GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD.
The Semi-annual Report 2020
August 2020
I. Important Notice, Table of Contents and DefinitionsThe Board of Directors , Supervisory Committee ,Directors, Supervisors and Senior Executives of the Companyhereby guarantees that there are no misstatement, misleading representation or important omissions in this reportand shall assume joint and several liability for the authenticity, accuracy and completeness of the contents hereof.Mr.Wang Jin, The Company leader, Mr. Liu Wei, Chief financial officer and the Mr.Meng Fei, the person incharge of the accounting department (the person in charge of the accounting )hereby confirm the authenticity andcompleteness of the financial report enclosed in this semi-annual report.Other directors attending the Meeting for the Semi-annual report deliberation except for the followed:
| Name of director absent | Title for absent director | Reasons for absent | Attorney |
| Wang Jin | Director | Due to business | Zheng Yunpeng |
| Li Fangji | Director | Due to business | Zheng Yunpeng |
| Chen Ze | Director | Due to business | Rao Subo |
| Yan Ming | Director | Due to business | Wen Lianhe |
| Liang Peilu | Director | Due to business | Sha Qilin |
| Mao Qinghan | Director | Due to business | Ma Xiaoqian |
This semi-annual report involves the forecasting description such as the future plans, and does not constitute theactual commitments of the company to the investors. Investors and stakeholders should all maintain sufficientawareness of risks for this and understand the differences between plans, forecasts and commitments.The Company is mainly engaged in thermal power generation. The business of thermal power generation isgreatly affected by factors including electric power demand and fuel price. Refer to Section X(4) of Chapter 4 ofthis annual report-situation faced and countermeasures for relevant information.The Company Will not distribute cash dividend or bonus shares, neither capitalizing of common reserves for thereport period.
Table of Contents
The Semi-annual Report 2020I.Important Notice, Table of contents and DefinitionsII. Basic Information of the Company and Financial indexIII. Outline of Company BusinessIV. Management’s Discussion and AnalysisV. Important EventsVI. Change of share capital and shareholding of Principal ShareholdersVII. Situation of the Preferred SharesVIII. Information about convertible corporate bondsIX. Information about Directors, Supervisors and Senior ExecutivesX. Corporate BondXI. Financial ReportXII. Documents available for inspection
Definition
| Terms to be defined | Refers to | Definition |
| Guangdong Energy Group | Refers to | Guangdong Energy Group Co., Ltd. |
| Guangqian Company | Refers to | Shenzhen Guangqian Electric Power Co., Ltd. |
| Bohe Company | Refers to | Guangdong Yudean Bohe Coal & Electricity Co., Ltd |
| Dapu Company | Refers to | Guangdong Dapu Power Generation Co., Ltd. |
| Wind Power Company | Refers to | Guangdong Wind Power Co., Ltd. |
| Lincang Company | Refers to | Lincang Yudean Energy Co., Ltd. |
| Qujie Wind Power Company | Refers to | Guangdong Yudean Qujie Wind Power Generation Co., Ltd. |
| Electric Power Sales Company | Refers to | Guangdong Yudean Electric Power Sales Co., Ltd. |
| Anxin Electric Inspection & Installation Company | Refers to | Guangdong Yudean Anxin Electric Inspection & Installation Co., Ltd |
| Tongdao Wind Power Company | Refers to | Tongdao Yuexin Wind Power Generation Co., Ltd. |
| Zhongyue Compamy | Refers to | Zhanjiang Zhongyue Energy Co., Ltd. |
| Yuejiang Company | Refers to | Guangdong Shaoguan Yuejiang Power Generation Co., Ltd. |
| Yongan Natural Gas Company | Refers to | Guangdong Yudean Yongan Natural Gas Thermal Power Co., Ltd. |
| Leizhou Wind Power Company | Refers to | Guangdong Yudean Leizhou Wind Power Generation Co., Ltd. |
| Zhanjiang Company | Refers to | Zhanjiang Electric Power Co., Ltd. |
| Zhanjiang Wind Power Company | Refers to | Guangdong Yudean Zhanjiang Wind Power Co., Ltd. |
| Huizhou Natural Gas Company | Refers to | Guangdong Huizhou Natural Gas Power Co., Ltd. |
| Zhenneng Company | Refers to | Maoming Zhenneng Thermal Power Co., Ltd. |
| Jinghai Company | Refers to | Guangdong Yudean Jinghai Power Co., Ltd. |
| Red Bay Company | Refers to | Guangdong Red Bay Power Co., Ltd. |
| Huadu Natural Gas Company | Refers to | Guangdong Huadu Natural GasT Thermal Power Co., Ltd. |
| Humen Power Company | Refers to | Guangdong Yudean Humen Power Co., Ltd. |
| Yuejia Company | Refers to | Guangdong Yuejia Electric Power Co., Ltd. |
| Pinghai Power Plant | Refers to | Guangdong Hluizhou Pinghai Power Co., Ltd. |
| Pingdian Integrated Energy Company | Refers to | Huizhou Pingdian Integrated Energy Co., Ltd. |
| Zhencheng Integrated Energy Company | Refers to | Guangdong Yudean Zhencheng Integrated Energy Co., Ltd. |
| Daya Bay Company | Refers to | Guangdong Yudean Daya Bay Integrated Energy Co., Ltd. |
| Qiming Company | Refers to | Guangdong Yudean Qiming Energy Co., Ltd. |
| Binhaiwan Energy Company | Refers to | Guangdong Yudean Binhaiwan Energy Co., Ltd. |
| Dianbai Wind Power Company | Refers to | Guangdong Yudean Dianbai Wind Power Co., Ltd. |
| Yangjiang Wind Power Company | Refers to | Guangdong Yudean Yangjiang Offshore Wind Power Co., Ltd. |
| Heping Wind Power Company | Refers to | Guangdong Yudean Heping Wind Power Co., Ltd. |
| Pingyuan Wind Power Company | Refers to | Guangdong Yudean Pingyuan Wind Power Co., Ltd. |
| Zhuhai Wind Power Company | Refers to | Guangdong Yudean Zhuhai Offshore Wind Power Co., Ltd. |
| Wuxuan Wind Power Company | Refers to | Guangxi Wuxuan Yudean New Energy Co., Ltd. |
| Xupu Wind Power Company | Refers to | Hunan Xupu Yuefeng New Energy Co., Ltd. |
| Shibeishan Wind Power | Refers to | Guangdong Yudean Shibeishan Wind Energy Development Co., Ltd. |
| Huilai Wind Power Company | Refers to | Huilai Wind Power Generation Co., Ltd. |
| Yudean Industry Fuel Company | Refers to | Guangdong Power Industry Fuel Co., Ltd. |
| Guangdong Energy Insurance Company | Refers to | Guangdong Energy Property Insurance Captive Co., Ltd. (formerly " Guangdong Yudean Property Insurance Captive Co., Ltd.." renamed on July 27, 2020) |
| Shanxi Energy Company | Refers to | Shanxi Yudean Energy Co., Ltd. |
| Yudean Shipping Company | Refers to | Guangdong Yudean Shipping Co., Ltd. |
| Yudean Western Investment Company | Refers to | Guangdong Yudeann Holdings Western Investment Co., Ltd. |
| Energy Group Finance Company | Refers to | Guangdong Energy Group Finance Co., Ltd. (formerly "Guangdong Yudean Finance Co., Ltd." renamed on March 10, 2020) |
| Guohua Taishan Company | Refers to | Guangdong Guohua Yudean Taishan Power Generation Co., Ltd. |
| Weixin Energy Co., Ltd. | Refers to | Yunnan Yuntou Weixin Energy Co., Ltd. |
| Zhongxinkeng hydropower station | Refers to | Yangshan Zhongxinkeng Power Co., Ltd. |
| Jiangkeng hydropower station | Refers to | Yangshan Jiangkeng hydropower station |
| Southern Offshore wind power | Refers to | Southern Offshore wind power Union Development Co., Ltd. |
| Sunshine Insurance | Refers to | Sunshine Insurance Group Co., Ltd. |
| Shenzhen Capital | Refers to | Shenzhen Capital Group Co., Ltd. |
| GMG | Refers to | GMG International Tendering Co., Ltd. |
| Shenzhen Energy | Refers to | Shenzhen Energy Group Co., Ltd. |
| Shenergy Company | Refers to | Shenergy Company Limited |
II. Corporate Profile and Key Financial ResultsI.Company information
| Stock abbreviation | Yue Dian Li A, Yue Dian Li B | Stock code： | 000539、200539 |
| Stock exchange for listing | Shenzhen Stock Exchange | ||
| Name in Chinese | 广东电力发展股份有限公司 | ||
| Abbreviation of Registered Company Name in Chinese(If any) | 粤电力 | ||
| English name (If any) | GUANGDONG ELECTRIC POWER DEVELOPMENT CO.,LTD | ||
| English abbreviation (If any) | GED | ||
| Legal Representative | Wang Jin | ||
Ⅱ.Contact person and contact manner
| Board secretary | Securities affairs Representative | |
| Name | Liu Wei | Qin Xiao |
| Contact address | 35F, South Tower, Yudean Plaza, No.2 Tianhe Road East, Guangzhou,Guangdong Province | 36/F, South Tower, Yudean Plaza, No.2 Tianhe Road East, Guangzhou,Guangdong Province |
| Tel | (020)87570251 | (020)87570251 |
| Fax | (020)85138084 | (020)85138084 |
| liuw@ged.com.cn | qinxiao@ged.com.cn |
III. Other info.
1. Way of contact
Whether registrations address, offices address and codes as well as website and email of the Company changed in
reporting period or not
□ Applicable √ Not applicable
Registrations address, offices address and codes as well as website and email of the Company has no change inreporting period, found more details in annual report 2019.
2. Information inquiry
Whether information disclosure and preparation place changed in reporting period or not
□ Applicable √ Not applicable
None of the official presses, website, and place of enquiry has been changed in the semi report period. For detailsplease find the Annual Report 2019.IV.Summary of Accounting data and Financial indexMay the Company make retroactive adjustment or restatement of the accounting data of the previous years
□ Yes √ No
| Reporting period | Same period of last year | YoY+/-（%） | |
| Operating income（yuan） | 12,539,917,823 | 12,874,181,250 | -2.60% |
| Net profit attributable to the shareholders of the listed company（yuan） | 813,684,495 | 581,569,383 | 39.91% |
| Net profit after deducting of non-recurring gain/loss attributable to the shareholders of listed company（yuan） | 784,542,709 | 588,588,917 | 33.29% |
| Cash flow generated by business operation, net（yuan） | 4,018,221,897 | 3,803,441,801 | 5.65% |
| Basic earning per share(yuan/Share) | 0.1550 | 0.1108 | 39.89% |
| Diluted gains per share(yuan/Share) | 0.1550 | 0.1108 | 39.89% |
| Weighted average income/asset ratio（%） | 3.03% | 2.37% | 0.66% |
| As at the end of the reporting period | As at the end of last year | YoY+/-（%） | |
| Gross assets（yuan） | 79,265,582,617 | 75,472,027,123 | 5.03% |
| Shareholders’ equity attributable to shareholders of the listed company（yuan） | 26,356,282,412 | 26,178,241,077 | 0.68% |
V.The differences between domestic and international accounting standards1．Simultaneously pursuant to both Chinese accounting standards and international accounting standards disclosedin the financial reports of differences in net income and net assets.
√ Applicable □Not applicable
In RMB
| Net profit attributable to the shareholders of the listed company | Net Assets attributable to the shareholders of the listed company | |||
| Amount in the reporting period | Amount in the previous period | End of the reporting period | Beginning of the reporting period | |
| According to CAS | 813,684,495 | 581,569,383 | 26,356,282,412 | 26,178,241,077 |
| Items and amount adjusted according to IAS | ||||
| The difference arising from recognition of goodwill after merger of enterprises under the same control | 38,638,777 | 38,638,777 | ||
| Difference arising from recognition of land use value after enterprise merger | -315,000 | -315,000 | 16,655,000 | 16,970,000 |
| Influence on minority interests | 27,060 | 27,060 | 4,891,399 | 4,864,339 |
| According to IAS | 813,396,555 | 581,281,443 | 26,416,467,588 | 26,238,714,193 |
2. Differences of net profit and net assets disclosed in financial reports prepared under overseas and Chineseaccounting standards.
□ Applicable √Not applicable
The Company had no difference of the net profit or net assets disclosed in financial report, under either foreignaccounting rules or Chinese GAAP(Generally Accepted Accounting Principles) in the period.
3.Note to the Difference in the Accounting Data based on the Accounting Standards of CAS and IAS.
√ Applicable □ Not applicable
| (a) | The difference arising from recognition of goodwill after merger of enterprises under the same control and recognition of land value after enterprise merger. |
| As required by new Chinese accounting standards, the goodwill formed by the merger of enterprises under the same control shall not be recognized and capital surplus shall be adjusted. Under IFRS, the golldwill formed by the merger of enterprises under the same control shall be recognized and equal to the difference between merger cost and share of fair value of recognizable net assets of the purchased party obtained in merger. Meanwhile, all assets of the purchased party obtained in merger shall be accounted for according to their fair value while such assets shall be accounted for according to their book value according to original Chinese accounting standards for business enterprises. Therefore, this difference will continue to exist. | |
| (b) | Influence on minority interests |
| Housing reform loss occurred to the Company and some holding subsidiaries. Therefore, there’s some influence on minority interests. |
VI.Items and amount of deducted non-current gains and losses
√ Applicable □ Not applicable
In RMB
| Items | Amount | Notes |
| Non-current asset disposal gain/loss(including the write-off part for which assets impairment provision is made) | 51,176,776 | Yuejia Company liquidated the proceeds from the sale of machinery and equipment. |
| Govemment subsidy recognized in current gain and loss(excluding those closely related to the Company’s business and granted under the state’s policies) | 8,974,941 | Mainly due to Zhenneng Company received unemployment insurance rebate and Guangqian Company received subsidy for stable growth of electricity. |
| Other non-business income and expenditures other than the above | -285,673 | |
| Fines and overdue payment fees | -2,784,751 | |
| Non-current assets scrap income | 8,035,492 | Mainly due to the income from scrapped fixed assets of Zhongyue Company and Pinghai Power Plant. |
| Loss of Non-current assets scrapped | -1,124,738 | |
| Less: Amount of influence of income tax | 16,693,859 | |
| Influenced amount of minor shareholders’ equity (after tax) | 18,156,402 | |
| Total | 29,141,786 | -- |
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 oninformation disclosure for Compaines Offering their Securities to the Public-Non-recurring Gains and Losses andits non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure
for Companies offering their securities to the public-non-recurring Gains and losses which have been defined asrecurring gains and losses, it is necessary to explain the reason.
□ Applicable√ Not applicable
None of Non-recurring gain /loss items recorgnized as recurring gain /loss/items as defined by the informationdisclosure explanatory Announcement No.1- Non –recurring gain/loss in the report period.
III. Outline of Company Business
Ⅰ.Main Business the Company is Engaged in During the Report PeriodThe Company mainly engages in the investment, construction and operation management of power projects, and theproduction and sales of electric power. It belongs to the power, heat production and supply industry classified in the“Guidelines for the Industry Classification of Listed Companies” by the China Securities Regulatory Commission.Since its foundation, the Company has always adhered to the business tenet of “Capital from the people, using it forelectricity, and benefiting the public” and adheres to the business policy of “Centering on the main business ofelectricity, with diversified development”, focusing on the main business of power and making the power structurego diversified. In addition to the development, construction and operation of large-scale coal-fired power plants, italso has clean energy projects such as LNG power generation, wind power generation and hydropower generation,which provides reliable and clean energy to users through the grid company. As of June 30,2020,As of the end of the reporting period, the company has controllable installed capacity of 21.192 million kilowatts,including holding installed capacity of 19.536 million kilowatts and equity participation installed capacity of
1.657 million kilowatts. Including: the holding installed capacity for coal-fired power generation of 15.09 millionkilowatts; the holding installed capacity for gas and electricity of 3.72 million kilowatts and renewable energygeneration like wind power and hydropower of 726,000 kilowatts.Income source is primarily contributed by power production and sales, and main business income is derived fromGuangdong Province. The company electricity sales price is subject to the benchmark price verified by the priceauthority per relevant policies based on National Development and Reform Commission (NDRC) and theelectricity transaction price through the market trade implementation per Guangdong Electricity Market TradeBasic Rules and supporting files. In the reporting period, the electricity sold is 31.284 billion kwh, a decrease of
0.76% YOY; average price stated in the consolidated statements is 442.46 Yuan/ thousands kwh (tax included ,thesame below ), a decrease of RMB 17.28 yuan/ thousands kwh and a decrease of 3.80% YOY, the total operatingincome was RMB 12,539.92 million, a decrease of RMB 334.26 million and YoY drop of 2.60%The company's business is dominated by coal-fired power generation, and the fuel costs account for a large portionof operating costs, thus the fluctuations in coal prices have a significant impact on the company's operatingperformance. During the reporting period, affected by the increase in power generation and the continuous increasein coal prices, the company’s Generation fuel costs were 7042.96 million yuan, which accounted for 63.15% of themain business costs; Affected by the fall in electricity and coal prices, a decrease of 785.43 million yuan or adecrease of 10.03% over the same period of last year.During the reporting period, under the positive effects of normalization of epidemic prevention and control andoverall planning of economic and social development, the company's power production was generally stable, themain cost control effect was good, and the profit rate of main business was improved, which made the company'soperating performance achieve a certain growth year-on-year, achieving a net profit attributable to shareholders ofthe parent company of 813.69 million yuan, with a year-on-year increase of 39.91%, and an earning per share of
0.1550 yuan.
Ⅱ.Major Changes in Main Assets
1.Major Changes in Main Assets
| Main assets | Major changes |
| Equity assets | No major changes |
| Fixed assets | No major changes |
| Intangible assets | No major changes |
| Construction in process | No major changes |
2. Main Conditions of Overseas Assets
□ Applicable √ Not applicable
Ⅲ. Analysis On core Competitiveness
1. The largest listed company of power in Guangdong
The Company's main power generation assets are located in Guangdong Province, with a total asset size of morethan 79 billion. It is the largest listed company of power in Guangdong Province. As of June 2020, the controllableinstalled capacity and entrusted installed capacity of the company totaled 34.465 million kilowatts, accounting forabout 26% of the unified installed capacity of Guangdong Province.
2. Strong background resources advantage
As a provincial key energy enterprise, Guangdong Energy Group, the controlling shareholder of the company, hasbeen actively supporting the development and expansion of the company by taking advantage of its resources,technology and asset scale. As the main force of Guangdong's energy resources, the company has always beensubordinated to serving the overall situation of the reform and development of Guangdong Province andGuangdong Energy Group. It has deeply cultivated the main power industry, fully played the value discoveryfunction and resource allocation function of the capital market, and assisted the reform and development ofGuangdong Province's energy resources.
3. Comprehensive advantages of main business
The 13th Five-Year Plan of the Company specified the overall strategy of taking power generation as the corebusiness, optimizing the development of coal-fired power, steadily developing gas power, vigorously developingclean energy such as wind power and hydropower, continuously optimizing the power supply structure, and headingto an efficient, clean and low-carbon road. The company has abundant project reserves and broad developmentprospects, with about 10 million kilowatts of total installed capacity of thermal power generation, onshore windpower, offshore wind power and other power projects currently under construction and in the early stage, clearmain business, reasonable structure, prominent industrial position and market share, and strong comprehensivestrength and broad development prospects.
4. Competitive advantage in electricity market
The company's generator set has high parameters, large capacity, high operation efficiency, low coal consumption,stable operation, superior environmental protection performance and strong market competitive advantage. In the
first half of 2020, the company completed a total of 31.284 billion kWh of electricity in the market, and the scaleof electricity sales continued to rank first in the province, with electricity sales prices superior to the province'saverage. The company gives full play to its three advantages of scale, brand and service. With its marketingservice network all over the province and its technical accumulation and comprehensive resources in the powerindustry, the company provides auxiliary value-added services such as peak regulation, frequency modulation andbackup for the power grid, and provides high-quality value-added services such as comprehensive energy savingand power consumption consultation for users, thus realizing the transformation from a power generationenterprise to an energy comprehensive service enterprise.
5. Advantage of financial resources
As of June 2020, the company's total assets were 79.266 billion yuan, net assets were 34.389 billion yuan, netassets attributable to the parent company were 26.356 billion yuan, and net profit attributable to the parentcompany was 814 million yuan; The net cash inflow from operating activities was 4.018 billion yuan, the net cashoutflow from investment activities was 3.327 billion yuan, and the net cash outflow from financing activities was47 million yuan. The company has large assets, stable operating results, abundant cash flow and strong financialresources.
6. Regional development advantages
As the main energy source in Guangdong Province, the company shoulders the important task of helpingGuangdong Province to build a clean, low-carbon, safe and efficient modern energy system. The company willactively integrate into the construction of Guangdong-Hong Kong-Macao Greater Bay Area, Shenzhen's advanceddemonstration zone and the development of Guangdong's "one core, one belt and one area". It will steadily pushforward the construction of key energy projects and the development of new energy resources in the province andactively seek to expand into regions with better resource conditions and higher power demand.
IV. Management’s Discussion and AnalysisⅠ.GeneralIn the first half of 2020, affected by the COVID-19, the demand for industrial electricity in the whole societydeclined. However, with the solid resumption of production and business, the total electricity consumption inGuangdong Province reached 296.484 billion kWh, which was close to the same level last year, and the declinecontinued to narrow. From January to June, 2020, Guangdong Province's power generation and purchasedecreased by 1.93% year-on-year, nuclear power and wind power in Guangdong Province increased by 19.54%and 23.1% year-on-year, and the power purchase of XD Group decreased by 20.36% year-on-year. The companycompleted 31.284 billion kWh of on-grid power, down by 0.76% year-on-year, and the average utilization hoursof holding coal-fired units were 1764 hours, down by 60 hours year-on-year.In 2020, the scale of marketization transaction in Guangdong Province continued to expand, with the total volumereached 260 billion kWh (an increase of 30% over 2019). According to the data released by the GuangdongElectric Power Trading Center, the 2020 annual bilateral negotiation transaction volume organized by theGuangdong Electric Power Trading Center was 211.713 billion kWh, and the average transaction price differencewas -47.1 Cent(RMB)/kWh. In the first half of 2020, the monthly concentrated bidding transaction power was
9.837 billion kWh, and the average clearing spread was -33.4 Cent(RMB)/kWh. In 2020, the Company'sbudgetary on-grid electricity was 72.867 billion kWh, of which the base electricity was 6.054 billion kWh,accounting for about 10%; the annual long-term contracted was 50.317 billion kWh, accounting for about 70%;the rest was monthly bidding volume, accounting for about 20%. In the first half of 2020, the average selling priceof the Company's consolidated statements was 442.46 yuan / thousand kWh (excluding tax), a decrease of 17.28yuan / thousand kWh.In the first half of 2020, under the positive effects of normalization of epidemic prevention and control and overallplanning of economic and social development, the company's power production was generally stable, the maincost control effect was good, and the profit rate of main business was improved, which made the company'soperating performance achieve a certain growth year-on-year. As of June 2020, the total assets according to thecompany's consolidated statements were 79.266 billion yuan, with an increase of 5.03% over the beginning of theyear, and the equity attributable to shareholders of the parent company was 26.356 billion yuan, with an increaseof 0.68% over the beginning of the year. The company's revenue according to the consolidated statement was
12.54 billion yuan, with a year-on-year decrease of 2.60%; The net profit attributable to shareholders of the parentcompany was 814 million yuan, with a year-on-year increase of 39.91%; Earnings per share is 0.1550 yuan.According to the consolidated statement of the company, the total liabilities are 44.877 billion yuan, and theasset-liability ratio is 56.62%.In the first half of 2020, all 36 wind turbines of the Wailuo offshore wind power project (36×0.55 millionkilowatts), which was controlled by the company, were put into operation in parallel, and 34 of them passed the250h trial operation and were officially put into production, increasing the controllable installed capacity by187,000 kilowatts. As of June 2020, the company has controllable installed capacity of 21.192 million kilowatts,including holding installed capacity of 19.536 million kilowatts and equity participation installed capacity of
1.657 million kilowatts. Including: the holding installed capacity for coal-fired power generation of 15.09 millionkilowatts, accounting for 77.2%; The holding installed capacity for gas and electricity of 3.72 million kilowatts,accounting for 19.0%; The holding installed capacity for renewable energy power generation such as wind powerand hydropower of 726,000 kilowatts, accounting for 3.7%. In addition, the company's installed capacity under
management is 13.273 million kilowatts (11.069 million kilowatts for thermal power and 2.204 million kilowattsfor hydropower), with the above-mentioned controllable installed capacity and the installed capacity underentrusted management totaling 34.465 million kilowatts.II. Main business analysisRefer to relevant contents of “1.Summarization” in “Discussion and Analysis of Management”.Changes in the financial data
In RMB
| This report period | Same period last year | YOY change（%） | Cause change | |
| Operating income | 12,539,917,823 | 12,874,181,250 | -2.60% | |
| Operating cost | 10,150,973,022 | 11,024,143,476 | -7.92% | |
| Sale expenses | 22,894,557 | 12,844,788 | 78.24% | In order to grasp the opportunity of power market reform, the company strengthened its investment in the power market marketing business, so the sales expenses increased significantly year-on-year. |
| Administrative expenses | 301,675,673 | 270,884,804 | 11.37% | |
| Financial expenses | 561,314,905 | 635,395,970 | -11.66% | |
| Income tax expenses | 472,879,412 | 309,835,930 | 52.62% | Mainly due to the company's profit increased year-on-year. |
| R & D Investment | 831,109 | 347,523 | 139.15% | Mainly due to Zhanjiang Electric Power invested more in research and development this year. |
| Cash flow generated by business operation, net | 4,018,221,897 | 3,803,441,801 | 5.65% | |
| Net cash flow generated by investment | -3,327,095,659 | -1,616,320,253 | 105.84% | Mainly due to the company increased its investment in wind power and gas power projects during the reporting period. |
| Net cash flow generated by financing | -46,707,153 | -2,560,881,610 | -567.46% | mainly due to a year-on-year increase of 5.323 billion yuan in borrowings and a year-on-year increase of 2.308 billion yuan in cash paid for debt repayment. |
| Net increasing of cash and cash equivalents | 644,419,313 | -373,760,017 | -1,631.48% | mainly due to the year-on-year increase in financing this year, which led to large changes in cash. |
Major changes to the profit structure or sources of the Company in the reporting period
□ Applicable √Not applicable
The profit composition or sources of the Company have remained largely unchanged during the report period.Component of Business Income
In RMB
| This report period | Same period last year | Increase /decrease | |||
| Amount | Proportion | Amount | Proportion | ||
| Total operating revenue | 12,539,917,823 | 100% | 12,874,181,250 | 100% | -2.60% |
| On Industry | |||||
| Electric power , Steam sales and labor income | 12,359,160,846 | 98.56% | 12,744,689,154 | 98.99% | -3.03% |
| Other | 180,756,977 | 1.44% | 129,492,096 | 1.01% | 39.59% |
| On products | |||||
| Sales Electric Power | 12,249,310,829 | 97.68% | 12,657,308,705 | 98.32% | -3.22% |
| Thermal sales | 68,698,614 | 0.55% | 67,875,105 | 0.53% | 1.21% |
| Comprehensive utilization of fly ash | 145,845,255 | 1.16% | 90,635,771 | 0.70% | 60.91% |
| Other | 76,063,125 | 0.61% | 58,361,669 | 0.45% | 30.33% |
| Area | |||||
| Guangdong | 12,517,016,866 | 99.82% | 12,847,440,711 | 99.79% | -2.57% |
| Yunnan | 22,900,957 | 0.18% | 26,740,539 | 0.21% | -14.36% |
(2)Situation of Industry, Product and District Occupying the Company’s Business Income and Operating Profitwith Profit over 10%
√ Applicable □Not applicable
In RMB
| Turnover | Operation cost | Gross profit rate(%) | Increase/decrease of revenue in the same period of the previous year(%) | Increase/decrease of business cost over the same period of previous year (%) | Increase/decrease of gross profit rate over the same period of the previous year (%) | |
| On Industry | ||||||
| Electric power , Steam sales and labor income | 12,359,160,846 | 10,137,771,229 | 17.97% | -3.03% | -8.02% | 4.45% |
| On Products | ||||||
| Sales Electric Power | 12,249,310,829 | 10,045,115,327 | 17.99% | -3.22% | -8.39% | 4.62% |
| Thermal sales | 68,698,614 | 43,547,861 | 36.61% | 1.21% | 0.50% | 0.45% |
| Area | ||||||
| Guangdong | 12,517,016,866 | 10,124,838,024 | 19.11% | -2.57% | -7.93% | 4.70% |
Under circumstances of adjustment in reporting period for statistic scope of main business data, adjusted mainbusiness based on latest on year’s scope of period-end.
□ Applicable √Not applicable
Explanation for a year-on –year change of over 30%
□ Applicable √Not applicable
Ⅲ. Analysis of Non-core Business
□ Applicable √Not applicable
IV. Analysis of assets and liabilities
1.Significant changes in asset composition
In RMB
| End of Reporting period | End of same period of last year | Change in percentage(%) | Reason for significant change | |||
| Amount | As a percentage of total assets(%) | Amount | As a percentage of total assets(%) | |||
| Monetary fund | 5,726,061,282 | 7.22% | 5,081,641,969 | 6.73% | 0.49% | |
| Accounts receivable | 3,409,377,594 | 4.30% | 3,197,690,464 | 4.24% | 0.06% | |
| Inventories | 1,817,548,570 | 2.29% | 1,817,059,269 | 2.41% | -0.12% | |
| Real estate Investment | 50,818,225 | 0.06% | 52,093,631 | 0.07% | -0.01% | |
| Long-term equity investment | 6,360,521,327 | 8.02% | 6,455,784,562 | 8.55% | -0.53% | |
| Fixed assets | 39,909,743,395 | 50.35% | 38,555,718,718 | 51.09% | -0.74% | |
| Construction in process | 10,126,473,896 | 12.78% | 10,882,003,846 | 14.42% | -1.64% | |
| Short-term loans | 6,947,498,951 | 8.76% | 5,904,132,791 | 7.82% | 0.94% | |
| Long-term loans | 17,444,945,172 | 22.01% | 16,587,103,380 | 21.98% | 0.03% | |
2.Asset and Liabilities Measured by Fair Value
√ Applicable □Not applicable
In RMB
| Items | Amount at year beginning | Gain/loss on fair value change in the reporting period | Cumulative fair value change recorded into equity | Impairment provisions in the reporting period | Purchased amount in the reporting period | Sold amount in the reporting period | Other changes | Amount at year end |
| Financial assets | ||||||||
| 4．Investment in other equity instruments | 3,142,371,373 | 2,195,266,542 | 3,134,892,598 | |||||
| Total | 3,142,371,373 | 2,195,266,542 | 3,134,892,598 | |||||
| Financial Liability | 0 | 0 | 0 |
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) On June 30, 2020, individual subsidiaries of the Group pledged the right to impose electricity charges to banksto obtain long-term loans of RMB 4,304,422,985,of which: the balance of long-term loans due within one yearwas 241,373,286 yuan (as of December 31, 2019: 4,231,292,593 yuan). including: the long-term borrowings duewithin one year amounted to RMB240,907,909 . The borrowings are detailed as follows:
1.As at June 30, 2020, the long-term pledge borrowings of the following subsidiaries were based on their powerfee charging rights and accounts receivable as pledges:
In RMB
| Name | June 30,2020 | December 31,2019 |
| Guangdong Shaoguan Yuejiang Power Generation Co., Ltd. | 1,937,211,666 | 1,976,685,804 |
| Guangdong Yudean Leizhou Power Generation Co., Ltd. | 228,045,480 | 232,038,267 |
| Guangdong Yudean Qujie Wind Generation Co., Ltd. | 1,289,704,200 | 1,155,920,000 |
| Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd. | 112,665,000 | 121,425,000 |
| Lincang Yudean Energy Co., Ltd. | 671,000,000 | 676,000,000 |
| Guangdong Yudean Xuwen Wind Power Generation Co., Ltd. | 65,796,639 | 69,223,522 |
| Total | 4,304,422,985 | 4,231,292,593 |
In RMB
| Name | June 30,2020 | December 31,2019 |
| Guangdong Shaoguan Yuejiang Power Generation Co., ltd. | 193,721,168 | 188,255,791 |
| Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd. | 22,860,000 | 22,860,000 |
| Lincang Yudean Energy Co., Ltd. | 10,000,000 | 15000000 |
| Guangdong Yudean Xuwen Wind Power Generation Co., Ltd. | 6,806,543 | 6,806,543 |
| Guangdong Yudean Leizhou Power Generation Co., Ltd. | 7,985,575 | 7,985,575 |
| Total | 241,373,286 | 240,907,909 |
2.As at June 30,2020, The book value of fixed assets leased by the company through finance leasing is about
RMB 1,238,649,692(Original value RMB 2,962,401,108 )
①.As at June 30,2020, The book value of fixed assets leased by Zhanjiang Zhongyue Energy Co., Ltd.
through finance leasing is about RMB 352,068,940 (Original value RMB 900,000,000 );
②As at June 30,2020, The book value of fixed assets leased by Guangdong Shaoguan Yuejiang Power GenerationCo., Ltd.through finance leasing is about RMB 781,164,085 (Original value RMB1,062,401,108 );
③As at June 30,2020, The book value of fixed assets leased by Guangdong Yudean Jinghai Power Generation Co.,
Ltd.through finance leasing is about RMB 105,416,667 (Original value RMB1,000,000,000);
3. On June 30, 2020, the book value of the construction in progress of the Company to form a finance lease aftersale and leaseback was RMB 1,863,118,149 (December 31,2019: 1,696,460,736)
① The book value of the construction in progress by finance lease by Guangdong Yudean Bohe Coal andElectricity Co., Ltd was RMB 1,008,308,409(December 31,2019: 1,007,806,525).
②The book value of the construction in progress by finance lease by Guangdong Yudean Qujie Wind PowerGeneration Co., Ltd was RMB595,131,079 (December 31,2019: 496,524,360 ).
③The book value of the construction in progress by finance lease by Guangdong Yudean Yangjiang Sea WindPower Co., Ltd. was RMB156,494,075 (December 31,2019: 98,973,445 ).
④③The book value of the construction in progress by finance lease by Guangdong Yudean Zhuhai Sea WindPower Co., Ltd. was RMB103,184,586 (December 31,2019: 100,962,931 ).
V. Investment situation
1. General
√ Applicable □ Not applicable
| Investment of the period | Investment of same period of last year | Scale of change |
| 447,600,000 | 980,162,240 | -54.33% |
2.Condition of Acquiring Significant Share Right Investment during the Report Period
√Applicable □ Not applicable
In RMB
| Name of the Company Invested | Main Business | Investment Way | Investment Amount | Share Proportion % | Capital Source | Partner | Investment Horizon | Product Type | Progress up to Balance Sheet Date | Anticipated Income | Gain or Less or the Current Investment | Whether to Involve in Lawsuit | Date of Disclosure(if any) | Disclosure Index(if any) |
| Guangdong Wind Power Generation Co., Ltd. | Wind Power Generation | Capital increase | 50,000,000 | 100% | Self Funds | No | Long-term | Electric power | During the reporting period, the construction of Taiyangshan Wind Farm Project in Xupu, Hunan Province was progressing normally. | -153,609 | No | April 11,2020 | Announcement No.:2020-13)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Guangdong Wind Power Generation Co., Ltd. | Wind Power Generation | Capital increase | 50,000,000 | 100% | Self Funds | No | Long-term | Electric power | During the reporting period, the construction of Guangxi Wuxuan Wind Farm Phase I project was progressing normally. | -204,770 | No | November 29,2019 | Announcement No.:2019-58)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Guangdong Wind Power Generation Co., Ltd. | Wind Power Generation | Capital increase | 100,000,000 | 100% | Self Funds | No | Long-term | Electric power | During the reporting period, the construction of Zhuhai Jinwan Offshore Wind Farm Project was progressing normally. | -80,922 | No | January 26,2019 | Announcement No.:2019-05)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn |
| Guangdong Yudean Qujie Wind Power Generation Co., Ltd. | Wind Power Generation | Capital increase | 80,000,000 | 100% | Self Funds | No | Long-term | Electric power | During the reporting period, the construction of Zhanjiang Wailuo Offshore Wind Power Project Phase II was progressing normally. | -1,540,546 | No | August 31,2019 | Announcement No.:2019-40)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Guangdong Yudean Qujie Wind Power Generation Co., Ltd. | Wind Power Generation | Capital increase | 80,000,000 | 100% | Self Funds | No | Long-term | Electric power | During the reporting period, the construction of Zhanjiang Xinliao Offshore Wind Power Project was progressing normally. | -1,312,340 | No | November 29,2019 | Announcement No.:2019-59)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Tongdao Yuexin Wind Power Generation Co., Ltd. | Wind Power Generation | Capital increase | 50,000,000 | 100% | Self Funds | No | Long-term | Electric power | During the reporting period, the construction of Dagaoshan Wind Power Project in Tongdao Dong Autonomous County of Hunan Province was progressing normally. | -109,532 | No | April 11,2020 | Announcement No.:2020-13)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Guangdong Yudean Daya Bay Energy Co., Ltd. | Natural Gas Generation | Capital increase | 17,600,000 | 80% | Self Funds | Huizhou Daya Bay Petrification Industrial Zone Investment Co., Ltd.：20% | Long-term | Electric power | During the reporting period, the preliminary work of the Western Comprehensive Energy Station Project of Daya Bay Petrochemical Zone in Huizhou was progressing normally. | -63,973 | No | February 15,2020 | Announcement No.:2020-10)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Guangdong Yudean Qiming Energy Co., Ltd. | Natural Gas Generation | Capital increase | 20,000,000 | 100% | Self Funds | N | Long-term | Electric power | During the reporting period, the preliminary work of the Alternative Power Supply Project at Shenzhen Guangming Plant was progressing normally. | -182 | No | November 29,2019 | Announcement No.:2019-58)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn | |
| Total | -- | -- | 447,600,000 | -- | -- | -- | -- | -- | -- | 0 | -3,465,874 | -- | -- | -- |
3.Situation of the Significant Non-equity Investment Undergoing in the Report Period
□ Applicable √ Not applicable
4. Financial assets at fair value
√ Applicable □ Not applicable
In RMB
| Category | Initial investment cost | Changes in fair value of the this period | Cumulative fair value changes in equity | Purchase amount in the this period | Sale amount in the this period | Gain/loss of the reporting period | Accounting items | Source of the shares |
| Stock | 15,890,628 | -19,782,000 | 42,573,372 | 0 | 0 | 0 | 58,464,000 | Self funds |
| Stock | 235,837,988 | 5,553,225 | 92,357,610 | 0 | 0 | 0 | 328,195,598 | Self funds |
| Stock | 3,600,000 | 6,750,000 | 10,332,000 | 0 | 0 | 0 | 13,932,000 | Self funds |
| Other | 258,297,440 | 0 | 637,702,560 | 0 | 0 | 0 | 896,000,000 | Self funds |
| Other | 356,000,000 | 0 | 1,412,000,000 | 0 | 0 | 0 | 1,768,000,000 | Self funds |
| Other | 70,000,000 | 0 | 301,000 | 0 | 0 | 0 | 70,301,000 | Self funds |
| Total | 939,626,056 | -7,478,775 | 2,195,266,542 | 0 | 0 | 0 | 3,134,892,598 | -- |
5.Investment of Financial Asset
（1）Securities investment
√ Applicable □Not applicable
In RMB
| Security category | Security code | Stock Abbreviation: | Initial investment cost | Mode of accounting measurement | Book value balance at the beginning of the reporting period | Changes in fair value of the this period | Cumulative fair value changes in equity | Purchase amount in the this period | Sale amount in the this period | Gain/loss of the reporting period | Book value balance at the end of the reporting period | Accounting items | Source of the shares |
| Domestic and foreign | 000027 | Shenzhen Energy | 15,890,628 | FVM | 78,246,000 | -19,782,000 | 42,573,372 | 0 | 0 | 0 | 58,464,000 | Other equity instrument | Self funds |
| stocks | Investment | ||||||||||||
| Domestic and foreign stocks | 600642 | Shenergy | 235,837,988 | FVM | 322,642,373 | 5,553,225 | 92,357,610 | 0 | 0 | 0 | 328,195,598 | Other equity instrument Investment | Self funds |
| Domestic and foreign stocks | 831039 | NEEQ | 3,600,000 | FVM | 7,182,000 | 6,750,000 | 10,332,000 | 0 | 0 | 0 | 13,932,000 | Other equity instrument Investment | Self funds |
| Total | 255,328,616 | -- | 408,070,373 | -7,478,775 | 145,262,982 | 0 | 0 | 0 | 400,591,598 | -- | -- | ||
| Disclosure date for the notice of approval by the Board (If any) | October 31,2019 | ||||||||||||
| Disclosure date for the notice of approval by shareholders’ Meeting (If any) | |||||||||||||
（2）Investment in Derivatives
□ Applicable √ Not applicable
The Company had no investment in derivatives in the reporting period.
VI. Sales of major assets and equityI. Sales of major assets
□ Applicable √ Not applicable
The Company had no sales of major assets in the reporting period.II.Sales of major equity
□ Applicable √ Not applicable
Ⅶ.Analysis of the Main Share Holding Companies and Share Participating Companies
√ Applicable □ Not applicable
Situation of Main Subsidiaries and the Joint-stock Company with over 10% net profit influencing to the Company
In RMB
| Company name | Type | Main business | Registered capital | Total assets | Net assets | Turnover | Operating profit | Net Profit |
| Guangdong Yudean Jinghai Power Generation Co., Ltd. | Subsidiary | Power generation and power station construction. | 2,919,272,000 | 8,161,606,527 | 3,683,358,784 | 2,094,435,066 | 321,375,140 | 234,819,135 |
| Guangdong Huizhou Natural gas Power Generation Co., Ltd. | Subsidiary | Power generation and power station construction. | 1,499,347,500 | 3,792,797,176 | 2,143,132,862 | 1,870,193,932 | 389,543,606 | 300,691,468 |
| Shenzhen Guangqian Electric Power Co., Ltd. | Subsidiary | Power generation and power station construction. | 1,030,292,500 | 1,734,265,600 | 1,479,309,818 | 766,998,482 | 177,637,824 | 131,278,969 |
| Guangdong Huizhou Pinghai Power Generation Plant Co., Ltd. | Subsidiary | Power generation and power station construction. | 1,370,000,000 | 5,414,614,282 | 2,226,043,196 | 1,443,009,856 | 324,803,326 | 242,186,835 |
| Guangdong Red Bay Power Generation Co., Ltd | Subsidiary | Power generation and power station construction. | 2,749,750,000 | 5,943,068,036 | 3,333,205,924 | 1,630,674,910 | 209,623,212 | 152,599,944 |
Acquirement and disposal of subsidiaries in the Reporting period
√ Applicable □ Not applicable
| Company name | Way of acquiring and disposing of subsidiary corporations within the reporting period | Impact on the whole producing operation and performance |
| Guangdong Yudean Daya Bay Energy Co., Ltd. | Invested | During the reporting period, The Projectt was in the preliminary stage and with construction not commenced yet. |
| Guangdong Yudean Qiming Energy Co., Ltd. | Invested | During the reporting period, The Projectt was in the preliminary stage and with construction not commenced yet. |
NoteDuring the reporting period, By the comprehensive impact of the year-on-year decline in the price of coal, dividend from the
implementation of tax reduction and fee reduction policy and the Company's effective control of various costs andexpenses, the overall profitability of the Company's coal-fired power plants went up YOY, Zhenneng Companyand Zhongyue Company turned losses into profit.VIII．Structured vehicle controlled by the Company
□ Applicable √ Not applicable
IX. Prediction of business performance for January -September 2020Estimation of accumulative net profit from the beginning of the year to the end of next report period to be loss
probably or the warning of its material change compared with the corresponding period of the last year andexplanation of reason.
□ Applicable √ Not applicable
X. Risks facing the Company and countermeasures
(1) Possible risks
At present, affected by the COVID-19, the characteristics of accelerated great changes in the world have becomemore obvious, and the sources of global instability and risk points have increased significantly. Meanwhile, Chinais in the critical period of transforming the development mode, optimizing the economic structure and convertingthe growth momentum, and the downward pressure on the economy is increasing. The reform of state-ownedassets of state-owned enterprises is advancing in depth, and the energy policy and market environment areundergoing profound changes. The task of deepening reform and promoting development will be even morearduous.Firstly, external policies and the market situation are grim. 2020 is the last year of the "Thirteenth Five-Year Plan".According to the requirements of the state for optimizing the energy structure, the installed capacity of coal andelectricity in the country is controlled within 1.1 billion kilowatts, accounting for 55%, and there is limited roomfor development of coal and electricity. As of June, 2020, the holding installed capacity of the company'scoal-fired power accounts for 77.2%, which is comparatively higher. On the other hand, affected by theCOVID-19, the growth rate of electricity demand in the whole society has slowed down or even experiencednegative growth, and the competition among units in the province has intensified. The newly added nuclear powerinstalled capacity and the increase of renewable energy power will further reduce the on-grid electricityconsumption of power generation units under unified regulation. In addition, due to the combined influence of theunplanned increase in delivery for "West to East Power Transmission", the acceleration and expansion of
electricity market reform, carbon emissions and unit economy, the profits of coal and electricity are obviouslyreduced.Secondly, the production safety situation is complicated. Some thermal power units of the company have been inoperation for a long time and are subject to deep peak regulation. The aging problem of unit equipment isprominent and the reliability of equipment is seriously reduced; During the infrastructure construction, there areproblems of lax control in design review, equipment installation and acceptance, commissioning supervision andsystem handover; The management rigidity of major hazard sources such as ammonia station needs to beimproved; The contractor's safety management still needs to be strengthened.Thirdly, the reform of the power system continued to deepen. In 2020, the new electricity price policy is surging.China has made clear the timetable for independent operation of electricity trading institutions, requiring the basicestablishment of a unified nationwide electricity trading organization system within the "14th Five-Year Plan"period. Guangdong Province plans to launch the first full-month settlement trial operation of the spot electricitymarket in the first half of 2020. The trial operation of "spread monthly transaction+absolute price weeklytransaction+spot" settlement will be organized continuously throughout the month. Competition in the Guangdongelectricity market will become increasingly fierce, and spot electricity trading will bring new challenges.Meanwhile, Guangdong's electricity market will expand to 260 billion kilowatt-hours in 2020, with a year-on-yearincrease of 60 billion kilowatt-hours, placing higher demands on electricity marketing.
