Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Guangdong Electric Power Development Co., Ltd.
2017Annual Report
April 2018
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
I. Important Notice, Table of Contents and Definitions
The Board of Directors , Supervisory Committee ,Directors, Supervisors and Senior Executives of the Company
hereby guarantees that there are no misstatement, misleading representation or important omissions in this report
and shall assume joint and several liability for the authenticity, accuracy and completeness of the contents hereof.
Mr.Huang Zhenhai, The Company leader, Mr. Liu Wei, Chief financial officer and the Mr.Meng Fei, the person in
charge of the accounting department (the person in charge of the accounting )hereby confirm the authenticity and
completeness of the financial report enclosed in this Annual report.
All the directors attended the board meeting for reviewing the Annual Report except the follows:
The name of director who did The name of director who was
Positions Reason
not attend the meeting in person authorized
Zhou Xi’an Director Due to business Rao Subo
Zhang Xueqiu Director Due to business Ma Xiaoqian
This annual report involves the forecasting description such as the future plans, and does not constitute the actual
commitments of the company to the investors. Investors and stakeholders should all maintain sufficient awareness
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 is
greatly affected by factors including electric power demand and fuel price. Refer to Section IX(4) of Chapter 4 of
this annual report-situation faced and countermeasures for relevant information.
The preplan profit distribution of the Company deliberated and approved by the Board is: Total share of
of 5,250,283,986 for Base on the Company‘s total share capital ,the Company would distribute cash dividend to a
ll the shareholders at the rate of CNY 0.80 for every 10 shares (with tax inclusive)，with 0 bonus shares（includi
ng tax）, and not converting capital reserve into share capital.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Table of Contents
I.Important Notice, Table of contents and Definitions
II. Basic Information of the Company and Financial index
III. Outline of Company Business
IV. Management’s Discussion and Analysis
V. Important Events
VI. Change of share capital and shareholding of Principal Shareholders
VII. Situation of the Preferred Shares
VIII. Information about Directors, Supervisors and Senior Executives
IX. Administrative structure
X. Corporate Bond
XI. Financial Report
XII. Documents available for inspection
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Definition
Terms to be defined Refers to Definition
Yudean Group Refers to Guangdong Yudean Group Co., Ltd.
Zhanjiang Company Refers to Zhanjiang Electric Power Co., Ltd.
Yuejiang Company Refers to Guangdong Shaoguan Yuejiang Power Generation Co., Ltd.
Zhenneng Company Refers to Maoming Zhenneng Thermal Power Co., Ltd.
Jinghai Company Refers to Guangdong Yudean Jinghai Power Co., Ltd.
Zhanjiang Wind Power Company Refers to Guangdong Yudean Zhanjiang Wind Power Co., Ltd.
Zhongyue Compamy Refers to Zhanjiang Zhongyue Energy Co., Ltd.
Bohe Company Refers to Guangdong Yudean Bohe Coal & Electricity Co., Ltd
Guangqian Company Refers to Shenzhen Guangqian Electric Power Co., Ltd.
Huizhou Natural Gas Company Refers to Guangdong Huizhou Natural Gas Power Co., Ltd.
Red Bay Company Refers to Guangdong Red Bay Power Co., Ltd.
Pinghai Power Plant Refers to Guangdong Hluizhou Pinghai Power Co., Ltd.
Humen Power Company Refers to Guangdong Yudean Humen Power Co., Ltd.
Anxin Electric Inspection & Installation
Refers to Guangdong Yudean Anxin Electric Inspection & Installation Co., Ltd
Company
Guohua Taishan Refers to Guangdong Guohua Yudean Taishan Power Generation Co., Ltd.
Yudean Industry Fuel Company Refers to Guangdong Power Industry Fuel Co., Ltd.
Huadu Natural Gas Company Refers to Guangdong Huadu Natural GasT Thermal Power 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.
Weixin Yuntou Refers to Weixin Yuntou Yudean Zhaxi Energy Co., Ltd.
Binglang Jiang Company Refers to Yunnan Baoshan Binlangjiang Hydroelectricity Development Co., Ltd.
Yongan Natural Gas Company Refers to Guangdong Yudean Yongan Natural Gas Thermal Power Co., Ltd.
Tongdao Wind Power Company Refers to Tongdao Yuexin Wind Power Generation Co., Ltd.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
II. Basic Information of the Company
1.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
粤电力
Company Name in Chinese(If any)
English name (If any) GUANGDONG ELECTRIC POWER DEVELOPMENT CO.,LTD
English abbreviation (If any) GED
Legal Representative Huang Zhenhai
33-36/F, South Tower, Yudean Plaza, No.2 Tianhe Road East, Guangzhou,Guangdong
Registered address
Province
Postal code of the Registered
Address
33-36/F, South Tower, Yudean Plaza, No.2 Tianhe Road East, Guangzhou,Guangdong
Office Address
Province
Postal code of the office address 510630
Internet Web Site http://www.ged.com.cn
E-mail ged@ged.com.cn
Ⅱ.Contact person and contact manner
Board secretary Securities affairs Representative
Name Liu Wei Qin Xiao
35/F, South Tower, Yudean Plaza, No.2 36/F, South Tower, Yudean Plaza, No.2
Contact address Tianhe Road East, Guangzhou,Guangdong Tianhe Road East, Guangzhou,Guangdong
Province Province
Tel (020)87570276 (020)87570251
Fax (020)85138084 (020)85138084
E-mail liuw@ged.com.cn qinxiao@ged.com.cn
Ⅲ. Information disclosure and placed
Newspapers selected by the Company for China Securities Daily, Securities Times and Hong Kong Commercial
information disclosure Daily(overseas newspaper for English version)
Internet website designated by CSRC for publishing
http://www.cninfo.com.cn
the Annual report of the Company
The place where the Annual report is prepared and
Affair Dept. Of the Board of directors of the Company
placed
Ⅳ.Changes in Registration
Organization Code 91440000617419493W
Changes in principal business activities since No change
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
listing (if any)
Changes is the controlling shareholder in the past
No change
(is any)
Ⅴ. Other Relevant Information
CPAs engaged
Name of the CPAs PWC Certified Public Accountants (special general partnership)
11th Floor,PricewaterhouseCoopers Center,2 Corporate Avenue 202 Hu Bin Road, Huangpu
Office address
District,Shanghai 200021, PRC
Names of the Certified Public
Wang Bin, Chen Junjun
Accountants as the signatories
The sponsor performing persist ant supervision duties engaged by the Company in the reporting period.
□Applicable √Not Applicable
The Financial advisor performing persist ant supervision duties engaged by the Company in the reporting period
□Applicable √Not Applicable
Ⅵ.Summary of Accounting data and Financial index
Indicate by tick mark whether there is any retrospectively restated datum in the table below.
□ Yes √ No
Changed over last year
2017 2016
（％）
Operating Gross income（RMB） 26,643,792,057 22,681,120,022 17.47% 25,723,810,816
Net profit attributable to the
shareholders of the listed company 743,180,431 936,534,941 -20.65% 3,237,733,312
（RMB）
Net profit after deducting of
non-recurring gain/loss attributable
718,454,119 1,074,697,758 -33.15% 2,953,985,089
to the shareholders of listed
company（RMB）
Cash flow generated by business
3,676,034,503 8,704,775,818 -57.77% 10,442,437,145
operation, net（RMB）
Basic earning per
0.14 0.18 -22.22% 0.62
share(RMB/Share)
Diluted gains per
0.14 0.18 -22.22% 0.62
share(RMB/Share)(RMB/Share)
Net asset earning ratio（%） 3.16% 3.99% -0.83% 14.42%
Changed over last year
End of 2017 End of 2016 End of 2015
（％）
Gross assets（RMB） 71,007,415,323 70,677,003,760 0.47% 71,919,934,143
Net assets attributable to
shareholders of the listed company 23,695,190,653 23,378,847,225 1.35% 23,754,596,981
（RMB）
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Ⅶ.The differences between domestic and international accounting standards
1．Simultaneously pursuant to both Chinese accounting standards and international accounting standards
disclosed in the financial reports of differences in net income and net assets.
√ Applicable □Not applicable
In RMB
Net profit attributable to the shareholders of the Net Assets attributable to the shareholders of
listed company the listed company
Amount in the Amount in the previous End of the reporting Beginning of the
reporting period period period reporting period
According to CAS 743,180,431 936,534,941 23,695,190,653 23,378,847,225
Items and amount adjusted according to IAS
The difference arising from
recognition of goodwill after
64,623,000 64,623,000
merger of enterprises under
the same control
Difference arising from
recognition of land use value -630,000 -630,000 18,230,000 18,860,000
after enterprise merger
Influence on minority interests 54,120 54,120 4,756,099 4,701,979
According to IAS 742,604,551 935,959,061 23,782,799,752 23,467,032,204
2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and
Chinese accounting standards.
□ Applicable √Not applicable
The Company had no difference of the net profit or net assets disclosed in financial report, under either foreign
accounting 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.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Ⅷ.Main Financial Index by Quarters
In RMB
First quarter Second quarter Third quarter Fourth quarter
Operating income 5,554,665,288 6,830,821,289 7,546,970,420 6,711,335,060
Net profit attributable to the
-115,409,510 244,145,235 653,326,357 -38,881,651
shareholders of the listed company
Net profit after deducting of
non-recurring gain/loss attributable
-125,128,941 281,931,672 642,264,511 -80,613,123
to the shareholders of listed
company
Net Cash flow generated by
475,755,783 1,103,169,501 1,789,490,461 307,618,758
business operation
Whether significant variances exist between the above financial index or the index with its sum and the financial
index of the quarterly report as well as semi-annual report index disclosed by the Company.
□ Yes √No
Ⅸ.Items and amount of non-current gains and losses
√Applicable □Not applicable
In RMB
Items Amount (2017 Amount (2016 Amount (2015 Notes
Non-current asset disposal
gain/loss(including the write-off part for -4,720,404 -3,723,321 238,178,694
which assets impairment provision is made)
In the current period,
the newly added
subsidy for
Govemment subsidy recognized in current technological
gain and loss(excluding those closely related transformation of
41,344,595 19,074,097 16,112,458
to the Company’s business and granted enterprises by Special
under the state’s policies) funds for Industrial
and Informatization
Development was
RMB 18.6 million.
Gains and losses from exchange of
21,977,012
non-monetary assets
Expenses on business reorganization, such
as expenses on staff arrangements, -59,541,635
integration, etc.
Switch back of provision for depreciation of
account receivable which was singly taken 20,790
depreciation test.
Effect on current gains/losses when a
one-off adjustment is made to current
gains/losses according to requirements of -125,842,425
taxation, accounting and other relevant
laws and regulations
Other non-business income and expenditures 6,502,013 -104,916,156 29,997,321
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
other than the above
Taxes paid by tax auditors, late fees and
-7,274,913
fines
The price in coal
Less: Amount of influence of income tax 10,104,459 18,950,258 17,651,335 futures rose and the
operating profit fell.
Influenced amount of minor shareholders’
1,020,520 -155,736,881 4,886,717
equity (after tax)
Total 24,726,312 -138,162,817 283,748,223 --
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Compaines Offering their Securities to the Public-Non-recurring Gains and Losses and
its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure
for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as
recurring gains and losses, it is necessary to explain the reason.
□ Applicable√ Not applicable
None of Non-recurring gain /loss items recorgnized as recurring gain /loss/items as defined by the information
disclosure explanatory Announcement No.1- Non –recurring gain/loss in the report period.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
III. Outline of Company Business
Ⅰ.Main Business the Company is Engaged in During the Report Period
Whether the company needs to comply with the disclosure requirements of the particular industry
No
We are mainly occupied in investment, construction and management of electric power projects. We have been
upholding “electricity-oriented, pluralistic development”, with power as the mainstay and diversified structure of
power source. With the exception of development, construction and operation of large-scale coal-burning
power-generating plants, we also set our feet on clean energy projects like LNG power generation, wind power
generation and hydroelectric generation, which are reliably transmitted to innumerable users through power-grid
companies. As of December 31,2016, the controllable installed capacity is 20.15 million KW, where the
controllable installed capacity of coal-burning power generation, LNG generation and renewable energy
generation like wind power and hydropower is 17.35 million KW, 2.34 million KW and 460000 KW respectively.
Income source is primarily contributed by power production and sales, and main business income is derived from
Guangdong Province. The company electricity sales price is subject to the benchmark price verified by the price
authority per relevant policies based on National Development and Reform Commission (NDRC) and the
electricity transaction price through the market trade implementation per Guangdong Electricity Market Trade
Basic Rules and supporting files. In the reporting period, the electricity sold is 67.976 billion KWH, 11.463 billion
KWH YoY increase; average price stated in the consolidated statements is 451.82 Yuan/ KWH (tax inclusive, the
same below), YoY drop of 10.74 Yuan/ KWH. The total operating income was RMB 26,643,792,100, an increase
of RMB 3,962,672,100 or an increase of 17.47% YOY.
The company's business is dominated by coal-fired power generation, and the fuel costs account for a large
portion of operating costs, thus the fluctuations in coal prices have a significant impact on the company's
operating performance. During the reporting period, affected by the increase in power generation and the
continuous increase in coal prices, the company’s fuel costs were RMB 1,7,017,543,600, which accounted for
73.06% of the main business costs, an increase of RMB 5,972,218,100 or an increase of 54.07%; and the unit
price of standard coal (coal oil-gas) was 817.12 yuan/ton, an increase of 191.17 yuan/ton or an increase of 30.54%
over the same period of last year.
During the reporting period, as affected by the high coal price and the “concession of benefit” to power market
trading and the company made the provision for impairment for the upfront expenses of some of the company’s
in-process constructions, available-for-sale financial assets and early retirement assets, the Company’s net profit
attributable to shareholders of the parent company dropped significantly year-on-year and it’s RMB 743,180,400,
a year-on-year decrease of 20.65%; and the earnings per share was 0.14 yuan.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
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
The YOY increase of 33.49% was mainly due to the Huizhou Natural Gas Cogeneration
Construction in process Expansion Project and the ultra-low emission transform of Zhongyue No. 1 and No. 2
power generation units.
The YOY decrease of 65.47% was mainly due to that the prepaid equipment in the
Other non-current assets
previous period had been put into use.
2. Main Conditions of Overseas Assets
□ Applicable √Not applicable
III.Analysis On core Competitiveness
Whether the company needs to comply with the disclosure requirements of the particular industry
No
1. Regional power-generating company with installed capacity expanded in a stage-based and leap-frog way
The power-generating assets are mainly distributed in Guangdong. Major assets reorganization realized since 2012
has given great impetus to power-generating installed capacity By the end of 2017, the Company has put into
production of a controlled installed capacity of 20.15 million kilowatts, and the on-grid electricity was 67.976
billion kw, which accounted for 17.62% share of the Guangdong province's electricity purchase market, an
increase of 1.75% YOY-representing the continuous increase.
2. Yudean Group has oriented our company as a sole listed platform for domestic power-generating assets
integration
We are the shareholder of Yudean 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 and expansion. It
has oriented us as a sole listed platform for domestic power-generating assets integration. We are endowed 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 policy
By virtue of high parameters, large capacity, nice efficiency, low coal consumption, reliable operation and
environmental 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 core
business, optimizing the development of coal-fired power, steadily developing gas power, vigorously developing
clean energy such as wind power and hydropower, continuously optimizing the power supply structure, and
heading to an efficient, clean and low-carbon road. In 2017, there were newly-added 230,000 kilowatts of land
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
wind power projects and 0.5 million kilowatts of offshore wind power projects of the company obtained the
approval, besides a number of gas and wind power projects have been under construction. In the next few years,
the company will, centered on its 13th Five-Year Plan, continue to increase the development of clean energy and
actively promote the green and coordinated development.
5. Experienced management, sophisticated production technology
Administrators and technical experts are veterans in operation and management of power plants, and key staff
have years of practical experience in the power sector. We have invested enormous efforts to the standard of
management, intensifying management and paying high priority to launch energy-conserving and
consumption-reducing programs. Finally, coal consumption on thermal power units is declining year by year in
return for these efforts.
6. Hold fast to the opportunity of “electric price reform”, To realize the transformation from a power generation
enterprise to an energy comprehensive service enterprise.
In July 2015, we established a wholly-funded electric marketing company, aiming at competing with electricity
marketing, sharing dividend from “”electric price reform”, The electricity sales company has already accumulated
plenty of clients based on the power generation enterprises. The company will continue promoting the electricity
sales business vigorously, adopt positive measures subject to relevant polices of the national power system
reformation for expanding the power distribution and sales business and comprehensive energy services and
cultivating the new profit increase points.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
IV. Management’s Discussion and Analysis
Ⅰ.General
In 2017, the electricity consumption of the whole society in Guangdong Province was 595.897 billion kwh, an
increase of 6.22% YOY, so the growth rate continued to rise. The West-to-east electricity transmission increased
by 2.5% YOY, a slightly slowed growth; the provincial nuclear power supply increased by 15.51%, a slightly
slowed growth, e.g. the Yangjiang NO.4 Nuclear Power Unit with the installed capacity of 1.086 million kilowatts
was put into operation during the year; the gas electricity in the province increased by 2.18% year-on-year, a sharp
slowdown in growth; and the hydropower of the province fell by 3.2%, the electricity generation of coal-fired
units in the province increased by 30.4% year-on-year. The company's whole-year on-grid electricity accounted
for 17.62% share in the intra-provincial power purchase market, an increase of 1.75 % year-on-year, with the
percentage continued to increase.the average utilization hours for the company holding coal-fired units are 3348
hours increased by 721 hours on year-on-year basis.
As of the end of 2017, the total assets of the Company by consolidated statements amounted to RMB 71 7 billion,
an increase of 0.47% YOY; and the interests attributable to shareholders of the parent company was RMB 23.695
billion, an increase of 1.35% YOY. The company achieved the operating income by consolidated statements of
RMB 26.644 billion, an increase of 17.47% YOY; the net profit attributable to shareholders of the parent company
was RMB 743 million, a YOY decrease of 20.65%; the earnings per share was RMB 0.14 (it’s RMB 0.18 in the
same period of last year). The company's liabilities by consolidated statements totaled to RMB 41.305 billion,
with that the asset-liability ratio was 58.17%.
In 2017, the electricity market trading scale in Guangdong Province continued to expand. The company actively
strived for the base quantity of electricity and competed for the \"market electricity\", and the signing of bilaterally
negotiated trading electricity by the subordinate power plants reached 24.04% in this kind of market trading, with
that the electricity participated in the market bidding accounted for 18.29% in this kind of market trading; the
whole-year electricity trading volume of the subordinate electric power sales company accounted for 12.43% in
this kind of market trading, with the scale of electricity-sales continued to occupy the first place in the province's
electricity sale market. Through the power generation rights trading, the power plants in some mountainous areas
realized the loss-reduction and the profit increase by RMB 41.97 million. The company vigorously developed the
clean energy business, and the clean energy business accounted for 56.99% of the net profit attributable to
shareholders of the parent company, an increase of 11.36 % YOY, which had an increasing contribution to the net
profit attributable to shareholders of the parent company.
According to the “Thirteenth Five-Year Development Planning Report” reviewed and approved by the Board of
Directors, the company adheres to the development direction of clean energy. During the reporting period, the 4
newly-added controllable land wind power projects totaled in 0.23 million kilowatts obtained the approval, 2
controllable offshore wind power projects totaled in 0.498 million kilowatts obtained the approval, and one 50,000
kilowatts controllable land wind power project was included into the local 2017 wind power development
alternative choice plan. In the first quarter of 2018, the Company gained approval for another newly-added 50,000
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
kilowatts controllable land wind power project, and 2 controllable offshore wind power projects totaled in 0.5
million kilowatts were included in the Key Construction Project Plan of Guangdong Province in 2018.
During the reporting period, the company's first holding hydropower project, Yunnan Lincang Dayakou
Hydropower Project (102,000 kilowatts), was wholly put into operation in November; and the holding Zhanjiang
Hongxin Tower Wind Power Project (49,500 kilowatts) was put into operation at the end of the year. The
above-mentioned two projects newly added a total of controllable installed capacity of 151, 500 kilowatts. The
Zhanjiang Shibanling wind power project and the Huizhou natural gas cogeneration expansion project have been
carried out as planned; the Yangjiang Shaba Offshore Wind Power Project and the Zhanjiang Wailuo Phase I
Offshore Wind Power Project started construction in October and in December respectively. Meantime, the
company conscientiously implemented the national requirements for ultra-low emissions and energy-saving
transformation of coal-fired units, with the investment totaled to RMB 2.416 billion, and the Company completed
the transformation of ultra-low emissions of all coal-fired units in the year, with the emission indicators lower than
the national emission limits.
During the reporting period, the board of directors of the company successfully completed the general election
because of the expiration of the term, organized and held three on-site meetings of the board of directors and 4
communications meetings of the board of directors throughout the year, completed the review and approval of 46
proposals, and organized and held two general meetings of shareholders-which deliberated and adopted 18
proposals. The company further perfected the decision-making items and procedures of \"Three-Importances &
One-Large\", implemented the principle of \"first inner-party, then submit\", and completed the related work of
incorporating the general requirements of the Party construction work of state-owned enterprises into the articles
of association. The Company Completed the standard system of \"scrap, reform, set up\", revised and added a total
of 64 items in the institution rules, thus the standard operation level of the company was further improved.
Ⅱ.Main business analysis
1. General
Refer to relevant contents of “1.Summarization” in “Discussion and Analysis of Management”.
2. Revenue and cost
(1)Component of Business Income
In RMB
2017
Increase /decrease
Amount Proportion Amount Proportion
Total operating
26,643,792,057 100% 22,681,120,022 100% 17.47%
revenue
Industry
Electric power ,
Steam sales and 26,393,153,579 99.06% 22,522,639,179 99.30% 17.18%
labor income
Other 250,638,478 0.94% 158,480,843 0.70% 58.15%
Products
Sales Electric Power 26,250,079,293 98.52% 22,342,322,648 98.51% 17.49%
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Labor income 49,166,707 0.18% 110,563,280 0.49% -55.53%
Steam income 93,907,579 0.35% 69,753,251 0.31% 34.63%
Comprehensive
203,698,123 0.76% 65,549,708 0.29% 210.75%
utilization of fly ash
Sales material
3,228,908 0.01% 58,627,109 0.26% -94.49%
income
Lease revenue 14,691,747 0.06% 9,538,280 0.04% 54.03%
Certified emission
reduction sales 0 0% 164,291 0% -100 %
revenue
Other 29,019,700 0.12% 24,601,455 0.11% 17.96%
Area
Guangdong 26,600,595,122 99.84% 22,654,178,908 99.88% 17.42%
Yunnan 43,196,935 0.16% 26,941,114 0.12% 60.34%
(2)Situation of Industry, Product and District Occupying the Company’s Business Income and Operating
Profit with Profit over 10%
√ Applicable □Not applicable
Whether the company needs to comply with the disclosure requirements of the particular industry
No
In RMB
Increase/decrease Increase/decrease Increase/decrease
of revenue in the of business cost of gross profit
Gross profit
Turnover Operation cost same period of over the same rate over the same
rate(%)
the previous period of period of the
year(%) previous year (%) previous year (%)
Industry
Electric power ,
Steam sales and 26,393,153,579 23,277,935,709 11.80% 17.18% 31.14% -9.38%
labor income
Products
Electric power ,
Steam sales and 26,393,153,579 23,277,935,709 11.80% 17.18% 31.14% -9.38%
labor income
Area
Guangdong 26,600,595,122 23,264,845,471 12.54% 17.42% 30.86% -8.98%
Under circumstances of adjustment in reporting period for statistic scope of main business data, adjusted main
business based on latest on year’s scope of period-end.
□ Applicable √Not applicable
(3)Whether the Company’s Physical Sales Income Exceeded Service Income
√ Yes □ No
Classification Items Unit 2017 2016 Changes
Sales volume Billion kwh 67.976 56.513 20.28%
Electric Power
Production Billion kwh 72.029 59.923 20.20%
Explanation for a year-on –year change of over 30%
□ Applicable √Not applicable
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
(4)Degree of Performance of the Significant Sales Contract Signed up to this Report Period
√ Applicable □Not applicable
In the reporting period, China Southern Power Grid was our No.1 client, Its sales of 26.25 billion yuan taking up
approximately 98.52% of annual sales. Company and company’s holding subsidiaries had signed a Power
Purchase Agreement with China Southern Power Grid and its holding subsidiaries in accordance to related
provisions. By the end of the reporting period, the agreement had been executed rightfully.
(5)Component of business cost
Industry classification
In RMB
2017
Proportion in the Increase/Decre
Industry Items Proportion in the
Amount Amount operating costs ase
operating costs (%)
(%)
Electric Power Fuel cost 17,017,543,636 73.06% 11,045,325,529 62.07% 54.07%
Depreciation
Electric Power 3,465,797,703 14.88% 3,897,930,880 21.91% -11.09%
expense
Electric Power Labor cost 1,377,719,311 5.91% 1,454,916,789 8.18% -5.31%
Electric Power Other 1,431,228,019 6.14% 1,395,453,184 7.84% 2.56%
Notes
The Company is in power sector and mainly engaged in power generation at present. The cost is composed of fuel
cost, depreciation expenses, labour cost and other expenses. Fuel cost accounts for about 73.06% of total cost.
which was mainly affected by the increase in power generation volume and the continuous increase in coal price,
so that the fuel costs increased significantly YOY.
(6)Whether Changes Occurred in Consolidation Scope in the Report Period
√Yes □No
New Subsidiary Establishment of the Year
Name Business place Registered Nature Registered capital Proportion Acquired
address (%)
Tongdao Yuexin Wind Power Huaihua,
Huaihua, Hunan Electric Power 10,000,000 100% Invested
Generation Co., Ltd. Hunan
Xupu,
Hunan Xupu Yuefeng New Energy
Huaihua,Hunan Huaihua , Electric Power 20,000,000 100% Invested
Co., Ltd.( Indirect subsidiary)
Hunan
Guangxi Wuxuan Yuefeng New Wuxuan,
Guangxi Electric Power 20,000,000 100% Invested
Energy Co., Ltd.( Indirect subsidiary) Guangxi
Huizhou Pingdian Energy Co.,
Huizhou Huizhou Electric Power 20,000,000 45% Invested
Ltd.(Indirect Subsidiary)
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
(7)Relevant Situation of Significant Changes or Adjustment of the Business, Product or Service in the
Company’s Report Period
□ Applicable √Not applicable
(8)Situation of Main Customers and Main Supplier
Information of the Company’s top 5 customers
Total sales amount to top 5 customers (RMB) 26,561,252,714
Proportion of sales to top 5 customers in the annual sales(%) 99.68%
Proportion of the sales volume to the top five customers in the
0.82%
total sales to the related parties in the year
Information of the Company’s top 5 customers
No Name Amount（RMB） Proportion
1 GPGC 26,250,079,293 98.52%
2 Guangdong Yudean Group Co., Ltd. 218,494,067 0.82%
3 Huizhou Huiling Huacheng Co., Ltd. 62,395,050 0.23%
China petrochemical co., Ltd. Maoming
4 16,492,843 0.06%
Branch
Dongguan Dejin Energy Technology Co.,
5 13,791,461 0.05%
Ltd.
Total -- 26,561,252,714 99.68%
Other explanation :
√Applicable □Not applicable
Guangdong Yudean Group Co., Ltd is the controlling shareholder of the Company, which is a connected
relationship with the Company.
Principal suppliers
Total purchase of top 5 Suppliers（RMB） 17,407,935,962
Percentage of total purchase of top 5 suppliers In total
73.52%
annual purchase(%)
Proportion of purchase amount from the top 5 suppliers in
the total purchase amount from the related parties in the 57.95%
year
Information about the top 5 suppliers
No Name Amount（RMB） Proportion
1 Guangdong Yudean Group Co., Ltd. 13,721,240,442 57.95%
2 Guangdong Dapeng ING Co., Ltd 1,629,826,249 6.88%
Guangdong Zhutou Electric Power
3 1,148,345,889 4.85%
Industry Fuel Co., Ltd.
4 Dongfang Electric Co., Ltd. 635,571,521 2.68%
5 GPEC 272,951,861 1.15%
Total -- 17,407,935,962 73.52%
Other explanation :
√ Applicable □Not applicable
Guangdong Yudean Group Co., Ltd is the controlling shareholder of the Company, which is a connected
relationship with the Company.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
3.Expenses
In RMB
2017 2016 Increase/Decrease(%) Notes
Mainly due to the substantial increase in
sales expenses caused by the expansion of
Sale expenses 8,223,996 2,807,165 192.96% the operating scale of the electricity sales
company and the market electricity
price-bidding business.
Administration expenses 654,998,125 775,880,023 -15.58%
Financial expenses 1,279,255,541 1,369,698,178 -6.60%
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
4.R& D Expenses
No Project company name Project name Purpose Project progress Target and influence
1)Optimize the operation way and achieve the good econo
Optimize the unit operation way through
Energy conservation resea mic performance.
research and therefore meet economic i
Shenzhen Guangqian rch and application of M 2)Available for reasonable arrangement of the gas consum
ndexes including decrease on the integra
1 Electric Power Co., 701F combined-cycle gene Completed ption start for decrease of the start and end time of boile
ted power supply coal consumption and
Ltd. rator unit underload and t r and extension of the equipment service life;
comprehensive station service power co
ransient operation 3)Shorten the unit generation time and intensify the peaki
nsumption rate, etc.
ng unit characteristics
Improve the work sheet issuing efficienc Improve further the visualized work-sheet issuing system
y, decrease the repair and isolation risks graphic issuing function through the secondary developme
Shenzhen Guangqian Secondary development of
, improve the work sheet management l nt, optimize the standard work-sheet management procedur
2 Electric Power Co., the visualized work-sheet Completed
evel, and provide several training types e and solve the failed printing of the work sheet label an
Ltd. issuing system function
for improvement of the isolation level o d other problems. And improve the visualized work-sheet
f operators. issuing system performance and work efficiency further.
