粤电力B:2021年半年度报告(英文版)

                      Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021




    GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.

                The Semi-annual Report 2021




                         August 2021




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                                                Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021




                          I. Important Notice, Table of Contents and Definitions

The Board of Directors , Supervisory Committee ,Directors, Supervisors and Senior Executives of the Company
hereby guarantees that there are no misstatement, misleading representation or important omissions in this report
and shall assume joint and several liability for the authenticity, accuracy and completeness of the contents hereof.
Mr.Wang Jin, The Company leader, Mr. Liu Wei, Chief financial officer and the Mr.Meng Fei, the person in
charge of the accounting department (the person in charge of the accounting )hereby confirm the authenticity and
completeness of the financial report enclosed in this semi-annual report.
Directors other than the following ones have attended the Board meeting to review the Semi-annual report.
    Name of absent director     Position of absent director             Reason                     Name of proxy

        Mao Qinghan                      Director                   Due to business                  Wang Xi

        Shen Hongtao              Independent director              Due to business                  Wang Xi

          Li Fangje                      Director                   Due to business                 Li Baobing


The Company is mainly engaged in thermal power generation. The business of thermal power generation is
greatly affected by factors including electric power demand and fuel price. For details, please refer to the possible
risk factors that the company may face in the X "Risks facing the Company and countermeasures " in the Section
III "Management Discussion & Analysis".

The Company Will not distribute cash dividend or bonus shares, neither capitalizing of common reserves.




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                                              Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021




                                           Table of Contents




I.Important Notice, Table of contents and Definitions

II. Company Profile & Financial Highlights.

III. Management Discussion & Analysis
IV. Corporate Governance
V. Environmental & Social Responsibility
VI. Important Events
VII. Change of share capital and shareholding of Principal Shareholders

VIII. Situation of the Preferred Shares

IX. Corporate Bond

X. Financial Report




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                                             Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


                                       Documents available for inspection

1.Financial statements bearing the seal and signature of legal representative, financial controller and the person in
charge of the accounting organ;

2. All original copies of official documents and notices, which were disclosed in Securities Times, China
Securities and Hong Kong Commercial Daily (Both English and 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 public holidays,

Saturday and Sunday).




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                                                   Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021




                                                           Definition

               Terms to be defined             Refers to                                 Definition

    Guangdong Energy Group                     Refers to    Guangdong Energy Group Co., Ltd.

    Guangqian Company                          Refers to    Shenzhen Guangqian Electric Power Co., Ltd.

                                                            Guangdong Yudean Bohe Energy Co., Ltd. (formerly " Guangdong
    Bohe Company                               Refers to    Yudean Bohe Coal & Electricity Co., Ltd." renamed on February 25,
                                                            2021)

    Dapu Company                               Refers to    Guangdong Dapu Power Generation Co., Ltd.

    Wind Power Company                         Refers to    Guangdong Wind Power Co., Ltd.

    Lincang Company                            Refers to    Lincang Yudean Energy Co., Ltd.

    Qujie Wind Power Company                   Refers to    Guangdong Yudean Qujie Wind Power Generation Co., Ltd.

    Electric Power Sales Company               Refers to    Guangdong Yudean Electric Power Sales Co., Ltd.

    Anxin Electric Inspection & Installation
                                               Refers to    Guangdong Yudean Anxin Electric Inspection & Installation Co., Ltd
    Company

    Tongdao Wind Power Company                 Refers to    Tongdao Yuexin Wind Power Generation Co., Ltd.

    Zhongyue Compamy                           Refers to    Zhanjiang Zhongyue Energy Co., Ltd.

    Yuejiang Company                           Refers to    Guangdong Shaoguan Yuejiang Power Generation Co., Ltd.

    Yongan Natural Gas Company                 Refers to    Guangdong Yudean Yongan Natural Gas Thermal Power Co., Ltd.

    Leizhou Wind Power Company                 Refers to    Guangdong Yudean Leizhou Wind Power Generation Co., Ltd.

    Zhanjiang Company                          Refers to    Zhanjiang Electric Power Co., Ltd.

    Zhanjiang Wind Power Company               Refers to    Guangdong Yudean Zhanjiang Wind Power Co., Ltd.

    Huizhou Natural Gas Company                Refers to    Guangdong Huizhou Natural Gas Power Co., Ltd.

    Maoming Thermal Power Plant                Refers to    Guangdong Energy Maoming Thermal Power Co., Ltd.

    Jinghai Company                            Refers to    Guangdong Yudean Jinghai Power Co., Ltd.

    Red Bay Company                            Refers to    Guangdong Red Bay Power Co., Ltd.

    Huadu Natural Gas Company                  Refers to    Guangdong Huadu Natural Gas Thermal Power Co., Ltd.

    Humen Power Company                        Refers to    Guangdong Yudean Humen Power Co., Ltd.

    Yuejia Company                             Refers to    Guangdong Yuejia Electric Power Co., Ltd.

    Pinghai Power Plant                        Refers to    Guangdong Hluizhou Pinghai Power Co., Ltd.

    Pingdian Integrated Energy Company         Refers to    Huizhou Pingdian Integrated Energy Co., Ltd.

    Zhencheng Integrated Energy Company        Refers to    Guangdong Yudean Zhencheng Integrated Energy Co., Ltd.

    Binhaiwan Energy Company                   Refers to    Guangdong Yudean Binhaiwan Energy Co., Ltd.

    Dianbai Wind Power Company                 Refers to    Guangdong Yudean Dianbai Wind Power Co., Ltd.



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                                            Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


    Yangjiang Wind Power Company        Refers to   Guangdong Yudean Yangjiang Offshore Wind Power Co., 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.

    Zhuhai Wind Power Company           Refers to   Guangdong Yudean Zhuhai Offshore 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.

    Shibeishan Wind Power               Refers to   Guangdong Yudean Shibeishan Wind Energy Development Co., Ltd.

    Huilai Wind Power Company           Refers to   Huilai Wind Power Generation Co., Ltd.

    Yudean Fuel Company                 Refers to   Guangdong Power Industry Fuel Co., Ltd.

    Yudean Insurance Captive Company    Refers to   Guangdong Yudean 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.

    Yudean Western Investment Company   Refers to   Guangdong Yudeann Holdings Western Investment Co., Ltd.

    Energy Group Finance Company        Refers to   Guangdong Energy Group Finance Co., Ltd.

    Energy Financial Leasing Company    Refers to   Guangdong Energy Energy Financial Leasing Co., Ltd.

    Guohua Taishan Company              Refers to   Guangdong Guohua 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 station

    Southern Offshore wind power        Refers to   Southern Offshore wind power Union Development Co., Ltd.

    Sunshine Insurance                  Refers to   Sunshine Insurance Group Co., Ltd.

    Shenzhen Capital                    Refers to   Shenzhen Capital Group Co., Ltd.

    GMG                                 Refers to   GMG International Tendering Co., Ltd.

    Shenzhen Energy                     Refers to   Shenzhen Energy Group Co., Ltd.

    Shenergy Company                    Refers to   Shenergy Company Limited

    Environmental Protection Company    Refers to   Guangdong Yudean Environmental Protection Co., Ltd.




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                                                  Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021




                                       II. Company Profile & Financial Highlights.

I.Company information
    Stock abbreviation           Yue Dian Li A, Yue Dian Li B         Stock code:                000539,200539

    Stock exchange for listing   Shenzhen Stock Exchange

    Name in Chinese              广东电力发展股份有限公司

    Abbreviation of Registered
    Company Name in              粤电力
    Chinese(If any)

    English name (If any)        GUANGDONG ELECTRIC POWER DEVELOPMENT CO.,LTD

    English abbreviation (If
                                 GED
    any)

    Legal Representative         Wang Jin


Ⅱ.Contact person and contact manner


                                                        Board secretary                  Securities affairs Representative

    Name                                    Liu Wei                                  Qin Xiao

                                            35F, South Tower, Yudean Plaza, No.2     36/F, South Tower, Yudean Plaza, No.2
    Contact address                         Tianhe Road East,                        Tianhe Road East,
                                            Guangzhou,Guangdong Province             Guangzhou,Guangdong Province

    Tel                                     (020)87570251                            (020)87570251

    Fax                                     (020)85138084                            (020)85138084

    E-mail                                  liuw@ged.com.cn                          qinxiao@ged.com.cn


III. Other info.

1. Way of contact

Whether registrations address, offices address and codes as well as website and email of the Company changed in
 reporting period or not
□ Applicable √ Not applicable
Registrations address, offices address and codes as well as website and email of the Company has no change in
reporting period, found more details in annual report 2020.

2. Information inquiry

Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable


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                                                          Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


None of the official presses, website, and place of enquiry has been changed in the semi report period. For details
please find the Annual Report 2020.

IV.Summary of Accounting data and Financial index

May the Company make retroactive adjustment or restatement of the accounting data of the previous years
□ Yes √ No
                                                      Reporting period           Same period of last year           YoY+/-(%)

    Operating income(yuan)                                  17,781,521,221               12,539,917,823                        41.80%

    Net profit attributable to the shareholders
                                                                 109,028,853                  813,684,495                       -86.60%
    of the listed company(yuan)

    Net profit after deducting of
    non-recurring gain/loss attributable to
                                                                  90,377,204                  784,542,709                       -88.48%
    the shareholders of listed company
    (yuan)

    Cash flow generated by business
                                                               3,096,857,643                4,018,221,897                       -22.93%
    operation, net(yuan)

    Basic earning per share(yuan/Share)                                0.0208                       0.1550                      -86.60%

    Diluted gains per share(yuan/Share)                                0.0208                       0.1550                      -86.60%

    Weighted average income/asset ratio(%)                           0.40%                         3.03%                        -2.63%

                                                     As at the end of the
                                                                                 As at the end of last year         YoY+/-(%)
                                                         reporting period

    Gross assets(yuan)                                      92,331,563,629               85,970,818,168                          7.40%

    Shareholders’ equity attributable to
    shareholders of the listed company                        26,933,339,749               27,369,995,422                         -1.60%
    (yuan)


V.The differences between domestic and international accounting standards

1.Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosed
in the financial reports of differences in net income and net assets.

√ Applicable □Not applicable
                                                                                                                                   In RMB

                                     Net profit attributable to the shareholders of the    Net Assets attributable to the shareholders of
                                                      listed company                                    the listed company

                                         Amount in the         Amount in the previous      End of the reporting      Beginning of the
                                       reporting period                 period                    period              reporting period

    According to CAS                          109,028,853                   813,684,495         26,933,339,749           27,369,995,422



8
                                                       Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


    Items and amount adjusted according to IAS

    The difference arising from
    recognition of goodwill
                                                                                               38,638,777               38,638,777
    after merger of enterprises
    under the same control(a)

    Difference arising from
    recognition of land use
                                                -315,000                   -315,000            16,025,000               16,340,000
    value after enterprise
    merger

    Influence on minority
                                                  27,060                    27,060                 4,945,519             4,918,459
    interests(b)

    According to IAS                         108,740,913                813,396,555        26,992,949,045          27,429,892,658


2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chinese
accounting standards.

□ Applicable √Not applicable
The Company had no difference of the net profit or net assets disclosed in financial report, under either foreign
accounting rules or Chinese GAAP(Generally Accepted Accounting Principles) in the period.

3.Note to the Difference in the Accounting Data based on the Accounting Standards of CAS and IAS.

√ Applicable □ Not applicable
(a) The difference arising from recognition of goodwill after merger of enterprises under the same control and
      recognition of land value after enterprise merger.
      As required by new Chinese accounting standards, the goodwill formed by the merger of enterprises under
      the same control shall not be recognized and capital surplus shall be adjusted. Under IFRS, the golldwill
      formed by the merger of enterprises under the same control shall be recognized and equal to the difference
      between merger cost and share of fair value of recognizable net assets of the purchased party obtained in
      merger. Meanwhile, all assets of the purchased party obtained in merger shall be accounted for according to
      their fair value while such assets shall be accounted for according to their book value according to original
      Chinese accounting standards for business enterprises. Therefore, this difference will continue to exist.
(b) Influence on minority interests

      Housing reform loss occurred to the Company and some holding subsidiaries. Therefore, there’s some
      influence on minority interests.

VI.Items and amount of deducted non-current gains and losses

√ Applicable □ Not applicable
                                                                                                                            In RMB

                                  Items                                        Amount                           Notes

    Non-current asset disposal gain/loss(including the write-off part                 23,852,682     Mainly due to Yuejia Company


9
                                                     Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


 for which assets impairment provision is made)                                                    shut-down and liquidation of
                                                                                                   assets to obtain income.

                                                                                                   Mainly due to power sales
 Government subsidy recognized in current gain and
                                                                                                   economic policy incentives and
 loss(excluding those closely related to the Company’s business                       6,433,278
                                                                                                   subsidies for various power
 and granted under the state’s policies)
                                                                                                   plant projects.

 Other non-business income and expenditures other than the
                                                                                        595,487
 above

 Fines and overdue payment fees                                                         -209,860

                                                                                                   Mainly due to the income from
                                                                                                   scrapped fixed assets of
 Non-current assets scrap income                                                       7,507,022
                                                                                                   Guangdong wind power and
                                                                                                   Pinghai Power Plant.

 Loss of Non-current assets scrapped                                                  -4,006,514

 Less: Amount of influence of income tax                                               8,588,045

     Influenced amount of minor shareholders’ equity (after tax)                      6,932,401

 Total                                                                               18,651,649                      --

For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Compaines Offering their Securities to the Public-Non-recurring Gains and Losses and
its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure
for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as
recurring gains and losses, it is necessary to explain the reason.
√Applicable □ Not applicable
Items                            Amount involved              Reason

Value-added tax will be
                                                   4,141,947 Comply with national policies and regulations, and continue to occur
refunded immediately

Carbon emission quota used
to fulfil the emission                             -2,750,000 Comply with national policies and regulations, and continue to occur
reduction obligation




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                                              Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


                                     III. Management Discussion & Analysis

Ⅰ.Main Business the Company is Engaged in During the Report Period

The Company shall comply with the disclosure requirements of Shenzhen Stock Exchange Industry Information
Disclosure Guidelines No.15-Listed Companies Engaged in Power-related Business
The 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 industry classified in the
“Guidelines for the Industry Classification of Listed Companies” by the China Securities Regulatory Commission.
Since its foundation, the Company has always adhered to the business tenet of “Capital from 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 of power and making the power structure
go diversified. In addition to the development, construction and operation 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 through the grid company. As of the end of the reporting period,
the company has controllable installed capacity of 23.473 million kilowatts, including holding installed capacity
of 21.759 million kilowatts and equity participation installed capacity of 1.714 million kilowatts. Including: the
holding installed capacity for coal-fired power generation of 17.15 million kilowatts; the holding installed
capacity for gas and electricity of 3.72 million kilowatts and renewable energy generation like wind power and
hydropower of 889,000 kilowatts. Clean energy installation accounted for 21.2%.In addition, the company is entrusted
with managing the installed capacity of 13.286 million kilowatts .

Income source is primarily contributed by power production and sales, and main business income is derived from
Guangdong Province. The company electricity sales price is subject to the benchmark price verified by the price
authority per relevant policies based on National Development and Reform Commission (NDRC) and the
electricity transaction price through the market trade implementation per Guangdong Electricity Market Trade
Basic Rules and supporting files. In the reporting period, the electricity sold is 44.757 billion kilowatt-hours
,an increase of 43.07% YOY; average price stated in the consolidated statements is 440.05 Yuan/ thousands
kilowatt-hours(tax included ,the same below ), YOY drop of 2.41 Yuan/ thousands kilowatt-hours, a decrease
of0.54% YOY; the total operating income was RMB 17,781.52 million, an increase of RMB 5,241.6 million or an
increase of 41.8% YOY.
The company's business is dominated by coal-fired power generation, and the fuel costs account for a large portion
of operating costs, thus the fluctuations in coal prices have a significant impact on the company's operating
performance. During the reporting period, affected by the increase in power generation and the continuous increase
in coal prices, the company’s fuel costs were 13,218.15 million yuan, which accounted for 78.77% of the main
business costs; Affected by the rebound in power generation and the rising coal price, the fuel cost for power
generation increased by RMB 6,175.19 million YOY, an increase of 87.68%.
During the reporting period, benefiting from the gradual recovery of the domestic macro-economy and the
increase in total social electricity demand, the Company's on-grid electricity increased by 43% YOY in the first
half of the year. However, due to the increase in bulk commodity prices, the cost of coal and gas power generation
fuels increased significantly YOY, plus the influence of factors such as the lowering of the benchmark on-grid
price of natural gas, the increase in market transaction electricity and the power spot trial operation, the
Company's power generation gross profit and the net profit attributable to the parent company decreased YOY,
and it achieved a net profit attributable to the parent company of RMB 109,028,900-a YOY decrease of 86.60%.


11
                                                Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021




The Company shall comply with the disclosure requirements of Shenzhen Stock Exchange Industry Information
Disclosure Guidelines No.15-Listed Companies Engaged in Power-related Business
In the first half of 2021, the Company resolutely implemented the requirements of the supply-side structural
reform of the power industry, adhered to a clean, low-carbon, safe and efficient energy development strategy, and
continued to optimize the power supply structure and asset structure. As of the end of the reporting period, the
Company has put into production of a total of 12 new energy power generation projects with a holding installed
capacity of 757,500 kilowatts; there are 10 wind power projects under construction, with a holding installed
capacity of 1,261,800 kilowatts. In addition, the Company had respectively signed cooperation framework
agreements with local governments of Tumshuk City of the Third Division of Xinjiang Production and
Construction Corps, Dafang County, Hezhou City and other local governments. In the future, it will make full use
of the existing resource advantages of local solar and wind energy to cooperate in the development of centralized
and decentralized photovoltaic power generation and wind power projects, industrial integration, carbon neutrality,
etc., which will help transform resource advantages into industrial advantages, economic advantages, and promote
the development of green energy and green economy, thus promoting the Company's clean and low-carbon energy
transformation.

1. As of June 30, 2021, the holding new energy power generation projects that the Company has put into production
are as follows:

                                                   Installed capacity (10,000
      Project type           Project name                                       Shareholding ratio   Investment amount
                                                          kilowatts)


                          Zhanjiang Xuwen
     Wind Power                                              4.95                     70%                 48,300
                              Yangqian

                          Zhanjiang Xuwen
     Wind Power                                              4.95                     70%                 38,348
                               Yongshi

     Wind Power        Jieyang Huilai Shibeishan             10.0                     70%                 67,797

     Wind Power        Jieyang Huilai Haiwanshi               1.4                     90%                 13,119

     Wind Power        Maoming Dianbai Reshui                4.95                     100%                48,255

                          Zhanjiang Leizhou
     Wind Power                                              4.95                     80%                 38,069
                             Hongxinlou

                          Zhanjiang Xuwen
     Wind Power                                              4.95                     100%                92,699
                              Shibanling

     Wind Power        Zhanjiang Xuwen Qujie                 4.95                     100%                373,945

                        Wailluo Offshore wind
     Wind Power                                              19.8                     100%                44,852
                                power

                        Xuwen Wutushan Wind
     Wind Power                                              4.95                     100%                44,800
                                Power

                        Xuwen Dengjiao Wind
     Wind Power                                              4.95                     51%                 49,396
                                Power



12
                                               Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


     Wind Power          Pingyuan Maoping                 4.95                    100%                   151,000

         Total                                           75.75                                          1,010,580

2. As of June 30, 2021, the new energy project under construction by the Company are as follows:

                                                    Installed capacity
      Project type           Project name                                   Shareholding ratio   Planned production time
                                                    (10,000 kilowatts)


     Wind Power         Zhuhai Jinwan Offshore            30.25                   74%                September 2021
                             wind power

     Wind Power        Zhanjiang Xuwen Wailuo              20                     100%               December 2021
                         Offshore wind power

     Wind Power        Zhanjiang Xuwen Xinliao            20.64                   100%               December 2021
                         offshore wind power

     Wind Power        Yangjiang Shapa offshore           30.22                   89%                December 2021
                             Wind power

     Wind Power            Guangxi Wuxuan                   5                     100%               December 2021

     Wind Power        Hunan Xupu Taiyangshan               5                     100%               December 2021

     Wind Power            Hunan Tongdao                    5                     100%               December 2021
                             Dagaoshan

     Wind Power          Shanwei Power Plant              1.08                    65%                December 2021
                      Decentralized Wind Power

     Wind Power        Nanxiong Zhuan Village             4.99                    100%                  June 2022

     Wind Power            Pingyuan Sishui                  4                     100%                  June 2022

         Total                                           126.18


II.Analysis On core Competitiveness

1. The largest listed company of power in Guangdong
The Company's main power generation assets are located in Guangdong Province, with a total asset size of more
than 92.3 billion. It is the largest listed company of power in Guangdong Province. As of June 30,2021, The
company's controllable installed capacity and entrusted managed installed capacity totaled 36.416 million
kilowatts , accounting for 25.3% of the total installed capacity of Guangdong Province.


