Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2026
Stock code: 000539，200539 Stock Abbreviation: Yue Dian Li A，Yue Dian Li B
Announcement No.:2026-53
Guangdong Electric power Development Co., Ltd.
Summary of the Semi-Annual Report 2026
I. Important notes
This summary of the Semi-Annual Report is quoted out of the full text of the Semi-Annual Report. Investors
desirous to understand entirely the Company's operation results, financial position and future development
planning are advised to carefully read the full text of the Semi-Annual Report which is published in the medium
designated by CSRC.
Directors other than the following ones have attended the Board meeting to review the Summary- annual report.
Name of absent director Position of absent director Reason Name of proxy
Li, Baobing Director Due to circumstances Zheng, Yunpeng
He, Ruxin Director Due to circumstances Zheng, Yunpeng
Non-standard auditor’s opinion
□ Applicable √Not applicable
Preliminary plan for profit distribution to the common shareholders or turning the capital reserve into the share
capital for the reporting period, which has been reviewed and approved at the board meeting
□ Applicable √Not applicable
The company will distribute no cash dividends or bonus shares and has no reserve capitalization plan.
The preference share profit distribution pre-plan approved by the Board of Directors
□ Applicable √Not applicable
II. Basic information about the company
Stock abbreviation Yue Dian Li A, Yue Dian Li B Stock code 000539.SZ，200539.SZ
Stock exchange for listing Shenzhen Stock Exchange
Contact person and contact manner Board secretary Securities affairs Representative
Name Qin Xiao Huang Xiaowen
Address Tianhe Road East, Tianhe Road East,
Guangzhou,Guangdong Province Guangzhou,Guangdong Province
Tel (020)87570251 (020)87570251
E-mail qinxiao@ged.com.cn huangxiaowen@ged.com.cn
May the Company make retroactive adjustment or restatement of the accounting data of the previous years
□Yes ?No
Changes of this period
Same period of last
Reporting period over same period of
year
Last year(%)
Operating income（Yuan） 26,333,085,624 23,141,441,943 13.79%
Net profit attributable to the shareholders of the
-545,781,406 32,474,158 -1,780.66%
listed company（Yuan）
Net profit after deducting of non-recurring -641,232,514 -21,871,771 -2,831.78%
Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2026
gain/loss attributable to the shareholders of listed
company（Yuan）
Cash flow generated by business operation, net
（Yuan）
Basic earning per share(Yuan/Share) -0.1040 0.0062 -1,780.66%
Diluted gains per share(Yuan/Share) -0.1040 0.0062 -1,780.66%
Weighted average ROE(%) -2.36% 0.14% -2.50%
As at the end of the As at the end of last Changed over last year
reporting period year （％）
Gross assets（Yuan） 188,893,075,382 186,034,251,274 1.54%
Net assets attributable to shareholders of the listed
company（Yuan）
In RMB
Total Number of common Number of shareholders of preferred
shareholders at the end of the 188,248 stocks of which voting rights 0
reporting period recovered in the report period(If any)
Shareholdings of Top 10 shareholders(Excludes shares lent through refinancing)
Number or share
Amount of pledged/frozen
Shareholders Proportion
Nature of of shares Number of shares
shareholder held at period -end restricted
held（%） State of share Amount
shares held
Guangdong Energy State-owned 902,262,08
Group Co., Ltd. legal person 9
Guangdong Electric
Power State-owned
Development legal person
Corporation
Guangzhou
State-owned
Development 1.36% 71,151,542 0 Not applicable 0
legal person
Group Co., Ltd.
Domestic
Zheng Jianxiang 0.51% 26,859,300 0 Not applicable 0
Natural person
Overseas Legal
HKSCC 0.38% 19,764,240 0 Not applicable 0
person
CHINA
INTERNATIONAL
CAPITAL Overseas Legal
CORPORATION person
HONG KONG
SECURITIES LTD
VANGUARD
TOTAL
Overseas Legal
INTERNATIONAL 0.28% 14,620,512 0 Not applicable 0
person
STOCK INDEX
FUND
NOMURA
Overseas Legal
SINGAPORE 0.24% 12,599,843 0 Not applicable 0
person
LIMITED
Chaokang
Overseas Legal
Investment Co., 0.22% 11,656,677 0 Not applicable 0
person
Ltd.
Domestic
Zhou Zheng 0.21% 10,812,795 0 Not applicable 0
Natural person
Explanation on associated relationship The Second largest shareholder Guangdong Electric Power Development Corporation
Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2026
among the aforesaid shareholders And the ninth largest shareholder Chaokang Investment Co., Ltd. Are the wholly-owned
subsidiaries of the largest shareholder Energy Group. These three companies have
relationships; whether the other shareholders have relationships or unanimous acting
was unknown
Explanation on shareholders
participating in the margin trading N/A
business(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
Change of the controlling shareholder in the reporting period
□ Applicable √ Not Applicable
There was no any change of the controlling shareholder of the Company in the reporting period.
Change of the actual controller in the reporting period
□ Applicable √ Not applicable
There was no any change of the actual controller of the Company in the reporting period.
□ Applicable √ Not applicable
No preference shareholders in the reporting period
√Applicable□ Not applicable
（1）Basic information of corporate bonds
Bond short
Bond name Bond code Issue day Due day Bond balance Interest rate
name
(Phase I) of
Guangdong 22Yudean Fa
Electric Power MTN001
Development
Co., Ltd.
