GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
The Semi-annual Report 2019
August 2019
I. Important Notice, Table of Contents and Definitions
The Board of Directors , Supervisory Committee ,Directors, Supervisors and Senior Executives of the Companyhereby guarantees that there are no misstatement, misleading representation or important omissions in this reportand shall assume joint and several liability for the authenticity, accuracy and completeness of the contents hereof.Mr.Wang Jin, The Company leader, Mr. Liu Wei, Chief financial officer and the Mr.Meng Fei, the person incharge of the accounting department (the person in charge of the accounting )hereby confirm the authenticity andcompleteness of the financial report enclosed in this semi-annual report.
Other directors attending the Meeting for the Semi-annual report deliberation except for the followed:
| Name of director absent | Title for absent director | Reasons for absent | Attorney |
| Wen Shufei | Director | Due to business | Wang Jin |
| Wen Lianhe | Director | Due to business | Zheng Yunpeng |
| Liang Peilu | Director | Due to business | Yin Zhongyu |
| Mao Qinghan | Director | Due to business | Sha Qilin |
| Ma Xiaoqian | Independent Director | Due to business | Shen Hongtao |
This semi-annual report involves the forecasting description such as the future plans, and does not constitute theactual commitments of the company to the investors. Investors and stakeholders should all maintain sufficientawareness of risks for this and understand the differences between plans, forecasts and commitments.The Company is mainly engaged in thermal power generation. The business of thermal power generation isgreatly affected by factors including electric power demand and fuel price. Refer to Section X(4) of Chapter 4 ofthis annual report-situation faced and countermeasures for relevant information.The Company Will not distribute cash dividend or bonus shares, neither capitalizing of common reserves for thereport period.
Table of Contents
2019 Semi- Annual ReportI. Important Notice and DefinitionsII. Corporate Profile and Key Financial ResultsIII. Business ProfileIV. Performance Discussion and AnalysisV. Important EventsVI. Change of share capital and shareholding of Principal ShareholdersVII. Situation of the Preferred SharesVIII. Information about Directors, Supervisors and Senior ExecutivesIX. Corporate Bonds.X. Financial ReportXI. Documents available for inspection
Definition
| Terms to be defined | Refers to | Definition |
| Guangdong Energy Group | Refers to | Guangdong Energy Group Co., Ltd. |
| Guangqian Company | Refers to | Shenzhen Guangqian Electric Power Co., Ltd. |
| Bohe Company | Refers to | Guangdong Yudean Bohe Coal & Electricity Co., Ltd |
| Dapu Company | Refers to | Guangdong Dapu Power Generation Co., Ltd. |
| Wind Power Company | Refers to | Guangdong Wind Power Co., Ltd. |
| Lincang Company | Refers to | Lincang Yudean Energy Co., Ltd. |
| Qujie Wind Power Company | Refers to | Guangdong Yudean Qujie Wind Power Generation Co., Ltd. |
| Electric Power Sales Company | Refers to | Guangdong Yudean Electric Power Sales Co., Ltd. |
| Anxin Electric Inspection & Installation Company | Refers to | Guangdong Yudean Anxin Electric Inspection & Installation Co., Ltd |
| Tongdao Wind Power Company | Refers to | Tongdao Yuexin Wind Power Generation Co., Ltd. |
| Binhai Bay Company | Refers to | Guangdo9ng Yudean Binhai Bay Energy Co., Ltd. |
| Zhongyue Compamy | Refers to | Zhanjiang Zhongyue Energy Co., Ltd. |
| Yuejiang Company | Refers to | Guangdong Shaoguan Yuejiang Power Generation Co., Ltd. |
| Yongan Natural Gas Company | Refers to | Guangdong Yudean Yongan Natural Gas Thermal Power Co., Ltd. |
| Leizhou Wind Power Company | Refers to | Guangdong Yudean Leizhou Wind Power Generation Co., Ltd. |
| Zhanjiang Company | Refers to | Zhanjiang Electric Power Co., Ltd. |
| Zhanjiang Wind Power Company | Refers to | Guangdong Yudean Zhanjiang Wind Power Co., Ltd. |
| Huizhou Natural Gas Company | Refers to | Guangdong Huizhou Natural Gas Power Co., Ltd. |
| Zhenneng Company | Refers to | Maoming Zhenneng Thermal Power Co., Ltd. |
| Jinghai Company | Refers to | Guangdong Yudean Jinghai Power Co., Ltd. |
| Red Bay Company | Refers to | Guangdong Red Bay Power Co., Ltd. |
| Huadu Natural Gas Company | Refers to | Guangdong Huadu Natural GasT Thermal Power Co., Ltd. |
| Humen Power Company | Refers to | Guangdong Yudean Humen Power Co., Ltd. |
| Yuejia Company | Refers to | Guangdong Yuejia Electric Power Co., Ltd. |
| Pinghai Power Plant | Refers to | Guangdong Hluizhou Pinghai Power Co., Ltd. |
| Pingdian Integrated Energy Company | Refers to | Huizhou Pingdian Integrated Energy Co., Ltd. |
| Zhencheng Integrated Energy Company | Refers to | Guangdong Yudean Zhencheng Integrated Energy Co., Ltd. |
| Dianbai Wind Power Company | Refers to | Guangdong Yudean Dianbai Wind Power Co., Ltd. |
| Yangjiang Wind Power Company | Refers to | Guangdong Yudean Yangjiang Offshore Wind Power Co., Ltd. |
| Heping Wind Power Company | Refers to | Guangdong Yudean Heping Wind Power Co., Ltd. |
| Pingyuan Wind Power Company | Refers to | Guangdong Yudean Pingyuan Wind Power Co., Ltd. |
| Zhuhai Wind Power Company | Refers to | Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd. |
| Wuxuan Wind Power Company | Refers to | Guangxi Wuxuan Yudean New Energy Co., Ltd. |
| Xupu Wind Power Company | Refers to | Hunan Xupu Yuefeng New Energy Co., Ltd. |
| Shibeishan Wind Power | Refers to | Guangdong Yudean Shibeishan Wind Energy Development Co., Ltd. |
| Huilai Wind Power Company | Refers to | Huilai Wind Power Generation Co., Ltd. |
| Yudean Industry Fuel Company | Refers to | Guangdong Power Industry Fuel Co., Ltd. |
| Yudean Insurance Captive Company | Refers to | Guangdong Yudean Property Insurance Captive Co., Ltd. |
| Shanxi Energy Company | Refers to | Shanxi Yudean Energy Co., Ltd. |
| Yudean Shipping Company | Refers to | Guangdong Yudean Shipping Co., Ltd. |
| Yudean Western Investment Company | Refers to | Guangdong Yudeann Holdings Western Investment Co., Ltd. |
| Yudean Finance Company | Refers to | Guangdong Yudean Finance Co., Ltd. |
| Guohua Taishan Company | Refers to | Guangdong Guohua Yudean Taishan Power Generation Co., Ltd. |
| Weixin Energy Co., Ltd. | Refers to | Yunnan Yuntou Weixin Energy Co., Ltd. |
| Zhongxinkeng hydropower station | Refers to | Yangshan Zhongxinkeng Power Co., Ltd. |
| Jiangkeng hydropower station | Refers to | Yangshan Jiangkeng hydropower station |
| Southern Offshore wind power | Refers to | Southern Offshore wind power Union Development Co., Ltd. |
| Sunshine Insurance | Refers to | Sunshine Insurance Group Co., Ltd. |
| Shenzhen Capital | Refers to | Shenzhen Capital Group Co., Ltd. |
| GMG | Refers to | GMG International Tendering Co., Ltd. |
| Shenzhen Energy | Refers to | Shenzhen Energy Group Co., Ltd. |
| Shenergy Company | Refers to | Shenergy Company Limited |
II. Corporate Profile and Key Financial ResultsI.Company information
| Stock abbreviation | Yue Dian Li A, Yue Dian Li B | Stock code： | 000539、200539 |
| Stock exchange for listing | Shenzhen Stock Exchange | ||
| Name in Chinese | 广东电力发展股份有限公司 | ||
| Abbreviation of Registered Company Name in Chinese(If any) | 粤电力 | ||
| English name (If any) | GUANGDONG ELECTRIC POWER DEVELOPMENT CO.,LTD | ||
| English abbreviation (If any) | GED | ||
| Legal Representative | Wang Jin | ||
Ⅱ.Contact person and contact manner
| Board secretary | Securities affairs Representative | |
| Name | Liu Wei | Qin Xiao |
| Contact address | 35F, South Tower, Yudean Plaza, No.2 Tianhe Road East, Guangzhou,Guangdong Province | 36/F, South Tower, Yudean Plaza, No.2 Tianhe Road East, Guangzhou,Guangdong Province |
| Tel | (020)87570276 | (020)87570251 |
| Fax | (020)85138084 | (020)85138084 |
| liuw@ged.com.cn | qinxiao@ged.com.cn |
III. Other info.
1. Way of contact
Whether registrations address, offices address and codes as well as website and email of the Company changed in
reporting period or not
□ Applicable √ Not applicable
Registrations address, offices address and codes as well as website and email of the Company has no change inreporting period, found more details in annual report 2018.
2. Information inquiry
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable
None of the official presses, website, and place of enquiry has been changed in the semi report period. For detailsplease find the Annual Report 2018.
3. Other relevant information
Did any change occur to other relevant information during the Reporting Period?
√Applicable □ Not applicable
On May 21, 2019, the revision of some articles of the Company's Articles of Association was reviewed andapproved in the Company's 2018 Annual Shareholders’ General Meeting. The full text of the revised "Articles ofAssociation" can be found in the Cninfo website: http://www.cninfo.com.cn.，The disclosure date is May 22, 2019.IV.Summary of Accounting data and Financial indexMay the Company make retroactive adjustment or restatement of the accounting data of the previous years
□ Yes √ No
| Reporting period | Same period of last year | YoY+/-（%） | |
| Operating income（yuan） | 12,874,181,250 | 13,894,985,179 | -7.35% |
| Net profit attributable to the shareholders of the listed company（yuan） | 581,569,383 | 448,833,518 | 29.57% |
| Net profit after deducting of non-recurring gain/loss attributable to the shareholders of listed company（yuan） | 588,588,917 | 413,141,718 | 42.47% |
| Cash flow generated by business operation, net（yuan） | 3,803,441,801 | 3,795,532,708 | 0.21% |
| Basic earning per share(yuan/Share) | 0.1108 | 0.0855 | 29.59% |
| Diluted gains per share(yuan/Share) | 0.1108 | 0.0855 | 29.59% |
| Weighted average income/asset ratio（%） | 2.37% | 1.88% | 0.49% |
| As at the end of the reporting period | As at the end of last year | YoY+/-（%） | |
| Gross assets（yuan） | 72,888,042,485 | 73,329,662,306 | -0.60% |
| Shareholders’ equity attributable to shareholders of the listed company（yuan） | 24,551,367,214 | 24,227,302,288 | 1.34% |
V.The differences between domestic and international accounting standards1．Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosedin the financial reports of differences in net income and net assets.
√ Applicable □Not applicable
In RMB
| Net profit attributable to the shareholders of the listed company | Net Assets attributable to the shareholders of the listed company | |||
| Amount in the reporting period | Amount in the previous period | End of the reporting period | Beginning of the reporting period | |
| According to CAS | 581,569,383 | 448,833,518 | 24,551,367,214 | 24,227,302,288 |
| Items and amount adjusted according to IAS | ||||
| The difference arising from recognition of goodwill after merger of enterprises under the same control | 64,623,000 | 64,623,000 | ||
| Difference arising from recognition of land use value after enterprise merger | -315,000 | -315,000 | 17,285,000 | 17,600,000 |
| Influence on minority interests | 27,060 | 27,060 | 4,837,279 | 4,810,219 |
| According to IAS | 581,281,443 | 448,545,578 | 24,638,112,493 | 24,314,335,507 |
2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chineseaccounting standards.
□ Applicable √Not applicable
The Company had no difference of the net profit or net assets disclosed in financial report, under either foreignaccounting rules or Chinese GAAP(Generally Accepted Accounting Principles) in the period.
3.Note to the Difference in the Accounting Data based on the Accounting Standards of CAS and IAS.
√ Applicable □ Not applicable
| (a) | The difference arising from recognition of goodwill after merger of enterprises under the same control and recognition of land value after enterprise merger. |
| As required by new Chinese accounting standards, the goodwill formed by the merger of enterprises under the same control shall not be recognized and capital surplus shall be adjusted. Under IFRS, the golldwill formed by the merger of enterprises under the same control shall be recognized and equal to the difference between merger cost and share of fair value of recognizable net assets of the purchased party obtained in merger. Meanwhile, all assets of the purchased party obtained in merger shall be accounted for according to their fair value while such assets shall be accounted for according to their book value according to original Chinese accounting standards for business enterprises. Therefore, this difference will continue to exist. | |
| (b) | Influence on minority interests |
| Housing reform loss occurred to the Company and some holding subsidiaries. Therefore, there’s some influence on minority interests. |
VI.Items and amount of deducted non-current gains and losses
√ Applicable □ Not applicable
In RMB
| Items | Amount | Notes |
| Non-current asset disposal gain/loss(including the write-off part for which assets impairment provision is made) | -13,971,117 | |
| Govemment subsidy recognized in current gain and loss(excluding those closely related to the Company’s business and granted under the state’s policies) | 1,721,047 | |
| According to tax, accounting and other laws, regulations, the requirements of the current Gain/loss for a one-time adjustment of the impact of the current Gain/loss; | -250,472 |
| Other non-business income and expenditures other than the above | -719,920 | |
| Less: Amount of influence of income tax | -3,243,410 | |
| Influenced amount of minor shareholders’ equity (after tax) | -2,957,518 | |
| Total | -7,019,534 | -- |
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 oninformation disclosure for Compaines Offering their Securities to the Public-Non-recurring Gains and Losses andits non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosurefor Companies offering their securities to the public-non-recurring Gains and losses which have been defined asrecurring gains and losses, it is necessary to explain the reason.
□ Applicable√ Not applicable
None of Non-recurring gain /loss items recorgnized as recurring gain /loss/items as defined by the informationdisclosure explanatory Announcement No.1- Non –recurring gain/loss in the report period.
III. Outline of Company Business
Ⅰ.Main Business the Company is Engaged in During the Report PeriodWhether the company needs to comply with the disclosure requirements of the particular industryNoThe Company mainly engages in the investment, construction and operation management of power projects, and theproduction 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 forelectricity, and benefiting the public” and adheres to the business policy of “Centering on the main business ofelectricity, with diversified development”, focusing on the main business of power and making the power structurego diversified. In addition to the development, construction and operation of large-scale coal-fired power plants, italso has clean energy projects such as LNG power generation, wind power generation and hydropower generation,which provides reliable and clean energy to users through the grid company. As of June 30,2019, the controllableinstalled capacity is 21.42 million KW, where the controllable installed capacity of coal-burning power generation,LNG generation and renewable energy generation like wind power and hydropower is 17.14 million KW, 3.72million KW and 560,000 KW respectively.
Income source is primarily contributed by power production and sales, and main business income is derived fromGuangdong Province. The company electricity sales price is subject to the benchmark price verified by the priceauthority per relevant policies based on National Development and Reform Commission (NDRC) and theelectricity transaction price through the market trade implementation per Guangdong Electricity Market TradeBasic Rules and supporting files. In the reporting period, the electricity sold is 31.523 billion kwh, a decrease of
13.18% YOY; average price stated in the consolidated statements is 459.74 Yuan/ thousands kwh (taxincluded ,the same below ), an increase of RMB 20.16 yuan and an increase of 4.59% YOY, the total operatingincome was RMB 12,874.18 million, a decrease of RMB 1020.81 million and YoY drop of 7.35%
The company's business is dominated by coal-fired power generation, and the fuel costs account for a large portionof operating costs, thus the fluctuations in coal prices have a significant impact on the company's operatingperformance. During the reporting period, affected by the increase in power generation and the continuous increasein coal prices, the company’s fuel costs were 7828.39 million yuan, which accounted for 65.04% of the mainbusiness costs; Affected by the double drop of electricity generation and coal price , a decrease of -1425.87 millionyuan or a decrease of -15.41% over the same period of last year.
During the reporting period, due to the comprehensive impact of the year-on-year decline in the price of coal, thedividend from the implementation of tax reduction and fee reduction policy and the Company's effective controlof various costs and expenses, the gross profit of power generation and the net profit attributable to the parentcompany went up YOY. Realizing net profit attributable to shareholders of the parent company of RMB 581.57million , a year-on-year increase of 29.57%; and the earnings per share was 0.1108 yuan.
Ⅱ.Major Changes in Main Assets
1.Major Changes in Main Assets
| Main assets | Major changes |
| Equity assets | No major changes |
| Fixed assets | No major changes |
| Intangible assets | No major changes |
| Construction in process | No major changes |
2. Main Conditions of Overseas Assets
□ Applicable √ Not applicable
Ⅲ. Analysis On core CompetitivenessWhether the company needs to comply with the disclosure requirements of the particular industryNo
1. The largest listed company of power in Guangdong
The Company's main power generation assets are located in Guangdong Province, with a total asset size of morethan 70 billion. It is the largest listed company of power in Guangdong Province.
2. Guangdong Energy Group has oriented our company as a sole listed platform for domestic power-generatingassets integrationWe are the shareholder of Guangdong Energy Group , one of the biggest power-generating groups in south China,which takes advantage of its source, assets scale, to give sustaining support to our company’s advancement andexpansion. It has oriented us as a sole listed platform for domestic power-generating assets integration. We areendowed with a priority offered by it in power source development, asset acquisition.
3. State-of-the-art unit performance built on implementation of the energy-saving dispatching policyBy virtue of high parameters, large capacity, nice efficiency, low coal consumption, reliable operation andenvironmental protection, our thermal power generating unit units are given priority in energy-saving dispatching.As a result, our units are more competitive in on-grid price.
4. Stepwise optimization of industrial structure and power source structure
The 13th Five-Year Plan of the Company specified the overall strategy of taking power generation as the corebusiness, optimizing the development of coal-fired power, steadily developing gas power, vigorously developingclean energy such as wind power and hydropower, continuously optimizing the power supply structure, and headingto an efficient, clean and low-carbon road. In 2018, the Company continued to optimize and adjust the power supplystructure to further increase the proportion of clean energy such as wind power and natural gas power generation.In the first half of 2019, the Company's new 300,000 KW controllable offshore wind power project was approved,
and a number of gas and wind power projects have been under construction and will be put into production duringthe period of from 2018 to 2020. According to the overall goal of the Company's “13th Five-Year Plan”, theproportion of clean energy at the end time of the “13th Five-Year Plan” will be raised from about 15% (includingnatural gas power generation) to about 29% (including natural gas power generation).
5.Administrators and technical experts are veterans in operation and management of power plants, and key staffhave years of practical experience in the power sector. The Company continuously improved the quality andefficiency of its operations by strengthening its management of safety production, energy conservation and emissionreduction, marketing and so on.
6. Hold fast to the opportunity of “electric price reform”, To realize the transformation from a power generationenterprise to an energy comprehensive service enterprise.In order to adapt to the power market reform, the Company established Guangdong Yudean Power Sales Co., Ltd inJuly 2015 to participate in the market competition in the electricity sales side. Guangdong Yudean Power Sales Co.,Ltd, which belongs to the first group of power-selling companies that obtained the market access, is numbered“SD01”. Since its establishment in 2015, after undergoing the market competition, Yudean electricity selling hasbecome a well-known brand in the Guangdong electric power market, forming a leading position. In recent years, inthe annual long-term contracted electricity and monthly concentrated bidding, the winning bidding electricityquantity and winning bidding rate steadily topped in the market. In the future, the Company will continue tovigorously promote the business of sales of electricity, take active measures in accordance with the relevant policiesof the national power system reform, expand the distribution business of electricity and the integrated energyservices, so as to realize the transformation from a power generation enterprise to an energy comprehensive serviceenterprise.
7. Actively participate in the energy layout of the Greater Bay Area of Guangdong, Hong Kong and Macao incombination with the development plan of the Greater Bay Area of Guangdong, Hong Kong and MacauAs the main energy force in Guangdong Province, the Company is at the forefront of the construction ofGuangdong-Hong Kong-Macao Greater Bay Area. The Company will closely focus on the goal of “building aclean, low-carbon, safe and efficient energy supply system” stated by the “Guangdong-Hong Kong-Macao GreaterBay Area Development Plan” and the development of “one core, one belt and one district” new pattern proposedby the provincial party committee and the provincial government, thus to provide the safe and reliable energysupply guarantee for the construction of the greater bay area. First, it will make full use of the opportunities fordecommission and rebuilding of Shajiao A Power Plant, the expansion of natural gas development in Huizhou andexpansion of natural gas development in the pre-Guangzhou area to create a super energy supply base for gas,electricity, heat and cold combined supply in the Greater Bay Area, and the Company will by cooperation speedup the land development of Shajiao Power Plant land, actively explore the construction of the Greater Bay AreaSmart Energy Network and the high-end power technology integrated service headquarters. Secondly, it willvigorously develop clean energy and continue to promote the construction of Huadu Natural Gas, ZhaoqingYongan Natural Gas, and Zhuhai Jinwan Offshore Wind Power Projects. The third is to serve the development ofthe coastal economic belt, vigorously promote the clean development of coal-fired power, strengthen the exchangeand cooperation of low-carbon development, energy-saving and environmental protection technologies, further topromote the clean production technologies, so as to help the Greater Bay Area to build a clean, low-carbon, safeand efficient energy supply system.
IV. Management’s Discussion and Analysis
Ⅰ.GeneralIn the first half of 2019,the total electricity consumption of Guangdong Province was 302.61 billion kWh, a YOYincrease of 6%, the growth rate dropped by 6% compared with the same period of last year. The annual output ofWest-area Power to Guangdong reached 91.85 billion kWh-over-delivering 22.57 billion kWh, an increase of
20.7%.Affected by the YOY growth of 20.7% from Western Power supply, the 28% growth of nuclear power (newinstalled capacity of nuclear power of 2.84 million kilowatts) and the province's hydropower units, the on-gridpower of Gangdong's unified management for core-fired power units declined by nearly 15%, the Company'son-grid power of the core-fired power units also fell by 13.65% YOY. In the first half of 2019, The Companycompleted the on-grid power supply of 31.523 billion kWh, down 13.18% YOY; the average utilization hours ofholding coal-fired units was 1,824 hours, down 390 hours YOY; the average utilization hours of gas-fired unitswas 1,984 hours, an increase of 324 hours; the average utilization hours of wind turbines was 1,136 hours, anincrease of 311 hours YOY.
In 2019, the scale of marketization transaction in Guangdong Province continued to expand, with the total volumereached 200 billion kWh (an increase of 27% over 2018). According to the data released by the GuangdongElectric Power Trading Center, the 2019 annual bilateral negotiation transaction volume organized by theGuangdong Electric Power Trading Center was 118.9 billion kWh, and the average transaction price differencewas -4.509 Cent(RMB)/kWh. In the first half of 2019, the monthly concentrated bidding transaction power was
27.211 billion kWh, and the average clearing spread was -3.2 Cent(RMB)/kWh. In 2019, the Company'sbudgetary on-grid electricity was 70.981 billion kWh, of which the base electricity was 21.12 billion kWh,accounting for about 30%; the annual long-term contracted was 35.66 billion kWh, accounting for about 50%; therest was monthly bidding volume, accounting for about 20%. In the first half of 2019, the average selling price ofthe Company's consolidated statements was 459.74 yuan / thousand kWh (excluding tax), an increase of 20.16yuan / thousand kWh.
In the first half of 2019, by the comprehensive impact of the year-on-year decline in the price of coal, the dividendfrom the implementation of tax reduction and fee reduction policy and the Company's effective control of variouscosts and expenses, the Company's profit went up YOY. As of June 2019, the total assets of the Company'sconsolidated statements were 72.888 billion yuan, a decrease of 0.6% from the beginning of the year, and theequity attributable to shareholders of the parent company was 24.551 billion yuan, an increase of 1.34% over thebeginning of the year. The company achieved a consolidated statement operating income of 12.874 billion yuan,down 7.35% year-on-year; the net profit attributable to shareholders of the parent company was 582 million yuan,an increase of 29.57%; the earnings per share was 0.1108 yuan. The total liabilities in the Company's consolidatedstatement were 40.758 billion yuan and the asset-liability ratio was 55.92%.
In the first half of 2019, the #6 machine of Huizhou Natural Gas Power Generation Project, which was controlledby the Company, was put into commercial operation, increasing the controllable installed capacity of 460,000kilowatts. As of June 2019, the Company's controllable installed capacity was 21.42 million kilowatts, of which:
the controllable installed capacity of coal-fired power was 17.14 million kilowatts, accounting for 80.03%; thecontrollable installed capacity of gas-power was 3.72 million kilowatts, accounting for 17.37%; the controllable
installed capacity of wind power, hydropower and other renewable energy power was 560,000 kilowatts,accounting for 2.60%.II. Main business analysisRefer to relevant contents of “1.Summarization” in “Discussion and Analysis of Management”.Changes in the financial data
In RMB
| This report period | Same period last year | YOY change（%） | Cause change | |
| Operating income | 12,874,181,250 | 13,894,985,179 | -7.35% | |
| Operating cost | 11,024,143,476 | 12,200,856,427 | -9.64% | |
| Sale expenses | 12,844,788 | 10,316,130 | 24.51% | In order to grasp the opportunity of power market reform, the company strengthened its investment in the power market marketing business, so the sales expenses increased significantly year-on-year. |
| Administrative expenses | 270,884,804 | 270,794,513 | 0.03% | |
| Financial expenses | 635,395,970 | 631,118,798 | 0.68% | |
| Income tax expenses | 309,835,930 | 307,767,578 | 0.67% | |
| R & D Investment | 347,523 | 2,238,543 | -84.48% | Mainly Zhanjiang Electric Power, Zhenneng Company and Shajiao A Power Plant have seen a significant drop in R&D investment this year. |
| Cash flow generated by business operation, net | 3,803,441,801 | 3,795,532,708 | 0.21% | |
| Net cash flow generated by investment | -1,616,320,253 | -1,699,538,040 | -4.90% | |
| Net cash flow generated by financing | -2,560,881,610 | -1,163,991,471 | 120.01% | Mainly due to the year-on-year increase of 830 million yuan in repayment of borrowings, and the decrease in borrowings was 579 million yuan. |
| Net increasing of cash and cash equivalents | -373,760,017 | 932,003,290 | -140.10% | Mainly due to the repayment of borrowings this year, the cash changes were large. |
Major changes to the profit structure or sources of the Company in the reporting period
□ Applicable √Not applicable
NilBreakdown of main business
In RMB
| Operating revenue | operating costs | Gross profit rate(%) | Increase/decrease of reverse in the same period of the previous year(%) | Increase/decrease of principal business cost over the same period of previous year (%) | Increase/decrease of gross profit rate over the same period of the previous year (%) | |
| Industry | ||||||
| Electric power , Steam sales and labor income | 12,744,689,154 | 11,021,172,212 | 13.52% | -7.44% | -9.66% | 2.12% |
| Products | ||||||
| Sales Electric Power | 12,657,308,705 | 10,965,375,272 | 13.37% | -7.54% | -9.78% | 2.16% |
| Thermal sales | 67,875,105 | 43,332,946 | 36.16% | 8.55% | 44.74% | -15.96% |
| Labor income | 19,505,344 | 12,463,994 | 36.10% | 9.06% | -19.12% | 22.26% |
| Area | ||||||
| Guangdong | 12,717,948,615 | 10,993,694,869 | 13.56% | -7.47% | -9.70% | 2.13% |
| Yunnan | 26,740,539 | 27,477,343 | -2.76% | 9.79% | 7.09% | 2.58% |
III. Non-core business analysis
□ Applicable √Not applicable
IV. Analysis of assets and liabilities
1.Significant changes in asset composition
In RMB
| End of Reporting period | End of same period of last year | Change in percentage(%) | Reason for significant change | |||
| Amount | As a percentage of total assets(%) | Amount | As a percentage of total assets(%) | |||
| Monetary fund | 5,199,734,595 | 7.13% | 5,928,583,780 | 8.14% | -1.01% | |
| Accounts receivable | 3,264,118,313 | 4.48% | 2,904,469,301 | 3.99% | 0.49% | |
| Inventories | 1,812,173,995 | 2.49% | 2,006,400,069 | 2.76% | -0.27% | |
| Real estate Investment | 10,097,905 | 0.01% | 7,978,840 | 0.01% | 0 % | |
| Long-term equity investment | 6,495,819,304 | 8.91% | 5,926,328,997 | 8.14% | 0.77% | |
| Fixed assets | 40,097,107,758 | 55.01% | 40,052,143,800 | 55 % | 0.01% | |
| Construction in process | 8,373,522,376 | 11.49% | 9,122,852,147 | 12.53% | -1.04% | |
| Short-term loans | 6,916,200,000 | 9.49% | 10,035,000,000 | 13.78% | -4.29% | |
| Long-term loans | 17,660,996,020 | 24.23% | 18,349,294,665 | 25.20% | -0.97% | |
2.Asset and Liabilities Measured by Fair Value
√ Applicable □Not applicable
In RMB
| Items | Amount at year beginning | Gain/loss on fair value change in the | Cumulative fair value change recorded into | Impairment provisions | Purchased amount in the | Sold amount in the | Amount at year end |
| reporting period | equity | in the reporting period | reporting period | reporting period | |||
| Financial assets | |||||||
| 1. Tradable financial assets (excluding derivative financial assets) | 30,626 | 6,577 | 37,203 | ||||
| 4．Investment in other equity instruments | 1,565,806,331 | 76,683,442 | 781,025,960 | 78,162,240 | 1,720,652,013 | ||
| Total | 1,565,806,331 | 76,683,442 | 781,025,960 | 78,199,443 | 1,720,689,216 | ||
| Financial Liability | 0 | 0 | |||||
Did great change take place in measurement of the principal assets in the reporting period ?
√Yes □ No
Explanation of the reasons for major changes in the measurement attributes of the Company's major assets duringthe reporting period and its impact on the operating result and financial status
(1) Reason for change
1 Accounting policy for financial statement format adjustmentOn June 15, 2018, the Ministry of Finance issued the Notice on Issuance of Amended 2018 Annual FinancialStatements of General Enterprises (No. 15 [2018] Accounting), required that non-financial enterprises thatimplement the corporate accounting standards shall follow the accounting standards and the notice. According tothe requirements of the above-mentioned No. 15 [2018] Accounting, the Company will make correspondingchanges to the relevant contents of the financial statement format.2 Accounting Policy for New Financial Instruments StandardsIn 2017, the Ministry of Finance issued the revised " No. 22 Accounting Standards for BusinessEnterprises-Recognition and Measurement of Financial Instruments", " No. 23 Accounting Standards for BusinessEnterprises-Transfer of Financial Assets", " No. 24 Accounting Standards for Business Enterprises-HedgeAccounting, " No. 37 Accounting Standards for Business Enterprises-Financial Instruments Presentation", andrequired the domestic listed companies to implement the relevant accounting standards for new financialinstruments from January 1, 2019.
2) Impact
The changes of the accounting policy only affect the listing presentation of relevant subjects in the Company'sfinancial statements, and will not have any impact on the Company's total assets, total liabilities, net assets and netprofit in the current period and before the accounting policy change.According to the commencement rules of the new financial instrument standards, the Company does not need torestate the previous comparables, and the information presented in the financial statements that is not inconsistentwith the requirements by the new standard is not required to adjust. The difference adjustment on the first day ofimplementation of the new standard is included in the retained earnings or other comprehensive income at thebeginning of 2019, and does not need to restate the comparables at the end of 2018. This accounting policy changedoes not affect the Company's relevant financial indicators for 2018.
3. Restricted asset rights as of the end of this Reporting Period
As of June 30, 2019, the Company had a total of accounts receivable with a book value of 297,273,413 yuan (asof December 31, 2018: 396,323,295 yuan), together with the power charge rights of several power generation
subsidiaries, were pledged to the bank to obtain long-term loans of 3,664,700,634 yuan, of which: the balance oflong-term loans due within one year was 234,638,568 yuan (as of December 31, 2018: 2,765,356,586 yuan).including: the long-term borrowings due within one year amounted to RMB213,259,115 . The borrowings aredetailed as follows:
The borrowings are detailed as follows:
1.As at June 30, 2019, the long-term pledge borrowings of the following subsidiaries were based on their powerfee charging rights and accounts receivable as pledges:
In RMB
| Name | June 30,2019 | December 31,2018 |
| Guangdong Shaoguan Yuejiang Power Generation Co., Ltd. | 2,070,813,700 | 2,151,963,439 |
| Guangdong Yudean Leizhou Power Generation Co., Ltd. | 236,829,612 | 236,829,612 |
| Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd. | 130,185,000 | 138,945,000 |
| Guangdong Yudean Xuwen Wind Power Generation Co., Ltd. | 164,714,222 | 74,798,535 |
| Guangdong Yudean Qujie Wind Power Generation Co., Ltd. | 1,062,158,100 | 162,820,000 |
| Total | 3,664,700,634 | 2,765,356,586 |
| Name | June 30,2019 | December 31,2018 |
| Guangdong Shaoguan Yuejiang Power Generation Co., ltd. | 188,255,792 | 186,859,840 |
| Guangdong Yudean Leizhou Power Generation Co., Ltd. | 1,597,115 | 1,597,115 |
| Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd. | 18,274,167 | 18,274,167 |
| Guangdong Yudean Xuwen Wind Power Generation Co., Ltd. | 18,355,494 | 6,527,993 |
| Guangdong Yudean Qujie Wind Power Generation Co., Ltd. | 8,156,000 | |
| Total | 234,638,568 | 213,259,115 |
2.As at June 30,2019, The book value of fixed assets leased by the company through finance leasing is about
RMB 1,583,671,996(Original value RMB 3,021,850,800 )
①.As at June 30,2019, The book value of fixed assets leased by Zhanjiang Zhongyue Energy Co., Ltd.
through finance leasing is about RMB 568,834,796 (Original value RMB 900,000,000 );
②As at June 30,2019, The book value of fixed assets leased by Guangdong Shaoguan Yuejiang Power GenerationCo., Ltd.through finance leasing is about RMB 814,420,533 (Original value RMB 1,121,850,800 );
③As at June 30,2019, The book value of fixed assets leased by Guangdong Yudean Jinghai Power Generation Co.,
Ltd.through finance leasing is about RMB200,416,667 (Original value RMB1,000,000,000);
3. On June 30, 2019, the book value of the construction in progress of the Company to form a finance lease aftersale and leaseback was RMB 1,231,242,021(December 31,2018: 1,147,811,958)
① The book value of the construction in progress by finance lease by Guangdong Yudean Bohe Coal andElectricity Co., Ltd was RMB 906,843,8211(December 31,2018: 906,981,377).
②The book value of the construction in progress by finance lease by Guangdong Yudean Qujie Wind PowerGeneration Co., Ltd was RMB324,398,200 (December 31,2018: 240,830,581).
4.On June 30, 2019, other monetary funds were RMB 3,111,720 (On December 31, 2018: RMB 4,000,000), whichwas composed by the margin deposit for security of 2,000,000 yuan for applying for a performance guarantee bythe subsidiary of the Company-Huizhou Pingdian Integrated Energy Co., Ltd-for participating in the sale ofelectricity at the Guangdong Electric Power Trading Center and the Company's restricted carbon-emission accountbalance of 1,111,720 yuan.V.Investment situation
1. General
√ Applicable □ Not applicable
| Investment of the period | Investment of same period of last year | Scale of change |
| 980,162,240 | 546,000,000 | 79.52% |
2.Condition of Acquiring Significant Share Right Investment during the Report Period
√Applicable □ Not applicable
In RMB
| Name of the Company Invested | Main Business | Investment Way | Investment Amount | Share Proportion % | Capital Source | Partner | Investment Horizon | Product Type | Progress up to Balance Sheet Date | Anticipated Income | Gain or Less or the Current Investment | Whether to Involve in Lawsuit | Date of Disclosure(if any) | Disclosure Index(if any) |
| Guangdong Wind Power Generation Co., Ltd. | Wind Power Generation | Capital increase | 39,000,000 | 100 % | Self Funds | No | Long-term | Electric power | All 7 wind turbines have been hoisted and installed, waiting to be connected to the grid. | -- | No | August 31, 2018 | Announcement No.:2018-46)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Guangdong Wind Power Generation Co., Ltd. | Wind Power Generation | Capital increase | 200,000,000 | 100 % | Self Funds | No | Long-term | Electric power | EPC general contract bidding is completed, and the pile foundation construction of onshore centralized control center is under process. | -156,758 | No | January 26, 2019 | Announcement No.:2019-05)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Guangdong Yudean Bohe Coal Electric Co., Ltd. | Coal-fired power generation | Capital increase | 603,000,000 | 67 % | Self Funds | Guangdong Energy Group：33% | Long-term | Electric power | As of the end of the reporting period, the overall construction progress of the power plant project is approximately 79.4%, and the overall construction progress of the | -6,735,031 | No | September 20, 2018 | Announcement No.:2018-49)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn |
| port terminal project is approximately 57%. | ||||||||||||||
| Guangdong Yudean Dapu Power Generation Co., Ltd. | Coal-fired power generation | Capital increase | 40,000,000 | 100 % | Self Funds | No | Long-term | Electric power | Units #1 and #2 had been put into production in December 2015 and in June 2016 respectively. | -18,252,297 | No | October 31, 2012 | Announcement No.:2012-45)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Guangdong Yudean Qujie Wind Power Generation Co., Ltd. | Wind Power Generation | Capital increase | 20,000,000 | 100 % | Self Funds | No | Long-term | Electric power | The Xinliao Project was approved on December 5, 2018. The special compiling preparation required before the start of construction is being carried out. | -- | No | October 31,2018 | Announcement No.:2018-54)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Shenzhen Capital Group Co., Ltd. | Investment | Capital increase | 78,162,240 | 3.67% | Self Funds | State-owned assets Supervision and Administration Commission of Shenzhen Municipal people's Government（shareholding ratio：28.1952%) | Long-term | Venture Capital | In normal operation | -- | No | September 20,2018 | Announcement No.:2018-50)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Total | -- | -- | 980,162,240 | -- | -- | -- | -- | -- | -- | 0 | -25,144,086 | -- | -- | -- |
3.Situation of the Significant Non-equity Investment Undergoing in the Report Period
□ Applicable √ Not applicable
4.Investment of Financial Asset
（1）Securities investment
√ Applicable □Not applicable
In RMB
| Security category | Security code | Stock Abbreviation: | Initial investment cost | Mode of accounting measurement | Book value balance at the beginning of the reporting period | Changes in fair value of the this period | Cumulative fair value changes in equity | Purchase amount in the this period | Sale amount in the this period | Gain/loss of the reporting period | Book value balance at the end of the reporting period | Accounting items | Source of the shares |
| Domestic and foreign stocks | 000027 | Shenzhen Energy | 15,890,628 | Fair value measurement | 66,150,000 | 11,970,000 | 62,229,372 | 630,000 | 78,120,000 | Investment in other equity instruments | Self funds | ||
| Domestic and foreign stocks | 600642 | Shenergy | 235,837,988 | Fair value measurement | 270,997,380 | 62,751,442 | 97,910,834 | 11,106,450 | 333,748,822 | Investment in other equity instruments | Self funds | ||
| Domestic and foreign stocks | 831039 | NEEQ | 3,600,000 | Fair value measurement | 3,618,000 | 1,962,000 | 1,980,000 | 360,000 | 5,580,000 | Investment in other equity instruments | Self funds | ||
| Domestic and foreign stocks | 603863 | Song Yang Recycle | 6,577 | Fair value measurement | 0 | 30,626 | 30,626 | 6,577 | 0 | 37,203 | Financial assets available for sales | Self funds | |
| Total | 255,335,193 | -- | 340,765,380 | 76,714,068 | 162,150,832 | 6,577 | 0 | 12,096,450 | 417,486,025 | -- | -- | ||
| Disclosure date for the notice of approval by the Board (If any) | October 31,2018 | ||||||||||||
| Disclosure date for the notice of approval by shareholders’ Meeting (If any) | |||||||||||||
（2）Investment in Derivatives
□ Applicable √ Not applicable
Nil
Ⅵ. Significant Asset and Right Offering
1.Situation of Significant Asset Sale
□ Applicable √ Not applicable
Nil
2.Situation of Substantial Stake Sale
□ Applicable √ Not applicable
Ⅶ.Analysis of the Main Share Holding Companies and Share Participating Companies
√ Applicable □ Not applicable
Situation of Main Subsidiaries and the Joint-stock Company with over 10% net profit influencing to the Company
In RMB
| Company Name | Company type | Sectors engaged in | Registered capital | Total assets | Net assets | Turnover | Operating profit | Net Profit |
| Guangdong Huizhou Pinghai Power Generation Plant Co., Ltd. | Subsidiary | Power generation and power station construction. | 1,370,000,000 | 5,654,076,507 | 2,121,408,065 | 1,493,690,021 | 280,041,530 | 208,701,960 |
| Guangdong Huizhou Natural gas Power Generation Co., Ltd. | Subsidiary | Power generation and power station construction. | 1,455,893,000 | 4,098,332,907 | 1,843,306,509 | 1,803,498,057 | 132,299,520 | 99,075,750 |
| Guangdong Red Bay Power Generation Co., Ltd. | Subsidiary | Power generation and power station | 2,749,750,000 | 6,445,421,973 | 3,312,516,376 | 1,806,352,342 | 236,637,015 | 177,421,053 |
| construction. | ||||||||
| Shenzhen Guangqian Electric Power Co., Ltd. | Subsidiary | Power generation and power station construction. | 1,030,292,500 | 1,623,236,503 | 1,392,592,886 | 664,476,433 | 88,505,051 | 64,871,883 |
| Zhanjiang Electric Power Co., Ltd. | Subsidiary | Power generation and power station construction. | 2,875,440,000 | 4,466,327,667 | 4,111,030,557 | 838,699,914 | 175,009,973 | 145,678,540 |
| Guangdong Yudean Jinghai Power Generation Co., Ltd. | Subsidiary | Power generation and power station construction. | 2,919,272,000 | 8,707,447,364 | 3,526,079,234 | 2,001,094,521 | 164,763,068 | 123,407,270 |
| Guangdong Guohua Taishan Power Generation Co., Ltd. | Sharing Company | Power generation and power station | 4,669,500,000 | 11,206,433,834 | 8,304,717,114 | 2,972,152,342 | 548,109,271 | 406,942,250 |
| Shanxi Yudean Energy Co., Ltd. | Sharing company | Coal Investment | 1,000,000,000 | 4,079,041,655 | 3,784,585,962 | 3,986,327 | 283,006,660 | 282,977,172 |
Acquirement and disposal of subsidiaries in the Reporting period
√ Applicable □ Not applicable
| Company name | Way of acquiring and disposing of subsidiary corporations within the reporting period | Impact on the whole producing operation and performance |
| Guangdong Yudean Binhai Bay Energy Co., Ltd. | Invested | During the reporting period, no actual operations have been carried out. |
NotesDuring the reporting period, by the comprehensive impact of the year-on-year decline in the price of coal, the dividend from the implementation of tax reduction andfee reduction policy and the Company's effective control of various costs and expenses, the overall profitability of the Company's coal-fired power plants went upYOY, the operating losses of Yuejiang Company, Zhenneng Company and Dapu Power Plant decreased significantly YOY, and the Zhongyue Company turnedlosses into profit.
VIII．Structured vehicle controlled by the Company
□ Applicable √ Not applicable
IX. Prediction of business performance for January -September 2019Estimation of accumulative net profit from the beginning of the year to the end of next report period to be loss
probably or the warning of its material change compared with the corresponding period of the last year andexplanation of reason.
□ Applicable √ Not applicable
X. Risks facing the Company and countermeasures
(1) Possible risks
1. West-to-East Power Transmission and Expansion of Provincial Installations Accelerate the ElectricityCompetitionAffected by the international economic situation such as the Sino-US trade war and domestic economic conditions,the electricity consumption of the whole society showed a moderate, low-speed growth trend, and due to that theWest-to-East Power increased significantly and the new units in the province were put into operation successively,the utilization hours of the coal-fired power units in the province maintained in the low level, leading to theaverage utilization hours of coal-fired units in January-June fell by 390 hours YOY. It’s expected that thelong-term low-load operation of coal-fired power units will continue for a considerable period of time.
2. The process of power marketization is accelerating, and the competition on the sales side is increasingly fierce.In 2019, the scale of transactions in the Guangdong power market is expanded to 200 billion kWh, an increase of40 billion kWh YOY and accounting for about 45% of the province's electricity generation. The process of powermarketization has been accelerated, and higher requirements have been placed on power marketing. It’s expectedthat the power spot transaction in Guangdong Province will be put into trial operation in the second half of theyear. The competition in the power market in Guangdong will become increasingly fierce, and there will be newchallenges in the power spot trading.