2. Strong background and resource advantages
Guangdong Energy Group, the controlling shareholder of the company, as a provincial key energy enterprise, has
been 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 company
has always been subordinated to serving the overall situation of the reform and development of Guangdong
Province and Guangdong Yudean Group. It has deeply cultivated the main power industry, actively played the
value discovery function and resource allocation function of the capital market, and assisted the reform and
development of Guangdong Province's energy resources.

13
                                                 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021




3. Comprehensive advantages of main business
Guided by the national energy development strategy, the Company is implementing 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, and vigorously develop new energy, energy storage,
hydrogen energy and land park development. The Company has abundant 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 development prospects.


4. Competitive advantage in electricity market
The 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 the
first half of 2021, the company completed a total of 44.757 billion kilowatt-hours of electricity in the market, and
the scale of electricity sales continued to rank first in the province, with electricity sales prices superior to the
province's average. The company gives full play to its three advantages of scale, brand and service. With its
marketing service network all over the province and its technical accumulation and comprehensive resources in
the power industry, the company provides auxiliary value-added services such as peak regulation, frequency
modulation and backup for the power grid, and provides high-quality value-added services such as comprehensive
energy saving and power consumption consultation for users, thus realizing the transformation from a power
generation enterprise to an energy comprehensive service enterprise.
5. Advantage of financial resources
As of June 30,2021, the company's total assets were 92.331 billion yuan, net assets were 35.04 billion yuan, net
assets attributable to the parent were 26.933 billion yuan; Net cash inflow from operating activities was 3.097
billion yuan, net cash outflow from investment activities was 4.191 billion yuan, and net cash outflow from
financing activities was 87 million yuan. The company has large assets, abundant cash flow and strong financial
resources.
6. Regional development advantages
As the main energy source in Guangdong Province, the company shoulders the important task of helping
Guangdong Province to build a clean, low-carbon, safe and efficient modern energy system. The company will
actively integrate into the construction of Guangdong-Hong Kong-Macao Greater Bay Area, Shenzhen's advanced
demonstration zone and the development of Guangdong's "one core, one belt and one area". It will steadily push
forward the construction of key energy projects and the development of new energy resources in the province and
actively seek to expand into regions with better resource conditions and higher power demand, Help the "3060"
target to be implemented.

III.Main business analysis

Found more in”I. Main businesses of the Company in the reporting period”
Changes in the financial data
                                                                                                                      In RMB

                           This report period     Same period last year YOY change(%)            Cause change

 Operating income               17,781,521,221          12,539,917,823           41.80% Benefiting from the gradual



14
                                            Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


                                                                                      recovery of the domestic macro
                                                                                      economy and the increase of the
                                                                                      total demand for electricity in the
                                                                                      society, the on-grid electricity
                                                                                      increased YOY and the operating
                                                                                      income increased in the first half of
                                                                                      the year.

                                                                                      Affected by the increase in bulk
                                                                                      commodity prices and a high level
                                                                                      coal prices in the first half of the
 Operating cost            16,786,719,665          10,150,973,022           65.37%
                                                                                      year, plus the impact of increased
                                                                                      on-grid electricity, the cost of power
                                                                                      generation fuel increased YOY.

                                                                                      The Company strengthened its
                                                                                      investment in power marketing and
 Sale expenses                 30,495,119              22,894,557           33.20% actively competed for market share
                                                                                      of electricity, thus the sales expenses
                                                                                      increased YOY.

 Administrative expenses     348,713,784              301,675,673           15.59%

 Financial expenses          576,650,599              561,314,905            2.73%

                                                                                      Affected by the substantial increase
                                                                                      in fuel costs for power generation,
 Income tax expenses         106,678,961              472,879,412           -77.44%
                                                                                      the Company’s profit fell YOY and
                                                                                      the income tax expenses decreased.

                                                                                      Mainly due to the increase in R&D
                                                                                      investment in the affiliated power
                                                                                      plants this year and the
     R & D Investment         96,674,773                  831,109       11,532.02% strengthening of the concentration
                                                                                      management of R&D expenses at
                                                                                      the same time, the R&D expenses
                                                                                      increased significantly YOY.

 Cash flow generated by
                            3,096,857,643           4,018,221,897           -22.93%
 business operation, net
 Net cash flow generated
                           -4,190,865,039          -3,327,095,659           25.96%
 by investment

                                                                                      Mainly due to the wind power
                                                                                      companies and new power plants
                                                                                      are in the infrastructure construction
 Net cash flow generated
                             869,529,862              -46,707,153        -1,961.66% period, a large amount of funds need
 by financing
                                                                                      to be raised for the purchase of
                                                                                      power generation equipment and the
                                                                                      construction of plants.


15
                                                      Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


                                                                                                  Mainly due to the Company is in a
                                                                                                  stage of rapid development, the
 Net increasing of cash
                                       -224,477,656             644,419,313             -134.83% investment in power plants
 and cash equivalents
                                                                                                  especially new power plants has
                                                                                                  increased.

Major changes to the profit structure or sources of the Company in the reporting period
□ Applicable √Not applicable
The profit composition or sources of the Company have remained largely unchanged during the report period.

Component of Business Income

                                                                                                                              In RMB

                                     This report period                          Same period last year
                                                                                                                  Increase /decrease
                              Amount               Proportion                Amount              Proportion

 Total operating
                             17,781,521,221                   100%           12,539,917,823               100%                41.80%
 revenue

 On Industry

 Electric power ,
 Steam sales and             17,535,862,514                 98.62%           12,359,160,846              98.56%               41.89%
 labor income

 Other                          245,658,707                  1.38%             180,756,977                1.44%               35.91%

 On products

 Sales Electric Power        17,429,546,654                 98.02%           12,249,310,829              97.68%               42.29%

 Thermal sales                   62,652,754                  0.35%              68,698,614                0.55%                -8.80%

 Comprehensive
                                232,388,965                  1.31%             145,845,255                1.16%               59.34%
 utilization of fly ash

 Other                           56,932,848                  0.32%              76,063,125                0.61%               -25.15%

 Area

 Guangdong                   17,755,824,058                 99.86%           12,517,016,866              99.82%               41.85%

 Yunnan                          25,697,163                  0.14%              22,900,957                0.18%               12.21%

(2)Situation of Industry, Product and District Occupying the Company’s Business Income and Operating Profit
with Profit over 10%
√ Applicable □Not applicable
                                                                                                                              In RMB
                                                                                Increase/decrease Increase/decrease Increase/decrease
                                                                                of revenue in the of business cost    of gross profit
                                                              Gross profit
                          Turnover       Operation cost                          same period of     over the same rate over the same
                                                                rate(%)
                                                                                  the previous        period of        period of the
                                                                                     year(%)      previous year (%) previous year (%)
 On Industry


16
                                                  Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


 Electric power ,
 Steam sales and       17,535,862,514    16,780,408,772            4.31%             41.89%          65.52%            -13.66%
 labor income
 On Products
 Sales Electric
                       17,429,546,654    16,669,365,676            4.36%             42.29%          65.94%            -13.63%
 Power
 Thermal sales             62,652,754        50,523,078           19.36%             -8.80%          16.02%            -17.25%
 Area
 Guangdong             17,755,824,058    16,757,608,850            5.62%             41.85%          65.51%            -13.49%
Under circumstances of adjustment in reporting period for statistic scope of main business data, adjusted main
business based on latest on year’s scope of period-end.
□ Applicable √Not applicable
Explanation for a year-on –year change of over 30%
√ Applicable □ Not applicable
The company's operating income, operating costs, sales expenses, etc. have changed by over 30% year on year,
and the reasons for the changes are shown in "Year-on-year Changes of Major Financial Data" in the above table.

IV. Analysis of Non-core Business

□ Applicable √Not applicable

V. Analysis of assets and liabilities

1.Significant changes in asset composition

                                                                                                                       In RMB
                         End of Reporting period     End of same period of last year
                                                                                      Change in
                                           As a                            As a
                                                                                     percentage( Reason for significant change
                         Amount       percentage of    Amount         percentage of
                                                                                         %)
                                     total assets(%)                 total assets(%)
 Monetary fund         5,566,527,909           6.03% 5,790,946,117            6.74%       -0.71%
 Accounts
                       4,533,682,583          4.91%   4,332,149,033          5.04%       -0.13%
 receivable
 Contract assets           4,276,992             0%       3,870,497             0%           0%
 Inventories           2,329,827,695          2.52%   1,589,882,029          1.85%        0.67%
 Real estate
                         48,457,262           0.05%       49,732,668         0.06%       -0.01%
 Investment
 Long-term equity
                       7,369,368,592          7.98%   6,687,257,614          7.78%        0.20%
 investment
 Fixed assets         48,296,881,750        52.31% 47,195,233,079           54.90%       -2.59%
                                                                                                The Company applies the new
                                                                                                lease standard in 2021, and the
 Construction in
                       6,961,952,641          7.54%   9,153,637,100         10.65%       -3.11% constructions in progress are
 process
                                                                                                reclassified to right-of-use
                                                                                                assets.
                                                                                                The Company applies the new
                                                                                                lease standard in 2021,
 Usage right assets    4,399,305,885          4.76%                             0%        4.76%
                                                                                                Recognize the right-of-use
                                                                                                assets
 Short -term loans     8,112,048,863          8.79%   7,622,427,916          8.87%       -0.08%
 Contract                    586,470             0%       6,573,912          0.01%       -0.01%

17
                                                   Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


 liabilities
 Long-term loans      21,969,981,365         23.79% 18,998,555,568          22.10%        1.69%
                                                                                                The Company applies the new
 Lease liabilities     4,136,908,238            4.48%                           0%        4.48% lease standard in 2021,
                                                                                                Recognize the lease liabilities


2.Main assets overseas

□ Applicable √Not applicable

3.Asset and Liabilities Measured by Fair Value

√ Applicable □Not applicable
                                                                                                                          In RMB
                                 Gain/Loss on Cumulative                                    Sold
                                                              Impairment Purchased
                                   fair value    fair value                              amount in
                     Opening                                 provisions in amount in the               Closing
      Items                      change in the    change                                     the                     End of term
                     amount                                  the reporting reporting                   mount
                                   reporting   recorded into                             reporting
                                                                period        period
                                     period        equity                                  period
 Financial
 assets
 4.Investment
 in other
               3,548,088,015      112,466,070 2,651,191,469                                           -70,500,870 3,590,053,215
 equity
 instruments
 Subtotal      3,548,088,015      112,466,070 2,651,191,469                                           -70,500,870 3,590,053,215
 Total         3,548,088,015      112,466,070 2,651,191,469                                           -70,500,870 3,590,053,215
 Financial
                           0                0              0            0             0           0              0                 0
 Liability
Other change

On January 14, 2021, Guangdong Wind Power Generation Co., Ltd., a wholly-owned subsidiary of the Company,
acquired 10% equity of Southern Offshore Wind Power Joint Development Co., Ltd. through equity transfer, that
is, the Company holds 20% equity of Southern Offshore Wind Power Joint Development Co., Ltd., which has a
significant impact on its business decision, and its accounting method has been changed from other equity
instruments investment to long-term equity investment equity method(Note VII(170).
Did great change take place in measurement of the principal assets in the reporting period ?
□ Yes √ No
4. Restricted asset rights as of the end of this Reporting Period
(1)Asset pledge situation
 On June 30, 2021, individual subsidiaries of the Group pledged the right to impose electricity charges to banks to
obtain long-term loans of RMB4,013,469,662,of which: the balance of long-term loans due within one year was
290,559,745 yuan (as of December 31, 2020: 4,193,207,913 yuan). including: the long-term borrowings due
within one year amounted to RMB298,558,767 . The borrowings are detailed as follows:
1. On June 30, 2021, the long-term pledge borrowings of the following subsidiaries were based on their power
fee charging rights and accounts receivable as pledges:




18
                                                  Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


                                                                                                 In RMB

                             Name                                     June 30,2021               December 31,2020
     Guangdong Shaoguan Yuejiang Power Generation Co., Ltd.                  1,723,480,897                 1,840,351,082
 Guangdong Yudean Leizhou Wind Power Generation Co., Ltd.                    1,279,237,340                 1,310,860,000
     Guangdong Yudean Qujie Wind Power Generation Co., Ltd.                    651,000,000                  661,000,000
        Guangdong Yudean Zhanjiang Wind Power Co., Ltd.                        220,059,905                  224,052,692
                Lincang Yudean Energy Co., Ltd.                                 84,465,000                    98,565,000
 Guangdong Yudean Xuwen Wind Power Generation Co., Ltd.                         55,226,519                    58,379,139
                             Total                                           4,013,469,662                 4,193,207,913




2.On June 30, 2021, the long-term pledge borrowings of the following subsidiaries due within one year were
based on their power fee charging rights and accounts receivable as pledges:
                                                                                                       In RMB
                              Name                                     June 30,2021              December 31,2020
Guangdong Shaoguan Yuejiang Power Generation Co., ltd.                          193,711,564                 193,721,167
Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd.                       61,549,006                   42,285,806
Lincang Yudean Energy Co., Ltd.                                                  10,000,000                   20,000,000
Guangdong Yudean Xuwen Wind Power Generation Co., Ltd.                               7,985,575                 7,985,575
Guangdong Yudean Leizhou Power Generation Co., Ltd.                              14,100,000                   28,200,000
     Guangdong Yudean Qujie Wind Power Generation Co., Ltd.                          3,213,600                 6,366,219
                              Total                                             290,559,745                 298,558,767




19
                                                                                                                     Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021




  VI. Investment situation

  1. General
  √ Applicable □ Not applicable
            Investment of the period                Investment of same period of last year                   Scale of change

                            1,254,358,100                                     447,600,000                                      180.24%
  2.Condition of Acquiring Significant Share Right Investment during the Report Period
  √Applicable □ Not applicable
                                                                                                                                                                                       In RMB
                                                                                                                                                    Whether
                                                                                                                                       Gain or Less
Name of the                                             Share                                          Progress up to                                  to    Date of
             Main    Investmen         Investment                Capital            Investment Product                                    or the
 Company                                              Proportion            Partner                    Balance Sheet Anticipated                    Involve Disclosur    Disclosure Index(if any)
            Business   t Way            Amount                   Source              Horizon    Type                                     Current
 Invested                                                 %                                                Date       Income                           in   e(if any)
                                                                                                                                       Investment
                                                                                                                                                    Lawsuit
                                                                                                                                                                        Announcement
Guangdong                                                                                                                                                               No.:2020-13)Published in
Yudean    Natural
                     Capital                                       Self                           Electric                                                   April      China Securities Daily,
Binhaiwan Gas                           50,000,000         100%            No         Long-term                                          -8,850,553 No
                     increase                                      Funds                          Power                                                      10,2020    Securities Times and
Energy    Generation
                                                                                                                                                                        http//.www.cninfo.com.cn
Co.,Ltd.

                                                                                                             During the
                                                                           Guangdo                           reporting
Guangdong                                                                  ng                                period, the
                                                                                                                                                                        Announcement
Huadu                                                                      Guokun                            construction
            Natural                                                                                                                                                     No.:2017-14)Published in
Natural Gas            Capital                                     Self    New               Electric        of Huadu                                        April
            Gas                         97,500,000           65%                   Long-term                                             -3,041,456 No                  China Securities Daily,
Thermal                increase                                    Funds   Energy            Power           Thermoelectri                                   26,2017
            Generation                                                                                                                                                  Securities Times and
Power Co.,                                                                 Co.,                              city Project
                                                                                                                                                                        http//.www.cninfo.com.cn
Ltd.                                                                       Ltd.:                            was
                                                                           35%                               progressing
                                                                                                             normally.
Guangdong Wind          Capital        100,000,000         100% Self       No         Long-term Electric During the                         351,866 No       August     Announcement
  20
                                                                                              Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


Yudean     power      increase                        funds                   power    reporting                                      31,2019    No.:2019-40)Published in
Qujie Wind generation                                                                  period, the                                               China Securities Daily,
Power                                                                                  construction                                              Securities Times and
Generation                                                                             of Zhanjiang                                              http//.www.cninfo.com.cn
Co., Ltd.                                                                              Wailuo
                                                                                       Offshore Wind
                                                                                       Power Project
                                                                                       Phase II was
                                                                                       progressing
                                                                                       normally.
                                                                                      During the
                                                                                      reporting
                                                                                      period, the                                                Announcement
Guangdong
                                                                                      construction                                               No.:2019-59)Published in
Yudean
           Wind                                                                       of Zhanjiang
Qujie Wind            Capital                         Self                   Electric                                                 November China Securities Daily,
           power                 100,000,000   100%           No   Long-term          Xinliao                        354,113 No
Power                 increase                        funds                  power                                                    29,2019 Securities Times and
           generation                                                                 Offshore Wind
Generation                                                                                                                                     http//.www.cninfo.com.cn
                                                                                      Power Project
Co., Ltd.
                                                                                      was
                                                                                      progressing
                                                                                      normally.
                                                                                      During the
                                                                                      reporting
                                                                                      period, the
                                                                                      construction                                               Announcement
Guangdong
           Wind                                                                       of Yangjiang                                               No.:2018-45)Published in
Wind Power            Capital                         Self                   Electric                                                 August
           power                 160,000,000   100%           No   Long-term          Shapa                       -1,383,351 No                  China Securities Daily,
Generation            increase                        funds                  power                                                    31,2018
           generation                                                                 Offshore wind                                              Securities Times and
Co., Ltd.
                                                                                      power Project                                              http//.www.cninfo.com.cn
                                                                                      was
                                                                                      progressing
                                                                                      normally.
                                                                                       During the
Guangdong                                                                                                                                        Announcement
           Wind                                                                        reporting
Wind Power            Capital                       Self                      Electric                                                January    No.:2019-05)Published in
           power                  50,000,000   100%           No   Long -term          period, the                10,892,619 No
Generation            increase                      funds                     Power                                                   26,2019    China Securities Daily,
           generation                                                                  construction
Co., Ltd.                                                                                                                                        Securities Times and
                                                                                       of Zhuhai
  21
                                                                                            Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


                                                                                     Jinwan                                                    http//.www.cninfo.com.cn
                                                                                     Offshore wind
                                                                                     power Project
                                                                                     was
                                                                                     progressing
                                                                                     normally.
                                                                                     During the
                                                                                     reporting
                                                                                     period, the
                                                                                                                                               Announcement
Guangdong                                                                            construction
           Wind                                                                                                                                No.:2019-58)Published in
Wind Power            Capital                        Self                   Electric of Guangxi                                     November
           power                 30,000,000   100%           No   Long-term                                       -128,049 No                China Securities Daily,
Generation            increase                       funds                  Power Wuxuan Wind                                       29,2019
           generation                                                                                                                        Securities Times and
Co., Ltd.                                                                            Farm Phase I
                                                                                                                                             http//.www.cninfo.com.cn
                                                                                     project was
                                                                                     progressing
                                                                                     normally.
                                                                                     During the
                                                                                     reporting
                                                                                     period, the
                                                                                     construction
                                                                                     of Dagaoshan
Tongdao                                                                              Wind Power                                                Announcement
Yuexin     Wind                                                                      Project in                                                No.:2020-13)Published in
                      Capital                        Self                   Electric                                                April
Wind Power power                 40,000,000   100%           No   Long-term          Tongdao Dong                  -15,141 No                  China Securities Daily,
                      increase                       funds                  Power                                                   11,2020
Generation generation                                                                Autonomous                                                Securities Times and
Co., Ltd.                                                                            County of                                                 http//.www.cninfo.com.cn
                                                                                     Hunan
                                                                                     Province
                                                                                     was
                                                                                     progressing
                                                                                     normally.
                                                                                     During the                                                Announcement
Guangdong                                                                            reporting
           Wind                                                                                                                                No.:2020-13)Published in
Wind Power            Capital                        Self                   Elecrric period, the                                    April
           power                 30,000,000   100%           No   Long-term                                        -46,108 No                  China Securities Daily,
Generation            increase                       funds                  Power construction                                      11,2020
           generation                                                                                                                          Securities Times and
Co., Ltd.                                                                            of
                                                                                                                                               http//.www.cninfo.com.cn
                                                                                     Taiyangshan
  22
                                                                                                      Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


                                                                                              Wind Farm
                                                                                              Project in
                                                                                              Xupu, Hunan
                                                                                              Province was
                                                                                              progressing
                                                                                              normally.
Southern
                                                                                                                                                         Announcement
Offshore
             Wind                                                                                                                                        No.:2020-63)Published in
wind power              Capital                         Self                          Electric In normal                                      December
             power                  10,000,000   100%           No        Long-term                                        8,563,328 No                China Securities Daily,
Union                   increase                        funds                         Power operation                                         5,2020
             generation                                                                                                                                Securities Times and
Developme
                                                                                                                                                       http//.www.cninfo.com.cn
nt Co., Ltd.
                                                                                              During the
                                                                                              reporting
                                                                Huizhou                       period, the
                                                                Daya                          preliminary
                                                                Bay                           work of the
Guangdong                                                       Petrificat                    Western                                                  Announcement No.:2020-10
                                                                                                                                              February
Yudean      Natural                                             ion                           Comprehensiv                                             and 2020-34)Published in
                       Capital                          Self                         Electric                                                 15,2020,
Daya Bay Gas                       128,000,000   80%            Industrial Long-term          e Energy                    -2,400,948 No                China Securities Daily,
                       increase                         funds                        power                                                    May
Energy Co., Generation                                          Zone                          Station Project                                          Securities Times and
                                                                                                                                              21,2021
Ltd.                                                            Investme                      of Daya Bay                                              http//.www.cninfo.com.cn
                                                                nt Co.,                       Petrochemical
                                                                Ltd.:                        Zone in
                                                                20%                           Huizhou was
                                                                                              progressing
                                                                                              normally.
                                                                                             During the
                                                                                             reporting
                                                                                             period, the                                                 Announcement
Guangdong                                                                                    construction
           Wind                                                                                                                                          No.:2020-63)Published in
Wind Power            Capital                           Self                        Electric of Pingyuan                                      December
           Power                   166,858,100   100%           No        Long-term                                       25,906,046 No                China Securities Daily,
Generation            increase                          funds                       power Sishui Zhuhai                                       5,2020
           generation                                                                                                                                  Securities Times and
Co., Ltd.                                                                                    Jinwan Wind
                                                                                                                                                       http//.www.cninfo.com.cn
                                                                                             farm Project
                                                                                             was
                                                                                             progressing
  23
                                                                                                   Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


                                                                                            normally.


