Summary of the Annual Report 2025
Stock Abbreviation：Yue Dian Li A, Yue Dian Li B Stock Code：000539,200539 Announcement No.：2026-17
Corporate Bond Code：149418 Corporate Abbreviation：21 Yuedian 02
Corporate Bond Code：149711 Corporate Abbreviation：21 Yuedian 03
Guangdong Electric Power Development Co., Ltd.
Summary of the Annual Report 2025
I. Important Notice
This Summary is based on the full Annual Report of the Company. In order for a full understanding of the
Company’s operating results, financial position and future development plans, investors should carefully read
the aforesaid full text on the media designated by the China Securities Regulatory Commission (the “CSRC”).
Directors other than the following ones have attended the Board meeting to review the annual report.
The name of director who did The name of director who was
Position of absent director Reason
not attend the meeting in person authorized
Li Fangji Director Due to business Zheng, Yunpeng
Non-standard auditor’s opinion
□ Applicable √Not applicable
Plans for profit distribution on ordinary shares or conversion of capital reserves into share capital proposed
to the Board during the reporting period.
√Applicable □ Not applicable
Is there any public reserve converted into capital stock
□Yes ?No
The preplan profit distribution of the Company deliberated and approved by the Board is: Total share of
all the shareholders at the rate of CNY 0.2 for every 10 shares (with tax inclusive),with 0 bonus shares(includin
g tax), and not converting capital reserve into share capital.
Plans for profit distribution on preference shares for the reporting period approved by the Board
□ Applicable √ Not applicable
II. Basic information about the company
Stock abbreviation Yue Dian Li A, Yue Dian Li B Stock code
Stock exchange for listing Shenzhen Stock Exchange
Contact person and contact manner Board secretary Securities affairs Representative
Name Liu Wei Huang Xiaowen
Office Address No.2 Tianhe Road East, Tianhe Road East,
Guangzhou,Guangdong Province Guangzhou,Guangdong Province
Summary of the Annual Report 2025
Fax (020) 85138084 (020) 85138084
Tel (020) 87570251 (020) 87570251
E-mail liuw@ged.com.cn huangxiaowen@ged.com.cn
The Company mainly engages in the investment, construction and operation management of power
projects, and the production and sales of electric power. It belongs to the power, heat production and supply
industry classified in the “Guidelines for the Industry Classification of Listed Companies” by the China
Securities Regulatory Commission. Since its foundation, the Company has always adhered to the business tenet
of “Capital from the people, using it for electricity, and benefiting the public” and adheres to the business policy
of “Centering on the main business of electricity, with diversified development”, focusing on the main business
of power and making the power structure go diversified. In addition to the development, construction and
operation of large-scale coal-fired power plants, it also has clean energy projects such as LNG power generation,
wind power generation and hydropower generation, which provides reliable and clean energy to users through
the grid company.
The Company's income mainly comes from electric power production and sales, and its main power
generation assets are located in Guangdong Province, with the total assets reaching RMB 186 billion. It is the
largest listed company with state-owned assets in Guangdong Province. As of December 31, 2025, the Company
had a controllable installed capacity of 46.6831 million kilowatts, including 43.9593 million kilowatts of holding
installed capacity and 2.7238 million kilowatts of participating installed capacity, in which, the holding installed
capacity of coal-fired power generation was 23.01 million kilowatts, accounting for 52.34%; The holding installed
capacity of gas-fired power generation was 11.847 million kilowatts, accounting for 26.95%; the controlled
installed capacity of wind power is 3.995 million kilowatts, accounting for 9.09%; the controlled installed
capacity of photovoltaic is 4.8745 million kilowatts, accounting for 11.09%; the controlled installed capacity of
hydropower is 132,800 kilowatts; the controlled installed capacity of biomass is 100,000 kilowatts. The total
controlled installed capacity of the aforementioned renewable energy power generation including wind power,
hydropower, photovoltaic, and biomass is 9.1023 million kilowatts, accounting for 20.71%..In addition, the
company is entrusted with managing the installed capacity of 8.954 million kilowatts . The above controllable
installed capacity and entrusted management installed capacity totaled 55.3251 million kilowatts. The Company is
the largest listed power company in Guangdong province.