(Phase I) of
Guangdong 23Yudean Fa
Electric Power MTN001
Development
Co., Ltd.
(Phase I) of 102482034.IB May 22,2024 May 24,2024 May 24,2029 2.41%
MTN001
Guangdong
Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2026
Electric
Power
Development
Co., Ltd.
(Phase II) of
Guangdong 24 Yudean Fa
Electric Power MTN002
Development
Co., Ltd.
(Phase III) of
Guangdong 24 Yudean Fa September September September
Electric Power MTN003 9,2024 11,2024 11,2039
Development
Co., Ltd.
(Phase IV) of
Guangdong
Electric Power 102400984.IB 2.47%
MTN004A 11,2024 2024 14,2029
Development
Co., Ltd.
Variety 1
(Phase IV) of
Guangdong
Electric Power 102400985.IB 2.7%
MTN004B 11,2024 2024 14,2039
Development
Co., Ltd.
Variety 2)
(Phase V) of
Guangdong 24 Yudean Fa October October October
Electric Power MTN005 22,2024 24,2024 24,2039
Development
Co., Ltd.
(Phase VI) of
Guangdong
Electric Power 102401037.IB 2.37%
FaMTN006A 11,2024 2024 2029
Development
Co., Ltd.
Variety 1)
(Phase VI) of
Guangdong
Electric Power 102401038.IB 2.67%
MTN006B 11,2024 13,2024 13,2039
Development
Co., Ltd.
Variety 2)
(Phase I) of
Guangdong 25 Yudean Fa
Electric Power MIN001
Development
Co., Ltd
(Phase II) of MIN002 11,2025 15,2025 15,2030
Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2026
Guangdong
Electric Power
Development
Co., Ltd
(Phase III) of
Guangdong 25 Yudean Fa October October October
Electric Power MIN003 17,2025 21,2025 21,2030
Development
Co., Ltd
(Phase I) of
Guangdong 26 Yudean Fa
Electric Power MTN001(M & 102681477.IB April 16,2026 April 20,2026 April 20,2031 1.83%
Development A)
Co., Ltd (M &
A)
Public Issuance
of Corporate
Bonds to
Professional
Investors in November November 24, November 24,
of Guandong
Electric Power
Development
Co.,Ltd.
（2） Financial indicators as of the end of the reporting period
In RMB 10,000
Item At the end of the reporting period At the end of last year
Debt ratio 77.53% 77.71%
Item Amount of this period Amount of last period
EBITDATime interest earned ratio 3.37 3.24
III. Significant events
In the first half of 2026, electricity demand in Guangdong Province continued to rise. From January to June,
the total social electricity consumption in Guangdong Province reached 471.483 billion kWh, representing a
year-on-year increase of 9.1%; among which, industrial electricity consumption amounted to 271.229 billion
kWh, accounting for approximately 57.5%, and electricity consumption by the secondary industry maintained
relatively rapid growth. During the reporting period, Benefiting from the commissioning of new coal-fired
power projects, the Company's cumulative grid-connected electricity volume on a consolidated basis amounted
to 65.714 billion kWh, a year-on-year increase of 23.14%.
According to data from the Guangdong Power Trading Center, the annual bilateral negotiation transaction
volume in the Guangdong electricity market for 2026 reached 358.968 billion kWh, with an average transaction
price of RMB 372.14/MWh. In the first half of 2026, the Company's average on-grid tariff on a consolidated
basis was RMB 445.90 yuan/ Thousand KWh, a YOY decrease of 34.11 yuan/Thousand kWh, a decrease of
increase of 13.79%.
Guangdong Electric Power Development Co., Ltd. Summary of the Semi-Annual Report 2026
In the first half 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 23.14
per cent year-on-year. However, due to the continued decline in the comprehensive grid-connected electricity
tariff, a year-on-year rise in fuel costs, and lower-than-expected utilisation hours for new energy projects —
coupled with the impact of increased expenses such as depreciation, labour costs and interest on newly
commissioned units—the gross profit margin of the Company’s power generation business continued to narrow.
During the reporting period, the Company as a whole recorded a net profit attributable to shareholders of –
business recorded a net profit attributable to shareholders of –544.90 million yuan; the gas-fired power business
recorded a net profit attributable to shareholders of –256.55 million yuan; the hydropower business recorded a
net profit attributable to shareholders of 6.03 million yuan; and the new energy business recorded a net profit
attributable to shareholders of –97.89 million yuan; the Company’s head office investment operations recorded
a net profit attributable to shareholders of 194.64 million yuan.
As of June 2026, the Company had a total installed capacity of approximately 8,787.3 MW in new energy
sources such as wind power and photovoltaic power, of which approximately 2,201.5 MW was offshore wind
power, approximately 1,693.4 MW was onshore wind power, and approximately 4,892.5 MW was photovoltaic
power generation. In the first half of 2026, There were 300 MW of wind power projects under construction at
Guangdong Huilai Shibeishan and Shanxi Yuncheng, and approximately 500 MW of photovoltaic projects
under construction in Hainan, Guangdong and other regions in aggregate. In addition, 1,790 MW of projects
had completed decision-making and were proposed for construction. In the future, the Company will continue
to actively grasp the general development trend of accelerating energy transformation under the goals of
"carbon peaking" and "carbon neutrality", implement the specific deployment of "1310" by the Guangdong
Provincial Committee of the Communist Party of China, further expand high-quality new energy project
resources, and build an ecologically civilized power generation enterprise.
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