                                                                                            During the
                                                                                            reporting
                                                                                            period, the
                                                                                            construction
                                                                                            of Guangdong                                              Announcement
Guangdong
           Wind                                                                             Yudean                                                    No.:2020-63)Published in
Wind Power              Capital                          Self                      Electric                                                December
           power                     30,000,000   100%           No      Long-term          Nanxiong                     -202,386 No                China Securities Daily,
Generation              increase                         funds                     power                                                   5,2020
           geneation                                                                        ZhuanVillage                                            Securities Times and
Co., Ltd.
                                                                                            Wind farm                                               http//.www.cninfo.com.cn
                                                                                            Project was
                                                                                            progressing
                                                                                            normally.


                                                                 Guangdo
                                                                                                                                                      Announcement
Guangdong                                                        ng
                                                                                                                                                      No.:2020-69)Published in
Wind Power            Capital                            Self    Energy             Coal    In normal                                      December
           Coal sales               180,000,000   50%                     Long-term                                    82,773,307 No                China Securities Daily,
Generation            increase                           funds   Group              sales   operation                                      23,2020
                                                                                                                                                    Securities Times and
Co., Ltd.                                                        Co.,
                                                                                                                                                    http//.www.cninfo.com.cn
                                                                 Ltd.:50%
                                                                 Guangdo
Shanxi                                                           ng                                                                                   Announcement Published in
Yudean      Coal        Capital                          Self    Energy             Coal   In normal                                       April      China Securities Daily,
                                     64,000,000   40%                     Long-term                                   168,305,759 No
Energy Co., mining      increase                         funds   Group              mining operation                                       28,2021    Securities Times and
Ltd.                                                             Co.,                                                                                 http//.www.cninfo.com.cn
                                                                 Ltd.:60%
                                                                                            During the
                                                                                            reporting
Guangdong
                                                                                            period, the                                               Announcement
Yudean
             Natural    New                                                                 construction                                              No.:2021-01)Published in
Dananhai                                                 Self                      Electric                                                January
             Gas        establish    15,000,000   100%           No      Long-term          of Jieyang                        788 No                  China Securities Daily,
Intelligence                                             funds                     Power                                                   29,2021
             Generation ment                                                                Dananhai                                                  Securities Times and
Energy Co.,
                                                                                            Petrochemical                                             http//.www.cninfo.com.cn
Ltd.
                                                                                            comprehensiv
                                                                                            e energy

  24
                                                                                                                 Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


                                                                                                          project was
                                                                                                          progressing
                                                                                                          normally.


                                                                                                      The
                                                                                                      preliminary
                                                                                                      work of the
                                                                                                      source
Guangdong
                                                                                                      network lotus                                                 Announcement
Yudean
            Natural    New                                                                            and storage                                                   No.:2021-36)Published in
Baihua                                                          Self                         Electric                                                     August
            Gas        establish          3,000,000      100%           No         Long-term          integration                         1,250 No                  China Securities Daily,
Integrated                                                      fduns                        power                                                        10,2021
            Generation ment                                                                           project of                                                    Securities Times and
Energy Co.,
                                                                                                      Huizhou New                                                   http//.www.cninfo.com.cn
Ltd.
                                                                                                      Material
                                                                                                      Industrial Park
                                                                                                      is progressing
                                                                                                      normally
Total              --          --    1,254,358,100      --         --        --         --           --         --               0 281,081,084       --       --                --


  3.Situation of the Significant Non-equity Investment Undergoing in the Report Period

  □ Applicable √ Not applicable


  4.Investment of Financial Asset

  (1)Securities investment

  √ Applicable □ Not applicable
                                                                                                                           Purchase Sale              Book value
                                                                                                      Changes in Cumulative                Gain/loss
                                 Stock                    Mode        of     Book value balance at                          amount amount              balance at
        Security    Security              Initial                                                     fair value of fair value               of the                Accounting Source of
                               Abbreviati                 accounting          the beginning of the                           in the in the             the end of
        category     code                 investment cost                                             the      this changes in             reporting                 items    the shares
                                  on:                     measurement           reporting period                              this   this            the reporting
                                                                                                      period          equity                 period
                                                                                                                             period period               period
   Domestic        000027      Shenzhen       15,890,628 FVM                             92,080,800 61,916,400 138,106,572                            153,997,200 Other       Self funds

  25
                                                                                              Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


 and foreign               Energy                                                                                                                 equity
 stocks                                                                                                                                           instrument
                                                                                                                                                  Investment
                                                                                                                                                  Other
 Domestic
                                                                                                                                                  equity
 and foreign 600642        Shenergy    235,837,988 FVM                  289,878,345 51,089,670 105,130,027                            340,968,015            Self funds
                                                                                                                                                  instrument
 stocks
                                                                                                                                                  Investment
                                                                                                                                                  Other
 Domestic
                                                                                                                                                  equity
 and foreign 831039        NEEQ          3,600,000 FVM                   11,628,000   -540,000    7,488,000                            11,088,000            Self funds
                                                                                                                                                  instrument
 stocks
                                                                                                                                                  Investment
 Total                                 255,328,616       --             393,587,145 112,466,070 250,724,599        0       0        0 506,053,215       --        --
 Disclosure date for the notice of
                                    October 31,2019
 approval by the Board (If any)
 Disclosure date for the notice of
 approval by shareholders’ Meeting
 (If any)


(2)Investment in Derivatives

□ Applicable √ Not applicable
The Company had no investment in derivatives in the reporting period.

VII. Sales of major assets and equity

I. Sales of major assets

□ Applicable √ Not applicable
The Company had no sales of major assets in the reporting period.

II. Sales of major equity

□ Applicable √ Not applicable
26
                                                      Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


VIII.Analysis of the Main Share Holding Companies and Share Participating Companies

√ Applicable □ Not applicable
Situation of Main Subsidiaries and the Joint-stock Company with over 10% net profit influencing to the Company
                                                                                                                       In RMB
                                                     Registered                                                Operating
Company name          Type        Main business                    Total assets   Net assets     Turnover                   Net Profit
                                                      capital                                                   profit
Guangdong
Yudean Jinghai                Power generation
Power              Subsidiary and power station 2,919,272,000 7,997,777,091 3,557,332,208 2,825,023,205        86,997,783   65,049,865
Generation Co.,               construction.
Ltd.
Guangdong
Huizhou Natural               Power generation
gas Power          Subsidiary and power station 1,499,347,500 3,759,515,960 2,099,003,894 1,996,292,606 267,439,226 208,243,950
Generation Co.,               construction.
Ltd.
Shenzhen
                              Power generation
Guangqian
                   Subsidiary and power station 1,030,292,500 1,648,152,649 1,462,765,262        619,922,588 105,654,585    80,613,094
Electric Power
                              construction.
Co., Ltd.
Guangdong
Huizhou Pinghai               Power generation
Power              Subsidiary and power station 1,370,000,000 4,975,546,191 2,123,552,234 2,196,837,720 190,548,407 139,810,863
Generation Plant              construction.
Co., Ltd.
Guangdong
Yudean Qujie                  Power generation
Wind Power         Subsidiary and power station 1,479,750,000 7,844,728,468 1,535,653,436        203,124,990   27,491,741   27,087,204
Generation Co.,               construction.
Ltd.
Guangdong
                              Power generation
Energy Maoming
                   Subsidiary and power station 1,437,985,100 2,761,333,958 1,312,921,194        957,316,941 -71,296,508 -53,402,223
Thermal Power
                              construction.
Co., Ltd.
Zhanjiang                     Power generation
Zhongyue           Subsidiary and power station 1,454,300,000 3,580,699,535 913,859,441      959,628,170 -62,483,053 -48,384,003
Energy Co., Ltd.              construction.
Guangdong                     Power generation
Yudean Bohe        Subsidiary and power station 4,724,013,372 10,399,297,794 3,992,273,151 1,190,006,156 -163,549,065 -163,273,077
Energy Co., Ltd.              construction.
Guangdong Red                 Power generation
Bay Power Co.,     Subsidiary and power station 2,749,750,000 5,852,870,398 3,228,790,940 2,197,125,947 16,821,053 19,513,157
Ltd.                          construction.
Guangdong
Yudean Electric                 Sales of electric
                   Subsidiary                       230,000,000     313,361,605   207,489,970      7,664,541 -110,421,992 -82,816,494
Power Sales Co.,                power
Ltd.
Guangdong
                              Power generation
Dapu Power
                   Subsidiary and power station 1,040,000,000 4,130,884,045       803,644,684 1,139,690,207 -92,006,304 -69,805,099
Generation Co.,
                              construction.
Ltd.
Guangdong                     Power generation
Wind Power Co.,    Subsidiary and power station 2,801,252,870 12,150,583,176 3,082,222,908       109,142,383    7,936,864    6,264,742
Ltd.                          construction.


27
                                                  Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


Guangdong
Shaoguan                       Power generation
Yuejiang Power      Subsidiary and power station 1,564,055,690 5,843,126,551    354,373,100 1,514,986,939 -150,008,429 -157,176,602
Generation Co.,                construction.
Ltd.
Guangdong
Electric Power      Sharing
                              Fuel Trade        1,190,000,000 7,546,904,335 1,434,860,455 15,512,366,825 210,332,261 165,546,614
Industry Fuel       Company
Co., Ltd.
Guangdong
Guohua Yudean                 Power generation
                    Sharing
Taishan Power                 and power station 4,669,500,000 10,044,606,934 7,947,414,616 4,199,718,332 273,024,568 195,349,373
                    Company
Generation Co.,               construction.
Ltd.
Shanxi Yudean       Sharing   Mining and power
                                               1,160,000,000 6,544,093,925 5,134,942,174              40,369,217 420,795,807 420,775,891
Energy Co., Ltd.    Company   generation
Guangdong
                    Sharing   Transportation
Yudean Shipping                                  2,465,800,000 2,133,357,614    756,130,810       975,357,361     65,889,265     62,555,903
                    Company   and port operation
Co., Ltd.
Guangdong
                    Sharing
Energy Group                  Finance           3,000,000,000 24,953,958,935 3,962,163,511        361,371,694 265,102,812 212,021,766
                    Company
Finance Co., Ltd.
Acquirement and disposal of subsidiaries in the Reporting period
√ Applicable □ Not applicable
                                           Way of acquiring and disposing of
                                                                                       Impact on the whole producing operation
 Company name                              subsidiary   corporations   within    the
                                                                                       and performance
                                           reporting period

                                                                                       During the reporting period, the Dananhai
 Guangdong Yudean Dananhai Intelligence                                                Smart Project is in the early stage of
                                           Invested
 Energy Co., Ltd.                                                                      upfront work and the construction has not
                                                                                       yet started.

                                                                                       During the reporting period, the Yudean
 Guangdong Yudean Baihua Integrated                                                    Baihua Project is in the early stage of
                                           Invested
 Energy Co., Ltd.                                                                      upfront work and the construction has not
                                                                                       yet started.

 Guangdong Guangye Nanhua New Energy
                                           M &A                                        No significant impact.
 Co., Ltd.

 Guangdong Yueneng Datang New Energy
                                           M &A                                        No significant impact.
 Co., Ltd.

 Guangdong Yueneng Wind Power Co., Ltd. M & A                                          No significant impact.

Note


IX.Structured vehicle controlled by the Company
□ Applicable √ Not applicable




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                                             Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


X. Risks facing the Company and countermeasures

Under the background of "3060" goal on carbon emission peak and carbon neutrality, and accelerated the
transition of energy production and consumption to low carbon. According to the requirements of optimizing the
energy structure of the country, thermal power will gradually change from the main power supply to the basic
power supply of peak shaving and frequency modulation. As of June 2021, the installed capacity of the company's
coal-fired power holdings accounted for 78.8%, with a high proportion; The main power assets are mainly in
Guangdong Province, where there are many other power generators, which are greatly affected by the
West-to-East Power Transmission Project. The Company shall continuously promote the optimization and
adjustment of power supply structure, vigorously develop the construction of new energy projects, and promote
the clean and low-carbon energy transformation of the Company.
  (I) Power supply structure is facing adjustment
Countermeasures: Firstly, accelerate the progress of key energy projects, solidly promote the construction of
Ningzhou Alternative Power Project, Huadu Thermal Power Project, Yangjiang Shaba, Wailuo Phase II, Xinliao
Offshore Wind Power Project, Guangxi Wuxuan, Tongdao Daodashan, Xupu Taiyangshan Onshore Wind Power
Project, and ensure that the annual project investment and construction plan are completed on schedule; Secondly,
increase the investment and development of clean energy and project reserves, and accelerate the preliminary
work of Daya Bay Comprehensive Energy Station, Zhaoqing Yong'an Natural Gas Thermal Power Project,
Yangjiang Qingzhou Offshore Wind Power Project, etc.; Thirdly, explore distributed energy sources of cold, heat,
electricity and gas multi-generation, as well as infrastructure construction such as electricity exchange, charging
piles and energy storage, and hydrogen energy development and utilization; Fourthly, through the establishment
and improvement of carbon emission management system, realize the increment and benefit of carbon assets.
(II) The situation of work safety is complicated
Some of the Company’s thermal power units have been in operation for a long time, and the deep peak shaving
and the unplanned outages of the units have been prominent, which have caused adverse consequences for the safe
operation and economic profit of the Company. The on-site personnel of some units operated in violation of
regulations and failed to implement safety measures sometimes, and the phenomenon of inadequate investigation
and rectification of hidden dangers was prominent. With the formal implementation of the amendment to the
"Safety Production Law", higher requirements have been put forward on the ability and strength of enterprise
safety production management.
Countermeasures: Firstly, further strengthen the safety risk classification control and hidden danger investigation
and elimination, strengthen the safety education and training of employees, strengthen emergency rescue and fire
drills, and fully implement the main responsibility of enterprise work safety; Secondly, accelerate the construction
of work safety standardization, improve the level of work safety, and ensure work safety; Thirdly, continuously
enhance risk identification and risk management and control capabilities, focus on preventing and resolving major
risks, and improve and implement safety risk management and control measures.
(III) The reform of the power system continues to deepen
At present, China has clearly defined the independent operation schedule of power trading institutions, and
requires that a unified national power trading organization system be basically established during the "14th
Five-Year Plan" period. In May 2021, the Guangdong power market launched a spot settlement trial run. Based on
that the existing base planned power, annual price difference, long-term contract power and retail agency
relationship remain unchanged, the settlement trial run of "price difference monthly trading+absolute price weekly
trading+spot" will be continuously organized, and the competition in Guangdong power market will become
increasingly fierce. Meanwhile, in 2021, the trading scale of Guangdong power market will be expanded to 270


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                                           Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


billion kWh, which puts forward higher requirements for power marketing.
Countermeasures: Firstly, continuously strengthen the construction of power marketing system, optimize the
power spot trading mechanism, improve the ability to participate in the power spot market competition, and
realize the integration linkage of power production, marketing and service. Secondly, continuously promote
all-round refined management of all employees, and focus on strengthening the control of fuel costs, production
costs, financial expenses and other costs and expenses. Thirdly, steadily push forward the reform and innovation
of the system and mechanism, improve the system and mechanism suitable for the high-quality development of
listed companies, stimulate the endogenous motivation and vitality of enterprises, and study and build an
assessment and distribution incentive mechanism integrating incremental incentive, bottom line constraint and
fault-tolerant mechanism.




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                                                Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021




                                              IV. Corporate Governance

I. Annual General Meeting and Provisional Shareholders’ Meetings in the Reporting Period

1.Annual General Meeting

                                         Investor
                                                                                                    Index to disclosed
      Meeting              Type         participatio     Convened date       Disclosure date
                                                                                                       information
                                          n ratio
                                                                                               Announcement
 First Provisional
                      Provisional                                                              No.:2021-09)..
 Shareholders’
                      Shareholders’        72.57%     February 25,2021    February 26,2021    Published in China Securitie
 general meeting of
                      general meeting                                                          s Daily, Securities Times an
 2021
                                                                                               d http//.www.cninfo.com.cn
                                                                                               Announcement
 2020                 Annual                                                                   No.:2021-33)..
 Shareholders’       Shareholders’        72.58%     May 20,2021         May 21,2021         Published in China Securitie
 general meeting      General Meeting                                                          s Daily, Securities Times an
                                                                                               d http//.www.cninfo.com.cn.
2. Preferred stockholders restored voting rights to request to convene Provisional Shareholders’ Meeting.
□Applicable √ Not applicable
II. Changes in directors, supervisors and senior management staffs
□Applicable √Not applicable


No change has taken place in directors, supervisors and senior executives of the Company during the reporting
period. For the detail, refer to 2020 Annual Report.

III. Pre-plan for profit allocation and turning capital reserve into share capital for the reporting period

□ Applicable √ Not applicable
The Company planned not to distribute cash dividend and bonus share, and not to convert capital reserves into
share capital in half year.

IV. Implementation of any equity incentive plan, employee stock ownership plan or other incentive
measures for employees

□ Applicable √ Not applicable
None.




