GUANGDONGELECTRICPOWERDEVELOPMENTCO.,LTD.

TheSemi-annualReport2025

August,2025

I.ImportantNotice,TableofContentsandDefinitionsTheBoardofDirectors,DirectorsandSeniorExecutivesoftheCompanyherebyguaranteesthattherearenomisstatement,misleadingrepresentationorimportantomissionsinthisreportandshallassumejointandseveralliabilityfortheauthenticity,accuracyandcompletenessofthecontentshereof.Mr.ZhengYunpeng,TheCompanyleader,Mr.LiuWei,ChieffinancialofficerandtheMr.MengFei,thepersoninchargeoftheaccountingdepartment(thepersoninchargeoftheaccounting)herebyconfirmtheauthenticityandcompletenessofthefinancialreportenclosedinthissemi-annualreport.

Withtheexceptionofthefollowingdirectors,otherdirectorsattendedtheBoardmeetingtoreviewthesemi-annualreport.

Themainbusinessofthecompanyistheinvestment,constructionandoperationmanagementofpowerprojectsandnewenergyprojects.Fortherisksandcountermeasuresthatthecompanymayfaceinitsfuturedevelopment,RefertoSection10ofChapterIIIofthisannualreport-situationfacedandcountermeasuresforrelevantinformation.

TheCompanyWillnotdistributecashdividendorbonusshares,neithercapitalizingofcommonreserves.

TableofContents

I.ImportantNotice,TableofcontentsandDefinitionsII.CompanyProfile&FinancialHighlights.III.ManagementDiscussion&AnalysisIV.CorporateGovernance,EnvironmentalandSocialResponsibilityV.ImportantEventsVI.ChangeofsharecapitalandshareholdingofPrincipalShareholdersVII.CorporateBondVIII.FinancialReportIX.OthersubmittedDate

Documentsavailableforinspection

1.Financialstatementsbearingthesealandsignatureoflegalrepresentative,financialcontrollerandthepersoninchargeoftheaccountingorgan;

2..Alloriginalcopiesofofficialdocumentsandnotices,whichweredisclosedinChinaSecuritiesJournal,SecuritiesTimes,ShanghaiSecuritiesNews,SecuritiesDailyandHongKongCommercialDaily(BothEnglishandChineseversion);

3.Chineseversionofthesemi-annualreport.

Thedocumentsmentionedabovearekeptinoffice,andarereadyforreferenceatanytime(exceptpublicholidays,SaturdayandSunday).

Definition

II.CompanyProfile&FinancialHighlights.

I.CompanyProfile

Ⅱ.Contactpersonandcontactmanner

III.Otherinfo.

1.WayofcontactWhetherregistrationaddress,officeaddressandcodesaswellaswebsiteandemailoftheCompanychangedinreportingperiodornot

□Applicable√NotapplicableRegistrationsaddress,officesaddressandcodesaswellaswebsiteandemailoftheCompanyhavenochangeinreportingperiod,foundmoredetailsinannualreport2023.

2.InformationinquiryWhetherinformationdisclosureandpreparationplacechangedinreportingperiodornot

□Applicable√NotapplicableNoneoftheofficialpress,website,andplaceofenquiryhavebeenchangedinthesemireportingperiod.FordetailspleasefindtheAnnualReport2024.

3.OtherrelevantinformationDidanychangeoccurtootherrelevantinformationduringthereportingperiod?

□Applicable√Notapplicable

IV.SummaryofAccountingdataandFinancialindexWhetherithasretroactiveadjustmentorre-statementonpreviousaccountingdata

□Yes√No

V.Thedifferencesbetweendomesticandinternationalaccountingstandards

1).SimultaneouslypursuanttobothChineseaccountingstandardsandinternationalaccountingstandardsdisclosedinthefinancialreportsofdifferencesinnetincomeandnetassets.

□Applicable□√NotapplicableNone

2).DifferencesofnetprofitandnetassetsdisclosedinfinancialreportspreparedunderoverseasandChineseaccountingstandards.

□Applicable√NotapplicableNone

VI.Itemandamountofnon-currentgainsandlosses

√Applicable□Notapplicable

InRMB

Detailsofotherprofitandlossitemsthatmeetthenon-recurringprofitandlossdefinition

□Applicable√NotapplicableNoneFortheCompany’snon-recurringgain/lossitemsasdefinedintheExplanatoryAnnouncementNo.1oninformationdisclosureforCompaniesOfferingtheirSecuritiestothePublic-Non-recurringGainsandLossesanditsnon-recurringgain/lossitemsasillustratedintheExplanatoryAnnouncementNo.1oninformationDisclosureforCompaniesofferingtheirsecuritiestothepublic-non-recurringGainsandlosseswhichhavebeendefinedasrecurringgainsandlosses,itisnecessarytoexplainthereason.

√Applicable□Notapplicable

III.ManagementDiscussion&Analysis

Ⅰ.MainBusinesstheCompanyisEngagedinDuringtheReportPeriodTheCompanymainlyengagesintheinvestment,constructionandoperationmanagementofpowerprojects,andtheproductionandsalesofelectricpower.Itbelongstothepower,heatproductionandsupplyindustryclassifiedinthe“GuidelinesfortheIndustryClassificationofListedCompanies”bytheChinaSecuritiesRegulatoryCommission.Sinceitsfoundation,theCompanyhasalwaysadheredtothebusinesstenetof“Capitalfromthepeople,usingitforelectricity,andbenefitingthepublic”andadherestothebusinesspolicyof“Centeringonthemainbusinessofelectricity,withdiversifieddevelopment”,focusingonthemainbusinessofpowerandmakingthepowerstructuregodiversified.Inadditiontothedevelopment,constructionandoperationoflarge-scalecoal-firedpowerplants,italsohascleanenergyprojectssuchasLNGpowergeneration,windpowergenerationandhydropowergeneration,whichprovidesreliableandcleanenergytousersthroughthegridcompany.AsofJune30,2025,theCompanyhadacontrollableinstalledcapacityof43.1531millionkilowatts,ofwhich

40.5593millionkilowattswereownedbytheCompanyand2.5938millionkilowattswerecontrolledbytheCompany.Amongthem:coal-firedpowergenerationholdinginstalledcapacityof20.01millionkilowatts,accountingfor49.34percent;gaspowerholdinginstalledcapacityof11.847millionkilowatts,accountingfor

29.21percent;windpowerholdinginstalledcapacityof3.895millionkilowatts,accountingfor9.60percent;photovoltaicholdinginstalledcapacityof4.5745millionkilowatts,accountingfor11.28percent;hydroelectricityholdinginstalledcapacityof132,800kilowatts;Biomassholdinginstalledcapacityof100,000kilowatts;theabovewindpower,hydropower,photovoltaic,biomassandotherrenewableenergypowergenerationholdinginstalledcapacityof8.7023millionkilowatts,accountingfor21.46%.Inaddition,TheentrustedmanagementinstalledcapacitybytheCompanyis8.954millionkilowatts(6.65millionkilowattsofthermalpower,2.204millionkilowattsofhydropower,and100,000kilowattsofwindpower),andthetotalcontrollableinstalledcapacityandentrustedmanagementinstalledcapacityare51.7951millionkilowatts.

Thecompany'sprimarysourceofrevenueiselectricityproductionandsales,withthemajorityofitsmainbusinessrevenueoriginatingfromwithinGuangdongProvince.Thecompany'selectricitysalespricesaredividedintogrid-connectedelectricitypricesapprovedbythegovernmentpriceregulatoryauthorityandtransactionpricesgeneratedthroughmarkettransactionsconductedinaccordancewithpowermarkettradingrulesandrelateddocuments.AccordingtodatafromtheGuangdongProvincialPowerTradingCentre,in2025,thetotalvolumeofbilateralnegotiatedtransactionsinGuangdongProvincewas331.008billionkilowatt-hours,withanaveragetransactionpriceof391.86yuanperkilowatt-hour,representingayear-on-yeardecreaseof15.84%.Duringthereportingperiod,thecompany'sgrid-connectedelectricitygenerationwas53.366billionkilowatt-hours,ayear-on-yeardecreaseof1.00%;Theaveragegrid-connectedelectricitypriceintheconsolidatedfinancialstatementswas480.01yuanperMWh,adecreaseof59.49yuanperMWhyear-on-year,representingadeclineof

11.02%;operatingrevenuewas2,314,144millionyuan,adecreaseof293,735millionyuanyear-on-year,representingadeclineof11.26%.TheCompany'smainbusinessisthermalpowergeneration,thefuelcostsaccountforalargeproportionofoperatingcosts,andfluctuationsincoalandnaturalgaspriceshaveagreatimpactontheCompany'soperatingperformance.Duringthereportingperiod,theCompany'sfuelcostwas14,988.17millionyuan,accountingfor

71.17%oftheoperatingcost,benefitingfromthedeclineinfuelprices,andthefuelcostdecreasedby1,913.99millionyuanYOY,adecreaseof11.48%.

Inthefirsthalfof2025,withthegradualreleaseofpowergenerationbusinesscapacity,theCompany'sprofitabilityhasrecovered,theoperatingcontributionofthenewenergybusinesshasbeenfurtherimproved,andtheoverallperformancehasturnedlossesintoprofitscomparedwiththefirstquarter.However,duetotheintensificationofcompetitionintheelectricitymarketandtheimpactofrelatedpolicies,theon-gridpriceoftheCompany'sthermalpowerandnewenergypowergenerationbusinessfellsignificantlyinthefirsthalfoftheyear,resultinginadecreaseinrevenuehigherthanthecostreductionandaYOYdeclineinaveragegrossprofitforpowergeneration,thereforetheCompany'soperatingperformancerecordedsharpdeclineYOY.Inthesecondquarterof2025,theCompanyachievedanetprofitattributabletotheparentCompanyof32.48millionyuan,aYOYdecreaseof870.46millionyuan.Amongthem,theCompany'scoal-firedpowerbusinessachievedanetprofitattributabletotheparentcompanyof29millionyuan;thenetprofitattributabletotheparentcompanyofthegaselectricitybusinesswas-217.9millionyuan;thenetprofitattributabletotheparentcompanyofthehydropowerbusinesswas-5.27millionyuan;thenetprofitattributabletotheparentcompanyofthenewenergybusinesswas102.88millionyuan;TheCompany'sinvestmentbusinessachievedanetprofitattributabletotheparentcompanyof120.47millionyuan.TheCompanyshallcomplywiththedisclosurerequirementsofpower-relatedindustriesintheGuidelineNo.3forSelf-regulationofListedCompaniesofShenzhenStockExchange-IndustryInformationDisclosure.AsofJune2025,theCompanyhasatotalofabout8,469,500kilowattsofnewenergysuchaswindpowerandphotovoltaics,includingabout2,201,500kilowattsofoffshorewindpower,about1,693,400kilowattsofonshorewindpower,andabout4,574,500kilowattsofphotovoltaicpowergeneration;Inthefirsthalfof2025,theCompanyadded1,193,600kilowattsofnewenergyinstallations,including500,000kilowattsofwindpowerand693,600kilowattsofphotovoltaics;thetotalinstalledcapacityofphotovoltaicprojectssuchasKaramayprojectinXinjiangis915,000kilowatts,andatotalof200,000kilowattsofwindpowerprojectsareinareassuchasGansuandShanxi;theprojectswithdecisioncompletedtoconstructhaveatotalof672,000kilowatts.Inthefuture,theCompanywillcontinuetoactivelygraspthedevelopmenttrendofacceleratingenergytransformationunderthegoalsof"carbonpeak"and"carbonneutrality",implementthespecificdeploymentofthe"1310"oftheGuangdongProvincialPartyCommittee,furtherexpandhigh-qualitynewenergyprojectresources,andbuildanecologicalcivilizationpowergenerationenterprise.II.AnalysisOnCoreCompetitiveness

1.ThelargestlistedcompanyofpowerinGuangdongTheCompany'smainpowergenerationassetsarelocatedinGuangdongProvince,withatotalassetsizeofmorethan181.156billionyuan，Itisthelargestlistedcompanywithstate-ownedassetsinGuangdongProvince.AsofJune30,2025,theCompany,asthelargestlistedpowercompanyinGuangdongProvince,Ithasatotalof

34.9984millionkilowattsofunifieddispatchunitsintheprovince,accountingfor14.83%oftheinstalledcapacityofGuangdongProvince.

