 March 28,2036Guangdong Energy Group FinanceCo., Ltd.18,597,140 December 17,2021 March 28,2036Guangdong Energy Group FinanceCo., Ltd.21,800,000 December 31,2016 August 15,2031Guangdong Energy Group FinanceCo., Ltd.34,050,000 December 31,2016 August 15,2031Guangdong Energy Group FinanceCo., Ltd.37,529,220.87 December 28,2018 December 27,2036Guangdong Energy Group FinanceCo., Ltd.299,355,000 May 29,2020 May 28,2040Guangdong Energy Group FinanceCo., Ltd.390,000 December 3,2021 December 29,2040Guangdong Energy Group FinanceCo., Ltd.632,991.90 June 26,2019 June 25,2039Guangdong Energy Group FinanceCo., Ltd.570,000 July 15,2019 June 25,2039Guangdong Energy Group FinanceCo., Ltd.297,042.21 August 26,2019 June 25,2039Guangdong Energy Group FinanceCo., Ltd.1,297,700 September 12,2019 June 25,2039Guangdong Energy Group FinanceCo., Ltd.180,000 September 29,2 June 25,2039Guangdong Energy Group FinanceCo., Ltd.210,000 October 29,2019 June 25,2039Guangdong Energy Group FinanceCo., Ltd.3,000,000 November 21,2019 June 25,2039Guangdong Energy Group FinanceCo., Ltd.2,000,000 December 5,2019 June 25,2039Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 175Guangdong Energy Group FinanceCo., Ltd.1,100,000 December 18,2019 June 25,2039Guangdong Energy Group FinanceCo., Ltd.1,800,000 January 14,2020 June 25,2039Guangdong Energy Group FinanceCo., Ltd.1,500,000 February 25,2020 June 25,2039Guangdong Energy Group FinanceCo., Ltd.47,400,000 April 16,2020 June 25,2039Guangdong Energy Group FinanceCo., Ltd.54,000,000 April 29,2020 June 25,2039Guangdong Energy Group FinanceCo., Ltd.8,500,000 May 18,2020 June 25,2039Guangdong Energy Group FinanceCo., Ltd.6,700,000 June 17,2020 June 25,2039Guangdong Energy Group FinanceCo., Ltd.11,200,000 July 9,2020 June 25,2039Guangdong Energy Group FinanceCo., Ltd.19,500,000 August 10,2020 June 25,2039Guangdong Energy Group FinanceCo., Ltd.7,700,000 August 20,2020 June 25,2039Guangdong Energy Group FinanceCo., Ltd.36,000,000 September 10,2020 June 25,2039Guangdong Energy Group FinanceCo., Ltd.5,700,000 September 15,2020 June 25,2039Guangdong Energy Group FinanceCo., Ltd.11,600,000 October 14,2020 June 25,2039Guangdong Energy Group FinanceCo., Ltd.7,100,000 November 19,2020 June 25,2039Guangdong Energy Group FinanceCo., Ltd.5,000,000 March 16,2021 June 25,2039Guangdong Energy Group FinanceCo., Ltd.10,000,000 April 6,2021 June 25,2039Guangdong Energy Group FinanceCo., Ltd.8,121,853.80 April 22,2021 June 25,2039Guangdong Energy Group FinanceCo., Ltd.5,000,000 May 20,2021 June 25,2039Guangdong Energy Group FinanceCo., Ltd.20,000,000 August 12,2021 June 25,2039Guangdong Energy Group FinanceCo., Ltd.32,158,951.93 February 26,2020 January 2,2040Guangdong Energy Group FinanceCo., Ltd.20,000,000 April 9,2020 January 2,2040Guangdong Energy Group FinanceCo., Ltd.43,481,594.40 May 14,2020 January 2,2040Guangdong Energy Group FinanceCo., Ltd.43,850,008.20 May 27,2020 January 2,2040Guangdong Energy Group FinanceCo., Ltd.15,400,000 June 17,2020 January 2,2040Guangdong Energy Group FinanceCo., Ltd.48,350,000 July 16,2020 January 2,2040Guangdong Energy Group FinanceCo., Ltd.83,613,861.21 August 20,2020 January 2,2040Guangdong Energy Group FinanceCo., Ltd.21,281,009.76 August 27,2020 January 2,2040Guangdong Energy Group FinanceCo., Ltd.12,188,757.10 September 16,2020 January 2,2040Guangdong Energy Group FinanceCo., Ltd.30,000,000 October 16,2020 January 2,2040Guangdong Energy Group FinanceCo., Ltd.16,530,202.23 November 19,2020 January 2,2040Guangdong Energy Group FinanceCo., Ltd.6,290,000 December 10,2020 January 2,2040Guangdong Energy Group FinanceCo., Ltd.11,000,000 January 21,2021 January 2,2040Guangdong Energy Group FinanceCo., Ltd.13,084,525.72 March 11,2021 January 2,2040Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 176Guangdong Energy Group FinanceCo., Ltd.86,135,247.60 April 14,2021 January 2,2040Guangdong Energy Group FinanceCo., Ltd.31,500,000 May 18,2021 January 2,2040Guangdong Energy Group FinanceCo., Ltd.60,000,000 December 16,2021 January 2,2040Guangdong Energy Group FinanceCo., Ltd.50,000,000 December 26,2022 January 2,2040Loaned(6) Related party asset transfer and debt restructuringNot applicable(7) Rewards for the key management personnelIn RMBItemsAmount of current period Amount of previous periodAnnual salary of the operator 1,775,6462,302,688（8）Other related transactions(a)Allocation of common expensesIn the first half of 2023, the common expenses received by the Group from Shajiao C was RMB2,897,618( In thefirst half of 2022, the common expenses received by the Group from Shajiao C was RMB2,476,840 )(b) Interest incomeItemsAmount of current period Amount of previous periodDeposit interest of Energy Group Finance 40,916,64055,824,047Proportion % 76.32% 85.18%(c)Interest expenseItemsAmount of current period Amount of previous periodInterest of borrowing of Guangdong Energy Financecompany 128,348,234151,009,743Discount interest of Guangdong Energy Financecompany 1,042,5007,765,365Proportion 10.85% 13.92%（d）Interest payableItemsAmount of current period Amount of previous periodEnerty Finance Lease interest 123,958,270108,205,269Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 177(e)Joint InvestmentName Energy GroupMaoming Thermal power plant 30.12%Bohe company 33%Sha C company 49%Guanghe Electric Power 49%Biomass Power Generation 49%Xinhui Power Generation 44.10%Huaqing Power Generation 31.85%Energy Group Finance company 60%Industry Fuel 50%Shanxi Energy company 60%Capital company 51%Energy Financing Leasing 50%Yudean Shipping 65%Yueqian Electric power 17.50%Yangjiang Wind Power 10.96%Zhuhai Wind Power 5.72%6. Payables and receivables of the related party（1）ReceivablesIn RMBProject Related partiesAt end of term At beginning of termBook balance Bad debtprovision Book balanceBad debtprovisionMonetary funds-BankdepositEnergy GroupFinance company 9,278,909,5598,728,625,253Monetary funds-OtherMonetary fundsEnergy GroupFinance company 