Through collecting the production technology management
system optimization and upgrade opinions, optimize and
Optimize and upgrade the operation rec
upgrade the operation recording module, teams constructio
Shenzhen Guangqian Optimization and mainten ording module, teams construction modu
n module, system management module, regular working m
3 Electric Power Co., ance of production techno le, system management module, regular Completed
odule, two-work-sheet management module and backup fu
Ltd. logy management system working module, two-work-sheet manage
nction for improvement of the management efficiency, eli
ment module and backup function
mination of operation defects and improvement of the sys
tem compatibility.
To meet the customs control requiremen
Guangdong Electric
Special coal wharf custom ts on the special coal wharf in terms of The rectification project meets the customs control require
Power Development
4 s control site rectification the customs control facilities setting, c Completed ments on the coal wharf of the Plant and avoids the bert
Co., Ltd. Shajiao A
project ontrol site operation information linkage hing limitation of the customs on the imported coal ships.
Power Plant
and paperless operation, etc.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
No Project company name Project name Purpose Project progress Target and influence
The plant current MIS network fails to satisfy the video
data flow as the code rate reaches 1080P and we also pl
an to upgrade and rebuild the mode video surveillance ne
Guangdong Electric Optical fiber laying at the For realization of Shajiao A power plan twork into the digital video surveillance network simultan
Power Development side of Shajiao A for th t emergency command system establish eously. Under advance of the group emergency command
5 Completed
Co., Ltd. Shajiao A e group emergency comm ment and the HD video surveillance ap system and the plant HD video surveillance application,
Power Plant 厂 and system plication of the Plant the current plant optical fiber link need to be upgraded a
nd rebuilt for establishing the group emergency command
sub-system and networking for the HD video surveillanc
e of the Plant departments.
Build one source-code-based safety insp
ection system for the source code safety Check the source code safety of the newly-developed busi
check of the main business system and ness system and control the quality of the source code du
the late-stage-built business system of t e to inclusion of lots of important information of the Pla
he Plant, check the loophole and backd nt in the major business system. We shall understand the
Guangdong Electric
Check project on the info oor existence and illegal usage of open newly-developed business system safety, grasp the curren
Power Development
6 rmation system safety bas source code within the business system Completed t source code safety hazards, recognition errors and softw
Co., Ltd. Shajiao A
ed on the source code source code, analyze the safety of the b are frame problems, discover any safety hazard promptly,
Power Plant
usiness system source code deeply for t conduct rectification evaluation for the same directly, reali
he design defect and logical error of th ze strengthening the source code check during the cycle o
e business system software and provide f the newly-developed business system and improve the s
the reasons and repair suggestions for t afety of the same.
he same.
To coordinate with the power plant in i
1. Realize the electronic way for whole materials manage
mplementation of the new management
ment process;
system, implement optimization and tran
2. Establish the link between materials management and p
sformation of the business procedures, r
Operating budget manage roject management;
Guangdong Electric emove the horizontal barriers between a
ment platform 3. To manage the capital budget reasonably and effectivel
Power Development pplication systems, eliminate the informa
7 (Tonghai company’s infor Completed y and achieve the application purpose (pre-planning, cours
Co., Ltd. Shajiao A tion isolated island, facilitate the transmi
mation management softw e surveillance and post-examination), the link between the
Power Plant ssion and share of various types of data
are) business process and budget information need to be reali
, meet the target requirements of inform
zed for the real-time surveillance and control on the budg
ation concentration and effective manage
et expenditure in each procedure stage and the budget ex
ment and build the uniform comprehensi
penditure statistics and analysis from several aspects.
ve budget management platform
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
No Project company name Project name Purpose Project progress Target and influence
To grasp the whole-plant production data promptly and co
Build the plant generation market compr mprehensively, improve the plant fuel consumption rate,
Basic completio
ehensive data support platform, reflect t decrease the enterprise production cost and enhance the p
n of the funda
he planned and actual production activit ower generation market offer competition, it shall establis
Guangdong Electric mental function
Build the power generatio y condition of the plant at present and h the power generation market comprehensive data suppor
Power Development with one rema
8 n market comprehensive d in the coming period, simulate and pre t platform, record the whole plant production condition, f
Co., Ltd. Shajiao A ining sub-modu
ata support platform dict each-type indicator trend of the co urnace feeding data, combustion rate, coal yard inventory,
Power Plant le to be tested
ming period for providing the strong ba production daily and monthly reports, predict the plant p
online next w
sic data support for the plant participati roduction activities through multiple ways including the re
eek
on into the power generation market. levant indictor analysis and trend analysis, etc. and impro
ve the plant competition in the market.
The plant is equipped with good energy consumption info
rmation foundation and complete energy consumption data
measurement, statistics and analysis systems, which provi
de a good basis for the energy management center establi
Guangdong Electric shment. Based on the current energy consumption collecti
Energy management cente Optimization and upgrade of the current
Power Development on and analysis systems, the optimization and upgrade co
9 r building research and a energy consumption information system Completed
Co., Ltd. Shajiao A mbining the market requirements on the energy manageme
pplication .
Power Plant nt center will save resources effectively, avoid the repeate
d construction, realize the energy consumption data transp
arency, energy efficiency index standardization and long s
ervice life of systems and achieve maximum work efficie
ncy within the minimum time.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
No Project company name Project name Purpose Project progress Target and influence
In accordance with the outline and cont
ent of Provisions on the Security Protec
(1) Threat evaluation platform construction: conduct the re
tion of the Electric Power Monitoring S
gular safety risk evaluation on the power secondary syste
ystems, Notice of Special Check Work
m network and related mainframe, special power commun
on Security Protection of the Electric P
ication protocol and sub-stations.
ower Monitoring Systems of National E
(2) Log audit system establishment: realize the log audit f
nergy Administration, Protection Assess
or safety and network equipment in the power secondary
Guangdong Electric ment on Information Security Level in
system production control large zones, the zone applicatio
Power Development PD net safety protection Power Industry, Special Check on Secur
10 Completed n system log collection and uniform management.
Co., Ltd. Shajiao A construction project ity Protection of the Electric Power Mo
(3)Risk evaluation grading filing: invite any third party ev
Power Plant nitoring Systems of Guangzhou Yudean
aluation agency to conduct the safety risk evaluation on
Group Co., Ltd. and Guangdong Power
major information system of the Plant and file the same
Grid Power Dispatching Control Center
with Ministry of Public Security.
File, etc. of NDRC, conduct the PDnet
(4) Purchase the three-year feature library upgrade license
information safety construction and plan
for PDnet intrusion detection management system (Venus
to adopt the principle of the safety str
technology).
engthening work for major projects prio
r to those with low situation gravity.
Build the networking for the digital video surveillance of
Establish the video surveillance connecti
Guangdong Electric Networking construction a the Plant, make the normal connection of the HD camera
ng with the group directly through the i
Power Development t the side of Shajiao A f gun and HD multimedia video surveillance data into the
11 nformation way and build the video sur Completed
Co., Ltd. Shajiao A or the emergency comma surveillance network, realize the uniform video surveillan
veillance subsystem between the group
Power Plant nd system ce center for the plant and build the special network for
and the Plant
the video surveillance of the Plant.
Facilitate the transmission and share of various types of d
To standardize the company internal ma
Guangdong Electric ata, meet the target requirements of information concentrat
nagement, improve the work efficiency,
Power Development Operating management pla ion and effective management, build the uniform operatin
12 connect the communication channel of d Completed
Co., Ltd. Shajiao A tform expansion g management information platform between Jinfan and E
epartments and eliminate the information
Power Plant ssence, improve the enterprise management level through i
isolated island
nformation ways and the market competition.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
No Project company name Project name Purpose Project progress Target and influence
Develop point inspection APP, realize t Break the traditional point inspector single point patrol in
he site point inspection through the sma spection mode and the bottleneck about the incompatibilit
rtphone, decrease the purchase cost of t Development a y of the original point inspection system with the third p
Guangzhou Huizhou Equipment point inspectio he point inspector and break the origina nd test of each arty hardware and equipment, establish the equipment ma
13 Natural Gas Power n system and hardware u l manufacturer restriction on hardware; functional mo nagement information platform and mobile phone APP for
Generation Co., Ltd. pgrade and transformation optimize and upgrade the original syste dules of the sy integrating relevant manufacturing data of the power plan
m combining the equipment point inspe stem t, realizing the real-time data inquiry during the point ins
ction usage current situation of the plan pection, data share and the equipment information integrat
t and management demand. ion purpose.
Conduct the information safety level pro
tection assessment work for the current
three platform systems (including 19 su
bsystems)and the main content includes
preparing the grading filing documents f
or three Grade II information systems a The contractor
fter integration, assisting the local publi submits the ass
c security department in grading filing, essment report
Guangzhou Huizhou Information security level
conducting the information safety level (including rectif Obtaining the level protection filing certificate from Net
14 Natural Gas Power protection assessment pro
assessment in terms of the physical com ication suggesti Department of the municipal public security bureau.
Generation Co., Ltd. ject in 2017
puter room, network environment, mainf ons) for four s
rame environment, application safety an ystems subject
d management system, etc., submitting t to the contract
he Information Safety Level Protection
Assessment Report and obtaining the le
vel protection filing certificate from Net
Department of the municipal public sec
urity bureau in the end.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
No Project company name Project name Purpose Project progress Target and influence
The installation
, commissionin
Based on security considerations, a com
g and on-site c
prehensive log audit system was researc
onstruction of s
hed and deployed in the management in
ervers, network To keep logs of information assets such as hosts, databas
formation area to centrally store and an
equipment and es, and network equipment for more than six months to
alyze logs of server hosts, network devi
databases com meet the requirements for information security level prote
Guangzhou Huizhou Audit project of server, n ces, and databases to detect potential vi
prehensive log ction compliance. The log audit system based on large da
15 Natural Gas Power etwork equipment, and da olations and abnormal operating behavio
audit project in tabase technology is used for information security associat
Generation Co., Ltd. tabase comprehensive logs r and automatically alert the dangers in
2017 have be ion analysis and information security status assessment to
real time. The alarm information is se
en completed. I establish a company information security analysis platfor
nt to the administrator in a timely man
n the past half m.
ner through short message, email, etc. t
a year, the sy
o provide reference for internal security
stem has been
management.
operating stably
.
The design has
To establish a practical training base for been complete
Training base project dev relay protection, strengthen the relay pr d, the hardware
Guangzhou Huizhou
elopment for relay protect otection training of production technicia construction a To carry out practical exercises and textbook development
16 Natural Gas Power
ion and electrical control ns in the power generation industry, an nd site reconstr simultaneously.
Generation Co., Ltd.
system d carry out relay protection competitions uction are in t
, etc. he construction
process.
According to the stipulations of the [Re
gulations on the safety Protection of Po All the content
The system runs stably, and all service communications i
wer Monitoring System of the NDRC 2 s in the engine
n the real-time and non-real-time areas of the scheduling
014 No. 14 orde] and the supporting do ering list of “S
data network are normal. The company's power monitorin
cuments [Overall safety protection plan ecurity Protecti
Guangzhou Huizhou Reinforcement project for g system satisfies the security protection requirements for
for the power monitoring system], an in on and Reinfor
17 Natural Gas Power security protection of po the intrusion detection system, operation and maintenance
trusion detection system and a network cement Project
Generation Co., Ltd. wer monitoring system security auditing, longitudinal encryption authentication de
operation and maintenance auditing syste of Power Moni
vice, and dispatch data network in the Safety Protection
m should be deployed at the border of toring System
Technical Specifications of South Network Power Monitori
the production control region, so as to r \" have been co
ng System.
ealize the intrusion detection of the busi mpleted.
ness systems and the horizontal and ver
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
No Project company name Project name Purpose Project progress Target and influence
tical network boundaries of each produc
tion control region, capture the abnorma
l behavior of the network in time, and
analyze potential threats. At the same ti
me, it audits and controls all operationa
l activities of internal and external main
tenance personnel’s logging on network
devices and hosts, and prevents internal
and external operation and maintenance
personnel from performing malicious or
non-malicious destruction of key syste
ms and devices.
To deploy an SSL encryption system in The deploymen
the management information region to t of a load bal
Security protection project encrypt the access of the data transmissi ancing device
Guangzhou Huizhou The deployment of load balancing methods such as the b
for application system of on traffic of the business system to ens has been compl
18 Natural Gas Power asic level units has been completed, which satisfies the re
management information ure the confidentiality, integrity, authenti eted and the pr
Generation Co., Ltd. quirements for encrypted transmitting of business data.
large region city and non-repudiation of the business oject acceptanc
data and meet the compliance requirem e has been co
ents of level protection. mpleted.
The project has The goal is to achieve a coal consumption of no more th
been complete an 310g/KWh for power supply and a capacity increase u
To reduce the coal consumption of the
Energy saving and econo d and performa p to 630MW for the unit. The transformation will increas
Zhanjiang Zhongyue power supply unit and solve the proble
19 mic improvement of 2*60 nce tests are to e the core competitiveness of the unit, reduce the emissio
Energy Co., Ltd. m of high energy consumption of the u
0MW units be conducted n of pollutants such as carbon dioxide, sulfur dioxide, an
nit.
to assess the e d nitrogen oxides. The energy saving and emission reduct
nergy savings. ion has achieved remarkable results.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
No Project company name Project name Purpose Project progress Target and influence
The pre-bidding
investigation
Based on the specific water quality char was conducted
acteristics of resin regenerated acid-alkal in May 2017. I
At present, there are many technical routes for concentrati
i wastewater and desulfurization wastew t was learned t
on and solidification of resin-regenerated acid-alkaline was
ater, a variety of wastewater treatment t hat the actual
tewater and desulfurization wastewater. Investment and op
echnologies are compared and evaluated operation time
erating costs for the evaporation and crystallization proces
for the concentration and solidification of the relevant
s are high. According to the specific water quality charac
treatment route of resin-regenerated acid technical route
Feasibility study of follow teristics of resin regenerated acid and alkali waste water a
-alkaline wastewater and desulfurization was short and
Zhanjiang Zhongyue -up concentration and curi nd desulfurization waste water, comparison and selection
20 wastewater, and the subsequent evapora the performan
Energy Co., Ltd. ng treatment of wastewate will be made among various waste water treatment techno
tive crystallization treatment process for ce was low. M
r treatment system logies to obtain the most suitable evaporative crystallizatio
the wastewater treatment system that is ost of them we
n treatment process for the waste water treatment system
most suitable for the power plant is de re experimental
of the power plant. The scheme design and investment es
rived, and the scheme design and invest demonstration
timation will also be carried out, which is the important
ment estimation are carried out, which i projects. Theref
basis for the power plant to make investment decisions fo
s the important basis for the power pla ore, this feasibi
r the renovation project.
nt to make investment decisions for the lity study proje
renovation project. ct was carried
forward to 201
8.
To optimize the aeration biological filter
process parameters, improve the combi Process researc Focusing on nitrogen removal in biological aerated filter s
ned treatment efficiency of recycled wat h report and re ystems, laboratory pilot tests and on-site pilot tests were
Research and optimization
er reuse process, further effectively rem view have been conducted, and proposals for modification of nitrification
Zhanjiang Zhongyue of advanced treatment sy
21 ove total nitrogen and COD from the w completed, an and denitrification were proposed. In view of the difficulti
Energy Co., Ltd. stem process of reclaimed
astewater, and reduce the time cost and d 2 patents are es in on-site construction, the aerobic and denitrifying do
water reuse
capital cost of frequent anti-cleaning a now being ap minant bacteria are further screened on the basis of the c
nd replacement of the subsequent doubl plied. ompletion of the project and verified on site.
e-membrane treatment system.
To carry out the data combing of more
The data, business processes, and forms of the company's
than a dozen of application modules s
portal system are sorted out, which will facilitate the sys
Zhanjiang Zhongyue Portal system renovation uch as chemical affairs management, rat
22 Completed tem's data exchange and business information synchronizat
Energy Co., Ltd. project ionalization proposals, supervision mana
ion, and enable the system to serve the creation of \"five-
gement, work plan management, etc. wh
star team\" activities.
ich have been put into operation, and i
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
No Project company name Project name Purpose Project progress Target and influence
ncrease the construction of team manage
ment function module.
To check and
optimize the da
Guangdong Province To provide daily inspection and mainten
Maintenance of ORACLE tabase every qu To ensure the data integrity of the company database, im
Shaoguan Yuejiang ance of company database to ensure the
23 products and related appl arter to optimiz prove the operating efficiency of the database, increase th
Power Generation Co., integrity and normal operation of comp
ication software e multiple syst e security of the database.
Ltd. any database data.
ems that use th
e database.
1. To establish unified unstructured data
;
2. Based on the established unstructured Objective: To establish a company's unstructured data cent
The system has
data center, to collate and import the er to optimize unified management of document-based uns
been put into
unstructured data that has been generate tructured data. To solve the problem that the current unst
Development and impleme trial operation
d in the current business system; ructured data management is decentralized and cannot be
Zhanjiang Power Co., ntation of some administr and is undergoi
24 3. To transform the current application applied efficiently.
Ltd. ative office management s ng optimization
system to support unstructured data cent Impact: To realize unified management and access to unst
ystems and adjustmen
ers; ructured data; and realize content retrieval and accurate re
t in the later p
4. To optimize current system functions trieval of these data, and improve the application capabilit
eriod.
with the support of unstructured data c ies for such data.
enter, especially the management and ap
plication of unstructured data.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
No Project company name Project name Purpose Project progress Target and influence
The project has
been impleme
nted. The functions of some business systems currently such as
The integration budget management and material management are adjust
1. Through the data interface to achieve
of the three p ed to realize the automatic connection, integration, and op
data communication of the three platfo
latform data, th timization of these businesses with YUDEAN Business N
rms and automatic connection of busine
e convergence etwork and the production project management system; ba
Functional optimization an ss;
of services, an sed on the integration of the three platform data into the
Zhanjiang Power Co., d improvement of some b 2. The optimization and integration of t
25 d the optimizat PAM platform, all the business functions of the engineeri
Ltd. usiness management syste he business on the three platforms will
ion of function ng project management system module in the PAM platfo
ms reduce the duplication of business proce
s have been co rm except for the business transaction management are re
ssing and improve the effectiveness of t
mpleted, and h stored, and the impact of the inability to use multiple fun
he business.
ave been put i ctions after switching from the production project manage
nto operation s ment business to the production project management syste
o far. The busi m is solved.
ness processing
is smooth
The technical r
esearch on the The influence on the thermal system is studied when the
With the urban reclaimed water (from s
comprehensive urban reclaimed water after deep treatment is used as the
ewage treatment plants) as the water so
utilization of ur boiler water supply, so as to ensure the boiler safety; th
urce and the safe use of reclaimed wate
ban reclaimed e influence of the reuse of high-concentration brine on th
Technology Research and r in thermal power plant as the research
water in large-s e desulfurization system is studied, and the optimum cont
Demonstration Applicatio objective, the urban sewage reuse tech
cale power pla rol conditions of high-concentration brine reuse for the de
Zhanjiang Power Co., n of Comprehensive Utili nology system developed for thermal po
26 nts has been c sulfurization system is obtained through experiment; the c
Ltd. zation of Urban Reclaime wer plants can provide technical support
ompleted and f ontent of dual / echelon use technology of urban reclaime
d Water in Large Power for water conservation and wastewater
ully applied in d water in power plant subsystems forms the technology
Plants reuse in thermal power plants of southe
Zhanjiang Po system of the urban sewage after deep treatment as the w
rn China, whether urban sewage after d
wer Co., Ltd., ater source of large thermal power plants and the reuse o
eep treatment is used as the water sour
thus achieving f power plant drainage (wastewater). It achieves water sav
ce.
good effects in ing and wastewater recycling of power plants.
use.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
No Project company name Project name Purpose Project progress Target and influence
A unified instant messaging push platfor
The platform realizes the integration with several current
m is established to achieve the push of
core business systems and the push of instant messages o
instant messages of the information sys
n these platforms, which include: information portal platfo
tem to relevant personnel by means of
rm, PAM platform, SIS platform and various existing mo
SMS, WeChat and mobile APP, and sim
Zhanjiang Power Co., Instant Messaging Platfor bile phone SMS notification businesses switching to the n
27 ultaneously the provides a standard servi Completed
Ltd. m Transformation ew platform. The information portal is highly integrated, i
ce interface for new applications so that
ncluding unified use of the organization and personnel dat
the newly developed system in the fut
a of the current information portal, thus avoiding multiple
ure can push instant messages of the bu
data sources; and achieving flexible authorization manage
siness system through the standard call
ment.
on the platform.
By leasing the communication link of t
The data communication between the company and the gr
he operator, it achieves the data commu
oup, government departments and other companies, and th
nication between the company and the
Zhanjiang Power Co., WAN interconnection com e mobile office and external data collection of employees
28 group, government departments and othe Completed
Ltd. munication link costs in the company can be achieved at a low cost, thus red
r companies, and the mobile office and
ucing the one-time investment and maintenance costs of t
external data collection of employees i
his part of communication link.
n the company.
By leasing the communication link from
The data communication between the company and the gr
the operator, it achieves the data com
WAN Interconnection Co oup, government departments and other companies, and th
munication between the company and th
Zhanjiang Power Co., mmunication Link Lease e mobile office and external data collection of employees
29 e group, government departments, and o Completed
Ltd. and IT Service Lease Cos in the company can be achieved at a low cost, thus red
ther companies, as well as mobile offic
ts ucing the one-time investment and maintenance costs of t
e and external data collection of the co
his part of communication link.
mpany’s employees.
Based on the data and service platform
of the current information system, vario
us application systems mainly including
desktop terminals are extended to mobil
Application Development
e smart terminals. The various functions It can process the most of application businesses and obta
Zhanjiang Power Co., and Implementation Based
30 (business processing function, data disp Completed in the required data on the mobile intelligent terminal, th
Ltd. on Mobile Intelligent Ter
lay function, etc.) of the existing main us greatly improving work efficiency.
minal
application systems will be implemented
on the APP of mobile smart terminal t
o realize mobile office work and increa
se work efficiency.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
No Project company name Project name Purpose Project progress Target and influence
(1) Operation and function optimization are conducted to
the existing coal yard dispatch management system. (2) A
ccuracy check of the raw coal bunker level meter provide
s reliable support for the dynamic monitoring of the raw
The preliminary coal bunker. (3) The real-time dynamic monitoring and m
research is co anagement function raw coal bunkers is added based on t
nducted, and th he existing coal yard dispatch management system. The s
e successful bi ystem automatically records the real-time coal mixing and
Through the application research of the
dder for the re burning conditions and automatically calculate, the optim
Application Research of E entire process of the fuel application ch
Zhanjiang Power Co., search project al mix ratio under the current conditions, thus achieving t
31 ntire-Process Fuel Applica ain optimization system, this project aim
Ltd. of the entire pr he operational optimization guidance. (4) The historical op
tion Chain Optimization S s to achieve the energy savings and effi
ocess of the fu erating condition data and basic data are analyzed to achi
ystem ciency.
el chain applic eve the optimization of mix-burning optimization, LCOE
ation optimizati optimization, stock structure optimization and purchase str
on system is i ategy optimization, as well as the targets of energy savin
mplemented. g, consumption reduction and efficiency increase. (5) Thro
ugh the analysis of relevant coalfield data, the statistical
analysis of various input, consumption, storage, and relate
d economic indicators can be achieved to assist decision-
making for each post.
Through the transformation and optimization of original S
1. To build a mirror database system fo
IS system architecture, the system security performance is
r real-time databases to improve the reli
improved. The system load is balanced by configuring th
ability and security of real-time database The project has
e real-time database mirror server, thus improving the ope
s; been complete
Supervisory Information S ration speed and available performance of the system. Thr
Zhanjiang Power Co., 2. With the support of the mirror datab d and the syste
32 ystem (SIS) Mirror Server ough the addition of new servers and storage spaces, the
Ltd. ase system, the network structure of the m has been on
Platform Construction system increases the storage of real-time/ historical data a
SIS is optimized so as to improve the line and put in
nd extend storage cycle of the production process data. T
security of the system, and in particula to operation.
his solves the problem of inadequate analysis of historical
r to improve the security of the product
data of units and equipment due to insufficient data stor
ion control system.
age cycles.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
No Project company name Project name Purpose Project progress Target and influence
1. The data int
egration has be
en completed a
nd the data pla
1. To establish a highly integrated equip
tform has been
ment lifecycle data platform that integra
established;
tes asset (equipment) management data,
2. The develop
asset (equipment) maintenance and repai
ment of early A big data platform is established for the entire life cycle
r management process data, and materia
warning of faul of the equipment, and the big data technology is utilized
l management and other operational ma
Deepening Application of ts and other fu to improve the status detecting and tracking ability of u
Zhanjiang Power Co., nagement data;
33 Supervisory Information nctions has bee nit (equipment), thus realizing automatic early warning of
Ltd. 2. To utilize the data mining and other
System (SIS) n completed; equipment status, improving the monitoring ability of eq
methods and technologies of big data a
3. The integrati uipment and providing data support for the repair decision
pplications for establishing advanced app
on of SIS and of the equipment.
lications of device management, such as
EAM applicatio
device status tracking and degradation
n functions of
analysis and fault alarm of equipment f
has been basica
ault etc.
lly completed a
nd they are bei
ng tested and
optimized.
Guangdong Red Bay
2017 Software Legalizatio To guarantee the use of genuine softwar
34 Power Generation Co., Completed Complying with national laws and regulations
n e by the company
Ltd.
According to the “Notice of the General Office of the St
ate Council on Issuing the Program of Action for the En
The optimal operating conditions of boil ergy Development Strategy (2014-2020)” (No. 31 [2014] I
er is sought through experiments, so as ssued by the General Office the State Council), this proje
Guangdong Red Bay 3# Unit Boiler (660MW to improve the running safe and econo ct is formulated to accelerate the energy production and c
35 Power Generation Co., Ultra Supercritical) Comb mic performance of the boiler, exploit t Completed onsumption revolution and further improve the efficient an
Ltd. ustion Regulation and Opt he potential for energy saving and provi d clean development level of coal-fired power; it can solv
imization de the basic data for the operation regu e the problem of low boiler efficiency (0.5% to 0.8% lo
lation. wer than the design value; meanwhile, the serious high-te
mperature corrosion of cold side of the water-cooled wall,
unideal NOX emission).
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
No Project company name Project name Purpose Project progress Target and influence
The project has
To further systematize, standardize and
been complete
scientize the risk management that has
d. The rights, f
been dispersed in safety production, fina
lows, risks and
Establishment and Applica ncial management, legal affairs, strategic An organically integrated system covering all regulatory r
Guangdong Red Bay execution basi
tion of Enterprise Manage management, infrastructure management equirements, superior management and company managem
36 Power Generation Co., s have been sy
ment System Based on Ri , business management and environment ent can meet external regulatory requirements and enhance
Ltd. stematically opt
sk Prevention and Control al protection, so as to achieve the goals risk prevention and control.
imized for 97
of meeting external regulatory requirem
core business p
ents and enhancing risk prevention and
rocesses of the
control.
company.
Standard Implementation a
nd Certification Consultin A management system for integration of informatization a
Guangdong Red Bay To establish a management system for i
g of the Management Sys nd industrialization is established in response to the state
37 Power Generation Co., ntegration of informatization and industri Completed
tem for Integration of Inf requirements, to build or maintain the new capabilities of
Ltd. alization
ormatization and Industrial enterprises with core competitiveness
ization
The project has
The steam distribution mode and DEH logic are changed
completed the
to ensure the safe and economical continuous operation w
valve flow ch
ithout affecting FCB function of the unit.
The sequence valve and mutual switchin aracteristics test
New steam distribution mode can be implemented within
g functions are added to the original D , logic configur
the load range from 230MW to 660MW, ensure the safe
EH compound valve steam distribution ation and loadi
and economical operation of the steam turbine, and meet
mode of 3# unit. The optimal main stea ng, and sequen
Valve Management and E the peak load and frequency regulation requirements of th
Guangdong Red Bay m pressure bivariate function of medium ce valve switch
nergy Saving Optimization e unit. The original steam distribution mode is retained, a
38 Power Generation Co., and low loads is set by the sliding pre ing test. At pre
of 3# Unit Steam Turbin nd it can switch back to the original control mode freely.
Ltd. ssure optimization test; sent, the slidin
e In the event of fault, the new steam distribution mode c
The response of AGC and primary freq g pressure opti
an also meet the unit shutdown requirements.
uency modulation is optimized by the v mization test a
After the implementation of this project, the standard coal
ariable flow control of condensate water nd the condens
consumption for power generation decreases by 1.5g/kW
. ate flow contro
h and above (40% to 75% load conditions). The commiss
l commissionin
ioning hasn’t been finished, and the energy-saving effects
g are to be per
are to be evaluated.
formed.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
No Project company name Project name Purpose Project progress Target and influence
The project development data import tool complements ke
Guangdong Red Bay y data of HCM through other data sources (including dail
HCM System Data Recon To rebuild the HCM System and mainta
39 Power Generation Co., Completed y static data of business personnel, Discover system result
struction Project in data integrity
Ltd. data, BIEE result data, and attendance system data). Fina
lly it restores the normal operation of the HCM system.
The steam distribution mode and DEH logic are changed
to ensure the safe and economical continuous operation w
ithout affecting FCB function of the unit.