3. The demand for coal in the summer picks up and the price of coal rebounds.
Affected by the coal de-capacity policy, the domestic coal supply and demand situation will continue to be tensein the second half of the year. In particular, with the gradual pick-up of coal demand in the summer and the impactof extreme weather, the short-term demand is strong, and the coal price may rebound.
4. The development of the project is limited, and the task of energy structure adjustment is arduous.In the current policy environment, the overall economic benefits of coal-fired units are relatively poor, and onlylarge units in coastal areas are relatively stable. In recent years, although the Company's clean energy business hasmade big progress, but the overall proportion is still low, and the investment income of the newlyput-into-operation cogeneration project yet needs to be improved. The main business structure optimization task isarduous.
(2) Solutions
1. Strengthen management and strive to improve business performance
Actively respond to the deepening reform of the electricity market, organize the learning for policies and rules ofthe electricity spot market, strengthen the training of trading personnel, and improve the business managementanalysis and decision-making mechanism. Establish the concept of market first, do a good job in the establishmentof marketing organization, decision-making mechanisms and marketing work, and continue to improve themarketing system in line with the reform of power market.
2. Adhere to the goal and problem orientation, strengthen financial management
Continuing to be goal-oriented and problem-oriented and giving the play of the guiding role of comprehensivebudget management, strengthen the positive impact of financial fund management, and focus on solvingmanagement problems. Promote the registration work of 4 billion yuan corporate bonds and 4 billion yuan greenrenewable corporate bonds, and open up all financing channels in the bond market.
3. Implement the development strategy and promote the construction of infrastructure projectsScientifically promote the construction of Bohe Power Plant and the Terminal, and actively promote the upfrontwork of a number of gas turbine projects such as Yong’an Thermal Power. The Huadu Thermal Power Project willbe promoted as fast as it can to complete the conditions for start-up construction and to organize the construction.The replacement power supply project at the Ningzhou site in Dongguan will be implemented according to theunified deployment of the provincial government.
4. Centering on the core work and strengthening supervision and management
Give full play to the work of discipline inspection and supervision, audit, risk control, and the work of thesupervisory board, and strive to build a great supervision structure to promote the compliance management andrisk control. Focusing on the core work and serving the overall situation, improve the internal audit system,orderly conduct the internal audit, internal control evaluation, risk management report, etc., strengthen thesupervision of investment and related transactions, and closely monitor the benchmarking of key indicators suchas coal price, coal consumption and electricity volume, thus to ensure the standard operation of the listed company.Strengthen the supervision and accountability, implement the supervision measures, continue to correct the "fourbehaviors", and soundly promote the party's work style and the clean government construction and anti-corruptionwork, for creating a smooth and positive development environment for the Company.
5. Practice the concept of green development and vigorously promote the “clear water project”In accordance with the concept of “Clear waters and green mountains are as good as mountains of gold and silver”,we actively respond to the requirements by Guangdong Energy Group’s “Green Mountains and Clear WaterProject”, promote the construction of zero-emission wastewater project for subordinate core-fired power plants,and carry out the whole process project supervision and management. We safely and smoothly promoted thenatural gas unit denitration system transformation, and implemented the ultra-low emission transformation projectof Yuejiang W-type flame boiler and circulating fluidized bed boiler. Upon in-depth study of environmentalregulations and policy situation, the Company strengthened the policy research and risk forecast, improved theCompany's environmental supervision institution and system construction, and actively identified and preventedthe environmental risks.
V. Important EventsI. Annual General Meeting and Extraordinary Shareholders’ Meetings in the Reporting Period
1.Annual General Meeting
| Meeting | Type | Investor participation ratio | Convened date | Disclosure date | Index to disclosed information |
| First Provisional Shareholders’ general meeting of 2019 | Provisional Shareholders’ general meeting | 72.72% | February 21, 2019 | February 22, 2019 | Announcement No.:2019-10).. Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn. |
| 2018 Shareholders’ general meeting | Annual Shareholders’ General Meeting | 73.26% | May 21,2019 | May 22,2019 | Announcement No.:2019-25).. Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn. |
2. Preferred stockholders restored voting rights to request to convene Provisional Shareholders’ Meeting.
□Applicable√Not applicable
II. Proposal for profit distribution and converting capital Reserve into share actual for the reporting period
□ Applicable √Not applicable
For the reporting period, the Company plans not to distribute cash dividends or bonus shares or convert capitalreserve into share capital.III. The fulfilled commitments in the reporting period and under-fulfillment commitments by the end of thereporting period made by the company, shareholder, actual controller, acquirer, director, supervisor,senior management personnel and other related parities.
□ Applicable √Not applicable
There are no commitments that the company, shareholders, actual controller, offer or, directors, supervisors, seniormanagement or other related parties have fulfilled during the reporting period and have not yet fulfilled by the endof reporting period.IV. Particulars about engagement and disengagement of CPAs firmWhether the semi-annual financial report had been audited?
□ Yes √ Not
The semi-annual report was not audited.V. Explanations given by board of directors and supervisory board regarding “ Modified auditor’s” Issuedby CPAs firm for the reporting period
□ Applicable √ Not applicable
VI. Explanations given by Board of Directors regarding “ Modified auditor’s Report” Issued for last year
□ Applicable √ Not applicable
VII. Bankruptcy and restructuring
□ Applicable √ Not applicable
No such cases in the reporting period.VIII. Legal mattersSignificant lawsuits or arbitrations
√ Applicable □Not applicable
| Basic situation of lawsuit(arbitration) | Lawsuit amount (RMB Ten thousands) | Whether form into estimated liabilities | Process of lawsuit(arbitration) | Trial results and influences of lawsuit(arbitration) | Situation of execution of judgment of lawsuit (arbitration) | Disclosure date | Disclosure index |
| On April 1, 2019, Guangdong Huizhou Pinghai Power Plant Co., Ltd., a holding subsidiary to the Company, received a set of legal documents including the “Notice of Responding to action”, “Subpoena” and “Civil Indictment” from Huizhou Intermediate People's Court of Guangdong Province, involving the case of contract dispute of China Energy Construction Group Guangdong Thermal Power Engineering Co., Ltd suing Pinghai Power Plant on Construction Project, with the case number of No. 363-(2018) Yue Civil Action. The lawsuit claims include: 1. The Pinghai Power Plant is ordered to pay the project amount of RMB 165,978,408 (principal) and interest of RMB 72,478,979 (temporarily calculated as for the period from May 1, 2011 to October 31, 2018, with the final interest calculated as of the date of actual payment shall be calculated in accordance with the benchmark interest rate of similar loans of the people's bank of China in the same period) to Guangdong Thermal Power; the above principal and interest amount to RMB 238,457,387; 2. The Pinghai Power Plant is ordered to bear all the litigation costs including the acceptance fee and the appraisal fee. | 23,845.74 | No | The two pre-trial preparation meetings for the case were held in the Intermediate People's Court of Huizhou City Guangdong Province respectively on May 14, 2019 and July 18, 2019, the court session time is yet to be determined. | The lawsuit has not yet been heard. There are uncertainties in the final judgment and execution, so it is temporarily impossible to judge the impact on the company's profits in 2019 and beyond. | No | April 4, 2019 | Announcement No.:2019-12)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn |
Other lawsuits
√ Applicable □Not applicable
| Basic situation of lawsuit(arbitration) | Lawsuit amount (RMB Ten thousands) | Whether form into estimated liabilities | Process of lawsuit(arbitration) | Trial results and influences of lawsuit(arbitration) | Situation of execution of judgment of lawsuit (arbitration) | Disclosure date | Disclosure index |
| On January 30, 2019, the Company's holding subsidiary, Guangdong Huizhou Pinghai Power Plant Co., Ltd, received a set of legal documents including the “Subpoena” from the Huidong County People's Court of Guangdong Province, involving the case China Energy Construction Group Guangdong Thermal Power Engineering Co., Ltd suing Pinghai Power Plant on construction contract dispute of the flue gas desulfurization project of Pinghai Power Plant, with the case number of No. 164-(2019) Yue 1323 Civil Action. The litigation claims include: 1. Pinghai Power Plant shall pay the principal of RMB 12,080,480 and interest of RMB 5,554,310 for the construction payment to the Guangdong Thermal Power company, with a total principal and interest of RMB 17,634,790; 2. Pinghai Power Plant shall bear all litigation costs including the acceptance fee and the appraisal fee incurred in the case. | 1,763.48 | No | The case was originally scheduled to be heard by Huidong County People's Court on March 19, 2019. On February 2, 2019, Pinghai Power Plant submitted an “Application for Jurisdiction Objection” to the Huidong County Court, requesting that the case be transferred to the Huizhou Intermediate Court for judge. The Huidong County People's Court made a "Civil Ruling" on April 17, 2019, dismissing Pinghai Power Company's objection to the jurisdiction of the case. The court session time of this case shall be determined by the Huidong County People's Court in writing notice. | There are uncertainties to the final judgment result and execution of this lawsuit, and it’s temporarily impossible to judge the impact on the Company's profit in 2019 and beyond. The amount involved in this lawsuit is 17,634,800 yuan. Upon the net profit of 474 million yuan attributable to the shareholders of the parent company in the most recent period (2018) of the Company, the net profit attributable to shareholders of the parent company affected by the amount involved in the above lawsuit is approximately 7,935,700 yuan, accounting for 1.67% of the audited net profit of the most recent period, which does not have a significant impact on the Company. | No |
IX. Punishments and rectifications
□ Applicable √ Not applicable
No such cases in the reporting period.X. Credit conditions of the Company as well as its Controlling shareholder and actual Controller
□ Applicable √ Not applicable
XI. Equity incentive plans, employee stock ownership plans or other incentive measures for employees
□ Applicable √ Not applicable
No such cases in the reporting period.
XII. Material related transactions
1. Related transactions in connection with daily operation
□ Applicable √ Not applicable
No such cases in the reporting period.
2. Related-party transactions arising from asset acquisition or sold
□Applicable √ Not applicable
No such cases in the reporting period.
3. Related-party transitions with joint investments
□Applicable √ Not applicable
No such cases in the reporting period.
4. Related-party transitions with joint investments
□Applicable √ Not applicable
No such cases in the reporting period.
5. Credits and liabilities with related parties
√ Applicable □Not applicable
（1）2019 daily related transactions were carried out after examination and approval by 2019 first provisionalshareholders' general meeting. Refer to (5) Related transactions of XII. Relationship between related parties andthe transactions between them of the Financial Report of this report for details.
(2) The Proposal on the Financial Services such as Making the Application of the Total Loan Limit of RMB 22Billion and Handling the Deposit Settlement to the Related Party- Guangdong Yudean Finance Co., Ltd by theCompany and Some of its Subsidiaries was approved in the company’s 2018 annual general shareholder meetingfor implementation.Website for temporary disclosure of the connected transaction
| Announcement | Date of disclosure | Website for disclosure |
| Estimates announcement of the Daily Related Party Transactions of 2019 | January 26,2019 | http//www.cninfo.com.cn. |
| Announcement on the related party Transactions of Guangdong Electric Power Development Co., Ltd. with Guangdong Yudean Finance Co., Ltd. | April 12,2019 | http//www.cninfo.com.cn. |
XIII. Particulars about the non-operating occupation of funds by the Controlling shareholder and other
related parties of the Company
□Applicable √ Not applicable
The company was not involved in the non-operating occupation of funds by the controlling shareholder and otherrelated parties during the reporting period.
XIV. Significant contracts and execution
1.Entrustments, contracting and leasing
(1) Trusteeship
√ Applicable □Not applicable
Statement of Trusteeship Situation :
According to the statement of GuangDong Energy Group on fulfilling relevant matters, and to avoid the horizontalcompetition and fulfill the relevant commitment of the horizontal competition, the Company signed StockTrusteeship Agreement with GuangDong Energy Group, wherein the shareholder's rights within the trusteeshiprange, except the ownership, right of earning and right of disposition, will be trusted to the Company, which ispredicted to charge 245,000 yuan as trustee fee per year. See details at the " Related Transaction Announcementon Stock Trusteeship Agreement signed with GuangDong Energy Group Co., Ltd." published by the Company inChina Securities Daily, Securities Times and http://www.cninfo.com.cn on January 13, 2018(AnnouncementNo.2018-04).Gains/losses to the Company from projects that reached over 10% in total profit of the Company in reportingperiod
□Applicable √ Not applicable
No gains or losses to the Company from projects that reached over 10% in total profit of the Company inreporting period
(2) Contract
□ Applicable √ Not applicable
No any contract for the Company in the reporting period.
(3) Lease
√Applicable □ Not applicable
Note As a lessee, the Company rented houses and billboards from Yudean Real Estate Company, and the rental feeincurred this year was RMB3,455,180;Note As a lessee, the Company rented Power Generation equipment from Yudean Finance Lease Comapny , andthe rental fee incurred this year was RMB31,569,867;The parent company of the Company, as a leassor, leases the houses and parking spaces to units and individualssuch as Guangdong Electric Power Communication and Information Company and Guangdong Electric PowerDispatching Center. The rental income for this year was confirmed to be RMB 680,980.Project which generates profit or loss reaching over 10% of total profits of the Company during the ReportingPeriod
□ Applicable √ Not applicable
There were no leases with a 10% or greater impact on the Company’s gross profit in the Reporting Period.
2.Guarantees
√Applicable □ Not applicable
（1）Guarantees
Ten thousands yuan
| External Guarantee (Exclude controlled subsidiaries) | ||||||||||||
| Name of the Company | Relevant disclosure date/No. of the guaranteed amount | Amount of Guarantee | Date of happening (Date of signing agreement) | Actual mount of guarantee | Guarantee type | Guarantee term | Complete implementation or not | Guarantee for associated parties (Yes or no) | ||||
| Yunnan Baoshan Binlangjiang Hydroelectricity Development Co., Ltd. | May 24,2007 | 4,350 | December 19, 2007 | 2,030 | Guaranteeing of joint liabilities. | 15 years | No | No | ||||
| Yunnan Baoshan Binlangjiang Hydroelectricity Development Co., Ltd. | December 19, 2007 | 4,350 | November 30, 2007 | 319 | Guaranteeing of joint liabilities. | 15 years | No | No | ||||
| Yunnan Baoshan Binlangjiang Hydroelectricity Development Co., Ltd. | May 27,2009 | 9,367 | June 22,2009 | 5,307 | Guaranteeing of joint liabilities. | 18 years | No | No | ||||
| Yunnan Baoshan Binlangjiang Hydroelectricity Development Co., Ltd. | May 27,2009 | 7,250 | May 27,2009 | 1,450 | Guaranteeing of joint liabilities. | 14 years | No | No | ||||
| Total amount of approved external guarantee in the report period(A1) | Total actually amount of external guarantee in the report period(A2) | -725 | ||||||||||
| Total amount of approved external guarantee at the end of the report period(A3) | 190,835 | Total actually amount of external guarantee at the end of the report period(A4) | 9,106 | |||||||||
| Guarantee of the company for its subsidiaries | ||||||||||||
| Name of the company guaranteed | Related announcement date and no. | Amount of guarantee | Date of happening(date of signing agreement) | Actually guarantee amount | Guarantee type | Guarantee term | Complete implementation or not | Guarantee for related party (yes or no) | ||||
| Zhanjiang Wind Power Generation Co., Ltd. | April 29,2009 | 18,571.7 | October 9, 2010 | 7,152 | Guaranteeing of joint liabilities. | 18years | No | No | ||||
| Guangdong Shaoguan Yuejiang Power Generation Co., Ltd. | November 16, 2013 | 9,000 | January 28, 2014 | 1,350 | Guaranteeing of joint liabilities. | 7 years | No | No | ||||
| Guangdong Shaoguan Yuejiang Power Generation Co., Ltd | November 16, 2013 | 8,100 | January 29, 2014 | 450 | Guaranteeing of joint liabilities. | 7 years | No | No | ||||
| Total of guarantee for subsidiaries approved in the period(B1) | Total of actual guarantee for subsidiaries in the period (B2) | -2,488.3 | ||||||||||
| Total of guarantee for subsidiaries approved at period-end(B3) | 141,536 | Total of actual guarantee for subsidiaries at period-end(B4) | 8,951.55 | |||||||||
| Guarantee of the subsidiaries for the controlling subsidiaries | ||||||||||||
| Name of the Company guaranteed | Relevant disclosure date/No. of the guaranteed amount | Amount of guarantee | Date ofhappening (Date osigning agreement) | Actual mount of guarantee | Guarantee type | Guarantee term | Complete implementation | Guarantee for associated | ||||
| or not | parties (Yes or no) | ||||
| The Company’s total guarantee(i.e.total of the first three main items) | |||||
| Total guarantee quota approved in the reporting period（A1+B1+C1） | Total amount of guarantee actually incurred in the reporting period（A2+B2+C2） | -3,213.3 | |||
| Total guarantee quota already approved at the end of the reporting period（A3+B3+C3） | 332,371 | Total balance of the actual guarantee at the end of the reporting period（A4+B4+C4） | 18,057.55 | ||
| The proportion of the total amount of actually guarantee in the net assets of the Company (that is A4+B4+C4）% | 0.74% | ||||
| Including： | |||||
| The debts guarantee amount provided for the Guaranteed parties whose assets-liability ratio exceed 70% directly or indirectly（E） | 10,906 | ||||
| Total guarantee Amount of the abovementioned guarantees（D+E+F） | 10,906 | ||||
Description of the guarantee with complex method
(2) Illegal external guarantee
□ Applicable √ Not applicable
No Illegal external guarantee in the report period.
3. Other significant contract
□ Applicable √ Not applicable
No other significant contracts for the Company in reporting period.XV. Social responsibilities
1.Major environmental protection
The Listed Company and its subsidiary whether belongs to the key sewage units released from environmentalprotection departmentYes
| Company or subsidiary name | Main pollutant and specific pollutant name | Emission way | Emission port number | Emission port distribution condition | Emission concentration (mg/Nm3) | Implemented pollutant emission standards | Total emission (Tons) | Verified total emission(Tons) | Excessive emission condition |
| Shajiao A power plant | Smoke | Concentrated emission through chimney | 2 | Within the factory | 1.73 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 20.05 | 20.05 | No |
| Shajiao A power plant | SO2 | Concentrated emission through chimney | 2 | Within the factory | 16.20 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 187.75 | 187.75 | No |
| Shajiao A power plant | NOX | Concentrated emission | 2 | Within the factory | 26.13 | Emission Standard of Air Pollutants for | 302.89 | 302.89 | No |
| through chimney | Thermal Power Plants (GB13223-2011) special emission limit | ||||||||
| Guangdong Yudean Dapu Power Plant | Smoke | Concentrated emission through chimney | 2 | Within the factory | 1.51 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 13.776 | 593 | No |
| Guangdong Yudean Dapu Power Plant | SO2 | Concentrated emission through chimney | 2 | Within the factory | 8.45 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 77.257 | 1447 | No |
| Guangdong Yudean Dapu Power Plant | NOX | Concentrated emission through chimney | 2 | Within the factory | 24.75 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 226.303 | 1502 | No |
| Zhanjiang Zhongyue Energy Co., Ltd. | Smoke | Concentrated emission through chimney | 2 | Within the factory | 1.38 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 11.33 | 480 | No |
| Zhanjiang Zhongyue Energy Co., Ltd. | SO2 | Concentrated emission through chimney | 2 | Within the factory | 13.10 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 107.92 | 1200 | No |
| Zhanjiang Zhongyue Energy Co., Ltd. | NOX | Concentrated emission through chimney | 2 | Within the factory | 25.07 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 206.53 | 1587 | No |
| Guangdong Shaoguan Yujiang Power Generation Co., Ltd. | Smoke | Concentrated emission through chimney | 2 | Within the factory | 330MW: 6.35 600MW: 1.16 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 28.18 | 358.89 | No |
| Guangdong Shaoguan Yujiang Power Generation Co., Ltd. | SO2 | Concentrated emission through chimney | 2 | Within the factory | 330MW: 80.84 600MW: 12.22 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 355.70 | 1151.78 | No |
| Guangdong Shaoguan Yujiang Power Generation Co., Ltd. | NOX | Concentrated emission through chimney | 2 | Within the factory | 330MW: 93.46 600MW: 25.42 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 499.12 | 1404.5 | No |
| Zhanjiang Electric Power Co., Ltd. | Smoke | Concentrated emission through chimney | 2 | Within the factory | 1 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 14.40 | Not approved | No |
| Zhanjiang Electric Power Co., Ltd. | SO2 | Concentrated emission through chimney | 2 | Within the factory | 13 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 141.14 | Not approved | No |
| special emission limit | |||||||||
| Zhanjiang Electric Power Co., Ltd. | NOX | Concentrated emission through chimney | 2 | Within the factory | 28 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 298.65 | Not approved | No |
| Guangdong Yudean Jinghai Power General Co., Ltd. | Smoke | Concentrated emission through chimney | 2 | Within the factory | 1.99 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 46.08 | 1770 | No |
| Guangdong Yudean Jinghai Power General Co., Ltd. | SO2 | Concentrated emission through chimney | 2 | Within the factory | 17.54 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 405.84 | 6502 | No |
| Guangdong Yudean Jinghai Power General Co., Ltd. | NOX | Concentrated emission through chimney | 2 | Within the factory | 32.86 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 760.13 | 4687 | No |
| Guangdong Red Bay Power General Co., ltd. | Smoke | Concentrated emission through chimney | 4 | Within the factory | 3.12 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 52.35 | Not approved | No |
| Guangdong Red Bay Power General Co., ltd. | SO2 | Concentrated emission through chimney | 4 | Within the factory | 9.10 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 163.18 | Not approved | No |
| Guangdong Red Bay Power General Co., ltd. | NOX | Concentrated emission through chimney | 4 | Within the factory | 23.88 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 421.55 | Not approved | No |
| Maoming Zhenneng Thermal power Co., Ltd. | Smoke | Concentrated emission through chimney | 2 | Within the factory | 1.69 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 11.06 | 168.12 | No |
| Maoming Zhenneng Thermal power Co., Ltd. | SO2 | Concentrated emission through chimney | 2 | Within the factory | 12.35 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 88.72 | 385.51 | No |
| Maoming Zhenneng Thermal power Co., Ltd. | NOX | Concentrated emission through chimney | 2 | Within the factory | 35.85 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 214.58 | 689.58 | No |
| Guangdong Huizhou Pinghai Power Plant Co., Ltd. | Smoke | Concentrated emission through chimney | 2 | Within the factory | 2.54 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 16.59 | 700 | No |
| Guangdong | SO2 | Concentrat | 2 | Within the | 25.16 | Emission Standard of | 317.55 | 3500 | No |
| Huizhou Pinghai Power Plant Co., Ltd. | ed emission through chimney | factory | Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | ||||||
| Guangdong Huizhou Pinghai Power Plant Co., Ltd. | NOX | Concentrated emission through chimney | 2 | Within the factory | 38.46 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 476.21 | 1750 | No |
| Guangdong Guohua Yudean Taishan Power Generation Co., Ltd. | Smoke | Concentrated emission through chimney | 6 | Within the factory | 2.17 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 60.26 | Not approved | No |
| Guangdong Guohua Yudean Taishan Power Generation Co., Ltd. | SO2 | Concentrated emission through chimney | 6 | Within the factory | 14.05 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 390.45 | Not approved | No |
| Guangdong Guohua Yudean Taishan Power Generation Co., Ltd. | NOX | Concentrated emission through chimney | 6 | Within the factory | 27.61 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 767.16 | Not approved | No |
| Qianwan LNG power plant | NOX | Concentrated emission through chimney | 3 | Within the factory | 15.42 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 100.77 | 1312.5 | No |
| Huizhou LNG power plant | NOX | Concentrated emission through chimney | 6 | Within the factory | 28.69 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 636.5 | 2033 | No |
Prevention and control of pollution facilities construction and operationIn accordance with the national environmental protection plan, each power plant of the company implementspositively requirements of Coal-fired Power Energy Saving and Emission Reduction Upgrading and TransformAction Plan (2014-2020) and National Energy Administration Comprehensive Division Notice aboutDecomposition and Implementation of Coal-fired Power Energy Saving and Emission Reduction Upgrading andTransform Target Tasks, etc. and promotes the ultra-low emission transformation project. At present, thecompany's subordinate coal-fired units have all completed ultra-low emission transformation work, and theemission concentration of export flue gas pollutants has been greatly reduced on the basis of the originalenvironmental emission standards, During the reporting period, the pollution control facilities built in thesubordinate power plants operated normally.Conditions of environmental impact assessment and other environmental protection administrative licensing ofconstruction projectsThe company's construction projects that have been approved by government agencies have all undergoneenvironmental impact assessments and have obtained other necessary environmental protection administrativelicenses.Emergency plan for emergency environmental incidents
Combining with the Environmental Protection Law of the People's Republic of China and the Opinions of theMinistry of Environmental Protection on Strengthening Environmental Emergency Management Work and otherlaws and regulations on the monitoring of environmental risks, the company’s subordinate power generationenterprises have formulated the Emergency Plan for Emergency Environmental Incidents according to their actualconditions, which has standardized and improved the handling of emergent environmental events from the aspectsof environmental accident risk analysis, emergency command organization and responsibilities, disposalprocedures, and disposal measures, improved the ability to respond to unexpected environmental events, andensured that after an outbreak of an environmental incident, the company can organize emergency rescue work ina timely, orderly and efficient manner to prevent pollution of the surrounding environment, minimize the damageand social harm caused by the incident, maintain social stability, and protect public health and property safety.Environmental self-monitoring programDuring the reporting period, the company’s subordinate power generation companies organized annualenvironmental self-monitoring programs in accordance with the national Administrative Measures on AutomaticMonitoring of Pollution Sources (No. 28 order of State Environmental Protection Administration) and other lawsand regulations, and conducted self-monitoring of the environment in accordance with the monitoring program,and announced its own monitoring results in Guangdong Province's key pollution source regulatory informationplatform and the national pollution source monitoring information and sharing platform. Both the announced rateand completion rate had reached 100%.Other environmental information that should be disclosedNilOther environmental protection related informationNil
2.Overview of the annual targeted poverty alleviation
（1）Precise poverty plan
The Company will in depth implement the spirits of the Central work Conference on Poverty Alleviation and theDevelopment and General Secretary Xi Jinping's series of important speeches on poverty alleviation and thedevelopment, and in accordance with the Guangdong Provincial people's Government's "Opinions on theimplementation of Three years Strongly Tackling Difficulties on Precision Poverty Alleviation and PrecisionPoverty Reduction in the New Time" and the overall plan and arrangement of Guangdong Province's 2016-2018of new time of "Precision Poverty Alleviation and Precision Poverty Reduction", by adhering the concept ofinnovation, coordination, green, open and shared development, the Company will strengthen the awareness of theoverall situation and the sense of responsibility of “The Rich fist leads latter, and realize the common prosperity”,fully utilize the advantages, carry out the measures of precision poverty alleviation to the village-under-aid,effectively enhance the local “vitality-making” function, focus on boosting the village’s collective economicstrength, developing the environment and society and people’s livelihood, thus to increase the income ofpoverty-alleviation objects, so as to ensure the accomplishment of various project goals and tasks.
1. Soundly do the work of the poverty alleviation by industry development. Formulate the characteristic industrydevelopment for the village-under-aid, implement the “one village, one product” industry promotion action, tapinto the resources advantages, precisely select the dominant industry and the dominant products, support theconstruction of characteristic agricultural bases with high participation of poverty households, support the largeagricultural households and professional cooperatives , small and micro enterprises and so forth agricultural
operation bodies to speed up the development. Explore the “Internet + Precision Poverty Alleviation” model,strengthen the training of rural E-commerce merchants in poor villages, and encourage farmers to open onlinestores for self-development.
2. Explore the poverty alleviation by shares. Promote the income-increase mode of poor village collectiveeconomy, allow the financial special poverty alleviation funds and other agricultural-related funds to invest infacilities such as agriculture, farming, industrial parks, hydropower, rural tourism and so forth without changingtheir use purposes, and the resulting asset income can be converted to shares quantization to poor villages andpoor households. Cooperate with the local to explore and promote the rights confirmation of land managementwith accordingly converting to shares, guide poverty-stricken households, especially those who are incapable ofworking, to voluntarily transfer the land management rights according to law, and use assets such as land,agricultural facilities, and poverty alleviation funds to price to convert into shares, gaining the operating incomeaccording to shares.
3. Cooperation in training and employment. Oriented towards enhancing the ability of the poor to get employment,assist to carry out the all kinds of policy training, promote the relevant vocational and technical colleges to recruitchildren from poor families, thus to enable them to achieve skills to get out of poverty.
4. Improve the infrastructure. Cooperate with the local to improve the traffic conditions and developmentenvironment in the village-under-aid; support and help key villages-under-aid of the safe drinking water projects;improve farmland water conservancy facilities; improve sewage facilities; improve the garbage collection andtreatment and the cleaning system; improve village cultural and leisure activities, public toilets, landscaping andgreening and other facilities; ensure that the relevant indicators meet the provincial standards.
5. Boost the education culture. In coordination with the local education and cultural departments, the Companywill vigorously promote the poverty alleviation through education so that all children in the villages-under-aid canreceive a good education, increase the education subsidies for poor families, ensure that children from poorhouseholds do not drop out of school due to poverty, pay attention to left-behind children, and build left-behindchildren's service centers.
6. Help to improve the environment. Cooperate with the local to raise funds by multi-channels to helpimpoverished households complete the renovation of dilapidated buildings and fully complete the task of assistinglow-income people in housing reconstruction, assisting in the improvement of domestic garbage disposal, sewagetreatment, public toilets and greening and beautification of villages. We will use the entire village as a platform toaccelerate the improvement of production and living conditions of poor villages, and steadily promote theconstruction of beautiful livable villages to realize the new appearance of the old villages.
7. Consolidate the grassroots foundation. Cooperate with the local people to adhere to the Party building andpoverty alleviation both at the same time, with the party building to help the poor and with the poverty alleviationto promote the party building. Organize and hold regular meetings of the "two committees" meetings of thevillages to study the work of aiding the poor; the assigned cadres should assist the "two committees of the village"to do a good job in organizing the masses, serving the masses, uniting the masses, and enhancing the ability of thecadres of the "two committees" of the poor villages to lead the people out of poverty and run to health; It’snecessary to constantly strengthen the development consciousness, market awareness, teaching ideas, teachingmethods and teaching experience of cadres at the grass-root level, mobilizing the grass-root level cadres,strengthen the grass-root organizations, muster up the drive to fight against poverty, and build up “Thenever-leaving Task Force on Poverty Alleviation”, thus to lay the foundation for the sustainable and healthydevelopment of poor villages.
8. Lead multiple parties to participate in. Guide industries, enterprises, social organizations and individuals to
participate in poverty alleviation, and encourage companies to actively undertake social responsibilities, fullystimulate the market's vitality, and help villages to invest in industries, develop training skills, absorb employment,and help the poor with donated money through various forms such as resource development and joint constructionof villages and enterprises.
9. Strengthen the publicity for poverty alleviation. Adhere to the guidance of public opinion, comprehensivelypublicize and accurately interpret the decision-making and deployment of “Precision poverty alleviation andPrecision poverty reduction”, strengthen the ideological education and guidance, and strengthen the cadres and themasses' centripetal force and cohesion in poverty alleviation work and the development work. Guide the villagersto change the obsolete customs and habits, stimulate the impoverished people to work hard and develop goodenthusiasm, and create a positive atmosphere for self-reliance, hard-working and getting rid of poverty andbecoming better off.
（2）Half-year poverty relieving summary
During the reporting period, the company actively implemented the overall deployment and arrangement ofGuangdong province's work on "targeted poverty relief and targeted poverty alleviation", actively invest human,material and financial resources in poverty relief work, and its six subsidiaries, namely Yuejiang company, Redbay company, Zhenneng company, Zhanjiang company, Dabu company and Zhanjiang wind power company,actively carried out targeted poverty relief assistance work.I Counterpart assistance of Yuejiang Company on Mi Xiashui village, Quan’an Town, Nan Xiong City2019 is the key year for winning the first 100-year goal of building a well-off society in an all-round way andwinning the battle against poverty. According to the arrangement of relevant documents of the provinces and cities,Yuejiang Power Generation Company selected a cadre to serve as the party building instructor in the villages inthe second phase of provincial poverty-stricken villages to assist Shaoguan Municipal Government Office incarrying out targeted poverty relief and targeted poverty alleviation work in Mixiashui Village:
1. Strengthen Party building. Centering on the deployment requirements of the central government, provinces,cities and counties on the Party's construction to promote poverty alleviation, and in combination with the actualsituation in Nanxiong City and Quan'an Town, efforts are focused on "grasping points, expanding areas,improving quality and strengthening capabilities" to give full play to the exemplary and leading role of Partymembers. On June 27, a meeting of members of the general party branch of Mixiashui Village was held toorganize party lectures-Interpretation of the Regulations on Education Management of Party Members andInterpretation of the Regulations on the Work of Party Branch.
2. Well ensure the people's livelihood. Fully implement the "Three Guarantees" policy and complete the reportingof information on the dilapidated house reconstruction project for poor household Ye Chengxiang; Fullyimplement poverty relief education guarantee for poor households in accordance with the policy requirements;Promote full coverage of medical insurance, fully implement the medical insurance policy, and subsidize 41 poorhouseholds to purchase urban and rural medical insurance; Send warm condolences to poor households, and sendwarm condolences to all poor households in January before the Spring Festival.
3. Accurate identification: in early June, the work team stationed in the village, together with town cadres andvillage cadres, conduct on-door visit to acquire the poverty information of Yao Shihui and Ye Chengming, andreported the information to Nanxiong Poverty Relief Office after comprehensive analysis and verification. YaoShihui and Ye Chengming are to be included in the poor households.
4. In 2019, it will continue to build 4 boutique villages, including Liaowu Village, Yaowu Village, Liuwu Villageand Shigang Village. In the first half of the year, it has basically completed the "three clean-ups and threedismantlements" of relevant sections, actively won the support of superior policies, and made solid progress in theconstruction of new rural demonstration villages.
5. According to the requirements of the Implementation Plan of "Award Instead of Compensation" for TargetedPoverty Relief and Targeted Poverty Alleviation in Nanxiong City in 2019, the" Award instead of Compensation"will be implemented for pig raising and peanut planting by poor households in the first half of the year.
6. Work hard to promote poverty relief through high-quality rice and passion fruit industries. Urge MixiahuiVillage Zhongzhi Cooperative to sign a high-quality rice purchase agreement with Nanxiong Jinyou Company, tounify the external sales through the cooperative, open up the high-quality rice sales market, and improve themarket bargaining power; Relying on Mixiashui Village Passion Fruit Planting Demonstration Base, activelyguide and help 10 poor households in Mixiashui Village to participate in passion fruit planting, regularly providetechnical guidance to growers, and operate it through the "enterprise+cooperative+poor households" businessmodel, carry out planting and management according to unified standards, and adopt reserve price for purchase toensure the income of poor households.
II. Counterpart assistance of Red Bay Company on Outian Village, Luoxi Town, Luhe County(I) Actively complete and promote village project construction
1. Assist on the village collective economic development projects. Organize poor households to carry out sweetpotato planting and bee breeding projects.
2. Implement the income from the investment in Xinhe Industrial Park Targeted Poverty Relief Industrial ParkProject. In order to establish a long-term poverty alleviation mechanism and prevent repoverty after povertyalleviation, with the village collective as the main body, use the aid fund to invest by shares in the industrial park.The aid unit helps the village by investing 1 million yuan aid fund, with a 10% guaranteed bonus every year. Therevenue of OCT Luoxigu tourism project is 500,000 yuan, with a 10% guaranteed bonus every year, for povertyalleviation of poor households.
3. Carry out the training program on poor people's labor skills and transfer of employment. According to the needsof the poor, 50 people from poor households are organized for training in agricultural applicable technologies and50 people for training in relevant contents of employment transfer. A total of 15,620 yuan is invested in training.
4. Actively introduce OCT Luoxi Valley Project. The stationed work team actively coordinated and communicatedwith the OCT in eastern Shenzhen and actively contacted relevant county departments. In June 2017, the OCTEastern Group in Shenzhen officially settled in Otian Village to launch the OCT Luoxigu rural tourism project. InJune 2018, the OCT Luoxigu rural tourism project was officially put into use. In the first half of 2019, through thedevelopment of the rural tourism industry, poverty alleviation were conducted for poor households.
5. A total of 295,000 yuan was invested to complete the construction of Outian Village Party and Mass ServiceCenter.(II) Conduct full deployment and active implementation, and actively promote the completion of householdproject construction.
1. Actively implement the poverty reduction plan. According to the plan issued by the county poverty relief office,217 people from 52 households have completed poverty alleviation by the first half of 2019, and 11 people fromthe remaining 3 households failed. The main reason for the poverty alleviation failure is that the renovation ofdilapidated houses has not been accepted, and the economic income has reached the conditions for povertyalleviation. The poverty alleviation plan issued by the county poverty relief office is completely overfulfilled.
2. Vigorously promote medical insurance and social security assistance. 240 people are helped on purchasinghealth insurance and social security costs.
3. Provide the living allowance for 59 students from poor families.
(III) Strengthen the grass-roots party building work, arrange the team to actively participate in and organize thethree meetings & one lesson, and two studies & one practice of the village and the spirit of the party's 19thcongress special study activities to lay a good political foundation for the village's poverty alleviation and newrural construction work.(IV) Renovation of dilapidated buildings. Of the 22 dilapidated buildings to be renovated for poor households, 19have been accepted, and 3 are to be accepted.III. Counterpart assistance of Zhenneng Company on Xinpo Village, Shalang Town, Dianbai District, MaomingCity
1. Well ensure in preparing for the two-stage 2018 targeted poverty relief assessment in Dianbai District andMaoming City, successfully pass the two-stage poverty relief effectiveness assessment, and finally score 98 pointsin the Maoming municipal assessment.
2. Carry out partner assistance. According to personnel changes and work needs, timely adjust the personresponsible for partner assistance, and implement the "one-on-one" partner assistance requirements; Thoseresponsible for assistance should visit poor households at least once a quarter to understand the existing problems,analyze the causes, formulate and implement assistance measures, adhere to the combination of poverty relief andmotivation, daily assistance and temporary relief, material assistance and spiritual encouragement, continuouslyimprove the awareness of poor households, play their main roles, and achieve stable poverty alleviation throughtheir own efforts. Carry out the identification of poor households and new work. In 2019, Xinbei Village plans toadd 1 poor household. After the application of villager Liao Taohua's household (with a population of 3, secondaryphysical disability, no labor force, 8-year-old boy and 5-year-old boy) of Xinbei Zhaixia Village, the siteinspection by the village two committees and the poverty alleviation team stationed in the village, the discussionat the meeting of the village two committees, the voting at the villagers' congress, the publicity at the village leveland other procedures, Xinbei Village submitted relevant materials to the poverty relief office of Shalang Town onJune 3 and has now entered the publicity stage at the township level. In addition, in mid-June, the Social AffairsOffice of Shalang Town has been urged to submit materials to the higher authorities to include Liao Taohua's twosons in the minimum living allowance. They are with no labor force, thus should be guaranteed for living by theGuangdong Development Bank Maoming Branch in form of partner assistance.
3. Poverty Relief Industrial Park. According to the work plan, from April 2019, the leek industrial park (60 mu) inXinbei Village will be transformed into pomegranate industrial park (50 mu). It is planned to invest 300,000 yuanin 2019 to plant red heart guava, which will bear fruits in the beginning of 2020, with a planting duration of 10years. By June 30, 2019, land leveling, planting and the first weeding have been completed. The construction ofwater and fertilizer integration is almost completed, with an investment of more than 180,000 yuan.
4. Poverty relief condolences. On the eve of the Spring Festival and July 1, support units and support responsiblepersons are organized to visit poor households in the village and send gifts and holiday greetings.
5. Organize people with working ability in some poor households to participate in the car beauty related businessskills training in Shalang Town, to improve the skill level of poor workers; On the other hand, mobilize and assistpoor workers to participate in job fairs organized by Dianbai District, to go out for work or to find jobs nearby, soas to raise their incomes through active working. Follow up the provision of public welfare posts and theimplementation of relevant treatment.IV. Counterpart assistance of Zhanjiang Company on Waiyuan Village, Nanxing Town, Leizhou City
In the first half of 2019, the company's poverty relief staff, under the care and leadership of the company's partycommittee and in accordance with the unified arrangements of the provincial party committee, the provincialgovernment and Zhanjiang city, have carried out all kinds of poverty relief work in a down-to-earth and earnestmanner. The stationed working group has visited the poor households many times to understand the situation ofthe poor households, held meetings with all the village cadres to study the poverty relief work and worked outassistance measures. Now, all the projects for the poor households have been implemented and have yieldedbenefits. This is summarized as follows:
(I) Long-term poverty relief projects
1. The investment in photovoltaic power generation projects has been completed and has yielded benefits.
2. The investment in Guangdong Yujie Ecological Agriculture Development Co., Ltd. has been completed, andbegan to make profits in 2019.
3. The investment in Leizhou city grazing pig breeding integration industry has been completed, and began tomake profits in 2019.(II) Public welfare projects supported by Zhanjiang Power Company until the first half of 2019
1. Two villager drinking water construction projects, with an investment of 79,900 yuan.
2. Construction of sewage ditches and garbage ponds, with an investment of 62,000 yuan.
3. Sports facilities construction, with an investment of 124,000 yuan.
4. Construction of village committee and party building, with an investment of 110,000 yuan.
5. Renovation of dilapidated buildings for poor households, costing 38,000 yuan.
6. Festival condolences to poor households, costing 90,000 yuan.
(III) Work to be carried out in the first half of 2019
1. Organize and improve the poverty relief materials.
2. Organize to assist the village committee to carry out party building work.
3. Organize and hold eight poverty relief work meetings.
4. Organize and assist the village committee to carry out the rural revitalization work.
5. Organize to assist the village committee to carry out the "anti-crime" work.
6. Organize and assist village committees to carry out anti-drug work.
7. Organize to assist the village committee to carry out the "three demolitions and three clean-ups".
8. Organize party members to attend two party classes and six party day activities.
9. Visit poor households from time to time.
V. Counterpart assistance of Dapu Company on Xiamu Village, Fenglang Town, Dapu County, Meizhou CityIn 2019, the company continued to send a middle management officer as the first secretary to assist JianghaiSub-district Office in Haizhu District of Guangzhou to help Xiamu Village, Fenglang Town, Dabu County,Meizhou City, and carried out the following assistance work:
1. Solid Party building at the grass-roots level: It invested 29,500 yuan in the construction of the activity room fornew members of the village committee, purchased a number of office desks and chairs, and ensured to display thepublicity column for Party building and system on the wall;
2. Carry out activities to celebrate the 98th anniversary of the Party founding, offer condolences to four60-year-old Party members, and organize Party members to carry out revolutionary traditional education on thetheme of "Stay true to the mission, and keep in mind the mission";
3. Invest 21,000 yuan for the Spring Festival condolences of 70 poor households;
4. As of June 30, 2019, through dynamic management, the whole village has 70 poor households with 142 people,in which 65 households with 133 people completed the poverty alleviation, accounting for 93.7% of the
poverty-stricken population. Among them, there are 19 people from 8 general poor households, 15 people from 15households with five living guarantees and 99 people from 42 households with minimum living guarantees.
VI. Counterpart assistance of Zhanjiang Wind Power Co., Ltd. on Houhai Village, Xinliao Town, Xuwen CountyIn the first half of 2019, Zhanjiang Wind Power Company will continue to carry out targeted poverty relief workin Houhai Village, Xinliao Town, Xuwen County, and Shuitou Village, He'an Town (serving as the partyconstruction instructor in the village). Under the strong leadership of the Party committee at the higher level, thestrong cooperation of the cadres of the "two committees" in the village and the efforts of the stationed team,various poverty relief projects have been actively implemented for poor households, and the utilization rate ofspecial funds for poverty relief in provinces and cities has reached 100%. In addition, self-raised funds fromsupport units are used to help poor households and village collectives to solve practical difficulties. In addition, inorder to achieve targeted policy implementation, targeted assistance, fully reflect the characteristics of onepolicy for one family, and actively explore highlights, thus affecting and driving the poor households around tofind ways to increase their income, achieve stable poverty alleviation and prosperity, and achieved remarkableresults. As of June 30, 2019, there were 95 poor households and 368 poor people in Houhai village. 337 peoplefrom 89 households have completed poverty alleviation, reaching the poverty alleviation standard, accounting for
91.58% of 368 poor people in Houhai Village, achieving good phased results, which has been fully affirmed andpraised by the higher party committee. Under the leadership of the town party committee, the party constructioninstructors closely rely on the village party organizations to guide the party construction work, publicize policiesand regulations, and collect social conditions and public opinions, effectively promoting the construction ofgrass-roots party organizations and providing strong support for targeted poverty relief work.