12,000,00012,000,000Monetary funds-InterestreceivableEnergy GroupFinance company 31,424,58436,396,774Account receivableGuangdong EnergyGroup018,753,148Zhuhai PowerGeneration 1,832,6325,115,602Yudean New Energy 04,192,479Other 13,872,58211,485,458Contract assets Zhuhai PowerGeneration 1,959,7562,029,830Other 177,68674,139Other account receivable Energy FinancingLeasing 167,213,809240,453,119YudeanEnvironmentalprotection114,097,732131,141,189Fuel company 1,884,0821,700,776Other 19,251,46016,292,201Advance payment Fuel company 929,077,1811,107,710,903Other 377,6011,905,036Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 178Other non-current assets Technologycompany 0250,000（2）PayablesIn RMBName Related party Amount at year end Amount at year beginningNote payable Energy Group Financecompany224,189,460597,272,076Natural Gas company 52,182,7480Account payable Fuel company 4,529,649,0334,566,760,528Energy Group 291,255,561262,414,344Energy Natural Gas 194,150,645180,748,337Yudean EnvironmentalProtection50,240,01440,995,467Environmental ProtectionMaterial22,425,76021,639,938Other 3,262,9204,661,297Other payable Menghua New Energy 10,502,32710,240,523Energy Group 50,000,0000Other 7,401,3576,601,259Lease liabilities Financing Leasing 8,455,018,8076,697,106,654Yudean Property 7,579,8130Short-term loans Finance company 4,970,316,1985,729,226,478-principal 4,966,404,6815,723,903,012-Interest 3,911,5175,323,466Non-current liability due in 1yearEnergy Group Financecompany 173,137,293227,192,134-principal 92,184,578222,079,444-Interest 80,952,7155,112,690Group 143,750527,083-principal 00-Interest 143,750527,083Energy Financing Leasing 23,117,519769,850,008Long-term loans Finance company-Principal 4,918,186,2263,962,102,717Group-Principal 500,000,000500,000,0007. Related party commitmentNot applicable8.OtherXIII. Stock payment1. The Stock payment overall situation□ Applicable √ Not applicable2. The Stock payment settled by equity□ Applicable √ Not applicable3. The Stock payment settled by cash□ Applicable √ Not applicableGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 1794. Modification and termination of the stock paymentNot applicable5.OtherXIV. Commitments1.Importance commitment eventsImportant commitments of existence of balance sheet date(a) In September 2022, Guangdong Wind Power, a subsidiary of the Group, signed the framework agreementwith Shandong Fengxu for the acquisition of its 100% equity in Gaotang Fengxu New Energy Co., Ltd. As at 30June 2023, Guangdong Wind Power paid a deposit of RMB 41,226,000 to Shandong Fengxu, but theconsideration for the equity transaction has not yet been determined.(b) In August 2022, Guangdong Wind Power, a subsidiary of the Group, signed the framework agreement withHengyang New Energy for the acquisition of its no less than 65% equity in Wuxiang Lvheng PhotovoltaicPower Generation Co., Ltd. As at 30 June 2023, Guangdong Wind Power paid a deposit of RMB 52,200,000 toHengyang New Energy, but the consideration for the equity transaction has not yet been determined.(c) In February 2022, Guangdong Wind Power, a subsidiary of the Group, signed the framework agreementwith Nanchang Hangneng New Energy Centre (Limited Partnership) (“Nanchang Hangneng”) for theacquisition of its 100% equity in Lianjiang Hangneng New Energy Co., Ltd. The consideration for the equitytransaction has not yet been determined(d) In September 2022, Guangdong Wind Power, a subsidiary of the Group, signed the framework agreementwith Qinhuangdao Wohua Highway Engineering Co., Ltd. (“Wohua Engineering”) and Qinhuangdao AngqianTrading Co., Ltd. (“Angqian Trading”) for the acquisition of their 100% equity (51% of equity from WohuaEngineering and 49% of equity from Angqian Trading) in Qinglong Manchu Autonomous County JianhaoPhotovoltaic Technology Co., Ltd. (“Jianhao PV”). The consideration for the equity transaction has not yet beendetermined. As of June 30,2023, Provincial Wind Power has paid a transaction deposit of RMB 120,000,000 toWohua Engineering and Angqian Trading, and the consideration for the equity transaction has not beenfinalized yet.(e) In February 2023, the subsidiary of the Group, Provincial Wind Power, signed a framework agreement withGuangdong Tanxin Machinery and Equipment Leasing Co., Ltd. to acquire its 100% equity of LianjiangJunyang New Energy Technology Co., Ltd. As of June 30,2023, Provincial Wind Power had paid a transactiondeposit of RMB 61,200,000 to Guangdong Tanxin Machinery and Equipment Leasing Co., Ltd., and theconsideration for the equity transaction has not been finalized yet.(f) In February 2023, the Provincial Wind Power, a subsidiary of the Group, signed a framework agreementwith China Aviation Industry Renewable Energy Corporation to acquire its 100% equity in Guangxi HangnengNew Energy Co., Ltd. By June 30,2023, the Provincial Wind Power had paid a transaction deposit of RMBGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 18086.4 million to China Aviation Industry Renewable Energy Corporation, and the consideration for the equitytransaction has not been finalized yet.2.Contingency（1）Significant contingency at balance sheet dateNot applicable（2）The company have no significant contingency to disclose, also should be statedNot applicable3.OtherXV. Post-balance-sheet events1. Significant events had not adjustedNot applicable2. Profit distributionNot applicable3. Sales returnNot applicable4. Notes of other significant eventsNot applicableXVI. Other significant events1. Correction of the accounting errors in the previous period（1）Retrospective restatementNot applicable（2）Prospective applicationNot applicable2. Debt restructuringNot applicable3. Replacement of assetsNot applicableGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 1814. Pension planNot applicable5. Discontinuing operationNot applicable6. Segment information(1) Recognition basis and accounting policies of reportable segmentAs the Group's