2.StrongbackgroundandresourceadvantagesGuangdongEnergyGroup,thecontrollingshareholderofthecompany,asaprovincialkeyenergyenterprise,hasbeenactivelysupportinglistedcompaniestobecomebetterandstrongerbyusingtheadvantagesofitsresources,technologyandassetscale.AstheonlylistedcompanyandmainforceofGuangdongEnergyGroup,thecompanyhasalwaysbeensubordinatedtoservingtheoverallsituationofthereformanddevelopmentofGuangdongProvinceandGuangdongYudeanGroup.Ithasdeeplycultivatedthemainpowerindustry,actively

playedthevaluediscoveryfunctionandresourceallocationfunctionofthecapitalmarket,andassistedthereformanddevelopmentofGuangdongProvince'senergyresources.

3.ComprehensiveadvantagesofmainbusinessDuringthe"14thFive-YearPlan"period,Guidedbythenationalenergydevelopmentstrategy,theCompanyisimplementingthe"1310strategy-tobuildafirst-classgreenandlow-carbonpowerlistedcompany,coordinatesafetyanddevelopment,optimizeandstrengthencoal,gasandbiomasspowergenerationservices,andvigorouslydevelopnewenergy,energystorage,hydrogenenergyandlandparkdevelopment.TheCompanyhasabundantprojectreservesandbroaddevelopmentprospects;Withclearmainbusiness,reasonablestructure,outstandingindustrialpositionandmarketshare,ithasstrongcomprehensivestrengthandbroaddevelopmentprospects.

4.CompetitiveadvantageinelectricitymarketThecompany'sgeneratorsethaslargecapacity,highoperationefficiency,stableoperation,superiorenvironmentalprotectionperformanceandstrongmarketcompetitiveadvantage.Inthefirsthalfof2025,thecompanycompletedatotalof50.49billionkilowatt-hoursofelectricityinthemarket,andthescaleofelectricitysalescontinuedtorankfirstintheprovince,withelectricitysalespricessuperiortotheprovince'saverage.Thecompanygivesfullplaytoitsthreeadvantagesofscale,brandandservice.Withitsmarketingservicenetworkallovertheprovinceanditstechnicalaccumulationandcomprehensiveresourcesinthepowerindustry,thecompanyprovidesauxiliaryvalue-addedservicessuchaspeakregulation,frequencymodulationandbackupforthepowergrid,andprovideshigh-qualityvalue-addedservicessuchascomprehensiveenergysavingandpowerconsumptionconsultationforusers,thusrealizingthetransformationfromapowergenerationenterprisetoanenergycomprehensiveserviceenterprise.

5.AdvantageoffinancialresourcesThecompany'stotalassetscurrentlyamountto181.157billionyuanandthecashflowofitsstockbusinessisabundant,whichprovidesagoodsupportfortheCompany'ssustainabledevelopment.TheCompanyisingoodfinancialcondition,withsmoothfinancingchannelssuchasbankcredit,bondsandsecuritiesmarketsanddiversifiedfinancingmethods.TheCompanywillmakefulluseofinternalandexternalfinancialresourcestoprovidestrongfinancialguaranteefortheenterpriseproductionandoperation,keyprojectconstructionandrapiddevelopmentofnewenergyindustries.

6.RegionaldevelopmentadvantagesAsthemainenergysourceinGuangdongProvince,thecompanyshoulderstheimportanttaskofhelpingGuangdongProvincetobuildaclean,low-carbon,safeandefficientmodernenergysystem.TheCompanywill

activelyintegrateintothedevelopmentoftheGuangdong-HongKong-MacaoGreaterBayArea,steadilypromotetheconstructionofkeyenergyprojectsandnewenergydevelopmentintheprovince,activelyseektoexpandtoregionswithbetterresourceconditionsandhigherpowerdemand.BasedonGuangdong,TheCompanywillcarryoutthelayoutinthewholecountry,andhelptheimplementationofthe"30·60"goal.

III.MainbusinessanalysisFoundmorein"I.MainbusinessesoftheCompanyinthereportingperiod"Changesinthefinancialdata

InRMB

MajorchangestotheprofitstructureorsourcesoftheCompanyinthereportingperiod

□Applicable√NotapplicableTheprofitcompositionorsourcesoftheCompanyhaveremainedlargelyunchangedduringthereportperiod.

ComponentofBusinessIncome

InRMB

(2)SituationofIndustry,ProductandDistrictOccupyingtheCompany’sBusinessIncomeandOperatingProfitwithProfitover10%

√Applicable□Notapplicable

InRMB

Undercircumstancesofadjustmentinreportingperiodforstatisticscopeofmainbusinessdata,adjustedmainbusinessbasedonlatestoftheyear’sscopeofperiod-end.

□Applicable√Notapplicable

IV.AnalysisofNon-coreBusiness

□Applicable√NotapplicableV.Analysisofassetsandliabilities

1.Significantchangesinassetcomposition

InRMB

2.Mainassetsoverseas

□Applicable√Notapplicable

3.AssetandLiabilitiesMeasuredbyFairValue

√Applicable□Notapplicable

InRMB

Didgreatchangetakeplaceinmeasurementoftheprincipalassetsinthereportingperiod?

□Yes√No

4.RestrictedassetrightsasoftheendofthisReportingPeriodOnJune30,2025,individualsubsidiariesoftheGrouppledgedtherighttoimposeelectricitychargestobankstoobtainlong-termloansof4,570,263,542yuanwhich:thebalanceoflong-termloansduewithinoneyearwas357,839,261yuan(asofDecember31,2024:5,171,411,604yuan),including:thelong-termborrowingsduewithinoneyearamountedto451,067,263yuan.

VI.Investmentsituation

1.General

√Applicable□Notapplicable

2.ConditionofAcquiringSignificantShareRightInvestmentduringtheReportPeriod

√Applicable□Notapplicable

InRMB

3.SituationoftheSignificantNon-equityInvestmentUndergoingintheReportPeriod

□Applicable√Notapplicable

4.InvestmentofFinancialAsset

（1）Securitiesinvestment

√Applicable□Notapplicable

InRMB

（2）InvestmentinDerivatives

□Applicable√NotapplicableTheCompanyhadnoinvestmentinderivativesinthereportingperiod.

5.Applicationoftheraisedcapital

□Applicable√NotapplicableTheCompanyhadnoapplicationoftheraisedcapitalinthereportingperiod.VII.Salesofmajorassetsandequity

1.SituationofSignificantAssetSale

□Applicable√Notapplicable

2.Salesofmajorequity

□Applicable√NotapplicableVIII.AnalysisoftheMainShareHoldingCompaniesandShareParticipatingCompanies

√Applicable□NotapplicableSituationofMainSubsidiariesandtheJoint-stockCompanywithover10%netprofitinfluencingtheCompany

InRMB

AcquirementanddisposalofsubsidiariesintheReportingperiod

√Applicable□Notapplicable

Note

（1）Duringthereportingperiod,duetotheintensifiedcompetitionintheelectricitymarketandrelatedpolicyreasons,theon-gridtariffdecreasedyear-on-year，

TheoperatingperformanceofsomeoftheCompany'sthermalpowerplantsandnewenergyprojectsdeclinedYOY.Duetothecontinuedhighgasprices,theoperationofsomegaspowerplantsundertheCompanywasunderpressure,andtheoperatinglossesexpandedYOY;

（2）Affectedbythedeclineincoalprices,theCompany'sinvestmentincomeinShanxiEnergyhasdecreasedyear-on-year;

IX．StructuredvehiclecontrolledbytheCompany

√Applicable□NotapplicableGFSecuritiesAssetManagement(Guangdong)Co.,Ltd.("GFSecurities")issuedtheGuangdongWindPowerCompanyNewEnergyInfrastructureInvestmentGreenCarbonNeutralityAsset-BackedSpecialPlanin2024,usingthewindpowerprojectsheldbytheGroup’ssubsidiaries,DianpingYuanfengandHerunNewEnergy,astheunderlyingassets.InaccordancewiththerequirementsofNo.33ofAccountingStandardsforBusinessEnterprises-Consolidation,thecompanyincludedonestructuredentitythatmeetsthedefinitionof"control"inthescopeofconsolidatedstatements.AsofJune30,2025,theequityoftheaforementionedstructuredentityattributabletotheGroupwasRMB175,188,800,andtheequityattributabletootherequityholderswaspresentedasminorityshareholders'equityintheconsolidatedstatements,whichthetotalamountwasRMB962,400,813.X.RisksfacingtheCompanyandcountermeasures

1.Worksafetyrisk

Enteringthepost-floodseason,it’sexpectedthatthelandfalltyphoonwillbestrongandtheimpactwillbeheavy,andthephasedandlocalmeteorologicaldisasterswillbemoreprominent,andtheriskofthreepreventionswillincrease.Thepeaksummerandthespotfreightadjustmentrulesoftheelectricitymarketleadtothedeepadjustmentoftheloadoftheunitandthefrequentstartandstop,whichaffectsthesafetyoperationreliabilityandeconomyoftheunit.Therearemanyprojectssuchasinfrastructure,maintenance,andtechnicaltransformation,involvingawiderangeofhigh-riskoperationpoints,andsafetycontrolisdifficult.Countermeasures:First,closelymonitorrainfallandfloodconditions,urgeallunitstostrengthenconsultationandanalysis,andpromptlyinitiateemergencyresponsemeasuresbasedonfloodpreventionanddisasterreliefwarninginformationandemergencyresponsestatusreleasedbylocalgovernments,implementdefensivemeasures,andstrictlyandeffectivelycarryoutfloodandtyphoonpreventionwork;Second,strengthenequipmentmaintenance,operationmanagement,andtechnicalsupervision,improvetheequipmentmanagementsystem,doagoodjobofequipmentoperationandmaintenance,andimprovethereliabilityofpowergenerationequipment;Third,strengthensafetymanagementforinfrastructure,maintenance,andtechnicalrenovationprojects,resolutelypreventandcurbtheoccurrenceofpersonalaccidents,andfirmlyupholdthefoundationofsafeproduction.

2.IncreasinglyfiercecompetitionintheelectricitymarketWiththegradualdeepeningofelectricityreform,theoperatingdifficultiesofgeneratorsetsinGuangdongProvincehavebecomemoreandmoreintense.Thelarge-scalegridconnectionofnewenergysqueezesthepowergenerationspaceoftraditionalunits,whileinthenormalizationoflow-pricecompetitioninmarket-orientedtransactions,theprofitspaceofcoalpowerandgaspowercontinuestonarrow,andthepricingpoweroftraditionalunitsisfurtherdiluted,especiallyduetohighfuelcosts,thegaselectricityoftenfallintothedilemmainthelowpriceenvironmentofthespotmarket.Countermeasures:First,sparenoefforttoexpandthemarket.Strengthenthepowergenerationprocessmanagement,optimizetheoperationmodeoftheunits,ensuretheimplementationofvarioustypesofelectricitycontractsforthermalpowerunits,andensurethatnewenergyunitscangeneratemoreelectricityatfullcapacity,strivingtoachievetheCompany'sannualelectricitytarget.Second,strengthentheanalysisandjudgmentoftheelectricitymarket,dynamicallyoptimizemarketcompetitionstrategies,continuouslyimproveandstrengthenthe

constructionoftheelectricitymarketingsystem,striveforthetariffofelectricitytradedinthemarketabovethemarketaveragelevel,furtherimprovethecollaborativeoperationmechanismoftheelectricityspotmarket,andscientificallyformulatethetradingstrategies.Third,focusoncostcontrol.Strengthentheideaofleadinganausterelife,strictlycontrolgeneralmanagementexpensesandnonproductionexpenses,strivetocontrolpowergenerationandoperatingcosts,andimprovetheCompany'smarketcompetitiveness.

