Auditor’s Report
Guangdong Electric Power Development Co., Ltd.
For the year ended 31 December 2025
[English translation for reference only. Should there be any inconsistency between the Chinese
and English versions, the Chinese version shall prevail.]
Grant Thornton Zhitong
Certified Public Accountants LLP
CONTENTS
Auditor’s Report 1-7
Consolidated and company balance sheets 1-2
Consolidated and company income statements 3-4
Consolidated and company cash flow statements 5
Consolidated and company statements of changes in shareholders’ equity 6-9
Notes to the financial statements 10-147
Grant Thornton Zhitong Certified Public
Accountants LLP
Beijing 100004, China
T +86 10 8566 5588
F +86 10 8566 5120
www.grantthornton.cn
(English Translation for Reference Only)
Auditor's Report
GTCNSZ (2026) NO. 440A004592
To the shareholders of Guangdong Electric Power Development Co., Ltd.,
I. Opinion
We have audited the financial statements of Guangdong Electric Power Development Co., Ltd.
(hereinafter “Guangdong Electric Power”, “the Company”), which comprise the consolidated and
company balance sheets as at 31 December 2025, the consolidated and company income
statements, the consolidated and company cash flow statements, the consolidated and company
statements of changes in shareholders’ equity for the year then ended, and notes to the financial
statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the
consolidated and company’s financial position of Guangdong Electric Power as at 31 December
with the requirements of Accounting Standards for Business Enterprises (CASs).
II. Basis for Opinion
We conduct our audit in accordance with China Standards on Auditing (CSAs). Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the
Financial Statements Section of our report. We are independent of the Company in accordance with
the Code of Ethics for Chinese Certified Public Accountant (the Ethics Code) and the Independence
Standards for Certified Public Accountants regarding independence requirements for public interest
entities. We fulfill our other ethical responsibilities in accordance with these requirements and the
Ethics Code. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
III. Key Audit Matter
Key audit matters are the matters, in our professional judgement, of the most significance in our
audit of the financial statements of the current period. These matters are addressed in the context
of our audit of the financial statements as a whole, and forming our opinion thereon, and we do not
provide a separate opinion on these matters.
(I) Impairment of power related property, plant and equipment
Refer to Note III.21, Note III.32 (2) and Note V. 10 in the Notes to the Financial Statements.
As of 31 December 2025, the carrying amount of property, plant and equipment (PPE) in
Guangdong Electric Power’s consolidated balance sheet amounted to RMB 85.9 billion. For the
year ended 31 December 2025, the Company recorded an impairment loss on PPE of RMB 229
million in its consolidated income statement.
The Company assesses on the balance sheet date whether there is any indication of impairment for
PPE. For those with impairment indicators, an impairment test is performed. If the results of the
impairment test show that the recoverable amount of the asset or cash-generating unit (CGU) is
lower than its carrying amount, an impairment loss is recognized for the difference.
In 2025, certain subsidiaries of Guangdong Electric Power were in a state of continuous operating
losses, indicating impairment for the PPE of these subsidiaries. In accordance with the asset
utilization plan, the management team (the Management) determined the recoverable amount of an
asset or CGU as the higher of its fair value less costs of disposal, and the present value of the
expected future cash inflows from it. The calculation of the present value of the future net cash
flows involved the Management’s significant judgements and estimates for the discount rate, the
on-grid electricity price, the electricity sale volume and the fuel price for power generation.
Because the carrying amount of PPE with indication of impairment was significant to the
consolidated financial statements of the Company, and the impairment testing of electricity
generating CGUs involved the Management’s significant estimates and judgements, the impairment
of PPE related to power generation is identified as a key audit matter.
Our audit procedures for the impairment of power generation related PPE mainly included：
(1) Understanding, assessing and testing the internal control procedure relevant to the
impairment test of PPE and its effectiveness in operation;
(2) Involving internal valuation specialists to review the reasonableness of the method
applied by management for the impairment test;
(3) Evaluating the reasonableness of the estimates of discount rate, on-grid electricity
price, electricity sale volume and fuel price for power generation applied in calculating
the present value of future net cash flows of power generation related PPE, considering
the historical operating results of the assets, the subsidiaries as well as the industry:
-For the estimation of the discount rate, we involved the work of internal valuation
specialists to evaluate its appropriateness;
-For the estimation of the on-grid electricity price and the fuel price for power
generation, we referred to the historical and industry data, as well as market trends;
-For the estimation of the electricity sale volume, we referred to the historical data,
approved budgets and business plans, as well as the corresponding supporting
documents;
(4) Obtain the impairment test schedules prepared by management relating to PPE with
impairment indicators, verifying the input data and formulas used in the calculation of
the present value of future cash flows, as well as the accuracy of the results;
(5) Comparing the key estimates used by management as to the present value of future
cash flows in actual operation of the current year with the predicted values in the prior
year, assessing whether there is any indication of management bias;
(6) Conducting sensitivity analysis on the discount rate and other key estimates used by
management, assessing whether changes in key estimates would lead to different
conclusions, and thereby assessing if there was any indication of management bias in
the selecting estimates.
(II) Recognition of deferred tax assets related to deductible losses
Refer to Note V.16 in the Notes to the Financial Statements.
As at 31 December 2025, Guangdong Electric Power recognized RMB 340 million in the deferred
tax assets accounting from the deductible losses incurred by certain subsidiaries. The management
recognized these deferred tax assets within the limits of the future taxable income these
subsidiaries were likely to obtain from the deductible losses, basing on the financial forecast. The
financial forecast of these subsidiaries in future periods involved the Management's significant
judgements and estimates for the discount rate, the on-grid electricity price, the electricity sale
volume and the fuel price for power generation.
Because the deferred tax assets related to deductible losses were significant to the consolidated
financial statements of Guangdong Electric Power, and the financial forecast for future periods
involved management’s significant judgements and estimates, the deferred tax assets related to
deductible losses are identified as a key audit matter.
Our audit procedures for recognition of deferred tax assets related to deductible losses mainly
included:
(1) Understanding, assessing and testing the internal control procedure relevant to
the deferred tax assets related to deductible losses and its effectiveness in
operation;
(2) Inquiring with management about the approved financial forecast for future
periods, verifying the input data and formulas used in the calculation of the
present value of future net cash flows, as well as the accuracy of the results;
(3) Inquiring with management about the annual income tax return files related to the
deductible losses, and verifying the accuracy of the deductible losses amount and
its period;
(4) Evaluating the reasonableness of the estimates of discount rate, on-grid
electricity price, electricity sale volume and fuel price for power generation
applied in calculating the expected taxable income for future periods, considering
the historical operating results of the assets, the subsidiaries as well as the
industry;
(5) Comparing the predicted taxable incomes of 2025 made in 2024 and the actual
taxable income of 2025, examining the accuracy of the prediction and reviewing
for any indication of management bias;
(6) Reviewing whether the deferred tax assets were recognized within the limits of
the estimated future taxable income expected to be realized during the deductible
period.
IV. Other Information
The Management of Guangdong Electric Power is responsible for the other information. The other
information comprises all the information excluding the financial statements and our auditor’s report,
in 2025 annual report of Guangdong Electric Power.
Our opinion on the financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility includes reviewing the
other information for any material inconsistency with the financial statements or our knowledge
obtained in the audit, or if there is any material misstatement.
We are required to report any material misstatement of the other information. Although, we have
nothing to report in this regard, based on the work we have performed.
V. Responsibilities of Management and Those Charged with the Audit and Compliance Committee for
the Financial Statements
Management of Guangdong Electric Power is responsible for the preparation and fair presentation
of these financial statements in accordance with the CASs, and for the design, performance and
maintenance of such internal control, enabling that the financial statements are free from material
misstatement, whether due to fraud or error.
In preparing these financial statements, management is responsible for assessing Guangdong
Electric Power’s ability to continue as a going concern, and disclosing (if applicable) the matters
related to going concern. The management is compulsory to imply the going concern basis of
accounting unless they intend to liquidate Guangdong Electric Power or to cease operations, or has
no realistic alternative but to do so.
The Audit and Compliance Committee is responsible for overseeing Guangdong Electric Power’s
financial reporting process.
VI. Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether these financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with CSAs will always detect an existing material
misstatement. Misstatements can arise from fraud or error. They are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with CSAs, we exercise professional judgement and maintain
professional skepticism throughout the audit, including:
(1) Identifying and assessing the risks of material misstatement of the financial statements,
whether due to fraud or error, designing and performing audit procedures responsive to those
risks, and obtaining audit evidence that is sufficient and appropriate to provide a basis for our
opinion; the risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control;
(2) Obtaining an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances;
(3) Evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the Management;
(4) Concluding on the appropriateness of the Management's use of the going concern basis of
accounting and determining based on the audit evidence obtained whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the
Company’s ability to continue as a going concern; if we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s report to the related disclosures in
these financial statements or, if such disclosures are inadequate, to modify our opinion; our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report,
though future events or conditions may cause the Company to cease to continue as a going
concern;
(5) Evaluating the overall presentation, structure and content of the financial statements, and
whether the financial statements represent the underlying transactions and events in a manner
that achieves fair presentation;
(6) Obtaining sufficient appropriate audit evidence regarding the financial information of the
entities or business activities within Guangdong Electric Power to express an opinion on the
financial statements; we are responsible for the direction, supervision and performance of the
group audit; We remain solely responsible for our audit opinion.
We communicate with those charged with the Audit and Compliance Committee regarding, among
other matters, the planned scope and timing of the audit and significant audit findings, including any
significant deficiency in internal control that we identified during our audit.
We also provide those charged with the Audit and Compliance Committee with a statement that we
have complied with relevant ethical requirements regarding independence, and to communicate
with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with the Audit and Compliance Committee, we
determine those matters that were of most significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure about the matter or when, in extremely
rare circumstances, we determine that a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.
Grant Thornton Zhitong Chinese Certified Public Accountant Bitao Deng
Certified Public Accountants LLP (Engagement Partner)
Chinese Certified Public Accountant Zeyu Li
Beijing, China 27 March 2026
Consolidated and Company Balance Sheet
Prepared by: Guangdong Electric Power Development Co., Ltd. Expressed in RMB
As at 31/12/2025 As at 31/12/2024
Item Note V.
Consolidated Company Consolidated Company
Current assets：
Cash and bank balances 1 14,839,620,180 764,421,673 15,361,820,831 265,985,600
Financial assets held-for-trading
Notes receivable
Trade receivables 2 9,583,184,905 9,101,797,841
Financing of receivables
Advances to suppliers 3 974,124,953 33,136,661 1,440,632,187 29,801,383
Other receivables 4 527,513,970 70,195,880 533,352,169 837,741,316
Including: dividends receivable
Inventories 5 2,293,819,795 4,371,073 2,577,119,489 1,923,411
Contract assets 899,846 1,378,872
Other current assets 6 2,428,213,159 2,183,422 1,971,269,586 2,704,808
Total current assets 30,647,376,808 874,308,709 30,987,370,975 1,138,156,518
Non-current assets：
Long-term receivables 195,555,835 930,000,000
Long-term equity investments 7 11,543,456,219 50,908,455,350 10,812,658,939 46,167,289,906
Investments in other equity instruments 8 3,009,689,888 3,009,428,066 2,650,289,873 2,649,489,873
Other non-current financial assets 1,000,000
Investment properties 9 323,777,484 3,211,856 336,493,586 3,847,454
Property, plant and equipment 10 85,896,557,515 155,838,530 73,628,798,655 179,180,382
Construction in progress 11 31,582,478,170 9,517,518 31,382,850,765
Right-of-use assets 12 11,196,458,460 16,988,825 11,700,419,075 1,402,273
Intangible assets 13 3,699,548,596 65,316,066 3,786,635,293 68,528,585
Goodwill 14 2,449,886 2,449,886
Long-term prepaid expenses 15 62,228,755 859,478 55,505,161 844,193
Deferred tax assets 16 959,061,443 1,099,214,779
Other non-current assets 17 7,111,168,050 615,758 8,711,545,949 616,089
Total non-current assets 155,386,874,466 54,366,787,282 144,166,861,961 50,001,198,755
Total assets 186,034,251,274 55,241,095,991 175,154,232,936 51,139,355,273
Consolidated and Company Balance Sheet (Continued)
Prepared by: Guangdong Electric Power Development Co., Ltd. Expressed in RMB
As at 31/12/2025 As at 31/12/2024
Item Note V.
Consolidated Company Consolidated Company
Current liabilities:
Short-term borrowings 19 9,741,011,157 1,400,905,972 14,108,930,833 1,986,468,042
Notes payable 20 1,519,972,657 2,102,292,195
Trade payable 21 4,294,766,903 1,695,429 4,279,045,681 1,643,506
Advances from customers 67,892,003
Contract liabilities 22 77,103,302 104,963 38,459,828 33,846
Employee benefits payable 23 592,492,474 146,613,413 556,291,188 157,194,609
Taxes payable 24 311,343,314 9,202,636 303,440,015 3,979,960
Other payables 25 18,806,427,609 41,736,245 15,825,876,579 40,238,685
Current portion of non-current liabilities 26 9,886,200,377 4,293,530,164 6,606,678,336 852,771,938
Other current liabilities 27 520,439,919 528,095,817
Total current liabilities 45,817,649,715 5,893,788,822 44,349,110,472 3,042,330,586
Non-current liabilities:
Long-term borrowings 28 71,609,414,544 9,818,725,300 69,541,559,406 10,853,100,000
Debentures payable 29 12,382,296,595 11,782,624,637 11,107,429,258 10,507,849,644
Lease liabilities 30 12,394,114,636 9,970,350 12,376,312,142
Long-term payables 31 1,109,330,338 696,347,824
Long-term employee benefits payable 32 592,113,141 245,701,966 537,138,216 227,553,678
Deferred income 33 141,794,312 1,310,410 113,262,526
Deferred tax liabilities 16 523,854,149 510,428,489 470,213,543 420,501,470
Other non-current liabilities 34 1,028,167 1,028,167
Total non-current liabilities 98,753,945,882 22,368,761,152 94,843,291,082 22,009,004,792
Total liabilities 144,571,595,597 28,262,549,974 139,192,401,554 25,051,335,378
Shareholders’ equity:
Share capital 35 5,250,283,986 5,250,283,986 5,250,283,986 5,250,283,986
Capital surplus 36 5,028,330,125 4,861,549,687 5,203,250,383 4,849,472,205
Other comprehensive income 37 1,533,837,247 1,576,172,968 1,331,876,093 1,345,335,533
Specific reserve 38 90,467,033 48,826,625 62,769,166 38,111,254
Surplus reserve 39 8,903,515,135 8,903,515,135 8,903,515,135 8,903,515,135
Undistributed profits 40 2,637,923,692 6,338,197,616 2,142,987,033 5,701,301,782
Total equity attributable to shareholders
of the Company
Non-controlling interests 18,018,298,459 13,067,149,586
Total shareholders’ equity 41,462,655,677 26,978,546,017 35,961,831,382 26,088,019,895
Total liabilities and shareholders' equity 186,034,251,274 55,241,095,991 175,154,232,936 51,139,355,273
Legal representative: Principal in charge of accounting: Head of accounting department:
Zheng Yunpeng Liu Wei Meng Fei
Consolidated and Company Income Statement
Year ended 31/12/2025
Prepared by: Guangdong Electric Power Development Co., Ltd. Expressed in RMB
Year ended 31/12/2025 Year ended 31/12/2024
Item Note V.
Consolidated Company Consolidated Company
I. Revenue 41 51,541,178,630 56,107,489 57,159,067,233 36,422,477
Less: Cost of sales 41 45,713,513,995 34,193,846 49,520,897,046 44,175,640
Taxes and surcharges 42 383,910,501 8,340,424 375,186,682 8,500,625
Selling expenses 43 100,752,930 101,150,886
General and administrative expenses 44 1,653,359,835 203,121,478 1,626,351,993 344,574,290
Research and development expenses 45 567,198,811 2,327,637 1,286,783,600 1,995,667
Financial expenses 46 2,185,982,384 646,825,972 2,285,029,760 644,118,641
Including: Interest expenses 46 2,247,806,946 643,679,859 2,430,228,046 648,656,512
Interest income 46 89,069,206 974,320 162,430,466 8,442,173
Add: Other income 47 49,513,576 916,380 77,958,729 400,411
Investment income ("-" for losses) 48 791,678,742 1,589,202,375 810,226,883 1,802,593,102
Including: Share of profit of
associates and joint ventures
Gains from changes in fair value ("-" for
losses)
Credit impairment ("-" for losses) 49 -17,411,129 -18,627 -33,253,676 6,972
Asset impairment losses ("-" for losses) 50 -371,789,173 -78,629,601 -356,430,968 -260,107,096
Gains on disposals of assets ("-" for losses) 51 20,344,472 -24,892 98,655
II. Operating profit ("-" for losses) 1,408,796,662 672,743,767 2,462,266,889 535,951,003
Add: Non-operating income 52 255,499,453 69,129,852 418,066,514 31,954,863
Less: Non-operating expenses 23 152,889,860 29,634 425,704,912 212,422
III. Profit before income tax ("-" for losses) 1,511,406,255 741,843,985 2,454,628,491 567,693,444
Less: Income tax expenses 54 479,752,990 -57,529 699,795,265 -308,500
IV. Net profit for the year ("-" for losses) 1,031,653,265 741,901,514 1,754,833,226 568,001,944
(I) Classified by continuity of operations
Including: Net profit from continuing
operations ("-" for net loss)
Net profit from discontinued
operations ("-" for net loss)
(II) Classified by ownership of the equity
Including: Shareholders of the Company ("-"
for net loss)
non-controlling interests (“-” for net
loss)
V. Other comprehensive income, net of tax 195,631,220 230,837,435 -162,606,661 -162,818,822
Attributable to shareholders of the Company 201,961,154 230,837,435 -163,361,597 -162,818,822
(I) Other comprehensive income that will not
be reclassified to profit or loss
-7,990,631 -2,296,510 2,339,452 854,690
defined benefit plans
the investee accounted for using equity
-59,081,066 -36,173,377 -4,191,199 -2,163,662
method that will not be reclassified to profit
or loss
other equity instruments
(II) Other comprehensive income that will be
-646,323 -646,323 533,030 533,030
reclassified to profit or loss
-646,323 -646,323 533,030 533,030
the investee accounted for using equity
Consolidated and Company Income Statement
Year ended 31/12/2025
Prepared by: Guangdong Electric Power Development Co., Ltd. Expressed in RMB
Year ended 31/12/2025 Year ended 31/12/2024
Item Note V.
Consolidated Company Consolidated Company
method that will be reclassified to profit or
loss
Attributable to non-controlling interests -6,329,934 754,936
VI. Total comprehensive income for the year 1,227,284,485 972,738,949 1,592,226,565 405,183,122
Attributable to shareholders of the Company 801,903,493 972,738,949 800,881,160 405,183,122
Attributable to non-controlling interests 425,380,992 791,345,405
VII. Earnings per share
(I) Basic earnings per share 0.11 0.18
(II) Diluted earnings per share 0.11 0.18
Legal representative: Principal in charge of accounting: Head of accounting department:
Zheng Yunpeng Liu Wei Meng Fei
Consolidated and Company Cash Flow Statement
Year ended 31/12/2025
Prepared by: Guangdong Electric Power Development Co., Ltd. Expressed in RMB
Note Year ended 31/12/2025 Year ended 31/12/2024
Item
V. Consolidated Company Consolidated Company
I. Cash flows from operating activities
Cash received from sales of goods or rendering of
services
Refund of taxes and surcharges 359,576,131 2,082,018 447,914,732
Cash received relating to other operating activities 55 417,901,929 64,973,881 389,409,354 120,839,379
Sub-total of cash inflows 58,806,128,329 112,495,632 65,207,631,915 160,474,834
Cash paid for goods and services 41,560,276,405 9,686,873 46,258,982,941 9,776,689
Cash paid to and on behalf of employees 3,390,100,824 160,944,792 3,216,385,328 268,273,419
Payments of taxes and surcharges 2,149,439,720 8,561,051 3,013,049,926 14,669,205
Cash paid relating to other operating activities 55 1,473,091,992 86,549,078 1,744,029,797 128,337,916
Sub-total of cash outflows 48,572,908,941 265,741,794 54,232,447,992 421,057,229
Net cash inflows from operating activities 10,233,219,388 -153,246,162 10,975,183,923 -260,582,395
II. Cash flows from investing activities
Cash received from disposals of investments 3,072,438,925 1,286,750,000
Cash received from returns on investments 344,118,042 1,379,281,404 369,217,899 1,398,587,081
Net cash received from disposals of PPE,
intangible assets and other long-term assets
Net proceeds from disposals of subsidiaries
Cash received relating to other investing activities 55 3,170,717,600 44,002,685 4,000,000,000 5,747,705
Sub-total of cash inflows 3,700,261,648 4,539,420,514 4,638,611,820 2,691,816,201
Cash paid to acquire PPE, intangible assets and
other long-term assets
Cash paid to acquire investments 327,000,000 6,210,248,800 436,802,500 2,976,736,406
Net proceeds from disposal of subsidiaries 159,949,367
Cash received from other investing activities 55 1,902,000,000 3,137,400,000
Sub-total of cash outflows 14,584,060,130 6,218,868,629 18,896,013,590 3,002,997,828
Net cash flows used in investing activities -10,883,798,482 -1,679,448,115 -14,257,401,770 -311,181,627
III. Cash flows from financing activities
Cash received from investors 4,876,841,600 988,015,495
Including: Proceeds from non-controlling
interests of subsidiaries
Cash received from borrowings 32,080,732,233 4,989,625,300 33,607,130,695 6,885,000,000
Cash received from issuance of debentures 3,499,747,917 3,499,747,917 8,399,704,415 8,399,704,415
Cash received from other financing activities 55
Sub-total of cash inflows 40,457,321,750 8,489,373,217 42,994,850,605 15,284,704,415
Cash repayments of borrowings 33,349,142,543 5,414,202,540 35,368,302,890 14,285,350,000
Cash payments for distribution of dividends,
profits or interest expenses
Including: dividends and profits distributed to
non-controlling interests of subsidiaries
Cash paid for other financing activities 55 2,552,655,369 10,958,945 1,117,158,870 2,047,722
Sub-total of cash outflows 39,295,844,222 6,158,249,841 39,835,215,834 15,087,340,744
Net cash inflows from financing activities 1,161,477,528 2,331,123,376 3,159,634,771 197,363,671
IV. Effect of foreign exchange rate changes on
cash and cash equivalents
V. Net (decrease)/increase in cash and cash
equivalents
Add: cash and cash equivalents at the beginning
of the year
VI. Cash and cash equivalents at the end of the
year
Legal representative: Principal in charge of accounting: Head of accounting department:
Zheng Yunpeng Liu Wei Meng Fei
Consolidated Statement of Changes in Shareholders' Equity
Prepared by: Guangdong Electric Power Development Co., Ltd. Expressed in RMB
Year ended 31/12/2025
Attributable to shareholders of the Company
Item Other non-controlling Total shareholders’
Specific Undistributed interests equity
Share capital Capital surplus comprehensive Surplus reserve
reserve profits
income
I. Balance at the end of last year 5,250,283,986 5,203,250,383 1,331,876,093 62,769,166 8,903,515,135 2,142,987,033 13,067,149,586 35,961,831,382
Add: changes in accounting policies
Correction of prior period errors
Effects of business combination under common control
Others
II. Balance at the beginning of the year 5,250,283,986 5,203,250,383 1,331,876,093 62,769,166 8,903,515,135 2,142,987,033 13,067,149,586 35,961,831,382
III. Changes in equity during the year ( "- " for decrease) -174,920,258 201,961,154 27,697,867 494,936,659 4,951,148,873 5,500,824,295
(I) Total comprehensive income 201,961,154 599,942,339 425,380,992 1,227,284,485
(II) Shareholders' contributions and decrease of capital -174,920,258 4,971,612,980 4,796,692,722
(III) Profit distribution -105,005,680 -448,271,906 -553,277,586
(IV) Transfer within equity
(V) Specific reserve 27,697,867 2,426,807 30,124,674
(VI) Others
IV. Balance at the end of the year 5,250,283,986 5,028,330,125 1,533,837,247 90,467,033 8,903,515,135 2,637,923,692 18,018,298,459 41,462,655,677
Legal representative: Zheng Yunpeng Principal in charge of accounting: Liu Wei Head of accounting department: Meng Fei
Consolidated Statement of Changes in Shareholders' Equity
Prepared by: Guangdong Electric Power Development Co., Ltd. Expressed in RMB
Year ended 31/12/2024
Attributable to shareholders of the Company
Item Total
Other Minority
Capital Specific Surplus Undistributed shareholders’
Share capital comprehensive interests
surplus reserve reserve profits equity
income
I. Balance at the end of last year 5,250,283,986 5,202,572,804 1,495,237,690 6,375,889 8,903,515,135 1,283,749,956 11,769,122,242 33,910,857,702
Add: Changes in accounting policies
Correction of prior period errors
Effects of business combination under common control
Others
II. Balance at the beginning of the year 5,250,283,986 5,202,572,804 1,495,237,690 6,375,889 8,903,515,135 1,283,749,956 11,769,122,242 33,910,857,702
III. Changes in equity during the year ( "- " for decrease) 677,579 -163,361,597 56,393,277 859,237,077 1,298,027,344 2,050,973,680
(I) Total comprehensive income -163,361,597 964,242,757 791,345,405 1,592,226,565
(II) Shareholders' contributions and decrease of capital 677,579 1,044,042,125 1,044,719,704
(III) Profit distribution -105,005,680 -547,580,179 -652,585,859
(IV) Transfer within equity
(V) Specific reserve 56,393,277 10,219,993 66,613,270
(VI) Others
IV. Balance at the end of the year 5,250,283,986 5,203,250,383 1,331,876,093 62,769,166 8,903,515,135 2,142,987,033 13,067,149,586 35,961,831,382
Legal representative: Zheng Yunpeng Principal in charge of accounting: Liu Wei Head of accounting department: Meng Fei
Statement of Changes in Shareholders' Equity
Year ended 31/12/2025
Prepared by: Guangdong Electric Power Development Co., Ltd. Expressed in RMB
Year ended 31/12/2025
Item Other Total
Specific Surplus Undistributed
Share capital Capital surplus comprehensive shareholders’
reserve reserve profits
income equity
I. Balance at the end of last year 5,250,283,986 4,849,472,205 1,345,335,533 38,111,254 8,903,515,135 5,701,301,782 26,088,019,895
Add: Changes in accounting policies
Correction of prior period errors
Effects of business combination under common control
Others
II. Balance at the beginning of the year 5,250,283,986 4,849,472,205 1,345,335,533 38,111,254 8,903,515,135 5,701,301,782 26,088,019,895
III. Changes in equity during the year ( "- " for decrease) 12,077,482 230,837,435 10,715,371 636,895,834 890,526,122
(I) Total comprehensive income 230,837,435 741,901,514 972,738,949
(II) Shareholders' contributions and decrease of capital 12,077,482 12,077,482
(III) Profit distribution -105,005,680 -105,005,680
(IV) Transfer within equity
(V) Specific reserve 10,715,371 10,715,371
(VI) Others
IV. Balance at the end of the year 5,250,283,986 4,861,549,687 1,576,172,968 48,826,625 8,903,515,135 6,338,197,616 26,978,546,017
Legal representative: Zheng Yunpeng Principal in charge of accounting: Liu Wei Head of accounting department: Meng Fei
Statement of Changes in Shareholders' Equity
Year ended 31/12/2025
Prepared by: Guangdong Electric Power Development Co., Ltd. Expressed in RMB
Year ended 31/12/2024
Item Other Total
Specific Surplus Undistributed
Share capital Capital surplus comprehensive shareholders’
reserve reserve profits
income equity
I. Balance at the end of last year 5,250,283,986 4,842,767,997 1,508,154,355 8,903,515,135 5,238,305,518 25,743,026,991
Add: Changes in accounting policies
Correction of prior period errors
Effects of business combination under common control -
Others
II. Balance at the beginning of the year 5,250,283,986 4,842,767,997 1,508,154,355 8,903,515,135 5,238,305,518 25,743,026,991
III. Changes in equity during the year ( "- " for decrease) 6,704,208 -162,818,822 38,111,254 462,996,264 344,992,904
(I) Total comprehensive income -162,818,822 568,001,944 405,183,122
(II) Shareholders' contributions and decrease of capital 6,704,208 6,704,208
(III) Profit distribution -105,005,680 -105,005,680
(IV) Transfer within equity
(V) Specific reserve 38,111,254 38,111,254
(VI) Others
IV. Balance at the end of the year 5,250,283,986 4,849,472,205 1,345,335,533 38,111,254 8,903,515,135 5,701,301,782 26,088,019,895
Legal representative: Zheng Yunpeng Principal in charge of accounting: Liu Wei Head of accounting department: Meng Fei
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Notes to the financial statements
I. Basic information of the Company
Guangdong Electric Power Development Co., Ltd. (hereinafter “Guangdong Electric Power”, “the
Company”) is a limited liability company jointly established by Guangdong Electric Power Holding
Company, China Construction Bank, Guangdong Province Trust Investment Company, Guangdong
Power Development Co., Ltd., Guangdong International Trust, and China Guangfa Bank (currently
named as Guangdong Guangkong Group Co., Ltd.). The address of the Company's registered office
and head office is F33-F36 South Tower Building of Yuedian Square on 2nd Tianhe East Road,
Guangzhou, Guangdong Province, the People's Republic of China (PRC). The Company's parent
company is Guangdong Energy Group Co., Ltd. (GEGC) and its ultimate controlling shareholder is the
State-owned Assets Supervision and Administration Commission of the People's Government of
Guangdong Province.
The Company’s RMB ordinary shares (A-share) and domestic listed foreign shares (B-share) issued
were listed for transactions in Shenzhen Stock Exchange respectively on 26 November 1993 and 28
June 1995. As at 31 December 2025, the total share capital of the Company was RMB 5,250,283,986
with face value of RMB 1 per share.
The Company and its subsidiaries (collectively referred to as “the Group”) are principally engaged in the
businesses of developing and operating electric power projects in Guangdong Province, Yunnan
Province, Xinjiang Uygur Autonomous Region, Hunan Province, Guangxi Zhuang Autonomous Region
and Inner Mongolia Autonomous Region of the PRC. For the details of the Company's major
subsidiaries included in the consolidation scope in the current year, please refer to Note VI. 1.
These financial statements were authorized for issue by the 10rd meeting of the 11th Company's Board
of Directors on 27 March 2026.
II. Basis for preparing financial statements
The financial statements are prepared in accordance with the Accounting Standards for Business
Enterprises and corresponding application guidance, interpretations and other related provisions issued
by the Ministry of Finance (collectively, Accounting Standards for Business Enterprises). In addition, the
Company also disclosed the relevant financial information in accordance with the Explanatory
Announcement No. 15 on Information Disclosure for Companies Offering Their Securities to the Public
—General Requirements for Financial Reporting (2023 version) issued by the China Securities
Regulatory Commission.
The financial statements are prepared on a going concern basis.
The Company adopts the accrual basis of accounting. Except for certain financial instruments, the
financial statements are prepared under the historical cost. In the event that impairment of assets
occurs, a loss allowance is made accordingly in accordance with the relevant regulations.
III. Significant accounting policies and accounting estimates
The Company determines specific accounting policies and accounting estimates based on the
characteristics of production and operation, which are mainly reflected in the measurement of expected
credit losses (ECL) of receivables and contract assets, costing of inventory, depreciation of PPE,
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
amortization of intangible assets and right-of-use assets, impairment of long-term assets, timing of
revenue recognition, and deferred tax assets and deferred tax liabilities. Specific accounting policies are
detailed in Notes III.11, Notes III.13, Notes III.16, Notes III.20, Notes III.21, Notes III.25, Notes III.28,
and Notes III.30.
Details of the Group’s critical judgements, critical accounting estimates and key assumptions used in
determining significant accounting policies are set forth in Note III.32.
The financial statements of the Company for the year ended 31 December 2025 are in compliance with
the Accounting Standards for Business Enterprises, and truly and completely present the consolidated
and the Company’s financial position of the Group and the Company as at 31 December 2025 and their
financial performance, cash flows and other information for the year then ended.
The Company’s accounting year starts on 1 January and ends on 31 December.
The business cycle of the Company is 12 months.
The Company and domestic subsidiaries use Renminbi (RMB) as their recording currency. The currency
used by the Company in preparing these financial statements is RMB.
Item Importance criteria
The Company determines significant long-term equity investments based on a
Significant long-term comprehensive consideration of factors such as the book value of joint ventures and
equity investment associated enterprises, and the proportion of long-term equity investment income
accounted for by the equity method in the Company's consolidated net profit.
Significant property, plant The Company recognizes PPE projects with signs of impairment and asset balances
and equipment (PPE) exceeding RMB 500 million as significant PPE projects.
The Company determines significant projects construction in progress based on the
Significant construction in
proportion of projects construction in progress in the Company's total projects under
progress
construction.
Subsidiaries with The Company determines subsidiaries with significant non-controlling interests
significant minority based on the proportion of the non-controlling interests of these subsidiaries to the
shareholders' interests total non-controlling interests of the Company.
The Company determines significant joint ventures and associated enterprises
Basic information of
based on a comprehensive consideration of factors such as the book value of these
significant joint ventures
enterprises, the proportion of long-term equity investment income accounted for by
and associated
the equity method in the Company's consolidated net profit, and other relevant
enterprises
factors.
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
common control
(1) Business combinations involving enterprises under common control
The consideration paid and net assets obtained by the Company in a business combination are
measured at the carrying amount. If the acquiree is acquired from a third party by the ultimate
controlling party in a prior year, the consideration paid and net assets obtained by the Company are
measured based on the carrying amounts of the acquiree’s assets and liabilities (including the goodwill
arising from the acquisition of the acquiree by the ultimate controlling party) presented in the
consolidated financial statements of the ultimate controlling party. The difference between the carrying
amount of the net assets obtained from the combination and the carrying amount of the consideration
paid for the combination is treated as an adjustment to capital surplus (share premium). If the capital
surplus (share premium) is not sufficient to absorb the difference, the remaining balance is adjusted
against retained earnings
Realize business combinations under the same control through multiple transactions in stages
The assets and liabilities acquired by the acquirer from the acquiree in the merger are measured at the
book value in the consolidated financial statements of the ultimate controlling party on the merger date.
The difference between the sum of the book value of the investments held before the merger and the
book value of the newly paid consideration on the merger date, and the book value of the net assets
acquired in the merger, is adjusted to the capital reserves. If the capital reserves are insufficient to offset,
the retained earnings are adjusted. For long-term equity investments held by the acquirer before
obtaining control of the acquiree, the related profits and losses, other comprehensive income, and other
changes in owner's equity recognized between the date of acquiring the original equity and the later of
the dates when both the acquirer and the acquiree are under the same ultimate control, and up to the
merger date, should be offset against the beginning retained earnings or current profits and losses
during the comparative reporting period.
(2) Business combinations involving enterprises not under common control
For business combinations involving enterprises not under common control, the Company adopts
concentration test to judge whether the acquired production and operation activities or asset groups
constitute a business. If the concentration test is passed, the Company conducts accounting treatment
according to the relevant asset purchase principle; if the concentration test fails, the Company will
further judge whether it constitutes a business based on whether the relevant groups obtained in the
merger have at least one input and one substantive processing process, and the combination of the two
has a significant contribution to the output capacity.
The cost of combination and identifiable net assets obtained by the Group in a business combination
are measured at fair value at the acquisition date. Where the cost of the combination exceeds the
Group’s interest in the fair value of the acquiree’s identifiable net assets, the difference is recognized as
goodwill; where the cost of combination is lower than the Group’s interest in the fair value of the
acquiree’s identifiable net assets, the difference is recognized in profit or loss for the current period.
Realize business combinations not under common control through multiple transactions and steps
The cost of combination is the sum of the consideration paid on the acquisition date and the fair value of
the equity already held by the acquirer in the acquiree on the acquisition date. For the equity already
held by the acquirer in the acquiree before the acquisition date, it is remeasured at its fair value on the
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
acquisition date, and the difference between the fair value and its book value is recognized in the
current investment income. The equity already held by the acquirer in the acquiree before the
acquisition date involving other comprehensive income and other changes in owner's equity is
transferred to the current income on the acquisition date, except for other comprehensive income
arising from the remeasurement of net liabilities or net assets of the defined benefit plan by the investee
and other comprehensive income related to non-trading equity instrument investments originally
designated to be measured at fair value with changes recognized in other comprehensive income.
(3) Handling of transaction costs in business combinations
The intermediary fees incurred for auditing, legal services, evaluation and consultation, as well as other
related management expenses for the purpose of corporate mergers, are recorded profit or loss profit or
loss for the current period. When they are incurred. The transaction costs of equity securities or debt
securities issued as merger consideration are included in the initial recognition amount of the equity
securities or debt securities.
(1) Judgment criteria for control
The scope of consolidation for consolidated financial statements is determined on a control basis.
Control refers to the power that the Company has over the invested entity, the variable returns it enjoys
through participating in the relevant activities of the invested entity, and the ability to use its power over
the invested entity to affect its return amount. When changes in relevant facts and circumstances lead
to changes in the relevant elements involved in the definition of control, the Company will conduct a
reassessment.
(2) Preparation of consolidated financial statements
The consolidated financial statements are prepared by the Company based on the financial statements
of the Company and its subsidiaries and other relevant information. When preparing the consolidated
financial statements, the accounting policies and accounting periods of the subsidiaries shall be
consistent with those established by the Company. All significant intra-company balances and
transactions shall be eliminated.