operating income, expenses, assets and liabilities are mainly related to the production and sale ofelectricity and related products, the management of the Group takes the electricity business as a whole, andregularly obtains and evaluates its financial status, operating results and cash flow and other relevant accountinginformation. Therefore, the Group has only the power business segment, so it has not prepared the report segmentinformation.From January to June,2023, the income of the Group's power plants from China Southern Power GridCorporation was RMB 28,015,854,478 (January to June,2022: RMB22,263,672,844), accounting for 98.85% of theGroup's operating income (January to June,2022: 98.46%)(2) The financial information of reportable segmentNot applicable(3) There was no reportable segment, or the total amount of assets and liabilities of each part ofreportable segment, shall disclose the reason.As the Group's operating income, expenses, assets and liabilities are mainly related to the production and sale ofelectricity and related products, the management of the Group takes the electricity business as a whole, andregularly obtains and evaluates its financial status, operating results and cash flow and other relevant accountinginformation. Therefore, the Group has only the power business segment, so it has not prepared the report segmentinformation.(4) Other notes7. Other important transactions and events have an impact on investors’ decision-makingNot applicable8. OtherGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 182XVII. Notes s of main items in financial reports of parent company（1）Account receivable1.Classification account receivables.In RMBCategoryClosing balance Opening balanceBook balance Bad debt provisionBook valueBook balance Bad debt provisionBook valueAmount Proportion % Amount Proportion % Amount Proportion % Amount Proportion %Accrual of baddebt provisionby single0Of which0Accrual of baddebt provisionby portfolio167,605,261100% 167,605,261191,716,383100% 191,716,383Of whichElectricitysalesreceivable167,605,261100% 167,605,261191,716,383100% 191,716,383Total 167,605,261100% 167,605,261191,716,383100% 191,716,383Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 183Accrual of bad debt provision by portfolio:0In RMBNameClosing balanceBook balance Bad debt provision Proportion%Electricity sales receivable 167,605,261Total 167,605,261Note：As at 30 June 2023, the amount of receivables from sales of electricity of the Group was RMB 167,605,261, whichwas mainly from China Southern Power Grid Co., Ltd. and its subsidiaries (collectively referred to as “ChinaSouthern Power Grid”). Taking into consideration its good credit, the Group believes that there is no significantcredit risk in the receivables from sales proceeds of electricity, and the possibility of significant losses due toChina Southern Power Grid's default is extremely low. The Group's expected credit loss rate for sales proceedsof electricity is 0%Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method ofother receivables if the provision for bad debts of bills receivable is accrued according to the general model ofexpected credit loss:□ Applicable √ Not applicableDisclosure by agingIn RMBAging Closing balanceWithin 1 year（Including 1 year） 167,605,261Total 167,605,261(2) Accounts receivable withdraw, reversed or collected during the reporting periodNot applicable(3) The actual write-off accounts receivableNot applicable（4）The ending balance of other receivables owed by the imputation of the top five partiesIn RMBName Amount Proportion(%) Bad debt provisionGPGC 167,605,261100% 0Total 167,605,261100%Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 184(5) Account receivable which terminate the recognition owning to the transfer of the financial assetsNot applicable(6) The amount of the assets and liabilities formed by the transfer and the continues involvement ofaccounts receivableNot applicable2. Other accounts receivableIn RMBItems Closing balance Opening balanceDividend receivable 63,000,000Other accounts receivable 127,190,441568,099,765Total 190,190,441568,099,765（1）Interest receivable1) Category of interest receivableNot applicable2) Significant overdue interestNot applicable3）Bad-debt provision□ Applicable √ Not applicable（2）Dividend receivable1）Category of dividend receivableIn RMBItems Closing balance Opening balanceSunshine Insurance Group Co., Ltd 63,000,0000Total 63,000,0002) Significant dividend receivable aged over 1 yearNot applicable3）Bad-debt provision□ Applicable √ Not applicable（3） Other accounts receivable1) Other accounts receivable classified by the nature of accountsIn RMBNature Closing book balance Opening book balanceEntrust loans receivable 50,000,000487,000,000Supplementary medical insurance fundreceivable 44,006,13944,006,139Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 185Sales of by-products receivable 4,908,36422,733,484Alternative money receivable 3,875,8854,115,142Other 24,678,03010,464,042Lee：Bad debt reserves -277,977 -219,042Total 127,190,441568,099,7652）Bad-debt provisionIn RMBBad Debt ReservesStage 1 Stage 2 Stage 3TotalExpected credit lossesover the next 12monthsExpected credit lossover life (no creditimpairment)Expected credit lossesfor the entire duration(credit impairmentoccurred)Balance as at January1,2023219,042219,042Balance as at January1,2023 in currentProvision in the currentperiod 66,08266,082Turn back in thecurrent period -7,147 -7,147Balance as at June30,2023277,977277,977Loss provision changes in current period, change in book balance with significant amount□ Applicable √Not applicableDisclosure by agingIn RMBAging Closing balanceWithin 1 year(Including 1 year） 124,850,4491-2 years 674,6022-3 years 867,420Over 3 years 1,075,9473-4 years 755,3814-5 years 229,313Over 5 years 91,253Total 127,468,4183) Accounts receivable withdraw, reversed or collected during the reporting periodThe withdrawal amount