(3)Targeted Poverty Alleviation Result
| Index | Measurement unit | Quantity / Status |
| I. General situation | —— | —— |
| Thereinto： 1.Capital | Ten thousands | 243.65 |
| 2. Cash supplies | Ten thousands | 4.82 |
| 3. Ecological protection to poverty alleviation | Person | 1,028 |
| II.Breakdown Input | —— | —— |
| 1. Poverty alleviation by industrial development | —— | —— |
| Among them: 1.1 Project type of poverty alleviation by industrial development | —— | Poverty Alleviation by agriculture and forestry; poverty alleviation through tourism; poverty alleviation from asset income |
| 1.2 Number of poverty alleviation projects in industrial development | Person | 4 |
| 1.3 Investment amount of industrial development poverty alleviation project | Ten thousands | 19 |
| 1.4 The number of poverty population who had been helped to create a file | Person | 195 |
| 2. Poverty alleviation by transfer employment | —— | —— |
| Among them: 2.1 Investment amount of vocational skill training | Ten thousands | 0.5 |
| 2.2 Number of people of vocational skill training | Person | 45 |
| 2.3 Quantity of employment of poverty population who had been helped create a file | Person | 36 |
| 3. Poverty alleviation by relocation | —— | —— |
| 4. Educational poverty alleviation | —— | —— |
| Among them: 4.1 Investment amount of subsidizing poverty students | Ten thousands | 10.21 |
| 4.2 Number of subsidized poverty students | Person | 51 |
| 4.3 Improving the investment amount for education in poor areas | Ten thousands | 0.3 |
| 5. Health poverty alleviation | —— | —— |
| Among them: 5.1 Investment amount for medical and health resources in poor areas | Ten thousands | 1.44 |
| 6. Ecological protection poverty alleviation | —— | —— |
| Among them:6.1 Project type | —— | We will carry out ecological protection and development |
| 6.2 Investment amount | Ten thousands | 6.27 |
| 7. Guarantee of all the details | —— | —— |
| 8. Social poverty alleviation | —— | —— |
| 9. Other projects | —— | —— |
| Among them: 9.1 Number of project | a | 9 |
| 9.2 Investment amount | Ten thousands | 126.75 |
| 9.3 Number of poverty population who had been helped to create a file | Person | 563 |
| III. Awards (Content and level) | —— | —— |
（4）Subsequent targeted poverty alleviation program
The Company will continue to implement the relevant provincial, municipal and county regulations on targetedpoverty alleviation, adjust measures to local conditions, and explore an accurate path for targeted povertyalleviation. Firstly, it will continue to strengthen the Party's style of work, promote the "two committees" in thevillages to strengthen ideological construction. Secondly, it will improve its ability by learning, continue to learnthe spirit of Comrade Xi Jinping's series of important speeches, the spirit of targeted poverty alleviationdocuments, the relevant business knowledge of poverty alleviation, the ways and means of dealing with themasses, and further improve its ability to solve problems for the masses. Thirdly, prioritize the tasks and promotetheir implementation. All poverty alleviation working groups will continue to focus on the core of targeted povertyalleviation, seize the core work of poverty alleviation and carry out and implement relevant work in an all-roundand coordinated manner. For poverty alleviation projects and village collective projects that are included in theestablishment of cards for archives, the support of relevant departments is actively sought in accordance with theestablished objectives and tasks, to assist the villages and poor households in implementing poverty alleviationprojects, and ensure the full completion of poverty alleviation objectives and tasks in a pragmatic manner.
XVI.Other material events
√ Applicable □Not applicable
| Summary of important matters | Name | Date of disclosure | Website for disclosure |
| Since January 1, 2019, the company has adjusted the depreciation period of fixed assets of Shajiao A Power Plant. The net profit attributable to the parent company is expected to decrease by about 174 million yuan in 2019, and 49 million yuan annually from 2020 to 2023, and the owners' equity attributable to the parent company is expected to decrease by about 174 million yuan in 2019 and 49 million yuan annually from 2020 to 2023. | Announcement of the adjustment of depreciation period of fixed assets in Shajiao A Power plant | January 26,2019 | http//.www.cninfo.com.cn |
| In order to further promote the Company's large-scale development of offshore wind power in Guangdong Province and in the southeast coast, the Board of directors agreed to invest in Zhuhai Jinwan offshore wind farm project (300,000 kilowatts), with a total dynamic investment of RMB 5643.17 million-of which the capital is RMB 1128.634 | Announcement on Investment and Construction of Zhuhai Jinwan Offshore Wind Power Project | January 26,2019 | http//.www.cninfo.com.cn |
| million-accountting for 20% of the total dynamic investment-that shall be appropriated by the Company. | |||
| The Company's 2019 daily related party transactions are approved and implemented by the 2019 first extraordinary shareholders' meeting held on February 21, 2019. | Estimates announcement of the Daily Related Party Transactions of 2019 | 2 January 26,2019 | http//.www.cninfo.com.cn |
| The controlling shareholder-Guangdong GuangDong Energy Group Co., Ltd. has been changed to “Guangdong Energy Group Co., Ltd” from the date of February 18,2019. Except for the above change, other business registration items remained unchanged. The above matter does not involve changes in the shareholding of the controlling shareholder and does not affect the Company's business activities. The controlling shareholder and the actual controller of the Company remain unchanged. | Announcement on Change of Controlling Shareholder Name | February 18,2019 | http//.www.cninfo.com.cn |
| Mr. Zhou Xi'an, the former director of the company, ceased to hold the post of director of the company due to job changes. After the election of the first extraordinary shareholders' meeting in 2019 held on February 21, 2019, Mr. Yan Ming served as a director of the Company. | Announcement of Resolutions of the First provisional shareholders' general meeting of Guangdong Electric Power Development Co., Ltd. of 2019 | February 22,2019 | http//.www.cninfo.com.cn |
| The company bonds - "12 Yudean Bonds", completed the annual interest payment for 2019 on March 18, 2019. | Announcement of Concerning Payment of Corporate “12 Yudean Bonds” Interest of 2019 | March 12, 2019 | http//.www.cninfo.com.cn |
| On April 1, 2019,The controlling subsidiary- Guangdong Huizhou Pinghai Power Generation Plant Co., Ltd. that it received a set of legal documents such as Notice of Appearance, Summon and Complaint for Civil Action, issued by Intermediate People's Court of Huizhou City, Guangdong Province, concerning Guangdong Thermal Power Engineering Co., Ltd. of China Energy Engineering Corporation suing Pinghai Power Plant for a dispute over a construction contract. | Announcement on concerning subsidiaries involved in major Litigation | April 4, 2019 | http//.www.cninfo.com.cn |
| According to the Ministry of Finance's Notice on Revising and Issuing the Format of Financial Statements for General Enterprises in 2018 (CK [2018] No.15) and notices on the relevant accounting standards for new financial instruments, the company's accounting policies will be changed. | Announcement on changes in Accounting Policy | April 12,2019 | http//.www.cninfo.com.cn |
| In order to actively implement the decision-making arrangements of “promoting the decommissioning of Shajiao Power Plant Units on schedule, doing a good job in the construction of alternative power supply of natural gas power and so on” by the Guangdong Provincial Party Committee and the provincial government, and for accelerating the work related to the alternative power supply project in Dongguan Ningzhou site, The company has established the Ningzhou site alternative power supply project company in Dongguan in a wholly-owned manner, with its registered place in Humen Town of Dongguan City, and its initial registered capital is 30 million yuan. The project company will carry out the preliminary work of the Ningzhou project according to the requirements approved by the project, and the cost will be controlled at 19.6 million yuan. | Announcement on the External Investment of the Company to Establish the Dongguan Ningzhou Site Alternative Power Project Company | June 12,2019 | http//.www.cninfo.com.cn |
XVII. Material events of subsidiaries
√ Applicable □Not applicable
The company's holding subsidiary, Guangdong Yudean Pinghai Power Plant Co., Ltd, received the“Administrative Punishment Decision” issued by the Guangdong Provincial Ocean & Fisheries Bureau onNovember 14, 2016 (No. 019-2016 Yuehai Executive Punishment), and the punishment decision “ordered Pinghaito return the illegally occupied sea areas and restore the sea areas to their original state, and sentenced 10 timesfines to the use fees of sea areas that shall be imposed within the period of that illegally occupied 16.3947 hectares,amounted to RMB 172,144,350.00” for that Pinghai Power Plant carried out the site leveling and bank protectionwork of Pinghai power plant without approval and did the reclamation of 16.3947 hectares and its behaviorviolated the provisions of Article 3 of the Law of the People's Republic of China on the Administration of the Useof Sea areas. Based on the audited net profit of RMB 3.238 billion attributable to the shareholders of the parentcompany in 2015, the amount involved in the above-mentioned administrative penalty affects the net profitattributable to shareholders of the parent company of about 77.4 million-which accounts for 2.39% of the netprofit of the most recently audited period.Pinghai Power Plant disagreed with the punishment measures of the “Administrative Punishment Decision" andapplied for administrative reconsideration to the People's Government of Guangdong Province on January 16,2017 in accordance with Article 6 of the "Administrative Reconsideration Law of the People's Republic of China".On June 16, 2017, the People's Government of Guangdong Province issued a decision on the administrativereconsideration, which stated “According to the provisions of Item 1 of Paragraph 1 of Article 28 of theAdministrative Reconsideration Law of the People's Republic of China, the Administrative Punishment Decision(No. 019-2016 Yuehai Executive Punishment) made by the respondent’s Provincial Department of Ocean andFisheries is maintained.” Pinghai Power Plant disagreed with the aforementioned administrative reconsiderationdecision and filed an administrative litigation to the Guangzhou Maritime Court on July 18, 2017. On December28, 2017, the Guangzhou Maritime Court issued an administrative decision, stated “In accordance with theprovisions of Article 69 of the Administrative Procedure Law of the People's Republic of China, the decision is asfollows: the claim of the plaintiff Guangdong Huizhou Pinghai Power Plant Co., Ltd was rejected”. Pinghai PowerPlant disagreed with the verdict, and lodged an appeal to the Guangdong Provincial Higher People's Court againstthe verdict, which has not yet been determined. According to the net profit of RMB 937 million attributable toshareholders of the parent company in the previous year (2016), the amount involved in the above lawsuit affectsthe net profit attributable to shareholders of the parent company of approximately RMB 77.4 million, whichaccounts for approximately 8.26 % of the net profit of the most recently audited period, which does not constitutea major impact on the Company.
As of the disclosure date of this report, the above-mentioned administrative punishment and the administrativelitigation matter are still in the process of multi-party communication and coordination. According to the “AssetPurchase Agreement by Share Issuance” signed between Energy Group and the Company in 2012, Energy Groupshall compensate the Company for the actual loss caused by the above-said matter in accordance with the result ofthe matter.
2. Guangdong Yudean Pinghai Power General Plant Co., Ltd., a controlling subsidiary of the Company, receivedthe Decision on Administrative Punishment (YHDCF [2019] No.042-1) issued by Huidong County Oceanic andFishery Bureau on November 13, 2018. The act of illegally occupying 1.2813 hectares of sea area by Pinghai
Power Plant to construct a sand barrier violated the provisions of the second paragraph of Article 3 of the Law ofthe People's Republic of China on the Use of Sea Areas and the decision was that "It is ordered to return theillegally occupied sea area, restore the sea area to its original state, and imposed an administrative penalty of RMB11,531,700". According to the Company's audited net profit attributable to the shareholders of the parent companyof 743 million yuan in 2017, the amount of the above administrative penalty affects the net profit attributable tothe shareholders of the parent company of about 5,189,300 yuan, accounting for about 0.7% of the latest auditednet profit. Pinghai Power Plant refused to accept the punishment measures in the Decision on AdministrativePunishment and filed an application for administrative reconsideration.On April 7, 2019, Huidong County People's Government issued the Administrative Reconsideration Decision(HDFXF [2019] No.2), maintaining the original decision of Huidong County Bureau of Ocean and Fisheries onadministrative punishment. Pinghai Power Plant refused to accept the above-mentioned administrativereconsideration decision and brought an administrative lawsuit to Guangzhou Maritime Court on April 29, 2019.Guangzhou Maritime Court held a hearing on June 12, 2019. No judgment has yet been reached.
As of the disclosure date of this report, the above-mentioned administrative punishment and the administrativelitigation matter are still in the process of multi-party communication and coordination. According to the “AssetPurchase Agreement by Share Issuance” signed between Energy Group and the Company in 2012, Energy Groupshall compensate the Company for the actual loss caused by the above-said matter in accordance with the result ofthe matter.
VI. Change of share capital and shareholding of Principal
ShareholdersI. Changes in share capital
1. Changes in share capital
In shares
| Before the change | Increase/decrease（+，-） | After the Change | |||||||
| Amount | Proportion | Share allotment | Bonus shares | Capitalization of common reserve fund | Other | Subtotal | Quantity | Proportion | |
| I. Share with conditional subscription | 1,897,968,946 | 36.15% | 1,897,968,946 | 36.15% | |||||
| 2. State-owned legal person shares | 1,893,342,621 | 36.06% | 1,893,342,621 | 36.06% | |||||
| 3.Other domestic shares | 4,626,325 | 0.09% | 4,626,325 | 0.09% | |||||
| Of which：Domestic legal person shares | 4,620,666 | 0.09% | 4,620,666 | 0.09% | |||||
| Domestic natural person shares | 5,659 | 0% | 5,659 | 0% | |||||
| II. Shares with unconditional subscription | 3,352,315,040 | 63.85% | 3,352,315,040 | 63.85% | |||||
| 1.Common shares in RMB | 2,553,907,040 | 48.64% | 2,553,907,040 | 48.64% | |||||
| 2.Foreign shares in domestic market | 798,408,000 | 15.21% | 798,408,000 | 15.21% | |||||
| III. Total of capital shares | 5,250,283,986 | 100% | 5,250,283,986 | 100% | |||||
Reasons for share changed
□Applicable √Not applicable
Approval of Change of Shares
□Applicable √Not applicable
Ownership transfer of share changes
□Applicable √Not applicable
Progress on any share repurchase:
□ Applicable √ Not applicable
Progress on reducing the repurchased shares by means of centralized bidding:
□ Applicable √ Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable tocommon shareholders of Company in latest year and period
□ Applicable √ Not applicable
Other information necessary to disclose for the company or need to disclosed under requirement from securityregulators
□ Applicable √Not applicable
2. Change of shares with limited sales condition
□ Applicable √Not applicable
Ⅱ.Issuing and listing
□ Applicable √Not applicable
III. Shareholders and shareholding
In Shares
| Total number of common shareholders at the end of the reporting period | 98,303 | Total number of preferred shareholders that had restored the voting right at the end of the reporting period (if any) (note 8) | 0 | |||||||||||
| Particulars about shares held above 5% by shareholders or top ten shareholders | ||||||||||||||
| Shareholders | Nature of shareholder | Proportion of shares held（%） | Number of shares held at period -end | Changes in reporting period | Amount of restricted shares held | Amount of un-restricted shares held | Number of share pledged/frozen | |||||||
| State of share | Amount | |||||||||||||
| Guangdong Energy Group Co., Ltd. | State-owned legal person | 67.39% | 3,538,005,285 | 1,893,342,621 | 1,644,662,664 | |||||||||
| China Securities Finance Co., Ltd. | State-owned legal person | 2.84% | 148,862,420 | |||||||||||
| Shenzhen Guangfa Electric Power Investment Co., Ltd. | State-owned legal person | 2.22% | 116,693,602 | |||||||||||
| Guangdong Electric Power Development Corporation | State-owned legal person | 1.80% | 94,367,341 | |||||||||||
| Li Zhuo | Domestic Natural person | 0.61% | 31,932,923 | 390,600 | ||||||||||
| Zheng Jianxiang | Domestic Natural person | 0.43% | 22,625,098 | 57,400 | ||||||||||
| Harbin Hali Industry Co., Ltd. | Domestic Non-State owned legal person | 0.41% | 21,758,045 | 815,400 | ||||||||||
| National Social Security Fund 103 portfolio | Domestic Non-State owned legal person | 0.36% | 18,994,982 | -6,000,000 | ||||||||||
| CHINA INT'L CAPITAL CORP HONG KONG SECURITIES LTD | Overseas Legal person | 0.29% | 15,316,066 | |||||||||||
| Harbin Daoli District Charity Foundation | Domestic Non-State owned legal person | 0.26% | 13,730,793 | 7,900 | ||||||||||
| Explanation on associated relationship among the aforesaid shareholders | The fourth largest shareholder Guangdong Electric Power Development Corporation is the wholly-owned subsidiaries of the largest shareholder Energy Group. These two companies have relationships; whether the other shareholders have relationships or unanimous acting was unknown | |||||||||||||
| Shareholding of top 10 shareholders of unrestricted shares | ||||||||||||||
| Name of the shareholder | Quantity of unrestricted shares held at the end of the reporting period | Share type | ||||||||||||
| Share type | Quantity | |||||||||||||
| Guangdong Energy Group Co., Ltd. | 1,644,662,664 | RMB Common shares | ||||||||||||
| China Securities Finance Co., Ltd. | 148,862,420 | RMB Common shares | ||||||||||||
| Shenzhen Guangfa Electric Power Investment Co., Ltd. | 116,693,602 | RMB Common shares | |
| Guangdong Electric Power Development Corporation | 94,367,341 | RMB Common shares | |
| Li Zhuo | 31,932,923 | RMB Common shares | |
| Zheng Jianxiang | 22,625,098 | Foreign shares placed in domestic exchange | |
| Harbin Hali Industry Co., Ltd. | 21,758,045 | RMB Common shares | |
| National Social Security Fund 103 portfolio | 18,994,982 | RMB Common shares | |
| CHINA INT'L CAPITAL CORP HONG KONG SECURITIES LTD | 15,316,066 | Foreign shares placed in domestic exchange | |
| Harbin Daoli District Charity Foundation | 13,730,793 | RMB Common shares | |
| Explanation on associated relationship or consistent action among the top 10 shareholders of non-restricted negotiable shares and that between the top 10 shareholders of non-restricted negotiable shares and top 10 shareholders | The fourth largest shareholder Guangdong Electric Power Development Corporation is the wholly-owned subsidiaries of the largest shareholder Energy Group. These two companies have relationships; whether the other shareholders have relationships or unanimous acting was unknown. | ||
| Explanation on shareholders participating in the margin trading business(if any )(See Notes 4) | The Fifth largest shareholder Li Zhuo holds425,600 A shares of the Company through A shares ordinary stock account, and holds 31,507,323A shares of the Company through stock account with credit transaction and guarantee, hold31,932,923 shares of the Company's stock totally. The seventh largest shareholder Harbin Hali Industry Co., Ltd. holds815,400 A shares of the Company through A shares ordinary stock account, and holds 20,942,645A shares of the Company through stock account with credit transaction and guarantee, hold21,758,045 shares of the Company's stock totally. The Tenth largest shareholder Harbin Daoli District Charity Foundation holds80,187 A shares of the Company through A shares ordinary stock account, and holds 13,650,606A shares of the Company through stock account with credit transaction and guarantee, hold 13,730,793 shares of the Company's stock totally. | ||
Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have abuy-back agreement dealing in reporting period.
□ Yes √ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Companyhave no buy –back agreement dealing in reporting period.IV. Change of the controlling shareholder or the actual controllerChange 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.
VII. Situation of the Preferred Shares
□Applicable √Not applicable
The Company had no preferred shares in the reporting period
VIII. Information about Directors, Supervisors and Senior ExecutivesI. Change in shares held by directors, supervisors and senior executives
□Applicable √Not applicable
There was no change in shareholding of directors, supervisors and senior management staffs, for the specificinformation please refer to the 2018 Annual Report.II. Changes in directors, supervisors and senior management staffs
√ Applicable □ Not applicable
| Name | Title | Type | Date | Reason |
| Yan Ming | Director | Elected | February 21,2019 | Elected as Director of the Ninth Board of directors of the Company by the First Provisional General shareholder’s Meeting of 2019 |
| Zhou Xian | Director | Dismissal | February 21,2019 | Job changes |
IX. Corporate BondWhether the company has corporate bonds that have been publicly issued and listed on the stock exchange, and
not yet due or due but not folly cashed on the approval date of annual reportYes
1.Basic information of corporate bonds
| Bond name | Bond short name | Bond code | Issue day | Due day | Bond balance (Ten thousand ) | Interest rate | Servicing way |
| 2012 Corporate bonds of Guangdong Electric Power Development Co., Ltd.. | 12 Yudean Bond | 112162.SZ | March 18,2013 | March 17,2020 | 4,030.65 | 4.95% | Using simple interest rate on a yearly basis, regardless of compound interest. Due payments once a year, maturing debt at a time. In the final phase, interest is paid together with the principal redemption. |
| Corporate bonds listed or trading places | Shenzhen Stock Exchange | ||||||
| Investor Proper Arrangement | Not applicable | ||||||
| During the reporting period, interest payment situation of the company bonds | On March 19, 2019, the company paid the bond interest for the current year to all the current bondholders who have registered in China Securities Depository and Clearing Co., Ltd. Shenzhen Branch by the closing of Shenzhen Stock Exchange on the afternoon of March 15, 2019. | ||||||
| If the corporate bonds attached to special clauses to the issuer or the investors such as option clause and exchangeable clause, please specify the implementation status of the corresponding clauses. (When applicable) | The term of the current bonds is 7 years, attaching the option that the issuer will redeem at the end of the fifth year, the option that the issuer raises the coupon rate and the option that the investors will put back. The above terms and conditions have been implemented in 2018. For details, please refer to the company's "2018 Annual Report". | ||||||
2. Bond trustee and the credit rating agency information
| Bond trustee： | |||||||||
| Name | CITIC Securities Co., Ltd. | Office | 22/F, CITIC Securities Building , No.48. Liangmaqiao Road, Chaoyang District , Beijing | Contact | Song Yilan, Yang Xin | Tel | 010-60838888 | ||
| The credit rating agencies which follow and rate the corporate bond during the reporting period | |||||||||
| Name | CCXR | Office address | 8/F, Anji Building, No.760, Tibet South Road, Huangpu District, Shanghai. | ||||||
III. The usage of corporate bonds to raise money
| The usage and performance of raised funds from Corporate bonds | According to the relevant contents in the Prospectus of the Issuance of Bonds announced on March 14, 2013, the company planned to use RMB 820 million of the raised funds to repay the loans, thus to adjust the debt structure; the remaining RMB 380 million of the raised funds planned for supplementing the company’s liquidity, so as to improve the company’s funds status. |
| At the end of balance (Ten thousand) | 0 |
| Special fund raising account operation | The net amount of the funds raised by the bonds had been remitted to the company’s |
| designated bank account on March 20, 2013, of which the amount of RMB 820 million of the raised funds had been used for repaying the loans, so as to adjust the debt structure; the remaining RMB 380 million of the raised funds used for supplementing the company’s liquidity, so as to improve the company’s funds status. | |
| Whether the usage of the raised money corresponding to the purposes of promise, use plans, and other agreement | Yes |
IV.Corporate bond rating informationOn May 14, 2019, CCXR traced and analyzed the credit status of the company and the company’s bonds of“12-Yudean Bonds”, Finalized by the China Credit Rating Credit Rating Committee, maintained the credit rating of AAAfor the main body of the company, with a stable outlook; maintained the credit rating of AAA for the corporatebonds.(The rating results were disclosed on the website: http://www.ccxr.com.cn/, with the title of Tracking andRating Report for the 2012-Corpoprate Bonds of Guangdong Electric Power Development Co., Ltd(2019).V.Corporate bond credit mechanism, the debt repayment plans and other security measures
(1)The credit-raising mechanism: No guarantee of the company’s bonds. After the comprehensive assessment byCCXR, the credit rating of the main body of the company is AAA with a stable outlook, and the credit rating ofthe corporate bonds is AAA.
(2)The repayment plan: The interest of the bonds commenced from the date of March 18, 2013, and the interest ofthe bonds shall be paid once each year within the duration of the bonds after the commencement date of theinterest. The date of March 18 of each year in the period from 2014 to 2020 shall be the interest paying day forpaying the recent full year’s bond interests (If it is not a working day, the payment day will be postponed to thefirst working day after the day).During the reporting period, some investors exercised the put-back option. The put-back quantity of “12 YudeanDebt” was 11,596,935 sheets, and the put-back amount was RMB 1,217,087,933.25 (including interest). OnMarch 16, 2018, the company paid the principal and interest of some of the bonds of this “12 Yudean Debt” backto the designated bank account of China Securities Depository and Clearing Co., Ltd. Shenzhen Branch in fullamount, and paid to the investor’s fund account on March 16, 2018.The quantity of remaining bonds is 403,065 sheets, and the maturity date is March 18, 2020. The principal and thefinal interest will be paid at the expire date. and the corresponding principal and the last full year’s interest will berepaid.
(3) Safeguard measures for the repayment: in order to fully and effectively safeguard the interests of thebondholders, the company had made a series of work plans for the full repayment of the bonds that can beimplemented on time, including the designated department and personnel, arrangement of repaying the bonds,establishment of the management measures, doing good organization and coordination, strengthening theinformation disclosure and so on, strived to form a set of safeguard measures for ensuing the repayment of thebonds.
VI. During the reporting period the bondholder meetingDuring the reporting period, the company did not hold bondholders meeting.VII. During the reporting period the bond trustee perform his dutiesThe company’s bond trustee- CITIC Securities Co., Ltd safeguarded the legal rights of the bond holders with inaccordance with the law and performed the obligations stipulated in the Prospectus of the Issuance of Bonds andother publicly disclosed documents, hence continuously followed up and acquainted the relevant information ofthe company during the entrusting period, issued and provided the regular report of the bond trustee, with inaccordance with the company’s information being followed up and acquainted.During the reporting period, CITIC Securities Co., Ltd issued the Report of the 2012 Corporate Bonds Trustee forGuangdong Electric Power Development Co., Ltd(year of 2018) on May 9, 2019, and the report was disclosed onthe cninf website on May 10, 2019 by the company.VIII.During the reporting period, the company's major accounting data and financial indicators for last 2 years
Ten Thousands yuan
| Items | 2018 | 2017 | At the same time rate of change |
| Current ratio | 60.28% | 62.89% | -2.61% |
| Debt ratio | 55.92% | 57.02% | -1.10% |
| Quick ratio | 46.63% | 47.35% | -0.72% |
| Reporting period | The same period of last year | At the same time rate of change | |
| EBITDA interest coverage ratio | 2.41 | 2.56 | -5.86% |
| Loans repayment rate | 100 % | 100 % | 0 % |
| Interest payment rate | 100 % | 100 % | 0 % |
The material reasons for the changed ratio of the accounting data or financial indicators exceeds 30% over the lastyear
□ Applicable √Not applicable
IX. The company fails to repay the debt
□ Applicable √ Not applicable
No such cases in the reporting period.X. Information about the repayment of interest and principal for other bonds or debt financing instruments
1. the Company publicly issued 12 Yudean bonds to the public with a nominal amount of RMB 1,200,000,000 anda term of 5+2 years. It is a kind of real-name book-entry corporate bonds. The interest paid back during thereporting period was RMB 1,995,172.
2.The Company issued 18 Yudean MTN001 on August 24, 2018, with an issue amount of RMB 800,000,000 for aperiod of 3 years. During the reporting period, the Company repaid the principal and interest of RMB 0.
3.The Company issued 18 Yudean SCP002 on August 24, 2018, with an issue amount of RMB 600,000,000 for aperiod of 180 days. During the reporting period, the Company repaid the principal and interest ofRMB610,652,055.
4.The Company issued 18 Yudean SCP004 on December 27, 2018, with an issue amount of RMB 500,000,000 fora period of 152 days. During the reporting period, the Company repaid the principal and interest ofRMB506,413,151.
5.The Company issued 18 Yudean SCP001 on February 18, 2019, with an issue amount of RMB 600,000,000 fora period of 180 days. During the reporting period, the Company repaid the principal and interest of RMB0.
6.The Company issued 18 Yudean SCP002 on May 24, 2019, with an issue amount of RMB 600,000,000 for aperiod of 180 days. During the reporting period, the Company repaid the principal and interest of RMB0.XI.Information about the bank credit obtaining and use, as well as repayment of the bank loans during thereporting periodIn ther report period, the company signed an unconditional available bank amount limit of about RMB 47.299billion, of which the used amount limit was RMB 24.688 billion, thus the remaining available bank amount limitwas about RMB 22.611 billion. In this year, the company repaid bank loans of about RMB7.932 billion, and thebalance of bank loans was RMB 26.804 billion.XII. Information about fulfillment of the stipulations or commitments specified in the Prospectus of the issuanceof the bonds during the reporting periodThe company had committed to pay the principal and interests to the bondholders according to the stipulations ofthe prospectus of “Yudean Bonds” issuance. During the reporting period, the company strictly fulfilled the abovecommitments. On March 18, 2019, and paid the bond interest to all the current bondholders who have registeredin China Securities Depository and Clearing Co., Ltd. Shenzhen Branch by the closing of Shenzhen StockExchange on the afternoon of March 15, 2019.XIII. Major events occurred during the reporting periodNilXIV. Whether the corporate bonds have a guarantor
□ Yes √No
X. Financial ReportI. Audit reportHas this semi-annual report been audited?
□ Yes √ No
The semi-annual financial report has not been audited.II. Financial statementsCurrency unit for the statements in the notes to these financial statements: RMB
1. Consolidated balance sheet
Prepared by：Guangdong Electric Power Development Co., Ltd.
In RMB
| Items | June 30,2019 | December 31,2018 |
| Current asset： |
| Monetary fund | 5,199,734,595 | 5,574,382,892 |
| Settlement provision | ||
| Outgoing call loan | ||
| Transactional financial assets | 37,203 | |
| Financial assets measured at fair value with variations accounted into current income account | ||
| Derivative financial assets | ||
| Notes receivable | ||
| Account receivable | 3,264,118,313 | 3,358,331,949 |
| Financing of receivables | ||
| Prepayments | 844,155,255 | 906,261,046 |
| Insurance receivable | ||
| Reinsurance receivable | ||
| Provisions of Reinsurance contracts receivable | ||
| Other account receivable | 298,620,587 | 222,976,826 |
| Including：Interest receivable | 23,038,895 | 18,856,569 |
| Dividend receivable | ||
| Repurchasing of financial assets | ||
| Inventories | 1,812,173,995 | 1,481,817,270 |
| Contract assets | ||
| Assets held for sales | ||
| Non-current asset due within 1 year | ||
| Other current asset | 309,914,282 | 617,853,476 |
| Total of current assets | 11,728,754,230 | 12,161,623,459 |
| Non-current assets： | ||
| Loans and payment on other’s behalf disbursed | ||
| Debt investment | ||
| Available for sale of financial assets | 1,565,806,331 | |
| Other investment on bonds | ||
| Expired investment in possess | ||
| Long-term receivable | 90,938,922 | 89,762,071 |
| Long term share equity investment | 6,495,819,304 | 6,395,134,754 |
| Other equity instruments investment | 1,720,652,013 | |
| Other non-current financial assets | ||
| Property investment | 10,097,905 | 10,810,722 |
| Fixed assets | 40,097,107,758 | 41,157,594,848 |
| Construction in progress | 8,373,522,376 | 7,740,754,343 |
| Production physical assets | ||
| Oil & gas assets | ||
| Use right assets | ||
| Intangible assets | 1,845,115,425 | 1,863,588,771 |
| Development expenses | ||
| Goodwill | 2,449,886 | 2,449,886 |
| Long-germ expenses to be amortized | 20,482,276 | 22,089,179 |
| Deferred income tax asset | 456,618,087 | 448,431,684 |
| Other non-current asset | 2,046,484,303 | 1,871,616,258 |
| Total of non-current assets | 61,159,288,255 | 61,168,038,847 |
| Total of assets | 72,888,042,485 | 73,329,662,306 |
| Current liabilities | ||
| Short-term loans | 6,916,200,000 | 7,526,000,000 |
| Loan from Central Bank | ||
| Borrowing funds | ||
| Transactional financial liabilities | ||
| Financial liabilities measured at fair value with variations accounted into current income account | ||
| Derivative financial liabilities | ||
| Notes payable | 1,247,696,862 | 941,161,107 |
| Account payable | 2,251,908,661 | 2,196,600,415 |
| Advance receipts | 292,713 | 343,894 |
| Selling of repurchased financial assets | ||
| Deposit taking and interbank deposit | ||
| Entrusted trading of securities | ||
| Entrusted selling of securities | ||
| Employees’ wage payable | 251,270,338 | 235,741,179 |
| Tax payable | 489,590,123 | 397,001,706 |
| Other account payable | 3,842,521,518 | 4,152,518,495 |
| Including：Interest payable | 147,098,684 | 59,316,077 |
| Dividend payable | 9,796,594 | 9,703,930 |
| Fees and commissions payable | ||
| Reinsurance fee payable | ||
| Contract Liabilities | ||
| Liabilities held for sales | ||
| Non-current liability due within 1 year | 3,249,068,381 | 2,779,347,654 |
| Other current liability | 1,207,789,479 | 1,107,904,110 |
| Total of current liability | 19,456,338,075 | 19,336,618,560 |
| Non-current liabilities： | ||
| Reserve fund for insurance contracts | ||
| Long-term loan | 17,660,996,020 | 18,802,292,664 |
| Bond payable | 798,457,333 | 838,326,742 |
| Including：preferred stock | ||
| Sustainable debt | ||
| Lease liability | ||
| Long-term payable | 2,267,578,098 | 2,311,513,249 |
| Long-term remuneration payable to staff | 107,427,012 | 122,913,388 |
| Expected liabilities | ||
| Deferred income | 132,740,704 | 133,043,646 |
| Deferred income tax liability | 167,777,137 | 100,726,841 |
| Other non-current liabilities | 166,405,569 | 166,405,569 |
| Total non-current liabilities | 21,301,381,873 | 22,475,222,099 |
| Total of liability | 40,757,719,948 | 41,811,840,659 |
| Owners’ equity | ||
| Share capital | 5,250,283,986 | 5,250,283,986 |
| Other equity instruments | ||
| Including：preferred stock | ||
| Sustainable debt | ||
| Capital reserves | 5,102,846,886 | 5,102,846,886 |
| Less：Shares in stock | ||
| Other comprehensive income | 607,522,715 | 550,010,133 |
| Special reserve | ||
| Surplus reserves | 8,245,767,593 | 7,834,155,143 |
| Common risk provision | ||
| Retained profit | 5,344,946,034 | 5,490,006,140 |
| Total of owner’s equity belong to the parent company | 24,551,367,214 | 24,227,302,288 |
| Minority shareholders’ equity | 7,578,955,323 | 7,290,519,359 |
| Total of owners’ equity | 32,130,322,537 | 31,517,821,647 |
| Total of liabilities and owners’ equity | 72,888,042,485 | 73,329,662,306 |
Legal representative ：Wang JinPerson-in-charge of the accounting work：Liu WeiPerson-in -charge of the accounting organ：Meng Fei
2. Balance sheet of Parent Company
In RMB
| Items | June 30,2019 | December 31, 2018 |
| Current asset： | ||
| Monetary fund | 438,191,159 | 385,577,463 |
| Transactional financial assets | 37,203 | |
| Financial assets measured at fair value with variations accounted into current income account | ||
| Derivative financial assets | ||
| Notes receivable | ||
| Account receivable | 225,163,808 | 264,537,475 |
| Financing of receivables | ||
| Prepayments | 47,036,819 | 44,826,500 |
| Other account receivable | 94,567,387 | 375,296,228 |
| Including：Interest receivable | 700,566 | 1,121,522 |
| Dividend receivable | 447,956 | |
| Inventories | 159,909,737 | 187,058,140 |
| Contract assets | ||
| Assets held for sales |
| Non-current asset due within 1 year | ||
| Other current asset | 199,679 | 199,679 |
| Total of current assets | 965,105,792 | 1,257,495,485 |
| Non-current assets： | ||
| Debt investment | ||
| Available for sale of financial assets | 1,565,806,331 | |
| Other investment on bonds | ||
| Expired investment in possess | ||
| Long-term receivable | 306,460,000 | 306,460,000 |
| Long term share equity investment | 25,698,970,548 | 24,699,820,321 |
| Other equity instruments investment | 1,720,652,013 | |
| Other non-current financial assets | ||
| Property investment | 7,343,242 | 7,661,041 |
| Fixed assets | 842,115,992 | 978,022,437 |
| Construction in progress | 12,665,153 | 9,394,075 |
| Production physical assets | ||
| Oil & gas assets | ||
| Use right assets | ||
| Intangible assets | 84,959,102 | 86,681,362 |
| Development expenses | ||
| Goodwill | ||
| Long-germ expenses to be amortized | ||
| Deferred income tax asset | ||
| Other non-current asset | 356,004,000 | 356,004,000 |
| Total of non-current assets | 29,029,170,050 | 28,009,849,567 |
| Total of assets | 29,994,275,842 | 29,267,345,052 |
| Current liabilities | ||
| Short-term loans | 1,500,000,000 | 1,500,000,000 |
| Transactional financial liabilities | ||
| Financial liabilities measured at fair value with variations accounted into current income account | ||
| Derivative financial liabilities | ||
| Notes payable | ||
| Account payable | 155,190,455 | 223,827,319 |
| Advance receipts | ||
| Contract Liabilities | ||
| Employees’ wage payable | 46,544,032 | 53,346,100 |
| Tax payable | 46,340,743 | 48,590,195 |
| Other account payable | 114,622,158 | 98,528,954 |
| Including：Interest payable | 31,200,062 | 15,787,356 |
| Dividend payable | 9,796,594 | 9,703,930 |
| Liabilities held for sales | ||
| Non-current liability due within 1 year | 40,284,563 | |
| Other current liability | 1,207,789,479 | 1,107,904,110 |
| Total of current liability | 3,110,771,430 | 3,032,196,678 |
| Non-current liabilities： | ||
| Long-term loan | 1,500,000,000 | 1,500,000,000 |
| Bond payable | 798,457,333 | 838,326,742 |
| Including：preferred stock | ||
| Sustainable debt | ||
| Lease liability | ||
| Long-term payable | 3,025,750 | 4,340,898 |
| Long-term remuneration payable to staff | 30,668,978 | 32,170,769 |
| Expected liabilities | ||
| Deferred income | 48,362,943 | 48,362,943 |
| Deferred income tax liability | 166,511,917 | 99,461,621 |
| Other non-current liabilities | ||
| Total non-current liabilities | 2,547,026,921 | 2,522,662,973 |
| Total of liability | 5,657,798,351 | 5,554,859,651 |
| Owners’ equity | ||
| Share capital | 5,250,283,986 | 5,250,283,986 |
| Other equity instruments | ||
| Including：preferred stock | ||
| Sustainable debt | ||
| Capital reserves | 5,605,794,601 | 5,605,794,601 |
| Less：Shares in stock | ||
| Other comprehensive income | 607,522,715 | 550,010,133 |
| Special reserve | ||
| Surplus reserves | 8,245,767,593 | 7,834,155,143 |
| Retained profit | 4,627,108,596 | 4,472,241,538 |
| Total of owners’ equity | 24,336,477,491 | 23,712,485,401 |
| Total of liabilities and owners’ equity | 29,994,275,842 | 29,267,345,052 |
3.Consolidated Income Statement
In RMB
| Item | Semi-annual of 2019 | Semi-annual of 2018 |
| I. Income from the key business | 12,874,181,250 | 13,894,985,179 |
| Incl：Business income | 12,874,181,250 | 13,894,985,179 |
| Interest income | ||
| Insurance fee earned | ||
| Fee and commission received | ||
| II. Total business cost | 12,036,981,919 | 13,213,530,804 |
| Incl：Business cost | 11,024,143,476 | 12,200,856,427 |
| Interest expense | ||
| Fee and commission paid | ||
| Insurance discharge payment | ||
| Net claim amount paid | ||
| Insurance policy dividend paid | ||
| Insurance policy dividend paid |
| Reinsurance expenses | ||
| Business tax and surcharge | 93,365,358 | 99,532,565 |
| Sales expense | 12,844,788 | 10,316,130 |
| Administrative expense | 270,884,804 | 270,794,513 |
| R & D expense | 347,523 | 912,371 |
| Financial expenses | 635,395,970 | 631,118,798 |
| Including：Interest expense | 664,009,453 | 657,904,963 |
| Interest income | 31,661,505 | 29,906,705 |
| Add：Other income | 39,472,856 | 17,030,759 |
| Investment gain（“-”for loss） | 304,451,356 | 291,018,592 |
| Including: investment gains from affiliates | 273,618,214 | 272,404,985 |
| Financial assets measured at amortized cost cease to be recognized as income | ||
| Gains from currency exchange | ||
| Net exposure hedging income | ||
| Changing income of fair value | 30,626 | |
| Credit impairment loss | -523,441 | |
| Impairment loss of assets | ||
| Assets disposal income | 388,507 | |
| III. Operational profit（“-”for loss） | 1,180,630,728 | 989,892,233 |
| Add ：Non-operational income | 5,293,187 | 52,608,901 |
| Less: Non-operating expense | 20,234,696 | 1,814,323 |
| IV. Total profit(“-”for loss) | 1,165,689,219 | 1,040,686,811 |
| Less：Income tax expenses | 309,835,930 | 307,767,578 |
| V. Net profit | 855,853,289 | 732,919,233 |
| (I) Classification by business continuity | ||
| 1.Net continuing operating profit | 855,853,289 | 732,919,233 |
| 2.Termination of operating net profit | ||
| (II) Classification by ownership | ||
| 1.Net profit attributable to the owners of parent company | 581,569,383 | 448,833,518 |
| 2.Minority shareholders’ equity | 274,283,906 | 284,085,715 |
| VI. Net after-tax of other comprehensive income | 57,512,582 | -46,851,817 |
| Net of profit of other comprehensive income attributable to owners of the parent company. | 57,512,582 | -46,851,817 |
| （I）Other comprehensive income items that will not be reclassified into gains/losses in the subsequent accounting period | 57,512,582 | |
| 1.Re-measurement of defined benefit plans of changes in net debt or net assets | ||
| 2.Other comprehensive income under the equity method investee can not be reclassified into profit or loss. | ||
| 3. Changes in the fair value of | 57,512,582 |
| investments in other equity instruments | ||
| 4. Changes in the fair value of the company’s credit risks | ||
| 5.Other | ||
| （II） Other comprehensive income that will be reclassified into profit or loss. | -46,851,817 | |
| 1.Other comprehensive income under the equity method investee can be reclassified into profit or loss. | ||
| 2. Changes in the fair value of investments in other debt obligations | ||
| 3.Gains and losses from changes in fair value available for sale financial assets | -46,851,817 | |
| 4. Other comprehensive income arising from the reclassification of financial assets | ||
| 5.Held-to-maturity investments reclassified to gains and losses of available for sale financial assets | ||
| 6. Allowance for credit impairments in investments in other debt obligations | ||
| 7. Reserve for cash flow hedges | ||
| 8.Translation differences in currency financial statements | ||
| 9.Other | ||
| Net of profit of other comprehensive income attributable to Minority shareholders’ equity | ||
| VII. Total comprehensive income | 913,365,871 | 686,067,416 |
| Total comprehensive income attributable to the owner of the parent company | 639,081,965 | 401,981,701 |
| Total comprehensive income attributable minority shareholders | 274,283,906 | 284,085,715 |
| VIII. Earnings per share | ||
| （I）Basic earnings per share | 0.1108 | 0.0855 |
| (II)Diluted earnings per share | 0.1108 | 0.0855 |
Legal representative ：Wang JinPerson-in-charge of the accounting work：Liu WeiPerson-in -charge of the accounting organ：Meng Fei
4. Income statement of the Parent Company
In RMB
| Items | Semi-annual of 2019 | Semi-annual of 2018 |
| I. Income from the key business | 984,909,082 | 1,148,346,022 |
| Incl：Business cost | 978,133,881 | 1,083,181,215 |
| Business tax and surcharge | 5,890,693 | 4,615,124 |
| Sales expense | 675,889 | 917,618 |
| Administrative expense | 36,863,889 | 37,549,008 |
| R & D expense | 269,693 | 912,371 |
| Financial expenses | 100,956,761 | 100,072,564 |
| Including：Interest expenses | 101,909,495 | 100,909,911 |
| Interest income | 2,477,731 | 2,753,042 |
| Add：Other income | 10,000 | 284,896 |
| Investment gain（“-”for loss） | 1,065,475,482 | 1,075,719,889 |
| Including: investment gains from affiliates | 270,083,891 | 270,075,688.23 |
| Financial assets measured at amortized cost cease to be recognized as income | ||
| Net exposure hedging income | ||
| Changing income of fair value | 30,626 | |
| Credit impairment loss | -303,753 | |
| Impairment loss of assets | ||
| Assets disposal income | 3,218,915 | -32,933 |
| II. Operational profit（“-”for loss） | 930,549,546 | 997,069,974 |
| Add ：Non-operational income | 7,842 | 127,262 |
| Less：Non -operational expenses | 1,181,405 | 676,668 |
| III. Total profit(“-”for loss) | 929,375,983 | 996,520,568 |
| Less：Income tax expenses | 47,879,436 | |
| IV. Net profit | 881,496,547 | 996,520,568 |
| 1.Net continuing operating profit | 881,496,547 | 996,520,568 |
| 2.Termination of operating net profit | ||
| V. Net after-tax of other comprehensive income | 57,512,582 | -46,851,818 |
| （I）Other comprehensive income items that will not be reclassified into gains/losses in the subsequent accounting period | 57,512,582 | |
| 1.Re-measurement of defined benefit plans of changes in net debt or net assets | ||
| 2.Other comprehensive income under the equity method investee can not be reclassified into profit or loss. | ||
| 3. Changes in the fair value of investments in other equity instruments | 57,512,582 | |
| 4. Changes in the fair value of the company’s credit risks | ||
| 5.Other | ||
| （II） Other comprehensive income that will be reclassified into profit or loss. | -46,851,818 | |
| 1.Other comprehensive income under the equity method investee can be reclassified into profit or loss. | ||
| 2. Changes in the fair value of investments in other debt obligations |
| 3. Gains and losses from changes in fair value available for sale financial assets | -46,851,818 | |
| 4. Other comprehensive income arising from the reclassification of financial assets | ||
| 5.Held-to-maturity investments reclassified to gains and losses of available for sale financial assets | ||
| 6. Allowance for credit impairments in investments in other debt obligations | ||
| 7. Reserve for cash flow hedges | ||
| 8. Translation differences in currency financial statements | ||
| 9.Other | ||
| VI. Total comprehensive income | 939,009,129 | 949,668,750 |
| VII. Earnings per share | ||
| （I）Basic earnings per share | 0.1680 | 0.1898 |
| (II)Diluted earnings per share | 0.1680 | 0.1898 |
5. Consolidated Cash flow statement
In RMB
| Items | Semi-annual of 2019 | Semi-annual of 2018 |
| I.Cash flows from operating activities | ||
| Cash received from sales of goods or rending of services | 14,705,585,514 | 16,141,817,697 |
| Net increase of customer deposits and capital kept for brother company | ||
| Net increase of loans from central bank | ||
| Net increase of inter-bank loans from other financial bodies | ||
| Cash received against original insurance contract | ||
| Net cash received from reinsurance business | ||
| Net increase of client deposit and investment | ||
| Cash received from interest, commission charge and commission | ||
| Net increase of inter-bank fund received | ||
| Net increase of repurchasing business | ||
| Net cash received by agent in securities trading | ||
| Tax returned | 40,296,334 | 21,858,952 |
| Other cash received from business operation | 162,228,929 | 214,249,915 |
| Sub-total of cash inflow | 14,908,110,777 | 16,377,926,564 |
| Cash paid for purchasing of merchandise and services | 9,504,880,179 | 10,919,230,182 |
| Net increase of client trade and advance |
| Net increase of savings in central bank and brother company | ||
| Cash paid for original contract claim | ||
| Net increase in financial assets held for trading purposes | ||
| Net increase for Outgoing call loan | ||
| Cash paid for interest, processing fee and commission | ||
| Cash paid for policy dividend | ||
| Cash paid to staffs or paid for staffs | 779,694,520 | 729,285,216 |
| Taxes paid | 468,777,176 | 691,950,014 |
| Other cash paid for business activities | 351,317,101 | 241,928,444 |