Where a subsidiary or business was acquired during the reporting period, through a business
combination involving entities under common control, the financial performance and the cash flows of
the subsidiary are included in the consolidated income statement and consolidated cash flow statement
of the Company as if the combination had occurred at the date that the ultimate controlling party first
obtained control.
Where a subsidiary or business was acquired during the reporting period, through a business
combination involving entities not under common control, its revenue, expenses and profit from the
acquisition date to the end of the reporting period are included in the consolidated income statement
and its cash flows are included in the consolidated cash flow statement.
non-controlling interests of the subsidiary that is not attributable to the Company are presented
separately in the shareholders’ equity section within the consolidated balance sheet. Net profit or loss
attributable to non-controlling shareholders is presented separately as non-controlling interests below
the net profit within the consolidated income statement. When the amount of loss for the current period
attributable to the non-controlling shareholders of a subsidiary exceeds the non-controlling shareholders’
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
share of the opening owners’ equity of the subsidiary, the excess is adjusted to non-controlling interests.
(3) Acquire the subsidiaries’ non-controlling interests
Where the Company acquires a non-controlling interest from a subsidiary’s non-controlling shareholders
or disposes of a portion of an interest in a subsidiary without a change in control, the difference between
the proportion interests of the subsidiary’s net assets being acquired or disposed and the amount of the
consideration paid or received is adjusted to the capital reserve in the consolidated balance sheet, with
any excess adjusted to retained earnings.
(4) Handling of losing control over a subsidiary
When the Company loses control over a subsidiary due to partial disposal of equity investment or other
reasons, the remaining equity interests is re-measured at its fair value at the date when the control is
lost. The resulting gain or loss is the total of consideration received from the disposal of equity
investment and the remaining equity investment at its fair value, deducted the total of proportion
interests of the subsidiary’s net asset and goodwill calculated based on the original shareholding ratio
since the acquisition date. Any resulting gain or loss is recognized as investment income for the current
period.
Other comprehensive income related to the equity investment in the original subsidiary is accounted for
on the same basis as the direct disposal of related assets or liabilities by the original subsidiary upon
the loss of control. All other changes in owner's equity related to the original subsidiary and accounted
for using the equity method are transferred to the current period profit or loss upon the loss of control.
A joint arrangement is an arrangement of which two or more parties have joint control. The Company
classifies joint arrangements into joint operations and joint ventures.
(1) Joint operation
A joint operation is a joint arrangement whereby the Company has rights to the assets, and obligations
for the liabilities, relating to the arrangement. The Company is not involved in joint operations.
(2) Joint venture
A joint venture is a joint arrangement whereby the Company has rights to the net assets of the
arrangement.
The Company adopts equity method of long-term equity investment to account for its investment in joint
venture.
Cash and cash equivalents comprise cash on hand, deposits that can be readily drawn on demand, and
short-term and highly liquid investments that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of changes in value.
Foreign currency transactions are translated to the functional currency of the Company at the spot
exchange rates on the dates of the transactions.
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Monetary items denominated in foreign currencies are translated at the spot exchange rate at the
balance sheet date. The resulting exchange differences between the spot exchange rate at balance
sheet date and the spot exchange rate at initial recognition or at the previous balance sheet date are
recognized in profit or loss. Non-monetary items that are measured at historical cost in foreign
currencies are translated to functional currency using the spot exchange rate at the transaction date.
Non-monetary items that are measured at fair value in foreign currencies are translated using the spot
exchange rate at the date when the fair value is determined. The resulting exchange differences are
recognized in profit or loss or other comprehensive income according to the nature of the non-monetary
items.
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or an equity instrument of another entity.
(1) Recognition and derecognition of financial instruments
A financial asset or a financial liability is recognized when the Company becomes a party to the
contractual provisions of a financial instrument.
A financial asset is derecognized when one of the following criteria is met:
A financial liability (or partially) is derecognized when its contractual obligation (or partially) is ceased.
When the Company (debtor) enters into an agreement with the creditor to replace the existing financial
liability with a new assumed financial liability, and contractual terms are different in substance, the
existing financial liability is derecognized while a new financial liability is recognized.
Conventionally traded financial assets are recognized and derecognized at the transaction date.
(2) Classification and measurement of financial assets
Based on the Company’s business model for managing the financial assets and the contractual cash
flow characteristics of the financial assets, financial assets are classified as: financial assets measured
at amortized cost, financial assets measured at fair value through other comprehensive income and
financial assets measured at fair value through profit or loss.
At initial recognition, the financial assets are measured at fair value. For financial assets measured at
fair value through profit or loss, the transaction costs are expensed in profit or loss for the current period.
For other types of financial assets, the transaction costs are included in the initially recognized amounts.
Trade receivables arising from sale of products or rendering of services (excluding or without regard to
significant financing components), the Company recognizes the amount of consideration that it is
expected to be entitled to receive as the initially recognized amounts.
Financial assets measured at amortized cost
The Company classifies financial assets that meet all of the following conditions and are not designated
as financial assets at fair value through profit or loss as financial assets measured at amortized cost:
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
? The objective of the Company’s business model is to hold the financial assets to collect the
contractual cash flows;
? The contractual terms of the financial asset stipulate that the cash flows generated on specific
dates are solely payments on the principal and interest based on the outstanding principal amount.
After initial recognition, such financial assets are measured at amortized cost using the effective interest
method. Gains or losses arising from financial assets measured at amortized cost that are not part of
any hedging relationship are recognized in the current period profit or loss when they are derecognized,
amortized using the effective interest method, or recognized as impaired.
Financial assets measured at fair value through other comprehensive income
The Company classifies financial assets that meet all of the following conditions and are not designated
as financial assets measured at fair value through profit or loss, as financial assets measured at fair
value through in other comprehensive income:
? The business model of our company for managing this financial asset aims both at collecting
contractual cash flows and at selling the financial asset;
? The contractual terms of the financial asset stipulate that the cash flows generated on specific
dates are solely payments on the principal and interest based on the outstanding principal amount.
After initial recognition, subsequent measurements of such financial assets are measured at fair value.
Interests calculated using the effective interest method, impairment losses or gains, and exchange
gains or losses are recognized in the current period profit or loss, while other gains or losses are
recorded in other comprehensive income. Upon derecognition, the cumulative gains or losses
previously recorded in other comprehensive income are transferred out of other comprehensive income
and recognized in the current period profit or loss.
Financial assets measured at fair value through profit or loss
In addition to the financial assets at amortized cost and those measured at fair value through other
comprehensive income as mentioned above, the Company categorizes all other financial assets as
those measured at fair value through profit or loss. Upon initial recognition, in order to eliminate or
significantly reduce accounting mismatches, the Company irrevocably designates some financial assets
that should be measured at amortized cost or at fair value through in other comprehensive income as
financial assets measured at fair value through profit or loss.
After initial recognition, subsequent measurements of such financial assets are measured at fair value,
and any gains or losses (including interest and dividend income) arising therefrom are recorded in the
current period profit or loss, unless the financial asset is part of a hedging relationship.
However, for non-trading equity instrument investments, the Company irrevocably designates them as
financial assets measured at fair value through other comprehensive income upon initial recognition.
This designation is made on an individual investment basis, and the relevant investments meet the
definition of equity instruments from the perspective of the issuer.
After initial recognition, subsequent measurements of such financial assets are measured at fair value.
Dividend income that meets the criteria is recorded in profit or loss, while other gains or losses and
changes in fair value are recorded in other comprehensive income. Upon derecognition, the cumulative
gains or losses previously recorded in other comprehensive income are transferred out of other
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
comprehensive income and recorded in retained earnings.
The business model for managing financial assets refers to how the Company manages its financial
assets to generate cash flows. The business model determines whether the source of cash flows from
the financial assets managed by the Company is from the collection of contractual cash flows, the sale
of financial assets, or a combination of both. The Company determines its business model for managing
financial assets based on objective facts and the specific business objectives for managing financial
assets determined by key management personnel.
The Company evaluates the contractual cash flow characteristics of financial assets to determine
whether the contractual cash flows generated by the relevant financial assets on a specific date are
solely payments of principal and interest based on the outstanding principal amount. The principal refers
to the fair value of the financial asset at initial recognition; interest includes consideration for the time
value of money, credit risk associated with the outstanding principal amount during a specific period, as
well as other basic borrowing risks, costs, and profits. In addition, the Company evaluates contract
terms that may lead to changes in the time distribution or amount of contractual cash flows of financial
assets to determine whether they meet the requirements of the aforementioned contractual cash flow
characteristics.
Only when the Company changes its business model for managing financial assets, all affected relevant
financial assets will be reclassified on the first day of the first reporting period following the change in
business model. Otherwise, financial assets shall not be reclassified after initial recognition.
(3) Classification and measurement of financial liabilities
The financial liabilities of the Company are classified at initial recognition as either financial liabilities
measured at fair value through profit or loss, or financial liabilities measured at amortized cost. For
financial liabilities not classified as measured at fair value through profit or loss, the transaction costs
are included in their initially recognized amounts.
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss include trading financial liabilities and
financial liabilities designated at initial recognition as measured at fair value through profit or loss. For
such financial liabilities, subsequently measured at fair value, and gains or losses arising from changes
in fair value, as well as dividend and interest expenses related to these financial liabilities, are
recognized in current profit or loss.
Financial liabilities measured at amortized cost
Other financial liabilities are subsequently measured at amortized cost using the effective interest
method, and gains or losses arising from derecognition or amortization are recognized in the current
period profit or loss.
Distinction between financial liabilities and equity instruments
A financial liability is recognized if one of the following conditions is satisfied::
potentially unfavorable conditions;
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
instruments and the Company is obliged to deliver a variable number of the Company’s own equity
instruments;
instruments in the future, except for a derivative instrument contract that is settled by the exchange
of a fixed number of the Company’s own equity instruments for a fixed amount of cash or other
financial assets.
An equity instrument is a contract that evidences a residual interest in the assets of the Company after
deducting all of its liabilities.
If the Company does not have an unconditional right to avoid delivering cash or another financial asset
to settle a contractual obligation, the obligation meets the definition of a financial liability.
If a financial instrument will or may be settled by the Company’s own equity instruments, classification of
the instrument depends on whether the Company’s own equity instruments work as the replacement of
cash or other financial instrument, or represent the investor’s residual interest in the Company’s assets
after deducting all its liabilities. In the former case, the instrument is classified as a financial liability; in
the latter case, the instrument is classified as an equity instrument.
(4) Fair value of financial instruments
For the determination of fair value of financial assets and financial liabilities, please refer to Note III.12.
(5) Impairment of financial assets
Based on ECL, the Company performs impairment accounting treatment on the following items and
recognizes loss provisions:
Financial assets measured at amortized cost;
Receivables and debt instrument investments measured at fair value through other comprehensive
income;
Contract assets as defined in Accounting Standards for Business Enterprises No. 14 - Revenue;
Lease receivables;
Financial guarantee contract (except for those measured at fair value through profit and loss, the
transfer of financial assets does not meet the conditions for derecognition or continue to involve in the
transferred financial assets)
Measurement of expected credit losses
Expected credit losses (ECL) refers to the weighted average of credit losses for financial instruments,
calculated by weighting the risk of default occurring. Credit loss is defined as the difference between all
contractual cash flows receivable by the entity under the agreement and all expected cash flows to be
collected, discounted at the original effective interest rate. This represents the present value of all cash
shortfalls.
The Company measures the ECL of financial instruments at different stages separately. The financial
instrument is at the first stage when there is no significant increase in credit risk since initial recognition.
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
The Company measures the loss allowance according to the ECL in the next 12 months. The financial
instrument is at the second stage when there is significant increase in credit risk since initial recognition
and credit loss is not yet occurred. The Company then measures the loss allowance according to ECL
over the lifetime of a financial instrument. The financial instrument is at the third stage when there is
significant increase in credit risk since initial recognition and credit loss occurred. The Company then
measures the loss allowance according to ECL over the lifetime of a financial instrument.
For financial instrument that has low credit risk at the balance sheet date, the Company assumes there
is no significant increase in its credit risk since initial recognition. The Company measures the loss
allowance according to the ECL in the next 12 months.
Lifetime ECL are the ECL that result from all possible default events over the expected life of a financial
instrument. The ECL in the next 12 months are the portion of expected losses that result from default
events that are possible within the 12 months after the balance sheet date (or a shorter period if the
expected life of the instrument is less than 12 months).
The maximum period considered when estimating ECL is the maximum contractual period (including
extension options) over which the Company is exposed to credit risk.
For the financial instruments at the first and second stage as well as financial instruments that have low
credit risk, the Company calculates the interest income based on the book value without loss allowance
deducted and effective interest rate. While for the financial instruments at the third stage, the Company
calculates the interest income based on the amortized cost of the book value less loss allowance and
effective interest rate.
For total receivables such as notes receivable, trade receivables, financing of receivables, other
receivables, and contract assets, if the credit risk characteristics of a particular customer are
significantly different from those of other customers in the group, or if there is a significant change in the
credit risk characteristics of that customer, the Company will individually accrue bad debt reserves for
that t receivable. Apart from the trade receivables for which bad debt reserves are individually accrued,
the Company divides receivables into groups based on credit risk characteristics and calculates bad
debt reserves on a group basis.
Notes receivable, trade receivables, contract assets, and other receivables
For notes receivable, trade receivables, and contract assets, regardless of whether there is a significant
financing component, the Company consistently measures their loss provisions at an amount equivalent
to the ECL over the entire duration.
For various financial assets whose ECL are calculated on an individual basis, their credit risk
characteristics are significantly different from those of other financial assets within the same category.
When it is not possible to assess the ECL of an individual financial asset at a reasonable cost, the
Company categorizes total receivables into several groups based on credit risk characteristics. The ECL
are calculated on a group basis, and the basis and method for determining the group are as follows:
Combination Combination name
Group 1 of notes receivable Notes receivable
Group 1 of trade receivables Receivables from sale of electricity
Group 2 of trade receivables Receivable for renewable energy subsidies
Group 3 of trade receivables Receivables from related parties
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Combination Combination name
Group 4 of trade receivables Receivables from steam sales and others
Group 1 of contract assets Receivables from related parties
Group 2 of contract assets Other contract assets
Group 1 of other receivables Receivables from business units, reserves receivable and other receivables
For notes receivable and contract assets classified as groups, the Company calculates ECL by
referencing historical credit loss experience, considering current conditions, and forecasting future
economic conditions, based on the exposure to default risk and the expected credit loss rate over the
entire duration.
For trade receivables classified into groups, the Company calculates ECL by referring to historical credit
loss experience, combining current conditions with predictions of future economic conditions, and using
default risk exposure and expected credit loss rate over the entire duration. For other receivables
classified into portfolios, the Company calculates ECL by referring to historical credit loss experience,
combining current conditions with predictions of future economic conditions, and using default risk
exposure and expected credit loss rate within the next 12 months or over the entire duration.
The Company recognizes the loss provision made or reversed into profit or loss for the current period.
Debt investment, other debt investments
For debt investments and other debt investments, the Company calculates ECL based on the nature of
the investment, various types of counterparties and risk exposures, through default risk exposures and
expected credit loss rates within the next 12 months or throughout the entire duration.
Assessment of significant increase in credit risk
In assessing whether the credit risk of a financial instrument has increased significantly since initial
recognition, the Company compares the risk of default occurring on the financial instrument assessed at
the balance sheet date with that assessed at the date of initial recognition.
When determining whether the credit risk has increased significantly since initial recognition, the
Company considers the reasonable and supportable information that is available without undue cost or
effort, including forward-looking information. In particular, the following information is taken into account:
? Debtors fail to make payments of principal or interest on their contractually due dates;
? An actual or expected significant deterioration in a financial instrument’s external or internal credit
rating (if available);
? An actual or expected significant deterioration in the operating results of the debtor; and
? Existing or anticipated changes in the technological, market, economic or legal environment that
have a significant adverse effect on the debtor’s ability to meet its obligation to the Company.
Depending on the nature of the financial instruments, the Company assesses whether there is a
significant increase in credit risk on either an individual basis or a collective basis. When the
assessment is performed on a collective basis, the financial instruments are classified into groups
based on shared credit risk characteristics, such as past due status and credit risk ratings.
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
If the overdue period exceeds 30 days, the Company determines that the credit risk of the financial
instrument has significantly increased.
Credit-impaired financial assets
At each balance sheet date, the Company assesses whether financial assets measured at amortized
cost and debt investments measured at fair value through other comprehensive income are
credit-impaired. A financial asset is credit-impaired when one or more events that have adverse impact
on the expected future cash flows of financial asset have occurred. Evidence that a financial asset is
credit-impaired includes the following observable information:
? Significant financial difficulty of the debtor or issuer;
? A breach of contract by the debtor, such as default or overdue in interest or principal payments;
? For economic or contractual reasons relating to the debtor’s financial difficulty, the Company having
granted to the debtor a concessions that would not otherwise consider;
? It is probable that the debtor will enter into bankruptcy or other financial restructuring;
? The disappearance of an active market for that financial asset because of issuer’s or debtor’s
financial difficulties.
Presentation of allowance for expected credit losses
In order to reflect the change of the credit risk of financial instruments since the initial recognition, the
Company re-measures the ECL at each balance sheet date. Any increase or recovered amount of the
loss allowance which generated shall be recognized as loss allowance or gain in the profit or loss for the
current period. For financial asset measured at amortized cost, the loss allowance shall offset against
the carrying amount of the financial asset as stated in the balance sheet; for the debt investment
measured at fair value through other comprehensive income, the Company recognizes its loss
allowance in other comprehensive income and does not offset against the carrying amount of the
financial asset.
Write-off
The gross carrying amount of a financial asset is written off (either partially or entirely) to the extent that
there is no realistic prospect of recovery of the contractual cash flows. A write-off constitutes a
derecognition event. This is generally the case when the Company determines that the debtor does not
have assets or sources of income that could generate sufficient cash flows to repay the amounts subject
to the write-off. However, financial assets that are written off could still be subject to enforcement
activities in order to comply with the Company’s procedures for recovery of amounts due.
Subsequent recoveries of an asset that was previously written off are recognized as a reversal of
impairment in profit or loss in the period when the recovery occurs.
(6) Transfer of financial assets
Transfer of financial assets is the transfer or delivery of financial assets to another party (the transferee)
other than the issuer of financial assets.
A financial asset is derecognized if the Company transfers substantially all the risks and rewards of
ownership of the financial asset to the transferee. A financial asset is not derecognized if the Company
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
retains substantially all the risks and rewards of ownership of the financial asset.
The Company neither transfers nor retains substantially all the risks and rewards of ownership of the
financial asset, the accounting treatments are as following: if control over the financial assets is
surrendered, the Company derecognizes the financial assets and recognizes any assets and liabilities
arose; if the Company retains the control of the financial assets, financial assets to the extent of the
continuing involvement in the transferred financial assets by the Company as well as any relating
liability.
(7) Offset between financial assets and financial liabilities
When the Company has an enforceable legal right to offset the recognized financial assets against the
financial liabilities, and the Company plans to settle by net amount or realize the financial assets and
settle the financial liabilities, the amount after being offset will be presented in the balance sheet.
Otherwise, financial assets and financial liabilities are presented separately in the balance sheet and not
allowed to offset against each other.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.
The Company measures related assets or liabilities at fair value assuming the assets or liabilities are
transferred in an orderly transaction in their principal market. In the absence of a principal market, the
Company assumes that the transaction is occurred in the most advantageous market for the underlying
asset or liability. Principal market (or the most advantageous market) is the trading market that the
Company can normally enter into a transaction at the measurement date. The Company adopts the
assumptions that would be used by market participants in achieving the maximized economic benefit
when pricing the assets or liabilities.
For financial assets or financial liabilities that have an active market, the Company uses the quoted
prices in the active market as their fair value. Otherwise, the Company uses the valuation technique to
determine their fair value.
The fair value of a financial instrument that is traded in an active market is determined at the quoted
price in the active market. The fair value of a financial instrument that is not traded in an active market is
determined by using a valuation technique
The Company uses valuation techniques that are appropriate in the current circumstances and there
are sufficient data and other information are available for measuring the fair value. The Company uses
the relevant observable inputs for measurement and only use unobservable input when the observable
inputs are unavailable or impractical to obtain.
For assets and liabilities measured or disclosed at fair value in the financial statements, the level of fair
value is determined by the significant lowest level input to the entire fair value measurement: Level 1
inputs are the unadjusted quoted prices in the active markets for identical assets or liabilities that can be
obtained at the measurement date; Level 2 inputs are the direct or indirect observable inputs of related
assets or liabilities other than quoted prices in Level 1; Level 3 inputs are the unobservable inputs for
the assets or liabilities.
At each balance sheet date, the Company revalues assets and liabilities being measured at fair value
continuously in the financial statements to determine whether any change between the levels of fair
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
value measurement.
(1) Classification of inventories
Inventories in the Company mainly comprise fuel and spare parts
(2) Valuation of inventories
The inventory of the Company is priced at actual cost upon acquisition. Cost of fuel is calculated using
the weighted average method. Spare parts are amortized in full amount when issued for use.
(3) Basis for determining and method of calculating inventory reserves
On the balance sheet date, inventory is measured at the lower of cost and net realizable value. When
the net realizable value is lower than the cost, an inventory reserve is accrued.
Net realizable value is determined based on the estimated selling price in the ordinary course of
business, less the estimated costs necessary to make the sale and related taxes. When determining the
net realizable value of inventory, it is based on conclusive evidence obtained, while considering the
purpose of holding inventory and the impact of events after the balance sheet date. Among them, spare
parts are recognized provision for decline in the value of inventories based on factors such as inventory
age and storage status
For inventories with a large quantity and low unit price, the Company accrues inventory reserves based
on inventory categories.
On the balance sheet date, if the factors that previously caused the write-down of inventory value have
disappeared, the inventory reserves shall be reversed within the originally accrued amount.
(4) Inventory system
The inventory system of the Company adopts the perpetual inventory system.
(5) Amortization method of low-value consumables
Low value consumables are amortized in full amount
Long-term equity investments comprise the Company’s long-term equity investments in its subsidiaries,
and the Company’s long-term equity investments in its joint ventures and associates. If the Company is
able to exert significant influence over the invested entity, it is considered as the Company's associated
enterprise.
(1) Determination of initial investment cost
For long-term equity investments acquired through a business combination involving enterprises under
common control, the investment cost shall be the absorbing party’s share of the carrying amount of
owners’ equity of the party being absorbed in the consolidated financial statements of the ultimate
controlling party at the combination date; for long-term equity investments acquired through a business
combination involving enterprises not under common control, the investment cost shall be the
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
combination cost.
For long-term equity investments acquired not through a business combination: for long-term equity
investments acquired by payment in cash, the initial investment cost shall be the purchase price actually
paid; for long-term equity investments acquired by issuing equity securities, the initial investment cost
shall be the fair value of the equity securities issued.
(2) Subsequent measurement and recognition of profit or loss
Investments in subsidiaries are accounted for using the cost method, unless the investment meets the
conditions for held-for-sale; investments in associates and joint ventures are accounted for using the
equity method.
For long-term equity investments accounted for using the cost method, except for the actual payment
made at the time of investment or the cash dividends or profits included in the consideration that have
been declared but not yet distributed, the cash dividends or profits declared and distributed by the
investee are recognized as investment income in profit or loss for the current period.
For long-term equity investments accounted for using the equity method, where the initial investment
cost exceeds the Company’s share of the fair value of the investee’s identifiable net assets at the time
of acquisition, the investments is initially measured at that cost; where the initial investment cost is less
than the Company’s share of the fair value of the investee’s identifiable net assets at the time of
acquisition, the difference is included in profit or loss for the current period and the cost of the long-term
equity investment is adjusted upwards accordingly
When accounting using the equity method, investment income and other comprehensive income are
recognized based on the share of net profit or loss and other comprehensive income realized by the
invested entity that should be enjoyed or shared, and the book value of the long-term equity
investments is adjusted accordingly. The portion of profits or cash dividends declared and distributed by
the invested entity that should be enjoyed is calculated, and the book value of the long-term equity
investments is correspondingly reduced. For other changes in the owner's equity of the invested entity
other than net profit or loss, other comprehensive income, and profit distribution, the book value of the
long-term equity investment is adjusted and included in capital reserves (other capital reserves). When
recognizing the share of net profit or loss of the invested entity that should be enjoyed, the fair value of
the identifiable assets and other items of the invested entity at the time of investment acquisition is used
as the basis, and the net profit of the invested entity is adjusted according to the accounting policies and
accounting periods of the Company before recognition.
If, due to reasons such as additional investments, the investor is able to exert significant influence or
joint control over the investee but does not constitute control, on the transition date, the sum of the fair
value of the original equity and the newly added investment cost shall be regarded as the initial
investment cost accounted for using the equity method. If the original equity is classified as a
non-trading equity instrument investment measured at fair value with changes recognized in other
comprehensive income, the cumulative fair value changes previously recognized in other
comprehensive income related to it shall be transferred to retained earnings when accounting for it
using the equity method.
If joint control or significant influence over the investee is lost due to reasons such as the disposal of a
portion of equity investment, the remaining equity after disposal shall be accounted for in accordance
with Accounting Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial
Instruments on the date when joint control or significant influence is lost. The difference between fair
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
value and book value shall be recorded in the profit or loss for the current period. For other
comprehensive income recognized from the original equity investment accounted for using the equity
method, accounting treatment shall be conducted on the same basis as the direct disposal of related
assets or liabilities by the investee when the equity method is no longer used for accounting. All other
changes in owner's equity related to the original equity investment shall be transferred to the profit or
loss for the current period.
If control over the invested entity is lost due to reasons such as the disposal of a portion of equity
investment, and the remaining equity after disposal can jointly control or exert significant influence over
the invested entity, the equity method shall be adopted for accounting, and the remaining equity shall be
adjusted as if it had been accounted for using the equity method from the time of acquisition. If the
remaining equity after disposal cannot jointly control or exert significant influence over the invested
entity, accounting treatment shall be conducted in accordance with the relevant provisions of Accounting
Standards for Business Enterprises No. 22 - Recognition and Measurement of Financial Instruments,
and the difference between its fair value and book value at the date of loss of control shall be
recognized in profit or loss for the current period..
If the Company's shareholding ratio decreases due to capital increases by other investors, resulting in
the loss of control but still enabling joint control or significant influence over the invested entity, the
Company shall recognize its share of the net assets increased by the invested entity due to the capital
increase based on the new shareholding ratio. The difference between this share and the original book
value of the long-term equity investment corresponding to the decreased shareholding ratio shall be
recorded in profit or loss for the current period. Subsequently, adjustments shall be made using the
equity method as if the new shareholding ratio had been applied from the time of investment acquisition.
The unrealized internal transaction losses and gains between the Company and its associated
enterprises and joint ventures are calculated based on the shareholding ratio and attributed to the
Company. The investment losses and gains are recognized on an offset basis. Any losses resulting from
transactions between the Company and its investees, which are attributable to asset impairment losses
are not eliminated.
(3) Basis for determining existence of control, joint control or significant influence over investees
Joint control is the agreed sharing of control over an arrangement, and the decision of activities relating
to such arrangement requires the unanimous consent of the Company and other parties sharing control.
In determining whether joint control exists, the first step is to assess whether all participating parties or a
combination of participating parties collectively control the arrangement. The second step is to
determine whether decisions regarding the relevant activities of the arrangement must be unanimously
agreed upon by these collectively controlling parties. If all participating parties or a group of participating
parties must act in unison to decide on the relevant activities of an arrangement, it is considered that all
participating parties or a group of participating parties collectively control the arrangement. If there are
two or more combinations of participating parties capable of collectively controlling an arrangement, it
does not constitute joint control. When determining whether joint control exists, protective rights enjoyed
are not considered.
Significant influence is the power to participate in making the decisions on financial and operating
policies of the investee, but is not control or joint control over making those policies. When determining
whether the investor can exert significant influence on the invested entity, the consideration includes the
voting shares directly or indirectly held by the investor in the invested entity, as well as the impact of the
current executable potential voting rights held by the investor and other parties after assuming that they
are converted into equity in the invested entity, including the impact of the current convertible warrants,
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
share options, and convertible corporate bonds issued by the invested entity.
When the Company directly or indirectly, through its subsidiaries, holds more than 20% (inclusive) but
less than 50% of the voting shares of the invested entity, it is generally considered to have significant
influence over the invested entity, unless there is clear evidence indicating that it cannot participate in
the production and operation decisions of the invested entity in such circumstances and does not exert
significant influence. When the Company holds less than 20% (exclusive) of the voting shares of the
invested entity, it is generally not considered to have significant influence over the invested entity, unless
there is clear evidence indicating that it can participate in the production and operation decisions of the
invested entity in such circumstances and exert significant influence.
(4) Impairment testing method and impairment provision method
The method for calculating asset impairment for investments in subsidiaries, associates, and joint
ventures is provided in the Note III. 21.
Investment property refers to real estate held for the purpose of generating rentals or capital
appreciation, or both. The investment properties of the Company include land use rights that have been
leased out, land use rights held for transfer after appreciation, and buildings that have been leased out.
The investment properties of the Company are initially measured at their acquisition costs and are
subject to depreciation or amortization on a regular basis in accordance with the relevant provisions for
property, plant and equipment or intangible assets. The estimated useful lives, the net residual values
that are expressed as a percentage of cost and the annual depreciation (amortization) rates of
investment properties are as follows:
Estimated net Annual depreciation
Category Estimated useful lives
residual values (%) (amortization) rates (%)
Buildings 20 to 40 years 5 4.75 to 2.38
Land-use rights 50 to 60 years 0 2.00 to 1.67
The investment property’s estimated useful life, estimated net residual value and depreciation
(amortization) method applied are reviewed and adjusted as appropriate at each year-end.
When an investment property is transferred to owner-occupied property, it is reclassified to PPE and
intangible assets with the carrying amounts determined at the carrying amounts of the investment
property at the date of the transfer. An investment property is derecognized on disposal or when the
investment property is permanently withdrawn from use and no future economic benefits are expected
from its disposal. The net amount of proceeds from sale, transfer, retirement or damage of an
investment property after its carrying amount and related taxes and expenses is recognized in profit or
loss for the current period.
For investment properties measured using the cost model, the method for calculating asset impairment
is provided in Notes III.21.
(1) Recognition and initial measurement of PPE
The PPE of the Company refer to tangible assets held for the purpose of producing goods, providing
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
services, leasing, or business management, with a service life exceeding one accounting year, including
buildings, power generation equipment, motor vehicles, and other equipment.
PPE are recognized when it is probable that the related economic benefits will flow into the Group and
the costs can be reliably measured.
PPE purchased or constructed by the Group are initially measured at cost at the time of acquisition. The
PPE contributed by the State shareholders at the reorganization of the Company into a corporation
entity are recognized based on the evaluated amounts approved by the state-owned assets
administration department.
Subsequent expenditures incurred for a PPE are included in the cost of the PPE when it is probable that
the associated economic benefits will flow to the Group and the related cost can be reliably measured.
The carrying amount of the replaced part is derecognized. All the other subsequent expenditures are
recognized in profit or loss for the period in which they are incurred.
(2) Depreciation methods for PPE
The Company adopts the straight-line method for depreciation accrual. Depreciation is accrued for PPE
from the time they reach their intended usable condition and ceases when they are derecognized or
classified as non-current assets held for sale. Without considering impairment provision, the Company
determines the annual depreciation rate for various types of PPE based on their category, estimated
useful lives, and expected net residual value as follows:
Category Estimated useful lives Estimated net residual value Annual depreciation rate
Buildings 10 to 50 years 5% 9.50% to 1.90 %
Power generation
equipment
Motor vehicles 5 to 10 years 0% to 5% 20:00 % to 9:50%
Other equipment 5 to 22 years 0% to 5% 20.00% to 4.32%
Except for PPE purchased using work safety funds, other PPE are depreciated using the straight-line
method to allocate the cost of the assets to their estimated net residual values over their estimated
useful lives. For the PPE that have been provided for impairment loss, the related depreciation charge is
prospectively determined based upon the adjusted carrying amounts over their remaining useful lives.
(3) The impairment test method and impairment provision method for PPE are described in Note III.21.
(4) At the end of each year, the Company reviews the useful life, estimated net residual value, and
depreciation method of its PPE.
If there is a discrepancy between the estimated useful lives and the original estimate, the useful lives of
the PPE should be adjusted; if there is a discrepancy between the estimated net residual value and the
original estimate, the estimated net residual value should be adjusted.
(5) Disposals of PPE
A PPE is derecognized on disposal or when no future economic benefits are expected from its use or
disposal. The amount of proceeds from disposals on sale, transfer, retirement or damage of a PPE net
of its carrying amount and related taxes and expenses is recognized in profit or loss for the current
period.
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Construction in progress is measured at actual cost, including various necessary engineering
expenditures incurred during the construction period, borrowing costs that should be capitalized before
the project reaches its intended usable state, and other related expenses.
Construction in progress is transferred to PPE when the asset is ready for its intended use, and
depreciation is charged starting from the following month. When the construction in progress completes
its trial operation period and meets the contract design objectives and comprehensive quality indicators
that comply with industry technical standards, the Company deems it to have reached its intended
operational condition.
The method for calculating asset impairment for construction in progress is provided in Note III.21.
The engineering materials of the Company refer to various materials prepared for ongoing projects,
including engineering materials, equipment not yet installed, and tools and instruments prepared for
production.
Engineering materials purchased are measured at cost. When engineering materials are requisitioned,
they are transferred to projects in progress. Upon completion of the project, any remaining engineering
materials are transferred to inventory.
The method for calculating asset impairment for construction material is provided in Note III.21.
In the balance sheet, the ending balance of construction material is presented under the item
Construction in Progress.
(1) Recognition principle for capitalization of borrowing costs
The borrowing costs incurred by the Company, which can be directly attributed to the acquisition,
construction, or production of assets eligible for capitalization, shall be capitalized and included in the
cost of the relevant assets. Other borrowing costs shall be recognized as expenses based on their
actual amount at the time of occurrence and included in profit or loss for the current period. Borrowing
costs that meet the following conditions shall commence capitalization:
payments, transfers of non-cash assets, or the assumption of interest-bearing debts for the
acquisition, construction, or production of assets eligible for capitalization;
intended use or sale have commenced.
(2) Capitalization period of borrowing costs
When the assets eligible for capitalization acquired, constructed, or produced by the Company reach
the expected usable or marketable state, the capitalization of borrowing costs ceases. Borrowing costs
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
incurred after the assets eligible for capitalization reach the expected usable or marketable state are
recognized as expenses based on their actual amount at the time of occurrence and recorded profit or
loss for the current period.
Capitalization of borrowing costs is suspended during periods in which the acquisition or construction of
an asset is interrupted abnormally and the interruption lasts for more than 3 months, until the acquisition
or construction is resumed; borrowing costs incurred during normal interruptions shall continue to be
capitalized.
(3) Calculation method for capitalization rate and capitalization amount of borrowing costs
The amount of interest expenses actually incurred on special borrowings in the current period, after
deducting the interest income earned on the unused borrowing funds deposited in the bank or the
investment income earned from temporary investments, shall be capitalized. For general borrowings,
the capitalization amount shall be determined by multiplying the weighted average of asset expenditures
exceeding the special borrowings by the capitalization rate of the general borrowings used. The
capitalization rate shall be calculated and determined based on the weighted average interest rate of
the general borrowings.
During the capitalization period, the exchange differences on foreign currency specific borrowings are
fully capitalized; the exchange differences on foreign currency general borrowings are recorded profit or
loss for the current period.
During the capitalization period, the exchange differences on foreign currency specific borrowings are
fully capitalized; the exchange differences on foreign currency general borrowings are recorded profit or
loss for the current period.
The intangible assets of the Company primarily comprise land use rights, sea area use rights, rights to
use supporting power transmission and transformation projects, software, non-patented technology, and
others.
Intangible assets are initially measured at cost, and their useful lives are assessed upon acquisition. If
the useful life is finite, an amortization method that reflects the expected realization of economic benefits
related to the asset is adopted, starting from the point when the intangible asset is ready for use, and
amortization is carried out over the expected useful life. If the expected realization method cannot be
reliably determined, the straight-line method is used for amortization. Intangible assets with an uncertain
useful life are not amortized.
The amortization method for intangible assets with limited service life is as follows:
Expected useful Amortization
Category Notes
lives (years) method
If the cost of purchasing land and buildings cannot
be reasonably allocated between the land use rights
Land-use rights 20 to 70 Straight line method and the buildings, the entire amount shall be treated
as PPE. For allocated land with an uncertain useful
life, no amortization shall be accrued.
Sea use rights 25 to 50 Straight line method
Other intangible
assets
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
At the end of each year, the Company reviews the useful life and amortization method of intangible
assets with a limited useful life. If the review results in a difference from previous estimates, the original
estimates are adjusted and treated as a change in accounting estimates.
If it is estimated on the balance sheet date that an intangible asset can no longer bring future economic
benefits to the enterprise, the entire book value of the intangible asset shall be transferred to profit or
loss for the current period.
The method for calculating asset impairment for intangible assets is provided in Note III.21.
The impairment of assets such as long-term equity investments in subsidiaries, associates, and joint
ventures, investment properties measured using the cost model, PPE, construction in progress,
right-of-use assets, intangible assets, goodwill, etc. (excluding inventories, deferred tax assets, and
financial assets) shall be determined according to the following methods:
On the balance sheet date, we assess whether there are any indications that assets may be impaired. If
there are such indications, the Company will estimate their recoverable amounts and conduct an
impairment test. Impairment tests are conducted annually for goodwill formed through business
combinations, intangible assets with uncertain useful lives, and intangible assets that have not yet
reached their intended use, regardless of whether there are any indications of impairment.