of the bad debt provision：In RMBCategory OpeningbalanceAmount of change in the current periodClosing balanceAccrualReversed orcollectedamountWrite-off OtherDeposit 204,23766,082 -1,41600268,903Other 14,805 -5,731009,074Total 219,04266,082 -7,14700277,977Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 186(4) The actual write-off accounts receivableNot applicable(5) Top 5 of the closing balance of the other accounts receivable collected according to the arrears partyIn RMBName Nature Closing balance AgingProportion of thetotal year endbalance of theaccountsreceivableClosing balance ofbad debt provisionLincang YudeanEnergyEntrusted loan duewithin one year 50,000,000 Within 1 year 39.23% 0TaikangEndowmentInsurance Co., Ltd.GuangdongBranchSupplementarymedical insurancefund receivable44,006,139 Within 1 year 34.52% 0Hubei CarbonEmission RightsTrading CenterCo., LtdDeposit carbonemission tradingreceivable14,830,000 Within 1 year 11.63% 0YudeanEnvironmentalprotectioncompanyReceivablesfrom sale of by-products4,908,364 Within 1 year 3.85% 0Enerty GroupShajiao CPowerPlantReceivable currentaccount1,558,541 Within 1 year 1.22% 0Total 115,303,04490.45% 0(6) Accounts receivable involved with government subsidiesNot applicable(7) Other account receivable which terminate the recognition owning to the transfer of the financialassetsNot applicable(8) The amount of the assets and liabilities formed by the transfer and the continues involvement of otheraccounts receivableNot applicable3. Long-term equity investmentIn RMBItemsClosing balance Opening balanceBook balanceProvision forimpairmentBook value Book balanceProvision forimpairmentBook valueInvestments insubsidiaries35,496,100,5112,449,328,07933,046,772,43235,870,036,0632,449,328,07933,420,707,984Investments inassociates andjoint ventures8,790,623,17696,327,8548,694,295,3228,385,416,03796,327,8548,289,088,183Total 44,286,723,6872,545,655,93341,741,067,75444,255,452,1002,545,655,93341,709,796,167Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 187（1） Investments in subsidiariesIn RMBInvestees Opening balanceIncrease /decrease in reporting periodClosing balance Closing balance ofimpairment provisionIncrease ininvestmentDecrease ininvestmentProvision forimpairment OtherHuizhou Natural gas 1,205,199,446001,205,199,4460Guangqian company 1,353,153,223001,353,153,2230Red Bay company 2,220,023,386002,220,023,3860Lincang company 281,000,00000281,000,000209,989,439Zhanjiang Electriccompany 2,185,334,400002,185,334,4000Yuejia company 0000455,584,267Shaoguan PowerGeneration00001,509,698,674Maoming company 687,458,97800687,458,9780Jinghai company 2,450,395,668002,450,395,6680Technologycompany20,000,00040,000,000060,000,0000Humen company 3,192,416003,192,41686,807,584Zhongyue company 963,000,00000963,000,000187,248,115Bohe company 3,488,600,00002,079,018,9591,409,581,0410Pinghai company 720,311,34700720,311,3470Dapu company 1,907,100,000001,907,100,0000HuAdu company 186,550,00000186,550,0000Guangdong WindPower 7,704,556,260995,000,00008,699,556,2600Yudean Electric Sale 230,000,00000230,000,0000Yongan company 360,000,00000360,000,0000Binhaiwan company 720,000,00050,000,0000770,000,0000Huaguoquancompany49,680,9000049,680,9000Qiming company 38,000,0009,000,000047,000,0000Dayawan company 230,329,50071,100,0000301,429,5000Dananhai company 171,000,00000171,000,0000Baihua company 3,000,000003,000,0000Sha C company 1,559,120,782001,559,120,7820Yunhe company 1,066,562,32758,648,05001,125,210,3770Yuhua company 541,247,838117,910,0000659,157,8380Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 188Bijie company 14,500,0000014,500,0000Tumusuke company 800,000,00000800,000,0000Shanguan NewEnergy33,473,0000033,473,0000Hanhai New Energy 324,050,00025,000,0000349,050,0000Jinxiu Energy 2,621,800002,621,8000Mujin New Energy 120,495,92000120,495,9200Muhong NewEnergy120,495,92000120,495,9200Huibo New Energy 15,492,36043,000,000058,492,3600Xingyue NewEnergy9,977,500009,977,5000Maoming Nature gas 115,345,00000115,345,0000Huixin company 104,975,00000104,975,0000Dongrun ZhongnengNew Energy45,063,0200045,063,0200Shache Energy 1,206,110,4705,000,00001,211,110,4700Xinguangyao NewEnergy32,923,0000032,923,0000Luoding NewEnergy1,844,520001,844,5200Jiuzhou New Energy 39,000,0000039,000,0000Changshan WindPower89,524,00321,215,9970110,740,0000Tumusuke Changhe 03,500,00003,500,0000Energy GroupXingjiang company0100,000,0000100,000,0000Zhuhai New Energy 02,740,00002,740,0000Zhenneng NewEnergy010,000,000010,000,0000Zhonggong Energy 0152,969,3600152,969,3600Total 33,420,707,9841,705,083,4072,079,018,95933,046,772,4322,449,328,079（2）Investment in joint ventures and associatesIn RMBName ofinvesteeBeginning oftermIncrease/decrease in this period End of term Balance ofthe provisionIncrease in Decrease in Investment Other Other Announced Provision OtherGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 189on forimpairmentinvestment investment incomeunder equitymethodcomprehensiveincomechanges inequityfordistributingcashdividend orprofitforimpairmentI.Joint ventureIndustryFuel 865,576,32334,820,693900,397,016Subtotal 865,576,32334,820,693900,397,016II. AssociatedGuohuaTaishancompany1,901,354,532110,488,65726,681,5171,985,161,672ShanxiYudeanEnergy Co.,Ltd.3,019,352,94254,299,600256,410,68503,330,063,227YudeanShippingcompany277,173,327 -5,385,5660271,787,761YueqianElectricPower Co.,Ltd.231,974,48638,676,7420270,651,228EnergyFinancecompany1,070,249,57346,810,0409,072,52680,553,7951,045,578,344YudeanCaptive285,703,6168,341,2321,602,723292,442,125WeixinEnergycompany86,300,031 -36,390,209049,909,82296,327,854EnergyFinancingLeasingcompany537,257,25417,098,17420,571,445533,783,983Other 14,146,0992,235,4461,861,40114,520,144Subtotal 7,423,511,86054,299,600438,285,2029,072,526131,270,8827,793,898,30696,327,854Total 8,289,088,18354,299,600473,105,8959,072,526131,270,8828,694,295,32296,327,854Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 190（3）Other