The sequence valve and mutual switchin
New steam distribution mode can be implemented within
g functions are added to the original D
the load range from 230MW to 660MW, ensure the safe
EH compound valve steam distribution
and economical operation of the steam turbine, and meet
mode of 4# unit. The optimal main stea
the peak load and frequency regulation requirements of th
m pressure bivariate function of medium
Deep Peak Load Regulati e unit. The original steam distribution mode is retained, a
and low loads is set by the sliding pre
Guangdong Red Bay ng Operation Strategy and nd it can switch back to the original control mode freely.
ssure optimization test;
40 Power Generation Co., Energy Saving Optimizat Completed In the event of fault, the new steam distribution mode c
The response of AGC and primary freq
Ltd. ion of 660MW Ultra Sup an also meet the unit shutdown requirements.
uency modulation is optimized by the v
ercritical Unit After the implementation of this project, the standard coal
ariable flow control of condensate water
consumption for power generation decreases by 1.5g/kW
.
h and above (40% to 75% load conditions). Based on the
The minimum flow valve control functi
comprehensive analysis, after optimization of the steam d
on of the steam pump is set as automat
istribution of 4# steam turbine, the target value is achieve
ic control of minimum flow valve.
d when the heat loss rate at medium and low load is red
uced by more than 46.5kJ/(kWh) and the equivalent coal
consumption is reduced by 1.7g/(kWh).
The backbone network and key network devices achieve t
To optimize and improve the company’s
Guangdong Red Bay 2017 Core Network Equip he device stacking and improve reliability and stability. T
major network equipment and ensure t
41 Power Generation Co., ment Reliability Improve Completed he performance bottlenecks shall be eliminated to avoid t
he reliability and stability of the networ
Ltd. ment he normal production management due to equipment probl
k backbone
ems.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
No Project company name Project name Purpose Project progress Target and influence
To achieve the seamless connection bet
ween the current production managemen
t system and the financial system ERP,
data sharing and closed-loop business m It achieves the seamless connection between the current p
Guangdong Red Bay MAXIMO-based Financial
anagement, and integrated management roduction management system and the financial system E
42 Power Generation Co., Business Integration Syst Completed
of finance and services, improve the dat RP, data sharing and closed-loop business management, an
Ltd. em Project
a accuracy and effectiveness, increase w d integrated management of finance and services
ork efficiency to reduce repeated data e
ntry, and realize the effective collection
and sharing transparency of information.
The current power system reform, fierce
competition of the power generation m
1. Through the improvement of equipment status manage
arket, implementation of West-to-East po
ment, SIS real-time monitoring and spot inspection (includ
wer transmission and electricity price bi
ing data alarms, historical curves, real-time curves, etc.),
dding lead to a severe situation that the
and full-time spot and patrol inspection of site equipment,
available hours of power plant units in
The entire proj it can achieve the all-around management of all equipme
Guangdong are generally unsatisfactory,
ect has complet nt. 2. Then, the RCM (reliability-centered maintenance) an
and meanwhile higher requirements are
ed the safety e alysis results and the monthly analysis of equipment are i
placed on equipment reliability. Howev
valuation, corre ntegrated. It is further converted to the elimination of def
er, due to inadequate skills of equipmen
Guangdong Red Bay ction and impr ects, preventive maintenance, and other maintenance work
Reliability-based All-aroun t management and maintenance personne
43 Power Generation Co., ovement, and t to establish the standard operation plan database, so that
d Equipment Management l and insufficient management of mainte
Ltd. he establishmen operators can now implement standards and avoid missin
nance teams of power plants, the numb
t and use of th g and omissions. 3. The contractors are controlled from f
er of unplanned outage of units increase
e standard oper our aspects: personnel management (attendance, change, et
s significantly in recent years and the e
ation plan data c.), inspection and evaluation, safety quality management,
quipment stability drops drastically. The
base. and monthly contractor evaluation. The above content is t
original equipment monitoring model a
ransferred to the production management information syste
nd the contractor management are too si
m and ensures implementation by information means. The
mple to be able to achieve all-round m
equipment reliability shall be improved to achieve all-aro
anagement of equipment and contractors.
und management of equipment.
The all-around equipment management
needs to be achieved.
Development of the Electr
Guangdong Red Bay To realize the online learning of 25 Ke It achieves the goal of online learning of 25 Key Require
onic Courseware of 25 K
44 Power Generation Co., y Requirements for the Prevention of El Completed ments for the Prevention of Electricity Production Acciden
ey Requirements for the
Ltd. ectricity Production Accidents ts by all units of the Group
Prevention of Electricity
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
No Project company name Project name Purpose Project progress Target and influence
Production Accidents
According to the company’s management requirements, th
Guangdong Red Bay To optimize and perfect the HCM syste
(Biee and HCM) Data Se e HCM system is optimized and improved to develop ne
45 Power Generation Co., m and interface with the intelligent anal Completed
curity w business processes and modules, and the interface with
Ltd. ysis system
the intelligent analysis system is updated.
The project has
To reduce the maintenance time of win been reviewed
d turbine generators, raise the availabilit and approved
The project has completed researches of the uniform moni
y of wind farms, and provide wind po by the expert t
toring of real-time status and fault prediction technologies;
Intelligent Status Monitori wer operators with the optimized operati eam on April
intelligent remote status monitoring and health evaluation
Guangdong Yudean ng and Operation and Ma on and intelligent management of wind 14, 2018, and
technologies of wind farms; intelligent dispatching model
46 Zhanjiang Wind Power intenance Scheduling Syst farms, few-attended or unattended mana applied in both
for operation and maintenance repair resources of wind f
Generation Co., Ltd. em of Large-scale Wind gement, and intensive management of e Yangqian Win
arms; development and demonstration of intelligent status
Farms quipment and operation and maintenance d Farm and Yo
monitoring and operation and maintenance scheduling syst
personnel; help operators to achieve int ngshi Wind Far
em of large-scale wind farms
elligent, efficient and low-cost operation m of Zhanjiang
s Wind Power
Co., Ltd.
The standards compiled by the wind po
wer companies under the Group are not
uniform, with different depths and cop
es. The project aims to reduce repeat a The “Uniform Production Management System for Wind
Guangdong Yudean
Wind Power Management nd the workload of each wind power c Power Generation Enterprises” is established by the Group
47 Zhanjiang Wind Power Completed
Standards of the Group ompany for revising standards, better co to provide templates for other wind power companies in
Generation Co., Ltd.
ncentrate technical strength and efforts f the system to replicate and promote
or standard revision and provide manage
ment basis for new wind power project
s.
Two patent cert
To improve production equipment, enha ificates have be
Guangdong Yudean
Patent Application Agent nce equipment reliability, reduce failure en obtained an The national patent authorization has been acquired to pro
48 Zhanjiang Wind Power
Fee rate, and protect intellectual property rig d the others ar tect intellectual property rights.
Generation Co., Ltd.
hts of the company. e accepted and
to be approve
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
No Project company name Project name Purpose Project progress Target and influence
d.
Two patent cert
ificates have be
To improve production equipment, enha
Maoming Zhenneng en obtained an
Patent Application Agent nce equipment reliability, reduce failure The national patent authorization has been acquired to pro
49 Thermoelectric co., d the others ar
Fee rate, and protect intellectual property rig tect intellectual property rights.
Ltd. e accepted and
hts of the company.
to be approve
d.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Situation of Research and Development Input by the Company
2017 2016 Increase/Decrease(%)
Number of Research and Development persons (persons) 357 341 4.69%
Proportion of Research and Development persons 5.13% 5.16% -0.03%
Amount of Research and Development Investment ( Yuan) 27,896,103 20,591,025 35.48%
Proportion of Research and Development Investment of Operation Revenue 0.10% 0.09% 0.01%
Amount of Research and Development Investment Capitalization ( Yuan) 10,915,230 5,228,583 108.76%
Proportion of Capitalization Research and Development Investment of
39.13% 25.39% 13.74%
Research and Development Investment
The Reason of the Prominent Change in Total Amount of Research and Development Input Occupying the
Business Income Year on Year
□ Applicable √ Not applicable
Explanation of the Reason for Substantial Changes in the Research and Development Input’s Capitalization Rate
and Its Reasonableness
□ Applicable √ Not applicable
5.Cash Flow
In RMB
Items 2017 2016 Increase/Decrease(%)
Subtotal of cash inflow received
31,168,841,936 25,227,420,875 23.55%
from operation activities
Subtotal of cash outflow
received from operation 27,492,807,433 16,522,645,057 66.39%
activities
Net cash flow arising from
3,676,034,503 8,704,775,818 -57.77%
operating activities
Subtotal of cash inflow received
272,155,161 534,734,411 -49.10%
from investing activities
Subtotal of cash outflow for
3,555,163,705 3,315,903,498 7.22%
investment activities
Net cash flow arising from
-3,283,008,544 -2,781,169,087 18.04%
investment activities
Subtotal cash inflow received
14,959,157,340 12,506,909,008 19.61%
from financing activities
Subtotal cash outflow for
15,540,475,704 18,473,048,814 -15.87%
financing activities
Net cash flow arising from
-581,318,364 -5,966,139,806 -90.26%
financing activities
Net increase in cash and cash
-188,293,160 -42,533,075 342.70%
equivalents
Notes to the year-on-year change of the relevant data
√Applicable □ Not applicable
1.The cash outflow from operating activities increased by 66.39% ,The mainly due to the increase in coal prices
and the shortening of the period for the payable payment to coal purchase during the period.
2. Net cash flow arising from operating activities decreased by 57.77% ,The Mainly due to the increase in coal
prices and the shortening of the period for the payable payment to coal purchase, thus led to an increase in cash
outflow.
3. The cash inflow received from investing activities decreased by 49,10, The Mainly due to the decrease in the
dividend distribution from joint ventures and associated companies.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
4. Net cash flow arising from financing activities decreased by 90.26%, the Mainly due to the repayment of
ultra-short-term financing bonds during the current period.
5. Net increase in cash and cash equivalents decreased by 342.70% ,the Mainly due to the decrease in the net cash
flow from operating activities and the increase in net cash flows from investing activities during the reporting
period.
Notes to the big difference between cash flow from operating activities and net profit in the reporting year
√Applicable □ Not applicable
The main impact of non-cash outflow of assets, depreciation and amortization, interest expense of non-business
activities.
Ⅲ.Analysis of Non-core Business
□Applicable √Not applicable
Ⅳ.Condition of Asset and Liabilities
1.Condition of Asset Causing Significant Change
In RMB
End of 2017 End of 2016
Proportion Notes to the
Proportion in the Proportion in the
Amount Amount increase/decrease significant change
total assets(%) total assets(%)
Monetary fund 4,996,580,490 7.04% 5,184,873,650 7.34% -0.30%
Accounts
2,826,237,259 3.98% 2,776,061,909 3.93% 0.05%
receivable
Inventories 1,527,634,773 2.15% 1,513,153,241 2.14% 0.01%
Investment real
8,296,639 0.01% 8,932,237 0.01% 0%
estate
Long-term equity
5,801,006,412 8.17% 5,432,637,750 7.69% 0.48%
investment
Fixed assets 40,996,206,316 57.74% 41,814,685,521 59.16% -1.42%
Construction in
8,467,687,340 11.93% 6,343,293,763 8.98% 2.95%
process
Short-term loans 9,270,000,000 13.05% 5,758,860,000 8.15% 4.90%
Long-term loans 19,465,723,869 27.41% 19,888,172,037 28.14% -0.73%
2.Asset and Liabilities Measured by Fair Value
√ Applicable □Not applicable
In RMB
Gain/loss on
Cumulative fair Impairment Purchased Sold amount
fair value
Amount at year value change provisions in amount in the in the Amount at year
Item change in the
beginning recorded into the reporting reporting reporting end
reporting
equity period period period
period
Financial assets
3.
valiable-for-sal
419,736,308 -10,743,323 153,664,369 408,992,985
e financial
assets
Total 419,736,308 -10,743,323 153,664,369 408,992,985
Financial
0
Liability
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Did great change take place in measurement of the principal assets in the reporting period ?
□ Yes √ No
3. Restricted asset rights as of the end of this Reporting Period
(1) Asset mortgage status
As at December 31, 2017, the Company has the accounts receivable with a carrying amount of RMB 402,847,793
(December 31, 2016: RMB 316,986,314), which, together with online sales charging right of several power
generation subsidiaries, was pledged to the bank to obtain long-term borrowings of RMB 2,698,978,707,
including: the long-term borrowings due within one year amounted to RMB 209,579,575. The borrowings are
detailed as follows:
As at December 31, 2017, the long-term pledge borrowings of the following subsidiaries were based on their
power fee charging rights and accounts receivable as pledges:
December 31,2017 December 31, 2016
Yuejiang Power
Generation (i) 2,276,504,889 2,223,720,000
Leizhou Wind Power (ii) 188,420,594 -
Zhanjiang Wind Power (iii) 156,465,000 173,985,000
Xuwen Wind Power (iv) 77,588,224 139,591,396
2,698,978,707 2,537,296,396
As at December 31, 2017, the long-term pledge borrowings of the following subsidiaries due within
one year were based on their power fee charging rights and accounts receivable as pledges:
December 31,2017 December 31, 2016
Yuejiang Power Generation 180,897,292 105,353,210
Zhanjiang Wind Power 17,520,000 17,520,000
Xuwen Wind Power 10,062,668 61,323,080
Leizhou Wind Power 1,099,615 -
209,579,575 184,196,290
(2) Asset mortgage status
As at December 31, 2017, the company has the power generation equipment with a carrying amount of RMB
757,878,678 (original value of RMB 2,562,570,238) (December 31, 2016: carrying amount RMB 816,058,138
and original value RMB 2,562,570,238), which was mortgaged for a long-term borrowing of RMB 85,000,000
(December 31, 2016: RMB 226,400,000). The borrowing is detailed as follows:
The long-term borrowing of Shenzhen Guangqian Power Co., Ltd. (“Guangqian Power”) is RMB 85,000,000
(December 31, 2016: RMB 226,400,000) with an interest rate of 4.41% to 4.86% (December 31, 2016: 4.41% to
5.09%).
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
V.Investment situation
1. General
√ Applicable □ Not applicable
Investment Amount in 2017(RMB) Investment Amount in 2016(RMB) Change rate
585,140,000 857,880,000 -31.79%
2.Condition of Acquiring Significant Share Right Investment during the Report Period
√ Applicable □ Not applicable
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
In RMB
Whether
reven
Name of the Share Capita Gain or Less to Date of
Main Investm Investment Investment Produc Progress up to ue
Company Proportion l Partner or the Current Involve Disclosure( Disclosure Index
Business ent Way Amount Horizon t Type Balance Sheet Date projec
Invested % Source Investment in Note 5)
tion
Lawsuit
The total Announcement
construction
Guangdong progress for the No.:2012-45)Published
Yudean Bohe Thermal Electri wharf project October 31, in
Capital Ownfu
Coal-fired power,logis 244,000,000 100 % No Long-term c maritime work is -113,050,635 No
increase nds 2012 China Securities Daily,
Power Co., tics power completed about
Ltd 80.69% and the Securities Times and
power plant project http//.www.cninfo.com
is not approved .cn
On October 30,
2017, it officially
obtained the
Approval by the Announcement
Guangdong China Insurance
Guangdong Regulatory No.:2015-52)Published
Yudean
Yudean Newlyes Commission and the
Property Ownfu Group Insura December in
Property tablishe 147,000,000 49 % （shareholdi Long-term \"Insurance -1,678,170 No
Insurance nds nce 12,2015 China Securities Daily,
Insurance Co., d Institution Legal
ng ratio： Securities Times and
Ltd. Person License\",
51%） and completed the http//.www.cninfo.com
industrial and .cn
commercial
registration on
November 10, 2017.
Announcement
During the reporting
Tongdao period, the Tongdao No.:2016-45)Published
Yuexin Wind Wind Newlyes Electri wind power project October 29, in
Ownfu
Power Power tablishe 10,000,000 100 % No Long-term c was in the upfront -18,585 No
nds 2016 China Securities Daily,
Generation generation d power stage of work,
Co., Ltd. not-yet started the Securities Times and
construction. http//.www.cninfo.com
.cn
GuangdongHu CNOOC
Electri 89.7% of April 26, Announcement
izhou Natural Thermal Capital
95,090,000 67 %
Ownfu Refco Group
Long-term c construction No
Gas power increase nds Ltd No.:2013-36)Published
power engineering was
Thermoelectri （Sharehold completed and
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
c Co., Ltd. ing ratio： 25.8% of in
33%） installation
engineering was China Securities Daily,
completed. Securities Times and
http//.www.cninfo.com
.cn
Announcement
Guangdong
GuangdongYu Guokun No.:2017-14)Published
New Energy The preparation
dean Huadu Electri April 26, in
Thermal Capital Ownfu Co., Ltd.（ work is underway
Natural Gas 89,050,000 65 % Long-term c 7,013,969.95 No
power increase nds before the start of 2017 China Securities Daily,
Thermoelectri Shareholdin power
the project. Securities Times and
c Co., Ltd. g ratio：
35%） http//.www.cninfo.com
.cn
-107,733,420.
合计 -- -- 585,140,000 -- -- -- -- -- -- 0 -- -- --
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
Book value Purchase Sale Book value
Mode of Gain/loss
Stock balance at the Changes in fair Cumulative fair amount amount balance at the
Security Security Initial accounting of the Accounting Source of the
Abbreviati beginning of value of the value changes in in the in the end of the
category code investment cost measurem reporting items shares
on: the reporting this period equity this this reporting
ent period
period period period period
Domestic Fair value Financial assets
and foreign 600642 Shenergy 235,837,988 measurem 325,974,308 -555,323 89,580,997 325,418,985 available for Own-Funds
stocks ent sales
Domestic Fair value Financial assets
Shenzhen
and foreign 000027 15,890,628 measurem 86,562,000 -10,206,000 60,465,372 76,356,000 available for Own-Funds
Energy
stocks ent sales
Domestic Fair value Financial assets
and foreign 831039 NEEQ 3,600,000 measurem 7,200,000 18,000 3,618,000 7,218,000 available for Own-Funds
stocks ent sales
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Total 255,328,616 -- 419,736,308 -10,743,323 153,664,369 0 0 0 408,992,985 -- --
Disclosure date for the notice of
approval by the Board (If any)
Disclosure date for the notice of
approval by shareholders’ Meeting
(If any)
（2）Investment in Derivatives
□ Applicable √ Not applicable
Nil
5.Application of the raised capital
□ 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
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
In RMB
Registered Operating
Company Name Company type Sectors engaged in Total assets Net assets Turnover Net Profit
capital profit
Sharing
Shanxi Yudean Energy Co., Ltd. Coal Investment 1,000,000,000 3,264,544,314 3,041,103,114 655,693 565,118,529 565,119,636
company
Shenzhen Guangqian Electric Power Co., Power generation and power station
Subsidiary 1,030,292,500 2,094,040,391 1,523,253,523 1,607,356,669 322,131,537 241,451,857
Ltd. construction.
Guangdong Huizhou Pinghai Power Power generation and power station
Subsidiary 1,370,000,000 5,884,492,642 2,034,467,001 3,392,086,464 598,459,639 436,668,322
Generation Plant Co., Ltd. construction.
Guangdong Red Bay Power Generation Co., Power generation and power station
Subsidiary 2,749,750,000 7,175,730,378 3,326,497,779 3,916,842,705 318,848,687 238,262,334
Ltd. construction.
Guangdong Yudean Jinghai Power Power generation and power station
Subsidiary 2,919,272,000 9,739,834,483 3,600,642,695 4,811,801,719 304,467,114 233,130,409
Generation Co., Ltd. construction.
Guangdong Huizhou Natural gas Power Power generation and power station
Subsidiary 1,301,296,300 3,399,189,354 1,751,382,646 1,727,670,061 277,973,477 208,488,731
Generation Co., Ltd. construction.
Power generation and power station
Zhanjiang Electric Power Co., Ltd. Subsidiary 2,875,440,000 4,409,944,758 4,042,578,246 1,944,172,914 220,034,028 163,992,141
construction.
Guangdong Guohua Taishan Power Sharing
Power generation and power station 4,669,500,000 11,631,669,933 7,440,528,785 6,858,639,385 809,960,363 596,418,401
Generation Co., Ltd. Company
Sharing
Guangdong Power Industry Fuel Company Coal Trade 630,000,000 3,094,450,048 1,045,352,463 20,866,250,505 208,402,101 167,764,414
Company
Sharing
Guangdong Yudean Finance Co., Ltd. financial service 2,000,000,000 21,783,668,978 2,749,504,811 639,369,624 373,317,797 301,317,539
Company
Guangdong Shaoguan Yuejiang Power Power generation and power station
Subsidiary 1,400,000,000 7,032,061,448 780,953,688 2,570,511,101 -219,480,121 -221,724,597
Generation Co., Ltd. construction.
Power generation and power station
Zhanjiang Zhongyue Energy Co., Ltd. Subsidiary 1,454,300,000 4,946,405,691 1,037,440,727 1,289,553,459 -251,236,030 -222,550,671
construction.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Acquirement and disposal of subsidiaries in the Reporting period
Way of acquiring and disposing of
Impact on the whole producing operation
Company name subsidiary corporations within the
and performance
reporting period
During the reporting period, the Hunan
Tongdao Yuexin Wind Power Generation Co., Tongdao wind power project was in the
Invested
Ltd. upfront stage of work, not-yet started the
construction.
During the reporting period, the project
Guangxi Wuxuan Yuefeng New Energy Co.,
Invested was in the upfront stage of work, not-yet
Ltd.( Indirect subsidiary)
started the construction.
During the reporting period, the project
Hunan Xupu Yuefeng New Energy Co.,
Invested was in the upfront stage of work, not-yet
Ltd.( Indirect subsidiary)
started the construction.
Huizhou Pingdian Energy Co., Ltd.(Indirect No actual operation has been carried out
Invested
Subsidiary) yet in reporting period.
Notes
1. During the reporting period, mainly due to the rise in coal price and the impact of market electricity
price-bidding, the profits of most of the coal-fired power plants subordinated to the Company decreased
significantly year-on-year, with some subsidiaries such as Yuejiang Company, Zhanjiang Zhongyue, Zhenneng
Company and Dapu Company have appeared the loss; the profit of the share-participating company-Guohua
Taishan-also dropped significantly year-on-year.
2. The profitability of the Company's clean energy business continued to increase, which accounted for 56.99% of
the net profit attributable to shareholders of the parent company, an increase of 11.36 % year-on-year.
3. Affected by the increase in the price of fuel, Shanxi Energy, a share-participating company, gained a large
year-on-year increase in profitability. The company’s investment income from associates rose as a whole during
the reporting period.
Ⅷ.Special purpose vehicle controlled by the Company
□ Applicable √ Not applicable
Ⅸ.Prospect for future development of the Company
1. The Development Trend of the Industry
The competition is continuously pluralistic in Chinese power generation industry, Main power assets of the
company gather in Guangdong Province.The region there are many other power producers, and greater impact by
the west electricity send to the east. From the power supply aspect, the power demands increase slows down with
over capacity, the market competition intensifies and the coal-fired power unit utilization hours may decrease
continuously as a result of the preferential accessing to the grid policy of the clean energy. Affected by the policy
that clean power source is given priority to surf the internet, thermal power is relatively inferior in the competition
among power sources. The improvement of the clean power source in energy production and generating efficiency
poses a certain pressure on thermal power supply.
2．Development strategy
Pursuing the concept of “creating green energy intentionally”, we will positively arrange and distribute clean
energies including wind power, hydropower, and gas power in the future and optimize power generation structure;
actively promote the thermal power project to develop large units and suppress small ones, conduct upgrading and
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
transforming, and promote power quality; strive to explore the power-sold side business, conform to the
reformation of electric power system and open up new business areas and development space;
During the “13th Five-year Plan”, the company insists the development concepts of innovation, coordination,
green, open and share; sticks to the development mode of innovation and upgrading and platform integration;
insists the two-wheel drive development of industrial and capital operation based on Guangdong, facing the whole
country and developing the international market; and strives to build the first-rate large-scale group electric listing
company at home with international competition, which integrate the traditional energy and new energy
generation.
3.Production and operation plan
In 2018, the Company’s target value of on-grid electricity in budget according to consolidated statements is
66.934 billion kWh, which is a decrease of 1.042 billion kWh or a decrease of 1.53% compared to the actual
amount of on-grid electricity of 67.976 billion kWh in 2017; the budgetary target value of the main business
revenue is RMB 25.294 billion, a drop of RMB 1.099 billion or a decrease of 4.16% compared to the actual
amount of main business operating revenue of RMB 26.393 billion; the budgetary value for the full-year planned
investment is RMB 1.77 billion, an increase of RMB 1.185 billion or an increase of 202.56% over the actual
completed investment of RMB 585 million in 2017.
(Note: The above operating plan does not represent the company's profit forecast for 2018, whether it can be
achieved depending on various factors such as changes in the electricity market and coal market conditions, thus
there is considerable uncertainty, and investors should pay special attention to it.)
4.The background and the countermeasures
First, the business operation will have a growing pressure. As the reform of the electric power system continues to
advance, it’s estimated that the “market electricity” scale in the province will continue to expand by about 50% in
2018, and with that most of the new increase of nuclear electricity and gas electricity will participate in the price
bidding and 60% of the provincial coal-fired power will enter the market for supply, the sales price of electricity
may drop significantly under such situation of over-supply. The continuous release of new capacity
going-into-production of nuclear power and gas-electric will squeeze the coal-fired power market share, yet the
coal price trend is not optimistic. Meantime, it’s expected that the capital market will continue to be tight and the
interest rates will rise to push up the cost of capital.
Secondly, it imminently needs the breakthroughs in the development limits. The company's coal-based electricity
business structure has weak anti-risk capabilities. Although the company has made breakthroughs in its clean
energy business in recent years, the proportion is still low, and the development potential of the main business is
not enough. In order to open up new profit growth points, the company is also making efforts to use the capital
market and to revitalize the stocked resources, but it has yet to make substantive breakthroughs.
Thirdly, the institutional mechanism is not competitive enough. The reform of state-owned enterprises and the
process of reform of the electric power system have been accelerating and deepening. Changes in the external
environment have brought unprecedented impact on the company. However, the company's internal management
mechanism, management and control methods, business models and supporting measures still remain under the
state of the original system. Therefore, it is necessary to accelerate the reform of the institution system and
mechanism of the Company, and thereby truly increase the vigor and market competitiveness of the Company.
In 2018, which is the beginning of the implementation of the19th CPC National Congress and the 40th
anniversary of reform and opening up, will be a crucial year for the decisive victory to build a well-off society in
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
an all-round way and to carry out the 13th Five-Year Plan. It also will be a very meaningful year for the company
to continuously adjust the structure of assets, innovate the means of development, fit the market competition, and
make transformation from production to service. The company will continue to implement the early-warning
management in its operations, follow the “green and innovative” road in its development and broaden sources of
income and reduce expenditures and adopt multi-channels to guarantee the funds, ensuring that the Company will
be operated in a standardized, “strict, meticulous and practical” manner. Firstly, regarding the business
management, the Company will strengthen the marketing, strive for \"planned electricity\" and actively compete for
\"market electricity\". Second, in the aspect of business development, the Company will continue to implement the
basic plan and the striving-for plan for the company's strategic development goal of the “13th Five-Year Plan”. In
2018, there will be a total of 11 under-construction projects with a total capacity of 4,628,400 kilowatts, and the
Company will, focusing on the Bohe Power Plant project, the Natural gas projects, wind power projects and other
clean energy projects, strive for put into the production of installed capacity of 1,479,500 kilowatts. Thirdly, in
terms of innovation and development, in conjunction with clearing out “zombie enterprises”, the Company will
continue to promote the development of land resources for the subordinate power plants in accordance with local
conditions, and promote the development of some lands into the planning, design, investment, and substantive
development phases. The Company will explore the use of sea areas, terminals, and other resources of the
subordinate power plants, and revitalize other inventory assets; combining with the industry transformation and
upgrading, the Company will seize the opportunity of electric power system reform to deeply participate in the
electricity-sales market competition, explore the investment opportunities of downstream industries and search for
opportunities in incremental electricity distribution network business and energy storage equipment, thus to
further expand the electric power industry chain, so as to fully enjoy the dividend of \"Electricity reform\"; fourthly,
in the aspect of standardized operation, the Company will continue to deepen the integration of party building
work and business management, optimize the management and control and optimize the institutions and enhance
the staff with par to the market competition, and the Company will further explores ways to improve the talent
introduction; rewards and incentives and constraint mechanisms, thus to enhance the competitiveness for talents.
Ⅹ.Particulars about researches, visits and interviews received in this reporting period
1.Particulars about researches, visits and interviews received in this reporting period
√ Applicable □ Not applicable
Reception time Way of reception Types of visitors Basic index
Details can be found in the Record Chart of the Investor
Onsite
January 12,2017 Organization Relation Activity disclosed on Juchao
investigation
website(www.cninfo.com.cn) on 16 January 2017
Details can be found in the Record Chart of the Investor
Onsite
March 23,2017 Organization Relation Activity disclosed on Juchao
investigation
website(www.cninfo.com.cn) on 24 March 2017
Details can be found in the Record Chart of the Investor
Onsite
September 7,2017 Organization Relation Activity disclosed on Juchao
investigation
website(www.cninfo.com.cn) on11 September 2017.
Details can be found in the Record Chart of the Investor
Onsite
November 21,2017 Organization Relation Activity disclosed on Juchao
investigation
website(www.cninfo.com.cn) on 23 November 2017
Reception times
Reception agency amount
Reception personal number
Others
Whether to disclose, reveal or disclose non-public material information No
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
V. Important Events
ⅠSpecification of profit distribution of common shares and capitalizing of common reserves
Formulation, implementation and adjustment of profit distribution policy of common shares especially cash
dividend policy during the reporting period
√Applicable□ Not applicable
The profit distribution policy in the Articles of Association of the company is as follows:
Article 161
The company highly valued the investors especially the reasonable investment returns for the small and medium
investors, and the company’s dividend policy is:
(1) The company’s dividend shall be distributed according to the share proportion held by the shareholders.