3.RiskofpowerstructureadjustmentUnderthebackgroundofcarbonpeakingandcarbonneutrality,aswellasthe"30?60"goal,energyproductionandconsumptionareacceleratingtowardslowcarbontransformation.AccordingtoChina'srequirementsofoptimizingtheenergystructure,thermalpowerwillgraduallychangefromthemainpowersupplytothebasicpowersupplyofpeakshavingandfrequencymodulation,andtheinstalledcapacityandpowergrowthofnewenergysuchaswindpowerandphotovoltaicpowerwillfurthersqueezethelivingspaceofcoal-firedpowerunits.BytheendofJune2025,theholdinginstalledcapacityoftheCompany'scoal-firedpoweraccountedfor49.3%,whichwashigh,withgreatertransformationpressureofcleanandlow-carbonpowersupply.Countermeasures:First,steadilypromotethetransformationandupgradingofpowersupplystructure,strivetoachievegreaterbreakthroughsinstructuraladjustment,SolidlypromoteDananhaigasandelectricityproject,XinjiangKaramayphotovoltaicproject,Yunfunaturalgascogenerationproject,HuizhouNewMaterialsIndustrialParkcogenerationproject,etc.,toensurethattheprojectinvestmentandconstructionplanarecompletedonschedule.Thesecondistocontinuetoenrichthereserveofnewenergyprojects,activelyexplorethedevelopmentspaceofnewenergyinotherprovincesandregionsinChina,anchorhigh-qualitydevelopmentgoals,andexplorehigh-qualityresources.Thethirdistocontinuetooptimizecarbonassetmanagement,makefulluseofinternalandexternalresources,strengthencarbonemissiondatamanagementandcarbonassetoperationandmanagement,promoteenergyconservationandcarbonreduction,andrealizethevalue-addedandincomeofcarbonassets.XI.FormulationandimplementationofmarketvaluemanagementsystemandvaluationboostplanWhethertheCompanyhasestablishedamarketvaluemanagementsystem?Yes?NoWhethertheCompanyhasdisclosedplansforvaluationboost.

□Yes?No

InaccordancewithTheCompanyLawofthePeople'sRepublicofChina,TheSecuritiesLawofthePeople'sRepublicofChina,theRulesfortheListingofStocksontheShenzhenStockExchange,theRegulatoryGuidelinesforListedCompaniesNo.10-MarketValueManagementandotherrelevantlawsandregulationsandthearticlesofassociationoftheCompany,theCompanyformulatestheMarketValueManagementSystemofGuangdongElectricPowerDevelopmentCo.,Ltd.TheCompanywillfirmlyestablishasenseofreturningshareholders,takemeasurestoprotecttheinterestsofinvestors,especiallysmallandmedium-sizedinvestors,behonestandtrustworthy,standardizeoperations,focusonthemainbusiness,operatesteadily,promotetheimprovementofbusinesslevelanddevelopmentqualitywiththecultivationandapplicationofnewqualityproductivity,andonthisbasis,doagoodjobininvestorrelationsmanagement,enhancethequalityandtransparencyofinformationdisclosure,andactivelytakemeasurestoboostinvestorconfidencewhennecessary,andpromotetheCompany'sinvestmentvaluetoreasonablyreflecttheCompany'squality.

XII.Theimplementationoftheactionplanof"Doubleimprovementofqualityandreturn".WhethertheCompanyhasdisclosedtheactionplanof"Doubleimprovementofqualityandreturn".?Yes□No

1.Focusonthemainresponsibilityandmainbusiness,andbuildafirst-classgreenandlow-carbonpowerlistedcompany.Sinceitsestablishment,theCompanyhasalwaysadheredtothebusinessphilosophyof"drawingcapitalfromthepeople,usingcapitalforelectricity,andbenefitingthepublic"andthebusinesspolicyof"focusingonelectricity,withdiversifieddevelopment",focusingonthemainbusinessofelectricity.Ithasdiversifiedpowerstructureandvariousenergyprojectssuchaslarge-scalecoal-firedpowergeneration,naturalgaspowergeneration,biomasspowergeneration,windpowergeneration,solarpowergeneration,andhydropowergeneration,toprovidereliableandcleanenergytousersthroughthepowergridcompany.AsofJune30,2025,theCompanyhasacontrollableinstalledcapacityof43.1531millionkilowatts,including20.01millionkWcontrollinginstalledcapacityofcoal-firedpower,11.847millionkWcontrollinginstalledcapacityofgas-firedpower,and8.7023millionkWcontrollinginstalledcapacityofnewenergysuchaswindpowerandphotovoltaicpower,andatotalcontrollableinstalledcapacityandentrustedmanagementinstalledcapacityof

51.7951millionkW.ItisthelargestlistedpowercompanyinGuangdongProvinceintermsofinstalledcapacity.

2.Strengthenscienceandtechnologyleadershipandactivelycultivateanddevelopnewproductiveforces.Thecompanyactivelyimplementsascienceandtechnologyinnovation-drivenstrategyandorderlybuildsadeeplyintegrated“industry-academia-research-application”system.Since2023,thecompanyhasaddedoneprovincial-levelrecognisedR&Dplatform,threemunicipal-levelrecognisedR&Dplatforms,undertakenonenationalkeyR&Dproject,andthreeprovincialkeyR&Dprojects;in2025,itadded17nationalindustryR&Dachievements,26authorisedutilitymodelpatents,and11inventionpatents.

3.Valueshareholderreturns,stabilizedividends,andsharethefruitsofbusinessdevelopment.TheCompanyattachesgreatimportancetoprotectingtherightsandinterestsofinvestorsandadherestotheprincipleof"Anyprofitmustbedistributed".Ithasbeeninsistingondistributingdividendsandcashtoitsshareholders,exceptforoccasionallossesincurredinfulfillingitspowerenergysecurityresponsibilitiesin2021-2022.TheCompany's

cashdividendpolicygoalisnormaldividendsplusadditionaldividends.TheCompany'sannualcashdistributionshallbenotlessthan10%ofthedistributableprofitrealizedintheyear,andthecumulativeprofitdistributedincashinthelastthreeyearsshallbenotlessthan30%oftheaverageannualdistributableprofitrealizedinthelastthreeyears.WhentheCompanydistributesprofits,theproportionofcashdividendsintheprofitdistributionshallreachaminimumof20%.Sinceitslistingin1993,ithasdistributedatotalof13.271billionyuanincashtoshareholders,accountingfor41.96%oftheCompany'scumulativenetprofitattributabletotheparentcompanyinhistoricalprofityears,whichis4.81timestotheCompany'sraisedfunds,whichfullyreflectstheCompany'sgoodoperatingperformanceandsincerereturnstoinvestors.

4.Standardizeinformationdisclosureandstrengtheninvestorrelationmanagement.TheCompanystrictlyadherestotheprovisionsoflawsandregulationssuchastheCompanyLawandtheManagementMeasuresforInformationDisclosureofListedCompanies,andfollowstheprinciplesof"truthfulness,accuracy,completeness,timeliness,andfairness"tofulfillitsinformationdisclosureobligationsinaccordancewiththelaw.Itsinformationdisclosurehasbeenrated"A"bytheShenzhenStockExchangeforelevenconsecutiveyears.TheCompanywillcontinuetofocusonimprovingtransparencyandleadbyinvestordemand,andenhancethepertinenceandeffectivenessofinformationdisclosurethroughvoluntaryreleaseofdisclosureannouncementon

quarterlypowergenerationcompletioninformationandothermeasures;Atthesametime,itwillcontinuetostrengtheninvestorrelationmanagement,establishamulti-channelandmulti-levelinvestorcommunicationsystemthroughon-siteinvestorresearch,investorhotlines,emails,theShenzhenStockExchange'splatform(irm.cninfo.com.cn),performancebriefings,andotherforms,increaseinvestors'(especiallythemediumandsmallinvestors')understandingoftheCompany'sproductionandoperation,andbuildapositiveinteractiveinvestorrelationship,toprovideinvestorswithareal,transparent,andcompliantGuangdongElectricPower.

IVCorporateGovernance,EnvironmentalandSocialResponsibilityI.Changesofdirectors,supervisorsandseniorexecutives

?Applicable□Notapplicable

II.Profitdistributionplanandcapitalizingofcommonreservesplanfortheperiod

□Applicable?NotapplicableTheCompanyhasnoplansofcashdividenddistributed,nobonussharesandhasnoshareconvertedfromcapitalreserveeitherforthesemi-annual.III.Implementationofthecompany’sstockincentiveplan,employeestockownershipplanorotheremployeeincentives

□Applicable?NotapplicableTheCompanyhadnoimplementationofthecompany’sstockincentiveplan,employeestockownershipplanorotheremployeeincentivesinthereportingperiod.IV.EnvironmentalinformationdisclosuresituationWhetherthelistedcompaniesandtheirmainsubsidiariesareincludedinthelistofenterprisesthatdiscloseenvironmentalinformationaccordingtolaw

?Yes□No

TheCompanyshallcomplywiththedisclosurerequirementsofpower-relatedindustriesintheGuidelineNo.3forSelf-regulationofListedCompaniesofShenzhenStockExchange-IndustryInformationDisclosure.

1.TheCompanyhasstrictlyabodebytheEnvironmentalProtectionLawofPeople'sRepublicofChina,theLawofthePeople'sRepublicofChinaonthePreventionandControlofAtmosphericPollution,theLawofthePeople'sRepublicofChinaonthePreventionandControlofWaterPollutionandtheLawofthePeople'sRepublicofChinaonPreventionandControlofEnvironmentalPollutionbySolidWastetocarryoutproductionandbusinessactivities.Inthefirsthalfof2025,theCompany'sthermalpowerplant'soperatingexpensesforimplementingenvironmentalprotectionpoliciesandregulationsweremainlyduetothepurchaseoflimestoneanddenitrationmaterials,totalingaboutRMB89.08million.theCompanypaidenvironmentalprotectiontaxof9.53

millionyuan.

2.Inthefirsthalfof2025,thestandardcoalconsumptionoftheCompany'sthermalpowerplantwas

291.42g/kWh,thesulfurdioxideemissionperformancevaluewas0.051g/kWh,thenitrogenoxideemissionperformancevaluewas0.122g/kWh,andthesootemissionperformancevaluewas0.008g/kWh.Including:theoperationrateofdesulfurizationdeviceof100%,withanaveragedesulfurizationefficiencyof99.86%;theaverageoperationrateofdenitrationdeviceof99.81%,withanaveragedenitrationefficiencyof87.04%;andtheoperationrateofdrydedustingdeviceof99.99%,withanaveragededustingefficiencyof99.86%.

3.Inthefirsthalfof2025,theCompanyadded500,000kilowattsofwindpowerand693,600kilowattsof

photovoltaics,whichisexpectedtocontributeabout2.472billionkWhofcleanenergyperyear,saveabout772,900tonsofstandardcoalandreducecarbondioxideemissionsbyabout2,052,900tons,whichisequivalenttorebuilding5,189hectaresofforest.

Informationrelatedtoenvironmentalaccidentsofthelistedcompany

Inthefirsthalfof2025,therewerenoenvironmentalaccidentsintheCompany.

V.SocialresponsibilitiesIn2025,theCompanyhasactivelyrespondedtothenationalruralrevitalizationstrategy,thoroughlyimplementedthedeploymentofthe"High-qualityDevelopmentProjectof100Counties,1000Townsand100Villages"inGuangdongProvince,andactivelycarriedoutconsumptionassistanceincombinationwiththelocaldevelopmentsituation,continuouslyexploredandpracticednewconsumptionpovertyalleviationmodels,andsetupaspecialworkinggrouptosolidlypromotetheworkofhelpingvillagesintowns,accuratelymettheneedsoftheassistanceareas,andcontinuedtodeliverkeyresourcessuchasfunds,technologyandtalents,soastocontributetotheruralrevitalizationandregionaldevelopmentofGuangdongProvince.

