The First Quarterly Report 2026
Stock Abbreviation：Yue Dian Li A,Yue Dian Li B Stock Code：000539,200539
Announcement No.：2026-26
Corporate bond code: 149711 Abbreviation of corporate bond: 21 Yudean 03
Guangdong Electric Power Development Co., Ltd.
The First Quarterly Report 2026
The Company and its directors hereby guarantee that the content of information disclosure is real,
accurate, complete and free from any false record, misleading representation or material omissions.
Important content reminder:
report is true, accurate and complete without false records, misleading statements or material omissions, and
will undertake individual and joint legal liabilities.
in charge of the accounting )hereby confirm the authenticity and completeness of the financial report enclosed
in this report.
□Yes √No
The First Quarterly Report 2026
I. Main financial data
(I) Main accounting data and financial indexes
Whether it has retroactive adjustment or re-statement on previous accounting data or not
□Yes ?No
Changes of this period over
This period Same period of last year same period of last year
（％）
Operating revenue（Yuan） 11,352,789,773 10,573,002,085 7.38%
Net profit attributable to the
shareholders of the listed company -151,650,238 -382,893,805 60.39%
（Yuan）
Net profit after deducting of non-
recurring gain/loss attributable to the
-164,005,741 -416,803,667 60.65%
shareholders of listed company
（Yuan）
Net cash generated from /used in
operating activities（Yuan）
Basic earning per share(Yuan/Share) -0.0289 -0.0729 60.39%
Diluted gains per share(Yuan/Share) -0.0289 -0.0729 60.39%
Weighted average return on equity
-0.65% -1.68% 1.03%
（%）
Increase/decrease at the
End of this period End of last period period-end compared with the
end of the previous year
Gross assets（Yuan） 187,653,414,241 186,034,251,274 0.87%
Net assets attributable to the
shareholders of the listed company 23,312,030,271 23,444,357,218 -0.56%
（Yuan）
（II)Items and amount of non-current gains and losses
√ Applicable □ Not applicable
In RMB
Item This period Notes
Gain or loss on disposal of non-current This mainly relates to the proceeds from the
assets (including the reversal of impairment 27,319,255 disposal of land by the Honghaiwan Power
losses previously recognised) Station.
Government subsidy recognized in current Mainly due to various government subsidies
gain and loss(excluding those closely related for energy saving, carbon reduction, and
to the Company’s business and granted technological transformation received by the
under the state’s policies) subsidiaries.
Mainly due to the payables that do not need
Net amount of non operating income and
expense except the aforesaid items
write-offs, etc.
Mainly is the scrapping losses generated
Loss from scrapping and disposal of non- from the disposal of decommissioned
-8,538,614
current assets equipment at power plants such as Jinghai
and Honghaiwan.
Less :Influenced amount of income tax 6,582,886
The First Quarterly Report 2026
Influenced amount of minor shareholders’
equity (after tax)
Total 12,355,503 --
Details of other profit and loss items that meet the non-recurring profit and loss definition
□ Applicable√ Not applicable
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Companies Offering their Securities to the Public-Non-recurring Gains and Losses
and its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information
Disclosure for Companies offering their securities to the public-non-recurring Gains and losses which have been
defined as recurring gains and losses, it is necessary to explain the reason.
√ Applicable □ Not applicable
Items Amount involved(Yuan) Reason
Value-added tax will be refunded Comply with national policies and
immediately regulations, and continue to occur.
Carbon emission quota used to fulfill the Comply with national policies and
-22,464,859
emission reduction obligation regulations, and continue to occur.