(2) The company can use cash, stock, cash and stock combination or other means for the distribution of
dividends that allowed by the laws, but shall give the priority to the cash dividends distribution for profits
distribution. If it meets the conditions required for cash dividends distribution, then the company shall adopt the
cash dividends for the profits distribution.
(3) If the net profits attributable to shareholders of the parent company realized by the company in the year are
positive and the cumulative distributable profits in the end of the year are positive, the company shall distribute
dividends.
(4) The profits annually distributed by the company in cash dividends shall be not less than 10% of
distributable profits realized in the year, and the accumulative profits distributed in cash dividends in the most
recent three years shall be not less than 30% of the mean distributable profits realized in the most recent three
years. When the company carries out the profit distribution, the proportion of the cash dividends shall be not less
than 20% in the profits distribution.
(5) The company can carry out the interim profit distribution.
Special explanation on cash dividend policy
Satisfy regulations of General Meeting or requirement of Article
Yes
of Association (Yes/No)
Well-defined and clearly dividend standards and proportion
Yes
(Yes/No)
Completed relevant decision-making process and mechanism
Yes
(Yes/No)
Independent directors perform duties completely and play a
Yes
proper role (Yes/No) Y
Minority shareholders have ample opportunities and their
Yes
legitimate rights and interests are effectively protected (Yes/No)
Condition and procedures are compliance and transparent while
Yes
the cash bonus policy adjusted or changed (Yes/No)
Statement on profit distribution plan and capitalization of capital reserve plan of the Company in nearly three
years (including the report period)
The company’s dividend distribution plan of the year 2017was: Based on that the total share capital of the
company is 5,250,283,986 shares, for A-share, the company will distribute cash dividends of RMB 0.80 (tax
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
inclusive per 10 shares; for B-share, the company will distribute cash dividends of RMB 0.80 (tax inclusive) per
10 shares.
The company’s dividend distribution plan of the year 2016 was: Based on that the total share capital of the
company is 5,250,283,986 shares, for A-share, the company will distribute cash dividends of RMB 0.80 (tax
inclusive per 10 shares; for B-share, the company will distribute cash dividends of RMB 0.80 (tax inclusive) per
10 shares.
The company’s dividend distribution plan of the year 2015 was: Based on that the total share capital of the
company is 5,250,283,986 shares, for A-share, the company will distribute cash dividends of RMB 2.3 (tax
inclusive per 10 shares; for B-share, the company will distribute cash dividends of RMB 2.3 (tax inclusive) per 10
shares.
Cash dividend in latest three years
In RMB
Net profit attributable Ratio in net profit Amount of cash
Proportion of cash
to the over of the attributable to the dividends from
Cash dividend dividends from cash
Year parent company in the parent company in the cash offer to
(Including Tax) offer to repurchase
consolidated financial consolidated financial repurchase shares
shares of the funds
statements statements of the funds
2017 420,022,718.88 743,180,431 56.52% 0 0%
2016 420,022,718.88 936,534,941 44.85% 0 0%
2015 1,207,565,316.78 3,237,733,312 37.30% 0 0%
In the reporting period, both the Company’s profit and the parent company’s retained earnings were positive
however not cash dividend distribution proposal has been put forward.
□ Applicable √ Not applicable
II.Profit distribution plan and capitalizing of common reserves plan for the Period
√ Applicable □ Not applicable
Distributing bonus shares for every 10 shares (share)
Distributing cash dividend for every 10 shares (tax included) (RMB) 0.80
Per 10 share increase (share)
Equity base for distribution preplan (share) 5,250,283,986
Total amount distribution in cash (RMB) (tax included) 420,022,718.88
Profit available for distribution (RMB) 2,766,410,575
Cash distributing accounted for the proportion of the total amount of profit distribution (％) 100%
Particular about cash dividend in the period
If the company’s development is at the growth stage with arrangements of significant capital expenditures, the minimum proportion
of cash dividend in the profit distribution should reach 20%.
Details of proposal of profit distribution preplan or share conversion from capital public reserve
In 2017 the base number for the company’s net profits distribution is RMB696,546,910, plus the non-distributed profits of RMB
2,069,863,665 in the prior year, thus the upper limit of the distributable profits is RMB 2,766,410,575. According to the Articles of
Association of the company, draw RMB69,654,69 for the statutory surplus reserve taking for 10% of net profits, draw
RMB174,136,728 for the other surplus reserve taking 25% of the total net profits, then the upper limit of the distributable profits to
the shareholders is RMB2,522,619,157. The company's 2017 annual profits distribution plan is: Based on that the number of the
company’s total share capital at the end of 2017 is 5,250,283,986 shares, planned that the company will distribute cash dividends of
RMB0.80 (tax inclusive) to A-share shareholders and the company will distribute cash dividends of RMB 0.80 (tax inclusive) to
B-share shareholders, thus the total distribution of profits is RMB 420,022,718.88, the remaining undistributed profits will be
carried forward for the future years of profit distribution.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
III.Commitments to fulfill the situation
1.The fulfilled commitments in the reporting period and under-fulfillment commitments by the end of the
reporting period made by the company, shareholder, actual controller, acquirer, director, supervisor, senior
management personnel and other related parities.
√ Applicable □ Not applicable
Period of
Commitment Time of making
Commitment Type Contents commit Fulfillment
maker commitment
ment
Commitment on
share reform
Commitment in the
acquisition report
or the report on
equity changes
Yue Dian Li is the only quoted On January 3, 2018, the
platform of Yudean Group’s Company disclosed the
electricity asset integration “Announcement on the
within the boundary. ② Except Controlling Shareholder’s
Yue Dian Li and the electricity Commitment to Perform
assets controlled by it, within 5 Related Matters”
years after the last recombination (Announcement No.:
is done, Yudean Group will 2018-01); on January 13,
pump the assets which meet the 2018, the Company
conditions of launching after disclosed the
reformation into Yue Dian Li \"Announcement of the
gradually through purchasing Related Party Transaction
and recombination and other of Signing the Equity
ways, according to the situation Right Entrustment
of solutions to different Agreement with
problems, e.g. the imperfect Within 5 Guangdong Yudean
examination and approval years aft Group\" (Announcement
Guangdong procedures, the situation of er the co No. 2018-04). In order to
Commitment made
Yudean profitability, cooperation November mpletion avoid the horizontal
upon the assets
Group Co., agreement and land utilization. 3,2011 of major competition and to fulfill
replacement
Ltd. ③ At the aspects of the asset reo the commitment of
development of power project rganizati horizontal competition,
and assets purchasing, Yudean on Yudean Group has signed
Group provides the priority for the “Entrustment
Yue Dian Li choose. If Yue Dian Management Agreement”
Li gives up development and with the Company, which
purchasing, Guangkong Group entrusted all the
will join Yue Dian Li under the shareholder’s rights
situation that the project is excluding the ownership,
completed and put into earnings right and right of
production, and that the purchase disposition of the
is done and the project meets the companies within the
conditions of listing.For details, entrustment scope by
see June 5, 2014, published in t Yudean Group to the
he designated media \"Announce Company. Thus, such
ment of Guangdong Electric Po commitment has been
wer Development Co.,Ltd. matt fulfilled on time.
ers related to commitments\".
Commitments in
initial public
offering or
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
re-financing
Equity incentive
commitment
Other commitments
for medium and
small shareholders
Completed on
Yes
time(Y/N)
2.The existence of the company's assets or projects earnings forecasts and earnings reporting period is still in the
forecast period, the company has assets or projects meet the original profit forecast made and the reasons
explained
□Applicable √ Not applicable
IV.Particulars about the non-operating occupation of funds by the controlling shareholder
□ Applicable √ Not applicable
No non-operating occupation from controlling shareholders and its related party in the period.
V.Explanation of the Supervisory Committee and Independent Directors (If applicable)on the Qualified
Auditor’s Report Issued by the CPAs.
□ Applicable √ Not applicable
VI.Explain change of the accounting policy, accounting estimate and measurement methods as compared
with the financial reporting of last year.
√Applicable □ Not applicable
1. Overview of Changes in Accounting Estimates
On June 1, 2017, the company disclosed “Announcement on Adjusting the Depreciation Period and Residual
Value Ratio of Certain Fixed Assets” (Announcement No. 2017-20). According to the \"No. 4 Accounting
Standard for Business Enterprises-Fixed Assets\" and the Company's relevant regulations, the Company sorted out
the estimated use-life and the estimated net residual value of various types of fixed assets based on the current
performance and use status. From June 01, 2017, the depreciation period of certain fixed assets was adjusted, and
the residual value ratio of fixed assets of Zhanjiang Wind Power and Shibeishan Wind Power was adjusted from
10% to 5%, thus making it more reasonable and making the company's financial situation more objective.
2. Explanation of reasons for changes in accounting estimates
The company continued to increase its investment in fixed assets and promoted the construction of a large number
of advanced units with large capacity, high-efficient parameters, low energy consumption and low emissions,
resulted in an increase in the average life span of the company's overall units compared to the past. Meantime, the
company has been continued to carry out the technological transformation and technological innovation of the
unit equipment, and carried out comprehensive overhaul and annual maintenance on a regular basis, which
improved the use performance and equipment level of the units and also extended the operational life of the fixed
assets in some extent. In fact, the actual use-life of some fixed assets has exceeded the depreciation period. On the
other hand, some fixed assets of the company were also affected by changes in the economic environment and
technological progress, which led to a significant decrease in their economic life.
In addition, the subsidiary Guangdong Yudean Zhanjiang Wind Power Co., Ltd and the indirect subsidiary
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Guangdong Yudean Shibeishan Wind Energy Development Co., Ltd-which is foreign capital enterprise-use a
residual value ratio of fixed assets of 10% (the company's other domestic-funded enterprises use the residual value
ratio of 5% for fixed assets). To facilitate management and planning, the residual value ratio of fixed assets is
uniformly adjusted to 5%.
3. The impact on the company
According to the “No. 28 Accounting Standard for Business Enterprises-Accounting Policies, Changes in
Accounting Estimates, and Error Corrections”, the adjustment of the depreciation period and residual value ratio
of fixed assets belongs to a change in accounting estimates, which should be handled in accordance with the
perspective approach without retrospection. The adjustment will not affect the company's financial status and
operating results in previous years.
The impact of the adjustment of the depreciation period and residual value ratio of fixed assets on the company’s
financials is:
(1) The depreciation of fixed assets: It’s expected to decrease by approximately RMB 670 million annually, and
it’s expected to decrease by approximately RMB 377 million in 2017;
(2) The net profit attributable to the parent company: It’s expected to increase by approximately RMB 382 million
annually and it’s expected to increase by approximately RMB 212 million in 2017;
(3) The ownership interests attributable to the parent company: It’s expected to increase by approximately RMB
382 million annually and it’s expected to increase by approximately RMB 212 million in 2017.
VII.Explain retrospective restatement due to correction of significant accounting errors in the reporting
period
□Applicable √ Not applicable
No major accounting errors within reporting period that needs retrospective restatement for the Company in the
period.
VIII.Explain change of the consolidation scope as compared with the financial reporting of last year.
√Applicable □ Not applicable
New Subsidiary Establishment of the Year
Business Registered
Name Nature Registered capital Proportion (%) Acquired
place address
Tongdao Yuexin Wind Power Generation Huaihua, Huaihua, Electric
10,000,000 100% Invested
Co., Ltd. Hunan Hunan Power
Xupu,
Hunan Xupu Yuefeng New Energy Co., Huaihua,Hun Electric
Huaihua , 20,000,000 100% Invested
Ltd.( Indirect subsidiary) an Power
Hunan
Guangxi Wuxuan Yuefeng New Energy Wuxuan, Electric
Guangxi 20,000,000 100% Invested
Co., Ltd.( Indirect subsidiary) Guangxi Power
Huizhou Pingdian Energy Co., Electric
Huizhou Huizhou 20,000,000 45% Invested
Ltd.(Indirect Subsidiary) Power
IX. Engagement/Disengagement of CPAs
CPAs currently engaged
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Name of the domestic CPAs PWC Certified Public Accountants (special general partnership)
Remuneration for domestic accounting firm (RMB’0000)
Continuous life of auditing service for domestic accounting firm 2
Name of domestic CPA Wang Bin, Chen Junjun
The Continuous Years of Audit Service of Certified Public
Accountants of China Certified Public Accountants
Has the CPAs been changed in the current period
□ Yes √ No
Description of the CPAs, financial adiver or sponsor engaged for intemal control auditing
√Applicable □Not applicable
In the report year, the Company engaged PWC Certified Public Accountants (special general partnership)as the
certified public accountants and internal control audit body in 2017. The audit remuneration was RMB 3.12
million.
X.Situation of Facing Listing Suspension and Listing Termination after the Disclosure of the Yearly Report
□Applicable √ Not applicable
XI.Bankruptcy reorganization
□Applicable √ Not applicable
No bankruptcy reorganization for the Company in reporting period.
XII.Significant lawsuits and arbitrations of the Company
□Applicable √ Not applicable
XIII.Situation of Punishment and Rectification
□Applicable √ Not applicable
No penalty and rectification for the Company in reporting period.
XIV.Credit Condition of the Company and its Controlling Shareholders and Actual Controllers
□Applicable √ Not applicable
XV.Implementation Situation of Stock Incentive Plan of the Company, Employee Stock Ownership Plan or
Other Employee Incentive Measures
□Applicable √ Not applicable
During the reporting period, the company has no stock incentive plan, employee stock ownership plan or other
employee incentives that have not been implemented.
XVI.Material related transactions
1. Related transactions in connection with daily operation
□Applicable √ Not applicable
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
2. Related-party transactions arising from asset acquisition or sold
□Applicable √ Not applicable
No related transactions by assets acquisition and sold for the Company in reporting period.
3. Related-party transitions with joint investments
□Applicable √ Not applicable
No main related transactions of joint investment outside for the Company in reporting period.
4. Credits and liabilities with related parties
□Applicable √ Not applicable
Nil
5. Other significant related-party transactions
√ Applicable □ Not applicable
（1）2017 daily related transactions were carried out after examination and approval by 2017 first provisional
shareholders' general meeting and 2017 second provisional shareholders' general meeting. Refer to (5) Related
transactions of XII. Relationship between related parties and the 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 17
Billion and Handling the Deposit Settlement to the Related Party- Guangdong Yudean Finance Co., Ltd by the
Company and Some of its Subsidiaries was approved in the company’s 2016 annual general shareholder meeting
for implementation.
(3) Guangdong Shaoguan Yuejiang Power Generation Co., Ltd., as the holding subsidiary of the company, intends
to purchase partial fixed assets of Guangdong Shaoguan No.9 Power Unit Joint Venture Co., Ltd. through
conclusion of an agreement in the proposed price of 24.8628 million yuan (the final purchase price shall be
subject to the asset evaluation price approved in the file of the State Capital Management Department), which was
approved by the 1st session for communication of the 8th Board of Directors of the company in 2017 through
deliberation.
(4) The Company and the related party Guangdong Yudean Financing Leasing Co., Ltd signed the \"Financial
Leasing Cooperative Framework Agreement\", and the amount of financing leases provided by the financial
leasing company to the Company and its holding subsidiaries within the period of agreement shall be not more
than RMB 2 billion, which has been approved by the first extraordinary shareholders’ meeting in 2017.
Website for temporary disclosure of the connected transaction
Announcement Date of disclosure Website for disclosure
Daily related transaction announcement April 26,2017 http//www.cninfo.com.cn.
Announcement on the Company’s Related Transaction of Guangdong
April 26,2017 http//www.cninfo.com.cn.
Yudean Finance Co., Ltd.
Announcement on the related party Transactions of Guangdong Shaoguan
Yuejiang Power Generation Co., Ltd. Purchasing Part Fixed Assets of June 1,2017 http//www.cninfo.com.cn.
Guangdong Shaoguan No.9 Power Unit Joint Venture Co., Ltd.
Announcement on the related Transactions Concerning Conclusion of
August 31,2017 http//www.cninfo.com.cn.
Financing Lease Cooperation Framework Agreement with Guangdong
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Yudean Financing Leasing Co., Ltd.
Estimates announcement of the newly-added Daily Related Party
August 31,2017 http//www.cninfo.com.cn.
Transactions of 2017
Estimates announcement of the Adjustment Daily Related Party
March 24,2018 http//www.cninfo.com.cn.
Transactions of 2017
XVII.Particulars about significant contracts and their fulfillment
1. Particulars about trusteeship, contract and lease
(1) Trusteeship
□Applicable √ Not applicable
No trusteeship, contract or leasing for the Company in reporting period.
(2) Contract
□ Applicable √ Not applicable
No any contract for the Company in the reporting period.
(3) Lease
□Applicable √ Not applicable
No any lease for the Company in the reporting period..
2.Guarantees
√Applicable □ Not applicable
（1）Guarantees
In RMB’0000
Guarantee of the Company for the controlling subsidiaries (Exclude controlled subsidiaries)
Guarantee
Relevant Date of
Complete for
disclosure happening Actual Guara
Amount of Guarantee implement associated
Name of the Company date/No. of the (Date of mount of ntee
Guarantee type ation parties
guaranteed signing guarantee term
or not (Yes or
amount agreement)
no)
Yunnan Baoshan Binlangjiang Guaranteei
December
Hydroelectricity Development May 24,2007 4,350 2,320 ng of joint No No
19,2007 years
Co., Ltd. liabilities.
Yunnan Baoshan Binlangjiang Guaranteei
December November
Hydroelectricity Development 4,350 696 ng of joint No No
19,2007 30,2007 years
Co., Ltd. liabilities.
Yunnan Baoshan Binlangjiang Guaranteei
November November
Hydroelectricity Development 7,250 464 ng of joint No No
12,2008 14,2008 years
Co., Ltd. liabilities.
Yunnan Baoshan Binlangjiang Guaranteei
Hydroelectricity Development May 27,2009 9,367 June 22,2009 5,887 ng of joint No No
years
Co., Ltd. liabilities.
Yunnan Baoshan Binlangjiang May 27,2009 7,250 May 27,2009 2,900 Guaranteei 15 No No
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Hydroelectricity Development ng of joint years
Co., Ltd. liabilities.
Total actually amount
Total amount of approved external of external guarantee
0 -2,784
guarantee in the report period(A1) in the report
period(A2)
Total actually amount
Total amount of approved external
of external guarantee
guarantee at the end of the report 190,835 12,267
at the end of the report
period(A3)
period(A4)
Guarantee of the company for its subsidiaries
Guarante
Related Complete
Date of Actually e for
Name of the company announcem Amount of Guarantee implemen
happening(date of guarantee Guarantee type related
guaranteed ent date guarantee term tation or
signing agreement) amount party(yes
and no. not
or no)
Zhanjiang Wind Guaranteeing
April
Power Generation Co., 18,571.7 October 9,2010 7,758.82 of joint 18 years No No
29,2009
Ltd. liabilities.
Guangdong Shaoguan Guaranteeing
November
Yuejiang Power 9,000 anuary 28,2014 4,590 of joint 7 years No No
16,2013
Generation Co., Ltd. liabilities.
Guangdong Shaoguan Guaranteeing
November
Yuejiang Power 8,100 January 29,2014 3,690 of joint 7 years No No
16,2013
Generation Co., Ltd. liabilities.
Total of actual guarantee
Total of guarantee for subsidiaries
0 for subsidiaries in the -10,520.32
approved in the period(B1)
period (B2)
Total of actual guarantee
Total of guarantee for subsidiaries
141,536 for subsidiaries at 16,038.82
approved at period-end(B3)
period-end(B4)
Guarantee of the subsidiaries for the controlling subsidiaries
Guarante
Relevant
Date of Complete e for
Name of the disclosure
Amount of happening (Date Actual mount Guarantee Guarantee implement associate
Company date/No. of
guarantee of signing of guarantee type term ation or d parties
guaranteed the guaranteed
agreement) not (Yes or
amount
no)
The Company’s total guarantee(i.e. total of the first three main items)
Total amount of guarantee
Total guarantee quota approved in actually incurred in the
0 -13,304.32
the reporting period（A1+B1+C1） reporting period
（A2+B2+C2）
Total balance of the actual
Total guarantee quota already
guarantee at the end of the
approved at the end of the 332,371 28,305.82
reporting period
reporting period（A3+B3+C3）
（A4+B4+C4）
The proportion of the total amount of actually guarantee in the net
1.19%
assets of the Company (that is A4+B4+C4）%
Including：
The debts guarantee amount provided for the
Guaranteed parties whose assets-liability ratio exceed 20,547
70% directly or indirectly（E）
Total guarantee Amount of the abovementioned guarantees
20,547
（D+E+F）
Description of the guarantee with complex method
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
(2) Illegal external guarantee
□ Applicable √ Not applicable
No Illegal external guarantee in the report period.
3.Situation of Entrusting Others for Managing Spot Asset
(1)Situation of Entrusted Finance
□ Applicable √ Not applicable
No any Entrusted Finance for the Company in the reporting period.
（2）Situation of Entrusted Loans
□ Applicable √ Not applicable
No any Entrusted loans for the Company in the reporting period.
4. Other significant contract
□ Applicable √ Not applicable
No other significant contracts for the Company in reporting period.
XVIII.Social responsibilities
1. Information of performance of social responsibilities
For details, please see the Social Responsibility Report disclosed by the company on the same day.
http://www.cninfo.com.cn
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 the
Development and General Secretary Xi Jinping's series of important speeches on poverty alleviation and the
development, and in accordance with the Guangdong Provincial people's Government's \"Opinions on the
implementation of Three years Strongly Tackling Difficulties on Precision Poverty Alleviation and Precision
Poverty Reduction in the New Time\" and the overall plan and arrangement of Guangdong Province's 2016-2018
of new time of \"Precision Poverty Alleviation and Precision Poverty Reduction\", by adhering the concept of
innovation, coordination, green, open and shared development, the Company will strengthen the awareness of the
overall 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 economic
strength, developing the environment and society and people’s livelihood, thus to increase the income of
poverty-alleviation objects, so as to ensure the accomplishment of various project goals and tasks.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
① Soundly do the work of the poverty alleviation by industry development. Formulate the characteristic industry
development for the village-under-aid, implement the “one village, one product” industry promotion action, tap
into the resources advantages, precisely select the dominant industry and the dominant products, support the
construction of characteristic agricultural bases with high participation of poverty households, support the large
agricultural 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 online
stores for self-development.
②Explore the poverty alleviation by shares. Promote the income-increase mode of poor village collective
economy, allow the financial special poverty alleviation funds and other agricultural-related funds to invest in
facilities such as agriculture, farming, industrial parks, hydropower, rural tourism and so forth without changing
their use purposes, and the resulting asset income can be converted to shares quantization to poor villages and
poor households. Cooperate with the local to explore and promote the rights confirmation of land management
with accordingly converting to shares, guide poverty-stricken households, especially those who are incapable of
working, 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 income
according 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 recruit children from poor families, thus to enable them to achieve skills to get out of poverty.
④Improve the infrastructure. Cooperate with the local to improve the traffic conditions and development
environment 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 and
treatment and the cleaning system; improve village cultural and leisure activities, public toilets, landscaping and
greening and other facilities; ensure that the relevant indicators meet the provincial standards.
⑤Boost the education culture. In coordination with the local education and cultural departments, the Company
will vigorously promote the poverty alleviation through education so that all children in the villages-under-aid can
receive a good education, increase the education subsidies for poor families, ensure that children from poor
households do not drop out of school due to poverty, pay attention to left-behind children, and build left-behind
children's service centers.
⑥Help to improve the environment. Cooperate with the local to raise funds by multi-channels to help
impoverished households complete the renovation of dilapidated buildings and fully complete the task of assisting
low-income people in housing reconstruction, assisting in the improvement of domestic garbage disposal, sewage
treatment, public toilets and greening and beautification of villages. We will use the entire village as a platform to
accelerate the improvement of production and living conditions of poor villages, and steadily promote the
construction of beautiful livable villages to realize the new appearance of the old villages.
⑦Consolidate the grassroots foundation. Cooperate with the local people to adhere to the Party building and
poverty alleviation both at the same time, with the party building to help the poor and with the poverty alleviation
to promote the party building. Organize and hold regular meetings of the \"two committees\" meetings of the
villages 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 the
cadres of the \"two committees\" of the poor villages to lead the people out of poverty and run to health; It’s
necessary to constantly strengthen the development consciousness, market awareness, teaching ideas, teaching
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
methods 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 “The
never-leaving Task Force on Poverty Alleviation”, thus to lay the foundation for the sustainable and healthy
development of poor villages.
⑧Lead 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, fully
stimulate 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 construction
of villages and enterprises.
⑨Strengthen the publicity for poverty alleviation. Adhere to the guidance of public opinion, comprehensively
publicize and accurately interpret the decision-making and deployment of “Precision poverty alleviation and
Precision poverty reduction”, strengthen the ideological education and guidance, and strengthen the cadres and the
masses' centripetal force and cohesion in poverty alleviation work and the development work. Guide the villagers
to change the obsolete customs and habits, stimulate the impoverished people to work hard and develop good
enthusiasm, and create a positive atmosphere for self-reliance, hard-working and getting rid of poverty and
becoming better off.
（2）Precise poverty alleviation
During the reporting period, the company conscientiously implemented the Guangdong Province's “Precision
Poverty Alleviation and Precision Poverty Reduction in Three Years of Strongly Tackling Difficulties” program
and actively organized manpower, material, and financial resources for poverty alleviation. The 6 subordinate
companies namely the Yuejiang Company, Honghai Wan Company, Zhenneng Company, Zhanjiang Company,
Dapu Company, Zhanjiang Wind Power Company actively carried out the precision poverty alleviation work and
achieved phased results.
I Counterpart assistance of Yuejiang Company on Mi Xiashui village, Quan’an Town, Nan Xiong City
1. Comprehensively promote industrial support. In July, the Mixiashui Village Zhongzhi Farmers Planting and
Breeding Specialized Cooperative was established to develop and grow the leading industries of high-quality rice
cultivation in the village and the development of eco-characteristic aquaculture such as Meihua pigs. By
supporting production materials, donating harvesters and other forms, the planting cost will be reduced, and
villagers will be encouraged to join cooperatives for planting and breeding, and the planting area will be expanded.
Now 2 poor households with foundation and experience have been assisted to breed 68 Meihua pigs as trail, and
slaughter has been beginning in November, which results in good economic returns.
2. Organize skills training. Encourage and guide the labor force of 4 poor households to work in the Pearl River
Delta, Nanxiong urban area and other places to increase their income.
3. Implement educational and cultural assistance. Assist in the implementation of the current policy of subsidizing
students with financial difficulties in families at various stages of education, and continue to implement related
policies such as living expenses subsidy for 23 children studying at school from poor households, so as to ensure
that children from poor households do not drop out of school due to poverty.
4. Continue to implement dilapidated housing transformation. Assist in completing the dilapidated housing
transformation of 11 poor households in 2017, which has fully started in the first half year and has completed
within the same year. Among these, 4 households have received subsidy funds.
5. Implement social security poverty alleviation. Continue to implement social security work to ensure that it can
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
realize guarantee as far as possible. The old man over the age of 60 from poor households can enjoy the benefits
of urban and rural pension insurance completely, and all of the poor population can participate in urban and rural
medical insurance, while implementing basic health care systems that cover the poor population and steadily
promoting equalization of basic public health services.
6. Perfect the infrastructure of Mishui Village and improve the living environment. The engineering project of the
Health Station and the Home-based Pension Public Service Center in Mixiashui Village are started to construct
after the opening of the bid on October 19; the target for road hardening of 10 km was obtained, with the
investment amount of approximately RMB 3 million, and the project approval has been completed; the
high-standard farmland construction of 1622 mu are obtained, involving investment of more than RMB2.43
million, which has now been tendered and showed online; 8 water points are tried to carry out water safety
renovations, which has now completed field survey work and design work and will be included in construction
planning and arrangements for construction funds.
7. The establishment of new socialist countryside has been steadily carried out. A council of villagers' autonomy
with villagers' groups (natural villages) as a unit has been established to exercise the autonomy function of
outdoor public affairs in the village; now Shangmen, Longjiangkeng, Chengsi, Liaowu, Yaowu, Liuwu, Shigang,
Shijiaowan, Zhangshuxia these 9 villages have been declared as neat villages, and they carried out the “Three
Cleaning and Three Demolition” work as planned.
The 24 persons from 8 households of Mixiashui Village in 2017 meet the “eight requirements” to achieve out of
poverty.