（1）Major accounting data and financial indicators for the last three years
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
□Yes ?No
In RMB
Changed over last year
End of2025 End of2024 End of2023
（％）
Gross assets 186,034,251,274 175,154,232,936 6.21% 161,207,283,087
Net assets
attributable to
shareholders of the
listed company
Summary of the Annual Report 2025
Changes of this period
Last year(%)
Operating income 51,541,178,630 57,159,067,233 -9.83% 59,708,397,738
Net profit attributable
to the shareholders of 599,942,339 964,242,757 -37.78% 974,660,299
the listed company
Net profit after
deducting of non-
recurring gain/loss
attributable to the
shareholders of listed
company
Cash flow generated by
business operation, net
Basic earning per share 0.1143 0.1837 -37.78% 0.1856
Diluted gains per share 0.1143 0.1837 -37.78% 0.1856
Weighted average
ROE(%)
（2）Main Financial Index by Quarters
In RMB
First quarter Second quarter Third quarter Fourth quarter
Operating income 10,573,002,085 12,568,439,858 14,575,816,774 13,823,919,913
Net profit attributable
to the shareholders of -382,893,805 415,367,963 551,461,801 16,006,380
the listed company
Net profit after
deducting of non-
recurring gain/loss
-416,803,667 394,931,896 532,243,557 -35,351,668
attributable to the
shareholders of listed
company
Net Cash flow
generated by business 1,998,978,028 2,357,143,570 2,433,682,897 3,443,414,893
operation
Indicate by tick mark whether any of the financial data in the table above or their summations differs
materially from what have been disclosed in the Company’s quarterly or semi-annual reports.
□Yes ?No
（1）Number of holders of ordinary shares and preference shares with restored voting right and Top
In shares
Total
shareholde The total n
Total number umber of pr
rs at the Total
of common eferred shar
shareholde end of the preferred shareholders
eholders
rs at the end of month at the end of the month
the from the from the date of
date of s restored a disclosing the annual
reporting
disclosing t period- report
period
the annual end
report
Shareholdings of Top 10 shareholders(excluding shares lent through refinancing)
Nature of Proportion Number of shares Number or share
Shareholders Amount of restricted
shareholde of shares held at period -end pledged/frozen
Summary of the Annual Report 2025
r held
shares held State of share Amount
（%）
State-
Guangdong
owned
Energy Group 67.39% 3,538,116,921 1,893,342,621 Pledge 411,899,314
legal
Co., Ltd.
person
Guangzhou State-
Development owned
Group Co., legal
Ltd. person
Guangdong State-
Electric Power owned
Development legal
Corporation person
Domestic
Zheng
Natural 0.51% 26,859,300 0 Not applicable 0
Jianxiang
person
CHINA
INTERNATION
AL CAPITAL Overseas
CORPORATION Legal 0.29% 15,216,066 0 Not applicable 0
HONG KONG person
SECURITIES
LTD
VANGUARD
TOTAL Overseas
INTERNATION Legal 0.28% 14,620,512 0 Not applicable 0
AL STOCK person
INDEX FUND
Agricultural
Bank of China
－CSI 500
exchange-
Other 0.25% 13,193,000 0 Not applicable 0
traded
securities
investment
fund
NOMURA Overseas
SINGAPORE Legal 0.24% 12,599,843 0 Not applicable 0
LIMITED person
Chaokang Overseas
Investment Legal 0.22% 11,656,677 0 Not applicable 0
Co., Ltd. person
Domestic
Zhou Zheng Natural 0.21% 10,812,795 0 Not applicable 0
person
The Third largest shareholder Guangdong Electric Power Development Corporation
Explanation on associated And the ninth largest shareholder Chaokang Investment Co., Ltd. Are the wholly-owned
relationship among the
subsidiaries of the largest shareholder Energy Group. These three companies have relationships;
aforesaid shareholders
whether the other shareholders have relationships or unanimous acting was unknown
Explanation of shareholders'
participation in margin
None
financing and securities
lending 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
Summary of the Annual Report 2025
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
(2)Total preference shareholders and the shares held by the Top 10 Preference shareholders
□ Applicable √ Not applicable
The Company has no preferred shareholders during the reporting period.