(III) Particulars about changes in items of main accounting data and financial index and explanations of
reasons
√ Applicable □Not applicable
In the first quarter of 2026, thanks to the commissioning of new coal-fired power projects and improvements in
the generation efficiency of existing units, the Company’s electricity supply to the grid increased by 18% year-
on-year. At the same time, the rise in capacity-based electricity prices for thermal power units partially offset
the adverse impact of falling electricity prices resulting from intensified market competition, leading to a year-
on-year increase in revenue from the power generation business. The Company deepened energy-saving and
consumption-reduction upgrades to its units and strengthened financial and cost controls. Benefiting from a
year-on-year decline in fuel prices, this drove an improvement in gross profit margins for the power generation
business. In the renewable energy sector, the wind power business maintained stable profitability year-on-year
under the combined influence of increased electricity generation and falling electricity prices; however, for the
solar power business, newly commissioned projects were affected by the power market environment and policy
factors, resulting in the generation capacity and benefits not being fully realised. The growth in generation
revenue has not yet offset the increase in related depreciation and interest expenses, leading to a widening of the
loss year-on-year. During the reporting period, the Company recorded an overall net profit attributable to
shareholders of RMB -151.65 million, representing a narrowing of the loss compared with the same period last
year.
II. Shareholders Information
(I) Total number of common shareholders and preference shareholders with voting rights recovered and
top ten common shareholders
In shares
The First Quarterly Report 2026
Total number of common Total preference shareholders with the voting power recovered
shareholders at the period-end at the end of the reporting period(if any)
Shares held by the top 10 shareholders（Excluding shares lent through refinancing)
Amount of Pledging or freezing
Share
Properties of tradable shares
Shareholder name proporti Quantity Status of the
shareholder with Conditional Quantity
on % shares
held
Guangdong Energy Group State-owned
Co., Ltd. legal person
Guangzhou Development State-owned
Group Co., Ltd. legal person
Guangdong Electric Power State-owned
Development Corporation legal person
Domestic
Zheng Jianxiang Natural 0.51% 26,859,300 0 Not applicable 0
person
CHINA
INTERNATIONAL
CAPITAL Overseas
CORPORATION HONG legal person
KONG SECURITIES
LTD
VANGUARD TOTAL
Overseas
INTERNATIONAL 0.28% 14,620,512 0 Not applicable 0
legal person
STOCK INDEX FUND
Overseas
HKSCC 0.27% 14,100,015 0 Not applicable 0
legal person
NOMURA SINGAPORE Overseas
LIMITED legal person
Chaokang Investment Co., Overseas
Ltd. legal person
Domestic
Zhou Zheng Natural 0.21% 10,812,795 0 Not applicable 0
person
Shares held by the Top 10 Shareholders of Non-restricted shares(Excluding shares lent through refinancing and Top management
lock-in stock)
Number of the non-restricted Share type
Shareholders’ Names
shares held Share type Quantity
Guangdong Energy Group Co., Ltd. 1,644,774,300 RMB Common shares 1,644,774,300
Guangzhou Development Group Co., Ltd. 116,693,602 RMB Common shares 116,693,602
Guangdong Electric Power Development
Corporation
Foreign shares placed in
Zheng Jianxiang 26,859,300 26,859,300
domestic exchange
CHINA INTERNATIONAL CAPITAL
Foreign shares placed in
CORPORATION HONG KONG 15,216,066 15,216,066
domestic exchange
SECURITIES LTD
VANGUARD TOTAL
Foreign shares placed in
INTERNATIONAL STOCK INDEX 14,620,512 14,620,512
domestic exchange
FUND
HKSCC 14,100,015 RMB Common shares 14,100,015
The First Quarterly Report 2026
Foreign shares placed in
NOMURA SINGAPORE LIMITED 12,599,843 12,599,843
domestic exchange
Foreign shares placed in
Chaokang Investment Co., Ltd. 11,656,677 11,656,677
domestic exchange
Foreign shares placed in
Zhou Zheng 10,812,795 10,812,795
domestic exchange
The Third largest shareholder Guangdong Electric Power Development
Related or acting-in-concert parties among Corporation And the ninth largest shareholder Chaokang Investment Co., Ltd.
Are the wholly-owned subsidiaries of the largest shareholder Energy Group.
shareholders above
These three companies have relationships; whether the other shareholders have
relationships or unanimous acting was unknown.
Participation of top 10 unconditional common
share shareholders in securities margin trading N/A
(if any)
Information of shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10
shareholders of unrestricted tradable shares participating in the lending of shares in securities lending and
borrowing business
□Applicable ?Not applicable
The top 10 shareholders and the top 10 shareholders of unrestricted tradable shares have changed compared
with the previous period due to the securities lending/returning,
□Applicable ?Not applicable
(II)Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end
of the report period
□ Applicable √Not applicable
III. Other important matters
□ Applicable √Not applicable
IV. Quarterly financial statements
（i）Financial statement
Prepared by: Guangdong Electric Power Development Co., Ltd.