II. Solutions2020 is the year when a well-off society is completed in an all-round way and the 13th Five-Year Plan iscompleted. At the same time, it is facing a greater impact from the COVID-19 epidemic. It is of vital importanceto do all the work well. Firstly, adhere to the "two focuses" of epidemic prevention and production to ensure stableand orderly production and operation of the company. Since the outbreak of the epidemic, the company hasactively promoted the implementation of the epidemic prevention and control measures in accordance with thearrangements made by the Party Central Committee and the higher authorities. The management team has adheredto its posts and conducted the front-line operations, and has coordinated the prevention and control of theepidemic and the resumption of work and production. At present, through arduous efforts from all over the country,the situation of epidemic prevention and control has initially shown a trend of continuous improvement andaccelerated recovery of production and living order. The company shall strengthen epidemic prevention andcontrol in a prudent manner so as not to reduce its vigilance against the epidemic and not to reduce the preventionand control requirements. It shall resolutely implement the relevant requirements for strengthening safeproduction during the epidemic prevention and control period, continue to implement strict safety and preventionmeasures for key parts, key areas, key operations and key personnel, further strengthen supply chain management,innovate power marketing and customer service methods, and ensure stable and orderly production and operationmanagement.Secondly, adhere to the new development concept and continuously push forward the optimization and adjustmentof power supply structure. Pay special attention to the closed-loop management of the company's "13th Five-YearPlan" development tasks and scientifically compile the "14th Five-Year Plan" development plan. Activelyintegrate into the construction of Guangdong-Hong Kong-Macao Greater Bay Area, Shenzhen's advanceddemonstration zone and the development of Guangdong's "one core, one belt and one area" and actively seek toexpand into regions with better resource conditions and higher power demand. Accelerate the promotion ofexisting key projects to ensure the full production of Bohe Coal and Electricity Project and Zhanjiang WailuoOffshore Wind Power Project; Solidly promote the construction of offshore wind power projects such as ZhuhaiJinwan, Yangjiang Sharpa, Zhanjiang Wailuo Phase II, Zhanjiang Xinyu and other natural gas cogeneration
projects such as Dongguan Ningzhou Project and Huadu Project to ensure the completion of the annual projectinvestment and construction plan according to schedule; Increase investment in clean energy development andproject reserves, and accelerate the advance of Shenzhen Guangming Gas and Electricity, Huizhou MobilChemical Complex supporting thermal power projects, Zhaoqing Yongan Natural Gas Thermal Power Project andYangjiang Qingzhou Offshore Wind Power Project. Resolutely perform the responsibility to prevent and controlpollution, vigorously promote the "clean water project" and speed up the implementation of the transformation ofzero emission of waste water from thermal power plants.Thirdly, deepen the drive of reform and innovation to improve the development quality of listed companies.Implement the decision-making arrangements made by the Party Central Committee and the State Council toactively develop the mixed ownership economy and the relevant arrangements made by the provincial SASACand Guangdong Energy Group to promote the reform of mixed ownership; Formulate and implement a plan tointegrate the property rights of managed power generation assets and gradually resolve the problem ofinconsistency between the property rights relationship and the management relationship. Steadily push forwardthe reform and innovation of the system and mechanism, improve the system and mechanism suitable for thehigh-quality development of listed companies, stimulate the endogenous power and vitality of enterprises,establish and improve the assessment methods for sub-enterprises, and study and build an assessment anddistribution incentive mechanism that integrates incremental incentives, bottom line constraints and fault tolerancemechanisms.Fourthly, continue to strengthen the ability to identify and control risks and strive to prevent and resolve majorrisks. According to the newly revised and implemented Securities Law, Guidelines for the Standardized Operationof Shenzhen Stock Exchange and other laws and regulations, optimize the system and management process,further improve the corporate governance structure, and comprehensively enhance the corporate governancesystem and governance capability. Establish and improve the prevention and control management system, andfully utilize the internal audit and subsidiary supervisory board's supervisory function. Continue to improve thelarge-scale supervision system, ensure full coverage of audit supervision, expand the daily supervision andinspection scope of subsidiary supervisory boards, and strengthen the admissibility and application of audit,supervision and inspection results in assessment and evaluation. Firmly establish compliance awareness,consolidate a risk control management system based on compliance management, with internal control as a meansand comprehensive risk management as a guide, and effectively prevent listed companies from decision-makingrisks, operational risks and debt risks.
V. Important EventsI. Annual General Meeting and Extraordinary Shareholders’ Meetings in the Reporting Period
1.Annual General Meeting
| Meeting | Type | Investor participation ratio | Convened date | Disclosure date | Index to disclosed information |
| First Provisional Shareholders’ general meeting of 2020 | Provisional Shareholders’ general meeting | 72.62% | April 27,2020 | April 28,2020 | Announcement No.:2020-28).. Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn. |
| 2019 Shareholders’ general meeting | Annual Shareholders’ General Meeting | 72.63% | May 20,2020 | May 21,2020 | Announcement No.:2020-37).. Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn |
2. Preferred stockholders restored voting rights to request to convene Provisional Shareholders’ Meeting.
□Applicable√Not applicable
II. Proposal for profit distribution and converting capital Reserve into share actual for the reporting period
□ Applicable √Not applicable
For the reporting period, the Company plans not to distribute cash dividends or bonus shares or convert capitalreserve into share capital.III. The fulfilled commitments in the reporting period and under-fulfillment commitments by the end of thereporting period made by the company, shareholder, actual controller, acquirer, director, supervisor,senior management personnel and other related parities.
□ Applicable √Not applicable
There are no commitments that the company, shareholders, actual controller, offer or, directors, supervisors, seniormanagement or other related parties have fulfilled during the reporting period and have not yet fulfilled by the endof reporting period.IV. Particulars about engagement and disengagement of CPAs firmWhether the semi-annual financial report had been audited?
□ Yes √ Not
The semi-annual report was not audited.
V. Explanations given by board of directors and supervisory board regarding “ Modified auditor’s” Issuedby CPAs firm for the reporting period
□ Applicable √ Not applicable
VI. Explanations given by Board of Directors regarding “ Modified auditor’s Report” Issued for last year
□ Applicable √ Not applicable
VII. Bankruptcy and restructuring
□ Applicable √ Not applicable
No such cases in the reporting period.
VIII. Legal mattersSignificant lawsuits or arbitrations
√ Applicable □Not applicable
| Basic situation of lawsuit(arbitration) | Lawsuit amount (RMB Ten thousands) | Whether form into estimated liabilities | Process of lawsuit(arbitration) | Trial results and influences of lawsuit(arbitration) | Situation of execution of judgment of lawsuit (arbitration) | Disclosure date | Disclosure index |
| On April 1, 2019, Guangdong Huizhou Pinghai Power Plant Co., Ltd., a holding subsidiary to the Company, received a set of legal documents including the “Notice of Responding to action”, “Subpoena” and “Civil Indictment” from Huizhou Intermediate People's Court of Guangdong Province, involving the case of contract dispute of China Energy Construction Group Guangdong Thermal Power Engineering Co., Ltd suing Pinghai Power Plant on Construction Project, with the case number of No. 363-(2018) Yue Civil Action. The lawsuit claims include: 1. The Pinghai Power Plant is ordered to pay the project amount of RMB 165,978,408 (principal) and interest of RMB 72,478,979 (temporarily calculated as for the period from May 1, 2011 to October 31, 2018, with the final interest calculated as of the date of actual payment shall be calculated in accordance with the benchmark interest rate of similar loans of the people's bank of China in the same period) to Guangdong Thermal Power; the above principal and interest amount to RMB 238,457,387; 2. The Pinghai Power Plant is ordered to bear all the litigation costs including the acceptance fee and the appraisal fee. | 23,845.74 | No | The two pre-trial preparation meetings for the case were held in the Intermediate People's Court of Huizhou City Guangdong Province respectively on May 14, 2019 and July 18, 2019, the court session time is yet to be determined. | The lawsuit has not yet been heard. There are uncertainties in the final judgment and execution, so it is temporarily impossible to judge the impact on the company's profits in 2019 and beyond. | No | April 4, 2019 | Announcement No.:2019-12)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn |
| On July 8, 2019, Guangdong Huizhou Pinghai Power Plant Co., Ltd., the company's controlling subsidiary, received a set of legal documents such as Summon, Notice of Proof and Notice of Respondence to Action from the Intermediate People's Court of Huizhou City, Guangdong Province, which | 12,607.45 | No | The case was originally scheduled to be heard in Huizhou Intermediate People's Court on August 14, 2019, and was later | During the trial of the case in the first instance, there are uncertain factors in the final judgment | No | July 11,2019 | Announcement No.:2019-29)Published in China Securities Daily, Securities Times and http//.www.cninfo.com.cn |
| involved the case of China Energy Construction Group Guangdong Electric Power Engineering Bureau Co., Ltd. v. Pinghai Power Plant Construction Contract Dispute (case No. (2019) Y13MC No. 163). The lawsuit claims include: 1. Pinghai Power Plant pays Guangdong Electric Power Engineering Bureau 89.548053 million yuan (principal) and interest of 36.526452 million yuan, with the above principal and interest totaling 126.074505 million yuan; 2. Pinghai Power Plant bears the litigation expenses in this case. | rescheduled to January 17, 2020 for the first hearing of the first instance. The two parties exchanged evidence and cross-examined, and debated the controversial issues and the focus issues. According to the content of the trial, continue to collect relevant information and well ensure the next step of responding to the lawsuit. | result and execution, so it is temporarily impossible to judge the impact on the company's profits in 2019 and beyond. |
Other lawsuits
□Applicable √Not applicable
IX. Doubts from media
□ Applicable √Not applicable
The Company had no issues about which media generally raised doubts in the reporting period.X. Punishments and rectifications
□ Applicable √ Not applicable
No such cases in the reporting period.XI. Credit conditions of the Company as well as its Controlling shareholder and actual Controller
□ Applicable √ Not applicable
XII. Equity incentive plans, employee stock ownership plans or other incentive measures for employees
□ Applicable √ Not applicable
No such cases in the reporting period.XIII. Material related transactions
1. Related transactions in connection with daily operation
□ Applicable √ Not applicable
No such cases in the reporting period.
2. Related-party transactions arising from asset acquisition or sold
□Applicable √ Not applicable
No such cases in the reporting period.
3. Related-party transitions with joint investments
□Applicable √ Not applicable
No such cases in the reporting period.
4. Related-party transitions with joint investments
□Applicable √ Not applicable
No such cases in the reporting period.
5. Credits and liabilities with related parties
√ Applicable □Not applicable
（1）2020 daily related transactions were carried out after examination and approval by 2020 first provisionalshareholders' 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）On January 17, 2020, the 10th meeting of the ninth board of directors reviewed and approved the Proposal onDaily Related Transactions between the Company and Guangdong Energy Group Co., Ltd. in 2020, the Proposalon Signing the Financial Services Framework Agreement between the Guangdong Yudean Finance Co., Ltd., theProposal on Signing the Financial Leasing Cooperation Framework Agreement between the Company andGuangdong Yudean Financial Leasing Co., Ltd., the Proposal on Signing the Framework Agreement onCooperation in Insurance and Risk Management Services between the Company and Guangdong Yudean PropertyInsurance Self-insurance Co., Ltd., and the above related party transactions will be implemented after beingreviewed and approved by the first extraordinary general meeting of shareholders in 2020.Website for temporary disclosure of the connected transaction
| Announcement | Date of disclosure | Website for disclosure |
| Estimates announcement of the Daily Related Party Transactions of 2020 | January 18,2020 | http//www.cninfo.com.cn. |
| Announcement of Related Transactions on Signing of the Financial Services Framework Agreement, Framework Agreement on Financing Leasing Cooperation and Framework Agreement on Cooperation in Insurance and Risk Management Services | January 18,2020 | http//www.cninfo.com.cn. |
XIV. Particulars about the non-operating occupation of funds by the Controlling shareholder and otherrelated parties of the Company
□Applicable √ Not applicable
The company was not involved in the non-operating occupation of funds by the controlling shareholder and otherrelated parties during the reporting period.XV. Significant contracts and execution
1.Entrustments, contracting and leasing
(1) Trusteeship
√ Applicable □Not applicable
Statement of Trusteeship Situation :
According to the statement of Guangdong Energy Group on fulfilling relevant matters, and to avoid the horizontalcompetition and fulfill the relevant commitment of the horizontal competition, the Company signed StockTrusteeship Agreement with Guangdong Energy Group, wherein the shareholder's rights within the trusteeshiprange, except the ownership, right of earning and right of disposition, will be trusted to the Company, which ispredicted to charge 245,000 yuan as trustee fee per year. See details at the " Related Transaction Announcementon Stock Trusteeship Agreement signed with Guangdong Yudean Group Co., Ltd." published by the Company inChina Securities Daily, Securities Times and http://www.cninfo.com.cn on January 13, 2018(AnnouncementNo.2018-04).Gains/losses to the Company from projects that reached over 10% in total profit of the Company in reportingperiod
□Applicable √ Not applicable
No gains or losses to the Company from projects that reached over 10% in total profit of the Company inreporting period
(2) Contract
□ Applicable √ Not applicable
No any contract for the Company in the reporting period.
(3) Lease
√Applicable □ Not applicable
Note As a lessee, the Company rented houses and billboards from Yudean Real Estate Company, and the rental feeincurred this year was RMB4,909,655;Note As a lessee, the Company rented Power Generation equipment from Yudean Finance Lease Comapny , andthe rental fee incurred this year was RMB43,685,957;The parent company of the Company, as a leassor, leases the houses and parking spaces to units and individualssuch as Guangdong Electric Power Communication and Information Company and Guangdong Electric PowerDispatching Center. The rental income for this year was confirmed to be RMB 11,423,427.
Project which generates profit or loss reaching over 10% of total profits of the Company during the ReportingPeriod
□ Applicable √ Not applicable
There were no leases with a 10% or greater impact on the Company’s gross profit in the Reporting Period.
2.Guarantees
√Applicable □ Not applicable
（1）Guarantees
In RMB 10,000
| Guarantee of the Company for the controlling subsidiaries (Exclude controlled subsidiaries) | ||||||||
| Name of the Company | Relevant disclosure date/No. of the guaranteed amount | Amount of Guarantee | Date of happening (Date of signing agreement) | Actual mount of guarantee | Guarantee type | Guarantee term | Complete implementation or not | Guarantee for associated parties (Yes or no) |
| Yunnan Baoshan Binlangjiang Hydroelectricity Development Co., Ltd. | December 19,2007 | 4,350 | November 30,2007 | 1,740 | Guaranteeing of joint liabilities. | 15 years | No | No |
| Yunnan Baoshan Binlangjiang | November 12,2008 | 7,250 | November 14,2008 | 145 | Guaranteeing of joint | 12 years | No | No |
| Hydroelectricity Development Co., Ltd. | liabilities. | ||||||||
| Yunnan Baoshan Binlangjiang Hydroelectricity Development Co., Ltd. | May 27,2009 | 9,367 | June 22,2009 | 4,727 | Guaranteeing of joint liabilities. | 18 years | No | No | |
| Yunnan Baoshan Binlangjiang Hydroelectricity Development Co., Ltd. | May 27,2009 | 7,250 | May 27,2009 | 725 | Guaranteeing of joint liabilities. | 15 years | No | No | |
| Total amount of approved external guarantee in the report period(A1) | 0 | Total actually amount of external guarantee in the report period(A2) | -725 | ||||||
| Total amount of approved external guarantee at the end of the report period(A3) | 190,835 | Total actually amount of external guarantee at the end of the report period(A4) | 7,337 | ||||||
| Guarantee of the company for its subsidiaries | |||||||||
| Name of the company guaranteed | Related announcement date and no. | Amount of guarantee | Date of happening(date of signing agreement) | Actually guarantee amount | Guarantee type | Guarantee term | Complete implementation or not | Guarantee for related party(yes or no) | |
| Zhanjiang Wind Power Generation Co., Ltd. | April 29,2009 | 18,572 | October 9,2010 | 6,579.66 | Guaranteeing of joint liabilities. | 18years | No | No | |
| Total of guarantee for subsidiaries approved in the period(B1) | 0 | Total of actual guarantee for subsidiaries in the period (B2) | -342.69 | ||||||
| Total of guarantee for subsidiaries approved at period-end(B3) | 18,572 | Total of actual guarantee for subsidiaries at period-end(B4) | 6,579.66 | ||||||
| Guarantee of the subsidiaries for the controlling subsidiaries | |||||||||
| Name of the Company guaranteed | Relevant disclosure date/No. of the guaranteed amount | Amount of guarantee | Date of happening (Date o signing agreement) | Actual mount of guarantee | Guarantee type | Guarantee term | Complete implementation or not | Guarantee for associated parties (Yes or no) | |
| The Company’s total guarantee(i.e.total of the first three main items) | |||||||||
| Total guarantee quota approved in the reporting period（A1+B1+C1） | 0 | Total amount of guarantee actually incurred in the reporting period（A2+B2+C2） | -1,067.69 | ||||||
| Total guarantee quota already approved at the end of the reporting period（A3+B3+C3） | 209,407 | Total balance of the actual guarantee at the end of the reporting period（A4+B4+C4） | 13,916.66 | ||||||
| The proportion of the total amount of actually guarantee in the net assets of the Company (that is A4+B4+C4）% | 0.53% | ||||||||
| Including： | |||||||||
| The debts guarantee amount provided for the | 7,337 | ||||||||
| Guaranteed parties whose assets-liability ratio exceed 70% directly or indirectly（E） | |
| Total guarantee Amount of the abovementioned guarantees（D+E+F） | 7,337 |
Description of the guarantee with complex method
(2) Illegal external guarantee
□ Applicable √ Not applicable
No Illegal external guarantee in the report period.
3. Other significant contract
□ Applicable √ Not applicable
No other significant contracts for the Company in reporting period.
(3)Situation of Entrusted Finance
□ Applicable √ Not applicable
No Entrusted Finance for the Company in reporting period.
4. Other significant contract
□ Applicable √ Not applicable
No other significant contracts for the Company in reporting period.XVI. Social responsibilities
1.Major environmental protection
The Listed Company and its subsidiary whether belongs to the key sewage units released from environmentalprotection departmentYes
| Company or subsidiary name | Main pollutant and specific pollutant name | Emission way | Emission port number | Emission port distribution condition | Emission concentration (mg/Nm3) | Implemented pollutant emission standards | Total emission (Tons) | Verified total emission(Tons) | Excessive emission condition |
| Guangdong Red Bay Power General Co., ltd. | Smoke | Concentrated emission through chimney | 4 | Within the factory | 2.76 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 44.76 | Not approved | No |
| Guangdong Red Bay Power General Co., ltd. | SO2 | Concentrated emission through chimney | 4 | Within the factory | 8.60 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 141.85 | Not approved | No |
| Guangdong Red Bay Power General Co., ltd. | NOX | Concentrated emission through chimney | 4 | Within the factory | 30.67 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 504.46 | Not approved | No |
| Zhanjiang Zhongyue Energy Co., Ltd. | Smoke | Concentrated emission through chimney | 2 | Within the factory | 1.15 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 7.33 | 480 | No |
| Zhanjiang Zhongyue Energy Co., Ltd. | SO2 | Concentrated emission through chimney | 2 | Within the factory | 14.29 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 91.01 | 1200 | No |
| Zhanjiang Zhongyue Energy Co., Ltd. | NOX | Concentrated emission through chimney | 2 | Within the factory | 24.69 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 157.22 | 1587 | No |
| Guangdong Yudean Jinghai Power General Co., Ltd. | Smoke | Concentrated emission through chimney | 4 | Within the factory | 1.95 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 46.71 | 1770 | No |
| 广Guangdong Yudean Jinghai Power General Co., Ltd. | SO2 | Concentrated emission through chimney | 4 | Within the factory | 20.73 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 495.45 | 6502 | No |
| Guangdong Yudean Jinghai Power General Co., Ltd. | NOX | Concentrated emission through chimney | 4 | Within the factory | 35.22 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission | 842.0 | 4687 | No |
| limit | |||||||||
| Zhanjiang Electric Power Co., Ltd. | Smoke | Concentrated emission through chimney | 2 | Within the factory | 1 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 14.909 | Not approved | No |
| Zhanjiang Electric Power Co., Ltd. | SO2 | Concentrated emission through chimney | 2 | Within the factory | 13 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 184.344 | Not approved | No |
| Zhanjiang Electric Power Co., Ltd. | NOX | Concentrated emission through chimney | 2 | Within the factory | 29 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 339.663 | Not approved | No |
| Guangdong Huizhou Pinghai Power Plant Co., Ltd. | Smoke | Concentrated emission through chimney | 2 | Within the factory | 2.11 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 29.81 | 700 | No |
| Guangdong Huizhou Pinghai Power Plant Co., Ltd. | SO2 | Concentrated emission through chimney | 2 | Within the factory | 24.07 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 310 | 1750 | No |
| Guangdong Huizhou Pinghai Power Plant Co., Ltd. | NOX | Concentrated emission through chimney | 2 | Within the factory | 34.67 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 437.63 | 3500 | No |
| Guangdong Yudean Dapu Power Plant | Smoke | Concentrated emission through chimney | 2 | Within the factory | 1.53 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 17.049 | 593 | No |
| Guangdong Yudean Dapu Power Plant | SO2 | Concentrated emission through chimney | 2 | Within the factory | 14.07 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) | 156.297 | 1447 | No |
| special emission limit | |||||||||
| Guangdong Yudean Dapu Power Plant | NOX | Concentrated emission through chimney | 2 | Within the factory | 35.10 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 389.849 | 1502 | No |
| Guangdong Huizhou Natural gas Power Generation Co., Ltd. | Smoke | Concentrated emission through chimney | 6 | Within the factory | 0.32 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 5.87 | 116 | No |
| Guangdong Huizhou Natural gas Power Generation Co., Ltd. | NOX | Concentrated emission through chimney | 6 | Within the factory | 26.26 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 622 | 1016 | No |
| Shenzhen Guangqian Power Co., Ltd. | NOX | Concentrated emission through chimney | 3 | Within the factory | 11.22 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 83.73 | 1312.5 | No |
| Guangdong Guohua Yudean Taishan Power Generation Co., Ltd. | Smoke | Concentrated emission through chimney | 6 | Within the factory | 1.77 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 47.78 | -- | No |
| Guangdong Guohua Yudean Taishan Power Generation Co., Ltd. | SO2 | Concentrated emission through chimney | 6 | Within the factory | 18.29 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 494.83 | 4780 | No |
| Guangdong Guohua Yudean Taishan Power Generation Co., Ltd. | NOX | Concentrated emission through chimney | 6 | Within the factory | 29.46 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 797.12 | 9560 | No |
| Shajao A Power Plant | Smoke | Concentrated emission through | 1 | Within the factory | 1.02 | Emission Standard of Air Pollutants for Thermal Power Plants | 5.468 | 121.9 | No |
| chimney | (GB13223-2011) special emission limit | ||||||||
| Shajao A Power Plant | SO2 | Concentrated emission through chimney | 1 | Within the factory | 15.39 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 82.239 | 426.65 | No |
| Shajao A Power Plant | NOX | Concentrated emission through chimney | 1 | Within the factory | 29.10 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 155.737 | 609.5 | No |
| Guangdong Shaoguan Yuejiang Power Generation Co., Ltd. | Smoke | Concentrated emission through chimney | 2 | Within the factory | 1.61 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 17.89 | 717.78 | No |
| Guangdong Shaoguan Yuejiang Power Generation Co., Ltd. | SO2 | Concentrated emission through chimney | 2 | Within the factory | 16.51 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 91.90 | 2303.55 | No |
| Guangdong Shaoguan Yuejiang Power Generation Co., Ltd. | NOX | Concentrated emission through chimney | 2 | Within the factory | 33.24 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 370.16 | 2809.07 | No |
| Maoming Zhenneng thermal power Co., Ltd. | Smoke | Concentrated emission through chimney | 2 | Within the factory | 1.61 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 13.32 | 168.12 | No |
| Maoming Zhenneng thermal power Co., Ltd. | SO2 | Concentrated emission through chimney | 2 | Within the factory | 15.52 | Emission Standard of Air Pollutants for Thermal Power Plants (GB13223-2011) special emission limit | 106.53 | 385.51 | No |
| Maoming Zhenneng | NOX | Concentrated emission through | 2 | Within the factory | 30.78 | Emission Standard of Air Pollutants for Thermal Power | 286.56 | 689.58 | No |
| thermal power Co., Ltd. | chimney | Plants (GB13223-2011) special emission limit |
Prevention and control of pollution facilities construction and operationIn accordance with the national environmental protection plan, each power plant of the company implementspositively requirements of Coal-fired Power Energy Saving and Emission Reduction Upgrading and TransformAction Plan (2014-2020) and National Energy Administration Comprehensive Division Notice aboutDecomposition and Implementation of Coal-fired Power Energy Saving and Emission Reduction Upgrading andTransform Target Tasks, etc. and promotes the ultra-low emission transformation project. At present, thecompany's subordinate coal-fired units have all completed ultra-low emission transformation work, and theemission concentration of export flue gas pollutants has been greatly reduced on the basis of the originalenvironmental emission standards, During the reporting period, the pollution control facilities built in thesubordinate power plants operated normally.In addition, in accordance with the requirements of the "13th Five-Year Plan" for wastewater treatment, thecompany actively promotes the "Clear Water Project", while strengthening the water-saving management andcarrying out water-saving renovation of thermal power plants, it comprehensively promotes the advancedtreatment of thermal power plant wastewater, and realized zero discharge of thermal power plant wastewater.Currently, the zero discharge projects of thermal power plants of the company have been fully started.Conditions of environmental impact assessment and other environmental protection administrative licensing ofconstruction projectsThe company's construction projects that have been approved by government agencies have all undergoneenvironmental impact assessments and have obtained other necessary environmental protection administrative建
Emergency plan for emergency environmental incidentsCombining with the Environmental Protection Law of the People's Republic of China and the Opinions of theMinistry of Environmental Protection on Strengthening Environmental Emergency Management Work and otherlaws and regulations on the monitoring of environmental risks, the company’s subordinate power generationenterprises have formulated the Emergency Plan for Emergency Environmental Incidents according to their actualconditions, which has standardized and improved the handling of emergent environmental events from the aspectsof environmental accident risk analysis, emergency command organization and responsibilities, disposalprocedures, and disposal measures, improved the ability to respond to unexpected environmental events, andensured that after an outbreak of an environmental incident, the company can organize emergency rescue work ina timely, orderly and efficient manner to prevent pollution of the surrounding environment, minimize the damageand social harm caused by the incident, maintain social stability, and protect public health and property safety.Environmental self-monitoring programDuring the reporting period, the company’s subordinate power generation companies organized annualenvironmental self-monitoring programs in accordance with the national Administrative Measures on AutomaticMonitoring of Pollution Sources (No. 28 order of State Environmental Protection Administration) and other lawsand regulations, and conducted self-monitoring of the environment in accordance with the monitoring program,and announced its own monitoring results in Guangdong Province's key pollution source regulatory informationplatform and the national pollution source monitoring information and sharing platform. Both the announced rate
and completion rate had reached 100%.Other environmental information that should be disclosed
None
Other environmental protection related informationNone
2.Overview of the annual targeted poverty alleviation
（1）Precise poverty plan
The Company will in depth implement the spirits of the Central work Conference on Poverty Alleviation and theDevelopment and General Secretary Xi Jinping's series of important speeches on poverty alleviation and thedevelopment, and in accordance with the Guangdong Provincial people's Government's "Opinions on theimplementation of Three years Strongly Tackling Difficulties on Precision Poverty Alleviation and PrecisionPoverty Reduction in the New Time" and the overall plan and arrangement of Guangdong Province's 2016-2018of new time of "Precision Poverty Alleviation and Precision Poverty Reduction", by adhering the concept ofinnovation, coordination, green, open and shared development, the Company will strengthen the awareness of theoverall situation and the sense of responsibility of “The Rich fist leads latter, and realize the common prosperity”,fully utilize the advantages, carry out the measures of precision poverty alleviation to the village-under-aid,effectively enhance the local “vitality-making” function, focus on boosting the village’s collective economicstrength, developing the environment and society and people’s livelihood, thus to increase the income ofpoverty-alleviation objects, so as to ensure the accomplishment of various project goals and tasks.
1. Soundly do the work of the poverty alleviation by industry development. Formulate the characteristic industrydevelopment for the village-under-aid, implement the “one village, one product” industry promotion action, tapinto the resources advantages, precisely select the dominant industry and the dominant products, support theconstruction of characteristic agricultural bases with high participation of poverty households, support the largeagricultural households and professional cooperatives , small and micro enterprises and so forth agriculturaloperation bodies to speed up the development. Explore the “Internet + Precision Poverty Alleviation” model,strengthen the training of rural E-commerce merchants in poor villages, and encourage farmers to open onlinestores for self-development.
2. Explore the poverty alleviation by shares. Promote the income-increase mode of poor village collectiveeconomy, allow the financial special poverty alleviation funds and other agricultural-related funds to invest infacilities such as agriculture, farming, industrial parks, hydropower, rural tourism and so forth without changingtheir use purposes, and the resulting asset income can be converted to shares quantization to poor villages andpoor households. Cooperate with the local to explore and promote the rights confirmation of land managementwith accordingly converting to shares, guide poverty-stricken households, especially those who are incapable ofworking, to voluntarily transfer the land management rights according to law, and use assets such as land,agricultural facilities, and poverty alleviation funds to price to convert into shares, gaining the operating incomeaccording to shares.
3. Cooperation in training and employment. Oriented towards enhancing the ability of the poor to get employment,assist to carry out the all kinds of policy training, promote the relevant vocational and technical colleges to recruitchildren from poor families, thus to enable them to achieve skills to get out of poverty.
4. Improve the infrastructure. Cooperate with the local to improve the traffic conditions and developmentenvironment in the village-under-aid; support and help key villages-under-aid of the safe drinking water projects;improve farmland water conservancy facilities; improve sewage facilities; improve the garbage collection and
treatment and the cleaning system; improve village cultural and leisure activities, public toilets, landscaping andgreening and other facilities; ensure that the relevant indicators meet the provincial standards.
5. Boost the education culture. In coordination with the local education and cultural departments, the Companywill vigorously promote the poverty alleviation through education so that all children in the villages-under-aid canreceive a good education, increase the education subsidies for poor families, ensure that children from poorhouseholds do not drop out of school due to poverty, pay attention to left-behind children, and build left-behindchildren's service centers.
6. Help to improve the environment. Cooperate with the local to raise funds by multi-channels to helpimpoverished households complete the renovation of dilapidated buildings and fully complete the task of assistinglow-income people in housing reconstruction, assisting in the improvement of domestic garbage disposal, sewagetreatment, public toilets and greening and beautification of villages. We will use the entire village as a platform toaccelerate the improvement of production and living conditions of poor villages, and steadily promote theconstruction of beautiful livable villages to realize the new appearance of the old villages.
7. Consolidate the grassroots foundation. Cooperate with the local people to adhere to the Party building andpoverty alleviation both at the same time, with the party building to help the poor and with the poverty alleviationto promote the party building. Organize and hold regular meetings of the "two committees" meetings of thevillages to study the work of aiding the poor; the assigned cadres should assist the "two committees of the village"to do a good job in organizing the masses, serving the masses, uniting the masses, and enhancing the ability of thecadres of the "two committees" of the poor villages to lead the people out of poverty and run to health; It’snecessary to constantly strengthen the development consciousness, market awareness, teaching ideas, teachingmethods and teaching experience of cadres at the grass-root level, mobilizing the grass-root level cadres,strengthen the grass-root organizations, muster up the drive to fight against poverty, and build up “Thenever-leaving Task Force on Poverty Alleviation”, thus to lay the foundation for the sustainable and healthydevelopment of poor villages.
8. Lead multiple parties to participate in. Guide industries, enterprises, social organizations and individuals toparticipate in poverty alleviation, and encourage companies to actively undertake social responsibilities, fullystimulate the market's vitality, and help villages to invest in industries, develop training skills, absorb employment,and help the poor with donated money through various forms such as resource development and joint constructionof villages and enterprises.
9. Strengthen the publicity for poverty alleviation. Adhere to the guidance of public opinion, comprehensivelypublicize and accurately interpret the decision-making and deployment of “Precision poverty alleviation andPrecision poverty reduction”, strengthen the ideological education and guidance, and strengthen the cadres and themasses' centripetal force and cohesion in poverty alleviation work and the development work. Guide the villagersto change the obsolete customs and habits, stimulate the impoverished people to work hard and develop goodenthusiasm, and create a positive atmosphere for self-reliance, hard-working and getting rid of poverty andbecoming better off.
（2）Half-year poverty relieving summary
During the reporting period, the company actively implemented the overall deployment and arrangement ofGuangdong province's work on "targeted poverty relief and targeted poverty alleviation", actively invest human,material and financial resources in poverty relief work, and its six subsidiaries, namely Yuejiang company,Zhanjiang Wind Power Company, Zhenneng company, Zhanjiang company and Dabu company and Zhanjiang
wind power company, actively carried out targeted poverty relief assistance work.I Counterpart assistance of Yuejiang Company on Mi Xiashui village, Quan’an Town, Nan Xiong CityAs of June 2020, Mixiashui Village has poverty alleviation for 41 households including 99 relatively poor people,and stably achieved the goal of "two no worries, three guarantees and one equivalent" for the poor people inMixiashui Village. With the exit rate of poverty alleviation reaching 100%, it has been excluded from the list ofrelatively poor villages.(I) Ensure party building and promote poverty alleviation. It continues to thoroughly implement the importantguiding spirit put forward by General Secretary Xi Jinping at the Central Poverty Relief and Development WorkConference, "Well ensuring party building to promote poverty alleviation is an important experience forpoverty-stricken areas to get rid of poverty and become rich", and organically combines the consolidation of ruralgrassroots party organizations with poverty alleviation. Firstly, strengthen the political consciousness. Carry outin-depth study of Xi Jinping's new era of socialism with Chinese characteristics and the spirit of the 19th NationalCongress of the Communist Party of China, as well as the important instructions and comments of GeneralSecretary Xi Jinping, actively adopt the way of "going out" and "inviting in" to carry out the study of partybuilding knowledge, persist in arming the mind with the advanced thoughts of the Party, and promote theory toguide practice. Secondly, strengthen the guidance of party building. Centering on the deployment requirements ofthe central government, provinces, cities and counties on the Party's construction to promote poverty alleviation,and in combination with the actual situation in Nanxiong City and Quan'an Town, efforts are focused on "graspingpoints, expanding areas, improving quality and strengthening capabilities" to give full play to the exemplary andleading role of Party members, and to promote the village collective economy to blossom and grow. Thirdly, payspecial attention to the co-construction of branches. Organize and help the Party branch of the unit to carry out theco-construction work of Party branch in Mixiashui Village, and promote the cohesion and combat effectiveness ofthe village grass-roots party organizations to a higher level.(II) Earnestly well ensure poverty alleviation and consolidation. In strict accordance with the working principle of"poverty alleviation by following policies and undertaking responsibilities", continue to track and understand theproduction and living conditions of poor households in Mixiashui Village, and focus on the basic requirements of"one policy for each household" to well ensure poverty alleviation and consolidation for poor households; Inguiding the Industry development of poor households, it is necessary to give full play to the resource advantagesof Mixiashui Village in a down-to-earth manner, such as enhancing the planting and breeding of rice, peanut andpoultry, and to plan new ideas in combination with the new situation, actively explore and introduce characteristicindustries suitable for large-scale planting and breeding, and give full play to the building function of the industryto ensure that poor households can get rid of poverty stably without returning to poverty.(III) Actively pilot new projects in new industry. Focusing on the goal of consolidating and improving the villagecollective income, strive to enlarge and strengthen the village collective poverty alleviation industrial economy.On the basis of well ensuring the existing passion fruit planting base, plan to develop new industry and realize themultiple development for poverty relief industry; Relying on the advantages of abundant water resources inMixiashui Village, explore launching some poor households with working ability and villagers to try to raise loachand crayfish in a small scale; Continue to implement the supporting measures of the policy of "substituting awardsfor subsidies", and combine with Nanxiong's policy of substituting awards for subsidies, and continue to wellensure the supporting subsidies for poor households that breed poultry, grow rice, peanuts and other crops bydistributing feed, fertilizer and other means of production. In the first half of the year, 9 poor households havebeen awarded a total of 4,200 yuan as compensation funds according to the standard of 400 yuan/mu for plantingpeanuts.(IV) Strive to well ensure poverty relief through consumption. Adhere to the consumption poverty relief policy as
the fulcrum to increase the villagers and village collective income, rely on the platform of Mixiashui VillageZhongzhi Cooperative to smooth sales channels and to create order agriculture, make good use of the productionand sales model of "company+cooperative+poor households (farmers)" to make bigger and stronger leadingindustries for high-quality rice, passion fruit and peanuts in Mixiashui Village, and realize poverty alleviation byindustry-driven hard work; Explore investing poverty relief funds to purchase a batch of agricultural productsprocessing and packaging equipment, concentrate on purchasing and packaging the agricultural products of poorhouseholds and villagers in Mixiashui Village, further enhance the value of agricultural products, and activelyconnect with individuals, government agencies and social organizations, make efforts to publicize the agriculturalproducts in Mixiashui Village, expand the sales volume of products, and earnestly implement the policy ofpoverty relief by consumption.(V) Promote the construction of new socialist countryside. According to the construction requirements of beautifulcountryside, continue to make great efforts to build a new rural demonstration village in Mixiashui Village,carefully check and sort out the village appearance, hardening of village roads, drinking water safety, farmlandwater conservancy construction, sewage treatment facilities construction and public service facilities constructionof village committees in Mishuixia Village, and continue to strive for various poverty relief funds and industryguidance funds for secondary upgrading. Meanwhile, organically combine the work of village planning, one housefor each household, demolition and reclamation, and make efforts to create a highlight for new rural construction,so that the new village construction along provincial highways and Shijiaowan Village Group and RongshuxiaVillage Group can adapt to and connect with each other, ensuring that the new rural construction conforms to theactual rural development and rural revitalization requirements, promoting the implementation of ruralrevitalization strategy with high quality, and striving to make Mixiashui Village a beautiful homeland where localpeople live and work in peace and contentment. In June this year, 59 houses along provincial highways have beenrenovated in facades and beautified, afforested and hardened along the highways, and the excellent routeconstruction of new rural demonstration villages along provincial highways in Mixiashui Village has achievedoutstanding results.(VI) Implement the "three guarantees" policy. Fully implement the "three guarantees" policy and fully implementthe poverty relief education guarantee for poor households in accordance with the policy requirements; Continueto solidly promote the full coverage of medical security, fully implement the medical security policy, andsubsidize 41 poor households to purchase urban and rural medical insurance; Well ensure the people's livelihoodsecurity, continue to implement the living materials security project for poor households, and provide appropriateliving materials security to all poor households in a timely manner to help poor households improve their lives;Continue to implement the warmth and condolence offering program for poor households, and carry out warmthand condolence offering activities to all poor households in a timely manner. In January this year, Yuejiang PowerGeneration Company distributed Spring Festival condolences to 41 poor households according to the standard of200 yuan/household, totally RMB 8,200; In May, it distributed a solatium of RMB 3,300 during the epidemicperiod to 11 poverty-stricken households according to the standard of 300 yuan/household.II. Counterpart assistance of Zhanjiang Wind Power Co., Ltd. on Houhai Village, Xinliao Town, Xuwen CountyZhanjiang Wind Power Company fulfilled the social responsibility of state-owned enterprises and sent 2outstanding cadres to participate in the targeted poverty relief work in Xuwen County, Shuitou Village of AnzhenTown and Houhai Village of Xinliao Town. Earnestly grasp the following management measures: Firstly,establish a responsibility mechanism. Ensure that every poor household is under the help of cadres; Secondly,strengthen communication. Strengthen coordination with functional departments such as poverty relief, agriculture,construction, water conservancy and civil affairs, actively mobilize and integrate assistance resources, andenhance poverty relief momentum; Thirdly, pay attention to assessment management. Formulate poverty relief
assessment measures, and incorporate the target responsibility system for implementing targeted poverty reliefwork into the annual assessment scope of assistant responsible person. Fourthly, strengthen the integritysupervision. Ensure that poverty relief work becomes a clean project and a sunny project.At the same time, in close cooperation with various support units, actively implement assistance projects suchas asset assistance, industrial assistance, employment poverty relief, holiday condolences, etc. Through innovativemeasures such as household filing, dynamic management and control, and one policy for each household, with thefinancial support of the provinces, cities and counties, use poverty relief funds to carry out photovoltaic powergeneration projects, invest in shops projects, invest in Zhanjiang city management enterprise projects, and developtransportation industry, and develop the poverty relief model of "company+cooperative+base+poor households",party building poverty relief and other practical poverty relief projects, which have effectively improved theaccuracy and comprehensiveness of poverty relief work and achieved good benefits.As of the first half of 2020, Zhanjiang Wind Power Company has basically completed the task of povertyrelief. There are 98 households with 450 people in Xuwen County and Shuitou Village of Anzhen Town, all ofwhich meet the "eight possessions" standard for poverty alleviation and meet the alleviation requirements, with apoverty alleviation rate of 100%; A total of 362 people from 93 poor households in Houhai Village of XinliaoTown have achieved "eight possessions" and reached the poverty alleviation standard, with a poverty alleviationrate of 100%. Meanwhile, efforts have been made to achieve the "five improvements" of poverty relief points: thelevel of industry development has improved significantly; The quality of human settlements has improvedsignificantly; The level of social security has improved significantly; Rural governance capacity has beensignificantly improved; Party building at the grass-roots level has improved significantly.III. Counterpart assistance of Zhenneng Company on Xinpo Village, Shalang Town, Dianbai District, MaomingCityIn 2020, Zhenneng Company adopted the "one method for each household" assistance measures, so that theremaining one poor household could reach the alleviation standard of relatively poor people, ensuring full povertyalleviation. Through various assistance measures, it will consolidate the effectiveness of poverty alleviation, sothat the annual per capita disposable income of villagers in Xinbei Village and the annual per capita disposableincome of poor households meet or exceed the assessment requirements of 2020, and achieve comprehensivepoverty alleviation; Vigorously implement the rural revitalization strategy, and significantly improve theproduction and living infrastructure, living environment, public service facilities and service level.
Help measures(I) Carry out partner assistance. According to work needs, timely adjust the person responsible for partnerassistance, and implement the "one-on-one" partner assistance requirements; Those responsible for assistanceshould visit poor households at least 4 times a year to understand the existing problems, analyze the causes,formulate and implement assistance measures, adhere to the combination of poverty relief and motivation, dailyassistance and temporary relief, material assistance and spiritual encouragement, continuously improve theawareness of poor households, play their main roles, and achieve stable poverty alleviation through their ownefforts.
(II) Promote poverty relief and stable development of concentrated industries. Firstly, assist in maintainingand promoting the photovoltaic poverty relief power station project, ensure the normal operation of the project,and ensure fixed dividends to poor households; Secondly, promote the construction of guava planting industrialpark project, ensure the continuous operation during the year, solve some employment nearby according to thewillingness and actual needs of poor households, and gradually implement fixed dividends to poor households.(III) Continuously implement the family vegetable basket project. Guide poor households to exert their
autonomy, assist poor households to actively carry out decentralized planting and breeding, provide certain meansof production for poor households in a timely manner, and meanwhile, further promote the policy of poverty reliefby consumption, find ways to help solve practical difficulties and sell agricultural products, and realize incomeincrease.(IV) Promote the transfer of poor laborers to employment. On the one hand, assist relevant departments tocarry out various skills training and improve the skill level of poor laborers; On the other hand, mobilize and assistpoor laborers to go out for work or work nearby, and increase their income by actively working. Follow up theprovision of public welfare posts and the implementation of relevant treatment.(V) Implement education subsidies. Assist poor children in school to apply for education subsidies, and trackthe implementation of education subsidy funds in time.
(VI) Implement social security. Assist poor households to purchase medical insurance and endowmentinsurance for urban and rural residents; Follow up and implement the medical assistance policy; Follow up theimplementation of the five guarantees and minimum living guarantees, and ensure that all households to beguaranteed are guaranteed.(VII) Carry out holiday condolences. Before the Spring Festival, July 1 and Mid-Autumn Festival, supportunits and support responsible persons are mobilized to visit poor households in the village and send gifts andholiday greetings.
(VIII) Implement the construction of party-mass service center. Assist the village committee to activelypromote the construction of village-level party-mass service centers, and strive to complete and put them into usewith high standards within the year.
(IX) Help promote the construction of new countryside. Actively cooperate with towns and villages topromote the construction of sewage facilities, garbage collection facilities, centralized water supply, public toilets,street lamps, public cultural facilities, etc. in Xinbei Village, making it a model village at a high level.
(X) Improve village rules and regulations. On the one hand, further improve the management measures for theuse of poverty relief funds in Xinbei Village to ensure the safe use of poverty relief funds and maximize theireffectiveness; On the other hand, formulate the regulations of Xinbei Village, and guide the villagers to governXinbei according to laws and regulations through the regulations.
As of the first half of 2020, Yanneng Company has helped poor households Xu Simei to build chicken toolhouses, repaired roof leaks for Cai Yalin, and expressed condolences to the ill poor households Liao Huaguangand Liao Xiangqiu, with each being distributed a solatium of 1000 yuan; And it assisted three households withlabor force to find jobs, and offered condolences to 16 poor households on July 1st.IV. Counterpart assistance of Zhanjiang Company on Waiyuan Village, Nanxing Town, Leizhou CityIn the first half of 2020, under the care and leadership of the company's Party Committee, and in accordance withthe unified arrangements of the provincial party committee, the provincial government and Zhanjiang City, thecompany's poverty relief staff carried out various poverty relief work in a down-to-earth manner. The residentworking group visited the poor households many times to learn about the situation of the poor households, metwith all the village cadres to study the poverty relief work, and formulated assistance measures. Now, theimplementation of all the poor households' projects has been completed, and benefits have been generated. This issummarized as follows:
(I) Long-term poverty relief projects
1. A total of three poverty relief projects (photovoltaic power generation, investment in Guangdong YujieEcological Agriculture Development Co., Ltd. and investment in Leizhou Chuangyuan Agricultural Ecology Co.,
Ltd) have been completed, and all the projects have generated benefits.
2. The poverty alleviation supervision work for the household (Wang Guangqiu) who is not out of poverty hasbeen completed.
3. The data collation of poverty relief inspection has been completed.
(II) Public welfare projects supported by Zhandian Company in the first half of 2020
1. Complete the construction of photovoltaic street lamp project with an investment of RMB 21,000.
2. Distribute RMB 19,800 for condolences to poor households during the Spring Festival.
3. Supervise the distribution of the salary for Wang Guangqiu as a cleaner who did not get rid of poverty, totallyRMB 15,400.(III) Work to be carried out in the first half of 2020
1. Organize and improve the poverty relief materials.
2. Organize to assist the village committee to carry out party building work.
3. Organize and hold nine poverty relief work meetings.
4. Organize and assist the village committee to carry out the rural revitalization work.
5. Organize to assist the village committee to carry out the "anti-crime" work.
6. Organize and assist village committees to carry out anti-drug work.
7. Organize and assist the village committee to carry out the rural revitalization work.
8. Organize party members to attend two party classes and six party day activities.
9. Visit poor households from time to time.
V. Counterpart assistance of Dapu Company on Xiamu Village, Fenglang Town, Dapu County, Meizhou CityIn 2020, Dapu Power Generation Company continued to send party building instructors and Jianghai Sub-districtOffice of Haizhu District of Guangzhou City to assist Xiamu Village, Fenglang Town, Dapu County, MeizhouCity, and carried out the following aid work:
(1) Solid grassroots party building: invest 29,900 yuan to build the publicity column of the party building of thevillage committee and the system publicity on the wall;
(2) Carry out commemorative activities to celebrate the 99th anniversary of the founding of the Party, sendcondolences to 16 60-year-old party members, and organize the Activities on the Party Day of the theme of"Celebrate the July 1 and Keeping in Mind the Mission";
(3) Invest RMB 5,400 in the Spring Festival, send condolences to poor party members, old party members andseriously ill party members;
(4) Well ensure the prevention and control of COVID-19 and the work of "three clears, three dismantlements andthree rectifications";
(5) At the end of December 2019, there were 70 poor households of 142 people, including 29 poor householdswith working ability of 81 people and 41 poor households without working ability of 61 people (including 10general poor households of 23 people, 45 poor households of 104 people with minimum living allowance, and 15poor households of 15 people with five guarantees). After verification, 8 aspects, such as family income, housingsecurity, children's education, basic medical care, drinking water, electricity, television and internet, were all up tostandard. In 2019, 142 poor people from 70 poor households in the whole village were all lifted out of povertystably, and Xiamu Village met the alleviation criteria and was excluded from the list of poor villages.