(3)Block diagram of the ownership and control relations between the Company and the actual
controller
√ Applicable □ Not applicable
I. Basic information of corporate bonds
Bond short Bond balance Interest
Bond name Bond code Issue day Value date
name (RMB '0,000) rate
Public Issuance of Corporate Bonds
to Qualified Investors in 2021 21Yudean April April
(Phase II) of Guandong Electric 02 27,2021 28,2026
Power Development Co.,Ltd.
Public Issuance of Corporate Bonds
to Professional Investors in 2021 November November
(Phase I) of Guandong Electric 23,2021 24,2026
Power Development Co.,Ltd.
Public Issuance of Green Corporate
Bonds to professional Investors in
G23 March March
Yuefeng 2 20,2023 21,2028
Guangdong Wind Power Generation
Co., Ltd.
Guangdong Power Development
Co., Ltd. 2022 First Series Medium- 60,000 2.90%
Fa MTN001 B 2022 2027
Term Notes
Guangdong Power Development
Co., Ltd. 2023 First Series Medium- 160,000 3.35%
Fa MTN001 B 2023 2028
Term Notes
Guangdong Power Development 24 Yue Dian 102482034.I May 22, May 24,
Co., Ltd. 2024 First Series Medium- Fa MTN001 B 2024 2029
Summary of the Annual Report 2025
Term Notes
Guangdong Power Development
Co., Ltd. 2024 Series 2 Medium- 150,000 2.54%
Fa MTN002 B 2024 2034
Term Notes
Guangdong Power Development
Co., Ltd. 2024 Series 3 Medium- 60,000 2.52%
Fa MTN003 B 9, 2024 11, 2039
Term Notes
Guangdong Power Development 24 Yue Dian
Co., Ltd. 2024 Fourth Series Fa 100,000 2.47%
Medium-Term Notes (Series 1) MTN004A B 11, 2024 2029
Guangdong Power Development
Co., Ltd. 2024 Fourth Series 50,000 2.70%
MTN004B B 11, 2024 2039
Medium-Term Notes (Series II)
Guangdong Power Development
Co., Ltd. 2024 Series 5 Medium- 100,000 2.70%
Fa MTN005 B 22, 2024 2039
Term Notes
Guangdong Power Development 24 Yue Dian
Co., Ltd. 2024 Sixth Series Fa 80,000 2.37%
Medium-Term Notes (Series 1) MTN006A B 11, 2024 13, 2029
Guangdong Power Development 24 Yue Dian
Co., Ltd. 2024 Sixth Series Fa 100,000 2.67%
Medium-Term Notes (Series II) MTN006B B 11, 2024 13, 2039
Guangdong Power Development
Co., Ltd. 2025 Series 1 Medium- 50,000 2.18%
Fa MTN001 B 2025 2035
Term Notes
Guangdong Power Development
Co., Ltd. 2025 Series 1 Ultra-Short- 0 1.50%
Fa SCP001 B 2025 2025
Term Financing Bills
Wind Power Generation Co., Ltd. issued a coupon rate adjustment announcement on 11 February 2026,
reducing the coupon rate to 1.40%, and published three investor put option implementation notices between
Guangdong Wind Power Co., Ltd., investors exercised their put option, with the registered put volume
amounting to RMB 600 million. After the put exercise, the outstanding balance of G23 Yuefeng 2 stands at
RMB 0.