| Sub-total of cash outflow from business activities | 11,104,668,976 | 12,582,393,856 |
| Net cash generated from /used in operating activities | 3,803,441,801 | 3,795,532,708 |
| II. Cash flow generated by investing | ||
| Cash received from investment retrieving | ||
| Cash received as investment gains | 197,809,412 | 165,708,684 |
| Net cash retrieved from disposal of fixed assets, intangible assets, and other long-term assets | 2,295,896 | |
| Net cash received from disposal of subsidiaries or other operational units | ||
| Other investment-related cash received | ||
| Sub-total of cash inflow due to investment activities | 197,809,412 | 168,004,580 |
| Cash paid for construction of fixed assets, intangible assets and other long-term assets | 1,735,190,767 | 1,769,542,620 |
| Cash paid as investment | 78,938,898 | 98,000,000 |
| Net increase of loan against pledge | ||
| Net cash received from subsidiaries and other operational units | ||
| Other cash paid for investment activities | ||
| Sub-total of cash outflow due to investment activities | 1,814,129,665 | 1,867,542,620 |
| Net cash flow generated by investment | -1,616,320,253 | -1,699,538,040 |
| III.Cash flow generated by financing | ||
| Cash received as investment | 297,000,000 | 4,000,000 |
| Including: Cash received as investment from minor shareholders | 297,000,000 | 4,000,000 |
| Cash received as loans | 6,396,276,411 | 7,575,961,501 |
| Cash received from bond placing | ||
| Other financing –related cash received | ||
| Sub-total of cash inflow from financing activities | 6,693,276,411 | 7,579,961,501 |
| Cash to repay debts | 7,933,799,586 | 7,102,027,135 |
| Cash paid as dividend, profit, or interests | 1,320,358,435 | 1,505,845,837 |
| Including: Dividend and profit paid by subsidiaries to minor shareholders | 282,847,942 | 327,712,545 |
| Other cash paid for financing activities | 136,080,000 | |
| Sub-total of cash outflow due to financing activities | 9,254,158,021 | 8,743,952,972 |
| Net cash flow generated by financing | -2,560,881,610 | -1,163,991,471 |
| IV. Influence of exchange rate alternation on cash and cash equivalents | 45 | 93 |
| V.Net increase of cash and cash equivalents | -373,760,017 | 932,003,290 |
| Add: balance of cash and cash equivalents at the beginning of term | 5,570,382,892 | 4,996,580,490 |
| VI ..Balance of cash and cash equivalents at the end of term | 5,196,622,875 | 5,928,583,780 |
6. Cash flow statement of the Parent Company
In RMB
| Items | Semi-annual of 2019 | Semi-annual of 2018 |
| I.Cash flows from operating activities | ||
| Cash received from sales of goods or rending of services | 1,136,209,449 | 1,280,393,400 |
| Tax returned | ||
| Other cash received from business operation | 26,129,308 | 30,151,895 |
| Sub-total of cash inflow | 1,162,338,757 | 1,310,545,295 |
| Cash paid for purchasing of merchandise and services | 881,437,635 | 1,071,447,386 |
| Cash paid to staffs or paid for staffs | 139,542,668 | 142,438,363 |
| Taxes paid | 40,999,760 | 30,081,576 |
| Other cash paid for business activities | 26,198,514 | 34,140,083 |
| Sub-total of cash outflow from business activities | 1,088,178,577 | 1,278,107,408 |
| Net cash generated from /used in operating activities | 74,160,180 | 32,437,887 |
| II. Cash flow generated by investing | ||
| Cash received from investment retrieving | 300,209,927 | 187,920,000 |
| Cash received as investment gains | 969,950,713 | 959,750,429 |
| Net cash retrieved from disposal of fixed assets, intangible assets, and other long-term assets | 3,808,750 | 19,137 |
| Net cash received from disposal of subsidiaries or other operational units | ||
| Other investment-related cash received | ||
| Sub-total of cash inflow due to investment activities | 1,273,969,390 | 1,147,689,566 |
| Cash paid for construction of fixed assets, intangible assets and other long-term assets | 11,242,719 | 57,108,206 |
| Cash paid as investment | 980,554,158 | 546,000,000 |
| Net cash received from subsidiaries and other operational units |
| Other cash paid for investment activities | ||
| Sub-total of cash outflow due to investment activities | 991,796,877 | 603,108,206 |
| Net cash flow generated by investment | 282,172,513 | 544,581,360 |
| III. Cash flow generated by financing | ||
| Cash received as investment | ||
| Cash received as loans | 1,499,400,000 | 3,030,805,608 |
| Cash received from bond placing | ||
| Other financing –related ash received | ||
| Sub-total of cash inflow from financing activities | 1,499,400,000 | 3,030,805,608 |
| Cash to repay debts | 1,401,515,857 | 3,059,693,500 |
| Cash paid as dividend, profit, or interests | 401,603,186 | 567,661,585 |
| Other cash paid for financing activities | ||
| Sub-total of cash outflow due to financing activities | 1,803,119,043 | 3,627,355,085 |
| Net cash flow generated by financing | -303,719,043 | -596,549,477 |
| IV. Influence of exchange rate alternation on cash and cash equivalents | 45 | 93 |
| V.Net increase of cash and cash equivalents | 52,613,695 | -19,530,137 |
| Add: balance of cash and cash equivalents at the beginning of term | 385,577,463 | 429,724,538 |
| VI ..Balance of cash and cash equivalents at the end of term | 438,191,158 | 410,194,401 |
7. Consolidated Statement on Change in Owners’ Equity
Amount in this period
In RMB
| Items | Semi-annual of 2019 | ||||||||||||||
| Owner’s equity Attributable to the Parent Company | Minor shareholders’ equity | Total of owners’ equity | |||||||||||||
| share Capita | Other Equity instrument | Capital reserves | Less: Shares in stock | Other Comprehensive Income | Specialized reserve | Surplus reserves | Common risk provision | Retained profit | Other | Subtotal | |||||
| preferred stock | Sustainable debt | Other | |||||||||||||
| I.Balance at the end of last year | 5,250,283,986 | 5,102,846,886 | 550,010,133 | 7,834,155,143 | 5,490,006,140 | 24,227,302,288 | 7,290,519,359 | 31,517,821,647 | |||||||
| Add: Change of accounting policy | |||||||||||||||
| Correcting of previous errors | |||||||||||||||
| Merger of entities under common control | |||||||||||||||
| Other | |||||||||||||||
| II.Balance at the beginning of current year | 5,250,283,986 | 5,102,846,886 | 550,010,133 | 7,834,155,143 | 5,490,006,140 | 24,227,302,288 | 7,290,519,359 | 31,517,821,647 | |||||||
| III.Changed in the current year | 57,512,582 | 411,612,450 | -145,060,106 | 324,064,926 | 288,435,964 | 612,500,890 | |||||||||
| （1）Total comprehensive income | 57,512,582 | 581,569,383 | 639,081,965 | 274,283,906 | 913,365,871 | ||||||||||
| （II）Investment or decreasing of capital by owners | 297,000,000 | 297,000,000 | |||||||||||||
| 1．Ordinary Shares i | 297,000,000 | 297,000,000 | |||||||||||||
| nvested by shareholders | |||||||||||||||
| 2．Holders of other equity instruments invested capital | |||||||||||||||
| 3．Amount of shares paid and accounted as owners’ equity | |||||||||||||||
| 4．Other | |||||||||||||||
| （III）Profit allotment | 411,612,450 | -726,629,489 | -315,017,039 | -282,847,942 | -597,864,981 | ||||||||||
| 1.Providing of surplus reserves | 411,612,450 | -411,612,450 | |||||||||||||
| 2.Providing of common risk provisions | |||||||||||||||
| 3．Allotment to the owners (or shareholders) | -315,017,039 | -315,017,039 | -282,847,942 | -597,864,981 | |||||||||||
| 4．Other | |||||||||||||||
| (IV) Internal transferring of owners’ equity | |||||||||||||||
| 1. Capitalizing of capital reserves (or to capital shares) | |||||||||||||||
| 2. Capitalizing of surplus reserves (or to capital shares) | |||||||||||||||
| 3．Making up losses by surplus reserves. | |||||||||||||||
| 4.Change amount of defined benefit plans that carry forward Retained earnings | |||||||||||||||
| 5．Other comprehensive income carry-over |
| retained earnings | |||||||||||||||
| 6．Other | |||||||||||||||
| (V). Special reserves | |||||||||||||||
| 1. Provided this year | |||||||||||||||
| 2．Used this term | |||||||||||||||
| （VI）Other | |||||||||||||||
| IV. Balance at the end of this term | 5,250,283,986 | 5,102,846,886 | 607,522,715 | 8,245,767,593 | 5,344,946,034 | 24,551,367,214 | 7,578,955,323 | 32,130,322,537 |
Amount in last year
In RMB
| Items | Semi-annual of 2018 | ||||||||||||||
| Owner’s equity Attributable to the Parent Company | Minor shareholders’ equity | Total of owners’ equity | |||||||||||||
| share Capita | Other Equity instrument | Capital reserves | Less: Shares in stock | Other Comprehensive Income | Specialized reserve | Surplus reserves | Common risk provision | Retained profit | Other | Subtotal | |||||
| preferred stock | Sustainable debt | Other | |||||||||||||
| I.Balance at the end of last year | 5,250,283,986 | 5,004,250,685 | 137,001,523 | 7,590,363,724 | 5,713,290,735 | 23,695,190,653 | 6,007,669,360 | 29,702,860,013 | |||||||
| Add: Change of accounting policy | |||||||||||||||
| Correcting of previous errors | |||||||||||||||
| Merger of entities under common control | |||||||||||||||
| Other | |||||||||||||||
| II.Balance at the beginning of current year | 5,250,283,986 | 5,004,250,685 | 137,001,523 | 7,590,363,724 | 5,713,290,735 | 23,695,190,653 | 6,007,669,360 | 29,702,860,013 | |||||||
| III.Changed in the current year | -46,851,817 | 243,791,419 | -215,017,477 | -18,077,875 | -175,706,830 | -193,784,705 | |||||||||
| （1）Total comprehensive income | -46,851,817 | 448,833,518 | 401,981,701 | 284,085,715 | 686,067,416 | ||||||||||
| （II）Investment or decreasing of capital by owners | -36,857 | -36,857 | -132,080,000 | -132,116,857 | |||||||||||
| 1．Ordinary Shares invested by shareholders | 4,000,000 | 4,000,000 | |||||||||||||
| 2．Holders of other equity instruments invested capital | |||||||||||||||
| 3．Amount of shares paid and accounted as owners’ equity | |||||||||||||||
| 4．Other | -36,857 | -36,857 | -136,080,000 | -136,116,857 | |||||||||||
| （III）Profit allotment | 243,791,419 | -663,814,138 | -420,022,719 | -327,712,545 | -747,735,264 | ||||||||||
| 1.Providing of surplus reserves | 243,791,419 | -243,791,419 | |||||||||||||
| 2.Providing of common risk provisions | |||||||||||||||
| 3．Allotment to the owners (or shareholders) | -420,022,719 | -420,022,719 | -327,712,545 | -747,735,264 | |||||||||||
| 4．Other | |||||||||||||||
| (IV) Internal transferring of owners’ equity | |||||||||||||||
| 1. Capitalizing of capital reserves (or to capital shares) | |||||||||||||||
| 2. Capitalizing of surplus reserves (or to capital shares) | |||||||||||||||
| 3．Making up losses by surplus reserves. | |||||||||||||||
| 4.Change amount of defined benefit plans that carry forward Retained earnings | |||||||||||||||
| 5．Other |
| comprehensive income carry-over retained earnings | |||||||||||||||
| 6．Other | |||||||||||||||
| (V). Special reserves | |||||||||||||||
| 1. Provided this year | |||||||||||||||
| 2．Used this term | |||||||||||||||
| （VI）Other | |||||||||||||||
| IV. Balance at the end of this term | 5,250,283,986 | 5,004,250,685 | 90,149,706 | 7,834,155,143 | 5,498,273,258 | 23,677,112,778 | 5,831,962,530 | 29,509,075,308 |
8. Statement of change in owner’s Equity of the Parent Company
Amount in this period
In RMB
| Items | Semi-annual of 2019 | |||||||||||
| Share capital | Other Equity instrument | Capital reserves | Less: Shares in stock | Other Comprehensive Income | Specialized reserve | Surplus reserves | Retained profit | Other | Total of owners’ equity | |||
| preferred stock | Sustainable debt | Other | ||||||||||
| I.Balance at the end of last year | 5,250,283,986 | 5,605,794,601 | 550,010,133 | 7,834,155,143 | 4,472,241,538 | 23,712,485,401 | ||||||
| Add: Change of accounting policy | ||||||||||||
| Correcting of previous errors | ||||||||||||
| Other | ||||||||||||
| II.Balance at the beginning of current year | 5,250,283,986 | 5,605,794,601 | 550,010,133 | 7,834,155,143 | 4,472,241,538 | 23,712,485,401 | ||||||
| III.Changed in the current year | 57,512,582 | 411,612,450 | 154,867,058 | 623,992,090 | ||||||||
| （I）Total comprehensive income | 57,512,582 | 881,496,547 | 939,009,129 | |||||||||
| (II) Investment or decreasing of capital by owners | ||||||||||||
| 1．Ordinary Shares invested by shareholders | ||||||||||||
| 2．Holders of other equity instruments invested capital | ||||||||||||
| 3.Amount of shares paid and accounted as | ||||||||||||
| owners’ equity | ||||||||||||
| 4．Other | ||||||||||||
| （III）Profit allotment | 411,612,450 | -726,629,489 | -315,017,039 | |||||||||
| 1.Providing of surplus reserves | 411,612,450 | -411,612,450 | ||||||||||
| 2．Allotment to the owners (or shareholders) | -315,017,039 | -315,017,039 | ||||||||||
| 3．Other | ||||||||||||
| (IV) Internal transferring of owners’ equity | ||||||||||||
| 1. Capitalizing of capital reserves (or to capital shares) | ||||||||||||
| 2. Capitalizing of surplus reserves (or to capital shares) | ||||||||||||
| 3．Making up losses by surplus reserves. | ||||||||||||
| 4.Change amount of defined benefit plans that carry forward Retained earnings | ||||||||||||
| 5．Other comprehensive income carry-over retained earnings | ||||||||||||
| 6．Other | ||||||||||||
| (V) Special reserves | ||||||||||||
| 1. Provided this year | ||||||||||||
| 2．Used this term | ||||||||||||
| （VI）Other | ||||||||||||
| IV. Balance at the end of this term | 5,250,283,986 | 5,605,794,601 | 607,522,715 | 8,245,767,593 | 4,627,108,596 | 24,336,477,491 |
Amount in last year
In RMB
| Items | Semi-annual of 2018 | |||||||||||
| Share Capital | Other Equity instrument | Capital reserves | Less: Shares in stock | Other Comprehensive Income | Specialized reserve | Surplus reserves | Retained profit | Other | Total of owners’ equity | |||
| preferred stock | Sustainable debt | Other | ||||||||||
| I.Balance at the end of last year | 5,250,283,986 | 5,605,794,601 | 137,001,523 | 7,590,363,724 | 3,960,056,960 | 22,543,500,794 | ||||||
| Add: Change of accounting policy | ||||||||||||
| Correcting of previous errors | ||||||||||||
| Other | ||||||||||||
| II.Balance at the beginning of current year | 5,250,283,986 | 5,605,794,601 | 137,001,523 | 7,590,363,724 | 3,960,056,960 | 22,543,500,794 | ||||||
| III.Changed in the current year | -46,851,817 | 243,791,419 | 332,669,573 | 529,609,175 | ||||||||
| （I）Total comprehensive income | -46,851,817 | 996,520,568 | 949,668,751 | |||||||||
| (II) Investment or decreasing of capital by owners | -36,857 | -36,857 | ||||||||||
| 1．Ordinary Shares invested by shareholders | ||||||||||||
| 2．Holders of other equity instruments invested capital | ||||||||||||
| 3.Amount of shares paid and accounted as owners’ equity | ||||||||||||
| 4．Other | -36,857 | -36,857 | ||||||||||
| （III）Profit allotment | 243,791,419 | -663,814,138 | -420,022,719 | |||||||||
| 1.Providing of surplus reserves | 243,791,419 | -243,791,419 | ||||||||||
| 2．Allotment to the owners (or shareholders) | -420,022,719 | -420,022,719 | ||||||||||
| 3．Other | ||||||||||||
| (IV) Internal transferring of owners’ equity | ||||||||||||
| 1. Capitalizing of capital reserves (or to capital shares) | ||||||||||||
| 2. Capitalizing of surplus reserves (or to capital shares) | ||||||||||||
| 3．Making up losses by surplus reserves. | ||||||||||||
| 4.Change amount of defined benefit plans that carry forward Retained earnings | ||||||||||||
| 5．Other comprehensive income carry-over retained earnings | ||||||||||||
| 6．Other | ||||||||||||
| (V) Special reserves | ||||||||||||
| 1. Provided this year | ||||||||||||
| 2．Used this term | ||||||||||||
| （VI）Other | ||||||||||||
| IV. Balance at the end of this term | 5,250,283,986 | 5,605,794,601 | 90,149,706 | 7,834,155,143 | 4,292,726,533 | 23,073,109,969 |
III．Basic Information of the CompanyGuangdong Electric Power Development Co., Ltd. (the “Company”) is a limited liability company jointlyestablished by Guangdong Electric Power Holding Company, China Construction Bank Guangdong ProvinceTrust Investment Company, Guangdong Power Development Co., Ltd, Guangdong International Trust, ChinaGuangfa Bank(now named as Guangdong Province Guangkong Group Co., Ltd.). The address of the Company’sregistered office and head office is F33~F36 South Tower Building of Yudean Square on 2nd Tianhe East Road,Guangzhou City, Guangdong Province, the People’s Republic of China. The Company’s parent company isGuangdong Energy Group Co., Ltd. (“Energy Group ”) , The actual controller of the company is the State-ownedAssets Supervision and Administration Commission of the People’s Government of Guangdong Province.
The Company’s issuing RMB ordinary shares (“A-share”) and domestic listed foreign shares (“B-share”) arelisted for transactions in Shenzhen Stock Exchange respectively on 26 November 1993 and 28 June 1995. As at 30June 2019, the total share capital of the Company is RMB 5,250,283,986 with par value of RMB 1 each.
The financial statement has been approved for issue by the Company’s Board of Directors on 29 August 2019.
The Company and its subsidiaries (hereinafter collectively referred to as the “Group”) are principally engaged in thedevelopment and operation of power plants in Guangdong Province.For the Consolidation scope changed of the Group, please refer to VIII.For the information of subsidiaries of the Company, please refer to Note IX.IV.Basis for the preparation of financial statements
1.Basis for the preparation
The financial statements are prepared in accordance with the Accounting Standard for Business Enterprises -Basic Standard, and the specific accounting standards and other relevant regulations issued by the Ministry ofFinance on 15 February 2006 and in subsequent periods (hereafter collectively referred to as “the AccountingStandard for Business Enterprises” or “CAS”), and “Information Disclosure Rule No. 15 for Companies withPublic Traded Securities - Financial Reporting General Provision” issued by China Security RegulatoryCommission.
2. Continuous operation.
The Company since 12 months after the reporting period does not exist on the company's continued viability of significant concern events or circumstances.
V. Significant accounting policies and accounting estimates
Specific accounting policies and accounting estimates tips:
The Group continually evaluates the critical accounting estimates and key judgements applied based on historicalexperience and other factors, including expectations of future events that are believed to be reasonable under thecircumstances. The critical accounting estimates and key assumptions that have a significant risk of causing amaterial adjustment to the carrying amounts of assets and liabilities within the next accounting year are outlinedbelow:
(a) Estimates on impairment of other long-term assetsFixed assets, construction in progress, intangible assets with finite useful lives, investment properties that aremeasured at cost and long-term equity investments in subsidiaries, joint ventures and associates are tested forimpairment if there’s indications that the assets may be impaired the balance sheet date.When assessing whether there’s indication that the above assets are impaired, management mainly evaluate andanalyse: (1) whether events affecting asset impairment occurred; (2) whether the present value of expected cashflows arising from the continuing use or disposal of the asset is lower than its carrying amount; (3) whether theassumptions used in estimating the present value of future cash flows is appropriate.Relevant assumptions adopted by the Group to determine impairment, e.g. changes in assumptions on discountrate and growth rate used to calculate the present value of future cash flows may have material impact on thepresent value used in the impairment test, and cause impairment in the above-mentioned long-term assets of theGroup.
(b) Enterprise income taxThe Group pays corporate income tax in many areas. In normal business activities,, there are uncertainties inthe final tax treatment of partial transactions and matters. When counting and drawing the income tax costs invarious areas, the Group needs to make a major judgement. If there is any difference between the finaldetermination of these tax matters and the amount originally recorded, the difference will have an impact on theamount of the income tax expenses and the deferred income tax during the period of final determination above.
(c) Deferred tax assetsWhether to confirm the assets of the deferred income tax assets arising from deductible losses and deductibletemporary differences largely depends on the management’s judgement that whether to acquire sufficient amountof income of future taxable which can be used to deduct deductible losses and deductible temporary differences inthe future period, while the calculation of this amount of income of future taxable needs applying plenty ofjudgement and estimation, and it needs combined consideration for the tax planning strategy and the influencefrom the overall economic environment in the meanwhile. Different judgement and estimation will have an impacton the confirmation and the amount of the deferred income tax assets.When assessing whether there will be sufficient future taxable profits available against which the deductibletemporary differences can be utilised, the Group recognises deferred tax assets to the extent that it is probable thatfuture taxable profits will be available against which the deductible temporary differences can be utilised, usingtax rates that would apply in the period when the asset would be utilised. In determining the amount of deferredtax assets, the Group exercises judgements about the estimated timing and amount of taxable profits of thefollowing periods, and of the tax rates applicable in the future according to the existing tax policies and otherrelevant regulations. Differences between such estimates and the actual timing and amount of future taxableprofits will affect the amount of deferred tax assets.
1.Complying with the statements in Accounting Standards for Business EnterprisesThe financial Report and statements are prepared with compliance to the requirement of the EnterpriseAccounting Standard. They reflect the financial position as of June 30, 2019 as well as the business performanceand cash flow situation in the first half of 2019 of the Company frankly and completely.
2. Accounting period
Fiscal year is dated from Gregorian calendar Jan., 1 to Gregorian calendar December., 31.The accounting of the financial statements during the period starts from January 1, 2019 to 6 months ended June 30,2019.
3.Business cycle
The Company’s normal business cycle is the period from the acquisition of assets such as those for the generationof electricity to the realisation of cash or cash equivalents. The business cycles for principal activities are usuallyless than 12 months.
4. Functional currency
The Company’s functional currency is Renminbi and these financial statements are presented in Renminbi.
5. Accounting process method of enterprise consolidation under same and different controlling.
(1) Business combinations involving enterprises under common control
The consideration the combining party paid for the combination and the carrying amount of the net assetsobtained are measured at carrying amount. The difference between the carrying amount of the net assets obtainedand the carrying amount of consideration paid for the combination is adjusted to share premium (capital premium)in the capital reserve. If the balance of share premium (capital premium) is insufficient, any excess is adjusted toretained earnings. Any costs directly attributable to the combination are recognized in profit or loss for the currentperiod when occurred. The transaction costs of issuing equity or debt securities for business combinations.
(2) Business combinations not involving enterprises under common control
The acquirer’s combining costs and the identifiable net assets obtained at the acquisition date are measured at fairvalue. If the combining costs are greater than the fair value of identifiable net assets at the acquisition date, thedifference is recognized as goodwill; if the combining costs are less than the fair value of identifiable net assets atthe acquisition date, the difference is recognized in profit or loss for the current period. The directacquisition-related costs arising from the business combination are recognized as expenses in the periods in whichthe costs are incurred. The costs of the issuance of equity or debt securities as a part of the consideration paid forthe acquisition are included as a part of initial recognition amount of the equity or debt securities.
6.Preparation of the consolidated financial statements
The consolidated financial statements comprise the financial statements of the Company and all of its subsidiaries.
Subsidiaries are consolidated from the date on which the Group obtains control and are de-consolidated from the
date that such control ceases. For a subsidiary that is acquired in a business combination involving enterprisesunder common control, it is included in the consolidated financial statements from the date when it, together withthe Company, comes under common control of the ultimate controlling party. The portion of the net profitsrealised before the combination date is presented separately in the consolidated income statement.
In the preparation of consolidated financial statements, if the accounting policies or accounting period among theCompany and subsidiaries are inconsistent, the financial statements of subsidiaries have been adjusted to conformto the Company’s policies and accounting period. For business combination not obtained under common control,the financial statements have been adjusted based on the fair value of net recognisable asset on the acquisitiondate.
All significant intra-group balances, transactions and unrealised profits are eliminated in the consolidated financialstatements. The portion of subsidiaries’ owners’ equity and the portion of subsidiaries’ net profits and losses andcomprehensive incomes for the period not attributable to the Company are recognised as minority interests, netprofit attributed to minority interests and total comprehensive incomes attributed to minority interests andpresented separately in the consolidated financial statements under owners’ equity, net profits and totalcomprehensive income respectively. When the Company sells assets to subsidiaries, the unrealised gains andlosses should fully offset the net profit attributed to shareholders of the parent company; when subsidiaries sellassets to the Company, the unrealised gains and losses should be assigned and offset between the net profitattributed to shareholders of the parent company and minority interests according to the Company’s distributionratio of the subsidiary. The unrealised gains and losses between subsidiaries should be assigned and offsetbetween the net profit attributed to shareholders of the parent company and minority interests according to theparent company’s distribution ratio of the subsidiary.
In preparing the consolidated financial statements, where the accounting policies and the accounting periods of theCompany and subsidiaries are inconsistent, the financial statements of the subsidiaries are adjusted in accordancewith the accounting policies and the accounting period of the Company. For subsidiaries acquired from businesscombinations involving enterprises not under common control, the individual financial statements of thesubsidiaries are adjusted based on the fair value of the identifiable net assets at the acquisition date.
7. The joint-venture arrangement classification and pooling of interests accounting processing methodsThe joint-venture arrangement comprises the pooling of interests and joint-venture enterprise. The pooling ofinterests is the joint-venture arrangement where the participant possesses the relevant assets arranged and willundertake relevant debts. The joint venture enterprise is the arrangement where the participant only reserves rightson the net assets. The Group, based on the rights and obligations in the normal operation of the joint-venturearrangement, determines the classes of the joint-venture arrangement. And it also takes account of the structureand legal form of the joint-venture arrangement, the agreed terms and conditions, other relevant facts andconditions, etc. among the joint-venture arrangement upon evaluation of rights and obligations.The Group determines the following projects sharing interests in the pooling of interests and conducts theaccounting processing based on relevant accounting standards for business enterprises:
(I) determining assets possessed solely and the jointly-possessed assets based on its share;
(II) determining debts undertaken solely and the shared debts based on its share;
(III) determining the revenues produced by the pooling of interests owned by the on-sale group;
(IV) determining the revenues produced by the pooling of interests through sale based on the group share;
(V) determining the fees occurred solely and those of the pooling of interests based on the its share.If the Group invests or sells the assets, etc. to the pooling of interests (except for the business constituted by theassets), it will only ascertain the partial profits and losses produced by such trade and attributable to the otherparticipants of the pooling of interests before selling such assets, etc. to any third party. If the invested or soldassets have the impairment losses per Accounting Standards for Business Enterprises No. 8 - Assets Impairment,the group will ascertain such losses wholly.If the Group purchases the assets, etc. from the pooling of interests (except for the business constituted by theassets), it will only ascertain the partial profits and losses produced by such trade and attributable to the otherparticipants of the pooling of interests before selling such assets, etc. to any third party. If the purchased assetshave the impairment losses per Accounting Standards for Business Enterprises No. 8 - Assets Impairment, thegroup will ascertain such losses wholly based on its share.
8.Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, demand deposits, and short-term, highly liquid investments,which are readily convertible into known amounts of cash and are subject to an insignificant risk of change invalue.
9.Foreign currency transactions
Foreign currency transactions are translated into recording currency using the exchange rates prevailing at thedates of the transactions. At the balance sheet date, monetary items denominated in foreign currencies aretranslated into RMB using the spot exchange rates on the balance sheet date. Exchange differences arising fromthese translations are recognised in profit or loss for the current period, except for those attributable to foreigncurrency borrowings that have been taken out specifically for acquisition or construction of qualifying assets,which are capitalised as part of the cost of those assets. Non-monetary items denominated in foreign currenciesthat are measured at historical costs are translated at the balance sheet date using the spot exchange rates at thedate of the transactions. The effect of exchange rate changes on cash is presented separately in the cash flowstatement.
10. Financial instruments
Financial instruments refer to contracts that form financial assets of one party and financial liabilities or equityinstruments of other parties. When the Group becomes a party to a financial instrument contract, the relevantfinancial assets or financial liabilities are recognized.(a) Financial assets(i) Classification and measurement
According to the business model for managing financial assets and the contractual cash flow characteristics offinancial assets, the Group classifies financial assets into: (1) Financial assets measured in amortized cost; (2)Financial assets measured at fair value, whose changes are included in other comprehensive income; (3) Financialassets measured at fair value and whose changes are included in current profits and losses.The initial measurement of financial assets is calculated by using fair value. For financial assets measured at fairvalue, whose changes are included in current profits and losses, relevant transaction costs are directly included incurrent profits and losses; For other types of financial assets, relevant transaction costs are included in the initialrecognition amount. Accounts receivable or notes receivable arising from the sale of products or the provision oflabor services that do not include or take into account significant financing components are initially recognized bythe Group in accordance with the amount of consideration that the Group is expected to be entitled to receive.Debt instrumentDebt instruments held by the Group refer to instruments that meet the definition of financial liabilities from theperspective of the issuer and are measured in the following ways:
Measured in amortized cost:
The Group's business model for managing such financial assets is to collect the contractual cash flow, and thecontractual cash flow characteristics of such financial assets are consistent with the basic lending arrangements,that is, the cash flow generated on a specific date is only the payment of principal and interest based on theamount of outstanding principal. The Group recognizes interest income for such financial assets according to theeffective interest rate method. Such financial assets mainly include monetary funds, accounts receivable, otherreceivables and long-term receivables. The Group lists long-term receivables due within one year (including oneyear) from the balance sheet date as non-current assets due within one year.Equity instrumentsThe Group will measure the equity instrument investments that it has no control, joint control and significantinfluence on at fair value, and their changes are included in the current profits and losses, and listed as tradingfinancial assets.In addition, the Group designated some non-trading equity instrument investments as financial assets measured atfair value with changes included in other comprehensive income and listed them as other equity instrumentinvestments. Dividend income related to such financial assets is included in current profits and losses.(ii) ImpairmentFor financial assets measured in amortized cost, the Group recognizes loss reserves on the basis of expected creditlosses.The Group takes into account reasonable and reliable information on historical events, current situation and futureeconomic situation forecasts, and uses the risk of default as the weight to calculate the probability weightedamount of the present value of the difference between the cash flow receivable from the contract and the cash flowexpected to be received to confirm the expected credit loss.On each balance sheet date, the Group separately measures the expected credit losses of financial instruments atdifferent stages. If the credit risk of financial instruments has not increased significantly since the initialconfirmation, it is in the first stage. The Group measures the loss reserve according to the expected credit loss inthe next 12 months; If the credit risk of a financial instrument has increased significantly since its initialrecognition but no credit impairment has occurred, it is in the second stage. The Group measures the loss reserveaccording to the expected credit loss of the instrument throughout the duration; If a financial instrument hassuffered credit impairment since its initial recognition, it is in the third stage. The Group measures the loss reserveaccording to the expected credit loss of the instrument throughout the duration.
For financial instruments with low credit risk on the balance sheet date, the Group assumes that their credit riskhas not increased significantly since the initial confirmation, and measures the loss reserve according to theexpected credit loss in the next 12 months.For financial instruments in the first and second stages and with low credit risk, the Group calculates interestincome based on the book balance before deducting impairment provisions and the actual interest rate. Forfinancial instruments in the third stage, the interest income shall be calculated according to their book balanceminus the amortized cost after impairment provision and the actual interest rate.For accounts receivable, regardless of whether there is any significant financing component, the Group measuresthe loss reserve according to the expected credit loss throughout the duration.When a single financial asset cannot evaluate the expected credit loss information at a reasonable cost, the Groupdivides the receivables into several combinations according to the credit risk characteristics, calculates theexpected credit loss on the basis of the combinations, and determines the combination on the following basis:
Low-risk portfolio: Accounts receivable from electricity sales, government and related parties, supplementarymedical insurance funds, etc.Other portfolios: This portfolio is receivables other than low-risk portfolios.For accounts receivable divided into combinations, the Group refers to the historical credit loss experience,combines the current situation with the forecast of future economic situation, compiles a comparison table ofoverdue days of accounts receivable and the expected credit loss rate for the whole duration, and calculates theexpected credit loss.For other receivables divided into portfolios, the Group refers to the historical credit loss experience, combines thecurrent situation with the forecast of future economic situation, and calculates the expected credit loss throughdefault risk exposure and the expected credit loss rate within the next 12 months or the whole duration.The Group includes the accrued or reversed loss reserves into the current profits and losses.（iii） Derecognition of financial assetsA financial asset is derecognised when: (i) the contractual rights to the cash flows from the financial asset expire,(ii) the financial asset has been transferred and the Group transfers substantially all the risks and rewards ofownership of the financial asset to the transferee, or (iii) the financial asset has been transferred and the Group hasnot retained control of the financial asset, although the Group neither transfers nor retains substantially all therisks and rewards of ownership of the financial asset.When the investment in other equity instruments is derecognized, the difference between the book value and theconsideration received and the accumulated amount of the changes in fair value originally included in othercomprehensive income shall be included in the retained income; On derecognition of a financial asset, thedifference between the carrying amount and the sum of the consideration received and the cumulative changes infair value that had been recognised directly in owners’ equity, is recognised in profit or loss.
(b) Financial liabilitiesFinancial liabilities are classified into the following categories at initial recognition: financial liabilities at fairvalue through profit or loss and other financial liabilities.The financial liabilities of the Group are other comprise financial liabilities, including payables, borrowings anddebentures payable. This kind of financial liabilities are initially measured according to their fair value afterdeducting transaction costs, and are subsequently measured using the effective interest rate method. If the term isless than one year (including one year), it shall be listed as current liabilities; If the term is more than one year butexpires within one year (including one year) from the balance sheet date, it shall be listed as non-current liabilities
due within one year; The rest is listed as non-current liabilities.When the current obligation of the financial liability has been discharged in whole or in part, the Group terminatesthe recognition of the part of the financial liability or obligation that has been discharged. The difference betweenthe book value of the termination recognition and the consideration paid shall be included in the profit and loss ofthe current period.(c) Determination of the fair value of the financial instrumentsThe fair value of a financial instrument that is traded in an active market is determined at the quoted price in theactive market. The fair value of a financial instrument that is not traded in an active market is determined by usinga valuation technique. Valuation techniques include using prices of recent market transactions betweenknowledgeable and willing parties, reference to the current fair value of another financial asset that is substantiallythe same with this instrument, and discounted cash flow analysis, etc. When a valuation technique is used toestablish the fair value of a financial instrument, it makes the maximum use of observable market inputs and reliesas little as possible on entity-specific inputs. When the observable inputs are not available or are unrealistic toobtained, unobservable inputs shall be used
11.Notes receivable
12. Account receivable
13. Financing of receivables
14.Other account receivable
Determination method of expected credit loss of other receivables and accounting treatment method
15. Inventories
Whether the company needs to comply with the disclosure requirements of the particular industryNo(a) ClassificationInventories include fuel and spare parts measured at the lower of cost and net realisable value..
(b) Cost of inventories transferred out
Cost of fuel transferred out is calculated using the weighted average method. Spare parts are amortised in fullwhen received for use.
(c) Basis for determining the net realisable value of inventories and provisioning methods for decline in value ofinventoriesAny excess of the cost over the net realisable value of inventories is recognised as a provision for diminution inthe value of inventories. Net realisable value is measured by the estimated selling price in the ordinary course ofbusiness less the estimated costs necessary to make the sale and relevant taxes.(d) The Group maintains a perpetual inventory system..
16. Contract assets
17.Contract cost
18. Held-for-sale assets
The non-liquid assets or the treatment group complied with the following conditions will be classified into thepossessed assets for sale: (I) the non-liquid assets or the treatment group is ready for sale subject to the commonterms and conditions for such assets or the treatment group under the current conditions; (II) the group has alreadymade a resolution on treatment of such non-liquid assets or the treatment group and obtained proper approval; (III)the Group has already concluded an irrevocable transfer agreement with the assignee; (IV) such transfer will becompleted within one year.The non-liquid assets complied with the conditions for the possessed assets for sale (excluding the financial assets,the investment real estate calculated based on its fair value and the deferred income tax assets) will be the loweramount between the book value and the fair value minus the treatment cost. If the fair value minus the treatmentcost is lower than the original book value, then it will be deemed as the asset deprecation loss.The non-liquid assets classified into the processed assets ready for sale and the assets and debts in the treatmentgroup comprise the liquid assets and liquid debts to be listed separately in the balance sheet.Termination is a separately distinguishable component meeting one of the following conditions, and thecomponent has been disposed of or classified as held for sale: (a) The component represents an independent majorbusiness or a separate major business area; (b) This component is part of an associated plan to dispose of anindependent major business or a separate major business area; (c) This component is a subsidiary acquiredspecifically for resale.Net profit from discontinued operations listed in the income statement includes its operating profit and loss anddisposal profit and loss.
19. Creditor's rights investment
20.Other Creditor's rights investment
21.Long-term account receivable
22. Long-term equity investment
Long-term equity investments comprise the Company’s long-term equity investments in its subsidiaries and theGroup’s long-term equity investments in its associates.Subsidiaries are the investees over which the Company is able to exercise control. Associates are the investeesover which the Group has significant influence, but not control, on their financial and operating policies.Investments in subsidiaries are presented in the Company’s financial statements using the cost method, and areadjusted to the equity method when preparing the consolidated financial statements. Investments in associates areaccounted for using the equity method.(a) Determination of investment costFor long-term equity investments acquired through a business combination: for long-term equity investmentsacquired through a business combination involving enterprises under common control, the investment cost shallbe the absorbing party’s share of the carrying amount of owners’ equity of the party being absorbed at the
combination date; for long-term equity investment acquired through a business combination involving enterprisesnot under common control, the investment cost shall be the combination cost. For long-term equity investmentsacquired not through a business combination: if the long-term equity investments are acquired in cash, the initialinvestment cost shall be the purchase price actually paid; if the long-term equity investments are acquired byissuing equity securities, the initial investment cost shall be the fair value of the equity securities.(b) Subsequent measurement and recognition of related profit and loss
For long-term equity investments accounted for using the cost method, they are measured at the initial investmentcosts, and cash dividends or profit distribution declared by the investees are recognised as investment income inprofit or loss.For long-term equity investments accounted for using the equity method, where the initial investment cost exceedsthe Group’s share of the fair value of the investee’s identifiable net assets at the time of acquisition, the investmentis initially measured at cost. Where the initial investment cost is less than the Group’s share of the fair value of theinvestee’s identifiable net assets at the time of acquisition, the difference is included in profit or loss for thecurrent period and the cost of the long-term equity investment is adjusted accordingly.For long-term equity investments accounted for using the equity method, the Group recognises the investmentincome or losses according to its share of net profit or loss of the investee. The Group discontinues recognising itsshare of net losses of an investee after the carrying amount of the long-term equity investment together with anylong-term interests that, in substance, form part of the investor’s net investment in the investee are reduced to zero.However, if the Group has obligations for additional losses and the criteria with respect to recognition ofprovisions under the accounting standards on contingencies are satisfied, the Group continues recognising theinvestment losses and the provisions. The Company shall adjust the carrying amount of the long term investmentfor other changes in shareholders’ equity of the investee (other than net profits or losses), and include thecorresponding adjustment in shareholders’ equity. The carrying amount of the investment is reduced by theGroup’s share of the profit distribution or cash dividends declared by an investee. The unrealised profits or lossesarising from the intra-group transactions amongst the Group and its investees are eliminated in proportion to theGroup’s equity interest in the investees, and then based on which the investment gains or losses are recognised.For the loss on the intra-group transaction amongst the Group and its investees attributable to asset impairment,any unrealised loss is not eliminated.(c) Basis for determining existence of control and significant influence over investeesControl is the power to govern the investee so as to obtain variable returns by participating in the related businessactivities of the investees and the ability to affect the returns by exercising its power over the investees.Joint control is the contractually agreed sharing of control over an investee’s economic activities, and exists onlywhen the strategic financial and operating decisions relating to the activities require the unanimous consent of theGroup and the parties sharing the control.Significant influence is the power to participate in the financial and operating policy decisions of the investee, butis not control or joint control over those policies.(d) Impairment of long-term equity investThe carrying amount of long-term equity investments in subsidiaries, joint venture, and associates is reduced tothe recoverable amount when the recoverable amount is less than the carrying amount
23. Investment properties
The measurement mode of investment propertyThe measurement by the cost methodDepreciation or amortization methodInvestment properties, including land use rights that have already been leased out and buildings that are held forthe purpose of leasing are measured initially at cost. Subsequent expenditures incurred in relation to an investmentproperties are included in the cost of the investment property when it is probable that the associated economicbenefits will flow to the Group and their costs can be reliably measured; otherwise, the expenditures arerecognised in profit or loss in the period in which they are incurred.The Group adopts the cost model for subsequent measurement of investment properties. Buildings and land userights are depreciated or amortised to their estimated net residual values over their estimated useful lives. Theestimated useful lives, the estimated net residual values that are expressed as a percentage of cost and the annualdepreciation (amortisation) rates of investment properties are as follows:
Estimated useful lives Estimated net residual value Annual depreciation rates Building30 years 5% 3.17% When an investment property is transferred to owner-occupied properties, it isreclassified as fixed asset at the date of the transfer. The carrying amount of the fixed asset shall be measured onthe basis of fair value of the investment property.The investment property’s estimated useful life, net residual value and depreciation (amortisation) method appliedare reviewed and adjusted as appropriate at each year-end.An investment property is derecognised on disposal or when the investment property is permanently withdrawnfrom 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 expensesis recognised in profit or loss for the current period.