The recoverable amount is determined based on the higher of the net amount after deducting disposal
expenses from the fair value of the asset and the present value of the expected future cash flows of the
asset. The Company estimates the recoverable amount of an individual asset; if it is difficult to estimate
the recoverable amount of an individual asset, the recoverable amount of the asset group to which the
asset belongs is determined. The identification of an asset group is based on whether the main cash
inflows generated by the asset group are independent of the cash inflows of other assets or asset
groups.
When the recoverable amount of an asset or asset group is lower than its carrying amount, the
Company will reduce its carrying amount to the recoverable amount, and the reduced amount will be
recorded profit or loss for the current period. At the same time, a corresponding provision for asset
impairment will be made.
Regarding the impairment test of goodwill, the carrying value of goodwill formed through business
combinations is amortized to the relevant asset groups using a reasonable method from the acquisition
date. If it is difficult to allocate to the relevant asset groups, it is amortized to the relevant combinations
of asset groups. The relevant asset groups or combinations of asset groups are those that can benefit
from the synergistic effects of business combinations and are not larger than the reporting segments
determined by the Company.
During impairment testing, if there are signs of impairment in the asset group or combination of asset
groups related to goodwill, the impairment test is first conducted on the asset group or combination of
asset groups excluding goodwill. The recoverable amount is calculated, and the corresponding
impairment loss is recognized. Then, the impairment test is conducted on the asset group or
combination of asset groups including goodwill. The book value is compared with the recoverable
amount. If the recoverable amount is lower than the book value, the impairment loss of goodwill is
recognized.
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Once the asset impairment loss is recognized, it will not be reversed in subsequent accounting periods.
The long-term deferred expenses incurred by the Company are priced at actual cost and amortized
evenly over the expected benefit period. For long-term deferred expense items that do not benefit future
accounting periods, their amortized value is fully recorded in profit or loss for the current period.
(1) Scope of employee benefits
Employee benefits refers to various forms of remuneration or compensation given by enterprises to
obtain services provided by employees or terminate labor relations. Employee benefits refer to all forms
of consideration or compensation given by the Company in exchange for service rendered by
employees or for termination of employment relationship, which include short-term employee benefits,
post-employment benefits, termination benefits and other long-term employee benefits. The benefits
provided by enterprises to employees' spouses, children, dependents, survivors of deceased employees,
and other beneficiaries also belong to employee benefits.
Based on liquidity, employee benefits is separately presented in the Employee benefits payable and
Long-term employee benefits payable items on the balance sheet.
(2) Short-term employee benefits
Short-term employee benefits include wages or salaries, bonus, allowances and subsidies, staff welfare,
premiums or contributions on medical insurance, work injury insurance and maternity insurance,
housing funds, union running costs and employee education costs and short-term paid absences. The
short-term employee benefits actually occurred are recognized as a liability in the accounting period in
which the service is rendered by the employees, with a corresponding charge to the profit or loss for the
current period or the cost of relevant assets.
(3) Post-employment benefits
The Company classifies post-employment benefit plans as either defined contribution plans or defined
benefit plans. Defined contribution plans are post-employment benefit plans under which the Company
pays fixed contributions into a separate fund and will have no obligation to pay further contributions; and
defined benefit plans are post-employment benefit plans other than defined contribution plans. During
the reporting period, the Company’s post-employment benefits mainly include basic pensions,
unemployment insurance and supplementary pensions, and all of them belong to the defined
contribution plans; non-planned expenses provided to retired employees fall under defined benefit
plans.
Basic pensions
The Group’s employees participate in the basic pension plan set up and administered by local
authorities of Ministry of Human Resource and Social Security. Monthly payments of premiums on the
basic pensions are calculated according to the bases and percentage prescribed by the relevant local
authorities. When employees retire, the relevant local authorities are obliged to pay the basic pensions
to them
Supplementary pensions
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
The Company purchases supplementary pensions for employees, and pays insurance premium
according to the policies of the parent company, Guangdong Energy Group.
The amounts based on the above calculations are recognized as liabilities in the accounting period in
which the service has been rendered by the employees, with a corresponding charge to the profit or
loss for the current period or the cost of relevant assets.
Defined benefit plan
For defined benefit plan, the Company uses the projected unit credit method and includes the obligation
of the defined benefit plan in the accounting period in which the service has been rendered by the
employees, with a corresponding charge to the profit or loss for the period. The cost of employee
benefits arising from defined benefit plans are classified into the following parts:
Service costs (including current service costs and settlement gains and losses);
Net interest on net liabilities of defined benefit plans (including interest expenses on defined benefit plan
obligations); as well as remeasure the changes arising from the net liability of the defined benefit plan.
Service costs and net interest on net liabilities of defined benefit plans are recorded in profit or loss for
the current period. Changes arising from the remeasurement of net liabilities of defined benefit plans,
including actuarial gains or losses, are recorded in other comprehensive income.
(4) Termination benefits
The Company recognizes a liability arising from compensation for termination of the employment
relationship with employees, with a corresponding charge to profit or loss for the current period at the
earlier of the following dates: when the Company cannot unilaterally withdraw an employment
termination plan or a curtailment proposal; or when the Company recognizes costs or expenses for a
restructuring that involves the payment of termination benefits.
For the implementation of internal employee retirement plans, the economic compensation before the
official retirement date is considered as a dismissal benefit. From the date when the employee ceases
to provide services until the normal retirement date, the proposed payment of wages for early retired
employees and social insurance premiums are included in profit or loss for the current period on a
one-time basis. The economic compensation after the official retirement date (such as normal pension
benefits) is treated as post-employment benefits.
(5) Other long-term benefits
Early retirement benefits:
The Company offers early retirement benefits to those employees who accept early retirement
arrangements. The early retirement benefits refer to the salaries and social security contributions to be
paid to and for the employees who accept voluntary retirement before the normal retirement date
prescribed by the State, as approved by the Management. The Group pays early retirement benefits
to those early retired employees from the early retirement date until the normal retirement date. The
Group accounts for the early retirement benefits in accordance with the treatment for termination
benefits, in which the salaries and social security contributions to be paid to and for the early retired
employees from the off-duty date to the normal retirement date are recognized as liabilities with a
corresponding charge to the profit or loss for the current period. The differences arising from the
changes in the respective actuarial assumptions of the early retirement benefits and the adjustments of
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
benefit standards are recognized in profit or loss in the period in which they occur.
The termination benefits expected to be paid within one year from the balance sheet date are presented
as Employee benefits payable.
If the obligations related to contingencies simultaneously meet the following conditions, the Company
will recognize them as provisions：
(1) This obligation is a present obligation undertaken by the Company;
(2) It is probable that an outflow of economic benefits will be required to settle the obligation;
(3) The amount of the obligation can be reliably measured.
A provision is initially measured at the best estimate of the expenditure required to settle the related
present obligation. Factors surrounding a contingency, such as the risks, uncertainties and the time
value of money, are taken into account as a whole in reaching the best estimate of a provision. Where
the effect of the time value of money is material, the best estimate is determined by discounting the
related future cash outflows. The carrying amount of provisions is reviewed at each balance sheet date
and adjusted to reflect the current best estimate.
If the expenditure required to settle the confirmed provisions is expected to be fully or partially
compensated by a third party or other parties, the compensation amount can only be separately
recognized as an asset when it is virtually certain that it will be received. The recognized compensation
amount shall not exceed the book value of the confirmed liability.
(1) General principles
The Company recognizes revenue when it has fulfilled its performance obligations under the contract,
that is, when the customer obtains control over the relevant goods or services.
If a contract contains two or more performance obligations, the Company, on the contract start date,
allocates the transaction price to each individual performance obligation based on the relative proportion
of the separate selling prices of the goods or services promised under each individual performance
obligation, and measures revenue based on the transaction price allocated to each individual
performance obligation.
When one of the following conditions is met, it is considered fulfilling the performance obligation within a
certain time period; otherwise, it is considered fulfilling the performance obligation at a certain point in
time:
while the Company is fulfilling its contract.
fulfillment process.
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
uses, and the Company has the right to collect payments for the accumulated performance
completed to date throughout the contract period.
For performance obligations that are fulfilled within a certain period, the Company recognizes revenue
based on the progress of fulfillment during that period. When the progress of fulfillment cannot be
reasonably determined, if the costs already incurred by the Company are expected to be compensated,
revenue is recognized at the amount of the costs already incurred until the progress of fulfillment can be
reasonably determined.
For performance obligations that are fulfilled at a certain point in time, the Company recognizes revenue
at the point when the customer obtains control over the relevant goods or services. In determining
whether the customer has obtained control over the goods or services, the Company considers the
following indicators:
customer has a current obligation to pay for the goods.
customer now holds the legal ownership of the product.
that the customer has physically taken possession of the product.
customer, meaning that the customer has assumed the significant risks and rewards of ownership
of the goods.
(2) Specific methods
When the customer obtains control over the relevant goods or services, the Company recognizes
revenue based on the expected amount of consideration it is entitled to receive.
Revenue is recognized when electricity and heat energy are supplied to grid companies or customers,
and they obtain control over electricity.
Revenue from the sale of goods is recognized when the Company transfers by-products (such as coal
ash) produced by power generations to the designated delivery place pursuant to the contract or
agreement, the resource utilization enterprise confirms receipt and obtains control over the by-products.
For the electric power transaction service provided by the Company to external parties, upon the receipt
of the service, revenue is recognized based on the difference between the purchase price and the
selling price of electricity
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
The Company provides maintenance services to external clients, and recognizes revenue over a period
of time based on the progress of the services completed. The progress of the completed services is
determined by the proportion of incurred costs to the estimated total costs. On the balance sheet date,
the Company re-estimates the progress of the completed services to reflect changes in performance.
When recognizing revenue based on the progress of completed labor services, the Company
recognizes the portion for which it has obtained unconditional rights to receive payment as trade
receivables, and the remaining portion as contract assets. Loss provisions are recognized for trade
receivables and contract assets based on ECL ,for details, please refer to(Note V5 (11)). If the contract
price received or receivable by the Company exceeds the labor services completed, the excess is
recognized as contract liabilities. The Company presents contract assets and contract liabilities under
the same contract on a net basis.
Contract costs include contract performance costs and contract acquisition costs. The costs incurred by
the Company for providing maintenance services are recognized as contract performance costs, and
are carried forward and included in the main business costs based on the progress of the completed
services when revenue is recognized.
Contract costs include incremental costs incurred for obtaining the contract and contract performance
costs.
Incremental costs incurred to obtain a contract refer to costs that would not have been incurred if the
Company did not obtain the contract (such as sales commissions). If such costs are expected to be
recoverable, the Company recognizes them as contract acquisition costs and recognizes them as an
asset. Other expenses incurred by the Company to obtain a contract, other than the incremental costs
expected to be recoverable, are recognized in profit or loss for the period when they are incurred.
For costs incurred in the performance of a contract, if they do not fall within the scope of other
enterprise accounting standards such as inventories and simultaneously meet the following conditions,
the Company recognizes them as contract performance costs and recognizes them as an asset:
direct materials, overheads (or similar expenses), costs that are explicitly chargeable to the
customer, and other costs that are incurred solely in connection with the contract;
Assets recognized for costs of obtaining a contract or costs to fulfil a contract (hereinafter referred to as
assets related to contract cost) shall be amortized on the same basis as revenue recognition of goods
or services related to such assets and recognized into profit or loss for the current period when incurred.
When the carrying amount of an asset related to contract costs exceeds the difference between the
following two items, the Company makes an impairment provision for the excess and recognizes it as
an asset impairment loss:
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
services to which the asset relates;
Government subsidies are recognized when the conditions attached to the subsidies are met and the
subsidies can be received.
For government subsidies for monetary assets, they are measured at the received or receivable amount.
For government subsidies for non-monetary assets, they are measured at fair value; if the fair value
cannot be reliably obtained, they are measured at a nominal amount of 1 yuan.
Government subsidies related to assets refer to those obtained by the Company and used for the
acquisition, construction, or formation of long-term assets through other means; otherwise, they are
considered government subsidies related to income.
For government documents that do not explicitly specify the recipients of subsidies, if the subsidy can
form long-term assets, the portion of the government subsidy corresponding to the asset value shall be
regarded as government subsidies related to assets, and the remaining portion shall be regarded as
government subsidies related to income; if it is difficult to distinguish, the entire government subsidy
shall be regarded as government subsidies related to income.
Government subsidies related to assets are recognized as deferred income and are recorded in profit or
loss over the useful life of the relevant assets using a reasonable and systematic method. Government
subsidies related to income, which are used to compensate for related costs or losses already incurred,
are recorded in the current profit or loss. Those used to compensate for related costs or losses in future
periods are recorded in deferred income and are recorded in the current profit or loss during the period
when the related costs or losses are recognized. Government subsidies measured at their nominal
amounts are directly recorded in the current profit or loss. The Company adopts a consistent approach
to handling the same or similar government subsidy transactions.
Government subsidies related to daily activities are recorded in other income based on the substance of
the economic transaction. Government subsidies unrelated to daily activities are recorded in
non-operating income.
When confirmed government subsidies need to be returned, if the book value of the relevant assets was
offset during initial recognition, the book value of the assets should be adjusted. If there is a balance of
related deferred income, the book balance of the related deferred income should be offset, and the
excess should be recorded in profit or loss for the current period. In other cases, it should be directly
recorded in t profit or loss for the current period.
Income tax comprises current income tax and deferred income tax. Except for the adjusted goodwill
arising from business combinations or the deferred income tax related to transactions or events directly
recognized in owner's equity, which is recorded in owner's equity, all other income taxes are recognized
as income tax expenses and recorded in profit or loss for the current period.
The Company recognizes deferred income tax using the balance sheet liability method based on the
temporary differences between the carrying amount of assets and liabilities at the balance sheet date
and their tax bases.
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
The deferred income tax liabilities are recognized for all taxable temporary differences, unless the
taxable temporary difference arises from the following transactions:
(1) Initial recognition of goodwill, or initial recognition of assets or liabilities arising from transactions that
meet the following criteria: the transaction is not a business combination, and at the time of occurrence,
it neither affects accounting profit nor affects taxable income (except for individual transactions where
the initially recognized assets and liabilities result in equal amounts of taxable temporary differences
and deductible temporary differences);
(2) For taxable temporary differences related to investments in subsidiaries, joint ventures, and
associated enterprises, the timing of the reversal of such temporary differences can be controlled, and it
is likely that such temporary differences will not reverse in the foreseeable future.
For deductible temporary differences, deductible losses that can be carried forward to future years, and
tax credits, the Company recognizes the resulting deferred tax assets to the extent that it is likely to
obtain future taxable income that can be used to offset the deductible temporary differences, deductible
losses, and tax credits, unless the deductible temporary differences arise from the following
transactions:
(1) The transaction is not a business combination, and at the time of transaction, it neither affects
accounting profit nor affects taxable income (except for individual transactions where the initial
recognition of assets and liabilities results in equal amounts of taxable temporary differences and
deductible temporary differences);
(2) For deductible temporary differences related to investments in subsidiaries, joint ventures, and
associated enterprises, corresponding deferred tax assets are recognized when both of the following
conditions are met: the temporary differences are likely to be reversed in the foreseeable future, and it is
likely that future taxable income will be available to offset the deductible temporary differences.
On the balance sheet date, the Company measures deferred tax assets and deferred tax liabilities at
the tax rate applicable during the expected period of asset recovery or liability settlement, and reflects
the income tax impact of the expected asset recovery or liability settlement method on the balance
sheet date.
On the balance sheet date, the Company reviews the carrying amount of deferred tax assets. If it is
likely that sufficient taxable income will not be available in future periods to offset the benefit of the
deferred tax asset, the carrying amount of the deferred tax asset is reduced. When sufficient taxable
income is likely to be available, the reduced amount is reversed.
On the balance sheet date, deferred tax assets and deferred tax liabilities are presented at the net
amount after offsetting when both of the following conditions are met:
(1) The taxable entity within the Company has the statutory right to settle current income tax assets and
current income tax liabilities on a net basis;
(2) Deferred tax assets and deferred tax liabilities are related to income taxes levied by the same tax
authority on the same taxable entity within the Company.
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
(1) Identification of leases
On the commencement date of the contract, the Company, as the lessee or lessor, evaluates whether
the customer in the contract is entitled to almost all economic benefits arising from the use of the
identified asset during the usage period, and has the right to dominate the use of the identified asset
during that period. If one party in the contract relinquishes the right to control the use of one or more
identified assets for a certain period in exchange for consideration, the Company deems the contract as
a lease or contains a lease.
(2) The Group as the lessee
At the lease commencement date, the Company recognizes the right-of-use asset and measures the
lease liability at the present value of the lease payments that are not paid at that date. Lease payments
include fixed payments, the exercise price of a purchase option or termination penalty if the lessee is
reasonably certain to exercise that option etc. Variable lease payments in proportion to sales are
excluded from lease payments and recognized in profit or loss as incurred. Lease liabilities that are due
within one year (inclusive) as from the balance sheet date are included in the current portion of
non-current liabilities.
Right-of-use assets of the Group comprise leased land use rights, buildings, machinery and equipment,
and motor vehicles. Right-of-use assets are measured initially at cost which comprises the amount of
the initial measurement of lease liabilities, any lease payments made at or before the commencement
date and any initial direct costs, less any lease incentives received. If there is reasonable certainty that
the Group will obtain ownership of the underlying asset by the end of the lease term, the asset is
depreciated over its remaining useful life; otherwise, the asset is depreciated over the shorter of the
lease term and its remaining useful life. The carrying amount of the right-of-use asset is reduced to the
recoverable amount when the recoverable amount is below the carrying amount. .For details，please
refer to NoteIII.30.
For short-term leases with a term of 12 months or less and leases of an individual asset (when new) of
low value, the Company chooses to include the lease payments in the cost of the underlying assets or
in the profit or loss for the current period on a straight-line basis over the lease term, instead of
recognizing right-of-use assets and lease liabilities.
The Group accounts for a lease modification as a separate lease if both:
underlying assets;
for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the
circumstances of the contract.
When lease modifications are not accounted for as a separate lease, except for contract modifications
that can adopt a simplified method as stipulated by the Ministry of Finance, the Company redetermines
the lease term on the effective date of the lease modification, and uses the revised discount rate to
discount the lease payment amount after modification, thereby remeasuring the lease liability. If the
lease modification results in a reduction in the scope of the lease or a shortened lease term, the
Company correspondingly reduces the book value of the right-to-use asset and includes the related
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
gains or losses from partial or complete termination of the lease in profit or loss for the current period.
For other lease modifications that result in a remeasurement of the lease liability, the Company
correspondingly adjusts the book value of the right-to-use asset.
For eligible rent reductions agreed upon in existing lease contracts, the Company opts to adopt a
simplified approach. Upon reaching an agreement to terminate the original payment obligation, the
undiscounted amount of the reduction is recorded in profit or loss for the current period, and the lease
liability is adjusted accordingly.
(3) The Group as the lessor
Leases that have essentially transferred almost all risks and rewards related to the ownership of the
leased asset are classified as financial leases. Other leases are classified as operating leases.
Operating leases
Where the Company leases out self-owned buildings and land use rights under operating leases, rental
income therefrom is recognized on a straight-line basis over the lease term. Variable rental that is linked
to a certain percentage of sales is recognized in rental income as incurred.
For the qualified rent concessions agreed on existing lease contracts, the Company applies the practical
expedient to account for the concessions as variable lease payments and record the concessions in
profit or loss during the waiving period
Except that the above changes in qualified contract which are accounted for by applying the practical
expedient, for a lease modification, the Company accounts for it as a new lease from the effective date
of the modification, and considers any lease payments received in advance and receivable relating to
the lease before modification as receivables of the new lease.
(1) Criteria for the recognition of right-of-use assets
The Company's right-of-use assets refer to the Company's right to use the leased assets during the
lease term as the lessee.
On the commencement date, the right-of-use assets shall be initially measured at cost. The cost
includes: the initial measurement of the lease liability; the amount of lease payments paid on or before
the commencement date of the lease term, the relevant benefited amount of lease incentive is deducted
if there is a lease incentive; initial direct costs incurred by the Company as the lessee; the costs which
the Company, as the lessee, expects to incur in dismantling and removing the leased assets, restoring
the premises on which the leased assets are located or restoring the leased assets to the agreed lease
terms. The Company, as the lessee, shall recognize and measure the costs of demolition and
restoration in accordance with the Accounting Standards for Business Enterprises No.13 –
Contingencies. Subsequent adjustments for any remeasurement of lease liabilities are recorded.
(2) Depreciation method for right-of-use assets
The Company adopts the straight-line method for depreciation. If the Company, as the lessee, can
reasonably determine that it will obtain ownership of the leased asset upon the expiration of the lease
term, depreciation will be accrued over the remaining useful life of the leased asset. If it is not
reasonably certain that ownership of the leased asset will be obtained upon the expiration of the lease
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
term, depreciation will be accrued over the shorter of the lease term or the remaining useful life of the
leased asset.
(3) The impairment test method and impairment provision method for right-to-use assets are described
in Notes III.21.
In accordance with relevant regulations, the Company allocates work safety funds in accordance with
the Administrative Measures for the Allocation and Use of Work Safety Expenses in Enterprises (Cai Zi
[2022] No. 136). Subsidiaries engaged in power generation business shall appropriate work safety
funds based on the actual revenue in the previous year and at the following percentages:
• 3% for the proportion of revenue up to RMB10 million in the previous year;
• 1.5% for the proportion of revenue between RMB10 million and RMB100 million in the previous year;
• 1% for the proportion of revenue between RMB100 million and RMB1 billion in the previous year;
• 0.8% for the proportion of revenue between RMB1 billion and RMB5 billion in the previous year;
• 0.6% for the proportion of revenue between RMB5 billion and RMB10 billion in the previous year;
• 0.2% for the proportion of revenue exceeding RMB10 billion in the previous year.
Work safety funds are recognized in profit or loss as the Specific reserve item for the current period
when appropriated.
When using the special reserve, if the expenditures are expenses in nature, the expenses incurred are
offset against the specific reserve directly when incurred. If they result in the formation of PPE, the
incurred expenditures shall first be collected under the Construction in Progress account. Once the
safety project is completed and reaches its intended usable state, the PPE shall be recognized.
Simultaneously, the special reserves shall be offset against the cost of forming the PPE, and the
accumulated depreciation of the same amount shall be recognized. No further depreciation shall be
accrued for this PPE in subsequent periods.
The Company continually evaluates the critical accounting estimates and key judgements applied based
on historical experience and other factors, including expectations of future events that are believed to be
reasonable under the circumstances.
(1) Critical judgements in applying the accounting policies
① Classification of financial assets
Significant judgements made by the Company in the classification of financial assets include analysis on
business models and contractual cash flow characteristics.
The Company determines the business model for managing financial assets at the portfolio level, taking
into account factors such as the methods for evaluating and reporting financial asset performance to
key management personnel, the risks affecting financial asset performance and their management
methods, as well as the methods for compensating relevant business management personnel.
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
When assessing whether the contractual cash flows of financial assets are consistent with the
underlying borrowing arrangements, the Company makes the following key judgments: whether the time
distribution or amount of principal may change during the term due to reasons such as early repayment;
whether the interest solely comprises the time value of money, credit risk, other fundamental borrowing
risks, as well as the consideration for costs and profits. For instance, whether the amount of early
repayment solely reflects the principal that has not yet been paid and the interest based on the
outstanding principal, as well as reasonable compensation paid due to early termination of the contract.
② Determination of significant increase in credit risk
When distinguishing the different stages of financial instruments, the Company's judgment on significant
increase in credit risk and credit impairment that has occurred is as follows:
The main criteria for the Company to determine a significant increase in credit risk are significant
changes in one or more of the following indicators: the debtor's operating environment, internal and
external credit ratings, significant changes in actual or expected operating results, significant decline in
the value of collateral or the credit rating of the guarantor, etc.
The main criteria for the Company to determine whether credit impairment has occurred are meeting
one or more of the following conditions: the debtor experiences significant financial difficulties, engages
in other debt restructurings, or is likely to go bankrupt.
③ Timing of revenue recognition
With regard to sale of electricity to grid companies, the Group supplies electricity to grid companies in
accordance with the contract. Thereafter, the grid companies have the right to sell electricity and the
discretion in pricing, and take the risks of any price fluctuation or loss of the products. The Group
believes that the grid companies obtain control over electric power upon the receiving of the electric
power. Therefore, revenue is recognized upon the receiving of the electric power of grid companies.
(2) Critical accounting estimates and key assumptions
The critical accounting estimates and key assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next accounting year are outlined
below:
Property, plant and equipment are tested for impairment by the Group if there is any indication that they
may be impaired at the balance sheet date by calculating and comparing the recoverable amounts of
the PPE with their carrying amount to check the difference. If the result of the impairment test indicates
that the recoverable amount of the relevant asset is less than its carrying amount, a provision for
impairment and an asset impairment loss are recognized for the amount by which the asset’s carrying
amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value
less costs to sell and the present value of the future cash flows expected to be derived from the asset.
The determination of the recoverable amount involves accounting estimates.
When assessing whether the aforementioned assets are impaired, the Management primarily
evaluates and analyzes from the following aspects: (i) whether events affecting asset impairment have
occurred; (ii) whether the expected present value of cash flows from the continued use or disposal of
the asset is lower than its carrying amount; and (iii) whether the assumptions used in estimating the
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
present value of future cash flows are appropriate.
The calculation of the present value of future cash flows involves significant estimates and judgments by
management, including the discount rate, expected on-grid electricity prices, expected electricity sale
volume, and expected fuel prices for power generation. Changes in these assumptions may have a
significant impact on the present value used in impairment testing and result in the impairment of the
Company's aforementioned long-term assets.
The Group calculates ECL through exposure at default and ECL rates, and determines the ECL rates
based on probability of default and loss given default or ageing matrix. In determining the ECL rates, the
Group uses data such as internal historical credit loss experience, etc., and adjusts historical data
based on current conditions and forward-looking information.
When considering forward-looking information, the Group considered different macroeconomic
scenarios. Significant macroeconomic assumptions and parameters related to the estimation of ECL
include the risk of economic downturn, external market environment, technological environment,
changes in customer conditions, Gross Domestic Product (GDP) and Consumer Price Index (CPI). The
Group regularly monitors and reviews assumptions and parameters related to the calculation of ECL. In
relevant assumptions and parameters.
The Group tests whether goodwill has suffered any impairment at least annually. The recoverable
amount of asset group or group of asset groups is the higher of fair value less the cost of disposal and
the present value of the future cash flows expected to be derived from them. These calculations require
the use of estimates.
The Company is subject to income taxes in numerous jurisdictions. There are some transactions and
events for which the ultimate tax determination is uncertain during the ordinary course of business.
Significant judgement is required from the Company in determining the provision for income tax in each
of these jurisdictions. Where the final tax outcomes of these matters are different from the amounts that
were initially recorded, such differences will impact the income tax and deferred income tax provisions
in the period in which such determination is made.
As stated in Note IV, certain subsidiaries of the Company are high-tech enterprises. The qualification of
high-tech enterprises is valid for three years, and upon expiration, a new application for high-tech
enterprise recognition must be submitted to the relevant government departments. Based on historical
experience of re-recognition of high-tech enterprises upon expiration in previous years and the actual
situation of these subsidiaries, the Company believes that these subsidiaries will continue to obtain
high-tech enterprise recognition in future years, and thus calculate their corresponding deferred income
tax at a preferential tax rate of 15%. If certain subsidiaries fail to obtain re-recognition upon expiration of
their high-tech enterprise qualification in the future, income tax will need to be calculated at the statutory
tax rate of 25%, which will affect the recognized deferred income tax assets, deferred income tax
liabilities, and income tax expenses.
For deductible losses that can be carried forward to future years, the Company recognizes
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
corresponding deferred tax assets to the extent that it is likely to obtain taxable income in future periods
that can be used to offset the deductible losses. The taxable income obtained in future periods includes
the taxable income that the Company can achieve through normal production and operation activities,
as well as the taxable income that will increase when the taxable temporary differences arising in
previous periods are reversed in future periods. The Company determines the taxable income in future
periods based on financial forecasts, which involve significant estimates and judgments by management,
including expected electricity sale volume, expected on-grid electricity prices, expected fuel prices for
power generation, and other operating expenses. Any discrepancies between actual conditions and
estimates may result in adjustments to the carrying amount of the deferred tax assets.
(1) Significant changes in accounting policies
There was no change in significant accounting policies during the reporting period.
(2) Significant changes in accounting estimates
There was no change in significant accounting estimates during the reporting period.
IV. Taxation
Tax type Tax basis Tax rate
Taxable value-added amount (Tax payable is
calculated using the taxable sale amount
Value-added tax (VAT) multiplied by the applicable tax rate less 3%, 5%, 6%, 9% and 13%
deductible input VAT of the current period) and taxable
value-added amount of hydroelectric generation
City maintenance and
Amount of VAT paid From 5% to 7%
construction tax
Corporate income tax Taxable income 12.5%, 15%, 20%, and 25%
Educational surcharge Amount of VAT paid 3%
Local educational
Amount of VAT paid 2%
surcharge
Real estate’s rental income or the residual value from
Property tax 12% and 1.2%
original value less the deducting proportion
The tax shall be calculated
Calculated and paid based on the pollution equivalent
Environmental protection and paid according to the
values or the discharge of taxable pollutants multiplied by
tax specific tax rates applicable
the applicable tax amounts
to different pollutants
Subject of taxation Income tax rate
Guangdong Yuedian Zhanjiang Biomass Power Generation Co., Ltd. (Biomass Power
Generation),
Guangdong Wind Power Generation Co., Ltd. (Guangdong Wind Power) 15%
Except for Biomass Power Generation and Guangdong Wind Power, which are high-tech enterprises
and are subject to a statutory tax rate of 15%, certain subsidiaries experienced a reduction or exemption
in their income tax rates due to other tax preference. For details, refer to Note IV. 2. Apart from these
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
companies, all other entities of the Company are subject to a statutory income tax rate of 25%.
(1) Corporate income tax incentives
Pursuant to the approval documents (Cai Shui [2008] No. 46 and Guo Shui Fa [2009] No. 80), the
Company and several subsidiaries are approved to engage in wind power projects and photovoltaic
projects from 1 January 2008 and are exempted from enterprise income tax in the first three years from
the year when the Company generates revenue from operations of those projects, and can enjoy 50%
discount in tax rate in the following three years (Three-year Exemptions and Three-year Halves, 3E3H).
Pursuant to the Supplementary Notice on Issues Concerning the Preferential Enterprise Income Tax
Policies for Public Infrastructure Projects (Cai Shui [2014] No. 55), enterprises invest and operate public
infrastructure projects in compliance with the List of Public Infrastructure Projects Enjoying Enterprise
Income Tax Preferential, those which adopt one-off approval and are subject to construction in batches
(such as terminals, berths, airport terminals, runways, sections, generator units, etc.) are subject to
income tax calculated in units of each batch and enjoy the tax preferential policy of “3E3H” when the
following conditions are satisfied: (i) different batches are space-independent; (ii) each batch has its
own revenue function; (iii) they are accounted for in units of each batch and are subject to income tax
individually, while the period expenses are allocated rationally.
The subsidiaries which enjoy this tax preference as listed as below.
The first year of generating
Corporate name Project name
operating income
Guangdong Yuedian Qujie Wind Qujie Wailuo Offshore Wind Power Project
Power Co., Ltd. Phase II
Guangdong Yuedian Qujie Wind
Xinliao Offshore Wind Power Project 2021
Power Co., Ltd.
Guangdong Yuedian Pingyuan
Pingyuan Maoping Project 2020
Wind Power Co., Ltd.
Guangdong Yuedian Pingyuan
Pingyuan Sishui Project 2021
Wind Power Co., Ltd.
Guangdong Yuedian Zhanjiang
Zhanjiang Linfen Hongdong Photovoltaic Project 2023
Wind Power Co., Ltd.
Laishui Lineng New Energy
Laishui 80MW Photovoltaic Power Project 2024
Technology Co., Ltd.
Lanshan Yuefeng New Energy Lanshannan Agricultural-Photovoltaic
Co., Ltd. Complementary Photovoltaic Project
Xiangzhou Yunjiang New Energy Xiangzhou Yunjiang Wind-Solar-Storage
Co., Ltd. Integrated Project Phase III
Xiangzhou Hangjing New Energy Xiangzhou Hangjing Photovoltaic Integrated
Co., Ltd. Project Phase Il
Guangneng Toksun New Energy Guangdong Energy Toksun County 1,000 MW
Power Co., Ltd. Wind Power Project
In 2022, the Group's subsidiaries, Biomass Power Generation, obtained the High-tech Enterprise
Certificate (certificate numbers GR202244008597) issued by the Guangdong Provincial Department of
Science and Technology, the Guangdong Provincial Department of Finance, and the Guangdong Tax
Service under the State Taxation Administration. The certificate is valid for 3 years and was issued on
December 22, 2022. On December 19, 2025, Biomass Power Generation renewed its High-tech
Enterprise Certificate (certificate numbers GR202544009668), which was valid for three years from the
date of issue. According to Article 28 of the Enterprise Income Tax Law of the People's Republic of
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
China, the applicable enterprise income tax rate for Biomass Power Generation in 2025 is 15%.
In 2024, the Group's subsidiary, Guangdong Wind Power, obtained the High-tech Enterprise Certificate
(Certificate No. GR202444008116) jointly issued by the Guangdong Provincial Department of Science
and Technology, the Guangdong Provincial Department of Finance, and the Guangdong Provincial Tax
Service of the State Taxation Administration. The certificate is valid for 3 years and was issued on
December 11, 2024. According to Article 28 of the Enterprise Income Tax Law of the People's Republic
of China, the applicable enterprise income tax rate for Guangdong Wind Power in 2025 is 15%.
According to the Notice of the State Taxation Administration Guangxi Zhuang Autonomous Region Tax
Bureau on Clarifying the Exemption Policy for the Local Sharing Part of Enterprise Income Tax under
Certain Circumstances (Cai Shui [2023] No. 5), for enterprises newly established in the Beibu Gulf
Economic Zone from 2014 to 2020, and those newly established in the Pearl River-Xijiang Economic
Belt (Guangxi) from 2016 to 2020, which have not previously applied for the exemption of the local
sharing part of enterprise income tax, the following exemption policy for the local sharing part of
enterprise income tax shall be implemented: For enterprises that meet the conditions for the preferential
tax policy for enterprise income tax under the national western development program during the period
from 2021 to 2025, they shall be exempt from the local sharing part of enterprise income tax for five
consecutive years starting from the tax year in which they first meet the conditions for the preferential
tax policy for enterprise income tax under the western development program. The subsidiaries of our
company, Guangxi Wuxuan Yuefeng New Energy Co., Ltd., Guangxi Hangneng New Energy Co., Ltd.,
Xiangzhou Yunjiang New Energy Co., Ltd.enjoy the above tax benefits in 2025. 删除[Cedric Li]: , and Hainanzhou Longyue New Energy Co., Ltd.
According to the approval provided in Announcement No. 6 of 2023 by the State Taxation Administration,
Announcement of the Ministry of Finance and the State Taxation Administration on Preferential Income
Tax Policies for Small and Micro Enterprises and Self-Employed Individuals, for small and micro-profit
enterprises with annual taxable income not exceeding 1 million yuan, the taxable income shall be
calculated at a reduced rate of 25%, and the enterprise income tax shall be paid at a rate of 20%. The
aforementioned small and micro enterprises refer to those engaged in industries not restricted or
prohibited by the state, and simultaneously meeting three conditions: (1) annual taxable amount do not
exceed RMB 3 million, (2) number of employees do not exceed 300 staffs, and (3) total assets do not
exceed RMB50 million. Certain subsidiaries of the Company enjoy the above tax benefits in 2025.
According to the Notice on Issues Concerning the Implementation of the Preferential Income Tax
Catalogue for Enterprises Engaged in Comprehensive Resource Utilization (Cai Shui [2008] No. 47),
from January 1, 2008, enterprises that use resources listed in the Preferential Income Tax Catalogue for
Enterprises Engaged in Comprehensive Resource Utilization (2008 Edition) as their main raw materials
to produce products that meet relevant national or industry standards within the aforementioned
catalogue will have their income calculated at a reduced rate of 90% for the total income of the
enterprise for the current year. The subsidiaries of our group, Zhanjiang Electric Power Co., Ltd. and
Guangdong Huizhou Pinghai Power Generation Co., Ltd., use fly ash to produce commercial fly ash,
which meets the aforementioned preferential income tax conditions for comprehensive resource
utilization and will enjoy the aforementioned tax benefits in 2025.
According to the Notice of the Ministry of Finance and the State Administration of Taxation on Issues
Concerning the Implementation of the Preferential Income Tax Catalogue for Enterprises Using
Specialized Equipment for Environmental Protection, the Preferential Income Tax Catalogue for
Enterprises Using Specialized Equipment for Energy and Water Conservation, and the Preferential
Income Tax Catalogue for Enterprises Using Specialized Equipment for Safe Production (Cai Shui [2008]
No. 48), enterprises that purchase and actually use specialized equipment for environmental protection,
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
energy and water conservation, and safe production within the scope of the Preferential Income Tax
Catalogue for Enterprises Using Special Equipment for Environmental Protection, the Preferential
Income Tax Catalogue for Enterprises Using Special Equipment for Energy and Water Conservation,
and the Preferential Income Tax Catalogue for Enterprises Using Specialized Equipment for Safe
Production from January 1, 2008, can offset 10% of the investment amount in specialized equipment
against the current year's enterprise income tax payable. If the current year's enterprise income tax
payable is less than 10% of the investment amount, it can be carried forward to future years but the
carry-forward period shall not exceed five taxable years. Certain subsidiaries of the group enjoy the
above tax benefits in 2025.