Guangdong Power Development Co., Ltd.’ (2025-19), “Announcement on the 2025 Interest Payment for the
Professional Investors” (2025-49), published in China Securities Journal, Securities Times, Shanghai
Securities News, Securities Daily, and the Juchao Information Network; “Announcement on the Interest
Payment Arrangements for the First Tranche of Medium-Term Notes for the 2023 Financial Year of
Interest and Guangdong Power Development Co., Ltd.”, “Announcement on the Interest Payment Arrangements for the
principal First Tranche of Medium-Term Notes for the 2024 Financial Year of Guangdong Power Development Co.,
payments on the
Ltd.”, “Announcement on the Interest Payment Arrangements for the Second Tranche of Medium-Term
Company’s bonds
during the Notes for the 2024 Financial Year of Guangdong Power Development Co., Ltd.”, “Announcement on the
reporting period Interest Payment Arrangements for the First Tranche of Medium-Term Notes for the 2022 Financial Year of
Guangdong Power Development Co., Ltd.”, “Announcement on the Interest Payment Arrangements for the
the Interest Payment Arrangements for the 2024 Fourth Series Medium-Term Notes (Variety I) of
Guangdong Power Development Co., Ltd.”, “Announcement on the Interest Payment Arrangements for the
“Announcement on the Interest Payment Arrangements for the 2024 Fifth Series Medium-Term Notes of
Guangdong Power Development Co., Ltd.”, the “Announcement on the Redemption of the First Tranche of
on the Interest Payment Arrangements for the Sixth Tranche of 2024 Medium-Term Notes (Variant I) of
Guangdong Power Development Co., Ltd.”, and the “Announcement on the Interest Payment Arrangements
for the Sixth Tranche of 2024 Medium-Term Notes (Variant II) of Guangdong Power Development Co.,
Ltd.”, published on the Shanghai Clearing House website; ‘Announcement on the 2025 Interest Payment for
Guangdong Wind Power Generation Co., Ltd.’s 2023 Green Corporate Bonds (Series 1) (Variant 2) Publicly
Offered to Professional Investors’, "Announcement on the Results of the 2026 Bond Repurchase for
Summary of the Annual Report 2025
Guangdong Wind Power Generation Co., Ltd.’s 2023 Green Corporate Bonds (Series 1) (Variant 2) 2026
Bond Put Exercise Results Announcement, and the ‘Guangdong Wind Power Co., Ltd. 2023 Public Offering
of Green Corporate Bonds to Professional Investors (Series 1) (Variant 2) 2026 Interest Payment
Announcement’ published on the Shanghai Stock Exchange Bond Information Network.
On 27 May 2025, China Chengxin International Credit Rating Co., Ltd. assigned credit ratings to the Company
and its outstanding bonds, namely “21 Yuedian 02”, “21 Yuedian 03”, “24 Yuedianfa MTN002”, “24
Yuedianfa MTN003 ” , “ 24 Yuedianfa MTN004A ” , “ 24 Yuedianfa MTN004B ” , “ 24 Yuedianfa
MTN005”, “24 Yuedianfa MTN006A” and “24 Yuedianfa MTN006B”. Following review by the China
Chengxin International Credit Rating Committee, the company’s issuer credit rating has been affirmed at AAA
with a stable outlook; the ratings for “21 Yuedian 02”, “21 Yuedian 03”, “24 Yuedianfa MTN002”, “24
Yuedianfa MTN003 ” , “ 24 Yuedianfa MTN004A ” , “ 24 Yuedianfa MTN004B ” , “ 24 Yuedianfa
MTN005”, “24 Yuedianfa MTN006A” and “24 Yuedianfa MTN006B” at AAA. (Rating result disclosure
URLs: www.ccxi.com.cn, http://www.cninfo.com.cn, *Guangdong Power Development Co., Ltd. 2025 Annual
Tracking Rating Report*). On 26 June 2025, China Chengxin International Credit Rating Co., Ltd. conducted a
comprehensive analysis of the credit status of “G23 Yuefeng 2”, a publicly issued bond by Guangdong Wind
Power Co., Ltd. Following final review by China Chengxin International Credit Rating Co., Ltd., the credit
rating of this corporate bond issue is AAA. (Rating result disclosure website: https://www.sse.com.cn, *2025
Annual Follow-up Rating Report of Guangdong Wind Power Generation Co., Ltd.*).