24. Fixed assets
（1）Recognition of fixed assets
Fixed assets comprise plant and building, power generator equipment, motor vehicles and other equipment. Fixedasset is recognised when it is probable that the related economic benefits will flow to the Group and its cost can bereliably measured. Fixed assets purchased or constructed by the Group are initially measured at cost at theacquisition date. The fixed assets injected by the state-owned shareholder during the restructuring of corporationwere initially recorded at the valuated amount approved by the relevant authorities managing state-owned assets.Subsequent expenditures incurred for a fixed asset are included in the cost of the fixed asset when it is probablethat the economic benefits associated with the fixed asset will flow to the Group and the costs can be reliablymeasured. The carrying amount of those parts that are replaced is derecognised and all the other subsequentexpenditures are recognised in income statement when they are incurred.
（2）Depreciation of fixed assets
| Category | The method for depreciation | Expected useful life（Year） | Estimated residual value | Depreciation |
| House and building | Straight-line method | 6 - 50 years | 5% | 1.90% - 15.83% |
| Generation equipment | Straight-line method | 3 - 31 years | 0% - 5% | 3.06% - 33.33% |
| Transportation equipment | Straight-line method | 5 - 15 years | 0% - 5% | 6.33% - 20 % |
| Other equipment | Straight-line method | 3 - 22 years | 0% - 5% | 4.32% - 33.33% |
According to the current unit shutdown plan of Shajiao A Power Plant, the Company expects that the service lifeof some of its fixed assets will be greatly shortened. According to Article 19 of the Accounting Standards forBusiness Enterprises No.4-Fixed Assets, the Company plans to adjust the depreciation period of fixed assetsrelated to houses and buildings, power generation equipment and other equipment of Shajiao A Power Plant tomake it more in line with the actual use of fixed assets.
(3)Cognizance evidence and pricing method of financial leasing fixed assetsThe lease that essentially transfers all the risks and returns related to the ownership of the asset is classified asfinance lease. The entry value of the fixed assets under finance lease the lower of its fair value and the presentvalue of the minimum lease payments. The difference between the entry value of the fixed asset under financelease and the present value of the minimum lease payment is recognised as unrecognised financing charges. Fixedassets under finance lease share the same depreciation method with company owned fixed assets. If there isreasonable certainty that the Group will obtain ownership of a leased asset at the end of the lease term, the leasedasset is depreciated over its estimated useful life. Otherwise, the leased asset is depreciated over the shorter of thelease term and its estimated useful life.
25.Construction in progress
Construction in progress is measured at its actual costs incurred. Actual costs include construction cost,installation cost, capitalised borrowing costs, and any other costs directly attributable to bringing the asset toworking condition for its intended use. When the construction in progress is ready for its intended use, it istransferred to fixed assets and starts depreciation the following month. When recoverable amount of theconstruction in progress is lower than its carrying value, its carrying value is then reduced to the recoverableamount.
26.Borrowing costs
The borrowing costs that are directly attributable to the acquisition and construction of a fixed asset that needs asubstantially long period of time of acquisition and construction for its intended use commence to be capitalisedand recorded as part of the cost of the asset when expenditures for the asset and borrowing costs have beenincurred, and the activities relating to the acquisition and construction that are necessary to prepare the asset for itsintended use have commenced. The capitalisation of borrowing costs ceases when the asset under acquisition orconstruction becomes ready for its intended use, the borrowing costs incurred thereafter are recognised in incomestatement. Capitalisation of borrowing costs is suspended when the acquisition or construction of a fixed asset isinterrupted abnormally and the interruption lasts for more than 3 months, until the acquisition or construction isresumed.For the specific borrowings obtained for the acquisition or construction of a fixed asset qualifying forcapitalisation, the amount of borrowing costs eligible for capitalisation is determined by deducting any interestincome earned from depositing the unused specific borrowings in the banks or any investment income arising onthe temporary investment of those borrowings during the capitalisation period.
For the general borrowings obtained for the acquisition or construction of a fixed asset qualifying forcapitalisation, the amount of borrowing costs eligible for capitalisation is determined by applying the weightedaverage effective interest rate of general borrowings, to the weighted average of the excess amount of cumulativeexpenditures on the asset over the amount of specific borrowings. The effective interest rate is the rate at whichthe estimated future cash flows during the period of expected duration of the borrowings or applicable shorterperiod are discounted to the initial amount of the borrowings.
27. Biological assets
28. Oil-gas assets
29. Assets of the right to use
30. Intangible assets
1. Valuation Method, Service Life and Impairment Test of Intangible Assets
Intangible assets mainly including land use rights, sea use rights, software, associated projects for electricitytransmission and transformation, microwave engineering and transportation engineering are measured at cost.Intangible assets contributed by the state-owned shareholders at the incorporation of a limited company areinitially recorded at the valuation amount recognised by the state-owned assets supervision and administrationdepartment.(a) Land use right and sea use rightLand use rights are amortised on a straight-line basis over their approved period of 20 to 70 years. If the purchasecosts of land and attached buildings cannot be reasonably allocated between the land use right and the buildings,the purchase costs are recognised as fixed assets.(a)Associated projects for electricity transmission and transformation, microwave engineering and transportationengineeringProjects for electricity transmission and transformation and microwave engineering are undertaken by the Groupfor the grid connection project for loading to Guangdong Guangdian Power Grid. From the start of use, they areamortised on a straight-line basis over their benefit period of 16 years.Transportation engineering projects are amortised on a straight-line basis over their benefit period of 10 years to20 years(c) Other intangible assetsBesides land use right, sea use right, associated projects for electricity transmission and transformation,microwave engineering and transportation engineering, other intangible assets are amortized on a straight-linebasis over their expected life of 2 years to 25 years.(d) Periodic review on useful life and method of amortisationFor intangible assets with finite useful life, their expected life and amortisation method are reviewed and adjustedat the end of every year.(e) Impairment of intangible assetsThe carrying amount of intangible assets is reduced to the recoverable amount when the recoverable amount isless than the carrying amount.
（2）Accounting policies for the internal research and development expenditureThe internal R&D project expenditure is classified into the research expenditure and the development expenditurebased on the property thereof and the large uncertainty existence for the final formation of the intangible assets ofthe R&D activities.The expenditure for the planned survey, evaluation and selection phases for the R&D projects is that for theresearch phase and will be included into the current profits and losses upon occurrence; the expenditure forrelevant design and test phases applied finally for the R&D projects is that for the development phase, amongwhich, that complied with the following conditions will be capitalized:
The development of R&D projects has been demonstrated sufficiently by the technology team;The Management Layer has already approved the budget for the development of R&D projects;It has sufficient technical and capital support for the project development activities and following large-scaleproduction;The expenditure related to the development may be collected reliably.The expenditure of the development phase in unconformity with conditions above will be included into the currentprofits and losses upon occurrence. The expenditure of the previous periods included into the profits and losseswill not be re-deemed as the asset in the following periods. The capitalized expenditure in the development phaseis listed as the development expenditure in the balance sheet and will become the intangible asset from the datewhen the project meeting the intended usage.
31. Impairment of long-term assets
Fixed assets, construction in progress, intangible assets with finite useful lives, investment property measured atcost and long-term equity investments in subsidiaries, joint venture, and associates are tested for impairment ifthere is any indication that an asset may be impaired at the balance date. If the result of the impairment testindicates that the recoverable amount of the asset is less than its carrying amount, a provision for impairment andan impairment loss are recognised for the amount by which the asset’s carrying amount exceeds its recoverableamount. The recoverable amount is the higher of an asset’s fair value less costs to sell and the present value of thefuture cash flows expected to be derived from the asset. A provision for asset impairment is determined andrecognised on an individual asset basis. If it is not possible to estimate the recoverable amount of an individualasset, the recoverable amount of the group of assets to which the asset belongs is determined. A group of assets isthe smallest group of assets that is able to generate independent cash inflows.Goodwill that is separately presented in the financial statements is tested at least annually for impairment,irrespective of whether there is any indication that it may be impaired. In conducting the test, the carrying value ofgoodwill is allocated to the related asset group or groups of asset groups which are expected to benefit from thesynergies of the business combination. If the result of the test indicates that the recoverable amount of an assetgroup or a group of asset groups, including the allocated goodwill, is lower than its carrying amount, thecorresponding impairment loss is recognised. The impairment loss is first deducted from the carrying amount ofgoodwill that is allocated to the asset group or group of asset groups, and then deducted from the carryingamounts of other assets within the asset group or group of asset groups in proportion to the carrying amounts ofassets other than goodwill.Once the asset impairment loss mentioned above is recognised, it is not allowed to be reversed for the valuerecovered in the subsequent periods.
32.Long-term deferred expenses
Long-term prepaid expenses include the expenditure for improvements to fixed assets held under operating leases,and other expenditures that have been incurred but should be recognised as expenses over more than one year inthe currentand subsequent periods. Long-term prepaid expenses are amortised on the straight-line basis over theexpected beneficial period and are presented at actual expenditure net of accumulated amortisation.
33.Constract Liabilities
34. Employee benefits
(1) Short-term employee benefits
Short-term remunerations mainly include wages or salaries, bonuses, allowances and subsidies, staff welfare,medical insurance, work injury insurance, maternity insurance, housing funds, labour union funds, employeeeducation funds, short-term paid absence. Short-term remunerations are recognised as current liabilities in theaccounting period in which the service has been rendered by the employees, and as costs of assets or expenses towhichever the employee service is attributable. Non-monetary benefits are measured at fair value.
（2）Post –employment benefits
The Company’s post-employment benefits scheme includes both Defined Contribution Plan (DCP) and DefinedBenefit Plan (DBP). A DCP is a pension plan under which the Company pays fixed contributions into a separateentity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficientassets to pay all employees the benefits relating to employee service in the current and prior periods. A DBP is apension plan that is not a defined contribution plan. During the periods of reporting, the Company’spost-employment benefits scheme mainly includes basic pension insurance and unemployment insurances, both ofwhich are DCP.Basic pension insuranceEmployees of the Group have entered into the social pension insurance scheme organised by local labour andsocial security department. The Group pays basic pension insurances to local labour and social securitydepartment monthly according to local insurance base and corresponding rate. Local labour and social securitydepartment is obligated to pay basic pensions to retired employees.Supplementary pension insuranceThe company purchases supplementary pension insurance on behalf of employees, and pays pension insurancesaccording to the policies of GuangDong Energy Group. The amounts based on the above calculations arerecognised as liabilities in the accounting period in which the service has been rendered by the employees, with acorresponding charge to the profit or loss for the current period or the cost of relevant assets.
(3) Termination benefits
The Group provides compensation for terminating the employment relationship with employees before the end ofthe employment contracts or as an offer to encourage employees to accept voluntary redundancy before the end ofthe employment contracts. The Group recognises a liability arising from compensation for termination of theemployment relationship with employees, with a corresponding charge to profit or loss at the earlier of thefollowing dates: 1) when the Group cannot unilaterally withdraw the offer of termination benefits because of anemployment termination plan or a curtailment proposal; 2) when the Group recognises costs or expenses related tothe restructuring that involves the payment of termination benefits.Early retirement benefits
The Group provides early retirement benefits for employees who enrolled in internal retirement arrangement.Early retirement benefits refer to wages and social benefit paid by the Group on behalf of the employees who havenot meet retirement age requirement but voluntarily retire after permission from the Group’s management level.The Group starts paying early retirement benefits to early retired employees from the start date of their earlyretirement until they reach the statutory retirement age. For the accounting treatment of early retirement benefits,the Group adopts the same method as termination benefits, that is, upon confirming the termination benefitscomply with relevant conditions, proposed payment of early retirement wages. and social security from the startdate of termination of services to the date of statutory retirement age are recognised as liability and recorded intoprofit and loss at lump sum. The discrepancy caused by change in actuarial assumption and adjustment of welfarestandard is recorded into current profit or loss.Early retirement benefits that are expected to be paid within one year after balance sheet date are disclosed ascurrent liabilities.
(4) Other long-term employee benefits
According to the Urban Employee Basic Medical Insurance (UEBMI) policy governing the Company and some ofthe Group’s subsidiaries, if an employee’s UEBMI contribution period who participates in basic medical insurancefor urban residents, fails to reach the time requirement when the employee reaches the statutory retirement age,the employee shall continue to contribute to the UEBMI till the contribution period meets the required time. TheGroup determines the amount to be contributed in the residual service period of an employee based on the presentvalue of the future cash flow expected to be paid for UEBMI till the required time is met, which will berecognised as long-term employee benefits liabilities with a corresponding charge to profit or loss or included incost of related assets.
35. Lease liabilities
36. Estimated Liabilities
Provisions for product warranties, onerous contracts etc. are recognised when the Group has a present obligation,it is probable that an outflow of economic benefits will be required to settle the obligation, and the amount of theobligation can be measured reliably.A provision is initially measured at the best estimate of the expenditure required to settle the related presentobligation. Factors surrounding a contingency, such as the risks, uncertainties and the time value of money, aretaken into account as a whole in reaching the best estimate of a provision. Where the effect of the time value ofmoney is material, the best estimate is determined by discounting the related future cash outflows. The increase inthe discounted amount of the provision arising from passage of time is recognised as interest expense.The carrying amount of provisions is reviewed at each balance sheet date and adjusted to reflect the current bestestimate.The provisions expected to be settled within one year since the balance sheet date are classified as currentliabilities.
37.Share-based Payment
38 . Other financial instruments such as preferred shares and perpetual capital securities
39.Revenues
Whether the company needs to comply with the disclosure requirements of the particular industryNoWhether implemented new revenue guidelines?
□ Yes √ No
Revenue recognitionThe amount of revenue is determined in accordance with the fair value of the consideration received or receivablefor the sale of goods and services in the ordinary course of the Group’s activities.Revenue is shown net of discounts and returns. Revenue is recognised in profit or loss when it is probable that theeconomic benefits will flow to the Group, the revenue and costs can be measured reliably and the followingrespective conditions are met：
(a) Revenue from sales of electricity and heat energyRevenue is recognised when electricity and heat energy are supplied to grid companies or customers.(b) Revenue from sales of by-productsRevenue from the sales of goods is recognised when the Group transfers by-products (such as coal ash) producedby electricity generations to the designated delivery place pursuant to the contract or agreement and the recipientresource utilisation confirms receipt.(c) Rendering of servicesRevenue from rendering of services is measured at the fair value of the consideration received or receivable underthe contract or agreement.The Group provides external bidding agency service and maintenance service.The Group provides external bidding agency service, upon the completion of the bidding service, revenue isrecognised based on the pricing difference between the electricity consumption of bidding and auction price, andthe customer’s conventional price of electricity.The Group provides external maintenance service, revenue is recognised according to the percentage completionmethod, determined by percentage of the total cost incurred.(d) Revenue from sale of certified emission reductions (CERs)The Group sells CERs provided by its natural gas facilities and wind power facilities. These facilities areregistered with the Clean Development Mechanism (CDM) Executive Board (EB) of the United Nations as CDMprojects under the Kyoto Protocol. The Company also sells voluntary emission reductions (“VERs”) attributableto the electricity generated from CDM projects before getting registered with CDMEB.Revenue related to CERs and VERs is recognised when the following conditions are met:
- The counterparty has committed to buy CERs or VERs;- The amount of income from selling CERs or VERs can be reliably measured;- The Company has generated the related electricity.(e) Transfer of asset usage rightsInterest income is recognised based on the length of time of the deposits or principal outstanding and theapplicable effective interest rate. Rental income for operation lease is recognised according to straight-line methodof allocation over the rental period.Note: Explain the revenue recognition principle and measurement method. The company shall formulate an
accounting policy for revenue recognition based on the actual production and operation characteristics, stating thespecific time and measurement method for revenue recognition. If different operation modes are adopted forsimilar businesses to recognize revenue at different time points, they shall be specified separately. If the incomefrom the provision of labor services and construction contracts is recognized according to the percentage ofcompletion method, the basis and method for determining the completion progress of the contract shall beexplained.
40.Government grants
Government grants refer to the monetary or non-monetary assets obtained by the Group from the government,including tax return, financial subsidy and etc. Government grants are recognised when the grants can be receivedand the Group can comply with all attached conditions. If a government grant is a monetary asset, it will bemeasured at the amount received or receivable. If a government grant is a non-monetary asset, it will be measuredat its fair value. If it is unable to obtain its fair value reliably, it will be measured at its nominal amount.Government grants related to assets refer to government grants which are obtained by the Group for the purposesof purchase, construction or acquisition of the long-term assets. Government grants related to income refer to thegovernment grants other than those related to assets. Government grants related to assets are recorded as deferredincome and recognised in profit or loss on a systemic basis over the useful lives of the assets. Government grantsrelated to income that compensate the incurred costs, expenses or losses are recognised in profit or loss.Government grants related to income that compensate future costs, expenses or losses are recorded as deferredincome and recognised in profit or loss in reporting the related costs, expenses or losses; government grantsrelated to income that compensate incurred costs, expenses or losses are recognised in profit or loss directly in thecurrent period. The Group applies the presentation method consistently to the similar government grants in thefinancial statements.
41. Deferred income tax assets/Deferred income tax liability
Deferred tax assets and deferred tax liabilities are calculated and recognised based on the differences arisingbetween the tax bases of assets and liabilities and their carrying amounts (temporary differences). Deferred taxasset is recognised for the deductible losses that can be carried forward to subsequent years for deduction of thetaxable profit in accordance with the tax laws. No deferred tax liabilities is recognised for the temporarydifferences resulting from the initial recognition of Goodwill. No deferred tax asset or deferred tax liability isrecognised for the temporary differences resulting from the initial recognition of assets or liabilities due to atransaction other than a business combination, which affects neither accounting profit nor taxable profit (ordeductible loss). At the balance sheet date, deferred tax assets and deferred tax liabilities are measured at the taxrates that are expected to apply to the period when the asset is realised or the liability is settled.Deferred tax assets are only recognised for deductible temporary differences, deductible losses and tax credits tothe extent that it is probable that taxable profit will be available in the future against which the deductibletemporary differences, deductible losses and tax credits can be utilised.Deferred tax liabilities are recognised for temporary differences arising from investments in subsidiaries, jointventure, and associates, except where the Group is able to control the timing of reversal of the temporarydifference, and it is probable that the temporary difference will not reverse in the foreseeable future. When it isprobable that the temporary differences arising from investments in subsidiaries and associates will be reversed inthe foreseeable future and that the taxable profit will be available in the future against which the temporary
differences can be utilised, the corresponding deferred tax assets are recognised.Deferred tax assets and liabilities are offset when:
?the deferred taxes are relate to the same tax payer within the Group and same fiscal authority, and;?? that tax payer has a legally enforceable right to offset current tax assets against current tax liabilities.
42. Leases
（1）Accounting of operational leasing
Operating lease expenses are recorded in relevant cost of capital or current profit or loss according to straight-linemethod over the lease period.Operating lease revenue are recognised according to straight-line method over the lease period.
（2）Accounting treatment of financing leasing
When the Group acquires an asset under a finance lease, the asset is measured at an amount equal to the lower ofits fair value and the present value of the minimum lease payments, each determined at the inception of the lease.The difference between the fair value of the leased assets and the minimum lease payments is recognised asunrecognised finance charges. Unrecognised finance charge under finance lease is amortised using an effectiveinterest method over the lease term. The minimum lease payment net of unrecognised finance charges aredisclosed as long-term payable.
43. Other significant accounting policies and estimates
The Group continually evaluates the critical accounting estimates and key judgements applied based on historicalexperience and other factors, including expectations of future events that are believed to be reasonable under thecircumstances. The critical accounting estimates and key assumptions that have a significant risk of causing amaterial adjustment to the carrying amounts of assets and liabilities within the next accounting year are outlinedbelow:
(a) Estimates on provision for impairment of long-term assetsfixed assets, construction in progress, intangible assets with finite useful lives, investment properties that aremeasured at cost and long-term equity investments in subsidiaries, joint ventures and associates are tested forimpairment if there’s indications that the assets may be impaired at the balance sheet date. When assessingwhether there’s indication that the above assets are impaired, management mainly evaluate and analyse: (1)whether events affecting asset impairment occurred; (2) whether the present value of expected cash flows arisingfrom the continuing use or disposal of the asset is lower than its carrying amount; (3) whether the assumptionsused in estimating the present value of future cash flows is appropriate. Relevant assumptions adopted by theGroup to determine impairment, e.g. changes in assumptions on discount rate and growth rate used to calculate thepresent value of future cash flows, may have material impact on the present value used in the impairment test, andcause impairment in the above-mentioned long-term assets of the Group.(b) Useful lives and residual value of fixed assetsThe useful lives and residual value of fixed assets are determined by management after taking into account theirdurability and past maintenance records based on the industry practice. The useful life of the assets is reviewed ateach year-end with appropriate adjustments made accordingly. Any changes in the useful lives and residual valueof fixed assets may have significant impact on the Group’s net profit(c) Income taxesThe Group 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 isrequired from the Group in determining the provision for income taxes in each of these jurisdictions. Where thefinal tax outcome of these matters is different from the amounts that were initially recorded, such differences willimpact the income tax and deferred tax provisions in the period in which such determination is made.(d) Deferred tax assetsWhether to recognise the deferred tax assets arising from deductible losses and deductible temporary differenceslargely depends on the judgement of management on whether sufficient future taxable income that can be used todeduct deductible losses and deductible temporary differences can be obtained in the future periods. A lot ofjudgements and estimates are required to calculate the future taxable income, and tax planning strategies and theinfluence of overall economic environment shall be considered at the same time. Different judgements andestimates will impact on the recognition and amount of deferred tax assets. When it is estimated that sufficientfuture taxable income, against which deductible losses and temporary differences can be utilised, can be obtainedin the future periods, deferred tax assets are recognised to the extent that it is probable that taxable income will beavailable in the future against which deductible losses and temporary differences can be utilised, using tax ratesapplicable in the period when the asset would be recovered. In determining the amount of deferred tax assets, theGroup exercises judgements about the estimated timing and amount of future taxable income, and about the taxrates applicable in the future according to the existing tax policies and other relevant regulations. Differencesbetween such estimates and the actual timing and amount of future profits will affect the amount of deferred taxassets.
44.Change of main accounting policies and estimations
(1)Change of main accounting policies
√ Applicable □ Not applicable
| The content and reason for change of accounting policy | Appoval process | Remark |
| According to the requirements of the Ministry of Finance's Accounting Standards for Business Enterprises No.22, Accounting Standards for Business Enterprises No.23, Accounting Standards for Business Enterprises No.24 revised and issued on March 31, 2017 and Accounting Standards for Business Enterprises No.37 revised and issued on May 2, 2017 (hereinafter referred to as "New Financial Instrument Standard") and the Notice on Revising and Issuing the Format of General Enterprise Financial Statements for 2019 (CK [2019] No.6) on April 30, 2019, based on the Group's business model of managing financial assets and the contractual cash flow characteristics of financial assets, the investments of the three companies held by the Group are adjusted from available-for-sale financial assets originally accounted for by the cost method to financial assets accounted for by fair value and their changes are included in other comprehensive income, and reported in other equity instruments. | On March 20, 2019, the Fifth Meeting of the Audit Committee of the Ninth Board of Directors of the Company deliberated and passed the Proposal on Changes in Accounting Policies and agreed to submit the proposal to the Board of Directors of the Company for deliberation. On April 11, 2018, the eighth meeting of the ninth Board of Directors of the Company deliberated and passed the Proposal on Changes in Accounting Policies. The independent directors and the board of supervisors of the company respectively expressed independent opinions and audit opinions on this matter. |
(2) Change of main accounting estimations
√ Applicable □ Not applicable
| Content of and Reasons for the Changes in Accounting Estimates | Approval process | Applicable start time | Remark |
| According to the Notice of Guangdong Development and Reform Commission on Shutting down Unit 1 of Shajiao A Power Plant and Unit 2 of Shajiao B Power Plant (GFGNDH [2018] No 5354) and the Request of Guangdong Development and Reform Commission on | On December 27, 2018, the Audit Committee of the Ninth Board of Directors of the Company held its fourth meeting, reviewed the Proposal on Adjusting Depreciation Years of Fixed Assets in Shajiao A Power Plant and | January 1, 2019 |
| Decommissioning of Shajiao Power Plant and Construction of Alternative Power Sources (YFGND [2018] No 361), unit 1 of Shajiao A Power Plant, a branch of the company, has been shut down in November 2018, units 2 and 3 are expected to be shut down by the end of 2019, and units 4 and 5 are expected to be shut down by the end of 2023. According to the current unit shutdown plan of Shajiao A Power Plant, the Company expects that the service life of some of its fixed assets will be greatly shortened. According to Article 19 of Accounting Standards for Business Enterprises No.4-Fixed Assets, the Company plans to adjust the depreciation period of fixed assets related to Shajiao A Power Plant to make it more in line with the actual use of fixed assets. | agreed to submit it to the Board of Directors of the Company for deliberation. On January 25, 2019, the seventh meeting of the ninth Board of Directors of the Company deliberated and passed the Proposal on Adjusting the Depreciation Period of Fixed Assets of Shajiao A Power Plant. The independent directors and the board of supervisors of the company respectively expressed independent opinions and verification opinions on this matter. According to the relevant provisions of the Shenzhen Stock Exchange Listing Rules and the Guidelines for the Standardized Operation of Listed Companies on the Main Board of Shenzhen Stock Exchange (Revised in 2015), this adjustment of fixed asset depreciation period of Shajiao A Power Plant need not be submitted to the shareholders' meeting for deliberation. |
1. Depreciation of fixed assets: it is estimated to increase by 174 million yuan in 2019 and 49 million yuanannually from 2020 to 2023;
2. Net profit attributable to parent company: it is estimated to decrease by 174 million yuan in 2019 and 49million yuan annually from 2020 to 2023;
3. Owner's equity attributable to parent company: it is estimated to decrease by 174 million yuan in 2019 and 49million yuan annually from 2020 to 2023.
（3）Adjustments to the Financial Statements at the Beginning of the First Execution Year of any New StandardsGoverning Financial Instruments, Revenue or Leases
√ Applicable □ Not applicable
Consolidated balance sheet
In RMB
| Items | December 31, 2018 | January 1, 2019 | Adjustment amount |
| Current asset： | |||
| Monetary fund | 5,574,382,892 | 5,574,382,892 | |
| Settlement provision | |||
| Outgoing call loan | |||
| Transactional financial assets | |||
| Financial assets measured at fair value with variations accounted into current income account | |||
| Derivative financial assets | |||
| Notes receivable | |||
| Account receivable | 3,358,331,949 | 3,358,331,949 | |
| Financing of receivables | |||
| Prepayments | 906,261,046 | 906,261,046 | |
| Insurance receivable | |||
| Reinsurance receivable | |||
| Provisions of Reinsurance contracts receivable | |||
| Other account receivable | 222,976,826 | 222,976,826 |
| Including：Interest receivable | 18,856,569 | 18,856,569 | |
| Dividend receivable | |||
| Repurchasing of financial assets | |||
| Inventories | 1,481,817,270 | 1,481,817,270 | |
| Contract assets | |||
| Assets held for sales | |||
| Non-current asset due within 1 year | |||
| Other current asset | 617,853,476 | 617,853,476 | |
| Total of current assets | 12,161,623,459 | 12,161,623,459 | |
| Non-current assets： | |||
| Loans and payment on other’s behalf disbursed | |||
| Debt investment | |||
| Available for sale of financial assets | 1,565,806,331 | -1,565,806,331 | |
| Other investment on bonds | |||
| Expired investment in possess | |||
| Long-term receivable | 89,762,071 | 89,762,071 | |
| Long term share equity investment | 6,395,134,754 | 6,395,134,754 | |
| Other equity instruments investment | 1,565,806,331 | 1,565,806,331 | |
| Other non-current financial assets | |||
| Property investment | 10,810,722 | 10,810,722 | |
| Fixed assets | 41,157,594,848 | 41,157,594,848 | |
| Construction in progress | 7,740,754,343 | 7,740,754,343 | |
| Production physical assets | |||
| Oil & gas assets | |||
| Use right assets | |||
| Intangible assets | 1,863,588,771 | 1,863,588,771 | |
| Development expenses | |||
| Goodwill | 2,449,886 | 2,449,886 | |
| Long-germ expenses to be amortized | 22,089,179 | 22,089,179 | |
| Deferred income tax asset | 448,431,684 | 448,431,684 | |
| Other non-current asset | 1,871,616,258 | 1,871,616,258 | |
| Total of non-current assets | 61,168,038,847 | 61,168,038,847 | |
| Total of assets | 73,329,662,306 | 73,329,662,306 | |
| Current liabilities | |||
| Short-term loans | 7,526,000,000 | 7,526,000,000 | |
| Loan from Central Bank | |||
| Borrowing funds | |||
| Transactional financial liabilities | |||
| Financial liabilities measured at fair value with variations accounted into current income account | |||
| Derivative financial liabilities | |||
| Notes payable | 941,161,107 | 941,161,107 | |
| Account payable | 2,196,600,415 | 2,196,600,415 | |
| Advance receipts | 343,894 | 343,894 | |
| Selling of repurchased financial assets | |||
| Deposit taking and interbank deposit | |||
| Entrusted trading of securities |
| Entrusted selling of securities | |||
| Employees’ wage payable | 235,741,179 | 235,741,179 | |
| Tax payable | 397,001,706 | 397,001,706 | |
| Other account payable | 4,152,518,495 | 4,152,518,495 | |
| Including：Interest payable | 59,316,077 | 59,316,077 | |
| Dividend payable | 9,703,930 | 9,703,930 | |
| Fees and commissions payable | |||
| Reinsurance fee payable | |||
| Contract Liabilities | |||
| Liabilities held for sales | |||
| Non-current liability due within 1 year | 2,779,347,654 | 2,779,347,654 | |
| Other current liability | 1,107,904,110 | 1,107,904,110 | |
| Total of current liability | 19,336,618,560 | 19,336,618,560 | |
| Non-current liabilities： | |||
| Reserve fund for insurance contracts | |||
| Long-term loan | 18,802,292,664 | 18,802,292,664 | |
| Bond payable | 838,326,742 | 838,326,742 | |
| Including：preferred stock | |||
| Sustainable debt | |||
| Lease liability | |||
| Long-term payable | 2,311,513,249 | 2,311,513,249 | |
| Long-term remuneration payable to staff | 122,913,388 | 122,913,388 | |
| Expected liabilities | |||
| Deferred income | 133,043,646 | 133,043,646 | |
| Deferred income tax liability | 100,726,841 | 100,726,841 | |
| Other non-current liabilities | 166,405,569 | 166,405,569 | |
| Total non-current liabilities | 22,475,222,099 | 22,475,222,099 | |
| Total of liability | 41,811,840,659 | 41,811,840,659 | |
| Owners’ equity | |||
| Share capital | 5,250,283,986 | 5,250,283,986 | |
| Other equity instruments | |||
| Including：preferred stock | |||
| Sustainable debt | |||
| Capital reserves | 5,102,846,886 | 5,102,846,886 | |
| Less：Shares in stock | |||
| Other comprehensive income | 550,010,133 | 550,010,133 | |
| Special reserve | |||
| Surplus reserves | 7,834,155,143 | 7,834,155,143 | |
| Common risk provision | |||
| Retained profit | 5,490,006,140 | 5,490,006,140 | |
| Total of owner’s equity belong to the parent company | 24,227,302,288 | 24,227,302,288 | |
| Minority shareholders’ equity | 7,290,519,359 | 7,290,519,359 | |
| Total of owners’ equity | 31,517,821,647 | 31,517,821,647 | |
| Total of liabilities and owners’ equity | 73,329,662,306 | 73,329,662,306 |
NotesAccording to the requirements of the Ministry of Finance's Accounting Standards for Business Enterprises No.22,
Accounting Standards for Business Enterprises No.23, Accounting Standards for Business Enterprises No.24revised and issued on March 31, 2017 and Accounting Standards for Business Enterprises No.37 revised andissued on May 2, 2017 (hereinafter referred to as "New Financial Instrument Standard") and the Notice onRevising and Issuing the Format of General Enterprise Financial Statements for 2019 (CK [2019] No.6) on April30, 2019, based on the Group's business model of managing financial assets and the contractual cash flowcharacteristics of financial assets, the investments of the three companies held by the Group are adjusted fromavailable-for-sale financial assets originally accounted for by the cost method to financial assets accounted for byfair value and their changes are included in other comprehensive income, and reported in other equity instruments.Balance sheet of Parent Company
In RMB
| Items | December 31, 2018 | January 1, 2019 | Adjustment amount |
| Current asset： | |||
| Monetary fund | 385,577,463 | 385,577,463 | |
| Transactional financial assets | |||
| Financial assets measured at fair value with variations accounted into current income account | |||
| Derivative financial assets | |||
| Notes receivable | |||
| Account receivable | 264,537,475 | 264,537,475 | |
| Financing of receivables | |||
| Prepayments | 44,826,500 | 44,826,500 | |
| Other account receivable | 375,296,228 | 375,296,228 | |
| Including：Interest receivable | 1,121,522 | 1,121,522 | |
| Dividend receivable | 447,956 | 447,956 | |
| Inventories | 187,058,140 | 187,058,140 | |
| Contract assets | |||
| Assets held for sales | |||
| Non-current asset due within 1 year | |||
| Other current asset | 199,679 | 199,679 | |
| Total of current assets | 1,257,495,485 | 1,257,495,485 | |
| Non-current assets： | |||
| Debt investment | |||
| Available for sale of financial assets | 1,565,806,331 | -1,565,806,331 | |
| Other investment on bonds | |||
| Expired investment in possess | |||
| Long-term receivable | 306,460,000 | 306,460,000 | |
| Long term share equity investment | 24,699,820,321 | 24,699,820,321 | |
| Other equity instruments investment | 1,565,806,331 | 1,565,806,331 | |
| Other non-current financial assets | |||
| Property investment | 7,661,041 | 7,661,041 | |
| Fixed assets | 978,022,437 | 978,022,437 | |
| Construction in progress | 9,394,075 | 9,394,075 | |
| Production physical assets | |||
| Oil & gas assets |
| Use right assets | |||
| Intangible assets | 86,681,362 | 86,681,362 | |
| Development expenses | |||
| Goodwill | |||
| Long-germ expenses to be amortized | |||
| Deferred income tax asset | |||
| Other non-current asset | 356,004,000 | 356,004,000 | |
| Total of non-current assets | 28,009,849,567 | 28,009,849,567 | |
| Total of assets | 29,267,345,052 | 29,267,345,052 | |
| Current liabilities | |||
| Short-term loans | 1,500,000,000 | 1,500,000,000 | |
| Transactional financial liabilities | |||
| Financial liabilities measured at fair value with variations accounted into current income account | |||
| Derivative financial liabilities | |||
| Notes payable | |||
| Account payable | 223,827,319 | 223,827,319 | |
| Advance receipts | |||
| Contract Liabilities | |||
| Employees’ wage payable | 53,346,100 | 53,346,100 | |
| Tax payable | 48,590,195 | 48,590,195 | |
| Other account payable | 98,528,954 | 98,528,954 | |
| Including：Interest payable | 15,787,356 | 15,787,356 | |
| Dividend payable | 9,703,930 | 9,703,930 | |
| Liabilities held for sales | |||
| Non-current liability due within 1 year | |||
| Other current liability | 1,107,904,110 | 1,107,904,110 | |
| Total of current liability | 3,032,196,678 | 3,032,196,678 | |
| Non-current liabilities： | |||
| Long-term loan | 1,500,000,000 | 1,500,000,000 | |
| Bond payable | 838,326,742 | 838,326,742 | |
| Including：preferred stock | |||
| Sustainable debt | |||
| Lease liability | |||
| Long-term payable | 4,340,898 | 4,340,898 | |
| Long-term remuneration payable to staff | 32,170,769 | 32,170,769 | |
| Expected liabilities | |||
| Deferred income | 48,362,943 | 48,362,943 | |
| Deferred income tax liability | 99,461,621 | 99,461,621 | |
| Other non-current liabilities | |||
| Total non-current liabilities | 2,522,662,973 | 2,522,662,973 | |
| Total of liability | 5,554,859,651 | 5,554,859,651 | |
| Owners’ equity | |||
| Share capital | 5,250,283,986 | 5,250,283,986 | |
| Other equity instruments | |||
| Including：preferred stock |
| Sustainable debt | |||
| Capital reserves | 5,605,794,601 | 5,605,794,601 | |
| Less：Shares in stock | |||
| Other comprehensive income | 550,010,133 | 550,010,133 | |
| Special reserve | |||
| Surplus reserves | 7,834,155,143 | 7,834,155,143 | |
| Retained profit | 4,472,241,538 | 4,472,241,538 | |
| Total of owners’ equity | 23,712,485,401 | 23,712,485,401 | |
| Total of liabilities and owners’ equity | 29,267,345,052 | 29,267,345,052 |
NotesAccording to the requirements of the Ministry of Finance's Accounting Standards for Business Enterprises No.22,Accounting Standards for Business Enterprises No.23, Accounting Standards for Business Enterprises No.24revised and issued on March 31, 2017 and Accounting Standards for Business Enterprises No.37 revised andissued on May 2, 2017 (hereinafter referred to as "New Financial Instrument Standard") and the Notice onRevising and Issuing the Format of General Enterprise Financial Statements for 2019 (CK [2019] No.6) on April30, 2019, based on the Group's business model of managing financial assets and the contractual cash flowcharacteristics of financial assets, the investments of the three companies held by the Group are adjusted fromavailable-for-sale financial assets originally accounted for by the cost method to financial assets accounted for byfair value and their changes are included in other comprehensive income, and reported in other equity instruments.
（4）Retrospective Restatement of Previous Comparative Data due to the First Execution of any New StandardsGoverning Financial Instruments or Leases
□ Applicable √ Not applicable
45.Other
VI. Taxation
1. Main categories and rates of taxes
| Class of tax | Tax basis | Tax rate |
| VAT | Taxable value added amount (Tax payable is calculated using the taxable sales amount multiplied by the applicable tax rate less deductible VAT input of current period) | 3%，6%，9%，10%,13% and 16%（According to the “Notice of the Ministry of Finance and the State Administration of Taxation on Adjusting the Value-Added Tax Rate” (Cai Shui [2019] No. 39) and related regulations, since April 1, 2019 the tax rates for the group's original business which were applicable to 16% and 10% will be adjusted to 13% and 9% respectively） |
| City maintenance and construction tax | Amount of VAT, business tax and consumption tax paid | 5% and7% |
| Corporate income tax | Taxable income | 0%,12.5%,15%，20% and 25% |
| Education surcharges | Based on VAT paid | 3% |
| Local education surcharges | Based on VAT paid | 2% |
| House property tax | The rental income or residual value of the property | 12% and1.2% |
In case there exist any taxpayer paying corporate income tax at different tax rates, disclose the information
| Name of taxpayer | Income tax rates |
| Dianbai Wind power | 12.50% |
| Qujie Wind Power | 12.50% |
| Leizhou Wind Power | 0% |
| Zhanjiang Electric Power Co., Ltd. | 15% |
| Zhanjiang Yuheng Electric Power Maintenance and Installation Co., Ltd. | 20% |
2.Tax preferences
Pursuant to the approval documents (Caishui [2008] No. 46 and Guo Shui Fa [2009] No. 80), Xuwen Wind Power,Dianbai Wind Power, Qujie Wind Power and Leizhou Wind Power are exempted from enterprise income tax in thefirst three years counting from the year profits are recorded, and can enjoy half rate reduction in the followingthree years. As the local taxation bureau considered that Xuwen Wind Power posted profits for the first time in2012, and Dianbai Wind Power posted profits for the first time in 2016, Qujie Wind Power posted profits for thefirst time in 2016 and Leizhou Wind Power posted profits for the first time in 2017, the applicable enterpriseincome tax rates for Dianbai Wind Power, Qujie Wind Power and Leizhou Wind Power are 12.5%,12.5% and 0%in 2019 (2018:0%, 0% and 0%) respectively.In addition, 50% of VAT levied on the sales of electricity generated by Guangdong Yudean Shibeishan WindPower Co., Ltd. (“Shibeishan”), Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd. (“ZhanjiangWind Power”), Xuwen Wind Power, Dianbai Wind Power, Qujie Wind Power and Leizhou Wind Power andHuilai Wind Power will be refunded immediately in accordance with the Notice Concerning Value Added TaxPolicies on Wind Power Generation (Cai Shui [2015] No.74)
(b) In 2008, Zhanjiang Electric, a subsidiary of the Company, was granted a High-tech Enterprise Certificate(Certificate No.: GR201744007248) by the Department of Science & Technology of Guangdong Province,Department of Finance of Guangdong Province, the State Taxation Bureau of Guangdong Province and the LocalTaxation Bureau of Guangdong Province on 11 December 2017. The certificate is valid for three years. UnderArticle 28 of the Enterprise Income Tax Law of the People’s Republic of China and the circular ([2017] No. 24)issued by the State Administration of Taxation, the tax prefenrence can be requested as of the year of the issue ofthe high-tech enterprise certificate, and the income tax rate applicable to Zhanjiang Electric for 2019 is 15% (2018:
15%).(c) Pursuant to the approval documents (Cai Shui [2018] No. 77), Yuheng Electric was recognised as a smallenterprise with low profits since its annual taxable income was less than RMB 1 million, so the amount of taxableincome was reduced to 50% of its income and was subject to enterprise income tax at the tax rate of 20%.Therefore, the applicable enterprise income tax rate for Yuheng Electric is 20% (2018: 20%).
3.Other
VII. Notes on major items in consolidated financial statements
1. Monetary funds
In RMB
| Items | Closing balance | Opening balance |
| Cash on hand | 42,282 | 31,413 |
| Cash at bank | 5,196,580,593 | 5,570,351,479 |
| Other cash balance | 3,111,720 | 4,000,000 |
| Total | 5,199,734,595 | 5,574,382,892 |
Other notes
1.As of June 30,2019,The company’s deposit in Yudean Finance company is 4,915,764,758 yuan (4,978,118,712yuan before December 31, 2018).The deposit in Yudean Finance means that deposited in Guangdong YudeanFinance Co., Ltd. (“Yudean Finance”). Yudean Finance is one financial institution approved by People's Bank ofChina and is a subsidiary of Energy Group Co., Ltd.
2. As of June 30, 2019, other cash balances amounted to RMB 3,111,720 (31 December 2018: 4,000,000) andrepresented deposits of Huizhou Pingdian Comprehensive Energy Co., Ltd. (“Pingdian Comprehensive”), asubsidiary of the Group, for the purpose of applying for performance guarantees of RMB 2,000,000( 31 December2018:4,000,000)for admission to sales of electricity at Guangdong Power Exchange Centre. The balance of theGroup's restricted carbon account is 1,111,720 yuan.