(2) Value-added tax (VAT) incentives
According to the Notice on the Catalogue of Products and Services for Comprehensive Resource
Utilization Eligible for Value-Added Tax Preferences (Cai Shui [2015] No. 78), taxpayers who sell
self-produced products for comprehensive resource utilization and provide services for comprehensive
resource utilization can enjoy the immediate refund policy for VAT. In 2025, the subsidiaries of the Group
includes Guangdong Huizhou Pinghai Power Co., Ltd., Guangdong Yuedian Yunhe Power Co., Ltd.,
Guangdong Energy Maoming Thermal Power Plant Co., Ltd., Guangdong Yuedian Zhanjiang Biomass
Power Generation Co., Ltd., and Guangdong Yuedian Technology Engineering Management Co., Ltd.
enjoyed the immediate tax refund policy for VAT.
According to the VAT Policy for Wind Power Generation (Cai Shui [2015] No. 74), a policy of immediate
refund of 50% of the VAT levied on the sale of self-produced electricity products generated by wind
power by taxpayers is implemented. The subsidiaries of the Group, including Guangdong Yueneng
Wind Power Co., Ltd., Guangdong Yuedian Dianbai Wind Power Co., Ltd., Huilai Wind Power Co., Ltd.,
Guangdong Yuedian Shibeishan Wind Power Co., Ltd., Guangdong Yuedian Zhanjiang Wind Power
Generation Co., Ltd., Guangdong Yuedian Xuwen Wind Power Electricity Co., Ltd., and Guangdong
Yuedian Leizhou Wind Power Co., Ltd. enjoy the aforementioned tax benefits in 2025.
V. Notes to the consolidated financial statements
Item 31/12/2025 31/12/2024
Cash on hand 36,244 34,030
Cash at bank 1,537,957,020 1,041,257,330
Energy Group Finance Company 13,275,888,592 14,286,603,574
- Deposits 13,254,660,382 14,240,813,564
- Interest receivable 21,228,210 45,790,010
Other cash balances 25,738,324 33,925,897
Total 14,839,620,180 15,361,820,831
Including: total overseas deposits
Note 1: As at 31 December 2025, there’s no fund that were mortgaged, pledged, frozen, or deposited
offshore with restricted repatriation.
Note 2: Information on time deposits in Energy Group Finance Company as at 31 December 2025 is as
follows:
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item 31/12/2025 31/12/2024
Time deposits 2,450,238,699 3,450,600,000
Note 3: Deposits in Energy Group Finance Company refer to the deposits in Energy Group Finance
Company. Energy Group Finance Company is a financial institution established with the approval of the
People’s Bank of China. Both the Company and Energy Group Finance Company are controlled by
Guangdong Energy Group Co., Ltd. (Guangdong Energy Group, GEGC).
Note 4: As at 31 December 2025, other cash balances of RMB 25,783,324 (December 31, 2024: RMB
There were no other cash balances deposited in Energy Group Finance Company. (December 31, 2024:
RMB 0).
(1) Disclosed by aging
Aging of accounts 31/12/2025 31/12/2024
Within 1 year 7,369,698,391 7,592,777,022
Over 3 years 228,531,999 110,384,075
Subtotal 9,626,469,394 9,137,835,367
Less: Provision for loss allowance 43,284,489 36,037,526
Total 9,583,184,905 9,101,797,841
Note 1: Of the total balance,The trade receivables for over three years are receivables from renewable
energy subsidies, and the Group accrued the provision for estimated credit loss over the entire life
cycle.
(2) Disclosed by method of loss allowance
Book balance Loss allowance
Category Expected
Proportion Book value
Amount Amount credit loss
(%)
rate (%)
Provision for loss allowance on an
individual basis
Provision for loss allowance on a
collective basis
Including:
Trade receivables from sale of electricity 5,891,319,582 61.20 5,891,319,582
Trade receivables from renewable
energy subsidies
Trade receivables from related parties 48,322,028 0.50 48,322,028
Trade receivables from sale of steam
and others
Total 9,626,469,394 100.00 43,284,489 0.45 9,583,184,905
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Continued:
Book balance Loss allowance
Category
Expected Book value
Proportion
Amount Amount credit loss
(%)
rate (%)
Provide for loss allowance on an
individual basis
Provision for loss allowance on a
collective basis
Including:
Trade receivables from sale of
electricity
Trade receivables from renewable
energy subsidies
Trade receivables from related parties 37,889,672 0.41 37,889,672
Trade receivables from sale of steam
and others
Total 9,137,835,367 100.00 36,037,526 0.39 9,101,797,841
Provision for loss allowance on a collective basis
Group 1: Receivables from sale of electricity
As at 31 December 2025, the Group’s receivables from sale of electricity, other than receivables from
renewable energy subsidies are as follows.
Item 31/12/2025 31/12/2024
China Southern Power Grid Co., Ltd. and its subsidiaries (collectively referred to as
Southern Grid)
State Grid Corporation of China and its subsidiaries (collectively referred to as
State Grid )
Inner Mongolia Electric Power (Group) Co., Ltd (IM Grid). 7,605,151
Total 5,891,319,582 5,900,005,438
Note 1: Considering the favorable credibility of Southern Grid, State Grid and IM Grid, there was no
significant credit risk arising from receivable from sale of electricity. Since the possibility of material
losses due to the default by Southern Grid, State Grid and IM Grid was extremely low, the
corresponding expected credit loss amount is very small and has a minimal impact on the Company's
financial position and operating results. Therefore, the Company did not provide estimated credit loss
for the receivables from sale of electricity.
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Group 2: Receivables from renewable energy subsidies
As at 31 December 2025, the Group’s receivables from renewable energy subsidies are as follows:
Item Expected Expected
Loss Loss
Book balance credit loss Book balance credit loss
allowance allowance
rate (%) rate (%)
Renewable
energy subsidies 3,590,328,183 35,903,282 1.00 3,098,637,451 30,986,374 1.00
receivable
As at 31 December 2025, the Company uses an external evaluation method (referring to data from peer
companies) in determining the expected credit loss rate for receivables of renewable energy subsidies.
The expected credit loss rate of Group 2 is 1%.
Group 3: Receivables from related parties
As at 31 December 2025, the Group’s receivables from related parties are RMB 48,322,028 (December
significant credit risk arising from receivables from related parties. Since the possibility of material
losses due to the default by related parties was extremely low, the Group did not provide estimated
credit loss for the receivables from related parties (December 31, 2024: nil).
Group 4: Receivables from sale of steam and others
Item Expected Expected
Loss Book Loss
Book balance credit loss credit loss rate
allowance balance allowance
rate (%) (%)
Within 1 year 79,445,355 602,998 0.76 93,120,216 1,240,536 1.33
More than 3 years
Total 96,499,601 7,381,207 7.65 101,302,806 5,051,152 4.99
Note: As of 31 December 2025, the right to collect electric charges of the Group’s certain subsidiaries,
was pledged to banks to obtain long-term borrowings with a principal of RMB 3,935,009,425, including
current portion of long-term borrowings with a principal of RMB 456,142,964 (December 31, 2024:
long-term borrowings with a principal of RMB 5,171,411,604, including current portion of long-term
borrowings with a principal of RMB 451,067,263).
(3) Addition, recoveries or reversals of loss allowance in current period
Item Loss allowance
As at 1/1/2025 36,037,526
Addition in the current period 7,248,897
Recoveries or reversals in the current period
Written-off in the current period 1,934
As at 31/12/2025 43,284,489
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
(4) Trade receivabless that were written off in the current period
Item Amount
Written off in the current period 1,934
(5) As at 31 December 2025, the top five largest trade receivabless and contract assets by debtors are
as follows:
Trade Contract Provision for loss Proportion of total
Item
receivables_31/12/2025 asset_31/12/2025 allowance balance(%)
Total amount of the
top five largest trade 9,447,731,926 36,250,749 98.20%
receivables
(1) Disclosed by aging
Aging Book balance Book balance
Loss Loss
Proportion allowance Proportion allowance
Amount Amount
(%) (%)
Within 1 year 938,091,782 96.29 1,433,330,668 99.48
More than 3 years 1,551,878 0.16 115,000 656,368 0.05 115,000
Total 974,239,953 100.00 115,000 1,440,747,187 100.00 115,000
As at 31 December 2025, advances to suppliers with aging over one year amounted to RMB
(2) Provision for impairment in the current period
Item 2025 2024
As at 1/1/2025 115,000 115,000
Provision for the current year
Write-off in the current period
Reversal in the current period
As at 31/12/2025 115,000 115,000
(3) As at 31 December 2025, the five largest advances to suppliers by debtors are as follows:
The total amount of advances to five largest debtors is RMB 846,704,788, accounting for 86.91% of
total balance.
Item 31/12/2025 31/12/2024
Interest receivables
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item 31/12/2025 31/12/2024
Dividends receivable
Other receivables 527,513,970 533,352,169
Total 527,513,970 533,352,169
(1) Other receivables
Aging 31/12/2025 31/12/2024
Within 1 year 208,124,629 218,929,350
More than 3 years 277,700,980 287,319,585
Subtotals 592,619,546 588,370,562
Less: Provision for loss allowance 65,105,576 55,018,393
Total 527,513,970 533,352,169
Note: Other receivables with aging for more than three years mainly include RMB 59,898,988 of
supplementary medical insurance receivable from Taikang Pension Insurance Co., Ltd. Guangdong
Branch (Taikang Pension). Taikang Pension mainly provides custody services for the Company’s
supplementary medical insurance fund. The historical loss rate is 0%, and the risk of estimated credit
loss is extremely low. On the other hands, there is RMB 126,885,400 of land withdrawal receivable from
the People's Government of Chengjiang Town, Meixian District, Meizhou City. As the counterparty is a
government unit, the risk of estimated credit loss is extremely low.
Item 31/12/2025 31/12/2024
Land withdrawal receivable 129,994,352 143,994,333
Supplementary medical insurance fund receivable 107,422,266 104,146,571
Receivables from sale of by-products 37,218,739 50,166,012
Including : Receivables from related parties 36,357,610 44,546,617
Receivables from business units 72,689,023 86,772,626
Current trade receivabless from related parties 113,189,274 60,257,839
Land deposits receivable 27,178,680 24,007,176
Compensation receivable for electricity charges during the demolition and construction
period
Others 90,728,812 104,827,605
Subtotal 592,619,546 588,370,562
Less: Provision for loss allowance 65,105,576 55,018,393
Total 527,513,970 533,352,169
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Category Book balance Provision for loss allowance
Proportion Estimated Book value
Amount Amount
(%) credit loss rate (%)
Provision for loss allowance on an
individual basis
Provision for loss allowance on a
collective basis
Total 592,619,546 100.00 65,105,576 10.99 527,513,970
Continued:
Book balance Provision for loss allowance
Category Estimated Book value
Amount Proportion (%) Amount credit loss rate
(%)
Provision for loss allowances on
an individual basis
Provision for loss allowance on a
collective basis
Total 588,370,562 100.00 55,018,393 9.35 533,352,169
As at 31 December 2025, provision for loss allowances in Stage 1 are analyzed as follows:
Estimated credit
Book Provision for
Category loss rate (%) over Book value Reason
balance loss allowance
the next 12 months
Provide for loss allowances on
an individual basis
The counterparty is a
Land withdrawal receivable 129,994,352 129,994,352 government unit and the risk of
ECL is extremely low.
The counterparty is a related
Receivables from related party, with a historical loss rate of
parties 0; therefore, the risk of ECL is
extremely low.
The counterparty is Taikang
Pension, which mainly provides
Supplementary medical custody services for the Group’s
insurance fund 107,422,266 107,422,266 supplementary medical
receivable insurance fund. The historical
loss rate is 0, and the risk of ECL
is extremely low.
The counterparty is a
government unit, with a historical
Land deposits receivable 27,178,680 27,178,680
loss rate of 0; therefore, the risk
of ECL is extremely low.
The demolition and construction
Compensation receivable for project is initiated by the
electricity charges during the government-owned industrial
demolition and construction park, which pays compensation
period expenses, and the risk of ECL is
extremely low.
The counterparty is a
Others 18,737,066 18,737,066 government unit, with a historical
loss rate of 0; therefore, the risk
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Estimated credit
Book Provision for
Category loss rate (%) over Book value Reason
balance loss allowance
the next 12 months
of ECL is extremely low
Provision for loss allowances
on a collective basis
Other receivables on a
collective basis
Total 551,815,812 4.40 24,301,842 527,513,970
As at 31 December 2025, provision for loss allowances in Stage 2 are analyzed as follows:
The Company did not have interest receivable, dividends receivable, or other receivables that were in
Stage 2.
As at 31 December 2025, provision for loss allowances in Stage 3 are analyzed as follows:
Estimated credit loss
Book Provision for Book
Category rate (%) over the Reason
balance loss allowance value
entire duration
Provide for loss
allowances on an
individual basis
Unrecoverable by
Receivables from estimation since the
business units counterparty is financially
difficult.
Unrecoverable by
estimation since the
Others 20,621,950 100.00 20,621,950
counterparty is financially
difficult.
Total 40,803,734 100.00 40,803,734
As at 31 December 2025, provision for loss allowances in Stage 1 are analyzed as follows:
Estimated credit
Provision for
Book loss rate (%)
Category loss Book value Reason
balance within the next
allowance
Provide for loss
allowances on an
individual basis
Land withdrawal The counterparty is a government unit and
receivable the risk of ECL is extremely low.
The counterparty is a related party, with a
Receivables from
related parties
of ECL is extremely low.
The counterparty is Taikang Pension,
Supplementary medical which mainly provides custody services for
insurance fund 104,146,571 104,146,571 the Group’s supplementary medical
receivable insurance fund. The historical loss rate is
The counterparty is a government unit,
Land deposits
receivable
the risk of ECL is extremely low.
Insurance
compensation
receivable
Compensation The demolition and construction project is
receivable for electricity 14,198,400 initiated by the government-owned
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Estimated credit
Provision for
Book loss rate (%)
Category loss Book value Reason
balance within the next
allowance
charges during the industrial park, which pays compensation
demolition and expenses, and the risk of ECL is extremely
construction period low.
The counterparty is a government unit,
Others 867,289 867,289 with a historical loss rate of 0; therefore,
the risk of ECL is extremely low
Provision for loss
allowances on a
collective basis
Other receivables on a
collective basis
Total 559,772,977 4.72 26,420,808 533,352,169
As at 31 December 2025, provision for loss allowances in Stage 2 are analyzed as follows:
The Company did not have interest receivable, dividends receivable, or other receivables that were in
Stage 2.
As at 31 December 2025, provision for loss allowances in Stage 3 are analyzed as follows:
estimated credit loss rate
Book Provision for loss Book
Category (%) over the entire Reason
balance allowance value
duration
Provision for loss
allowances on an
individual basis
Unrecoverable by estimation
Receivables from
business units
financially difficult.
Unrecoverable by estimation
Others 4,350,545 100.00 4,350,545 since the counterparty is
financially difficult.
Total 28,597,585 100.00 28,597,585
Stage 1 Stage 2 Stage 3
Provision for loss allowance Estimated credit loss Estimated credit loss over the Estimated credit loss over the Amount
over the next 12 entire duration (no credit entire duration (credit
months impairment has occurred) impairment has occurred)
As at 1/1/2025 26,420,808 28,597,585 55,018,393
Movement in the current
period
- Transfer to the second
stage
- Transfer to the third stage -1,804,881 1,804,881
- Reversed to the second
stage
- Reversed to the first stage
Additions 770,984 10,401,268 11,172,252
Addition due to
consolidation
Reversals -1,010,020 -1,010,020
Written-off -75,049 -75,049
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Stage 1 Stage 2 Stage 3
Provision for loss allowance Estimated credit loss Estimated credit loss over the Estimated credit loss over the Amount
over the next 12 entire duration (no credit entire duration (credit
months impairment has occurred) impairment has occurred)
As at 31/12/2025 24,301,842 40,803,734 65,105,576
Item Amount
Written off in the current period 75,049
Other receivables Proportion (%) of Provision for
Debtor Nature Aging
as at 31/12/2025 Total Balance loss allowance
People’s Government of More
Land withdrawal
Chengjiang Town, Meixian 126,885,400 than 3 21.41
receivable
District, Meizhou City years
Supplementary
Within 5
Taikang Pension medical insurance fund 104,699,135 17.67
years
receivable
Guangdong Electric Power
Receivables for coal Within 3
Industry Fuel Co., Ltd. (Industry 54,738,075 9.24
settlement years
Fuel)
Guangdong Energy Financial
Receivables from related Within 1
Leasing Co., Ltd. (Financial 33,507,710 5.65
party transactions year
Leasing)
Guangdong Yuedian Receivables from related
Within 1
Environmental Protection Co., parties for sale of 26,637,552 4.49
year
Ltd. (Yuedian Environmental) by-products
Total 346,467,872 -- 58.46
(1) Inventories by categories
Item
Book balance Provision Book value Book balance Provision Book value
Fuel 1,511,472,004 1,511,472,004 1,805,708,131 1,805,708,131
Spare parts 850,474,442 69,179,186 781,295,256 816,618,983 47,494,841 769,124,142
Others 1,052,535 1,052,535 2,287,216 2,287,216
Total 2,362,998,981 69,179,186 2,293,819,795 2,624,614,330 47,494,841 2,577,119,489
(2) Provision for inventories
Item 31/12/2024 Increase Written off 31/12/2025
Spare parts 47,494,841 21,698,425 14,080 69,179,186
Provision for inventories (Continued)
Basis for determining net realizable value/remaining Reasons for reversal or write-off
Item
consideration and the costs that will be incurred in the current period
The carrying amount is higher than the amount of net realizable
Spare parts Disposal/Use/Scrap
value of the disposal proceeds less costs to sell.
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item 31/12/2025 31/12/2024
Input VAT to be deducted/to be certified 2,354,384,466 1,817,634,077
Prepayment of income tax 71,607,948 128,279,470
Carbon emission rights assets 2,218,624 17,781,065
Others 2,121 7,574,974
Total 2,428,213,159 1,971,269,586
Item 31/12/2025 31/12/2024
Joint ventures 1,580,711,135 1,211,503,389
Associates 10,106,178,517 9,744,588,983
Subtotal 11,686,889,652 10,956,092,372
Less: Provision for impairment of long-term equity investments 143,433,433 143,433,433
Total 11,543,456,219 10,812,658,939
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Investment Declared
Invested entity Reduction Other
Provision for Addition in income Other cash Provision for Provision for
Book value in comprehensive Others Book value
impairment investment recognized by movements dividends or impairment impairment
investment income
equity method profits
① Joint ventures
Guangdong Electric
Power Industry Fuel
Co., Ltd. (Industrial
Fuel)
China Aviation
Shenxin Wind
Power Co., Ltd. 168,647,135 4,161,732 172,808,867
(China Aviation
Shenxin)
Zhanjiang Yuexin
Distributed Energy
and Technique Co., 2,550,310 -1,243,196 1,307,114
Ltd. (Yuexin
Energy)
Subtotals 1,211,503,389 300,000,000 88,600,994 2,015,435 1,873,717 23,282,400 1,580,711,135
② Associates
Shanxi Yuedian
Energy Co., Ltd.
(Shanxi Yuedian
Energy)
Guoneng Yuedian
Taishan Power
Generation Co.,
Ltd.
Guangdong Energy
Group Finance Co.,
Ltd. (Energy Group 10,363,962
Finance Company)
Guangdong Energy
Finance Leasing
Company (Energy 823,842,858 21,124,420 844,967,278
Finance Leasing
Company)
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Investment Declared
Invested entity Reduction Other
Provision for Addition in income Other cash Provision for Provision for
Book value in comprehensive Others Book value
impairment investment recognized by movements dividends or impairment impairment
investment income
equity method profits
Guangdong Energy
Property Insurance 309,986,789 13,515,269 2,291,873 321,210,185
Captive Co., Ltd.
Guangdong
Yuedian Shipping
Co., Ltd. (Yuedian
Shipping)
Guizhou Yueqian
Power Co., Ltd. 272,287,737 5,391,285 -9,331 -827,613 276,842,078
(Yueqian Power)
Yunnan Energy
Investment Weixin
Co., Ltd. (Weixin
Yuntou)
Southern Offshore
wind power Union
Development Co.,
Ltd.(Southern
Offshore Wind
Power)
Guangdong Energy
Group Corporate
Services Co., Ltd. 27,000,000 32,824 27,032,824
(Energy Corporate
Services)
Others 64,614,712 20,819,280 8,601,447 5,256,446 67,959,713 20,819,280
Subtotals 9,601,155,550 143,433,433 27,000,000 586,922,153 -61,742,824 14,090,251 204,680,046 9,962,745,084 143,433,433
Total 10,812,658,939 143,433,433 327,000,000 675,523,147 -59,727,389 15,963,968 227,962,446 11,543,456,219 143,433,433
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Note 1: As at 31 December 2025, the Company’s subsidiary Guangdong Wind Power Company
(Guangdong Wind Power), held 51% shares of China Aviation Shenxin. According to the articles of
association of China Aviation Shenxin, the resolution of the shareholders ’ meeting must be
unanimously adopted by shareholders representing more than 2/3 of the voting rights. Therefore, China
Aviation Shenxin is jointly controlled by the Company’s subsidiary Provincial Wind Power and Inner
Mongolia Electric Power Survey & Design Institute Co., Ltd., which holds 49% shares of China Aviation
Shenxin.
Note 2: The Company determines significant long-term equity investments based on a comprehensive
consideration of factors such as the book value of joint ventures and associated enterprises, and the
proportion of long-term equity investment income accounted for by the equity method in the Company's
consolidated net profit. In 2025, the Company had no significant impairment of long-term equity
investments.
In the current year, the change in other equity of long-term equity investments in joint ventures
amounted to RMB 1,873,717 (2024: RMB 549,222), which was recorded in capital reserves.
In the current year, the change in other equity of long-term equity investments in associated enterprises
recorded in capital reserves amounted to RMB 14,090,251 (2024: RMB 6,154,986).
Item 31/12/2025 31/12/2024
Shenergy Company Limited (Shenergy) 432,040,906 527,001,051
Sunshine Insurance Group Company Limited (Sunshine Insurance) 1,226,572,760 884,831,222
Shenzhen Capital Group Co., Ltd. (SCG) 1,232,000,000 1,124,000,000
Others 119,076,222 114,457,600
Total 3,009,689,888 2,650,289,873
Note: The Company does not participate in or influence the financial and operating decisions of the
above investees in any ways. Therefore, the Company has no significant influence on the above
investees, and accordingly they are accounted for as investments in other equity instruments.
As at 31 December 2025, the Company held 55,532,250 tradable A shares in Shenergy with fair value
of RMB 432,040,906 and the investment cost was RMB 235,837,988. The investment was stated at fair
value with reference to the market price. During the year, losses at fair value amounted to RMB
downwards accordingly.
As at 31 December 2025, the Company held 350,000,000 shares in Sunshine Insurance, including
with reference to the market price. During the year, gains at fair value amounted to RMB 341,741,538
(2024: Loss of RMB 494,168,780), and other comprehensive income was adjusted upwards
accordingly.
As at 31 December 2025, the fair value of the equity that the Company held in Shenzhen Capital Group
(SCG) amounted to RMB 1,232,000,000, and the investment cost was RMB 328,034,000. The
Company used the discounted cash flow model and the market comparable company model to estimate
the value of this investment. During the current year, gains at fair value amounted to RMB 108,000,000
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
(2024: Gains of RMB 110,000,000), and other comprehensive income was adjusted upwards
accordingly.
Gains and losses Gains and losses Accumulated gains and
Dividend
recognized in other accumulated in other losses transferred to Reason for
Item income for the
comprehensive income in comprehensive income at retained earnings due to derecognition
current period
the current period the end of the period derecognition
Shenergy
Company -94,960,145 196,202,918 24,989,512
Limited
Sunshine
Insurance
Group 341,741,538 870,572,760 66,500,000
Company
Limited
Shenzhen
Capital Group 108,000,000 903,966,000 22,038,083
Co., Ltd.
Others 4,618,622 96,785,594 2,628,000
(1) Investment property measured at cost
Item Buildings Land use rights Total
I.Original book value
(1) Outsourcing
(2) PPE transfers in 169,488 169,488
(1) Disposal
(2) Other transfers out 12,249,358 12,249,358
II. Accumulated depreciation and accumulated amortization
(1) Accrual or amortization 7,411,097 904,136 8,315,233
(2) PPE transfers in 161,014 161,014
(1) Disposal
(2) Other transfers out 7,840,015 7,840,015
III. Impairment provision
IV. Book value
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item Buildings Land use rights Total
In 2025, depreciation expense of investment properties was RMB 8,315,233 (2024: RMB 8,650,211),
among which depreciation expenses recorded in cost of sale, and general and administrative expenses
were RMB 7,679,635 and RMB 635,598 respectively (2024: RMB 8,014,613 and RMB 635,598).
Item 31/12/2025 31/12/2024
PPE 85,751,864,102 73,507,162,717
Disposals of PPE 144,693,413 121,635,938
Total 85,896,557,515 73,628,798,655
(1) PPE
Power
Motor
Item Buildings generation Other equipment Total
vehicles
equipment
I. Original book value:
period
(1) Acquisition 79,481,593 327,516,571 38,047,876 634,785,046 1,079,831,086
(2) Transfer-in of
construction in progress (CIP)
(3) Consolidated increase 1,401,780,359 1,401,780,359
(4) Transfer-in of
investment properties
period
(1) Disposal or scrapping 159,052,992 1,962,747,747 24,217,606 52,371,350 2,198,389,695
(2) Transfer-out of
investment properties
II. Accumulated depreciation
period
(1) Accrual 977,682,171 4,570,806,533 38,040,589 92,241,872 5,678,771,165
(2) Transfer-in of
right-of-use assets
(3) Transfer-in of
investment properties
period
(1) Disposal or scrapping 50,457,372 1,308,031,772 22,750,866 47,964,356 1,429,204,366
(2) Transfer-out of
investment properties
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Power
Motor
Item Buildings generation Other equipment Total
vehicles
equipment
III. Impairment provision
period
(1) Accrual 16,019,730 212,738,874 3,571 228,762,175
(2) Transfer-in of CIP - 8,605,978 - 8,605,978
period
(1) Disposal or scrapping 85,118,355 241,070,952 169,592 326,358,899
IV. Book value
Note 1: As at 31 December 2025, there were no power generation equipment or buildings used as
collateral for long-term borrowings. (December 31, 2024: None).
In 2025, depreciation expense of PPE recorded in cost of sale, General and administrative expenses,
construction in progress, research and development expenses and selling expenses are set out as
follows:
Item 2025 2024
Construction in progress 12,580,925 8,045,170
Cost of sale 5,515,082,581 5,026,021,242
Research and development expenses 70,657,480 80,994,510
Selling expenses 2,454,504 2,336,060
Administrative expenses 77,995,675 74,235,433
Total 5,678,771,165 5,191,632,415
Increased in the c
Decreased in the
Item 31/12/2024 urrent 31/12/2025
current year
year
Lincang Yuedian Energy Co., Ltd. (Lincang Energy) 758,537,917 2,039,246 756,498,671
Guangdong Yuedian Zhanjiang Biomass Power
Generation Co., Ltd. (Biomass Power Generation)
Guangdong Yuedian Bohe Energy Co., Ltd. (Bohe
Energy)
Tumushuke Thermal Power Co.,Ltd. 190,878,282 190,878,282
Guangdong Yuedian Jinghai Power Generation Co.,
Ltd. (Jinghai Power)
Guangdong Yuehua Power Generation Co., Ltd. 135,139,793 135,139,793
Guangdong Yuedian Shaoguan Power Plant Co.,
Ltd. (Shaoguan Power Plant)
Guangdong Electric Power Development Co., Ltd.
Shajiao A Power Plant (Shajiao A Power Plant)
Guangdong Yuedian Shibeishan Wind Power Co., 52,827,600 52,827,600
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Increased in the c
Decreased in the
Item 31/12/2024 urrent 31/12/2025
current year
year
Ltd. (Shibeishan Wind Power)
Gaotang Shihui New Energy Co., Ltd. (Gaotang New
Energy)
Guangdong Guangye Nanhua New Energy Co., Ltd.
(Nanhua New Energy)
Guangdong Yueneng Wind Power Co., Ltd.
(Yueneng Wind Power)
Guangdong YueDian YunHe Power Generation Co.,
Ltd. (Yunhe Power)
Guangdong Energy Maoming Thermal Power Plant
Co., Ltd. (Maoming Thermal Power)
Guangdong Red Bay Power Co., Ltd. (Red Bay
Power)
Guoyang County Herun New Energy Technology
Co., Ltd. (Herun New Energy)
Shenzhen Guangqian Electric Co., Ltd. 8,912,678 2,876,814 619,759 11,169,733
Qinglong Manchu Autonomous County Jianhao
Photovoltaic Technology Co., Ltd. (Jianhao PV).
Zhanjiang Zhongyue Energy Co., Ltd. (Zhongyue
Energy)
Zhanjiang Electric Power Co., Ltd. 18,822,875 10,392,229 8,430,646
Guangdong Huizhou Natural Gas Power Co., Ltd. 3,113,647 1,666 3,111,981
Guangdong Yuedian Yangjiang Offshore Wind
Power Co., Ltd. (Yangjiang Wind Power)
Guangdong Yuedian Pingyuan Wind Power Co., Ltd.
(Pingyuan Wind Power)
Total 2,421,032,468 237,368,153 326,358,899 2,332,041,722
For the Company's significant PPE for which there are impairment indications and the asset balances
exceed RMB 500 million, the relevant impairment assumptions are presented as follows:
Note 1: In 2025, some power generation equipment of the Company’s subsidiaries —Shihui New
Energy, Jinghai Power, Yunhe Power, Shaoguan Power Plant, Herun New Energy, and Shenzhen
Guangqian Electric Power Co., Ltd.— was subject to technical renovation and other improvement
activities. The equipment parts which were to be removed or replaced were terminated or disposed of in
advance.. As a result, relevant assets showed indicators of impairment, and an impairment provision of
RMB 155,650,552 was recognized. In addition, Jianhao PV recognized PPE impairment transferred
from CIP impairment amounting to RMB 8,605,978.
Note 2: The Company’s subsidiary, Nanhua New Energy, is principally engaged in wind power
generation, with its generating units located in Zhanjiang, Guangdong. In 2025, due to changes in
market electricity prices and other factors, the Company incurred operating losses, and the long-term
assets of Nanhua New Energy exhibited indicators of impairment. Nanhua New Energy was treated as
a cash-generating unit (CGU, including goodwill) and was subjected to an impairment test. The
recoverable amount of the CGU was determined based on the present value of expected future net
cash flows, amounting to RMB 275,905,137. Accordingly, an impairment provision of RMB 42,635,132
was recognized. The carrying value of goodwill attributable to Nanhua New Energy has been reduced to
zero, and the PPE impairment provision for the year amounted to RMB 42,635,132.
The Company determines the on-grid electricity price, electricity sale and fuel price on the basis of
historical experience and forecasts of market development. The key estimates in the forecast period are
projected based on the Group's five-year profitability forecasts, and the discount rate is a pre-tax
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
discount rate that reflects specific risks of relevant assets. The key assumptions applied in calculating
discounted future cash flows are as follows:
Item Key parameter
Prediction period year 5 years
On-grid electricity price during the forecast period (RMB/MWh) 408.65
On-grid electricity price during the stable period (RMB/MWh) 408.65
Subsidized electricity price during the forecast period (RMB/MWh) 157.00
Subsidized electricity price during the stable period (RMB/MWh) 157.00
Electricity sale during the forecast period (MWh) 82,665.00
Electricity sale during the stable period (MWh) 82,665.00
Pre-tax discount rates 6.54%
Note 3: The Company’s subsidiary, Yueneng Wind Power, is principally engaged in wind power
generation, with its generating units located in Zhanjiang, Guangdong. In 2025, due to changes in
market electricity prices and other factors, the Company incurred operating losses, and the long-term
assets of Yueneng Wind Power exhibited indicators of impairment. Yueneng Wind Power was treated as
a cash-generating unit (CGU, including goodwill) and was subjected to an impairment test. The
recoverable amount of the CGU was determined based on the present value of expected future net
cash flows, amounting to RMB 231,328,122. Accordingly, an impairment provision of RMB 64,151,567
was recognized. The carrying value of goodwill attributable to Yueneng Wind Power has been reduced
to zero, and the PPE impairment provision for the year amounted to RMB 30,476,491, while the
intangible assets impairment provision amounted to RMB 33,675,076.
The Company determines the on-grid electricity price, electricity sale and fuel price on the basis of
historical experience and forecasts of market development. The key estimates in the forecast period are
projected based on the Group's five-year profitability forecasts, and the discount rate is a pre-tax
discount rate that reflects specific risks of relevant assets. The key assumptions applied in calculating
discounted future cash flows are as follows:
Item Key parameter
Prediction period year 5 years
On-grid electricity price during the forecast period (RMB/MWh) 552.20
On-grid electricity price during the stable period (RMB/MWh) 552.20
Subsidized electricity price during the forecast period (RMB/MWh) 208.80
Subsidized electricity price during the stable period (RMB/MWh) 208.80
Electricity sale during the forecast period (MWh) 77,220.00 to 88,357.50
Electricity sale during the stable period (MWh) 88,357.50
Pre-tax discount rates 6.63%
Item Book value as at 31/12/2025 Reasons for not obtaining certificates of ownership
Buildings 3,549,551,057 Pending to government approval
As at 31 December 2025, management believed that there were neither substantial legal obstacles in
obtaining the certificates nor material adverse impact on the normal operation of the Company.