(3)Targeted Poverty Alleviation Result
| Index | Measurement | Quantity / Status |
| unit | ||
| I. General situation | —— | —— |
| Thereinto： 1.Capital | 10 thousand | 245.34 |
| 2. Cash supplies | 10 thousand | 2.82 |
| 3. Ecological protection to poverty alleviation | a | 1,279 |
| II.Breakdown Input | —— | —— |
| 1. Poverty alleviation by industrial development | —— | —— |
| Among them: 1.1 Project type of poverty alleviation by industrial development | —— | Poverty Alleviation by agriculture and forestry; poverty alleviation through tourism; poverty alleviation from asset income |
| 1.2 Number of poverty alleviation projects in industrial development | a | 2 |
| 1.3 Investment amount of industrial development poverty alleviation project | 10 thousand | 0 |
| 1.4 The number of poverty population who had been helped to create a file | a | 226 |
| 2. Poverty alleviation by transfer employment | —— | —— |
| Among them: 2.1 Investment amount of vocational skill training | 10 thousand | 0 |
| 2.2 Number of people of vocational skill training | Person | 0 |
| 2.3 Quantity of employment of poverty population who had been helped create a file | Person | 0 |
| 3. Poverty alleviation by relocation | —— | —— |
| Thereinto： 3.1 Employment of relocated households | Person | 0 |
| 4. Educational poverty alleviation | —— | —— |
| Among them: 4.1 Investment amount of subsidizing poverty students | 10 thousand | 10 |
| 4.2 Number of subsidized poverty students | Person | 54 |
| 4.3 Improving the investment amount for education in poor areas | 10 thousand | 0.3 |
| 5. Health poverty alleviation | —— | —— |
| Among them: 5.1 Investment amount for medical and health resources in poor areas | 10 thousand | 0 |
| 6. Ecological protection poverty alleviation | —— | —— |
| 6.2 Investment amount | 10 thousand | 0 |
| 7. Guarantee of all the details | —— | —— |
| Among them: 7.1 Investments on stay-at-home children, women and elderly | 10 thousand | 0 |
| 7.2 Number of stay-at-home children, women and elderly in aid | Person | 0 |
| 7.3 Investments on poor & disable people | 10 thousand | 0 |
| 7.4 Number of poor & disable people in aid | Person | 0 |
| 8. Social poverty alleviation | —— | —— |
| Including: 1 Investments on cooperation between West China and East China | 10 thousand | 0 |
| 8.2 Investments on one-to-one anti-poverty | 10 thousand | 2.4 |
| 8.3 Investments from anti-poverty charity fund | 10 thousand | 86 |
| 9. Other projects | —— | —— |
| Among them: 9.1 Number of project | a | 10 |
| 9.2 Investment amount | 10 thousand | 106.4 |
| 9.3 Number of poverty population who had been helped to create a file | Person | 812 |
| III. Awards (Content and level) | —— | —— |
（4）Subsequent targeted poverty alleviation program
The Company will continue to implement the relevant provincial, municipal and county regulations on targetedpoverty alleviation, adjust measures to local conditions, and explore an accurate path for targeted povertyalleviation. Firstly, it will continue to strengthen the Party's style of work, promote the "two committees" in thevillages to strengthen ideological construction. Secondly, it will improve its ability by learning, continue to learnthe spirit of Comrade Xi Jinping's series of important speeches, the spirit of targeted poverty alleviationdocuments, the relevant business knowledge of poverty alleviation, the ways and means of dealing with themasses, and further improve its ability to solve problems for the masses. Thirdly, prioritize the tasks and promotetheir implementation. All poverty alleviation working groups will continue to focus on the core of targeted povertyalleviation, seize the core work of poverty alleviation and carry out and implement relevant work in an all-roundand coordinated manner. For poverty alleviation projects and village collective projects that are included in theestablishment of cards for archives, the support of relevant departments is actively sought in accordance with theestablished objectives and tasks, to assist the villages and poor households in implementing poverty alleviationprojects, and ensure the full completion of poverty alleviation objectives and tasks in a pragmatic manner.
XVII.Other material events
√ Applicable □Not applicable
| Summary of important matters | Name | Date of disclosure | Website for disclosure |
| Guangdong Yudean Bohe Coal & Electricity Co., Ltd., a subsidiary of Guangdong Electric Power Development Co.,Ltd., received the Approval of Guangdong Development and Reform Commission on 2×1 million Kilowatts "Developing Large Units and Suppressing Small Ones" Power Generation Project of Guangdong Yudean Maoming Bohe Power Plant (YFGHZ [2020] No. 1)，it is agreed to build 2×1 million Kilowatts "Developing Large Units and Suppressing Small Ones" Power Generation Project of Guangdong Yudean Maoming Bohe Power Plant in accordance with the Administrative Licensing Law and the Regulations on the Administration of Approval and Filing of Enterprise Investment Projects. It is planned to build two 1 million Kilowatts ultra-supercritical coal-fired power generating units and simultaneously build flue gas treatment environmental protection facilities and wastewater treatment facilities such as flue gas desulfurization, denitration and dust removal. The project is connected to the system at a voltage level of 500 KV. The total investment of the project is RMB 8.104 billion, of which the project capital is RMB 1.621 billion, accounting for 20% of the total investment of the project, and the domestic loan is RMB 6.483 billion. The Company will fully push forward the project construction in accordance with the relevant requirements of the Project Approval Document. | Announcement on Approval of 2×1 million kilowatts "Developing Large Units and Suppressing Small Ones" Power Generation Project of Guangdong Maoming Bohe Power Plant | January 11, 2020 | http//.www.cninfo.com.cn |
| The 10th meeting of the Ninth Board of directors of Guangdong Electric Power Development Co., Ltd. held on January 17,2020 examined and | Announcement of Related Transactions on | January 18, 2020 | http//.www.cninfo.com.cn |
| adopted the Proposal of Concerning the Signing of Frame Agreement for financial services by the Company and Yudean Finance Co., Ltd., the Proposal on Signing the Framework Agreement on Financing Leasing Cooperation between the Company and Guangdong Yudean Financing Leasing Co., Ltd.and the Proposal of Signs of the Insurance Cooperation Framework Agreement with Guangdong Yudean Property Insurance Captive Co., Ltd., The above related party transactions shall be implemented after being reviewed and approved by the first provisional General Meeting of Shareholders in 2020. | Signing of the Financial Services Framework Agreement, Framework Agreement on Financing Leasing Cooperation and Framework Agreement on Cooperation in Insurance and Risk Management Services |
| The Company's 2020 daily related party transactions are approved and implemented by the 2020 first provisional General Meeting of Shareholders held on April 27, 2020. | Estimates announcement of the Daily Related Party Transactions of 2020 | January 18, 2020 | http//.www.cninfo.com.cn |
| In order to promote the implementation and rapid advancement of the western comprehensive energy station project in Huizhou Daya Bay Petrochemical Zone, it was approved by the second communication meeting of the ninth Board of Directors in 2020 on February 14, 2020 that the company and Huizhou Daya Bay Petrochemical Industrial Zone Investment Co., Ltd. jointly established the western comprehensive energy station project company in Huizhou Daya Bay Petrochemical Zone according to the equity ratio of 80% and 20%. The preliminary work of project approval is carried out according to 3 H-class (660-800 MW) gas-fired units and 2 150t/h gas-fired boilers (the final construction scale is reasonably determined in the feasibility study stage), and the preliminary work cost is controlled within 12 million yuan. The registered place of the project company is Daya Bay District, Huizhou City, with the initial registered capital of 22 million yuan. At present, the company is carrying out the preliminary work of the project according to the relevant requirements of project approval. | Announcement of Resolutions of the Second Meeting of the Ninth Board of Directors by Correspondence of 2020 | February 15, 2020 | http//.www.cninfo.com.cn |
| According to the Reply of the National Development and Reform Commission on the Approval of Green Bonds Issued by Guangdong Electric Power Development Co., Ltd. (FGQYZQ [2020] No.21), it is agreed that the company will issue no more than 4 billion yuan of green bonds, 800 million yuan of which will be used for Yangjiang Shapa Offshore Wind Power Project, 1 billion yuan for Zhuhai Jinwan Offshore Wind Farm Project, 700 million yuan for Yuedean Zhanjiang Wailuo Offshore Wind Power Project, and 1.5 billion yuan for supplementary working capital. The company is handling the issues related to the issuance of green bonds in accordance with relevant requirements such as the approval documents. | Announcement on the Approval of Issuing Green Bonds by the National Development and Reform Commission | February 27, 2020 | http//.www.cninfo.com.cn |
| During the reporting period, the corporate bond "12 Yudean Bonds" completed the redemption and delisting of interest on March 18, 2020. | Announcement of Corporate “12 Yudean Bonds” Principal and Interest Payment and Delisting | March 12, 2020 | http//.www.cninfo.com.cn |
| In order to optimize the power supply structure and increase the proportion of clean energy, the Board of Directors agreed that Guangdong Yudean Binhaiwan Energy Co., Ltd. (hereinafter referred to as "Binhaiwan Company"), a wholly-owned subsidiary company, would be the main investor to invest in the construction of a alternative power supply project at Ningzhou Site in Dongguan, with an installed capacity of 3×700MW gas-steam combined cycle cogeneration unit. The total | Announcement of Resolutions of the Third Meeting of the Ninth Board of Directors by Correspondence of 2020 | April 11, 2020 | http//.www.cninfo.com.cn |
| dynamic investment of the project is 5.928 billion yuan, of which the capital is about 1.186 billion yuan, accounting for 20% of the total dynamic investment. After the 270 million yuan which was already invested in the previous period is deducted, the remaining capital of 916 million yuan will be settled by the company through batch capital increase to Binhaiwan Company according to the project construction progress and capital demand. | |||
| In order to speed up the large-scale development of the company's new energy power generation projects, increase the proportion of clean energy installed and optimize the power supply structure, the Board of Directors agreed to invest in the construction of the Dagaoshan Wind Power Project (hereinafter referred to as "Dagaoshan Wind Power Project") in Tongdao Dong Autonomous County of Hunan Province, with an installed capacity of 50MW, by Tongdao Yuexin Wind Power Co., Ltd (hereinafter referred to as "Tongdao Wind Power Company"), a wholly-owned subsidiary of the company, as the main investor. The total dynamic investment of the project is 531.74 million yuan, of which the capital is 106.5 million yuan, accounting for 20% of the total dynamic investment of the project. In view of the actual construction progress and capital needs, the capital required for the Project shall be solved by the Company by increasing capital in batches to Tongdao Wind Power Company. The Company still requires to increase its capital by 96.5 million yuan after deducting 10 million yuan that has been reviewed and approved in the previous period. | Announcement of Resolutions of the Third Meeting of the Ninth Board of Directors by Correspondence of 2020 | April 11, 2020 | http//.www.cninfo.com.cn |
| In order to further promote the large-scale development of the company's wind power, the Board of Directors agrees that Guangdong Wind Power Generation Co., Ltd., a wholly-owned subsidiary of the company (hereinafter referred to as "the Provincial Wind Power Company"), will invest in the construction and operation of Hunan Xupu Taiyangshan Wind Farm Project (hereinafter referred to as "Xupu Wind Power Project"), with an installed capacity of 50MW. The total dynamic investment of the project is 524.5329 million yuan (including the investment of self-built transmission line project), of which the capital is 104.9066 million yuan, accounting for 20% of the total dynamic investment of the project. According to the actual construction progress and capital demand of the project, the Provincial Wind Power Company applies to the company for capital increase based on its own capital situation. | 《Announcement of Resolutions of the Third Meeting of the Ninth Board of Directors by Correspondence of 2020 | April 11, 2020 | http//.www.cninfo.com.cn |
| In order to revitalize the company's existing assets, promote the optimization of the company's asset structure and further focus on its main business, the Board of Directors agrees that Guangdong Yuejia Electric Power Co., Ltd., the company's controlling subsidiary, sign the Agreement on the Recovery of State-owned Land Use Right with Meizhou Meixian District People's Government and Meizhou Land Reserve Center. | Announcement on the Agreement between Guangdong Yuejia Electric Power Co., Ltd and the Government to Recover the Right to Use State-owned Land | April 11, 2020 | http//.www.cninfo.com.cn |
| According to the Notice on Revising and Printing the Format of Financial Statements of General Enterprises in 2019 (CK [2019] No.6) issued by the Ministry of Finance, the new income standards and other notices, the company's accounting policies were changed. | Announcement on Changes in Accounting Policy | April 18, 2020 | http//.www.cninfo.com.cn |
| With the approval of the China Securities Regulatory Commission (ZJXK [2019] No.2477), the company publicly issued 1.5 billion yuan of corporate bonds to qualified investors on April 29, 2020, with an interest rate of 2.45% and an issue period of 5 years, and with the option | Issuance Announcement on Public Issuance of Corporate Bonds to Qualified Investors | April 24, 2020 | http//.www.cninfo.com.cn |
| of redemption by the issuer at the end of the third year, the option of raising the coupon rate by the issuer and the option of selling back by the investor. | in 2020 (Phase I) | ||
| In order to standardize the enterprise's multiple reforms, effectively revitalize relevant resources and realize asset preservation and appreciation, the board of directors reviewed and voted item-by item on the acquisition of 100% equity of Shenzhen Huaguoquan Electrical Service Co., Ltd.，Agreed that the Company will acquire 95% of the equity of Huaguoquan Company held by Jinfan Company by using 47,196,900 yuan, and the purchase price will be ultimately based on the converted appraisal value of Huaguoquan Company's net assets approved by the authority. Agreed that the Company shall acquire the 5% equity of Huaguoquan Company held by the worker union of Huaguoquan Company by using RMB 2,480,400, and the final purchase price shall be based on the converted appraisal value of Huaguoquan Company's net asset approved by the authority. | Announcement of Resolutions of the 13th Meeting of the Ninth Board of Directors | May 21, 2020 | http//.www.cninfo.com.cn |
XVIII. Material events of subsidiaries
√ Applicable □Not applicable
1.The company's holding subsidiary, Guangdong Yudean Pinghai Power Plant Co., Ltd, received the“Administrative Punishment Decision” issued by the Guangdong Provincial Ocean & Fisheries Bureau onNovember 14, 2016 (No. 019-2016 Yuehai Executive Punishment), and the punishment decision “ordered Pinghaito return the illegally occupied sea areas and restore the sea areas to their original state, and sentenced 10 timesfines to the use fees of sea areas that shall be imposed within the period of that illegally occupied 16.3947 hectares,amounted to RMB 172,144,350.00” for that Pinghai Power Plant carried out the site leveling and bank protectionwork of Pinghai power plant without approval and did the reclamation of 16.3947 hectares and its behaviorviolated the provisions of Article 3 of the Law of the People's Republic of China on the Administration of the Useof Sea areas. Based on the audited net profit of RMB 3.238 billion attributable to the shareholders of the parentcompany in 2015, the amount involved in the above-mentioned administrative penalty affects the net profitattributable to shareholders of the parent company of about 77.4 million-which accounts for 2.39% of the netprofit of the most recently audited period.Pinghai Power Plant disagreed with the punishment measures of the “Administrative Punishment Decision" andapplied for administrative reconsideration to the People's Government of Guangdong Province on January 16,2017 in accordance with Article 6 of the "Administrative Reconsideration Law of the People's Republic of China".On June 16, 2017, the People's Government of Guangdong Province issued a decision on the administrativereconsideration, which stated “According to the provisions of Item 1 of Paragraph 1 of Article 28 of theAdministrative Reconsideration Law of the People's Republic of China, the Administrative Punishment Decision(No. 019-2016 Yuehai Executive Punishment) made by the respondent’s Provincial Department of Ocean andFisheries is maintained.” Pinghai Power Plant disagreed with the aforementioned administrative reconsiderationdecision and filed an administrative litigation to the Guangzhou Maritime Court on July 18, 2017. On December28, 2017, the Guangzhou Maritime Court issued an administrative decision, stated “In accordance with theprovisions of Article 69 of the Administrative Procedure Law of the People's Republic of China, the decision is asfollows: the claim of the plaintiff Guangdong Huizhou Pinghai Power Plant Co., Ltd was rejected”. Pinghai PowerPlant disagreed with the verdict, and lodged an appeal to the Guangdong Provincial Higher People's Court againstthe verdict.On August 23, 2019, the higher people's court of Guangdong province issued the Administrative Judgment (Case
No.: (2018) YXZ No. 409). The provincial high court held that the original court's judgement on that theAdministrative Penalty Decision No. 019 [2016] issued by the provincial ocean and fishery department and theAdministrative Reconsideration Decision No. 48 [2017] issued by the provincial government were both legal, andthe lawsuit request of Pinghai Power Plant Co., Ltd. was rejected were made based on sufficient grounds andwithout any impropriety. The court upheld the judgment. According to Article 89, Paragraph 1 (a), of theadministrative procedure law of the People's Republic of China, the judgment is as follows: the appeal is rejectedand the original judgment is upheld. The acceptance fee for the second trial case, 100 yuan, shall be borne by theappellant, Guangdong Huizhou Pinghai Power Plant Co., Ltd. The case is final. "On February 20, 2020, Pinghai Power Plant applied to the Supreme People's Court for a retrial of the case, whichwas accepted by the Supreme People's Court. Pinghai Power Plant applied to the Supreme People's Court forwithdrawal of the lawsuit in June 2020, and the Supreme People's Court issued an Administrative Ruling on July 6,allowing Pinghai Power Plant to withdraw its retrial application.The Company has included the above penalty amount into the non-recurring profit and loss in 2016 according tothe Decision on Administrative Penalty (YHZCF [2016] No.019), which affected the reduction of net profitattributable to shareholders of the parent company by about 77.4 million yuan in 2016. Pinghai Power Plant haspaid the fine according to the judgment. According to the Agreement on Issuance of Shares and Purchase ofAssets signed by Guangdong Energy Group and the Company in 2012, Guangdong Energy Group willcompensate the Company according to the results of the above events and the actual losses caused by theseevents.
2. Guangdong Yudean Pinghai Power General Plant Co., Ltd., a controlling subsidiary of the Company, receivedthe Decision on Administrative Punishment (YHDCF [2019] No.042-1) issued by Huidong County Oceanic andFishery Bureau on November 13, 2018. The act of illegally occupying 1.2813 hectares of sea area by PinghaiPower Plant to construct a sand barrier violated the provisions of the second paragraph of Article 3 of the Law ofthe People's Republic of China on the Use of Sea Areas and the decision was that "It is ordered to return theillegally occupied sea area, restore the sea area to its original state, and imposed an administrative penalty of RMB11,531,700".Pinghai Power Plant refuses to accept the punishment measures in the Decision on Administrative Penalty andfiled an application for administrative reconsideration with Huidong County People's Government. On April 23,2019, Huidong County People's Government made the Decision on Administrative Reconsideration to maintainthe administrative penalty decision made by Huidong County Oceanic and Fishery Bureau. On April 24, 2019,Pinghai Power Plant filed an administrative lawsuit with Guangzhou Maritime Court. The Guangzhou MaritimeCourt held a hearing on June 12, 2019 and has made no judgment so far.According to the Company's audited net profit attributable to the shareholders of the parent company of 743million yuan in 2017, the amount of the above administrative penalty affects the net profit attributable to theshareholders of the parent company of about 5,189,300 yuan, accounting for about 0.7% of the latest audited netprofit. Pinghai Power Plant refused to accept the punishment measures in the Decision on AdministrativePunishment and filed an application for administrative reconsideration.
VI. Change of share capital and shareholding of Principal
ShareholdersI. Changes in share capital
1. Changes in share capital
In shares
| Before the change | Increase/decrease（+，-） | After the Change | |||||||
| Amount | Proportion | Share allotment | Bonus shares | Capitalization of common reserve fund | Other | Subtotal | Quantity | Proportion | |
| I. Share with conditional subscription | 1,897,968,946 | 36.15% | 1,897,968,946 | 36.15% | |||||
| 2. State-owned legal person shares | 1,893,342,621 | 36.06% | 1,893,342,621 | 36.06% | |||||
| 3.Other domestic shares | 4,626,325 | 0.09% | 4,626,325 | 0.09% | |||||
| Of which：Domestic legal person shares | 4,620,666 | 0.09% | 4,620,666 | 0.09% | |||||
| Domestic natural person shares | 5,659 | 0% | 5,659 | 0% | |||||
| II. Shares with unconditional subscription | 3,352,315,040 | 63.85% | 3,352,315,040 | 63.85% | |||||
| 1.Common shares in RMB | 2,553,907,040 | 48.64% | 2,553,907,040 | 48.64% | |||||
| 2.Foreign shares in domestic market | 798,408,000 | 15.21% | 798,408,000 | 15.21% | |||||
| III. Total of capital shares | 5,250,283,986 | 100% | 5,250,283,986 | 100% | |||||
Reasons for share changed
□Applicable √Not applicable
Approval of Change of Shares
□Applicable √Not applicable
Ownership transfer of share changes
□Applicable √Not applicable
Progress on any share repurchase:
□ Applicable √ Not applicable
Progress on reducing the repurchased shares by means of centralized bidding:
□ Applicable √ Not applicable
Influence on the basic EPS and diluted EPS as well as other financial indexes of net assets per share attributable tocommon shareholders of Company in latest year and period
□ Applicable √ Not applicable
Other information necessary to disclose for the company or need to disclosed under requirement from securityregulators
□ Applicable √Not applicable
2. Change of shares with limited sales condition
□ Applicable √Not applicable
Ⅱ.Issuing and listing
□ Applicable √Not applicable
III. Shareholders and shareholding
In Shares
| Total number of common shareholders at the end of the reporting period | 94,823 | Total number of preferred shareholders that had restored the voting right at the end of the reporting period (if any) (note 8) | 0 | |||||||
| Particulars about shares held above 5% by shareholders or top ten shareholders | ||||||||||
| Shareholders | Nature of shareholder | Proportion of shares held（%） | Number of shares held at period -end | Changes in reporting period | Amount of restricted shares held | Amount of un-restricted shares held | Number of share pledged/frozen | |||
| State of share | Amount | |||||||||
| Guangdong Energy Group Co., Ltd. | State-owned legal person | 67.39% | 3,538,005,285 | 1,893,342,621 | 1,644,662,664 | |||||
| China Securities Finance Co., Ltd. | State-owned legal person | 2.84% | 148,862,420 | 148,862,420 | ||||||
| Guangzhou Development Group Co., Ltd. | State-owned legal person | 2.22% | 116,693,602 | 116,693,602 | 116,693,602 | |||||
| Guangdong Electric Power Development Corporation | State-owned legal person | 1.80% | 94,367,341 | 94,367,341 | ||||||
| Li Zhuo | Domestic Natural person | 0.60% | 31,756,823 | 133,300 | 31,756,823 | |||||
| Zheng Jianxiang | Domestic Natural person | 0.45% | 23,372,798 | 137,900 | 23,372,798 | |||||
| Harbin Hali Industry Co., Ltd. | Domestic Non-State owned legal person | 0.40% | 20,942,945 | -283,869 | 20,942,945 | |||||
| VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND | Overseas Legal person | 0.34% | 17,697,397 | 4,608,769 | 17,697,397 | |||||
| CHINA INT'L CAPITAL CORP HONG KONG SECURITIES LTD | Overseas Legal person | 0.29% | 15,216,066 | -100,000 | 15,216,066 | |||||
| Harbin Daoli District Charity Foundation | Domestic Non-State owned legal person | 0.26% | 13,667,406 | 8,900 | 13,667,406 | |||||
| Explanation on associated relationship among the aforesaid shareholders | The fourth largest shareholder Guangdong Electric Power Development Corporation is the wholly-owned subsidiaries of the largest shareholder Energy Group. These two companies have relationships; whether the other shareholders have relationships or unanimous acting was unknown | |||
| Shareholding of top 10 shareholders of unrestricted shares | ||||
| Name of the shareholder | Quantity of unrestricted shares held at the end of the reporting period | Share type | ||
| Share type | Quantity | |||
| Guangdong Energy Group Co., Ltd. | 1,644,662,664 | RMB Common shares | 1,644,662,664 | |
| China Securities Finance Co., Ltd. | 148,862,420 | RMB Common shares | 148,862,420 | |
| Guangzhou Development Group Co., Ltd. | 116,693,602 | RMB Common shares | 116,693,602 | |
| Guangdong Electric Power Development Corporation | 94,367,341 | RMB Common shares | 94,367,341 | |
| Li Zhuo | 31,756,823 | RMB Common shares | 31,756,823 | |
| Zheng Jianxiang | 23,372,798 | Foreign shares placed in domestic exchange | 23,372,798 | |
| Harbin Hali Industry Co., Ltd. | 20,942,945 | RMB Common shares | 20,942,945 | |
| VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND | 17,697,397 | Foreign shares placed in domestic exchange | 17,697,397 | |
| CHINA INT'L CAPITAL CORP HONG KONG SECURITIES LTD | 15,216,066 | Foreign shares placed in domestic exchange | 15,216,066 | |
| Harbin Daoli District Charity Foundation | 13,667,406 | RMB Common shares | 13,667,406 | |
| Explanation on associated relationship or consistent action among the top 10 shareholders of non-restricted negotiable shares and that between the top 10 shareholders of non-restricted negotiable shares and top 10 shareholders | The fourth largest shareholder Guangdong Electric Power Development Corporation is the wholly-owned subsidiaries of the largest shareholder Energy Group. These two companies have relationships; whether the other shareholders have relationships or unanimous acting was unknown. | |||
| Explanation on shareholders participating in the margin trading business(if any )(See Notes 4) | The Fifth largest shareholder Li Zhuo holds 249,500 A shares of the Company through A shares ordinary stock account, and holds 31,756,823A shares of the Company through stock account with credit transaction and guarantee. The Seventh largest shareholder Harbin Hali Industry Co., Ltd. holds300 A shares of the Company through A shares ordinary stock account, and holds 20,942,645 6A shares of the Company through stock account with credit transaction and guarantee, hold 20,942,945 shares of the Company's stock totally. The Tenth largest shareholder Harbin Daoli District Charity Foundation holds16,800 A shares of the Company through A shares ordinary stock account, and holds 13,650,606A shares of the Company through stock account with credit transaction and guarantee, hold 13,667,406 shares of the Company's stock totally. | |||
Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have abuy-back agreement dealing in reporting period.
□ Yes √ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Companyhave no buy –back agreement dealing in reporting period.IV. Change of the controlling shareholder or the actual controllerChange of the controlling shareholder in the reporting period
□ Applicable √ Not Applicable
There was no any change of the controlling shareholder of the Company in the reporting period.Change of the actual controller in the reporting period
□ Applicable √ Not applicable
There was no any change of the actual controller of the Company in the reporting period.
VII. Situation of the Preferred Shares
□Applicable √Not applicable
The Company had no preferred shares in the reporting period
VIII Information about convertible corporate bonds
□ Applicable √Not applicable
During the reporting period, the company did not have convertible corporate bonds.
IX. Information about Directors, Supervisors and Senior ExecutivesI. Change in shares held by directors, supervisors and senior executives
□Applicable √Not applicable
There was no change in shareholding of directors, supervisors and senior management staffs, for the specificinformation please refer to the 2019 Annual Report.II. Changes in directors, supervisors and senior management staffs
□Applicable √Not applicable
No change has taken place in directors, supervisors and senior executives of the Company during the reportingperiod. For the detail, refer to 2019 Annual Report.
X. Corporate Bond
Whether the company has corporate bonds that have been publicly issued and listed on the stock exchange, andnot yet due or due but not folly cashed on the approval date of annual reportYesI.Basic information of corporate bonds
| Bond name | Bond short name | Bond code | Issue day | Due day | Bond balance (Ten thousand ) | Interest rate | Servicing way |
| Public Issuance of Corporate Bonds to Qualified Investors in 2020 (Phase I) | 20 Yudean 01 | 149113.SZ | April 29,2020 | April 29,2025 | 150,000 | 2.45% | Using simple interest rate on a yearly basis, regardless of compound interest. Due payments once a year, maturing debt at a time. In the final phase, interest is paid together with the principal redemption. |
| Corporate bonds listed or trading places | Shenzhen Stock Exchange | ||||||
| Investor Proper Arrangement | Not applicable | ||||||
| During the reporting period, interest payment situation of the company bonds | During the reporting period, the Bonds have not yet reached the interest payment date. | ||||||
| If the corporate bonds attached to special clauses to the issuer or the investors such as option clause and exchangeable clause, please specify the implementation status of the corresponding clauses. (When applicable) | The term of the current bonds is 5 years, attaching the option that the issuer will redeem at the end of the third year, the option that the issuer raises the coupon rate and the option that the investors will put back. | ||||||
II. Bond trustee and the credit rating agency information
| Bond trustee： | ||||||||||
| Name | CITIC Securities Co., Ltd. | Office | 2/F, B building, Kaiheng Center, Chaoyangmen Street, Dongcheng District , Beijing | Contact | Liu Renshuo | Tel | 010-86451370 | |||
| The credit rating agencies which follow and rate the corporate bond during the reporting period | ||||||||||
| Name | CCXI | Office address | Building 6,, Yinhe SOHO, No.2 Nanzhugan Alley , Dongcheng District, Beijing | |||||||
| 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 investors,etc(If applicable). | Not applicable | |||||||||
III. The usage of corporate bonds to raise money
| The usage and performance of raised funds from Corporate bonds | According to the relevant contents of the prospectus of the bonds issued by the company on April 24, 2020, the company plans to use the raised funds of RMB 150,000 to repay the debts due and supplement the working capital of the company. As of the end of the reporting period, the raised funds of the bonds have been used up. |
| At the end of balance (RMB 10,000) | 0 |
| Special fund raising account operation | The net raised funds of the bonds were remitted to the special account for raised funds on April 29, 2020, and the raised funds of RMB 1,500,000 have been used to repay the debts due and supplement the working capital of the company. The operation of the special account for raised funds is standardized, and relevant procedures have been performed before each fund withdrawal. |
| Whether the usage of the raised money corresponding to the purposes of promise, use plans, and other agreement | Yes |
IV.Corporate bond rating informationOn April 20,20209, CCXI traced and analyzed the credit status of the company and the company’s bonds of“20Yudean 01”, Finalized by the China Credit Rating Credit Rating Committee, maintained the credit rating of AAA forthe main body of the company, with a stable outlook; maintained the credit rating of AAA for the corporatebonds.(The rating results were disclosed on the website: http://www.ccxi.com.cn and http://www.cninfo.com.cn, withthe title of Credit Rating Report for Public Issuance of Corporate Bonds to Qualified Investors in 2020 (Phase I) ofGuangdong Electric Power Development Co., Ltd.During the reporting period, the rating agencies did not issue a tracking rating report.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.
（2）Debt repayment plan: The payment of principal and interest of the Bonds will be handled through bondregistration agencies and relevant institutions. The specific matters of payment will be explained in theannouncement disclosed by the issuer in the media specified by CSRC, Shenzhen Stock Exchange and ChinaSecurities Industry Association in accordance with relevant regulations.
（3）Debt repayment guarantee measures: In order to fully and effectively safeguard the legitimate rights andinterests of bondholders of the Bonds, the issuer has worked out a series of work plans for timely and fullrepayment of the Bonds, and strove to form a set of guarantee measures to ensure the safe redemption of bonds.Including setting up a special reimbursement working group, formulating and strictly implementing the fundmanagement plan, formulating the Rules of Bondholders' Meeting, giving full play to the role of bond trustee andstrictly fulfilling information disclosure obligations, etc.
VI. During the reporting period the bondholder meetingDuring the reporting period, the company did not hold bondholders meeting.VII. During the reporting period the bond trustee perform his dutiesAs the trustee of the bonds, China Securities has performed the duties of the bond trustee in strict accordance withthe Code of Practice of Corporate Bond Trustee, Prospectus and Trustee Management Agreement, and hascontinuously tracked the company's credit status, management and application of raised funds, and repayment ofprincipal and interest of corporate bonds, and urged the company to fulfill the obligations agreed in the prospectusof corporate bonds, thus safeguarding the legitimate rights and interests of bondholders.During the reporting period, there was no conflict of interest between China Securities and the issuer when ChinaSecurities performs the duties as a bond trustee.VIII.During the reporting period, the company's major accounting data and financial indicators for last 2years
In RMB 10,000
| Items | June 30,2020 | December 31, 2019 | At the same time rate of change |
| Current ratio | 58.89% | 60.28% | -1.39% |
| Debt ratio | 56.62% | 55.92% | 0.70% |
| Quick ratio | 45.11% | 46.63% | -1.52% |
| Amount of this period | Amount of last period | At the same time rate of change | |
| EBITDA interest coverage ratio | 3.25 | 2.41 | 34.85% |
| Loans repayment rate | 100% | 100% | 0% |
| Interest payment rate | 100% | 100% | 0% |
The material reasons for the changed ratio of the accounting data or financial indicators exceeds 30% over the lastyear
√ Applicable □Not applicable
The reason for the larger year-on-year increase of EBITDA's interest guarantee multiple is that the profit this yearis relatively good and the interest expense decreases year-on-year.IX. The company fails to repay the debt
□ Applicable √ Not applicable
No such cases in the reporting period.X. Information about the repayment of interest and principal for other bonds or debt financinginstruments
1. On March 18, 2013,the Company publicly issued 12 Yudean bonds to the public with a nominal amount ofRMB 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 RMB42,301,671.75.
2.The Company issued 18 Yudean MTN001 on August 27, 2018, with an issue amount of RMB 800,000,000 for aperiod of 3 years. During the reporting period, the Company repaid the principal and interest of RMB 0.
3.The Company issued 19 Yudean SCP003 on August 14, 2019, with an issue amount of RMB 900,000,000 for aperiod of 180 days. During the reporting period, the Company repaid the principal and interest ofRMB911,950,819.67.
4.The Company issued 19 Yudean SCP004 on November 15, 2019, with an issue amount of RMB1,000,000,000for a period of 180 days. During the reporting period, the Company repaid the principal and interest ofRMB1,011,311,475.41.
5.The Company issued 20 Yudean SCP001 on February 20, 2020, with an issue amount of RMB1,100,000,000 fora period of 180 days. During the reporting period, the Company repaid the principal and interest of RMB0.
XI.Information about the bank credit obtaining and use, as well as repayment of the bank loans during thereporting periodIn ther report period, the company signed an unconditional available bank amount limit of about RMB 56.176billion, of which the used amount limit was RMB 19.44 billion, thus the remaining available bank amount limitwas about RMB 36.736 billion. In this year, the company repaid bank loans of about RMB8.06 billion, and thebalance of bank loans was RMB 26.978 billion.XII. Information about fulfillment of the stipulations or commitments specified in the Prospectus of theissuance of the bonds during the reporting periodThe company had committed to pay the principal and interests to the bondholders according to the stipulations ofthe prospectus of “20 Yudean 01” issuance. During the reporting period, the company strictly fulfilled the abovecommitments.XIII. Major events occurred during the reporting periodNoneXIV. Whether the corporate bonds have a guarantor