April 30, 2026
In RMB
Item Ending balance Opening balance
Current asset：
Monetary fund 17,535,146,001 14,839,620,180
Settlement provision 0 0
Outgoing call loan 0 0
Transactional financial assets 0 0
The First Quarterly Report 2026
Derivative financial assets 0 0
Notes receivable 0 0
Account receivable 9,259,374,042 9,583,184,905
Financing receivable 0 0
Prepayments 980,111,217 974,124,953
Insurance receivable 0 0
Reinsurance receivable 0 0
Provisions of Reinsurance contracts receivable 0 0
Other account receivable 544,722,045 527,513,970
Including：Interest receivable 0 0
Dividend receivable 0 0
Repurchasing of financial assets 0 0
Inventories 2,434,603,204 2,293,819,795
Including：Data resources 0 0
Contract assets 654,858 899,846
Assets held for sales 0 0
Non-current asset due within 1 year 0 0
Other current asset 2,348,778,358 2,428,213,159
Total of current assets 33,103,389,725 30,647,376,808
Non-current assets：
Loans and payment on other’s behalf disbursed 0 0
Creditor's Investment 0 0
Other Creditor's Investment 0 0
Long-term receivable 0 0
Long term share equity investment 11,711,139,489 11,543,456,219
Other equity instruments investment 2,970,684,146 3,009,689,888
Other non-current financial assets 0 0
Property investment 321,715,137 323,777,484
Fixed assets 96,984,979,716 85,896,557,515
Construction in progress 19,678,109,788 31,582,478,170
Production physical assets 0 0
Oil & gas assets 0 0
Use right assets 11,003,319,507 11,196,458,460
Intangible assets 3,624,301,020 3,699,548,596
Including：Data resources 0 0
Development expenses 0 0
Including：Data resources 0 0
Goodwill 2,449,886 2,449,886
Long-germ expenses to be amortized 60,309,392 62,228,755
Deferred income tax asset 972,635,328 959,061,443
Other non-current asset 7,220,381,107 7,111,168,050
Total of non-current assets 154,550,024,516 155,386,874,466
Total of assets 187,653,414,241 186,034,251,274
Current liabilities
Short-term loans 9,775,628,850 9,741,011,157
Loan from Central Bank 0 0
The First Quarterly Report 2026
Borrowing funds 0 0
Transactional financial liabilities 0 0
Derivative financial liabilities 0 0
Notes payable 1,862,038,396 1,519,972,657
Account payable 3,980,352,489 4,294,766,903
Advance receipts 137,083,705 67,892,003
Contract liabilities 8,735,556 77,103,302
Selling of repurchased financial assets 0 0
Deposit taking and interbank deposit 0 0
Entrusted trading of securities 0 0
Entrusted selling of securities 0 0
Employees’ wage payable 722,040,726 592,492,474
Tax payable 224,145,119 311,343,314
Other account payable 18,619,750,031 18,806,427,609
Including：Interest payable 0 0
Dividend payable 0 0
Fees and commissions payable 0 0
Reinsurance fee payable 0 0
Liabilities held for sales 0 0
Non-current liability due within 1 year 11,880,855,477 9,886,200,377
Other current liability 574,521,274 520,439,919
Total of current liability 47,785,151,623 45,817,649,715
Non-current liabilities：
Reserve fund for insurance contracts 0 0
Long-term loan 70,207,412,106 71,609,414,544
Bond payable 11,783,294,643 12,382,296,595
Including：preferred stock 0 0
Sustainable debt 0 0
Lease liability 12,298,426,689 12,394,114,636
Long-term payable 1,063,213,682 1,109,330,338
Long-term remuneration payable to staff 576,282,969 592,113,141
Expected liabilities 0 0
Deferred income 160,419,188 141,794,312
Deferred income tax liability 551,786,932 523,854,149
Other non-current liabilities 1,028,167 1,028,167
Total non-current liabilities 96,641,864,376 98,753,945,882
Total of liability 144,427,015,999 144,571,595,597
Owners’ equity
Share capital 5,250,283,986 5,250,283,986
Other equity instruments 0 0
Including：preferred stock 0 0
Sustainable debt 0 0
Capital reserves 5,032,910,216 5,028,330,125