note4. Business income, Business costIn RMBItemsAmount of current period Amount of previous periodIncome Cost Income CostMain business 752,885,457795,525,718534,678,382797,337,480Other business 25,124,161701,40114,546,415780,990Total 778,009,618796,227,119549,224,797798,118,470Income related information:In RMBContract classification Division 1 Division 2 TotalCommodity type 778,009,618778,009,618IncludingElectric 752,885,457752,885,457Power generation by-produce 13,056,49913,056,499Rent 6,911,4776,911,477Labour 5,156,1855,156,185Area 778,009,618778,009,618Including：Guangdong 778,009,618778,009,618Other market 778,009,618778,009,618Including：Power Market 752,885,457752,885,457Other market 25,124,16125,124,161Contract type 778,009,618778,009,618IncludingSelling goods 765,941,956765,941,956Provide access to theassets 6,911,4776,911,477Provided Labour 5,156,1855,156,185Time 778,009,618778,009,618IncludingRecognize at a certaintime point 765,941,956765,941,956Recognize in a certainperiod of time 12,067,66212,067,662TermIncludingSellingIncludingTotal 778,009,618778,009,618Information related to performance obligations:Commodity type Usual performance time of performance obligation Important paymenttermsCommodity natureElectric power When power is supplied to the grid company Cashsettlement/monthlysettlementElectric powerGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 191Power generationby-productcommodityWhen by-products such as fly ash generated by powergeneration are transported to the agreed delivery place,Cashsettlement/monthlysettlementPower generation by-productcommodityInformation related to the transaction price apportioned to the residual performance obligation:Not applicable5. Investment incomeIn RMBItems Amount of current period Amount of previous periodLong-term equity investment incomeaccounted by cost method 577,186,02698,293,539Long-term equity investment incomeaccounted by equity method 473,105,895450,257,096Dividend income from investments inother equity instruments during theholding period117,258,95090,156,139Creditor's right from investments in otherequity instruments during the holdingperiod27,373,21613,770,971Total 1,194,924,087652,477,7456.OtherXVIII. Supplement information1. Particulars about current non-recurring gains and loss√ Applicable □ Not applicableIn RMBItems Amount NotesNon-current asset disposal gain/loss(including thewrite-off part for which assets impairment provisionis made)-1,988,902It was the net loss caused by disposal of dustremoval device of Unit 1 in Dapu Power Plant.Tax rebates, reductions or exemptions due toapproval beyond authority or the lack of officialapproval documents0Governmental Subsidy accounted as currentgain/loss, except for those subsidies at with amountor quantity fixed by the national government andclosely related to the company’s business operation.14,152,289It was mainly the economic policy incentives forpower sales and subsidies for various power plantprojects.Capital occupation charges on non-financialenterprises that are recorded into current gains andlosses0Gains due to that the investment costs for thecompany to obtain subsidiaries, associates and jointventures are lower than the enjoyable fair value of theidentifiable net assets of the investees when makingthe investments0Gain/loss on non-monetary asset swap 0Gain/loss on entrusting others with investments orasset management 0Asset impairment provisions due acts of God such asnatural disasters 0Gains/losses of debt restructure 0Reorganization expenses, such as expenditure forallocation of employees and integration fee 0Gains/losses exceeding the fair value arising fromtransactions with obviously unfair prices 0Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 192Net gain and loss of the subsidiary under the commoncontrol and produced from enterprise consolidationfrom the beginning of the period to the consolidationdate0Gain and loss arising from contingent mattersirrelevant with the company’s normal operationbusiness0Gain and loss from change of the fair value arisingfrom transactional monetary assets, transactionalfinancial liabilities as held as well as the investmentincome arising from disposal of the transactionalmonetary assets, transactional financial liabilities andfinancial assets available for sale excluding theeffective hedging transaction in connection with thecompany’s normal business0Reverse of the provision for impairment of accountsreceivable undergoing impairment test individually 0Gain/loss from external entrusted loan 0Gain and loss arising from change in the fair value ofthe investment based real estate measure afterwardsby means of fair value model0Influence upon the current gains and losses from theonce-and –for –all adjustment over the current gainsand losses according to the taxation and accountinglaws and regulations0Income from custodian charge obtained fromentrusted operation 0Operating income and expenses other than theaforesaid items 7,433,052Other gains/losses in compliance with the definitionof non-recurring gain/loss 0Insurance compensation and claims income 6,701,756It was mainly the advance compensation for unitsreceived by Yangjiang Wind Power Plant due toTyphoon Siamba.Fines and overdue payment fees -3,664,929It was mainly the fine expenditure of Qujiang WindPower.Non-current assets scrap income 2,724,564It was mainly the fixed asset scrap income ofJinghai company and Bohe company.Loss of Non-current assets scrapped -9,754,776It was mainly the fixed asset scrap loss of YunhePower Generation, Zhanjiang Zhongyue andGuangqian company.Less: Amount of influence of income tax 4,792,737Influenced amount of minor shareholders’ equity ( 3,282,411Total 7,527,906 --Details of other profit and loss items that meet the non-recurring profit and loss definition□ Applicable√ Not applicableNoneFor the company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 oninformation disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Lossesand its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on informationDisclosure for Companies offering their securities to the public-non-recurring Gains and losses which have beendefined as recurring gains and losses, it is necessary to explain the reason.