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                                               Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


                                   V. Environmental & Social Responsibility
I. Significant environmental issues
Whether the Company or any of its subsidiaries is identified as a key polluter by the environment authorities
√ Yes □No
                                                                                                                   Excess
                    Main
                                                Emission Emission                                   Total Verified  ive
                pollutant and          Emissio
   Company or                 Emission             port     concentra    Implemented pollutant     emissi  total   emissi
                  specific              n port
subsidiary name                 way            distribution   tion         emission standards        on emission( on
                  pollutant            number
                                                condition (mg/Nm3)                                 (Tons) Tons) conditi
                    name
                                                                                                                     on
                              Concentra                                 Emission Standard of Air
                              ted                                       Pollutants for Thermal
Shajao A Power                                    Within the
                  Smoke       emission     1                   1.38     Power Plants                9.41     9.41    No
Plant                                             factory
                              through                                   (GB13223-2011) special
                              chimney                                   emission limit
                              Concentra                                 Emission Standard of Air
                              ted                                       Pollutants for Thermal
Shajao A Power                                    Within the
                  SO2         emission     1                   17.38    Power Plants               118.46   118.46   No
Plant                                             factory
                              through                                   (GB13223-2011) special
                              chimney                                   emission limit
                              Concentra                                 Emission Standard of Air
                              ted                                       Pollutants for Thermal
Shajao A Power                                    Within the
                  NOX         emission     1                   28.99    Power Plants               197.62   197.62   No
Plant                                             factory
                              through                                   (GB13223-2011) special
                              chimney                                   emission limit
                              Concentra                                 Emission Standard of Air
                              ted                                       Pollutants for Thermal
Guangdong Yudean                                  Within the
                 Smoke        emission     2                   0.96     Power Plants               13.87     593     No
Dapu Power Plant                                  factory
                              through                                   (GB13223-2011) special
                              chimney                                   emission limit
                              Concentra                                 Emission Standard of Air
                              ted                                       Pollutants for Thermal
Guangdong Yudean                                  Within the
                 SO2          emission     2                   12.33    Power Plants               177.90   1447     No
Dapu Power Plant                                  factory
                              through                                   (GB13223-2011) special
                              chimney                                   emission limit
                              Concentra                                 Emission Standard of Air
                              ted                                       Pollutants for Thermal
Guangdong Yudean                                  Within the
                 NOX          emission     2                   33.36    Power Plants               481.53   1502     No
Dapu Power Plant                                  factory
                              through                                   (GB13223-2011) special
                              chimney                                   emission limit
                              Concentra                                 Emission Standard of Air
Zhanjiang                     ted                                       Pollutants for Thermal
                                                  Within the
Zhongyue Energy   Smoke       emission     2                   1.19     Power Plants               12.39     480     No
                                                  factory
Co., Ltd.                     through                                   (GB13223-2011) special
                              chimney                                   emission limit
                              Concentra                                 Emission Standard of Air
Zhanjiang                     ted                                       Pollutants for Thermal
                                                  Within the
Zhongyue Energy   SO2         emission     2                   16.11    Power Plants               168.24   1200     No
                                                  factory
Co., Ltd.                     through                                   (GB13223-2011) special
                              chimney                                   emission limit
                              Concentra                                 Emission Standard of Air
Zhanjiang                     ted                                       Pollutants for Thermal
                                                  Within the
Zhongyue Energy   NOX         emission     2                   26.19    Power Plants               273.52   1587     No
                                                  factory
Co., Ltd.                     through                                   (GB13223-2011) special
                              chimney                                   emission limit


32
                                           Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


                           Concentra                               Emission Standard of Air
Guangdong
                           ted                                     Pollutants for Thermal
Shaoguan Yuejiang                             Within the
                  Smoke    emission    2                   1.98    Power Plants               25.42     717.78    No
Power Generation                              factory
                           through                                 (GB13223-2011) special
Co., Ltd.
                           chimney                                 emission limit
                           Concentra                               Emission Standard of Air
Guangdong
                           ted                                     Pollutants for Thermal
Shaoguan Yuejiang                             Within the
                  SO2      emission    2                   21.46   Power Plants               275.52 2303.55      No
Power Generation                              factory
                           through                                 (GB13223-2011) special
Co., Ltd.
                           chimney                                 emission limit
                           Concentra                               Emission Standard of Air
Guangdong
                           ted                                     Pollutants for Thermal
Shaoguan Yuejiang                             Within the
                  NOX      emission    2                   42.03   Power Plants               539.73 2809.07      No
Power Generation                              factory
                           through                                 (GB13223-2011) special
Co., Ltd.
                           chimney                                 emission limit
                           Concentra                               Emission Standard of Air
                           ted                                     Pollutants for Thermal
Zhanjiang Electric                            Within the
                   Smoke   emission    2                     1     Power Plants                12        12       No
Power Co., Ltd.                               factory
                           through                                 (GB13223-2011) special
                           chimney                                 emission limit
                           Concentra                               Emission Standard of Air
                           ted                                     Pollutants for Thermal
Zhanjiang Electric                            Within the
                   SO2     emission    2                    15     Power Plants                211       211      No
Power Co., Ltd.                               factory
                           through                                 (GB13223-2011) special
                           chimney                                 emission limit
                           Concentra                               Emission Standard of Air
                           ted                                     Pollutants for Thermal
Zhanjiang Electric                            Within the
                   NOX     emission    2                    32     Power Plants                446       446      No
Power Co., Ltd.                               factory
                           through                                 (GB13223-2011) special
                           chimney                                 emission limit
                           Concentra                               Emission Standard of Air
Guangdong Yudean           ted                                     Pollutants for Thermal
                                              Within the
Jinghai Power     Smoke    emission    4                   2.84    Power Plants               85.62     1770      No
                                              factory
General Co., Ltd.          through                                 (GB13223-2011) special
                           chimney                                 emission limit
                           Concentra                               Emission Standard of Air
广 Guangdong
                           ted                                     Pollutants for Thermal
Yudean Jinghai                                Within the
                   SO2     emission    4                   19.99   Power Plants               603.36    6502      No
Power General Co.,                            factory
                           through                                 (GB13223-2011) special
Ltd.
                           chimney                                 emission limit
                           Concentra                               Emission Standard of Air
Guangdong Yudean           ted                                     Pollutants for Thermal
                                              Within the
Jinghai Power     NOX      emission    4                   36.51   Power Plants               1101.6    4687      No
                                              factory
General Co., Ltd.          through                                 (GB13223-2011) special
                           chimney                                 emission limit
                           Concentra                               Emission Standard of Air
Guangdong Red              ted                                     Pollutants for Thermal
                                              Within the                                                 Not
Bay Power General Smoke    emission    4                   2.03    Power Plants               42.89               No
                                              factory                                                  approved
Co., ltd.                  through                                 (GB13223-2011) special
                           chimney                                 emission limit
                           Concentra                               Emission Standard of Air
Guangdong Red              ted                                     Pollutants for Thermal
                                              Within the                                                 Not
Bay Power General SO2      emission    4                   9.24    Power Plants               223.8               No
                                              factory                                                  approved
Co., ltd.                  through                                 (GB13223-2011) special
                           chimney                                 emission limit
Guangdong Red              Concentra          Within the           Emission Standard of Air              Not
                  NOX                  4                   32.73                              743.64              No
Bay Power General          ted                factory              Pollutants for Thermal              approved


33
                                                Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


Co., ltd.                       emission                                Power Plants
                                through                                 (GB13223-2011) special
                                chimney                                 emission limit
                                Concentra                               Emission Standard of Air
Guangdong Energy
                                ted                                     Pollutants for Thermal
Maoming Thermal                                    Within the
                  Smoke         emission    2                   1.13    Power Plants                15.71    168.12   No
 Power Plant Co.,                                  factory
                                through                                 (GB13223-2011) special
      Ltd.
                                chimney                                 emission limit
                                Concentra                               Emission Standard of Air
Guangdong Energy
                                ted                                     Pollutants for Thermal
Maoming Thermal                                    Within the
                  SO2           emission    2                   12.9    Power Plants                146.2    385.51   No
 Power Plant Co.,                                  factory
                                through                                 (GB13223-2011) special
      Ltd.
                                chimney                                 emission limit
                                Concentra                               Emission Standard of Air
Guangdong Energy
                                ted                                     Pollutants for Thermal
Maoming Thermal                                    Within the
                  NOX           emission    2                   24.57   Power Plants                274.5    689.58   No
 Power Plant Co.,                                  factory
                                through                                 (GB13223-2011) special
      Ltd.
                                chimney                                 emission limit
                                Concentra                               Emission Standard of Air
Guangdong
                                ted                                     Pollutants for Thermal
Huizhou Pinghai                                    Within the
                    Smoke       emission    2                   2.38    Power Plants                43.06     700     No
Power Plant Co.,                                   factory
                                through                                 (GB13223-2011) special
Ltd.
                                chimney                                 emission limit
                                Concentra                               Emission Standard of Air
Guangdong
                                ted                                     Pollutants for Thermal
Huizhou Pinghai                                    Within the
                    SO2         emission    2                   22.34   Power Plants                391.09   1670     No
Power Plant Co.,                                   factory
                                through                                 (GB13223-2011) special
Ltd.
                                chimney                                 emission limit
                                Concentra                               Emission Standard of Air
Guangdong
                                ted                                     Pollutants for Thermal
Huizhou Pinghai                                    Within the
                    NOX         emission    2                   36.86   Power Plants                644.46   2423     No
Power Plant Co.,                                   factory
                                through                                 (GB13223-2011) special
Ltd.
                                chimney                                 emission limit
                                Concentra                                Emission Standard of Air
                                    ted                                   Pollutants for Thermal
     Qianwan LNG                                   Within the
                          NOX    emission   5                   12.05          Power Plants         71.49    180.37   No
      Power Plant                                   factory
                                  through                                (GB13223-2011) special
                                 chimney                                     emission limit)
                                Concentra                               Emission Standard of Air
                                ted                                     Pollutants for Thermal
     Huizhou LNG                                   Within the
                    Smoke       emission    6                   0.22    Power Plants                 4.15    232.11   No
      power plant                                  factory
                                through                                 (GB13223-2011) special
                                chimney                                 emission limit
                                Concentra                                Emission Standard of Air
                                ted                                       Pollutants for Thermal
     Huizhou LNG                                   Within the
                    NOX         emission    6                   25.79          Power Plants         672.32   2033.1   No
      power plant                                   factory
                                through                                  (GB13223-2011) special
                                chimney                                      emission limit)
                                Concentra                               Emission Standard of Air
                                ted                                     Pollutants for Thermal
                                                   Within the
  Bohe Company      Smoke       emission    3                   1.89    Power Plants                8.612     72      No
                                                   factory
                                through                                 (GB13223-2011) special
                                chimney                                 emission limit
                                Concentra                               Emission Standard of Air
                                ted                Within the           Pollutants for Thermal
  Bohe Company      SO2                     3                   7.02                                 171      974     No
                                emission           factory              Power Plants
                                through                                 (GB13223-2011) special


34
                                               Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


                              chimney                                  emission limit
                              Concentra                                 Emission Standard of Air
                              ted                                        Pollutants for Thermal
                                                  Within the
 Bohe Company     NOX         emission     3                   30.58          Power Plants       558.67   1195     No
                                                   factory
                              through                                   (GB13223-2011) special
                              chimney                                      emission limit)
Prevention and control of pollution facilities construction and operation
During the reporting period, the Company actively responded to the latest environmental protection policy
requirements, strengthened the operation adjustment and equipment maintenance management of dust removal,
desulfurization and denitrification systems, vigorously promoted the improvement of energy-saving technologies
and the transformation of urea instead of liquid ammonia, improved the equipment operation efficiency, reduced
the smoke and dust emission concentration, and ensured that the emission of various pollutants met the national
and territorial environmental protection management requirements.
According to the national environmental protection plan, the power plants under the Company actively responded
to the the policy documents such as Notice of the Comprehensive Division of the National Energy Administration
on Decomposing and Implementing the Objectives and Tasks of Upgrading and Renovating Coal-fired Power
Energy Saving and Emission Reduction, continued to implement the Action Plan for Upgrading and Renovating
Coal-fired Power Energy Saving and Emission Reduction (2014-2020) and other energy saving and emission
reduction requirements, and actively promoted the transformation of urea instead of liquid ammonia and
through-flow transformation projects.

Conditions of environmental impact assessment and other environmental protection administrative licensing of
construction projects

The company's construction projects that have been approved by government agencies have all undergone
environmental impact assessments and have obtained other necessary environmental protection administrative 建


Emergency plan for emergency environmental incidents

Combining with the Environmental Protection Law of the People's Republic of China and the Opinions of the
Ministry of Environmental Protection on Strengthening Environmental Emergency Management Work and other
laws and regulations on the monitoring of environmental risks, the company’s subordinate power generation
enterprises have formulated the Emergency Plan for Emergency Environmental Incidents according to their actual
conditions, which has standardized and improved the handling of emergent environmental events from the aspects
of environmental accident risk analysis, emergency command organization and responsibilities, disposal
procedures, and disposal measures, improved the ability to respond to unexpected environmental events, and
ensured that after an outbreak of an environmental incident, the company can organize emergency rescue work in
a timely, orderly and efficient manner to prevent pollution of the surrounding environment, minimize the damage
and social harm caused by the incident, maintain social stability, and protect public health and property safety.

Environmental self-monitoring program

During the reporting period, the company’ s subordinate power generation companies organized annual
environmental self-monitoring programs in accordance with the national Administrative Measures on Automatic
Monitoring of Pollution Sources (No. 28 order of State Environmental Protection Administration) and other laws
and regulations, and conducted self-monitoring of the environment in accordance with the monitoring program,
and announced its own monitoring results in Guangdong Province's key pollution source regulatory information

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                                             Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


platform and the national pollution source monitoring information and sharing platform.
Other environmental information that should be disclosed

None
Other environmental protection related information

None
The Company shall comply with the disclosure requirements of Shenzhen Stock Exchange Industry Information
Disclosure Guidelines No.15-Listed Companies Engaged in Power-related Business
1. The Company strictly abides by the Environmental Protection Law of the People's Republic of China, Air
Pollution Prevention Law of the People's Republic of China, Water Pollution Prevention Law of the People's
Republic of China and Law of the People's Republic of China on Prevention and Control of Environmental
Pollution by Solid Waste, and the current environmental protection policies and regulations have no impact on the
Company. In 2020, the operating expenses required by the Company's thermal power plants to implement
environmental protection policies and regulations are mainly to purchase limestone and denitration materials,
totaling about RMB 175 million.
2. In 2020, according to the standard, the coal consumption for comprehensive power supply of the Company's
thermal power plants is 301.59 g/kWh of coal, the sulfur dioxide emission performance value is 0.055g/kWh,
nitrogen oxide emission performance value is 0.125g/kWh, and soot emission performance value is 0.006g/kWh.
Where, the commissioning rate of desulfurization device is 100%, and the average desulfurization efficiency is
99.15%; The average operation rate of denitration device is 99.79%, and the average denitration efficiency is
84.42%; The operation rate of dry dust removal device is 100%, and the average dust removal efficiency is
99.88%; The average operation rate of wet electric dust removal is 99.79%, and the average dust removal
efficiency is 73.36%.
II. Social responsibilities
During the reporting period, the Company earnestly implemented the overall arrangement and arrangement of
"targeted poverty relief and targeted poverty alleviation" in Guangdong Province, and continuously organized
manpower, material resources and financial resources to consolidate the poverty alleviation achievements. Five
subsidiaries, including Yuejiang Company, Maoming Power Plant, Zhanjiang Company, Dapu Company and
Zhanjiang Wind Power Company, actively consolidated and expanded the poverty alleviation achievements and
made efforts to advance the rural revitalization plan.
I Counterpart assistance of Yuejiang Company on Mi Xiashui village, Quan’an Town, Nan Xiong City
2021 is the first year to promote the effective connection between poverty alleviation and rural revitalization. The
poverty relief work thoroughly implements the internship of General Secretary Jin Ping's poverty relief and
development strategy in the new period, and fully implements the relevant work arrangements of the central
government, provinces and cities on poverty alleviation. Yuejiang Power Generation Company closely follows the
2021 work objectives and carries out its work in a solid and orderly manner. Firstly, consolidate the effectiveness
of poverty alleviation. In 2020, Mixiashui Village has lifted 39 households with 97 relatively poor people out of
poverty, with an exit rate of poverty alleviation of 100%, on the basis of relatively poor villages getting rid of
poverty. According to the working principle of "poverty alleviation according to policies and responsibilities",
continue to understand and track the production and living conditions of poverty-stricken households in Mixiashui
Village, implement the basic requirements of "one household, one policy", and consolidate the effectiveness of
poverty alleviation. Meanwhile, start the early warning mechanism for people with relative difficulties in rural
areas, timely understand and report the production and living conditions of people with relative difficulties, and
formulate targeted assistance measures to implement the effectiveness of assistance. Secondly, well ensure filing

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poverty relief archives. According to the requirements, sort out and improve the household files, documents,
construction and other information, and accept and file them in early June 2021 through the archives center.
Thirdly, well ensure linking poverty alleviation and rural revitalization. According to the requirements, sort out
and improve the relevant ledgers of poverty relief funds, poverty relief assets, industrial poverty relief and asset
income projects, and complete the handover work to ensure the effective connection between poverty alleviation
and rural revitalization.

II.Assistance provided by Maoming Power Plant to Xinbei Village, Shalang Town, Dianbai District,
Maoming City
In 2020, the per capita disposable income of 16 households of poverty alleviation under targeted assistance of
Maoming Power Plant was RMB 16,200, which exceeded the annual per capita disposable income standard of
RMB 8,951 for poor households with labor in poverty-stricken villages in 2020, achieving poverty alleviation. In
the first half of 2021, the annual income of the above 16 households of poverty alleviation has reached the poverty
alleviation standards, with no sign of returning to poverty, which has continuously consolidated the work
achievements in 2020. In addition, Maoming Power Plant sent personnel to participate in the poverty relief team
in Xinbei Village and won the honor of "Guangdong Advanced Collective for Poverty Alleviation".
III. Counterpart assistance of Zhanjiang Company on Waiyuan Village, Nanxing Town, Leizhou City

Since the poverty relief team of Zhanjiang Company went to Waiyuan Village Committee for poverty relief in
May 2016, the poverty relief team has carried out five poverty relief projects for poor households, so that poor
households will have a certain stable income in the next 20 years. Currently, all the five poverty relief projects
have produced benefits, and all the benefits have been distributed to poor households.
After five years' efforts, by December 2020, the per capita income of the original poor households (78 households
of 219 people, including 34 households with labor ability of 153 people and 44 households without labor ability of
66 people) increased from RMB 3,200 in 2015 to RMB 12,818 in 2020. Now, 100% of all poor households in
Waiyuan Village Committee have reached the poverty alleviation standard, with no sign of returning to poverty.
The poverty relief team of Zhanjiang Company has left Waiyuan Village and rushed to Xilian Town, Xuwen
County to carry out rural revitalization work.


IV. Counterpart assistance of Dapu Company on Xiamu Village, Fenglang Town, Dapu County, Meizhou
City

In the first half of 2021, Dapu Power Generation Company continued to send party building instructors to help
Xiamu Village, Fenglang Town, Dapu County, Meizhou City. Party building instructors played the role of "Head
Goose Project", focused on solving the hot and difficult issues such as policy propaganda for benefiting the people,
practical handling of people's livelihood, mediation of contradictions and disputes, effectively improved the
production and living conditions of poor people, and effectively boosted Xiamu Village in poverty alleviation.
They further innovated and created the characteristics of village party building, created a strong learning
atmosphere for party members, always reminded the majority of party members and cadres to devote themselves
to the construction of new countryside with full work enthusiasm, and contributed to the development of party
building to boost rural revitalization, win the tough fight of poverty alleviation and achieve the well-off goal. By
June 30, 2021, there were 67 poor households (including 41 low-income poor households, 15 poor households
with five guarantees and 11 general poor households), and 138 poor people, all of whom had been lifted out of
poverty stably.
V. Counterpart assistance of Zhanjiang Wind Power Co., Ltd. on Houhai Village, Xinliao Town, Xuwen


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County

Zhanjiang Wind Power Company has successfully completed the task of poverty alleviation. On June 23, at the
summary and commendation meeting of poverty alleviation in Guangdong Province, the poverty relief team of
Zhanjiang Wind Power Company in Houhai Village, Xinliao Town, Xuwen County won the advanced collective
honor of poverty alleviation in Guangdong Province. According to the relevant arrangements of government
departments for rural revitalization, Zhanjiang Wind Power Company will send two cadres to Jinhe Town, Xuwen
County in July 2021 to carry out assistance work in the town, continue to shoulder corporate social responsibility
and help rural revitalization.




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                                               VI. Important Events



I. The fulfilled commitments in the reporting period and under-fulfillment commitments by the end of the
reporting period made by the company, shareholder, actual controller, acquirer, director, supervisor,
senior management personnel and other related parities.