Less：Shares in stock 0 0
The First Quarterly Report 2026
Other comprehensive income 1,504,014,628 1,533,837,247
Special reserve 135,032,852 90,467,033
Surplus reserves 8,903,515,135 8,903,515,135
Common risk provision 0 0
Retained profit 2,486,273,454 2,637,923,692
Total of owner’s equity belong to the parent company 23,312,030,271 23,444,357,218
Minority shareholders’ equity 19,914,367,971 18,018,298,459
Total of owners’ equity 43,226,398,242 41,462,655,677
Total of liabilities and owners’ equity 187,653,414,241 186,034,251,274
Legal Representative: Zheng Yunpeng Person in charge of accounting：Liu Wei
Accounting Dept Leader: Meng Fei
In RMB
Item Current period Last period
I. Income from the key business 11,352,789,773 10,573,002,085
Including：Business income 11,352,789,773 10,573,002,085
Interest income 0 0
Insurance fee earned 0 0
Fee and commission received 0 0
II. Total business cost 11,577,361,398 11,150,637,438
Including：Business cost 10,564,259,513 10,096,320,476
Interest expense 0 0
Fee and commission paid 0 0
Insurance discharge payment 0 0
Net claim amount paid 0 0
Net amount of withdrawal of insurance contract reserve 0 0
Insurance policy dividend paid 0 0
Reinsurance expenses 0 0
Business tax and surcharge 79,453,457 72,214,697
Sales expense 21,509,704 21,488,725
Administrative expense 304,154,932 300,880,243
R & D costs 44,939,519 97,359,718
Financial expenses 563,044,273 562,373,579
Including：Interest expense 562,255,939 574,543,863
Interest income 14,893,408 22,299,208
Add: Other income 5,311,455 9,815,866
Investment gain（“-”for loss） 163,671,492 127,393,582
Including: investment gains from affiliates 163,671,492 127,393,582
Financial assets measured at amortized cost cease to be recognized
as income
The First Quarterly Report 2026
Gains from currency exchange 0 0
Net exposure hedging income 0 0
Changing income of fair value 0 0
Credit impairment loss -2,982,379 199,524
Impairment loss of assets 0 0
Assets disposal income 27,319,255 41,534
III. Operational profit（“-”for loss） -31,251,802 -440,184,847
Add ：Non-operational income 7,769,794 67,990,854
Less: Non-operating expense 36,528,014 62,095,688
IV. Total profit(“-”for loss) -60,010,022 -434,289,681
Less：Income tax expenses 120,249,996 46,887,468
V. Net profit -180,260,018 -481,177,149
(I) Classification by business continuity
(II) Classification by ownership
VI. Net after-tax of other comprehensive income -29,822,619 134,063,302
Net of profit of other comprehensive income attributable to owner
-29,822,619 134,063,302
s of the parent company.
（I）Other comprehensive income items that will not be
-29,254,307 134,063,302
reclassified into gains/losses in the subsequent accounting period
measurement of defined benefit plans of changes in net debt or net 0 0
assets
an not be reclassified into profit or loss.
-29,254,307 134,063,302
instruments
（II）
Other comprehensive income that will be reclassified into profit or -568,312 0
loss.
-568,312 0
an be reclassified into profit or loss.
obligations
of financial assets
obligations
The First Quarterly Report 2026
Net of profit of other comprehensive income attributable to Minori
ty shareholders’ equity
VII. Total comprehensive income -210,082,637 -347,113,847
Total comprehensive income attributable to the owner of the
-181,472,857 -248,830,503
parent company
Total comprehensive income attributable minority shareholders -28,609,780 -98,283,344
VIII. Earnings per share
（I）Basic earnings per share -0.0289 -0.0729
(II)Diluted earnings per share -0.0289 -0.0729
The current business combination under common control, the net profits of the combined party before achieved
net profit of RMB 0, last period the combined party realized RMB 0.