√Applicable□Not applicableItems Amount involved(RMB) ReasonValue-added tax will be refundedimmediately12,915,790Comply with national policies andregulations, and continue to occurGuangdong Electric Power Development Co., Ltd. The Semi-annual Report 2023 1932. Return on net asset and earnings per shareProfit of report period Weighted average returnon equity(%)Earnings per shareBasic earnings pershare(yuan/share）Diluted earnings pershare(yuan/share)Net profit attributable to theCommon stock shareholders ofcompany.3.86% 0.16310.1631Net profit attributable to theCommon stock shareholders ofcompany after deducting of non-recurring gain/loss.3.83% 0.16170.16173. Differences between accounting data under domestic and overseas accounting standards（ 1）．Simultaneously pursuant to both Chinese accounting standards and international accountingstandards disclosed in the financial reports of differences in net income and net assets.□ Applicable□√ Not applicable（2）. Differences of net profit and net assets disclosed in financial reports prepared under overseas andChinese accounting standards.□ Applicable□√ Not applicable(3) .Explanation of the reasons for the differences in accounting data under domestic and foreign accounting standards. If the data that has been audited by an overseas audit institution is adjusted for differences,the name of the overseas institution should be indicated4.Other I. Company Profile Ⅱ. Contact person and contact manner III. Other info. 1. Way of contact 2. Information inquiry 3. Other relevant information Did any change occur to other relevant information IV. Summary of Accounting data and Financial index V.The differences between domestic and internation 1).Simultaneously pursuant to both Chinese account 2).Differences of net profit and net assets disclo VI.Items and amount of non-current gains and losse Ⅰ.Main Business the company is Engaged in During t III.Main business analysis Component of Business Income IV. Analysis of Non-core Business V. Analysis of assets and liabilities 1.Significant changes in asset composition 2.Main assets overseas 3.Asset and Liabilities Measured by Fair Value VI. Investment situation 4.Investment of Financial Asset （1）Securities investment （2）Investment in Derivatives VII. Sales of major assets and equity 1.Situation of Significant Asset Sale None 2.Sales of major equity VIII.Analysis of the Main Share Holding Companies X. Risks facing the company and countermeasures I. Annual General Meeting and Provisional Sharehol 1.Annual General Meeting III. Pre-plan for profit allocation and turning ca IV. Implementation of any equity incentive plan, e I. The fulfilled commitments in the reporting peri None III. Illegal provision of guarantees for external None IV. Engagement and disengagement of CPAs firm Whether the semi-annual financial report has been □ Yes √ No The semi-annual financial report of the company ha V. Notes for “non-standard audit report” of CPAs f VI. Notes for the related information of “non-stan VII. Bankruptcy and restructuring VIII. Litigations and arbitrations Significant litigations and arbitrations IX. Punishments and rectifications X. Credit conditions of the company as well as its XI.Material related transactions 1. Related transactions in connection with daily o 2. Related-party transactions arising from asset a 3. Related-party transitions with joint investment 4. Credits and liabilities with related parties 5. Transactions with related finance company, espe 6. Transactions with related finance company contr 7. Other significant related-party transactions XII. Significant contracts and execution 1.Entrustments, contracting and leasing （1）Entrustment (2) Contract (3) Lease 2.Significant Guarantees 3. Finance management on commission 4. Other significant contract □ Applicable √ Not applicable XIII. Explanation on other significant events □ Applicable √ Not applicable XIV. Significant event of subsidiary of the compan 2. Change of shares with limited sales condition II. Securities issue and listing III. Number of shareholders and shareholding IV. Changes in shareholdings of directors, supervi V. Change of the controlling shareholder or the ac VIII. Situation of the Preferred Shares I. Enterprise bond II. Corporate bond I. Basic information of corporate bonds 2. Trigger and implementation of option clauses an 3.Adjustment of credit rating results during the r 4. The implementation and changes of guarantee, de III. Debt financing instruments of non-financial e 1. Debt financing instruments of non-financial ent 2. Trigger and implementation of option clauses an 3.Adjustment of credit rating results during the r 4 The implementation and changes of guarantee, deb IV. Convertible bond V. The loss within the scope of consolidated state VI. Main accounting data and financial indicators I. Audit report II. Financial statements 1. Consolidated balance sheet 2.Parent Company Balance Sheet 3.Consolidated Income statement 4. Income statement of the Parent Company 5. Consolidated Cash flow statement 6. Cash Flow Statement of the Parent Company 8.Statement of change in owner’s Equity of the Par IV.Basis for the preparation of financial statemen 1.Basis for the preparation 2. Continuous operation. 