II. Counterpart assistance of Red Bay Company on Outian Village, Luoxi Town, Luhe County
1. In order to do well supporting plan of poor village and poor household, achieve targeted poverty alleviation,
and the work team will conduct interviews with poor households to understand the causes of poor households’
poverty, the extent of poverty and the willingness to get rid of poverty. The work team visited the planting and
breeding industries in the surrounding villages, drawing on advanced experience, planning the development
direction of individual planting and breeding and employment of the poor households, and the work team and the
village committee personnel research to formulate one-household-one-policy poverty alleviation plan, to form a
poor household profile. The train on poor households transferring employment skills and applied skills in
agriculture is conducted, totaling more than 100 persons. In order to allow people with workforce to get close to
employment and continue to get rich through labor, the work team worked hard to promote the construction of
rural tourism projects in the natural village of Kengzaili, actively cooperated with the departments of tourism, land,
water supply, power supply and telecommunications, etc. of county and town, kept in touch and communicated,
and got their strong support to lay the foundation for the development of rural tourism projects in OCT East
Shenzhen. The construction and operation of rural tourism will play a crucial role in developing the local
economy, beautifying the environment and providing employment. According to the Implementation Measures for
Targeted Poverty Alleviation Employment and Industrial Poverty Alleviation “Substitute Subsidies with
Rewards” of New Period in Luhe County, the poor households were encouraged to actively plant sweet potatoes,
taro, rice, peanuts, breeding bees and other projects to get rid of poverty and become rich. Encourage and guide
individuals with labor force to go out to work and other methods to promote to get rid of poverty and become rich
through labor, which has already achieved initial success in this year, and the enthusiasm of poor people has
significantly increased. In accordance with the unified arrangements of the county party committee and county
government, speeding up the construction of new countryside, the work team has devoted itself to the “Three
Cleaning, Three Demolition and Three Rectifications” campaigns with a positive attitude of responsibility, which
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
has contributed to transform the beautiful environment of village.
2. Actively cooperate with the village committee and town government to complete the seventh village-level
general election. Through hard work, the general election of village committee and branch committees is
completed according to law and compliance on May 11 and 12, and the new village committee and branch
committees will continue to promote targeted poverty relief and targeted poverty alleviation.
3. Actively develop the collective economy and the poverty alleviation method for one-household-one policy.
Luhe County Outian Village Business Development Co., Ltd. is established. Taking the village committee as a
group to develop the economy, with the purchase of agricultural machinery and equipment and the acquisition of
agricultural products from poor households as the guide, it mobilizes poor households to get rid of poverty
actively through many projects such as planting sweet potatoes and taro and breeding honey bees, while
encouraging and guiding individuals with labor force to go out to work and other ways to promote poverty relief
through labor.
4. Follow up the implementation of poverty alleviation policies for poor household in education, renovation of
dangerous buildings, medical insurance, social security and public health reforms, so that the poor household will
be beneficial.
5. Actively carry out party building and maintenance work, and actively participate in and carry out the “three
sessions and one lesson” activity of the party branch committee. Actively implement anti-drug, eliminate illegal
assembly and oppose heresy education; carry out medical and health construction to create a civilized village.
6. Actively participate in the construction of new rural areas and complete most of the natural villages' work of
“Three Cleaning, Three Demolition and Three Rectifications”
7. Poverty relief task of 114 persons from 23 households was completed in 2017.
III. Counterpart assistance of Zhenneng Company on Xinpo Village, Shalang Town, Dianbai District, Maoming
City
1. Increase income project is in place. On the basis of 2016, we adhere to the combination of
\"one-household-one-policy\" and practice, extensively solicit the views of poor households and implement the
\"short-medium-length\" combinative income increase projects, that is, the short-term domestic vegetable basket
project, the medium-term leek industrial park project and the long-term photovoltaic power generation projects.
(1) Implementation of domestic vegetable basket project. It is mainly to launch and assist poor households in
carrying out decentralized planting and breeding, and the supporting unit establishes award fund for the provision
of seedlings, production materials and awards as well as assistance in the sale of agricultural products. In the past
year, 16 poor households were distributed baby chicken and conducted technical training, and guaranteed
recovery agreement was signed, which is estimated to increase income by about RMB 44,000 for poor household;
at the same time, the poor households raised cattle, raised pigs and planted vegetables and rice according to their
actual conditions to increase income by actively developing production.
(2) Construction of leek industrial park. Adopting the model of “company + cooperative + poor households”, the
local agricultural planting company will cooperate with the Kaiyuan Planting Professional Cooperative in the
Dianbai District, Maoming City (be composed of poor households with labor force, which is referred to as
“Kaiyuan Cooperatives”), and invest specific financial funds for poor households and supporting funds of
supporting units, totaling RMB 500,000 Yuan, to establish a 60-mu leek planting base. The follow-up investment
is taken charge by the Company, with the cooperation period of 7 years (2017-2023), and the annual fixed
dividend is RMB 132,000 Yuan and RMB 4200 Yuan in the first 5 years and later 2 years respectively. The
dividend was RMB600 Yuan/person in 2017.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
(3) Construction of photovoltaic poverty reduction power station. Adopting the model of “company + cooperative
+ poor households”, the photovoltaic company cooperates with Kaiyuan Cooperatives to buy share with the
financial pooling funds of poor households, and builds 200 KW photovoltaic power station at the top of Xinpo
village committee office building and Xinpo primary school teaching building and mountain behind building..
Each of the partners invested RMB 1 million Yuan, with the cooperation period of 20 years. The fixed dividend
method is adopted: with RMB 160,000 per year from 2017 to 2022, it is expected that the poor households will
receive an increase income of RMB 1221 Yuan/person/year; RMB 100,000 Yuan per year from 2023 to 2037.
The project was started construction in late October 2017, and photovoltaic panels are currently being laid, and
efforts will be made to generate electricity before the Chinese New Year in 2018, and the dividend will be
distributed to households in December 2018.
2. Transfer employment is in place. 34 persons from poor households were mobilized to work outside the home to
raise family income. 18 persons living in poverty were encouraged to conduct semi-agricultural and
semi-industrial work that mainly consisted of plasterers and casual workers.
3. House renovation is in place. On the one hand, assist poor households in the renovation of dilapidated houses.
In Xinpo Village, 21 poor households have applied for dilapidated housing renovation, so the village work team
has communicated and negotiated with the relevant authorities, applied for the indicators of dilapidated houses
renovation, convened the mobilization of the poor households and carried out dilapidated housing renovations in
strict accordance with the requirements. In 2016 and 2017, a total of 17 households were renovated and had
received full subsidy funds. On the other hand, it helps poor households to carry out house maintenance. Through
in-depth investigation, the housing doors and windows of poor households such as Xu Simei and Cai Yasi have
been damaged and affected their living, so Maoming Zhenneng Thermal Power Co., Ltd. funded more than RMB
23,000 Yuan to help them install aluminum alloy windows, water and electricity, improve the living environment
and ensure housing security. In addition, there were 4 households that had not carried out the renovation of the
dilapidated buildings, and the cadres stationed in the village had already understood the on-site situation, and the
submitting list application has been included in the scope of 2018 dilapidated housing renovations.
4. Education subsidy is in place. As of the end of 2017, 39 students at school were assisted in applying for the
education subsidy of 2016-2017 school year and put it in place, while 40 students at school were assisted in
applying for the education subsidy of 2017-2018 school year. The first semester subsidy of RMB 1,500 Yuan has
been implemented to ensure the children of school age from poor households do not drop out of school due to
poverty.
5. Security policy is in place. Purchase medical insurance for all poor households and raise minimum living
allowances and five guarantees, which truly realize guarantee as far as possible; assist poor families with severe
illnesses to apply for medical assistance, and reduce economic burdens; carry out condolences for poverty before
Spring Festival, July 1 and Mid-Autumn Festival, to bring gifts and holiday greetings for the poor household.
After one year of hard work, 77 persons from 18 poor households were assisted to achieve poverty pre-reduction
through the above measures. In 2016 and 2017, a total of 102 persons from 37 poor households were achieved
poverty pre-reduction.
IV. Counterpart assistance of Zhanjiang Company on Waiyuan Village, Nanxing Town, Leizhou City
In 2017, combining with the actual situation of counterpart assistance villages, the poverty alleviation workers
continued to maintain the current planting status of the villagers and poor households in the traditional production
items such as rice, peanuts and peppers, while the team mobilized individual poor households to contract paddy
fields to increase rice cultivation and increase income. The poverty alleviation work team assisted poor
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
households in purchasing chemical fertilizers for production based on the availability of the national poverty
alleviation fund, increasing the output of crops and increasing economic income.
Formulate long-term assistance industries, so that the poor households have a longer return. Firstly, poor
households are assisted to purchase yellow cattle for breeding according to the willingness of poor households,
and economic income is increased through farming. Secondly, poor households are assisted to purchase
agricultural tricycles for small-scale transportation and increase their economic income based on the willingness
of poor households. Thirdly, poor households are assisted to purchasing cultivator and hand-held machines for
farming according to the wishes of poor households with large labor force and contracted rice cultivation, to
increase their planting efficiency and increase economic income. Fourthly, all poor households are mobilized to
invest in photovoltaic power generation projects. The initial decision is to build on top of poor households or on
public land, which is organized and implemented by the town government. The purchase of photovoltaic power
generation projects can enable poor households to enjoy more than two decades of income.
V. Counterpart assistance of Dapu Company on Xiamu Village, Fenglang Town, Dapu County, Meizhou City
1. Strengthen the team building and assist in completing the election of the village \"two committees\" team
smoothly.
2. Strengthen the grassroots party building: build village party members activity room and purchase a group of
office furniture; carry out activities to celebrate the 96th anniversary of party founding, and condole 15 old
60-year-old party members and one specially poor party member, and organize party members to the red
education base and new rural construction demonstration points to visit and learn; do a good job of party building
billboards and institutions exhibition.
3. Do a good job of cultural assistance. RMB 250,000 Yuan was invested to build a village cultural activity room
in 2017.
4. Self-financed RMB 20,000 Yuan was used to help poor households.
5. RMB 3000 Yuan was invested for the purchase of audio-visual equipment in the Xiamu Elementary School.
As of December 2017, 71 poor households out of 72 poor households in Xiamu Village had completed the initial
assessment of poverty alleviation.
VI. Counterpart assistance of Zhanjiang Wind Power Co., Ltd. on Houhai Village, Xinliao Town, Xuwen County
In 2017, Zhanjiang Wind Power Co., Ltd. continued to carry out targeted poverty alleviation in Houhai Village,
Xinliao Town, Xuwen County, Zhanjiang City. With the strong leader of the party committee at the higher level
and the strong cooperation of the village \"two committees\" cadres as well as the efforts of the work team stationed
in village, good phased results have been achieved.
(I) Implementation of industrial poverty alleviation project
1. Active development of the cattle industry. RMB 834,600 Yuan was invested to subsidize 61 poor households to
buy cows and develop the cattle industry to increase household income. The project was scheduled to be put into
use in February this year with RMB 180,000 Yuan and in July this year with RMB 654,600 Yuan in two batches,
and it has been completed. Moreover, some cows have given birth to calves, receiving benefits. It is expected that
the annual income of each household will increase by about RMB 5,000 Yuan to RMB 20,000 Yuan (the
investment of supporting units’ self-financing funds RMB 590,000 Yuan and the provincial and municipal special
funds RMB 244,600 Yuan).
(II) Implementation of asset poverty alleviation project
1. Installation of photovoltaic power generation projects. In principle, a total of about RMB 10,000 Yuan in three
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
years were invested to install 1.12 kilowatts of photovoltaic power generation projects based on per person of per
family with labor capacity population. It is expected that the annual income of each person of each household will
increase by about RMB 1,300 Yuan, with the income period of about 25 years. The first batch of the project was
invested RMB 557,984 Yuan, the second batch was invested RMB 758,160 Yuan, and construction has been
basically completed. (the investment of provincial and municipal special funds RMB 1,316,000 Yuan).
2. Investment in purchasing stores. The income distribution of the project: the income from the first year to the
fifth year will be distributed to poor households fully for dividend; from the sixth year to the tenth year, 70% of
the income will be distributed to poor households for dividend, 20% of the income will be used by village
committees to finance specially poor households and collective public welfare, and 10% of income will be used
for store maintenance. Beginning in the 11th year, the income will be used by village committee to fund specially
poor households and collective public welfare projects, and the property right of the stores belongs to Houhai
Village Committee. The store will be purchased based on investment of RMB 2,000 Yuan per person of per
family with labor capacity population, which is bout RMB 630,200 Yuan in total. It was expected that the annual
income increase of each family will be 6% to 7% of the funds invested. The project began to generate income
from August 2017 (the investment of provincial and municipal special funds RMB 630,177 Yuan).
3. Investment in Zhanjiang City Management Enterprise Project. The investment in this project is from August
2017 to July 2018, with the one-year income of 6.5% of the invested capital. A total of 26 households with labor
capacity population invested RMB 6500 Yuan per person for this project, with total investment of approximately
RMB 884,000 Yuan. The project began to generate income from August 2017 (the investment of provincial and
municipal special funds RMB 884,000 Yuan).
4. Development of the transport industry. A total of RMB 215,200 Yuan was invested to subsidize 6 poor
households to purchase one Nanjun dump truck, one Huili Brand steering wheel tractor and four Wanhu Brand
steering wheel tricycles, to develop the transportation industry and increase household income. It is expected that
the annual income of each household will increase by about RMB 10,000 Yuan to RMB 60,000 Yuan (the
investment of provincial and municipal special funds RMB 215,200 Yuan).
5. Procurement of agricultural tractors. The invested unit has self-raised RMB 180,000 Yuan to support Fengqiao
Nongchang Village to collectively purchase a farm tractor for free use by poor households, to promote the
development of agricultural production by poor households and increase household income, and the tractor has
been put into use normally in the form of renting. (The invested unit has self-raised RMB 180,000 Yuan).
(III) Implementation of employment poverty alleviation
Efforts should be made to change the concept of poor households, to abandon the idea of waiting, relying on and
wanting, and to encourage poor households with labor force to achieve poverty relief through working hard.
Actively develop agricultural technology and labor skills training. Conduct technical training and transfer labor
force technical training on cattle breeding and photovoltaic power generation project for the poor households in
Houhai Village. In addition, they actively sent labor skills and technology, work entrepreneurs information and
policies for benefiting the people to the poor households, as well as publicized social security policies, etc., to the
poor households, to strengthen the guidance of the surplus labor force in poor families, actively facilitate the
transfer of surplus labor force and promote poverty alleviation through labor income, and good benefits have
received. Now for the poor households in Houhai Village, if there was surplus labor in their families, they
basically went out to work and earn income through work, which greatly promoted the task of poverty alleviation.
At the beginning of the year, plans for the transfer of labor employment and placement of public welfare position
were established. During the actual implementation of the transfer employment, close employment,
self-employment and public-welfare position for poor households with labor, the number of people in placement
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
is planned to reach more than 85% in the beginning of the year.
(IV) Implementation of financial poverty alleviation
Actively promote financial poverty alleviation, formulate implementation programs for poverty alleviation
micro-credit work and conduct extensive publicity and investigations. Now one poor household with small loan of
RMB 8,000 Yuan has been implemented to help develop family business.
(V) Implementation of poverty alleviation projects such as giving warmth
1. Organization of warm consolation activities. RMB 24,800 Yuan was invested to carry out the Mid-Autumn
Festival and Spring Festival condolences, to send the warmth of the party and the government for the poor
households (The invested unit has self-raised RMB 24,480 Yuan).
2. Solving the poverty problem caused by disease for poor households. RMB 8,000 Yuan was invested to
subsidize poor households with severe illnesses to diagnose and treat, so as to promote the poor households
caused by disease to realize poverty alleviation. In addition, the assistance unit -- Zhanjiang Second People's
Hospital has been given full play to its advantage in medical resources and organized medical activities to send
medicines and drugs and treat freely in Houhai Village based on the actual situation. (The invested unit has
self-raised RMB 8,000 Yuan)
3. RMB 20,000 Yuan was invested to newly build Houhai Village publicity column to further strengthen party
affairs publicity and targeted poverty alleviation publicity work (The invested unit has self-raised RMB 20,000
Yuan).
4. RMB 30,000 Yuan was invested to subsidize the removal of environmental household waste in Houhai Village
to promote the construction of civilized demonstration village. (The invested unit has self-raised RMB 30,000
Yuan).
As of December 2017, 26 poor households in the Houhai Village had completed poverty alleviation, and 124
persons had reached the standard of poverty alleviation, accounting for 32.6% of the original poor households in
Houhai Village.
(3)Targeted Poverty Alleviation Result
Index Measurement unit Quantity / Status
I. General situation —— ——
Thereinto： 1.Capital (RMB’0000) 154.3
2. Cash supplies (RMB’0000) 33.08
3. Ecological protection to poverty alleviation Person
II.Breakdown Input —— ——
1. Poverty alleviation by industrial development —— ——
Poverty Alleviation by agriculture and forestry;
Among them: 1.1 Project type of poverty alleviation by
—— poverty alleviation through tourism; poverty
industrial development
alleviation from asset income
1.2 Number of poverty alleviation projects in industrial
a
development
1.3 Investment amount of industrial development
(RMB’0000) 39.83
poverty alleviation project
1.4 The number of poverty population who had been
Person
helped to create a file
2. Poverty alleviation by transfer employment —— ——
Among them: 2.1 Investment amount of vocational skill
(RMB’0000) 0.14
training
2.2 Number of people of vocational skill training Person
2.3 Quantity of employment of poverty population who
Person
had been helped create a file
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
3. Poverty alleviation by relocation —— ——
4. Educational poverty alleviation —— ——
Among them: 4.1 Investment amount of subsidizing
(RMB’0000) 17.41
poverty students
4.2 Number of subsidized poverty students Person
4.3 Improving the investment amount for education in
(RMB’0000) 0.3
poor areas
5. Health poverty alleviation —— ——
Among them: 5.1 Investment amount for medical and
(RMB’0000) 1.93
health resources in poor areas
6. Ecological protection poverty alleviation —— ——
7. Guarantee of all the details —— ——
8. Social poverty alleviation —— ——
8.2 Investment amount of fixed-point poverty
(RMB’0000)
alleviation
9. Other projects —— ——
Among them: 9.1 Number of project a
9.2 Investment amount (RMB’0000) 27.5
9.3 Number of poverty population who had been helped
Person
to create a file
III. Awards (Content and level) —— ——
Dabu Power Generation Company won the
Meizhou Poverty Alleviation Bronze Award in 2016
（4）Subsequent targeted poverty alleviation program
The year 2018 is the critical year as the connection link for “targeted poverty alleviation and overcoming in three
years”. The company and holding subsidiaries will continue implementing the province, city and county’s relevant
regulations on the targeted poverty alleviation, and find out ways for targeted poverty alleviation based on the
local conditions. Firstly, insist the party and style construction, promote the ideological building of the assistance
object village “two committees” members and intensify the results of “two studies and one action” learning
activity. Secondly, insist study and improve capacity, insist the thorough learning on the spirit of Xi Jinping series
important speeches, the spirit of relevant targeted poverty alleviation papers, the village business knowledge and
the way to communicate with the public and improve further the work capacity for people. Thirdly, intensify the
key points and promote the implementation, each poverty alleviation work team will continue focusing on the
targeted poverty alleviation, grasp the poverty alleviation central work and coordinate overall and implement
relevant work. For the poor households poverty alleviation projects and village group projects listed in the filing
and issuing cards, obtain positively support from relevant authority subject to the formulated target tasks, assist
the assistance object villages and poor households in implementing the poverty alleviation projects and guarantee
the overall completion of the poverty alleviation target tasks in the practical style.
3. Information on environmental protection
Listed company and its subsidiary belongs to the key pollution enterprise listed by Department of Environmental
Protection
Yes
Main
Emission Emission Implemented Verified
Company or pollutant and Emission Total Excessive
Emission port concentrat pollutant total
subsidiary specific port emission emission
way distribution ion emission emission
name pollutant number (t) condition
condition (mg/Nm3) standards (t)
name
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Emission Not
Smoke 5.05 123.75 No
Standard of Air approved
Concentra
Pollutants for Not
SO2 ted 20.59 504.44 No
Shajiao A Within the Thermal Power approved
emission 2
power plant factory Plants
through
(GB13223-2011) Not
NOX chimney 31.92 789.99 No
special emission approved
limit
Smoke 2.9 Emission 34.79 593 No
SO2 12.9 Standard of Air 153.86 1447 No
Concentra
Pollutants for
ted
Dapu Power Within the Thermal Power
emission 2
Plant factory Plants
NOX through 26.1 310.16 1502 No
(GB13223-2011)
chimney
special emission
limit
Smoke 9.69 Emission 154.05 765 No
SO2 70.08 Standard of Air 1122.4 2046 No
Concentra
Zhanjiang Pollutants for
ted
Zhongyue Within the Thermal Power
emission 2
Enerty Co., factory Plants
NOX through 55.16 824.92 1587 No
Ltd. (GB13223-2011)
chimney
special emission
limit
330MW
unit
9.25；
Smoke 139.02 717.78 No
600MW
unit Emission
3.72 Standard of Air
Guangdong Concentra
330MW Pollutants for
Shaoguan ted
Within the unit100.1 Thermal Power
Yujiang Power emission 2
SO2 factory 6； Plants 1128.34 2303.55 No
Generation through
600MW (GB13223-2011)
Co., Ltd. chimney
unit12.24 special emission
330MW limit
unit106.6
NOX 1； 1534.93 2809.07 No
600MW
unit28.87
Smoke 4.18 Emission 76 73 No
SO2 34.93 Standard of Air 623 675 No
Concentra
Pollutants for
Zhanjiang ted
Within the Thermal Power
Electric Power emission 2
factory Plants
Co., Ltd. NOX through 53.40 965 878 No
(GB13223-2011)
chimney
special emission
limit
Smoke 4.34 Emission 207.67 1770 No
SO2 30.69 Standard of Air 1868.47 6502 No
Concentra
Guangdong Pollutants for
ted
Yudean Jinghai Within the Thermal Power
emission 2
Power General factory Plants
NOX through 43.49 2119.43 4687 No
Co., Ltd. (GB13223-2011)
chimney
special emission
limit
Guangdong Smoke Concentra 2 Within the 6.71 Emission 227.42 227.42 No
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Red Bay SO2 ted factory 26.19 Standard of Air 866.32 890.10 No
Power General emission Pollutants for
Co., ltd. through Thermal Power
chimney Plants
NOX 35.41 1332.53 1332.53 No
(GB13223-2011)
special emission
limit
Smoke 6.77 Emission 87.04 256.75 No
SO2 38.01 Standard of Air 341.58 1739.95 No
Concentra
Pollutants for
Maoming ted
Within the Thermal Power
Zhenneng emission 2
factory Plants
thermal power NOX through 47.17 683.48 1263.29 No
(GB13223-2011)
Plant chimney
special emission
limit
Smoke 6.50 Emission 189.36 184.37 No
SO2 20.88 Standard of Air 662.02 691.30 No
Concentra
Pollutants for
ted
Pinghai Power Within the Thermal Power
emission 2
plant factory Plants
NOX through 47.52 1372.59 1388.88 No
(GB13223-2011)
chimney
special emission
limit
Emission
Standard of Air
Concentra
Pollutants for
ted
Qianwan LNG Within the Thermal Power
NOX emission 3 34.02 513.73 513.73 No
power plant factory Plants
through
(GB13223-2011)
chimney
special emission
limit
Emission
Standard of Air
Concentra
Pollutants for
ted
Huizhou LNG Within the Thermal Power
NOX emission 3 31.78 719 719 No
power plant factory Plants
through
(GB13223-2011)
chimney
special emission
limit
Prevention and control of pollution facilities construction and operation
Within the report period, the company responds positively to requirements of the newest environmental protection
policies, strengthens the operation adjustment of the desulfurization and denitrification system and equipment
maintenance management, intensifies the transformation of the energy-saving technologies and dust-cleaning
equipment, improves the equipment operation efficiency, decrease the smoke and dust discharging concentration
and guarantee compliance of each pollutant emission with the national and local environmental protection
requirements. In accordance with the national environmental protection plan, each power plant of the company
implements positively requirements of Coal-fired Power Energy Saving and Emission Reduction Upgrading and
Transform Action Plan (2014-2020) and National Energy Administration Comprehensive Division Notice about
Decomposition and Implementation of Coal-fired Power Energy Saving and Emission Reduction Upgrading and
Transform Target Tasks, etc. and promotes the ultra-low emission transformation project.
During the reporting period, the company invested a total of 2.416 billion yuan to complete the ultra-low emission
reform of all its coal-fired units.the pollutant emission concentration declines sharply on the original basis of the
environment-protection emission standards which reflects the company determination of performing social
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
responsibilities and the environment protection duties and emissions.
Conditions of environmental impact assessment and other environmental protection administrative licensing of
construction projects
The company's construction projects that have been approved by government agencies have all undergone
environmental impact assessments and have obtained other necessary environmental protection administrative
licenses.
Emergency plan for emergency environmental incidents
Combining with the Environmental Protection Law of the People's Republic of China and the Opinions of the
Ministry of Environmental Protection on Strengthening Environmental Emergency Management Work and other
laws and regulations on the monitoring of environmental risks, the company’s subordinate power generation
enterprises have formulated the Emergency Plan for Emergency Environmental Incidents according to their actual
conditions, which has standardized and improved the handling of emergent environmental events from the aspects
of environmental accident risk analysis, emergency command organization and responsibilities, disposal
procedures, and disposal measures, improved the ability to respond to unexpected environmental events, and
ensured that after an outbreak of an environmental incident, the company can organize emergency rescue work in
a timely, orderly and efficient manner to prevent pollution of the surrounding environment, minimize the damage
and social harm caused by the incident, maintain social stability, and protect public health and property safety.
Environmental self-monitoring program
During the reporting period, the company’s subordinate power generation companies organized annual
environmental self-monitoring programs in accordance with the national Administrative Measures on Automatic
Monitoring of Pollution Sources (No. 28 order of State Environmental Protection Administration) and other laws
and 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 information
platform and the national pollution source monitoring information and sharing platform. Both the announced rate
and completion rate had reached 100%.
Other environmental information that should be disclosed
None
XIX. Other material events
□Applicable √ Not applicable
No such cases in the reporting period.
XX. 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 on
November 14, 2016 (No. 019-2016 Yuehai Executive Punishment), and the punishment decision “ordered Pinghai
to return the illegally occupied sea areas and restore the sea areas to their original state, and sentenced 10 times
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
fines 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 protection
work of Pinghai power plant without approval and did the reclamation of 16.3947 hectares and its behavior
violated the provisions of Article 3 of the Law of the People's Republic of China on the Administration of the Use
of Sea areas. Based on the audited net profit of RMB 3.238 billion attributable to the shareholders of the parent
company in 2015, the amount involved in the above-mentioned administrative penalty affects the net profit
attributable to shareholders of the parent company of about 77.4 million-which accounts for 2.39% of the net
profit of the most recently audited period.
Pinghai Power Plant disagreed with the punishment measures of the “Administrative Punishment Decision\" and
applied 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 administrative
reconsideration, which stated “According to the provisions of Item 1 of Paragraph 1 of Article 28 of the
Administrative 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 and
Fisheries is maintained.” Pinghai Power Plant disagreed with the aforementioned administrative reconsideration
decision and filed an administrative litigation to the Guangzhou Maritime Court on July 18, 2017. On December
28, 2017, the Guangzhou Maritime Court issued an administrative decision, stated “In accordance with the
provisions of Article 69 of the Administrative Procedure Law of the People's Republic of China, the decision is as
follows: the claim of the plaintiff Guangdong Huizhou Pinghai Power Plant Co., Ltd was rejected”. Pinghai Power
Plant disagreed with the verdict, and lodged an appeal to the Guangdong Provincial Higher People's Court against
the verdict, which has not yet been determined. According to the net profit of RMB 937 million attributable to
shareholders of the parent company in the previous year (2016), the amount involved in the above lawsuit affects
the net profit attributable to shareholders of the parent company of approximately RMB 77.4 million, which
accounts for approximately 8.26 % of the net profit of the most recently audited period, which does not constitute
a major impact on the Company.
As of the disclosure date of this report, the above-mentioned administrative punishment and the administrative
litigation matter are still in the process of multi-party communication and coordination. According to the “Asset
Purchase Agreement by Share Issuance” signed between Yudean Group and the Company in 2012, Yudean Group
shall compensate the Company for the actual loss caused by the above-said matter in accordance with the result of
the matter.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
VI. Change of share capital and shareholding of Principal
Shareholders
I Changes in share capital
1. Changes in share capital
In Shares
Before the change Increase/decrease（+，-） After the Change
Amount Proportion Capitaliz
ation of
Share Bonus Subto Proportio
common Other Quantity
allotment shares tal n
reserve
fund
I. Share with conditional
1,897,966,823 36.15% 1,897,966,823 36.15%
subscription
2. State-owned legal person
1,893,342,621 36.06% 1,893,342,621 36.06%
shares
3.Other domestic shares 4,624,202 0.09% 4,624,202 0.09%
Of which：Domestic legal
4,620,666 0.09% 4,620,666 0.09%
person shares
Domestic natural person
3,536 0% 3,536 0%
shares
II. Shares with unconditional
3,352,317,163 63.85% 3,352,317,163 63.85%
subscription
1.Common shares in RMB 2,553,909,163 48.64% 2,553,909,163 48.64%
2.Foreign shares in domestic
798,408,000 15.21% 798,408,000 15.21%
market
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
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable to
common 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 security
regulators
□ Applicable √Not applicable
2. Change of shares with limited sales condition
□ Applicable √Not applicable
Ⅱ.Issuing and listing
1.Explanation of the Situation of the Security Issue(No Preferred Shares) in the Report Period
□Applicable √Not applicable
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
2.Change of asset and liability structure caused by change of total capital shares and structure
□Applicable √Not applicable
3.About the existing employees’ shares
□Applicable √Not applicable
Ⅲ.Shareholders and actual controlling shareholder
1. Number of shareholders and shareholding
In Share
Total
Total number of preferred sharehold
Total shareholders at The total number of prefe
common ers at the end of the
the end of the month rred shareholders voting r
shareholders at the 101,388 99,743 0 month from the date 0
from the date of ights restored at period-e
end of the of disclosing the
disclosing nd(if any)(See Notes 8)
reporting period annual report(if
any)(See Notes 8)
Particulars about shares held above 5% by shareholders or top ten shareholders
Amount of Number of share
Proportion Number of Changes in Amount of
Shareholders Nature of un-restricte pledged/frozen
of shares shares held at reporting restricted
shareholder d shares State of
held（%） period -end period shares held Amount
held share
Guangdong Yudean State-owned
67.39% 3,538,005,285 1,893,342,621
Group Co., Ltd. legal person
China Securities State-owned
2.78% 145,748,980
Finance Co., Ltd. legal person
Shenzhen Guangfa
State-owned
Electric Power 2.22% 116,693,602
legal person
Investment Co., Ltd.