□ Applicable √Not applicable
There is no commitment that has not been fulfilled by actual controller, shareholders, related parties, acquirers of
the Company

 II. Particulars about the non-operating occupation of funds by the controlling shareholder

□ Applicable √ Not applicable

None

III. Illegal provision of guarantees for external parties

□ Applicable √ Not applicable

None

IV. Engagement and disengagement of CPAs firm

 Whether the semi-annual financial report has been audited

□ Yes √ No

The semi-annual financial report of the Company has not been audited

V. Notes for “non-standard audit report” of CPAs firm during the Reporting Period by board of directors
and supervisory board

□ Applicable √ Not applicable

VI. Notes for the related information of “non-standard audit reports” last year by board of directors

□ Applicable √ Not applicable

VII. Bankruptcy and restructuring

□ Applicable √ Not applicable
No such cases in the reporting period.




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                                                          Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


VIII. Litigations and arbitrations

Significant litigations and arbitrations

□ Applicable √ Not applicable
No such cases in the reporting period.
Other litigation matters
√Applicable □ Not applicable
                                                                                                              Imple
                                                                                                 Litigatio    mentati
                                                       Amount
                                                                   Whether t                     n(arbitra    on of               Discl
                                                       involved                 Litigation(ar                            Disclo
                                                                   o form est                    tion)trial   litigati            osure
     Basic situation of litigation(arbitration)        (Ten tho                 bitration)pro                            sure d
                                                                   imated lia                     results     on(arbi              inde
                                                       usand yu                     gress                                 ate
                                                                     bilities                     and im      tration)             x
                                                          an)
                                                                                                   pact       judgme
                                                                                                                nts

 On June 1, 2021, the Dapu County People’
 s Court accepted the Dapu County Natura
 l Resources Bureau’s claim to Guangdon                                        The case wa
 g Yuedian Dapu Power Generation Co., Lt                                        s held for th
 d for a contract dispute. The Dapu Count                                       e first time o
 y Natural Resources Bureau’s petitions inc                                    n July 29, 2
 lude: 1. Order the defendant to hand over th                                   021, yet th
                                                        1,067.94   No                            None         None
 e remaining funds for the new constructio                                      e two side
 n project of “developing large units and su                                   s are still ne
 ppressing small ones” of Guangdong Yude                                       gotiating o
 an Dapu Power Plant to fulfill the paddy fie                                   n the matte
 ld quota, which totaled in RMB 10.679362                                       r currently.
     million; 2. All litigation costs in this case s
 hall be borne by the defendant.


IX. Punishments and rectifications

□ Applicable √ Not applicable

No such cases in the Reporting Period.

X. Credit conditions of the Company as well as its controlling shareholder and actual controller

□ Applicable √ Not applicable




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                                                  Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


XI.Material related transactions

1. Related transactions in connection with daily operation

□ Applicable √ Not applicable
No such cases in the reporting period.

2. Related-party transactions arising from asset acquisition or sold

□Applicable √ Not applicable
No such cases in the reporting period.

3. Related-party transitions with joint investments

□Applicable √ Not applicable
No such cases in the reporting period.

4. Credits and liabilities with related parties

□Applicable √ Not applicable
No such cases in the reporting period.

5. Transactions with related finance company, especially one that is controlled by the Company

√ Applicable □Not applicable
         Deposit business
        Related party                Relationship          Maximum daily Deposit interest Beginning           The      Ending
                                                             deposit limit rate range      balance          amount     balance
                                                           (Ten thousand                   (Ten          incurred     (Ten
                                                                yuan)                     thousand           (Ten    thousand
                                                                                            yuan)         thousand      yuan)
                                                                                                             yuan)
Guangdong Energy        Group Controlled by Guangdong          800,000           0.35%       477,628         6,804    484,431
Finance Co., Ltd.             Energy Group Co., Ltd.
Loan business
        Related party                Relationship                                           Beginning         The      Ending
                                                                                             balance        amount     balance
                                                           Loan limit(Ten Loant interest     (Ten        incurred     (Ten
                                                           thousand yuan)   rate range      thousand         (Ten    thousand
                                                                                              yuan)       thousand      yuan)
                                                                                                             yuan)
Guangdong Energy        Group Controlled by Guangdong          ,300,000         3.05% to     815,572       164,474    980,046
Finance Co., Ltd.             Energy Group Co., Ltd.                             4.41%
Credit extension or other financial services
       Related party                 Relationship               Business type      Total amount(Ten    Actual amount incurred
                                                                                    thousand yuan)      (Ten thousand yuan)
Guangdong Energy        Group Controlled by Guangdong              Credit              2,785,778               731,191
Finance Co., Ltd.             Energy Group Co., Ltd.

41
                                              Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


6. Other significant related-party transactions

√ Applicable □Not applicable
(1)2021 daily related transactions were carried out after examination and approval by 2021 first provisional
shareholders' general meeting. Refer to (5) Related transactions of XII. Relationship between related parties and
the transactions between them of the Financial Report of this report for details.
(2)On January 28, 2021, the 19th meeting of the ninth board of directors reviewed and approved the Proposal on
Daily Related Transactions between the Company and Guangdong Energy Group Co., Ltd. in 2021, the Proposal
on Signing the Financial Services Framework Agreement between the Guangdong Yudean Finance Co., Ltd., the
Proposal on Signing the Financial Leasing Cooperation Framework Agreement between the Company and
Guangdong Yudean Financial Leasing Co., Ltd., the Proposal on Signing the Framework Agreement on
Cooperation in Insurance and Risk Management Services between the Company and Guangdong Yudean Property
Insurance Self-insurance Co., Ltd., and the above related party transactions will be implemented after being
reviewed and approved by the first provisional general meeting of shareholders in 2021.
(3)On April 27, 2021,In order to smoothly promote the construction of new energy projects and ease the
financial pressure, the First meeting of the ninth board of directors by Correspondence of 2021 reviewed and
approved the Proposal on Indirect Subsidiaries Introducing Investors, It is agreed to introduce Zhuhai Special
Economic Zone Power Development Group Co., Ltd. and Guangdong Energy Group Co., Ltd. as investors of
Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd. by means of capital increase and share expansion, in
which Zhuhai Power contributed RMB 89.187 million and held 20% equity of Zhuhai Wind Power Company,
while Guangdong Energy Group contributed RMB 25.5003 million and held 5.7184% equity of Zhuhai Wind
Power Company. After the completion of capital increase and share expansion, the shareholding ratio of
Guangdong Wind Power Company in Zhuhai Wind Power Company decreased to 74.2816%, and the final
shareholding ratio of each shareholder shall be subject to the asset appraisal record results. It is agreed to
implement the capital increase of special funds for promoting economic development in 2018 by means of capital
increase and share expansion proposed by the State-owned Assets Supervision and Administration Commission of
the People's Government of Guangdong Province, and introduce Guangdong Energy Group as the shareholder of
Guangdong Yudean Yangjiang Offshore Wind Power Co., Ltd., with Guangdong Energy Group contributing RMB
58.1053 million and holding 10.9594% equity of Yangjiang Wind Power Company. After the capital increase and
share expansion, the shareholding ratio of Guangdong Wind Power Company in Yangjiang Wind Power Company
decreased to 89.0406%, and the final shareholding ratio of each shareholder shall be subject to the asset appraisal
record results.
     (4)On April 27, 2021,In order to smoothly promote the development and construction of new energy
 projects and ease the financial pressure of Shanxi Yudean Energy Co., Ltd., the First meeting of the ninth board
 of directors by Correspondence of 2021 reviewed and approved the Proposal on Capital Increase to Shanxi
 Yudean Energy Co., Ltd., the Company's board of directors agreed that the Company and Guangdong Energy
 Group Co., Ltd will simultaneously increase the capital to Shanxi Energy Company by 160 million yuan in
 accordance with the equity ratio, which shall be used by Shanxi Energy Company to invest in Jilin Qian’an
 Phase I 50MW Wind Power Project and Hebei Pingshan 100MW Photovoltaic Project. Our Company increased
 the capital by RMB 64 million according to a 40% equity ratio.
     (5)June 8,2021,In order to secure project construction funds and reduce financing costs, the Third meeting
of the ninth board of directors by Correspondence of 2021 reviewed and approved the Proposal on Some
Subsidiaries Applying for Entrusted Loans from Guangdong Energy Group Co., Ltd"., the board of directors
agreed to the Company’s wholly-owned subsidiaries Guangdong Yudean Qujie Wind Power Co., Ltd.and

42
                                                   Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


Guangdong Yudean Binhaiwan Energy Co., Ltd. applying for the entrusted loan from Guangdong Energy Group,
of which Qujie Wind Power Company’s applying loan amount does not exceed 1 billion yuan, and Binhaiwan
Company’s loan amount does not exceed 1 billion yuan; with the loan term does not exceed 15 years; the interest
rate is determined in accordance with the same interest rate as the green bonds issued by Guangdong Energy
Group in the current period. and the above related party transactions will be implemented after being reviewed
and approved by the Second provisional general meeting of shareholders in 2021.
     (6)On June 8,2021, In order to secure project construction funds and reduce financing costs, the Third
meeting of the ninth board of directors by Correspondence of 2021 reviewed and approved the Proposal on Some
Subsidiaries Applying for Entrusted Loans from Guangdong Energy Group Co., Ltd"., the Company’s board of
directors agreed that Bohe Energy would respectively acquire the shutdown capacity of 660,000 kilowatts of
Guangdong Yuehua Power Generation Co., Ltd-a subsidiary to Guangdong Energy Group Co., Ltd and the
shutdown capacity of 250,000 kilowatts of Guangdong Yudean Yunhe Power Generation Co., Ltd in accordance
with the alternative shutdown capacity approval document of Bohe Power Plant Project; Bohe Energy Company
and Huangpu Power Plant and Yunfu Power Plant respectively sign the small thermal power unit capacity
indicator transfer agreements, and the transfer unit price does not exceed 400 yuan/kW. The total value of the
corresponding transfer agreement including tax does not exceed RMB 264 million and RMB 100 million
respectively. and the above related party transactions will be implemented after being reviewed and approved by
the Second provisional general meeting of shareholders in 2021.
Website for temporary disclosure of the connected transaction
                           Announcement                                    Date of disclosure      Website for disclosure
Estimates announcement of the Daily Related Party Transactions
                                                                    January 29,2021             http//www.cninfo.com.cn.
of 2021
Announcement of Related Transactions on Signing of the
Financial Services Framework Agreement, Framework Agreement
                                                                    January 29,2021             http//www.cninfo.com.cn.
on Financing Leasing Cooperation and Framework Agreement on
Cooperation in Insurance and Risk Management Services
  Announcement on Related Transactions of Indirect Investors
                                                                    April 28,2021               http//www.cninfo.com.cn.
  Introduced by Subsidiaries
Announcement on Related Transactions of Capital Increase to
                                                                    April 28,2021               http//www.cninfo.com.cn.
Shanxi Yudean Energy Co., Ltd.
  Announcement on Related Transaction of Some Subsidiaries
                                                                    June 10,2021                http//www.cninfo.com.cn.
  Applying Entrusted Loans from Guangdong Energy Group
  Announcement on related transaction concerning the acquisition
  of capacity indicators for small thermal power units of Huangpu   June 10,2021                http//www.cninfo.com.cn.
  Power Plant and Yunfu Power Plant


XII. Significant contracts and execution

1.Entrustments, contracting and leasing

(1)Entrustment

√ Applicable □Not applicable

Statement of Trusteeship Situation :
According to the statement of Guangdong Energy Group on fulfilling relevant matters, and to avoid the horizontal
competition and fulfill the relevant commitment of the horizontal competition, the Company signed Stock
Trusteeship Agreement with Guangdong Energy Group, wherein the shareholder's rights within the trusteeship


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                                                   Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


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 Transaction Announcement
on Stock Trusteeship Agreement signed with Guangdong Yudean Group Co., Ltd." published by the Company in
China Securities Daily, Securities Times and http://www.cninfo.com.cn on January 13, 2018(Announcement
No.2018-04).
Gains/losses to the Company from projects that reached over 10% in total profit of the Company in reporting
period
□Applicable √ Not applicable
No gains or losses to the Company from projects that reached over 10% in total profit of the Company in
reporting period

(2) Contract

□ Applicable √ Not applicable
No any contract for the Company in the reporting period.

(3) Lease

√ Applicable □Not applicable
Note:
 As a lessee, the Company rented houses and billboards from Yudean Real Estate Company Yudean Property
Company and Yangjiang Port , and the rental fee incurred this year was RMB6,135,667;
The parent company of the Company, as a leassor, leases the houses as Guangdong Yudean Porperty Company
and ,Shaoguan Port and Qujiang New Energy. The rental income for this year was confirmed to be RMB
1,059,844.
The parent company of the Company, as a leassor, leases the houses and parking spaces to units and individuals
such as Guangdong Electric Power Communication and Information Company and Guangdong Electric Power
Dispatching Center. The rental income for this year was confirmed to be RMB 369,008.
Project which generates profit or loss reaching over 10% of total profits of the Company during the Reporting
Period
□ Applicable √ Not applicable
There were no leases with a 10% or greater impact on the Company’s gross profit in the Reporting Period.

2.Significant Guarantees

√Applicable □ Not applicable
                                                                                                                In RMB 10,000
                      Guarantee of the Company for the controlling subsidiaries (Exclude controlled subsidiaries)
                  Relevant                                                                                    Guarantee
                                         Date of
                 disclosure                                                                          Complete    for
                                       happening Actual
     Name of the date/No. of Amount of                     Guarantee Guaranty Counter-guar Guarantee impleme associated
                                        (Date of mount of
      Company        the     Guarantee                       type    (If any) antee(If any) term  ntation  parties
                                         signing guarantee
                 guaranteed                                                                           or not   (Yes or
                                       agreement)
                   amount                                                                                        no)

44
                                                  Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


 Yunnan
 Baoshan
                                                              Guarantee
 Binlangjiang
                  December             November               ing of
 Hydroelectrici                  4,350                  1,160                                       15 years      No            No
                  19,2007              30,2007                joint
 ty
                                                              liabilities.
 Development
 Co., Ltd.
 Yunnan
 Baoshan
                                                              Guarantee
 Binlangjiang
                  May                  June                   ing of
 Hydroelectrici                  9,367                  4,147                                       18 years      No            No
                  27,2009              22,2009                joint
 ty
                                                              liabilities.
 Development
 Co., Ltd.
 Yunnan
 Baoshan
                                                               Guarantee
 Binlangjiang
                  May                  May                     ing of
 Hydroelectrici                  7,250                       0                                         15         No            No
                  27,2009              27,2009                 joint
 ty
                                                               liabilities.
 Development
 Co., Ltd.
                                                               Guarantee
 Guangdong
              October                  November                ing of                              23 years,9
 Energy Group                  200,000                 60,023                                                     No            Yes
              29,2020                  19,2020                 joint                                months
 Co., Ltd.
                                                               liabilities.
                                                       Total actually
 Total amount of approved
                                                    amount of external
 external guarantee in the                       0                                                                              26,992
                                                      guarantee in the
     report period(A1)
                                                     report period(A2)
                                                       Total actually
 Total amount of approved
                                                    amount of external
  external guarantee at the
                                           425,459 guarantee at the end                                                         65,330
      end of the report
                                                        of the report
        period(A3)
                                                         period(A4)
                                           Guarantee of the company for its subsidiaries
                   Relevant
                                         Date of                                                                           Guarantee
                  disclosure                                                                                    Complete
                                        happening     Actual                                                                    for
  Name of the date/No. of Amount of                             Guarantee Guaranty Counter-guar Guarantee implement
                                         (Date of    mount of                                                              associated
   Company            the    Guarantee                             type     (If any) antee(If any) term       ation
                                          signing    guarantee                                                               parties
                 guaranteed                                                                                      or not
                                       agreement)                                                                          (Yes or no)
                   amount
 Zhanjiang                                                     Guarantee
 Wind Power April                      October                 ing of
                                18,572                   5,523                                        18 years No          No
 Generation      29,2009               9,2010                  joint
 Co., Ltd.                                                     liabilities.
                                                    Total of actual
    Total of guarantee for
                                                    guarantee for
  subsidiaries approved in                        0                                                                               -315
                                                    subsidiaries in the
       the period(B1)
                                                    period (B2)
                                                    Total of actual
 Total of guarantee for
                                                    guarantee for
 subsidiaries approved at                   141,536                                                                              5,523
                                                    subsidiaries at
 period-end(B3)
                                                    period-end(B4)
                                    Guarantee of the subsidiaries for the controlling subsidiaries
                   Relevant              Date of      Actual                                                    Complete   Guarantee
  Name of the                Amount of                          Guarantee Guaranty Counter-guar Guarantee
                  disclosure            happening mount of                                                     implement        for
   Company                   Guarantee                             type     (If any) antee(If any) term
                 date/No. of             (Date of guarantee                                                       ation    associated


45
                                                       Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


                       the                      signing                                                             or not     parties
                  guaranteed                  agreement)                                                                     (Yes or no)
                    amount
 The Company’s total guarantee(i.e.total of the first three main items)
                                                           Total amount of
 Total guarantee quota approved                            guarantee actually
 in the reporting period                                 0 incurred in the                                                      26,677
 (A1+B1+C1)                                              reporting period
                                                           (A2+B2+C2)
                                                           Total balance of the
 Total guarantee quota already
                                                           actual guarantee at
    approved at the end of the
                                                  566,995 the end of the                                                        70,853
    reporting period
                                                           reporting period
    (A3+B3+C3)
                                                           (A4+B4+C4)
 The proportion of the total amount of actually
 guarantee in the net assets of the Company (that is                                                                            2.63%
 A4+B4+C4)%
 Including:
 Amount of guarantees provided for shareholders,
                                                                                                                                60,023
 the actual controller and their related parties (D)
 Amount of debt guarantees provided directly or
 indirectly for entities with a liability-to-asset ratio                                                                         5,307
 over 70% (E)
 Total amount of the three kinds of guarantees above
                                                                                                                                65,330
 (D+E+F)
Description of the guarantee with complex method

3. Finance management on commission

□Applicable √ Not applicable
No such cases in the reporting period.

4.Major contracts for daily operations

□ Applicable √ Not applicable

5. Other significant contract

□ Applicable √ Not applicable

No such cases in the reporting period.