Legal Representative: Zheng Yunpeng Person in charge of accounting：Liu Wei
Accounting Dept Leader: Meng Fei
In RMB
Item Current period Last period
I. Cash flows from operating activities
Cash received from sales of goods or rending of services 13,773,755,820 12,110,355,079
Net increase of customer deposits and capital kept for
brother company
Net increase of loans from central bank 0 0
Net increase of inter-bank loans from other financial bodies 0 0
Cash received against original insurance contract 0 0
Net cash received from reinsurance business 0 0
Net increase of client deposit and investment 0 0
Cash received from interest, commission charge and
commission
Net increase of inter-bank fund received 0 0
Net increase of repurchasing business 0 0
Net cash received by agent in securities trading 0 0
Tax returned 9,015,537 201,093,467
Other cash received from business operation 61,293,769 162,142,893
Sub-total of cash inflow 13,844,065,126 12,473,591,439
Cash paid for purchasing of merchandise and services 9,004,525,593 8,802,837,379
Net increase of client trade and advance 0 0
Net increase of savings in central bank and brother company 0 0
Cash paid for original contract claim 0 0
Net increase for Outgoing call loan 0 0
The First Quarterly Report 2026
Cash paid for interest, processing fee and commission 0 0
Cash paid for policy dividend 0 0
Cash paid to staffs or paid for staffs 744,263,712 722,978,647
Taxes paid 522,150,720 464,991,539
Other cash paid for business activities 301,229,339 483,805,846
Sub-total of cash outflow from business activities 10,572,169,364 10,474,613,411
Net cash generated from /used in operating activities 3,271,895,762 1,998,978,028
II. Cash flow generated by investing
Cash received from investment retrieving 0 0
Cash received as investment gains 0 0
Net cash retrieved from disposal of fixed assets, intangible
assets, and other long-term assets
Net cash received from disposal of subsidiaries or other
operational units
Other investment-related cash received 846,238,699 41,263,509
Sub-total of cash inflow due to investment activities 946,516,778 49,013,458
Cash paid for construction of fixed assets, intangible assets
and other long-term assets
Cash paid as investment 0 27,000,000
Net increase of loan against pledge 0 0
Net cash received from subsidiaries and other operational
units
Other cash paid for investment activities 190,000,000 924,717
Sub-total of cash outflow due to investment activities 1,951,520,151 3,198,334,308
Net cash flow generated by investment -1,005,003,373 -3,149,320,850
III.Cash flow generated by financing
Cash received as investment 2,050,842,000 71,000,000
Including: Cash received as investment from minor
shareholders
Cash received as loans 5,970,063,281 11,462,136,823
Other financing –related cash received 0 0
Sub-total of cash inflow from financing activities 8,020,905,281 11,533,136,823
Cash to repay debts 6,004,691,625 8,449,586,307
Cash paid as dividend, profit, or interests 560,862,587 493,702,527
Including: Dividend and profit paid by subsidiaries to minor
shareholders
Other cash paid for financing activities 377,827,904 205,808,219
Sub-total of cash outflow due to financing activities 6,943,382,116 9,149,097,053
Net cash flow generated by financing 1,077,523,165 2,384,039,770
IV.Influence of exchange rate alternation on cash and cash
-185 209
equivalents
V.Net increase of cash and cash equivalents 3,344,415,369 1,233,697,157
Add: Balance of cash and cash equivalents at the beginning
of term
The First Quarterly Report 2026
V..Balance of cash and cash equivalents at the end of term 15,686,830,316 13,065,202,081
（ii）The Company started implementing the updated accounting standards commencing from 2026 and
adjusted the relevant items in the financial statements at the beginning of the very year involved in the
initial implementation of the said standards
□Applicable √Not applicable
(iii) Auditors 'Report
Is the First Quarterly Report be audited?
□ Yes √No
The First Quarterly report is not audited.
The Board of Directors of Guangdong Electric Power Development Co., Ltd.
April 30,2026
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