1.HongHaiwanPowerGenerationCompanycounterparthelpsJishuiVillage,BawanTown,LufengCitySinceAugust2021,theCompanyhasselectedvillagecadrestogotoJishuiVillage,BawanTown,LufengCity,tocarryoutruralrevitalizationworkaroundthefivemajorrevitalizationsofJishuiVillage,includingindustry,talents,culture,ecologyandorganization.Inthefirsthalfof2025,inordertodoagoodjobinassistance,theCompanyappliedfor240,000yuanofprojectfundstohelpJishuiVillageenhancethe"PearlNo.5"styleimprovementprojectinJishuiVillage,andhelpJishuiVillagebuildagreenandbeautifulecologicalcounty.Meanwhile,youthforesttreeplantingactivitieswerecarriedouttohelptheecologicalconstructionofgreenandbeautifulGuangdong.845treeswereplantedinHonghaiwanEconomicDevelopmentZoneandJishuiVillage,BawanTown,LufengCity,ShanweiCity(ruralrevitalizationassistancepoint).Meanwhile,the"onlinecloudplantingandbreeding"activitywascarriedoutthroughtheAlipayAntForestpublicwelfareplatformtocarryouttreeseeding,adoption,donationandprotectionofancientandfamoustrees.

2.JinghaiPowerGenerationCompanycounterparthelpsHuilaiCounty,JieyangCityJinghaiPowerGenerationCompanyactivelyparticipatesinruralrevitalizationandselectsspecialpersonneltostayinJinghaiTowntocarryoutassistanceinthetown;BysteadilypromotingtheexpansionprojectofHuilaiPowerPlantUnits5and6(2×1000MW),itprovidesabout1,500jobsforsurroundingvillagesandtownsinthefirsthalfof2025;Morethan30volunteerswereorganizedtogotoGeshanVillage,JinghaiTown,HuilaiCounty,JieyangCitytoparticipateintheactivity,practicetheconceptof"lucidwatersandgreenmountainsaregoldenmountainsandsilvermountains",and"plant"the"millionsofprojects"withvolunteerservices,addingnewcolorstotheecologicalconstructionofLumeiJinghai,andplantingmorethan300variousecologicalsaplingsintheactivity.CombiningthecharacteristicsofGeshanVillage'secologicalresources,theCompanyhelpstocreatea"helpingandco-buildingforest"withbotheconomicbenefitsandlandscapevalue,whichnotonlyimprovestherurallivingenvironment,butalsoinjectsgreenmomentumintoruralrevitalization.

3.ShaoguanPowerPlantcounterparthelpsDongpingTown,RuyuanYaoAutonomousCounty,ShaoguanCityIn2025,ShaoguanPowerPlantattachesgreatimportancetoruralrevitalizationwork,actsactively,andachievesremarkableresults.Thecompanyconductedthreevisitstotownsandvillagestoconductresearchonruralrevitalizationwork,andmadeeveryefforttopromotetheworkofresidentassistancetotownsandvillages.InDongpingTown,manycondolenceactivitiessuchas"NewYear'scondolencesandblessings,warmvisitstopeople'sheartsincoldweather"werecarriedout.Intermsofconsolidatingtheachievementsofpovertyalleviation,ShaoguanPowerPlanthascarriedouttworoundsofnormalizedhouseholdvisitsto211poverty

returnmonitoringhouseholdsinthetown,continuedtoconsolidatethemonitoringworkofpovertyprevention,dynamicallyscreenedout33keyassistanceobjects,effectivelybuiltasolidbottomlineforpovertyprevention,andcontinuedtomakeeffortsforruralrevitalization.

4.YunhePowerGenerationCompanycounterparthelpsYaoguTown,YunfuYunchengDistrictYunhePowerGenerationCompanyactivelyhelpsruralrevitalization,promotesnewenergytothecountryside,carriesouturbanpublicchargingstationsandruralconvenientchargingstationprojects,Itvigorouslypromotestheconstructionofthechargingpileindustry,andhasscientificallyselectedandbuilt8newenergychargingpiles,providingstrongernewmomentumfortheimplementationoftheruralrevitalizationstrategy.Meanwhile,150,000yuanoffundswereappliedfortherenovationofofficelocations,theconstructionof"onehallandfiverooms"andrelatedrooms,andtheconstructionoftheWangcunbasketballcourt.ThebeneficiariesoftheprojectareallvillagersoftheassistancespotofShuidongVillage.

5.ZhanjiangBiomassPowerGenerationCompanycounterparthelpsGangmenTown,SuixiCounty,ZhanjiangProvinceZhanjiangBiomassPowerGenerationCompanyactivelyparticipatesinruralrevitalizationandhasachievedfruitfulresultsincounterpartassistance.Thefirstistoestablisha"oneperson,onehousehold"monitoringmechanismtobuildasolidlineofdefenseagainstpoverty.For8povertyalleviationhouseholdsinthejurisdiction,a"quarterlytrackingandmonthlyreturnvisit"planwasformulated,andtheteamwasledtoverifythemedical,education,andemploymentexpendituresofeachhousehold,whichrelievedtheriskof2poorhouseholdsreturningtopoverty,andtheresultsofpovertyalleviationwereeffectivelyconsolidated;Thesecondistoadapttolocalconditions,promotetheexpansionofbreedingbases,taketheinitiativetocontactexpertsfromZhanjiangOceanUniversity,introduce"ecologicalcircularbreeding"technology,andguidevillagerstoscientificallypreventepidemicsandoptimizefeed.Inthefirsthalfoftheyear,thenumberofchickensandducksgrowthrateinthebaseincreasedby40%YOY,increasingtheincomeofthecollectiveeconomyby20,000yuan;Thethirdistotaketheinitiativetopromotetheimplementationofeducationalassistance.Inthefirsthalfoftheyear,thecadresstationedinthevillageledthetaskforcetotaketheleadinestablishingthe"XinchengVillageEducationPromotionAssociation"tofindoutthesituationofstudentsindifficultyandraise30,000yuanforscholarships.

6.ZhongyueEnergyCompanycounterparthelpsJijiaTown,LeizhouCityInthefirsthalfof2025,inaccordancewiththevillagecommittee'smappingandreporting,thejointchecksofcivilaffairs,theagriculturaloffice,andthetaskforce,andthemethodsstudiedanddeterminedbythetownleaders,20householdswithdifficultiesinlifewerescreenedout,whichwerevisitedandofferedcondolences.Theywentintotheirhomestotalkface-to-face,anddidagoodjobofhelpingandsolvingdifficultiesaccordingtothehousehold.Since2025,thecompanyhasappliedfor383,000yuanofassistancefundsforprojectssuchasJinpanVillageCommittee'sJinpanVillageRoadtoMentoWanRoadMechanizedFarmingRoad,ruralgreeningprojects,androadconstructioninpublicwelfarevillages;Itactivelycarriedouttheinvestigationoflargeplantingandbreedinghouseholdsinthetown,compiledtheinformationof24largeplantingandbreedinghouseholdsin8villagecommitteesinvolving15naturalvillages,graspedthedevelopmentstatusoftheagriculturalindustryindetail,providedabasisfortheaccurateformulationofindustrialassistancepolicies,andinjectedstrongimpetusintotheruralrevitalizationofJijiaTown.

V.ImportantEventsI.Thefulfilledcommitmentsinthereportingperiodandunder-fulfillmentcommitmentsbytheendofthereportingperiodmadebythecompany,shareholder,actualcontroller,acquirer,director,supervisor,seniormanagementpersonnelandotherrelatedparities.

□Applicable√NotapplicableThereisnocommitmentthathasnotbeenfulfilledbyactualcontroller,shareholders,relatedparties,acquirersoftheCompanyII.Particularsaboutthenon-operatingoccupationoffundsbythecontrollingshareholder

□Applicable√NotapplicableNonon-operationalfundoccupationfromcontrollingshareholdersandtheirrelatedpartyinperiod.III.Externalguaranteeoutoftheregulations

□Applicable√NotapplicableNoexternalguaranteeoutoftheregulationsoccurredintheperiod.IV.Appointmentandnon-reappointment(dismissal)ofCPAWhetherthesemi-annualfinancialreporthadbeenaudited

□Yes√NoThesemi-annualreportwasnotauditedV.Explanationon“nonQualifiedOpinion”fromCPAbytheBoardandSupervisoryCommittee

□Applicable√Notapplicable

VI.ExplanationfromtheBoardfor“nonQualifiedOpinion”oflastyear’s

□Applicable√NotapplicableVII.Bankruptcyreorganization

□Applicable√NotapplicableNobankruptcyreorganizationfortheCompanyinreportingperiodVIII.LitigationsandarbitrationsSignificantlitigationsandarbitrations

□Applicable√NotapplicableNosuchcasesinthereportingperiod.Otherlawsuits?Applicable□Notapplicable

ShandongElectricPowerEquipmentCo.,Ltd.suedGaotangFengxuNewEnergyCo.,Ltd.,GuangdongWindPowerCo.,Ltd.,etcforequitytransferdisputecase,ShandongElectricPowerCompany'slitigationclaims:1.GaotangFengxuNew

IX.Penaltyandrectification

□Applicable√NotapplicableDuringthereportingperiod,theCompanyhadnoPenaltyandrectification.X.Integrityofthecompanyanditscontrollingshareholdersandactualcontrollers

□Applicable√NotapplicableXI.Materialrelatedtransactions

1.Relatedtransactionsinconnectionwithdailyoperation

√Applicable□NotapplicableFordetailsofrelatedpartytransactionsrelatedtoroutineoperationsoftheCompanyduringthereportingperiod,pleasereferto"7.Othermajorrelatedpartytransactions".

2.Related-partytransactionsarisingfromassetacquisitionorsale

□Applicable√NotapplicableNosuchcasesinthereportingperiod.

3.Relatedpartytransactionsofjointoutboundinvestment

√Applicable?NotapplicableFordetailsofrelatedpartytransactionsrelatedtoroutineoperationsoftheCompanyduringthereportingperiod,pleasereferto"7.Othermajorrelatedpartytransactions".

4.Creditsandliabilitieswithrelatedparties

□Applicable√Notapplicable

Whetherhasnon-operationalcontactofrelatedliabilityanddebtsornot

□Yes√NoNonon-operationalcontactofrelatedliabilityordebtsinPeriod

5.Transactionswithrelatedfinancecompany,especiallyonethatiscontrolledbytheCompany

√Applicable□Notapplicable

Depositbusiness

Loanbusiness

Creditextensionorotherfinancialservices

6.TransactionswithrelatedfinancecompanycontrolledbytheCompany

□Applicable√NotapplicableNosuchcasesinthereportingperiod.

7.Othersignificantrelated-partytransactions

√Applicable□Notapplicable

1.OnJanuary20,2025,the2ndmeetingofthe11thBoardofDirectorsofthecompanyreviewedandpassedthe"ProposalonDailyConnectedTransactionsbetweentheCompanyandGuangdongEnergyGroupCo.,Ltd.in2025",andthisconnectedtransactionmatterwasreviewedandapprovedforimplementationbythecompany'sfirstextraordinarygeneralmeetingofshareholdersin2025.

2.OnJanuary20,2025,the2ndmeetingofthe11thBoardofDirectorsofthecompanyreviewedandpassedthe"ProposalonSigningthe'FinancialServicesFrameworkAgreement'withGuangdongEnergyGroupFinanceCo.,Ltd.",andthe"ProposalonSigningthe'FinancingLeasingCooperationFrameworkAgreement'withGuangdongEnergyFinancingLeasingCo.,Ltd."Theabove-mentionedconnectedtransactionmatterswerereviewedandapprovedforimplementationbythecompany'sfirstextraordinarygeneralmeetingofshareholdersin2025.

3.OnMay28,2025,the5thmeetingofthe11thBoardofDirectorsofthecompanyreviewedandpassedthe"ProposalonCapitalIncreaseofGuangdongProvincialElectricPowerIndustryFuelCo.,Ltd."Inordertoimprove

theresilienceandsafetyofthesupplychainofGuangdongElectricPowerIndustryChain,theboardofdirectorsagreedthattheCompanyandGuangdongEnergyGroupCo.,Ltd.(hereinafterreferredtoas"GuangdongEnergyGroup")willsimultaneouslyincreasethecapitaltoGuangdongElectricPowerIndustryFuelCo.,Ltd.(hereinafterreferredtoas"FuelCompany")by600millionyuaninaccordancewiththeequityratiofortheestablishmentofGuangdongEnergyBoheFuelSupplyChainCo.,Ltd.Amongthem,theCompanyshallincreasethecapitalby300millionyuanaccordingtothe50%equityratio.