Guangdong Electric
State-owned
Power Development 1.80% 94,367,341
legal person
Corporation
Domestic
Harbin Daoli District Non-State
0.80% 42,018,461 26,577,153
Charity Foundation owned legal
person
Domestic
Li Zhuo 0.60% 31,703,843 10,341,258
Natural person
Domestic
National Social
Non-State
Security Fund 103 0.44% 22,994,982 22,994,982
owned legal
portfolio
person
Domestic
Harbin Hali Industry Non-State
0.42% 22,068,565 19,084,465
Co., Ltd. owned legal
person
Domestic
Zheng Jianqun 0.41% 21,681,998 21,681,998
Natural person
CHINA INT'L
CAPITAL CORP Overseas
0.29% 15,316,067 -6,269
HONG KONG Legal person
SECURITIES LTD
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
The fourth largest shareholder Guangdong Electric Power Development Corporation is the
Explanation on associated relationship wholly-owned subsidiaries of the largest shareholder Yudean Group. These two companies
among the aforesaid shareholders have relationships; whether the other shareholders have relationships or unanimous acting
was unknown
Shareholding of top 10 shareholders of unrestricted shares
Quantity of unrestricted shares held at the end of the Share type
Name of the shareholder
reporting period Share type Quantity
RMB Common
Guangdong Yudean Group Co., Ltd. 1,644,662,664
shares
RMB Common
China Securities Finance Co., Ltd. 145,748,980
shares
Shenzhen Guangfa Electric Power RMB Common
116,693,602
Investment Co., Ltd. shares
Guangdong Electric Power RMB Common
94,367,341
Development Corporation shares
Harbin Daoli District Charity RMB Common
42,018,461
Foundation shares
RMB Common
Li Zhuo 31,703,843
shares
National Social Security Fund 103 RMB Common
22,994,982
portfolio shares
RMB Common
Harbin Hali Industry Co., Ltd. 22,068,565
shares
Foreign shares
placed in
Zheng Jianqun 21,681,998
domestic
exchange
Foreign shares
CHINA INT'L CAPITAL CORP placed in
15,316,067
HONG KONG SECURITIES LTD domestic
exchange
Explanation on associated relationship
or consistent action among the top 10
The fourth largest shareholder Guangdong Electric Power Development Corporation is the
shareholders of non-restricted
wholly-owned subsidiaries of the largest shareholder Yudean Group. These two companies
negotiable shares and that between the
have relationships; whether the other shareholders have relationships or unanimous acting
top 10 shareholders of non-restricted
was unknown.
negotiable shares and top 10
shareholders
The Fifth largest shareholder Harbin Daoli District Charity Foundation holds112,347 A
shares of the Company through stock account with credit transaction and guarantee and
holds41,906,114 A shares through ordinary stock account, hold 42,018,461 shares of the
Company's stock totally.
Explanation on shareholders The Sixth largest shareholder Li Zhuo holds196,520 A shares of the Company through
participating in the margin trading stock account with credit transaction and guarantee and holds31,507,323 A shares through
business(if any )(See Notes 4) ordinary stock account, hold31,703,843 shares of the Company's stock totally.
The Eighth largest shareholder Harbin Hali Industry Co., Ltd. holds1,125,920 A shares of
the Company through stock account with credit transaction and guarantee and holds
20,942,645 A shares through ordinary stock account, hold 22,068,565 shares of the
Company's stock totally.Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a
buy-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 Company
have no buy –back agreement dealing in reporting period.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
2.Controlling shareholder
Nature of Controlling Shareholders: Local state holding
Type of Controlling Shareholders:Legal person
Legal
Name of the Controlling Date of
representative/ Organization code Principal business activities
shareholder incorporation
Leader
Management and sales of the
electricity investment construction
operation management，electricity
power(Thermal Power)，
The industry of transportation
Guangdong Yudean Group
Li Zhuoxian August 3,2001 91440000730486022G resources environmental protection，
Co., Ltd.
new source of energy electricity
investment; investment planning and
consulting ; information consulting
service; sales of production
materials.
The equity of the controlling
shareholder in other domestic
and foreign listed companies Unknown
held or partly held by it in the
report period
Change of the actual controller in the reporting period
□Applicable √Not applicable
Nil
3．Information about the controlling shareholder of the Company
Actual controller nature：Local state owned assets management
Actual controller type：Legal person
Legal
Name of the controlling Date of
representative/per Organization code Principal business activities
shareholder establishment
son in charge
As the special institution directly
State-owned Assets supervision subordinate to Guangdong
and administration Commission Provincial People's Government,
of Guangdong Li Cheng June 26,2004 114400007583361658 performed the obligation of
provincial state-asset contributor
Provincial People’s Government entrusted by the provincial
government.
Equity of other
domestic/foreign listed
company with share
controlling and share Unknown
participation by
controlling shareholder in
reporting period
Changes of the actual controller in the reporting period
□Applicable √Not applicable
No Changes of the actual controller in the reporting period
Block Diagram of the ownership and control relations between the company and the actual controller
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
The actual controller controls the company by means of trust or managing the assets in other way
□Applicable √Not applicable
4.Particulars about other legal person shareholders with over 10% share held
□Applicable √Not applicable
5.Situation of Share Limitation Reduction of Controlling Shareholders, Actual Controllers, Restructuring
Party and Other Commitment Subjects
□Applicable √Not applicable
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
VII. Situation of the Preferred Shares
□ Applicable √Not applicable
The Company had no preferred shares in the reporting period.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
VIII. Information about Directors, Supervisors and Senior Executives
I. Change in shares held by directors, supervisors and senior executives
Amount of shares Amount of shares
Shares held at the Shares held at
Office Starting date Expiry date of increased at the decreased at the Other changes
Name Positions Sex Age year-begin the year-end
status of tenure tenure reporting period reporting period increase/decrease
(share) (share)
(share) (share)
Board August 25, September
Huang Zhenhai In office Male 55
chairman 2016 18,2020
Vice Board September September
Yao Jiheng In office Male 52
chairman 18,2017 18,2020
General January September
Yao Jiheng In office Male 52
Manager 16,2014 18,2020
September September
Rao Subo Director In office Male 53
18,2017 18,2020
September September
Wang Jin Director In office Male 54
18,2017 18,2020
September September
Wen Lianhe Director In office Male 49 2,830 2,830
18,2017 18,2020
September September
Wen Shufei Director In office Male 53
18,2017 18,2020
September September
Chen Ze Director In office Male 48
18,2017 18,2020
September September
Zhou Xian Director In office Male 44
18,2017 18,2020
Employee September September
Chen Changlai In office Male 54
director 18,2017 18,2020
September September
Zhang Xueqiu Director In office Male 51
18,2017 18,2020
Independent May 20, September
Sha Qilin In office Male 57
director 2014 18,2020
Independent May 20, September
Shen Hongtao In office Female 50
director 2016 18,2020
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Independent May 20, September
Wang Xi In office Male 47
director 2016 18,2020
Independent September September
Ma Xiaoqian In office Male 53
director 18,2017 18,2020
Independent September September
Yin Zhongyu In office Male 48
director 18,2017 18,2020
Chairman of the
August 14, September
Zhang Dewei Supervisory In office Male 56
2012 18,2020
Committee
May 18, September
Zhao Li Supervisor In office Female 45
2011 18,2020
Independent May 20, September
Zhu Weiping In office Male 60
Supervisor 2014 18,2020
Independent May 20, September
Jiang Jinsuo In office Male 49
Supervisor 2014 18,2020
Employee May 15, September
Lin Weifeng In office Male 49 4,716 4,716
supervisor 2002 18,2020
Employee May 20, September
Li Qing In office Male 40
supervisor 2014 18,2020
January 16, September
Yang Xuanxing Deputy GM In office Male 52
2014 18,2020
July 28, September
Liu Hui Deputy GM In office Female 52
2010 18,2020
Deputy GM,
September 18, September
Liu Wei Finance In office Male 38
2017 18,2020
manager
Board October 24, September
Liu Wei In office Male 38
secretary 2006 18,2020
December 30, September 18,
Li Yanxu Director Dimission Male 51
2016
May 16, September 18,
Hong Rongkun Director Dimission Male 60
2002
Aptil 29, September 18,
Gao Shiqiang Director Dimission Male 60
2005
May 18, September 18,
Li Mingliang Director Dimission Male 53
2011
December 30, September 18,
Xu Ping Director Dimission Male 54
2016
Yang Xinli Director Dimission Male 55 May 20, September 18,
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
2014
Independent May 18, September 18,
Liu Tao Dimission Male 46
director 2011
Independent December 8, September 18,
Zhang Hua Dimission Male 52
director 2011
Independent May 20, September 18,
Mao Fugen Dimission Male 54
director 2014
Deputy GM,
September 12, September 18,
Li Xiaoqing Finance Dimission Female 46
2006
manager
Total -- -- -- -- -- -- 7,546 0 0 0 7,546
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
II. Change in shares held by directors, supervisors and senior executives
√ Applicable □Not applicable
Name Positions Types Date Reason
Leave while office
Li Yanxu Director September 18,2017 Expired
term end
Leave while office
Hong Rongkun Director September 18,2017 Expired
term end
Leave while office
Gao Shiqiang Director September 18,2017 Expired
term end
Leave while office
Li Mingliang Director September 18,2017 Expired
term end
Leave while office
Xu Ping Director September 18,2017 Expired
term end
Leave while office
Yang Xinli Director September 18,2017 Expired
term end
Leave while office
Liu Tao IndependentDirector September 18,2017 Expired
term end
Leave while office
Zhang Hua IndependentDirector September 18,2017 Expired
term end
Leave while office
Mao Fugen Ding Yougang September 18,2017 Expired
term end
Deputy GM, Finance Leave while office
Li Xiaoqing September 18,2017 Expired
manager term end
III.Posts holding
Work Experience in the past five years of Directors, supervisors and senior Executives in Current office
Mr. Huang Zhenhai: male, born in November 1962, member of the Communist Party of China, Han nationality,
Guangdong Dapu people, college degree, senior engineer. He had served as deputy director of inspection
department of Guangdong Commodity Inspection Bureau, vice-president of China Certification & Inspection
(Group) Co., Ltd, president and general manager of the Testing Technology Co., Ltd of China Certification &
Inspection (Group) Co., Ltd, served as president, general manager, deputy secretary of party committee and other
positions of Guangdong Holdings Limited. Currently, he is the president, general manager and deputy secretary of
party committee of Guangdong Yudean Group.
Mr. Yao Jiheng, born in November 1965. Zhejiang University Bachelor of Engineering, Master of Engineering,
Cheung Kong Graduate School of Business Administration Master of Business Administration. Senior engineer
(professor level). He is currently a member of the Party Committee of Guangdong Yudean Group Co., Ltd. and
general manager of Guangdong Electric Power Development Co., Ltd. Former director of the Yunfu Power Plant;
Huangpu Power Plant assistant, deputy director; Shajiao A power plant director, party secretary; Guangdong
Yudean Group Co., Ltd. Party committee member, deputy chief engineer and safety supervision and production
technology Minister of Guangdong Yudean Group Co., Ltd.
Mr. Rao Subo, born in May 1964, is bachelor of Engineering of Chongqing University and graduate of the Central
Party School and is a Senior Engineer (Professor Level). He is currently a member of the disciplinary committee,
deputy chief engineer and minister of safety supervision and production technology department of Guangdong
Yudean Group Co., Ltd., and head of preparation team of Yudean electric power and information technology
center. He once served as deputy chief engineer of Shaoguan Power Plant, deputy director of the Department of
Biotechnology of Guangdong Electric Power Group Corporation, director of Department of Biotechnology and
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Safety Supervision of Guangdong Yudean Assets Management Co., Ltd., and director of Department of
Biotechnology and Safety Supervision and deputy chief engineer of Guangdong Yudean Group Co., Ltd., and
director of the Shajiao A Power Plant and party committee secretary.
Mr. Wang Jin was born in May 1963. He holds a Bachelor of Engineering from Nanjing Institute of Technology
and a Master of Business Administration from Jinan University. He is now a senior engineer, and currently serves
as deputy chief engineer and manager of the management department and secretary of the Party branch of
Guangdong Yudean Group Co., Ltd. He once served as director of boiler maintenance workshop in Shaoguan
Power Plant, director of Engineering Technology Department of Zhuhai Power Plant’s Planning and Construction
Department, deputy director of Zhuhai Power Plant, executive deputy general manager of Guangzhu Power
Generation Co., Ltd. and general manager of Zhuhai Power Plant Co., Ltd., general manager and secretary of the
Party Committee of Guangdong Zhuhai Jinwan Power Generation Co., Ltd., general manager of Guangzhu Power
Generation Co., Ltd.
Mr. Wen Lianhe was born in October 1968 and graduated from Harbin Institute of Technology. He is now senior
engineer (professor level) and currently deputy chief engineer and director of Strategic Development Department
of Guangdong Yudean Group Co., Ltd. He once served as deputy minister of Biotechnology and Safety
Supervision Department of Guangdong Yudean Group Co., Ltd., general manager and party committee secretary
of Guangdong Honghai Bay Power Generation Co., Ltd.
Ms. Wen Shufei, born in August 1964, is Bachelor of Economics from Zhongnan University of Finance and
Economics. She is an accountant and currently serves as deputy chief accountant and head of financial department
of Guangdong Yudean Group Co., Ltd. She once served as deputy division chief and division chief of the Second
Business Office of Guangdong Provincial Finance Ombudsman Office of Ministry of Finance, deputy group
leader of preparatory group, deputy general manager, party branch secretary and general manager of Guangdong
Yudean Finance Co., Ltd.
Mr. Chen Ze was born in January 1969. He holds a bachelor degree from Chongqing University and a doctoral
degree in management from Huazhong University of Science and Technology. He is senior economist, corporate
counsel (practicing qualifications), and currently serves as the general counsel, secretary of the board of directors,
and director of legal affairs and capital operation department of Guangdong Yudean Group Co., Ltd. He once
served as deputy director of the general department and director of capital operation and legal affairs department
of Guangdong Yudean Group Co., Ltd., general manager and party branch secretary of Guangdong Yudean
Shipping Co., Ltd.
Mr. Zhou Xi'an, born in March 1973, is Bachelor of Engineering from Zhejiang University, Master of Engineering
from Huazhong University of Science and Technology. He is senior engineer and currently the director of the
general department and party branch secretary of Guangdong Yudean Group Co., Ltd. He used to be deputy chief
engineer and deputy director of Changhu Hydropower Plant, deputy general manager of Guangdong Yudean
Changhu Power Generation Co., Ltd., general manager and party committee secretary of Guangdong Yudean
Qingxi Power Generation Co., Ltd., general manager and party committee secretary of Guangdong Yudean
Nanshui Water Power Generation Co., Ltd.
Mr. Chen Changlai was born in April 1963. He has a correspondence bachelor's degree in economics and
management from Guangdong Provincial Party School, and a master's degree in business administration from
South China University of Technology. He is senior political engineer and currently the director and party
committee secretary of Shajiao A Power Plant. He used to serve as the director of the Beijing office of Guangdong
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Yudean Group Co., Ltd., party committee secretary,discipline inspection commission secretary and labour union
chairman of the Shajiao A Power Plant.
Mr. Zhang Xueqiu, born in January 1966. Bachelor of Science, Xiangtan University, Master of Management, Jinan
University. Senior economist. He is currently the Deputy General Manager and Secretary of the Board of Directors
of Guangzhou Development Group Co., Ltd. He was the general manager of Guangzhou Development Group Co.,
Ltd.
Mr. Sha Qilin, born in October 1960. Master of Wuhan Institute of Technology. Associate Professor, practicing
lawyer. He is currently a lawyer of Guangdong Nanguo Desai Law Firm, member of the Professional Committee
of Financial and Securities of Guangzhou Lawyers Association, and concurrently an independent director of
Guangdong Electric Power Development Co., Ltd. He was an associate professor of Wuhan Institute of
Technology (now Wuhan University of Technology), head of investment and development department of China
Huandao Group Company, deputy chief engineer of group and chief manager of overseas listed leading group.
Ms. Shen Hongtao, was born in August 1967, PhD of management of Xiamen University, professor, doctoral
supervisor. Currently, she is a professor in accounting department of Jinan University, and concurrently serves as
member of Accounting Society of China, Standing member of Accounting Association of Guangdong Province,
editorial board member of China Journal of Accounting Studies, editorial board member of Accounting Study,
independent director of Rising Nonferrous Metals Co.,Ltd, independent director of Polyrocks Chemical Co.,Ltd
and independent director of Guangdong Electric Power Development Co.,Ltd. She had served as deputy section
head of Guangdong Provincial People's Government, consultant of PwC International and vice president of
International College of Jinan University.
Mr. Wang Xi, was born in April 1970, PhD of economics of Sun Yat-sen University, professor, doctoral
supervisor, Specially-appointed Professor of Pearl-river Scholar. Currently, he serves as professor of Lingnan
School of Yat-sen University and Director of Institute of Economic Research of Yat-sen University, concurrently
serves as editorial board member of The World Economy of Chinese Academy of Social Sciences, Deputy
Secretary-General and Standing member of China Institute of International Finance, Standing member of China
Society of World Economics, financial consulting expert of Guangdong Provincial People's Congress Standing
Committee, independent director of Palm Garden Co.,Ltd, independent director of Guangzhou Securities Co.,Ltd,
independent director of Zhuhai Rural Commercial Bank and independent director of Guangdong Electric Power
Development Co.,Ltd. He had served as cadre of Agricultural Bank of China Guangdong Branch, manager of the
investment department of Hainan Trust and Investment Corporation, deputy director of the Finance Department of
Lingnan School of Yat-sen University, director and vice president of International Business Department of
Lingnan School of Yat-sen University.
Mr. Ma Xiaoqian, born in March 1964, is Ph.D.of engineering thermophysics from South China University of
Technology. He is a professor and currently serving as the director of the Key Laboratory of the Electric Power
School of South China University of Technology and concurrently serving as the deputy director of teaching
guiding committee of energy and power professional of high education of the Ministry of Education, the chairman
of the Guangzhou Energy Institute, the outside director of Guangzhou Environmental Protection Investment
Group Co., Ltd., and the independent director of Guangzhou Development Group Co., Ltd. He used to be the dean
and vice president of Electric Power College of the South China University of Technology.
Mr. Yin Zhongyu was born in February 1969. He is Master of rural finance from Northwest Agricultural
University. He is currently the general manager of the Great Wall Securities M&A Department. He previously
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
served as a director of the Guotai Junan M&A business and an executive director of Shanghai Longrui Investment
Consultants Company.
Mr.Zhang Dewei, born in January 1961. Guangzhou Normal University Bachelor of Science, Jinan University
Master of Business Administration. Senior economist. He is currently the Minister of Audit and Supervisory
Committee of Guangdong Yudean Group Co., Ltd. He served as Director of the General Manager's Office of
Guangdong Electric Power Development Co., Ltd., Secretary of Board Affairs Department and Secretary of the
Board of Directors, Deputy Director of the Board of Guangdong Yudean Asset Management Co., Ltd., Deputy
Director of the Board of Directors of Guangdong Yudean Group Co., Deputy Minister of Legal Affairs, Deputy
Minister of Capital Operations and Legal Affairs.
Ms.Zhao Li, born in October 1972. China University of Finance Bachelor of Economics, Master of Business
Administration, Jinan University. senior accountant. He is currently Vice Minister of Finance of Guangdong
Yudean Group Co., Ltd. Former Guangdong Yudean Asset Management Co., Ltd. Ministry of Finance production
infrastructure division manager, Guangdong Yudean Group Co., Ltd. senior director of the Ministry of Finance,
production finance division manager.
Mr. Lin Weifeng, born in February 1968. Bachelor of Management, Jiangxi University of Science and
Technology. auditor. The current Guangdong Electric Power Development Co., Ltd. employee supervisor, Shajiao
A power plant finance minister. Former Shajiao power plant audit director, Shajiao A power plant deputy chief
economist.
Mr. Li Qing, born in May 1977. Bachelor of Economics, Shanghai University of Finance and Economics. senior
accountant. The current Guangdong Electric Power Development Co., Ltd. employee supervisor, director of the
audit room. Former Yunfu Power Plant Finance Department Accounting, Guangdong Yuelong Power Co., Ltd.
Finance Minister Assistant.
Mr. Zhu Weiping, born in May 1957. Doctor of Economics, Jinan University. He is currently a vice president of
the China Industrial Economics Society, executive vice president of the Guangdong Economic Association,
Zhujiang Industrial and Guangsheng Youse Independent Director, Independent Supervisor of Guangdong Electric
Power Development Co., Ltd..
Mr. Jiang Jin Suo, born in March 1968. Doctor of Management, Jinan University. Professor, Certified Public
Accountant. He is currently the Deputy Director of Accounting Department of Guangdong Finance Institute,
Member of Guangzhou Institute of Certified Public Accountants, Independent Supervisor of Guangdong Electric
Power Development Co., Ltd.
Mr. Yang Xuanxing, born in November 1965. Bachelor of Management, Zhongshan University, Master of
Business Administration, Macau University of Science and Technology. Senior Auditor. He is currently the
deputy general manager of Guangdong Electric Power Development Co., Ltd. He was appointed Deputy Director
of Audit Office of Guangdong Electric Power Industry Bureau, Director of Audit and Supervision Department of
Guangdong Yudean Asset Management Co., Ltd., Deputy Secretary of Discipline Inspection Commission of
Guangdong Yudean Group Co., Ltd., Finance Minister and Deputy Chief Accountant.
Ms. Liu Hui was born in October 1965. Bachelor of Engineering, Jiangxi South Metallurgical School. Senior
engineer. He is currently the deputy general manager of Guangdong Electric Power Development Co., Ltd.
Former Guangdong Thermal Power Engineering Corporation Deputy Chief Economist, Minister of Budget,
Guangdong Electric Power Development Co., Ltd. project management manager.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Mr. Liu Wei, born in April 1979, is Bachelor of finance from Zhongnan University of Economics and Law. He is
an economist and currently serves as the Company’s deputy general manager, chief financial officer, secretary of
the board of directors, and concurrently as manager of the board affairs department. He used to be responsible for
the financial department of Guangdong Electric Power Development Co., Ltd., and be responsible and as the host
of the Board Affairs Department, and the representatives of the company's securities affairs.
Office taking in shareholder companies
√Applicable □Not applicable
Does he /she
Names of the Sharing date Expiry date receive
persons in Names of the shareholders Titles engaged in the shareholders of office of office remuneration or
office term term allowance from
the shareholder
Guangdong Yudean Group Director, General Manager and Vice September
Huang Zhenhai Yes
Co., Ltd. Secretary of Party committee, 2015
Guangdong Yudean Group
Yao Jiheng Member of the party committee January 2011 No
Co., Ltd.
Member of the commission for
discipline inspection, Vice Chief
engineer and Minster of Safety
Guangdong Yudean Group December
Rao Subo Supenvision and production
Co., Ltd.
technology, Head of preparation
section of Guangdong Electric Power
Infoirmation technology Center
Vice Chief engineer and Minister of
Guangdong Yudean Group November
Wang Jin Management and Secretary of the Yes
Co., Ltd.
party branch
Guangdong Yudean Group Vice Chief engineer and Minister of
Wen Lianhe June 2009 Yes
Co., Ltd. Strategic Dept
Guangdong Yudean Group Vice Chief accountant and Minister
Wen Shufei July 2014 Yes
Co., Ltd. of finance Dept
General Counsel, Secretary of the
Guangdong Yudean Group
Chen Ze Board of Directors, Minister of legal June 2016 Yes
Co., Ltd.
Affairs and Capital Operations
Guangdong Yudean Group Head of the integrated department November
Zhou Xian Yes
Co., Ltd. and secretary of the Party branch 2016
Guangdong Yudean Group
Zhang Xueqiu Deputy GM and Board secretary May 2009 Yes
Co., Ltd.
Guangdong Yudean Group
Zhang Dewei cretary of Audit Supervise Dept June 2012 Yes
Co., Ltd.
Guangdong Yudean Group November
Zhao Li ice Secretary of Finance Dept Yes
Co., Ltd.
Offices taken in other organizations
√Applicable □Not applicable
Drawing
Start date of End date of remuneration and
Name Other unit Title
office term office term allowance from of
other unit(Y/N)
Guangdong Shaoguan Yuejiang Power
Rao Subo Board chairman July 2016 No
Generation Co., Ltd.
Vice Board
Rao Subo Guangdong Yuejia Electric Power Co., Ltd. December 2013 No
chairman
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Guangdong Yudean Yunhe Power
Rao Subo Board chairman January 2014 No
Generation Co., Ltd.
Guangdong Yuelong Power Generation
Rao Subo Board chairman July 2015 No
Co.,Ltd.
Rao Subo North Union Electric Power Co., Ltd. Director March 2014 No
Rao Subo Shanxi Yudean Energy Co., Ltd. Board chairman January 2014 No
Rao Subo Yudean Investment Co., Ltd. Board chairman February 2014 No
Tianshengqiao First Class Hydropower
Rao Subo Board chairman June 2017 No
Development Co., Ltd.
Guangdong Electric Power Trade Center
Wang Jin Director March 2017 No
Co., Ltd.
Maoming Zhenneng Thermoelectric Co.,
Wang Jin Board chairman December 2010 No
Ltd.
Wang Jin Yudean Investment Co., Ltd. Director December 2010 No
Guangdong Zhuhai Jinwan Power
Wang Jin Board chairman August 2011 No
Generation Co., Ltd.
Guangdong Zhuhai Power Generation
Wang Jin Board chairman August 2011 No
Co.,Ltd.
Zhuhai Special Economic Zone
Wang Jin Board chairman February 2013 No
GuangzhuPower Generation Co., Ltd.
Guangdong Yuehua Power Generation
Wang Jin Board chairman July 2017 No
Co.,Ltd.
Wang Jin Guangdong Power Industry Fuel Co., Ltd. Board chairman August 2017 No
Guangdong Yudean Huaqing Coal
Wen Lianhe Gasification Combined cycle Power Board chairman May 2011 否
Generation Co., Ltd .
Guangdong Red Bay Power Generation
Wen Lianhe Board chairman July 2009 No
Co.,Ltd.
Guangdong Yudean Jinghai Power
Wen Lianhe Director August 2009 No
Generation Co., Ltd.
Guangdong Yudean Xinhui Power
Wen Lianhe Board chairman June 2009 No
Generation Co., Ltd.
Guangdong Yudean Bohe Coal Power
Wen Lianhe Board chairman July 2016 No
Co.,Ltd.
Guangdong Yudean Zhongshan Thermal
Wen Lianhe Board chairman July 2009 No
power plant Co., Ltd.
Guangdong Yudean Yudean Holding
Wen Lianhe Director May 2012 No
Western Investment Co., Ltd.
Shenzhen Guangqian Electric Power Executive
Wen Lianhe April 2017 No
Co.,Ltd. director
Guangdong Yudean Huadu Natural gas
Wen Lianhe Board chairman March 2013 No
thermal Power Co., Ltd.
Wen Lianhe Yangjiang Nuclear power Co., Ltd. Director June 2017 No
Taishan Nuclear Power Industry Investment
Wen Lianhe Co., Ltd.（Taishan Nuclear Power Joint Director June 2017 No
Venture Co., Ltd.）
Wen Shufei Guangdong Yudean Finance Co., Ltd. Board chairman August 2017 No
Wen Shufei Chaokang Investment Co., Ltd. Board chairman December 2014 No
Tianshengqiao First Class Hydropower
Wen Shufei Director August 2014 No
Development Co., Ltd.
Zhuhai Special Economic Zone
Wen Shufei Director July 2014 No
GuangzhuPower Generation Co., Ltd.
Guangdong Zhuhai Power Generation
Wen Shufei Director July 2014 No
Co.,Ltd.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Guangdong Zhuhai Jinwan Power
Wen Shufei Director July 2014 No
Generation Co., Ltd.
Guangdong Yudean Financing Lease Co.,
Wen Shufei Board chairman December 2016 No
Ltd.
Chen Ze Guangdong Yudean Shipping Co., Ltd. Board chairman November 2017 No
Chen Ze Huangdong Shippping Co., Ltd. Board chairman June 2017 No
Guangdong Yudean Jinghai Power
Chen Ze Board chairman July 2016 No
Generation Co., Ltd.
Guangdong Lianzhou Yuelian Power Plant
Chen Ze Board chairman July 2016 No
Co., Ltd.
Chen Ze Guangdong Yuejia Electric Power Co., Ltd. Board chairman July 2016 No
Guangdong Yudean Faneng Investment Co., Executive
Chen Ze August 2016 No
Ltd. director
Tianshengqiao First Class Hydropower
Chen Ze Director October 2016 No
Development Co., Ltd.