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
(2) Disposals of PPE
Item 31/12/2025 31/12/2024 Reason for transfer to disposals of PPE
Parts of power generation equipment 132,906,108 103,795,315 Scrapped but not yet disposed
Other equipment 11,787,305 17,840,623 Scrapped but not yet disposed
Total 144,693,413 121,635,938
Item 31/12/2025 31/12/2024
CIP 31,568,774,393 31,341,212,969
Engineering materials 13,703,777 41,637,796
Total 31,582,478,170 31,382,850,765
(1) CIP
Project Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Qingzhou Offshore Wind Power Project 13,075,502,556 13,075,502,556 12,691,249,231 12,691,249,231
Shache Integrated Energy Photovoltaic Project 1,874,628,732 1,874,628,732
Phase II expansion project of Dapu 3,646,167,763 3,646,167,763
Inner Mongolia Yuefeng 300MW Photovoltaic Park Project 34,569,691 34,569,691
Zhaoqing Dinghu Natural Gas Cogeneration Project 37,676,940 37,676,940
District, Jinchang
Phase II project of Bohe Power Plant 2,485,625,431 2,485,625,431 2,446,503,296 2,446,503,296
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Project Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Hongdong County 200MW Centralized Photovoltaic Power Generation Project 473,434,501 473,434,501 382,657,376 382,657,376
Guizhou Power Grid's 150MW Photovoltaic Project 270,692,386 270,692,386 265,354,845 265,354,845
Zhanjiang City
Dananhai Cogeneration Project 1,256,758,863 1,256,758,863 894,037,106 894,037,106
Laishui Lieneng Laishui County 80MW Grid-Connected Photovoltaic Power
Generation Project at Parity Price
Yunhe Natural Gas Thermal Power Cogeneration Project 1,471,413,559 1,471,413,559 1,226,670,911 1,226,670,911
Jincheng Yuefeng 170MW Photovoltaic Project 418,032,508 418,032,508
Yahua New Energy's 50MW Agricultural-Photovoltaic Complementary Renewable
Energy Photovoltaic Power Station Project
Wuhua Huangni Village Project 211,131,019 211,131,019 154,681,906 154,681,906
Agrivoltaic Power Generation Project at Changshan Farm, Lianjiang, Zhanjiang 5,390,253 5,390,253
Expansion project of Unit 5 and Unit 6 at Jinghai Power Plant 6,339,282,461 55,389,093 6,283,893,368 807,408,490 55,389,093 752,019,397
Huadu Cogeneration Project 91,404,023 91,404,023 84,234,472 84,234,472
Xiangzhou Hangjing Photovoltaic Integration Phase II Project 866,380,742 866,380,742
Corps
Xiangzhou Yunjiang Wind-Solar-Storage Integrated Project 452,572,118 452,572,118
Infrastructure construction project for units 5 and 6 at Honghai Bay 919,562,602 26,446,447 893,116,155 401,157,015 26,446,447 374,710,568
Huibo 100MW Photovoltaic Hybrid Project 292,040,745 292,040,745 282,720,095 282,720,095
Agricultural-Photovoltaic Complementary Photovoltaic Project in Lanshannan
City
Jingyuan 100,000 kW Wind Power Project 379,930,366 379,930,366 153,864,133 153,864,133
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Project Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Flow passage renovation project for Jinghai No. 3 and No. 4 steam turbines 165,354,925 165,354,925 132,273,480 132,273,480
Yehai Yuefeng Lingao Bohou Town 100MW Agrivoltaic Power Generation Project 132,801,599 132,801,599 23,956,736 23,956,736
Huizhou Advanced Materials Industrial Park Cogeneration and Cooling Project 320,071,710 320,071,710 13,438,368 13,438,368
Karamay Silk Road New Cloud Intelligent Computing Center Supporting
Renewable Energy Project
Other infrastructure projects 1,034,070,419 284,948,812 749,121,607 1,026,078,305 215,605,096 810,473,209
Technical transformation and other projects 594,205,162 10,383,734 583,821,428 988,875,469 10,383,734 978,491,735
Total 31,945,942,479 377,168,086 31,568,774,393 31,649,037,339 307,824,370 31,341,212,969
Accumulated Including: Capitalized Ratio of capitalized
Increase in the Other
Project 1/1/2025 Transferred to PPE capitalized interest for the current interest for the current 31/12/2025
current period changes
interest period period
Qingzhou Offshore Wind Power Project 12,691,249,231 384,253,325 648,729,199 212,357,271 2.24 13,075,502,556
Shache Integrated Energy Photovoltaic Project 1,874,628,732 149,246,229 2,023,874,961 65,898,719 30,274,949 2.43
Phase II expansion project of Dapu 3,646,167,763 2,503,519,464 6,149,687,227 123,801,488 66,228,610 2.71
Inner Mongolia Yuefeng 300MW Photovoltaic
Park Project
Zhaoqing Dinghu Natural Gas Cogeneration
Project
at Xipo, Muhongjinchang District, Jinchang
Phase II project of Bohe Power Plant 2,446,503,296 2,897,789,751 2,858,667,616 92,771,327 55,912,171 2.00 2,485,625,431
generation project in Hongdong County
Guizhou Power Grid's 150MW Photovoltaic
Project
Project in Qiantang, Potou, Zhanjiang City
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Accumulated Including: Capitalized Ratio of capitalized
Increase in the Other
Project 1/1/2025 Transferred to PPE capitalized interest for the current interest for the current 31/12/2025
current period changes
interest period period
Dananhai Cogeneration Project 894,037,106 362,721,757 51,923,917 28,394,188 2.07 1,256,758,863
Laishui Lieneng Laishui County 80MW
Grid-connected Photovoltaic Power Generation 227,916,733 103,189,575 15,865,409 6,650,324 2.65 331,106,308
Project at Parity Pricing
Yunhe Natural Gas Thermal Power Cogeneration
Project
Jincheng Yuefeng 170MW Photovoltaic Project 418,032,508 359,988,834 778,021,342 13,320,200 7,539,972 2.19
Yahua New Energy 50MW Agrivoltaic Renewable
Energy Photovoltaic Power Station Project
Wuhua Huangni Village Project 154,681,906 56,449,113 10,368,552 2,787,020 3.38 211,131,019
Agrivoltaic Power Generation Project at
Changshan Farm, Lianjiang, Zhanjiang
Expansion project of Units 5 and 6 at Jinghai
Power Plant
Huadu Combined Heat and Power Generation
Project
Xiangzhou Hangjing Photovoltaic Integration
Phase II Project
Regiment of the Third Division of the Corps
County
Xiangzhou Yunjiang Wind-Solar-Storage
Integrated Project
Infrastructure construction project for units 5 and
Huibo 100MW Photovoltaic Hybrid Project 282,720,095 9,320,650 13,733,055 6,253,445 2.00 292,040,745
Agricultural-Photovoltaic Complementary
Photovoltaic Project in Lanshannan City
Township, Wanrong County
Jingyuan 100,000 kW Wind Power Project 153,864,133 226,066,233 7,931,025 7,061,452 2.60 379,930,366
Flow passage renovation project for Jinghai No. 3
and No. 4 steam turbines
Yehai Yuefeng Lingao Bohou Town 100MW
Agrivoltaic Power Generation Project
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Accumulated Including: Capitalized Ratio of capitalized
Increase in the Other
Project 1/1/2025 Transferred to PPE capitalized interest for the current interest for the current 31/12/2025
current period changes
interest period period
Huizhou Advanced Materials Industrial Park
Cogeneration and Cooling Project
Karamay Silk Road New Cloud Intelligent
Computing Center Supporting Renewable Energy 3,562,784 462,273,726 88,471,281 5,663,754 5,663,754 2.32 377,365,229
Project
Other infrastructure projects 1,026,078,305 830,332,835 822,340,721 402,530,136 120,147,568 not applicable 1,034,070,419
Technical transformation and other projects 988,875,469 265,736,422 632,294,423 28,112,306 5,453,991 not applicable 594,205,162
Total 31,649,037,339 16,699,626,694 16,374,609,248 28,112,306 2,006,911,484 762,494,697 31,945,942,479
Changes in significant CIP (Continued)
Proportion of
Project
Project name Budget Investment to the Source of Funds
progress %
budget (%)
Qingzhou Offshore Wind Power Project 17,107,250,000 81.27 99.45 Borrowing and self-financing
Shache Integrated Energy Photovoltaic Project 12,917,064,600 91.64 100.00 Borrowing and self-financing
Phase II expansion project of Dapu 8,134,220,000 85.60 100.00 Borrowing and self-financing
Inner Mongolia Yuefeng 300MW Photovoltaic Park Project 1,572,760,000 88.99 100.00 Borrowing and self-financing
Zhaoqing Dinghu Natural Gas Cogeneration Project 2,998,180,000 83.65 100.00 Borrowing and self-financing
Phase II project of Bohe Power Plant 7,483,510,000 83.89 97.52 Borrowing and self-financing
Hongdong County 200MW Centralized Photovoltaic Power Generation Project 516,560,000 93.22 99.00 Borrowing and self-financing
Guizhou Power Grid's 150MW Photovoltaic Project 589,200,000 50.57 49.00 Borrowing and self-financing
Dananhai Cogeneration Project 2,855,450,000 44.31 44.01 Borrowing and self-financing
Laishui Lieneng Laishui County 80MW Grid-Connected Photovoltaic Power Generation Project
at Parity Price
Yunhe Natural Gas Cogeneration Project 2,809,700,000 65.65 90.60 Borrowing and self-financing
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Proportion of
Project
Project name Budget Investment to the Source of Funds
progress %
budget (%)
Jincheng Yuefeng 170MW Photovoltaic Project 884,703,700 75.62 100.00 Borrowing and self-financing
Yahua New Energy 50MW Agricultural-Photovoltaic Complementary Renewable Energy
Photovoltaic Power Station Project
Wuhua Huangni Village Project 336,020,000 64.54 64.21 Borrowing and self-financing
Agrivoltaic Power Generation Project at Changshan Farm, Lianjiang, Zhanjiang 294,690,000 82.89 100.00 Borrowing and self-financing
Expansion project of Units 5 and 6 at Jinghai Power Plant 8,049,770,000 79.82 79.30 Borrowing and self-financing
Huadu Combined Heat and Power Generation Project 3,536,710,000 71.38 88.96 Borrowing and self-financing
Xiangzhou Hangjing Photovoltaic Integration Phase II Project 991,800,000 89.59 100.00 Borrowing and self-financing
Xiangzhou Yunjiang Wind-Solar-Storage Integrated Project 522,000,000 91.61 100.00 Borrowing and self-financing
Infrastructure construction project for Units 5 and 6 at Honghai Bay 7,820,820,000 10.71 44.58 Borrowing and self-financing
Huibo 100MW Photovoltaic Hybrid Project 651,393,000 36.39 40.10 Borrowing and self-financing
Agricultural-Photovoltaic Complementary Project in Lanshan Nan City 990,870,000 57.43 100.00 Borrowing and self-financing
Jingyuan 100,000 kW Wind Power Project 681,220,000 55.53 93.60 Borrowing and self-financing
Flow passage renovation project for Jinghai No. 3 and No. 4 steam turbines 373,000,000 44.33 44.30 Borrowing and self-financing
Yehai Yuefeng Lingao Bohou Town 100MW Agrivoltaic Power Generation Project 560,030,000 23.89 35.67 Borrowing and self-financing
Huizhou Advanced Materials Industrial Park Cogeneration and Cooling Project 2,626,090,000 12.19 13.60 Borrowing and self-financing
Karamay Silk Road New Cloud Intelligent Computing Center Supporting Renewable Energy
Project
Other infrastructure projects not applicable not applicable not applicable Borrowing and self-financing
Technical renovation and other projects not applicable not applicable not applicable Borrowing and self-financing
Total 91,643,195,244 -- -- --
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Provision for loss Increase due to Decrease in Reason for
Project 1/1/2025 allowance in the consolidation the current 31/12/2025 provision
current period period
Humen Power Plant Cease
Impairment of projects
Project
under construction in the 55,389,093 55,389,093
stagnation
early stage of Jinghai unit
Impairment of projects
under construction in the Project
early stage of Guangqian stagnation
Power Phase II
Impairment of early-stage
Project
wind power projects under 9,421,025 8,228,591 1,192,434
stagnation
construction in the province
Impairment of the Shibei
reconstruction of
Mountain Wind Turbine 13,927,888 13,927,888
wind turbines
Project
Qinglong Jianhao
Tumenzi 215MW and
Liangshuihe 25MW 8,605,978 8,605,978 Asset acquisition
Photovoltaic Power
Generation Projects
Shaoguan Nanxiong
Project
Distributed Wind Power 2,725,732 2,725,732
stagnation
Project
The relocation
and loss of
surrounding
enterprises near
Yuehua Natural Gas the plant area
Cogeneration Project – led to a reduction
Supporting Heat Network in heat supply
Engineering customers,
resulting in the
suspension of
project
construction
Xinhui Taishan Guanghai
Project
Bay Gas-Fired Power 403,302 403,302
stagnation
Project
Bijie City Dafang County Project
New Energy Project stagnation
Dafang County Changshi
Town Shanba 80MW Project
Agrivoltaic Power Station stagnation
Project
Qiming Natural Gas Power Cease
Generation Project construction
Project
Other engineering projects 36,476,892 852,213 35,624,679
stagnation
Total: 307,824,370 87,030,498 17,686,782 377,168,086 -
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Machinery and Motor
Item Land use rights Buildings Total
equipment Vehicles
I. Original book value:
(1) Add new lease contract 144,555,687 37,105,680 1,266,646,172 13,812,801 1,462,120,340
(1) Lease modification 28,969,323 7,712,687 36,682,010
(2) Lease transfer-out 78,540,035 27,086,052 1,317,649,694 8,167,904 1,431,443,685
II. Accumulated depreciation
(1) Accrual 41,064,310 26,624,124 718,671,609 7,490,931 793,850,974
(2) Consolidation increase
(1) Lease modification 915,584 800,263 1,715,847
(2) Lease transfer-out 3,517,668 25,581,773 256,954,429 8,125,997 294,179,867
III. Impairment provision
(1) Accrual
(1) Transfer out upon lease expiration
IV. Book value
The depreciation expense in the current period recorded in operating costs, general and administrative
expenses, construction in progress, research and development expenses, and selling expenses:
Item 2025 2024
Construction in progress 199,307,719 188,908,969
Cost of sale 568,241,717 557,751,857
Research and development expenses 734,833
Selling expenses 415,063 400,132
General and administrative expenses 25,151,642 14,045,007
Total 793,850,974 761,105,965
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
(1) Intangible assets
Use rights of associated
Land use rights Non-patente
projects for electricity
Item and use right of Software d technology Total
transmission and
sea area and others
transformation
I. Original book value
(1) Purchase 99,949,410 9,603,805 7,012,032 116,565,247
(2) Transfers from CIP 9,556,164 11,511,337 1,592,121 22,659,622
(3) Consolidated increase
period
(1) Disposal 60,996,410 19,062,114 424,529 80,483,053
II. Accumulated amortization
(1) Accrual 108,512,211 25,423,020 15,057,854 148,993,085
(2) Consolidated increase
period
(1) Disposal 18,586,096 18,168,646 84,906 36,839,648
III. Provision for impairment
period
IV. Book value
Note: As at 31 December 2025, there was no intangible assets arising from internal research and
development of the Company.
(2) The depreciation expense in the current period recorded in operating costs, general and
administrative expenses, construction in progress, research and development expenses, and
selling expenses:
Item 2025 2024
Construction in progress 15,414,879 19,208,496
Cost of sale 29,914,170 22,451,611
Research and development expenses 992,914 1,327,668
General and administrative expenses 102,671,122 102,208,295
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Total 148,993,085 145,196,070
(3) Land use rights without property certificates
Book value as at Reasons for not having
Item
Land use rights 22,176,972 Filing documents are in preparation
(1) Original value
Increase in the Decrease in the
Name of the invested entities 1/1/2025 31/12/2025
current period current period
Tumushuke Thermal Power 119,488,672 119,488,672
Nanhua New Energy 6,158,995 6,158,995
Others 39,372,264 39,372,264
Total 165,019,931 165,019,931
(2) Provision for impairment
Increase in the Decrease in the
Name of the invested entities 1/1/2025 31/12/2025
current period current period
Tumushuke Thermal Power 119,488,672 119,488,672
Nanhua New Energy 6,158,995 6,158,995
Others 36,922,378 36,922,378
Total 162,570,045 162,570,045
Note: All goodwill had been allocated by the Company to the relevant CGU or CGU groups at the
acquisition date. In 2025, the allocation of goodwill remained unchanged. In test for impairment of
goodwill, the Company compares the carrying amount of relevant CGU (including goodwill) with its
recoverable amount. If the recoverable amount is lower than the carrying amount, the difference is
recorded in profit or loss for the current period. The Company determines the on-grid electricity price,
electricity sale and fuel price on the basis of historical experience and forecasts of market development.
The key estimates applied in the forecast period are projected based on the Group’s five-year
profitability forecasts, and the discount rate is the pre-tax discount rate that reflects specific risks of
relevant assets.
Increase in the Decrease in the current period
Item 1/1/2025 current Other 31/12/2025
period Amortization
decreases
Improvement to right-of-use assets 6,984,262 1,184,679 5,134,337 486,040 2,548,564
Road use rights 30,392,941 1,689,225 28,703,716
Capacity usage fee for step-up
substation
Others 18,127,958 1,973,377 3,432,848 16,668,487
Total 55,505,161 17,466,044 10,256,410 486,040 62,228,755
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
(1) DTA and DTL before offsetting
Item Deductible/taxable Deductible/taxable
Deferred tax Deferred tax
temporary temporary
assets/liabilities assets/liabilities
differences differences
Deferred tax assets:
Deductible loss 1,359,766,199 339,941,550 1,835,121,929 458,780,482
Lease liabilities 2,223,936,509 555,984,127 1,441,792,757 357,536,654
Provision for assets
impairment
Unrealized profits from
intra-group transactions
Employee benefits payable 244,159,148 61,039,787 288,549,129 72,137,283
Depreciation of PPE 283,862,484 70,965,621 267,052,329 65,313,187
Others 108,242,483 27,060,621 102,268,681 25,567,170
Subtotals 5,497,632,034 1,374,408,009 5,367,436,890 1,334,278,537
Deferred tax liabilities:
Changes in fair value of
investments in other equity
instruments included in 2,067,397,639 516,849,410 1,708,127,258 427,031,815
other comprehensive
income
Right-of-use assets 1,622,538,486 405,634,622 927,757,509 223,639,538
Revaluation reserve of
business combinations
involving enterprises not
under common control
Depreciation of PPE 52,543,951 13,135,988 71,982,420 17,995,605
Amortization of land use
rights
Interest receivable 170,118 42,530 12,272,627 3,068,157
Subtotals 3,756,802,857 939,200,716 2,854,308,560 705,277,301
Expected recovery period of DTA and DTL:
Expected to be Expected to be
Item Expected to be Expected to be
recovered recovered
recovered recovered
within 1 year within 1 year
after 1 year after 1 year
(inclusive) (inclusive)
DTA 183,338,026 1,191,069,983 107,379,274 1,226,899,263
DTL 48,708,245 890,492,471 26,887,618 678,389,683
(2) The net balances of DTA and DTL after offsetting
Item 31/12/2025 31/12/2024
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Offsetting Balance after Offsetting Balance after
amount offsetting amount offsetting
DTA 415,346,566 959,061,443 235,063,758 1,099,214,779
DTL 415,346,566 523,854,149 235,063,758 470,213,543
(3) Details of deductible temporary differences and deductible losses for unrecognized DTA
Item 31/12/2025 31/12/2024
Deductible temporary difference 4,980,694,234 3,308,593,716
Deductible loss 12,018,511,952 11,916,108,217
Total 16,999,206,186 15,224,701,933
(4) Deductible tax losses that are not recognized as DTA which will expire in following years
Year 31/12/2025 31/12/2024 Notes
Total 12,018,511,952 11,916,108,217
Management considers that as at the maturity date for the above deductible losses, the relevant subject
of tax payment has no sufficient taxable profits to deduct the above deductible losses. Therefore, no
related DTA was recognized.
Item Provision for Provision for
Book balance Book value Book balance Book value
impairment impairment
Advances for
engineering and 3,261,450,679 3,261,450,679 4,684,276,206 4,684,276,206
equipment
Input VAT to be
deducted
Deposits prepaid
for equity 124,200,000 124,200,000 392,026,000 392,026,000
acquisition
Prepayment for
land use rights
Others 24,353,695 24,353,695 6,614,523 6,614,523
Total 7,111,168,050 7,111,168,050 8,711,545,949 8,711,545,949
Note 1: In August 2022, Guangdong Wind Power and Shanxi Hengyang New Energy Co., Ltd.
(Hengyang New Energy) signed the Framework Agreement for Acquiring Equity of Wuxiang Lvheng
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Note 2: In May 2024, Guangdong Energy Group Xinjiang Co., Ltd. (GEGC Xinjiang), a subsidiary of our
company, signed a framework agreement with Jiangsu Saifapower Electric Power Development Co., Ltd.
(Saifapower Electric Power) to acquire 100% of the equity held by Saifapower Electric Power in
Kekedala Zhongfu New Energy Co., Ltd. As of 31 December 2025, GEGC Xinjiang had paid a
transaction deposit of RMB 72,000,000 to Saifapower Electric Power.
Item Book value Reason for restriction
Cash and cash equivalents 25,738,324 Deposits
Trade receivables 958,517,625 Pledge of collecting electricity fee rights
(1) Classification of short-term loans
Item 31/12/2025 31/12/2024
Fiduciary loan 9,741,011,157 14,108,930,833
Note 1: As at 31 December 2025, the Company had no overdue short-term loans.
As at 31 December 2025, the short-tem borrowings provided by the related party Energy Group Finance
Company were as follows:
Loans provided by Energy Group Finance Company 31/12/2025 31/12/2024
Principal 4,441,738,486 4,533,991,823
Interest payable 2,759,966 3,651,215
Types 31/12/2025 31/12/2024
Commercial acceptance bill 160,000,000
Bank acceptance bill 650,000,000 570,000,000
Supply chain financing letter of
credit
Total 1,519,972,657 2,102,292,195
Note 1: As at 31 December 2025, the Company had no notes payables that were due but unpaid
(December 31, 2024: nil).
Note 2: In 2025, the Company entered into supply chain financing agreements with banking financial
institutions, under which the banking institutions advanced payment to fuel suppliers. The Company
accounted for the payment obligations related to supply chain financing in notes payable, and reported
the repayments to the financial institutions as cash paid for goods purchased and services received.
Item 31/12/2025 31/12/2024
Fuel payable 3,030,399,013 3,109,496,277
Materials and spare parts payable 387,842,726 581,559,457
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item 31/12/2025 31/12/2024
Repair expenses payable 234,655,323 229,642,687
Desulfurization and denitrification expenses payable 54,374,084 28,790,799
Contracted operation expenses payable 314,416,207 71,348,385
Management fees payable for frequency modulation and energy storage 18,984,762 23,319,353
Others 254,094,788 234,888,723
Total 4,294,766,903 4,279,045,681
Note 1: As at 31 December 2025, trade payables with ageing over one year amounted to RMB
materials and spare parts, as well as pipeline transportation fees.
Note 2: Other trade payables primarily consist of coal transportation fees payable amounting to RMB
Item 31/12/2025 31/12/2024
Rental income 67,892,003
Note: The advances from customers primarily related to the prepaid rental income received by the
Company’s subsidiary, GEGC Xinjiang for granting the right to use the step-up collection substation to
Huaneng Turpan Wind Power Co., Ltd.
Item 31/12/2025 31/12/2024
Advance receipts for goods and services 76,228,858 32,643,110
Others 874,444 5,816,718
Subtotal 77,103,302 38,459,828
Less: Contractual liabilities included in other non-current liabilities
Total 77,103,302 38,459,828
Increase in the Decrease in the
Item 1/1/2025 31/12/2025
current period current period
Short-term employee benefits payable 427,772,873 2,985,235,606 2,948,715,374 464,293,105
Post-employment benefits - defined
contribution plans
Termination benefits 116,916,244 130,751,876 131,003,936 116,664,184
Other benefits maturing within one year 8,510,788 42,179,575 42,240,340 8,450,023
Total 556,291,188 3,603,016,492 3,566,815,206 592,492,474
(1) Short-term employee benefits payable
Increase in the Decrease in the
Item 1/1/2025 31/12/2025
current period current period
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Increase in the Decrease in the
Item 1/1/2025 31/12/2025
current period current period
Wages, salaries, bonus, allowances
and subsidies
Employee welfare expenses 3,885,406 235,000,306 235,732,563 3,153,149
Social insurance contributions 260,286,559 220,208,853 183,971,527 296,523,885
Including: 1. Medical insurance and
maternity insurance
insurance premium
Housing fund 86,760 215,164,485 215,160,453 90,792
Labour union funds and employee
education funds
Other short-term employee benefits 10,354,411 73,582,344 73,214,116 10,722,639
Total 427,772,873 2,985,235,606 2,948,715,374 464,293,105
(2) Defined contribution plan
Increase in the Decrease in the
Item 1/1/2025 31/12/2025
current period current period
Post-employment benefits
Including: Basic pensions 55,311 288,648,070 288,654,046 49,335
Unemployment insurance 7,390 14,326,664 14,326,808 7,246
Enterprise annuity contribution 3,028,582 141,874,701 141,874,702 3,028,581
Total 3,091,283 444,849,435 444,855,556 3,085,162
(3) Early retirement benefits payable and employee resettlement compensation
Item 31/12/2025 31/12/2024
Early retirement benefits payable 116,664,184 116,916,244
Note: The retirement expenses outside the basic pension pool that are expected to be paid within one
year from the date of the balance sheet are listed as the defined contribution plan. For details, please
refer to Note V. 34.
Taxation 31/12/2025 31/12/2024
Enterprise income tax payable 79,849,719 116,285,242
Unpaid value added tax 123,386,012 111,421,392
Individual income tax payable 40,194,293 42,378,114
Property tax payable 35,697,145 11,355,848
City maintenance and construction tax payable 6,574,977 3,500,301
Educational surcharge payable 5,326,932 2,760,974
Land use tax payable 6,091,965 2,059,907
Others 14,222,271 13,678,237
Total 311,343,314 303,440,015
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item 31/12/2025 31/12/2024
Construction and equipment expenses payable 17,625,958,012 14,794,509,103
Project warranty payable 395,767,744 327,109,608
Carbon emission allowances payable 256,889,119 246,618,393
Advances payable to third parties 4,969,109 6,804,566
Environmental restoration costs 111,415,825
Land compensation 15,958,335
Others 411,427,800 434,876,574
Total 18,806,427,609 15,825,876,579
Note 1: As at 31 December 2025 , other payables of RMB 7,831,706,993 (December 31, 2024: RMB
payable and warranty payable yet to be settled, since the comprehensive acceptance and settlement of
relevant projects were yet to be completed or projects were still within their warranty periods.
Note 2: In 2025, the Company’s subsidiaries Guangdong Huizhou Natural Gas Power Co., Ltd. and Red
Bay Power provided for environmental restoration costs amounting to RMB 111,415,825.
Note 3: In 2024, Yuehua Power Generation received land compensation of RMB 15,958,335 from
Guangzhou Development District Key Projects Promotion Center. In 2025, the compensation met the
recognition criteria and was recognized in profit or loss for the period.
Item 31/12/2025 31/12/2024
Current portion of long-term borrowings 7,971,497,778 5,906,727,792
Current portion of long-term payables 358,639,833 44,542,852
Current portion of debentures payable 1,064,288,075 124,279,404
Current portion of lease liabilities 491,774,691 531,128,288
Total 9,886,200,377 6,606,678,336
(1) Current portion of long-term borrowings
Item 31/12/2025 31/12/2024
Pledged loan 362,302,615 525,709,397
Guaranteed loan 141,954,575 134,038,051
Fiduciary loan 7,467,240,588 5,246,980,344
Total 7,971,497,778 5,906,727,792
Item 31/12/2025 31/12/2024
Short-term debentures payable
Output VAT to be written off 520,439,919 528,095,817
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item 31/12/2025 31/12/2024
Total 520,439,919 528,095,817
(1) Short-term debentures payable
Issuance Maturity
Bond Name Face value Coupon rate Issue Amount
date period
First batch of super short-term
financing notes issued by
Guangdong Electric Power,
Short-term debentures payable (continued)
Issued in the Interest at Amortization of Repayment in
Default
Bond Name 1/1/2025 current face premium or the current 31/12/2025
or not
period value discount period
SCP001
Interest rate Interest rate
Item 31/12/2025 31/12/2024
range range
Fiduciary loan 74,411,197,080 1.50%-3.45% 68,928,106,497 1.55%-4.06%
Pledged loan 3,951,645,946 1.96%-3.00% 5,173,278,170 2.26%-3.56%
Guaranteed loan 1,218,069,296 2.65%-3.60% 1,346,902,531 3.10%-4.30%
Subtotal 79,580,912,322 75,448,287,198
Less: current portion of long-term borrowings 7,971,497,778 5,906,727,792
Total 71,609,414,544 69,541,559,406
Note 1: As at 31 December 2025, the right for collecting electricity of certain subsidiaries was treated as
pledge for long-term pledged loan.
Note 2: The Company has no overdue long-term borrowings.
Note 3: As of 31 December 2025, the principal balance of long-term borrowings borrowed by the
Company’s subsidiary, Dacheng County Dun'An New Energy Co., Ltd. (Dun'An New Energy), from
Industrial Bank Co., Ltd. Hohhot Branch, amounted to RMB 513,638,084, including current portion of
long-term borrowings amounting to RMB 30,106,673, which was secured by Beijing Guangdun New
Energy Technology Co., Ltd. (2024: RMB 542,391,920, including current portion of long-term borrowings
amounting to RMB 28,753,836). The annual interest rate of the loan is 2.80% (2024: 3.40%), and the
remaining principal will mature in installments by December 11, 2037.
As of 31 December 2025, the principal balance of long-term borrowings borrowed by the Company’s
subsidiary, Guangdong Yuedian Xuwen Wind Power Electricity Co., Ltd. (Xuwen Wind Power), from the
Energy Group Finance Company, amounted to RMB 3,826,625, including current portion of long-term
borrowings amounting to RMB 588,235, which was secured by Zhanjiang Wind Power (2024: RMB
interest rate of the loan is 2.65% (2024: 3.1%). The remaining principal will mature in installments by
November 28, 2031.
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
As of 31 December 2025, the principal balance of long-term borrowings borrowed by Tumushuke
Thermal Power, a subsidiary of the Company from Shanghai Pudong Development Bank and Urumqi
Bank amounted to RMB 664,650,000, including current portion of long-term borrowings amounting to
RMB 103,050,000. The borrowings were guaranteed by the Third Division of Xinjiang Production and
Construction Corps (2024: RMB 760,750,000 including current portion of long-term borrowings of RMB
installments by June 27, 2032.
As of 31 December 2025, the principal balance of long-term borrowings borrowed by Tumushuke
Thermal Power, a subsidiary of the Company from Bank of China amounted to RMB 31,283,652,
including current portion of long-term borrowings amounting to RMB 5,872,652. The borrowings were
guaranteed by Thermoelectric Branch of Xinjiang Jintai Electric Power Co., Ltd (2024: RMB 37,252,866,
with no current portion of long-term borrowings), with a loan interest rate of 3.60% (2024: 4.20% to
Item 31/12/2025 31/12/2024
G23 Yuefeng 2 614,415,602 614,323,258
Subtotal 13,446,584,670 11,231,708,662
Less: Current portion of debentures payable 1,064,288,075 124,279,404
Total 12,382,296,595 11,107,429,258
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
(1) Changes in debentures payable
Bond Name Face value Coupon rate Issuance date Maturity period Issue Amount
G23 Yuefeng 2 600,000,000 3.15% 2023/3/20 5 years 600,000,000
Subtotals 14,700,000,000 14,700,000,000
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Changes in debentures payable (continued)
Issued in the Interest at Amortization of Repayment in the
Bond Name 1/1/2025 31/12/2025 Default or not
current period face value premium or discount current period
G23 Yuefeng 2 614,323,258 18,900,000 92,344 18,900,000 614,415,602 No
Subtotal 11,231,708,662 2,200,000,000 323,502,555 -204,047 308,422,500 13,446,584,670
Less: Current portion of debentures payable 124,279,404 1,064,288,075
Total 11,107,429,258 -- -- -- -- 12,382,296,595
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
The details of debentures payable of the Company are as follows:
As approved by CSRC Circular SFC License [2019] No. 2477, the Company issued 5-year book-entry
corporate debentures in real-name system with face value of RMB 1,500,000,000 (21 Yuedian 02) to
the public on April 27, 2021. The Company altogether raised RMB 1,499,791,783, after deducting an
issue expense of was RMB208,217. The debenture’s annual interest rate was 3.50% starting from April
As of 31 December 2025, debentures payable were measured at amortized cost using effective interest
method, with the effective interest rate of 2.45% (December 31, 2024: 2.45%).
As approved by CSRC Circular SFC License [2021] No. 3142, the Company issued 5-year book-entry
corporate debentures in real-name system with face value of RMB 800,000,000 (21 Yuedian 03) to the
public on November 23, 2021. The Company altogether raised RMB 799,565,033, after deducting an
issue expense of was RMB 434,967. The debenture is subject to an annual interest rate of 3.41%
starting from November 24, 2021 and should be payable annually on simple interest. As of 31
December 2025, debentures payable were measured at amortized cost using effective interest method,
with the effective interest rate of 3.42% (December 31, 2024: 3.42%).
The Company’s application for registration of middle-term notes has been accepted by the National
Association of Financial Market Institutional Investors (NAFMII) at its 61st meeting in 2022. The
registration would be valid for 2 years starting from 23 May 2022. On 24 August 2022, the Company
issued 5-year middle-term notes with face value of RMB 600,000,000 in the inter-bank market (22
Yuedianfa MTN001). The Company altogether raised RMB 598,290,000 after deducting an issue
expense of RMB 1,710,000, which should be paid in five years. As at 31 December 2025, the issue
expense of RMB 1,368,000 had been paid. The debenture is subject to an annual interest rate of 2.90%
starting from 26 August 2022 and should be payable annually on simple interest. As at 31 December
effective interest rate of 2.96% (31 December 2024: 2.96%).
The Company’s application for registration of middle-term notes has been accepted by the NAFMII at its
from 7 December 2022. On 15 March 2023, the Company issued 5-year middle-term notes with face
value of RMB 1,600,000,000 in the inter-bank market (23 Yuedianfa MTN001). The Company altogether
raised RMB 1,599,632,000 after deducting an issue expense of RMB368,000, which should be paid in
installments over a five-year period. As at 31 December 2025, the issue expense of RMB 220,800 had
been paid. The debenture is subject to an annual interest rate of 3.35% starting from 17 March 2023
and should be payable annually on simple interest. As at 31 December 2025, debentures payable were
measured at amortized cost using effective interest method, with the effective interest rate of 3.36%(31
December 2024: 3.37%).
The Company’s application for registration of middle-term notes has been approved by the NAFMII
License (2022) No. MTN1252. The registered amount of RMB 9,000,000,000 would be valid for 2 years
starting from 7 December 2022. On 22 May, 2024, the Company issued 5-year middle-term notes with
face value of RMB 1,000,000,000 in the inter-bank market (24 Yuedianfa MTN001). The Company
altogether raised RMB 998,768,650 after deducting an issue expense of RMB 1,231,350, which should
be paid in installments over a five-year period. As at 31 December 2025, the issue expense of RMB
May, 2024 and should be payable annually on simple interest. As at 31 December 2025, debentures
payable were measured at amortized cost using effective interest method, with the effective interest rate
of 2.42%.
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
The Company’s application for registration of middle-term notes has been approved by the NAFMII
License (2022) No. MTN1252. The registered amount of RMB 9,000,000,000 would be valid for 2 years
starting from 7 December 2022. On 11 July, 2024, the Company issued 5-year middle-term notes with
face value of RMB 1,500,000,000 in the inter-bank market (24 Yuedianfa MTN002). The Company
altogether raised RMB 1,496,600,000 after deducting an issue expense of RMB 3,400,000, which
should be paid in installments over a ten-year period. As at 31 December 2025, the issue expense of
RMB 680,000 had been paid. The debenture is subject to an annual interest rate of 2.54% starting from
payable were measured at amortized cost using effective interest method, with the effective interest rate
of 2.54%.
The Company’s application for registration of middle-term notes has been approved by the NAFMII
License (2022) No. MTN1252. The registered amount of RMB 9,000,000,000 would be valid for 2 years
starting from 7 December 2022. On 9 September 2024, the Company issued 15-year middle-term notes
with face value of RMB 600,000,000 in the inter-bank market (24 Yuedianfa MTN003). The Company
altogether raised RMB 598,326,000 after deducting an issue expense of RMB 1,674,000, which should
be paid in installments over a fifteen-year period. As at 31 December 2025, the issue expense of RMB
September, 2024 and should be payable annually on simple interest. As at 31 December 2025,
debentures payable were measured at amortized cost using effective interest method, with the effective
interest rate of 2.54%.
The Company’s application for registration of middle-term notes has been approved by the NAFMII
License (2022) No. MTN1252. The registered amount of RMB 9,000,000,000 would be valid for 2 years
starting from 7 December 2022. On 11 October 2024, the Company issued 5-year middle-term notes
with face value of RMB 1,000,000,000 in the inter-bank market (24 Yuedianfa MTN004A). The Company
altogether raised RMB 998,834,250 after deducting an issue expense of RMB 1,165,750, which should
be paid in installments over a five-year period. As at 31 December 2025, the issue expense of RMB
October, 2024 and should be payable annually on simple interest. As at 31 December 2025, debentures
payable were measured at amortized cost using effective interest method, with the effective interest rate
of 2.50%.
The Company’s application for registration of middle-term notes has been approved by the NAFMII
License (2022) No. MTN1252. The registered amount of RMB 9,000,000,000 would be valid for 2 years
starting from 7 December 2022. On 11 October 2024, the Company issued 15-year middle-term notes
with face value of RMB 500,000,000 in the inter-bank market (24 Yuedianfa MTN004B). The Company
altogether raised RMB 498,231,650 after deducting an issue expense of RMB1,768,350, which should
be paid in installments over a five-year period. As at 31 December 2025, the issue expense of RMB
October, 2024 and should be payable annually on simple interest. As at 31 December 2025, debentures
payable were measured at amortized cost using effective interest method, with the effective interest rate
of 2.73%.
The Company’s application for registration of middle-term notes has been approved by the NAFMII
License (2022) No. MTN1252. The registered amount of RMB 9,000,000,000 would be valid for 2 years
starting from 7 December 2022. On 22 October 2024, the Company issued 15-year middle-term notes
with face value of RMB 1,000,000,000 in the inter-bank market (24 Yuedianfa MTN005). The Company
altogether raised RMB 996,537,931 after deducting an issue expense of RMB 3,462,069, which should
be paid in installments over a fifteen-year period. As at 31 December 2025, the issue expense of RMB
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
October, 2024 and should be payable annually on simple interest. As at 31 December 2025, debentures
payable were measured at amortized cost using effective interest method, with the effective interest rate
of 2.73%.
The Company’s application for registration of middle-term notes has been approved by the NAFMII
License (2022) No. MTN1252. The registered amount of RMB 9,000,000,000 would be valid for 2 years
starting from 7 December 2022. On 11 November 2024, the Company issued 5-year middle-term notes
with face value of RMB 800,000,000 in the interbank market (24 Yuedianfa MTN006A ). The Company
altogether raised RMB 799,127,000 after deducting an issue expense of RMB 873,000 which should be
paid in installments over a five-year period. As at 31 December 2025, the issue expense of RMB
November, 2024 and should be payable annually on simple interest. As at 31 December 2025,
debentures payable were measured at amortized cost using effective interest method, with the effective
interest rate of 2.39%.
The Company’s application for registration of middle-term notes has been approved by the NAFMII
License (2022) No. MTN1252. The registered amount of RMB 9,000,000,000 would be valid for 2 years
starting from 7 December 2022. On 11 November 2024, the Company issued 15-year middle-term notes
with face value of RMB 1,000,000,000 in the interbank market (24 Yuedianfa MTN006B ). The Company
altogether raised RMB 997,507,000 after deducting an issue expense of RMB 2,493,000 which should
be paid in installments over a fifteen-year period. As at 31 December 2025, the issue expense of RMB
November, 2024 and should be payable annually on simple interest. As at 31 December 2025,
debentures payable were measured at amortized cost using effective interest method, with the effective
interest rate of 2.69%.
The Company’s application for registration of middle-term notes has been approved by the NAFMII
License (2024) No. DFI65. On 9 June 2025, the Company issued 10-year middle-term notes with face
value of RMB 500,000,000 in the inter-bank market (25 Yuedianfa MTN001 ). The Company altogether
raised RMB 498,926,000 after deducting an issue expense of RMB 1,074,000 which should be paid in
installments over a ten-year period. As at 31 December 2025, the issue expense of RMB 107,400 had
been paid. The debenture is subject to an annual interest rate of 2.18% starting from 11 June 2025 and
should be payable annually on simple interest. As at 31 December 2025, debentures payable were
measured at amortized cost using effective interest method, with the effective interest rate of 2.20%.
The Company’s application for registration of middle-term notes has been approved by the NAFMII
License (2024) No. DFI65. On 11 September 2025, the Company issued 5-year middle-term notes with
face value of RMB 800,000,000 in the inter-bank market (25 Yuedianfa MTN002 ). The Company
altogether raised RMB 799,285,000 after deducting an issue expense of RMB 715,000 which should be
paid in installments over a five-year period. As at 31 December 2025, the issue expense of RMB
September 2025 and should be payable annually on simple interest. As at 31 December 2025,
debentures payable were measured at amortized cost using effective interest method, with the effective
interest rate of 2.22%.