Websitefortemporarydisclosureoftheconnectedtransaction

XII.Significantcontractsandexecution

1.Entrustments,contractingandleasing

（1）Entrustment

√Applicable□Notapplicable

StatementofTrusteeshipSituation:

AccordingtothestatementofGuangdongEnergyGrouponfulfillingrelevantmatters,andtoavoidthehorizontalcompetitionandfulfilltherelevantcommitmentofthehorizontalcompetition,theCompanysignedStockTrusteeshipAgreementwithGuangdongEnergyGroup,whereintheshareholder'srightswithinthetrusteeshiprange,excepttheownership,rightofearningandrightofdisposition,willbetrustedtotheCompany,whichispredictedtocharge245,000yuanastrusteefeeperyear.Seedetailsatthe"RelatedTransactionAnnouncementonStockTrusteeshipAgreementsignedwithGuangdongYudeanGroupCo.,Ltd."publishedbytheCompanyinChinaSecuritiesDaily,SecuritiesTimesandhttp://www.cninfo.com.cnonJanuary13,2018(AnnouncementNo.2018-04);Inthefirsthalfof2025,theCompanyconfirmedacustodyincomeofRMB900,000.Gains/lossestotheCompanyfromprojectsthatreachedover10%intotalprofitoftheCompanyinreportingperiod

□Applicable√NotapplicableNogainsorlossestotheCompanyfromprojectsthatreachedover10%intotalprofitoftheCompanyinreportingperiod

(2)Contract

□Applicable√NotapplicableNocontractfortheCompanyinthereportingperiod.

(3)Lease

√Applicable□NotapplicableNoteAsthelessee,thecompanyhasincurredarentalfeeofRMB16.81millioninthefirsthalfof2025,Projectwhichgeneratesprofitorlossreachingover10%oftotalprofitsoftheCompanyduringtheReportingPeriod.

□Applicable√NotapplicableTherewerenoleaseswitha10%orgreaterimpactontheCompany’sgrossprofitintheReportingPeriod.

2.SignificantGuarantees

√Applicable□Notapplicable

InRMB10,000

Explanationonguaranteewithcompositeway:

Notapplicable

3.Financemanagementoncommission

□Applicable√NotapplicableNosuchcasesinthereportingperiod.

4.Othermaterialcontracts

□Applicable√NotapplicableNoothermaterialcontractsintheperiod.

XIII.Explanationonothersignificantevents

□Applicable√NotapplicableXIV.SignificanteventofsubsidiaryoftheCompany

□Applicable√Notapplicable

VI.ChangeofsharecapitalandshareholdingofPrincipalShareholdersI.Changesinsharecapital

1.Changesinsharecapital

Inshares

Reasonsforsharechanged

√Applicable□NotapplicableInFebruary2025,Ms.LingXiaoqing,theformerdirectoroftheCompany,purchased16,050AsharesoftheCompany,andtheseAshareshavebeenconvertedintoexecutivelock-inshares,thereforethenumberofrestrictedsharesoftheCompanyhascorrespondinglyincreased.ApprovalofChangeofShares

□Applicable√NotapplicableOwnershiptransferofsharechanges

□Applicable√NotapplicableProgressonanysharerepurchase:

□Applicable√NotapplicableProgressonreducingtherepurchasedsharesbymeansofcentralizedbidding:

□Applicable√NotapplicableInfluenceonthebasicEPSanddilutedEPSaswellasotherfinancialindexesofnetassetspershareattributabletocommonshareholdersofCompanyinlatestyearandperiod

□Applicable√NotapplicableOtherinformationnecessarytodiscloseforthecompanyorneedtobedisclosedunderrequirementfromsecurityregulators

□Applicable√Notapplicable

2.Changeofshareswithlimitedsalescondition

√Applicable□Notapplicable

InShares

II.Securitiesissueandlisting

□Applicable√NotapplicableIII.Numberofshareholdersandshareholding

InShares

Informationofshareholdersholdingmorethan5%oftheshares,thetop10shareholdersandthetop10shareholdersofunrestrictedtradablesharesparticipatinginthelendingofsharesinsecuritieslendingandborrowingbusiness

□Applicable√Notapplicable

Thetop10shareholdersandthetop10shareholdersofunrestrictedtradableshareshavechangedcomparedwiththepreviousperiodduetothesecuritieslending/returning,

□Applicable√NotapplicableWhethertoptencommonshareholdersortoptencommonshareholderswithunrestrictedsharesheldhaveabuy-backagreementdealinginreportingperiod.

□Yes√NoThetoptencommonshareholdersortoptencommonshareholderswithunrestrictedsharesheldoftheCompanyhavenobuy-backagreementdealinginreportingperiod.IV.Changesinshareholdingsofdirectors,supervisorsandexecutiveofficers

□Applicable√NotapplicableSharesheldbydirectors,supervisorsandseniorexecutiveshavenochangesinreportingperiod,foundmoredetailsinAnnualReport2024.V.ChangesincontrollingshareholdersoractualcontrollersChangeofcontrollingshareholderduringthereportingperiod

□Applicable?NotapplicableTheCompanyhadnochangeofcontrollingshareholderduringthereportingperiod

Changeofactualcontrollerduringthereportingperiod

□Applicable?NotapplicableTheCompanyhadnochangeofactualcontrollerduringthereportingperiodVI.Preferredstock

□Applicable?NotapplicableTheCompanyhadnopreferredstockintheperiod.

VII.CorporateBond

√Applicable□NotapplicableI.Enterprisebond

□Applicable√NotapplicableNosuchcasesinthereportingperiod.II.Corporatebond

√Applicable□NotapplicableI.Basicinformationofcorporatebonds

InRMB10,000

Overdueandoutstandingbonds

□Applicable√Notapplicable

2.Triggerandimplementationofoptionclausesandinvestorprotectionclausesoftheissuerorinvestor

□Applicable√Notapplicable

3.Adjustmentofcreditratingresultsduringthereportingperiod

□Applicable√Notapplicable

4.Theimplementationandchangesofguarantee,debtrepaymentplanandotherdebtrepaymentguaranteemeasuresduringthereportingperiodandtheirimpactontherightsandinterestsofbondinvestors

√Applicable□Notapplicable

(1).Creditenhancementmechanism:21Yudean02and21Yudean03arenotguaranteed.G23Yuefeng2setupcreditenhancementmeasures,andGuangdongElectricPowerDevelopmentCo.,Ltd.providedfullandunconditionalirrevocablejointliabilityguarantee.

(2).Debtrepaymentplanandotherdebtrepaymentguaranteemeasures:Yudean02,21Yudean03andG3Yuefeng2debtrepaymentplansandotherdebtrepaymentguaranteemeasureshavenotchangedduringthereportingperiod,andthepaymentoftheirprincipalandinterestwillbehandledbythebondregistrationinstitutionandrelevantinstitutions.ThespecificmattersofpaymentwillbeelaboratedintheannouncementdisclosedbytheissuerinthemediaspecifiedbyChinaSecuritiesRegulatoryCommission,ShenzhenStockExchange,ShanghaiStockExchangeandChinaSecuritiesIndustryAssociationinaccordancewithrelevantregulations.III.Debtfinancinginstrumentsofnon-financialenterprises

√Applicable□Notapplicable

1.Debtfinancinginstrumentsofnon-financialenterprises

InRMB10,000

Overdueandunpaidbonds?Applicable√Notapplicable

2.Triggerandimplementationofoptionclausesandinvestorprotectionclausesoftheissuerorinvestor

□Applicable√Notapplicable

3.Adjustmentofcreditratingresultsduringthereportingperiod

□Applicable√Notapplicable4Theimplementationandchangesofguarantee,debtrepaymentplanandotherdebtrepaymentguaranteemeasuresduringthereportingperiodandtheirimpactontherightsandinterestsofbondinvestors

□Applicable√NotapplicableIV.Convertiblebond

□Applicable√NotapplicableNosuchcasesinthereportingperiod.V.Thelosswithinthescopeofconsolidatedstatementsinthereportingperiodexceeded10%ofthenetassetsattheendofthepreviousyear

□Applicable√NotapplicableVI.MainaccountingdataandfinancialindicatorsoftheCompanyinrecenttwoyearsbytheendofthereportingperiod

InRMB10,000

VIII.FinancialReport

I.AuditreportHasthissemi-annualreportbeenaudited?

□Yes√NoThesemi-annualfinancialreporthasnotbeenaudited.II.FinancialstatementsCurrencyunitforthestatementsinthenotestothesefinancialstatements:RMB

1.ConsolidatedbalancesheetPreparedby：GuangdongElectricPowerDevelopmentCo.,Ltd.

June30,2025

InRMB

Legalrepresentative：

ZhengYunpengnPerson-in-chargeoftheaccountingwork：

LiuWeiPerson-in-chargeoftheaccountingorgan：

MengFei

2.ParentCompanyBalanceSheet

InRMB

3.ConsolidatedIncomestatement

InRMB

Asfortheenterprisecombinedunderthesamecontrol,netprofitof0Yuanachievedbythemergedpartybeforecombinationwhile0Yuanachievedlastperiod.Legalrepresentative：ZhengYunpengPerson-in-chargeoftheaccountingwork：LiuWeiPerson-in-chargeoftheaccountingorgan：MengFei

4.IncomestatementoftheParentCompany

InRMB

5.ConsolidatedCashflowstatement

InRMB

6.CashFlowStatementoftheParentCompany

InRMB

7.ConsolidatedStatementonChangeinOwners’EquityAmountinthisperiod

InRMB

Amountinlastyear

InRMB

term

Item

8.Statementofchangeinowner’sEquityoftheParentCompany

Amountinthisperiod

InRMB

Amountinlastyear

InRMB

III．BasicInformationoftheCompanyGuangdongElectricPowerDevelopmentCo.,Ltd.(hereinafter“GuangdongElectricPower”,“theCompany”)isalimitedliabilitycompanyjointlyestablishedbyGuangdongElectricPowerHoldingCompany,ChinaConstructionBank,GuangdongProvinceTrustInvestmentCompany,GuangdongPowerDevelopmentCo.,Ltd.,GuangdongInternationalTrust,andChinaGuangfaBank(currentlynamedasGuangdongGuangkongGroupCo.,Ltd.).TheaddressoftheCompany'sregisteredofficeandheadofficeisF33-F36SouthTowerBuildingofYudeanSquareon2ndTianheEastRoad,Guangzhou,GuangdongProvince,thePeople'sRepublicofChina("thePRC").TheCompany'sparentcompanyisGuangdongEnergyGroupCo.,Ltd.("GEGC")anditsultimatecontrollingshareholderistheState-ownedAssetsSupervisionandAdministrationCommissionofthePeople'sGovernmentofGuangdongProvince.TheCompany’sissuingRMBordinaryshares(“A-share”)anddomesticlistedforeignshares(“B-share”)arelistedfortransactionsinShenzhenStockExchangerespectivelyon26November1993and28June1995.On30June2024,thetotalsharecapitaloftheCompanyisRMB5,250,283,986withparvalueofRMB1each.TheCompanyanditssubsidiaries(collectivelyreferredtoas"theGroup")areprincipallyengagedinthebusinessesofdevelopingandoperatingelectricpowerprojectsinGuangdongProvince,YunnanProvince,XinjiangUygurAutonomousRegion,HunanProvince,GuangxiZhuangAutonomousRegionandInnerMongoliaAutonomousRegion.FortheinformationoftheCompany'smajorsubsidiariesincludedintheconsolidationscopeinthecurrentyear,pleaserefertoNoteIX.ThefinancialstatementhasbeenapprovedforissuebytheCompany’sBoardofDirectorsonAugust30,2025.FortheConsolidationscopechangesoftheGroup,pleaserefertoIXandX(EquityinotherentitiesIV.Basisforthepreparationoffinancialstatements

1.BasisforthepreparationThefinancialstatementsarepreparedinaccordancewiththeAccountingStandardsforBusinessEnterprisesandcorrespondingapplicationguidance,interpretationsandotherrelatedprovisionsissuedbytheMinistryofFinance(collectively,"AccountingStandardsforBusinessEnterprises").Inaddition,theCompanyalsodisclosedtherelevantfinancialinformationinaccordancewiththeExplanatoryAnnouncementNo.15onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic—GeneralRequirementsforFinancialReporting(2023version)issuedbytheChinaSecuritiesRegulatoryCommission.Thefinancialstatementsarepreparedonagoingconcernbasis.TheCompanyadoptstheaccrualbasisofaccounting.Exceptforcertainfinancialinstruments,thefinancialstatementsarepreparedunderthehistoricalcost.Intheeventthatimpairmentofassetsoccurs,alossallowanceismadeaccordinglyinaccordancewiththerelevantregulations.