2. Transactional financial assets
In RMB
| Items | Closing balance | Opening balance |
| Financial assets measured at fair value through profit or loss | 37,203 | |
| Of which ： | ||
| Of which： | ||
| Total | 37,203 |
Other notes
3. Derivative financial assets
Not applicable
4. Notes receivable
Not applicable
5. Accounts receivable
(1) Accounts receivable disclosed by category
In RMB
| Category | Closing balance | Opening balance | ||||||||
| Book balance | Bad debt provision | Book value | Book balance | Bad debt provision | Book value | |||||
| Amount | Proportion % | Amount | Proportion % | Amount | Proportion % | Amount | Proportion % | |||
| Of which： | ||||||||||
| Accrual of bad debt provision | 3,264,298,468 | 100 % | 180,155 | 0.01% | 3,264,118,313 | 3,358,489,658 | 100 % | 157,709 | 0.01% | 3,358,331,949 |
| by portfolio | ||||||||||
| Of which： | ||||||||||
| Low risk portfolio | 3,255,023,499 | 99.72% | 0 | 0 % | 3,255,023,499 | 3,345,279,051 | 99.61% | 0 | 0 % | 3,345,279,051 |
| Other portfolio | 9,274,969 | 0.28% | 180,155 | 1.94% | 9,094,814 | 13,210,607 | 0.39% | 157,709 | 1.19% | 13,052,898 |
| Total | 3,264,298,468 | 100 % | 180,155 | 0.01% | 3,264,118,313 | 3,358,489,658 | 100 % | 157,709 | 0.01% | 3,358,331,949 |
Accrual of bad debt provision by single item:
Not applicableAccrual of bad debt provision by portfolio:
Not applicableRelevant information of the provision for bad debts will be disclosed with reference to the disclosure method ofother receivables if the provision for bad debts of bills receivable is accrued according to the general model ofexpected credit loss:
√ Applicable □Not applicable
(i) As of June 30, 2019, the Group has no accounts receivable for which bad debt reserves are separately accrued.(ii) On June 30, 2019, the accounts receivable with provision for bad debts by combination are analyzed asfollows:
In RMB
| Book balance | Dad debt reserves | ||
| Amount | Expected credit loss for the entire duration | Amount | |
| Low risk portfolio | 33,255,023,499 | 0.00% | - |
| Other portfolio | 9,274,969 | 1.94% | 180,155 |
| 3,264,298,468 | 180,155 | ||
Disclosure by aging
In RMB
| Aging | Closing balance |
| Within 1 year（Including 1 year） | 3,264,118,313 |
| Within 1 year | 3,264,118,313 |
| Total | 3,264,118,313 |
(2) Accounts receivable withdraw, reversed or collected during the reporting periodThe withdrawal amount of the bad debt provision：
In RMB
| Category | Opening balance | Amount of change in the current period | Closing balance | ||
| Accrual | Reversed or collected amount | Write-off | |||
| Accounts receivable | 157,709 | 22,446 | 180,155 | ||
| Total | 157,709 | 22,446 | 180,155 | ||
Of which the significant amount of the reversed or collected part during the reporting periodNot applicable
（3）Top 5 of the closing balance of the accounts receivable collected according to the arrears party
| Debtor | Book amount | Provision for bad debts | Proportion% |
| GPGC | 2,963,751,203 | - | 90.79% |
| Shenzhen Power supply Bureau | 248,592,385 | - | 7.62% |
| GPGC,Zhanjiang Power supply Bureau | 17,543,877 | - | 0.54% |
| GPGC,Maoming Power supply Bureau | 11,552,907 | - | 0.35% |
| YPGC | 4,274,812 | - | 0.13% |
| Total | 3,245,715,184 | - | 99.43% |
6. Financing of receivables
Not applicable
7.Prepayments
(1) List by aging analysis:
In RMB
| Aging | Closing balance | Opening balance | ||
| Amount | Proportion % | Amount | Proportion % | |
| Within 1 year | 841,263,197 | 99.66% | 898,559,234 | 99.16% |
| 1-2 years | 1,266,197 | 0.15% | 6,388,849 | 0.70% |
| 2-3 years | 963,210 | 0.11% | 756,896 | 0.08% |
| Over 3 years | 662,651 | 0.08% | 556,067 | 0.06% |
| Total | 844,155,255 | -- | 906,261,046 | -- |
Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in timeAs at June 30,2019, advances to suppliers aged more than 1 year were RMB 2,892,058, mainly includingprepayments for spare parts and materials.
（2）The ending balance of Prepayments owed by the imputation of the top five parties
| Name | Relationship with the company | Amount | Proportion % | Reason |
| Guangdong Power Industry Fuel Co., Ltd. | The joint venture with Guangdong group control | 523,735,826 | 62.02% | |
| Guangdong Zhutou Electric Power fuel Co., Ltd. | Third party | 126,998,446 | 15.04% | |
| Guangdong Yudean Natural gas Co., Ltd. | Related party | 44,552,246 | 5.28% | |
| Guangzhou Port Co., Ltd. Railway Branch | Third party | 37,503,567 | 4.44% | |
| Guangzhu Railway Co., Ltd. Gaolanjian Station Special income account | Third party | 22,950,521 | 2.72% | |
| Total | 755,740,606 | 89.49% |
Other notes
8. Other accounts receivable
In RMB
| Items | Closing balance | Opening balance |
| Interest receivable | 23,038,895 | 18,856,569 |
| Other accounts receivable | 275,581,692 | 204,120,257 |
| Total | 298,620,587 | 222,976,826 |
（1）Interest receivable
1) Category of interest receivable
In RMB
| Items | Closing balance | Opening balance |
| Fixed deposit | 23,038,895 | 18,856,569 |
| Total | 23,038,895 | 18,856,569 |
2) Significant overdue interest
Not applicable3）Bad-debt provision
□ Applicable √ Not applicable
(2)Dividend receivable
1) Dividend receivable
Not applicable
（3） Other accounts receivable
1) Other accounts receivable classified by the nature of accounts
In RMB
| Nature | Closing book balance | Opening book balance |
| Supplementary medical insurance fund receivable | 81,803,575 | 74,967,255 |
| Sales of by-products receivable | 106,675,936 | 61,562,471 |
| Land receivable deposit | 23,446,000 | 23,446,000 |
| Receivable petty cash | 13,373,636 | 8,207,879 |
| Advances receivable | 13,569,871 | 5,423,464 |
| Government subsidy receivable | 3,909,598 | 5,208,887 |
| Other | 42,748,926 | 34,749,156 |
| Total | 285,527,542 | 213,565,112 |
2）Bad-debt provision
In RMB
| Bad Debt Reserves | Stage 1 | Stage 2 | Stage 3 | Total |
| Expected credit losses over the next 12 months | Expected credit loss over life (no credit impairment) | Expected credit losses for the entire duration (credit impairment occurred) | ||
| Balance as at January 1, 2019 | 2,437,143 | 7,007,712 | 9,444,855 | |
| Balance as at January 1, 2019 in current | —— | —— | —— | —— |
| Accrual in the current period | 500,995 | 500,995 | ||
| Balance as at June 30,2019 | 2,938,138 | 7,007,712 | 9,945,850 |
Loss provision changes in current period, change in book balance with significant amount
□ Applicable √Not applicable
Disclosure by aging
In RMB
| Aging | Closing balance |
| Within 1 year(Including 1 year） | 234,638,906 |
| Within 1 year | 234,638,906 |
| 1-2 years | 39,552,832 |
| 2-3 years | 20,259 |
| Over 3 years | 1,369,695 |
| 3-4 years | 315,000 |
| Over 5 years | 1,054,695 |
| Total | 275,581,692 |
3) Accounts receivable withdraw, reversed or collected during the reporting periodThe withdrawal amount of the bad debt provision：
In RMB
| Category | Opening balance | Amount of change in the current period | Closing balance | |
| Accrual | Reversed or collected amount | |||
| Other account receivable | 9,444,855 | 500,995 | 9,945,850 | |
| Total | 9,444,855 | 500,995 | 9,945,850 | |
(i) On June 30,2019, The bad debt provision for other receivables in the first stage is analyzed as follows:
In RMB
| Book balance | Expected credit Loss rate for the next 12months | Provision for bad debts | Reason | |
| Low risk portfolio | 215,835,109 | 0.00% | - | Expected credit Loss method |
| Other portfolio | 62,684,721 | 4.69% | 2,938,138 | Expected credit Loss method |
| Total | 278,519,830 | 2,938,138 |
(ii) On June 30,2019, The Group does not have other receivables in the second stage.(iii) On JUNE 30,2019, The bad debt provision for other receivables in the third stage is analyzed as follows:
In RMB
| Book balance | Expected credit loss rate over the entire life | Provision for bad debts | Reason | |
| Accrual by single item | 7,007,712 | 100.00% | 7,007,712 | Unexpected to recover |
Of which the significant amount of the reversed or collected part during the reporting periodNot applicable
4) Top 5 of the closing balance of the other accounts receivable collected according to the arrears party
In RMB
| Name | Nature | Closing balance | Aging | Proportion of the total year end balance of the accounts receivable | Closing balance of bad debt provision |
| Guangdong Yudean Environmental Protection Co., Ltd. | Sales of by-products receivable | 94,790,847 | Within 1 year | 33.20% | 0 |
| Taikang Endowment Insurance Co., Ltd. Guangdong Branch | Supplementary medical insurance funds shall be receivable | 81,803,575 | Within 1 year | 28.65% | 0 |
| Maoming Bohe Xingang District Construction Command Office | Land receivable deposit | 23,446,000 | 1-2 years | 8.21% | 0 |
| Maoming Petrochemical Shengli cement Co., Ltd. | Sales of by-products receivable | 4,270,034 | Within 1 year | 1.50% | 0 |
| Huilai County Taxation Bureau | Government subsidy receivable | 3,490,978 | 1-2 years | 1.22% | 0 |
| Total | -- | 207,801,434 | -- | 72.78% | 0 |
(5) Account receivables with government subsidies involved
In RMB
| Name | Project name | Amount in year-end | At the end of aging | Estimated time, amount and basis |
| Huilai State Taxation Bureau | VAT is refunded immediately | 3,490,978 | 1-2 years | Expected to be recovered the following year |
| Xuwen State Taxation Bureau | VAT is refunded immediately | 418,619 | 1-2 years | Expected to be recovered the following year |
9. Inventories
Whether implemented new revenue guidelines?
□ Yes √No
（1）Category of Inventory
In RMB
| Items | Closing book balance | Opening book balance | ||||
| Book balance | Provision for inventory impairment | Book value | Book balance | Provision for inventory impairment | Book value | |
| Raw materials | 1,102,803,086 | 0 | 1,102,803,086 | 780,978,630 | 1,429,525 | 779,549,105 |
| Parts | 694,073,908 | 18,128,209 | 675,945,699 | 697,094,406 | 18,128,209 | 678,966,197 |
| Other | 33,425,210 | 0 | 33,425,210 | 23,301,968 | 0 | 23,301,968 |
| Total | 1,830,302,204 | 18,128,209 | 1,812,173,995 | 1,501,375,004 | 19,557,734 | 1,481,817,270 |
Whether the company is required to comply with the "Shenzhen Stock Exchange Industry Information DisclosureGuidelines No. 4 - listed companies engaged in seed industry, planting business" disclosure requirements
No
(2) Inventory depreciation reserve
In RMB
| Items | Beginning of term | Increased in current period | Decreased in current period | End of term | ||
| Provision | Other | Transferred back | Other | |||
| Raw materials | 1,429,525 | 0 | 0 | 1,429,525 | 0 | 0 |
| Parts | 18,128,209 | 0 | 0 | 0 | 0 | 18,128,209 |
| Total | 19,557,734 | 0 | 0 | 1,429,525 | 0 | 18,128,209 |
Guangdong Huizhou Natural Gas Power Generation Co., Ltd, a subsidiary of our company, disposed of 250#heavy oil in April 2019, with a write-off reserve of 1,429,525 yuan.
(3) Explanation on inventories with capitalization of borrowing costs included at ending balanceNot applicable
(4) Assets unsettled formed by construction contract which has completed at period-endNot applicable
10.Contact assets
Not applicable
11. Assets divided as held-to-sold
Not applicable
12. Non-current assets due within 1 year
Not applicable
13. Other current assets
Whether implemented new revenue guidelines?
□ Yes √No
In RMB
| Items | Year-end balance | Year-beginning balance |
| Deductible VAT | 306,883,288 | 613,635,937 |
| Pending disposal of other current assets | 24,272 | 35,828 |
| Prepayment of income tax | 3,006,722 | 4,181,711 |
| Total | 309,914,282 | 617,853,476 |
14.Creditor's rights investment
Not applicable
15.Other creditor's rights investment
Not applicable
16. Long-term accounts receivable
(1) List of long-term accounts receivable
In RMB
| Items | Closing balance | Opening balance | Discount rate interval | ||||
| Book balance | Provision for inventory impairment | Book value | Book balance | Provision for inventory impairment | Book value | ||
| After-sale leaseback deposit | 90,938,922 | 0 | 90,938,922 | 89,762,071 | 0 | 89,762,071 | 5.40%-7.30% |
| Total | 90,938,922 | 0 | 90,938,922 | 89,762,071 | 0 | 89,762,071 | -- |
Provision for bad debts
In RMB
| Bad Debt Reserves | Stage 1 | Stage 2 | Stage 3 | Total |
| Expected credit losses over the next 12 months | Expected credit loss over life (no credit impairment) | Expected credit losses for the entire duration (credit impairment occurred) | ||
| Balance as at January 1, 2019 | 0 | 0 | 0 | 0 |
| Balance as at January 1, 2019 in current period | —— | —— | —— | —— |
| Balance as at June 30,2019 | 0 | 0 | 0 | 0 |
Loss provision changes in current period, change in book balance with significant amount
□ Applicable √ Not applicable
(2) Long-term accounts receivable which terminate the recognition owning to the transfer of the financial assets
Not applicable
(3) The amount of the assets and liabilities formed by the transfer and the continues involvement of long-termaccounts receivable
Not applicable
17. Long-term equity investment
In RMB
| Investees | Opening balance | Increase /decrease | Closing balance | Closing balance of impairment provision | |||||||||
| Additional investment | Decrease in investment | Profits and losses on investments Recognized under the equity method | Other comprehensive income | Changes in other equity | Cash bonus or profits announced to issue | Withdrawal of impairment provision | Other | ||||||
| I. Joint ventures | |||||||||||||
| Industrial Fuel | 602,584,896 | 39,224,948 | 68,053,122 | 573,756,722 | |||||||||
| Subtotal | 602,584,896 | 39,224,948 | 68,053,122 | 573,756,722 | |||||||||
| II. Associates | |||||||||||
| YangshanJiangkeng | 5,694,710 | 512,329 | 6,207,039 | ||||||||
| Yangshan Zhongxinkeng | 7,808,826 | 1,235,845 | 9,044,671 | ||||||||
| West Investment | 135,652,349 | 5,381,585 | 141,033,934 | ||||||||
| Yudean Shipping | 935,111,350 | -27,338,357 | 907,772,993 | ||||||||
| Shanxi Yudean Enerty | 1,440,189,806 | 113,185,370 | 40,000,000 | 1,513,375,176 | |||||||
| Yudean Finance | 728,955,751 | 53,798,544 | 64,106,710 | 718,647,585 | |||||||
| Taishan Power Generation | 1,969,208,996 | 66,275,437 | 2,035,484,433 | ||||||||
| Yudean Captive | 258,026,177 | 7,437,804 | 773,832 | 264,690,149 | |||||||
| Weixin Yuntou | 257,636,706 | 10,370,386 | 268,007,092 | 25,010,686 | |||||||
| Huaneng Shantou | 54,265,187 | 3,534,323 | 57,799,510 | ||||||||
| Subtotal | 5,792,549,858 | 234,393,266 | 104,106,710 | 5,922,062,582 | 25,010,686 | ||||||
| Total | 6,395,134,754 | 273,618,214 | 172,933,664 | 6,495,819,304 | 25,010,686 | ||||||
18. Other equity instruments investment
In RMB
| Items | Closing balance | Opening balance |
| Shenzhen Capital Group Co., Ltd. | 877,203,191 | 799,040,951 |
| Sunshine Insurance Group Co., Ltd. | 356,000,000 | 356,000,000 |
| Shanghai Shenergy Group | 333,748,822 | 270,997,380 |
| Shenzhen Energy Co., Ltd. | 78,120,000 | 66,150,000 |
| Southern Offshore wind power Union Development Co., Ltd | 70,000,000 | 70,000,000 |
| GMG International Tendering Co., Ltd. | 5,580,000 | 3,618,000 |
| Total | 1,720,652,013 | 1,565,806,331 |
Itemized disclosure of the current non - trading equity instrument investment
In RMB
| Name | Recognized dividend income | Accumulating gains | Accumulating losses | Amount of other comprehensive income transferred to retained earning | Reasons for being measured at fair value and whose changes are included in other comprehensive income | Reasons for other comprehensive income transferred to retained earnings |
| Shenzhen Capital Group Co., Ltd. | 18,483,929 | 618,905,751 | The asset held by the company is neither for sale nor for obtaining the contract cash flow, and the changes in its fair value will not affect the profit and loss, so it is placed in this account. | |||
| Shanghai Shenergy | 11,106,450 | 97,910,835 | The asset held by the company |
| Group | is neither for sale nor for obtaining the contract cash flow, and the changes in its fair value will not affect the profit and loss, so it is placed in this account. | |||||
| Shenzhen Energy Co., Ltd. | 630,000 | 62,229,373 | The asset held by the company is neither for sale nor for obtaining the contract cash flow, and the changes in its fair value will not affect the profit and loss, so it is placed in this account. | |||
| GMG International Tendering Co., Ltd. | 360,000 | 1,980,000 | The asset held by the company is neither for sale nor for obtaining the contract cash flow, and the changes in its fair value will not affect the profit and loss, so it is placed in this account. | |||
| Sunshine Insurance Group Co., Ltd. | The asset held by the company is neither for sale nor for obtaining the contract cash flow, and the changes in its fair value will not affect the profit and loss, so it is placed in this account. | |||||
| Southern Offshore wind power Union Development Co., Ltd | The asset held by the company is neither for sale nor for obtaining the contract cash flow, and the changes in its fair value will not affect the profit and loss, so it is placed in this account. |
19.Other non-current assets
Not applicable
20. Investment property
(1) Investment property adopted the cost measurement mode
√Applicable □ Not applicable
In RMB
| Items | House, Building | Land use right | Construction in process | Total |
| I. Original price | ||||
| 1. Balance at period-beginning | 23,350,683 | 23,350,683 | ||
| 2.Increase in the current period | ||||
| (1) Purchase | ||||
| (2)Inventory\Fixed assets\ Transferred from construction in progress | ||||
| (3)Increased of Enterprise Combination | ||||
| 3.Decreased amount of the period | ||||
| （1）Dispose | ||||
| （2）Other out | ||||
| 4. Balance at period-end | 23,350,683 | 23,350,683 |
| II.Accumulated amortization | ||||
| 1.Opening balance | 12,539,961 | 12,539,961 | ||
| 2.Increased amount of the period | 712,817 | 712,817 | ||
| (1) Withdrawal | 712,817 | 712,817 | ||
| 3.Decreased amount of the period | ||||
| （1）Dispose | ||||
| （2）Other out | ||||
| 4. Balance at period-end | 13,252,778 | 13,252,778 | ||
| III. Impairment provision | ||||
| 1. Balance at period-beginning | ||||
| 2.Increased amount of the period | ||||
| (1) Withdrawal | ||||
| 3.Decreased amount of the period | ||||
| （1）Dispose | ||||
| （2）Other out | ||||
| 4. Balance at period-end | ||||
| IV.Book value | ||||
| 1.Book value at period -end | 10,097,905 | 10,097,905 | ||
| 2.Book value at period-beginning | 10,810,722 | 10,810,722 |
(2) Investment property adopted fair value measurement mode
□ Applicable √Not applicable
(3) Details of investment property failed to accomplish certification of property
Not applicable
21. Fixed assets
In RMB
| Items | Closing balance | Opening balance |
| Fixed assets | 40,070,396,463 | 41,146,148,282 |
| Disposal of fixed assets | 26,711,295 | 11,446,566 |
| Total | 40,097,107,758 | 41,157,594,848 |
(1) List of long-term accounts receivable
In RMB
| Items | House, building | Machinery equipment | Transportations | Other equipment | Total |
| I. Original price | |||||
| 1. Balance at period-beginning | 18,598,681,407 | 58,157,094,942 | 601,983,027 | 1,313,127,190 | 78,670,886,566 |
| 2.Increase in the current period | 7,119,065 | 773,024,472 | 3,747,214 | 6,310,881 | 790,201,632 |
| (1) Purchase | 5,043,075 | 7,787,045 | 3,747,214 | 5,138,609 | 21,715,943 |
| （2） Transferred from construction in progress | 2,075,990 | 765,237,427 | 1,172,272 | 768,485,689 | |
| (3)Increased of Enterprise Combination | |||||
| 3.Decreased amount of the period | 26,229,160 | 178,806,243 | 9,003,281 | 10,912,394 | 224,951,078 |
| （1）Disposal | 26,229,160 | 178,806,243 | 9,003,281 | 10,912,394 | 224,951,078 |
| 4. Balance at period-end | 18,579,571,312 | 58,751,313,171 | 596,726,960 | 1,308,525,677 | 79,236,137,120 |
| II. Accumulated depreciation | |||||
| 1.Opening balance | 6,520,345,627 | 28,700,016,782 | 445,707,863 | 881,635,550 | 36,547,705,822 |
| 2.Increased amount of the period | 233,021,737 | 1,525,292,052 | 8,871,066 | 93,700,948 | 1,860,885,803 |
| (1) Withdrawal | 233,021,737 | 1,525,292,052 | 8,871,066 | 93,700,948 | 1,860,885,803 |
| 3.Decrease in the reporting period | 10,789,488 | 38,169,855 | 7,882,224 | 5,365,656 | 62,207,223 |
| （1）Disposal | 10,789,488 | 38,169,855 | 7,882,224 | 5,365,656 | 62,207,223 |
| 4.Closing balance | 6,742,577,877 | 30,200,504,064 | 446,696,704 | 969,970,842 | 38,346,384,402 |
| III. Impairment provision | |||||
| 1.Opening balance | 137,793,202 | 833,579,211 | 1,656,135 | 4,003,914 | 977,032,462 |
| 2.Increase in the reporting period | |||||
| （1）Withdrawal | |||||
| 3.Decrease in the reporting period | 157,676,207 | 157,676,207 | |||
| （1）Disposal | 157,676,207 | 157,676,207 | |||
| 4. Closing balance | 137,793,202 | 675,903,004 | 1,656,135 | 4,003,914 | 819,356,255 |
| IV. Book value | |||||
| 1.Book value of the period-end | 11,699,200,233 | 27,888,271,188 | 148,374,121 | 334,550,921 | 40,070,396,463 |
| 2.Book value of the period-begin | 11,940,542,578 | 28,623,498,949 | 154,619,029 | 427,487,726 | 41,146,148,282 |
(2) List of temporarily idle fixed assets
Not applicable
(3) Fixed assets leased in from financing lease
In RMB
| Items | Original book value | Accumulated depreciation | Impairment provision | Book value |
| Jinghai financing leasing assets | 1,000,000,000 | 799,583,333 | 200,416,667 | |
| Zhongyue financing leasing assets | 900,000,000 | 331,165,204 | 568,834,796 | |
| Yuejiang financing leasing assets | 1,121,850,800 | 307,430,267 | 814,420,533 |
(4) Fixed assets leased in the operating leases
In RMB
| Items | End book value |
| House and Building | 1,240,810 |
(5) Fixed assets without certificate of title completed
In RMB
| Items | Book value | Reason |
| House and Building | 174,479,826 | Temporarily in the government approved stage |
Other notesOn June 30, 2019, after consulting the Group's legal advisers, the management believed that there would be nosubstantive legal obstacles to the handling of these property certificates and would not have a significant adverseimpact on the normal operation of the Group.
（6）Liquidation of fixed assets
In RMB
| Items | Closing balance | Opening balance |
| Parts of power generation equipment have been scrapped | 22,791,513 | 11,136,365 |
| Other equipment | 3,919,782 | 310,201 |
| Total | 26,711,295 | 11,446,566 |
22. Construction in progress
In RMB
| Items | Closing balance | Opening balance |
| Construction in progress | 8,371,820,766 | 7,739,308,786 |
| Engineering Material | 1,701,610 | 1,445,557 |
| Total | 8,373,522,376 | 7,740,754,343 |
(1) List of construction in progress
In RMB
| Items | Closing balance | Opening balance | ||||
| Book balance | Provision for impairment | Book value | Book balance | Provision for impairment | Book value | |
| Bohe Coal integration project | 5,589,561,855 | 5,589,561,855 | 5,412,887,911 | 5,412,887,911 | ||
| Qujie Wailuo offshore wind power project | 1,276,013,697 | 1,276,013,697 | 543,716,851 | 543,716,851 | ||
| Yangjiang Shapa offshore wind power project | 232,363,528 | 232,363,528 | 232,363,528 | 232,363,528 | ||
| Zhuhai Jinwan Electric offshore wind power project | 43,915,032 | 43,915,032 | 43,915,032 | 43,915,032 | ||
| Humen Electric 2*1000MW project | 137,373,040 | 137,373,040 | 0 | 137,373,040 | 137,373,040 | 0 |
| Huadu thermal and power cogeneration project | 106,288,566 | 106,288,566 | 89,786,127 | 89,786,127 | ||
| Huizhou Natural Gas thermal and power cogeneration expansion project | 13,756,102 | 13,756,102 | 554,922,342 | 554,922,342 | ||
| Red Bay No.5&6 generator units | 26,446,446 | 26,446,446 | 26,446,446 | 26,446,446 | ||
| Other technology improvement projects | 544,309,630 | 544,309,630 | 437,488,696 | 437,488,696 | ||
| Other infrastructure construction projects | 567,888,563 | 28,722,653 | 539,165,910 | 426,504,506 | 28,722,653 | 397,781,853 |
| Total | 8,537,916,459 | 166,095,693 | 8,371,820,766 | 7,905,404,479 | 166,095,693 | 7,739,308,786 |
(2) Changes of significant construction in progress
In RMB
| Name | Budget | Amount at year beginning | Increase at this period | Transferred to fixed assets | Other decrease | Balance in year-end | Proportion(%) | Progress of work | Capitalisation of interest accumulated balance | Including：Current amount of capitalization of interest | Capitalisation of interest ratio（%) | Source of funds |
| Bohe Coal integration project | 9,785,950,000 | 5,412,887,911 | 176,673,944 | 5,589,561,855 | 60.44% | 60.44% | 497,010,566 | 47,084,319 | 4.62% | Loans from financial institutions | ||
| Huizhou Natural Gas thermal and power cogeneration expansion project | 3,326,370,000 | 554,922,342 | 171,126,659 | 668,577,854 | 43,715,045 | 13,756,102 | 78.86% | 99.90% | 64,496,444 | 946,438 | 4.41% | Loans from financial institutions |
| Qujie Wailuo offshore wind power project | 7,339,450,000 | 543,716,851 | 732,296,846 | 1,276,013,697 | 8 % | 8 % | 3,903,984 | 1,301,328 | 4.41% | Loans from financial institutions | ||
| Red Bay No.5&6 generator units | 7,714,370,000 | 26,446,446 | 26,446,446 | 0.30% | 0.30% | Other | ||||||
| Yangjiang Shapa offshore wind power project | 5,999,710,000 | 232,363,528 | 232,363,528 | 3.87% | 3.87% | 951,428 | 2,041 | 4.41% | Loans from financial institutions | |||
| Zhuhai Jinwan Electric offshore wind power project | 5,659,710,000 | 43,915,032 | 43,915,032 | 0.76% | 0.76% | Other | ||||||
| Huadu thermal and power cogeneration project | 3,593,160,000 | 89,786,127 | 16,502,439 | 106,288,566 | 2.60% | 2.60% | Other | |||||
| Other infrastructure construction projects | 397,781,853 | 147,355,503 | 5,971,446 | 539,165,910 | 156,332,165 | 1,394,551 | Other | |||||
| Other technology improvement projects | 437,488,696 | 203,127,765 | 93,936,389 | 2,370,442 | 544,309,630 | 1,419,376 | 846,076 | Other | ||||
| Total | 43,418,720,000 | 7,739,308,786 | 1,447,083,156 | 768,485,689 | 46,085,487 | 8,371,820,766 | -- | -- | 724,113,963 | 51,574,753 | -- |
(3) List of the withdrawal of the impairment provision of the construction in progressNot applicable
（4）Engineering material
In RMB
| Items | End of term | Beginning of term | ||||
| Book balance | Provision for impairment | Book value | Book balance | Provision for impairment | Book value | |
| Special Material | 1,701,610 | 1,701,610 | 1,445,557 | 1,445,557 | ||
| Total | 1,701,610 | 1,701,610 | 1,445,557 | 1,445,557 | ||
23. Productive biological assets
Not applicable
24. Oil-and-gas assets
Not applicable
25.Right-to-use assets
Not applicable
26. Intangible assets
(1) Information
In RMB
| Items | Land use right | Patent | Non-patent Technology | Software | Franchise right | Sea use right | Transportation project | Electric transmission project and microwave project | Other | Total |
| I. Original price | ||||||||||
| 1.Opening balance | 2,111,186,109 | 881,063 | 116,800,217 | 13,720,736 | 129,906,544 | 22,468,672 | 442,517,684 | 2,148,357 | 2,839,629,382 | |
| 2.Increased amount of the period | 5,548,669 | 8,928,924 | 14,477,593 | |||||||
| (1) Purchase | 5,548,669 | 8,928,924 | 14,477,593 | |||||||
| (2)Internal Development | ||||||||||
| (3)Increased of Enterprise Combination | ||||||||||
| 3.Decreased amount of the period | 540,902 | 2,765,281 | 3,306,183 | |||||||
| （1）Disposal | 540,902 | 2,765,281 | 3,306,183 | |||||||
| 4. Balance at period-end | 2,111,186,109 | 881,063 | 121,807,984 | 13,720,736 | 129,906,544 | 22,468,672 | 442,517,684 | 8,312,000 | 2,850,800,792 | |
| II.Accumulated amortization | ||||||||||
| 1. Balance at period-beginning | 336,059,121 | 252,445 | 84,731,838 | 10,192,847 | 23,103,892 | 21,447,068 | 409,328,310 | 211,739 | 885,327,260 | |
| 2. Increase in the current period | 23,406,992 | 69,398 | 5,343,876 | 141,071 | 1,034,226 | 104,540 | 30,100,103 | |||
| (1) Withdrawal | 23,406,992 | 69,398 | 5,343,876 | 141,071 | 1,034,226 | 104,540 | 30,100,103 | |||
| 3.Decreased amount of the period | 455,347 | 455,347 | ||||||||
| （1）Disposal | 455,347 | 455,347 | ||||||||
| 4. Balance at period-end | 359,466,113 | 321,843 | 89,620,367 | 10,333,918 | 24,138,118 | 21,447,068 | 409,328,310 | 316,279 | 914,972,016 | |
| III. Impairment provision | ||||||||||
| 1. Balance at | 56,502,373 | 1,021,604 | 33,189,374 | 90,713,351 |
| period-beginning | ||||||||||
| 2. Increase in the current period | ||||||||||
| (1) Withdrawal | ||||||||||
| 3.Decreased amount of the period | ||||||||||
| （1）Disposal | ||||||||||
| 4. Balance at period-end | 56,502,373 | 1,021,604 | 33,189,374 | 90,713,351 | ||||||
| 4. Book value | ||||||||||
| 1.Book value at period -end | 1,695,217,623 | 559,220 | 32,187,617 | 3,386,818 | 105,768,426 | 7,995,721 | 1,845,115,425 | |||
| 2.Book value at period-beginning | 1,718,624,615 | 628,618 | 32,068,379 | 3,527,889 | 106,802,652 | 1,936,618 | 1,863,588,771 |
The intangible assets by the end of the formation of the company's internal R & D accounted of the proportion ofthe balance of intangible assets⑵Details of Land use right failed to accomplish certification of property
In RMB
| Items | Book value | Reason |
| Land use right | 33,714,612 | Land use approval procedure in progress |
27. Development expenditure
Not applicable
28. Goodwill
(1) Original book value of goodwill
In RMB
| Name of the investees or the events formed goodwill | Opening balance | Increase | Decrease | Closing balance | ||
| Province Wind Power | 2,449,886 | 2,449,886 | ||||
| Lincang Company | 25,036,894 | 25,036,894 | ||||
| Total | 27,486,780 | 27,486,780 | ||||
（2）Impairment provision of goodwill
In RMB
| Name of the investees or the events formed goodwill | Opening balance | Increase | Decrease | Closing balance | ||
| Lincang Company | 25,036,894 | 25,036,894 | ||||
| Total | 25,036,894 | 25,036,894 | ||||
29.Long-term amortization expenses
In RMB
| Items | Balance in year-begin | Increase at this period | Amortization balance | Other decrease | Balance in year-end |
| Leasehold improvement | 4,773,551 | 456,942 | 1,049,762 | 4,180,731 | |
| Long-term lease charges | 17,315,628 | 1,014,083 | 16,301,545 | ||
| Total | 22,089,179 | 456,942 | 2,063,845 | 20,482,276 |
30.Deferred income tax assets/deferred income tax liabilities
(1)Details of the un-recognized deferred income tax assets
In RMB
| Items | Balance in year-end | Balance in year-begin | ||
| Deductible temporary difference | Deferred income tax assets | Deductible temporary difference | Deferred income tax assets | |
| Provision for asset impairments | 592,790,665 | 138,530,294 | 592,790,665 | 138,530,294 |
| Deductible losses | 852,332,149 | 211,980,510 | 1,023,611,123 | 254,800,254 |
| Intra-group transactions | 175,871,684 | 43,967,921 | 184,890,744 | 46,222,686 |
| Net income from test run included in construction in progress | 169,034,589 | 39,513,222 | 169,034,589 | 39,513,222 |
| Employee benefits payable | 98,124,525 | 22,227,221 | 98,124,525 | 22,227,221 |
| Depreciation of fixed assets | 77,115,313 | 19,278,829 | 77,115,313 | 19,278,829 |
| Capital government grant | 78,570,400 | 19,642,600 | 78,570,400 | 19,642,600 |
| Amortisation of land use | 3,313,344 | 828,336 | 3,313,344 | 828,336 |
| Total | 2,047,152,669 | 495,968,933 | 2,227,450,703 | 541,043,442 |
(2)Details of the un-recognized deferred income tax liabilities
In RMB
| Items | Balance in year-end | Balance in year-begin | ||
| Temporarily Deductable or Taxable Difference | Deferred Income Tax liabilities | Temporarily Deductable or Taxable Difference | Deferred Income Tax liabilities | |
| Changes in fair value of available-for-sale financial assets included in other comprehensive income | 759,500,054 | 189,875,013 | 704,342,515 | 176,085,629 |
| Net expenses in test run included in construction in progress | 52,176,856 | 13,044,215 | 52,176,856 | 13,044,215 |
| Amortisation of land use rights | 16,835,020 | 4,208,755 | 16,835,020 | 4,208,755 |
| Total | 828,511,930 | 207,127,983 | 773,354,391 | 193,338,599 |
(3) Deferred income tax assets or liabilities listed by net amount after off-set
In RMB
| Items | Trade-off between the deferred income tax assets and liabilities | End balance of deferred income tax assets or liabilities after off-set | Trade-off between the deferred income tax assets and liabilities at period-begin | Opening balance of deferred income tax assets or liabilities after off-set |
| Deferred income tax assets | -39,350,846 | 456,618,087 | -92,611,758 | 448,431,684 |
| Deferred income liabilities | -39,350,846 | 167,777,137 | -92,611,758 | 100,726,841 |
(4)Details of income tax assets not recognized
In RMB
| Items | Balance in year-end | Balance in year-begin |
| Deductible temporary difference | 964,810,647 | 1,101,102,084 |
| Deductible loss | 1,367,174,206 | 1,124,573,498 |
| Total | 2,331,984,853 | 2,225,675,582 |
(5)Deductible losses of the un-recognized deferred income tax asset will expire in the following years
In RMB
| Year | Balance in year-end | Balance in year-begin | Remark |
| 2019 | 3,341,528 | 3,341,528 | |
| 2020 | 172,104 | 172,104 |
| 2021 | 141,098,222 | 141,098,222 | |
| 2022 | 412,387,834 | 412,387,834 | |
| 2023 | 567,573,810 | 567,573,810 | |
| 2024 | 242,600,708 | ||
| Total | 1,367,174,206 | 1,124,573,498 | -- |
31. Other non-current assets
Whether implemented new revenue guidelines?
□ Yes √No
In RMB
| Items | Closing balance | Opening balance |
| Prepayments for equipment fund | 588,980,888 | 482,385,711 |
| Prepayments for construction fund | 444,656,343 | 462,720,385 |
| Unrealised losses on sale and lease back | 330,906,435 | 340,505,389 |
| VAT input to be offset | 677,697,588 | 581,667,123 |
| Prepayment for land use rights | 3,732,680 | 3,732,680 |
| Other | 510,369 | 604,970 |
| Total | 2,046,484,303 | 1,871,616,258 |
32. Short-term borrowings
(1) Category of short-term borrowings
In RMB
| Items | Closing balance | Opening balance |
| Credit borrowings | 6,916,200,000 | 7,526,000,000 |
| Total | 6,916,200,000 | 7,526,000,000 |
(2) List of the short-term borrowings overdue but not return
Not applicable
33. Transactional financial liabilities
Not applicable
34. Derivative financial liability
Not applicable
35.Notes payable
In RMB
| Items | Closing balance | Opening balance |
| Commercial acceptance | 353,460,212 | 386,161,107 |
| Bank acceptance bills | 894,236,650 | 555,000,000 |
| Total | 1,247,696,862 | 941,161,107 |
Amount due in next fiscal period is RMB0.00.
36. Accounts payable
(1) List of accounts payable
In RMB
| Items | Closing balance | Opening balance |
| Fuel payable | 1,814,337,311 | 1,671,130,460 |
| Materials and spare parts payable | 343,544,018 | 473,108,337 |
| Other | 94,027,332 | 52,361,618 |
| Total | 2,251,908,661 | 2,196,600,415 |
（2）Significant accounts payable that aged over one year
In RMB
| Items | Balance in year-end | The reason for not repaid or carried forward |
| Materials and spare parts payable | 33,747,988 | After both parties to confirm the amount paid |
| Other | 1,909,800 | After both parties to confirm the amount paid |
| Total | 35,657,788 | -- |
37. Advance from customers
Whether implemented new revenue guidelines?
□ Yes √No
(1) List of advance from customers
In RMB
| Items | Closing balance | Opening balance |
| Advances for grid payment | 186,712 | 155,328 |
| Other | 106,001 | 188,566 |
| Total | 292,713 | 343,894 |
(2) Accounts payable with major amount and aging of over one year
Not applicable
（3）Information of unliquidated completed assets formed in the construction contract at the end of the periodNot applicable
38.Contract liabilities
Not applicable
39. Payroll payable
(1) List of Payroll payable
In RMB
| Items | Opening balance | Increase | Decrease | Closing balance |
| Short-term compensation | 179,432,031 | 684,956,270 | 653,720,264 | 210,668,037 |
| Post-employment benefits - defined contribution plans | 29,372,990 | 107,468,194 | 132,605,506 | 4,235,678 |
| Dismissal welfare | 26,936,158 | 11,039,650 | 1,609,185 | 36,366,623 |
| Total | 235,741,179 | 803,464,114 | 787,934,955 | 251,270,338 |
（2）Presentation of short-term compensation
In RMB
| Items | Opening balance | Increase | Decrease | Closing balance |
| 1.Wages, bonuses, allowances and subsidies | 512,674,815 | 484,328,372 | 28,346,443 | |
| 2.Employee welfare | 1,859,343 | 37,215,304 | 37,224,626 | 1,850,021 |
| 3. Social insurance premiums | 85,197,432 | 35,536,713 | 30,463,824 | 90,270,321 |
| Including：Medical insurance | 85,197,432 | 30,703,784 | 25,630,895 | 90,270,321 |
| Work injury insurance | 627,745 | 627,745 | ||
| Maternity insurance | 2,909,663 | 2,909,663 | ||
| Other | 1,295,521 | 1,295,521 | ||
| 4. Public reserves for housing | 61,840,329 | 61,840,329 | ||
| 5.Union funds and staff education fee | 87,233,778 | 36,933,650 | 36,780,093 | 87,387,335 |
| 8.Other Short-term remuneration | 5,141,478 | 755,459 | 3,083,020 | 2,813,917 |
| Total | 179,432,031 | 684,956,270 | 653,720,264 | 210,668,037 |
（3）Defined contribution plans listed
In RMB
| Items | Balance in year-begin | Increase in this period | Payable in this period | Balance in year-end |
| 1. Basic old-age insurance premiums | 67,544,559 | 67,544,559 | ||
| 2.Unemployment insurance | 3,234,332 | 3,234,332 | ||
| 3. Annuity payment | 29,372,990 | 36,689,303 | 61,826,615 | 4,235,678 |
| Total | 29,372,990 | 107,468,194 | 132,605,506 | 4,235,678 |
40.Tax Payable
In RMB
| Items | Closing balance | Opening balance |
| VAT | 272,210,040 | 242,647,263 |
| Enterprise Income tax | 172,208,123 | 115,757,551 |
| Individual Income tax | 1,440,060 | 12,437,608 |
| City Construction tax | 6,675,145 | 4,418,167 |
| Land use tax | 5,447,223 | 2,122,128 |
| House property Tax | 18,600,036 | 3,347,609 |
| Education surcharges | 5,518,077 | 3,469,767 |
| Environmental protection tax | 730,212 | 3,389,557 |
| Water resource | 4,399,438 | 6,706,870 |
| Other | 2,361,769 | 2,705,186 |
| Total | 489,590,123 | 397,001,706 |
41.Other payable
In RMB
| Items | Closing balance | Opening balance |
| Interest payable | 147,098,684 | 59,316,077 |
| Dividend payable | 9,796,594 | 9,703,930 |
| Other payable | 3,685,626,240 | 4,083,498,488 |
| Total | 3,842,521,518 | 4,152,518,495 |
（1) Interest payable
In RMB
| Items | Closing balance | Opening balance |
| Long-term loans interest of installment and interest charge | 93,902,831 | 29,830,979 |
| Enterprise bond interest | 43,425,034 | 17,070,842 |
| Short term loan interest payable | 9,416,652 | 10,103,964 |
| Other | 354,167 | 2,310,292 |
| Total | 147,098,684 | 59,316,077 |
Interest overdue without paid：
Not applicable
（2）Dividends payable
In RMB
| Items | Closing balance | Opening balance |
| Common dividends | 9,796,594 | 9,703,930 |
| Total | 9,796,594 | 9,703,930 |
（3）Other payable
（1）Disclosure by nature
In RMB
| Items | Closing balance | Opening balance |
| Construction and equipment payable | 3,212,430,170 | 3,622,672,965 |
| Engineering quality guarantee payable | 134,459,293 | 118,821,787 |
| State Oceanic Administration penalty payable | 183,676,050 | 183,676,050 |
| Advance payment | 1,113,204 | 1,153,204 |
| Other | 153,947,523 | 157,174,482 |
| Total | 3,685,626,240 | 4,083,498,488 |
(2) Other payables with large amount and aging of over one year
In RMB
| Items | Closing balance | Opening balance |
| Construction and equipment payable | 710,257,877 | |
| Engineering quality guarantee payable | 64,587,250 | |
| State Oceanic Administration penalty payable | 183,676,050 | |
| Other | 8,276,410 | |
| Total | 966,797,587 | -- |
Other notesMainly used to cope with project funds and retention money. Since the project has not finished the project andacceptance and final settlement or in the warranty period of acceptance, the project funds and retention money hasnot been settled.
42. Divided into liability held for sale
Not applicable
43.Non-current liabilities due within 1 year
In RMB
| Items | Closing balance | Opening balance |
| Long-term loans due in 1 year | 2,226,732,604 | 1,745,797,372 |
| Bond payable due in 1 year | 739,205,765 | 698,667,556 |
| Long-term Account payable due in 1 year | 283,130,012 | 334,882,726 |
| Total | 3,249,068,381 | 2,779,347,654 |
44. Other current-liabilities
Whether implemented new revenue guidelines?