The Company’s application for registration of middle-term notes has been approved by the NAFMII
License (2024) No. DFI65. On 17 October 2025, the Company issued 5-year middle-term notes with
face value of RMB 900,000,000 in the inter-bank market (25 Yuedianfa MTN003 ). The Company
altogether raised RMB 898,750,000 after deducting an issue expense of RMB 1,250,000 which should
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
be paid in installments over a five-year period. As at 31 December 2025, the issue expense of RMB
October 2025 and should be payable annually on simple interest. As at 31 December 2025, debentures
payable were measured at amortized cost using effective interest method, with the effective interest rate
of 2.21%.
As approved by Shanghai Stock Exchange Announcement [2023] No. 13343, the Group’s subsidiary
Guangdong Wind Power issued 5-year book-entry corporate debentures in real-name system with face
value of RMB 600,000,000 (G23 Yuefeng 2) to the public on 20 March 2023. Guangdong Wind Power
altogether raised RMB 599,421,962 after deducting an issue expense of RMB 578,038, which should be
paid at one time. As at 31 December 2023, the issue expense of RMB 578,038 had been paid. The
debenture is subject to an annual interest rate of 3.15% starting from 21 March 2023 and should be
payable annually on simple interest. As at 31 December 2025, debentures payable were measured at
amortized cost using effective interest method, with the effective interest rate of 3.17% (31 December
Item 31/12/2025 31/12/2024
Lease liabilities 12,885,889,327 12,907,440,430
Less: Current portion of lease liabilities 491,774,691 531,128,288
Total 12,394,114,636 12,376,312,142
Item 31/12/2025 31/12/2024
Long-term payables 1,084,370,338 671,387,824
Special payable 24,960,000 24,960,000
Total 1,109,330,338 696,347,824
(1) Long-term payables
Item 31/12/2025 31/12/2024
Equipment and construction expenses payable 1,030,843,602 295,079,986
Sea area use fee payables 412,166,569 420,850,690
Subtotal 1,443,010,171 715,930,676
Less: Current portion of long-term payables 358,639,833 44,542,852
Total 1,084,370,338 671,387,824
(2) Special payable
Decrease
Increase in
in the
Item 1/1/2025 the current 31/12/2025
current
period
period
Supporting funds for efficiency improvement and capacity
expansion of Guanlanzihe Hydropower Station and Nanrongtian 24,960,000 24,960,000
Hydropower Station
Note: The special payables of the Company are the expansion supporting funds allocated by the central
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
and provincial governments according to the Notice on Printing and Distributing the Implementation
Rules for the Construction and Management of Rural Hydropower Efficiency Expansion and Renovation
Projects in Yunnan Province (Yunshui Dian [2013] No. 46) issued by the Yunnan Provincial Water
Resources Department and the Yunnan Provincial Finance Department. There is no specific repayment
deadline, and the state-owned administrative asset income shall be levied at an annual interest rate of
Our company will include the corresponding interest in this part in the financial expenses.
Item 31/12/2025 31/12/2024
Early retirement benefits payable (Note 2) 606,006,956 554,892,032
Defined benefit plans payable (Note 3) 102,208,759 94,908,914
Other long-term employee benefits payable (Note 4) 13,968,342 18,525,563
Subtotal 722,184,057 668,326,509
Less: long-term employee benefits payable due within one year 130,070,916 131,188,293
Total 592,113,141 537,138,216
Note 1: The long-term employee benefits payable due within one year was included in the employee
benefits payable
Note 2: Early retirement benefits payable: according to the Company’s regulations for early retirement of
employees, the employees whose early retirement requests are approved by the Group could have
early retirement before statutory retirement age. Employees can obtain salary on a monthly basis by a
certain ratio of the original salary until they reach the statutory retirement age. Management expects the
termination benefits to be paid in the future are determined by the present value of cash flow, when
accrued the above termination benefits. As at 31 December 2025, the Company calculated the
expected expense for each employee eligible for early retirement in each year before the statutory
retirement age in accordance with the related regulations for early retirement, taking into account local
salary growth rate, and estimated the present value of future termination benefits by treasury bond
interest rate of 1.70% (2024: 2%) of the same period. As at 31 December 2025, the Company accrued
termination benefits of RMB 489,342,772 (31 December 2024: RMB 437,975,788) and recognized them
in long-term employee benefits payable. The termination benefits due within one year totaling RMB
Note 3: In accordance with the FAQ on Social Management of Retired Employees in State-owned
Enterprises (Document No. 36 [2020]) issued by the Reform Office of the State-owned Assets
Supervision and Administration Commission (SASAC) of the State Council, the Group made a one-time
provision for the expected payments to retired employees eligible for the Group’s special retirement
pensions in 2020, and made the payment on a monthly basis. The expected present values of cash
flows of the Group’s special retirement pensions during the expected remaining life of the retired
employees are recognized as long-term employee benefits payable and recorded in profit or loss for the
current period. The Group’s special retirement pensions mainly include retirement subsidies, military
transfer subsidies and living allowances for retired primary and secondary school teachers. As at 31
December 2025, the Group calculated the expected special retirement pensions each year during
retirees’ expected remaining life, and estimated the present value of special retirement pensions in the
future by treasury bond interest rate of 1.70% (2024: 2%) of the same period. As at 31 December 2025,
the Group accrued defined benefit plans of RMB 93,758,736 and recognized them in long-term
employee benefits payable (31 December 2024: RMB 86,398,126). The actual defined benefit plans
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
due within one year totaling RMB 8,450,023 are recognized in employee benefits payable (31
December 2024: RMB 8,510,788). Other comprehensive income of RMB -8,265,102 (2024: RMB
Note 4: According to relevant regulations on social medical insurance in places where the subsidiaries
of the Company and the Group locate, if individual employees participating basic medical insurance for
urban residents are under their statutory ages of retirement, but their estimated contribution years fail to
meet the local standards, the Group needs to make continuous contribution for the employees per
annum till the standards are met even after their retirement. The expected present values of cash flows
that shall be paid for medical insurance for the remaining contribution years of retired employees are
recognized as long-term employee benefits payable and recorded in profit or loss for the current period.
As at 31 December 2025, the balance of the Group’s other long-term employee benefits payable was
mainly the additional payment of medical insurance made for retired employees. The Group calculated
the expected expenses for each year from the end of the current year to regulated contribution years
based on the local monthly average salary of the year, and estimated the present value of cash
expenses made by retired employees for medical insurance in the future, with a treasury bond interest
rate of 1.70% (2024: 2%) as discount rate. As at 31 December 2025, the Group accrued other long-term
employee benefits payable of RMB 9,011,633 (31 December 2024: RMB 12,764,302), with actual
payment of other long-term employee benefits payable due within one year of RMB 4,956,709 (31
December 2024: RMB 5,761,261) recognized in employee benefits payable.
Increase in the Decrease in the
Item 1/1/2025 31/12/2025 Formation reasons
current period current period
Government Government grants
grants related to assets
Item 31/12/2025 31/12/2024
Housing working Funds 985,667 985,667
Others 42,500 42,500
Total 1,028,167 1,028,167
Item 31/12/2025 31/12/2024
Shares subject to trading restriction
- Shares held by domestic state-owned legal person 1,893,342,621 1,893,454,257
- Other domestic shares 3,146,466 4,525,080
Including: Shares held by domestic non-state-owned legal person 3,146,466 3,535,770
Shares held by domestic natural person 989,310
Shares not subject to trading restriction
- RMB-denominated ordinary shares 2,555,386,899 2,553,896,649
- Domestically-listed foreign shares 798,408,000 798,408,000
Total 5,250,283,986 5,250,283,986
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Increase in the Decrease in the
Item 1/1/2025 31/12/2025
current period current period
Capital premium (Note 1) 4,909,978,015 190,884,226 4,719,093,789
Revaluation reserve 119,593,718 119,593,718
Investment from GEGC 388,976,355 388,976,355
Share of interests in the investee in
-158,866,523 15,963,968 -142,902,555
proportion to the shareholding (Note 2)
Transfer of capital surplus recognized
under the previous accounting system
Others -76,905,774 -76,905,774
Total 5,203,250,383 15,963,968 190,884,226 5,028,330,125
Note 1: In 2025, the capital surplus of the Company decreased by RMB 190,884,226 due to the
disproportionate capital investment between the Company and minority shareholders in certain
subsidiaries.
Note 2: In 2025, capital surplus of joint ventures and associates calculated based on proportion of
equity acquired increased by by RMB 15,963,968 .
Other comprehensive income attributable to the parent company in the balance sheet:
Amount incurred in the current
period
Attributable Transfer of other
Item to the comprehensive
(1) (4)=(1)+(2)+(3)
parent income to retained
company earnings in the
after tax (2) current period (3)
I. Other comprehensive income that will not be
reclassified to profit or loss
investee accounted for using equity method that 96,233,166 -59,081,066 37,152,100
will not be reclassified to profit or loss
equity instruments
-47,392,454 -7,990,631 -55,383,085
benefit plans
II. Other comprehensive income that will be
reclassified to profit or 2,217,355 -646,323 1,571,032
loss
investee
accounted for using equity method that will be 2,217,355 -646,323 1,571,032
reclassified
to profit or loss
Total 1,331,876,093 201,961,154 1,533,837,247
Other comprehensive income attributable to the parent company in the income statement:
Item Amount incurred in the current period
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Transfer of
other Attributable to the
Attributable to
Amount incurred comprehensive parent company after
Income tax minority
before tax in the income to tax
expenses (3) shareholders
current period (1) current (5) = (1) + (2) + (3) +
after tax (4)
transfer-in profit (4)
and loss (2)
I. Other comprehensive income
that will not be reclassified to 286,262,091 -89,984,548 6,329,934 202,607,477
profit or loss
income of the investee
accounted for using equity -59,081,066 -59,081,066
method that will not be
reclassified to profit or loss
equity instrument investments
remeasurement of defined -14,056,858 6,066,227 -7,990,631
benefit plans
II. Other comprehensive income
that will be reclassified to profit
or
-646,323 -646,323
loss
income of the investee
accounted for using equity -646,323 -646,323
method that will be reclassified
to profit or loss
Total 285,615,768 -89,984,548 6,329,934 201,961,154
Increase in the Decrease in the
Item 1/1/2025 31/12/2025
current period current period
Safety production fee 62,769,166 448,235,305 420,537,438 90,467,033
Increase in the Decrease in the
Item 1/1/2025 31/12/2025
current period current period
Statutory surplus reserve 3,016,893,870 3,016,893,870
Discretionary surplus reserve 5,886,621,265 5,886,621,265
Total 8,903,515,135 8,903,515,135
Note: In accordance with the Company Law of the People's Republic of China and the Company’s
Articles of Association, the Company should appropriate 10% of net profit for the year to the statutory
surplus reserve, and the Company can cease appropriation when the statutory surplus reserve
accumulates to more than 50% of the registered capital. The Company appropriates for the
discretionary surplus reserve after the shareholders’ meeting approves the proposal from the Board of
Directors. The surplus reserve can be used to make up for the loss or increase the share capital after
approval from the appropriate authorities. As at 31 December 2025, the accumulated statutory surplus
reserve of the Company had exceeded 50% of the registered capital.
According to the resolution of the shareholders’ meeting on 28 May 2025, no statutory surplus reserve
or discretionary surplus reserve should be accrued (same as in 2024).
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item 2025 2024
Undistributed profit at the end of the previous period before adjustment 2,142,987,033 1,283,749,956
Adjusted total of undistributed profits at the beginning of the period (increase +,
decrease -)
Adjusted beginning undistributed profit 2,142,987,033 1,283,749,956
Add: net profit attributable to equity owners
of the Company
Less: dividends payable on ordinary shares 105,005,680 105,005,680
Undistributed profits at the end of the year 2,637,923,692 2,142,987,033
(1) Revenue and cost of sale
Item
Revenue Cost of sale Revenue Cost of sale
Main business 51,267,794,729 45,644,699,921 56,860,158,480 49,437,424,682
Other business 273,383,901 68,814,074 298,908,753 83,472,364
Total 51,541,178,630 45,713,513,995 57,159,067,233 49,520,897,046
(2) Revenue and cost of sale categorized by type
Item
Revenue Cost of sale Revenue Cost of sale
Main business
Revenue from sale of electricity 50,555,016,115 45,050,475,805 56,312,348,835 49,008,250,157
Revenue from sale of steam 561,291,129 469,115,927 403,680,647 297,428,193
Rendering of service 151,487,485 125,108,189 144,128,998 131,746,332
Subtotal 51,267,794,729 45,644,699,921 56,860,158,480 49,437,424,682
Other businesses
Revenue from utilization of coal
and ashes
Rental income 30,484,661 12,118,919 45,418,339 9,442,030
Others 83,501,254 52,930,607 69,732,575 64,338,306
Subtotal 273,383,901 68,814,074 298,908,753 83,472,364
Total 51,541,178,630 45,713,513,995 57,159,067,233 49,520,897,046
(3) Revenue and cost of sale categorized by sales recognition method
Details of revenue
Item Sale of electricity,
steam and coal Services Leases Others Total
ashes
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item Sale of electricity,
steam and coal Services Leases Others Total
ashes
Revenue from main operations 51,116,307,244 51,116,307,244
Including: recognized at a time
point
recognized over a time
period
revenue from other
operations
Including:recognized at a time
point
recognized over a time
period
Rental income 51,275,705,230
Total
Details of cost of sales
Item Sale of electricity,
steam and coal Services Leases Others Total
ashes
Cost of sale from main
operations
Including:recognized at a
time point
recognized over a
time period
Cost of sale from other
operations
Including:recognized at a
time point
recognized over a
time period
Rental income 12,118,919 12,118,919
Total 45,523,356,280 125,108,189 12,118,919 52,930,607 45,713,513,995
Details of revenue (continued)
Item Sale of electricity,
steam and coal Services Leases Others Total
ashes
Revenue from main
operations
Including:recognized at a time
point
recognized over a time
period
Revenue from other
operations
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item Sale of electricity,
steam and coal Services Leases Others Total
ashes
Including:recognized at a time
point
recognized over a time
period
Rental income 45,418,339 45,418,339
Total 56,899,787,321 144,128,998 45,418,339 69,732,575 57,159,067,233
Details of cost of sale (continued)
Item Sale of electricity,
steam and coal Services Leases Others Total
ashes
Cost of sale from main
operations
Including:recognized at a time
point
recognized over a time
period
Cost of sale from other
operations
Including:recognized at a time
point
recognized over a time
period
Rental income 9,442,030 9,442,030
Total 49,315,370,378 131,746,332 9,442,030 64,338,306 49,520,897,046
(4) Information related to remaining performance obligations
Item Amount
Revenue corresponding to the obligations under contracts not yet fully performed 199,239,465
Revenue which will be recognized in 2026 45,099,926
(5) Sales revenue from trial operation
Item
Revenue Cost of sale Revenue Cost of sale
Trial operation and sales 768,703,478 446,784,229 1,083,458,544 1,074,494,209
Item 2025 2024
Property tax 132,042,670 125,192,325
City maintenance and construction tax 75,991,477 86,167,659
Education surcharges 58,534,989 68,238,371
Land use tax 39,182,829 38,191,260
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item 2025 2024
Stamp tax 35,202,336 32,385,842
Environmental protection tax 25,484,959 24,167,539
Others 17,471,241 843,686
Total 383,910,501 375,186,682
For details on the calculation standards for various taxes and surcharges, please refer to the Note IV.
Item 2025 2024
Employee compensation 68,201,335 64,092,476
Labour insurance 16,594,110 14,761,949
Business entertainment 1,820,079 3,256,031
Depreciation 2,869,567 2,736,192
Travelling 3,230,188 2,523,492
Others 8,037,651 13,780,746
Total 100,752,930 101,150,886
Item 2025 2024
Employee compensation 864,433,880 792,756,435
Labour insurance 143,146,067 130,705,849
Agency service 66,736,229 104,329,398
Amortization of intangible assets 102,671,122 102,208,295
Depreciation 103,782,915 88,916,038
Fire safety 70,612,461 65,897,257
Property management 50,474,167 50,007,488
Office 69,917,567 45,963,009
Publicity 6,690,138 22,379,440
Rental 12,870,325 19,479,426
Travelling 17,970,186 19,372,323
Afforestation 14,136,940 16,744,318
Labour 14,919,501 12,887,967
Traffic 10,983,136 12,115,006
Maintenance 9,710,325 9,842,446
Business entertainment 2,758,968 7,104,997
Insurance 5,568,079 4,400,400
Others 85,977,829 121,241,901
Total 1,653,359,835 1,626,351,993
Item 2025 2024
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item 2025 2024
Material 262,077,521 984,868,135
Employee compensation 165,697,320 150,098,888
Depreciation and amortization 71,650,394 82,322,178
Outsourced research and development 51,565,934 59,853,693
Others 16,207,642 9,640,706
Total 567,198,811 1,286,783,600
Item 2025 2024
Interest costs 2,721,483,015 2,784,728,456
Add: Interest costs on lease liabilities 288,818,628 344,267,568
Less: Amounts capitalized on qualifying assets 762,494,697 698,767,978
Subtotal of interest expenses 2,247,806,946 2,430,228,046
Less: Interest income 89,069,206 162,430,466
Amortization of discounts or premium of debentures payable 2,586,974 2,783,450
Exchange losses/(gains) - net -10,417 78,415
Service charge and others 24,668,087 14,370,315
Total 2,185,982,384 2,285,029,760
Item 2025 2024
Government grants
- Related to assets 12,854,495 34,531,250
- Related to income 36,659,081 43,427,479
Total 49,513,576 77,958,729
Item 2025 2024
Investment income from long-term equity investments under equity method 675,523,147 697,637,165
Dividend income earned during the holding period of investments in other
equity instruments
Total 791,678,742 810,226,883
Note: There was no significant restriction on remittance of investment income of the Group.
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item 2025 2024
Losses on bad debts of trade receivables -7,248,897 -9,687,050
Reversal of bad debts of other receivables -10,162,232 -23,566,626
Total -17,411,129 -33,253,676
Item 2025 2024
Impairment of PPE -228,762,175 -321,598,218
Impairment of CIP -87,030,498 -28,686,283
Impairment of intangible assets -33,675,076
Impairment of inventories -21,698,425
Impairment of loss on contract fulfillment costs -621,732
Impairment of contract assets -1,267 12,529
Impairment of goodwill -6,158,996
Total -371,789,173 -356,430,968
Item 2025 2024
Gains on disposals of intangible assets (losses are indicated by "-") 20,319,925
Gains on disposals of PPE (losses are indicated by "-") -170,799 5,479
Others 195,346 93,176
Total 20,344,472 98,655
Amount recognized in
Item 2025 2024 non-recurring profit or
loss in 2025
Gains on scrap of non-current assets 72,198,570 83,721,465 72,198,570
Claims and compensation income 46,757,108 77,932,584 46,757,108
Compensation under the natural gas contract 47,563,813 47,563,813
Compensation for sea area use rights, mountain excavation
and land reclamation projects
Compensation income from the Huizhou LNG receiving
terminal project
Income from penalties and fines 13,169,760 24,077,139 13,169,760
Income from sale of carbon emission allowances 2,725,356 13,189,163 2,725,356
Waived payables 2,135,538 31,827,530 2,135,538
Compensation for electricity charges during the demolition and
construction period
Others 3,119,215 3,420,705 3,119,215
Total 255,499,453 418,066,514 255,499,453
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Amount recognized in
Item 2025 2024 non-recurring profit or
loss in 2025
Losses on scrap of non-current assets 65,094,390 85,124,076 65,094,390
Carbon emission allowances used to fulfil the emission
reduction obligation
Penalties and overdue fines 15,806,134 9,621,477 15,806,134
Others 9,747,035 12,732,207 9,747,035
Total 152,889,860 425,704,912 90,647,559
Note: In accordance with the Interim Provisions on the Accounting Treatment Regarding Carbon
Emissions Rights Trading (Cai Kuai [2019] No. 22) , the Interim Measures for the Administration of
Carbon Emission Rights Trading, and the Total Quota and Allocation Plan for the National Carbon
Emission Trading in the Power Generation Industry for the Years 2023 and 2024, subsidiaries within the
Group that were identified as key emission units recognized the expected performance obligations of
carbon emission in 2025 as non-operating expenses on an accrual basis，and included related provision
for carbon emission allowances payable in other payables.
(1) Details of income tax expenses
Item 2025 2024
Current income tax calculated based on tax law and related regulations 375,776,642 468,464,776
Deferred income tax 103,976,348 231,330,489
Total 479,752,990 699,795,265
(2) The relationship between income tax expenses and total profit
Item 2025 2024
Total profit 1,511,406,255 2,454,628,491
Income tax calculated at applicable tax rates 377,851,564 613,657,122
Effect of preferential tax rates of subsidiaries 11,940,494 -87,378,135
Adjustment to current income tax for previous periods 11,100,896 19,446,011
Income not subject to tax (expressed with "-") -532,716,891 -211,826,795
Costs, expenses and losses not deductible for tax purposes 31,951,274 22,329,468
Deductible losses of unrecognized deferred tax assets in the
current period
Transfer-out of deductible losses for which deferred tax asset was
recognized
Deductible temporary differences for which no deferred tax asset
was recognized
Utilization of previously unrecognized deductible losses or
-4,986,323 -230,207,917
temporary differences (expressed with "-")
Others -1,644,366 -2,283,028
Income tax expense 479,752,990 699,795,265
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
(1) Cash received relating to other operating activities
Item 2025 2024
Interest income 104,069,884 147,943,742
Rental income 29,585,866 31,649,892
Revenue from sale of carbon emission allowances 41,985,802 51,902,388
Income from leased labour services 477,210 16,996,935
Government grants 78,097,539 30,039,735
Income from claims and fines 127,324,929 99,157,788
Others 36,360,699 11,718,874
Total 417,901,929 389,409,354
(2) Cash paid relating to other operating activities
Item 2025 2024
Carbon emission right allowances 111,851,457 376,937,529
Insurance expenses 272,866,401 247,229,280
Agency service fees 258,079,726 296,502,844
Utility fees 143,069,871 148,708,671
Research and development expenses 69,734,542 59,081,411
Fire safety expenses 55,173,840 55,953,927
Sewage and sanitary charges 11,794,269 15,887,006
Property management expenses 88,913,609 87,651,497
Office expenses 23,678,024 26,262,777
Rental expenses 31,472,381 45,574,654
Traffic expenses 21,944,689 19,361,888
Testing and inspection fees 27,260,856 16,052,239
Travelling expenses 34,893,720 30,307,790
Others 322,358,607 318,518,284
Total 1,473,091,992 1,744,029,797
(3) Cash received relating to other investing activities
Item 2025 2024
Recovery of principal from fixed deposit 2,900,000,000 4,000,000,000
Recovery of prepaid equity earnest money 270,717,600
Total 3,170,717,600 4,000,000,000
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
(4) Cash paid relating to other investing activities
Item 2025 2024
Transfer to fixed deposits 1,902,000,000 2,900,000,000
Prepaid equity earnest money 237,400,000
Total 1,902,000,000 3,137,400,000
(5) Cash paid relating to other financing activities
Item 2025 2024
Refunds to minority shareholders 144,000,000
Repayments of lease liabilities and long-term payables 2,406,783,636 1,115,122,755
Agency fee for debenture issuance 1,871,733 2,036,115
Total 2,552,655,369 1,117,158,870
(6) Movements of liabilities arising from financing activities (including those to be paid within one year)
Long-term
Item Bank borrowings Debentures payable Lease liabilities Total
payables
As at 31/12/2024 89,557,218,031 11,231,708,662 12,907,440,430 715,930,676 114,412,297,799
Cash inflows from
financing activities
Cash outflows from
-34,725,857,587 -1,611,579,943 -2,239,184,651 -167,598,985 -38,744,221,166
financing activities
Interest accrued in the
current year
Movements that do not
involve cash receipts and 1,462,120,340 250,315,987 1,712,436,327
payments
Others 631,766,372 411,334,019 27,651,942 1,070,752,333
As at 31/12/2025 89,321,923,479 13,446,584,670 12,830,528,766 1,443,010,171 117,042,047,086
(1) Supplementary information to the cash flow statement
Supplementary information 2025 2024
Net profit 1,031,653,265 1,754,833,226
Add: Provision for asset impairment 371,789,173 356,430,968
Provision for/(Reversal of) credit impairment loss 17,411,129 33,253,676
Depreciation of PPE 5,678,771,165 5,183,587,245
Depreciation of investment properties 8,315,233 8,650,211
Depreciation of right-to-use assets 793,850,974 572,196,996
Amortization of intangible assets 148,993,085 125,987,574
Amortization of long-term prepaid expenses 10,256,410 10,432,684
Amortization of deferred income -12,854,495 -34,531,250
Gains on disposals of PPE, intangible assets and other long-term
-20,344,472 -98,655
assets (gains are indicated by "-" )
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Supplementary information 2025 2024
Net losses on scrap of non-current assets (gains are indicated by
-7,104,180 1,402,611
"-" )
Loss from fair value change (gains are indicated by "-")
Financial expenses (income is indicated by "-" ) 2,250,393,920 2,433,011,497
Investment losses (gains are indicated by "-" ) -791,678,742 -810,226,883
Increase in deferred income tax (decrease is indicated by "-" ) 103,976,348 231,330,490
Decrease in inventories (increase is indicated by a"-" ) 261,615,349 78,385,222
Decrease in operating receivables (increase is indicated by "-" ) -542,559,322 -456,264,238
Increase in operating payables (decrease is indicated by "-") 922,546,975 1,496,940,300
Decrease in operating restricted cash (increase is indicated by "-" ) 8,187,573 -10,137,751
Net cash flow from operating activities 10,233,219,388 10,975,183,923
involve cash receipts and payments:
Right-of-use assets and sea use rights increased in the current period 1,462,120,339 3,213,034,501
Cash at the end of the year 12,342,414,947 11,831,504,924
Less: cash at the beginning of the year 11,831,504,924 11,954,167,156
Add: cash equivalents at the end of the year
Less: cash equivalents at the beginning of the year
Net increase in cash and cash equivalents 510,910,023 -122,662,232
(2) Net cash paid for acquisition of subsidiaries in the current period
The Company had no net cash outflow for the acquisition of subsidiaries during the current period.
(3) Composition of cash and cash equivalents
Item 31/12/2025 31/12/2024
I. Cash 12,342,414,947 11,831,504,924
Including: cash on hand 36,244 34,030
Cash at bank that can be readily drawn on demand 12,342,378,703 11,831,470,894
Other monetary funds that can be readily drawn on demand
II. Cash equivalents
III. Cash and cash equivalents at the end of the year 12,342,414,947 11,831,504,924
Including: restricted cash and cash equivalents
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
(4) Cash and bank balances which are not classified as cash and cash equivalents
Reasons for not being classified
Item 31/12/2025 31/12/2024
as cash and cash equivalents
Time deposit in finance The liquidity does not meet the definition of
company cash and cash equivalents
The liquidity does not meet the definition of
Other cash balances 25,738,324 33,925,897
cash and cash equivalents
Interest receivable 21,228,210 45,790,010 Accrued balance is not actual balance
Total 2,497,205,233 3,530,315,907
(1) Monetary items denominated in foreign currency
Balance in foreign currency as Balance translated to RMB
Item Exchange rate
at 31/12/2025 as at 31/12/2025
Cash and bank balances 13,640
Including：US dollars 191 7.0288 1,342
HK dollars 13,616 0.9032 12,298
(1) As the lessee
Item 2025
Short-term rental fee 27,763,129
Low-value rental fee 1,054,551
Total 28,817,680
(2) As the lessor
As the lessor, the Group’s undiscounted lease proceeds receivable after the balance sheet date are as
follows:
After the balance sheet date 31/12/2025 31/12/2024
Within 1 year 29,620,766 26,017,606
More than 5 years 7,527,218 8,745,000
Total 87,604,039 95,009,101
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Increase in the current year Decrease in the current year
Balance of Balance of
impairment Accrual Increase Increase Asset Reduction impairment
Item Reduction
provision at amount in from due to value due to provision at
current consolidati other recovery consolidatio
reasons
period on reasons reversal n
Including: provision for trade
receivables
inventories
assets
acquisition costs
performance costs
held for sale
investment
8. Provision for impairment of
available-for-sale financial assets
9. Provision for impairment of
held-to-maturity investments
long-term equity investments
investment properties
productive biological assets
gas assets
right-of-use assets
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Balance of Balance of
Item impairment Increase in the current year Decrease in the current year impairment
intangible assets
Total 3,232,936,951 390,210,322 8,605,978 398,816,300 1,010,020 335,530,766 8,605,978 345,146,764 3,286,606,487
VI. Interests in other entities
(1) Constitution of the Group
Registered Main business Place of Nature of Shareholding (%) Acquisition
Name of subsidiary
capital location Registration business Direct Indirect method
Guangdong Yuedian Maoming Natural Gas Thermal Electricity
Power Co., Ltd. (Maoming Natural Gas) generation
Guangdong Yuedian Jinghai Power Co., Ltd. Electricity
(Jinghai Power) generation
Guangdong Yuedian Zhanjiang Wind Power Electricity
Generation Co., Ltd. (Zhanjiang Wind Power) generation
Guangdong Yuedian Technology Engineering
Maintenance
Management Co., Ltd. (Technology Engineering 200,000,000 Guangzhou Guangzhou 100.00 Investment
service
Company)
Guangdong Yuedian Humen Power Co., Ltd.(Humen Electricity
Electric) generation
Guangdong Yuedian Bohe Energy Co., Ltd. (Bohe Electricity
Energy) generation
Guangdong Yuedian Xuwen Wind Power Electricity Electricity
Co., Ltd.(Xuwen Wind Power) generation
Guangdong Yuedian Huadu Natural Gas Thermal Electricity
Power Co., Ltd.(Huadu Natural Gas) generation
Guangdong Yuedian Dapu Power Generation Co., Electricity
Ltd.(Dapu Power Generation) generation
Guangdong Yuedian Leizhou Wind Power Co., Ltd. Electricity
(Leizhou Wind Power) generation
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Name of subsidiary Registered Main business Place of Nature of Shareholding (%) Acquisition
capital location Registration business method
Guangdong Yuedian Dianbai Wind Power Co., Ltd. Electricity
(Dianbai Wind Power) generation
Zhanjiang Electric Power Co., Ltd.(Zhanjiang Electricity Business combinations involving
Electric) generation enterprises under common control
Electricity Business combinations involving
Guangdong Yuejia Electric Co., Ltd. (Yuejia Electric) 756,000,000 Meizhou Meizhou 58.00
generation enterprises under common control
Guangdong Yuedian Shaoguan Power Plant Co., Electricity Business combinations involving
Ltd. (Shaoguan Power Plant) generation enterprises under common control
Zhanjiang Zhongyue Energy Co., Ltd. (Zhongyue Electricity Business combinations involving
Energy) generation enterprises under common control
Guangdong Yuedian Electricity Sales Co., Ltd. Electricity
("Power Sales") generation
Guangdong Yuedian Qujie Wind Power Generation Electricity
Co., Ltd.(Qujie Wind Power Company ) generation
Guangdong Yuedian Yangjiang Offshore Wind Electricity
Power Co., Ltd. (Yangjiang Wind Power) generation
Business combinations involving
Electricity
Lincang Yuedian Energy Co., Ltd. (Lincang Energy) 1,119,790,000 Lincang Lincang 100.00 enterprises not under common
generation
control
Shenzhen Guangqian Electric Power Co., Electricity Business combinations involving
Ltd.(Guangqian Company) generation enterprises under common control
Guangdong Huizhou Natural Gas Power Co., Ltd. Electricity Business combinations involving
(Huizhou Natural Gas) generation enterprises under common control
Guangdong Huizhou Pinghai Power Co., Electricity Business combinations involving
Ltd.(Pinghai Power) generation enterprises under common control
Guangdong Yuedian Shibeishan Wind Power Co., Electricity Business combinations involving
Ltd. (Shibeishan Wind Power generation enterprises under common control
Guangdong Red Bay Power Co., Ltd.(Red Bay Electricity Business combinations involving
Power) generation enterprises under common control
Business combinations involving
Guangdong Wind Power Co., Ltd.(Guangdong Wind Electricity
Power) generation
control
Tongdao Yuexin Wind Power Generation Co., Ltd. Electricity
(Tongdao Company) generation
Business combinations involving
Electricity
Huilai Wind Power Co., Ltd. (Huilai Wind Power) 59,000,000 Jieyang Jieyang 68.67 enterprises not under common
generation
control
Guangdong Yuejiang Hongrui Power Technology Electricity
Development Co., Ltd. (Hongrui Technology) generation
Guangdong Yuedian Yongan Natural Gas Thermal 550,000,000 Zhaoqing Zhaoqing Electricity 90.00 Investment
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Name of subsidiary Registered Main business Place of Nature of Shareholding (%) Acquisition
capital location Registration business method
Power Co., Ltd. (Yongan Natural Gas) generation
Hunan Xupu Yuefeng New Energy Co., Ltd. (Xupu Electricity
Yuefeng) generation
Guangxi Wuxuan Yuefeng New Energy Co., Ltd. Electricity
(Wuxuan Yuefeng) generation
Guangdong Huizhou Pinghai Power Co., Electricity
Ltd.(Pinghai Power Plant) generation
Guangdong Yuedian Zhuhai Offshore Wind Power Electricity
Co., Ltd. (Zhuhai Wind Power) generation
Guangdong Yuedian Binhai Bay Energy Co., Ltd. Electricity
(Binhai Bay Company) generation
Guangdong Yuedian Daya Bay Integrated Energy Electricity
Co., Ltd. (Daya Bay Company) generation
Guangdong Yuedian Qiming Energy Co., Ltd. Electricity
(Qiming Company) generation
Business combinations involving
Shenzhen Huaguoquan Electric Power Service Co.,
Ltd. (Huaguoquan Company)
control
Shaoguan Nanxiong Yuefeng New Energy Co., Ltd. Electricity
(Nanxiong New Energy) generation
Guangdong Yuedian Dananhai Smart Energy Co., Electricity
Ltd. (Dananhai Company) generation
Guangdong Energy Qingzhou Offshore Wind Power Electricity
Co., Ltd. (Qingzhou Offshore Wind Power) generation
Zhanjiang Wanhaowei New Energy Co., Ltd. Electricity
(Wanhaowei New Energy) generation
Zhanjiang Wanchuang Hengwei New Energy Co., Electricity
Ltd. (Wanchuang Hengwei New Energy) generation
Business combinations involving
Guangdong Guangye Nanhua New Energy Co., Ltd. Electricity
(Nanhua New Energy) generation
control
Business combinations involving
Guangdong Yueneng Datang New Energy Co., Ltd. Electricity
(Datang New Energy) generation
control
Business combinations involving
Guangdong Yueneng Wind Power Co., Ltd. Electricity
(Yueneng Wind Power) generation
control
Business combinations involving
Tumushuke Thermal Power Co.,Ltd. (Tumushuke Electricity
Thermal Power) generation
control
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Name of subsidiary Registered Main business Place of Nature of Shareholding (%) Acquisition
capital location Registration business method
Guangdong Province Shajiao C Company Electricity Business combinations involving
Generation Corporation (Shajiao C Company) generation enterprises under common control
Guangdong Guanghe Power Co., Ltd. (Guanghe Electricity Business combinations involving
Power) generation enterprises under common control
Guangdong Yuedian Zhanjiang Biomass Power Electricity Business combinations involving
Generation Co., Ltd. (Biomass Power Generation), generation enterprises under common control
Guangdong Yuedian Xinhui Power Generation Co., Electricity Business combinations involving
Ltd. (Xinhui Power) generation enterprises under common control
Guangdong Yuedian Yunhe Power Co., Ltd. (Yunhe Electricity Business combinations involving
Power) generation enterprises under common control
Electricity Business combinations involving
Yunfu Yundian Energy Co., Ltd. (Yundian Energy) 40,000,000 Yunfu Yunfu 56.25
generation enterprises under common control
Guangdong Yuehua Power Generation Co., Ltd. Electricity Business combinations involving
(Yuehua Power) generation enterprises under common control
Guangdong Yuedian Yuehua Integrated Energy Co., Electricity Business combinations involving
Ltd. (Yuehua Integrated Energy) generation enterprises under common control
Guangdong Yuedian Bijie New Energy Co. Ltd. (Bijie Electricity
New Energy) generation
Zhanjiang Shangyang Energy Technology Co., Ltd. Electricity
(Shangyang Energy) generation
Zhanjiang Potou District Guidian Energy Technology Electricity
Co., Ltd. (Guidian Energy) generation
Xihua County Shunfeng New Energy Co., Ltd. Electricity
(Shunfeng New Energy) generation
Wuzhi Jindian New Energy Technology Co., Ltd. Electricity
(Jindian New Energy) generation
Lianjiang Yuefeng New Energy Co., Ltd. (Lianjiang Electricity
New Energy) generation
Linfen Zhaocheng Yuefeng New Energy Co., Ltd. Electricity
(Zhaocheng Yuefeng) generation
Meizhou Wuhua Yuefeng New Energy Co., Ltd. Electricity
(Wuhua New Energy generation
Laishui Lineng New Energy Technology Co., Ltd. Electricity
(Lineng New Energy) generation
Inner Mongolia Yuefeng New Energy Co., Ltd. (Inner Electricity
Mongolia New Energy) generation
Zhuhai Yuefeng New Energy Co., Ltd. (Zhuhai New Electricity
Energy) generation
Dacheng County Dun'An New Energy Co., Ltd. Electricity
(Dun'An New Energy generation
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Name of subsidiary Registered Main business Place of Nature of Shareholding (%) Acquisition
capital location Registration business method
Gaotang Shihui New Energy Co., Ltd. (Gaotang New Electricity
Energy) generation
Guangdong Shaoguan Guangdong Electric Power Electricity
New Energy Co., Ltd. (Shaoguan New Energy) generation
Tumxuk Yuedian Hanhai New Energy Co., Ltd. Electricity
(Hanhai New Energy generation
Yuedian Jinxiu Integrated Energy Co., Ltd. (Jinxiu Electricity
Integrated Energy) generation
Jinchang Muhong New Energy Co., Ltd. (Muhong Electricity
New Energy) generation
Jinchang Jieyuan Mujin New Energy Co., Ltd. (Mujin Electricity
New Energy) generation
Guangdong Yuedian Huibo New Energy Co., Ltd. Electricity
(Huibo New Energy) generation
Taishan Dongrun Qingneng New Energy Co., Ltd. Electricity
(Dongrun Qingneng New Energy) generation
Taishan Runze Jieyuan New Energy Co., Ltd. Electricity
(Runze Jieyuan New Energy) generation
Guangdong Yuedian Maoming Natural Gas Thermal Electricity
Power Co., Ltd. (Maoming Natural Gas) generation
Meizhou Xingyue New Energy Co., Ltd. (Xingyue Electricity
New Energy) generation
Guangdong Yuedian Huixin Thermal Power Co., Ltd. Electricity
(Huixin Thermal Power) generation
Yuedian Shache Integrated Energy Co., Ltd. Electricity
(Shache Integrated Energy) generation
Laixi Xinguangyao New Energy Technology Co., Ltd. Electricity
(Xinguangyao New Energy) generation
Laixi Telian New Energy Technology Co., Ltd. Electricity
(Telian New Energy) generation
Jiuzhou New Energy (Zhaoqing) Co., Ltd. (Jiuzhou Electricity
New Energy) generation
Xiangtan XEMC Changshan Wind Power Co., Ltd. Electricity
(Changshan Wind Power) generation
Yunfu Luoding Yuedian New Energy Co., Ltd. Electricity
(Luoding New Energy) generation
Zhuhai Yuedian New Energy Co., Ltd. (Zhuhai Electricity
Yuedian New Energy) generation
Yunfu Yuedian Zhenneng New Energy Co., Ltd. Electricity
(Zhenneng New Energy) generation
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Name of subsidiary Registered Main business Place of Nature of Shareholding (%) Acquisition
capital location Registration business method
Zhonggong Energy Technology (Maoming) Co., Ltd. Electricity
(Zhonggong Energy) generation
Yahua New Energy Technology (Gaozhou) Co., Ltd. Electricity
(Yahua New Energy) generation
Electricity
GEGC Xinjiang Co., Ltd. (GEGC Xinjiang) 1,300,000,000 Urumqi Urumqi 100.00 Investment
generation
Yuedian Xinjiang Integrated Energy Co., Ltd. Electricity
(Xinjiang Integrated Energy) generation
Gaozhou Yuedian Smart New Energy Co., Ltd. Electricity
(Gaozhou New Energy) generation
Xintian Yuefeng New Energy Co., Ltd. (Xintian Electricity
Yuefeng) generation
Lanshan Yuefeng New Energy Co., Ltd. (Lanshan Electricity
Yuefeng) generation
Lianjiang Hangneng New Energy Co., Ltd. (Lianjiang Electricity
Hangneng) generation
Guangxi Hangneng New Energy Co., Ltd. (Guangxi Electricity
Hangneng) generation
Jincheng Yuefeng New Energy Co., Ltd. (Jincheng Electricity
Yuefeng) generation
Baiyin Yuefeng New Energy Co., Ltd. (Baiyin Electricity
Yuefeng) generation
Yuncheng Wanquan Yuefeng New Energy Co., Ltd. Electricity
(Yuncheng Wanquan Yuefeng) generation
Guangneng Toksun New Energy Power Generation Electricity
Co., Ltd. (Toksun Energy) generation
Lingao County Yehai Yuefeng New Energy Co., Ltd. Electricity
(Yehai Yuefeng) generation
Zhuhai Yuefeng New Energy Co., Ltd. (Zhuhai New Electricity
Energy) generation
Zhanjiang Yuefengbao New Energy Co., Ltd. Electricity
(Zhanjiang Yuefengbao New Energy) generation
Zhuhai Yuefeng New Energy Co., Ltd. (Zhuhai New Electricity
Energy) generation
Shantou Yuefeng New Energy Investment
Electricity
Partnership (Limited Partnership) (Shantou Yuefeng 1,110,750,000 Shantou Shantou 15.40 Investment
generation
New Energy)
Guoyang County Herun New Energy Technology Electricity
Co., Ltd. (Herun New Energy) generation
Guangdong Yuedian Pingyuan Wind Power Co., Ltd. 221,074,300 Meizhou Meizhou Electricity 15.40 Investment
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Name of subsidiary Registered Main business Place of Nature of Shareholding (%) Acquisition
capital location Registration business method
(Pingyuan Wind Power) generation
Guangzhou Yuefeng Ruisi New Energy Co., Ltd. Electricity
(Ruisi New Energy) generation
Xiangzhou Yunjiang New Energy Co., Ltd Laibin, Zhuang Autonomous Laibin, Zhuang Autonomous Electricity
(Xiangzhou Yunjiang) Region Region generation
Xiangzhou Hangjign New Energy Co., Ltd Laibin, Zhuang Autonomous Laibin, Zhuang Autonomous Electricity
(Xiangzhou Hangjing) Region Region generation
Qinglong Manchu Autonomous County Jianhao Electricity
Photovoltaic Technology Co., Ltd. (Jianhao PV). generation
Guangneng Karamay Integrated Energy Co., Ltd. Karamay, Uygur Karamay, Uygur Electricity
(Karamay Integrated Energy) Autonomous Region Autonomous Region generation
Hainan Prefecture Longyue New Energy Co., Ltd. Qinghai of Hainan, Tibetan Qinghai of Hainan, Tibetan Electricity
(Hainan Longyue) Autonomous Prefecture Autonomous Prefecture generation
Guangdong Yuedian Zhongshan Thermal Power Electricity
Plant (Zhongshan Thermal) generation
Guangdong Yuedian New Energy Development Co., Electricity
Ltd. (Yuedian New Energy Development) generation
Dongguan Ningzhou Energy Investment Partnership Electricity
(Limited Partnership) (Dongguan Ningzhou) generation
Guangdong Beibu Gulf Offshore Wind Power
Electricity
Development Co., Ltd. (Beibu Gulf Offshore Wind 1,000,000,000 Zhanjiang Zhanjiang 38.22 Investment
generation
Power)
Guangdong Yuedian Testing Co., Ltd. (Yuedian Maintenance
Testing) service
Guangzhou Yuedian Navigation Power Co., Ltd. Electricity
(Yuedian Navigation) generation
Yuedian Turpan New Energy Power Generation Co., Turpan, Xinjiang Uygur Turpan, Xinjiang Uygur Electricity
Ltd. (Turpan New Energy) Autonomous Region Autonomous Region generation
On 30 November 2018, Maoming Thermal merged Guangdong Energy Maoming Thermal Power Station Co., Ltd., which was wholly-owned by GEGC. After the merger,
GEGC held 30.12% equity of Maoming Thermal, and its subsidiary Guangdong Power Development Co., Ltd. Held 15.02% equity of Maoming Thermal. According to
the agreement between the Company and GEGC, the delegated shareholder and director from GEGC maintain consensus with those of the Company while exercising
the voting rights during the shareholders' meeting and the Board of Directors' meeting at Maoming Thermal. Therefore, the Company owns control over Maoming
Thermal.