□ Yes √No
X. Financial Report
I. Audit reportHas this semi-annual report been audited?
□ Yes √ No
The semi-annual financial report has not been audited.II. Financial statementsCurrency unit for the statements in the notes to these financial statements: RMB
1. Consolidated balance sheet
Prepared by：Guangdong Electric Power Development Co., Ltd.June 30,2020
In RMB
| Items | June 30,2020 | December 31,2019 |
| Current asset： | ||
| Monetary fund | 5,726,061,282 | 5,081,641,969 |
| Settlement provision | ||
| Outgoing call loan | ||
| Transactional financial assets | ||
| Derivative financial assets | ||
| Notes receivable | ||
| Account receivable | 3,409,377,594 | 3,197,690,464 |
| Financing of receivables | ||
| Prepayments | 733,965,025 | 605,314,333 |
| Insurance receivable | ||
| Reinsurance receivable | ||
| Provisions of Reinsurance contracts receivable | ||
| Other account receivable | 259,903,770 | 272,801,588 |
| Including：Interest receivable | 25,335,356 | 20,866,069 |
| Dividend receivable | ||
| Repurchasing of financial assets | ||
| Inventories | 1,817,548,570 | 1,817,059,269 |
| Contract assets | ||
| Assets held for sales | ||
| Non-current asset due within 1 year | 77,379,009 | 28,865,131 |
| Other current asset | 246,684,685 | 305,595,567 |
| Total of current assets | 12,270,919,935 | 11,308,968,321 |
| Non-current assets： | ||
| Loans and payment on other’s behalf disbursed | ||
| Creditor's right investment | ||
| Other investment on bonds | ||
| Long-term receivable | 18,581,834 | 65,856,346 |
| Long term share equity investment | 6,360,521,327 | 6,455,784,562 |
| Other equity instruments investment | 3,134,892,598 | 3,142,371,373 |
| Other non-current financial assets | ||
| Property investment | 50,818,225 | 52,093,631 |
| Fixed assets | 39,909,743,395 | 38,555,718,718 |
| Construction in progress | 10,126,473,896 | 10,882,003,846 |
| Production physical assets | ||
| Oil & gas assets | ||
| Use right assets | ||
| Intangible assets | 2,084,811,538 | 1,787,738,640 |
| Development expenses | ||
| Goodwill | 2,449,886 | 2,449,886 |
| Long-germ expenses to be amortized | 18,078,874 | 19,473,586 |
| Deferred income tax asset | 393,654,849 | 445,709,226 |
| Other non-current asset | 4,894,636,260 | 2,753,858,988 |
| Total of non-current assets | 66,994,662,682 | 64,163,058,802 |
| Total of assets | 79,265,582,617 | 75,472,027,123 |
| Current liabilities | ||
| Short-term loans | 6,947,498,951 | 5,904,132,791 |
| Loan from Central Bank | ||
| Borrowing funds | ||
| Transactional financial liabilities | ||
| Derivative financial liabilities | ||
| Notes payable | 1,479,992,546 | 1,364,236,650 |
| Account payable | 2,728,491,609 | 2,465,154,162 |
| Advance receipts | 661,044 | 432,714 |
| Contract liabilities | 6,722,800 | |
| Selling of repurchased financial assets | ||
| Deposit taking and interbank deposit | ||
| Entrusted trading of securities | ||
| Entrusted selling of securities | ||
| Employees’ wage payable | 385,926,460 | 242,510,538 |
| Tax payable | 767,944,193 | 571,377,151 |
| Other account payable | 4,559,499,828 | 4,042,117,097 |
| Including：Interest payable |
| Dividend payable | 9,771,322 | 9,771,322 |
| Fees and commissions payable | ||
| Reinsurance fee payable | ||
| Liabilities held for sales | ||
| Non-current liability due within 1 year | 2,851,276,334 | 3,182,980,482 |
| Other current liability | 1,108,353,973 | 1,912,282,192 |
| Total of current liability | 20,836,367,738 | 19,685,223,777 |
| Non-current liabilities： | ||
| Reserve fund for insurance contracts | ||
| Long-term loan | 17,444,945,172 | 16,587,103,380 |
| Bond payable | 2,997,729,798 | 1,496,631,799 |
| Including：preferred stock | ||
| Sustainable debt | ||
| Lease liability | ||
| Long-term payable | 2,597,958,205 | 2,485,346,245 |
| Long-term remuneration payable to staff | 126,396,523 | 134,988,860 |
| Expected liabilities | ||
| Deferred income | 137,873,621 | 139,256,513 |
| Deferred income tax liability | 535,515,921 | 537,385,614 |
| Other non-current liabilities | 200,000,000 | 216,405,569 |
| Total non-current liabilities | 24,040,419,240 | 21,597,117,980 |
| Total of liability | 44,876,786,978 | 41,282,341,757 |
| Owners’ equity | ||
| Share capital | 5,250,283,986 | 5,250,283,986 |
| Other equity instruments | ||
| Including：preferred stock | ||
| Sustainable debt | ||
| Capital reserves | 5,096,918,174 | 5,096,918,174 |
| Less：Shares in stock | ||
| Other comprehensive income | 1,670,533,962 | 1,676,143,044 |
| Special reserve | ||
| Surplus reserves | 8,515,360,638 | 8,245,767,593 |
| Common risk provision | ||
| Retained profit | 5,823,185,652 | 5,909,128,280 |
| Total of owner’s equity belong to the parent company | 26,356,282,412 | 26,178,241,077 |
| Minority shareholders’ equity | 8,032,513,227 | 8,011,444,289 |
| Total of owners’ equity | 34,388,795,639 | 34,189,685,366 |
| Total of liabilities and owners’ equity | 79,265,582,617 | 75,472,027,123 |
Legal representative ：Wang Jin
Person-in-charge of the accounting work：Liu WeiPerson-in -charge of the accounting organ：Meng Fei
2.Parent Company Balance Sheet
In RMB
| Items | June 30,2020 | December 31,2019 |
| Current asset： | ||
| Monetary fund | 903,028,912 | 224,504,289 |
| Transactional financial assets | ||
| Derivative financial assets | ||
| Notes receivable | ||
| Account receivable | 128,688,475 | 209,249,102 |
| Financing of receivables | ||
| Prepayments | 26,632,000 | 43,002,000 |
| Other account receivable | 95,352,451 | 108,149,278 |
| Including：Interest receivable | 1,028,214 | 689,092 |
| Dividend receivable | 2,652,502 | |
| Inventories | 136,969,575 | 151,518,056 |
| Contract assets | ||
| Assets held for sales | ||
| Non-current asset due within 1 year | ||
| Other current asset | 226,408 | 1,228,009 |
| Total of current assets | 1,290,897,821 | 737,650,734 |
| Non-current assets： | ||
| Debt investment | ||
| Other investment on bonds | ||
| Long-term receivable | 546,000,000 | 340,000,000 |
| Long term share equity investment | 27,010,918,630 | 26,514,106,513 |
| Other equity instruments investment | 3,134,892,598 | 3,142,371,373 |
| Other non-current financial assets | ||
| Property investment | 6,707,644 | 7,025,443 |
| Fixed assets | 648,726,309 | 706,435,221 |
| Construction in progress | 15,569,681 | 14,945,019 |
| Production physical assets | ||
| Oil & gas assets | ||
| Use right assets | ||
| Intangible assets | 83,793,467 | 85,839,959 |
| Development expenses | ||
| Goodwill | ||
| Long-germ expenses to be amortized |
| Deferred income tax asset | ||
| Other non-current asset | 208,353,879 | 356,004,000 |
| Total of non-current assets | 31,654,962,208 | 31,166,727,528 |
| Total of assets | 32,945,860,029 | 31,904,378,262 |
| Current liabilities | ||
| Short-term loans | 1,301,380,889 | 1,401,641,708 |
| Transactional financial liabilities | ||
| Derivative financial liabilities | ||
| Notes payable | ||
| Account payable | 126,587,795 | 156,122,676 |
| Advance receipts | ||
| Contract Liabilities | 6,722,800 | |
| Employees’ wage payable | 101,588,452 | 63,480,425 |
| Tax payable | 29,867,403 | 44,298,675 |
| Other account payable | 55,163,101 | 71,126,853 |
| Including：Interest payable | ||
| Dividend payable | 9,771,322 | 9,771,322 |
| Liabilities held for sales | ||
| Non-current liability due within 1 year | 1,535,327,137 | 1,554,314,700 |
| Other current liability | 1,108,353,973 | 1,912,282,192 |
| Total of current liability | 4,264,991,550 | 5,203,267,229 |
| Non-current liabilities： | ||
| Long-term loan | ||
| Bond payable | 2,299,257,333 | 798,857,333 |
| Including：preferred stock | ||
| Sustainable debt | ||
| Lease liability | ||
| Long-term payable | 3,466,237 | |
| Long-term remuneration payable to staff | 34,131,865 | 36,570,958 |
| Expected liabilities | ||
| Deferred income | 39,984,807 | 39,984,807 |
| Deferred income tax liability | 533,323,991 | 535,193,684 |
| Other non-current liabilities | ||
| Total non-current liabilities | 2,906,697,996 | 1,414,073,019 |
| Total of liability | 7,171,689,546 | 6,617,340,248 |
| Owners’ equity | ||
| Share capital | 5,250,283,986 | 5,250,283,986 |
| Other equity instruments | ||
| Including：preferred stock | ||
| Sustainable debt | ||
| Capital reserves | 5,599,980,903 | 5,599,980,903 |
| Less：Shares in stock | ||
| Other comprehensive income | 1,670,533,962 | 1,676,143,044 |
| Special reserve | ||
| Surplus reserves | 8,515,360,638 | 8,245,767,593 |
| Retained profit | 4,738,010,994 | 4,514,862,488 |
| Total of owners’ equity | 25,774,170,483 | 25,287,038,014 |
| Total of liabilities and owners’ equity | 32,945,860,029 | 31,904,378,262 |
3.Consolidated Income statement
In RMB
| Items | The first half year of 2020 | The first half year of 2019 |
| I. Income from the key business | 12,539,917,823 | 12,874,181,250 |
| Incl：Business income | 12,539,917,823 | 12,874,181,250 |
| Interest income | ||
| Insurance fee earned | ||
| Fee and commission received | ||
| II. Total business cost | 11,135,841,343 | 12,036,981,919 |
| Incl：Business cost | 10,150,973,022 | 11,024,143,476 |
| Interest expense | ||
| Fee and commission paid | ||
| Insurance discharge payment | ||
| Net claim amount paid | ||
| Net amount of withdrawal of insurance contract reserve | ||
| Insurance policy dividend paid | ||
| Reinsurance expenses | ||
| Business tax and surcharge | 98,152,077 | 93,365,358 |
| Sales expense | 22,894,557 | 12,844,788 |
| Administrative expense | 301,675,673 | 270,884,804 |
| R & D costs | 831,109 | 347,523 |
| Financial expenses | 561,314,905 | 635,395,970 |
| Including：Interest expense | 594,291,506 | 664,009,453 |
| Interest income | 35,840,406 | 31,661,505 |
| Add: Other income | 13,488,715 | 39,472,856 |
| Investment gain（“-”for loss） | 236,069,065 | 304,451,356 |
| Incl: investment gains from affiliates | 214,698,621 | 273,618,214 |
| Financial assets measured at amortized cost cease to be recognized as income | ||
| Gains from currency exchange | ||
| Net exposure hedging income | ||
| Changing income of fair value | 30,626 | |
| Credit impairment loss | 20,911 | -523,441 |
| Impairment loss of assets | -16,743,630 | |
| Assets disposal income | 51,176,776 | |
| III. Operational profit（“-”for loss） | 1,688,088,317 | 1,180,630,728 |
| Add ：Non-operational income | 16,867,922 | 5,293,187 |
| Less: Non-operating expense | 13,027,594 | 20,234,696 |
| IV. Total profit(“-”for loss) | 1,691,928,645 | 1,165,689,219 |
| Less：Income tax expenses | 472,879,412 | 309,835,930 |
| V. Net profit | 1,219,049,233 | 855,853,289 |
| (I) Classification by business continuity | ||
| 1.Net continuing operating profit | 1,219,049,233 | 855,853,289 |
| 2.Termination of operating net profit | ||
| (II) Classification by ownership | ||
| 1.Net profit attributable to the owners of parent company | 813,684,495 | 581,569,383 |
| 2.Minority shareholders’ equity | 405,364,738 | 274,283,906 |
| VI. Net after-tax of other comprehensive income | -5,609,082 | 57,512,582 |
| Net of profit of other comprehensive income attributable to owners of the parent company. | -5,609,082 | 57,512,582 |
| （I）Other comprehensive income items that will not be reclassified into gains/losses in the subsequent accounting period | -5,609,082 | 57,512,582 |
| 1.Re-measurement of defined benefit plans of changes in net debt or net assets | ||
| 2.Other comprehensive income under the equity method investee can not be reclassified into profit or loss. |
| 3. Changes in the fair value of investments in other equity instruments | -5,609,082 | 57,512,582 |
| 4. Changes in the fair value of the company’s credit risks | ||
| 5.Other | ||
| （II） Other comprehensive income that will be reclassified into profit or loss. | ||
| 1.Other comprehensive income under the equity method investee can be reclassified into profit or loss. | ||
| 2. Changes in the fair value of investments in other debt obligations | ||
| 3. Other comprehensive income arising from the reclassification of financial assets | ||
| 4.Allowance for credit impairments in investments in other debt obligations | ||
| 5. Reserve for cash flow hedges | ||
| 6.Translation differences in currency financial statements | ||
| 7.Other | ||
| Net of profit of other comprehensive income attributable to Minority shareholders’ equity | ||
| VII. Total comprehensive income | 1,213,440,151 | 913,365,871 |
| Total comprehensive income attributable to the owner of the parent company | 808,075,413 | 639,081,965 |
| Total comprehensive income attributable minority shareholders | 405,364,738 | 274,283,906 |
| VIII. Earnings per share | ||
| （I）Basic earnings per share | 0.1550 | 0.1108 |
| (II)Diluted earnings per share | 0.1550 | 0.1108 |
The current business combination under common control, the net profits of the combined party before achieved net profit of RMB 0.00, last period the combined party realized RMB0.00.Legal representative ：Wang Jin Person-in-charge of the accounting work：Liu Wei Person-in -charge ofthe accounting organ：Meng Fei
4. Income statement of the Parent Company
In RMB
| Items | The first half year of 2020 | The first half year of 2019 |
| I. Income from the key business | 469,554,164 | 984,909,082 |
| Incl：Business cost | 501,798,888 | 978,133,881 |
| Business tax and surcharge | 3,804,965 | 5,890,693 |
| Sales expense | 1,264,698 | 675,889 |
| Administrative expense | 54,085,038 | 36,863,889 |
| R & D expense | 161,909 | 269,693 |
| Financial expenses | 111,084,805 | 100,956,761 |
| Including：Interest expenses | 112,921,626 | 101,909,495 |
| Interest income | 2,323,189 | 2,477,731 |
| Add：Other income | 44,061 | 10,000 |
| Investment gain（“-”for loss） | 1,335,585,326 | 1,065,475,482 |
| Including: investment gains from affiliates | 211,523,852 | 270,083,891 |
| Financial assets measured at amortized cost cease to be recognized as income | ||
| Net exposure hedging income | ||
| Changing income of fair value | 30,626 | |
| Credit impairment loss | 20,911 | -303,753 |
| Impairment loss of assets | -16,743,630 | |
| Assets disposal income | 157,963 | 3,218,915 |
| II. Operational profit（“-”for loss） | 1,116,418,492 | 930,549,546 |
| Add ：Non-operational income | 9,787,936 | 7,842 |
| Less：Non -operational expenses | 1,374,084 | 1,181,405 |
| III. Total profit(“-”for loss) | 1,124,832,344 | 929,375,983 |
| Less：Income tax expenses | 2,056,715 | 47,879,436 |
| IV. Net profit | 1,122,775,629 | 881,496,547 |
| 1.Net continuing operating profit | 1,122,775,629 | 881,496,547 |
| 2.Termination of operating net profit | ||
| V. Net after-tax of other comprehensive income | -5,609,080 | 57,512,582 |
| （I）Other comprehensive income items that will not be reclassified into gains/losses in the subsequent accounting period | -5,609,080 | 57,512,582 |
| 1.Re-measurement of defined benefit plans of changes in net debt or net assets | ||
| 2.Other comprehensive income under the equity method investee can not be reclassified into profit or loss. | -5,609,080 | 57,512,582 |
| 3. Changes in the fair value of investments in other equity instruments |
| 4. Changes in the fair value of the company’s credit risks | ||
| 5.Other | ||
| (II)Other comprehensive income that will be reclassified into profit or loss | ||
| 1.Other comprehensive income under the equity method investee can be reclassified into profit or loss. | ||
| 2. Changes in the fair value of investments in other debt obligations | ||
| 3. Other comprehensive income arising from the reclassification of financial assets | ||
| 4.Allowance for credit impairments in investments in other debt obligations | ||
| 5. Reserve for cash flow hedges | ||
| 6.Translation differences in currency financial statements | ||
| 7.Other | ||
| VI. Total comprehensive income | 1,117,166,549 | 939,009,129 |
| VII. Earnings per share | ||
| （I）Basic earnings per share | 0.2139 | 0.1680 |
| (II)Diluted earnings per share | 0.2139 | 0.1680 |
5. Consolidated Cash flow statement
In RMB
| Items | The first half year of 2020 | The first half year of 2019 |
| I.Cash flows from operating activities | ||
| Cash received from sales of goods or rending of services | 13,888,627,580 | 14,705,585,514 |
| Net increase of customer deposits and capital kept for brother company | ||
| Net increase of loans from central bank | ||
| Net increase of inter-bank loans from other financial bodies | ||
| Cash received against original insurance contract | ||
| Net cash received from reinsurance business | ||
| Net increase of client deposit and investment | ||
| Cash received from interest, commission charge and commission | ||
| Net increase of inter-bank fund received |
| Net increase of repurchasing business | ||
| Net cash received by agent in securities trading | ||
| Tax returned | 118,191,168 | 40,296,334 |
| Other cash received from business operation | 180,127,664 | 162,228,929 |
| Sub-total of cash inflow | 14,186,946,412 | 14,908,110,777 |
| Cash paid for purchasing of merchandise and services | 8,244,133,716 | 9,504,880,179 |
| Net increase of client trade and advance | ||
| Net increase of savings in central bank and brother company | ||
| Cash paid for original contract claim | ||
| Net increase in financial assets held for trading purposes | ||
| Net increase for Outgoing call loan | ||
| Cash paid for interest, processing fee and commission | ||
| Cash paid to staffs or paid for staffs | 703,279,072 | 779,694,520 |
| Taxes paid | 871,954,680 | 468,777,176 |
| Other cash paid for business activities | 349,357,047 | 351,317,101 |
| Sub-total of cash outflow from business activities | 10,168,724,515 | 11,104,668,976 |
| Net cash generated from /used in operating activities | 4,018,221,897 | 3,803,441,801 |
| II. Cash flow generated by investing | ||
| Cash received from investment retrieving | ||
| Cash received as investment gains | 331,332,300 | 197,809,412 |
| Net cash retrieved from disposal of fixed assets, intangible assets, and other long-term assets | 127,909,560 | |
| Net cash received from disposal of subsidiaries or other operational units | ||
| Other investment-related cash received | ||
| Sub-total of cash inflow due to investment activities | 459,241,860 | 197,809,412 |
| Cash paid for construction of fixed assets, intangible assets and other long-term assets | 3,786,337,519 | 1,735,190,767 |
| Cash paid as investment | 78,938,898 | |
| Net increase of loan against pledge | ||
| Net cash received from subsidiaries and other operational units | ||
| Other cash paid for investment activities |
| Sub-total of cash outflow due to investment activities | 3,786,337,519 | 1,814,129,665 |
| Net cash flow generated by investment | -3,327,095,659 | -1,616,320,253 |
| III.Cash flow generated by financing | ||
| Cash received as investment | 4,400,000 | 297,000,000 |
| Including: Cash received as investment from minor shareholders | 4,400,000 | 297,000,000 |
| Cash received as loans | 11,920,106,727 | 6,396,276,411 |
| Other financing –related cash received | ||
| Sub-total of cash inflow from financing activities | 11,924,506,727 | 6,693,276,411 |
| Cash to repay debts | 10,243,656,584 | 7,933,799,586 |
| Cash paid as dividend, profit, or interests | 1,727,557,296 | 1,320,358,435 |
| Including: Dividend and profit paid by subsidiaries to minor shareholders | 405,101,369 | 282,847,942 |
| Other cash paid for financing activities | ||
| Sub-total of cash outflow due to financing activities | 11,971,213,880 | 9,254,158,021 |
| Net cash flow generated by financing | -46,707,153 | -2,560,881,610 |
| IV. Influence of exchange rate alternation on cash and cash equivalents | 228 | 45 |
| V.Net increase of cash and cash equivalents | 644,419,313 | -373,760,017 |
| Add: balance of cash and cash equivalents at the beginning of term | 5,079,641,969 | 5,570,382,892 |
| VI ..Balance of cash and cash equivalents at the end of term | 5,724,061,282 | 5,196,622,875 |
6. Cash Flow Statement of the Parent Company
In RMB
| Items | The first half year of 2020 | The first half year of 2019 |
| I.Cash flows from operating activities | ||
| Cash received from sales of goods or rending of services | 583,190,697 | 1,136,209,449 |
| Tax returned | 1,797,630 | |
| Other cash received from business operation | 52,625,737 | 26,129,308 |
| Sub-total of cash inflow | 637,614,064 | 1,162,338,757 |
| Cash paid for purchasing of merchandise and services | 379,318,233 | 881,437,635 |
| Cash paid to staffs or paid for staffs | 138,572,849 | 139,542,668 |
| Taxes paid | 38,922,537 | 40,999,760 |
| Other cash paid for business activities | 28,960,467 | 26,198,514 |
| Sub-total of cash outflow from business activities | 585,774,086 | 1,088,178,577 |
| Net cash generated from /used in operating activities | 51,839,978 | 74,160,180 |
| II. Cash flow generated by investing | ||
| Cash received from investment retrieving | 16,460,000 | 300,209,927 |
| Cash received as investment gains | 1,437,319,191 | 969,950,713 |
| Net cash retrieved from disposal of fixed assets, intangible assets, and other long-term assets | 855,007 | 3,808,750 |
| Net cash received from disposal of subsidiaries or other operational units | ||
| Other investment-related cash received | ||
| Sub-total of cash inflow due to investment activities | 1,454,634,198 | 1,273,969,390 |
| Cash paid for construction of fixed assets, intangible assets and other long-term assets | 7,829,959 | 11,242,719 |
| Cash paid as investment | 653,932,389 | 980,554,158 |
| Net cash received from subsidiaries and other operational units | ||
| Other cash paid for investment activities | ||
| Sub-total of cash outflow due to investment activities | 661,762,348 | 991,796,877 |
| Net cash flow generated by investment | 792,871,850 | 282,172,513 |
| III. Cash flow generated by financing | ||
| Cash received as investment | ||
| Cash received as loans | 3,800,505,296 | 1,499,400,000 |
| Other financing –related ash received | ||
| Sub-total of cash inflow from financing activities | 3,800,505,296 | 1,499,400,000 |
| Cash to repay debts | 3,201,205,812 | 1,401,515,857 |
| Cash paid as dividend, profit, or interests | 765,486,917 | 401,603,186 |
| Other cash paid for financing activities | ||
| Sub-total of cash outflow due to financing activities | 3,966,692,729 | 1,803,119,043 |
| Net cash flow generated by financing | -166,187,433 | -303,719,043 |
| IV. Influence of exchange rate alternation on cash and cash equivalents | 228 | 45 |
| V.Net increase of cash and cash equivalents | 678,524,623 | 52,613,695 |
| Add: balance of cash and cash equivalents at the beginning of term | 224,504,289 | 385,577,463 |
| VI ..Balance of cash and cash equivalents at the end of term | 903,028,912 | 438,191,158 |
7. Consolidated Statement on Change in Owners’ Equity
Amount in this period
In RMB
| Items | The first half year of 2020 | ||||||||||||||
| Owner’s equity Attributable to the Parent Company | Minor shareholders’ equity | Total of owners’ equity | |||||||||||||
| Share Capital | Other Equity instrument | Capital reserves | Less: Shares in stock | Other Comprehensive Income | Specialized reserve | Surplus reserves | Common risk provision | Retained profit | Other | Subtotal | |||||
| Preferred stock | Sustainable debt | Other | |||||||||||||
| I.Balance at the end of last year | 5,250,283,986 | 5,096,918,174 | 1,676,143,044 | 8,245,767,593 | 5,909,128,280 | 26,178,241,077 | 8,011,444,289 | 34,189,685,366 | |||||||
| Add: Change of accounting policy | |||||||||||||||
| Correcting of previous errors | |||||||||||||||
| Merger of entities under common control | |||||||||||||||
| Other | |||||||||||||||
| II.Balance at the beginning of current year | 5,250,283,986 | 5,096,918,174 | 1,676,143,044 | 8,245,767,593 | 5,909,128,280 | 26,178,241,077 | 8,011,444,289 | 34,189,685,366 | |||||||
| III.Changed in the current year | -5,609,082 | 269,593,045 | -85,942,628 | 178,041,335 | 21,068,938 | 199,110,273 | |||||||||
| （1）Total comprehensiv | -5,609,082 | 813,684,495 | 808,075,413 | 405,364,738 | 1,213,440,151 | ||||||||||
| e income | |||||||||||||||
| （II）Investment or decreasing of capital by owners | 20,805,569 | 20,805,569 | |||||||||||||
| 1．Ordinary Shares invested by shareholders | 20,805,569 | 20,805,569 | |||||||||||||
| 2．Holders of other equity instruments invested capital | |||||||||||||||
| 3．Amount of shares paid and accounted as owners’ equity | |||||||||||||||
| 4．Other | |||||||||||||||
| （III）Profit allotment | 269,593,045 | -899,627,123 | -630,034,078 | -405,101,369 | -1,035,135,447 | ||||||||||
| 1.Providing of surplus reserves | 269,593,045 | -269,593,045 | |||||||||||||
| 2.Providing of common risk provisions | |||||||||||||||
| 3．Allotment to the owners (or shareholders) | -630,034,078 | -630,034,078 | -405,101,369 | -1,035,135,447 | |||||||||||
| 4．Other | |||||||||||||||
| (IV) Internal transferring of |
| owners’ equity | |||||||||||||||
| 1. Capitalizing of capital reserves (or to capital shares) | |||||||||||||||
| 2. Capitalizing of surplus reserves (or to capital shares) | |||||||||||||||
| 3．Making up losses by surplus reserves. | |||||||||||||||
| 4.Change amount of defined benefit plans that carry forward Retained earnings | |||||||||||||||
| 5．Other comprehensive income carry-over retained earnings | |||||||||||||||
| 6．Other | |||||||||||||||
| (V). Special reserves | |||||||||||||||
| 1. Provided this year | |||||||||||||||
| 2．Used this term | |||||||||||||||
| （VI）Other |
| IV. Balance at the end of this term | 5,250,283,986 | 5,096,918,174 | 1,670,533,962 | 8,515,360,638 | 5,823,185,652 | 26,356,282,412 | 8,032,513,227 | 34,388,795,639 |
Amount in last year
In RMB
| Items | The first half year of 2019 | ||||||||||||||
| Owner’s equity Attributable to the Parent Company | Minor shareholders’ equity | Total of owners’ equity | |||||||||||||
| Share Capital | Other Equity instrument | Capital reserves | Less: Shares in stock | Other Comprehensive Income | Specialized reserve | Surplus reserves | Common risk provision | Retained profit | Other | Subtotal | |||||
| Preferred stock | Sustainable debt | Other | |||||||||||||
| I.Balance at the end of last year | 5,250,283,986 | 5,102,846,886 | 550,010,133 | 7,834,155,143 | 5,490,006,140 | 24,227,302,288 | 7,290,519,359 | 31,517,821,647 | |||||||
| Add: Change of accounting policy | |||||||||||||||
| Correcting of previous errors | |||||||||||||||
| Merger of entities under common control | |||||||||||||||
| Other | |||||||||||||||
| II.Balance at the beginning of current year | 5,250,283,986 | 5,102,846,886 | 550,010,133 | 7,834,155,143 | 5,490,006,140 | 24,227,302,288 | 7,290,519,359 | 31,517,821,647 | |||||||
| III.Changed in the current year | 57,512,582 | 411,612,450 | -145,060,106 | 324,064,926 | 288,435,964 | 612,500,890 | |||||||||
| （1）Total comprehensive income | 57,512,582 | 581,569,383 | 639,081,965 | 274,283,906 | 913,365,871 | ||||||||||
| （II）Investment or decreasing of capital by owners | 297,000,000 | 297,000,000 | |||||||||||||
| 1．Ordinary Shares invested by shareholders | 297,000,000 | 297,000,000 | |||||||||||||
| 2．Holders of other equity instruments invested capital | |||||||||||||||
| 3．Amount of shares paid and accounted as owners’ equity | |||||||||||||||
| 4．Other | |||||||||||||||
| （III）Profit allotment | 411,612,450 | -726,629,489 | -315,017,039 | -282,847,942 | -597,864,981 | ||||||||||
| 1.Providing of surplus reserves | 411,612,450 | -411,612,450 | |||||||||||||
| 2.Providing of common risk provisions | |||||||||||||||
| 3．Allotment to the owners (or shareholders) | -315,017,039 | -315,017,039 | -282,847,942 | -597,864,981 | |||||||||||
| 4．Other | |||||||||||||||
| (IV) Internal transferring of owners’ equity | |||||||||||||||
| 1. Capitalizing of capital reserves (or to capital shares) | |||||||||||||||
| 2. Capitalizing of surplus reserves |
| (or to capital shares) | |||||||||||||||
| 3．Making up losses by surplus reserves. | |||||||||||||||
| 4.Change amount of defined benefit plans that carry forward Retained earnings | |||||||||||||||
| 5．Other comprehensive income carry-over retained earnings | |||||||||||||||
| 6．Other | |||||||||||||||
| (V). Special reserves | |||||||||||||||
| 1. Provided this year | |||||||||||||||
| 2．Used this term | |||||||||||||||
| （VI）Other | |||||||||||||||
| IV. Balance at the end of this term | 5,250,283,986 | 5,102,846,886 | 607,522,715 | 8,245,767,593 | 5,344,946,034 | 24,551,367,214 | 7,578,955,323 | 32,130,322,537 |
8.Statement of change in owner’s Equity of the Parent Company
Amount in this period
In RMB
| Items | The first half year of 2020 | |||||||||
| Share capital | Other Equity instrument | Capital | Less: Shares | Other | Specialized | Surplus | Retained | Other | Total of owners’ | |
| Preferred stock | Sustainable debt | Other | reserves | in stock | Comprehensive Income | reserve | reserves | profit | equity | |||
| I.Balance at the end of last year | 5,250,283,986 | 5,599,980,903 | 1,676,143,044 | 8,245,767,593 | 4,514,862,488 | 25,287,038,014 | ||||||
| Add: Change of accounting policy | ||||||||||||
| Correcting of previous errors | ||||||||||||
| Other | ||||||||||||
| II.Balance at the beginning of current year | 5,250,283,986 | 5,599,980,903 | 1,676,143,044 | 8,245,767,593 | 4,514,862,488 | 25,287,038,014 | ||||||
| III.Changed in the current year | -5,609,082 | 269,593,045 | 223,148,506 | 487,132,469 | ||||||||
| （I）Total comprehensive income | -5,609,082 | 1,122,775,629 | 1,117,166,547 | |||||||||
| (II) Investment or decreasing of capital by owners | ||||||||||||
| 1．Ordinary Shares invested by shareholders | ||||||||||||
| 2．Holders of other equity instruments invested capital | ||||||||||||
| 3.Amount of shares paid and accounted as owners’ equity | ||||||||||||
| 4．Other | ||||||||||||
| （III）Profit allotment | 269,593,045 | -899,627,123 | -630,034,078 | |||||||||
| 1.Providing of surplus reserves | 269,593,045 | -269,593,045 | ||||||||||
| 2．Allotment to the owners (or shareholders) | -630,034,078 | -630,034,078 |
| 3．Other | ||||||||||||
| (IV) Internal transferring of owners’ equity | ||||||||||||
| 1. Capitalizing of capital reserves (or to capital shares) | ||||||||||||
| 2. Capitalizing of surplus reserves (or to capital shares) | ||||||||||||
| 3．Making up losses by surplus reserves. | ||||||||||||
| 4.Change amount of defined benefit plans that carry forward Retained earnings | ||||||||||||
| 5．Other comprehensive income carry-over retained earnings | ||||||||||||
| 6．Other | ||||||||||||
| (V) Special reserves | ||||||||||||
| 1. Provided this year | ||||||||||||
| 2．Used this term | ||||||||||||
| （VI）Other | ||||||||||||
| IV. Balance at the end of this term | 5,250,283,986 | 5,599,980,903 | 1,670,533,962 | 8,515,360,638 | 4,738,010,994 | 25,774,170,483 |
Amount in last year
In RMB
| Items | The first half year of 2019 | |||||||||||
| Share Capital | Other Equity instrument | Capital reserves | Less: Shares in stock | Other Comprehensive Income | Specialized reserve | Surplus reserves | Retained profit | Other | Total of owners’ equity | |||
| Preferred stock | Sustainable debt | Other | ||||||||||
| I.Balance at the end of last year | 5,250,283,986 | 5,605,794,601 | 550,010,133 | 7,834,155,143 | 4,472,241,538 | 23,712,485,401 | ||||||
| Add: Change of accounting policy | ||||||||||||
| Correcting of previous errors | ||||||||||||
| Other | ||||||||||||
| II.Balance at the beginning of current year | 5,250,283,986 | 5,605,794,601 | 550,010,133 | 7,834,155,143 | 4,472,241,538 | 23,712,485,401 | ||||||
| III.Changed in the current year | 57,512,582 | 411,612,450 | 154,867,058 | 623,992,090 | ||||||||
| （I）Total comprehensive income | 57,512,582 | 881,496,547 | 939,009,129 | |||||||||
| (II) Investment or decreasing of capital by owners | ||||||||||||
| 1．Ordinary Shares invested by shareholders | ||||||||||||
| 2．Holders of other equity instruments invested capital | ||||||||||||
| 3.Amount of shares paid and accounted as owners’ equity | ||||||||||||
| 4．Other | ||||||||||||
| （III）Profit allotment | 411,612,450 | -726,629,489 | -315,017,039 | |||||||||
| 1.Providing of surplus reserves | 411,612,450 | -411,612,450 | ||||||||||
| 2．Allotment to the owners (or shareholders) | -315,017,039 | -315,017,039 | ||||||||||
| 3．Other | ||||||||||||
| (IV) Internal transferring of owners’ equity | ||||||||||||
| 1. Capitalizing of capital reserves (or to capital shares) | ||||||||||||
| 2. Capitalizing of surplus reserves (or to capital shares) | ||||||||||||
| 3．Making up losses by surplus reserves. | ||||||||||||
| 4.Change amount of defined benefit plans that carry forward |
| Retained earnings | ||||||||||||
| 5．Other comprehensive income carry-over retained earnings | ||||||||||||
| 6．Other | ||||||||||||
| (V) Special reserves | ||||||||||||
| 1. Provided this year | ||||||||||||
| 2．Used this term | ||||||||||||
| （VI）Other | ||||||||||||
| IV. Balance at the end of this term | 5,250,283,986 | 5,605,794,601 | 607,522,715 | 8,245,767,593 | 4,627,108,596 | 24,336,477,491 |
III．Basic Information of the CompanyGuangdong Electric Power Development Co., Ltd. (“the Company”) is a limited liability company jointlyestablished by Guangdong Electric Power Holding Company, China Construction Bank, Guangdong ProvinceTrust Investment Company, Guangdong Power Development Co., Ltd., Guangdong International Trust and ChinaGuangfa Bank (currently named as Guangdong Guangkong Group Co., Ltd.). The address of the Company’sregistered office and head office is F33~F36 South Tower Building of Yudean Square on 2nd Tianhe East Road,Guangzhou, Guangdong Province, the People’s Republic of China (“the PRC”). The Company’s parent companyis Guangdong Energy Group Co., Ltd. (“GEGC”, previously Guangdong Province Yudean Group Co., Ltd.) andits ultimate controlling shareholder is the State-owned Assets Supervision and Administration Commission of thePeople’s Government of Guangdong Province.The Company’s issuing RMB ordinary shares (“A-share”) and domestic listed foreign shares (“B-share”) arelisted for transactions in Shenzhen Stock Exchange respectively on 26 November 1993 and 28 June 1995. As at 30June 2019, the total share capital of the Company is RMB 5,250,283,986 with par value of RMB 1 each.
The Company and its subsidiaries (collectively referred to as “the Group”) are principally engaged in thebusinesses of developing and operating electric power plants in Guangdong Province ， Yunnan Province, HunanProvince and Guangxi, the PRC.The financial statement has been approved for issue by the Company’s Board of Directors on August 28,2020.
For the Consolidation scope changed of the Group, please refer to VIII and IX(Equity in other entitiesIV.Basis for the preparation of financial statements
1.Basis for the preparation
The financial statements are prepared in accordance with the Accounting Standard for Business Enterprises -Basic Standard, and the specific accounting standards and other relevant regulations issued by the Ministry ofFinance on 15 February 2006 and in subsequent periods (hereafter collectively referred to as “the AccountingStandard for Business Enterprises” or “CAS”), and “Information Disclosure Rule No. 15 for Companies withPublic Traded Securities - Financial Reporting General Provision” issued by China Security RegulatoryCommission.
2. Continuous operation.
As at 30 June 2020, the Group’s net current liabilities amounted to RMB 8,565 billion. Capital commitmentscontracted for by the Group amounted to RMB 16.119 billion, among which the capital expenditure due withinone year amounted to RMB 6.119 billion. Therefore, the Group is to some extent exposed to liquidity risk.
The reason for net current liabilities is that a portion of the Group’s capital expenditure is backed by short-termborrowings and funds in hand. Management of the Company plans to take the following measures to ensure thatthe Group can continuously obtain sufficient working capital to liquidate debts due within 12 months starting from30 June 2020, therefore, the financial statements are prepared on a going concern basis(a) The Group continuously generates profit after its generator sets have successively been put into production inrecent years. Management expects stable cash inflows from operating activities in the future; and
(b) The Group maintains good relations of long-term cooperation with financial institutions (including theCompany’s associate Guangdong Energy Group Finance Co., Ltd. (“Energy Group Finance Company”), formerlyknown as Guangdong Yudean Finance Co., Ltd.) in order to obtain sufficient financing credit lines. As at 30 June2020, , the Group’s available credit line from financial institutions amounted to approximately RMB 43.236billion, with RMB11.84 billion from Energy Group Finance Company, RMB 24.896 billion from othercommercial banks and financial institutions, The permissible quota of corporate bonds approved by the ChinaSecurities Regulatory Commission is RMB 2.5 billion and RMB 4,000 million from issuance of corporate bondsapproved by the China Securities Regulatory Commission. Among the Group’s available credit line from financialinstitutions, approximately RMB 14.247 billionis due before 30 June 2020. Management has communicated withthe financial institutions and hence expected the credit line due before 30 June 2020 to renew the term for another12 months.
V. Significant accounting policies and accounting estimatesSpecific accounting policies and accounting estimates tips:
The Group determines specific accounting policies and accounting estimates based on the characteristics ofproduction and operation, which are mainly reflected in the measurement of expected credit losses of receivables(Note 5(9)), costing of inventory (Note 5(12)), fixed asset depreciation and intangible asset amortisation (Notes5(16),(19)), impairment of long-term assets (Note 5(20)), timing of revenue recognition (Note 5(25)), deferred taxassets and deferred tax liabilities (Note 5(29)), etc.Details of the Group's critical judgements used in determining significant accounting policies are set forth inNote 5(30).
1.Complying with the statements in Accounting Standards for Business EnterprisesThe financial Report and statements are prepared with compliance to the requirement of the EnterpriseAccounting Standard. They reflect the financial position as of June 30, 2020 as well as the business performanceand cash flow situation in the first half of 2020 of the Company frankly and completely.
2. Accounting period
Fiscal year is dated from Gregorian calendar Jan., 1 to Gregorian calendar December., 31.The accounting of the financial statements during the period starts from January 1, 2020 to 6 months ended June 30,2020.
3.Business cycle
The Company’s normal business cycle is the period from the acquisition of assets such as those for the generationof electricity to the realisation of cash or cash equivalents. The business cycles for principal activities are usuallyless than 12 months.
4. Functional currency
The Company’s functional currency is Renminbi and these financial statements are presented in Renminbi.
5. Accounting process method of enterprise consolidation under same and different controlling.
(1) Business combinations involving enterprises under common control
The consideration the combining party paid for the combination and the carrying amount of the net assetsobtained are measured at carrying amount. The difference between the carrying amount of the net assets obtainedand the carrying amount of consideration paid for the combination is adjusted to share premium (capital premium)in the capital reserve. If the balance of share premium (capital premium) is insufficient, any excess is adjusted toretained earnings. Any costs directly attributable to the combination are recognized in profit or loss for the currentperiod when occurred. The transaction costs of issuing equity or debt securities for business combinations.
(2) Business combinations not involving enterprises under common controlThe acquirer’s combining costs and the identifiable net assets obtained at the acquisition date are measured at fairvalue. If the combining costs are greater than the fair value of identifiable net assets at the acquisition date, thedifference is recognized as goodwill; if the combining costs are less than the fair value of identifiable net assets atthe acquisition date, the difference is recognized in profit or loss for the current period. The directacquisition-related costs arising from the business combination are recognized as expenses in the periods in whichthe costs are incurred. The costs of the issuance of equity or debt securities as a part of the consideration paid forthe acquisition are included as a part of initial recognition amount of the equity or debt securities.
6.Preparation of the consolidated financial statements
The consolidated financial statements comprise the financial statements of the Company and all of its subsidiaries.
Subsidiaries are consolidated from the date on which the Group obtains control and are de-consolidated from thedate that such control ceases. For a subsidiary that is acquired in a business combination involving enterprisesunder common control, it is included in the consolidated financial statements from the date when it, together withthe Company, comes under common control of the ultimate controlling party. The portion of the net profitsrealised before the combination date is presented separately in the consolidated income statement.
In the preparation of consolidated financial statements, if the accounting policies or accounting period among theCompany and subsidiaries are inconsistent, the financial statements of subsidiaries have been adjusted to conformto the Company’s policies and accounting period. For business combination not obtained under common control,the financial statements have been adjusted based on the fair value of net recognisable asset on the acquisitiondate.
All significant intra-group balances, transactions and unrealised profits are eliminated in the consolidated financialstatements. The portion of subsidiaries’ owners’ equity and the portion of subsidiaries’ net profits and losses andcomprehensive incomes for the period not attributable to the Company are recognised as minority interests, netprofit attributed to minority interests and total comprehensive incomes attributed to minority interests andpresented separately in the consolidated financial statements under owners’ equity, net profits and totalcomprehensive income respectively. When the Company sells assets to subsidiaries, the unrealised gains andlosses should fully offset the net profit attributed to shareholders of the parent company; when subsidiaries sellassets to the Company, the unrealised gains and losses should be assigned and offset between the net profitattributed to shareholders of the parent company and minority interests according to the Company’s distributionratio of the subsidiary. The unrealised gains and losses between subsidiaries should be assigned and offsetbetween the net profit attributed to shareholders of the parent company and minority interests according to theparent company’s distribution ratio of the subsidiary.
In preparing the consolidated financial statements, where the accounting policies and the accounting periods of theCompany and subsidiaries are inconsistent, the financial statements of the subsidiaries are adjusted in accordancewith the accounting policies and the accounting period of the Company. For subsidiaries acquired from businesscombinations involving enterprises not under common control, the individual financial statements of thesubsidiaries are adjusted based on the fair value of the identifiable net assets at the acquisition date.
7.Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, demand deposits, and short-term, highly liquid investments,which are readily convertible into known amounts of cash and are subject to an insignificant risk of change invalue.
8.Foreign currency transactions
Foreign currency transactions are translated into recording currency using the exchange rates prevailing at thedates of the transactions. At the balance sheet date, monetary items denominated in foreign currencies aretranslated into RMB using the spot exchange rates on the balance sheet date. Exchange differences arising fromthese translations are recognised in profit or loss for the current period, except for those attributable to foreigncurrency borrowings that have been taken out specifically for acquisition or construction of qualifying assets,which are capitalised as part of the cost of those assets. Non-monetary items denominated in foreign currenciesthat are measured at historical costs are translated at the balance sheet date using the spot exchange rates at thedate of the transactions. The effect of exchange rate changes on cash is presented separately in the cash flowstatement.
9. Financial instruments
Financial instruments refer to contracts that form financial assets of one party and financial liabilities or equityinstruments of other parties. When the Group becomes a party to a financial instrument contract, the relevantfinancial assets or financial liabilities are recognized.(a) Financial assets(i) Classification and measurementAccording to the business model for managing financial assets and the contractual cash flow characteristics offinancial assets, the Group classifies financial assets into: (1) Financial assets measured in amortized cost; (2)Financial assets measured at fair value, whose changes are included in other comprehensive income; (3) Financialassets measured at fair value and whose changes are included in current profits and losses.The initial measurement of financial assets is calculated by using fair value. For financial assets measured at fairvalue, whose changes are included in current profits and losses, relevant transaction costs are directly included incurrent profits and losses; For other types of financial assets, relevant transaction costs are included in the initialrecognition amount. Accounts receivable or notes receivable arising from the sale of products or the provision oflabor services that do not include or take into account significant financing components are initially recognized bythe Group in accordance with the amount of consideration that the Group is expected to be entitled to receive.Debt instrumentDebt instruments held by the Group refer to instruments that meet the definition of financial liabilities from theperspective of the issuer and are measured in the following ways:
Measured in amortized cost:
The Group's business model for managing such financial assets is to collect the contractual cash flow, and thecontractual cash flow characteristics of such financial assets are consistent with the basic lending arrangements,that is, the cash flow generated on a specific date is only the payment of principal and interest based on theamount of outstanding principal. The Group recognizes interest income for such financial assets according to theeffective interest rate method. Such financial assets mainly include monetary funds, accounts receivable, otherreceivables and long-term receivables. The Group lists long-term receivables due within one year (including oneyear) from the balance sheet date as non-current assets due within one year.Equity instrumentsThe Group will measure the equity instrument investments that it has no control, joint control and significantinfluence on at fair value, and their changes are included in the current profits and losses, and listed as tradingfinancial assets.In addition, the Group designated some non-trading equity instrument investments as financial assets measured atfair value with changes included in other comprehensive income and listed them as other equity instrumentinvestments. Dividend income related to such financial assets is included in current profits and losses.(ii) ImpairmentFor financial assets measured in amortized cost, the Group recognizes loss reserves on the basis of expected creditlosses.The Group takes into account reasonable and reliable information on historical events, current situation and futureeconomic situation forecasts, and uses the risk of default as the weight to calculate the probability weightedamount of the present value of the difference between the cash flow receivable from the contract and the cash flowexpected to be received to confirm the expected credit loss.On each balance sheet date, the Group separately measures the expected credit losses of financial instruments atdifferent stages. If the credit risk of financial instruments has not increased significantly since the initialconfirmation, it is in the first stage. The Group measures the loss reserve according to the expected credit loss inthe next 12 months; If the credit risk of a financial instrument has increased significantly since its initialrecognition but no credit impairment has occurred, it is in the second stage. The Group measures the loss reserveaccording to the expected credit loss of the instrument throughout the duration; If a financial instrument hassuffered credit impairment since its initial recognition, it is in the third stage. The Group measures the loss reserveaccording to the expected credit loss of the instrument throughout the duration.For financial instruments with low credit risk on the balance sheet date, the Group assumes that their credit riskhas not increased significantly since the initial confirmation, and measures the loss reserve according to theexpected credit loss in the next 12 months.For financial instruments in the first and second stages and with low credit risk, the Group calculates interestincome based on the book balance before deducting impairment provisions and the actual interest rate. Forfinancial instruments in the third stage, the interest income shall be calculated according to their book balanceminus the amortized cost after impairment provision and the actual interest rate.For accounts receivable, regardless of whether there is any significant financing component, the Group measuresthe loss reserve according to the expected credit loss throughout the duration.When a single financial asset cannot evaluate the expected credit loss information at a reasonable cost, the Groupdivides the receivables into several combinations according to the credit risk characteristics, calculates theexpected credit loss on the basis of the combinations, and determines the combination on the following basis:
Account receivable portfolio 1: Accounts receivable from electricity salesAccount receivable portfolio 2: Related party receivableAccount receivable portfolio 3:Other account receivable
Other Account receivable portfolio 1:Advance payments receivable petty cash and other receivableFor accounts receivable divided into combinations, the Group refers to the historical credit loss experience,combines the current situation with the forecast of future economic situation, compiles a comparison table ofoverdue days of accounts receivable and the expected credit loss rate for the whole duration, and calculates theexpected credit loss.For other receivables divided into portfolios, the Group refers to the historical credit loss experience, combines thecurrent situation with the forecast of future economic situation, and calculates the expected credit loss throughdefault risk exposure and the expected credit loss rate within the next 12 months or the whole duration.The Group includes the accrued or reversed loss reserves into the current profits and losses.
（iii） Derecognition of financial assetsA financial asset is derecognised when: (i) the contractual rights to the cash flows from the financial asset expire,(ii) the financial asset has been transferred and the Group transfers substantially all the risks and rewards ofownership of the financial asset to the transferee, or (iii) the financial asset has been transferred and the Group hasnot retained control of the financial asset, although the Group neither transfers nor retains substantially all therisks and rewards of ownership of the financial asset.When the investment in other equity instruments is derecognized, the difference between the book value and theconsideration received and the accumulated amount of the changes in fair value originally included in othercomprehensive income shall be included in the retained income; On derecognition of a financial asset, thedifference between the carrying amount and the sum of the consideration received and the cumulative changes infair value that had been recognised directly in owners’ equity, is recognised in profit or loss.
(b) Financial liabilitiesFinancial liabilities are classified into the following categories at initial recognition: financial liabilities at fairvalue through profit or loss and other financial liabilities.The financial liabilities of the Group are other comprise financial liabilities, including payables, borrowings anddebentures payable. This kind of financial liabilities are initially measured according to their fair value afterdeducting transaction costs, and are subsequently measured using the effective interest rate method. If the term isless than one year (including one year), it shall be listed as current liabilities; If the term is more than one year butexpires within one year (including one year) from the balance sheet date, it shall be listed as non-current liabilitiesdue within one year; The rest is listed as non-current liabilities.When the current obligation of the financial liability has been discharged in whole or in part, the Group terminatesthe recognition of the part of the financial liability or obligation that has been discharged. The difference betweenthe book value of the termination recognition and the consideration paid shall be included in the profit and loss ofthe current period.(c) Determination of the fair value of the financial instrumentsThe fair value of a financial instrument that is traded in an active market is determined at the quoted price in theactive market. The fair value of a financial instrument that is not traded in an active market is determined by usinga valuation technique. Valuation techniques include using prices of recent market transactions betweenknowledgeable and willing parties, reference to the current fair value of another financial asset that is substantiallythe same with this instrument, and discounted cash flow analysis, etc. When a valuation technique is used toestablish the fair value of a financial instrument, it makes the maximum use of observable market inputs and reliesas little as possible on entity-specific inputs. When the observable inputs are not available or are unrealistic toobtained, unobservable inputs shall be used
10.Account receivable
See Note V (9) Financial Instruments for details.
11.Other account receivable
Determination method of expected credit loss of other receivables and accounting treatment methodSee Note V (9) Financial Instruments for details.
12. Inventories
(a) ClassificationInventories include fuel and spare parts measured at the lower of cost and net realisable value..
(b) Cost of inventories transferred out
Cost of fuel transferred out is calculated using the weighted average method. Spare parts are amortised in fullwhen received for use.
(c) Basis for determining the net realisable value of inventories and provisioning methods for decline in value ofinventoriesAny excess of the cost over the net realisable value of inventories is recognised as a provision for diminution inthe value of inventories. Net realisable value is measured by the estimated selling price in the ordinary course ofbusiness less the estimated costs necessary to make the sale and relevant taxes.(d) The Group maintains a perpetual inventory system..
13. Long-term account receivable
See Note V (9) Financial Instruments for details.
14. Long-term equity investment
Long-term equity investments comprise the Company’s long-term equity investments in its subsidiaries and theGroup’s long-term equity investments in its associates.Subsidiaries are the investees over which the Company is able to exercise control. Associates are the investeesover which the Group has significant influence, but not control, on their financial and operating policies.Investments in subsidiaries are presented in the Company’s financial statements using the cost method, and areadjusted to the equity method when preparing the consolidated financial statements. Investments in associates areaccounted for using the equity method.(a) Determination of investment costFor long-term equity investments acquired through a business combination: for long-term equity investmentsacquired through a business combination involving enterprises under common control, the investment cost shallbe the absorbing party’s share of the carrying amount of owners’ equity of the party being absorbed at thecombination date; for long-term equity investment acquired through a business combination involving enterprisesnot under common control, the investment cost shall be the combination cost. For long-term equity investments
acquired not through a business combination: if the long-term equity investments are acquired in cash, the initialinvestment cost shall be the purchase price actually paid; if the long-term equity investments are acquired byissuing equity securities, the initial investment cost shall be the fair value of the equity securities.(b) Subsequent measurement and recognition of related profit and loss
For long-term equity investments accounted for using the cost method, they are measured at the initial investmentcosts, and cash dividends or profit distribution declared by the investees are recognised as investment income inprofit or loss.For long-term equity investments accounted for using the equity method, where the initial investment cost exceedsthe Group’s share of the fair value of the investee’s identifiable net assets at the time of acquisition, the investmentis initially measured at cost. Where the initial investment cost is less than the Group’s share of the fair value of theinvestee’s identifiable net assets at the time of acquisition, the difference is included in profit or loss for thecurrent period and the cost of the long-term equity investment is adjusted accordingly.For long-term equity investments accounted for using the equity method, the Group recognises the investmentincome or losses according to its share of net profit or loss of the investee. The Group discontinues recognising itsshare of net losses of an investee after the carrying amount of the long-term equity investment together with anylong-term interests that, in substance, form part of the investor’s net investment in the investee are reduced to zero.However, if the Group has obligations for additional losses and the criteria with respect to recognition ofprovisions under the accounting standards on contingencies are satisfied, the Group continues recognising theinvestment losses and the provisions. The Company shall adjust the carrying amount of the long term investmentfor other changes in shareholders’ equity of the investee (other than net profits or losses), and include thecorresponding adjustment in shareholders’ equity. The carrying amount of the investment is reduced by theGroup’s share of the profit distribution or cash dividends declared by an investee. The unrealised profits or lossesarising from the intra-group transactions amongst the Group and its investees are eliminated in proportion to theGroup’s equity interest in the investees, and then based on which the investment gains or losses are recognised.For the loss on the intra-group transaction amongst the Group and its investees attributable to asset impairment,any unrealised loss is not eliminated.(c) Basis for determining existence of control and significant influence over investeesControl is the power to govern the investee so as to obtain variable returns by participating in the related businessactivities of the investees and the ability to affect the returns by exercising its power over the investees.Joint control is the contractually agreed sharing of control over an investee’s economic activities, and exists onlywhen the strategic financial and operating decisions relating to the activities require the unanimous consent of theGroup and the parties sharing the control.Significant influence is the power to participate in the financial and operating policy decisions of the investee, butis not control or joint control over those policies.(d) Impairment of long-term equity investThe carrying amount of long-term equity investments in subsidiaries, joint venture, and associates is reduced tothe recoverable amount when the recoverable amount is less than the carrying amount（Note 5(20).
15. Investment properties
The measurement mode of investment propertyThe measurement by the cost methodDepreciation or amortization method
Investment properties, including land use rights that have already been leased out and buildings that are held forthe purpose of leasing are measured initially at cost. Subsequent expenditures incurred in relation to an investmentproperties are included in the cost of the investment property when it is probable that the associated economicbenefits will flow to the Group and their costs can be reliably measured; otherwise, the expenditures arerecognised in profit or loss in the period in which they are incurred.The Group adopts the cost model for subsequent measurement of investment properties. Buildings and land userights are depreciated or amortised to their estimated net residual values over their estimated useful lives. Theestimated useful lives, the estimated net residual values that are expressed as a percentage of cost and the annualdepreciation (amortisation) rates of investment properties are as follows:
Estimated useful lives Estimated net residual value Annual depreciation ratesBuilding 22-40years 0%- 5% 2.38%-4.55%When an investment property is transferred to owner-occupied properties, it is reclassified as fixed asset at thedate of the transfer. The carrying amount of the fixed asset shall be measured on the basis of fair value of theinvestment property.The investment property’s estimated useful life, net residual value and depreciation (amortisation) method appliedare reviewed and adjusted as appropriate at each year-end.An investment property is derecognised on disposal or when the investment property is permanently withdrawnfrom use and no future economic benefits are expected from its disposal. The net amount of proceeds from sale,transfer, retirement or damage of an investment property after its carrying amount and related taxes and expensesis recognised in profit or loss for the current period.
16. Fixed assets
（1）Recognition of fixed assets
Fixed assets comprise plant and building, power generator equipment, motor vehicles and other equipment. Fixedasset is recognised when it is probable that the related economic benefits will flow to the Group and its cost can bereliably measured. Fixed assets purchased or constructed by the Group are initially measured at cost at theacquisition date. The fixed assets injected by the state-owned shareholder during the restructuring of corporationwere initially recorded at the valuated amount approved by the relevant authorities managing state-owned assets.Subsequent expenditures incurred for a fixed asset are included in the cost of the fixed asset when it is probablethat the economic benefits associated with the fixed asset will flow to the Group and the costs can be reliablymeasured. The carrying amount of those parts that are replaced is derecognised and all the other subsequentexpenditures are recognised in income statement when they are incurred.
（2）Depreciation of fixed assets
| Category | The method for depreciation | Expected useful life（Year） | Estimated residual value | Depreciation |
| House and building | Straight-line method | 10 - 50 years | 5% | 1.90%- 9.50% |
| Generation equipment | Straight-line method | 5 - 25 years | 0%-5% | 3.80% - 20% |
| Transportation equipment | Straight-line method | 5 - 15 years | 0%-5% | 6.33% - 20% |
| Other equipment | Straight-line method | 5 - 22 years | 0%-5% | 4.32% - 20% |
The estimated useful life and the estimated net residual value of a fixed asset and the depreciation method appliedto the asset are reviewed, and adjusted as appropriate at each year-end.