□ Yes √No
In RMB
| Items | Closing balance | Opening balance |
| Short-term bond payable | 1,207,789,479 | 1,107,904,110 |
| Total | 1,207,789,479 | 1,107,904,110 |
Changes in short-term debentures payable：
In RMB
| Name | Face value | Issuance date | Maturity period | Issuance amounts | Balance at the beginning of the year | Issuance during the year | Interest at face value | Amortisation of discounts or premium | Repayment for the period | Balance at the end of the year |
| Second batch of short-term financing bonds issued by Guangdong Electric Power Development Co., Ltd. of 2018 | 600,000,000 | 24/08/2018 | 180 days | 600,000,000 | 607,740,000 | 2,912,055 | 610,652,055 | 0 | ||
| Fourth batch of short-term financing bonds issued by Guangdong Electric Power Development Co., Ltd. of 2018 | 500,000,000 | 27/12/2018 | 152 days | 500,000,000 | 500,164,110 | 6,249,041 | 506,413,151 | 0 | ||
| First batch of short-term financing bonds issued by Guangdong Electric Power Development Co., Ltd. of 2019 | 600,000,000 | 18/02/2019 | 180days | 600,000,000 | 600,000,000 | 6,077,918 | 606,077,918 | |||
| Second batch of short-term financing bonds issued by Guangdong Electric Power Development Co., Ltd. of 2019 | 600,000,000 | 24/05/2019 | 180days | 600,000,000 | 600,000,000 | 1,711,562 | 601,711,562 | |||
| Total | -- | -- | -- | 2,300,000,000 | 1,107,904,110 | 1,200,000,000 | 16,950,576 | 1,117,065,206 | 1,207,789,480 |
45.Long-term borrowings
（1）Long-term term borrowings
In RMB
| Items | Closing balance | Opening balance |
| Pledged borrowings | 3,664,700,634 | 2,552,097,471 |
| Guarantee loan | 1,603,859,978 | 1,550,285,000 |
| Credit loans | 12,392,435,408 | 14,699,910,193 |
| Total | 17,660,996,020 | 18,802,292,664 |
46.Bond payable
（1）Bond payable
In RMB
| Items | Closing balance | Opening balance |
| 12 Yudean Bond | 0 | 40,269,409 |
| The first issue of the medium-term note in 2018 | 798,457,333 | 798,057,333 |
| Total | 798,457,333 | 838,326,742 |
（2）Changes of bonds payable(Not including the other financial instrument of preferred stock and perpetualcapital securities that classify as financial liability
In RMB
| Name of the bond | Book value | Issue date | Period | Issue amount | Opening balance | The current issue | Withdraw interest at par | Overflow discount amount | Pay in current period | Other | Closing balance |
| 12 Yudean Bond | 40,306,500 | 2013/3/18 | 7years | 1,200,000,000 | 40,269,409 | 997,586 | 15,154 | -40,284,563 | 0 | ||
| The first issue of the medium-term note in 2018 | 800,000,000 | 2018/8/27 | 3 years | 800,000,000 | 798,057,333 | 16,760,000 | 400,000 | 798,457,333 | |||
| Total | -- | -- | -- | 2,000,000,000 | 838,326,742 | 17,757,586 | 415,154 | -40,284,563 | 798,457,333 |
(3) Note to conditions and time of share transfer of convertible bonds
Not applicable
（4）Other financial instruments that are classified as financial liabilities
Not applicable
47. Lease liability
Not applicable
48. Long-term payable
In RMB
| Items | Closing balance | Opening balance |
| Long-term payable | 2,188,024,740 | 2,221,230,656 |
| Special payable | 79,553,358 | 90,282,593 |
| Total | 2,267,578,098 | 2,311,513,249 |
(1) Long-term payable listed by nature of the account
In RMB
| Items | Closing balance | Opening balance |
| Financing lease | 2,098,024,740 | 2,131,230,656 |
| Share repurchase payable | 90,000,000 | 90,000,000 |
（2）Specific payable
In RMB
| Items | Opening balance | Increase | Decrease | Closing balance | Cause |
| Supporting funds for expansion | 24,960,000 | 24,960,000 | |||
| Special fund for supply of water, power and heat and property management | 65,322,593 | 15,128,125 | 25,857,360 | 54,593,358 | |
| Total | 90,282,593 | 15,128,125 | 25,857,360 | 79,553,358 | -- |
49. Long-term employee salary payable
（1）Long-term employee salary payable
In RMB
| Items | Closing balance | Opening balance |
| II. Termination benefits | 71,450,993 | 87,394,930 |
| III. Other Long-term benefits | 35,976,019 | 35,518,458 |
| Total | 107,427,012 | 122,913,388 |
50. Estimates liabilities
Not applicable
51. Deferred income
In RMB
| Items | Opening balance | Increase | Decrease | Closing balance | Cause |
| Government subsidy | 133,043,646 | 280,000 | 582,942 | 132,740,704 | |
| Total | 133,043,646 | 280,000 | 582,942 | 132,740,704 | -- |
| Total | 142,520,263 | 0 | 2,073,849 | 140,446,414 | -- |
Details of government subsidies：
In RMB
| Items | Beginning of term | New subsidy in current period | Amount transferred to non-operational income | Other income recorded in the current period | Amount of cost deducted in the current period | Other changes | End of term | Asset-relatedorincome-related |
| Expansion on flow reconstruction project | 3,625,048 | 3,625,048 | Related to assets | |||||
| Nitrogen reduction and denitrification project | 2,276,894 | 2,276,894 | Related to assets | |||||
| Refurbishment on air preheated | 2,887,651 | 2,887,651 | Related to assets | |||||
| Shajiao A Zhenkou pump house | 27,806,791 | 27,806,791 | Related to assets | |||||
| Incentives for energy efficiency of power plant by Dongguan city | 8,238,437 | 8,238,437 | Related to assets | |||||
| Sha A – 2016 central finance energy saving fund | 3,528,123 | 3,528,123 | Related to assets | |||||
| Post rewarding subsidies for ultra-low emissions of designated account of special fund in Maonan District of Maoming in 2018 | 4,066,154 | 4,066,154 | Related to assets | |||||
| Water-freshing project | 923,078 | 923,078 | Related to assets | |||||
| Circulating water pump special fund for technological renovation | 923,077 | 923,077 | Related to assets | |||||
| 1&2# Air preheater energy saving project | 923,077 | 923,077 | Related to assets | |||||
| Comprehensive technology upgrading for the energy saving of 1&2# generator units turbine | 9,230,769 | 9,230,769 | Related to assets | |||||
| Energy saving funds | 16,750,528 | 387,877 | 16,362,651 | Related to assets | ||||
| Government subsidies from the financial treasury payment centre of Qujiang District, Shaoguan | 2,927,354 | 85,228 | 2,842,126 | Related to assets | ||||
| Specific funds for denitrification and energy saving reconstruction of 300MW generator units. | 1,220,014 | 109,837 | 1,110,177 | Related to assets | ||||
| 2X600MW generator unit ultra-low emission transformation - technical transformation for main auxiliary equipment of turbine cold end system and boiler | 923,077 | 923,077 | Related to assets | |||||
| 2018 provincial special fund for boosting economic development as transferred by the Department of Finance of Zhanjiang, | 112,729 | 112,729 | Related to assets | |||||
| Special prize funds of recycle economy and energy saving by Shenzhen city | 2,460,655 | 2,460,655 | Related to assets | |||||
| Comprehensive technology upgrading for the energy saving of 1&2# generator units turbine | 6,912,340 | 6,912,340 | Related to assets | |||||
| Rewarding subsidies for science | 732,500 | 732,500 | Related to |
| and technology in 2018 | assets | |||||||
| Incentive funds for construction of large industrial enterprise R&D institutions in Shanwei | 3,000,000 | 3,000,000 | Related to assets | |||||
| Second incentives for comprehensive and typical demonstration projects under financial policies of energy saving | 7,650,000 | 7,650,000 | Related to assets | |||||
| Dianbai Reshui wind power plant project | 3,000,000 | 3,000,000 | Related to assets | |||||
| Tax rebate for domestic equipment | 14,925,350 | 14,925,350 | Related to assets | |||||
| SASAC develops competition funds | 8,000,000 | 8,000,000 | Related to assets | |||||
| Provincial Special Fund for promoting High quality Economic Development in 2019 | 280,000 | 280,000 | Related to assets | |||||
| Total | 133,043,646 | 280,000 | 582,942 | 132,740,704 |
52. Other non-current liabilities
Whether implemented new revenue guidelines?
□ Yes √No
In RMB
| Items | Closing balance | Opening balance |
| Capital injection | 166,405,569 | 166,405,569 |
| Total | 166,405,569 | 166,405,569 |
Other notesAs at 30 June 2019 and December 31, 2018, the Group’s subsidiary Yuejiang Power received a capital injection ofRMB 16,405,569 from minority shareholders. such capital injection was recorded in other non-current liabilitiesas the registration for changes of business license had not been completed.On June 30, 2019, the Group’s subsidiaries Yudean Yangjiang Offshore Wind Power Co., Ltd. (“Yangjiang WindPower”) and Qujie Wind Power respectively received capital injection of RMB 100,000,000( December 31, 2018:
100,000,000)and RMB 50,000,000( December 31, 2018: 50,000,000) from GEGC. The capital will be used forYangjiang Shapa offshore wind power plant project and Qujie Wailuo offshore wind power plant project. As at 31December 2018, such capital injection was recorded in other non-current liabilities as the registration for changesof business license had not been completed.
53.Stock capital
In RMB
| Balance in year-begin | Changed（+，-） | Balance in year-end | |||||
| Issuance of new share | Bonus shares | Capitalization of public reserve | Other | Subtotal | |||
| Total of capital shares | 5,250,283,986 | 5,250,283,986 | |||||
54. Other equity instruments
Not applicable
55. Capital reserves
In RMB
| Items | Year-beginning balance | Increase in the current period | Decrease in the current period | Year-end balance |
| Share premium | 4,544,074,067 | 4,544,074,067 | ||
| Other capital reserves | 2,919,327 | 2,919,327 | ||
| Estimate Increase | 119,593,718 | 119,593,718 | ||
| Investment from Energy Group | 395,000,000 | 395,000,000 | ||
| Transfer of original institutional capital reserve | 20,785,182 | 20,785,182 | ||
| Enjoy the rights of associated enterprise base on share holding | 20,474,592 | 20,474,592 | ||
| Total | 5,102,846,886 | 5,102,846,886 |
56.Treasury stock
Not applicable
57. Other comprehensive income
In RMB
| Items | Year-beginning balance | Amount of current period | Closing balance | |||||
| Amount incurred before income tax | Less：Amount transferred into profit and loss in the current period that recognied into other comprehensive income in prior period | Less：Prior period included in other composite income transfer to retained income in the current period | Less：Income tax expenses | After-tax attribute to the parent company | After-tax attribute to minority shareholder | |||
| 1. Other comprehensive income that cannot be reclassified in the loss and gain in the future | 550,010,133 | 76,683,443 | 19,170,861 | 57,512,582 | 607,522,715 | |||
| A share in other comprehensive income of investee that cannot be reclassified in the loss and gain under the equity method | 21,753,244 | 21,753,244 | ||||||
| Gains or losses on changes in fair value of available-for-sale financial assets | 528,256,889 | 76,683,443 | 19,170,861 | 57,512,582 | 585,769,471 | |||
| Total other comprehensive income | 550,010,133 | 76,683,443 | 19,170,861 | 57,512,582 | 607,522,715 | |||
58. Special reserves
Not applicable
59. Surplus reserve
In RMB
| Items | Year-beginning balance | Increase in the current period | Decrease in the current period | Year-end balance |
| Statutory surplus reserve | 2,711,362,444 | 117,603,557 | 2,828,966,001 | |
| Optional surplus reserves | 5,122,792,699 | 294,008,893 | 5,416,801,592 | |
| Total | 7,834,155,143 | 411,612,450 | 8,245,767,593 |
60. Retained profits
In RMB
| Items | Amount of this period | Amount of last period |
| Before adjustments: Retained profits in last period end | 5,490,006,140 | 5,713,290,735 |
| After adjustments: Retained profits at the period beginning | 5,490,006,140 | 5,713,290,735 |
| Add: Net profit attributable to owners of the Company for the period | 581,569,383 | 448,833,518 |
| Less: Appropriation to statutory surplus reserve | 117,603,557 | 69,654,691 |
| Drawing discretionary surplus reserve | 294,008,893 | 174,136,728 |
| DrawingCommon risk provision | 315,017,039 | 420,022,719 |
| Other | -36,857 | |
| Retained profits at the period end | 5,344,946,034 | 5,498,273,258 |
As regards the details of adjusted the beginning undistributed profits
(1)As the retroactive adjustment on Enterprise Accounting Standards and its related new regulations, the affectedbeginning undistributed profits are RMB 0.00.
(2) As the change of the accounting policy, the affected beginning undistributed profits are RMB 0.00.
(3) As the correction of significant accounting error, the affected beginning undistributed profits are RMB 0.00 .
(4) As the change of consolidation scope caused by the same control, the affected beginning undistributed profitsare RMB 0.00
(5) Other adjustment of the total affected beginning undistributed profits are RMB 0.00 .
61. Business income, Business cost
In RMB
| Items | Amount of current period | Amount of previous period | ||
| Income | Cost | Income | Cost | |
| Main business | 12,744,689,154 | 11,021,172,212 | 13,769,537,895 | 12,199,733,160 |
| Other business | 129,492,096 | 2,971,264 | 125,447,284 | 1,123,267 |
| Total | 12,874,181,250 | 11,024,143,476 | 13,894,985,179 | 12,200,856,427 |
Whether implemented new revenue guidelines?
□ Yes √No
62. Business tax and subjoin
In RMB
| Items | Amount of current period | Amount of previous period |
| Urban construction tax | 30,241,304 | 28,091,275 |
| Education surcharge | 23,031,039 | 13,922,867 |
| Property tax | 22,352,992 | 27,082,866 |
| Land use tax | 5,461,173 | 7,021,580 |
| vehicle and vessel usage tax | 83,028 | 94,146 |
| Stamp tax | 6,314,189 | 7,610,193 |
| Environmental protection tax | 3,985,003 | 6,184,766 |
| Local Educational Surcharges | 1,876,767 | 9,171,847 |
| Other | 19,863 | 353,025 |
| Total | 93,365,358 | 99,532,565 |
63.Sales expenses
In RMB
| Items | Amount of current period | Amount of previous period |
| Business expense | 913,871 | 817,279 |
| Employee’s remuneration | 11,185,482 | 6,876,798 |
| Publicity Expenses | 67,665 | 92,459 |
| Depreciation expenses | 110,473 | 61,663 |
| Market transaction service charge | 0 | 1,806,329 |
| Other | 567,297 | 661,602 |
| Total | 12,844,788 | 10,316,130 |
64.Administrative expenses
In RMB
| Items | Amount of current period | Amount of previous period |
| Employee’s remuneration | 129,857,707 | 147,444,649 |
| Depreciation expenses | 23,986,049 | 21,770,448 |
| Repair charge | 2,999,404 | 1,900,338 |
| Office expenses | 3,772,065 | 4,691,502 |
| Insurance expenses | 1,102,110 | 1,492,619 |
| Travel expenses | 2,674,485 | 2,432,849 |
| Board of directors | 318,139 | 372,681 |
| Entertainment expenses | 1,322,204 | 1,701,606 |
| Lawsuit expenses | 363,422 | 548,624 |
| Amortiation of Intangible assets | 29,404,100 | 26,304,830 |
| Consulting fee | 507,869 | 758,257 |
| Agency Charge | 4,272,891 | 3,353,003 |
| Tax fee | 0 | 1,211 |
| Property Management | 13,258,724 | 8,534,397 |
| Fire guard fee | 17,319,844 | 20,205,693 |
| Health afforestation fees | 3,240,225 | 4,332,777 |
| Other | 36,485,566 | 24,949,029 |
| Total | 270,884,804 | 270,794,513 |
65. R&D Expense
In RMB
| Items | Amount of current period | Amount of previous period |
| R&D Expense | 347,523 | 912,371 |
| Total | 347,523 | 912,371 |
66.Financial Expenses
In RMB
| Items | Amount of current period | Amount of previous period |
| Interest expenses | 664,009,453 | 657,904,963 |
| Interest income | -31,661,505 | -29,906,705 |
| Other | 3,048,022 | 3,120,540 |
| Total | 635,395,970 | 631,118,798 |
67.Other income
In RMB
| Other sources of revenue | Amount of the Current Term | Amount of the Previous Term |
| Government subsidies related to assets | 573,598 | 2,073,849 |
| Revenue from timely levy and refund of VAT | 5,546,395 | 4,559,728 |
| Nansha annual headquarters enterprise award 2017 | 0 | 9,990,000 |
| VAT surcharge is refunded | 32,205,414 | 0 |
| Other | 1,147,449 | 407,182 |
68. Investment income
In RMB
| Items | Amount of this period | Amount of last period |
| Long-term equity investment income by equity method | 273,618,214 | 272,404,985 |
| Investment income from the disposal of transactional financial assets | 252,763 | |
| Dividends earned during the holding period on investments in other equity instrument | 30,580,379 | |
| Hold the investment income during from available-for-sale financial assets | 18,256,500 | |
| Other | 357,107 | |
| Total | 304,451,356 | 291,018,592 |
69.Net exposure hedging income
Not applicable
70. Gains on the changes in the fair value
In RMB
| Other sources of revenue | Amount of the Current Term | Amount of the Previous Term |
| Transactional financial assets | 30,626 | |
| Total | 30,626 |
71. Credit impairment loss
In RMB
| Items | Amount of the Current Term | Amount of the Previous Term |
| Loss of bad debts in other receivables | -22,446 | |
| Loss of bad accounts receivable | -500,995 | |
| Total | -523,441 |
72. Losses from asset impairment
In RMB
| Sources | Amount of the Current Term | Amount of the Previous Term |
| Gains/(Losses) on disposals of fixed assets | 388,507 | |
| Gains/(Losses) on disposals of Intangible assets |
73. Non-Operation income
In RMB
| Items | Amount of current period | Amount of previous period | Recorded in the amount of the non-recurring gains and losses |
| Government Subsidy | 3,087,100 | ||
| Insurance indemnity | 346,670 | 45,458,540 | 346,670 |
| Other | 4,946,517 | 4,063,261 | 4,946,517 |
| Total | 5,293,187 | 52,608,901 | 5,293,187 |
Government subsidy reckoned into current gains/lossesNot applicable74．Non-current expenses
In RMB
| Items | Amount of current period | Amount of previous period | The amount of non-operating gains & lossed |
| Foreign donations | 43,072 | 550,000 | 43,072 |
| Loss on obsolescence of non-current assets | 13,971,117 | 13,971,117 | |
| Fine for delaying payment | 250,472 | 395,966 | 250,472 |
| Expenditure of "three supply and one Industry" Transformation Project | 4,775,708 | 4,775,708 | |
| Other | 1,194,327 | 868,357 | 1,194,327 |
| Total | 20,234,696 | 1,814,323 | 20,234,696 |
75. Income tax expenses
（1）Income tax expenses
In RMB
| Items | Amount of current period | Amount of previous period |
| Current income tax expense | 253,874,530 | 308,558,550 |
| Deferred income tax expense | 50,134,201 | -2,265,559 |
| Settlement difference adjustment | 5,827,199 | 1,474,587 |
| Total | 309,835,930 | 307,767,578 |
（2）Adjustment on accounting profit and income tax expenses
In RMB
| Items | Amount of current period |
| Total profits | 1,165,689,219 |
| Income tax expenses calculated on legal / applicable tax rate | 291,553,164 |
| Impact of adjustment of income tax for prior periods | 5,827,199 |
| Income not subject to tax | -37,715,103 |
| Costs, expenses and losses not deductible for tax purposes | 1,076,349 |
| Utilisation of deductible temporary differences and deductible losses for which no deferred tax asset was recognised in previous periods | 1,214,885 |
| Other | 47,879,436 |
| Income tax expenses | 309,835,930 |
76. Other comprehensive income
Refer to the notes 57
77.Items of Cash flow statement
（1）Other cash received from business operation
In RMB
| Items | Amount of current period | Amount of previous period |
| Interest income | 32,169,354 | 27,629,939 |
| Government Subsidy | 406,900 | 20,517,100 |
| Insurance indemnity | 2,818,641 | 46,053,407 |
| Rent income | 8,428,819 | 4,887,200 |
| Other | 118,405,215 | 115,162,269 |
| Total | 162,228,929 | 214,249,915 |
(2)Other cash paid related to operating activities
In RMB
| Items | Amount of current period | Amount of previous period |
| Sewage charges | 0 | 1,487,368 |
| Insurance expenses | 43,682,878 | 18,676,033 |
| Equipment cleaning and hygiene green fee | 11,124,545 | 11,320,655 |
| Transportation fee | 11,201,658 | 11,072,669 |
| Fire guard fee | 16,275,293 | 16,380,176 |
| Business fee | 1,805,882 | 1,787,193 |
| Agency Charge | 4,804,268 | 3,259,329 |
| Office Expense | 3,982,263 | 5,596,884 |
| Travel expenses | 3,857,890 | 3,334,922 |
| Rental fee | 5,804,293 | 5,065,084 |
| Enterprise publicity expenses | 2,001,013 | 1,714,510 |
| Information system maintenance | 2,842,793 | 2,475,084 |
| Water and electrical | 20,708,798 | 12,191,809 |
| R&D | 352,193 | 1,481,032 |
| Property Management fee | 11,745,589 | 14,805,188 |
| Automobile cost | 6,557,024 | 10,861,165 |
| Union expenses | 6,093,910 | 7,710,630 |
| Other | 198,476,811 | 112,708,713 |
| Total | 351,317,101 | 241,928,444 |
(3)Cash received related to other investment activities
Not applicable
(4)Cash paid related to other investment activities
Not applicable
（5）Other cash received in relation to financing activities
Not applicable
（6）Cash paid related with financing activities
In RMB
| Items | Amount of current period | Amount of previous period |
| Yuejia Company paid the minority shareholders capital | 136,080,000 | |
| Total | 136,080,000 |
78. Supplement Information for cash flow statement
（1）Supplement Information for cash flow statement
In RMB
| Items | Amount of current period | Amount of previous period |
| I. Adjusting net profit to cash flow from operating activities | -- | -- |
| Net profit | 855,853,289 | 732,919,233 |
| Depreciation of fixed assets, oil and gas assets and consumable biological assets | 1,861,598,620 | 1,676,623,536 |
| Amortization of intangible assets | 30,100,103 | 27,017,578 |
| Amortization of Long-term deferred expenses | 2,063,845 | 1,673,448 |
| Loss on disposal of fixed assets, intangible assets and other long-term deferred assets | -388,507 | |
| Financial cost | 665,863,419 | 682,245,650 |
| Loss on investment | -304,451,356 | -291,018,592 |
| Decrease in deferred income tax assets | -8,186,403 | -10,801,782 |
| Increased of deferred income tax liabilities | 67,050,296 | -388,473 |
| Decrease of inventories | -330,356,725 | -478,765,296 |
| Decease of operating receivables | 213,746,816 | -590,048,116 |
| Increased of operating Payable | 750,159,897 | 2,046,464,029 |
| Net cash flows arising from operating activities | 3,803,441,801 | 3,795,532,708 |
| II. Significant investment and financing activities that without cash flows: | -- | -- |
| III．Movement of cash and cash equivalents： | -- | -- |
| Ending balance of cash equivalents | 5,196,622,875 | 5,928,583,780 |
| Less: Beginning balance of cash equivalents | 5,570,382,892 | 4,996,580,490 |
| Net increase of cash and cash equivalents | -373,760,017 | 932,003,290 |
(2) Net Cash paid of obtaining the subsidiary
Not applicable
(3) Net Cash receive of disposal of the subsidiary
Not applicable
（4）Composition of cash and cash equivalents
In RMB
| Items | Balance in year-end | Balance in year-Beginning |
| I. Cash | 5,196,622,875 | 5,570,382,892 |
| Including：Cash at hand | 42,282 | 31,413 |
| Demand bank deposit | 5,196,580,593 | 5,570,351,479 |
| III. Balance of cash and cash equivalents at the period end | 5,196,622,875 | 5,570,382,892 |
79. Note of statement of changes in the owner's equity
Not applicable
80. The assets with the ownership or use right restricted
In RMB
| Items | Closing book value | Causation of limitation |
| Monetary funds | 3,111,720 | Total balance of bond deposits and restricted carbon emission accounts in performance guarantees |
| Fixed assets | 1,583,671,996 | Financial leased fixed assets. |
| Account receivable | 297,273,413 | Long-term loans mortgage assets |
| Construction in process | 1,231,242,021 | Unit construction financing Electricity bill pledge the transferor |
| Total | 3,115,299,150 | -- |
81. Foreign currency monetary items
(1) Foreign currency monetary items
In RMB
| Items | Closing foreign currency balance | Exchange rate | Closing convert to RMB balance |
| Monetary capital | -- | -- | 12,565 |
| Including：USD | 179 | 6.8747 | 1,232 |
| Euro | |||
| HKD | 12,883 | 0.8797 | 11,333 |
| Account receivable | -- | -- | |
| Including：USD | |||
| Euro | |||
| HKD | |||
| Long –term borrowings | -- | -- | 68,514,280 |
| Including：USD | 9,453,137 | 6.8747 | 64,987,478 |
| Euro | 451,171 | 7.8170 | 3,526,802 |
| HKD | |||
| Long-term loans due within one year | 7,754,527 | ||
| Including：USD | 949,568 | 6.8747 | 6,527,994 |
| Euro | 156,906 | 7.8170 | 1,226,533 |
| HKD |
(2) Note to overseas operating entities, including important overseas operating entities, which should be disclosedabout its principal business place, function currency for bookkeeping and basis for the choice. In case of anychange in function currency, the cause should be disclosed.
□ Applicable √ Not applicable
82. Government subsidies
（1）Government subsidies confirmed in current period
In RMB
| Items | Amount | Project | Amount included in current profit and loss |
| Funds for technical transformation of provincial-level industrial and information development special funds in 2017 | 573,598 | Other income | 573,598 |
| VAT collected and refunded immediately | 5,546,395 | Other income | 5,546,395 |
| Special allocation for energy conservation | 20,000 | Other income | 20,000 |
| VAT surtax refund | 32,205,414 | Other income | 32,205,414 |
| Other | 1,127,449 | Other income | 1,127,449 |
| Total | 39,472,856 | 39,472,856 |
（2）Government subsidy return
□ Applicable √ Not applicable
VIII. Changes of merge scope
1. Business merger not under same control
Not applicable
2. Business combination under the same control
Not applicable
3. Counter purchase
Not applicable
4. The disposal of subsidiary
Whether there is a single disposal of the investment to subsidiary and lost control
□ Yes √No
Whether there are multiple transactions step by step dispose the investment to subsidiary and lost control inreporting period
□ Yes √ No
5. Other reasons for the changes in combination scope
Newly established subsidiary：
| Subsidiary | Main operation | Registered place | Business nature | Registered capital | shareholding ratio | Acquired way |
| Guangdong Yudean Binhai Bay Energy Co., Ltd. | Dongguan, Guangdong | Dongguan, Guangdong | Electric power | 30,000,000 | 100% | Establish |
6.Other
IX. Equity in other entity
1. Equity in subsidiary
（1）Constitute of enterprise group
| Subsidiary | Main operation | Registered | Business | Share-holding | Acquired way |
| place | nature | ratio | ||||
| Directly | Indirectly | |||||
| Maoming Zhenneng | Maoming | Maoming | Electric | 46.54% | Establish | |
| Jianghai Power | Jieyang | Jieyang | Electric | 65 % | Establish | |
| Zhangjiang Wind Power | Zhanjiang | Zhangjiang | Electric | 70 % | Establish | |
| Anxin Electric Power Maintenance | Dongguan | Dongguan | Electric | 100 % | Establish | |
| Humen Power | Dongguan | Dongguan | Electric | 60 % | Establish | |
| Bohe Electric Power | Maoming | Maoming | Electric | 67 % | Establish | |
| Yuheng Electronic | Zhanjiang | Zhanjiang | Electric | 76 % | Business combination under common control | |
| Xuwen Wind Power | Zhangjiang | Zhanjiang | Electric | 70 % | Establish | |
| Huadu Natural gas | Guangzhou | Guangzhou | Electric | 65 % | Establish | |
| Dapu Power | Meizhou | Meizhou | Electric | 100 % | Establish | |
| Leizhou Wind Power | Leizhou | Leizhou | Electric | 80 % | 14 % | Establish |
| Dianbai Wind Power | Maoming | Maoming | Electric | 100 % | Establish | |
| Zhanjiang Power | Zhangjiang | Zhangjiang | Electric | 76 % | Business combination under common control | |
| Yuejia Power | Meizhou | Meizhou | Electric | 58 % | Business combination under common control | |
| Yuejiang Power | Shaoguan | Shaoguan | Electric | 90 % | Business combination under common control | |
| Zhongyue Energy | Zhanjiang | Zhanjiang | Electric | 90 % | Business combination under common control | |
| Electric sales | Guangzhou | Guangzhou | Electric | 100 % | Establish | |
| Qujie Wind Power | Zhanjiang | Zhanjiang | Electric | 100 % | Establish | |
| Yangjiang Wind Power | Yangjiang | Yangjiang | Electric | 100 % | Establish | |
| Lincang Energy | Lincang | Lincang | Electric | 100 % | Business combinations involving enterprises not under common control | |
| Guangqian Electric Power | Shenzhen | Shenzhen | Electric | 100 % | Business combination under common control | |
| Huizhou Natural gas | Huizhou | Huizhou | Electric | 67 % | Business combination under common control | |
| Pinghai Power Plant | Huizhou | Huizhou | Electric | 45 % | Business combination under common control | |
| Shibeishan Wind Power | Jieyang | Jieyang | Electric | 70 % | Business combination under common control | |
| Red Bay Power | Shanwei | Shanwei | Electric | 65 % | Business combination under common control | |
| Guangdong Wind Power | Guangzhou | Guangzhou | Electric | 100 % | Business combinations involving enterprises not under common control | |
| Tongdao Company | Huaihua, Hunan | Huihua | Electric | 100 % | Establish | |
| Pingyuan Wind power | Meizhou | Meizhou | Electric | 100 % | Establish | |
| Heping Wind power | Heyuan | Heyuan | Electric | 100 % | Establish | |
| Huilai Wind Power | Jieyang | Jieyang | Electric | 83.33% | Business combinations involving enterprises not under common control | |
| Hongrui Technology | Shaoguan | Shaoguan | Electric | 90 % | Establish | |
| Yongan Natural gas | Zhaoqing | Zhaoqing | Electric | 90 % | Establish | |
| Xupu Yuefeng | Huaihua, Hunan | Xupu, Huaihai Hunan | Electric | 100 % | Establish | |
| Wuxuan Yuefeng | Guangxi | Wuxuan, Guangxi | Electric | 100 % | Establish | |
| Pingdian Comprehensive | Huizhou | Huizhou | Electric | 45 % | Establish | |
| Guangdong Yudean Zhencheng Energy Co., Ltd. | Maoming | Maoming | Electric | 37.23% | Establish | |
| Zhuhai Wind Power | Zhuhai | Zhuhai | Electric | 100 % | Establish | |
| Binhai New Energy | Dongguan | Dongguan | Electric | 100 % | Establish |
Explanation on share-holding ratio in subsidiary different from ratio of voting right：
Pinghai power was bought by the Company in 2012 by offered non-public shares from Yudean. According to theagreement between Yudean and Huaxia Electric, which holds 40% share interest in Pinghai Power, the delegatedshareholder and director from Huaxia Electric maintain consensus with those of Yudean when exercising theirvoting rights during shareholder and board meeting; while after Yudean transferred its 45% shareholding ofPinghai Power to the Company, the delegated shareholder and director from Huaxia Electric also maintainconsensus with those of the Company when exercising their voting rights during shareholder and board meeting.On account of the above facts, with the control power of Pinghai Power, Huaxia Electric enjoys variable returnsthrough involving in its relevant activities and has the ability to make use of its power to influence the amount ofreturns. Therefore, the Company owns the control power over Pinghai Power.On 30 November 2018, Maoming Zhenneng merged Maoming Thermal, wholly-owned by GEGC. After themerger, GEGC held 30.12% equity of Maoming Zhenneng. According to the agreement between the Companyand GEGC, the delegated shareholder and director from GEGC maintain consensus with those of the Companywhile exercising the voting rights during the shareholders’ meeting and the Board of Directors’ meeting atMaoming Zhenneng. Therefore, the Company owns control power over Maoming Zhenneng. In addition, pursuantto the consent agreement entered into between the Company and GEGC, the Company holds 61.33% voting rightsin Zhencheng Comprehensive, a subsidiary whose 80% equity is directly held by Maoming Zhenneng. Therefore,the Company owns control power over Zhencheng Comprehensive
（2）Significant not wholly-owned subsidiaries
In RMB
| Name | Holding proportion of non-controlling interest | Profit or loss attributable to non-controlling interest | Dividend declared to non-controlling interest | Closing balance of non-controlling interest |
| Jinghai Power | 35 % | 43,192,545 | 37,316,905 | 1,234,127,732 |
| Zhanjiang Power | 24 % | 34,962,850 | 29,388,829 | 986,647,334 |
| Huizhou Natural gas | 33 % | 32,694,998 | 76,897,073 | 608,291,148 |
| Pinghai Power plant | 55 % | 114,786,078 | 80,823,689 | 1,166,774,436 |
| Red Bay | 35 % | 62,097,368 | 58,421,446 | 1,159,380,732 |
（3）Main financial information of significant not wholly-owned subsidiaries
In RMB
| Subsidiaries | Closing balance | Beginning balance | ||||||||||
| Current assets | Non-current assets | Total assets | Current liabilities | Non-current Liabilities | Total liabilities | Current assets | Non-current assets | Total assets | Current liabilities | Non-current Liabilities | Total liabilities | |
| Jinghai Power | 967,946,446 | 7,739,500,918 | 8,707,447,364 | 2,306,788,110 | 2,874,580,021 | 5,181,368,130 | 1,204,643,294 | 7,994,284,373 | 9,198,927,667 | 2,607,699,843 | 3,081,936,132 | 5,689,635,975 |
| Zhanjiang Power | 3,050,560,963 | 1,415,766,704 | 4,466,327,667 | 335,456,521 | 19,840,590 | 355,297,111 | 2,970,589,465 | 1,477,137,298 | 4,447,726,762 | 332,108,966 | 27,812,324 | 359,921,290 |
| Huizhou Natural gas | 669,997,452 | 3,428,335,455 | 4,098,332,907 | 856,202,351 | 1,398,824,047 | 2,255,026,398 | 702,242,889 | 3,486,104,916 | 4,188,347,804 | 816,535,612 | 1,394,560,000 | 2,211,095,612 |
| Pinghai Power plant | 1,336,920,821 | 4,317,155,686 | 5,654,076,507 | 1,241,850,241 | 2,290,818,202 | 3,532,668,443 | 1,213,521,627 | 4,504,301,231 | 5,717,822,858 | 1,167,600,035 | 2,490,564,556 | 3,658,164,591 |
| Red Bay | 910,767,894 | 5,534,654,079 | 6,445,421,973 | 1,530,980,757 | 1,601,924,840 | 3,132,905,597 | 943,046,924 | 5,759,863,814 | 6,702,910,738 | 1,582,252,157 | 1,818,644,840 | 3,400,896,997 |
In RMB
| Subsidiaries | Current term | Last term | ||||||
| Operating revenue | Net profit | Total comprehensive income | Cash flow from operating activities | Operating revenue | Net profit | Total comprehensive income | Cash flow from operating activities | |
| Jinghai Power | 2,001,094,521 | 123,407,270 | 123,407,270 | 896,075,553 | 2,554,248,635 | 89,849,281 | 89,849,281 | 622,618,317 |
| Zhanjiang Power | 838,699,914 | 145,678,540 | 145,678,540 | 200,115,171 | 1,078,438,774 | 96,981,054 | 96,981,054 | 218,826,214 |
| Huizhou Natural gas | 1,803,498,057 | 99,075,750 | 99,075,750 | 241,821,580 | 819,208,378 | 157,838,111 | 157,838,111 | 437,818,955 |
| Pinghai Power plant | 1,493,690,021 | 208,701,960 | 208,701,960 | 534,843,205 | 1,859,200,437 | 283,060,847 | 283,060,847 | 268,101,867 |
| Red Bay | 1,806,352,342 | 177,421,053 | 177,421,053 | 318,628,249 | 2,130,697,649 | 133,881,934 | 133,881,934 | 403,607,731 |
(4) Significant restrictions of using enterprise group assets and pay off enterprise group debtNot applicable
(5) Provide financial support or other support for structure entities incorporate into the scope ofNot applicable
2. The transaction of the Company with its owner’s equity share changed but still controlling the subsidiary
Not applicable
3. Equity in joint venture arrangement or associated enterprise
(1) Significant joint venture arrangement or associated enterprise
| Name of Subsidiary | Main Places of Operation | Registration Place | Nature of Business | Shareholding Ratio (%) | Obtaining Method | |
| direct | indirect | |||||
| Joint ventures： | ||||||
| Industry Fuel | Guangzhou | Guangzhou | Fuel trade | 50 % | Equity method | |
| Associates ： | ||||||
| Yudean Finance | Guangzhou | Guangzhou | Finance | 25 % | Equity method | |
| Shanxi Yudean Enerty | Taiyuan | Taiyuan | Coal investment | 40 % | Equity method | |
| Taishan Power Generation | Taishan | Taishan | Electric | 20 % | Equity method | |
（2）Main financial information of Significant joint venture
In RMB
| Amount of current period | Amount of previous period | |
| Industry Fuel | Industry Fuel | |
| Current assets | 3,034,818,060 | 2,925,805,788 |
| Including ：Cash and cash equivalent | 579,560,307 | 1,358,381,277 |
| Non-current assets | 228,312,934 | 229,601,671 |
| Total of assets | 3,263,130,994 | 3,155,407,459 |
| Current liabilities | 2,114,867,550 | 1,948,258,211 |
| Non current liabilities | 750,000 | 750,000 |
| Total liabilities | 2,115,617,550 | 1,949,008,211 |
| Attributable to shareholders of the parent company | 1,147,513,444 | 1,206,399,248 |
| Share of net assets calculated by stake | 573,756,722 | 603,199,624 |
| Adjustment Items | -614,728 | |
| Book value of equity investment in joint venture | 573,756,722 | 602,584,896 |
| Business income | 8,564,566,924 | 12,060,789,171 |
| Financial expenses | -2,556,396 | 3,124,608 |
| Income tax | 26,149,965 | 27,987,136 |
| Net profit | 78,449,896 | 82,556,997 |
| Total comprehensive income | 78,449,896 | 82,556,997 |
| Dividends received from the joint venture this year | 68,053,122 | 75,493,986 |
(3) Main financial information of significant associated enterprise
In RMB
| Closing balance/This period | Opening balance/Last period | |||||
| Yudean Finance | Shanxi Energy | Taishan Power Generation | Yudean Finance | Shanxi Energy | Taishan Power Generation | |
| Current assets | 5,741,906,849 | 382,020,843 | 1,430,697,799 | 8,618,449,490 | 237,368,764 | 999,098,037 |
| Non-current assets | 13,736,545,586 | 3,697,020,812 | 9,775,932,428 | 13,958,043,611 | 3,605,637,997 | 12,126,348,269 |
| Total of assets | 19,478,452,435 | 4,079,041,655 | 11,206,630,227 | 22,576,493,101 | 3,843,006,761 | 13,125,446,306 |
| Current liabilities | 16,673,892,676 | 108,496,833 | 2,501,716,719 | 19,713,970,097 | 55,783,287 | 2,373,171,787 |
| Non-current liabilities | 0 | 185,958,861 | 400,000,000 | 185,614,684 | 905,200,000 | |
| Total liabilities | 16,673,892,676 | 294,455,693 | 2,901,716,719 | 19,713,970,097 | 241,397,971 | 3,278,371,787 |
| Minority shareholder Equity | 0 | 1,148,421 | 1,029,541 | 0 | 1,134,674 | 1,029,541 |
| Attributable to shareholders of the parent company | 2,804,559,759 | 3,783,437,540 | 10,177,422,165 | 2,862,523,004 | 3,600,474,115 | 9,846,044,978 |
| Share of net assets calculated by stake | 705,322,585 | 1,513,375,176 | 2,035,484,433 | 715,630,751 | 1,440,189,807 | 1,969,208,996 |
| --Goodwill | 13,325,000 | 13,325,000 | ||||
| Book value of equity investment in associates | 718,647,585 | 1,513,375,176 | 2,035,484,433 | 728,955,751 | 1,440,189,807 | 1,969,208,996 |
| Business income | 359,366,978 | 3,986,327 | 2,951,909,787 | 353,187,954 | 786,668 | 4,256,108,141 |
| Net profit | 215,194,176 | 282,977,172 | 421,427,601 | 226,957,586 | 277,283,881 | 498,549,464 |
| Total comprehensive income | 215,194,176 | 282,977,172 | 421,427,601 | 226,957,586 | 277,283,881 | 498,549,464 |
| Dividends received from the associated enterprise this year | 64,106,710 | 40,000,000 | 57,221,066 | 4,000,000 |
(4) Summary financial information of insignificant joint venture or associated enterprise
In RMB
| Amount of current period | Amount of previous period | |
| Joint venture: | -- | -- |
| The total number of the following | -- | -- |
| Associated enterprise： | -- | -- |
| Total investment book value | 1,596,755,878 | 1,599,930,118 |
| The total number of the following | -- | -- |
| --Net profit | -2,400,408 | -18,107,558 |
| Total comprehensive income | -2,400,408 | -18,107,558 |
(5) Note to the significant restrictions of the ability of joint venture or associated enterprise transfer fundsto the CompanyNot applicable
(6) The excess loss of joint venture or associated enterprise
Not applicable
(7) The unrecognized commitment related to joint venture investment
Not applicable
(8) Contingent liabilities related to joint venture or associated enterprise investmentNot applicable
4. Significant common operation
Not applicable
5. Equity of structure entity not including in the scope of consolidated financial statementsNot applicable
6.Other
Not applicableX.Risk related to financial instrumentsNot applicableXI. Disclosure of fair value
1. Ending fair value of the assets and liabilities measured by fair value
In RMB
| Items | Ending fair value | |||
| First-order | Second-order | Third-order | Total | |
| I. Consistent fair value measurement | -- | -- | -- | -- |
| （1）Transactional financial assets | 37,203 | 37,203 | ||
| 1. Financial assets measured at fair value and whose changes are recorded in current period profit and losses | 37,203 | 37,203 | ||
| （2）Equity instrument investment | 37,203 | 37,203 | ||
| （3）Other equity instrument investment | 1,720,652,013 | 1,720,652,013 | ||
| Total assets continuously measured at fair value | 1,720,689,216 | 1,720,689,216 | ||
| II. Non –persistent measure | -- | -- | -- | -- |
2.Recognized basis for the market price sustaining and non-persistent measured by fair value on first-order
3. Valuation technique and qualitative and quantitative information on major parameters for the fair value measuresustaining and non-persistent on second-orderNot applicable
4. Valuation technique adopted and nature and amount determination of important parameters forconsistent and inconsistent fair value measurement items at level 3Not applicable
5. Sensitiveness analysis on unobservable parameters and adjustment information between opening andclosing book value of consistent fair value measurement items at level 3Not applicable
6. Explain the reason for conversion and the policy governing when the conversion happens if conversion
happens among consistent fair value measurement items at different levelsNot applicable
7. Changes in the valuation technique in the current period and the reason for changeNot applicable
8. Fair value of financial assets and liabilities not measured at fair value
Not applicableXII. Related parties and related-party transactions
1. Parent company information of the enterprise
| Parent company name | Registration place | Nature | Registered capital | Share ratio of parent company against the company(%) | Vote right ratio of parent company against the company(%) |
| Guangdong Energy Group | Guangzhou | Power plant operating, electricity assets management, electricity generation | 23,000,000,000 | 67.39% | 67.39% |
Explanation on parent company of the enterpriseOn August 8, 2001, Guangdong Provincial Government had taken the lead in the implementation of the reform ofelectric power system. Guangdong Electric power Group was established by inheriting the electricity generationbusiness of Guangdong electric Power Group Company and its registered capital is RMB 23 billion, with 76%stake held by Guangdong Provincial People's Government and 24% stake held by China Hua Neng Group,owning more than 13,000 staff now, and the company is the strongestOn February 18, 2019, With the approval of the state-owned assets supervision and administration commission ofthe Guangdong provincial people's government and the approval of the Guangdong provincial market supervisionadministration, the former Guangdong GuangDong Energy Group Co., Ltd. was renamed as Guangdong EnergyGroup Co., Ltd
Ultimate controller of the Company is Guangdong Provincial People’s Govemment state owned assets supervisionand Administration Commission.
2.Subsidiary of the Enterprise
See to Notes IX.1.