2.Continuousoperation.Thisfinancialstatementispreparedonagoing-concernbasis.Whenpreparingthefinancialstatementsforthisyear,theBoardofDirectorsoftheCompanymadeafullevaluationontheCompany'sgoing-concernabilityfor12monthsfromtheendofthereportingperiod,andtheevaluationresultsshowednomajordoubtsaboutitsgoing-concernability.V.Significantaccountingpoliciesandaccountingestimates

Specificaccountingpoliciesandaccountingestimatestips:

TheCompanydeterminesspecificaccountingpoliciesandaccountingestimatesbasedonthecharacteristicsofproductionandoperation,whicharemainlyreflectedinthemeasurementofexpectedcreditlosses(“ECL”)ofreceivablesandcontractassets,costingofinventory,depreciationoffixedassets,amortizationofintangibleassetsandright-of-useassets.SpecificaccountingpoliciesaredetailedinNotesV.11,NotesV.17,NotesV.24,NotesV.29,NotesV.30,NotesV.37,NotesV.40,andNotesV.41.DetailsoftheGroup’scriticaljudgements,criticalaccountingestimatesandkeyassumptionsusedindeterminingsignificantaccountingpoliciesaresetforthinNoteV.42.

1.ComplyingwiththestatementsinAccountingStandardsforBusinessEnterprisesThefinancialReportandstatementsarepreparedwithcompliancetotherequirementoftheEnterpriseAccountingStandard.TheyreflectthefinancialpositionasofJune30,2025aswellasthebusinessperformanceandcashflowsituationinthefirsthalfof2025oftheCompanyfranklyandcompletely.

2.AccountingperiodFiscalyearisdatedfromGregoriancalendarJan.,1toGregoriancalendarDecember,31.TheaccountingofthefinancialstatementsduringtheperiodstartsfromJanuary1,2025to6monthsendedJune30,2025.

3.OperatingcycleThebusinesscyclesforprincipalactivitiesareusuallylessthan12months.

4.StandardcurrencyforbookkeepingTheCompanyanddomesticsubsidiariesuseRenminbi(RMB)astheirrecordingcurrency.ThecurrencyusedbytheCompanyinpreparingthesefinancialstatementsisRenminbi(RMB).

5.Determinationmethodandselectionbasisofimportancestandard

?Applicable□Notapplicable

TheGroupdeterminesmajorconstructioninprogressinconsiderationoftheproportionofconstructioninprogresstothetotalconstructioninprogressoftheGroup.

6.Accountingprocessmethodofenterpriseconsolidationundersameanddifferentcontrolling.

(1)BusinesscombinationsinvolvingenterprisesundercommoncontrolTheconsiderationpaidandnetassetsobtainedbytheCompanyinabusinesscombinationaremeasuredatthecarryingamount.Iftheacquireeisacquiredfromathirdpartybytheultimatecontrollingpartyinaprioryear,theconsiderationpaidandnetassetsobtainedbytheCompanyaremeasuredbasedonthecarryingamountsoftheacquiree’sassetsandliabilities(includingthegoodwillarisingfromtheacquisitionoftheacquireebytheultimatecontrollingparty)presentedintheconsolidatedfinancialstatementsoftheultimatecontrollingparty.Thedifferencebetweenthecarryingamountofthenetassetsobtainedfromthecombinationandthecarryingamountoftheconsiderationpaidforthecombinationistreatedasanadjustmenttocapitalsurplus(sharepremium).Ifthecapitalsurplus(sharepremium)isnotsufficienttoabsorbthedifference,theremainingbalanceisadjustedagainstretainedearningsRealizebusinesscombinationsunderthesamecontrolthroughmultipletransactionsinstagesTheassetsandliabilitiesacquiredbytheacquirerfromtheacquireeinthemergeraremeasuredatthebookvalueintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyonthemergerdate.Thedifferencebetweenthesumofthebookvalueoftheinvestmentsheldbeforethemergerandthebookvalueofthenewlypaidconsiderationonthemergerdate,andthebookvalueofthenetassetsacquiredinthemerger,isadjustedtothecapitalreserves.Ifthecapitalreservesareinsufficienttooffset,theretainedearningsareadjusted.Forlong-termequityinvestmentsheldbytheacquirerbeforeobtainingcontroloftheacquiree,therelatedprofitsandlosses,othercomprehensiveincome,andotherchangesinowner'sequityrecognizedbetweenthedateofacquiringtheoriginalequityandthelaterofthedateswhenboththeacquirerandtheacquireeareunderthesameultimatecontrol,anduptothemergerdate,shouldbeoffsetagainstthebeginningretainedearningsorcurrentprofitsandlossesduringthecomparativereportingperiod.

(2)BusinesscombinationsnotinvolvingenterprisesundercommoncontrolForbusinesscombinationsinvolvingenterprisesnotundercommoncontrol,theCompanyadoptsconcentrationtesttojudgewhethertheacquiredproductionandoperationactivitiesorassetgroupsconstituteabusiness.Iftheconcentrationtestispassed,theCompanyconductsaccountingtreatmentaccordingtotherelevantassetpurchaseprinciple;iftheconcentrationtestfails,theCompanywillfurtherjudgewhetheritconstitutesabusinessbasedonwhethertherelevantgroupsobtainedinthemergerhaveatleastoneinputandonesubstantiveprocessingprocess,andthecombinationofthetwohasasignificantcontributiontotheoutputcapacity.ThecostofcombinationandidentifiablenetassetsobtainedbytheGroupinabusinesscombinationaremeasuredatfairvalueattheacquisitiondate.WherethecostofthecombinationexceedstheGroup’sinterestinthefairvalueoftheacquiree’sidentifiablenetassets,thedifferenceisrecognisedasgoodwill;wherethecostof

combinationislowerthantheGroup’sinterestinthefairvalueoftheacquiree’sidentifiablenetassets,thedifferenceisrecognisedinprofitorlossforthecurrentperiod.RealizebusinesscombinationsnotundercommoncontrolthroughmultipletransactionsandstepsThecostofcombinationisthesumoftheconsiderationpaidontheacquisitiondateandthefairvalueoftheequityalreadyheldbytheacquirerintheacquireeontheacquisitiondate.Fortheequityalreadyheldbytheacquirerintheacquireebeforetheacquisitiondate,itisremeasuredatitsfairvalueontheacquisitiondate,andthedifferencebetweenthefairvalueanditsbookvalueisrecognizedinthecurrentinvestmentincome.Theequityalreadyheldbytheacquirerintheacquireebeforetheacquisitiondateinvolvingothercomprehensiveincomeandotherchangesinowner'sequityistransferredtothecurrentincomeontheacquisitiondate,exceptforothercomprehensiveincomearisingfromtheremeasurementofnetliabilitiesornetassetsofthedefinedbenefitplanbytheinvesteeandothercomprehensiveincomerelatedtonon-tradingequityinstrumentinvestmentsoriginallydesignatedtobemeasuredatfairvaluewithchangesrecognizedinothercomprehensiveincome.

(3)HandlingoftransactioncostsinbusinesscombinationsTheintermediaryfeesincurredforauditing,legalservices,evaluationandconsultation,aswellasotherrelatedmanagementexpensesforthepurposeofcorporatemergers,arerecordedprofitorlossprofitorlossforthecurrentperiod.Whentheyareincurred.Thetransactioncostsofequitysecuritiesordebtsecuritiesissuedasmergerconsiderationareincludedintheinitialrecognitionamountoftheequitysecuritiesordebtsecurities.

7.Judgmentcriteriaforcontrolandmethodforpreparingconsolidatedfinancialstatements

(1)JudgmentcriteriaforcontrolThescopeofconsolidationforconsolidatedfinancialstatementsisdeterminedonacontrolbasis.ControlreferstothepowerthattheCompanyhasovertheinvestedentity,thevariablereturnsitenjoysthroughparticipatingintherelevantactivitiesoftheinvestedentity,andtheabilitytouseitspowerovertheinvestedentitytoaffectitsreturnamount.Whenchangesinrelevantfactsandcircumstancesleadtochangesintherelevantelementsinvolvedinthedefinitionofcontrol,theCompanywillconductareassessment.

(2)PreparationofconsolidatedfinancialstatementsTheconsolidatedfinancialstatementsarepreparedbytheCompanybasedonthefinancialstatementsoftheCompanyanditssubsidiariesandotherrelevantinformation.Whenpreparingtheconsolidatedfinancialstatements,theaccountingpoliciesandaccountingperiodsofthesubsidiariesshallbeconsistentwiththoseestablishedbytheCompany.Allsignificantintra-companybalancesandtransactionsshallbeeliminated.Whereasubsidiaryorbusinesswasacquiredduringthereportingperiod,throughabusinesscombinationinvolvingentitiesundercommoncontrol,thefinancialperformanceandthecashflowsofthesubsidiaryareincludedintheconsolidatedincomestatementandconsolidatedcashflowstatementoftheCompanyasifthecombinationhadoccurredatthedatethattheultimatecontrollingpartyfirstobtainedcontrol.Whereasubsidiaryorbusinesswasacquiredduringthereportingperiod,throughabusinesscombinationinvolvingentitiesnotundercommoncontrol,itsrevenue,expensesandprofitfromtheacquisitiondatetotheendofthereportingperiodareincludedintheconsolidatedincomestatementanditscashflowsareincludedintheconsolidatedcashflowstatement.MinorityinterestsofthesubsidiarythatisnotattributabletotheCompanyarepresentedseparatelyintheshareholders’equitysectionwithintheconsolidatedbalancesheet.Netprofitorlossattributableto

non-controllingshareholdersispresentedseparatelyasminorityinterestsbelowthenetprofitwithintheconsolidatedincomestatement.Whentheamountoflossforthecurrentperiodattributabletothenoncontrollingshareholdersofasubsidiaryexceedsthenon-controllingshareholders’shareoftheopeningowners’equityofthesubsidiary,theexcessisadjustedtominorityinterests

(3)Acquirethesubsidiaries’non-controllinginterestsWheretheCompanyacquiresanon-controllinginterestfromasubsidiary’snon-controllingshareholdersordisposesofaportionofaninterestinasubsidiarywithoutachangeincontrol,thedifferencebetweentheproportioninterestsofthesubsidiary’snetassetsbeingacquiredordisposedandtheamountoftheconsiderationpaidorreceivedisadjustedtothecapitalreserveintheconsolidatedbalancesheet,withanyexcessadjustedtoretainedearnings.

(4)HandlingoflosingcontroloverasubsidiaryWhentheCompanylosescontroloverasubsidiaryduetopartialdisposalofequityinvestmentorotherreasons,theremainingequityinterestsisre-measuredatitsfairvalueatthedatewhenthecontrolislost.Theresultinggainorlossisthetotalofconsiderationreceivedfromthedisposalofequityinvestmentandtheremainingequityinvestmentatitsfairvalue,deductedthetotalofproportioninterestsofthesubsidiary’snetassetandgoodwillcalculatedbasedontheoriginalshareholdingratiosincetheacquisitiondate.Anyresultinggainorlossisrecognizedasinvestmentincomeforthecurrentperiod.Othercomprehensiveincomerelatedtotheequityinvestmentintheoriginalsubsidiaryisaccountedforonthesamebasisasthedirectdisposalofrelatedassetsorliabilitiesbytheoriginalsubsidiaryuponthelossofcontrol.Allotherchangesinowner'sequityrelatedtotheoriginalsubsidiaryandaccountedforusingtheequitymethodaretransferredtothecurrentperiodprofitorlossuponthelossofcontrol.

8.ClassificationandAccountingTreatmentforJointArrangementAjointarrangementisanarrangementofwhichtwoormorepartieshavejointcontrol.TheCompanyclassifiesjointarrangementsintojointoperationsandjointventures.