(3)Cognizance evidence and pricing method of financial leasing fixed assetsThe lease that essentially transfers all the risks and returns related to the ownership of the asset is classified asfinance lease. The entry value of the fixed assets under finance lease the lower of its fair value and the presentvalue of the minimum lease payments. The difference between the entry value of the fixed asset under financelease and the present value of the minimum lease payment is recognised as unrecognised financing charges（Note5(28). Fixed assets under finance lease share the same depreciation method with company owned fixed assets. Ifthere is reasonable certainty that the Group will obtain ownership of a leased asset at the end of the lease term, theleased asset is depreciated over its estimated useful life. Otherwise, the leased asset is depreciated over the shorterof the lease term and its estimated useful life.
17.Construction in progress
Construction in progress is measured at its actual costs incurred. Actual costs include construction cost,installation cost, capitalised borrowing costs, and any other costs directly attributable to bringing the asset toworking condition for its intended use. When the construction in progress is ready for its intended use, it istransferred to fixed assets and starts depreciation the following month. When recoverable amount of theconstruction in progress is lower than its carrying value, its carrying value is then reduced to the recoverableamount.
18.Borrowing costs
The borrowing costs that are directly attributable to the acquisition and construction of a fixed asset that needs asubstantially long period of time of acquisition and construction for its intended use commence to be capitalisedand recorded as part of the cost of the asset when expenditures for the asset and borrowing costs have beenincurred, and the activities relating to the acquisition and construction that are necessary to prepare the asset for itsintended use have commenced. The capitalisation of borrowing costs ceases when the asset under acquisition orconstruction becomes ready for its intended use, the borrowing costs incurred thereafter are recognised in incomestatement. Capitalisation of borrowing costs is suspended when the acquisition or construction of a fixed asset isinterrupted abnormally and the interruption lasts for more than 3 months, until the acquisition or construction isresumed.For the specific borrowings obtained for the acquisition or construction of a fixed asset qualifying forcapitalisation, the amount of borrowing costs eligible for capitalisation is determined by deducting any interestincome earned from depositing the unused specific borrowings in the banks or any investment income arising onthe temporary investment of those borrowings during the capitalisation period.For the general borrowings obtained for the acquisition or construction of a fixed asset qualifying forcapitalisation, the amount of borrowing costs eligible for capitalisation is determined by applying the weightedaverage effective interest rate of general borrowings, to the weighted average of the excess amount of cumulativeexpenditures on the asset over the amount of specific borrowings. The effective interest rate is the rate at whichthe estimated future cash flows during the period of expected duration of the borrowings or applicable shorterperiod are discounted to the initial amount of the borrowings.
19. Intangible assets
1. Valuation Method, Service Life and Impairment Test of Intangible Assets
Intangible assets mainly including land use rights, sea use rights, software, associated projects for electricitytransmission and transformation, microwave engineering and transportation engineering are measured at cost.Intangible assets contributed by the state-owned shareholders at the incorporation of a limited company areinitially recorded at the valuation amount recognised by the state-owned assets supervision and administrationdepartment.(a) Land use right and sea use rightLand use rights are amortised on a straight-line basis over their approved period of 20 to 70 years. If the purchasecosts of land and attached buildings cannot be reasonably allocated between the land use right and the buildings,the purchase costs are recognised as fixed assets.(b) Other intangible assetsBesides land use right, sea use right, associated projects for electricity transmission and transformation,microwave engineering and transportation engineering, other intangible assets are amortized on a straight-linebasis over their expected life of 2 years to 25 years.(c) Periodic review on useful life and method of amortisationFor intangible assets with finite useful life, their expected life and amortisation method are reviewed and adjustedat the end of every year.(d) Impairment of intangible assetsThe carrying amount of intangible assets is reduced to the recoverable amount when the recoverable amount isless than the carrying amount.
2.Accounting policies for the internal research and development expenditure
Research and developmentThe expenditure on an internal research and development project is classified into expenditure on the researchphase and expenditure on the development phase based on its nature and whether there is material uncertainty thatthe research and development activities can form an intangible asset at the end of the project.Expenditure on the research phase is recognised in profit or loss in the period in which it is incurred. Expenditureon the development phase is capitalised only if all of the following conditions are satisfied:
? management intends to complete the intangible asset, and use or sell it;? it can be demonstrated how the intangible asset will generate economic benefits: products with? the applicationof intangible assets or the intangible assets themselves can prove to have market value, intangible assets forinternal use application can prove to be of usefulness;?there are adequate technical, financial and other resources to complete the development and? the ability to use orsell the intangible asset;?it is technically feasible to complete the intangible asset so that it will be available for use or? sale; and?the expenditure attributable to the intangible asset during its development phase can be reliably? measured.Other development expenditures that do not meet the conditions above are recognised in profit or loss in theperiod in which they are incurred. Development costs previously recognised as expenses are not recognised as anasset in a subsequent period. Capitalised expenditure on the development phase is presented as development costsin the balance sheet and transferred to intangible assets at the date that the asset is ready for its intended use.
20. Impairment of long-term assets
Fixed assets, construction in progress, intangible assets with finite useful lives, investment property measured atcost and long-term equity investments in subsidiaries, joint venture, and associates are tested for impairment ifthere is any indication that an asset may be impaired at the balance date. If the result of the impairment testindicates that the recoverable amount of the asset is less than its carrying amount, a provision for impairment andan impairment loss are recognised for the amount by which the asset’s carrying amount exceeds its recoverableamount. The recoverable amount is the higher of an asset’s fair value less costs to sell and the present value of thefuture cash flows expected to be derived from the asset. A provision for asset impairment is determined andrecognised on an individual asset basis. If it is not possible to estimate the recoverable amount of an individualasset, the recoverable amount of the group of assets to which the asset belongs is determined. A group of assets isthe smallest group of assets that is able to generate independent cash inflows.Goodwill that is separately presented in the financial statements is tested at least annually for impairment,irrespective of whether there is any indication that it may be impaired. In conducting the test, the carrying value ofgoodwill is allocated to the related asset group or groups of asset groups which are expected to benefit from thesynergies of the business combination. If the result of the test indicates that the recoverable amount of an assetgroup or a group of asset groups, including the allocated goodwill, is lower than its carrying amount, thecorresponding impairment loss is recognised. The impairment loss is first deducted from the carrying amount ofgoodwill that is allocated to the asset group or group of asset groups, and then deducted from the carryingamounts of other assets within the asset group or group of asset groups in proportion to the carrying amounts ofassets other than goodwill.Once the asset impairment loss mentioned above is recognised, it is not allowed to be reversed for the valuerecovered in the subsequent periods.
21.Long-term deferred expenses
Long-term prepaid expenses include the expenditure for improvements to fixed assets held under operating leases,and other expenditures that have been incurred but should be recognised as expenses over more than one year inthe current and subsequent periods. Long-term prepaid expenses are amortised on the straight-line basis over theexpected beneficial period and are presented at actual expenditure net of accumulated amortisation.
22.Constract Liabilities
See Note V (25) Revenue for details.
23. Employee benefits
(1) Short-term employee benefits
Short-term remunerations mainly include wages or salaries, bonuses, allowances and subsidies, staff welfare,medical insurance, work injury insurance, maternity insurance, housing funds, labour union funds, employeeeducation funds, short-term paid absence. Short-term remunerations are recognised as current liabilities in theaccounting period in which the service has been rendered by the employees, and as costs of assets or expenses towhichever the employee service is attributable. Non-monetary benefits are measured at fair value.
（2）Post –employment benefits
The Company’s post-employment benefits scheme includes both Defined Contribution Plan (DCP) and Defined
Benefit Plan (DBP). A DCP is a pension plan under which the Company pays fixed contributions into a separateentity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficientassets to pay all employees the benefits relating to employee service in the current and prior periods. A DBP is apension plan that is not a defined contribution plan. During the periods of reporting, the Company’spost-employment benefits scheme mainly includes basic pension insurance and unemployment insurances, both ofwhich are DCP.Basic pension insuranceEmployees of the Group have entered into the social pension insurance scheme organised by local labour andsocial security department. The Group pays basic pension insurances to local labour and social securitydepartment monthly according to local insurance base and corresponding rate. Local labour and social securitydepartment is obligated to pay basic pensions to retired employees.Supplementary pension insuranceThe company purchases supplementary pension insurance on behalf of employees, and pays pension insurancesaccording to the policies of Energy Group. The amounts based on the above calculations are recognised asliabilities in the accounting period in which the service has been rendered by the employees, with a correspondingcharge to the profit or loss for the current period or the cost of relevant assets.
(3) Termination benefits
The Group provides compensation for terminating the employment relationship with employees before the end ofthe employment contracts or as an offer to encourage employees to accept voluntary redundancy before the end ofthe employment contracts. The Group recognises a liability arising from compensation for termination of theemployment relationship with employees, with a corresponding charge to profit or loss at the earlier of thefollowing dates: 1) when the Group cannot unilaterally withdraw the offer of termination benefits because of anemployment termination plan or a curtailment proposal; 2) when the Group recognises costs or expenses related tothe restructuring that involves the payment of termination benefits.Early retirement benefitsThe Group provides early retirement benefits for employees who enrolled in internal retirement arrangement.Early retirement benefits refer to wages and social benefit paid by the Group on behalf of the employees who havenot meet retirement age requirement but voluntarily retire after permission from the Group’s management level.The Group starts paying early retirement benefits to early retired employees from the start date of their earlyretirement until they reach the statutory retirement age. For the accounting treatment of early retirement benefits,the Group adopts the same method as termination benefits, that is, upon confirming the termination benefitscomply with relevant conditions, proposed payment of early retirement wages. and social security from the startdate of termination of services to the date of statutory retirement age are recognised as liability and recorded intoprofit and loss at lump sum. The discrepancy caused by change in actuarial assumption and adjustment of welfarestandard is recorded into current profit or loss.Early retirement benefits that are expected to be paid within one year after balance sheet date are disclosed ascurrent liabilities.
(4) Other long-term employee benefits
According to the Urban Employee Basic Medical Insurance (UEBMI) policy governing the Company and some ofthe Group’s subsidiaries, if an employee’s UEBMI contribution period who participates in basic medical insurancefor urban residents, fails to reach the time requirement when the employee reaches the statutory retirement age,the employee shall continue to contribute to the UEBMI till the contribution period meets the required time. TheGroup determines the amount to be contributed in the residual service period of an employee based on the presentvalue of the future cash flow expected to be paid for UEBMI till the required time is met, which will be
recognised as long-term employee benefits liabilities with a corresponding charge to profit or loss or included incost of related assets.
24. Estimated Liabilities
Provisions for product warranties, onerous contracts etc. are recognised when the Group has a present obligation,it is probable that an outflow of economic benefits will be required to settle the obligation, and the amount of theobligation can be measured reliably.A provision is initially measured at the best estimate of the expenditure required to settle the related presentobligation. Factors surrounding a contingency, such as the risks, uncertainties and the time value of money, aretaken into account as a whole in reaching the best estimate of a provision. Where the effect of the time value ofmoney is material, the best estimate is determined by discounting the related future cash outflows. The increase inthe discounted amount of the provision arising from passage of time is recognised as interest expense.The carrying amount of provisions is reviewed at each balance sheet date and adjusted to reflect the current bestestimate.The Group recognises the loss provision of financial guarantee contracts which provision is based on ECL.The provisions expected to be settled within one year since the balance sheet date are classified as currentliabilities.
25.Revenues
Accounting policies adopted for income recognition and measurementWhen the customer obtains the control of the relevant goods or services, the Group recognizes the incomeaccording to the expected amount of consideration that it is entitled to receive.(a) Revenue from sales of electricity and heat energyWhen electricity and heat energy are supplied to the power grid company or customer who buy heat, such powergrid company or customer gains control of electricity, and the Group recognizes sales income.(b) Revenue from sales of by-productsRevenue from the sales of goods is recognised when the Group transfers by-products (such as coal ash) producedby electricity generations to the designated delivery place pursuant to the contract or agreement and the recipientresource utilisation confirms receipt.(c) Provide labor servicesThe Group provides services, and recognizes the income within a certain period of time according to the progressof completed services, in which the progress of completed services is determined according to the proportion ofthe incurred costs to the estimated total costs. On the balance sheet date, the Group re-estimated the progress ofcompleted labor services to enable it to reflect the changes in performance.When the Group recognizes income according to the progress of completed labor services, the part for which theGroup has obtained unconditional collection right is recognized as accounts receivable, and the rest is recognizedas contract assets, and the loss reserve is recognized for accounts receivable and contract assets based on expectedcredit losses (Note V (9)); If the contract price received or receivable by the Group exceeds the completed laborservice, the excess shall be recognized as the contract liability (Note V (22)). The Group's contractual assets andcontractual liabilities under the same contract are listed in net terms.The Group provides external bidding agency service and maintenance service.The Group provides external bidding agency service, upon the completion of the bidding service, revenue isrecognised based on the pricing difference between the electricity consumption of bidding and auction price, and
the customer’s conventional price of electricity.The Group provides external maintenance service, revenue is recognised according to the percentage completionmethod, determined by percentage of the total cost incurred.The adoption of different business models in similar businesses leads to differences in accounting policies forincome recognitionNot applicable
26.Government grants
Government grants refer to the monetary or non-monetary assets obtained by the Group from the government,including tax return, financial subsidy and etc. Government grants are recognised when the grants can be receivedand the Group can comply with all attached conditions. If a government grant is a monetary asset, it will bemeasured at the amount received or receivable. If a government grant is a non-monetary asset, it will be measuredat its fair value. If it is unable to obtain its fair value reliably, it will be measured at its nominal amount.Government grants related to assets refer to government grants which are obtained by the Group for the purposesof purchase, construction or acquisition of the long-term assets. Government grants related to income refer to thegovernment grants other than those related to assets. Government grants related to assets are recorded as deferredincome and recognised in profit or loss on a systemic basis over the useful lives of the assets. Government grantsrelated to income that compensate the incurred costs, expenses or losses are recognised in profit or loss.Government grants related to income that compensate future costs, expenses or losses are recorded as deferredincome and recognised in profit or loss in reporting the related costs, expenses or losses; government grantsrelated to income that compensate incurred costs, expenses or losses are recognised in profit or loss directly in thecurrent period. The Group applies the presentation method consistently to the similar government grants in thefinancial statements.
27. Deferred income tax assets/Deferred income tax liability
Deferred tax assets and deferred tax liabilities are calculated and recognised based on the differences arisingbetween the tax bases of assets and liabilities and their carrying amounts (temporary differences). Deferred taxasset is recognised for the deductible losses that can be carried forward to subsequent years for deduction of thetaxable profit in accordance with the tax laws. No deferred tax liabilities is recognised for the temporarydifferences resulting from the initial recognition of Goodwill. No deferred tax asset or deferred tax liability isrecognised for the temporary differences resulting from the initial recognition of assets or liabilities due to atransaction other than a business combination, which affects neither accounting profit nor taxable profit (ordeductible loss). At the balance sheet date, deferred tax assets and deferred tax liabilities are measured at the taxrates that are expected to apply to the period when the asset is realised or the liability is settled.Deferred tax assets are only recognised for deductible temporary differences, deductible losses and tax credits tothe extent that it is probable that taxable profit will be available in the future against which the deductibletemporary differences, deductible losses and tax credits can be utilised.Deferred tax liabilities are recognised for temporary differences arising from investments in subsidiaries, jointventure, and associates, except where the Group is able to control the timing of reversal of the temporarydifference, and it is probable that the temporary difference will not reverse in the foreseeable future. When it isprobable that the temporary differences arising from investments in subsidiaries and associates will be reversed inthe foreseeable future and that the taxable profit will be available in the future against which the temporary
differences can be utilised, the corresponding deferred tax assets are recognised.Deferred tax assets and liabilities are offset when:
?the deferred taxes are relate to the same tax payer within the Group and same fiscal authority, and;?? that tax payer has a legally enforceable right to offset current tax assets against current tax liabilities.
28. Leases
（1）Accounting of operational leasing
Operating lease expenses are recorded in relevant cost of capital or current profit or loss according to straight-linemethod over the lease period.Operating lease revenue are recognised according to straight-line method over the lease period.
（2）Accounting treatment of financing leasing
When the Group acquires an asset under a finance lease, the asset is measured at an amount equal to the lower ofits fair value and the present value of the minimum lease payments, each determined at the inception of the lease.The difference between the fair value of the leased assets and the minimum lease payments is recognised asunrecognised finance charges. Unrecognised finance charge under finance lease is amortised using an effectiveinterest method over the lease term. The minimum lease payment net of unrecognised finance charges aredisclosed as long-term payable.
29. Other significant accounting policies and estimates
Segment information:
The Group identifies operating segments based on the internal organisation structure, management requirementsand internal reporting system, and discloses segment information of reportable segments which are determined onthe basis of operating segments.An operating segment is a component of the Group that satisfies all of the following conditions: (1) thecomponent is able to earn revenues and incur expenses from its ordinary activities; (2) whose operating results areregularly reviewed by the Group’s management to make decisions about resources to be allocated to the segmentand to assess its performance, and (3) for which the information on financial position, operating results and cashflows is available to the Group. If two or more operating segments have similar economic characteristics andsatisfy certain conditions, they are aggregated into one single operating segment.
Critical accounting estimates and judgementsThe Group continually evaluates the critical accounting estimates and key judgements applied based on historicalexperience and other factors, including expectations of future events that are believed to be reasonable under thecircumstances.(a) Key judgement in critical accounting policy
Critical accounting estimates and key assumptions listed bellow contain significant risks to major changes on thecarrying amount of assests and liabilities in the following accouting year:
(i) Classfication of financial assetsThe Group determines the classification of financial assets based on the significant judgement of analysis ofbusiness model and cash flow characteristics.The Group determines the business model of managing financial assets based on the level of financial assets’group. The consideration factors include the means of assessing and reporting to the key management the
performance of the financial assets, the risks that hinders the performance assets and the managing style, and themeans of payment to its own management personnel.The major judgment in determining whether the contractual cash flow characteristics of the financial assets is inconsistency of the borrowing arrangement includes: whether there is a change in the amount of principal or thetiming of the duration when repayment in advance and etc. occurs; whether the mere considerations of interest aretime value of the money, credit risk, other basic risks of debt and consideration for cost and profit. For example,the judgment on the amount of repayment in advance should be whether or not the amount only reflects theunpaid principle, the interest that is calculated based on the unpaid principle and the reasonable compensation forterminating the contract in advance.(ii) Assessment of significant increase in credit riskThe assessment of the Group on whether the increase of credit risk is significant includes changes in one or morethan one indicators: the conditions of the debtor’s business, the internal and external credit rating, the significantchange in the actual or expected operation result, the value of collateral asset or the significant decrease in thecredit rating of the guarantor.
The assessment of the Group on whether a credit loss occurs includes the debtors are in financial difficulties, inthe restructure of debts or possibly subject to bankruptcy(b) Critical accounting estimates and key assumptions(i) Estimates on impairment of long-term assetsAs described in Note 5(20), fixed assets, construction in progress, intangible assets with finite useful lives,investment properties that are measured at cost and long-term equity investments in subsidiaries, joint venturesand associates are tested for impairment if there are indications that the assets may be impaired at the balancesheet date.When assessing whether the above assets are impaired, management mainly evaluates and analyses: (i) whetherevents affecting asset impairment occurred; (ii) whether the present value of expected cash flows arising from thecontinuing use or disposal of the asset is lower than its carrying amount; and (iii) whether the significantassumptions used in the calculation of the present value of the estimated cash flows are appropriate.Relevant assumptions adopted by the Group to determine impairment, e.g. changes in assumptions on discountrate and growth rate used to calculate the present value of future cash flows, may have material impact on thepresent value used in the impairment test, and cause impairment in the above-mentioned long-term assets of theGroup.(ii) Measurement of expected credit lossesThe Group calculates expected credit losses through default risk exposure and expected credit loss rate, anddetermines the expected credit loss rate based on default probability and default loss rate. In determining theexpected credit loss rate, the Group uses data such as internal historical credit loss experience, etc., and adjustshistorical data based on current conditions and forward-looking information. When considering forward-lookinginformation, the indicators used by the Group include the risk of economic downturn, the external marketenvironment, the technological environment and changes in customer conditions. The Group regularly monitorsand reviews assumptions related to the calculation of expected credit losses. In 2019, there was no significantchange in the above estimation techniques and key assumptions.(iii) Useful lives and residual values of fixed assetsThe useful lives and residual values of fixed assets are determined by management after taking into account theirdurability and past maintenance records based on the industry practice. The useful lives and residual values of theassets are reviewed at each year-end with appropriate adjustments made accordingly.
(iv) Income taxesThe Group is subject to enterprise income taxes in numerous jurisdictions. There are some transactions and eventsfor which the ultimate tax determination is uncertain during the ordinary course of business. Significantjudgement is required from the Group in determining the provision for income taxes in each of these jurisdictions.Where the final tax outcome of these matters is different from the amounts that were initially recorded, suchdifferences will impact the income tax and deferred tax provisions in the period in which such determination ismade.(v) Deferred tax assetsWhether to recognise the deferred tax assets arising from deductible losses and deductible temporary differenceslargely depends on the judgement of management on whether sufficient future taxable income that can be used todeduct deductible losses and deductible temporary differences can be obtained in the future periods. A lot ofjudgements and estimates are required to calculate the future taxable income, and tax planning strategies and theinfluence of overall economic environment shall be considered at the same time. Different judgements andestimates will impact on the recognition and amount of deferred tax assets.
When it is estimated that sufficient future taxable income, against which deductible losses and temporarydifferences can be utilised, can be obtained in the future periods, deferred tax assets are recognised to the extentthat it is probable that taxable income will be available in the future against which deductible losses andtemporary differences can be utilised, using tax rates applicable in the period when the asset would be recovered.In determining the amount of deferred tax assets, the Group exercises judgements about the estimated timing andamount of future taxable income, and about the tax rates applicable in the future according to the existing taxpolicies and other relevant regulations. Differences between such estimates and the actual timing and amount offuture profits will affect the amount of deferred tax assets.
30.Change of main accounting policies and estimations
(1)Change of main accounting policies
√ Applicable □ Not applicable
| The content and reason for change of accounting policy | Approval process | Remark |
| The Ministry of Finance promulgated the revised Accounting Standards for Business Enterprises No.14-Income in 2017 (hereinafter referred to as the "New Income Standards"), and the Group has adopted the above standards and notices to prepare the financial statements for 2020. | On April 2, 2020, the 11th meeting of the 9th Board of Directors and the 8th meeting of the 9th Board of Supervisors reviewed and approved the Proposal on Accounting Policy Change, agreeing that the company will implement the Accounting Standards for Business Enterprises No.14-Income revised by the Ministry of Finance in 2017 from January 1, 2020, and make corresponding changes to the relevant contents of the financial statement format according to the requirements of CK [2019] No.6 document, and change the relevant accounting policies. Independent |
Compared with the original income standard, the impact of implementing the New Income Standards on relateditems in the 2020 financial statements is as follows:
Affected balance sheet items Affected amount
June 30,2020Consolidated Company
Contract liabilities 6,722,800 -Advance payment (6,722,800) -
(2) Change of main accounting estimations
□Applicable√ Not applicable
（3）Adjustments to the Financial Statements at the Beginning of the First Execution Year of any New StandardsGoverning Financial Instruments, Revenue or Leases from year 2020ApplicableWhether need to adjust the balance sheet account at the beginning of the year
□ Yes√ No
The explanation of no need to adjust the balance sheet account at the beginning of the yearNo adjustments.
（4）Retrospective Restatement of Previous Comparative Data due to the First Execution of any New StandardsGoverning Financial Instruments or Leases from year 2020
□ Applicable √ Not applicable
31.Other
VI. Taxation
1. Main categories and rates of taxes
directors and the Board of Supervisors ofthe company respectively expressedindependent opinions and audit opinionson this matter.
Class of tax
| Class of tax | Tax basis | Tax rate |
| VAT |
| Consumption tax | Amount of VAT paid | |
| City maintenance and construction tax | Amount of VAT paid | 5% to 7% |
| Corporate income tax | Taxable income | 20% and25% |
| Education surcharges | Amount of VAT paid | 3% |
| Local education surcharges | Amount of VAT paid | 2% |
| House property tax | Property’s rental income or the residual value from original value less the deducting proportion | 12% and1.2% |
| Environmental protection tax | Calculated and paid based on the pollution equivalent values or the discharge of taxable pollutants multiplied by the applicable tax amounts | Calculated and paid based on the applicable tax amounts of different pollutants |
In case there exist any taxpayer paying corporate income tax at different tax rates, disclose the information
| Name of taxpayer | Income tax rates |
| Dianbai Wind power | 12.5% |
| Qujie Wind Power | 12.5% |
| Leizhou Wind Power | 12.5% |
| Zhanjiang Yuheng Electric Power Maintenance and Installation Co., Ltd. | 20% |
2.Tax preferences
Pursuant to the approval documents (Caishui [2008] No. 46 and Guo Shui Fa [2009] No. 80), Xuwen Wind Power,Dianbai Wind Power, Qujie Wind Power and Leizhou Wind Power are exempted from enterprise income tax in thefirst three years counting from the year profits are recorded, and can enjoy half rate reduction in the followingthree years. As the local taxation bureau considered that Xuwen Wind Power posted profits for the first time in2012, and Dianbai Wind Power posted profits for the first time in 2016, Qujie Wind Power posted profits for thefirst time in 2016 and Leizhou Wind Power posted profits for the first time in 2017, the applicable enterpriseincome tax rates for Dianbai Wind Power, Qujie Wind Power and Leizhou Wind Power are 12.5%,12.5% and
12.5% in 2020 (2019:12.5%,12.50% and 0%) respectively.
In addition, 50% of VAT levied on the sales of electricity generated by Guangdong Yudean Shibeishan WindPower Co., Ltd. (“Shibeishan”), Guangdong Yudean Zhanjiang Wind Power Generation Co., Ltd. (“ZhanjiangWind Power”), Xuwen Wind Power, Dianbai Wind Power, Qujie Wind Power and Leizhou Wind Power andHuilai Wind Power will be refunded immediately in accordance with the Notice Concerning Value Added TaxPolicies on Wind Power Generation (Cai Shui [2015] No.74)
(b) In accordance with regulations of the Notice on Implementing the Inclusive Tax Deduction and ExemptionPolicies for Micro and Small Enterprises (Cai Shui [2019] No. 13), for a small enterprise with low profits, for thepart of the annual taxable income not exceeding RMB 1 million, the amount of taxable income is reduced to 25%of income and is subject to the enterprise income at the tax rate of 20%; for the part between RMB 1 million andRMB 3 million, the amount of taxable income is reduced to 50% of income and is subject to the enterprise incomeat the tax rate of 20%. The above small enterprises with low profits refer to enterprises that are engaged innon-restricted and prohibited industries of the country, which meet three conditions of annual taxable income not
exceeding RMB 3 million, the number of employees not exceeding 300, and the amount of total assets notexceeding RMB 50 million. Yuheng Electric met the conditions for small low-profit enterprises in 2019, and itsamount of taxable income was reduced to 25% of income and was subject to the enterprise income tax at the taxrate of 20%. Therefore, the applicable enterprise income tax rate for Yuheng Electric was20%（2018：20%）.
(c) Pursuant to Notice on Issues Concerning the Implementation of the Preferential Catalogue of EnterpriseIncome Tax for Integrated Utilisation of Resources (Cai Shui [2008] No. 47), since 1 January 2008, enterprisesuse the resources listed in the Preferential Catalogue of Enterprise Income Tax for Integrated Utilisation ofResources (2008 Edition) as the main raw materials to produce products in the above catalogue that meet nationalor industry related standards, and the income from above products is reduced to 90% of the total income of theenterprises for the year. The Group’s subsidiaries Zhanjiang Electric and Guangdong Huizhou Pinghai PowerPlant Co., Ltd. (“Pinghai Power Plant”) use coal ash to produce commercial coal ash, which meets theabove-mentioned preferential tax conditions for integrated utilisation of resources. Therefore, in 2020, revenuefrom sales of coal ash from Zhanjiang Electric and Pinghai Power Plant was reduced to 90% of the total incomefor the year.
3.Other
(a) Pursuant to the Announcement on Relevant Policies for Deepening Value-added Tax Reform ([2019] No. 39)issued by the Ministry of Finance, the State Administration of Taxation and the General Administration ofCustoms and relevant regulations, the applicable tax rates of revenue arising from sales of electricity, sales ofby-products and maintenance and repair services and revenue arising from sales of heat energy of the Group, are13% and 9% respectively from 1 April 2019, while the VAT rates were 16% and 10% respectively before then.The Group’s revenue from entrusted loans between companies and training service is subject to VAT at the rate of6%.Pursuant to Notice on the Policy of Streamlining and Combination of Value-added Tax Levy Rates jointly issuedby the Ministry of Finance and the State Administration of Taxation, revenue from sales of electricity generatedfrom small hydropower units at the county level or below is subject to VAT at the rate of 3%. Three smallhydropower plants of Lincang Yudean Energy Co., Ltd. (“Lincang Energy”), a subsidiary of the Company, aresubject to VAT at the rate of 3%.(b)Except for the subsidiaries including Guangdong Yudean Dianbai Wind Power Co., Ltd. (“Dianbai WindPower”), Guangdong Yudean Qujie Wind Power Co., Ltd. (“Qujie Wind Power”), Guangdong Yudean LeizhouWind Power Co., Ltd. (“Leizhou Wind Power”), Zhanjiang Electric Co., Ltd. (“Zhanjiang Electric”) andZhanjiang Yuheng Power Maintenance Installation Co., Ltd. (“Yuheng Electric”) (Note 3(2)), the applicable taxrate for the Company and its subsidiaries is 25%.
(c) ) According to the Environmental Protection Tax Law of the People's Republic of China, the Group hasapplied the environmental protection tax since 1 January 2018. The taxation objects include air pollutants, waterpollutants, solid waste and noise. Taxation is based on the amount of pollutants’ emissions.VII. Notes on major items in consolidated financial statements
1. Monetary funds
In RMB
| Items | Closing balance | Opening balance |
| Cash on hand | 21,592 | 25,114 |
| Cash at bank | 5,724,039,690 | 5,079,616,855 |
| Other cash balance | 2,000,000 | 2,000,000 |
| Total | 5,726,061,282 | 5,081,641,969 |
Other note
1.As of June 30,2020,The company’s deposit in Energy Group Finance company is 4,469,328,465 yuan(4,468,014,839 yuan before December 31, 2019).The deposit in Energy Finance means that deposited in GuangdongEnergy Finance Co., Ltd. (“Energy Finance”). Energy Finance is one financial institution approved by People'sBank of China and is a subsidiary of Energy Group Co., Ltd.
（b）As of June 30, 2020, the Group had no funds deposited overseas (December 31, 2019: None).（c） As of June 30, 2020, other cash balances amounted to RMB 2,000,000 (31 December 2019: 2,000,000) andrepresented deposits of Huizhou Pingdian Comprehensive Energy Co., Ltd. (“Pingdian Comprehensive”), asubsidiary of the Group, for the purpose of applying for performance guarantees.
2. Accounts receivable
(1) Accounts receivable disclosed by category
In RMB
| Category | Closing balance | Opening balance | ||||||||
| Book balance | Bad debt provision | Book value | Book balance | Bad debt provision | Book value | |||||
| Amount | Proportion % | Amount | Proportion % | Amount | Proportion % | Amount | Proportion % | |||
| Of which： | ||||||||||
| Accrual of bad debt provision by portfolio | 3,409,512,104 | 100% | 134,510 | 0.01% | 3,409,377,594 | 3,197,845,885 | 100% | 155,421 | 0.01% | 3,197,690,464 |
| Of which： | ||||||||||
| Electricity sales receivable | 3,382,608,628 | 99.21% | 3,382,608,628 | 3,172,505,993 | 99.21% | 3,172,505,993 | ||||
| Related party receivable | 13,452,476 | 0.40% | 13,452,476 | 9,797,752 | 0.30% | 9,797,752 | ||||
| Other | 13,451,000 | 0.39% | 134,510 | 1% | 13,316,490 | 15,542,140 | 0.49% | 155,421 | 1% | 15,386,719 |
| Total | 3,409,512,104 | 100% | 134,510 | 0.01% | 3,409,377,594 | 3,197,845,885 | 100% | 155,421 | 0.01% | 3,197,690,464 |
Accrual of bad debt provision by single item:
In RMB
| Name | Closing balance | |||
| Book balance | Bad debt provision | Proportion% | Reason | |
Accrual of bad debt provision by single item:
In RMB
| Name | Closing balance | |||
| Book balance | Bad debt provision | Proportion% | Reason | |
Accrual of bad debt provision by portfolio:
In RMB
| Name | Closing balance | ||
| Book balance | Bad debt provision | Proportion% | |
| Electricity sales receivable | 3,382,608,628 | 0 | 0% |
| Total | 3,382,608,628 | 0 | -- |
Note：
Portfolio 1- Electricity sales receivable， As at 30 June 2020, the amount of receivables from sales of electricity ofthe Group was RMB3,382,608,628, which was mainly from China Southern Power Grid Co., Ltd. and itssubsidiaries (collectively referred to as “China Southern Power Grid”). Taking into consideration its good credit,the Group believes that there is no significant credit risk in the receivables from sales proceeds of electricity, andthe possibility of significant losses due to China Southern Power Grid's default is extremely low. The Group'sexpected credit loss rate for sales proceeds of electricity is 0%.
In RMB
| Name | Closing balance | ||
| Book balance | Bad debt provision | Proportion% | |
| Related party receivable | 13,452,476 | 0 | 0% |
| Total | 13,452,476 | 0 | -- |
Note：
Portfolio 2- Related party receivable：As at 30 June 2020, the amount of receivables from related parties of theGroup was RMB 13,452,476, and the historical loss rate was extremely low. Therefore, The Group believes thatthere is no significant credit risk in the receivables from related parties, and the possibility of significant lossesdue to their default is extremely low. The Group's expected credit loss rate for receivables from related parties is0%.The withdrawal amount of the bad debt provision：0
In RMB
| Name | Closing balance | ||
| Book balance | Bad debt provision | Proportion% | |
| Other account receivable | 13,451,000 | 134,510 | 1% |
| Total | 13,451,000 | 134,510 | -- |
Note：
Portfolio 3- Other fund receivable: For other fund receivable except Portfolio 1 and Portfolio 2, the estimatedcredit loss rate is 1%.Provision for bad debt by portfolio：
| Name | Closing balance |
| Book balance | Bad debt provision | Proportion% |
Note：
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method ofother receivables if the provision for bad debts of bills receivable is accrued according to the general model ofexpected credit loss:
√ Applicable □Not applicable
Portfolio 1- Electricity sales receivable， As at 30 June 2020, the amount of receivables from sales of electricity ofthe Group was RMB3,382,608,628, which was mainly from China Southern Power Grid Co., Ltd. and itssubsidiaries (collectively referred to as “China Southern Power Grid”). Taking into consideration its good credit,the Group believes that there is no significant credit risk in the receivables from sales proceeds of electricity, andthe possibility of significant losses due to China Southern Power Grid's default is extremely low. The Group'sexpected credit loss rate for sales proceeds of electricity is 0%.Portfolio 2- Related party receivable：As at 30 June 2020, the amount of receivables from related parties of theGroup was RMB 13,452,476, and the historical loss rate was extremely low. Therefore, The Group believes thatthere is no significant credit risk in the receivables from related parties, and the possibility of significant lossesdue to their default is extremely low. The Group's expected credit loss rate for receivables from related parties is0%.Portfolio 3- Fund receivable other than Portfolio 1 and Portfolio 2
| June 30,2020 | ||||
| Book balance | Bad debt provision | |||
| Amount | Expected credit loss rate for the entire duration | Amount |
| Within 1 year | 13,451,000 | 1% | 134,510 |
In 2020, the amount of bad debt provision of accounts receivable reversed by the Group was RMB 20,911, and thecorresponding book balance was RMB 2,091,149. There was no bad debt provision for accounts receivablewritten off this year.Disclosure by aging
In RMB
| Aging | Closing balance |
| Within 1 year（Including 1 year） | 3,408,951,922 |
| 1-2 years | 560,182 |
| Total | 3,409,512,104 |
(2) Accounts receivable withdraw, reversed or collected during the reporting periodThe withdrawal amount of the bad debt provision：
In RMB
| Category | Opening balance | Amount of change in the current period | Closing balance |
| Accrual | Reversed or collected amount | Write-off | Other | |||
| Accounts receivable | 155,421 | 20,911 | 134,510 | |||
| Total | 155,421 | 20,911 | 134,510 |
Of which the significant amount of the reversed or collected part during the reporting period
In RMB
| Name | Reversed or collected amount | Method |
| Dongguan Dejin Energy Technology Co., Ltd. | 20,911 | Cash |
| Total | 20,911 | -- |
（3） Top 5 of the closing balance of the accounts receivable collected according to the arrears party
In RMB
| Debtor | Book amount | Provision for bad debts | Proportion% |
| GPGC | 2,997,828,713 | 87.93% | 0 |
| Shenzhen Power supply Bureau | 194,675,387 | 5.71% | 0 |
| GPGC,Zhanjiang Power supply Bureau | 157,851,685 | 4.63% | 0 |
| GPGC,Maoming Power supply Bureau | 23,126,470 | 0.68% | 0 |
| Huizhou Yuxin Company | 5,186,800 | 0.15% | 51,868 |
| Total | 3,378,669,055 | 99.10% |
3.Prepayments
(1) List by aging analysis:
In RMB
| Aging | Closing balance | Opening balance | ||
| Amount | Proportion % | Amount | Proportion % | |
| Within 1 year | 732,438,434 | 99.79% | 603,944,280 | 99.77% |
| 1-2 years | 306,512 | 0.04% | 886,809 | 0.15% |
| 2-3 years | 885,524 | 0.12% | 115,026 | 0.02% |
| Over 3 years | 334,555 | 0.05% | 368,218 | 0.06% |
| Total | 733,965,025 | -- | 605,314,333 | -- |
Notes of the reasons of the prepayment ages over 1 year with significant amount but failed settled in timeAs at June 30,2020, advances to suppliers aged more than 1 year were RMB1,526,591, mainly includingprepayments for spare parts and materials.
（2）The ending balance of Prepayments owed by the imputation of the top five parties
| Name | Relationship with the company | Amount | Proportion % |
| Guangdong Power Industry Fuel Co., Ltd. | Related party | 518,984,394 | 70.71% |
| Guangdong Zhutou Electric Power fuel Co., Ltd. | Third party | 101,351,474 | 13.81% |
| China Railway (Huizhou)Co., Ltd. | Third party | 13,685,587 | 1.86% |
| Guangzhu Railway Co., Ltd.Guangzhou Freight Centre | Third party | 11,729,603 | 1.60% |
| Guangzhu Railway Co., Ltd. | Third party | 6,798,985 | 0.93% |
| Total | 652,550,043 | 88.91% |
Other note：
4. Other accounts receivable
In RMB
| Items | Closing balance | Opening balance |
| Interest receivable | 25,335,356 | 20,866,069 |
| Other accounts receivable | 234,568,414 | 251,935,519 |
| Total | 259,903,770 | 272,801,588 |
（1）Interest receivable
1) Category of interest receivable
In RMB
| Items | Closing balance | Opening balance |
| Fixed deposit | 25,335,356 | 20,866,069 |
| Total | 25,335,356 | 20,866,069 |
2）Bad-debt provision
□ Applicable √ Not applicable
（2） Other accounts receivable
1) Other accounts receivable classified by the nature of accounts
In RMB
| Nature | Closing book balance | Opening book balance |
| Sales of by-products receivable | 80,750,117 | 76,167,059 |
| Supplementary medical insurance fund receivable | 69,862,572 | 68,705,226 |
| Land receivable deposit | 23,446,000 | 23,446,000 |
| Receivable petty cash | 10,624,555 | 5,004,220 |
| Advances receivable | 8,827,635 | 8,101,462 |
| Government subsidy receivable | 3,195,054 | 447,197 |
| Land recovery receivable | 0 | 46,536,090 |
| Other | 49,608,387 | 35,274,171 |
| Total | 246,314,320 | 263,681,425 |
2）Bad-debt provision
In RMB
| Bad Debt Reserves | Stage 1 | Stage 2 | Stage 3 | Total |
| Expected credit losses over the next 12 months | Expected credit loss over life (no credit impairment) | Expected credit losses for the entire duration (credit impairment occurred) | ||
| Balance as at January 1, 2020 | 3,308,193 | 0 | 8,437,713 | 11,745,906 |
| Balance as at January 1, 2020 in current | —— | —— | —— | —— |
| --Transfer to Stage 3 | -119,707 | 119,707 | 0 | |
| Balance as at June 30,2020 | 3,188,486 | 8,557,420 | 11,745,906 |
Loss provision changes in current period, change in book balance with significant amount
□ Applicable √Not applicable
Disclosure by aging
In RMB
| Aging | Closing balance |
| Within 1 year(Including 1 year） | 171,647,024 |
| 1-2 years | 31,663,721 |
| 2-3 years | 10,465,147 |
| Over 3 years | 32,538,428 |
| 3-4 years | 23,598,340 |
| 4-5 years | 544,316 |
| Over 5 years | 8,395,772 |
| Total | 246,314,320 |
3) Top 5 of the closing balance of the other accounts receivable collected according to the arrears party
In RMB
| Name | Nature | Closing balance | Aging | Proportion of the total year end balance of the accounts receivable | Closing balance of bad debt provision |
| Guangdong Yudean | Sales of by-products | 74,363,831 | Within 1 year | 15.10% | 0 |
| Environmental Protection Co., Ltd. | receivable | ||||
| Taikang Endowment Insurance Co., Ltd. Guangdong Branch | Supplementary medical insurance funds shall be receivable | 69,862,572 | Within 3 years | 8.34% | 0 |
| Maoming Bohe Xingang District Construction Command Office | Land receivable deposit | 23,446,000 | 3-4 years | 4.76% | 0 |
| CEEC | Advance payment due | 4,315,439 | Within 1 year | 0.88% | 43,154 |
| Zhuhai Bingxing Building Material Co., Ltd. | Sales of by-products receivable | 4,275,543 | Within 1 year | 0.87% | 42,755 |
| Total | -- | 176,263,385 | -- | 29.95% | 85,909 |
4) Account receivables with government subsidies involved
In RMB
| Name | Project name | Amount in year-end | At the end of aging | Estimated time, amount and basis |
| Huilai State Taxation Bureau | VAT is refunded immediately | 1,714,928 | Within 1 year（Including 1 year）and1-2 years（Including 2 years） | Expected to be fully recovered by June 2021 |
| Xuwen State Taxation Bureau | VAT is refunded immediately | 1,480,126 | Within 1 year（Including1 year） | Expected to be fully recovered by June 2021 |
5. Inventories
Whether the company need to comply with the disclosure requirements of the real estate industryNo
（1）Category of Inventory
In RMB
| Items | Closing book balance | Opening book balance | ||||
| Book balance | Provision for inventory impairment | Book value | Book balance | Provision for inventory impairment | Book value | |
| Raw materials | 1,027,752,007 | 219,427 | 1,027,532,580 | 1,090,379,874 | 219,427 | 1,090,160,447 |
| Parts | 791,517,620 | 31,533,659 | 759,983,961 | 718,858,215 | 14,790,029 | 704,068,186 |
| Other | 30,032,029 | 0 | 30,032,029 | 22,830,636 | 0 | 22,830,636 |
| Total | 1,849,301,656 | 31,753,086 | 1,817,548,570 | 1,832,068,725 | 15,009,456 | 1,817,059,269 |
(2) Inventory depreciation reserve
In RMB
| Items | Beginning of term | Increased in current period | Decreased in current period | End of term | ||
| Provision | Other | Transferred back | Other | |||
| Raw materials | 219,427 | 0 | 0 | 0 | 0 | 219,427 |
| Parts | 14,790,029 | 16,743,630 | 0 | 0 | 0 | 31,533,659 |
| Total | 15,009,456 | 16,743,630 | 0 | 0 | 0 | 31,753,086 |
(3) Explanation on inventories with capitalization of borrowing costs included at ending balance
(4) Assets unsettled formed by construction contract which has completed at period-end
6. Non-current assets due within 1 year
In RMB
| Items | Year-end balance | Year-beginning balance |
| Margin for finance lease due within 1 year | 77,379,009 | 28,865,131 |
| Total | 77,379,009 | 28,865,131 |
Important creditor's rights investment
In RMB
| Items | Year-end balance | Year-beginning balance | ||||||
| Par value | Interest rate | Actual rate | Date of expiry | Par value | Interest rate | Actual rate | Date of expiry | |
Other note：
7. Other current assets
In RMB
| Items | Year-end balance | Year-beginning balance |
| Contract acquisition cost | 0 | 0 |
| Return cost receivable | 0 | 0 |
| VAT to be deducted | 230,892,145 | 296,729,796 |
| Advance payment of income tax | 9,630,310 | 7,893,174 |
| Other current assets to be disposed | 4,208,534 | |
| Carbon emission rights assets | 1,953,696 | 0 |
| Other | 0 | 972,597 |
| Total | 246,684,685 | 305,595,567 |
Other note：
On June 30, 2020, the fixed assets and intangible assets to be disposed of were reclassified to other current assets
as the subsidiary Yuejia Company ceased to operate.