2. Accounting period 3.Operating cycle 5. Accounting process method of enterprise consoli 6.Preparation of the consolidated financial statem 7.Classification of joint venture arrangement and 8.Cash and cash equivalents Cash and cash equivalents comprise cash on hand, d 9.Foreign currency transactions Foreign currency transactions are translated into 10. Financial instruments 11.Note receivable 12.Account receivable 13.Financing receivable 14.Other account receivable 15. Inventories 16.Contract assets 17.Contract costs Not applicable 18.Held-for-sale assets Not applicable 19.Creditor's rights investment Not applicable 20.Other Creditor's rights investment Not applicable 21.Long-term account receivable 22. Long-term equity investment 23. Investment properties 24. Fixed assets （1）Recognition of fixed assets (3)Cognizance evidence and pricing method of finan 25.Construction in progress 26.Borrowing costs 27.Biological Assets 28.Oil & Gas assets Not applicable 29. Right to use assets 30. Intangible assets 1. Valuation Method, Service Life and Impairment T 31. Impairment of long-term assets 32.Long-term deferred expenses 33.Constract Liabilities 34. Employee benefits （2）Post –employment benefits 35.Lease liabilities 36. Estimated Liabilities 38. Other financial instruments such as preferred 39. Revenue 40.Government grants Government grants refer to the monetary or non-mon The Group applies the presentation method consiste Government grants that are related to ordinary act 41. Deferred income tax assets/Deferred income tax 42. Leases （1）Accounting of operational leasing （2）Accounting treatment of financing leasing 44.Change of main accounting policies and estimati (2) Change of main accounting estimations 45.Other VI. Taxation 1. Main categories and rates of taxes 2.Tax preferences 3.Other VII. Notes on major items in consolidated financia 1. Monetary funds 2. Transactional financial assets 3. Derivative financial assets 4. Notes receivable (1) Notes receivable listed by category (2) Note receivable withdraw, reversed or collecte （3） Notes receivable pledged by the company at the （4）Note receivable financing endorsed or discounte Not applicable （5）Note receivable financing transferred to accoun Not applicable Not applicable 5. Accounts receivable (1) Accounts receivable disclosed by category (2) Accounts receivable withdraw, reversed or coll (3) The actual write-off accounts receivable （4） Top 5 of the closing balance of the accounts r （5）Account receivable which terminate the recognit Not applicable Not applicable 6. Financing of receivables Not applicable 7.Prepayments （2）The ending balance of Prepayments owed by the i Name Relationship with the company Amount Proportion % Guangdong Power Industry Fuel Co., Ltd. 8. Other accounts receivable （1）Interest receivable 1) Category of interest receivable Not applicable 2) Significant overdue interest Not applicable Not applicable (2)Dividend receivable 1) Category of Dividend receivable 2）Dividend receivable of important account age ove Applicable （3） Other accounts receivable 1) Other accounts receivable classified by the nat 3) Accounts receivable withdraw, reversed or colle 5)Top 5 of the closing balance of the other accoun 6）Account receivables with government subsidies in In RMB 7) Other account receivable which terminate the re Not applicable 9. Inventories （1）Category of Inventory (2) Inventory depreciation reserve (3) Explanation on inventories with capitalization Not applicable (4) Assets unsettled formed by construction contra Not applicable 10.Contract assets 11. Assets divided as held-to-sold Not applicable 12. Non-current assets due within 1 year Not applicable 13. Other current assets 14.Creditor's right investment Not applicable 15.Other creditor's rights investment Not applicable 16. Long-term accounts receivable Not applicable (2) Other account receivable which terminate the r 17. Long-term equity investment 18. Other equity instruments investment 19.Other non-current assets Not applicable 20. Investment property (3) Investment real estate without certificate of 21. Fixed assets (1) List of Fixed assets (2) List of temporarily idle fixed assets Not applicable (3) Fixed assets leased in the operating leases Not applicable (4) Fixed assets without certificate of title comp （5）Liquidation of fixed assets 22. Construction in progress (1) List of construction in progress (2) Changes of significant construction in progre (3) List of the withdrawal of the impairment prov Not applicable （4）Engineering material Engineering material 23. Productive biological assets 24. Oil and gas assets 25. Right to use assets 26. Intangible assets (1) Information 27. Development expenditure Not applicable 28. Goodwill （2）Impairment provision of goodwill 29.Long-term amortization expenses 30.Deferred income tax assets/deferred income tax (1)Details of the un-recognized deferred income ta (2)Details of the un-recognized deferred income ta (3) Deferred income tax assets or liabilities list (5)Deductible losses of the un-recognized deferred 31. Other non-current assets 32. Short-term borrowings (1) Category of short-term borrowings (2) List of the short-term borrowings overdue but Not applicable 33. Transactional financial liabilities Not applicable 34. Derivative financial liability Not applicable 35.Notes payable 36. Accounts payable (1) List of accounts payable 37. Advance from customers (1) List of Advance from customers （2）Significant payable aging more than 1 year 38.Contract Liabilities 39.Payable Employee wage （2）Short-termremuneration （3）Definedcontributionplanslisted 40.Tax Payable 41.Other payable （1） Interest payable Not applicable （2）Dividends payable In RMB （3）Other payable 1）Disclosure by nature 2) Other payables with large amount and aging of o 42. Liabilities classified as holding for sale Not applicable 43.Non-current liabilities due within 1 year 44. Other current-liabilities 45.Long-term borrowings （1）Long-term term borrowings 46.Bond payable （1）Bond payable （2）Changes of bonds payable(Not including the othe Not applicable （4）Other financial instruments that are classified Not applicable 47. Lease liability 48. Long-term payable （2）Specific payable 49. Long-term employee salary payable （1）Long-term employee salary payable (2) Changes of defined benefit plans Not applicable 50.Predicted liabilities Not applicable 52. Other