Chen Ze Guangdong Yangjiang Port Co., Ltd. Board chairman August 2016 No
Guangdong Yudean Real estate Investment Executive
Zhou Xian July 2017 No
Co., Ltd. director
Guangzhou Development Asset Executive
Zhang Xueqiu May 2014 No
Management Co., Ltd. director
Guangzhou Development New Energy Executive
Zhang Xueqiu January 2015 No
Investment Management Co., Ltd. director
Guangzhou Development New City Executive
Zhang Xueqiu May 2014 No
Investment Co., Ltd. director
Guangzhou Development Nansha Executive
Zhang Xueqiu May 2014 No
Investment Management Co., Ltd. director
A
Sha Qilin Guangdong Nanguo Desai Law firm March 2007 Yes
lawyer,Partner
Shen Hongtao Accounting dept , Jinan University Professor April 2012 Yes
Independent
Shen Hongtao Guangsheng Nonferrous Metal Co., Ltd. April 2015 Yes
Director
Guangzhou Yuexiu Finance Holding Group Independent
Shen Hongtao November 2017 Yes
Co., Ltd. Director
Independent
Shen Hongtao Guangzhou Store Co., Ltd. September 2016 Yes
Director
Wang Xi Lingnan College, Sun Yat-sen University Professor July 2006 Yes
Independent
Wang Xi Palm Graden Co., Ltd. May 2014 Yes
Director
Independent
Wang Xi Guangzhou Securities Co., Ltd. December 2012 Yes
Director
Independent
Wang Xi Zhuhai Rural Commercial Bank Co., Ltd. July 2014 Yes
Director
General
Manager of M
Yin Zhongyu Greal Wall Secutities Co., Ltd. March 2009 Yes
&A
Department
Provincial Key Laboratory, School of
Ma Xiaoqian Electric Power, South China University of Director July 2014 Yes
Technology
Guangzhou Environmental protection External
Ma Xiaoqian September 2016 Yes
Investment Group Co., Ltd. director
Independent
Ma Xiaoqian Guangzhou Development Group Co., Ltd. June 2016 Yes
Director
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Guangdong Red Bay Power Generation
Zhang Dewei Director April 2010 No
Co.,Ltd.
Chairman of
Zhang Dewei Yangjiang Nuclear Power Co., ltd. the Supervisory June 2016 No
Committee
Taishan Nuclear Power Industry Investment
Zhang Dewei Co., Ltd.（Taishan Nuclear Power Joint Supervisor June 2016 No
Venture Co., Ltd.）
Zhao Li Yudean Group Guozhou Co., Ltd. Director January 2016 No
Chairman of
Guangdong Yudean Jinghai Power
Zhao Li the Supervisory May 2011 No
Generation Co., Ltd.
Committee
Guangdon Yudean Zhanjiang Wind Power
Zhao Li Director June 2015 No
Generation Co., Ltd.
Guangdong Yudean Environmental
Zhao Li Supervisor March 2014 No
protection Co., Ltd.
Zhao Li CSPG Energy Co., Ltd. Supervisor December 2010 No
Chairman of
Zhao Li Guangdong Power Development Co., Ltd. the Supervisory December 2014 No
Committee
Institute of industrial Economics, Jinan Professor,
Zhu Weiping January 2000 Yes
University President
Independent
Zhu Weiping Guangsheng Nonferrous Metal Co., ltd. November 2016 Yes
director
Professor,
Jiang Jinsuo Guangdong finance institute January 2013 Yes
Headof Dept
Guangdong Yudean Bohe Coal Power
Li Qing Supervisor December 2010 No
Co.,Ltd.
Li Qing Lincang Yudean Energy Co., Ltd. Supervisor January 2015 No
Chairman of
Guangdong Yudean Yongan Gas thermal
Li Qing the Supervisory June 2016 No
Power Co., Ltd.
Committee
Guangdong Yudean Qujie Wind Power
Li Qing Supervisor April 2015 No
Generation Co., Ltd.
South Offshore wind power Union
Li Qing Supervisor June 2012 No
Development Co., Ltd
Yang Xuanxing Zhanjiang Electric Power Co., Ltd. Board chairman May 2015 No
Yang Guangdong Red Bay Power Generation Vice Board
May 2014 No
Xuanxing Co.,Ltd. chairman
Yang Xuanxing Zhanjiang Zhongyue Energy Co., Ltd. Board chairman January 2015 No
Yang Guangdong Yudean Yongan Gas Thermal
Board chairman June 2016 No
Xuanxing Power Co., Ltd.
Guangdong Yudean Zhanjiang Wind Power
Yang Xuanxing Board chairman July 2016 No
Generation Co., Ltd.
Yang Guangdong Yudean Dapu Power Generation Executive
July 2017 No
Xuanxing Co., Ltd. director
Guangdong Huizhou Pinghai Power Vice Board
Yang Xuanxing March 2017 No
Generation Co., Ltd. chairman
Yang Vice Board
Shanxi Yudean Energy Co., Ltd. August 2015 No
Xuanxing chairman
Yang Xuanxing Guangdong Yuejia Power Co., Ltd. Director May 2015 No
Convenor of
Yang
Shenzhen Guangqian Power Co., Ltd. the Board of August 2011 No
Xuanxing
Supervisors
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Maoming Zhenneng Thermoelectric Co.,
Liu Hui Director September 2010 No
Ltd.
Guangdong Yudean Holding Western Vice Board
Liu Hui August 2014 No
Investment Co., Ltd. chairman
Guangdong Guohua Yudean Taishan Power Vice Board
Liu Hui August 2017 No
Generation Co., Ltd. chairman
Liu Hui Guangdo9ng Yudean Shipping Co., Ltd. Director June 2017 No
Guangdong Yudean Bohe Coal Power
Liu Hui Director September 2010 No
Co.,Ltd.
Guangdong Yudean Humen Power
Liu Hui Director October 2017 No
Generation Co., Ltd.
Guangdong Yudean Huadu Natural lGas
Liu Hui Director July 2016 No
Thermal Power Co., Ltd.
Guangdong Yudean Jinghai Power
Liu Wei Director June 2017 No
Generation Co., Ltd.
Convenor of
Liu Wei Guangdong Yudean Shipping Co., Ltd. the Board of May 2007 No
Supervisors
Shenzhen Chuangxin Investment Group
Liu Wei Supervisor August 2016 No
Co., Ltd.
Punishments to the current and leaving board directors, supervisors and senior managers during the report period
by securities regulators in the recent three years
□ Applicable √Not applicable
IV. Remuneration to directors, supervisors and senior executives
Decision-making procedures, basis for determination and actual payment of the remuneration to directors ,
supervisors and senior executives
Directors, supervisors and senior executives of the Company shall obtain labor remuneration and enjoy
corresponding employee benefits according to their position and the Company's wage system. Except such
remuneration and benefits, no other remuneration and fringe benefits shall be additionally provided；The
allowance for the independent directors and independent supervisors of the Company shall be paid according to
the standards approved by the shareholders' general meeting.
At the end of the report period, the directors, supervisors and senior executives received the actual remuneration b
efore tax was total RMB 4.0787 million .
Remueration to directors, supervisors and senior executives in the reporting period
In RMB’0000
Total remuneration Remuneration actually
Name Positions Sex Age Office status received from the receivect at the end of
shareholder the reporting period
Huang Zhenhai Board chairman Male 55 In Office Yes
Vice Board
Yao Jiheng chairman, Male 52 In office 45.75 No
General Manager
Rao Subo Director Male 53 In office Yes
Wang Jin Director Male 54 In office Yes
Wen Lianhe Director Male 49 In office Yes
Wen Shufei Director Female 53 In office Yes
Chen Ze Director Male 48 In office Yes
Zhou Xian Director Male 44 In office Yes
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Employee
Chen Changlai Male 54 In office 70.69 No
director
Zha\ng Xueqiu Director Male 51 In office Yes
Independent
Sha Qilin Male 57 In office 4.78 No
director
Independent
Shen Hongtao Female 50 In office 4.78 No
director
Independent
Wang Xi Male 47 In office 2.64 No
director
Independent
Ma Xiaoqian Male 53 In office 1.07 No
director
Independent
Yin Zhongyu Male 48 In office 1.07 No
director
Chairman of the
Zhang Dewei Supervisory Male 56 In office Yes
Committee
Zhao Li Supervisor Female 45 In office Yes
Independent
Zhu Weiping Male 60 In office 3.57 No
Supervisor
Independent
Jiang Jinsuo Male 49 In office 3.57 No
Supervisor
Employee
Lin Weifeng Male 49 In office 30.09 No
supervisor
Employee
Li Qing Male 40 In office 27.81 No
supervisor
Deputy General
Yang Xuanxing Male 52 In office 61.65 No
manager
Deputy General
Liu Hui Female 52 In office 58.5 No
manager
Deputy General
manager, Finance
Liu Wei Male 38 In office 39.92 No
Manager, Board
secretary
Li Yanxu Director Male 51 Dimission Yes
Hong Rongkun Director Male 60 Dimission Yes
Gao Shiqiang Director Male 60 Dimission Yes
Li Mingliang Director Male 53 Dimission Yes
Xu Ping Director Male 54 Dimission Yes
Yang Xinli Director Male 55 Dimission Yes
Independent
Liu Tao Male 46 Dimission 3.71 No
director
Independent
Zhang Hua Male 52 Dimission 4.25 No
director
Independent
Mao Fugen Male 54 Dimission 3.17 No
director
Deputy General
Li Xiaoqing Manager, Finance Female 46 Dimission 40.85 No
Manager
Total -- -- -- -- 407.87 --
Incentive equity to directors, supervisors or/and senior executives in the reporting period
□Applicable√Not applicable
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
V. Particulars about employees.
1. Staff jobs, education, job title number and proportion refer to the following pie chart:
Number of in-service staff of the parent company（person）
Number of in-service staff of the main subsidiaries（person） 6,928
Total number of the in-service staff（person） 6,957
Total number of staff receiving remuneration in the current
6,957
period（person）
The number of the parent company and the main subsidiary’s
2,933
retired staffs who need to bear the cost（person）
Professional
Classified according by Professions Number of persons（person）
Production 4,468
Sales
Technical 1,240
Financial
Administrative
Total 6,957
Education
Classified according by education background Number of persons（person）
Doctor
Master
Universities 3,036
Colleges 2,010
Technical secondary school
High school and Below 1,388
Total 6,957
2. Remuneration policies
The company’s staff received the salaries and enjoyed the benefits according to the relevant provisions stipulated
in the company’s Salary Management Approach. The salary of the company’s staff (Except the management staff
who categorized in the annual salary system) basically constituted by the basic salary, post salary, performance
salary, allowance, overtime wages and special bounties and so on.
3.Training plan
The company formulated the Temporary Provisions for the Management of Staff Education and Training. The
staff training was adhered to the principle of learning integrated with application, learning by the needs and
stressing of practical effect, focused on the main contents of the post and the practical operation skills. The
training contents included the new staff orientation training, post training, continuing education, overseas training
and other trainings.
4. Outsourcing situation
□ Applicable √ Not applicable
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
IX. Administrative structure
I.Basic state of corporate governance
The company is strictly in accordance with “Company Law”, “Securities Law”, “Governance Standards of Listed
Company”, “Listing Rules of Stocks” and other laws and regulations requirements, constantly perfects the
corporate governance structure, standardizes corporate operations and further enhances the level of corporate
governance. The company has established the corporate “Articles of Association”, the rules of procedure of three
meetings’ operation, the working rules of the board of directors special committee, the working rules of the
general manager of company and working conditions and internal control system which basically covers all
aspects of the operation management like financial management, investment management, information disclosure,
associated trade, external guarantees and fund-raising. These systems are implemented better. During the reporting
period, the company has amended part of the clauses in “Inside Information Management System” based on the
original systems and the requirements of the CSRC.
Does there exist any difference in compliance with the corporate governance , the PRC Company Law and the
relevant provisions of CSRC,
□ Yes √ No
There exist no difference in compliance with the corporate governance , the PRC Company Law and the relevant
provisions of CSRC.
II. Independence and Completeness in business, personnel , assets, organization and finance
The company has implemented separation of operation,separation of human resource, separation of assets, separat
ion of organization and financial independence between controlling shareholder. And it has a complete business
and operations management ability. 1. Separation of operation: the Company is principally engaged in the
electricity generation and sales to Guangdong Electric Power Holding Co.(“GPHC”) directly. The Company has
subcontracted the subsidiary of Yudean, the holding company, to purchase the fuels, which is solely for the
purpose of better utilization of large-scale purchase and cost control. 2. Separation of human resource: the General
Manager and all his subordinates, Secretary to the Board of Directors, Financial Manager are paid by the
Company and take no position in the holding company. 3. Separation of assets: the Company has independent
production system, supporting system and other facilities. The Company owns its intangible assets such as
intellectual property rights, trademarks and non-patent technology; 4. Separation of organization: the Company
has established integrated operating institution of its own.5.. Financial independence: the Company has an
independent financial department and has established independent accounting system and financial management
system. It opened independent bank accounts for its own operation.
III. Competition situations of the industry
√Applicable □ Not Applicable
Problem Name of the Property of Time Schedule of Works and
Problems and Causes Countermeasures
Types Controlling the Controlling Follow-up Program
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Shareholders Shareholders
Yudean Group was On January 3, 2018, the co Our company will actively fulfill
established when mpany disclosed Announce the trusteeship and responsibiliti
Guangdong Provinci ment on Controlling Shareh es according to the “Equity Cust
al Government took olders' Commitment to Perf ody Agreement” and participate
the lead in the im orm Related Matters (public in the management and decision-
plementation of the notice No.: 2018-01); on J making and inspection and super
“plant and networ anuary 13, 2018, the compa vision of the custody target. The
k separation” power ny disclosed Announcement company will cooperate with Y
system reform in of Related Transactions on udean Group to push forward th
China, and was sep the \"Equity Custody Agree e defect rectification of the unde
arated and formed ment\" signed with Guangdo rlying assets, study the rectificati
from Guangdong Pr ng Yudean Group Co., Ltd. on and solution to the defects a
ovincial Power Gro (public notice No.: 2018-0 nd obstacles in the relevant asse
up Corporation. It i 4). In order to avoid compe ts that do not meet the listing c
s the largest and m tition in the same industry onditions, promote relevant rectif
ost powerful power and to fulfill the relevant h ication work from the aspects of
generation enterpri orizontal competition commi improving project approval or a
se in Guangdong P tments, Yudean Group has s pproval procedures, clarifying la
rovince. Yudean Po igned the Entrusted Manage nd and property ownership, enha
wer is the only list ment Agreement with the c ncing asset profitability, and imp
Guangdong ed company under ompany, and all the shareho lementing legal compliance. For
Horizontal
Yudean the Yudean Group lders' rights other than the custody assets that meet the listi
competitio Local SASAC
Group Co., and is engaged in ownership, income, and disp ng conditions in the future, Yud
ns
Ltd. power production b osal rights of the company ean Group will, in accordance
usiness. At present, that temporarily fails to me with the unified deployment of t
Yudean Group still et the listing conditions in t he Guangdong Provincial Party
has some remainin he company's custody area Committee and the provincial go
g power generation of the Yudean Group are es vernment and the overall require
assets that have n crowed to our company. ments for the reform of state-ow
ot been included in ned enterprises, actively create c
Yudean Power tem onditions for the injection into li
porarily. Considerin sted companies in accordance wi
g the situation of t th the status of the assets under
hese power generati custody, combined with enterpri
on assets, it is tem se restructuring, structural adjust
porarily not in line ment arrangements, electricity m
with the listing co arket and capital market conditio
nditions, and it is ns.
difficult to solve th
ese problems in the
short term. Theref
ore, there is a cert
ain degree of horiz
ontal competition.
IV. Annual General Meeting and Extraordinary Shareholders’ Meetings in the Reporting Period
1.Annual General Meeting
Investor
Sessions Type Meeting Date Disclosure date Disclosure index
participation ratio
Name of Announcement :Announcement of
2016 Annual Resolution of 2016 shareholders’ general
Shareholders’ General 72.90% May 17,2017 May 18,2017 meeting ，Announcement No.:2017-17.
general meeting Meeting Published in China Securities Daily, Securit
ies Times and http//.www.cninfo.com.cn
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Name of Announcement :Announcement of
The first
Provisional Resolution of the first Provisional
provisional
shareholders’ September September shareholders’ general meeting in 2017，
shareholders’ 73.01%
General 18,2017 19,2017 Announcement No.:2017-34,
General meeting
Meeting Published in China Securities Daily, Securit
in 2017
ies Times and http//.www.cninfo.com.cn
2. Request for extraordinary general meeting by preferred stockholders whose voting rights restore
□ Applicable √Not applicable
V. Responsibility performance of independent directors in report period
1. The attending of independent directors to board meetings and shareholders’ general meeting
The attending of independent directors
Failure to
Number of Board Number of Number of Times for
Number of personally attend
Independent meetings necessary meetings attendances Number of attending the
spot board meetings
Directors to be attended in the attended by by absence AGM
attendances successively
reporting period Communication representative
twice (Yes/No)
Sha Qilin 7 3 4 0 0 No
Shen Hongtao 7 3 4 0 0 No
Wang Xi 7 1 4 2 0 No
Ma Xiaoqian 3 1 2 0 0 No
Yin Zhongyu 3 1 2 0 0 No
Liu Tao 4 2 2 0 0 No
Zhang Hua 4 2 2 0 0 No
Mao Fugen 4 2 2 0 0 No
Notes to failure to personally attend Board Meetings Successively Twice
2.Objection of independent directors on some relevant issues
Objection of independent directors on some relevant issues
□ Yes √No
Independent directors proposed no objection against the relevant matters in the reporting period.
3. Other notes to duty performance of independent directors
Has an independent director’s advice to the Company been accepted
√Yes □No
Explanation on acceptance of or failure to accept an independent director’s advice to the Company.
Nil
VI. Duty Performance of Special Committees under the Board of Directors in the Reporting Period
The board of directors of the company comprises committee of strategy, audit, budget, nomination and
remuneration and appraisal. Each professional committee has established their corresponding working rules and
put forward related professional opinions and suggestions according to their respective duties to the company
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
operating development, which promoted the standardized operation of the company. In 2017, the duty fulfillment
conditions of each special committee of the company's board of directors are as follows:
1.According to the relevant provisions of the China securities regulatory commission and Shenzhen stock
exchange as well as the working discipline of annual report of the board of directors audit committee. On March
31, 2017, the Audit Committee of the eighth session board of directors held the Ninth meeting, in which the
company’s 2016 annual financial report and The Company's Internal Control Evaluation Report etc were
deliberated, thus formed review opinions;
1. On August 8, 2017, the Audit Committee of the 8th Board of Directors convened the 10th meeting to review the
company's semi-annual financial report in 2017and form an audit opinion.
2. The Board of Directors' Remuneration and Appraisal Committee reviewed the remuneration of the directors,
supervisors and senior management personnel disclosed in this report, and considered that the determination of the
remuneration standard and the granting of annual remuneration can be combined with the performance of the
respective positions, which is consistent with the company’s remuneration management regulations; the
remuneration of directors, supervisors and senior management personnel disclosed in the annual report is true.
3. The budget committee of the Eight board held its 3rd meeting on April 21, 2017 , reviewed and adopted the
“Proposal on Illustration of Budget Implementation in 2016 and Budget Preparation in 2017”.
4. The Nomination Committee of the Board of Directors viewed the Proposal on Recommending
Non-Independent Directors of the Ninth Board of Directors, Proposal on Recommendation of the Independent
Director of the Ninth Board of Directors and Proposal on Recommendation of selection of the Ninth Management
Team and Other Senior Management Personnel on August 30, 2017 in a communication conference, the
qualifications of directors, independent directors and senior management personnel of the 9th session of the Board
of Directors were carefully reviewed.
VII. Work of the supervisory Committee
Did the supervisory Committee find any risk existing in performing the supervision activities in the reporting
period
□Yes √No
The supervisory Committee has no objection against any matters under supervision in the reporting period
VIII. Assessment and incentive Mechanism for Senior executives
Performance evaluation and incentive system will be employed by senior managers on the basis of enterprise
salary management system.
IX. Internal control situations
1.Specific situations on major defects of internal control discovered during report period
□ Yes √ No
2.Self-evaluation report on internal control
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
Disclosure date of appraisal report on
April 28,2018
internal control
Disclosure index of appraisal report on Juchao Website:（http://www.cninfo.com.cn） Selfevaluation report of internal control in
internal control
Proportion of total unit assets covered by
appraisal in the total assets of the
96 %
consolidated financial statements of the
company
Proportion of total unit incomes covered
by appraisal in the total business incomes
99.16%
of the consolidated financial statements of
the company
Standards of Defects Evaluation
Category Financial Report Non-financial Report
Qualitative criteria of evaluation towards inner control deficiency of Qualitative criteria of evaluation
financial report made by company are as follows: Ⅰ, the inner control towards inner control deficiency
of financial report should be considered as “significant deficiency” if of non-financial report made by
the following circumstances (including but not limited to) occurred: ① company are as follows: ①
the ineffective environmental control; ② irregularities appearing significant deficiency means one
between company directors, supervisors and senior executives; ③ or more combinations of control
serious mistakes in the financial statements of the current period found deficiency which may result in
by external audit but not the inner control in the process of operating; seriously deviating from control
④ ineffective supervision of inner control from directorate and inner goals. ② serious deficiency
audit institution. Ⅱ, the inner control of financial report should be means one or more combinations
Qualitative criteria considered as “serious deficiency” if the following circumstances of control deficiency whose
occurred: ① accounting policy chosen and applied is not based on the severity and financial result are
GAAP; ② anti-irregularity procedure and control measures are not less than those of significant
established; ③ very few relative control measures are established or deficiency with possibility of
implemented in terms of the accounting treatment related to deviating company from its
unconventional or special transaction; ④ one or more deficiencies control goals. ③ common
exist in the control process of final financial report and the authenticity, deficiency means other control
accuracy and integrity of establishment can not be assured reasonably. deficiencies apart from
Ⅲ common deficiency means, apart from the above “significant significant and serious
deficiency” and “serious deficiency”, other deficiencies exist in the deficiencies.
inner control process.
A quantitative criterion regards operating receipt and gross value of
assets as its yard stick. ① inner control deficiency may lead to loss
related to profit statement, which is measured by operating receipt. The
amount of misstatement in financial report resulted from the control
deficiency or its combination is less than 0.5 percent of the operating
①the significant deficiency
receipt, which could be considered as the common deficiency. That
means that the direct property
would be considered as serious deficiency if the amount of
loss is between 50 million
misstatement in financial report resulted from the control deficiency or
yuan .(2) the significant
its combination is more than 0.5 percent but less than 1 percent of the
deficiency means hat the direct
Quantitative standard operating receipt. And that would be regarded as significant deficiency
property loss is between 30
if that is more than 1 percent of the operating receipt. ② inner control
million yuan (including 30
deficiency may lead to loss related to assets management, which is
million yuan) ; the serious
measured by total assets. The amount of misstatement in financial
deficiency means that the direct
report resulted from the control deficiency or its combination is less
property loss is between 30
than 0.5 percent of the total assets, which could be considered as the
million.
common deficiency. That would be considered as serious deficiency if
the amount of misstatement in financial report resulted from the control
deficiency or its combination is more than 0.5 percent but less than 1
percent of the total assets. And that would be regarded as significant
deficiency if that is more than 1 percent of the total assets.
Number of major
defects in financial
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
reporting（a）
Number of major
defects in non financial
reporting (a)
Number of important
defects in financial
reporting（a）
Number of important
defects in non financial
reporting（a）
X. Internal Control audit report
√ Applicable □Not applicable
Review opinions in the internal control audit report
Disclosure date of audit report
Disclosure
of internal control (full-text)
Index of audit report of
April 28,2018
internal control (full-text)
Internal audit report’s opinion Juchao Website: （http://www.cninfo.com.cn）2017 Audit report of internal control
Type of audit report on internal
Unqualified auditor’s report
control
Whether there is significant
No
defectin non-financial report
Has the CPAs issued a qualified auditor’s report of internal control .
□ Yes √No
Does the internal control audit report issued by the CPAs agree with the self-assessment report of the Board of
Directors
√Yes □No
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
X. Corporate Bond
Whether the company has corporate bonds that have been publicly issued and listed on the stock exchange, and
not yet due or due butnot folly cashed on the approval date of annual report
Yes
I.Basic information of corporate bonds
Bond short Bond balance Interest
Bond name Bond code Issue day Due day Servicing way
name ‘0000 rate
Using simple interest rate
on a yearly basis,
regardless of compound
2012 Corporate bonds
interest. Due payments
of Guangdong Electric 12 Yudean March March
112162.SZ 120,000 4.95% once a year, maturing
Power Development Bond 18,2013 17,2020
debt at a time. In the final
Co., Ltd..
phase, interest is paid
together with the
principal redemption.
Corporate bonds listed or trading places Shenzhen Stock Exchange
Investor Proper Arrangement Not applicable
The company paid the bond interests of the current year on March 20, 2017 to all
During the reporting period, interest payment the bond holders who were registered in China Securities Depository and
situation of the company bonds Clearing Co., Ltd. Shenzhen branch as of the afternoon of March 17, 2017 when
the Shenzhen Stock Exchange closed.
If the corporate bonds attached to special clauses
The duration of the bonds is 7 years, with redemption option, option of raising
to the issuer or the investors such as option
coupon rate by the issuer and the puttable right for the investors at the end of the
clause and exchangeable clause, please specify
fifth year. During the reporting period, the relevant clauses have not met the
the implementation status of the corresponding
conditions for implementation.
clauses. (When applicable)
II. Bond trustee and the credit rating agency information
Bond trustee：
22/F, CITIC Securities Building , Song
CITIC Securities
Name Office No.48. Liangmaqiao Road, Contact Yilan ,Kou Tel 010-60838888
Co., Ltd.
Chaoyang District , Beijing Zhibo
The credit rating agencies which follow and rate the corporate bond during the reporting period
8/F, Anji Building, No.760, Tibet South Road,
Name CCXR Office address
Huangpu District, Shanghai.
During the report period, the bond trustee, credit rating agency
employed by the company that have changed, reasons for the
change, performing procedures, relevant influence on Not applicable
investors,etc(If applicable).
III. The usage of corporate bonds to raise money
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
The usage and performance of raised funds
raised funds to repay the loans, thus to adjust the debt structure; the remaining RMB
from Corporate bonds
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 (RMB’0000)
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
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
Special fund raising account operation 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, Yes
use plans, and other agreement
IV.Corporate bond rating information
On June 16, 2017, CCXR traced and analyzed the credit status of the company and the company’s bonds of
“12-Yudean Bonds”, maintained the credit rating of AAA for the main body of the company, with a stable outlook;
maintained the credit rating of AAA for the corporate bonds.(The rating results were disclosed on the website:
http://www.ccxr.com.cn/, with the title of Tracking and Rating Report for the 2012-Corpoprate Bonds of
Guangdong Electric Power Development Co., Ltd(2017).
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 by
CCXR, the credit rating of the main body of the company is AAA with a stable outlook, and the credit rating of
the corporate bonds is AAA.
(2)The repayment plan: The interest of the bonds commenced from the date of March 18, 2013, and the interest of
the bonds shall be paid once each year within the duration of the bonds after the commencement date of the
interest. The date of March 18 of each year in the period from 2014 to 2020 shall be the interest paying day for
paying the recent full year’s bond interests (If it is not a working day, the payment day will be postponed to the
first working day after the day). If the issuer performs the redemption option or the investors perform the puttable
right, then the date of March 18 of each year in the period from 2014 to 2018 is the interest paying day for paying
the recent full year’s interests of the bonds being redeemed or the bonds being sold back. The maturity date of the
bonds is March 18, 2020, and the company will repay the principal and pay the last full year’s interest when the
bond is due. If the issuer performs the redemption option or the investors perform the puttable right, the maturity
date of the bonds being redeemed or the bonds being sold back is March 18, 2018, and the corresponding
principal and the last full year’s interest will be repaid.
(3) Safeguard measures for the repayment: in order to fully and effectively safeguard the interests of the
bondholders, the company had made a series of work plans for the full repayment of the bonds that can be
implemented on time, including the designated department and personnel, arrangement of repaying the bonds,
establishment of the management measures, doing good organization and coordination, strengthening the
information disclosure and so on, strived to form a set of safeguard measures for ensuing the repayment of the
bonds.
VI.During the reporting period the bondholder meeting
During the reporting period, the company did not hold bondholders meeting.
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
VII.During the reporting period the bond trustee perform his duties
The company’s bond trustee- CITIC Securities Co., Ltd safeguarded the legal rights of the bond holders with in
accordance with the law and performed the obligations stipulated in the Prospectus of the Issuance of Bonds and
other publicly disclosed documents, hence continuously followed up and acquainted the relevant information of
the company during the entrusting period, issued and provided the regular report of the bond trustee, with in
accordance 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 for
Guangdong Electric Power Development Co., Ltd(year of 2016) on May 26, 2017, and the report was disclosed
on the cninf website on May 30, 2016 by the company.
VIII.During the reporting period, the company's major accounting data and financial indicators for last 2
years
In RMB’0000
Items 2017 2016 At the same time rate of change
Earnings before interest, tax,
299,991.27 342,800.75 -12.49%
depreciation and amortization
Current ratio 60.09% 66.95% -6.86%
Debt ratio 58.17% 58.49% -0.32%
Quick ratio 41.95% 46.93% -4.98%
EBITDA/Total debts 7.47% 8.46% -0.99%
Interest coverage ratio 1.99 2.08 -4.33%
Cash interest coverage ratio 3.9 7.03 -44.52%
EBITDA interest coverage ratio 2.05 2.14 -4.21%
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 last
year
√ Applicable □Not applicable
The reduction in the period for payment of fire coal funds and the increase in fire coal prices resulted in a decrease
in the net cash flow from operating activities and a decrease in times interest earned of cash.
IX. Information about fulfillment of the stipulations or commitments specified in the Prospectus of the issuance of
the bonds during the reporting period
1.On June 7, 2016, the company issued 700,000,000 yuan of phase I ultra short-term financing bonds, with a term
of 270 days. During the reporting period, the payment of the principal and interest was RMB 715,013,863.