XIII. Explanation on other significant events

√ Applicable □Not applicable
                     Summary of important matters                                   Name               Date of        Website for
                                                                                                      disclosure      disclosure
On January 28, 2021, the 19th meeting of the ninth board of directors Announcement of Related January         29,
reviewed and approved the Proposal on Daily Related Transactions Transactions on Signing of 2021                    http//www.cnin
between the Company and Guangdong Energy Group Co., Ltd. in 2021, the       Financial   Services                    fo.com.cn.
the Proposal on Signing the Financial Services Framework Agreement Framework          Agreement,


46
                                                   Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


between the Guangdong Yudean Finance Co., Ltd., the Proposal on Framework Agreement on
Signing the Financial Leasing Cooperation Framework Agreement Financing            Leasing
between the Company and Guangdong Yudean Financial Leasing Co., Cooperation and Framework
Ltd., the Proposal on Signing the Framework Agreement on Agreement on Cooperation
Cooperation in Insurance and Risk Management Services between the in Insurance and Risk
Company and Guangdong Yudean Property Insurance Self-insurance Management Services
Co., Ltd., and the above related party transactions will be implemented
after being reviewed and approved by the first provisional general
meeting of shareholders in 2021.
The Company's 2021 daily related party transactions are approved and Estimates announcement of January
                                                                                                                 http//www.cnin
implemented by the 2021 first provisional General Meeting of         the Daily Related Party   29,2021
                                                                                                                 fo.com.cn.
Shareholders held on February 25, 2021.                              Transactions of 2021
In order to supplement working capital, expanding financing channels Announcement of            January
and reducing financing costs, after reviewed at the 19th meeting of the Resolutions of the 19th 29,2021
Ninth Board of directors held on January 18,2021,the Board of Meeting of the Ninth Board
Directors agrees that the Company shall apply for registration and of Directors
issuance of RMB 4 billion of ultra-short-term financing bills in National                                        http//www.cnin
Association of Financial Market Institutional Investors. The specific                                            fo.com.cn.
work     shall be handled by the Company's management team
authorized. and the Matter will be implemented after being reviewed
and approved by the first provisional general meeting of shareholders in
2021 on February 25,2021.
In order to further accelerate the development of major energy projects Announcement of            January
and accelerate the optimization and upgrading of the energy structure, Resolutions of the 19th     29,2021
after reviewed at the 19th meeting of the Ninth Board of directors held Meeting of the Ninth Board
on January 18,2021,the board of directors agreed to the Company’s of Directors
sole proprietorship to establish a project company for the Jieyang Da’
nanhai Petrochemical Integrated Energy Project. The project registration
place is Jieyang Da’nanhai Petrochemical Industrial Zone, with the first
                                                                                                                 http//www.cnin
phase of registered capital is 15 million yuan. It’s agreed that the
                                                                                                                 fo.com.cn.
project company will carry out the upfront work of Jieyang Da’nanhai
petrochemical integrated energy project (2~3 400MW/9F or 600MW
gas-fired combined heat and power units, which will be determined
according to the heat load and heating characteristics of the project),
with the work expenses are controlled at no more than 12.5 million
yuan. Currently, the Company is carrying out the preliminary work of
the project according to the relevant requirements of project approval.
On February 23, 2021, the Company and the third division of Xinjiang     "Announcement     on    the February
Production and Construction Corps Tumshuk at Dongguan City signed        signing of the "Cooperation 24,2021
the "Cooperation Framework Agreement on Investment in 1.5 Million        Framework Agreement" with
kW Photovoltaic Power Projects" and " Cooperation Framework              the Third Division of the
                                                                                                                 http//www.cnin
Agreement on Investment in 500,000 kW Wind Power Projects". The          Xinjiang Production and
                                                                                                                 fo.com.cn.
Company is currently actively promoting the investment and               Construction         Corps
development of 1.5 million kilowatts of photovoltaic and 500,000         Tumushuk City"
kilowatts of wind power projects of Tumshuk City of the third division
of Xinjiang Corps.
Approved by the China Securities Regulatory Commission (No.                "Announcement on Public April
2477-[2019] China Securities Regulatory Commission), the Company Issuance              of    Corporate 22,2021
publicly issued 1.5 billion yuan of corporate bonds to qualified investors Bonds(Phase II) to Qualified
                                                                                                                 http//www.cnin
on April 28, 2021. The bond issuance interest rate is 3.5% and the         Investors in 2021"
                                                                                                                 fo.com.cn.
issuance period is 5 years. Attached is the option of investors to sell
back at the end of the third year and the option of adjusting the issuer's
coupon rate.
During the reporting period, the interest payment for the corporate bond `Announcement on Interest April
of "20 Yudean 01" was completed on April 29, 2021.                       Payment in 2021 for the 23,2021         http//www.cnin
                                                                         Corporate Bonds by the                  fo.com.cn.
                                                                         Public Issuance of Corporate

47
                                                   Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


                                                                          Bonds(Phase1) to Qualified
                                                                          Investors in 2020 ''
In order to smoothly promote the construction of Offshore wind power Announcement on Related April
projects, after reviewed at the First meeting of the Ninth Board of  Transactions of Indirect 28,2021
directors by Correspondence held on April 27,2021,It is agreed to   Investors Introduced by
introduce Zhuhai Special Economic Zone Power Development Group Subsidiaries
Co., Ltd. and Guangdong Energy Group Co., Ltd. as investors of
Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd. by means of
                                                                                                                   http//www.cnin
capital increase and share expansion; It is agreed to implement the
                                                                                                                   fo.com.cn.
capital increase of special funds for promoting economic development
in 2018 by means of capital increase and share expansion proposed by
the State-owned Assets Supervision and Administration Commission of
the People's Government of Guangdong Province, and introduce
Guangdong Energy Group as the shareholder of Guangdong Yudean
Yangjiang Offshore Wind Power Co., Ltd.
In order to smoothly promote the development and construction of new           Announcement on         April
energy projects and ease the financial pressure of Shanxi Yudean Energy        Related Transactions of 28,2021
Co., Ltd., after reviewed at the First meeting of the Ninth Board of           Capital Increase to
directors by Correspondence held on April 27,2021,the Company's               Shanxi Yudean Energy
board of directors agreed that the Company and Guangdong Energy                Co., Ltd.
                                                                                                                   http//www.cnin
Group Co., Ltd will simultaneously increase the capital to Shanxi
                                                                                                                   fo.com.cn.
Energy Company by 160 million yuan in accordance with the equity
ratio, which shall be used by Shanxi Energy Company to invest in Jilin
Qian’an Phase I 50MW Wind Power Project and Hebei Pingshan
100MW Photovoltaic Project. Our Company increased the capital by
RMB 64 million according to a 40% equity ratio.
On April 29, 2021, the Company and Dafang County People's                 "Announcement on the         April
Government signed the "Strategic Cooperation Framework Agreement"         signing of the "Strategic    30,2021
in Guangzhou. According to the agreement, the Company and the             Cooperation Framework
Dafang County People’s Government will make full use of the new          Agreement" with the
energy and existing resource advantages of Dafang County to actively      People's Government of                   http//www.cnin
promote cooperation in the energy industry, energy conservation and       Dafang County"                           fo.com.cn.
environmental protection industry, productive service industry, talent
training and rural revitalization in Dafang County. The planned
investment is 15 billion yuan. The Company is currently actively
promoting the upfront work of the investment projects.
On May 12, 2021, the Company signed the "Investment Cooperation           "Announcement       on    the May 13,2021
Agreement on the Construction of 2 Million Kilowatt Photovoltaic          signing of an additional 2
Power Generation Projects" in Dongguan City with the third division of    million kilowatt photovoltaic
the Xinjiang Production and Construction Corps Tumushuk City.             power generation project
According to the agreement, the Company intends to increase the           investment        cooperation
                                                                                                                    http//www.cnin
investment of 2 million kilowatts of photovoltaic power generation        agreement with Tumushuk of
                                                                                                                    fo.com.cn.
projects in the territory of Tumshuk City, with an estimated total        the third division of the
investment of about 10 billion yuan. The Company is currently actively    Xinjiang Production and
promoting the investment and development of 2 million kilowatts of        Construction Corps"
photovoltaic power in Tumshuk City of the third division of Xinjiang
Corps.
     In order to promote the development of the Company’s clean Announcement             of May 21,2021
energy projects and speed up the implementation of the Daya Bay Resolutions of the Second
Integrated Energy Station Project , after reviewed at the Second meeting of the Ninth Board
meeting of the Ninth Board of directors by Correspondence held on of       directors      by
May 20,2021,the Company’s board of directors agreed that the Correspondence of 2021                    http//www.cnin
Company and Huizhou Daya Bay Petrochemical Industrial Zone                                               fo.com.cn.
Investment Co., Ltd shall simultaneously increase capital by amount
160 million yuan to Guangdong Yudean Daya Bay Comprehensive
Energy Co., Ltd. for the Daya Bay Thermal Power Company to
purchase the project construction land, of which the Company shall

48
                                                    Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


invest 128 million yuan according to the equity ratio of 80%.
On June 4, 2021, the Company and the Hezhou Municipal People's          "Announcement   on   the June 8,2021
Government signed the "Strategic Cooperation Framework Agreement" signing of the Cooperation
in Hezhou. According to the agreement, the Company and the Hezhou Framework Agreement with
Municipal People’s Government will make full use of Hezhou’s existing Hezhou Municipal People's            http//www.cnin
solar resource advantages and actively promote cooperation in the       Government and Haifeng               fo.com.cn.
energy industry in Hezhou. The project plans to invest 10 billion yuan. County           People's
The Company is currently actively promoting the upfront work of the Government"
investment project.
On June 4, 2021, the Company and Haifeng County People's "Announcement               on    the June 8,2021
Government of Shanwei City signed the Investment Cooperation signing of the Cooperation
Framework Agreement for Shanwei Haifeng Natural Gas Cogeneration Framework Agreement with
Power Supply Project. According to the agreement, the Company will Hezhou Municipal People's
invest in the construction of Shanwei Haifeng Natural Gas Cogeneration Government and Haifeng
Power Supply Project, and initially plan to build two 460,000 kW county               People's             http//www.cnin
gas-steam combined cycle units in the first phase, with a total Government"                                fo.com.cn.
investment of about RMB 3 billion; In the second phase, 2 new natural
gas cogeneration units will be built after full demonstration according to
the growth of local electricity and steam demand. Currently, the
Company is actively promoting the preliminary work of investment
projects.
As Guangdong Yudean Baihua Integrated Energy Co., Ltd.basically has Announcement         of June 10,2021
the conditions to carry out the CCHP project of the new technology Resolutions of the Third
industrial park, the implementation of the upfront work will be meeting of the Ninth Board
conducive to the implementation and rapid progress of the project,after of  directors  by
reviewed at the Third meeting of the Ninth Board of directors by Correspondence of 2021
Correspondence held on June 8,2021,The board of directors of the
                                                                                                         http//www.cnin
Company agreed that Baihua Energy Company will first build a 9F
                                                                                                         fo.com.cn.
gas-fired unit supporting a 100t/h gas boiler (finally determined
according to the feasibility study of the project) to carry out the upfront
work. The upfront work cost of the project shall be controlled at 12
million yuan, which shall be solved by the Company's capital increase.
At present, Baihua Energy Company is actively coordinating and
promoting the preliminary work of the project.
     In order to meet the requirements for the approval of the Bohe Announcement            of June 10,2021
Power Plant project, after reviewed at the Third meeting of the Ninth Resolutions of the Third
Board of directors by Correspondence held on June 8,2021 , he meeting of the Ninth Board
Company’s board of directors agreed to Guangdong Yudean Bohe of                directors  by
Energy Co., Ltd. purchasing 1.29 million kilowatts capacity of Correspondence of 2021
shut-down small thermal power units of Shajiao A Power Plant-a                                              http//www.cnin
subsidiary of the Company in accordance with the alternative shutdown                                       fo.com.cn.
capacity approval document of Bohe Power Plant Project; Bohe Power
Plant Project and Shajiao A Power Plant sign the transfer agreement of
capacity indicators of small thermal power units, with the transfer unit
price does not exceed 400 yuan/kW and the total price of the transfer
agreement including tax does not exceed 516 million yuan.
In order to meet the requirements for the approval of the Bohe Power    Announcement            of June 10,2021
Plant project, after reviewed at the Third meeting of the Ninth Board   Resolutions of the Third
of directors by Correspondence held on June 8,2021,the Company’s      meeting of the Ninth Board
board of directors agreed that Bohe Energy would respectively acquire   of        directors     by
the shutdown capacity of 660,000 kilowatts of Guangdong Yuehua          Correspondence of 2021
                                                                                                                  http//www.cnin
Power Generation Co., Ltd-a subsidiary to Guangdong Energy Group
                                                                                                                  fo.com.cn.
Co., Ltd and the shutdown capacity of 250,000 kilowatts of Guangdong
Yudean Yunhe Power Generation Co., Ltd in accordance with the
alternative shutdown capacity approval document of Bohe Power Plant
Project; Bohe Energy Company and Huangpu Power Plant and Yunfu
Power Plant respectively sign the small thermal power unit capacity

49
                                                     Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


indicator transfer agreements, and the transfer unit price does not
exceed 400 yuan/kW. The total value of the corresponding transfer
agreement including tax does not exceed RMB 264 million and RMB
100 million respectively. and the above related party transactions will be
implemented after being reviewed and approved by the Second
provisional general meeting of shareholders in 2021.
In order to secure project construction funds and reduce financing costs,    Announcement            of June 10,2021
after reviewed at the Third meeting of the Ninth Board of directors by       Resolutions of the Third
Correspondence held on June 8,2021,the board of directors agreed to         meeting of the Ninth Board
the Company’s wholly-owned subsidiaries Guangdong Yudean Qujie              of        directors     by
Wind Power Co., Ltd(here referred to as "Qujie Wind Power                    Correspondence of 2021
Company") and Guangdong Yudean Binhaiwan Energy Co., Ltd (here
referred to as "Binhaiwan Company") applying for the entrusted loan
from Guangdong Energy Group, of which Qujie Wind Power                                                                 http//www.cnin
Company’s applying loan amount does not exceed 1 billion yuan, and                                                    fo.com.cn.
Binhaiwan Company’s loan amount does not exceed 1 billion yuan;
with the loan term does not exceed 15 years; the interest rate is
determined in accordance with the same interest rate as the green bonds
issued by Guangdong Energy Group in the current period. and the
above related party transactions will be implemented after
being reviewed and approved by the Second provisional
general meeting of shareholders in 2021.

XIV. Significant event of subsidiary of the Company

□ Applicable √ Not applicable




50
                                                    Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021




                VII. Change of share capital and shareholding of Principal Shareholders

I. Changes in share capital
1. Changes in share capital
                                                                                                                            In shares
                                  Before the change                   Increase/decrease(+,-)                After the Change

                                  Amount        Proportion                      Capitalization
                                                              Share    Bonus
                                                                                 of common Other Subtotal     Quantity      Proportion
                                                             allotment shares
                                                                                reserve fund

I. Share with conditional
                                1,897,970,125     36.15%                                           -4,716 1,897,965,409       36.15%
subscription

  1. State-owned shares

2. State-owned legal person
                                1,893,342,621     36.06%                                                    1,893,342,621     36.06%
shares

3.Other domestic shares            4,627,504       0.09%                                           -4,716      4,622,788       0.09%

Of which:Domestic legal
                                   4,620,666       0.09%                                                       4,620,666       0.09%
person shares

Domestic natural person
                                       6,838          0%                                           -4,716          2,122          0%
shares

  4.Foreign shares

  Of which:Foreign legal
person shares

Foreign natural person shares

II. Shares with unconditional
                                3,352,313,861     63.85%                                            4,716 3,352,318,577       63.85%
subscription

1.Common shares in RMB          2,553,905,861     48.64%                                            4,716 2,553,910,577       48.64%

2.Foreign shares in domestic
                                 798,408,000      15.21%                                                     798,408,000      15.21%
market

  3.Foreign shares in foreign
market

  4.Other

III. Total of capital shares    5,250,283,986       100%                                                    5,250,283,986

Reasons for share changed
√ Applicable □ Not applicable
On February 10, 2021, the lock-up period of 4,716 restricted shares held by Mr. Lin Weifeng, a former employee
supervisor of the company, expired and such shares became unrestricted shares, so the number of unrestricted
shares of the Company also increased correspondingly.


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Approval of Change of Shares
□Applicable √Not applicable
Ownership transfer of share changes
□Applicable √Not applicable
Progress on any share repurchase:
□ Applicable √ Not applicable
Progress on reducing the repurchased shares by means of centralized bidding:
□ Applicable √ Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to
common shareholders of Company in latest year and period
□ Applicable √ Not applicable
Other information necessary to disclose for the company or need to disclosed under requirement from security
regulators
□ Applicable √Not applicable

2. Change of shares with limited sales condition

√ Applicable □ Not applicable
                                                                                                                                    In RMB

                                                                                Number         of
             Number         of Number of restricted Number of restricted
                                                                                restricted shares Reasons        for Release date of sales
Shareholder restricted shares shares in increased shares released in this
                                                                                at the end of the sales restriction restriction
             at the beginning this period            period
                                                                                period

                                                                                                    Change of
Lin
                        4,716                4,716                          0                   0 employee          February 10,2021
Weifeng
                                                                                                    supervisor

Total                   4,716                4,716                          0                   0          --                 --


II. Securities issue and listing

□ Applicable √Not applicable


III. Shareholders and actual controlling shareholder


1. Number of shareholders and shareholding
                                                                                                                                   In Shares

                                                                       Total number of preferred
Total number of common
                                                                       shareholders that had restored the
shareholders at the end of the                                90,117                                                                      0
                                                                       voting right at the end of the
reporting period
                                                                       reporting period (if any) (note 8)



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                            Particulars about shares held above 5% by shareholders or top ten shareholders

                                                                                                                    Number of share
                                      Proportion Number of shares Changes in         Amount of       Amount of
                          Nature of                                                                                 pledged/frozen
     Shareholders                      of shares    held at period    reporting   restricted shares un-restricted
                        shareholder                                                                                 State of
                                      held(%)         -end           period           held         shares held               Amount
                                                                                                                     share

Guangdong Energy       State-owned
                                         67.39%      3,538,005,285                   1,893,342,621 1,644,662,664
Group Co., Ltd.        legal person

Guangzhou
                       State-owned
Development Group                         2.22%        116,693,602                                   116,693,602
                       legal person
Co., Ltd.

China Securities       State-owned
                                          1.93%        101,323,877 -29,559,025                       101,323,877
 Finance Co., Ltd.     legal person

Guangdong Electric
                       State-owned
Power Development                         1.80%         94,367,341                                     94,367,341
                       legal person
Corporation

                       Domestic
Li Zhuo                Natural            1.32%          69,463,211 8,790,800                          69,463,211
                       person

                       Domestic
Zheng Jianxiang        Natural            0.48%         25,128,874 323,988                             25,128,874
                       person

                       Domestic
Harbin Hali Industry Non-State
                                          0.48%         25,030,385 4,087,440                           25,030,385
Co., Ltd.              owned legal
                       person

VANGUARD
TOTAL
                       Overseas
INTERNATIONAL                             0.30%         15,855,512                                     15,855,512
                       Legal person
STOCK INDEX
FUND

CHINA INT'L
CAPITAL CORP           Overseas
                                          0.29%         15,216,066                                     15,216,066
HONG KONG              Legal person
SECURITIES LTD

                       Domestic
Harbin Daoli District Non-State
                                          0.26%         13,659,108 -8,298                              13,659,108
Charity Foundation     owned legal
                       person

Strategic investor or general legal
                                      None
person becoming top-10 ordinary


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shareholder due to rights issue

                                      The fourth largest shareholder Guangdong Electric Power Development Corporation is the
Explanation on associated
                                      wholly-owned subsidiaries of the largest shareholder Energy Group. These two companies have
relationship among the aforesaid
                                      relationships; whether the other shareholders have relationships or unanimous acting was
shareholders
                                      unknown

Above shareholders entrusting or
entrusted with voting rights, or      Not applicable
waiving voting rights

Top 10 shareholders including the
                                      Not applicable
special account for repurchase

                                     Shareholding of top 10 shareholders of unrestricted shares

                                                 Quantity of unrestricted shares held                    Share type
           Name of the shareholder
                                                  at the end of the reporting period        Share type                Quantity

                                                                                        RMB Common
Guangdong Energy Group Co., Ltd.                                       1,644,662,664                                     1,644,662,664
                                                                                        shares

                                                                                        RMB Common
Guangzhou Development Group Co., Ltd.                                    116,693,602                                      116,693,602
                                                                                        shares

                                                                                        RMB Common
China Securities Finance Co., Ltd.                                       101,323,877                                      101,323,877
                                                                                        shares

Guangdong Electric Power Development                                                    RMB Common
                                                                          94,367,341                                       94,367,341
Corporation                                                                             shares

                                                                                        RMB Common
Li Zhuo                                                                   69,463,211                                        69,463,211
                                                                                        shares

                                                                                        Foreign shares
Zheng Jianxiang                                                           25,128,874 placed in domestic                    25,128,874
                                                                                        exchange

                                                                                        RMB Common
Harbin Hali Industry Co., Ltd.                                            25,030,385                                       25,030,385
                                                                                        shares

                                                                                        Foreign shares
VANGUARD TOTAL INTERNATIONAL
                                                                          15,855,512 placed in domestic                    15,855,512
STOCK INDEX FUND
                                                                                        exchange

                                                                                        Foreign shares
CHINA INT'L CAPITAL CORP HONG
                                                                          15,216,066 placed in domestic                    15,216,066
KONG SECURITIES LTD
                                                                                        exchange

                                                                                        RMB Common
Harbin Daoli District Charity Foundation                                  13,659,108                                       13,659,108
                                                                                        shares

Explanation on associated relationship or       The fourth largest shareholder Guangdong Electric Power Development Corporation
consistent action among the top 10              is the wholly-owned subsidiaries of the largest shareholder Energy Group. These two
shareholders of non-restricted negotiable       companies have relationships; whether the other shareholders have relationships or


54
                                                    Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


shares and that between the top 10 shareholders unanimous acting was unknown.
of non-restricted negotiable shares and top 10
shareholders

                                                 The Fifth largest shareholder Li Zhuo holds 1,307,620 A shares of the Company
                                                 through A shares ordinary stock account, and holds68,155,591A shares of the
                                                 Company through stock account with credit transaction and guarantee. hold
Explanation on shareholders participating in
                                                 69,463,211 shares of the Company's stock totally.
the margin trading business(if any )(See Notes
                                                 The Seventh largest shareholder Harbin Hali Industry Co., Ltd. holds300 A shares of
4)
                                                 the Company through A shares ordinary stock account, and holds25,030,085A shares
                                                 of the Company through stock account with credit transaction and guarantee, hold
                                                 25,030,385 shares of the Company's stock totally.

Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a
buy-back agreement dealing in reporting period.
□ Yes √ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company
have no buy –back agreement dealing in reporting period.

IV. Changes in shareholdings of directors, supervisors and executive officers

□ Applicable √Not applicable
There was no change in shareholding of directors, supervisors and senior management staffs, for the specific
information please refer to the 2020 Annual Report

V. Change of the controlling shareholder or the actual controller

Change of the controlling shareholder in the reporting period
□ Applicable √ Not Applicable
There 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 applicable
There was no any change of the actual controller of the Company in the reporting period.




55
                                           Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021




                                VIII. Situation of the Preferred Shares


□Applicable √Not applicable
The Company had no preferred shares in the reporting period




56
                                                     Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


                                                       IX. Corporate Bond

√ Applicable □ Not applicable

I. Enterprise bond

□ Applicable √ Not applicable
No such cases in the reporting period.

II. Corporate bond

√ Applicable □ Not applicable

1. Basic information of corporate bonds

                                                                         Bond balance
                         Bond                  Issue     Value                         Interest
     Bond name                    Bond code                      Due day (Ten thousand                Servicing way           Trading
                       short name               day      date                            rate
                                                                             yuan )
                                                                                                  Using simple interest
Public Issuance of                                                                                rate on a yearly basis,
Corporate Bonds to                                                                                regardless of
Qualified Investors                                                                               compound interest.          Shenzhe
in 2020 (Phase I) of 20 Yudean           April   April   April                                    Due payments once a         n Stock
                               149113.SZ                         1,500,000,000 2.45%
Guandong Electric 01                     29,2020 29,2020 29,2025                                  year, maturing debt at a    Exchan
Power Development                                                                                 time. In the final phase,   ge
Co.,Ltd.                                                                                          interest is paid together
                                                                                                  with the principal
                                                                                                  redemption.
                                                                                                  Using simple interest
Public Issuance of                                                                                rate on a yearly basis,
Corporate Bonds to                                                                                regardless of
Qualified Investors                                                                               compound interest.          Shenzhe
in 2021 (Phase I) of 21 Yudean           January January January                                  Due payments once a         n Stock
                               149369.SZ                         1,000,000,000 3.57%
Guandong Electric 01                     27,2021 27,2021 27,2024                                  year, maturing debt at a    Exchan
Power Development                                                                                 time. In the final phase,   ge
Co.,Ltd.                                                                                          interest is paid together
                                                                                                  with the principal
                                                                                                  redemption.
                                                                                                  Using simple interest
Public Issuance of                                                                                rate on a yearly basis,
Corporate Bonds to                                                                                regardless of
Qualified Investors                                                                               compound interest.          Shenzhe
in 2021 (Phase II) of 21Yudean           April   April   April                                    Due payments once a         n Stock
                               149418.SZ                         1,500,000,000 3.50%
Guandong Electric 02                     28,2021 28,2021 28,2026                                  year, maturing debt at a    Exchan
Power Development                                                                                 time. In the final phase,   ge
Co.,Ltd.                                                                                          interest is paid together
                                                                                                  with the principal
                                                                                                  redemption.
Public Issuance of                                                                                Using simple interest       Shangha
Corporate Bonds to 21 Pinghai                 June      June     June                             rate on a yearly basis,     i Stock
                                 188197.SH                                  200,000,000 3.57%
Qualified Investors    01                     4,2021    4,2021   4,2023                           regardless of               Exchan
in 2021 (Phase I) of                                                                              compound interest.          ge


57
                                                    Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


Guangdong Pinghai                                                                                     Due payments once a
Power Generation                                                                                      year, maturing debt at a
Plant Co., Ltd.                                                                                       time. In the final phase,
                                                                                                      interest is paid together
                                                                                                      with the principal
                                                                                                      redemption.

Bonds traded for qualified investors         Bonds traded for qualified investors
Applicable trading mechanism                  Bidding, quotation, inquiry and agreement transaction
Whether there are risks and countermeasures
                                              Not applicable
for terminating listing transactions(If any)
Overdue and unpaid bonds
□ Applicable √ Not applicable

2. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor

□ Applicable √ Not applicable

3.Adjustment of credit rating results during the reporting period

□ Applicable √ Not applicable

4 The implementation and changes of guarantee, debt repayment plan and other debt repayment guarantee
measures during the reporting period and their impact on the rights and interests of bond investors

□ Applicable √ Not applicable

III. Debt financing instruments of non-financial enterprises

√ Applicable □ Not applicable

1. Debt financing instruments of non-financial enterprises


                                                                                                         Intere
                         Bond short                                                        Bond balan             Servicing
     Bond name                         Bond code    Issue day   Value date       Due day                 st rat                  Trading
                               name                                                            ce                     way
                                                                                                            e

Guangdong Provincia                                                                                               Repayme
l Expressway Develop 21 Yeduan                                                                                    nt of princ
                                                   January 26, January 26, July 23,202                                          Interban
ment Co., Ltd.2021 fi      FA SCP0 012100376                                               800,000,000 2.65% ipal and in
                                                   2021         2021         1                                                  k market
rst phase Ultra-short 01                                                                                          terest onc
 term financing bills                                                                                             e due

Guangdong Provincia                                                                                               Due pay
                         18 Yeduan
l Expressway Develop                               August 27, August 27, August 27,                               ments on Interban
                           FA MTN 101800948                                                800,000,000 4.19%
ment Co., Ltd. 2018 fi                             2018         2018         2021                                 ce a yea k market
                         001
rst phase medium-ter                                                                                              r,,Repay

58
                                                    Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


m notes                                                                                                         ment of pr
                                                                                                                incipal an
                                                                                                                d interes
                                                                                                                t once due

During the reporting period, interest payment
                                                  None
 situation of the company bonds(If any)

                                                  Circulation and transfer in the national inter-bank bond market, its listing and circ
Applicable trading mechanism                      ulation will be carried out in accordance with the relevant regulations promulgate
                                                  d by the National Interbank Funding Center.

Whether there are risks and countermeasures fo
                                                  No
r terminating listing transactions(If any)


2. Trigger and implementation of option clauses and investor protection clauses of the issuer or investor

□ Applicable √ Not applicable

3.Adjustment of credit rating results during the reporting period

□ Applicable √ Not applicable

4 The implementation and changes of guarantee, debt repayment plan and other debt repayment guarantee
measures during the reporting period and their impact on the rights and interests of bond investors

□ Applicable √ Not applicable

IV.Convertible bond

□ Applicable √ Not applicable

V. The loss within the scope of consolidated statements in the reporting period exceeded 10% of the net
assets at the end of the previous year

□ Applicable √ Not applicable

VI. Main accounting data and financial indicators of the Company in recent two years by the end of the
reporting period

                                                                                                                     In RMB10,000
                                    At the end of the reporting                                            At the same time rate of
             Items                                                      At the end of last year
                                              period                                                               change

Current ratio                                            57.72%                             58.89%                              -1.17%

Debt ratio                                               62.05%                             56.62%                               5.43%



59
                                             Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


Quick ratio                                       41.49%                         45.11%                           -3.62%

                                                                                              At the same time rate of
                                Amount of this period          Amount of last period
                                                                                                      change

Net profit after deducting
                                              92,233,454                    784,542,709                          -88.24%
non-recurring profit and loss

EBITDA total debt ratio                           19.62%                         11.34%                            8.28%

Time interest earned ratio                              1.21                           3.25                      -62.77%

Cash interest guarantee times                           6.23                           7.94                      -21.54%

EBITDATime interest earned
                                                        3.85                           5.62                      -31.49%
ratio

Repayment of debt (%)                              100%                           100%                                   0%

Payment of interest (%)                            100%                           100%                                   0%




60
                                            Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021




                                             X. Financial Report


I. Audit report

Has this semi-annual report been audited?
□ Yes √ No
The semi-annual financial report has not been audited.

II. Financial statements

Currency unit for the statements in the notes to these financial statements: RMB

1. Consolidated balance sheet

Prepared by:Guangdong Electric Power Development Co., Ltd.
                                                                                                              In RMB

                      Items                      June 30,2021                          December 31,2020

 Current asset:

               Monetary fund                                    5,566,527,909                         5,790,946,117

            Settlement provision

 Outgoing call loan

 Transactional financial assets

      Derivative financial assets

      Notes receivable

        Account receivable                                      4,533,682,583                         4,332,149,033

        Financing of receivables

                Prepayments                                      917,813,487                            766,871,830

            Insurance receivable

           Reinsurance receivable

     Provisions of Reinsurance contracts
                 receivable

        Other account receivable                                 525,976,003                            459,266,554

        Including:Interest receivable                            34,258,847                              27,301,568

                Dividend receivable                                                                       31,500,000

        Repurchasing of financial assets

        Inventories                                             2,329,827,695                         1,589,882,029


61
                                              Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


        Contract assets                                            4,276,992                                3,870,497

        Assets held for sales

 Non-current asset due within 1 year                                                                       49,785,734

        Other current asset                                     912,303,817                               546,685,636

 Total of current assets                                     14,790,408,486                            13,539,457,430

 Non-current assets:

 Loans and payment on other’s behalf
                   disbursed

 Creditor's right investment

      Other investment on bonds

      Long-term receivable

      Long term share equity investment                        7,369,368,592                            6,687,257,614

      Other equity instruments
                                                               3,590,053,215                            3,548,088,015
 investment

 Other non-current financial assets

      Property investment                                        48,457,262                                49,732,668

        Fixed assets                                         48,296,881,750                            47,195,233,079

 Construction in progress                                      6,961,952,641                            9,153,637,100

        Production physical assets

        Oil & gas assets

        Use right assets                                       4,399,305,885

        Intangible assets                                      2,147,486,225                            2,141,625,383

      Development expenses

        Goodwill                                                 27,209,147                                 2,449,886

 Long-germ expenses to be amortized                              26,112,427                                26,409,305

      Deferred income tax asset                                 520,513,509                               446,587,650

      Other non-current asset                                  4,153,814,490                            3,180,340,038

 Total of non-current assets                                 77,541,155,143                            72,431,360,738

 Total of assets                                             92,331,563,629                            85,970,818,168

 Current liabilities

      Short-term loans                                         8,112,048,863                            7,622,427,916

     Loan from Central Bank

      Borrowing funds

        Transactional financial liabilities

          Derivative financial liabilities


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                                        Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


           Notes payable                                  923,000,000                             1,092,292,546

         Account payable                                 4,362,279,518                            2,666,180,513

         Advance receipts

         Contract liabilities                                 586,470                                 6,573,912

     Selling of repurchased financial
 assets

 Deposit taking and interbank deposit

     Entrusted trading of securities

 Entrusted selling of securities

     Employees’ wage payable                             452,118,517                               304,548,373

     Tax payable                                          437,552,411                               498,801,080

           Other account payable                         7,461,304,204                            6,775,700,584

         Including:Interest payable

                 Dividend payable                            9,771,322                                9,771,322

         Fees and commissions payable

         Reinsurance fee payable

         Liabilities held for sales

 Non-current liability due within 1
                                                         3,066,253,723                            3,180,551,951
 year

 Other current liability                                  809,060,822                             3,217,523,576

 Total of current liability                            25,624,204,528                            25,364,600,451

 Non-current liabilities:

 Reserve fund for insurance contracts

      Long-term loan                                   21,969,981,365                            18,998,555,568

     Bond payable                                        4,199,373,854                            1,499,542,911

      Including:preferred stock

      Sustainable debt

           Lease liability                               4,136,908,238

       Long-term payable                                   24,960,000                             3,171,971,127

 Long-term remuneration payable to
                                                          206,313,777                               218,543,743
 staff

     Expected liabilities

         Deferred income                                  135,266,636                               134,647,590

      Deferred income tax liability                       704,031,063                               638,571,910

 Other non-current liabilities                            290,157,029                               200,970,029


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                                          Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


 Total non-current liabilities                           31,666,991,962                            24,862,802,878

 Total of liability                                      57,291,196,490                            50,227,403,329

 Owners’ equity

      Share capital                                          5,250,283,986                          5,250,283,986

      Other equity instruments

      Including:preferred stock

      Sustainable debt

     Capital reserves                                        4,902,263,914                          4,902,263,914

      Less:Shares in stock

 Other comprehensive income                                  2,030,655,147                          1,946,305,595

        Special reserve

      Surplus reserves                                       8,903,515,135                          8,515,360,638

 Common risk provision

 Retained profit                                             5,846,621,567                          6,755,781,289

 Total of owner’s equity belong to the
                                                         26,933,339,749                            27,369,995,422
 parent company

 Minority shareholders’ equity                              8,107,027,390                          8,373,419,417

 Total of owners’ equity                                35,040,367,139                            35,743,414,839

 Total of liabilities and owners’
                                                         92,331,563,629                            85,970,818,168
 equity


Legal representative :Wang Jin

Person-in-charge of the accounting work:Liu Wei

Person-in -charge of the accounting organ:Meng Fei

2.Parent Company Balance Sheet

                                                                                                           In RMB

                      Items                   June 30,2021                           December 31,2020

 Current asset:

 Monetary fund                                                639,674,711                             338,045,631

 Transactional financial assets

      Derivative financial assets

        Notes receivable

        Account receivable                                    121,419,472                             173,029,247


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                                          Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


 Financing of receivables

        Prepayments                                          27,649,966                                26,680,500

      Other account receivable                              298,564,358                               328,224,857

        Including:Interest receivable                         1,116,857                                1,038,206

        Dividend receivable                                                                            31,500,000

        Inventories                                         164,383,988                               118,530,205

        Contract assets

        Assets held for sales

 Non-current asset due within 1 year

        Other current asset                                     895,008                                 1,209,217

 Total of current assets                                   1,252,587,503                              985,719,657

 Non-current assets:

 Debt investment

        Other investment on bonds

      Long-term receivable                                  467,000,000                               467,000,000

      Long term share equity investment                  29,872,486,231                            28,453,042,855

 Other equity instruments investment                       3,670,554,085                            3,548,088,015

 Other non-current financial assets

      Property investment                                      6,072,046                                6,389,845

      Fixed assets                                          511,066,141                               559,635,880

     Construction in progress                                  3,082,960                                  200,574

        Production physical assets

        Oil & gas assets

        Use right assets

        Intangible assets                                    79,887,603                                81,954,649

      Development expenses

        Goodwill

 Long-germ expenses to be amortized

      Deferred income tax asset

      Other non-current asset                               305,853,879                               208,353,879

 Total of non-current assets                             34,916,002,945                            33,324,665,697

 Total of assets                                         36,168,590,448                            34,310,385,354

 Current liabilities

        Short-term loans                                   2,302,429,806                            1,902,013,125



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                                               Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


         Transactional financial liabilities

           Derivative financial liabilities

         Notes payable

         Account payable                                         213,018,637                               136,723,162

      Advance receipts

         Contract Liabilities                                        258,000                                 6,343,773

     Employees’ wage payable                                    102,242,247                                93,479,997

     Tax payable                                                  24,306,819                                28,112,055

           Other account payable                                  37,437,900                                40,872,386

         Including:Interest payable

                 Dividend payable                                   9,771,322                                9,771,322

         Liabilities held for sales

 Non-current liability due within 1
                                                                 859,359,167                               836,189,634
 year

 Other current liability                                         809,060,822                             3,217,281,173

 Total of current liability                                     4,348,113,398                            6,261,015,305

 Non-current liabilities:

      Long-term loan

     Bond payable                                               3,999,493,854                            1,499,542,911

      Including:preferred stock

      Sustainable debt

              Lease liability

         Long-term payable

 Long-term remuneration payable to
                                                                  52,802,577                                56,805,513
 staff

     Expected liabilities

         Deferred income                                          29,988,606                                29,988,606

      Deferred income tax liability                              649,624,463                               621,507,946

 Other non-current liabilities

 Total non-current liabilities                                  4,731,909,500                            2,207,844,976

 Total of liability                                             9,080,022,898                            8,468,860,281

 Owners’ equity

      Share capital                                             5,250,283,986                            5,250,283,986

      Other equity instruments

      Including:preferred stock


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      Sustainable debt

      Capital reserves                                      5,405,326,643                            5,405,326,643

      Less:Shares in stock

 Other comprehensive income                                 2,030,655,147                            1,946,305,595

        Special reserve

      Surplus reserves                                      8,903,515,135                            8,515,360,638

        Retained profit                                     5,498,786,639                            4,724,248,211

 Total of owners’ equity                                  27,088,567,550                           25,841,525,073

 Total of liabilities and owners’
                                                           36,168,590,448                           34,310,385,354
 equity


3.Consolidated Income statement

                                                                                                               In RMB

                    Items                The first half year of 2021             The first half year of 2020

       I. Income from the key business                     17,781,521,221                           12,539,917,823

           Incl:Business income                           17,781,521,221                           12,539,917,823

               Interest income

             Insurance fee earned

        Fee and commission received

 II. Total business cost                                   17,943,454,838                           11,135,841,343

 Incl:Business cost                                       16,786,719,665                           10,150,973,022

         Interest expense

     Fee and commission paid

       Insurance discharge payment

      Net claim amount paid

 Net amount of withdrawal of insurance
 contract reserve

 Insurance policy dividend paid

      Reinsurance expenses

        Business tax and surcharge                             107,013,832                              98,152,077

        Sales expense                                           30,495,119                              22,894,557

     Administrative expense                                    348,713,784                             301,675,673

             R & D costs                                        93,861,839                                 831,109

        Financial expenses                                     576,650,599                             561,314,905



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       Including:Interest expense                               618,003,887                              594,291,506

                    Interest income                               41,832,597                               35,840,406

     Add: Other income                                            10,575,225                               13,488,715

 Investment gain(“-”for loss)                                428,095,078                              236,069,065

     Incl: investment gains from affiliates                      397,912,700                              214,698,621

     Financial assets measured at
 amortized cost cease to be recognized
 as income

          Gains from currency exchange

       Net exposure hedging income

          Changing income of fair value

          Credit impairment loss                                    -238,645                                   20,911

       Impairment loss of assets                                                                          -16,743,630

     Assets disposal income                                       23,852,682                               51,176,776

 III. Operational profit(“-”for loss)                        300,350,723                            1,688,088,317

     Add :Non-operational income                                 15,761,876                               16,867,922

     Less: Non-operating expense                                  14,626,058                               13,027,594

 IV. Total profit(“-”for loss)                                 301,486,541                            1,691,928,645

     Less:Income tax expenses                                   106,678,961                              472,879,412

 V. Net profit                                                   194,807,580                            1,219,049,233

     (I) Classification by business
 continuity

 1.Net continuing operating profit                               194,807,580                            1,219,049,233

 2.Termination of operating net profit

     (II) Classification by ownership

 1.Net profit attributable to the owners
                                                                 109,028,853                              813,684,495
 of parent company

 2.Minority shareholders’ equity                                 85,778,727                              405,364,738

 VI. Net after-tax of other
                                                                  84,349,552                               -5,609,082
 comprehensive income


 Net of profit of other comprehensive in
                                                                  84,349,552                               -5,609,082
 come attributable to owners of the pare
 nt company.

 (I)Other comprehensive income
 items that will not be reclassified into                         84,349,552                               -5,609,082
 gains/losses in the subsequent

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 accounting period

 1.Re-measurement of defined benefit pl
 ans of changes in net debt or net assets

 2.Other comprehensive income under t
 he equity method investee can not be re
 classified into profit or loss.

 3. Changes in the fair value of
                                                                84,349,552                               -5,609,082
 investments in other equity instruments

 4. Changes in the fair value of the
 company’s credit risks

      5.Other

        (II)
 Other comprehensive income that will
 be reclassified into profit or loss.