3.Cooperative enterprise and joint venture
See Notes IX.3.Other cooperative enterprise and joint venture that have related transaction with the Company in the Period oroccurred in pervious period：
| Name | Relationship |
| Industry Fuel | Joint venture |
| Guangdong Yudean Finance | Associate |
| Guangdong Yudean Shipping | Associate |
4.Other related party
| Other related party | Relationship with the Enterprise |
| Yudean Environmental protection | Controlled by Energy Group |
| Yudean Property | Controlled by Energy Group |
| Huangpu Electric Power Engineering | Controlled by Energy Group |
| Yangjiang Port | Controlled by Energy Group |
| Yudean Real Estate | Controlled by Energy Group |
| Yudean Information Technology | Controlled by Energy Group |
| Huangpu Yuehua Huma resources | Controlled by Energy Group |
| Yudean Natural gas | Controlled by Energy Group |
| Yudean Finance lease | Controlled by Energy Group |
| Yudean Changtan Power Generation | Controlled by Energy Group |
| Zhuhai Jinwan | Controlled by Energy Group |
| Yudean New Energy | Controlled by Energy Group |
| Yunhe Power Generation | Controlled by Energy Group |
| Yuelong Power Generation | Controlled by Energy Group |
| Guanghe Electric Power | Controlled by Energy Group |
| Yudean Menghua New Energy | Controlled by Energy Group |
| Zhongshan Thermal power plant | Controlled by Energy Group |
| Shenzhen Tianxin | Controlled by Energy Group |
| Qujiang New Energy | Controlled by Energy Group |
| The Group | Controlled by Energy Group |
| Yudean Insurance Captive | Controlled by Energy Group |
| Yuehua Power Generation | Controlled by Energy Group |
| Shajiao C Plant | Controlled by Energy Group |
| Xinhui Power plant | Controlled by Energy Group |
5. Related transactions.
（1）Related transactions on purchasing goods and receiving services
Acquisition of goods and reception of labor service
In RMB
| Related party | Content | Current amount | Approval trading limit | Whether over the trading limit(Y/N) | Last amount |
| Fuel Company | Fuel purchase | 5,927,855,461 | No | 7,135,671,591 | |
| Yudean Natural gas | Fuel purchase | 1,032,808,240 | No | 38,228,155 | |
| Yudean Environment Protection | Material purchase | 83,714,919 | No | 74,236,581 | |
| Yudean Property Management | Acceptance of management services | 7,091,341 | No | 12,018,032 | |
| Yudean Real estate | Acceptance of rental services | 3,455,180 | No | 27,293 | |
| Yangjiang Port | Acceptance of tugboat services | 2,945,775 | No | 3,910,865 | |
| Guangzhou Huangpu Electric Power Engineering Co., Ltd. | Maintenance services | 2,703,922 | No | 5,023,823 | |
| Yudean Information | Acceptance of management services | 1,041,073 | No | 1,103,961 |
| Yudean Shipping | Acceptance of tugboat services | 8,252,359 | |||
| Huangpu Yuehua | Human services | 2,925,678 | |||
| Yudean Finance lease | Leasing service | 194,654 | |||
| Yudean Changtan Power Generation | Acceptance of management services | 226,415 | |||
| Maoming Thermal power plant | Leasing service | 595,944 | |||
| Shaoguan Power Generation | Leasing service | 24,000 | |||
| Zhuhai Jinwan | Electric purchase | 51,778,472 | No | 51,056,560 | |
| Guanghe Electric Power | Electric purchase | 44,918,434 | No | 54,456,828 | |
| Yunhe Power Generation | Electric purchase | 24,292,659 | No | 26,020,204 | |
| Yuehua Power Generation | Electric purchase | 10,509,583 | No | 25,056,294 | |
| Yuelong Power Generation | Electric purchase | 10,007,613 | No | 17,468,048 | |
| Xinhui Power Generation | Electric purchase | 3,230,849 | No | ||
| Zhongshan Thermal power plant | Electric purchase | 1,706,351 | No |
Sales of goods and services
In RMB
| Related parties | Content | Occurred current term | Occurred in previous term |
| Yudean Environment Protection | Sale of Material | 94,544,225 | 52,048,796 |
| Shajiao C plant | Providing maintenance services | 11,062,339 | 6,794,858 |
| Yunhe Power Generation | Providing maintenance services | 6,745,533 | 12,374,579 |
| Xinhui Power Generation | Service | 2,880,388 | |
| Zhuhai Jinwan Power Generation Co., Ltd. | Providing maintenance services | 2,934,438 | |
| Yudean New Energy | Service | 7,518 | |
| Yudean Shipping | Leasing service | 21,622 |
NotesThe amount of electricity purchased shall be determined according to the downward price difference of the firston-grid electricity price and the amount of electricity purchased as agreed by the power sales company and therelated power plants.
（2）Related trusteeship or contracting
Related trusteeship or contracting in which the Company is the undertake
In RMB
| Name of the employer | Name of the undertaker | Asset situation of the undertaker | Start date | Terminating date | Pricing basis | Gains from the deal in report period |
Notes
Lists of entrust/contracted
In RMB
| Name of the entrusted/contracted | Name of the entrusted/ contractor | Type | Initial date | Due date | Pricing basis | Charge recognized in the reporting period |
Notes
(3) Information of related lease
The company as lessor:
In RMB
| Name of lessee | Category of leased assets | The lease income confirmed in | The lease income confirmed in |
| this year | last year | ||
| Shipping Company | Property Leasing | 21,622 |
The Company was lessee：
In RMB
| Lessor | Category of leased assets | The lease income confirmed in this year | Category of leased assets |
| Yudean Real Estate | Leasing service | 3,455,180 | 27,293 |
| Maoming Thermal power plant | Leasing service | 595,944 | |
| Shaoguan Power Generation Plant | Leasing service | 24,000 | |
| Yudean Finance lease | Equipment leasing | 33,718,740 | 194,654 |
NotesBased on the Framework Agreement on Financial Lease between the Company and Yudean Leasing, YudeanLeasing is committed to offering the Group a credit line of less than RMB 500 million, which is reusable duringthe one-year agreement period. As at 30 June 2019, the balance of Bohe Coal’s long-term payables of financelease through leaseback was RMB 906,843,821 (December 31, 2018: 906,981,377 ), and its interest expensesrecorded in construction in progress was RMB 28,009,750 (December 31, 2018: 25,860,877 l); the balance ofQujie Wind Power’s long-term payables of finance lease was RMB 324,398,200 (December 31, 2018:
240,830,581), and the interest expenses recorded in construction in progress amounted to RMB 5,708,990((December 31, 2018: ：2,469,636
（4）Status of related party guarantee
As a guarantor for the company
In RMB
| Guarantor | Guarantee amount | Start date | End date | Execution accomplished or not |
As a secured party for the company
In RMB
| Guarantor | Guarantee amount | Start date | End date | Execution accomplished or not |
| Energy Group | 1,500,000,000 | August 14, 2013 | August 13,2022 | No |
(5) Inter-bank lending of capital of related parties：
In RMB
| Related party | Amount borrowed and loaned | Initial date | Due date | Notes |
| Borrowed | ||||
| Guangdong Yudean Finance Co., Ltd. | 30,000,000 | June 20,2019 | June 19,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 100,000,000 | July 2,2018 | July 1,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 150,000,000 | July 13,2018 | July 12,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 100,000,000 | July 23,2018 | July 22,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 100,000,000 | October 12,2018 | Oct5ober 11,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 200,000,000 | December 14,2018 | December 13,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 150,000,000 | April 22,2019 | April 21,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 150,000,000 | May 22,2019 | May 21,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 200,000,000 | June 10,2019 | June 9,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 50,000,000 | November 12,2014 | October 27,2029 | |
| Guangdong Yudean Finance Co., Ltd. | 75,000,000 | December 10,2014 | October 27,2029 | |
| Guangdong Yudean Finance Co., Ltd. | 100,000,000 | February 4,2015 | October 27,2029 | |
| Guangdong Yudean Finance Co., Ltd. | 45,000,000 | June 17,2015 | October 27,2029 | |
| Guangdong Yudean Finance Co., Ltd. | 25,000,000 | July 23,2015 | October 27,2029 | |
| Guangdong Yudean Finance Co., Ltd. | 24,000,000 | September 15,2015 | October 27,2029 | |
| Guangdong Yudean Finance Co., Ltd. | 30,000,000 | September 28,2015 | October 27,2029 | |
| Guangdong Yudean Finance Co., Ltd. | 19,000,000 | October 13,2015 | October 27,2029 | |
| Guangdong Yudean Finance Co., Ltd. | 144,500,000 | December 16,2015 | October 27,2029 | |
| Guangdong Yudean Finance Co., Ltd. | 12,000,000 | June 20,2018 | October 27,2029 | |
| Guangdong Yudean Finance Co., Ltd. | 17,000,000 | September 20,2018 | October 27,2029 | |
| Guangdong Yudean Finance Co., Ltd. | 100,000,000 | June 19,2017 | June 18,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 100,000,000 | August 31,2018 | August 30,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 70,000,000 | October 30,2018 | October 29,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 40,000,000 | November 2,2018 | November 1,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 40,000,000 | November 6,2018 | November 5,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 40,000,000 | December 5,2018 | December 4,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 40,000,000 | December 6,2018 | December 5,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 40,000,000 | December 7,2018 | December 6,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 30,000,000 | December 10,2018 | December 9,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 25,000,000 | December 11,2018 | December 10,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 30,000,000 | May 23,2019 | May 22,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 83,460,211.69 | May 31,2019 | August 30,2019 | |
| Guangdong Yudean | 150,000,000 | December 10,2018 | December 9,2019 |
| Finance Co., Ltd. | ||||
| Guangdong Yudean Finance Co., Ltd. | 10,000,000 | December 13,2018 | December 12,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 140,000,000 | March 6, 2019 | March 5,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 50,000,000 | March 11,2019 | March 10,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 30,000,000 | May 10,2019 | May 9,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 50,000,000 | May 20,2019 | May 19,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 20,000,000 | May 30,2019 | May 29,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 100,000,000 | June 10,2019 | June 9,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 80,000,000 | June 27,2019 | June 26,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 200,000,000 | December 27,2018 | December 26,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 100,000,000 | January 25,2019 | June 25,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 150,000,000 | January 24,2019 | June 25,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 100,000,000 | December 13,2018 | December 12,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 300,000,000 | December 21,2018 | December 20,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 100,000,000 | October 16,2014 | October 13,2029 | |
| Guangdong Yudean Finance Co., Ltd. | 100,000,000 | April 4,2019 | April 3,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 100,000,000 | April 12,2019 | April 11,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 50,000,000 | April 26,2019 | April 25,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 100,000,000 | May 10,2019 | May 9,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 50,000,000 | May 22,2019 | May 21,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 100,000,000 | May 27,2019 | May 26,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 310,805,849 | December 25,2013 | December 24,2028 | |
| Guangdong Yudean Finance Co., Ltd. | 240,000,000 | December 6,2007 | December 5,2025 | |
| Guangdong Yudean Finance Co., Ltd. | 100,000,000 | December 10,2018 | December 9,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 100,000,000 | December 19,2018 | December 18,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 30,000,000 | March 12,2019 | March 11,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 50,000,000 | March 19,2019 | March 18,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 50,000,000 | April 12,2019 | April 11,2020 |
| Guangdong Yudean Finance Co., Ltd. | 50,000,000 | May 13,2019 | May 12,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 20,000,000 | June 3,2019 | June 2,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 180,000,000 | June 14,2019 | June 13,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 120,000,000 | March 29,2019 | October 23,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 50,000,000 | June 28,2019 | December 24,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 632,991.90 | June 26,2019 | June 25,2039 | |
| Guangdong Yudean Finance Co., Ltd. | 53,500,000 | February 11,2015 | February 10,2033 | |
| Guangdong Yudean Finance Co., Ltd. | 26,000,000 | July 23,2018 | July 22,2033 | |
| Guangdong Yudean Finance Co., Ltd. | 50,000,000 | November 25,2018 | December 3,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 20,000,000 | August 13,2018 | August 12,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 20,000,000 | August 29,2018 | August 28,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 20,000,000 | September 14,2018 | September 13,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 15,000,000 | December 17,2018 | December 16,2019 | |
| Guangdong Yudean Finance Co., Ltd. | 10,000,000 | March 18,2019 | March 17,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 15,000,000 | May 8,2019 | May 7,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 10,000,000 | May 10,2019 | May 8,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 15,000,000 | May 31,2019 | May 29,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 5,000,000 | June 4,2019 | June 3,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 5,000,000 | June 6,2019 | June 5,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 10,000,000 | June 12,2019 | June 11,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 10,000,000 | June 17,2019 | June 16,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 5,000,000 | June 20,2019 | June 19,2020 | |
| Guangdong Yudean Finance Co., Ltd. | 7,842,000 | March 24,2014 | March 10,2031 | |
| Guangdong Yudean Finance Co., Ltd. | 8,540,000 | April 24,2014 | March 10,2031 | |
| Guangdong Yudean Finance Co., Ltd. | 34,250,000 | June 24,2014 | March 10,2031 | |
| Guangdong Yudean Finance Co., Ltd. | 27,940,000 | July 19,2014 | March 10,2031 | |
| Guangdong Yudean Finance Co., Ltd. | 17,090,000 | December 19,2016 | March 10,2031 | |
| Guangdong Yudean | 37,720,000 | June 28,2017 | March 10,2031 |
| Finance Co., Ltd. | ||||
| Guangdong Yudean Finance Co., Ltd. | 17,448,000 | February 1,2018 | March 10,2031 | |
| Guangdong Yudean Finance Co., Ltd. | 8,000,000 | July 13,2018 | March 10,2031 | |
| Guangdong Yudean Finance Co., Ltd. | 10,050,000 | September 26,2018 | March 10,2031 | |
| Guangdong Yudean Finance Co., Ltd. | 15,000,000 | January 11,2019 | March 10,2031 | |
| Guangdong Yudean Finance Co., Ltd. | 15,390,000 | March 15,2019 | March 10,2031 | |
| Guangdong Yudean Finance Co., Ltd. | 21,510,000 | April 12,2019 | March 10,2031 | |
| Guangdong Yudean Finance Co., Ltd. | 35,490,000 | June 10,2019 | March 10,2031 | |
| Guangdong Yudean Finance Co., Ltd. | 45,450,000 | June 19,2019 | March 10,2031 | |
| Loaned | ||||
(6) Related party asset transfer and debt restructuring
Not applicable
(7) Rewards for the key management personnel
In RMB
| Items | Amount of current period | Amount of previous period |
| Rewards for the key management personnel | 3,321,082 | 3,039,268 |
（8）Other related transactions
(a)Allocation of common expensesIn the first half of 2019,, the common expenses received by the Group from Shajiao C was RMB1,260,423.( In thefirst half of 2018, the common expenses received by the Group from Shajiao C was RMB1,930,694)(b) Interest income
In RMB
| Items | Amount of current period | Amount of previous period |
| Deposit interest of Yudean | 23,802,960 | 26,032,498 |
| Proportion(%) | 73.99% | 87.14% |
(c)Interest expense
In RMB
| Items | Amount of current period | Amount of previous period |
| Loan interest paid to Yudean Finance | 118,174,115 | 160,324,500 |
| Discount interest on Yudean Finance | 14,987,476 | 9,294,260 |
| Proportion % | 20.04% | 25.81% |
(d)Joint Investment
| Attributable to Yudean Proportion % | |
| Maoming Zhenneng | 30.12% |
| Bohe Coal | 33.00% |
| Yudean Finance | 65.00% |
| Industry Fuel | 50.00% |
| Shanxi Energy | 60.00% |
| Capital Company | 51.00% |
| West Investment | 35.00% |
| Yudean Shipping | 65.00% |
6. Payables and receivables of the related party
（1）Receivables
In RMB
| Project | Related parties | At end of term | At beginning of term | ||
| Book balance | Bad debt provision | Book balance | Bad debt provision | ||
| Moentary funds | Guangdong Yudean Finance Co., Ltd. | 4,915,764,758 | 4,978,118,712 | ||
| Account receivable | Xinhui Power Generation | 3,254,838 | |||
| Account receivable | Yunhe Power Generation | 2,857,263 | 2,817,688 | ||
| Account receivable | Shajiao C plant | 867,996 | 10,466,023 | ||
| Account receivable | Yudean New Energy | 1,062,659 | |||
| Account receivable | Huizhou New Energy | 273,740 | |||
| Account receivable | Yulong Power Generation | 18,000 | |||
| Other account receivable | Yudean Environmental protection | 94,790,847 | 54,456,181 | ||
| Other account receivable | Shajiao C plant | 2,789,509 | 1,663,292 | ||
| Other account receivable | Yudean Real Estate | 1,470,258 | 1,267,802 | ||
| Other account receivable | Yudean Property | 461,196 | 543,732 | ||
| Other account receivable | Yunhe Power Generation | 358,400 | |||
| Other account receivable | Capital Company | 267,660 | |||
| Other account receivable | Xinhui Power Generation | 549,900 | |||
| Interest receivable | Yudean Finance | 22,897,739 | 18,856,569 | ||
| Advance payment; | Industry Fuel | 523,735,826 | 547,209,560 | ||
| Advance payment | Yudean Natural gas | 44,552,246 | |||
| Advance payment | Tianxin Insurance | 1,728,914 | |||
| Advance payment | Capital Company | 1,016,321 | |||
| Advance payment | Information technology | 762,736 |
（2）Payables
In RMB
| Name | Related party | Amount at year end | Amount at year beginning |
| Account payable | Industry fuel | 1,814,337,311 | 1,449,619,847 |
| Account payable | Yudean Environmental Protection | 44,567,624 | 34,526,337 |
| Account payable | Yudean Property | 2,279,764 | |
| Account payable | Huangpu Yuehua Human Resources | 616,250 | 286,313 |
| Account payable | Technology Company | 282,900 | |
| Other payable | Yudean Environmental Protection | 1,328,334 | 1,414,106 |
| Other payable | Huangpu Electric Power Engineering | 1,051,206 | 4,818,353 |
| Other payable | Yudean Shipping | 920,000 | 5,312,830 |
| Other payable | Shenzhen Tianxin | 70,000 | 70,000 |
| Other payable | Yudean Information Technology | 66,768 | 1,130,960 |
| Other payable | Qujiang Yudean New Energy | 9,000 | |
| Other payable | Yuehua Power Generation | 58,000,000 | |
| Other payable | Yudean Property | 7,730,098 | |
| Other payable | Huangpu Yuehua Human Resources | 1,622,290 | |
| Other payable | Yudean Capital | 400,000 | |
| Interest payable | Yudean Finance | 24,159,081 | 13,356,633 |
| Interest payable | Yudean Leasing | 2,823,933 | 2,167,970 |
| Note payable | Yudean Finance | 823,460,212 | 653,161,107 |
| Short-term loan | Yudean Finance | 4,890,000,000 | 5,042,000,000 |
| Non-current liability due in 1 year | Yudean Finance | 4,000,000 | 143,919,490 |
| Long-term loan | Yudean Finance | 3,112,263,365 | 2,833,766,371 |
| Long-term payable | Yudean Leasing | 1,467,054,556 | 1,147,811,958 |
7. Related party commitment
Not applicable
8.Other
Not applicableXIII. Stock paymentNot applicable
XIV. Commitments
1.Importance commitment events
Important commitments of existence of balance sheet date(a) At the eleventh meeting of the seventh board of directors held in 2012, the Company deliberated and passedthe Proposal on Wholly-owned Formation of Guangdong Yudean Dabu Power Generation Co., Ltd. in order tosmoothly promote the follow-up work of the Dabu power plant project, and the Board of Directors of thecompany agreed the wholly-owned formation of Guangdong Yudean Dabu Power Generation Co., Ltd. by us andset up capital according to 20% of the total project investment of 5.52 billion yuan, with a total capital investmentof 1.104 billion yuan. In the first half of 2019, our company increased capital by 40 million yuan to DabuCompany. On June 30, 2019, the Company has invested a capital of RMB 1,040 million into Dabu Company.(b) At the sixth meeting of the ninth Board of Directors held on October 29, 2018, the Company deliberated andpassed the Proposal on Starting the Preliminary Work of the Zhanjiang Xinliao Offshore Wind Power Project, inorder to vigorously promote the construction of the company's clean energy projects and build a large-scaledevelopment pattern of offshore wind power projects, and the Board of Directors agreed that Qujie Wind PowerCompany, a wholly-owned subsidiary of the Company, should carry out the preliminary work of the ZhanjiangXinliao Offshore Wind Power Project at a cost of 48 million yuan. On June 30, 2019, the Company has invested acapital of RMB 20,000,000 into Qujie Wind Power.(c) At the fifth meeting of the ninth Board of Directors held on August 29, 2018, the Company passed theProposal on Increasing Capital to Guangdong Wind Power Generation Co., Ltd. Huilai Wind Power plans to carryout "demolishing the old and building the new" technological transformation of the Haiwanshi Wind Farm.Provincial Wind Power plans to increase its capital by 39 million yuan in full for the "demolishing the old andbuilding the new" technological transformation project of the Haiwanshi Wind Farm. In order to meet the demandfor technical renovation funds of the project, the Board of Directors agreed that the company would increase thecapital by 39 million yuan to the Provincial Wind Power for the "demolishing the old and building the new"technical renovation project of the Haiwanshi Wind Farm. On June 30, 2019, the Company has increased itscapital by 39 million yuan for Provincial Wind Power.(d) The second communication meeting of the ninth Board of Directors in 2018 held by the Company onSeptember 19, 2018 passed the Proposal on Participation in Capital Increase and Stock Enlargement of ShenzhenCapital Group Co., Ltd. based on the voting results. In order to meet the strategic development needs of ShenzhenCapital Group, the SASAC of Shenzhen City agreed to increase the capital of 213,034,000 yuan to ShenzhenCapital Group according to the 3.673% equity ratio, of which 65,135,200 yuan was increased in 2018, and theremaining 147,898,800 yuan will be paid within 2020. In the first half of 2019, our company increased its capitalto Shenzhen Capital by 78,162,240 yuan. On June 30, 2019, the Company has paid 143,297,440 yuan.(e) The second communication meeting of the ninth Board of Directors in 2018 held on September 19,2018 deliberated and passed the Proposal on the Capital Increase and Stock Expansion of Guangdong YudeanBohe Coal and Electricity Co., Ltd. in order to promote the construction of the bohe coal and electricityintegration project and ensure the capital requirement for the protective resumption of work of the Bohe powerplant project, and the Board of Directors agreed that Bohe Company, a wholly-owned subsidiary of the Company,should carry out capital increase and stock expansion. The company and Guangdong Energy Group Co., Ltd.should increase capital to Bohe Company according to the target equity ratio of 67%:33%, with a total capitalincrease of 3.98 billion yuan, and the Company needs to increase capital by 2.667 billion yuan. On June 30, 2019,
the Company has increased its capital by 603 million yuan.(f) At the third meeting of the ninth Board of Directors held on April 26, 2018, the Company deliberated andpassed the Proposal on the Establishment of Zhuhai Jinwan Offshore Wind Power Project Company, in order tospeed up the follow-up work of Zhuhai Jinwan offshore wind power project, and the Board of Directors agreed toset up Zhuhai wind power wholly by the wholly-owned subsidiary Provincial Wind Power, which is responsiblefor the investment, development and construction of Zhuhai Jinwan offshore wind power project, with an initialcapital of 65 million yuan. On December 31, 2018, the company has invested RMB 65 million into Zhuhai WindPower. At the second communication meeting of the ninth Board of Directors in 2018 held on September 19, 2018,it deliberated and passed the Proposal on Investment in the Construction of Zhuhai Jinwan Offshore Wind FarmProject, in order to further promote the large-scale development of the company's offshore wind power inGuangdong Province and the southeast coast, and the Board of Directors agreed to invest in Zhuhai JinwanOffshore Wind Farm Project. In the first half of 2019, the Company increased its capital to the Provincial WindPower by 200 million yuan. On June 30, 2019, the Company has increased its capital by 265 million yuan.
2.Contingency
（1）Significant contingency at balance sheet date
（1）On June 30, 2019, the Company provided joint and several liability guarantee for bank borrowings of RMB
91,060,00 for Yunnan Baoshan binglangjiang Hydropower Development Co., Ltd., which is in process.
（2）On June 30, 2019, the Company provided joint liability guarantee for the investment of RMB71,515,472 in
Zhanjiang Wind Power. The bank loan of RMB 20,000,000 generated by the Company for Yuejiang Power washeld by the Company Provide joint liability guarantee.
(3) Pinghai Power Plant and three engineering contractors failed to complete the settlement due to settlementdisputes arising from the unit construction contract.a. On October 22, 2018, one of the project contractors filed a lawsuit with the local municipal people's court,demanding Pinghai Power Plant to pay 165,978,408 yuan in extra project funds due to the modification of thescope of the contract and 72,478,979 yuan in interest due to deferred payment.b. On January 8, 2019, another engineering contractor sued Pinghai Power Plant in the local county-levelpeople's court, demanding that Pinghai Power Plant pay 12,080,481 yuan in extra project funds due tomodification of the scope of the contract and 5,554,311 yuan in interest due to deferred payment.c. On July 8, 2019, a third engineering contractor filed a lawsuit with the local municipal people's court,demanding Pinghai power plant to pay 89,548,053 yuan in extra project funds due to the modification of the scopeof the contract and 36,526,452 yuan in interest due to the deferred payment.As of the date of issuance of this report, due to the fact that the above litigation cases have not yet been heardand the Group's management is unable to predict the outcome of the litigation after consulting legal counsel, theproject funds and interest related to the above litigation have not been accrued in the 2019 semi-annual financialstatements.
（2）The Company have no significant contingency to disclose, also should be statedThe was no significant contingency in the Company.
3.Other
Not applicableXV. Post-balance-sheet events
1. Significant events had not adjusted
Not applicable
2. Profit distribution
Not applicable
3. Sales return
Not applicable
4.Notes of ohter significant events
On July 8, 2019, a project contractor filed a lawsuit with the local municipal people's court, demanding PinghaiPower Plant to pay 89,548,053 yuan in extra project funds due to modification of the scope of the contract and36,526,452 yuan in interest due to deferred payment. Currently, the management of the Group is unable to predictthe outcome of the litigation, so it is temporarily unable to predict the impact of the matter on the financialstatements.XVI. Other significant events
1.The accounting errors correction in previous period
Not applicable
2. Debt restructuring
Not applicable
3. Replacement of assets
Not applicable
4. Pension plan
Not applicable
5.Discontinuing operation
Not applicable
6. Segment information
(1) Recognition basis and accounting policies of reportable segment
(2) The financial information of reportable segment
In RMB
| Items | Parent Company | Jinghai Power | Pinghai Power | Red Bay | Maoming Zhenneng | Zhanjiang Power | Zhongyue Energy | Other | Partial offset | Total |
| Main Business Income | 958,557,256 | 1,976,843,440 | 1,473,073,065 | 1,789,107,085 | 628,326,114 | 827,902,690 | 722,341,565 | 4,387,359,347 | -18,821,407 | 12,744,689,154 |
| Main Business Cost | 977,497,449 | 1,722,544,264 | 1,127,634,923 | 1,459,855,154 | 594,322,040 | 673,849,306 | 639,232,312 | 3,867,971,289 | -36,131,581 | 11,021,172,212 |
| Profit Total | 929,375,983 | 164,543,027 | 279,896,024 | 236,561,404 | -14,261,406 | 172,354,660 | 1,014,284 | 153,916,406 | -758,014,918 | 1,165,689,219 |
| Assets Total | 29,994,275,842 | 8,707,447,364 | 5,654,076,507 | 6,445,421,973 | 3,106,180,830 | 4,466,327,667 | 4,201,683,153 | 32,238,164,352 | -21,925,838,956 | 72,888,042,485 |
| Liability Total | 5,657,798,351 | 5,181,368,130 | 3,532,668,443 | 3,132,905,597 | 1,806,448,071 | 355,297,111 | 3,301,495,220 | 19,991,408,532 | -2,201,669,507 | 40,757,719,948 |
(3) There was no reportable segment, or the total amount of assets and liabilities of each part of reportablesegment, shall disclose the reason.Not applicable
（4）Other notes
Not applicable
7. Other important transactions and events have an impact on investors’ decision-makingNot applicable
8.Other
Not applicableXVII. Notes s of main items in financial reports of parent company
（1）Account receivable
1.Classification account receivables.
In RMB
| Category | Closing balance | Opening balance | ||||||||
| Book balance | Bad debt provision | Book value | Book balance | Bad debt provision | Book value | |||||
| Amount | Proportion % | Amount | Proportion % | Amount | Proportion % | Amount | Proportion % | |||
| Of which： | ||||||||||
| Accrual of bad debt provision by portfolio | 225,185,789 | 100 % | 21,981 | 0.01% | 225,163,808 | 264,564,281 | 100 % | 26,806 | 0.01% | 264,537,475 |
| Of which： | ||||||||||
| Low risk portfolio | 222,987,641 | 99.02% | 222,987,641 | 261,883,617 | 98.99% | 261,883,617 | ||||
| Other protfolio | 2,198,148 | 0.98% | 21,981 | 1 % | 2,176,167 | 2,680,664 | 1.01% | 26,806 | 1 % | 2,653,858 |
| Total | 225,185,789 | 100 % | 21,981 | 0.01% | 225,163,808 | 264,564,281 | 100 % | 26,806 | 0.01% | 264,537,475 |
Accrual of bad debt provision by single item:
Not applicable
Accrual of bad debt provision by portfolio:
Not applicable
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method ofother receivables if the provision for bad debts of bills receivable is accrued according to the general model ofexpected credit loss:
√ Applicable □Not applicable
| Bad debt provision | Stage 1 | Stage 2 | Stage 3 | Total |
| Expected credit losses over the next 12 months | Expected credit loss over life (no credit impairment) | Expected credit losses for the entire duration (credit impairment occurred) | ||
| Balance as at January 1, 2019 | 26,806 | 26,806 | ||
| Balance as at January 1, 2019 in current | - | - | - | - |
| --Transferred into stage 2 | - | |||
| -- Transferred into stage 3 | - | |||
| --Reversal to stage 2 | - | |||
| --Reversal to stage 1 | - | |||
| Provision for the year | - | - | ||
| Reversal for the year | 4,825 | 4,825 | ||
| Transfer for the year | - | |||
| Writing-off for the year | - | |||
| Other changes | - | |||
| Balance as at June 30,2019 | - | - | 21,981 | 21,981 |
Disclosure by aging
In RMB
| Aging | Closing balance |
| Within 1 year（Including 1 year） | 225,163,808 |
| Within 1 year | 225,163,808 |
| Total | 225,163,808 |
(2) Accounts receivable withdraw, reversed or collected during the reporting periodThe withdrawal amount of the bad debt provision：
In RMB
| Category | Opening balance | Amount of change in the current period | Closing balance | ||
| Accrual | Reversed or collected amount | Write-off | |||
| Heat sales receivable | 26,806 | 4,825 | 21,981 | ||
| Total | 26,806 | 4,825 | 21,981 | ||
Of which the significant amount of the reversed or collected part during the reporting period
In RMB
| Items | Reversed or collected amount | Method |
| Dongguan Depu Energy Technology Co., ltd. | 4,825 | |
| Total | 4,825 | -- |
（3）The current accounts receivable written-offs situation
Not applicable
（4） Top 5 of the closing balance of the accounts receivable collected according to the arrears party
| Debtor | Book amount | Bad debt provision | Proportion % |
| GPGC | 222,987,641 | - | 99.02% |
| Dongguan Dejin Energy Technology Co., Ltd. | 2,198,148 | 21,981 | 0.98% |
| Total | 225,185,789.00 | 21,981.00 | 100.00% |
(5) Account receivable which terminate the recognition owning to the transfer of the financial assetsNot applicable
(6) The amount of the assets and liabilities formed by the transfer and the continues involvement of accountsreceivableNot applicable
2. Other accounts receivable
In RMB
| Items | Closing balance | Opening balance |
| Interest receivable | 700,566 | 1,121,522 |
| Dividend receivable | 447,956 | |
| Other account receivable | 93,866,821 | 373,726,750 |
| Total | 94,567,387 | 375,296,228 |
（1）Interest receivable
1) Category of interest receivable
In RMB
| Items | Closing balance | Opening balance |
| Fixed deposit | 190,323 | 154,955 |
| Entrusted loan | 510,243 | 966,567 |
| Total | 700,566 | 1,121,522 |
2) Significant overdue interest
Not applicable
3）Bad-debt provision
□ Applicable √ Not applicable
(2)Dividend receivable
1) Dividend receivable
In RMB
| Items | Closing balance | Opening balance |
| Anxin Inspection | 0 | 447,956 |
| Total | 447,956 |
(2) Significant dividend receivable aged over 1 year
Not applicable3）Bad-debt provision
□ Applicable √ Not applicable
（3） Other accounts receivable
(1) Other accounts receivable classified by the nature of accounts
In RMB
| Nature | Closing book balance | Opening book balance |
| Entrusted loan receivable | 35,000,000 | 335,000,000 |
| Supplementary medical insurance fund receivable | 20,397,398 | 22,113,731 |
| Sales of by-products receivable | 17,639,348 | 6,954,775 |
| Receivable petty cash | 2,728,919 | 2,607,574 |
| Other | 18,525,095 | 7,166,030 |
| Total | 94,290,760 | 373,842,110 |
2）Bad-debt provision
In RMB
| Bad Debt Reserves | Stage 1 | Stage 2 | Stage 3 | Total |
| Expected credit losses over the next 12 months | Expected credit loss over life (no credit impairment) | Expected credit losses for the entire duration (credit impairment occurred) | ||
| Balance as at January 1, 2019 | 115,360 | 115,360 | ||
| Balance as at January 1, 2019 in current | —— | —— | —— | —— |
| Accrual in the current period | 323,499 | |||
| Return in the current period | 14,920 | |||
| Balance as at June 30,2019 | 423,939 | 423,939 |
Loss provision changes in current period, change in book balance with significant amount
□ Applicable √Not applicable
Disclosure by aging
In RMB
| Aging | Closing balance |
| Within 1 year(Including 1 year） | 91,870,731 |
| Within 1 year | 91,870,731 |
| 1-2 years | 646,528 |
| Over 3 years | 1,349,562 |
| 3-4 years | 350,000 |
| Over 5 years | 999,562 |
| Total | 93,866,821 |
3) Accounts receivable withdraw, reversed or collected during the reporting periodThe withdrawal amount of the bad debt provision：
In RMB
| Category | Opening balance | Amount of change in the current period | Closing balance | |
| Accrual | Reversed or collected amount | |||
| Petty cash | 42,209 | 14,920 | 27,289 | |
| Advance | 1,637 | 1,829 | 3,466 | |
| Deposit | 35,000 | 35,000 | ||
| Other | 36,514 | 321,670 | 358,184 | |
| Total | 115,360 | 323,499 | 14,920 | 423,939 |
Of which the significant amount of the reversed or collected part during the reporting period
In RMB
| Name | Reversed or collected amount | Method |
| Petty cash | 14,920 | Cash recovery |
| Total | 14,920 | -- |
(4) The actual write-off accounts receivable
Not applicable
(5) Top 5 of the closing balance of the other accounts receivable colleted according to the arrears party
In RMB
| Name | Nature | Year-end balance | Age | Portion in total other receivables(%) | Bad debt provision of year-end balance |
| Lincang Yudean Energy Co., Ltd. | Entrusted loan receivable | 35,000,000 | 2-3 years | 37.12% | |
| Taikang Endowment Insurance Co., Ltd. Guangdong Branch | Supplementary medical insurance funds shall be receivable | 20,397,398 | Within 1 year | 21.63% | |
| Guangdong Yudean Environmental Protection Co., Ltd. | Sales of by-products receivable | 17,639,348 | Within 1 year | 18.71% | |
| Guangdong GuangDong Energy Group Shajiao C | Water and electricity rental advances | 2,789,509 | Within 1 year | 2.96% | |
| Employee | Petty cash | 2,701,630 | Within 1 year | 2.89% | 27,289 |
| Total | -- | 78,527,885 | -- | 83.31% | 27,289 |
(6) Accounts receivable involved with government subsidies
Not applicable
(7) Other account receivable which terminate the recognition owning to the transfer of the financial assetsNot applicable
(8) The amount of the assets and liabilities formed by the transfer and the continues involvement of otheraccounts receivableNot applicable
3.Long –term share equity investment
In RMB
| Items | End of term | Beginning of term | ||||
| Book Balance | Impairment provision | Book value | Book Balance | Impairment provision | Book value | |
| Investment in subsidiaries | 20,512,774,833 | 1,251,824,079 | 19,260,950,754 | 19,610,774,833 | 1,251,824,079 | 18,358,950,754 |
| Investment in joint ventures and associates | 6,463,030,480 | 25,010,686 | 6,438,019,794 | 6,365,880,253 | 25,010,686 | 6,340,869,567 |
| Total | 26,975,805,313 | 1,276,834,765 | 25,698,970,548 | 25,976,655,086 | 1,276,834,765 | 24,699,820,321 |
（1）Investment in subsidiaries
In RMB
| Name of investee | Opening balance | Increase | Decrease | Closing balance | Impairment provision | Impairment provision for the year |
| Guangdong Yudean Jinghai Power Generation Co., Ltd. | 1,930,395,668 | 1,930,395,668 | ||||
| Red Bay Power Generation | 2,220,023,386 | 2,220,023,386 | ||||
| Zhanjiang Electric Power | 2,185,334,400 | 2,185,334,400 | ||||
| Huizhou Pinghai Power Generation | 720,311,347 | 720,311,347 |
| Shenzhen Guangqian Electric Power Co., Ltd. | 1,353,153,223 | 1,353,153,223 | ||||
| Huizhou Natural gas | 1,176,084,946 | 1,176,084,946 | ||||
| Zhanjiang Zhongyue Energy | 963,000,000 | 963,000,000 | 187,248,115 | |||
| Maoming Zhenneng | 687,458,978 | 687,458,978 | ||||
| Anxin Electric Power | 20,000,000 | 20,000,000 | ||||
| Yuejia Electric Power | 0 | 0 | 455,584,267 | |||
| Shaoguan Yuejiang Power Generation | 745,200,000 | 745,200,000 | 408,494,674 | |||
| Zhanjing Wind Power | 242,277,000 | 242,277,000 | ||||
| Humen Power Generation | 3,192,416 | 3,192,416 | 86,807,584 | |||
| Guangdong Bohe | 2,229,000,000 | 603,000,000 | 2,832,000,000 | |||
| Dapu Power Generation | 1,000,000,000 | 40,000,000 | 1,040,000,000 | |||
| Huadu Natural gas | 186,550,000 | 186,550,000 | ||||
| Guangdong Wind Power Generation | 1,192,419,390 | 239,000,000 | 1,431,419,390 | |||
| Lincang Energy | 314,000,000 | 314,000,000 | 113,689,439 | |||
| Leizhou Wind Power Generation | 80,800,000 | 80,800,000 | ||||
| Qujie Wind Power Generation | 779,750,000 | 20,000,000 | 799,750,000 | |||
| Yudean Electric Sale | 230,000,000 | 230,000,000 | ||||
| Yongan Natural gas | 90,000,000 | 90,000,000 | ||||
| Tongdao Wind Power | 10,000,000 | 10,000,000 | ||||
| Total | 18,358,950,754 | 902,000,000 | 19,260,950,754 | 1,251,824,079 |
（2）Investment in joint ventures and associates
In RMB
| Name of investee | Beginning of term | Increase/decrease in this period | End of term | Balance of the provision on for impairment | |||||||
| Increase in investment | Decrease in investment | Investment income under equity method | Other comprehensive income | Other changes in equity | Announced for distributing cash dividend or profit | Provision for impairment | Other | ||||
| I.Joint venture | |||||||||||
| Industry Fuel | 602,584,896 | 39,224,948 | 68,053,122 | 573,756,722 | |||||||
| Subtotal | 602,584,896 | 39,224,948 | 68,053,122 | 573,756,722 | |||||||
| II. Associatesd | |||||||||||
| Yangshan Jiangkeng | 5,694,710 | 512,329 | 6,207,039 | ||||||||
| Yangshan Zhongxinkeng | 7,808,826 | 1,235,845 | 9,044,671 | ||||||||
| West Investment | 135,652,349 | 5,381,585 | 141,033,934 | ||||||||
| Yudean Shipping | 935,111,350 | -27,338,357 | 907,772,993 | ||||||||
| Shanxi Yudean Enerty | 1,440,189,806 | 113,185,370 | 40,000,000 | 1,513,375,176 | |||||||
| Yudean Finance | 728,955,751 | 53,798,544 | 64,106,710 | 718,647,585 | |||||||
| Taishan Power Generation | 1,969,208,996 | 66,275,437 | 2,035,484,433 | ||||||||
| Yudean Captive | 258,026,177 | 7,437,804 | 773,832 | 264,690,149 | |||||||
| Weixin Yuntou | 257,636,706 | 10,370,386 | 268,007,092 | 25,010,686 | |||||||
| Huaneng Shantou | 5,738,284,671 | 230,858,943 | 104,880,542 | 5,864,263,072 | 25,010,686 | ||||||
| Subtotal | 6,340,869,567 | 270,083,891 | 172,933,664 | 6,438,019,794 | 25,010,686 | ||||||
| Total |
（3）Other notes
4. Business income, Business cost
In RMB
| Items | Amount of current period | Amount of previous period | ||
| Income | Cost | Income | Cost | |
| Main business | 958,557,256 | 977,497,449 | 1,127,894,766 | 1,082,555,502 |
| Other business | 26,351,826 | 636,432 | 20,451,256 | 625,713 |
| Total | 984,909,082 | 978,133,881 | 1,148,346,022 | 1,083,181,215 |
Whether implemented new revenue guidelines?
□ Yes √ No
5. Investment income
In RMB
| Items | Amount of current period | Amount of previous period |
| Long-term equity investment income accounted by cost method | 754,387,025 | 777,396,415 |
| Long-term equity investment income accounted by equity method | 270,083,891 | 270,075,688 |
| Investment income from the disposal of tradable financial assets | 252,763 | |
| Dividend income from investments in other equity instruments during the holding period | 30,580,379 | |
| Investment return on investments held to maturity during the holding period | 9,634,179 | |
| Investment income received from holding of available-for –sale financial assets | 18,256,500 | |
| Other | 10,171,424 | 357,107 |
| Total | 1,065,475,482 | 1,075,719,889 |
6.Other
XVIII. Supplement information
1. Particulars about current non-recurring gains and loss
√ Applicable □ Not applicable
In RMB
| Items | Amount | Notes |
| Gains/losses from the disposal of non-current asset | -13,971,117 | Scrap loss of Power Generation assets of some subsidiaries |
| Governmental subsidy calculated into current gains and loess（while closely related with the normal business of the Company, excluding the fixed-amount or fixed-proportion governmental subsidy according to the unified national standard） | 1,721,047 | |
| Effect on current gains/losses when a one-off adjustment is make tocurent gains/losses according to requirements of taxation. | -250,472 | |
| Other non-business income and expenditures other than the above | -719,920 | |
| Less：Influence amount of income tax | -3,243,410 | |
| Influenced amount of minor shareholders’ equity | -2,957,518 | |
| Total | -7,019,534 | -- |
Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition inthe Explanatory Announcement No.1 on Information Disclosure for Companies Offering Their Securities to thePublic-Extraordinary Gains and Losses, or classifies any extraordinary gain/loss item mentioned in the saidexplanatory announcement as a recurrent gain/loss item.
□ Applicable √Not applicable
2. Return on net asset and earnings per share
| Profit of report period | Weighted average return on equity(%) | Earnings per share | |
| Basic earnings per share(yuan/share） | Diluted earnings per share(yuan/share) | ||
| Net profit attributable to the Common stock shareholders of Company. | 2.37% | 0.1108 | 0.1108 |
| Net profit attributable to the Common stock shareholders of Company after deducting of non-recurring gain/loss. | 2.40% | 0.1121 | 0.1121 |
3.The differences between domestic and international accounting standards
（1）Simultaneously pursuant to both Chinese accounting standards and international accounting standardsdisclosed in the financial reports of differences in net income and net assets.
√ Applicable □ Not applicable
In RMB
| Net profit | Net assets | ||||
| Amount in the reporting period | Amount in the previous period | End of the reporting period | Beginning of the reporting period | ||
| According to CAS | 581,569,383 | 448,833,518 | 24,551,367,214 | 24,227,302,288 | |
| Items and amount adjusted according to IAS | |||||
| The difference arising from recognition of goodwill after merger of enterprises under the same control | 64,623,000 | 64,623,000 | |||
| Difference arising from recognition of land use value after enterprise merger | -315,000 | -315,000 | 17,285,000 | 17,600,000 | |
| Influence on minority | 27,060 | 27,060 | 4,837,279 | 4,810,219 | |
| interests | ||||
| According to IAS | 581,281,443 | 448,545,578 | 24,638,112,493 | 24,314,335,507 |
(2) Discrepancy in net profit and net assets as disclosed in the financial report respectively according to theaccounting standards outside Mainland China and CAS
□ Applicable √ Not Applicable
(3) Note to the discrepancy in accounting data under the accounting standards outside Mainland China. In casethe discrepancy in data which have been audited by an overseas auditing agent has been adjusted, please specifythe name of the overseas auditing agent.
| (a) | The difference arising from recognition of goodwill after merger of enterprises under the same control and recognition of land value after enterprise merger. |
| As required by new Chinese accounting standards, the goodwill formed by the merger of enterprises under the same control shall not be recognized and capital surplus shall be adjusted. Under IFRS, the golldwill formed by the merger of enterprises under the same control shall be recognized and equal to the difference between merger cost and share of fair value of recognizable net assets of the purchased party obtained in merger. Meanwhile, all assets of the purchased party obtained in merger shall be accounted for according to their fair value while such assets shall be accounted for according to their book value according to original Chinese accounting standards for business enterprises. Therefore, this difference will continue to exist. | |
| (b) | Influence on minority interests |
| Housing reform loss occurred to the Company and some holding subsidiaries. Therefore, there’s some influence on minority interests. |
XI. Documents available for inspection
1.Text of Semi-annual report carrying the signature of Chairman of the Board;
2.Financial statements bearing the seal and signature of legal representative, financial controller and the person incharge of the accounting organ;
3.All original copies of official documents and notices, which were disclosed in Securities Times, China Securitiesand Hong Kong Commercial Daily (Both English and Chinese version);
4.The article of association of the Company;
5. English version of the semi-annual report.
The documents mentioned above are kept in office, and are ready for reference at any time (except public holidays,Saturday and Sunday).
The Board of Directors of Guangdong Electric Power Development Co., Ltd.
Chairman of the Board: Wang JinAugust 31, 2019