2.On August 11, 2016, the company issued 500,000,000 yuan of Phase II ultra short-term financing bonds, with a
term of 270 days. During the reporting period, the payment of the principal and interest was RMB ：509,471,069.
3. On March 18, 2013, the Company publicly issued 12 Yudean bonds to the public with a nominal amount of
RMB 1,200,000,000 and a term of 5+2 years. It is a kind of real-name book-entry corporate bonds. The interest
paid back during the reporting period was RMB 59,400,000.
4. The controlling subsidiary of the Company, Guangdong Huizhou Pinghai Power Plant Co., Ltd., issued the first
ultra-short-term financing bond of RMB 500,000,000 on July 20,2016. The term of the bond was 270 days.
During the reporting period, the principal and interest paid back was RMB 510,615,068;
5. The controlling subsidiary of the Company, Guangdong Huizhou Pinghai Power Plant Co., Ltd., publicly issued
“16 Pinghai 01” to the public on September 26, 2016. It was a real-name book-entry corporate bond (“16 Pinghai
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
01”) with a nominal amount of RMB 700,000,000 and a term of 5 years. The interest paid back during the
reporting period was RMB 21,700,000.
X..During the reporting period the situation of performing the related agreement or commitment in the
corporate bond prospectus
In ther report period, the company signed an unconditional available bank amount limit of about RMB 34.7 billion,
of which the used amount limit was RMB 16.8 billion, thus the remaining available bank amount limit was about
RMB 17.9 billion. In this year, the company repaid bank loans of about RMB 11.3 billion, and the balance of bank
loans was RMB 30.2 billion.
XI.During the reporting period the situation of performing the related agreement or commitment in the
corporate bond prospectus
The company had committed to pay the principal and interests to the bondholders according to the stipulations of
the prospectus of “Yudean Bonds” issuance. In the reporting period, the company strictly performed the
commitment, and on March 20, 2017, the company paid the bond interests to all the bondholders registered by
China Securities Depository and Clearing Co., Ltd. Shenzhen Branch as of the afternoon time of March 17, 2017
when the trading in Shenzhen Stock Exchange was closed.
XII.Major events occurring in the period of report
Nil
XIII.Whether there is a guarantor corporate bonds
□ Yes √No
Guangdong Electric Power Development Co., Ltd. 2017Annual Report
XI. Financial Report
I. Audit report
Type of audit opinion Unqualified audit opinion
Date for signing the auditor’s report April 26,2018
Name of audit firm PWC Certified Public Accountants (special general partnership)
Auditing file No. PWC ZTSZD No.(2018)10033
Certified public accountant's name Wang Bin, Chen Junjun
Auditor’s Report
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
FINANCIAL STATEMENTS AND
AUDITOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2017
Auditor’s Report
Guangdong Electric Power Development Co., Ltd.
Financial Statements and Auditor's Report
For the Year Ended 31 December 2017
Page
Auditor’s Report 103-109
Financial statements for the year ended 31 December 2017
Consolidated and company balance sheets 110-113
Consolidated and company income statements 114-116
Consolidated and company cash flow statements 117-120
Consolidated statement of changes in owners’ equity 121-122
Company statement of changes in owners’ equity 123-124
Notes to the financial statements 125-266
Supplementary information 267-268
Auditor’s Report
Auditor’s Report
PwC ZT Shen Zi (2018) No. 10033
(Page 1 of 7)
To the Board of Directors of Guangdong Electric Power Development Co., Ltd.,
Opinion
What we have audited
We have audited the accompanying financial statements of Guangdong Electric Power Development Co., Ltd.
(hereinafter “Guangdong Electric Power”), which comprise:
the consolidated and company balance sheets as at 31 December 2017;
the consolidated and company income statements for the year then ended;
the consolidated and company cash flow statements for the year then ended;
the consolidated and company statements of changes in owners’ equity for the year then
ended; and
notes to the financial statements.
Our opinion
In our opinion, the accompanying financial statements present fairly, in all material respects, the
consolidated and company’s financial position of Guangdong Electric Power as at 31 December 2017, and
their financial performance and cash flows for the year then ended in accordance with the requirements of
the Accounting Standards for Business Enterprises (“CASs”).
Basis for Opinion
We conducted our audit in accordance with China Standards on Auditing (“CSAs”). Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
We are independent of Guangdong Electric Power in accordance with the Code of Ethics for Professional
Accountants of the Chinese Institute of Certified Public Accountants (“CICPA Code”), and we have fulfilled
our other ethical responsibilities in accordance with the CICPA Code.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the financial statements of the current period. These matters were addressed in the context of our
audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
Key audit matters identified in our audit are summarised as follows:
impairment of coal-fired power related available-for-sale financial assets, fixed assets and
construction in progress
changes in depreciation period and residual values of fixed assets
Auditor’s Report
PwC ZT Shen Zi (2018) No. 10033
(Page 2 of 7)
Key Audit Matters (Cont’d)
Key Audit Matters How our audit addressed key audit matters
(1) impairment of coal-fired power related 1. Based on our understanding of the businesses
available-for-sale financial assets, fixed assets and engaged by Guangdong Electric Power and its
construction in progress subsidiaries (“Yudean Group”) and the
requirements of relevant accounting standards,
Refer to Note II(28)(a), IV(8), (12) and (13) to the we evaluated the asset groups identified by
financial statements. management and how assets are allocated to
each asset group.
As Guangdong Electric Power’s individual
subsidiaries and investees that are engaged in 2. Based on our understanding of the businesses of
coal-fired power generation are experiencing Yudean Group and the industry in which Yudean
continuing operating losses, management
considers that there’s indication that power
Group operates, we challenged the
generation asset groups (mainly including fixed reasonableness of the assumptions applied by
assets and construction in progress) and management in calculating present value of
available-for-sale financial assets recognised for estimated future cash flows are reasonable.
investments in above investees may be impaired.
Future sales amount of electricity - We
In management’s judgement, the above asset reviewed power generation quato allocated to
groups’ fair value less costs to sell cannot be related power plants and long-term electricity
reliably measured, therefore, present value of sales agreement. We inquired management to
estimated future cash flows for related assets and
evaluate their opinion on the development of
asset groups is calculated to assess whether
carrying amounts of fixed assets, available-for-sale coal-fired power industry;
financial assets and construction in progress with
indication of impairment as at 31 December 2017 On-grid electricity price - We reviewed related
are impaired. It is expected that the calculation of plants’ on-grid electricity price stipulated by
present value of estimated future cash flows Guangdong Provincial Development and
involves management’s significant judgements, Reform Commission. We compared on-grid
including estimates on future sales amount of electricity price with its historical tendencies
electricity, on-grid electricity price, price of coal
and predictions on economy and industry, and
used in power generation, other operating cost,
capital expenditure and discount rates used in
discussed with management on whether the
calculation. on-grid electricity price in the predicted period
is reasonable;
Based on the results of the above impairment test,
in 2017 the Guangdong Electric Power made Price of coal used in power generation - we
provisions of RMB 25,010,686 for impairment of compared the price of coal used in power
available-for-sale financial assets and RMB generation with its historical tendencies, and
87,911,775 for impairment of construction in discussed with management on whether the
progress. assumptions on price of coal used in power
generation are reasonable;
Other operating cost - we reviewed whether the
movements in other operating cost are in
agreement with changes in driving factor of
cost;
Auditor’s Report
PwC ZT Shen Zi (2018) No. 10033
(Page 3 of 7)
Key Audit Matters (Cont’d)
(1) impairment of coal-fired power related Capital expenditure - we reviewed the capital
available-for-sale financial assets, fixed assets and expenditures to check whether they are in
construction in progress(Cont’d) agreement with related budget of construction
in progress and approved capital cost plan.
As the carrying amounts of available-for-sale
financial assets, fixed assets and construction in Net cash flows from disposal of assets - we
progress with indication of impairment are discussed with management regarding the
significant to the consolidated financial
basis on which the net cash flows from disposal
statements of Guangdong Electric Power, and the
impairment test involves management’s
of assets and asset groups at the end of their
significant estimates and judgements, impairment useful lives was estimated, and we reviewed
of available-for-sale financial assets, fixed assets the recent transaction information of
and construction in progress is identified as a key comparable generation units that existed or
audit matter. are under construction at the end of their
useful lives to assess whether management’s
prediction on net cash flows from disposal of
assets is reasonable;
Discount rate - we introduced the assessment
from valuation expert to predict whether the
discount rate used in estimating the present
value of future cash flows is reasonable and
whether it falls within the range applied by
other companies in industry, as well as
considering the impact of capital cost of related
asset group on discount rate.
3. Reviewed the inputs and formula that were used
to estimate present value of estimated future
cash flows to verify the accuracy of calculation
results;
4. Considering the remaining useful lives of fixed
assets, we challenged the reasonableness of
long-term growth rate that was used to estimate
the present value of future cash flows for the
period beyond 5-year prediction period to the
end of their useful lives;
Conducted sensitivity analysis on discount rate
and other key assumptions applied by
management, evaluating how the changes in key
assumptions will result in different results to
further evaluate if there’s indication that
management is partial in selecting parameters of
key assumptions.
Auditor’s Report
PwC ZT Shen Zi (2018) No. 10033
(Page 4 of 7)
Key Audit Matters (Cont’d)
(1) impairment of coal-fired power related We found that management’s assumptions on
available-for-sale financial assets, fixed assets and impairment of available-for-sale financial assets, fixed
construction in progress(Cont’d) assets and construction in progress are supported by
appropriate evidence.
(2) changes in depreciation period and residual 1. Obtained an understanding of and made an
values of fixed assets evaluation on Yudean Group's internal control
regarding changes in accounting estimates, and
Please refer to Note II(31) and Note IV(12) to the tested related internal control;
financial statements.
2. Inquired of management about the impact of
Per approval from Board of Directors of Yudean changes in economic environment and
Group, depreciation period and residual values of technology improvement on depreciation period
certain fixed assets are adjusted since 1 June 2017. and residual values of fixed assets. Challenged
The adjustment will result in a decrease of the reasonableness of the reason for which
approximately RMB 377,000,000 in deprecation
of fixed assets for the year ended 31 December
depreciation period and residual values of fixed
2017, and an increase of approximately RMB assets are changed and compared with other
212,000,000 in net profit attributable to equity listed companies in the industry, and analysed
owners of the Company for the year ended 31 whether the adjusted depreciation period and
December 2017. residual values of fixed assets applied by Yudean
Group fall within the range applied by other
The estimates on depreciation period and residual listed companies;
values of related fixed assets place great reliance
on management’s judgements, and could be 3. Obtained and reviewed the analysis opinion on
affected by management’s partiality. The amounts depreciation period and residual values of fixed
affected is significant to the financial statements of
assets provided by the Manufacturing and
Yudean Group. Therefore, change in useful lives
and net residual values of fixed assets is identified Technique Department of Yudean Group, and
as a key audit matter. verified whether the changes agree with the
analysis opinion. Discussed with personnel from
the Manufacturing and Technique Department
and checked some of their qualification
certificates on a sampling basis to evaluate their
capability to analyse the depreciation period and
residual values of fixed assets;
4. Recalculated the impact of changes in
accounting estimates on financial statements,
and reviewed whether they are appropriately
disclosed.
We found that management’s assumptions on
depreciation period and residual values of fixed
assets are supported by appropriate evidence.
Auditor’s Report
PwC ZT Shen Zi (2018) No. 10033
(Page 5 of 7)
Other Information
Management of Guangdong Electric Power is responsible for the other information. The other information
comprises all of the information included in 2017 annual report of Guangdong Electric Power other than the
financial statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form
of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based
on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Audit Committee for the Financial Statements
Management of Guangdong Electric Power is responsible for the preparation and fair presentation of these
financial statements in accordance with the CASs, and for such internal control as management determines is
necessary to enable the preparation of financial statements that are free from material misstatement, whether
due to fraud or error.
In preparing these financial statements, management is responsible for assessing Guangdong Electric Power’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate Guangdong Electric Power
or to cease operations, or has no realistic alternative but to do so.
Audit committee is responsible for overseeing Guangdong Electric Power’s financial reporting process.
Auditor’s Report
PwC ZT Shen Zi (2018) No. 10033
(Page 6 of 7)
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether these financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with CSAs will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with CSAs, we exercise professional judgement and maintain professional
scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on Guangdong Electric Power’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in these financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor’s report. However, future events or conditions may cause Guangdong Electric Power
to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within Guangdong Electric Power to express an opinion on the consolidated
financial statements. We are responsible for the direction, supervision and performance of the group
audit. We remain solely responsible for our audit opinion.
We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify
during our audit.
Auditor’s Report
PwC ZT Shen Zi (2018) No. 10033
(Page 7 of 7)
Auditor’s Responsibilities for the Audit of the Financial Statements (Cont’d)
We also provide the Audit Committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Audit Committee, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
PicewaterhouseCoopers Zhong Tian LLP Signing CPA
———————————
Wang Bin
Shanghai, the People’s Republic of China (Engagement Partner)
26 April 2018 Signing CPA
———————————
Chen Junjun
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2017
(All amounts in RMB Yuan unless otherwise stated)
ASSETS Note 31 December 2017 31 December 2016
Current assets
Cash at bank and on hand IV(1) 4,996,580,490 5,184,873,650
Accounts receivable IV(2) 2,826,237,259 2,776,061,909
Advances to suppliers IV(3) 826,786,279 1,064,822,122
Interest receivable IV(4) 14,923,771 16,681,118
Other receivables IV(5) 208,907,993 133,499,956
Inventories IV(6) 1,527,634,773 1,513,153,241
Current portion of non-current assets 29,563,053 -
Other current assets IV(7) 1,137,582,469 882,055,591
Total current assets 11,568,216,087 11,571,147,587
Non-current assets
Available-for-sale financial assets IV(8) 1,243,633,985 1,279,387,994
Long-term receivables IV(9) 84,358,065 136,075,412
Long-term equity investments IV(10) 5,801,006,412 5,432,637,750
Investment properties IV(11) 8,296,639 8,932,237
Fixed assets IV(12) 40,996,206,316 41,814,685,521
Construction in progress IV(13) 8,467,687,340 6,343,293,763
Construction materials IV(14) 35,869,033 1,496,854
Fixed assets pending for disposal IV(15) 14,662,233 4,304,229
Intangible assets IV(16) 1,665,784,490 1,707,490,221
Goodwill IV(17) 27,486,780 27,486,780
Long-term prepaid expenses IV(18) 27,007,371 34,611,712
Deferred tax assets IV(19) 372,553,039 303,929,269
Other non-current assets IV(20) 694,647,533 2,011,524,431
Total non-current assets 59,439,199,236 59,105,856,173
TOTAL ASSETS 71,007,415,323 70,677,003,760
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
CONSOLIDATED BALANCE SHEET (CONT’D)
AS AT 31 DECEMBER 2017
(All amounts in RMB Yuan unless otherwise stated)
LIABILITIES AND OWNERS’ EQUITY Note 31 December 2017 31 December 2016
Current liabilities
Short-term borrowings IV(22) 9,270,000,000 5,758,860,000
Notes payable IV(23) 297,611,800 1,330,480,837
Accounts payable IV(24) 2,219,027,261 3,167,250,446
Advance from customers IV(25) 1,938,223 12,456,360
Employee benefits payable IV(26) 157,738,628 144,122,128
Taxes payable IV(27) 277,285,402 326,919,844
Interest payable IV(28) 98,553,104 83,648,793
Dividends payable IV(29) 9,703,930 9,703,930
Other payables IV(30) 3,908,512,671 3,292,556,995
Current portion of non-current liabilities IV(31) 3,012,690,360 1,433,644,523
Other current liabilities IV(32) - 1,723,070,000
Total current liabilities 19,253,061,379 17,282,713,856
Non-current liabilities
Long-term borrowings IV(33) 19,465,723,869 19,888,172,037
Debentures payable IV(34) 698,168,211 1,900,124,468
Long-term payables IV(35) 1,548,259,241 1,917,552,654
Payables for specific projects IV(36) 64,605,011 26,675,385
Deferred income IV(37) 142,520,263 125,650,072
Long-term employee benefits payable IV(38) 91,622,907 122,832,249
Deferred tax liabilities IV(19) 24,188,860 37,718,277
Other non-current liabilities IV(39) 16,405,569 39,000,000
Total non-current liabilities 22,051,493,931 24,057,725,142
Total liabilities 41,304,555,310 41,340,438,998
Owners' equity
Share capital IV(40) 5,250,283,986 5,250,283,986
Capital surplus IV(41) 5,004,250,685 5,003,007,478
Other comprehensive income IV(42) 137,001,523 145,059,015
Surplus reserves IV(43) 7,590,363,724 6,845,001,818
Undistributed profits IV(44) 5,713,290,735 6,135,494,928
Total equity attributable to equity owners of
the Company 23,695,190,653 23,378,847,225
Minority interests 6,007,669,360 5,957,717,537
Total owners' equity 29,702,860,013 29,336,564,762
TOTAL LIABILITIES AND OWNERS' EQUITY 71,007,415,323 70,677,003,760
The accompanying notes form an integral part of these financial statements.
Huang Zhenhai Liu Wei Meng Fei
Legal representative Principal in charge of accounting Head of accounting department
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2017
(All amounts in RMB Yuan unless otherwise stated)
ASSETS Note 31 December 2017 31 December 2016
Current assets
Cash at bank and on hand 429,724,538 326,073,538
Accounts receivable XV(1) 195,462,150 212,343,198
Advances to suppliers 57,189,222 79,990,745
Interest receivable 1,698,504 723,819
Dividends receivable 17,536,791 -
Other receivables XV(2) 27,984,304 122,933,749
Inventories 151,849,683 149,462,926
Other current assets - 25,650,427
Total current assets 881,445,192 917,178,402
Non-current assets
Available-for-sale financial assets 1,243,633,985 1,279,387,994
Long-term receivables 401,460,000 335,000,000
Long-term equity investments XV(3) 23,370,412,702 22,896,735,913
Investment properties 8,296,639 8,932,237
Fixed assets 1,054,459,265 1,049,906,014
Construction in progress 49,949,168 43,039,781
Intangible assets 88,660,312 92,152,556
Deferred tax assets 43,591,562 -
Other non-current assets 356,004,000 672,504,000
Total non-current assets 26,616,467,633 26,377,658,495
TOTAL ASSETS 27,497,912,825 27,294,836,897
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
COMPANY BALANCE SHEET (CONT’D)
AS AT 31 DECEMBER 2017
(All amounts in RMB Yuan unless otherwise stated)
LIABILITIES AND OWNERS' EQUITY 31 December 2017 31 December 2016
Current liabilities
Short-term borrowings 1,700,000,000 300,000,000
Accounts payable 221,325,935 517,973,144
Employee benefits payable 32,124,015 31,813,417
Taxes payable 38,907,195 9,688,606
Interest payable 49,765,772 48,091,022
Dividends payable 9,703,930 9,703,930
Other payables 119,738,967 93,522,121
Current portion of non-current liabilities 1,197,935,476 -
Other current liabilities - 1,216,583,014
Total current liabilities 3,369,501,290 2,227,375,254
Non-current liabilities
Long-term borrowings 1,500,000,000 1,500,000,000
Debentures payable - 1,196,982,619
Payables for specific projects 8,775,514 -
Deferred income 53,869,596 59,533,388
Long-term employee benefits payable 22,265,631 23,445,887
Deferred tax liabilities - 12,508,093
Total non-current liabilities 1,584,910,741 2,792,469,987
Total liabilities 4,954,412,031 5,019,845,241
Owners' equity
Share capital 5,250,283,986 5,250,283,986
Capital surplus 5,605,794,602 5,605,752,163
Other comprehensive income 137,001,523 145,059,015
Surplus reserves 7,590,363,724 6,845,001,818
Undistributed profits 3,960,056,959 4,428,894,674
Total owners' equity 22,543,500,794 22,274,991,656
TOTAL LIABILITIES AND OWNERS' EQUITY 27,497,912,825 27,294,836,897
The accompanying notes form an integral part of these financial statements.
Huang Zhenhai Liu Wei Meng Fei
Legal representative Principal in charge of accounting Head of accounting department
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2017
(All amounts in RMB Yuan unless otherwise stated)
Note 2017
Revenue IV(45) 26,643,792,057 22,681,120,022
Less: Cost of sales IV(45) (23,292,288,669) (17,793,626,382)
Taxes and surcharges IV(46) (243,872,444) (299,690,966)
Selling and distribution expenses (8,223,996) (2,807,165)
General and administrative expenses IV(47) (654,998,125) (775,880,023)
Financial expenses - net IV(48) (1,279,255,541) (1,369,698,178)
Asset impairment losses IV(49) (145,754,374) (758,270,129)
Add: Investment income IV(50) 489,086,549 341,364,663
Including: Share of profit of associates and joint
ventures 436,407,641 290,956,937
Losses on disposal of assets IV(51) (4,720,404) (3,723,321)
Other income IV(52) 50,872,822 -
Operating profit 1,554,637,875 2,018,788,521
Add: Non-operating income IV(53) 9,464,974 99,242,840
Less: Non-operating expenses IV(54) (9,892,374) (213,124,201)
Total profit 1,554,210,475 1,904,907,160
Less: Income tax expenses IV(55) (416,489,316) (618,844,889)
Net profit 1,137,721,159 1,286,062,271
Classified by continuity of operations
Net profit from continuing operations 1,137,721,159 1,286,062,271
Net profit from discontinued operations - -
Classified by ownership of the equity
Attributable to equity owners of the
Company 743,180,431 936,534,941
Minority interests 394,540,728 349,527,330
Other comprehensive income, net of tax
Attributable to equity owners of the Company (8,057,492) (100,649,700)
Other comprehensive income that will be
subsequently reclassified to profit or loss
Share of the other comprehensive income
of the investee accounted for using
equity method which will be reclassified
subsequently to profit and loss - (439,064)
Gains or losses arising from changes in fair
value of available-for-sale financial assets (8,057,492) (100,210,636)
Total comprehensive income 1,129,663,667 1,185,412,571
Attributable to equity owners of the Company 735,122,939 835,885,241
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2017
(All amounts in RMB Yuan unless otherwise stated)
Attributable to minority interests 394,540,728 349,527,330
Earnings per share
Basic earnings per share (RMB Yuan) IV(56) 0.14 0.18
Diluted earnings per share (RMB Yuan) IV(56) 0.14 0.18
The accompanying notes form an integral part of these financial statements.
Huang Zhenhai Liu Wei Meng Fei
Legal representative Principal in charge of accounting Head of accounting department
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2017
(All amounts in RMB Yuan unless otherwise stated)
Note 2017
Revenue XV(4) 2,117,499,891 2,029,877,030
Less: Cost of sales XV(4) (2,019,135,513) (1,648,261,528)
Taxes and surcharges (10,188,705) (21,983,992)
Selling and distribution expenses (46,598) (13,886)
General and administrative expenses (108,376,528) (133,031,153)
Financial expenses - net (197,178,583) (210,739,704)
Asset impairment losses (673,578,111) (85,722,207)
Add: Investment income XV(5) 1,531,007,381 2,206,631,861
Including: Investment income from associates and
joint ventures 430,233,195 286,517,653
Losses on disposal of assets (1,847,006) (139,571)
Other income 7,003,961 -
Operating profit 645,160,189 2,136,616,850
Add: Non-operating income 759,723 8,132,110
Less: Non-operating credits/(expenses) (1,034,213) (616,359)
Total profit 644,885,699 2,144,132,601
Less: Income tax expenses 51,661,211 (14,527,156)
Net profit 696,546,910 2,129,605,445
Classified by continuity of operations
Net profit from continuing operations 696,546,910 2,129,605,445
Net profit from discontinued operations - -
Classified by ownership of the equity
Attributable to equity owners of the Company 696,546,910 2,129,605,445
Minority interests - -
Other comprehensive income, net of tax (8,057,492) (100,649,700)
Other comprehensive income that will be
subsequently reclassified to profit or loss
Share of the other comprehensive income of the
investee accounted for using equity method
which will be reclassified subsequently to profit
and loss - (439,064)
Gains or losses arising from changes in fair value of
available-for-sale financial assets (8,057,492) (100,210,636)
Total comprehensive income 688,489,418 2,028,955,745
The accompanying notes form an integral part of these financial statements.
Huang Zhenhai Liu Wei Meng Fei
Legal representative Principal in charge of accounting Head of accounting department
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
CONSOLIDATED CASH FLOW STATEMENT (CONT’D)
FOR THE YEAR ENDED 31 DECEMBER 2017
(All amounts in RMB Yuan unless otherwise stated)
Note 2017
Cash flows from operating activities
Cash received from sales of goods or rendering
of services 31,015,193,180 25,046,349,439
Refund of taxes and surcharges 4,351,929 5,548,556
Cash received relating to other operating
activities IV(58)(a) 149,296,827 175,522,880
Sub-total of cash inflows 31,168,841,936 25,227,420,875
Cash paid for goods and services (23,504,495,193) (11,718,985,740)
Cash paid to and on behalf of employees (1,689,157,554) (1,784,621,548)
Payments of taxes and surcharges (1,812,415,045) (2,542,268,475)
Cash paid relating to other operating activities IV(58)(b) (486,739,641) (476,769,294)
Sub-total of cash outflows (27,492,807,433) (16,522,645,057)
Net cash flow from operating activities IV(59)(a) 3,676,034,503 8,704,775,818
Cash flows from investing activities
Cash received from returns on investments 267,717,887 513,955,425
Net cash received from disposal of fixed assets,
intangible assets and other long-term assets 4,437,274 20,778,986
Sub-total of cash inflows 272,155,161 534,734,411
Cash paid to acquire fixed assets,
intangible assets and
other long-term assets (3,408,163,705) (3,315,903,498)
Cash paid to acquire investments (147,000,000) -
Sub-total of cash outflows (3,555,163,705) (3,315,903,498)
Net cash flows used in investing activities (3,283,008,544) (2,781,169,087)
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
CONSOLIDATED CASH FLOW STATEMENT (CONT’D)
FOR THE YEAR ENDED 31 DECEMBER 2017
(All amounts in RMB Yuan unless otherwise stated)
Note 2017
Cash flows from financing activities
Cash received from capital contributions 121,691,869 74,802,100
Cash received from borrowings 14,837,423,033 9,944,710,691
Cash received from issuing debentures and
short-term financing notes - 2,397,375,000
Cash received relating to other financing
activities IV(58)(c) 42,438 90,021,217
Sub-total of cash inflows 14,959,157,340 12,506,909,008
Cash repayments of borrowings (13,016,778,066) (14,079,473,947)
Cash payments for distribution of dividends,
profits or interest expenses (2,019,541,954) (3,627,200,214)
Cash paid for finance leases (504,155,684) (766,374,653)
Sub-total of cash outflows (15,540,475,704) (18,473,048,814)
Net cash flows used in financing activities (581,318,364) (5,966,139,806)
Effect of foreign exchange rate changes on
cash and cash equivalents (755) -
Net decrease in cash and cash equivalents IV(59)(a) (188,293,160) (42,533,075)
Add: Cash and cash equivalents at the
beginning of the year 5,184,873,650 5,227,406,725
Cash and cash equivalents at the end of the
year IV(59)(b) 4,996,580,490 5,184,873,650
The accompanying notes form an integral part of these financial statements.
Huang Zhenhai Liu Wei Meng Fei
Legal representative Principal in charge of accounting Head of accounting department
GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
COMPANY CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2017
(All amounts in RMB Yuan unless otherwise stated)
2017
Cash flows from operating activities
Cash received from sales of goods or rendering of services 2,486,441,357 2,297,109,979
Refund of taxes and surcharges 160,605 -
Cash received relating to other operating activities 15,203,185 24,560,463
Sub-total of cash inflows 2,501,805,147 2,321,670,442
Cash paid for goods and services (2,185,038,145) (1,170,875,526)
Cash paid to and on behalf of employees (318,314,615) (350,301,726)
Payments of taxes and surcharges (27,918,406) (207,700,042)
Cash paid relating to other operating activities (75,445,028) (50,621,481)
Sub-total of cash outflows (2,606,716,194) (1,779,498,775)
Net cash flow from operating activities (104,911,047) 542,171,667
Cash flows from investing activities
Cash received from disposal of investments 100,000,000 300,000,000
Cash received from returns on investments 1,291,979,756 2,401,308,751
Net cash received from disposal of fixed assets, intangible
assets and other long-term assets 208,142 54,914
Sub-total of cash inflows 1,392,187,898 2,701,363,665
Cash paid to acquire investments (651,600,000) (1,192,880,000)
Cash paid to acquire fixed assets, intangible assets and other
long-term assets (96,396,893) (88,163,938)
Sub-total of cash outflows (747,996,893) (1,281,043,938)
Net cash flows from investing activities 644,191,005 1,420,319,727
Cash flows from financing activities
Cash received from borrowings 2,580,000,000 1,000,000,000
Cash received from issuing debentures and short-term
financing notes - 1,198,650,000
Cash received relating to other financing activities 42,438 21,217
Sub-total of cash inflows 2,580,042,438 2,198,671,217
Cash repayments of borrowings (2,380,000,000) (3,100,000,000)
Cash payments for distribution of dividends, profits or interest
expenses (635,670,642) (1,418,039,712)
Sub-total of cash outflows (3,015,670,642) (4,518,039,712)
Net cash flows used in financing activities (435,628,203) (2,319,368,495)
Effect of foreign exchange rate changes on cash and cash
equivalents (755) -
Net increase/(decrease) in cash and cash equivalents 103,651,000 (356,877,101)
Add: Cash and cash equivalents at the beginning of the year 326,073,538 682,950,639
GUANGDONG ELECTRIC POWER DEVELOPME