Pinghai Power was acquired from GEGC by the Group in 2012 through offering non-public shares. According to the agreement between GEGC and Guangdong
Huaxia Electric Power Development Co., Ltd. (Huaxia Electric), which holds 40% equity in Pinghai Power, the delegated shareholder and director from Huaxia Electric
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
maintain consensus with those of GEGC when exercising their voting rights during the shareholders' meeting and Board of Directors' meeting at Pinghai Power;
besides, after GEGC transfers its 45% equity in Pinghai Power to the Company, the delegated shareholder and director from Huaxia Electric also reach consensus with
those of the Company when exercising their voting rights during the shareholders' meeting and Board of Directors' meeting at Pinghai Power. Therefore, the Company
owns control over Pinghai Power.
The Beibu Gulf Offshore Wind Power project was established in 2025 through investment by the Company’ s subsidiary, Guangdong Wind Power. According to the
Investment Agreement on Jointly Establishing Guangdong Beibu Gulf Offshore Wind Power Development Co., Ltd., signed by Guangdong Wind Power, Zhanjiang
Urban Development Group Co., Ltd. (Zhanjiang Urban Development), Yunda Energy Technology Group Co., Ltd., and Guangzhou Industrial Investment Holdings Park
Development Group Co., Ltd., Zhanjiang Urban Development agreed to entrust its 1% voting right to Guangdong Wind Power. As a result, Guangdong Wind Power is
able to exercise a total voting right of 51%, and therefore the Company has control over Beibu Gulf Offshore Wind Power.
GF Securities Asset Management (Guangdong) Co., Ltd. (GF Securities) issued the Guangdong Wind Power Company New Energy Infrastructure Investment Green
Carbon Neutrality Asset-Backed Special Plan in 2024, using the wind power projects held by the Group’s subsidiaries, Pingyuan Wind Power and Herun New Energy,
as the underlying assets. In accordance with the agreement of the Shantou Yuefeng New Energy Partnership, the Company has control over Shantou Yuefeng New
Energy and the underlying assets. Therefore, our company includes Shantou Yuefeng New Energy, Herun New Energy, and Pingyuan Wind Power in the scope of
consolidation.
In 2025, CITIC Securities Co., Ltd. ( “ CITIC Securities ” ) issued the Yuedian-Binhai Bay Energy Infrastructure Investment Asset-Backed Special Plan, with the
underlying assets being the alternative power project located at the Dongguan Ningzhou site, held by the Company’s subsidiary, Binhai Bay Company. According to the
partnership agreement governing Dongguan Ningzhou, the Company has control over both Dongguan Ningzhou and the underlying assets. Therefore, the Company
includes Dongguan Ningzhou and Binhai Bay Company within its consolidated scope.
(2) Information on structured entities included in the consolidation scope
GF Securities Asset Management (Guangdong) Co., Ltd. (GF Securities) issued the Guangdong Wind Power Company New Energy Infrastructure Investment Green
Carbon Neutrality Asset-Backed Special Plan in 2024, using the wind power projects held by the Group’s subsidiaries, Dianping Yuanfeng and Herun New Energy, as
the underlying assets. In accordance with the requirements of No. 33 of Accounting Standards for Business Enterprises - Consolidation, the Company included 2
structured entities that meets the definition of control in the scope of consolidated statements (December 31, 2024: 1). As of 31 December 2025, the equity of the
aforementioned structured entity attributable to the Group was RMB 1,234,284,365, and the equity attributable to other equity holders was presented as non-controlling
interests in the consolidated statements, which the total amount was RMB 4,739,312,244.
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
(3) Change in scope of consolidation for the current period
Addition of subsidiaries in 2025
Shareholding (%) Acquisition
Name Registered capital Major business location Place of registration Nature of business
Direct Indirect method
Dongguan Ningzhou 4,745,908,400 Dongguan Dongguan Electricity generation 19.99 0.03 Investment
Beibu Gulf Offshore Wind Power 1,000,000,000 Zhanjiang Zhanjiang Electricity generation 38.22 Investment
Yuedian Testing 5,000,000 Guangzhou Guangzhou Maintenance service 100.00 Investment
Yuedian Navigation 300,000 Guangzhou Guangzhou Electricity generation 100.00 Investment
Turpan, Xinjiang Uygur Turpan, Xinjiang Uygur
Turpan New Energy 10,000,000 Electricity generation 100.00 Investment
Autonomous Region Autonomous Region
Note: The companies acquired through asset acquisition mentioned above are subsidiaries that our company and its subsidiaries acquired from third parties through
asset purchases. As of the acquisition date, these companies had no other operations or assets except for projects under construction, PPE, and right-to-use assets.
The acquisition did not involve employees and did not constitute a business acquisition.
Reduction of subsidiaries in this year
In this current year, our subsidiaries,Guangdong Yuedian Heping Wind Power Co., Ltd., Laishui Yingyang New Energy Technology Co., Ltd., Nanjing Senhong New
Energy Co., Ltd., Nanjing Linyuan Senhai New Energy Co., Ltd., Taishan Dongrun Zhongneng New Energy Co., Ltd., Pingdu Lianyao New Energy Technology Co., Ltd.,
and Tumushuke Yuedian Changhe New Energy Co., Ltd. were liquidated. The liquidation of these subsidiaries had impact on the scope of the Company's consolidation,
but it did not have a significant impact on the Company's business and performance, and did not harm the interests of the Company and its shareholders.
(4) Significant non-wholly-owned subsidiaries
Shares held by minority Gains or losses attributable to Dividends distributed to Ending balance of minority
Subsidiaries
shareholders (%) minority shareholders in 2025 minority shareholders in 2025 shareholders' equity
Guangdong Wind Power 23.56 47,791,272 41,512,585 3,644,741,695
Pinghai Power 55.00 222,691,477 221,234,094 1,301,396,822
Jinghai Power 35.00 44,460,664 1,750,364,582
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Shares held by minority Gains or losses attributable to Dividends distributed to Ending balance of minority
Subsidiaries
shareholders (%) minority shareholders in 2025 minority shareholders in 2025 shareholders' equity
Red Bay Power 35.00 66,685,935 1,170,095,301
Zhanjiang Electric 24.00 -4,314,778 4,948,184 714,318,109
Huizhou Natural Gas 33.00 33,290,204 114,580,006 696,349,279
Bohe Energy 33.00 3,881,568 60,322 857,299,155
(5) Major financial information of Significant non-wholly-owned subsidiaries (excluding those classified as held for sale)
Balance at 31/12/2025
Name of subsidiary Non-Current Non-Current
Current Assets Total Assets Current Liabilities Total Liabilities
Assets Liabilities
Guangdong Wind Power 9,587,839,589 51,145,809,255 60,733,648,844 8,851,512,551 34,241,942,213 43,093,454,764
Pinghai Power 1,325,685,147 2,044,083,185 3,369,768,332 568,431,350 435,160,942 1,003,592,292
Jinghai Power 1,785,011,932 12,949,768,706 14,734,780,638 7,715,483,163 2,018,255,813 9,733,738,976
Red Bay Power 1,194,433,147 6,759,318,444 7,953,751,591 2,472,180,952 2,138,441,209 4,610,622,161
Zhanjiang Electric 2,270,033,896 1,150,073,078 3,420,106,974 399,425,137 44,356,381 443,781,518
Huizhou Natural Gas 446,097,044 2,251,325,689 2,697,422,733 582,248,258 5,025,144 587,273,402
Bohe Energy 1,418,060,787 11,228,805,008 12,646,865,795 3,321,748,125 6,727,241,443 10,048,989,568
Continued:
Balance at 31/12/2024
Name of subsidiary Non-Current Non-Current
Current Assets Total Assets Current Liabilities Total Liabilities
Assets Liabilities
Guangdong Wind Power 10,147,737,294 50,182,786,247 60,330,523,541 9,116,738,970 33,831,030,437 42,947,769,407
Pinghai Power 1,418,525,113 2,230,480,194 3,649,005,307 736,053,942 543,759,151 1,279,813,093
Jinghai Power 1,454,845,167 8,503,498,575 9,958,343,742 4,584,797,040 2,109,482,916 6,694,279,956
Red Bay Power 1,505,311,564 5,682,848,428 7,188,159,992 3,095,285,356 1,090,609,059 4,185,894,415
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Balance at 31/12/2024
Name of subsidiary Non-Current Non-Current
Current Assets Total Assets Current Liabilities Total Liabilities
Assets Liabilities
Zhanjiang Electric 2,713,098,699 1,205,638,041 3,918,736,740 270,528,423 35,233,444 305,761,867
Huizhou Natural Gas 571,235,393 2,399,357,467 2,970,592,860 510,351,612 103,320,234 613,671,846
Bohe Energy 1,330,215,572 9,205,933,689 10,536,149,261 1,843,767,824 6,586,084,742 8,429,852,566
(6) Major financial information of Significant non-wholly-owned subsidiaries (excluding those classified as held for sale) (Continued)
Name of subsidiary Total Cash flow from Total Cash flow from
Operating Operating
Net profit comprehensive operating Net profit comprehensive operating
income income
income activities income activities
Guangdong Wind
Power
Pinghai Power 3,701,512,112 404,893,595 404,893,595 555,690,601 4,210,021,014 416,802,156 416,802,156 1,153,368,687
Jinghai Power 5,382,612,412 127,030,469 127,030,469 686,457,044 6,474,374,567 287,503,430 287,503,430 1,324,461,463
Red Bay Power 4,680,929,335 190,531,243 190,531,243 874,587,578 4,986,810,554 163,411,389 163,411,389 883,776,955
Zhanjiang Electric 2,000,234,230 -17,978,240 -16,031,982 215,913,195 2,385,029,791 22,908,261 26,687,348 118,869,439
Huizhou Natural Gas 3,191,070,062 100,879,407 100,879,407 660,587,184 4,063,477,988 385,791,266 385,791,266 536,597,090
Bohe Energy 2,878,765,173 11,762,326 11,762,326 844,260,939 3,621,697,933 70,832,340 70,832,340 961,475,403
(1) Significant joint ventures and associates
Major Place of Shareholding (%) Accounting methods for investments
Joint venture or associates Nature of business
Operating location registration Direct Indirect in joint ventures or associates
Industry Fuel Guangzhou Guangdong Guangzhou Guangdong Fuel trade 50.00 Equity method
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Major Place of Shareholding (%) Accounting methods for investments
Joint venture or associates Nature of business
Operating location registration Direct Indirect in joint ventures or associates
II. Joint ventures
Taishan Power Taishan, Guangdong Taishan, Guangdong Power generation 20.00 Equity method
Shanxi Yuedian Energy Taiyuan, Shanxi Taiyuan, Shanxi Mining, Power generation 40.00 Equity method
Energy Group Finance Company Guangzhou Guangdong Guangzhou Guangdong Financing 25.00 15.00 Equity method
Energy Group Finance Leasing Company Guangzhou Guangdong Guangzhou Guangdong Finance lease 25.00 Equity method
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
(2) Major financial information of significant joint ventures (excluding those classified as held for sale)
Industry Fuel
Item
Current assets 5,928,805,453 7,032,124,596
Non-current assets 11,595,751,390 11,266,048,972
Total Assets 17,524,556,843 18,298,173,568
Current liabilities 4,708,000,422 8,887,142,789
Non-current liabilities 7,790,617,390 6,030,157,091
Total liabilities 12,498,617,812 14,917,299,880
Net assets 5,025,939,031 3,380,873,688
Including: attributable to non-controlling interests 1,925,893,095 1,005,163,350
attributable to parent company 3,100,045,936 2,375,710,338
Shares of net assets based on shareholding 1,550,022,968 1,187,855,169
Adjustment - unrealized profits from internal transactions -143,427,814 -147,549,225
Book value of investment in joint ventures 1,406,595,154 1,040,305,944
Fair value of equity investments with public quotations
Continued:
Industry Fuel
Item
Operating revenue 27,684,386,809 31,249,741,685
Financial expenses 220,403,181 243,570,625
Income tax expense 51,253,927 29,412,089
Net profit 163,122,093 21,884,285
Net profit from discontinued operations
Other comprehensive income 4,030,870 2,466,172
Total comprehensive income 167,152,963 24,350,457
Dividends received from joint ventures for the current year 23,282,400 22,340,550
(3) Major financial information of significant associates (excluding those classified as held for sale)
Taishan Power Shanxi Yuedian Energy
Item
Current assets 4,183,081,214 5,064,141,651 3,384,275,807 3,181,028,055
Non-current assets 7,579,403,501 7,962,143,671 10,524,523,250 9,892,646,067
Total Assets 11,762,484,715 13,026,285,322 13,908,799,057 13,073,674,122
Current liabilities 1,320,559,475 2,700,702,426 517,333,084 469,491,364
Non-current liabilities 72,191,992 1,279,800 2,909,525,820 2,751,338,737
Total liabilities 1,392,751,467 2,701,982,226 3,426,858,904 3,220,830,101
Net assets 10,369,733,248 10,324,303,096 10,481,940,153 9,852,844,021
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Taishan Power Shanxi Yuedian Energy
Item
Including: attributable to non-controlling
interests
attributable to parent
company
Shares of net assets based on
shareholding
Adjustment - unrealized profits from
internal transactions
Book value of investment in joint ventures 2,073,641,468 2,064,860,619 4,182,897,544 3,932,626,743
Fair value of equity investments with public
quotations
Continued:
Taishan Power Shanxi Yuedian Energy
Item Amount incurred in Amount incurred in the Amount incurred in Amount incurred in the
the current period previous period the current period previous period
Operating revenue 9,036,830,631 10,561,311,141 378,278,681 305,634,415
Net profit 448,521,576 356,524,108 669,728,226 984,920,410
Net profit from discontinued
operations
Other comprehensive income -122,909
Total comprehensive income 448,398,667 356,524,108 669,728,226 984,920,410
Dividends received from
associates in the current period
Continued:
Energy Group Finance Company Energy Group Finance Leasing Company
Item
Current assets 19,537,225,630 18,442,992,152 1,145,499,414 842,915,301
Non-current assets 19,204,331,097 17,838,514,637 14,934,349,985 14,223,428,947
Total Assets 38,741,556,727 36,281,506,789 16,079,849,399 15,066,344,248
Current liabilities 34,245,116,035 31,754,463,659 2,336,437,884 1,914,624,822
Non-current liabilities 12,229,042 80,781,319 10,613,499,811 10,106,347,993
Total liabilities 34,257,345,077 31,835,244,978 12,949,937,695 12,020,972,815
Net assets 4,484,211,650 4,446,261,811 3,129,911,704 3,045,371,433
Including: attributable to non-controlling
interests
attributable to parent company 4,484,211,650 4,446,261,811 3,129,911,704 3,045,371,433
Shares of net assets based on shareholding 1,793,684,660 1,778,549,724 782,477,926 761,353,506
Adjustment - unrealized profits from internal
transactions
Book value of investment in joint ventures 1,807,009,660 1,791,874,724 844,967,278 823,842,858
Fair value of equity investments with public
quotations
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Note: In 2025, the Company increased invested capital in Guangdong Energy Finance Leasing
Company (Energy Group Finance Leasing Company) by RMB 2.5 million. As at 31 December 2025, one
of the shareholders, who holds 25% shares, did not make additional capital investment, resulting in a
difference of RMB 62,489,352 between the book value of the Company's equity investments in its
associates and amount of shares of net assets based on shareholding.
Energy Group Finance
Energy Group Finance Company
Item Leasing Company
Operating revenue 722,928,701 773,766,678 349,361,822 392,604,085
Net profit 395,025,618 374,602,045 84,497,679 115,903,379
Net profit from discontinued operations
Other comprehensive income -152,717,925 -13,516,913
Total comprehensive income 242,307,693 361,085,132 84,497,679 115,903,379
Dividends received from associates in the
current period
(4) Major financial information of other insignificant joint ventures and associates
Item 31/12/2025 31/12/2024
Joint venture
Book value of investments 174,115,981 171,197,445
The total amount calculated based on the shareholding ratio of each item as below
Net profit 5,995,234 424,563
Other comprehensive income
Total comprehensive income 5,995,234 424,563
Associates
Book value of investments 1,054,229,134 987,950,606
The total amount calculated based on the shareholding ratio of each item as below
Net profit 54,582,689 -73,112,329
Other comprehensive income -638,447 -3,294,845
Total comprehensive income 53,944,242 -76,407,174
VII. Government grants
Increase in the Decrease in the
Grant projects 1/1/2025 31/12/2025
current year current year
Government grants
related to assets
VIII. Risk management of financial instruments
The main financial instruments of the Company include monetary funds, notes receivable, trade
receivables, other receivables, non-current assets due within one year, other current assets,
investments in other equity instruments, long-term receivables, notes payable, trade payable, other
payables, short-term borrowings, current portion of non-current liabilities, long-term borrowings,
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
debentures payable, lease liabilities, and long-term payables. The detailed information of each financial
instrument has been disclosed in the relevant notes.
The risks associated with these financial instruments, as well as the risk management policies adopted
by the Company to reduce these risks, are described below. The management of the Company
manages and monitors these risk exposures to ensure that the aforementioned risks are controlled
within a limited scope.
The Company's operating activities are subject to various financial risks: market risk (primarily foreign
exchange risk and interest rate risk), credit risk, and liquidity risk. Our overall risk management plan
addresses the unpredictability of financial markets, striving to minimize potential adverse impacts on our
financial performance.
(1) Market risk
Foreign exchange risk
The Group's major operational activities are carried out in the Chinese mainland and a majority of the
transactions are denominated in RMB. The Group is exposed to foreign exchange risk arising from the
recognized assets and liabilities, and future transactions denominated in foreign currencies, primarily
with respect to USD. The Group is exposed to foreign exchange risk arising from the recognized assets
and liabilities, and future transactions denominated in foreign currencies, primarily with respect to USD.
The Group's finance department at its headquarters is responsible for monitoring the amount of assets
and liabilities, and transactions denominated in foreign currencies to minimize the foreign exchange risk.
Therefore, the Group may consider taking proper measures to mitigate the foreign exchange risk as
appropriate. During 2025 and 2024, the Group did not enter into any forward exchange contracts or
currency swap contracts.
As at 31 December 2025 and December 31, 2024, the Company did not hold any financial liabilities
dominated in foreign currency.
Interest rate risk
The Group's interest rate risk mainly arises from interest bearing borrowings including bank borrowings,
debentures payable, lease liabilities and long-term payables. Financial liabilities issued at floating rates
expose the Group to cash flow interest rate risk. Financial liabilities issued at fixed rates expose the
Group to fair value interest rate risk. The Group determines the relative proportions of its fixed rate and
floating rate contracts depending on the prevailing market conditions.
The Group continuously monitors its interest rate position. Increases in interest rates will increase the
cost of new borrowing and the interest expenses with respect to the Group's outstanding floating rate
borrowings, and therefore could have a material adverse effect on the Group's financial performance.
The Group makes adjustments timely with reference to the latest market conditions and may enter into
interest rate swap agreements to mitigate its exposure to interest rate risk. During 2025 and 2024, the
Group did not enter into any interest rate swap agreements.
The Group's interest bearing borrowings were mainly bank borrowings, debentures payable, lease
liabilities and long-term payables with fixed and floating interest rates, and the amounts of respective
interest are as follows:
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item 31/12/2025 31/12/2024
Short-term borrowings
-- Fixed interest rate 4,184,822,957 10,141,662,928
-- Floating interest rate 5,548,374,004 3,942,291,347
Subtotal 9,733,196,961 14,083,954,275
Long-term borrowings and long-term borrowings due within one year
-- Fixed interest rate 11,030,088,175 1,199,600,000
-- Floating interest rate 68,542,911,753 74,023,691,196
Subtotal 79,572,999,928 75,223,291,196
Debentures payable and Debentures payable due within one year
-- Fixed interest rate 13,446,584,670 11,231,708,662
-- Floating interest rate
Subtotal 13,446,584,670 11,231,708,662
Long-term payables and long-term payables due within one year
-- Fixed interest rate 649,438,826 615,321,190
-- Floating interest rate 793,571,344 125,569,487
Subtotal 1,443,010,170 740,890,677
Lease liabilities and lease liabilities due within one year
-- Fixed interest rate 548,920,603 960,891,014
-- Floating interest rate 11,065,037,163 11,135,372,333
Subtotal 11,613,957,766 12,096,263,347
Total 115,809,749,495 113,376,108,157
As of 31 December 2025, the Company's debt with fixed interest rate amounted to RMB 29,859,855,231,
and that of floating interest rate was RMB 85,949,894,264 (as of December 31, 2024: fixed-interest-rate:
RMB 24,149,183,795, and floating-interest-rate debt was RMB 89,226,924,363).
As of 31 December 2025, if the floating rates increases or decreases by 10 basis points, while other
factors remain unchanged, the Company's interest expenses will increase or decrease by approximately
RMB 85,949,894 (as of December 31, 2024: an increase or decrease of 10 basis points will result in an
increase or decrease of approximately RMB 89,226,924).
(2) Credit risks
The credit risk of the Company primarily arises from monetary funds, notes receivable, trade
receivables, contract assets, other receivables, and long-term receivables. As of 31 December 2025,
the carrying amount of our financial assets represents its maximum credit risk exposure.
The Company's monetary funds primarily are consist of bank deposits in Energy Group Finance
Company, reputable state-owned banks with high credit ratings, and other large and medium-sized
listed banks. The Company believes that there is no significant credit risk associated with these
deposits, and they will not incur any significant losses due to default by the counterparty.
In addition, the Company establishes policies to control credit risk exposure for trade receivables, trade
payable, contract assets, other receivables, and long-term receivables. Based on assessments of
customers' financial status, the possibility of obtaining guarantees from third parties, credit records, and
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
other factors such as current market conditions, the Company evaluates customers' creditworthiness
and sets corresponding credit periods. The Company regularly monitors customers' credit records. For
customers with poor credit records, the Company adopts measures such as written reminders,
shortening credit periods, or canceling credit periods to ensure that the Company's overall credit risk
remains within a controllable range.
As of 31 December 2025, the Company did not held significant collateral due to debtors' mortgages or
other credit enhancements (as of December 31, 2024: none).
(3) Liquidity risk
Each subsidiary within the Company is responsible for its own cash flow forecast. As the Company had
net current liabilities, there was a certain degree of liquidity risk. In view of the above situation, the
Company had formulated certain plans and measures to alleviate the pressure on working capital and
improve financial conditions.
As of 31 December 2025, the financial liabilities and off-balance sheet guarantee items held by the
Company are analyzed based on the maturity of undiscounted remaining contractual cash flows as
follows:
Book value as at
Item
More than five 31/12/2025
Within one year One to two years Two to five years Total
years
Financial liabilities
Short-term borrowings 9,839,421,691 9,839,421,691 9,741,011,157
Notes payable 1,519,972,657 1,519,972,657 1,519,972,657
Trade payable 4,294,766,903 4,294,766,903 4,294,766,903
Other payables 18,806,427,609 18,806,427,609 18,806,427,609
Other current liabilities 520,439,919 520,439,919 520,439,919
Non-current liabilities due
within one year
long-term borrowings 1,986,101,107 10,427,838,508 20,332,210,694 53,730,142,429 86,476,292,738 71,609,414,544
Debentures payable 230,070,563 922,435,862 7,345,817,152 6,015,720,617 14,514,044,194 12,382,296,595
Lease liabilities 889,906,772 3,148,208,568 9,395,043,080 13,433,158,420 12,394,114,636
Long-term payables 350,535,065 453,266,126 524,243,564 1,328,044,755 1,109,330,338
Continued:
Book value as at
Item One to two Two to five More than five
Within one year total 31/12/2024
years years years
Financial
liabilities
Short-term
borrowings
Notes payable 2,102,292,195 2,102,292,195 2,102,292,195
Trade payable 4,279,045,681 4,279,045,681 4,279,045,681
Other payables 15,825,876,579 15,825,876,579 15,825,876,579
Other current
liabilities
Non-current 6,985,821,004 6,985,821,004 6,606,678,336
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Book value as at
Item One to two Two to five More than five
Within one year total 31/12/2024
years years years
liabilities due
within one year
long-term
borrowings
Debentures
payable
Lease liabilities 850,060,148 2,798,617,305 10,015,643,629 13,664,321,082 12,376,312,142
Long-term
payables
As at 31/12/2025, the credit limits available to the Company from financial institutions are presented as
follows:
Item 31/12/2025 31/12/2024
Available credit limit from financial institutions 106,589,071,457 112,116,120,762
The objective of the Company's capital management policy is to ensure the sustainable operation to
provide returns for shareholders and other stakeholders, while maintaining an optimal capital structure
to reduce capital costs.
The total capital of the Company is the shareholders' equity listed in the consolidated balance sheet.
The Company is not subject to external mandatory capital requirements and monitors its capital using
the debt ratio.
The debt ratio of the Company is presented as follows:
Item 31/12/2025 31/12/2024
Asset-liability ratio 77.71% 79.47%
IX. Fair value
Fair value measurements are categorized into a hierarchy based on the lowest level of input that is
significant to the measurement as a whole:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly or indirectly.
Level 3: if any unobservable input is used for the asset or liability.
As at 31 December 2025, the assets measured at fair value on a recurring basis by the above three
levels are analyzed below.
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item Level 1 Level 2 Level 3 Total
Investments in other equity instruments 1,777,428,066 1,232,261,822 3,009,689,888
Fair value at Unobservable input
Item Valuation method
Investments in other equity
instruments
Comparable company method and Average price-to-book
Unlisted equity investment 1,232,261,822
discounted cash flow method ratio liquidity discount
For financial instruments traded in active market, the Company determines their fair value based on the
quoted prices in active market. For financial instruments which were not traded in an active market, the
Company uses valuation methods to determine their fair value. The Company used valuation models
such as the discounted cash flow model and the market comparable company model to assess the fair
value of investments in other equity instruments in level 3 in 2025. The main unobservable inputs used
by the Company for its investments in Shenzhen Capital Group were average price-to-book ratio and
liquidity discount.
Total gain or losses
Item 1/1/2025 Accounted in profit Accounted in other 31/12/2025
or loss comprehensive income
Investments in other
equity instruments
The financial assets and financial liabilities measured at amortized cost of the Company mainly include
notes receivable, trade receivables, other receivables, long-term receivables, short-term borrowings,
trade payable, lease liabilities, long-term borrowings, debentures payable, and long-term payables.
There was no significant difference between the book value and fair value of the financial assets and
financial liabilities of the Company that are not measured at fair value.
X. Related parties and related party transactions
Voting
Place of Registered Shareholding
Parent company Scope of business rights
Registration capital (%)
(%)
Operating management of power
Guangdong Energy
generation enterprises, capital
Group Co., Ltd.
Guangzhou management of power generation 23,300,000,000 67.39% 67.39%
(Guangdong Energy
assets, construction of electricity plants,
Group or GEGC)
and power sales
The ultimate controlling party of the Company is the State-owned Assets Supervision & Management
Commission of Guangzhou Municipal People’s Government.
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
In 2025, movement of registered capital of the parent company as follows:
For details of the subsidiaries, please refer to Note VI. 1.
For details of significant joint ventures and associates, please refer to Note VI. 2.