 1.Other comprehensive income under t
 he equity method investee can be reclas
 sified into profit or loss.

 2. Changes in the fair value of
 investments in other debt obligations

 3. Other comprehensive income arising
 from the reclassification of financial
 assets

 4.Allowance for credit impairments in
 investments in other debt obligations

 5. Reserve for cash flow hedges

 6.Translation differences in currency fi
 nancial statements

      7.Other

 Net of profit of other comprehensive in
 come attributable to Minority
 shareholders’ equity

 VII. Total comprehensive income                               279,157,132                            1,213,440,151

 Total comprehensive income
 attributable to the owner of the parent                       193,378,405                              808,075,413
 company

     Total comprehensive income
                                                                85,778,727                              405,364,738
 attributable minority shareholders

 VIII. Earnings per share


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 (I)Basic earnings per share                                           0.0208                                    0.1550

     (II)Diluted earnings per share                                      0.0208                                    0.1550

The current business combination under common control, the net profits of the combined party before achieved ne
t profit of RMB 0.00, last period the combined party realized RMB0.00.

Legal representative :Wang Jin

Person-in-charge of the accounting work:Liu Wei

Person-in -charge of the accounting organ:Meng Fei

4. Income statement of the Parent Company

                                                                                                                   In RMB

                    Items                  The first half year of 2021              The first half year of 2020

      I. Income from the key business                            665,551,244                              469,554,164

              Incl:Business cost                                705,513,618                              501,798,888

         Business tax and surcharge                                 3,788,180                                3,804,965

                Sales expense                                       1,107,630                                1,264,698

           Administrative expense                                 46,656,602                               54,085,038

              R & D expense

        Financial expenses                                       123,235,844                              111,084,805

           Including:Interest expenses                          123,796,443                              112,921,626

              Interest income                                       2,267,082                                2,323,189

      Add:Other income                                                  61,144                                    44,061

      Investment gain(“-”for loss)                         2,007,008,902                            1,335,585,326

 Including: investment gains from
                                                                 392,738,688                              211,523,852
 affiliates

 Financial assets measured at
 amortized cost cease to be recognized
 as income

           Net exposure hedging income

           Changing income of fair value

           Credit impairment loss                                        -1,866                                    20,911

        Impairment loss of assets                                                                          -16,743,630

      Assets disposal income                                                                                      157,963

 II. Operational profit(“-”for loss)                       1,792,317,550                            1,116,418,492

        Add :Non-operational income                                1,034,325                                9,787,936

70
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     Less:Non -operational expenses                              624,872                                 1,374,084

 III. Total profit(“-”for loss)                            1,792,727,003                            1,124,832,344

       Less:Income tax expenses                                                                          2,056,715

 IV. Net profit                                              1,792,727,003                            1,122,775,629

 1.Net continuing operating profit                           1,792,727,003                            1,122,775,629

 2.Termination of operating net profit

 V. Net after-tax of other
                                                               84,349,552                                -5,609,080
 comprehensive income

 (I)Other comprehensive income
 items that will not be reclassified into
                                                               84,349,552                                -5,609,080
 gains/losses in the subsequent
 accounting period

 1.Re-measurement of defined benefit
 plans of changes in net debt or net ass
 ets

 2.Other comprehensive income under
 the equity method investee can not b
 e reclassified into profit or loss.

 3. Changes in the fair value of
 investments in other equity                                   84,349,552                                -5,609,080
 instruments

 4. Changes in the fair value of the
 company’s credit risks

     5.Other


 (II)Other comprehensive income that
 will be reclassified into profit or loss


 1.Other comprehensive income under
 the equity method investee can be re
 classified into profit or loss.

 2. Changes in the fair value of
 investments in other debt obligations

 3. Other comprehensive income
 arising from the reclassification of
 financial assets

 4.Allowance for credit impairments
 in investments in other debt
 obligations


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 5. Reserve for cash flow hedges

 6.Translation differences in currency
 financial statements

      7.Other

 VI. Total comprehensive income                               1,877,076,555                            1,117,166,549

 VII. Earnings per share

 (I)Basic earnings per share                                          0.3415                                   0.2139

     (II)Diluted earnings per share                                     0.3415                                   0.2139


5. Consolidated Cash flow statement

                                                                                                                 In RMB

                    Items                 The first half year of 2021              The first half year of 2020

 I.Cash flows from operating activities

 Cash received from sales of goods or
                                                             19,776,330,714                           13,888,627,580
 rending of services

     Net increase of customer deposits
 and capital kept for brother company

 Net increase of loans from central
 bank

 Net increase of inter-bank loans from
 other financial bodies

 Cash received against original
 insurance contract

 Net cash received from reinsurance
 business

 Net increase of client deposit and
 investment

      Cash received from interest,
 commission charge and commission

 Net increase of inter-bank fund
 received

 Net increase of repurchasing business

 Net cash received by agent in
 securities trading

       Tax returned                                              19,779,329                              118,191,168

 Other cash received from business
                                                                128,303,455                              180,127,664
 operation


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       Sub-total of cash inflow                            19,924,413,498                            14,186,946,412

 Cash paid for purchasing of
                                                           14,761,223,364                             8,244,133,716
     merchandise and services

 Net increase of client trade and
 advance

 Net increase of savings in central
 bank and brother company

      Cash paid for original contract
 claim

      Net increase in financial assets
 held for trading purposes

      Net increase for Outgoing call loan

     Cash paid for interest, processing
 fee and commission

 Cash paid to staffs or paid for staffs                       848,669,695                               703,279,072

     Taxes paid                                               872,091,806                               871,954,680

 Other cash paid for business activities                      345,570,990                               349,357,047

 Sub-total of cash outflow from
                                                           16,827,555,855                            10,168,724,515
      business activities

 Net cash generated from /used in
                                                             3,096,857,643                            4,018,221,897
 operating activities

 II. Cash flow generated by investing

 Cash received from investment
 retrieving

 Cash received as investment gains                            181,835,789                               331,332,300

 Net cash retrieved from disposal of
 fixed assets, intangible assets, and                          55,491,644                               127,909,560
 other long-term assets

 Net cash received from disposal of
 subsidiaries or other operational units

 Other investment-related cash
                                                               83,767,669
 received

 Sub-total of cash inflow due to
                                                              321,095,102                               459,241,860
 investment activities

 Cash paid for construction of fixed
        assets, intangible assets and                        4,069,950,057                            3,786,337,519
        other long-term assets

 Cash paid as investment                                      338,850,126


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 Net increase of loan against pledge

 Net cash received from subsidiaries
                                                           103,159,958
 and other operational units

 Other cash paid for investment
 activities

 Sub-total of cash outflow due to
                                                          4,511,960,141                            3,786,337,519
 investment activities

 Net cash flow generated by
                                                         -4,190,865,039                           -3,327,095,659
 investment

 III.Cash flow generated by financing

 Cash received as investment                               126,187,000                                 4,400,000

 Including: Cash received as
                                                                                                       4,400,000
 investment from minor shareholders

     Cash received as loans                             14,573,805,723                            11,920,106,727

 Other financing –related cash
 received

 Sub-total of cash inflow from
                                                        14,699,992,723                            11,924,506,727
 financing activities

 Cash to repay debts                                    11,881,467,765                            10,243,656,584

 Cash paid as dividend, profit, or
                                                          1,908,378,220                            1,727,557,296
 interests

 Including: Dividend and profit paid
                                                           605,612,185                               405,101,369
 by subsidiaries to minor shareholders

 Other cash paid for financing
                                                            40,616,876
 activities

 Sub-total of cash outflow due to
                                                        13,830,462,861                            11,971,213,880
 financing activities

 Net cash flow generated by financing                      869,529,862                               -46,707,153

 IV. Influence of exchange rate
 alternation on cash and cash                                     -122                                       228
 equivalents

 V.Net increase of cash and cash
                                                          -224,477,656                               644,419,313
 equivalents

 Add: balance of cash and cash
                                                          5,763,619,876                            5,079,641,969
 equivalents at the beginning of term

 VI ..Balance of cash and cash
                                                          5,539,142,220                            5,724,061,282
 equivalents at the end of term




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6. Cash Flow Statement of the Parent Company

                                                                                                                   In RMB

                    Items                  The first half year of 2021              The first half year of 2020

 I.Cash flows from operating activities

 Cash received from sales of goods or
                                                                 783,452,071                              583,190,697
 rending of services

     Tax returned                                                         63,577                             1,797,630

 Other cash received from business
                                                                  20,188,753                               52,625,737
 operation

 Sub-total of cash inflow                                        803,704,401                              637,614,064

 Cash paid for purchasing of
                                                                 581,204,165                              379,318,233
 merchandise and services

 Cash paid to staffs or paid for staffs                          133,944,525                              138,572,849

 Taxes paid                                                       26,292,457                               38,922,537

 Other cash paid for business activities                          22,417,628                               28,960,467

 Sub-total of cash outflow from
                                                                 763,858,775                              585,774,086
      business activities

 Net cash generated from /used in
                                                                  39,845,626                               51,839,978
 operating activities

 II. Cash flow generated by investing

 Cash received from investment
                                                                                                           16,460,000
 retrieving

 Cash received as investment gains                             1,767,052,502                            1,437,319,191

 Net cash retrieved from disposal of
 fixed assets, intangible assets, and                                    532,467                                  855,007
 other long-term assets

 Net cash received from disposal of
 subsidiaries or other operational units

 Other investment-related cash
 received

     Sub-total of cash inflow due to
                                                               1,767,584,969                            1,454,634,198
 investment activities

 Cash paid for construction of fixed
        assets, intangible assets and                              11,365,569                                7,829,959
        other long-term assets

        Cash paid as investment                                1,254,689,794                              653,932,389

 Net cash received from subsidiaries


75
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 and other operational units

 Other cash paid for investment
 activities

 Sub-total of cash outflow due to
                                                          1,266,055,363                              661,762,348
 investment activities

 Net cash flow generated by
                                                           501,529,606                               792,871,850
 investment

 III. Cash flow generated by financing

      Cash received as investment

        Cash received as loans                            4,399,822,000                            3,800,505,296

 Other financing –related ash
                                                             1,104,829
      received

     Sub-total of cash inflow from
                                                          4,400,926,829                            3,800,505,296
 financing activities

      Cash to repay debts                                 3,900,000,000                            3,201,205,812

 Cash paid as dividend, profit, or
                                                           738,484,034                               765,486,917
 interests

 Other cash paid for financing
                                                             2,188,825
 activities

     Sub-total of cash outflow due to
                                                          4,640,672,859                            3,966,692,729
 financing activities

 Net cash flow generated by financing                     -239,746,030                              -166,187,433

 IV. Influence of exchange rate
 alternation on cash and cash                                     -122                                       228
 equivalents

 V.Net increase of cash and cash
                                                           301,629,080                               678,524,623
 equivalents

 Add: balance of cash and cash
                                                           338,045,631                               224,504,289
 equivalents at the beginning of term

 VI ..Balance of cash and cash
                                                           639,674,711                               903,028,912
 equivalents at the end of term




76
                                                                                                              Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


7. Consolidated Statement on Change in Owners’ Equity
Amount in this period
                                                                                                                                                                                   In RMB
                                                                                                             The first half year of 2021
                                                                                 Owner’s equity Attributable to the Parent Company
                                                            Other Equity                                                           Com
                                                                                       Less:     Other                                                                         Minor         Total of
                  Items                                      instrument                                    Speciali                mon
                                              Share                           Capital Shares Comprehen                 Surplus                          Ot                 shareholders’ owners’
                                                       Preferr                                               zed                   risk Retained profit        Subtotal
                                             Capital                     Oth reserves    in       sive                reserves                          her                    equity         equity
                                                          ed Sustaina                                      reserve                provis
                                                                          er           stock    Income
                                                        stock ble debt                                                             ion
                                            5,250,283,                       4,902,263        1,946,305,5            8,515,360,
I.Balance at the end of last year                                                                                                        6,755,781,289      27,369,995,422 8,373,419,417 35,743,414,839
                                                  986                             ,914                  95                   638
Add: Change of accounting policy
Correcting of previous errors
Merger of entities under common
control
   Other
II.Balance at the beginning of current      5,250,283,                      4,902,263          1,946,305,5          8,515,360,
                                                                                                                                       6,755,781,289      27,369,995,422 8,373,419,417 35,743,414,839
year                                              986                            ,914                  95                 638
                                                                                                                   388,154,49
III.Changed in the current year                                                                84,349,552                               -909,159,722        -436,655,673 -266,392,027     -703,047,700
                                                                                                                            7
(1)Total comprehensive income                                                                84,349,552                               109,028,853          193,378,405    85,778,727     279,157,132
(II)Investment or decreasing of capital
                                                                                                                                                                           253,441,431     253,441,431
by owners
1.Ordinary Shares invested by shareho
                                                                                                                                                                           253,441,431     253,441,431
lders
2.Holders of other equity instruments i
nvested capital
3.Amount of shares paid and accounted
as owners’ equity
4.Other
                                                                                                                   388,154,49
(III)Profit allotment                                                                                                               -1,018,188,575        -630,034,078 -605,612,185 -1,235,646,263
                                                                                                                            7
                                                                                                                   388,154,49
1.Providing of surplus reserves                                                                                                         -388,154,497
                                                                                                                            7
 2.Providing of common risk provisions
77
                                                                                                              Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


3.Allotment to the owners (or
                                                                                                                                       -630,034,078        -630,034,078 -605,612,185 -1,235,646,263
shareholders)
   4.Other
(IV) Internal transferring of owners’
equity
1. Capitalizing of capital reserves (or to
capital shares)
2. Capitalizing of surplus reserves (or to
capital shares)
3.Making up losses by surplus reserves.
4.Change amount of defined benefit
plans that carry forward
Retained earnings
5.Other comprehensive income
carry-over retained earnings
6.Other
(V). Special reserves
1. Provided this year
2.Used this term
(VI)Other
                                             5,250,283,                      4,902,263         2,030,655,1          8,903,515,
IV. Balance at the end of this term                                                                                                   5,846,621,567      26,933,339,749 8,107,027,390 35,040,367,139
                                                   986                            ,914                 47                 135
Amount in last year
                                                                                                                    In RMB
                                                                                                        The first half year of 2020
                                                                                Owner’s equity Attributable to the Parent Company
                                                              Other Equity                Less
                                                                                                                                                                         Minor
                                                               instrument                   :                                      Comm                                             Total of
                   Items                                                                          Other     Speciali                                                    sharehol
                                                Share                           Capital Shar                             Surplus on risk Retained Oth                              owners’
                                                         Preferr                               Comprehen       zed                                        Subtotal       ders’
                                               Capital                     Oth reserves es in                            reserves provisi   profit   er                              equity
                                                            ed Sustaina                        sive Income reserve                                                       equity
                                                                            er            stoc                                      on
                                                          stock ble debt
                                                                                            k
                                              5,250,283,                       5,096,918,      1,676,143,0              8,245,767,        5,909,128,    26,178,241,0    8,011,44 34,189,685,
 I.Balance at the end of last year
                                                    986                              174                44                     593               280               77      4,289        366
 Add: Change of accounting policy
 Correcting of previous errors

78
                                                                                      Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


 Merger of entities under common
 control
    Other
 II.Balance at the beginning of current       5,250,283,   5,096,918,   1,676,143,0         8,245,767,         5,909,128,     26,178,241,0 8,011,44   34,189,685,
 year                                               986          174            44                593                280                77    4,289          366
                                                                                           269,593,04         -85,942,62                   21,068,9    199,110,27
 III.Changed in the current year                                        -5,609,082                                             178,041,335
                                                                                                    5                  8                         38             3
                                                                                                              813,684,49                   405,364,   1,213,440,1
 (1)Total comprehensive income                                        -5,609,082                                             808,075,413
                                                                                                                       5                        738            51
 (II)Investment or decreasing of capital                                                                                                 20,805,5
                                                                                                                                                       20,805,569
 by owners                                                                                                                                       69
 1.Ordinary Shares invested by shareho                                                                                                    20,805,5
                                                                                                                                                       20,805,569
 lders                                                                                                                                           69
 2 . Holders of other equity instruments
 invested capital
 3.Amount of shares paid and accounted
 as owners’ equity
 4.Other
                                                                                           269,593,04         -899,627,1                     -405,101, -1,035,135,
 (III)Profit allotment                                                                                                      -630,034,078
                                                                                                    5                23                           369         447
                                                                                           269,593,04         -269,593,0
 1.Providing of surplus reserves
                                                                                                    5                45
   2.Providing of common risk provisions
 3.Allotment to the owners (or                                                                               -630,034,0                     -405,101, -1,035,135,
                                                                                                                              -630,034,078
 shareholders)                                                                                                       78                           369         447
    4.Other
 (IV) Internal transferring of owners’
 equity
 1. Capitalizing of capital reserves (or to
 capital shares)
 2. Capitalizing of surplus reserves (or to
 capital shares)
 3.Making up losses by surplus reserves.
 4.Change amount of defined benefit
 plans that carry forward
 Retained earnings
 5.Other comprehensive income

79
                                                                                                                Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


 carry-over retained earnings
 6.Other
 (V). Special reserves
 1. Provided this year
 2.Used this term
 (VI)Other
                                           5,250,283,                         5,096,918,      1,670,533,9              8,515,360,           5,823,185,        26,356,282,4 8,032,51 34,388,795,
 IV. Balance at the end of this term
                                                 986                                174               62                     638                  652                  12     3,227        639


8.Statement of change in owner’s Equity of the Parent Company

Amount in this period


                                                                                                  In RMB
                                                                                                             The first half year of 2021
                                                                    Other Equity instrument                 Less:
                                                                                                                        Other                                                           Total of
                       Items                                                                   Capital      Share                    Specialize    Surplus       Retained      Othe
                                                     Share capital Preferre                                        Comprehensiv                                                        owners’
                                                                            Sustainabl Other reserves        s in                    d reserve     reserves       profit        r
                                                                   d stock                                            e Income                                                           equity
                                                                              e debt                        stock
                                                     5,250,283,98                            5,405,326,6                                          8,515,360,63                        25,841,525,07
 I.Balance at the end of last year                                                                                 1,946,305,595                               4,724,248,211
                                                                 6                                     43                                                    8                                    3
 Add: Change of accounting policy
 Correcting of previous errors
       Other
                                                     5,250,283,98                             5,405,326,6                                         8,515,360,63                        25,841,525,07
 II.Balance at the beginning of current year                                                                       1,946,305,595                               4,724,248,211
                                                                6                                     43                                                     8                                    3
 III.Changed in the current year                                                                                       84,349,552                  388,154,497 774,538,428            1,247,042,477
 (I)Total comprehensive income                                                                                       84,349,552                              1,792,727,003          1,877,076,555
 (II) Investment or decreasing of capital by
 owners
 1.Ordinary Shares invested by shareholders
 2 . Holders of other equity instruments invested
 capital
 3.Amount of shares paid and accounted as
 owners’ equity

80
                                                                                                                Guangdong Electric Power Development Co., Ltd. The Semi-annual Report 2021


 4.Other
                                                                                                                                                             -1,018,188,57
 (III)Profit allotment                                                                                                                         388,154,497                        -630,034,078
                                                                                                                                                                         5
 1.Providing of surplus reserves                                                                                                                 388,154,497 -388,154,497
 2.Allotment to the owners (or shareholders)                                                                                                                 -630,034,078          -630,034,078
 3.Other
 (IV) Internal transferring of owners’ equity
 1. Capitalizing of capital reserves (or to capital
 shares)
 2. Capitalizing of surplus reserves (or to capital
 shares)
 3.Making up losses by surplus reserves.
 4.Change amount of defined benefit plans that
 carry forward
 Retained earnings
 5.Other comprehensive income carry-over
 retained earnings
 6.Other
 (V) Special reserves
 1. Provided this year
 2.Used this term
 (VI)Other
                                                        5,250,283,98                          5,405,326,6                                        8,903,515,13                       27,088,567,55
 IV. Balance at the end of this term                                                                               2,030,655,147                              5,498,786,639
                                                                   6                                  43                                                    5                                   0
Amount in last year
                                                                                                                                                                                        In RMB
                                                                                                            The first half year of 2020
                                                                    Other Equity instrument                 Less:
                                                                                                                         Other       Specializ                                         Total of
                      Items                            Share       Preferr                     Capital      Shar                                   Surplus      Retained&ensp