8. Long-term accounts receivable
(1) List of long-term accounts receivable
In RMB
| Items | Closing balance | Opening balance | Discount rate interval | ||||
| Book balance | Provision for inventory impairment | Book value | Book balance | Provision for inventory impairment | Book value | ||
| After-sale leaseback deposit | 18,581,834 | 0 | 18,581,834 | 65,856,346 | 0 | 65,856,346 | 5.97%-6.68% |
| Total | 18,581,834 | 0 | 18,581,834 | 65,856,346 | 0 | 65,856,346 | -- |
Provision for bad debts
In RMB
| Bad Debt Reserves | Stage 1 | Stage 2 | Stage 3 | Total |
| Expected credit losses over the next 12 months | Expected credit loss over life (no credit impairment) | Expected credit losses for the entire duration (credit impairment occurred) | ||
| Balance as at January 1, 2020 in current period | —— | —— | —— | —— |
Loss provision changes in current period, change in book balance with significant amount
□ Applicable √ Not applicable
9. Long-term equity investment
In RMB
| Investees | Opening balance | Increase /decrease | Closing balance | Closing balance of impairment provision | |||||||
| Additional investment | Decrease in investment | Profits and losses on investments Recognized under the equity method | Other comprehensive income | Changes in other equity | Cash bonus or profits announced to issue | Withdrawal of impairment provision | Other | ||||
| I. Joint ventures | |||||||||||
| Industrial Fuel | 615,218,300 | 24,355,750 | 69,090,435 | 570,483,615 | |||||||
| Subtotal | 615,218,300 | 24,355,750 | 69,090,435 | 570,483,615 | |||||||
| II. Associates | |||||||||||
| Yangshan | 5,397,723 | 5,397,723 | |||||||||
| Jiangkeng | |||||||||||
| Yangshan Zhongxinkeng | 8,043,666 | 8,043,666 | |||||||||
| West Investment | 142,443,282 | 3,059,567 | 145,502,849 | ||||||||
| Yudean Shipping | 448,869,593 | -19,926,382 | 428,943,211 | ||||||||
| Shanxi Yudean Enerty | 1,644,203,546 | 99,809,492 | 20,000,000 | 1,724,013,038 | |||||||
| Energy Finance | 991,882,399 | 52,363,430 | 73,161,903 | 971,083,926 | |||||||
| Taishan Power Generation | 2,085,355,939 | 40,148,666 | 146,136,255 | 1,979,368,350 | |||||||
| Yudean Captive | 261,404,011 | 6,601,704 | 1,573,263 | 266,432,452 | |||||||
| Weixin Yuntou | 196,222,800 | 5,111,625 | 201,334,425 | 96,327,854 | |||||||
| Huaneng Shantou | 56,743,303 | 3,174,769 | 59,918,072 | ||||||||
| Subtotal | 5,840,566,262 | 190,342,871 | 240,871,421 | 5,790,037,712 | 96,327,854 | ||||||
| Total | 6,455,784,562 | 214,698,621 | 309,961,856 | 6,360,521,327 | 96,327,854 |
Other note
10. Other equity instruments investment
In RMB
| Items | Closing balance | Opening balance |
| Shenzhen Energy Co., Ltd. | 58,464,000 | 78,246,000 |
| Shanghai Shenergy Group | 328,195,598 | 322,642,373 |
| GMG International Tendering Co., Ltd. | 13,932,000 | 7,182,000 |
| Shenzhen Capital Group Co., Ltd. | 896,000,000 | 896,000,000 |
| Sunshine Insurance Group Co., Ltd. | 1,768,000,000 | 1,768,000,000 |
| Southern Offshore wind power Union Development Co., Ltd | 70,301,000 | 70,301,000 |
| Total | 3,134,892,598 | 3,142,371,373 |
Itemized disclosure of the current non - trading equity instrument investment
In RMB
| Name | Recognized dividend income | Accumulating gains | Accumulating losses | Amount of other comprehensive income transferred to retained earning | Reasons for being measured at fair value and whose changes are included in other comprehensive income | Reasons for other comprehensive income transferred to retained earnings |
| Shenzhen Energy Co., Ltd. | 630,000 | 42,573,372 | Consideration of strategic investments | Not applicable | ||
| Shanghai Shenergy Group | 450,000 | 92,357,610 | Consideration of strategic investments | Not applicable | ||
| GMG International Tendering Co., Ltd. | 10,332,000 | Consideration of strategic investments | Not applicable | |||
| Shenzhen Capital Group Co., Ltd. | 20,290,444 | 637,702,560 | Consideration of strategic investments | Not applicable | ||
| Sunshine Insurance Group Co., Ltd. | 1,412,000,000 | Consideration of strategic investments | Not applicable | |||
| Southern Offshore wind power Union Development Co., Ltd | 301,000 | Consideration of strategic investments | Not applicable |
Other note：
(a) As at 31 June 2020, the Company held 12,600,000 tradable A shares in Shenzhen Energy with fair value ofRMB58,464,000, and the investment cost was RMB 15,890,628. The investment was stated at fair value withreference to the market price. During the year, gains at fair value amounted to RMB19,782,000 (2019:income ofRMB12,096,000), and other comprehensive income was adjusted upwards accordingly.(b) As at 30 June 2020, the Company held 55,532,250 tradable A shares in Shanghai Shenergy with fair value ofRMB328,195,598, and the investment cost was RMB 235,837,988. The investment was stated at fair value withreference to the market price. During the year, gains at fair value amounted to RMB5,553,225 (2019:income ofRMB 51,644,993), and other comprehensive income was adjusted upwards accordingly.(c) As at 30 June 2020, the Company held 1,800,000 shares of GMG International Tendering Co., Ltd. traded atthe National Equities Exchange and Quotations system with fair value of RMB 13,932,000, and the investmentcost was RMB 3,600,000. The investment was stated at fair value with reference to the market price. During theyear, gains at fair value amounted to RMB 6,750,000 (2019:income of RMB3,564,000), and other comprehensiveincome was adjusted upwards accordingly.(d) Pursuant to the Proposal on Involvement in Capital and Share Increase of Shenzhen Capital Group Co., Ltd.approved by the Board of Directors in September 2018, the Company was permitted to make a capital injection ofRMB 213,034,000 to Shenzhen Capital Group Co., Ltd. (“SCG”) at its original proportion of shareholding. Acapital injection of RMB 65,135,200 was made in 2018, and a capital injection of RMB 78,162,240 was made in2019. The remaining capital injection of RMB 69,736,560 would be made in 2020. As at 30 June 2020, the fairvalue of the equity that the Company held in SCG amounted to RMB 896,000,000, and the investment cost wasRMB 258,297,440. During the year, gains at fair value amounted to RMB18,796,809 (2019: Nil), and other
comprehensive income was adjusted upwards accordingly.(e) As at 30 June 2020, the fair value of the equity that the Company held in Sunshine Insurance amounted toRMB 1,768,000,000, and the investment cost was RMB 356,000,000. During the year, gains at fair valueamounted to RMB 1,412,000,000 (2019: Nil), and other comprehensive income was adjusted upwardsaccordingly.(f) As at 30 June 2020, the fair value of the equity that the Company held in South Sea Wind Electricityamounted to RMB 70,301,000, and the investment cost was RMB 70,000,000. During the year, gains at fair valueamounted to RMB 301,000 (2019: Nil), and other comprehensive income was adjusted upwards accordingly.
11.Other non-current assets
In RMB
| Items | Closing balance | Opening balance |
Other note：
12. Investment property
(1) Investment property adopted the cost measurement mode
√Applicable □ Not applicable
In RMB
| Items | House, Building | Land use right | Construction in process | Total |
| I. Original price | ||||
| 1. Balance at period-beginning | 68,575,914 | 68,575,914 | ||
| 2.Increase in the current period | ||||
| (1) Purchase | ||||
| (2)Inventory\Fixed assets\ Transferred from construction in progress | ||||
| (3)Increased of Enterprise Combination | ||||
| 3.Decreased amount of the period | ||||
| （1）Dispose | ||||
| （2）Other out | ||||
| 4. Balance at period-end | 68,575,914 | 68,575,914 | ||
| II.Accumulated amortization | ||||
| 1.Opening balance | 16,482,283 | 16,482,283 | ||
| 2.Increased amount of the period | 1,275,406 | 1,275,406 |
| (1) Withdrawal | 1,275,406 | 1,275,406 | ||
| 3.Decreased amount of the period | ||||
| （1）Dispose | ||||
| （2）Other out | ||||
| 4. Balance at period-end | 17,757,689 | 17,757,689 | ||
| III. Impairment provision | ||||
| 1. Balance at period-beginning | ||||
| 2.Increased amount of the period | ||||
| (1) Withdrawal | ||||
| 3.Decreased amount of the period | ||||
| （1）Dispose | ||||
| （2）Other out | ||||
| 4. Balance at period-end | ||||
| IV.Book value | ||||
| 1.Book value at period -end | 50,818,225 | 50,818,225 | ||
| 2.Book value at period-beginning | 52,093,631 | 52,093,631 |
(2) Investment property adopted fair value measurement mode
□ Applicable √Not applicable
13. Fixed assets
In RMB
| Items | Closing balance | Opening balance |
| Fixed assets | 39,892,750,878 | 38,530,031,244 |
| Disposal of fixed assets | 16,992,517 | 25,687,474 |
| Total | 39,909,743,395 | 38,555,718,718 |
(1) List of long-term accounts receivable
In RMB
| Items | House, building | Machinery equipment | Transportations | Other equipment | Total |
| I. Original price | |||||
| 1. Balance at period-beginning | 18,608,504,390 | 58,925,695,568 | 595,487,302 | 1,356,377,715 | 79,486,064,975 |
| 2.Increase in the current period | 854,573,242 | 2,140,569,768 | 6,237,684 | 10,225,118 | 3,011,605,812 |
| (1) Purchase | 1,921,105 | 6,358,984 | 6,204,958 | 7,413,681 | 21,898,728 |
| （2） Transferred from construction in progress | 852,652,137 | 2,134,210,784 | 32,726 | 2,811,437 | 2,989,707,084 |
| (3)Increased of Enterprise Combination | |||||
| 3.Decreased amount of the period | 344,847,682 | 880,733,762 | 17,347,911 | 30,498,438 | 1,273,427,793 |
| （1）Dispose | 3,670 | 880,733,762 | 8,317,482 | 30,498,438 | 919,553,352 |
| （2）Other out | 344,844,012 | 9,030,429 | 353,874,441 | ||
| 4. Balance at period-end | 19,118,229,950 | 60,185,531,574 | 584,377,075 | 1,336,104,395 | 81,224,242,994 |
| II. Accumulated depreciation | |||||
| 1.Opening balance | 6,941,728,181 | 31,757,059,270 | 442,607,496 | 930,761,890 | 40,072,156,837 |
| 2.Increased amount of the period | 230,495,696 | 1,311,291,488 | 8,006,675 | 84,317,488 | 1,634,111,347 |
| (1) Withdrawal | 230,495,696 | 1,311,291,488 | 8,006,675 | 84,317,488 | 1,634,111,347 |
| 3.Decreased amount of the period | 226,991,499 | 517,342,215 | 13,279,056 | 21,691,688 | 779,304,458 |
| （1）Dispose | 2,309,322 | 517,342,215 | 6,634,929 | 21,691,688 | 547,978,154 |
| （2）Other out | 224,682,177 | 6,644,127 | 231,326,304 | ||
| 4.Closing balance | 6,945,232,378 | 32,551,008,543 | 437,335,115 | 993,387,690 | 40,926,963,726 |
| III. Impairment provision | |||||
| 1.Opening balance | 146,890,986 | 731,325,859 | 1,656,135 | 4,003,914 | 883,876,894 |
| 2.Increase in the reporting period | |||||
| （1）Withdrawal | |||||
| 3.Decreased amount of the period | 117,106,386 | 358,114,377 | 1,233,217 | 2,894,524 | 479,348,504 |
| （1）Dispose | 358,114,377 | 2,894,524 | 361,008,901 | ||
| （2）Other out | 117,106,386 | 1,233,217 | 118,339,603 | ||
| 4. Closing balance | 29,784,600 | 373,211,482 | 422,918 | 1,109,390 | 404,528,390 |
| IV. Book value | |||||
| 1.Book value of the | 12,143,212,972 | 27,261,311,549 | 146,619,042 | 341,607,315 | 39,892,750,878 |
| period-end | |||||
| 2.Book value of the period-begin | 11,519,885,223 | 26,437,310,439 | 151,223,671 | 421,611,911 | 38,530,031,244 |
(2) List of temporarily idle fixed assets
In RMB
| Items | Original book value | Accumulated depreciation | Impairment provision | Book value | Remark |
(3) Fixed assets leased in from financing lease
In RMB
| Items | Original book value | Accumulated depreciation | Impairment provision | Book value |
| Jinghai financing leasing assets | 1,000,000,000 | 894,583,333 | 105,416,667 | |
| Zhongyue financing leasing assets | 900,000,000 | 547,931,060 | 352,068,940 | |
| Yuejiang financing leasing assets | 1,062,401,108 | 281,237,023 | 781,164,085 |
(4) Fixed assets leased in the operating leases
In RMB
| Items | End book value |
| House and Building | 42,567,122 |
(5) Fixed assets without certificate of title completed
In RMB
| Items | Book value | Reason |
| House and Building | 155,590,684 | Temporarily in the government approved stage |
Other noteOn June 30, 2020, after consulting the Group's legal advisers, the management believed that there would be nosubstantive legal obstacles to the handling of these property certificates and would not have a significant adverseimpact on the normal operation of the Group.
（6）Liquidation of fixed assets
In RMB
| Items | Closing balance | Opening balance |
| Parts of power generation equipment have been scrapped | 16,525,106 | 24,842,897 |
| Other equipment | 467,411 | 844,577 |
| Total | 16,992,517 | 25,687,474 |
Other noteOn June 30, 2020, as the subsidiary Yuejia Company ceased to operate, the original value of fixed assets to bedisposed of by Yuejia Company was RMB 353,874,441, the accumulated depreciation was RMB 231,326,304,and the impairment provision was RMB 118,339,603, which were reclassified to other current assets (Note VII
(7)).
14. Construction in progress
In RMB
| Items | Closing balance | Opening balance |
| Construction in progress | 10,024,950,818 | 10,881,106,316 |
| Engineering Material | 101,523,078 | 897,530 |
| Total | 10,126,473,896 | 10,882,003,846 |
(1) List of construction in progress
In RMB
| Items | Closing balance | Opening balance | ||||
| Book balance | Provision for impairment | Book value | Book balance | Provision for impairment | Book value | |
| Bohe Coal integration project | 6,881,800,482 | 6,881,800,482 | 6,608,072,801 | 6,608,072,801 | ||
| Zhuhai Jinwan Electric offshore wind power project | 1,096,557,335 | 1,096,557,335 | 398,849,306 | 398,849,306 | ||
| Yangjiang Shapa offshore wind power project | 478,937,942 | 478,937,942 | 390,159,975 | 390,159,975 | ||
| Huadu thermal and power cogeneration project | 191,800,324 | 191,800,324 | 136,704,136 | 136,704,136 | ||
| Qujie Wailuo offshore wind power project II | 111,383,513 | 111,383,513 | 57,038,810 | 57,038,810 | ||
| Lincang Dayakou Hydropower Station | 41,592,791 | 41,592,791 | 41,383,032 | 41,383,032 | ||
| Shajiao Ningzhou gas power project | 24,722,458 | 24,722,458 | 5,821,536 | 5,821,536 | ||
| Xuwen Shiban | 11,510,908 | 11,510,908 | 3,871,208 | 3,871,208 | ||
| Ling wind power project | ||||||
| Qujie Wailuo offshore wind power project I | 0 | 0 | 2,306,302,480 | 2,306,302,480 | ||
| Other technology improvement projects | 715,698,823 | 715,698,823 | 576,180,865 | 576,180,865 | ||
| Other infrastructure construction projects | 672,253,173 | 201,306,931 | 470,946,242 | 558,029,098 | 201,306,931 | 356,722,167 |
| Total | 10,226,257,749 | 201,306,931 | 10,024,950,818 | 11,082,413,247 | 201,306,931 | 10,881,106,316 |
(2) Changes of significant construction in progress
In RMB
| Name | Budget | Amount at year beginning | Increase at this period | Transferred to fixed assets | Other decrease | Balance in year-end | Proportion(%) | Progress of work | Capitalisation of interest accumulated balance | Including：Current amount of capitalization of interest | Capitalisation of interest ratio（%) | Source of funds |
| Bohe Coal integration project | 11,037,075,900 | 6,608,072,801 | 273,727,681 | 6,881,800,482 | 65.23% | 90% | 434,647,749 | 71,838,270 | 4.73% | Loans from financial institutions | ||
| Zhuhai Jinwan Electric offshore wind power project | 5,659,710,000 | 398,849,306 | 697,708,029 | 1,096,557,335 | 20.64% | 20.64% | 27,854,125 | 22,030,345 | 4.09% | Loans from financial institutions | ||
| Yangjiang Shapa offshore wind power project | 5,999,710,000 | 390,159,975 | 88,777,967 | 478,937,942 | 8.50% | 8.50% | 10,184,386 | 8,703,795 | 4.30% | Loans from financial institutions | ||
| Huadu thermal and power cogeneration project | 3,536,710,000 | 136,704,136 | 55,096,188 | 191,800,324 | 5.45% | 5.45% | 4,125,300 | 2,996,337 | 3.79% | Other | ||
| Qujie Wailuo offshore | 3,789,120,000 | 57,038,810 | 54,344,703 | 111,383,513 | 3.34% | 17.84% | 1,936,974 | 1,850,085 | 3.91% | Loans from financial |
| wind power project II | institutions | |||||||||||
| Lincang Dayakou Hydropower Station | 1,209,578,400 | 41,383,032 | 209,759 | 41,592,791 | 93.90% | 98% | 142,886,856 | 0% | Loans from financial institutions | |||
| Shajiao Ningzhou gas power project | 5,927,600,000 | 5,821,536 | 18,900,922 | 24,722,458 | 0.42% | 0.42% | 0% | Other | ||||
| Xuwen Shiban Ling wind power project | 460,639,300 | 3,871,208 | 7,639,700 | 11,510,908 | 81% | 90% | 13,892,621 | 79,752 | 4.41% | Loans from financial institutions | ||
| Qujie Wailuo offshore wind power project I | 3,739,450,000 | 2,306,302,480 | 526,101,089 | 2,832,403,569 | 0 | 82.35% | 100% | 44,239,897 | 0% | Loans from financial institutions | ||
| Other technology improvement projects | 576,180,865 | 296,821,473 | 157,303,515 | 715,698,823 | 5,870,261 | Other | ||||||
| Other infrastructure construction projects | 356,722,167 | 114,224,075 | 470,946,242 | 4,569,516 | 1,997,872 | Other | ||||||
| Total | 41,359,593,600 | 10,881,106,316 | 2,133,551,586 | 2,989,707,084 | 10,024,950,818 | -- | -- | 690,207,685 | 109,496,456 | -- |
(3) List of the withdrawal of the impairment provision of the construction in progress
In RMB
| Items | Amount | Reason |
Other note
（4）Engineering material
In RMB
| Items | End of term | Beginning of term |
| Book balance | Provision for impairment | Book value | Book balance | Provision for impairment | Book value | |
| Special Material | 1,809,563 | 729,603 | 1,079,960 | 962,696 | 729,603 | 233,093 |
| Special equipment | 100,443,118 | 100,443,118 | 664,437 | 664,437 | ||
| Total | 102,252,681 | 729,603 | 101,523,078 | 1,627,133 | 729,603 | 897,530 |
Other note
15. Intangible assets
(1) Information
In RMB
| Items | Land use right | Patent | Non-patent Technology | Transmission and Transformation Supporting Project | Sea use right | Transportation project | Franchise right | Software | Total |
| I. Original price | |||||||||
| 1.Opening balance | 2,068,478,525 | 7,356,943 | 442,517,684 | 129,906,544 | 22,468,672 | 14,795,352 | 132,513,656 | 2,818,037,376 | |
| 2.Increased amount of the period | 316,400,945 | 737,972 | 12,513,210 | 329,652,127 | |||||
| (1) Purchase | 316,400,945 | 12,513,210 | 328,914,155 | ||||||
| (2)Internal Development | 737,972 | 737,972 | |||||||
| (3)Increased of Enterprise Combination | |||||||||
| 3.Decreased amount of the period | 4,835,339 | 190,778,416 | 7,298,672 | 202,912,427 | |||||
| （1）Dispose | 4,835,339 | 4,835,339 | |||||||
| （2）Other out | 190,778,416 | 7,298,672 | 198,077,088 | ||||||
| 4. Balance at period-end | 2,380,044,131 | 8,094,915 | 251,739,268 | 129,906,544 | 15,170,000 | 14,795,352 | 145,026,866 | 2,944,777,076 |
| II.Accumulated amortization | |||||||||
| 1. Balance at period-beginning | 377,104,840 | 923,531 | 409,328,310 | 25,709,325 | 21,447,068 | 10,591,406 | 94,480,905 | 939,585,385 | |
| 2. Increase in the current period | 26,305,910 | 475,007 | 1,034,228 | 141,071 | 4,596,876 | 32,553,092 | |||
| (1) Withdrawal | 26,305,910 | 475,007 | 1,034,228 | 141,071 | 4,596,876 | 32,553,092 | |||
| 3.Decreased amount of the period | 4,809,202 | 157,589,042 | 6,277,068 | 168,675,312 | |||||
| （1）Dispose | 4,809,202 | 4,809,202 | |||||||
| （2）Other out | 157,589,042 | 6,277,068 | 163,866,110 | ||||||
| 4. Balance at period-end | 398,601,548 | 1,398,538 | 251,739,268 | 26,743,553 | 15,170,000 | 10,732,477 | 99,077,781 | 803,463,165 | |
| III. Impairment provision | |||||||||
| 1. Balance at period-beginning | 56,502,373 | 33,189,374 | 1,021,604 | 90,713,351 | |||||
| 2. Increase in the current period | |||||||||
| (1) Withdrawal | |||||||||
| 3.Decreased amount of the period | 33,189,374 | 1,021,604 | 34,210,978 | ||||||
| （1）Dispose | |||||||||
| （2）Other out | 33,189,374 | 1,021,604 | 34,210,978 | ||||||
| 4. Balance at period-end | 56,502,373 | 0 | 0 | 56,502,373 | |||||
| 4. Book |
| value | |||||||||
| 1.Book value at period -end | 1,924,940,210 | 6,696,377 | 0 | 103,162,991 | 0 | 4,062,875 | 45,949,085 | 2,084,811,538 | |
| 2.Book value at period-beginning | 1,634,871,312 | 6,433,412 | 0 | 104,197,219 | 0 | 4,203,946 | 38,032,751 | 1,787,738,640 |
The intangible assets by the end of the formation of the company's internal R & D accounted of the proportion ofthe balance of intangible assets⑵Details of Land use right failed to accomplish certification of property
In RMB
| Items | Book value | Reason |
| Land use right | 32,911,453 | Land use approval procedure in progress |
Other noteAs at 30 June 2020, the Group had obtained land use right certificates for all of its lands, except for lands withcarrying amount of RMB32,911,453 (31 December 2019: RMB 33,348,275) that were under approval proceduresfor land use. After consulting the Group’s legal consultant, management believed that there were no substantiallegal obstacles in obtaining the certificates and no material adverse impact on the normal operation of the Groupwould incur.On June 30, 2020, as the subsidiary Yuejia Company ceased to operate, the original value of power transmissionand transformation supporting projects, microwave projects and transportation projects of Yuejia Power to bedisposed of was RMB 198,077,088, the accumulated amortization was RMB 163,866,110 and impairmentprovision was RMB 34,210,978, which were reclassified from intangible assets to other current assets (Note VII
(7)).
16. Development expenditure
In RMB
| Items | Balance in year-begin | Increase | Decrease | Closing balance | ||||
| Internal development expenditure | Other | Recognition of intangible assets | Transfers to current gains | |||||
| Development expenditure | 0 | 737,972 | 737,972 | 0 | ||||
| Total | 0 | 737,972 | 737,972 | 0 | ||||
Other note
17. Goodwill
(1) Original book value of goodwill
In RMB
| Name of the | Opening balance | Increase | Decrease | Closing balance |
| investees or the events formed goodwill | The merger of enterprises | disposition | ||||
| Guangdong Wind Power Generation Co., Ltd. | 2,449,886 | 2,449,886 | ||||
| Lincang Company | 25,036,894 | 25,036,894 | ||||
| Total | 27,486,780 | 27,486,780 |
（2）Impairment provision of goodwill
In RMB
| Name of the investees or the events formed goodwill | Opening balance | Increase | Decrease | Closing balance | ||
| Provision | disposition | |||||
| Lincang Company | -25,036,894 | -25,036,894 | ||||
| Total | -25,036,894 | -25,036,894 | ||||
Relevant information about the asset group or asset group combination in which goodwill residesDescribe the goodwill impairment test process, key parameters (e.g. forecast period growth rate, stable periodgrowth rate, profit margin, discount rate and forecast period when forecasting the present value future cash flow)and the recognition method of goodwill impairment lossImpact of goodwill impairment testOther note
18.Long-term amortization expenses
In RMB
| Items | Balance in year-begin | Increase at this period | Amortization balance | Other decrease | Balance in year-end |
| Long-term lease charges | 15,287,462 | 0 | 1,014,083 | 0 | 14,273,379 |
| Improvements to fixed assets held under operating leases | 4,115,789 | 236,264 | 608,836 | 0 | 3,743,217 |
| Other | 70,335 | 0 | 8,057 | 0 | 62,278 |
| Total | 19,473,586 | 236,264 | 1,630,976 | 0 | 18,078,874 |
Other note
19.Deferred income tax assets/deferred income tax liabilities
(1)Details of the un-recognized deferred income tax assets
In RMB
| Items | Balance in year-end | Balance in year-begin | ||
| Deductible temporary difference | Deferred income tax assets | Deductible temporary difference | Deferred income tax assets | |
| Provision for asset impairments | 384,259,330 | 95,915,779 | 408,154,790 | 101,889,644 |
| Intra-group transactions | 157,833,563 | 39,458,391 | 166,852,624 | 41,713,156 |
| Deductible losses | 672,609,893 | 121,928,285 | 686,911,585 | 171,727,895 |
| Net income from test run included in construction in progress | 209,580,236 | 49,967,756 | 209,580,236 | 49,967,756 |
| Amortisation of pre-operating costs | 165,954,215 | 41,488,554 | 165,954,215 | 41,488,554 |
| Employee benefits payable | 103,644,393 | 25,911,098 | 103,644,393 | 25,911,098 |
| Government grants | 86,420,159 | 21,605,041 | 86,420,159 | 21,605,041 |
| Depreciation of fixed assets | 98,784,516 | 24,696,129 | 75,431,480 | 18,857,870 |
| Amortisation of intangible assets | 5,033,260 | 1,258,318 | 4,490,857 | 1,122,714 |
| Total | 1,884,119,565 | 422,229,351 | 1,907,440,339 | 474,283,728 |
(2)Details of the un-recognized deferred income tax liabilities
In RMB
| Items | Balance in year-end | Balance in year-begin | ||
| Temporarily Deductable or Taxable Difference | Deferred Income Tax liabilities | Temporarily Deductable or Taxable Difference | Deferred Income Tax liabilities | |
| Changes in fair value of available-for-sale financial assets included in other comprehensive income | 2,195,266,543 | 548,816,635 | 2,202,745,317 | 550,686,330 |
| Net expenses in test run included in construction in progress | 38,741,129 | 9,685,282 | 38,741,129 | 9,685,282 |
| Amortisation of land use rights | 16,451,826 | 4,112,957 | 16,451,826 | 4,112,957 |
| Interest receivable | 3,341,332 | 835,333 | 3,341,332 | 835,333 |
| Depreciation of fixed assets | 2,560,854 | 640,214 | 2,560,854 | 640,214 |
| Total | 2,256,361,684 | 564,090,421 | 2,263,840,458 | 565,960,116 |
(3) Deferred income tax assets or liabilities listed by net amount after off-set
In RMB
| Items | Trade-off between the deferred income tax assets and liabilities | End balance of deferred income tax assets or liabilities after off-set | Trade-off between the deferred income tax assets and liabilities at period-begin | Opening balance of deferred income tax assets or liabilities after off-set |
| Deferred income tax assets | 28,574,502 | 393,654,849 | 28,574,502 | 445,709,226 |
| Deferred income liabilities | 28,574,502 | 535,515,921 | 28,574,502 | 537,385,614 |
(4)Details of income tax assets not recognized
In RMB
| Items | Balance in year-end | Balance in year-begin |
| Deductible temporary difference | 1,421,810,497 | 1,435,936,580 |
| Deductible loss | 1,701,522,119 | 1,467,976,248 |
| Total | 3,123,332,616 | 2,903,912,828 |
(5)Deductible losses of the un-recognized deferred income tax asset will expire in the following years
In RMB
| Year | Balance in year-end | Balance in year-begin | Remark |
| 2020 | 0 | 172,104 | |
| 2021 | 299,550,467 | 141,098,222 | |
| 2022 | 603,896,902 | 603,896,902 | |
| 2023 | 567,573,810 | 567,573,810 | |
| 2024 | 152,521,430 | 155,235,210 | |
| 2025 | 77,979,510 | 0 | |
| Total | 1,701,522,119 | 1,467,976,248 | -- |
Other note：
20. Other non-current assets
In RMB
| Items | Balance in year-end | Balance in year-begin | ||||
| Book balance | Provision for devaluation | Book value | Book balance | Provision for devaluation | Book value | |
| Prepayments for equipment fund | 2,055,560,44 | 2,055,560,44 | 971,323,399 | 971,323,399 | ||
| 5 | 5 | |||||
| Prepayments for construction fund | 1,457,535,114 | 1,457,535,114 | 488,163,133 | 488,163,133 | ||
| VAT input to be offset | 929,398,501 | 929,398,501 | 881,814,121 | 881,814,121 | ||
| Unrealised losses on sale and lease back | 337,932,432 | 337,932,432 | 346,314,528 | 346,314,528 | ||
| Prepayment for land use rights | 111,055,612 | 111,055,612 | 64,424,212 | 64,424,212 | ||
| Prepayment for income tax | 1,458,911 | 1,458,911 | 1,451,903 | 1,451,903 | ||
| Other | 1,695,245 | 1,695,245 | 367,692 | 367,692 | ||
| Total | 4,894,636,260 | 4,894,636,260 | 2,753,858,988 | 2,753,858,988 |
Other note：
21. Short-term borrowings
(1) Category of short-term borrowings
In RMB
| Items | Closing balance | Opening balance |
| Credit borrowings | 6,947,498,951 | 5,904,132,791 |
| Total | 6,947,498,951 | 5,904,132,791 |
Note：
22.Notes payable
In RMB
| Items | Closing balance | Opening balance |
| Commercial acceptance | 522,992,546 | 570,000,000 |
| Bank acceptance bills | 957,000,000 | 794,236,650 |
| Total | 1,479,992,546 | 1,364,236,650 |
Amount due in next fiscal period is RMB0.00.
23. Accounts payable
(1) List of accounts payable
In RMB
| Items | Closing balance | Opening balance |
| Fuel payable | 2,229,264,706 | 2,042,046,703 |
| Materials and spare parts payable | 445,951,829 | 372,739,371 |
| Other | 53,275,074 | 50,368,088 |
| Total | 2,728,491,609 | 2,465,154,162 |
（2）Significant accounts payable that aged over one year
In RMB
| Items | Balance in year-end | The reason for not repaid or carried forward |
| Materials and spare parts payable | 38,110,586.35 | |
| Total | 38,110,586.35 | -- |
As at 30 June 2020, accounts payable with ageing over one year amounted RMB38,110,586 (31 December 2019:
RMB37,429,105), mainly unsettled fuel payableOther note：
24. Advance from customers
(1) List of advance from customers
In RMB
| Items | Closing balance | Opening balance |
| Advances for grid payment | 155,328 | 207,428 |
| Other | 505,716 | 225,286 |
| Total | 661,044 | 432,714 |
25.Contract Liabilities
单位： 元
| Items | Closing balance | Opening balance |
| Contract liabilities | 6,722,800 | 0 |
| Total | 6,722,800 |
The amount and reasons of significant changes in book value during the reporting period
In RMB
| Items | Change amount | Reason for change |
| Contract liabilities | 6,722,800 | Due to the implementation of the New Income Standards, the Company reclassified the advance receipts related to the provision of labor services to contract liabilities. |
| Total | 6,722,800 | —— |
26. Payroll payable
(1) List of Payroll payable
In RMB
| Items | Opening balance | Increase | Decrease | Closing balance |
| Short-term compensation | 210,052,524 | 797,590,348 | 648,068,121 | 359,574,751 |
| Post-employment benefits - defined contribution plans | 3,386,520 | 61,012,467 | 61,217,991 | 3,180,996 |
| Dismissal welfare | 29,071,494 | 6,161,544 | 12,062,325 | 23,170,713 |
| Total | 242,510,538 | 864,764,359 | 721,348,437 | 385,926,460 |
（2）Presentation of short-term compensation
In RMB
| Items | Opening balance | Increase | Decrease | Closing balance |
| 1.Wages, bonuses, allowances and subsidies | 0 | 594,155,357 | 470,085,986 | 124,069,371 |
| 2.Employee welfare | 3,089,748 | 56,551,672 | 49,145,445 | 10,495,975 |
| 3. Social insurance premiums | 108,737,231 | 43,758,107 | 34,029,147 | 118,466,191 |
| Including：Medical insurance | 108,737,231 | 40,643,635 | 30,927,985 | 118,452,881 |
| Work injury insurance | 0 | 122,647 | 122,647 | 0 |
| Maternity insurance | 0 | 2,991,825 | 2,978,515 | 13,310 |
| 4. Public reserves for housing | 0 | 64,335,677 | 63,862,500 | 473,177 |
| 5.Union funds and staff education fee | 92,290,273 | 20,738,144 | 16,072,013 | 96,956,404 |
| 8.Other Short-term remuneration | 5,935,272 | 18,051,391 | 14,873,030 | 9,113,633 |
| Total | 210,052,524 | 797,590,348 | 648,068,121 | 359,574,751 |
（3）Defined contribution plans listed
In RMB
| Items | Balance in year-begin | Increase in this period | Payable in this period | Balance in year-end |
| 1. Basic old-age insurance premiums | 0 | 20,224,532 | 20,224,532 | 0 |
| 2.Unemployment insurance | 0 | 1,298,344 | 1,298,344 | 0 |
| 3. Annuity payment | 3,386,520 | 39,489,591 | 39,695,115 | 3,180,996 |
| Total | 3,386,520 | 61,012,467 | 61,217,991 | 3,180,996 |
Other note：
27.Tax Payable
In RMB
| Items | Closing balance | Opening balance |
| VAT | 358,582,861 | 330,790,264 |
| Enterprise Income tax | 342,489,753 | 186,789,728 |
| Individual Income tax | 1,090,915 | 14,877,406 |
| City Construction tax | 13,645,037 | 13,996,062 |
| House property Tax | 18,855,019 | 0 |
| Education surcharges | 11,932,493 | 12,344,489 |
| Land use tax | 4,133,324 | 0 |
| Other | 17,214,791 | 12,579,202 |
| Total | 767,944,193 | 571,377,151 |
Other note：
28.Other payable
In RMB
| Items | Closing balance | Opening balance |
| Dividend payable | 9,771,322 | 9,771,322 |
| Other payable | 4,549,728,506 | 4,032,345,775 |
| Total | 4,559,499,828 | 4,042,117,097 |
（1）Dividends payable
In RMB
| Items | Closing balance | Opening balance |
| Payable to non current shareholders of the Company | 9,771,322 | 9,771,322 |
| Total | 9,771,322 | 9,771,322 |
Other explanations, for important dividend payable that has not been paid for more than 1 year, reasons fornon-payment shall be disclosed:
This part of dividends is mainly payable to shareholders of non-tradable shares who have not gone through theformalities of share-trading reform. This part of dividends will be paid after the formalities are completed.
（2）Other payable
（1）Disclosure by nature
In RMB
| Items | Closing balance | Opening balance |
| Construction and equipment payable | 4,273,791,134 | 3,754,518,279 |
| Engineering quality guarantee payable | 67,741,779 | 109,048,438 |
| State Oceanic Administration penalty payable | 11,531,700 | 11,531,700 |
| Other | 196,663,893 | 157,247,358 |
| Total | 4,549,728,506 | 4,032,345,775 |
(2) Other payables with large amount and aging of over one year
In RMB
| Items | Closing balance | Reason |
| Other payable | 164,420,415 | Failure to meet payment terms |
| Total | 164,420,415 | -- |
Other note
Mainly used to cope with project funds and retention money. Since the project has not finished the project andacceptance and final settlement or in the warranty period of acceptance, the project funds and retention money hasnot been settled.
29.Non-current liabilities due within 1 year
In RMB
| Items | Closing balance | Opening balance |
| Long-term loans due in 1 year | 2,513,873,731 | 2,758,340,013 |
| Bond payable due in 1 year | 40,299,969 | |
| Long-term Account payable due in 1 year | 258,801,025 | 333,082,890 |
| Long-term loans Interest payable due in 1 year | 53,090,380 | 29,822,181 |
| Bond payable Interest payable due in 1 year | 23,390,602 | 21,081,263 |
| Long-term Account Interest payable due in 1 year | 2,120,596 | 354,166 |
| Total | 2,851,276,334 | 3,182,980,482 |
Other note：
30. Other current-liabilities
In RMB
| Items | Closing balance | Opening balance |
| Short-term bond payable | 1,108,353,973 | 1,912,282,192 |
| Total | 1,108,353,973 | 1,912,282,192 |
Changes in short-term debentures payable：
In RMB
| Name | Face value | Issuance date | Maturity period | Issuance amounts | Balance at the beginning of the year | Issuance during the year | Interest at face value | Amortisation of discounts or premium | Repayment for the period | Balance at the end of the year | |
| Third batch of short-term financing bonds issued of 2019 | 900,000,000 | 14/08/2019 | 180 days | 900,000,000 | 908,987,671 | 0 | 2,963,149 | 0 | 911,950,820 | 0 | |
| Fourth batch of short-term financing bonds issued of 2019 | 1,000,000,000 | 15/11/2019 | 180 days | 1,000,000,000 | 1,003,294,521 | 0 | 8,016,954 | 0 | 1,011,311,475 | 0 | |
| First batch of short-term financing bonds issued of 2020 | 1,100,000,000 | 20/02/2020 | 180 days | 1,100,000,000 | 0 | 1,100,000,000 | 8,353,973 | 0 | 0 | 1,108,353,973 | |
| Total | -- | -- | -- | 3,000,000,000 | 1,912,282,192 | 1,100,000,000 | 19,334,076 | 0 | 1,923,262,295 | 1,108,353,973 |
Other note：
31.Long-term borrowings
（1）Long-term term borrowings
In RMB
| Items | Closing balance | Opening balance |
| Pledged borrowings | 4,063,049,699 | 3,990,384,684 |
| Guarantee loan | 39,543,750 | 45,457,500 |
| Credit loans | 13,342,351,723 | 12,551,261,196 |
| Total | 17,444,945,172 | 16,587,103,380 |
Other notes including interest rate range：
32.Bond payable
（1）Bond payable
In RMB
| Items | Closing balance | Opening balance |
| The first issue of the medium-term note in 2018 | 799,257,333 | 798,857,333 |
| Public Issuance of Corporate Bonds to Qualified Investors in 2020 (Phase I) | 1,500,000,000 | |
| 16 Pinghai 01Bond | 698,472,465 | 697,774,466 |
| Total | 2,997,729,798 | 1,496,631,799 |
（2）Changes of bonds payable(Not including the other financial instrument of preferred stock and perpetualcapital securities that classify as financial liability
In RMB
| Name of the bond | Book value | Issue date | Period | Issue amount | Opening balance | The current issue | Withdraw interest at par | Overflow discount amount | Pay in current period | Other | Closing balance |
| The first issue of the medium-term note in 2018 | 800,000,000 | 2018/8/27 | 3 years | 800,000,000 | 798,857,333 | 0 | 16,760,000 | 400,000 | 799,257,333 | ||
| Public Issuance of Corporate Bonds to Qualified Investors in 2020 (Phase I) | 1,500,000,000 | 2020/4/29 | 3+2 years | 1,500,000,000 | 0 | 1,500,000,000 | 6,329,167 | 0 | 1,500,000,000 | ||
| 16 Pinghai 01Bond | 700,000,000 | 2016/9/26 | 3+2 years | 700,000,000 | 697,774,466 | 0 | 14,686,389 | 697,999 | 698,472,464.41 | ||
| Total | -- | -- | -- | 3,000,000,000 | 1,496,631,799 | 1,500,000,000 | 37,775,556 | 1,097,999 | 2,997,729,798 |
(3) Note to conditions and time of share transfer of convertible bonds
33. Long-term payable
In RMB
| Items | Closing balance | Opening balance |
| Long-term payable | 2,557,869,825 | 2,414,256,713 |
| Special payable | 40,088,380 | 71,089,532 |
| Total | 2,597,958,205 | 2,485,346,245 |
(1) Long-term payable listed by nature of the account
In RMB
| Items | Closing balance | Opening balance |
| Financing lease | 2,467,869,825 | 2,324,256,713 |
| Share repurchase payable | 90,000,000 | 90,000,000 |
Other note：
（2）Specific payable
In RMB
| Items | Opening balance | Increase | Decrease | Closing balance | Cause |
| Supporting funds for expansion | 24,960,000 | 0 | 0 | 24,960,000 | |
| Special fund for supply of water, power and heat and property management | 31,001,152 | 734,274 | 31,735,426 | 0 | |
| Liquidation balance of enterprises with diversified businesses | 15,128,380 | 0 | 0 | 15,128,380 | |
| Total | 71,089,532 | 734,274 | 31,735,426 | 40,088,380 | -- |
Other note：
(i) The payables for specific projects represent the fund granted for benefits improvement and capacity expansionby governments at provincial and central level to Lincang Energy, subsidiary of the Company. According to thedocument issued by Yunnan Water Conservancy & Hydropower Investment Co., Ltd. (Yun Shui Tou Fa [2015] No.
16), such payables for specific project were subject to an interest rate of 4% from 1 January 2015. Thecorresponding interest was recorded in the financial expenses by the Company.(ii) Such payables for specific projects represent the fund for supply of water, electricity and heat and propertymanagement granted by the Department of Finance of Guangdong Province and GEGC and received fromShaoguan Electric Power Plant based on agreement, including RMB 32,205,311 from the Department of Financeof Guangdong Province and Yudean, RMB 38,647,834 from GEGC and payables of RMB 4,168,733 fromShaoguan Electric Power Plant. According to the document issued by Department of Finance of GuangdongProvince (Yue Cai Gong [2017] No. 22), the special fund is used for the renovation and reconstruction of thesupply of water, electricity and heat and property management in employees’ family area charged by provincialenterprises.In 2019, the non-related electric power enterprises with diversified businesses transferred liquidation balance ofRMB 15,128,380 to Yuejiang Power, subsidiary of the Company, which was specifically invested in its
employees’ relocation, training and pension funds.
34. Long-term employee salary payable
（1）Long-term employee salary payable
In RMB
| Items | Closing balance | Opening balance |
| II. Termination benefits | 87,566,559 | 101,999,537 |
| III. Other Long-term benefits | 38,829,964 | 32,989,323 |
| Total | 126,396,523 | 134,988,860 |
35. Deferred income
In RMB
| Items | Opening balance | Increase | Decrease | Closing balance | Cause |
| Government subsidy | 139,256,513 | 232,992 | 1,615,884 | 137,873,621 | Asset-related government grants received |
| Total | 139,256,513 | 232,992 | 1,615,884 | 137,873,621 | -- |
Details of government subsidies：
In RMB
| Items | Beginning of term | New subsidy in current period | Amount transferred to non-operational income | Other income recorded in the current period | Amount of cost deducted in the current period | Other changes | End of term | Asset-relatedor income-related |
| Compensation for relocation and renovation of Shajiao A Zhenkou pump house | 22,245,433 | 22,245,433 | Related to assets | |||||
| Special funds for #1-#3 generators’ desulfurisation project | 17,714,334 | 17,714,334 | Related to assets | |||||
| Energy saving grants | 15,270,657 | 1,022,589 | 14,248,068 | Related to assets | ||||
| Tax refund for PRC-made equipment | 12,629,142 | 12,629,142 | Related to assets |
| Comprehensive technology upgrading for the energy saving of 1&2# generator units turbine by Zhongyue Energy | 8,461,538 | 8,461,538 | Related to assets | |||||
| Development and competitiveness funds from SASAC | 7,333,333 | 7,333,333 | Related to assets | |||||
| Second incentives for comprehensive and typical demonstration projects under financial policies of energy saving | 7,200,000 | 450,000 | 6,750,000 | Related to assets | ||||
| Post rewarding subsidies for ultra-low emissions of 1&2# generators | 6,279,149 | 6,279,149 | Related to assets | |||||
| Incentives for energy efficiency of power plant by Zhongyue Energy | 4,436,729 | 4,436,729 | Related to assets | |||||
| Incentives for energy efficiency of power plant by Dongguan | 6,590,750 | 6,590,750 | Related to assets | |||||
| Post rewarding subsidies for ultra-low emissions of designated account of special fund in Maonan District of | 3,727,308 | 3,727,308 | Related to assets |
| Maoming in 2018 | ||||||||
| Incentives for energy efficiency of power plant by Zhanjiang | 3,062,182 | 3,062,182 | Related to assets | |||||
| Dianbai Reshui wind power plant project | 3,000,000 | 3,000,000 | Related to assets | |||||
| Expansion on flow reconstruction project | 2,900,038 | 2,900,038 | Related to assets | |||||
| Shajiao A - 2016 central finance energy saving funds | 2,822,499 | 2,822,499 | Related to assets | |||||
| Special prize funds of recycle economy and energy saving by Shenzhen | 2,218,155 | 2,218,155 | Related to assets | |||||
| Government subsidies from the financial treasury payment centre of Qujiang District, Shaoguan | 2,651,208 | 2,651,208 | Related to assets | |||||
| Energy saving funds | 2,185,045 | 2,185,045 | Related to assets | |||||
| Other | 8,529,013 | 232,992 | 143,295 | 8,618,710 | Related to assets |
Other note：
36. Other non-current liabilities
In RMB
| Items | Closing balance | Opening balance |
| Capital injection | 200,000,000 | 216,405,569 |
| Total | 200,000,000 | 216,405,569 |
Other noteIn 2017, Yuejiang Power Generation Company, a subsidiary of the Group, received a capital contribution of RMB
16,405,569 from minority shareholders, which was transferred to minority shareholders' equity in 2020.
In 2018, the Company’s subsidiaries Yangjiang Wind Power and Qujie Wind Power respectively received capitalinjection of RMB 100,000,000 and RMB 50,000,000 from GEGC. The capital will be used for Yangjiang Shapaoffshore wind power plant project and Qujie Wailuo offshore wind power plant project. As at 31 December 2019,such capital injection was recorded in other non-current liabilities as the registration for changes of businesslicense had not been completed.
In 2019, the Group’s subsidiary Zhuhai Wind Power received a capital injection of RMB 50,000,000 fromGEGC. The capital will be used for Zhuhai Jinwan Electric offshore wind power project. As at 31 December 2019,such capital injection was recorded in other non-current liabilities as the registration for changes of businesslicense had not been completed.
37.Stock capital
In RMB
| Balance in year-begin | Changed（+，-） | Balance in year-end | |||||
| Issuance of new share | Bonus shares | Capitalization of public reserve | Other | Subtotal | |||
| Total of capital shares | 5,250,283,986 | 5,250,283,986 | |||||
Other note：
38. Capital reserves
In RMB
| Items | Year-beginning balance | Increase in the current period | Decrease in the current period | Year-end balance |
| Share premium | 4,543,959,053 | 4,543,959,053 | ||
| Other capital reserves | 2,919,327 | 2,919,327 | ||
| Estimate Increase | 119,593,718 | 119,593,718 | ||
| Investment from Energy Group | 395,000,000 | 395,000,000 | ||
| Share of interests in the investee in proportion to the shareholding | 14,971,484 | 14,971,484 | ||
| Transfer of capital surplus recognised under the previous accounting | 20,474,592 | 20,474,592 |
| system | ||||
| Total | 5,096,918,174 | 5,096,918,174 |
Other notes, including the note to its increase/decrease and the cause(s) of its movement in the reporting period:
39.Treasury stock
In RMB
| Items | Year-beginning balance | Increase in the current | Decrease in the current period | Year-end balance |
Other notes, including the note to its increase/decrease and the cause(s) of its movement in the reporting period:
40. Other comprehensive income
In RMB
| Items | Year-beginning balance | Amount of current period | Closing balance | |||||
| Amount incurred before income tax | Less：Amount transferred into profit and loss in the current period that recognied into other comprehensive income in prior period | Less：Prior period included in other composite income transfer to retained income in the current period | Less：Income tax expenses | After-tax attribute to the parent company | After-tax attribute to minority shareholder | |||
| I. Other comprehensive income that will not be subsequently reclassified to profit or loss | 1,675,922,576 | -7,478,775 | -1,869,693 | -5,609,082 | 1,670,313,494 | |||
| Other comprehensive income that cannot be transferred to profit or loss under equity method | 23,863,586 | 23,863,586 | ||||||
| Changes in fair value of investments in other equity instruments | 1,652,058,990 | -7,478,775 | -1,869,693 | -5,609,082 | 1,646,449,908 | |||
| II. Other comprehensive income that will be subsequently reclassified to profit or loss | 220,468 | 220,468 | ||||||
| Including：Share of other comprehensive income of the investee that cannot be transferred to profit or loss accounted for using the equity method | 220,468 | 220,468 | ||||||
| Total of other comprehensive income | 1,676,143,044 | -7,478,775 | -1,869,693 | -5,609,082 | 1,670,533,962 | |||
Other notes include the valid part of gain and loss of a cash-flow hedge converted into initial amount of arbitrageditems for adjustment:
41. Special reserves
In RMB
| Items | Year-beginning balance | Increase in the current period | Decrease in the current period | Year-end balance |
| Statutory surplus reserve | 2,828,966,001 | 77,026,584 | 2,905,992,585 | |
| Optional surplus reserves | 5,416,801,592 | 192,566,461 | 5,609,368,053 | |
| Total | 8,245,767,593 | 269,593,045 | 8,515,360,638 |
42. Retained profits
In RMB
| Items | Amount of this period | Amount of last period |
| Before adjustments: Retained profits in last period end | 5,909,128,280 | 5,490,006,140 |
| After adjustments: Retained profits at the period beginning | 5,909,128,280 | 5,490,006,140 |
| Add: Net profit attributable to owners of the Company for the period | 813,684,495 | 581,569,383 |
| Less: Appropriation to statutory surplus reserve | 77,026,584 | 117,603,557 |
| Drawing discretionary surplus reserve | 192,566,461 | 294,008,893 |
| Drawing Common risk provision | 630,034,078 | 315,017,039 |
| Retained profits at the period end | 5,823,185,652 | 5,344,946,034 |
As regards the details of adjusted the beginning undistributed profits
(1)As the retroactive adjustment on Enterprise Accounting Standards and its related new regulations, the affectedbeginning undistributed profits are RMB 0.00.