(1)JointoperationAjointoperationisajointarrangementwherebytheCompanyhasrightstotheassets,andobligationsfortheliabilities,relatingtothearrangement.TheCompanyisnotinvolvedinjointoperations.

(2)JointventureAjointventureisajointarrangementwherebytheCompanyhasrightstothenetassetsofthearrangement.TheCompanyadoptsequitymethodoflong-termequityinvestmenttoaccountforitsinvestmentinjointventure.

9.CashandcashequivalentsCashandcashequivalentscomprisecashonhand,depositsthatcanbereadilydrawnondemand,andshort-termandhighlyliquidinvestmentsthatarereadilyconvertibletoknownamountsofcashandwhicharesubjecttoaninsignificantriskofchangesinvalue.

10.ForeigncurrencytransactionsForeigncurrencytransactionsaretranslatedtothefunctionalcurrencyoftheCompanyatthespotexchangeratesonthedatesofthetransactions.Monetaryitemsdenominatedinforeigncurrenciesaretranslatedatthespotexchangerateatthebalancesheetdate.Theresultingexchangedifferencesbetweenthespotexchangerateatbalancesheetdateandthespotexchangerateatinitialrecognitionoratthepreviousbalancesheetdatearerecognizedinprofitorloss.Non-monetaryitemsthataremeasuredathistoricalcostinforeigncurrenciesaretranslatedtofunctionalcurrencyusingthespotexchangerateatthetransactiondate.Non-monetaryitemsthataremeasuredatfairvalueinforeigncurrenciesaretranslatedusingthespotexchangerateatthedatewhenthefairvalueisdetermined.Theresultingexchangedifferencesarerecognizedinprofitorlossorothercomprehensiveincomeaccordingtothenatureofthenon-monetaryitems.

11.FinancialinstrumentsAfinancialinstrumentisanycontractthatgivesrisetoafinancialassetofoneentityandafinancialliabilityoranequityinstrumentofanotherentity.

(1)RecognitionandderecognitionoffinancialinstrumentsAfinancialassetorafinancialliabilityisrecognizedwhentheCompanybecomesapartytothecontractualprovisionsofafinancialinstrument.Afinancialassetisderecognisedwhenoneofthefollowingcriteriaismet:

Thecontractualrightstothecashflowsfromthefinancialassetexpire;orThefinancialassethasbeentransferredandmetthefollowingconditionsforderecognition.Afinancialliability(orpartially)isderecognizedwhenitscontractualobligation(orpartially)isceased.WhentheCompany(debtor)entersintoanagreementwiththecreditortoreplacetheexistingfinancialliabilitywithanewassumedfinancialliability,andcontractualtermsaredifferentinsubstance,theexistingfinancialliabilityisderecognizedwhileanewfinancialliabilityisrecognized.Conventionallytradedfinancialassetsarerecognizedandderecognizedatthetransactiondate.

(2)ClassificationandmeasurementoffinancialassetsBasedontheCompany’sbusinessmodelformanagingthefinancialassetsandthecontractualcashflowcharacteristicsofthefinancialassets,financialassetsareclassifiedas:financialassetsmeasuredatamortizedcost,financialassetsmeasuredatfairvaluethroughothercomprehensiveincomeandfinancialassetsmeasuredatfairvaluethroughprofitorloss.Atinitialrecognition,thefinancialassetsaremeasuredatfairvalue.Forfinancialassetsmeasuredatfairvaluethroughprofitorloss,thetransactioncostsareexpensedinprofitorlossforthecurrentperiod.Forothertypesoffinancialassets,thetransactioncostsareincludedintheinitiallyrecognisedamounts.Accountsreceivablearisingfromsaleofproductsorrenderingofservices(excludingorwithoutregardtosignificantfinancingcomponents),theCompanyrecognizestheamountofconsiderationthatitisexpectedtobeentitledtoreceiveastheinitiallyrecognisedamounts.FinancialassetsmeasuredatamortizedcostTheCompanyclassifiesfinancialassetsthatmeetallofthefollowingconditionsandarenotdesignatedasfinancialassetsatfairvaluethroughprofitorlossasfinancialassetsmeasuredatamortizedcost:

TheobjectiveoftheCompany’sbusinessmodelistoholdthefinancialassetstocollectthecontractualcashflows;Thecontractualtermsofthefinancialassetstipulatethatthecashflowsgeneratedonspecificdatesaresolelypaymentsontheprincipalandinterestbasedontheoutstandingprincipalamount.Afterinitialrecognition,suchfinancialassetsaremeasuredatamortizedcostusingtheeffectiveinterestmethod.Gainsorlossesarisingfromfinancialassetsmeasuredatamortizedcostthatarenotpartofanyhedgingrelationshiparerecognizedinthecurrentperiodprofitorlosswhentheyarederecognized,amortizedusingtheeffectiveinterestmethod,orrecognizedasimpaired.FinancialassetsmeasuredatfairvaluethroughothercomprehensiveincomeTheCompanyclassifiesfinancialassetsthatmeetallofthefollowingconditionsandarenotdesignatedasfinancialassetsmeasuredatfairvaluethroughprofitorloss,asfinancialassetsmeasuredatfairvaluethroughinothercomprehensiveincome:

Thebusinessmodelofourcompanyformanagingthisfinancialassetaimsbothatcollectingcontractualcashflowsandatsellingthefinancialasset;

Thecontractualtermsofthefinancialassetstipulatethatthecashflowsgeneratedonspecificdatesaresolelypaymentsontheprincipalandinterestbasedontheoutstandingprincipalamount.Afterinitialrecognition,subsequentmeasurementsofsuchfinancialassetsaremeasuredatfairvalue.Interestscalculatedusingtheeffectiveinterestmethod,impairmentlossesorgains,andexchangegainsorlossesarerecognizedinthecurrentperiodprofitorloss,whileothergainsorlossesarerecordedinothercomprehensiveincome.Uponderecognition,thecumulativegainsorlossespreviouslyrecordedinothercomprehensiveincomearetransferredoutofothercomprehensiveincomeandrecognizedinthecurrentperiodprofitorloss.FinancialassetsmeasuredatfairvaluethroughprofitorlossInadditiontothefinancialassetsatamortizedcostandthosemeasuredatfairvaluethroughothercomprehensiveincomeasmentionedabove,theCompanycategorizesallotherfinancialassetsasthosemeasuredatfairvaluethroughprofitorloss.Uponinitialrecognition,inordertoeliminateorsignificantlyreduceaccountingmismatches,theCompanyirrevocablydesignatessomefinancialassetsthatshouldbemeasuredatamortizedcostoratfairvaluethroughinothercomprehensiveincomeasfinancialassetsmeasuredatfairvaluethroughprofitorloss.Afterinitialrecognition,subsequentmeasurementsofsuchfinancialassetsaremeasuredatfairvalue,andanygainsorlosses(includinginterestanddividendincome)arisingtherefromarerecordedinthecurrentperiodprofitorloss,unlessthefinancialassetispartofahedgingrelationship.However,fornon-tradingequityinstrumentinvestments,theCompanyirrevocablydesignatesthemasfinancialassetsmeasuredatfairvaluethroughothercomprehensiveincomeuponinitialrecognition.Thisdesignationismadeonanindividualinvestmentbasis,andtherelevantinvestmentsmeetthedefinitionofequityinstrumentsfromtheperspectiveoftheissuer.Afterinitialrecognition,subsequentmeasurementsofsuchfinancialassetsaremeasuredatfairvalue.Dividendincomethatmeetsthecriteriaisrecordedinprofitorloss,whileothergainsorlossesandchangesinfairvaluearerecordedinothercomprehensiveincome.Uponderecognition,thecumulativegainsorlossespreviouslyrecordedinothercomprehensiveincomearetransferredoutofothercomprehensiveincomeandrecordedinretainedearnings.Thebusinessmodelformanagingfinancialassetsreferstohowthecompanymanagesitsfinancialassetstogeneratecashflows.Thebusinessmodeldetermineswhetherthesourceofcashflowsfromthefinancialassetsmanagedbythecompanyisfromthecollectionofcontractualcashflows,thesaleoffinancialassets,oracombinationofboth.Thecompanydeterminesitsbusinessmodelformanagingfinancialassetsbasedonobjectivefactsandthespecificbusinessobjectivesformanagingfinancialassetsdeterminedbykeymanagementpersonnel.TheCompanyevaluatesthecontractualcashflowcharacteristicsoffinancialassetstodeterminewhetherthecontractualcashflowsgeneratedbytherelevantfinancialassetsonaspecificdatearesolelypaymentsofprincipalandinterestbasedontheoutstandingprincipalamount.Theprincipalreferstothefairvalueofthefinancialassetatinitialrecognition;interestincludesconsiderationforthetimevalueofmoney,creditriskassociatedwiththeoutstandingprincipalamountduringaspecificperiod,aswellasotherbasicborrowingrisks,costs,andprofits.Inaddition,theCompanyevaluatescontracttermsthatmayleadtochangesinthetimedistributionoramountofcontractualcashflowsoffinancialassetstodeterminewhethertheymeettherequirementsoftheaforementionedcontractualcashflowcharacteristics.Onlywhenthecompanychangesitsbusinessmodelformanagingfinancialassets,allaffectedrelevantfinancialassetswillbereclassifiedonthefirstdayofthefirstreportingperiodfollowingthechangeinbusinessmodel.Otherwise,financialassetsshallnotbereclassifiedafterinitialrecognition.

(3)Classificationandmeasurementoffinancialliabilities

ThefinancialliabilitiesoftheCompanyareclassifiedatinitialrecognitionaseitherfinancialliabilitiesmeasuredatfairvaluethroughprofitorloss,orfinancialliabilitiesmeasuredatamortizedcost.Forfinancialliabilitiesnotclassifiedasmeasuredatfairvaluethroughprofitorloss,thetransactioncostsareincludedintheirinitiallyrecognisedamounts.FinancialliabilitiesmeasuredatfairvaluethroughprofitorlossFinancialliabilitiesmeasuredatfairvaluethroughprofitorlossincludetradingfinancialliabilitiesandfinancialliabilitiesdesignatedatinitialrecognitionasmeasuredatfairvaluethroughprofitorloss.Forsuchfinancialliabilities,subsequentlymeasuredatfairvalue,andgainsorlossesarisingfromchangesinfairvalue,aswellasdividendandinterestexpensesrelatedtothesefinancialliabilities,arerecognizedincurrentprofitorloss.FinancialliabilitiesmeasuredatamortizedcostOtherfinancialliabilitiesaresubsequentlymeasuredatamortizedcostusingtheeffectiveinterestmethod,andgainsorlossesarisingfromderecognitionoramortizationarerecognizedinthecurrentperiodprofitorloss.DistinctionbetweenfinancialliabilitiesandequityinstrumentsAfinancialliabilityisrecognizedifoneofthefollowingconditionsissatisfied:

1Acontractualobligationtodelivercashoranotherfinancialassettoanotherentity;

②Acontractualobligationtoexchangefinancialassetsorfinancialliabilitieswithanotherentityunderpotentiallyunfavorableconditions;

2Anon-derivativeinstrumentcontractthatwillormaybesettledintheCompany’sownequityinstrumentsandtheCompanyisobligedtodeliveravariablenumberoftheCompany’sownequityinstruments;

④AderivativeinstrumentcontractthatwillormaybesettledintheCompany’sownequityinstrumentsinthefuture,exceptforaderivativeinstrumentcontractthatissettledbytheexchangeofafixednumberoftheCompany’sownequityinstrumentsforafixedamountofcashorotherfinancialassets.AnequityinstrumentisacontractthatevidencesaresidualinterestintheassetsoftheCompanyafterdeductingallofitsliabilities.IftheCompanydoesnothaveanunconditionalrighttoavoiddeliveringcashoranotherfinancialassettosettleacontractualobligation,theobligationmeetsthedefinitionofafinancialliability.IfafinancialinstrumentwillormaybesettledbytheCompany’sownequityinstruments,classificationoftheinstrumentdependsonwhethertheCompany’sownequityinstrumentsworkasthereplacementofcashorotherfinancialinstrument,orrepresenttheinvestor’sresidualinterestintheCompany’sassetsafterdeductingallitsliabilities.Intheformercase,theinstrumentisclassifiedasafinancialliability;inthelattercase,theinstrumentisclassifiedasanequityinstrument.