period
In RMB 10,000
At the same time rate of
Item 2025 2024
change
Debt ratio 77.71% 79.47% -1.76%
Net profit after deducting
non-recurring profit and loss
EBITDA total debt ratio 7.19% 7.75% -0.56%
Time interest earned ratio 1.25 1.56 -19.87%
III. Significant Events
In 2025, the national economy remained generally stable, with electricity consumption showing steady
growth. Total electricity consumption in Guangdong Province reached 958.973 billion kilowatt-hours,
representing a year-on-year increase of 4.93%. In terms of installed capacity, by the end of 2025, Guangdong’
s centrally dispatching installed capacity stood at 260.80 million kilowatts, representing a year-on-year increase
of 17.1%. Of this, the installed capacity of new energy sources (wind power and solar power) reached 79.73
million kilowatts, surpassing coal-fired power to become the province’s largest source of electricity. During
the reporting period, the Company recorded a cumulative grid-connected electricity generation of 121.213
billion kWh under the consolidated financial statements, representing a year-on-year increase of 1.56%. Of this
total, coal-fired power plants generated 86.135 billion kWh, gas-fired power plants generated 24.627 billion
kWh, and renewable energy sources—including hydropower, wind power and solar power—generated a
combined total of 10.451 billion kWh.
Summary of the Annual Report 2025
During the reporting period, the Company vigorously advanced the completion and commissioning of
power generation projects such as the Shache and Dapu Phase II projects in Xinjiang; coupled with further
increases in the generating capacity of certain coal-fired units, electricity supplied to the grid saw a year-on-year
increase. The Company capitalised on the favourable window presented by falling fuel prices to continue
driving energy-saving and consumption-reduction upgrades for thermal power units, whilst strengthening
control over financing costs. However, due to a significant year-on-year decline in feed-in tariffs, which placed
considerable pressure on the Company’s revenue, these measures were unable to offset the adverse impact of
reduced revenue on profits. Coupled with increased costs arising from the commissioning of new projects,
average gross margins on power generation declined. During the reporting period, the Company recorded a net
profit attributable to shareholders of RMB 599.94 million, a year-on-year decrease of 38%, representing a
substantial decline in operating performance. Specifically, the Company’s coal-fired power business achieved
a net profit attributable to shareholders of RMB 482.83 million; the gas-fired power business recorded a net
profit attributable to shareholders of RMB -21.55 million; the hydropower business recorded a net profit
attributable to shareholders of RMB 12.66 million; the new energy business recorded a net profit attributable to
shareholders of RMB 20.04 million; the Company’s head office investment business recorded a net profit
attributable to shareholders of RMB 163.72 million; and the biomass power generation and other businesses
recorded a net profit attributable to shareholders of RMB -57.76 million.
According to the trading results published by the Guangdong Power Trading Centre in December 2025, the
average transaction prices for the province’s 2026 annual bilateral negotiated trading, annual listed trading and
annual centralised competitive trading all decreased year-on-year. Among these, the volume of electricity traded
through bilateral negotiations was 358.968 billion kWh, with an average transaction price of 372.14 yuan/MWh
(including tax, as below), a decrease of 19.73 yuan/MWh compared with the previous year. The decline in
electricity prices in Guangdong’s medium- and long-term market transactions will have a negative impact on
the Company’s operating revenue; the Company will continue to optimise its electricity market trading
strategies, focus on controlling fuel procurement costs, strictly manage all costs and expenses, and strive
wholeheartedly to achieve its operational targets.
In 2025, the Company added 3,000 MW of coal-fired power generation capacity through self-construction
and acquisitions, 993,600 kW of new photovoltaic capacity, and 600,000 kW of new wind power capacity,
whilst increasing installed capacity by 60,000 kW through technical upgrades to coal-fired power plants. By the
end of 2025, the company will have a controlling interest in 20,949.3 MW of clean energy generation capacity,
comprising gas-fired power, wind power, hydropower, solar power and biomass, accounting for 47.66% of the
total. Furthermore, the company is actively advancing the construction of projects such as the Dahanhai gas-
fired power plant, the Toksun wind power project in Xinjiang and the Yunfu natural gas combined heat and
power project, whilst continuously optimising its power generation mix to promote the company’s green and
low-carbon transition.
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