(2) As the change of the accounting policy, the affected beginning undistributed profits are RMB 0.00.
(3) As the correction of significant accounting error, the affected beginning undistributed profits are RMB 0.00 .
(4) As the change of consolidation scope caused by the same control, the affected beginning undistributed profitsare RMB 0.00
(5) Other adjustment of the total affected beginning undistributed profits are RMB 0.00 .
43. Business income, Business cost
In RMB
| Items | Amount of current period | Amount of previous period | ||
| Income | Cost | Income | Cost | |
| Main business | 12,359,160,846 | 10,137,771,229 | 12,744,689,154 | 11,021,172,212 |
| Other business | 180,756,977 | 13,201,793 | 129,492,096 | 2,971,264 |
| Total | 12,539,917,823 | 10,150,973,022 | 12,874,181,250 | 11,024,143,476 |
Income related information:
In RMB
| Contract classification | Division 1 | Division 2 | Total合计 | |
| Including： | ||||
| Electric power | 12,249,310,829 | 12,249,310,829 | ||
| Thermal Energy | 68,698,614 | 68,698,614 | ||
| Generation by-product | 145,845,255 | 145,845,255 | ||
| Labor service | 63,172,626 | 63,172,626 | ||
| Rent | 11,423,427 | 11,423,427 | ||
| Other | 1,467,072 | 1,467,072 | ||
| Including： | ||||
| Guangdong | 12,517,016,866 | 12,517,016,866 | ||
| Yunnan | 22,900,957 | 22,900,957 | ||
| Including： | ||||
| Power market | 12,249,310,829 | 12,249,310,829 | ||
| Other market | 290,606,994 | 290,606,994 | ||
| Including： | ||||
| Sell goods | 12,465,321,769 | 12,465,321,769 | ||
| Service | 63,172,626 | 63,172,626 | ||
| Assets use rights | 11,423,428 | 11,423,428 | ||
| Including： | ||||
| Recognize at a certain time point | 12,465,321,769 | 12,465,321,769 | ||
| Recognize in a certain period of tim | 74,596,054 | 74,596,054 | ||
| Including： | ||||
| Including： | ||||
| Total | 12,539,917,823 | 12,539,917,823 |
Information related to performance obligations:
| Commodity type | Usual performance time of performance obligation | Important payment terms | Commodity nature |
| Electric power | When power is supplied to the grid company | Cash settlement/monthly settlement | Electric power |
| Heat energy | When heat energy is supplied to customers who buy heat, | Cash settlement/monthly settlement | Heat energy |
| Power generation by-products | When by-products such as fly ash generated by power generation are transported to the agreed delivery place, | Cash settlement/monthly settlement | Power generation by-products |
| Labor service | Service provision period | Cash settlement/monthly settlement | Labor service |
Information related to the transaction price apportioned to the residual performance obligation:
The income corresponding to the performance obligations that have not been performed or have been performedincompletely but the contract has been signed at the end of the reporting period is RMB 0, of which RMB 0 isexpected to be recognized as income in the year, RMB 0 is expected to be recognized as income in the year, andRMB 0 is expected to be recognized as income in the year.Other note
44. Business tax and subjoin
In RMB
| Items | Amount of current period | Amount of previous period |
| Urban construction tax | 29,825,058 | 30,241,304 |
| Education surcharge | 22,897,084 | 24,907,806 |
| Resource tax | 0 | 0 |
| Property tax | 23,444,528 | 22,352,992 |
| Land use tax | 5,061,833 | 5,461,173 |
| vehicle and vessel usage tax | 412,002 | 83,028 |
| Stamp tax | 11,158,662 | 6,314,189 |
| Environmental protection tax | 5,352,910 | 3,985,003 |
| Other | 0 | 19,863 |
| Total | 98,152,077 | 93,365,358 |
Other note:
45.Selling expenses
In RMB
| Items | Amount of current period | Amount of previous period |
| Employee’s remuneration | 19,851,760 | 11,185,482 |
| Business expense | 634,957 | 913,871 |
| Publicity Expenses | 289,093 | 67,665 |
| Depreciation expenses | 371,964 | 110,473 |
| Other | 1,746,783 | 567,297 |
| Total | 22,894,557 | 12,844,788 |
Other note:
46.Administrative expenses
In RMB
| Items | Amount of current period | Amount of previous period |
| Employee’s remuneration | 161,938,884 | 129,857,707 |
| Amortization of intangible assets | 29,226,650 | 29,404,100 |
| Depreciation expenses | 23,540,759 | 23,986,049 |
| Fire safety expenses | 17,401,896 | 17,319,844 |
| Property management expenses | 12,697,371 | 13,258,724 |
| Insurance expenses | 5,030,478 | 1,102,110 |
| Agency fee | 4,683,784 | 4,272,891 |
| Rental expenses | 3,923,000 | 2,999,404 |
| Afforestation fee | 3,518,796 | 3,240,225 |
| Office expenses | 3,727,413 | 3,772,065 |
| Consulting fee | 1,339,055 | 507,869 |
| Travel expenses | 1,210,024 | 2,674,485 |
| Entertainment expenses | 1,089,133 | 1,322,204 |
| Low consumables amortization | 1,015,180 | 363,422 |
| Expenses on board meetings | 387,661 | 318,139 |
| Other | 30,945,589 | 36,485,566 |
| Total | 301,675,673 | 270,884,804 |
Other note：
47. R&D Expense
In RMB
| Items | Amount of current period | Amount of previous period |
| System maintenance fees | 161,909 | 269,693 |
| Outsourced research and development expenses | 9,434 | 77,830 |
| Other | 659,766 | 0 |
| Total | 831,109 | 347,523 |
Other note：
48.Financial Expenses
In RMB
| Items | Amount of current period | Amount of previous period |
| Interest expenses | 594,291,506 | 664,009,453 |
| Interest income | -35,840,406 | -31,661,505 |
| Other | 2,863,805 | 3,048,022 |
| Total | 561,314,905 | 635,395,970 |
Other note：
49.Other income
In RMB
| Other sources of revenue | Amount of the Current Term | Amount of the Previous Term |
| Revenue from timely levy and refund of VAT | 4,513,774 | 5,546,395 |
| Government subsidies related to assets | 1,615,884 | 573,598 |
| VAT surcharge is refunded | 0 | 32,205,414 |
| Other | 7,359,057 | 1,147,449 |
50. Investment income
In RMB
| Items | Amount of this period | Amount of last period |
| Long-term equity investment income by equity method | 214,698,621 | 273,618,214 |
| Investment income from the disposal of transactional financial assets | 252,763 | |
| Dividends earned during the holding period on investments in other equity instrument | 21,370,444 | 30,580,379 |
| Total | 236,069,065 | 304,451,356 |
Other note：
51. Gains on the changes in the fair value
In RMB
| Other sources of revenue | Amount of the Current Term | Amount of the Previous Term |
| Transactional financial assets | 30,626 | |
| Total | 30,626 |
Other note：
52. Credit impairment loss
In RMB
| Items | Amount of the Current Term | Amount of the Previous Term |
| Loss of bad debts in other receivables | -22,446 | |
| Loss of bad accounts receivable | 20,911 | -500,995 |
| Total | 20,911 | -523,441 |
Other note：
53. Losses from asset impairment
In RMB
| Items | Amount of the Current Term | Amount of the Previous Term |
| II. Loss of inventory price and Impairment | -16,743,630 | 0 |
| of contract performance costs | ||
| Total | -16,743,630 |
Other note：
54.Assets disposal income
In RMB
| Source | Amount of this period | Amount of last period |
| Income from disposal of Fixed assets | 51,176,776 | 0 |
55. Non-Operation income
In RMB
| Items | Amount of current period | Amount of previous period | Recorded in the amount of the non-recurring gains and losses |
| Gain on disposal of non-current assets | 8,035,492 | 0 | 8,035,492 |
| Carbon emissions quota disposal proceeds | 2,720,755 | 0 | 2,720,755 |
| Claims and Compensation Income | 2,843,081 | 346,670 | 2,843,081 |
| Other | 3,268,594 | 4,946,517 | 3,268,594 |
| Total | 16,867,922 | 5,293,187 | 16,867,922 |
Government subsidy reckoned into current gains/lossesNot applicable56．Non-current expenses
In RMB
| Items | Amount of current period | Amount of previous period | The amount of non-operating gains & losses |
| Foreign donations | 138,137 | 43,072 | 138,137 |
| Loss on obsolescence of non-current assets | 1,124,738 | 13,971,117 | 1,124,738 |
| Fine for delaying payment | 2,784,751 | 250,472 | 2,784,751 |
| Carbon emission rights assets used for performance | 6,601,136 | 0 | 6,601,136 |
| Expenditure of "three supply and one Industry" Transformation Project | 0 | 4,775,708 | 0 |
| Other | 2,378,831 | 1,194,327 | 2,378,831 |
| Total | 13,027,594 | 20,234,696 | 13,027,594 |
Other note：
57. Income tax expenses
（1）Income tax expenses
In RMB
| Items | Amount of current period | Amount of previous period |
| Current income tax expense | 421,812,657 | 259,701,729 |
| Deferred income tax expense | 51,066,755 | 50,134,201 |
| Total | 472,879,412 | 309,835,930 |
（2）Adjustment on accounting profit and income tax expenses
In RMB
| Items | Amount of current period |
| Total profits | 1,691,928,645 |
| Income tax expenses calculated on legal / applicable tax rate | 422,982,161 |
| Effect of different tax rate applicable to the subsidiary Company | -12,435,293 |
| Influence of income tax before adjustment | 0 |
| Influence of non taxable income | -27,180,745 |
| Impact of non-deductible costs, expenses and losses | 490,703 |
| Utilisation of deductible losses for which no deferred tax asset was recognised in previous periods | -678,445 |
| Deductible temporary differences for which no deferred tax asset was recognised in the current period | 39,750,514 |
| Utilisation of deductible temporary differences for which no deferred tax asset was recognised in previous periods | -14,355,612 |
| Tax filing differences of income tax in prior years | 13,255,311 |
| Transfer-out of deductible losses for which deferred tax asset was recognised | 49,305,800 |
| Income tax expenses | 472,879,412 |
Other note：
58. Other comprehensive income
Refer to the notes 40
59.Items of Cash flow statement
（1）Other cash received from business operation
In RMB
| Interest income | Amount of current period | Amount of previous period |
| Government Subsidy | 30,094,472 | 32,169,354 |
| Insurance indemnity | 7,080,364 | 406,900 |
| Rent income | 6,406,134 | 2,818,641 |
| Other | 7,443,726 | 8,428,819 |
| Total | 129,102,968 | 118,405,215 |
| Total | 180,127,664 | 162,228,929 |
(2)Other cash paid related to operating activities
In RMB
| Items | Amount of current period | Amount of previous period |
| Insurance expenses | 60,766,847 | 43,682,878 |
| Equipment cleaning and hygiene green fee | 11,827,265 | 11,124,545 |
| Transportation fee | 9,854,130 | 11,201,658 |
| Fire guard fee | 15,519,230 | 16,275,293 |
| Business fee | 1,335,015 | 1,805,882 |
| Agency Charge | 5,244,325 | 4,804,268 |
| Office Expense | 4,230,271 | 3,982,263 |
| Travel expenses | 1,855,526 | 3,857,890 |
| Rental fee | 8,116,972 | 5,804,293 |
| Enterprise publicity expenses | 2,220,034 | 2,001,013 |
| Information system maintenance | 2,987,286 | 2,842,793 |
| Water and electrical | 16,514,263 | 20,708,798 |
| R&D | 546,572 | 352,193 |
| Property Management fee | 10,267,042 | 11,745,589 |
| Automobile cost | 8,143,840 | 6,557,024 |
| Union expenses | 3,416,782 | 6,093,910 |
| Other | 186,511,647 | 198,476,811 |
| Total | 349,357,047 | 351,317,101 |
(3)Cash received related to other investment activities
Not applicable
(4)Cash paid related to other investment activities
Not applicable
（5）Other cash received in relation to financing activities
Not applicable
（6）Cash paid related with financing activities
Not applicable
60. Supplement Information for cash flow statement
（1）Supplement Information for cash flow statement
In RMB
| Supplement Information | Amount of current period | Amount of previous period |
| I. Adjusting net profit to cash flow from operating activities | -- | -- |
| Net profit | 1,219,049,233 | 855,853,289 |
| Add: Impairment loss provision of assets | 16,743,630 | |
| Depreciation of fixed assets, oil and gas assets and consumable biological assets | 1,634,111,347 | 1,861,598,620 |
| Amortization of intangible assets | 32,553,092 | 30,100,103 |
| Amortization of Long-term deferred expenses | 1,630,976 | 2,063,845 |
| Loss on disposal of fixed assets, intangible assets and other long-term deferred assets | -61,836,734 | |
| Financial cost | 594,291,506 | 665,863,419 |
| Loss on investment | -236,069,065 | -304,451,356 |
| Decrease in deferred income tax assets | 52,054,377 | -8,186,403 |
| Increased of deferred income tax liabilities | 67,050,296 | |
| Decrease of inventories | -489,301 | -330,356,725 |
| Decease of operating receivables | 285,504,917 | 213,746,816 |
| Increased of operating Payable | 480,677,919 | 750,159,897 |
| Net cash flows arising from operating activities | 4,018,221,897 | 3,803,441,801 |
| II. Significant investment and financing activities that without cash flows: | -- | -- |
| 3．Movement of cash and cash equivalents： | -- | -- |
| Ending balance of cash | 5,724,061,282 | 5,196,622,875 |
| Less: Beginning balance of cash equivalents | 5,079,641,969 | 5,570,382,892 |
| Net increase of cash and cash equivalents | 644,419,313 | -373,760,017 |
(2) Net Cash paid of obtaining the subsidiary
In RMB
| Amount | |
| Including： | -- |
| Including： | -- |
| Including： | -- |
Other note：
(3) Net Cash receive of disposal of the subsidiary
In RMB
| Amount | |
| Including： | -- |
| Including： | -- |
| Including： | -- |
Other note：
(4) Component of cash and cash equivalents
In RMB
| Items | Year-end balance | Year-beginning balance |
| I. Cash | 5,724,061,282 | 5,079,641,969 |
| Including：Cash at hand | 21,592 | 25,114 |
| Demand bank deposit | 5,724,039,690 | 5,079,616,855 |
| III. Balance of cash and cash equivalents at the period end | 5,724,061,282 | 5,079,641,969 |
Other note：
61. Note of statement of changes in the owner's equity
Specify the description of the item "others" and the adjusted amount of the balance at the end of last year:
62. The assets with the ownership or use right restricted
In RMB
| Items | Closing book value | Causation of limitation |
| Monetary funds | 2,000,000 | It is the margin deposit that Huizhou Pingdian Integrated Energy Co., Ltd. ("Pingdian Integrated"), a subsidiary of the Group, applied to the bank to issue a performance guarantee for participating in the electricity sales business in Guangdong Electric Power Trading Center. |
| Fixed assets | 1,238,649,692 | Financial leased fixed assets. |
| Construction in process | 1,863,118,149 | Financial leased Construction in process |
| Total | 3,103,767,841 | -- |
Other note：
63. Foreign currency monetary items
(1) Foreign currency monetary items
In RMB
| Items | Closing foreign currency balance | Exchange rate | Closing convert to RMB balance |
| Monetary capital | -- | -- | 13,078.76 |
| Including：USD | 189.81 | 7.0795 | 1,343.76 |
| Euro | |||
| HKD | 12,847 | 0.9134 | 11,735 |
| Account receivable | -- | -- | |
| Including：USD | |||
| Euro | |||
| HKD | |||
| Long –term borrowings | -- | -- | 59,988,340 |
| Including：USD | 8,473,528 | 7.0795 | 59,988,340 |
| Euro | |||
| HKD | |||
| Long-term loans due within one year | 9,142,586 | ||
| Including：USD | 961,444 | 7.0795 | 6,806,543 |
| Euro | 293,436 | 7.9610 | 2,336,043 |
Other note：
(2) Note to overseas operating entities, including important overseas operating entities, which should be disclosedabout its principal business place, function currency for bookkeeping and basis for the choice. In case of anychange in function currency, the cause should be disclosed.
□ Applicable √ Not applicable
64. Government subsidies
（1）Government subsidies confirmed in current period
In RMB
| Items | Amount | Project | Amount included in current profit and loss |
| VAT collected and refunded immediately | 4,513,774 | Other income | 4,513,774 |
| Government subsidies related to assets | 1,615,884 | Other income | 1,615,884 |
| Other | 7,359,057 | Other income | 7,359,057 |
65.Other
VIII. Changes of merge scope
1. Business merger not under same control
Subsidiaries established during the year：
| Subsidiaries | Major business location | Place of registration | Nature of business | Registered capital | Shareholding% | Acquisition method |
| Guangdong Yudean Daya Bay Energy Co., Ltd. | Huizhou | Huizhou | Electric Power | 22，000，000 | 80% | Establish |
| Guangdong Yudean Qiming Energy Co., Ltd. | Shenzhen | Shenzhen | Electric Power | 20，000，000 | 100% | Establish |
2.Other
IX. Equity in other entity
1. Equity in subsidiary
（1）Constitute of enterprise group
| Subsidiary | Main operation | Registered place | Business nature | Share-holding ratio | Acquired way | |
| Directly | Indirectly | |||||
| Maoming Zhenneng | Maoming | Maoming | Electric power | 46.54% | Establish | |
| Jianghai Power | Jieyang | Jieyang | Electric power | 65% | Establish | |
| Zhangjiang Wind Power | Zhanjiang | Zhangjiang | Electric power | 70% | Establish | |
| Anxin Electric Power Maintenance | Dongguan | Dongguan | Electric power | 100% | Establish | |
| Humen Power | Dongguan | Dongguan | Electric power | 60% | Establish | |
| Bohe Electric Power | Maoming | Maoming | Electric power | 67% | Establish | |
| Yuheng Electronic | Zhanjiang | Zhanjiang | Service | 76% | Business combination under common control | |
| Xuwen Wind Power | Zhangjiang | Zhanjiang | Electric power | 70% | Establish | |
| Huadu Natural gas | Guangzhou | Guangzhou | Electric power | 65% | Establish | |
| Dapu Power | Meizhou | Meizhou | Electric power | 100% | Establish | |
| Leizhou Wind Power | Leizhou | Leizhou | Electric power | 80% | 14% | Establish |
| Dianbai Wind Power | Maoming | Maoming | Electric power | 100% | Establish | |
| Zhanjiang Power | Zhangjiang | Zhangjiang | Electric power | 76% | Business combination under common control | |
| Yuejia Power | Meizhou | Meizhou | Electric power | 58% | Business combination under common control | |
| Yuejiang Power | Shaoguan | Shaoguan | Electric power | 90% | Business combination under common control | |
| Zhongyue Energy | Zhanjiang | Zhanjiang | Electric power | 90% | Business combination under common control | |
| Electric sales | Guangzhou | Guangzhou | Electric power | 100% | Establish | |
| Qujie Wind Power | Zhanjiang | Zhanjiang | Electric power | 100% | Establish | |
| Yangjiang Wind Power | Yangjiang | Yangjiang | Electric power | 100% | Establish | |
| Lincang Energy | Lincang | Lincang | Electric power | 100% | Business combinations involving enterprises not under common control |
| Guangqian Electric Power | Shenzhen | Shenzhen | Electric power | 100% | Business combination under common control | |
| Huizhou Natural gas | Huizhou | Huizhou | Electric power | 67% | Business combination under common control | |
| Pinghai Power Plant | Huizhou | Huizhou | Electric power | 45% | Business combination under common control | |
| Shibeishan Wind Power | Jieyang | Jieyang | Electric power | 70% | Business combination under common control | |
| Red Bay Power | Shanwei | Shanwei | Electric power | 65% | Business combination under common control | |
| Guangdong Wind Power | Guangzhou | Guangzhou | Electric power | 100% | Business combinations involving enterprises not under common control | |
| Tongdao Company | Huaihua, Hunan | Huihua | Electric power | 100% | Establish | |
| Pingyuan Wind power | Meizhou | Meizhou | Electric power | 100% | Establish | |
| Heping Wind power | Heyuan | Heyuan | Electric power | 100% | Establish | |
| Huilai Wind Power | Jieyang | Jieyang | Electric power | 89.83% | Business combinations involving enterprises not under common control | |
| Hongrui Technology | Shaoguan | Shaoguan | Electric power | 90% | Establish | |
| Yongan Natural gas | Zhaoqing | Zhaoqing | Electric power | 90% | Establish | |
| Xupu Yuefeng | Huaihua, Hunan | Xupu, Huaihai Hunan | Electric power | 100% | Establish | |
| Wuxuan Yuefeng | Guangxi | Wuxuan, Guangxi | Electric power | 100% | Establish | |
| Pingdian Comprehensive | Huizhou | Huizhou | Electric power | 45% | Establish | |
| Guangdong Yudean Zhencheng Energy Co., Ltd. | Maoming | Maoming | Electric power | 37.23% | Establish |
| Zhuhai Wind Power | Zhuhai | Zhuhai | Electric power | 100% | Establish | |
| Binhai New Energy | Dongguan | Dongguan | Electric power | 100% | Establish | |
| Daya Bay Company | Huizhou | Huizhou | Electric power | 80% | Establish | |
| Qiming Company | Shenzhen | Shenzhen | Electric power | 100% | Establish |
Explanation on share-holding ratio in subsidiary different from ratio of voting right：
Pinghai power was bought by the Company in 2012 by offered non-public shares from Yudean. According to theagreement between Yudean and Huaxia Electric, which holds 40% share interest in Pinghai Power, the delegatedshareholder and director from Huaxia Electric maintain consensus with those of Yudean when exercising theirvoting rights during shareholder and board meeting; while after Yudean transferred its 45% shareholding ofPinghai Power to the Company, the delegated shareholder and director from Huaxia Electric also maintainconsensus with those of the Company when exercising their voting rights during shareholder and board meeting.On account of the above facts, with the control power of Pinghai Power, Huaxia Electric enjoys variable returnsthrough involving in its relevant activities and has the ability to make use of its power to influence the amount ofreturns. Therefore, the Company owns the control power over Pinghai Power.On 30 November 2018, Maoming Zhenneng merged Maoming Thermal, wholly-owned by GEGC. After themerger, GEGC held 30.12% equity of Maoming Zhenneng. According to the agreement between the Companyand GEGC, the delegated shareholder and director from GEGC maintain consensus with those of the Companywhile exercising the voting rights during the shareholders’ meeting and the Board of Directors’ meeting atMaoming Zhenneng. Therefore, the Company owns control power over Maoming Zhenneng. In addition, pursuantto the consent agreement entered into between the Company and GEGC, the Company holds 61.33% voting rightsin Zhencheng Comprehensive, a subsidiary whose 80% equity is directly held by Maoming Zhenneng. Therefore,the Company owns control power over Zhencheng ComprehensiveExplanation that the shareholding ratio in subsidiaries is different from the voting right ratio:
Basis for holding half or less voting rights but still controlling the investee, and holding more than half votingrights but not controlling the investee:
For the important structured subjects included in the scope of consolidation, the control basis is:
Basis for determining whether the company is an agent or a principal:
Other note：
（2）Significant not wholly-owned subsidiaries
In RMB
| Name | Holding proportion of non-controlling interest | Profit or loss attributable to non-controlling interest | Dividend declared to non-controlling interest | Closing balance of non-controlling interest |
| Huizhou Natural gas | 33% | 110,466,248 | 95,094,144 | 710,968,399 |
| Jinghai Power | 35% | 80,748,480 | 130,953,852 | 1,286,234,095 |
| Pinghai Power plant | 55% | 133,202,759 | 0 | 1,198,228,936 |
| Red Bay | 35% | 53,409,980 | 136,940,331 | 1,165,908,936 |
| Zhanjiang Power | 24% | 22,682,531 | 30,653,430 | 981,432,158 |
Other note：
（3）Main financial information of significant not wholly-owned subsidiaries
In RMB
| Subsidiaries | Closing balance | Beginning balance | ||||||||||
| Current assets | Non-current assets | Total assets | Current liabilities | Non-current Liabilities | Total liabilities | Current assets | Non-current assets | Total assets | Current liabilities | Non-current Liabilities | Total liabilities | |
| Huizhou Natural gas | 689,210,436 | 3,103,821,369 | 3,793,031,805 | 876,608,176 | 761,973,936 | 1,638,582,112 | 765,719,152 | 3,212,271,661 | 3,977,990,813 | 825,563,251 | 1,044,560,000 | 1,870,123,251 |
| Jinghai Power | 984,258,403 | 7,177,771,421 | 8,162,029,824 | 2,375,809,051 | 2,111,266,215 | 4,487,075,266 | 944,179,710 | 7,485,923,562 | 8,430,103,272 | 1,944,115,146 | 2,667,589,649 | 4,611,704,795 |
| Pinghai Power plant | 1,450,253,942 | 3,964,360,340 | 5,414,614,282 | 1,157,646,751 | 2,078,369,464 | 3,236,016,215 | 1,025,618,654 | 4,139,133,331 | 5,164,751,985 | 1,038,669,288 | 2,189,671,466 | 3,228,340,754 |
| Red Bay | 798,085,413 | 5,144,982,623 | 5,943,068,036 | 1,522,387,509 | 1,089,512,139 | 2,611,899,648 | 790,682,866 | 5,336,542,066 | 6,127,224,932 | 1,388,119,251 | 1,169,279,149 | 2,557,398,400 |
| Zhanjiang Power | 3,063,997,922 | 1,306,957,015 | 4,370,954,937 | 274,610,508 | 7,043,772 | 281,654,280 | 2,933,345,468 | 1,360,939,980 | 4,294,285,448 | 149,489,138 | 22,283,574 | 171,772,712 |
In RMB
| Subsidiaries | Current term | Last term | ||||||
| Operating revenue | Net profit | Total comprehensive income | Cash flow from operating activities | Operating revenue | Net profit | Total comprehensive income | Cash flow from operating activities | |
| Huizhou Natural gas | 1,870,326,110 | 334,746,205 | 334,746,205 | 412,544,115 | 1,803,498,057 | 99,075,750 | 99,075,750 | 241,821,580 |
| Jinghai Power | 2,095,200,102 | 230,709,943 | 230,709,943 | 661,661,302 | 2,001,094,521 | 123,407,270 | 123,407,270 | 896,075,553 |
| Pinghai Power plant | 1,443,009,856 | 242,186,835 | 242,186,835 | 326,530,144 | 1,493,690,021 | 208,701,960 | 208,701,960 | 534,843,205 |
| Red Bay | 1,630,674,910 | 152,599,944 | 152,599,944 | 639,189,177 | 1,806,352,342 | 177,421,053 | 177,421,053 | 318,628,249 |
| Zhanjiang Power | 770,671,060 | 94,510,548 | 94,510,548 | 209,297,596 | 838,699,914 | 145,678,540 | 145,678,540 | 200,115,171 |
Other note：
(4) Significant restrictions of using enterprise group assets and pay off enterprise group debt
Other note：
2. Equity in joint venture arrangement or associated enterprise
(1) Significant joint venture arrangement or associated enterprise
| Name of Subsidiary | Main Places of Operation | Registration Place | Nature of Business | Shareholding Ratio (%) | Obtaining Method | |
| direct | indirect | |||||
| Joint ventures： | ||||||
| Industry Fuel | Guangzhou | Guangzhou | Fuel trade | 50% | Equity method | |
| Associates ： | ||||||
| Energy Finance | Guangzhou | Guangzhou | Finance | 25% | Equity method | |
| Shanxi Yudean Enerty | Taiyuan | Taiyuan | Coal investment | 40% | Equity method | |
| Taishan Power Generation | Taishan | Taishan | Electric | 20% | Equity method |
Notes to holding proportion of joint venture or associated enterprise different from voting proportion:
Basis of holding less than 20% of the voting rights but has a significant impact or holding 20% or more votingrights but does not have a significant impact:
（2）Main financial information of Significant joint venture
In RMB
| Amount of current period | Amount of previous period | |
| Industry Fuel | Industry Fuel | |
| Current assets | 2,666,950,233 | 2,525,548,290 |
| Including ：Cash and cash equivalent | 693,377,828 | 1,002,513,579 |
| Non-current assets | 221,200,621 | 236,455,032 |
| Total of assets | 2,888,150,854 | 2,762,003,322 |
| Current liabilities | 1,739,412,979 | 1,523,551,251 |
| Non current liabilities | 795,463 | 795,464 |
| Total liabilities | 1,740,208,442 | 1,524,346,715 |
| Minority shareholder Equity | 5,745,726 | 5,990,551 |
| Attributable to shareholders of the parent company | 1,142,196,686 | 1,231,666,056 |
| Share of net assets calculated by stake | 571,098,343 | 615,833,028 |
| --Other | -614,728 | -614,728 |
| Book value of equity investment in joint venture | 570,483,615 | 615,218,300 |
| Business income | 6,784,253,886 | 8,564,566,924 |
| Financial expenses | -6,754,294 | -2,556,396 |
| Income tax | 22,088,703 | 26,149,965 |
| Net profit | 57,819,131 | 78,449,896 |
| Total comprehensive income | 57,819,131 | 78,449,896 |
| Dividends received from the joint venture this year | 69,090,435 | 68,053,122 |
Other note
(3) Main financial information of significant associated enterprise
In RMB
| Closing balance/This period | Opening balance/Last period | |||||
| Energy Finance | Shanxi Energy | Taishan Power Generation | Energy Finance | Shanxi Energy | Taishan Power Generation | |
| Current assets | 7,105,301,185 | 234,936,123 | 1,504,174,284 | 5,476,170,472 | 493,527,957 | 992,068,417 |
| Non-current assets | 14,550,754,910 | 4,632,934,399 | 10,671,186,691 | 14,966,723,063 | 4,018,816,040 | 11,150,344,536 |
| Total of assets | 21,656,056,095 | 4,867,870,522 | 12,175,360,975 | 20,442,893,535 | 4,512,343,997 | 12,142,412,953 |
| Current liabilities | 17,824,720,389 | 256,173,109 | 2,277,209,160 | 16,528,663,938 | 227,879,801 | 1,324,769,339 |
| Non-current liabilities | 275,616,489 | 167,617,393 | 390,000,000 | |||
| Total liabilities | 17,824,720,389 | 531,789,598 | 2,277,209,160 | 16,528,663,938 | 395,497,194 | 1,714,769,339 |
| Minority shareholder Equity | 6,340,940 | 1,310,066 | 6,337,937 | 863,919 | ||
| Attributable to shareholders of the parent company | 3,831,335,705 | 4,329,739,984 | 9,896,841,750 | 3,914,529,597 | 4,110,508,866 | 10,426,779,695 |
| Share of net assets calculated by stake | 957,833,926 | 1,731,895,994 | 1,979,368,350 | 978,557,399 | 1,644,203,546 | 2,085,355,939 |
| --Goodwill | 13,325,000 | 13,325,000 | ||||
| Book value of equity investment in associates | 971,083,926 | 1,724,013,038 | 1,979,368,350 | 991,882,399 | 1,644,203,546 | 2,085,355,939 |
| Business income | 343,612,965 | 4,992,410 | 2,700,661,824 | 359,366,978 | 3,986,327 | 2,951,909,787 |
| Net profit | 209,453,720 | 269,234,121 | 201,189,473 | 215,194,176 | 282,977,172 | 421,427,601 |
| Total comprehensive income | 209,453,720 | 269,234,121 | 201,189,473 | 215,194,176 | 282,977,172 | 421,427,601 |
| Dividends received from the associated enterprise this year | 73,161,903 | 20,000,000 | 146,136,255 | 64,106,710 | 40,000,000 | 0 |
Other note
(4) Summary financial information of insignificant joint venture or associated enterprise
In RMB
| Amount of current period | Amount of previous period | |
| Joint venture: | -- | -- |
| The total number of the following | -- | -- |
| Associated enterprise： | -- | -- |
| Total investment book value | 1,115,572,398 | 1,596,755,878 |
| The total number of the following | -- | -- |
| --Net Profit | -5,153,486 | -2,400,408 |
| --Other comprehensive income | 0 | 0 |
| -- The total number of the following | -5,153,486 | -2,400,408 |
Other note
(5) Note to the significant restrictions of the ability of joint venture or associated enterprise transfer fundsto the Company
(6) The excess loss of joint venture or associated enterprise
(7) The unrecognized commitment related to joint venture investment
(8) Contingent liabilities related to joint venture or associated enterprise investment
3. Significant common operation
Not applicableX. Risks Related to Financial InstrumentsXI. The disclosure of the fair value
1. Closing fair value of assets and liabilities calculated by fair value
In RMB
| Items | Closing fair value | |||
| Fir value measurement items at level 1 | Fir value measurement items at level 2 | Fir value measurement items at level 3 | Total | |
| I. Consistent fair value measurement | -- | -- | -- | -- |
| （3）Other Equity instrument investment | 400,591,598 | 2,734,301,000 | 3,134,892,598 | |
| II Inconsistent fair value measurement | -- | -- | -- | -- |
2.Recognized basis for the market price sustaining and non-persistent measured by fair value on first-orderFor financial instruments that are not traded in active markets, the Group adopts valuation techniques to determinetheir fair value.
3. Valuation technique and qualitative and quantitative information on major parameters for the fair value measuresustaining and non-persistent on second-orderFor financial instruments that are not traded in active markets, the Group adopts valuation techniques to determinetheir fair value. The valuation models used are mainly cash flow discount model and market comparable companymodel. The input values of valuation techniques mainly include risk-free interest rate, benchmark interest rate,exchange rate, credit spread, liquidity premium, dividend model, EBITDA multiplier, illiquidity discount and soon.
4. Valuation technique adopted and nature and amount determination of important parameters forconsistent and inconsistent fair value measurement items at level 3
The Group takes the occurrence date of the event that leads to the transition between different levels as the time toconfirm the transition between different levels. This year, there is no transition among the first level, the secondlevel and the third level.
5. Sensitiveness analysis on unobservable parameters and adjustment information between opening andclosing book value of consistent fair value measurement items at level 3The Group's financial assets and liabilities measured in amortized cost mainly include: accounts receivable, otherreceivables, long-term receivables, short-term loans, fund payable, long-term loans, bonds payable and long-termpayables.There is no significant difference between the book value and fair value of the Group's financial assets andfinancial liabilities that are not measured at fair value.XII. Related parties and related-party transactions
1. Parent company information of the enterprise
| Parent company name | Registration place | Nature | Registered capital | Share ratio of parent company against the company(%) | Vote right ratio of parent company against the company(%) |
| Guangdong Energy Group | Guangzhou | Operation and management of power generation enterprises, capital management of electricity assets, construction of power plant and sales of electricity | 23,000,000,000 | 67.39% | 67.39% |
Explanation on parent company of the enterpriseOn August 8, 2001, Guangdong Provincial Government had taken the lead in the implementation of the reform ofelectric power system. Guangdong Electric power Group was established by inheriting the electricity generationbusiness of Guangdong electric Power Group Company and its registered capital is RMB 23 billion, with 76%stake held by Guangdong Provincial People's Government and 24% stake held by China Hua Neng Group,owning more than 13,000 staff now, and the company is the strongestOn February 18, 2019, With the approval of the state-owned assets supervision and administration commission ofthe Guangdong provincial people's government and the approval of the Guangdong provincial market supervisionadministration, the former Guangdong Energy group Co., Ltd. was renamed as Guangdong Energy Group Co., LtdUltimate controller of the Company is Guangdong Provincial People’s Govemment state owned assets supervisionand Administration Commission.
Other note：
2.Subsidiary of the Enterprise
See to Notes IX.1.
3.Cooperative enterprise and joint venture
See Notes IX.2.
Other cooperative enterprise and joint venture that have related transaction with the Company in the Period oroccurred in pervious period：
| Name | Relationship |
| Yudean Fuel Company | Joint venture |
| Yudean Shipping Comany | Associate |
| Energy Group Finance Cmpany | Associate |
| Yudean Insurance Captive Company | Associate |
Other note
4.Other related party
| Other related party | Relationship with the Enterprise |
| Yudean Environmental protection | Controlled by Energy Group |
| Guanghe Electric Power | Controlled by Energy Group |
| Yuelong Power Generation | Controlled by Energy Group |
| Xinhui Power Plant | Controlled by Energy Group |
| Yunhe Power Generation | Controlled by Energy Group |
| Zhongshan Thermal power plant | Controlled by Energy Group |
| Yuehua Power Generation | Controlled by Energy Group |
| Zhuhai Jinwan | Controlled by Energy Group |
| Guangzhu Company | Controlled by Energy Group |
| Yudean Infornation Technology | Controlled by Energy Group |
| Huangpu Power Engineering | Controlled by Energy Group |
| Yudean Property | Controlled by Energy Group |
| Yangjiang Port | Controlled by Energy Group |
| Yudean Changtan Power Generation | Controlled by Energy Group |
| Yudean Real Estate | Controlled by Energy Group |
| Shajiao C Power Plant | Controlled by Energy Group |
| Energy Group | Controlled by Energy Group |
| Huizhou New Energy | Controlled by Energy Group |
| Deqing New Energy | Controlled by Energy Group |
| Shaoguan Port | Controlled by Energy Group |
| Yudean New Energy | Controlled by Energy Group |
| Qujiang New Energy | Controlled by Energy Group |
| Yudean Environmental protection material | Controlled by Energy Group |
| Yudean Financing leasing | Controlled by Energy Group |
| Huizhou Liquidation Natural gas | Controlled by Energy Group |
| Shenzhen Tianxin | Controlled by Energy Group |
| Energy Group Natural gas | Controlled by Energy Group |
Other note
5. Related transactions.
（1）Related transactions on purchasing goods and receiving services
Acquisition of goods and reception of labor service
In RMB
| Related party | Content | Current amount | Approval trading limit | Whether over the trading limit(Y/N) | Last amount |
| Fuel Company | Fuel purchase | 4,902,865,249 | No | 5,927,855,461 | |
| Energy Group Natural gas | Fuel purchase | 742,626,273 | No | 1,032,808,240 | |
| Yudean Environment Protection | Material purchase | 68,533,438 | No | 83,714,919 | |
| Yudean Property Management | Acceptance of management services | 15,521,486 | No | 7,091,341 | |
| Yudean Shipping | Acceptance of tugboat services | 13,097,736 | No | 0 | |
| Huangpu Power Engineering | Maintenance services | 5,364,513 | No | 2,703,922 | |
| Yangjiang Port | Acceptance of tugboat services | 1,479,405 | No | 2,945,775 | |
| Yudean Information | Acceptance of management services | 1,057,265 | No | 1,041,073 | |
| Yudean Changtan Power Generation | Acceptance of management services | 113,208 | No | ||
| Yuehua Power Generation | Acceptance of management services | 37,800 | No | ||
| Guanghe Electric Power | Electric purchase | 78,863,402 | No | 44,918,434 | |
| Guangzhu Company | Electric purchase | 65,652,082 | No | ||
| Zhuhai Jinwan | Electric purchase | 60,817,812 | No | 51,778,472 | |
| Zhongshan Thermal power plant | Electric purchase | 44,099,821 | No | 1,706,351 | |
| Yuehua Power Generation | Electric purchase | 29,358,941 | No | 10,509,583 |
| Yunhe Power Generation | Electric purchase | 28,300,770 | No | 24,292,659 | |
| Xinhui Power Generation | Electric purchase | 28,026,682 | No | 3,230,849 | |
| Yuelong Power Generation | Electric purchase | 14,217,210 | No | 10,007,613 |
Sales of goods and services
In RMB
| Related parties | Content | Occurred current term | Occurred in previous term |
| Yudean Environment Protection | Sale of Material | 110,603,961 | 94,544,225 |
| Shajiao C plant | Providing maintenance services | 19,703,681 | 11,062,339 |
| Yunhe Power Generation | Providing maintenance services | 12,313,194 | 6,745,533 |
| Xinhui Power Generation | Service | 5,782,041 | 2,880,388 |
| Zhongshan Thermal power plant | Providing maintenance services | 2,445,092 | 0 |
| Qujiang New Energy | Providing maintenance services | 2,307,500 | 0 |
| Deqing New Energy | Service | 557,677 | 0 |
| Yudean New Energy | Service | 312,004 | 0 |
| Yudean Environment Protection | Providing maintenance services | 188,522 | 0 |
| Huizhou New Energy | Providing maintenance services | 19,749 | 0 |
Notes
The amount of electricity purchased shall be determined according to the downward price difference of the firston-grid electricity price and the amount of electricity purchased as agreed by the power sales company and therelated power plants.
（2）Related trusteeship or contracting
Related trusteeship or contracting in which the Company is the undertake
In RMB
| Name of the employer | Name of the undertaker | Asset situation of the undertaker | Start date | Terminating date | Pricing basis | Gains from the deal in report period |
| Guangdong Energy Group Co., Ltd. | Guangdong Electric Power Development Co., Ltd. | Shareholders' rights except ownership, income right and disposition right | January 1,2018 | The custody fee charged to each first-class target company directly controlled by Guangdong Energy Group is 100,000 yuan/year, and | 1,155,660 |
Note
According to the instructions of Guangdong Energy Group on undertaking to perform related matters, in order toavoid horizontal competition and fulfill the commitments of related horizontal competition, the Company andGuangdong Energy Group have signed the Equity Trust Agreement, which entrusts the rights of shareholders ofthe Company within the trust scope of Guangdong Energy Group to the Company except for the rights ofownership, income and disposition. The expected trust fee is RMB 2.45 million/year.
Lists of entrust/contracted
In RMB
the custody feecharged to eachsecond-classtarget companyindirectlycontrolled byGuangdongYudean Group is50,000 yuan/year.If the custodyperiod is less thanone completefiscal year, thecalculationformula of thecustody fee ofeach targetcompany iscalculatedaccording to thecustody days. Thecustody scopeincludes 20first-class targetcompanies and 9second-classtarget companies,with an estimatedcustody fee of
2.45 million
yuan/year.