non-current liabilities 53.Stock capital 54. Other equity instruments 55. Capital reserves 56.Treasury stock Not applicable 58. Special reserves 59. Surplus reserves 60. Retained profits 61. Business income, Business cost 63.Selling expenses 64.Administrative expenses 65. R&DExpense 66.Financial Expenses 67.Other income 68. Investment income 69.Net exposure hedging income　 Not applicable 70. Gains on the changes in the fair value Not applicable 71. Credit impairment loss 72. Losses from asset impairment 73.Assets disposal income 74. Non-Operation income 76. Income tax expenses （1）Income tax expenses （2）Adjustment on accounting profit and income tax 77. Other comprehensive income 78.Items of Cash flow statement （1）Other cash received from business operation (2)Other cash paid related to operating activities (3)Cash received related to other investment activ (4)Cash paid related to other investment activitie Not applicable （5）Other cash received in relation to financing ac Not applicable （6）Cash paid related with financing activities 79. Supplement Information for cash flow statement （1）Supplement Information for cash flow statement (2) Net Cash paid of obtaining the subsidiary Not applicable Not applicable (2) Note to overseas operating entities, including 83. Hedging 84. Government subsidies （1）Government subsidies confirmed in current perio （2）Government subsidy return VIII. Changes of merge scope 1. Business merger not under same control (1) Business merger not under same control in repo Not applicable (2)Business combination under the same control Not applicable (3) Counter purchase Not applicable (4) The disposal of subsidiary Whether there are multiple transactions step by st □ Yes √ No (5) Note to merger could not be determined reasona （6） Other note 2. Business combination under the same control (1) Business combination under the same control du (2) Combination cost 3. Counter purchase 4. The disposal of subsidiary Whether there is a single disposal of the investme Whether there are multiple transactions step by st □ Yes √ No 5. Other reasons for the changes in combination sc IX. Equity in other entity 1. Equity in subsidiary （1）Constitute of enterprise group （2）Significant not wholly-owned subsidiaries （3）Main financial information of significant not w 2. The transaction of the company with its owner’s (1) Note to owner’s equity share changed in subsi (2) The transaction’s influence to equity of minor 3. Equity in joint venture arrangement or associat (1) Significant joint venture arrangement or assoc （2）Main financial information of Significant joint 4. Significant common operation 5. Equity of structure entity not including in the 6.Other X. The risk related financial instruments XI. The disclosure of the fair value 1. Closing fair value of assets and liabilities c 2.Recognized basis for the market price sustaining 3. Valuation technique and qualitative and quantit 4. Valuation technique and qualitative and quantit 5.Continuousthirdlevelfairvaluemeasurementpro 7.Changesinvaluationtechnologyduringthecurr 9.Other 2.Subsidiary of the Enterprise 3.Cooperative enterprise and joint venture 4.Other related party 5. Related transactions. （2）Related trusteeship or contracting （4）Status of related party guarantee (7) Rewards for the key management personnel （8）Other related transactions (a)Allocation of common expenses In the first half of 2023, the common expenses rec (b) Interest income (c)Interest expense (e)Joint Investment 6. Payables and receivables of the related party （1）Receivables （2）Payables 7. Related party commitment 8.Other XIII. Stock payment 1. The Stock payment overall situation 2. The Stock payment settled by equity 3. The Stock payment settled by cash 4. Modification and termination of the stock payme Not applicable 5.Other XIV. Commitments 1.Importance commitment events 2.Contingency （1）Significant contingency at balance sheet date 3.Other XV. Post-balance-sheet events 1. Significant events had not adjusted 2. Profit distribution 3. Sales return 4. Notes of other significant events XVI. Other significant events 1. Correction of the accounting errors in the prev （1）Retrospective restatement （2）Prospective application 2. Debt restructuring 3. Replacement of assets 4. Pension plan 5. Discontinuing operation 6. Segment information (3) There was no reportable segment, or the total (4) Other notes 7. Other important transactions and events have an Not applicable 8. Other XVII. Notes s of main items in financial reports o （1）Account receivable (2) Accounts receivable withdraw, reversed or coll Not applicable (3) The actual write-off accounts receivable Not applicable （4）The ending balance of other receivables owed by (5) Account receivable which terminate the recogni Not applicable (6) The amount of the assets and liabilities forme Not applicable 2. Other accounts receivable （1）Interest receivable 1) Category of interest receivable 2) Significant overdue interest （2）Dividend receivable 1）Category of dividend receivable 2) Significant dividend receivable aged over 1 yea （3） Other accounts receivable 1) Other accounts receivable classified by the nat 3) Accounts receivable withdraw, reversed or colle (4) The actual write-off accounts receivable Not applicable (5) Top 5 of the closing balance of the other acco (6) Accounts receivable involved with government s Not applicable (7) Other account receivable which terminate the r Not applicable (8) The amount of the assets and liabilities forme Not applicable 3. Long-term equity investment （1）Investments in subsidiaries （2）Investment in joint ventures and associates （3）Other note 4. Business income, Business cost 6.Other XVIII. Supplement information 2. Return on net asset and earnings per share 3. Differences between accounting data under domes （1）．Simultaneously pursuant to both Chinese accoun （2）. Differences of net profit and net assets disc (3).Explanationofthereasonsforthedifference 4.Other