Joint ventures or associates Relationship
Industrial Fuel Joint venture
China Aviation Shenxin Joint venture
Yuexin Energy Joint venture
Shanxi Yuedian Energy Associates
Taishan Power Associates
Energy Group Finance Company Associates
Energy Finance Leasing Company Associates
Energy Property Insurance Captive Insurance Associates
Yuedian Shipping Associates
Yueqian Power Associates
Weixin Yuntou Associates
Jiangkeng Hydropower Station Associates
Zhongshankeng Electric Power Associates
Shantou Huaneng Wind Power Associates
Southern Offshore Wind Power Associates
Yunfu B Associates
Guangdong Energy Group Corporate Services Co., Ltd. (Energy Corporate Services) Associates
Related parties Relationship
Zhuhai Special Economic Zone Guangzhu Power Generation Co., Ltd. Both are controlled by Guangdong
(Guangzhu Power) Energy Group
Guangdong Yuedian Environmental Protection Materials Co., Ltd. Both are controlled by Guangdong
(Environmental Protection Materials) Energy Group
Guangdong Zhuhai Gaolan Port Environmental Protection Technology Both are controlled by Guangdong
Co., Ltd. (Gaolan Port Environmental Protection) Energy Group
Inner Mongolia Yuedian Menghua New Energy Co., Ltd. (Menghua New Both are controlled by Guangdong
Energy) Energy Group
Both are controlled by Guangdong
Bayan Obo Guangdong-Mongolia New Energy Co., Ltd. (Bayan Obo)
Energy Group
Both are controlled by Guangdong
Shaoguan Qujiang Yuedian New Energy Co., Ltd. (Shaoguan Qujiang)
Energy Group
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Related parties Relationship
Both are controlled by Guangdong
Guangdong Zhuhai Jinwan Power Generation Co., Ltd. (Zhuhai Jinwan)
Energy Group
Guangdong Yuedian Zhongshan Thermal Power Plant Co., Ltd. Both are controlled by Guangdong
(Yuedian Zhongshan Thermal Power Plant) Energy Group
Guangdong Yuedian Real Estate Investment Co., Ltd. (Yuedian Real Both are controlled by Guangdong
Estate Investment) Energy Group
Both are controlled by Guangdong
Guangdong Yuedian Shipping Co., Ltd. (Yuedian Shipping)
Energy Group
Guangdong Yuedian Information Technology Co., Ltd. (Yuedian Both are controlled by Guangdong
Information Technology) Energy Group
Guangdong Yuedian Xinfengjiang Power Generation Co., Ltd. (Yuedian Both are controlled by Guangdong
Xinfengjiang) Energy Group
Both are controlled by Guangdong
Guangdong Yuedian Property Management Co., Ltd. (Yuedian PM)
Energy Group
Guangdong Yuedian Environmental Protection Co., Ltd. (Yuedian Both are controlled by Guangdong
Environmental Protection) Energy Group
Both are controlled by Guangdong
Guangdong Yangjiang Port Co., Ltd. (Yangjiang Port)
Energy Group
Both are controlled by Guangdong
Guangdong Yuelong Power Generation Co., Ltd. (Yuelong Power)
Energy Group
Guangdong Energy Group Co., Ltd., Zhuhai Power Plant (Zhuhai Both are controlled by Guangdong
Power) Energy Group
Guangdong Energy Group Co., Ltd. Shajiao C Power Plant (Energy Both are controlled by Guangdong
Group Shajiao C Power Plant) Energy Group
Both are controlled by Guangdong
Guangdong Shaoguan Port Co., Ltd. (Shaoguan Port)
Energy Group
Guangdong Energy Group Natural Gas Co., Ltd. (Guangdong Energy Both are controlled by Guangdong
Natural Gas) Energy Group
Guangdong Energy Group Science and Technology Research Institute Both are controlled by Guangdong
Co., Ltd. (Energy Group Science and Technology Research Institute) Energy Group
Guangdong Huizhou Natural Gas Power Co., Ltd. (Huizhou Natural Both are controlled by Guangdong
Gas) Energy Group
Guangdong Energy Group (Yunfu) Energy Storage Power Generation Both are controlled by Guangdong
Co., Ltd. (Guangdong Energy Group (Yunfu) Energy Storage) Energy Group
Both are controlled by Guangdong
Dongguan Mingyuan Hotel Co., Ltd. (Dongguan Mingyuan Hotel)
Energy Group
Both are controlled by Guangdong
Guangdong Huizhou Liquefied Natural Gas Co., Ltd. (Huizhou LNG)
Energy Group
Guangdong Energy Bohe Fuel Supply Chain Co., Ltd. (Guangdong Both are controlled by Guangdong
Energy Bohe Fuel Supply Chain) Energy Group
Guangdong Energy Group Energy Conservation and Carbon Reduction
Both are controlled by Guangdong
Co., Ltd. (Guangdong Energy Group Energy Conservation and Carbon
Energy Group
Reduction)
Guangdong Energy Group Corporate Services Co., Ltd. (Energy Both are controlled by Guangdong
Corporate Services) Energy Group
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
(1) Purchases and sales
Type of related Pricing policy for
Related parties 2025 2024
party transaction related-party transactions
Industrial Fuel Purchase of fuel Agreement price 20,020,041,729 23,522,405,049
Guangdong Energy Natural Gas Purchase of fuel Agreement price 9,310,756,743 9,455,829,151
Guangdong Energy Bohe Fuel
Purchase of fuel Agreement price 59,679,110
Supply Chain
Guangdong Energy Group Co., Receipt of operational
Agreement price 520,628,563 573,102,250
Ltd. services
Purchase of
materials/Receipt of
Yuedian Environmental Agreement price 129,041,310 169,702,574
consulting services / Carbon
emission allowances trading
Environmental Protection
Purchase of materials Agreement price 81,005,986 96,406,939
Materials
Energy Group Science and Purchase equipment/receive
Agreement price 49,986,839 102,765,353
Technology Research Institute R&D services
Receipt of insurance
Energy Property Insurance Agreement price 26,471,944 15,704,247
services
Yuedian PM Receipt of property services Agreement price 49,091,841 48,063,107
Yuedian Shipping Receipt of tug services Agreement price 41,152,397 28,262,170
Energy Corporate Services Receipt of other services Agreement price 23,937,317
Carbon emission allowances
Guangzhu Power Agreement price 13,911,712
trading
Guangdong Energy Group Receipt of consulting/other
Energy Conservation and services/Carbon emission Agreement price 12,632,642
Carbon Reduction allowances trading
Purchase of goods/Receipt
Others Agreement price 42,954,835 41,786,988
of services
Pricing policy for
Related parties Type of related party transaction related party 2025 2024
transactions
Environmental Protection Revenue from sale of by-products
Agreement price 95,744,621 100,380,187
Materials /other services
Gaolan Port Environmental Revenue from sale of by-products
Agreement price 19,745,764 37,120,087
Protection /other services
Provision of maintenance, repair
Guangdong Energy Group Agreement price 34,185,140 50,525,121
and other labour services
Yuedian Zhongshan Provision of maintenance and
Agreement price 21,105,683 21,413,945
Thermal Power Plant repair services
Provision of maintenance and
Guangzhu Power Agreement price 29,923,204 20,024,593
repair services
Provision of maintenance, repair
Yunfu B Agreement price 1,737,167 2,345,313
and other labour services
Bayun Ebo Provision of management services Agreement price 7,724,793 7,253,092
Transfer of land use rights for
Huizhou LNG Agreement price 26,917,203 177,393,862
reclaimed land/other services
Yuedian PM Provision of management services Agreement price 15,027,976 440,901
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Pricing policy for
Related parties Type of related party transaction related party 2025 2024
transactions
Others Provision of services Agreement price 10,347,933 11,312,524
Note: In the current year, Pinghai Power Plant, a subsidiary of the Company, entered into an agreement
with Huizhou LNG. Under the agreement, Huizhou LNG was obligated to pay compensation for
reclamation costs to Pinghai Power Plant. Additionally, Pinghai Power Plant provided paid usage
services for the breakwater to Huizhou LNG.
(2) Purchase of electricity
Related parties 2025 2024
Guangzhu Power 12,356,539 34,533,526
Zhuhai Jinwan 19,986,513 5,165,045
Yuedian Zhongshan Thermal Power Plant 11,735,370 21,685,670
Yuelong Power 4,627,778 2,493,552
(3) Leases
Increase of right-of-use assets in the current year as the lessee
Name of the lessor Type of the leased asset 2025 2024
Energy Finance Leasing Company Lease of machinery and equipment 1,296,438,673 2,191,682,984
Others Housing rental 29,762,997
Interest expenses on lease liabilities in the current year as the lessee
Name of the lessor Type of the leased asset 2025 2024
Energy Finance Leasing Company Lease of machinery and equipment 278,869,520 297,797,859
Others Housing rental 1,310,650
The short-term or low-value lease expenses paid as the lessee
Name of the lessor Type of the leased asset 2025 2024
Yuedian Real Estate Investment Lease of houses 19,517 15,148,051
The rental income obtained by the Company as the lessor
Name of the lessee Type of the leased asset 2025 2024
Dongguan Mingyuan Hotel Tenancy of PPE 3,986,319 3,870,213
Yuedian PM Tenancy of PPE 595,336 283,746
Yuedian Environmental Protection Tenancy of PPE 163,810 161,905
Yuedian Shipping Tenancy of PPE 48,440 48,440
Yunfu B Tenancy of PPE 730,521 8,637,532
Energy Group Science and Technology
Tenancy of PPE 1,158,658 149,799
Research Institute
Guangdong Energy Natural Gas Tenancy of PPE 9,981 9,981
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Name of the lessee Type of the leased asset 2025 2024
Huizhou Natural Gas Tenancy of PPE 1,921,309
Shanwei YueDian Shipping Tenancy of PPE 16,294 16,294
China Aviation Shenxin Tenancy of PPE 71,560 71,560
Red Bay Industrial Fuel Co., Ltd. (Industrial
Tenancy of PPE 32,587
Fuel)
Guangdong Energy Group (Yunfu) Energy
Tenancy of PPE 12,186
Storage
Energy Group Shajiao C Power Plant Tenancy of PPE 262,857
Huizhou LNG Tenancy of PPE 1,339,158
(4) Guarantees
Whether the
Guaranteed Guaranteed guarantee
Guaranteed party Starting date Maturity date
amount interest has been
fulfilled
Guangdong Energy
Group Corporation
In order to perform the Loan Agreement for the Guangdong Yuedian Yangjiang Shapa offshore wind
power project signed between the People's Republic of China (PRC) and New Development Bank (NDB)
(Loan Agreement with NDB) on 3 December 2019, Project Agreement signed between NDB and the
People's Government of Guangdong Province (provincial government) (Project Agreement with NDB),
Loan Transfer Agreement signed between the Ministry of Finance and the provincial government (Loan
Transfer Agreement with the Ministry of Finance) and Loan Transfer Agreement signed between the
Department of Finance of Guangdong Province and GEGC (Loan Transfer Agreement with the
Department of Finance of Guangdong Province), Yangjiang Wind Power signed Loan Transfer
Agreement with GEGC (Loan Transfer Agreement with GEGC) in 2020, specifying that GEGC shall
transfer loans of RMB 2,000,000,000 (Project Loan) to Yangjiang Wind Power; meanwhile, the
Company signed a joint liability guarantee contract with GEGC, specifying that the Company provides
joint liability guarantee for all liabilities of Yangjiang Wind Power under the Loan Transfer Agreement
with GEGC on behalf of GEGC to the Department of Finance of Guangdong Province from 3 December
As at 31 December 2025, Yangjiang Wind Power borrowed pledged loan of RMB 1,684,160,000 from
NDB, and the interest payable was RMB 9,789,304. The right to collect electric charges was pledged for
such borrowings.
The Project Loan above was transferred to the provincial government by the Ministry of Finance under
the country's authorization according to the same loan conditions, then transferred to GEGC by the
Department of Finance of Guangdong Province under the provincial government's authorization, and
finally transferred to Yangjiang Wind Power by GEGC. The above Project Loan was actually provided in
entrusted payment. The cash would not flow through the bank accounts of the Ministry of Finance,
Department of Finance of Guangdong Province and GEGC, and Yangjiang Wind Power, the actual
debtor of the Project Loan, directly withdrew and repaid the loan through its account of NDB. The
Project Loan was guaranteed by the Company for GEGC, and actually the Company provided
guarantee for the Project Loan obtained by Yangjiang Wind Power from NDB. Therefore, after
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
consulting the Company's legal adviser, management considered that joint liability guarantee provided
by the Group for GEGC would not constitute GEGC's occupation of the Group's funds.
(5) Lending among related parties
According to the 2025 Framework Agreement on Financial Services between the Company and Energy
Group Finance Company, Energy Group Finance Company is committed to offering the Group a credit
line of no more than RMB 39 billion in 2025. In 2025, the Group borrowed a total of RMB 9,563,857,859
(2024: RMB 10,109,224,870) from Energy Group Finance Company based on actual capital
requirement. The Group paid an interest of RMB 266,313,323 (2024: RMB 319,243,449) for such
borrowings.
In 2025, the net decrease of the Group's deposits in Energy Group Finance Company was RMB
deposited in Energy Group Finance Company in 2025 or 2024. Interest due from Energy Group Finance
Company amounted to RMB 80,861,477 (2024: RMB 147,987,728). In light of the frequent deposits and
withdrawals, the Group only disclosed the amount of net change in deposits.
According to the three-party agreement signed among the Group, Energy Group Finance Company and
Industry Fuel, the notes opened by the Group in Energy Group Finance Company and issued to
Industry Fuel represented the amount payable to Energy Group Finance Company if such notes were
discounted with Energy Group Finance Company by Industry Fuel. Given the frequent transactions, only
the net change of the balance of commercial acceptance notes discounted with Energy Group Finance
Company as at 31 December is disclosed. As at 31 December 2025, the net amount of Energy Group
Finance Company's discounting of acceptance notes issued by the Group to Industry Fuel decreased by
RMB 40,000,000 (2024: RMB 25,000,000). In 2025, the discounting interest charged by Energy Group
Finance Company and borne by the Group which was included in the discounting interest expenses in
the current year amounted to RMB 2,435,740 (2024: RMB5,595,178).
Based on the Framework Agreement on Financial Lease between the Company and Energy Finance
Leasing Company in 2025, Energy Finance Leasing Company is committed to offering the Group a
credit line of no more than RMB 18 billion, which is reusable during the one-year agreement period. In
Leasing Company were RMB 1,307,642,676 (2024: RMB 2,191,682,984), the finance lease payment
was RMB 746,151,863 (2024: RMB 723,763,205). and no advance payment was received (2024: nil).
The Company entered into new sale and leaseback transactions with Energy Finance Leasing
Company, resulting in an increase in long-term payables (including current portion) of RMB 662,445,430
(2024: nil).
(6) Interest income
Related parties Type of related party transaction 2025 2024
Energy Group Finance Company Interest on deposits 80,861,477 147,987,728
(7) Interest costs
Related parties Content of related-party transactions 2025 2024
Energy Group Finance Company Interest on borrowings 266,313,323 319,243,449
Energy Group Finance Company Discount charges for notes 2,435,740 5,595,178
In 2025, the annual interest rate for loans issued by Energy Group Finance Company to our company
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
ranged from 1.70% to 3.45% (2024: 2.00% to 3.45% ).
(8) Joint investment
As of 31 December 2025, the subsidiaries, joint ventures, and associates jointly invested by the
Company, Guangdong Energy Group Co., Ltd., and its subsidiaries include:
Invested enterprise Percentage of equity attributable to GEGC
Energy Property Insurance 51.00%
Energy Group Finance Company 60.00%
Energy Group Finance Leasing Company 75.00%
Yuedian Shipping 65.00%
Yueqian Power 68.70%
Shanxi Yuedian Energy 60.00%
Industry Fuel 50.00%
Shajiao C Company 49.00%
Guanghe Power 49.00%
Biomass Power Generation 49.00%
Xinhui Power 44.10%
Maoming Thermal Power 45.14%
Yangjiang Wind Power 10.96%
Shibeishan Wind Power 30.00%
Zhanjiang Wind Power 30.00%
Qujie Wind Power Company 1.68%
Bohe Energy 33.00%
Yuejia Electric 25.00%
Zhuhai Wind Power 5.72%
(9) Remuneration of key management
The Company has 5 key management personnel in 2025, compared to 7 in 2024. The payment of
salaries is shown in the table below:
Item 2025 2024
Remuneration of key management 5,837,927 7,526,869
(1) Amount due from related parties
Item Related parties Bad debt Bad debt
Book balance Book balance
reserves reserves
Cash and bank Energy Group Finance
balances Company
Energy Group
Trade receivables 6,469,246 13,162,597
Company
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item Related parties Bad debt Bad debt
Book balance Book balance
reserves reserves
Trade receivables Guangzhu Power 15,598,390 16,519,487
Yuedian Zhongshan
Trade receivables 22,782,309 7,669,412
Thermal Power Plant
Trade receivables other 3,472,083 538,176
Yuedian Zhongshan
Contract assets 103,206 1,269,872
Thermal Power Plant
Contract assets Others 771,563 96,470
Yuedian Environmental
Other receivables 26,495,186 37,861,479
Protection
Other receivables Industry Fuel 54,738,075 24,677,849
Energy Finance Leasing
Other receivables 33,507,710 13,533,280
Company
Other receivables Others 34,805,913 28,731,848
Advances to
Industry Fuel 636,106,229 929,673,076
suppliers
Advances to Guangdong Energy
suppliers Natural Gas
Advances to
Tianxin Insurance 23,760,250 30,223,522
suppliers
Advances to
Others 7,261,439 5,329,456
suppliers
Guangdong Energy
Other non-current Group Energy
assets Conservation and Carbon
Reduction
Other non-current
Tianxin Insurance 23,837,472
assets
Other non-current Energy Group Finance
assets Company
(2) Amount due to related parties
Item Related parties 31/12/2025 31/12/2024
Notes payable Energy Group Finance Company 150,000,000 350,000,000
Trade payables Industry Fuel 2,255,235,465 1,971,547,170
Trade payables Guangdong Energy Natural Gas 656,143,143 72,412,482
Trade payables Energy Group Company 314,416,207 71,348,385
Trade payables Yuedian Environmental 33,840,243 25,726,993
Trade payables Environmental Protection Materials 21,771,155 6,470,206
Trade payables Others 18,114,415 12,307,887
Other payables Yuedian Environmental 762,414 21,449,528
Other payables Menghua New Energy 7,640,523 9,222,282
Other payables Yuedian PM 7,395,846 7,168,316
Other payables Yuedian Information Technology 7,152,456 3,875,757
Other payables Energy Corporate Services 9,505,945
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item Related parties 31/12/2025 31/12/2024
Energy Group Science and
Other payables 35,827,012 5,624,000
Technology Research Institute
Other payables Others 25,807,630 22,167,217
Advance from customers Huizhou Natural Gas 1,425,115
Contract liabilities Huizhou LNG 34,983,686
Lease liabilities Energy Finance Leasing Company 8,120,455,932 10,257,056,614
Lease liabilities Others 19,646,041
Long-term trade payables Energy Finance Leasing Company 420,971,128
Short-term borrowings Energy Group Finance Company 4,444,498,452 4,537,643,038
Current portion of non-current liabilities Energy Group Finance Company 286,611,981 212,355,144
Current portion of non-current liabilities Energy Finance Leasing Company 772,997,883 237,719,635
Current portion of non-current liabilities Yuedian Real Estate Investment 12,612,258
Current portion of non-current liabilities Yunfu B 1,002,858
Current portion of non-current liabilities Yuelong Power 7,025
long-term borrowings Energy Finance Leasing Company 6,707,954,288 5,806,465,747
XI. Commitments
(1) Capital commitments
Capital expenditures contracted for by the Group but are not yet necessary to be recognized on
the balance sheet as at the balance sheet date are as follows:
Capital commitments that have been contracted but not yet
recognized in the financial statements
Houses, buildings, and power generation equipment 6,439,124,335 15,655,912,347
The above capital commitments will be primarily used for the construction of new electric plants and the
purchase of new generator units.
(2) Investment commitments
Note 1: In August 2022, Provincial Wind Power signed the Equity Acquisition Framework Agreement for
the Wuxiang Lvheng 100MW Photovoltaic Power Generation Project with Shanxi Hengyang New
Energy Co., Ltd. (Hengyang New Energy). According to the agreement, Provincial Wind Power paid a
deposit of RMB 52,200,000 for the equity acquisition in 2022.
Note 2: In May 2024, GEGC Xinjiang, a subsidiary of our company, signed a framework agreement with
Jiangsu Saifapower Electric Power Development Co., Ltd. (Saifapower Electric Power) to acquire 100%
of the equity held by Seraphim Power in Kekedala Zhongfu New Energy Co., Ltd. As of 31 December
As of 31 December 2025, the Company has no unsettled lawsuit, external guarantees, or other
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
contingent matters that need to be disclosed.
XII. Events after the balance sheet date
In accordance with the proposal at the Board of Directors’ meeting in March 2026, the Company
proposed to distribute a cash dividend of RMB 0.2 per 10 shares to all shareholders based on total
share capital of 5,250,283,986 shares as at 31 December 2025. Such proposal is pending for approval
at the meeting of Board of Shareholders and not recognized as a liability in the financial statements for
the current year
As of March 27, 2026 (the date of approval of the report by the board of directors), the Company has no
other events after the balance sheet date that should be disclosed.
XIII. Other important matters
As the Group's revenue and expenses, assets and liabilities are primarily associated with sale of electric
power and other related products, the Group's management, taking the sale of electric power as a
whole business, periodically obtains accounting information relating to its financial status, operating
results and cash flow for assessment. Therefore, the electric power segment is the only division in the
Group.
The Group’s revenue from main operations derives from the development and operation of electric
plants in China and all assets are within China.
In 2025, the revenue earned by our power plants from Southern Grid Company and State Grid
Corporation of China amounted to RMB 50,399,904,363 (2024: RMB 56,225,050,620), accounting for
As of 31 December 2025, the Company had no other significant matters that should be disclosed.
XIV. Notes to major items in the parent company's financial statements
Item 31/12/2025 31/12/2024
Interest receivable
Dividend receivable
Other receivables 70,195,880 837,741,316
Total 70,195,880 837,741,316
(1) Other receivables
Aging of accounts 31/12/2025 31/12/2024
Within 1 year 3,842,103 791,766,134
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Aging of accounts 31/12/2025 31/12/2024
Over 3 years 34,716,841 34,314,140
Subtotals 70,317,808 837,844,617
Less: provision for bad debts 121,928 103,301
Total 70,195,880 837,741,316
Items 31/12/2025 31/12/2024
Receivables from supplementary medical insurance funds 40,048,672 44,370,483
Receivables from related parties 27,279,842 788,286,071
Others 2,989,294 5,188,063
Subtotals 70,317,808 837,844,617
Less: bad debt provision 121,928 103,301
Total 70,195,880 837,741,316
Category Book balance Provision for bad debts
% of total Provision book value
Amount Amount
balance ratio
Provision for bad debts on
an individual basis
Provision for bad debts on a
collective basis
Total 70,317,808 100.00 121,928 0.17 70,195,880
(Continued):
Category book balance Provision for bad debts
% of total Provision book value
Amount Amount
balance ratio
Provision for bad debts on
an individual basis
Provision for bad debts on a
collective basis
Total 837,844,617 100.00 103,301 0.01 837,741,316
As at 31 December 2025, other receivables at Stage 1 for which the related provision for bad debts was
provided on the individual basis are analyzed as follows:
Book Book
Category ECL for bad Reason
balance balance
rates% debts
Provision for bad debts on
an individual basis
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Book Book
Category ECL for bad Reason
balance balance
rates% debts
The counterparty is a related
Receivables from related party, with a historical loss rate
parties of 0% ; therefore, the risk of ECL
is extremely low.
The counterparty is Taikang
Pension, which mainly provides
Supplementary medical custody services for the Group’s
insurance fund receivable supplementary medical
insurance fund. and the risk of
ECL is extremely low.
Provision for bad debts on
a collective basis
Other receivables portfolio 2,989,294 4.08 121,928 2,867,366
Total 70,317,808 0.17 121,928 70,195,880
Bad debt provision at Stage 2 at the end of the period
At the end of the period, the Company had no interest receivable, dividends receivable, or other
receivables that were in Stage 2.
Bad debt provision at Stage 3 at the end of the period
At the end of the period, the Company had no interest receivable, dividends receivable, or other
receivables that were in Stage 2.
As at 31 December 2024, other receivables at Stage 1 for which the related provision for bad debts was
provided on the collective basis are analyzed as follows:
Category Book balance ECL for bad Book value Reason
rates% debts
Provision for bad debts
on an individual basis
The counterparty is a related
party, with a historical loss rate
Receivables from related
parties
therefore, the risk of ECL is
extremely low.
The counterparty is Taikang
Pension, which mainly
Supplementary medical provides custody services for
insurance fund 44,370,483 44,370,483 the Group’s supplementary
receivable medical insurance fund. and
the risk of ECL is extremely
low.
Trade receivables from
sales of auxiliary -
products
Others 2,516,219 2,516,219 -
Provision for bad debts
on a collective basis
Other receivables 2,671,844 3.87 103,301 2,568,543
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Category Book balance ECL for bad Book value Reason
rates% debts
portfolio
Total 837,844,617 0.01 103,301 837,741,316
Bad debt provision at Stage 2 at the end of the previous year
At the end of last year, the Company had no interest receivable, dividends receivable, or other
receivables that were in the second stage.
Bad debt provision at the third stage at the end of last year
At the end of last year, the Company had no interest receivable, dividends receivable, or other
receivables in the third stage.
Stage 1 Stage 2 Stage 2
Bad debt reserves 12-month Lifetime ECL (credit Lifetime ECL (credit Total
ECL not impaired) impaired)
As at 31/12/2024 103,301 103,301
Opening balance in the current period
-- Move to stage 2
-- Move to stage 3
-- Switch back to stage 2
--Return to stage 1
Provision for this period 18,627 18,627
Reversal in this period
Verification in this period
As at 31/12/2025 121,928 121,928
Provision
Book % of total
Unit Name Nature Aging for bad
balance balance
debts
Supplementary
Within 1 year, 1-2 years (inclusive), 2-3
Taikang Pension Co., Ltd. medical
Guangdong Branch insurance fund
receivable
Receivables from
Guangdong Electric Power
related 22,804,207 1-2 years (inclusive) 32.43
Industry Fuel Co., Ltd.
parties
Receivables from
Guangdong Yuedian Real
related 1,045,274 4-5 years (inclusive), beyond 5 years 1.49
Estate Investment Co., Ltd.
parties
Receivables from
Guangdong Yuedian Binhai
related 1,002,560 Within 1 year, 1-2 years (inclusive) 1.43
Bay Energy Co., Ltd.
parties
Guangdong Yuedian New Receivables from
Energy Development Co., related
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Provision
Book % of total
Unit Name Nature Aging for bad
balance balance
debts
Ltd. parties
Total 65,470,046 93.11
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Item
Book balance Impairment provision Book value Book balance Impairment provision Book value
Subsidiaries 44,332,871,157 3,994,357,453 40,338,513,704 40,225,622,357 3,915,727,852 36,309,894,505
Joint ventures 1,549,408,238 1,549,408,238 1,187,240,439 1,187,240,439
Associates 9,143,147,561 122,614,153 9,020,533,408 8,792,769,115 122,614,153 8,670,154,962
Total 55,025,426,956 4,116,971,606 50,908,455,350 50,205,631,911 4,038,342,005 46,167,289,906
(1) Subsidiaries
Movements in the current year
Invested entity Increase in Decrease in Provision for
(book value) (impairment provision) Others (book value) (impairment provision)
investments investments impairment
Huizhou Natural Gas 1,205,199,446 1,205,199,446
Guangqian Company 1,353,153,223 1,353,153,223
Red Bay Power 2,389,023,386 130,000,000 2,519,023,386
Lincang Energy 490,989,439 660,000,000 660,000,000 490,989,439
Zhanjiang Electric 2,185,334,400 456,000,000 1,729,334,400
Yuejia Electric 455,584,267 455,584,267
Shaoguan Power Plant 1,509,698,674 1,596,000,000 1,596,000,000 1,509,698,674
Maoming Thermal Power 687,458,978 687,458,978
Jinghai Power 2,450,395,668 526,470,100 2,976,865,768
Technology Engineering
Company
Humen Power Company 3,192,416 86,807,584 3,192,416 86,807,584
Zhongyue Energy 963,000,000 187,248,115 567,000,000 1,530,000,000 187,248,115
Bohe Energy 1,409,581,041 321,600,000 1,731,181,041
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Invested entity 31/12/2024 31/12/2024 Movements in the current year 31/12/2025 31/12/2025
(book value) (impairment provision) (book value) (impairment provision)
Pinghai Power Plant 720,311,347 720,311,347
Dapu Power Generation 1,957,100,000 410,000,000 2,367,100,000
Huadu Natural Gas 323,050,000 323,050,000
Wind Power Company 10,519,096,881 10,519,096,881
Power Sales 230,000,000 230,000,000
Yongan Natural Gas 495,000,000 495,000,000
Binhai Bay Company 1,040,000,000 1,040,000,000
Huaguoquan Company 49,680,900 49,680,900
Qiming Company 68,000,000 15,000,000 78,629,601 4,370,399 78,629,601
Daya Bay Company 423,955,001 49,070,000 473,025,001
Dananhai Company 331,000,000 100,000,000 431,000,000
Shajiao C Company 1,169,434,134 389,686,648 1,169,434,134 389,686,648
Yunhe Power 1,319,933,927 17,540,000 1,337,473,927
Yuehua Power 699,347,838 699,347,838
Bijie New Energy 17,500,000 17,500,000
Tumushuke Thermal Power 4,286,875 795,713,125 4,286,875 795,713,125
Shaoguan New Energy 46,473,000 46,473,000
Hanhai New Energy 644,050,000 644,050,000
Jinxiu Integrated Energy 2,621,800 2,621,800
Mujin New Energy 120,495,920 120,495,920
Muhong New Energy 120,495,920 120,495,920
Huibo New Energy 99,923,134 99,923,134
Xingyue New Energy 9,977,500 9,977,500
Maoming Natural Gas 115,345,000 115,345,000
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Invested entity 31/12/2024 31/12/2024 Movements in the current year 31/12/2025 31/12/2025
(book value) (impairment provision) (book value) (impairment provision)
Huixin Thermal Power 181,475,000 264,960,300 446,435,300
Dongrun Zhongneng New Energy 45,063,020 45,063,020
Shache Integrated Energy 1,256,610,470 1,256,610,470
Xinguangyao New Energy 46,057,600 46,057,600
Luoding New Energy 1,844,520 1,844,520
Jiuzhou New Energy 39,000,000 39,000,000
Changshan Wind Power 110,740,000 110,740,000
Tumxuk Changhe 3,500,000 3,500,000
Zhonggong Energy 152,969,360 152,969,360
Zhuhai Yuedian New Energy 2,740,000 2,740,000
Zhenneng New Energy 10,000,000 10,000,000
GEGC Xinjiang 1,000,000,000 1,000,000,000
Gaozhou New Energy 1,476,800 1,476,800
Yuedian New Energy
Development
Yuedian Navigation 300,000 300,000
Dongguan Ningzhou 948,808,400 948,808,400
Total 36,309,894,505 3,915,727,852 5,892,803,660 1,785,554,860 78,629,601 40,338,513,704 3,994,357,453
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
(2) Joint ventures and associates
Movements in the current year
Invested entity (impairment Increase in Decrease in profit/(loss) other distribution of Provision for (impairment
(book value) comprehensive Others (book value)
provision) investments investments under equity changes in cash dividends impairment provision)
income
method equity or profits
Associates:
Taishan Power 2,064,860,619 89,704,315 -17,207 5,115,535 86,021,794 2,073,641,468
Shanxi Yuedian
Energy
Energy Group
Finance 1,124,890,453 98,756,404 -38,179,481 6,477,476 57,595,064 1,134,349,788
Company
Energy Finance
Leasing 823,842,858 21,124,420 844,967,278
Company
Yuedian
Shipping
Yueqian Power 272,287,737 5,391,285 -9,331 -827,613 276,842,078
Weixin Yuntou 122,614,153 122,614,153
Energy Property
Insurance
Captive
Insurance
Energy
Corporate 27,000,000 32,824 27,032,824
Services
Other 15,223,444 1,324,938 3,587,746 12,960,636
Subtotals 8,670,154,962 122,614,153 27,000,000 518,641,013 -38,835,135 10,203,765 166,631,197 9,020,533,408 122,614,153
Joint venture:
Industry Fuel 1,187,240,439 300,000,000 81,561,047 2,015,435 1,873,717 23,282,400 1,549,408,238
Subtotals 1,187,240,439 300,000,000 81,561,047 2,015,435 1,873,717 23,282,400 1,549,408,238
Total 9,857,395,401 122,614,153 327,000,000 600,202,060 -36,819,700 12,077,482 189,913,597 10,569,941,646 122,614,153
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
(1) Revenue and cost of sale
Items
Income Expenses Income Expenses
Main business
Other business 56,107,489 34,193,846 36,422,477 44,175,640
Total 56,107,489 34,193,846 36,422,477 44,175,640
(2) Revenue and cost of sale are categorized by type
Items
Revenue Cost of sale Revenue Cost of sale
Main business:
Subtotals
Other businesses:
Rental income 11,513,960 617,597 11,606,363 85,025
Others 44,593,529 33,576,249 24,816,114 44,090,615
Subtotals 56,107,489 34,193,846 36,422,477 44,175,640
Total 56,107,489 34,193,846 36,422,477 44,175,640
(3) Revenue and cost of sale are classified based on the time of goods transfer
The Group's revenue is broken down as follows:
Items Sale of electricity,
Services Leases Others Total
steam and coal ash
Revenue from main operations
Including: recognized at a time point
recognized over a time period
Revenue from other operations
Including: recognized at a time point 44,593,529 44,593,529
recognized over a time period 11,513,960 11,513,960
Total 11,513,960 44,593,529 56,107,489
The Group's cost of sale is broken down as follows: (continued)
Items Sale of electricity,
steam and coal Services Leases Others Total
ash
Cost of sale from main operations
Including: recognized at a time point
recognized over a time period
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Items Sale of electricity,
steam and coal Services Leases Others Total
ash
Cost of sale from other operations
Including: recognized at a time point 33,576,249 33,576,249
recognized over a time period 617,597 617,597
Total 617,597 33,576,249 34,193,846
The Group's revenue in last period is broken down as follows (continued):
Items Sale of
electricity, steam Services Leases Others Total
and coal ash
Revenue from main operations
Including: recognized at a time point
recognized over a time period
Revenue from other operations
Including: recognized at a time point 24,816,114 24,816,114
recognized over a time period
Rental income 11,606,363 11,606,363
Total 11,606,363 24,816,114 36,422,477
The Group's cost of sale is broken down as follows: (Cont’d)
Items Sale of electricity,
steam and coal Services Leases Others Total
ash
Cost of sale from main operations
Including: recognized at a time point
recognized over a time period
Cost of sale from other operations
Including: recognized at a time point 44,090,615 44,090,615
recognized over a time period
Rental income 85,025 85,025
Total 85,025 44,090,615 44,175,640
(4) Information related to remaining performance obligations
As of 31 December 2025, the Company has no outstanding performance obligations under contracts
that have been signed.
Items 2025 2024
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Items 2025 2024
Income from long-term equity investments under cost method 1,040,144,111 1,013,878,951
Income from long-term equity investments under equity method 600,202,060 626,894,645
Income generated from disposal of long-term equity
-197,061,075
investments
Interest income during the holding period of debt investment 29,761,684 49,229,786
Dividend income from other equity instrument investments 116,155,595 112,589,720
Total 1,589,202,375 1,802,593,102
XV. Additional information
Items 2025 2024 Description
Income from sale of carbon emission allowances 2,725,356 13,189,163
Penalties and overdue fines -7,799,745 -9,621,477
Gains on scrap of non-current assets 72,198,570 83,721,465 Note 1
Losses on scrap of non-current assets -66,409,257 -85,124,076 Note 2
Gains on disposals of non-current assets 20,344,472 98,655
Gains on land transfer of Huizhou LNG Receiving Terminal 23,744,100 177,384,900 Note 3
Government grants recognized in profit or loss for the
current period
Compensation for natural gas contract 47,563,813 Note 4
Compensation for sea area use rights, mountain excavation
and land reclamation projects
Waived payables 2,135,538 31,827,530
Losses arising from force majeure events, including natural
-2,936,502 -11,738,926 Note 6
disasters
Compensation for electricity costs during demolition and
reconstruction
One-time costs arising from the discontinuance of relevant
-155,298,107
operating activities
Other non-recurring gains and losses 49,544,029 92,698,221
Total non-recurring gains and losses 210,460,227 195,670,598
Less: effect of income tax 43,032,157 30,445,394
Net non-recurring gains and losses 167,428,070 165,225,204
Less: attribution to non-controlling interests (after tax) 42,505,849 132,446,539
Non-recurring gains and losses attributable to ordinary
shareholders
Note 1: Gains on non-current asset scrap mainly arose from the disposal of residual PPE and spare
parts by the Shajiao A Branch, the disposal of the off-site coal conveying trestle by the subsidiary
Yuehua, and the disposal of No.1 gas turbine by the subsidiary Xinhui Power in 2025, amounting to a
total scrap gain of RMB 61,234,857.
Note 2: In February 2025, the subsidiary Red Bay Power signed an agreement with the Red Bay
Economic Development Zone Management Committee for the staged recovery of reclaimed land. For
the first batch of recovered land, the Committee repurchased the land at a consideration of RMB
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
conditions for non-current asset disposal gains.
Note 3: In 2025, Pinghai Power Plant, a subsidiary of the Company, entered into an agreement with
Huizhou LNG whereby Huizhou LNG agreed to compensate Pinghai Power Plant for its reclamation
project costs at a price of RMB 36,651,767. In May 2025, Pinghai Power Plant received the
compensation of RMB 36,651,767 from Huizhou LNG. Correspondingly, the carrying amount of the
assets related to the reclamation project, totaling RMB 12,907,667, was transferred to disposal costs.
This resulted in a net disposal gain of RMB 23,744,100, which satisfies the recognition conditions for
compensation gains.
Note 4: In 2025, two of the Company's subsidiaries, Guangqian Electric and Huizhou Natural Gas,
received compensation for natural gas contract of RMB 47,563,813 from Guangdong Dapeng Liquefied
Natural Gas Co., Ltd.
Note 5: In December 2025, the Company's subsidiary Guangqian Electric signed a compensation
agreement with the West-East Gas Pipeline Branch of State Grid for its sea area use rights as well as
the mountain excavation and land reclamation project costs. The compensation received amounted to
RMB 58,360,486 (or RMB 54,128,150 net of tax). After offsetting the use rights and the project’s
carrying amount of RMB 10,042,157, a net gain of RMB 44,085,993 was recognized, satisfying the
recognition conditions for compensation gains.
Note 6: In 2025, Gaotang New Energy, a subsidiary of the Company, compensated local farmers for
losses to livestock and roof repairs totaling RMB 2,936,502. These damages were caused by
photovoltaic panels blown off by gales onto farmers' properties.
Basis for preparation of statement of non-recurring profit or loss for the Current Year
China Security Regulatory Commission (CSRC) issued Explanatory Announcement for Information
Disclosure of Companies Offering Securities to the Public No. 1 — Non-recurring Gains and Losses
(revised in 2023] (2023 Explanatory Announcement No. 1), which was required to be implemented since
the date of issuance. The Group prepared the statement of non-recurring gains and losses for the year
ended 31 December 2023 in accordance with requirements in 2023 Explanatory Announcement No. 1.
Pursuant to 2023 Explanatory Announcement No. 1, non-recurring gains and losses refers to those
arising from transactions and events those are not directly related to the Company’s normal course of
business, also from transactions and events those even are related to the Company’s normal course of
business, but will interfere with the right judgement of users of the financial statements on the
Company’s operation performance and profitability due to their special nature and occasional
occurrence.
Non-recurring gains and losses items defined according to the definition above and non-recurring gains
and losses items listed which are defined as recurring gains and losses items are as follows:
Reasons for regarding as recurring profit
Items 2025 2024
or loss
Constant occurrence, conforming to
VAT refund upon collection 24,249,716 25,938,507
national policies and regulations
Carbon emission allowances used to
Constant occurrence, conforming to
fulfil the emission reduction -62,242,301 -318,227,152
national policies and regulations
obligation
Guangdong Electric Power Development Co., Ltd
Notes to the financial statements
For the year ended 31 December 2025 (All amounts in RMB unless otherwise stated)
[English translation for reference only]
Weighted average ROE EPS (RMB/share)
Profit during 2025
(%) Basic Diluted
Net profit attributable to ordinary shareholders 2.59 0.1143 0.1143
Net profit attributable to ordinary shareholders less the effect of
non-recurring gains and losses
Guangdong Electric Power Development Co., Ltd.
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