Name of theentrusted/contract
ed
| Name of the entrusted/contracted | Name of the entrusted/ contractor | Type | Initial date | Due date | Pricing basis | Charge recognized in the reporting period |
(3) Information of related lease
The company as lessor:
In RMB
| Name of lessee | Category of leased assets | The lease income confirmed in this year | The lease income confirmed in last year |
| Shipping Company | Property Leasing | 528,807 | 0 |
| Shajiao C Power plant | Property Leas | 42,857 | 0 |
| Shaoguan Port | Property Leasing ing | 12,465 | 0 |
The Company was lessee：
In RMB
| Lessor | Category of leased assets | The lease income confirmed in this year | Category of leased assets |
| Yudean Real Estate | Leasing service | 4,909,655 | 3,455,180 |
| Yudean Finance lease | Financing leasing | 43,685,957 | 33,718,740 |
NotesOn January 2020,Based on the Framework Agreement on Financial Lease between the Company and YudeanLeasing, Yudean Leasing is committed to offering the Group a credit line of less than RMB 10 billion, which isreusable during the one-year agreement period. As at 30 June 2020, the balance of Bohe Coal’s long-termpayables of finance lease through leaseback was RMB 1,008,308,409 (December 31, 2019: 1,007,806,525 ), and itsinterest expenses recorded in construction in progress was RMB 26,244,439 (December 31, 2019: 55,545,322);the balance of Qujie Wind Power’s long-term payables of finance lease was RMB 595,131,079 (December 31,2019: 496,646,931), and the interest expenses recorded in construction in progress amounted to RMB12,466,892((December 31, 2019: 18,018,300 ）.On June 30, 2020, the long-term payable balance of Zhuhai Wind Power Company formed by financial leasingwas RMB 103,184,586 (December 31, 2019: RMB 77,156,198), and the interest expense included in theconstruction in progress this year Is RMB 2,260,681 (December 31, 2019: RMB 444,117) On June 30, 2020, thelong-term payable balance of Yangjiang Wind Power Company formed by financial leasing was RMB156,494,075 (December 31, 2019: RMB 85,417,014), and the interest expense included in the construction inprogress this year was RMB 2,713,945 (December 31, 2019: RMB 1,080,388)
（4）Status of related party guarantee
As a guarantor for the company
In RMB
| Guarantor | Guarantee amount | Start date | End date | Execution accomplished or not |
As a secured party for the company
In RMB
| Guarantor | Guarantee amount | Start date | End date | Execution accomplished or not |
| Energy Group | 1,500,000,000 | August 14,2013 | August 13,2022 | No |
(5) Inter-bank lending of capital of related parties：
In RMB
| Related party | Amount borrowed and loaned | Initial date | Due date | Notes |
| Borrowed | ||||
| Guangdong Energy Group Finance Co., Ltd. | 240,000,000 | December 6,2007 | December 5,2025 | |
| Guangdong Energy | 100,000,000 | August 22,2012 | August 22,2022 | ·· |
| Group Finance Co., Ltd. | ||||
| Guangdong Energy Group Finance Co., Ltd. | 291,807,937 | December 25,2013 | December 24,2028 | |
| Guangdong Energy Group Finance Co., Ltd. | 375,900,000 | March 11,2013 | March 10,2031 | |
| Guangdong Energy Group Finance Co., Ltd. | 90,000,000 | October 16,2014 | October 13,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 60,780,000 | December 10,2014 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 1,710,000 | December 10,2014 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 1,780,000 | December 10,2014 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 69,740,000 | December 10,2014 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 1,780,000 | December 10,2014 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 1,710,000 | December 10,2014 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 62,560,000 | December 10,2014 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 19,000,000 | October 13,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 19,000,000 | October 13,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 144,500,000 | December 16,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 144,500,000 | December 16,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 49,500,000 | Fubruary 11,2015 | February 10,2033 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | February 4,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | February 4,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 45,000,000 | June 17,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 45,000,000 | June 17,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 25,000,000 | July 23,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 25,000,000 | July 23,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 24,000,000 | Septembner 15,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 24,000,000 | September 15,2015 | October 27,2029 | |
| Guangdong Energy | 30,000,000 | September 28,2015 | October 27,2029 |
| Group Finance Co., Ltd. | ||||
| Guangdong Energy Group Finance Co., Ltd. | 30,000,000 | September 28,2015 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 160,000,000 | November 30,2016 | November 28,2031 | |
| Guangdong Energy Group Finance Co., Ltd. | 77,200,000 | December 8,2016 | August 15,2031 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | December 15,2017 | December 14,2020 | |
| Guangdong Energy Group Finance Co., Ltd. | 89,300,000 | June 23,2017 | June 22,2032 | |
| Guangdong Energy Group Finance Co., Ltd. | 5,305,000 | July 28,2017 | June 22,2032 | |
| Guangdong Energy Group Finance Co., Ltd. | 12,145,000 | August 24,2017 | June 22,2032 | |
| Guangdong Energy Group Finance Co., Ltd. | 37,855,000 | September 22,2017 | June 22,2032 | |
| Guangdong Energy Group Finance Co., Ltd. | 256,990,000 | September 22,2017 | June 22,2032 | |
| Guangdong Energy Group Finance Co., Ltd. | 12,000,000 | June 20,2018 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 12,000,000 | June 20,2018 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 26,000,000 | July 31,2018 | July 22,2033 | |
| Guangdong Energy Group Finance Co., Ltd. | 17,000,000 | September 20,2018 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 17,000,000 | September 20,2018 | October 27,2029 | |
| Guangdong Energy Group Finance Co., Ltd. | 80,000,000 | October 18,2019 | October 17,2020 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | October 28,2019 | October 22,2020 | |
| Guangdong Energy Group Finance Co., Ltd. | 200,000,000 | November 14,2019 | November 13,2020 | |
| Guangdong Energy Group Finance Co., Ltd. | 30,000,000 | November 24,2019 | November 23,2020 | |
| Guangdong Energy Group Finance Co., Ltd. | 20,000,000 | December 17,2019 | December 16,2020 | |
| Guangdong Energy Group Finance Co., Ltd. | 20,000,000 | December 18,2019 | December 17,2020 | |
| Guangdong Energy Group Finance Co., Ltd. | 200,000,000 | December 20,2019 | December 19,2020 | |
| Guangdong Energy Group Finance Co., Ltd. | 50,000,000 | December 24,2019 | December 23,2020 | |
| Guangdong Energy Group Finance Co., Ltd | 23,000,000 | December 27,2019 | December 26,2034 | |
| Guangdong Energy | 140,000,000 | December 9,2019 | December 8,2020 |
| Group Finance Co., Ltd. | ||||
| Guangdong Energy Group Finance Co., Ltd. | 550,000,000 | April 24,2019 | May 1,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 127,984,742 | June 26,2019 | June 25,2039 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | July 15,2019 | July 14,2020 | |
| Guangdong Energy Group Finance Co., Ltd. | 70,000,000 | July 22,2019 | July 21,2020 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | July 24,2019 | July 23,2020 | |
| Guangdong Energy Group Finance Co., Ltd. | 45,000,000 | July 25,2019 | July 24,2020 | |
| Guangdong Energy Group Finance Co., Ltd. | 40,000,000 | July 30,2019 | July 29,2020 | |
| Guangdong Energy Group Finance Co., Ltd. | 70,000,000 | July 31,2019 | July 30,2020 | |
| Guangdong Energy Group Finance Co., Ltd. | 30,000,000 | August 12,2019 | August 11,2020 | |
| Guangdong Energy Group Finance Co., Ltd. | 20,000,000 | August 26,2019 | August 25,2020 | |
| Guangdong Energy Group Finance Co., Ltd. | 200,000,000 | August 29,2019 | August 28,2020 | |
| Guangdong Energy Group Finance Co., Ltd. | 20,000,000 | August 9,2019 | August 7,2020 | |
| Guangdong Energy Group Finance Co., Ltd. | 20,000,000 | September 11,2019 | September 10,2020 | |
| Guangdong Energy Group Finance Co., Ltd. | 10,000,000 | September 18,2019 | September 17,2020 | |
| Guangdong Energy Group Finance Co., Ltd. | 416,662,561 | September 2,2019 | May 26,2030 | |
| Guangdong Energy Group Finance Co., Ltd. | 5,000,000 | September 20,2019 | September 18,2020 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | September 24,2019 | September 23,2020 | |
| Guangdong Energy Group Finance Co., Ltd. | 50,000,000 | September 29,2019 | September 22,2020 | |
| Guangdong Energy Group Finance Co., Ltd. | 223,000,000 | September 30,2019 | December 27,2036 | |
| Guangdong Energy Group Finance Co., Ltd. | 40,000,000 | September 9,2019 | September 8,2020 | |
| Guangdong Energy Group Finance Co., Ltd. | 130,000,000 | January 13,2020 | January 12,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 20,000,000 | January 15,2020 | January 14,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 6,000,000 | January 16,2020 | January 15,2021 | |
| Guangdong Energy | 120,000,000 | January 7,2020 | January 6,2021 |
| Group Finance Co., Ltd. | ||||
| Guangdong Energy Group Finance Co., Ltd. | 57,386,446 | January 7,2020 | May 26,2030 | |
| Guangdong Energy Group Finance Co., Ltd. | 154,890,555 | February 26,2020 | January 2,2040 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | February 26,2020 | February 25,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 13,000,000 | March 12,2020 | January 15,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 30,000,000 | March 16,2020 | March 15,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 230,000,000 | March 23,2020 | March 22,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 50,000,000 | March 23,2020 | March 22,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 30,000,000 | March 23,2020 | March 22,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 32,992,546 | March 23,2020 | March 23,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 30,000,000 | March 24,2020 | January 15,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 40,000,000 | March 30,2020 | March 25,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 60,000,000 | March 9,2020 | March 8,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | April 10,2020 | April 13,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 30,000,000 | April 14,2020 | April 13,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 150,000,000 | April 17,2020 | April 16,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 50,000,000 | April 20,2020 | April 19,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | April 27,2020 | April 26,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | April 29,2020 | April 26,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | April 3,2020 | April 2,2023 | |
| Guangdong Energy Group Finance Co., Ltd. | 80,000,000 | April 7,2020 | April 6,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 10,000,000 | May 11,2020 | May 10,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 150,000,000 | May 19,2020 | May 18,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 96,000,000 | May 19,2020 | January 15,2021 | |
| Guangdong Energy | 10,000,000 | May 20,2020 | May 19,2021 |
| Group Finance Co., Ltd. | ||||
| Guangdong Energy Group Finance Co., Ltd. | 13,700,000 | May 21,2020 | May 18,2035 | |
| Guangdong Energy Group Finance Co., Ltd. | 15,000,000 | May 25,2020 | May 24,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | May 25,2020 | May 24,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 150,000,000 | May 25,2020 | May 24,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 10,000,000 | May 25,2020 | May 24,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 51,000,000 | May 26,2020 | January 15,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 104,000,000 | May 26,2020 | May 18,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 9,550,000 | May 28,2020 | May 28,2035 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | May 29,2020 | May 28,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 30,000,000 | May 29,2020 | May 28,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 10,000,000 | May 7,2020 | May 6,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | June 10,2020 | June 9,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 10,000,000 | June 10,2020 | June 9,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 160,000,000 | June 11,2020 | June 10,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 40,000,000 | June 11,2020 | June 10,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 200,000,000 | June 11,2020 | June 10,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 90,000,000 | June 12,2020 | June 11,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 100,000,000 | June 12,2020 | June 11,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 3,000,000 | June 12,2020 | May 18,2035 | |
| Guangdong Energy Group Finance Co., Ltd. | 140,000,000 | June 15,2020 | June 14,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 45,000,000 | June 15,2020 | June 14,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 70,000,000 | June 16,2020 | June 15,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 10,000,000 | June 16,2020 | June 15,2021 | |
| Guangdong Energy | 180,000,000 | June 18,2020 | June 17,2021 |
| Group Finance Co., Ltd. | ||||
| Guangdong Energy Group Finance Co., Ltd. | 40,000,000 | June 18,2020 | June 17,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 15,000,000 | June 18,2020 | June 17,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 60,000,000 | June 12,2020 | June 1,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 20,000,000 | June 23,2020 | June 22,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 50,000,000 | June 24,2020 | June 23,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 1,500,000 | June 30,2020 | May 18,2035 | |
| Guangdong Energy Group Finance Co., Ltd. | 5,000,000 | June 4,2020 | June 3,2021 | |
| Guangdong Energy Group Finance Co., Ltd. | 85,000,000 | June 9,2020 | June 8,2021 | |
| Loaned | ||||
(6) Related party asset transfer and debt restructuring
Not applicable
(7) Rewards for the key management personnel
In RMB
| Items | Amount of current period | Amount of previous period |
| Annual salary of the operator | 3,053,040 | 3,321,082 |
（8）Other related transactions
(a)Allocation of common expensesIn the first half of 2020,, the common expenses received by the Group from Shajiao C was RMB1,711,963.( In thefirst half of 2019, the common expenses received by the Group from Shajiao C was RMB,260,423 )(b) Interest incomeIn RMB
| Items | Amount of current period | Amount of previous period |
| Deposit interest of Energy Group Finance | 32,889,591 | 23,802,960 |
| Proportion % | 91.77% | 73.99% |
(c)Interest expense
| Items | Amount of current period | Amount of previous period |
| Loan interest paid to Energy Group Finance | 135,226,054 | 118,174,115 |
| Discount interest on Energy Group Finance | 12,277,995 | 14,987,476 |
| Proportion % | 24.82% | 20.04% |
（d）Interest payable
| Items | Amount of current period | Amount of previous period |
| Yudean Finance Lease interest | 43,685,957 | 33,718,740 |
(e)Joint Investment
| Name | Energy Group |
| Zhenneng Company | 30.12% |
| Bohe Company | 33% |
| Energy Group Finance Company | 65% |
| Industry Fuel | 50% |
| Shanxi Energy Company | 60% |
| Capital Company | 51% |
| West Investment | 35% |
| Yudean Shipping | 65% |
6. Payables and receivables of the related party
（1）Receivables
In RMB
| Project | Related parties | At end of term | At beginning of term | ||
| Book balance | Bad debt provision | Book balance | Bad debt provision | ||
| Moentary funds | Energy Group Finance Company | 4,469,328,465 | 4,468,014,839 | ||
| Account receivable | Xinhui Power Generation | 4,420,372 | 1,706,822 | ||
| Yunhe Power Generation | 3,000,766 | 3,123,537 | |||
| Shajiao C plant | 2,770,356 | 901,427 | |||
| Qujiang New Energy | 1,336,462 | 1,699,980 | |||
| Zhongshan Thermal Power | 263,160 | 846,660 | |||
| Yudean Environmental protection | 39,967 | 0 | |||
| Shaoguan Port | 8,392 | 0 | |||
| Yudean New Energy | 0 | 941,609 | |||
| Huizhou New Energy | 0 | 577,717 | |||
| Other account receivable | Yudean Environmental protection | 74,363,831 | 69,568,758 | ||
| Yudean Real Estate | 1,715,273 | 1,536,942 | |||
| The Group | 1,191,184 | 2,311,321 | |||
| Yunhe Power Generation | 1,026,270 | ||||
| Capital Company | 963,630 | ||||
| Shajiao C plant | 941,563 | ||||
| Yudean Property | 520,708 | 466,572 | |||
| Zhongshan Thermal Power | 21,617 | ||||
| Shaoguan Port | 13,455 | ||||
| Energy Group Finance Company | 25,335,356 | 20,866,069 | |||
| Yudean Shipping Comapny | 576,400 | ||||
| Liquefaction natural gas | 329,096 | ||||
| Advance payment | Industry Fuel | 518,984,394 | 455,412,330 | ||
| Capital Company | 2,233,887 | ||||
| Energy Group Finance Company | 673,873 | ||||
| Shenzhen Tianxin | 9,717 | ||||
| Other non current assets | Yudean Infornation Technology | 700,000 | 700,000 |
（2）Payables
In RMB
| Name | Related party | Amount at year end | Amount at year beginning |
| Note Payable | Energy Group Finance Company | 962,992,546 | 870,000,000 |
| Account Payable | Industry fuel | 1,933,188,661 | 1,638,254,539 |
| Energy Group natural gas | 63,049,407 | 222,256,982 | |
| Yudean Environmental Protection | 39,772,779 | 28,147,157 | |
| Huangpu Electric Engineering | 5,208,774 | ||
| Yudean Shipping Company | 2,300,000 | 2,300,000 | |
| Yudean Property | 2,160,322 | 8,044,985 | |
| Yudean Infornation Technology | 119,860 | 92,000 | |
| Other account payable | Yudean Property | 3,512,266 | 1,568,761 |
| Yudean Environmental | 501,188 | 766,080 |
| Protection | |||
| Yudean Infornation Technology | 355,500 | 959,440 | |
| Yudean Real Estate | 290,864 | ||
| Yudean Shipping Company | 260,000 | ||
| Yudean Changtan Power Generatiion | 120,000 | ||
| Huangpu Electric Engineering | 104,359 | 8,327,106 | |
| Industry fuel | 97,211 | ||
| Shenzhen Tianxin | 70,000 | ||
| Qujiang New Energy | 9,000 | 9,000 | |
| Short-term loan | Energy Group Finance Company | 4,208,952,146 | 4,119,893,053 |
| -Principal | 4,200,200,000 | 4,115,000,000 | |
| -Interest | 8,752,146 | 4,893,053 | |
| Non-current liability due in 1 year | Energy Group Finance Company | 241,127,304 | 254,025,779 |
| -Principal | 235,551,032 | 249,872,476 | |
| -Interest | 5,576,272 | 4,153,303 | |
| Long-term loan | Energy Group Finance Company | 3,116,476,458 | 2,765,740,493 |
| Long-term payable | Yudean Finance | 1,863,118,149 | 1,667,026,669 |
| Energy Group | 0 | 12,217,551 |
7. Related party commitment
8.Other
XIII. Commitments
1.Importance commitment events
Important commitments of existence of balance sheet date
(1) Commitments of capital expenditure
The following are the capital expenditure commitments signed by the Group on the balance sheet date, which donot need to be listed on the balance sheet:
| June 30,2020 | December 31,2019 |
| House ,Building and Generation equipment | 16,114,606,795 | 13,726,826,554 |
| Intangible assets | 5,309,654 | 8,244,396 | |
| 16,119,916,449 | 13,735,070,950 |
(2) Operating lease commitments
According to the signed irrevocable operating lease contract, the minimum rent payable by the Group in the future
is summarized as follows:
| June 30,2020 | December 31,2019 | ||
| Within 1 year | 17,070,740 | 24,818,237 | |
| 1-2 years | 5,341,790 | 5,159,843 | |
| 2-3 years | 2,717,202 | 1,681,275 |
| Over 3 years | 8,067,689 | 6,578,799 | |
| 33,197,422 | 38,238,154 |
(3) Performance of previous commitments
（a）The Second Meeting of the Ninth board of Directors examined and adopted the Proposal on Establishingthe Huizhou Daya Bay Petrochemical District Western Comprehensive Energy Station Project Company andCarrying out the Upfront Work, In order to promote the implementation and speed up the progress of the WesternComprehensive Energy Station Project of Huizhou Daya Bay Petrochemical District, the board of directors agrees:
The Company and Huizhou Daya Bay Petrochemical Industrial Zone Investment Co., Ltd establish the HuizhouDaya Bay Petrochemical District Western Comprehensive Energy Station Project Company in Daya Bay Districtby the share structure ratio of 80%:20%, with the initial registered capital of RMB 22 million-of which theCompany contributes RMB17.6 million according to the share ratio. After the establishment of the projectcompany, the project company will be responsible for the upfront work of the western comprehensive energystation project in the Daya Bay Petrochemical District of Huizhou (the project construction scale is temporarilybased on 3 H-class (660-800MW) gas units and 2 150t / h gas boilers, with the final construction scale will beresearched in the feasibility study stage and then be determined after approval), and the upfront work costs will becontrolled at RMB12 million .On June 30, 2020, the Company has injected RMB 17.6 million into Daya Bay Company.（b） On November 28, 2019, the voting results of the 6th Communication Meeting of the 9th Board of Directorsof the Company in 2019 reviewed and approved the Proposal on Establishing Shenzhen Guangming PlantAlternative Power Supply Project Company and Carrying out Pre-project Work. In order to ensure theimplementation and rapid promotion of replacement capacity after Shajiao Power Plant is shut down anddecommissioned, the Board of Directors agreed that the Company set up Guangming Project Companywholly-owned, registered in Guangming District, Shenzhen, with the initial registered capital of RMB 20,000,000.According to the scale of 2 H-class (660-800MW) gas units, the project company carried out the preliminaryapproval work of Guangming project. On June 30, 2020, the Company has injected RMB 20,000,000 into QimingCompany.
（c）On Apri8l 10,2020,The Third Meeting of the Ninth board of Directors examined and adopted theProposal on Investment in Construction of Alternative Power Supply Project at Ningzhou Site in Dongguan
In order to optimize the power supply structure and increase the proportion of clean energy, the Board ofDirectors agreed that Guangdong Yudean Binhaiwan Energy Co., Ltd. (hereinafter referred to as "BinhaiwanCompany"), a wholly-owned subsidiary company, would be the main investor to invest in the construction of aalternative power supply project at Ningzhou Site in Dongguan, with an installed capacity of 3×700MWgas-steam combined cycle cogeneration unit. The total dynamic investment of the project is 5.928 billion yuan, ofwhich the capital is about 1.186 billion yuan, accounting for 20% of the total dynamic investment. After the 270million yuan which was already invested in the previous period is deducted, the remaining capital of 916 millionyuan will be settled by the company through batch capital increase to Binhaiwan Company according to theproject construction progress and capital demand.On June 30,2020, the Company has injeted RMB 270,000,000
into Binhaiwan Company.（d）On Apri8l 10,2020,The Third Meeting of the Ninth board of Directors examined and adopted the Proposal onInvestment in the Construction of the Dagaoshan Wind Farm Project along the Hunan Corridor， In order to speedup the large-scale development of the company's new energy power generation projects, increase the proportion ofclean energy installed and optimize the power supply structure, the Board of Directors agreed to invest in theconstruction of the Dagaoshan Wind Power Project in Tongdao Dong Autonomous County of Hunan Province,with an installed capacity of 50MW, by Tongdao Yuexin Wind Power Co., Ltd (hereinafter referred to as "TongdaoWind Power Company"), a wholly-owned subsidiary of the company, as the main investor. The total dynamicinvestment of the project is531,740,000 yuan, of which the capital is 106.5 million yuan, accounting for 20% ofthe total dynamic investment of the project. In view of the actual construction progress and capital needs, thecapital required for the Project shall be solved by the Company by increasing capital in batches to Tongdao WindPower Company. The Company still requires to increase its capital by 96.5 million yuan after deducting 10million yuan that has been reviewed and approved in the previous period. On June 30, 2020, the Company hasinjected RMB 60,000,000 into Tongdao Company, of which RMB 50,000,000 was as supplementary capital forthis year.（e）The Third Meeting of the Ninth board of Directors examined and adopted the Proposal on Investment inthe Construction of Taiyangshan Wind Farm Project in Xupu of Hunan， In order to further promote thelarge-scale development of the company's wind power, the Board of Directors agrees that Guangdong Wind PowerGeneration Co., Ltd., a wholly-owned subsidiary of the company (hereinafter referred to as "the Provincial WindPower Company"), will invest in the construction and operation of Hunan Xupu Taiyangshan Wind Farm Project(hereinafter referred to as "Xupu Wind Power Project"), with an installed capacity of 50MW. The total dynamicinvestment of the project is 524.5329 million yuan (including the investment of self-built transmission lineproject), of which the capital is 104.9066 million yuan, accounting for 20% of the total dynamic investment of theproject. According to the actual construction progress and capital demand of the project, the Provincial WindPower Company applies to the company for capital increase based on its own capital situation.Hunan Xupu Yuefeng New Energy Co., Ltd., a wholly-owned subsidiary of the provincial wind power company,is the main body of the project investment and is responsible for the investment, construction and operation of theproject. On June 30, 2020, the Company injected a total capital of RMB 50,000,000 into the project, of whichRMB 50,000,000 was as supplementary capital for this year.
（f）On January 25, 2019,The Seventh Meeting of the Ninth board of Directors examined and adopted theProposal the Investment and Construction of Zhuhai Jinwan Offshore Wind Power Project，In order to furtherpromote the Company's large-scale development of offshore wind power in Guangdong Province and in thesoutheast coast, the Board of directors agreed to invest in Zhuhai Jinwan offshore wind farm project (300,000 kw),with a total dynamic investment of RMB 5643.17 million-of which the capital is RMB 1128.634million-accounting for 20%, According to the progress of project construction and capital needs, the Companyincreased capital to provincial wind power and then increased capital to Zhuhai wind power. On June 30, 2020,the Company injected a total capital of RMB 365,000,000 into the project, of which RMB 100,000,000 was assupplementary capital for this year.(g) On March 23, 2018, the first communication meeting of the ninth Board of Directors of the Company in 2018reviewed and approved the Proposal on Launching the Preliminary Work of Zhanjiang Wailuo Offshore WindPower Project (Phase II) and the ninth meeting of the ninth Board of Directors on August 29, 2019 reviewed andapproved the Proposal on Investing in Zhanjiang Wailuo Offshore Wind Power Project Phase II. In order to speedup the large-scale development of new energy power generation projects, to increase the proportion of clean
energy installed capacity and optimize the power supply structure, the Board of Directors agreed that Qujie WindPower, a wholly-owned subsidiary of the Company, should be the main investor for investment in the constructionof Wailuo Phase II. The total dynamic investment of the project is RMB 3,789,120,000, of which the capital isRMB 757,824,000, accounting for 20% of the total dynamic investment. In view of the actual constructionprogress and capital needs of the Project, the capital required for the Project shall be solved by the Company byincreasing capital in batches to Qujie Wind Power. On June 30, 2020, the Company injected a total capital ofRMB 208,000,000 into the project, of which RMB 80,000,000 was as supplementary capital for this year.（h）On November 28,2019, The Sixth Meeting of the Ninth board of Directors examined and adopted theProposal on Starting Investment and Construction of Zhanjiang Xinliao Offshore Wind Power Project， In order
to optimize the company's energy structure, improve the proportion of clean energy, the Board of Directors agrees
that Qujie Wind Power Company, a wholly-owned subsidiary of the Company, should be the main investor toinvest in the construction of Zhanjiang Xinliao Offshore Wind Power Project . with the installed capacity of
203.5MW. The total dynamic investment of the Project is 3,698.88 million yuan, of which the capital of theProject is 739.776 million yuan, accounting for 20% of the dynamic investment of the project. In view of theactual construction progress and capital needs of the Project, the capital required for the Project shall be solved bythe Company by increasing capital in batches to Qujie Wind Power Company. On June 30, 2020, the Companyinjected a total capital of RMB 120,000,000 into the project, of which RMB 80,000,000 was as supplementarycapital for this year.
2.Contingency
（1）Significant contingency at balance sheet date
（a）As at 30 June 2020, the Company provided joint guarantee for bank borrowings amounting to RMB73,370,000 for Yunnan Baoshan Binlangjiang Hydroelectricity Development Co., Ltd., of which the liabilityrelief procedure is being handled.
（b）Pinghai Power failed to complete settlement with two of its engineering contractors due to the dispute ofsettlement regarding construction and installation project contracts
①On 22 October 2018, one of the contractors filed a lawsuit in the local municipal people's court, demandingPinghai Power to make payment for the additional construction expenses of RMB 165,978,408 arising frommodification of scope of contract and the interest of RMB 72,478,979 arising from delay in payment. On April 1,2019, it received a summons from the local intermediate people's court, attended the pre-trial preparation meetingof the first instance on May 14 and July 18, 2019, and decided to hire a third party to carry out cost appraisal ondisputes. On April 13, 2020, the court confirmed the cost appraisal institution by rolling ball and requestedPinghai Power Plant to submit appraisal materials in May. Pinghai Power Plant has submitted relevant appraisalmaterials and cross-examination opinions according to the notice of the court.
②On July 2, 2019, another engineering contractor sued Pinghai Power Plant in the local intermediate people's
court, demanding that Pinghai Power Plant pay RMB 89,548,053 for the extra project cost arising from themodification of the contract scope and RMB 36,526,452 for the interest arising from the delayed payment. OnAugust 14, 2019, both parties attended the first-instance trial, and Pinghai Power Plant's application forjurisdiction objection was rejected. On November 8, 2019, a counterclaim was submitted to the local intermediate
people's court, and the counterclaim contractor was held liable for breach of contract due to delayed completion.On January 17, 2020, both parties attended the first-instance trial again, and exchanged evidence in the court. InApril 2020, the court asked Pinghai Power Plant to submit appraisal materials, and on July 10, 2020, the costappraisal institution was determined by rolling ball. At present, Pinghai Power Plant has submitted relevantappraisal materials and cross-examination opinions according to the court notice.As of the date of issuance of this report, due to the fact that the above litigation cases have not yet been heard andthe Group's management is unable to predict the outcome of the litigation after consulting legal counsel, theproject funds and interest related to the above litigation have not been accrued in the 2020 semi-annual financialstatements.
（2）The Company have no significant contingency to disclose, also should be statedThe was no significant contingency in the Company.
3.Other
XIV. Post-balance-sheet events
1. Significant events had not adjusted
In RMB
| Items | Content | Influence | Reason |
2. Profit distribution
In RMB
| Profits or dividends declared upon examination and approval | 0 |
3. Note to other matters after the balance sheet date
XV. Other significant events
6. Segment information
(1) Recognition basis and accounting policies of reportable segment
As the Group's operating income, expenses, assets and liabilities are mainly related to the production and sale ofelectricity and related products, the management of the Group takes the electricity business as a whole, andregularly obtains and evaluates its financial status, operating results and cash flow and other relevant accountinginformation. Therefore, the Group has only the power business segment, so it has not prepared the report segmentinformation.The Group's main business income comes from the development and operation of power plants in China, and allits assets are in China.From January to June, 2020, the income of the Group's power plants from China Southern Power GridCorporation was RMB 12,227,202,300 (January to June, 2019: RMB 12,631,577,798), accounting for 97.52% ofthe Group's operating income (January to June, 2019: 98.12%)
(2) There was no reportable segment, or the total amount of assets and liabilities of each part of reportable
segment, shall disclose the reason.As the Group's operating income, expenses, assets and liabilities are mainly related to the production and sale ofelectricity and related products, the management of the Group takes the electricity business as a whole, andregularly obtains and evaluates its financial status, operating results and cash flow and other relevant accountinginformation. Therefore, the Group has only the power business segment, so it has not prepared the report segmentinformation.
2. Other important transactions and events have an impact on investors’ decision-making
3.Other
XVI. Notes s of main items in financial reports of parent company
（1）Account receivable
1.Classification account receivables.
In RMB
| Category | Closing balance | Opening balance | ||||||||
| Book balance | Bad debt provision | Book value | Book balance | Bad debt provision | Book value | |||||
| Amount | Proportion % | Amount | Proportion % | Amount | Proportion % | Amount | Proportion % | |||
| Of which： | ||||||||||
| Accrual of bad debt provision by portfolio | 128,688,475 | 128,688,475 | 209,270,013 | 20,911 | 209,249,102 | |||||
| Of which： | ||||||||||
| Electricity sales receivable | 128,688,475 | 100% | 0 | 0% | 128,688,475 | 207,178,864 | 99% | 0 | 0% | 207,178,864 |
| Other | 0 | 0 | 2,091,149 | 1% | 20,911 | 1% | 2,070,238 | |||
| Total | 128,688,475 | 100% | 0 | 0% | 128,688,475 | 209,270,013 | 100% | 20,911 | 0.01% | 209,249,102 |
Accrual of bad debt provision by single item:
In RMB
| Name | Closing balance | |||
| Book balance | Bad debt provision | Proportion% | Reason | |
Accrual of bad debt provision by portfolio:
In RMB
| Name | Closing balance | ||
| Book balance | Bad debt provision | Proportion% | |
| Electricity sales receivable | 128,688,475 | 0 | 0% |
| Total | 128,688,475 | 0 | -- |
Note：
Portfolio 1- Electricity sales receivable， As at 30 June 2020, the amount of receivables from sales of electricity ofthe Group was RMB128,688,475, which was mainly from China Southern Power Grid Co., Ltd. and itssubsidiaries (collectively referred to as “China Southern Power Grid”). Taking into consideration its good credit,the Group believes that there is no significant credit risk in the receivables from sales proceeds of electricity, andthe possibility of significant losses due to China Southern Power Grid's default is extremely low. The Group'sexpected credit loss rate for sales proceeds of electricity is 0%.
Accrual of bad debt provision by portfolio:
In RMB
| Name | Closing balance | ||
| Book balance | Bad debt provision | Proportion | |
| Other account receivable | 0 | 0 | 0% |
| Total | 0 | 0 | -- |
Accrual of bad debt provision by portfolio:
I n RMB
| Name | Closing balance | ||
| Book balance | Bad debt provision | Proportion | |
Note：
Relevant information of the provision for bad debts will be disclosed with reference to the disclosure method ofother receivables if the provision for bad debts of bills receivable is accrued according to the general model ofexpected credit loss:
√ Applicable □Not applicable
For accounts receivable, regardless of whether there is any significant financing component, the Companymeasures the loss reserve according to the expected credit loss throughout the duration.Portfolio 1-On June 30, 2020, the amount of electricity sales receivable from the Company was RMB 128,688,475, whichwas mainly the fund receivable from China Southern Power Grid Corporation. Considering its high credit level,the Company considered that there was no significant credit risk in the electricity sales receivable, and thepossibility of heavy losses caused by the default of China Southern Power Grid Corporation was extremely low.The expected credit loss of the Company to the electricity sales receivable was 0%.Portfolio 2-
On June 30, 2020, the Company did not have any accounts receivable in portfolio 2.Portfolio32-On June 30, 2020, the Company did not have any accounts receivable in portfolio 3.Disclosure by aging
In RMB
| Aging | Closing balance |
| Within 1 year（Including 1 year） | 128,688,475 |
| Total | 128,688,475 |
(2) Accounts receivable withdraw, reversed or collected during the reporting periodThe withdrawal amount of the bad debt provision：
In RMB
| Category | Opening balance | Amount of change in the current period | Closing balance | |||
| Accrual | Reversed or collected amount | Write-off | Other | |||
| Other account receivable | 20,911 | 20,911 | 0 | |||
| Total | 20,911 | 20,911 | 0 | |||
Of which the significant amount of the reversed or collected part during the reporting period
In RMB
| Name | Reversed or collected amount | Method |
| Dongguan Dejin Energy Technology Co., Ltd. | 20,911 | Cash |
| Total | 20,911 | -- |
（3） Top 5 of the closing balance of the accounts receivable collected according to the arrears party
In RMB
| Debtor | Book amount | Provision for bad debts | Proportion% |
| GPGC | 128,688,475 | 100% | 0 |
| Total | 128,688,475 | 100% |
2. Other accounts receivable
In RMB
| Items | Closing balance | Opening balance |
| Interest receivable | 1,028,214 | 689,092 |
| Dividend receivable | 2,652,502 | |
| Other accounts receivable | 94,324,237 | 104,807,684 |
| Total | 95,352,451 | 108,149,278 |
（1）Interest receivable
1) Category of interest receivable
In RMB
| Items | Closing balance | Opening balance |
| Fixed deposit | 205,901 | 108,112 |
| Entrust loans | 822,313 | 580,980 |
| Total | 1,028,214 | 689,092 |
2）Bad-debt provision
□ Applicable √ Not applicable
（2）Dividend receivable
1）Category of dividend receivable
In RMB
| Items | Closing balance | Opening balance |
| Guangdong Yudean Anxin Company | 0 | 2,652,502 |
| Total | 2,652,502 |
2）Bad-debt provision
□ Applicable √ Not applicable
Other note：
（2） Other accounts receivable
1) Other accounts receivable classified by the nature of accounts
In RMB
| Nature | Closing book balance | Opening book balance |
| Entrust loans receivable | 50,000,000 | 66,460,000 |
| Supplementary medical insurance fund receivable | 16,652,424 | 18,333,314 |
| Sales of by-products receivable | 12,356,357 | 8,282,082 |
| Advances receivable | 7,888,627 | 7,809,969 |
| Other | 7,577,994 | 4,073,484 |
| Total | 94,475,402 | 104,958,849 |
2）Bad-debt provision
In RMB
| Bad Debt Reserves | Stage 1 | Stage 2 | Stage 3 | Total |
| Expected credit losses over the next 12 months | Expected credit loss over life (no credit impairment) | Expected credit losses for the entire duration (credit impairment occurred) | ||
| Balance as at January 1, 2020 | 151,165 | 151,165 |
| Balance as at January 1, 2020 in current | —— | —— | —— | —— |
| Balance as at June 30,2020 | 151,165 | 151,165 |
Loss provision changes in current period, change in book balance with significant amount
□ Applicable √Not applicable
Disclosure by aging
In RMB
| Aging | Closing balance |
| Within 1 year(Including 1 year） | 77,612,018 |
| 1-2 years | 16,743,677 |
| 2-3 years | 0 |
| Over 3 years | 119,707 |
| 4-5 years | 119,707 |
| Total | 94,475,402 |
3) Top 5 of the closing balance of the other accounts receivable collected according to the arrears party
In RMB
| Name | Nature | Closing balance | Aging | Proportion of the total year end balance of the accounts receivable | Closing balance of bad debt provision |
| Lincang Company | Entrust loans receivable | 50,000,000 | Within 1 year（Including 1 year） | 52.92% | 0 |
| Taikang Endowment Insurance Co., Ltd. Guangdong Branch | Supplementary medical insurance fund receivable | 16,652,424 | 1-2 years（Including 2 years） | 17.63% | 0 |
| Guangdong Yudean Environmental Protection Co., Ltd. | Sales of by-products receivable | 12,356,357 | Within 1 year（Including 1 year） | 13.08% | 0 |
| Guangdong Yudean Binhaiwan Energy Co., Ltd. | Advances receivable | 6,414,037 | Within 1 year（Including 1 year） | 6.79% | 0 |
| Guangdong Energy Group | Other | 1,155,660 | Within 1 year（Including 1 year） | 1.22% | 0 |
| Total | -- | 86,578,478 | -- | 91.64% | 0 |
3. Long-term equity investment
In RMB
| Items | End of term | Beginning of term | ||||
| Book Balance | Impairment provision | Book value | Book Balance | Impairment provision | Book value | |
| Investment in subsidiaries | 21,962,139,454 | 1,251,824,079 | 20,710,315,375 | 21,366,889,333 | 1,251,824,079 | 20,115,065,254 |
| Investment in joint ventures and associates | 6,396,931,109 | 96,327,854 | 6,300,603,255 | 6,495,369,113 | 96,327,854 | 6,399,041,259 |
| Total | 28,359,070,563 | 1,348,151,933 | 27,010,918,630 | 27,862,258,446 | 1,348,151,933 | 26,514,106,513 |
（1）Investment in subsidiaries
In RMB
| Investees | Opening balance | Increase /decrease | Closing balance | Closing balance of impairment provision | |||
| Add investment | Decreased investment | Withdrawn impairment provision | Other | ||||
| Zhanjiang Company | 2,185,334,400 | 2,185,334,400 | |||||
| Yuejia Company | 0 | 0 | 455,584,267 | ||||
| Zhenneng Company | 687,458,978 | 687,458,978 | |||||
| Jianghai Company | 1,930,395,668 | 1,930,395,668 | |||||
| Zhanjiang Wind power Co., Ltd. | 242,277,000 | 242,277,000 | |||||
| Zhongyue Comapny | 963,000,000 | 963,000,000 | 187,248,115 | ||||
| Humen Power Generation Company | 3,192,416 | 3,192,416 | 86,807,584 | ||||
| Anxin Company | 20,000,000 | 20,000,000 | |||||
| Bohe Company | 3,167,000,000 | 3,167,000,000 | |||||
| Pinghai Power Generation plant | 720,311,347 | 720,311,347 | |||||
| Red Bay Comany | 2,220,023,386 | 2,220,023,386 | |||||
| Huizhou Natural gas Company | 1,205,199,446 | 1,205,199,446 | |||||
| Guangqian Company | 1,353,153,223 | 1,353,153,223 | |||||
| Yuejiang Company | 745,200,000 | 147,650,121 | 892,850,121 | 408,494,674 | |||
| Huadu Natural Gas Company | 186,550,000 | 186,550,000 | |||||
| Dapu Company | 1,040,000,000 | 1,040,000,000 | |||||
| Guangdong Wind Power Company | 1,531,419,390 | 200,000,000 | 1,731,419,390 | ||||
| Leizhou Wind Power Company | 80,800,000 | 80,800,000 | |||||
| Qujie Wind Power Company | 919,750,000 | 160,000,000 | 1,079,750,000 | ||||
| Yudean Electric Sale | 230,000,000 | 230,000,000 | |||||
| Lincang Company | 314,000,000 | 314,000,000 | 113,689,439 | ||||
| Yongan Natural Gas Company | 90,000,000 | 90,000,000 | |||||
| Tongdao Wind Power Company | 10,000,000 | 50,000,000 | 60,000,000 | ||||
| Binhaiwan Company | 270,000,000 | 270,000,000 | |||||
| Daya Bay Company | 0 | 17,600,000 | 17,600,000 | ||||
| Qiming Company | 0 | 20,000,000 | 20,000,000 | ||||
| Total | 20,115,065,254 | 447,600,000 | 147,650,121 | 20,710,315,375 | 1,251,824,079 |
（2）Investment in joint ventures and associates
In RMB
| Name of investee | Beginning of term | Increase/decrease in this period | End of term | Balance of the provision on for impairment | |||||||
| Increase in investment | Decrease in investment | Investment income under equity method | Other comprehensive income | Other changes in equity | Announced for distributing cash dividend or profit | Provision for impairment | Other | ||||
| I.Joint venture | |||||||||||
| Industry Fuel | 615,218,300 | 24,355,750 | 69,090,435 | 570,483,615 | |||||||
| Subtotal | 615,218,300 | 24,355,750 | 69,090,435 | 570,483,615 | |||||||
| II. Associated | |||||||||||
| Guohua Taishan Company | 2,085,355,939 | 40,148,666 | 146,136,255 | 1,979,368,350 | |||||||
| Shanxi Energy Company | 1,644,203,546 | 99,809,492 | 20,000,000 | 1,724,013,038 | |||||||
| Yudean Shipping Company | 448,869,593 | -19,926,382 | 428,943,211 | ||||||||
| West Investment Company | 142,443,282 | 3,059,567 | 145,502,849 | ||||||||
| Yangshan | 5,397,723 | 5,397,723 | |||||||||
| Jiangkeng | |||||||||||
| Yangzhan Zhongxinkeng | 8,043,666 | 8,043,666 | |||||||||
| Energy Group Finance Company | 991,882,399 | 52,363,430 | 73,161,903 | 971,083,926 | |||||||
| Yudean Captive | 261,404,011 | 6,601,704 | 1,573,263 | 266,432,452 | |||||||
| Weixin Energy Company | 196,222,800 | 5,111,625 | 201,334,425 | 96,327,854 | |||||||
| Subtotal | 5,783,822,959 | 187,168,102 | 240,871,421 | 5,730,119,640 | 96,327,854 | ||||||
| Total | 6,399,041,259 | 211,523,852 | 309,961,856 | 6,300,603,255 | 96,327,854 |
（3）Other note
4. Business income, Business cost
In RMB
| Items | Amount of current period | Amount of previous period | ||
| Income | Cost | Income | Cost | |
| Main business | 433,972,161 | 501,292,187 | 958,557,256 | 977,497,449 |
| Other business | 35,582,003 | 506,701 | 26,351,826 | 636,432 |
| Total | 469,554,164 | 501,798,888 | 984,909,082 | 978,133,881 |
Income related information:
In RMB
| Contract classification | Division 1 | Division 2 | Total | |
| Including： | ||||
| Power Selling | 433,972,161 | 433,972,161 | ||
| 粉煤灰销售收入 | 11,187,917 | 11,187,917 | ||
| Rent | 5,107,497 | 5,107,497 | ||
| Other income | 19,286,589 | 19,286,589 | ||
| Including： | ||||
| Guangdong | 469,554,164 | 469,554,164 | ||
| Including： | ||||
| Power Market | 433,972,161 | 433,972,161 | ||
| Other market | 35,582,003 | 35,582,003 |
| Including： | ||||
| Physical delivery | 445,160,078 | 445,160,078 | ||
| Provide labour | 19,286,589 | 19,286,589 | ||
| Provide use right | 5,107,497 | 5,107,497 | ||
| Including： | ||||
| Recognize at a certain time point | 445,160,078 | 445,160,078 | ||
| Recognize in a certain period of time | 24,394,086 | 24,394,086 | ||
| Including： | ||||
| Including： | ||||
| Total | 469,554,164 | 469,554,164 |
Information related to performance obligations:
| Commodity type | Usual performance time of performance obligation | Important payment terms | Commodity nature |
| Electric power | When power is supplied to the grid company | Cash settlement/monthly settlement | Electric power |
| Power generation products | When heat energy is supplied to customers who buy heat, | Power generation by-product commodity | |
| Labor service | When by-products such as fly ash generated by power generation are transported to the agreed delivery place, | Labor service |
Information related to the transaction price apportioned to the residual performance obligation:
The income corresponding to the performance obligations that have not been performed or have been performedincompletely but the contract has been signed at the end of the reporting period is RMB 0, of which RMB 0 isexpected to be recognized as income in the year, RMB 0 is expected to be recognized as income in the year, andRMB0 is expected to be recognized as income in the year.It is the margin deposit that Huizhou Pingdian Integrated Energy Co., Ltd. ("Pingdian Integrated"), a subsidiary ofthe Group, applied to the bank to issue a performance guarantee for participating in the electricity sales businessin Guangdong Electric Power Trading Center.
Other note：
5. Investment income
In RMB
| Items | Amount of current period | Amount of previous period |
| Long-term equity investment income accounted by cost method | 1,092,290,730 | 754,387,025 |
| Long-term equity investment income accounted by equity method | 211,523,852 | 270,083,891 |
| Investment income from the disposal of tradable financial assets | 252,763 | |
| Dividend income from investments in other equity instruments during the holding period | 21,370,444 | 30,580,379 |
| Other | 10,400,300 | 10,171,424 |
| Total | 1,335,585,326 | 1,065,475,482 |
6.Other
XVII. Supplement information
1. Particulars about current non-recurring gains and loss
√ Applicable □ Not applicable
In RMB
| Items | Amount | Notes |
| Non-current asset disposal gain/loss(including the write-off part for which assets impairment provision is made) | 51,176,776 | Yuejia Company liquidated the proceeds from the sale of machinery and equipment. |
| Govemment subsidy recognized in current gain and loss(excluding those closely related to the Company’s business and granted under the state’s policies) | 8,974,941 | Mainly due to Zhenneng Company received unemployment insurance rebate and Guangqian Company received subsidy for stable growth of electricity. |
| Other non-business income and expenditures other than the above | -285,673 | |
| Fines and overdue payment fees | -2,784,751 | |
| Non-current assets scrap income | 8,035,492 | Mainly due to the income from scrapped fixed assets of Zhongyue Company and Pinghai Power Plant. |
| Loss of Non-current assets scrapped | -1,124,738 | |
| Less: Amount of influence of income tax | 16,693,859 | |
| Influenced amount of minor shareholders’ equity (after tax) | 18,156,402 | |
| Total | 29,141,786 | -- |
Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition inthe Explanatory Announcement No.1 on Information Disclosure for Companies Offering Their Securities to thePublic-Extraordinary Gains and Losses, or classifies any extraordinary gain/loss item mentioned in the saidexplanatory announcement as a recurrent gain/loss item.
□ Applicable √Not applicable
2. Return on net asset and earnings per share
| Profit of report period | Weighted average return on equity(%) | Earnings per share | |
| Basic earnings per share(yuan/share） | Diluted earnings per share(yuan/share) | ||
| Net profit attributable to the Common stock shareholders of Company. | 3.03% | 0.1550 | 0.1550 |
| Net profit attributable to the Common stock shareholders of Company after deducting of | 2.91% | 0.1494 | 0.1494 |
3.The differences between domestic and international accounting standards
（1）Simultaneously pursuant to both Chinese accounting standards and international accounting standardsdisclosed in the financial reports of differences in net income and net assets.
√ Applicable □ Not applicable
In RMB
non-recurring gain/loss.
| Net profit | Net assets | |||
| Amount in the reporting period | Amount in the previous period | End of the reporting period | Beginning of the reporting period | |
| According to CAS | 813,684,495 | 581,569,383 | 26,356,282,412 | 26,178,241,077 |
| Items and amount adjusted according to IAS | ||||
| The difference arising from recognition of goodwill after merger of enterprises under the same control | 38,638,777 | 38,638,777 | ||
| Difference arising from recognition of land use value after enterprise merger | -315,000 | -315,000 | 16,655,000 | 16,970,000 |
| Influence on minority interests | 27,060 | 27,060 | 4,891,399 | 4,864,339 |
| According to IAS | 813,396,555 | 581,281,443 | 26,416,467,588 | 26,238,714,193 |
(2) Discrepancy in net profit and net assets as disclosed in the financial report respectively according to theaccounting standards outside Mainland China and CAS
□ Applicable √ Not Applicable
(3) Note to the discrepancy in accounting data under the accounting standards outside Mainland China. In case thediscrepancy in data which have been audited by an overseas auditing agent has been adjusted, please specify thename of the overseas auditing agent.
| (a) | The difference arising from recognition of goodwill after merger of enterprises under the same control and recognition of land value after enterprise merger. |
| As required by new Chinese accounting standards, the goodwill formed by the merger of enterprises under the same control shall not be recognized and capital surplus shall be adjusted. Under IFRS, the golldwill formed by the merger of enterprises under the same control shall be recognized and equal to the difference between merger cost and share of fair value of recognizable net assets of the purchased party obtained in merger. Meanwhile, all assets of the purchased party obtained in merger shall be accounted for according to their fair value while such assets shall be accounted for according to their book value according to original Chinese accounting standards for business enterprises. Therefore, this difference will continue to exist. | |
| (b) | Influence on minority interests |
| Housing reform loss occurred to the Company and some holding subsidiaries. Therefore, there’s some influence on minority interests. |
4.Other
XII. Documents available for inspection
1.Text of Semi-annual report carrying the signature of Chairman of the Board;
2.Financial statements bearing the seal and signature of legal representative, financial controller and the person incharge of the accounting organ;
3.All original copies of official documents and notices, which were disclosed in Securities Times, China Securitiesand Hong Kong Commercial Daily (Both English and Chinese version);
4.The article of association of the Company;
5. English version of the semi-annual report.
The documents mentioned above are kept in office, and are ready for reference at any time (except public holidays,Saturday and Sunday).
The Board of Directors of Guangdong Electric Power Development Co., Ltd.
Chairman of the Board: Wang JinAugust 28, 2020