(4)FairvalueoffinancialinstrumentsForthedeterminationoffairvalueoffinancialassetsandfinancialliabilities,pleaserefertoNoteIII.12.

(5)ImpairmentoffinancialassetsBasedonECL,theCompanyperformsimpairmentaccountingtreatmentonthefollowingitemsandrecognizeslossprovisions:

Financialassetsmeasuredatamortizedcost;Receivablesanddebtinstrumentinvestmentsmeasuredatfairvaluethroughothercomprehensiveincome;Contractassetsasdefinedin"AccountingStandardsforBusinessEnterprisesNo.14-Revenue";Leasereceivables;Financialguaranteecontract(exceptforthosemeasuredatfairvaluethroughprofitandloss,thetransferoffinancialassetsdoesnotmeettheconditionsforderecognitionorcontinuetoinvolveinthetransferredfinancialassets)MeasurementofECL

ECLreferstotheweightedaverageofcreditlossesforfinancialinstruments,calculatedbyweightingtheriskofdefaultoccurring.Creditlossisdefinedasthedifferencebetweenallcontractualcashflowsreceivablebytheentityundertheagreementandallexpectedcashflowstobecollected,discountedattheoriginaleffectiveinterestrate.Thisrepresentsthepresentvalueofallcashshortfalls.TheCompanymeasurestheexpectedcreditlossesoffinancialinstrumentsatdifferentstagesseparately.Thefinancialinstrumentisatthefirststagewhenthereisnosignificantincreaseincreditrisksinceinitialrecognition.TheCompanymeasuresthelossallowanceaccordingtotheexpectedcreditlossesinthenext12months.Thefinancialinstrumentisatthesecondstagewhenthereissignificantincreaseincreditrisksinceinitialrecognitionandcreditlosshasnotyetoccurred.TheCompanythenmeasuresthelossallowanceaccordingtoexpectedcreditlossesoverthelifetimeofafinancialinstrument.Thefinancialinstrumentisatthethirdstagewhenthereissignificantincreaseincreditrisksinceinitialrecognitionandcreditlossoccurred.TheCompanythenmeasuresthelossallowanceaccordingtoexpectedcreditlossesoverthelifetimeofafinancialinstrument.Forfinancialinstrumentthathaslowcreditriskatthebalancesheetdate,theCompanyassumesthereisnosignificantincreaseinitscreditrisksinceinitialrecognition.TheCompanymeasuresthelossallowanceaccordingtotheexpectedcreditlossesinthenext12months.Lifetimeexpectedcreditlossesaretheexpectedcreditlossesthatresultfromallpossibledefaulteventsovertheexpectedlifeofafinancialinstrument.Expectedcreditlossesinthenext12monthsaretheportionofexpectedlossesthatresultfromdefaulteventsthatarepossiblewithinthe12monthsafterthebalancesheetdate(orashorterperiodiftheexpectedlifeoftheinstrumentislessthan12months).Themaximumperiodconsideredwhenestimatingexpectedcreditlossesisthemaximumcontractualperiod(includingextensionoptions)overwhichtheCompanyisexposedtocreditrisk.Forthefinancialinstrumentsatthefirstandsecondstageaswellasfinancialinstrumentsthathavelowcreditrisk,theCompanycalculatestheinterestincomebasedonthebookvaluewithoutlossallowancedeductedandeffectiveinterestrate.Whileforthefinancialinstrumentsatthethirdstage,theCompanycalculatestheinterestincomebasedontheamortizedcostofthebookvaluelesslossallowanceandeffectiveinterestrate.Foraccountsreceivablesuchasnotesreceivable,accountsreceivable,accountsreceivablefinancing,otherreceivables,andcontractassets,ifthecreditriskcharacteristicsofaparticularcustomeraresignificantlydifferentfromthoseofothercustomersinthegroup,orifthereisasignificantchangeinthecreditriskcharacteristicsofthatcustomer,thecompanywillindividuallyaccruebaddebtreservesforthataccountreceivable.Apartfromtheaccountreceivablesforwhichbaddebtreservesareindividuallyaccrued,thecompanydividesaccountreceivablesintogroupsbasedoncreditriskcharacteristicsandcalculatesbaddebtreservesonagroupbasis.Notesreceivable,accountsreceivable,contractassets,andotherreceivablesFornotesreceivable,accountsreceivable,andcontractassets,regardlessofwhetherthereisasignificantfinancingcomponent,theCompanyconsistentlymeasurestheirlossprovisionsatanamountequivalenttotheECLovertheentireduration.ForvariousfinancialassetswhoseECLarecalculatedonanindividualbasis,theircreditriskcharacteristicsaresignificantlydifferentfromthoseofotherfinancialassetswithinthesamecategory.WhenitisnotpossibletoassesstheECLofanindividualfinancialassetatareasonablecost,theCompanycategorizesaccountsreceivableintoseveralgroupsbasedoncreditriskcharacteristics.TheECLarecalculatedonagroupbasis,andthebasisandmethodfordeterminingthegroupareasfollows:

Fornotesreceivableandcontractassetsclassifiedasgroups,theCompanycalculatesECLbyreferencinghistoricalcreditlossexperience,consideringcurrentconditions,andforecastingfutureeconomicconditions,basedontheexposuretodefaultriskandtheexpectedcreditlossrateovertheentireduration.Foraccountsreceivableclassifiedintogroups,theCompanycalculatesECLbyreferringtohistoricalcreditlossexperience,combiningcurrentconditionswithpredictionsoffutureeconomicconditions,andusingdefaultriskexposureandexpectedcreditlossrateovertheentireduration.Forotherreceivablesclassifiedintoportfolios,theCompanycalculatesECLbyreferringtohistoricalcreditlossexperience,combiningcurrentconditionswithpredictionsoffutureeconomicconditions,andusingdefaultriskexposureandexpectedcreditlossratewithinthenext12monthsorovertheentireduration.TheCompanyrecognisesthelossprovisionmadeorreversedintoprofitorlossforthecurrentperiod.Debtinvestment,otherdebtinvestmentsFordebtinvestmentsandotherdebtinvestments,theCompanycalculatesECLbasedonthenatureoftheinvestment,varioustypesofcounterpartiesandriskexposures,throughdefaultriskexposuresandexpectedcreditlossrateswithinthenext12monthsorthroughouttheentiredurationAssessmentofsignificantincreaseincreditriskInassessingwhetherthecreditriskofafinancialinstrumenthasincreasedsignificantlysinceinitialrecognition,theCompanycomparestheriskofdefaultoccurringonthefinancialinstrumentassessedatthebalancesheetdatewiththatassessedatthedateofinitialrecognition.Whendeterminingwhetherthecreditriskhasincreasedsignificantlysinceinitialrecognition,theCompanyconsidersthereasonableandsupportableinformationthatisavailablewithoutunduecostoreffort,includingforward-lookinginformation.Inparticular,thefollowinginformationistakenintoaccount:

Debtorsfailtomakepaymentsofprincipalorinterestontheircontractuallyduedates;Anactualorexpectedsignificantdeteriorationinafinancialinstrument’sexternalorinternalcreditrating(ifavailable);Anactualorexpectedsignificantdeteriorationintheoperatingresultsofthedebtor;andExistingoranticipatedchangesinthetechnological,market,economicorlegalenvironmentthathaveasignificantadverseeffectonthedebtor’sabilitytomeetitsobligationtotheCompany.Dependingonthenatureofthefinancialinstruments,theCompanyassesseswhetherthereisasignificantincreaseincreditriskoneitheranindividualbasisoracollectivebasis.Whentheassessmentisperformedonacollectivebasis,thefinancialinstrumentsareclassifiedintogroupsbasedonsharedcreditriskcharacteristics,suchaspastduestatusandcreditriskratings.Iftheoverdueperiodexceeds30days,theCompanydeterminesthatthecreditriskofthefinancialinstrumenthassignificantlyincreased.Credit-impairedfinancialassetsAteachbalancesheetdate,theCompanyassesseswhetherfinancialassetsmeasuredatamortizedcostanddebtinvestmentsmeasuredatfairvaluethroughothercomprehensiveincomearecreditimpaired.Afinancialassetiscredit-impairedwhenoneormoreeventsthathaveadverseimpactontheexpectedfuturecashflowsof

financialassethaveoccurred.Evidencethatafinancialassetiscredit-impairedincludesthefollowingobservableinformation:

Significantfinancialdifficultyofthedebtororissuer;Abreachofcontractbythedebtor,suchasdefaultoroverdueininterestorprincipalpayments;Foreconomicorcontractualreasonsrelatingtothedebtor’sfinancialdifficulty,theCompanyhavinggrantedtothedebtoraconcessionthatwouldnototherwiseconsider;Itisprobablethatthedebtorwillenterintobankruptcyorotherfinancialrestructuring;Thedisappearanceofanactivemarketforthatfinancialassetbecauseofissuer’sordebtor’sfinancialdifficulties.PresentationofallowanceforexpectedcreditlossesInordertoreflectthechangeofthecreditriskoffinancialinstrumentssincetheinitialrecognition,theCompanyre-measurestheexpectedcreditlossesateachbalancesheetdate.Anyincreaseorrecoveredamountofthelossallowancewhichgeneratedshallberecognizedaslossallowanceorgainintheprofitorlossforthecurrentperiod.Forfinancialassetmeasuredatamortizedcost,thelossallowanceshalloffsetagainstthecarryingamountofthefinancialassetasstatedinthebalancesheet;forthedebtinvestmentmeasuredatfairvaluethroughothercomprehensiveincome,theCompanyrecognizesitslossallowanceinothercomprehensiveincomeanddoesnotoffsetagainstthecarryingamountofthefinancialasset.Write-offThegrosscarryingamountofafinancialassetiswrittenoff(eitherpartiallyorentirely)totheextentthatthereisnorealisticprospectofrecoveryofthecontractualcashflows.Awrite-offconstitutesaderecognitionevent.ThisisgenerallythecasewhentheCompanydeterminesthatthedebtordoesnothaveassetsorsourcesofincomethatcouldgeneratesufficientcashflowstorepaytheamountssubjecttothewrite-off.However,financialassetsthatarewrittenoffcouldstillbesubjecttoenforcementactivitiesinordertocomplywiththeCompany’sproceduresforrecoveryofamountsdue.Subsequentrecoveriesofanassetthatwaspreviouslywrittenoffarerecognizedasareversalofimpairmentinprofitorlossintheperiodwhentherecoveryoccurs.

(6)TransferoffinancialassetsTransferoffinancialassetsisthetransferordeliveryoffinancialassetstoanotherparty(thetransferee)otherthantheissueroffinancialassets.AfinancialassetisderecognizediftheCompanytransferssubstantiallyalltherisksandrewardsofownershipofthefinancialassettothetransferee.AfinancialassetisnotderecognizediftheCompanyretainssubstantiallyalltherisksandrewardsofownershipofthefinancialasset.TheCompanyneithertransfersnorretainssubstantiallyalltherisksandrewardsofownershipofthefinancialasset,theaccountingtreatmentsareasfollows:ifcontroloverthefinancialassetsissurrendered,theCompanyderecognizesthefinancialassetsandrecognizesanyassetsandliabilitiesarising;iftheCompanyretainsthecontrolofthefinancialassets,financialassetstotheextentofthecontinuinginvolvementinthetransferredfinancialassetsbytheCompanyaswellasanyrelatedliability.

(7)OffsetbetweenfinancialassetsandfinancialliabilitiesWhentheCompanyhasanenforceablelegalrighttooffsettherecognizedfinancialassetsagainstthefinancialliabilities,andtheCompanyplanstosettlebynetamountorrealizethefinancialassetsandsettlethefinancialliabilities,theamountafterbeingoffsetwillbepresentedinthebalancesheet.Otherwise,financialassetsandfinancialliabilitiesarepresentedseparatelyinthebalancesheetandnotallowedtooffsetagainsteachother.

12.NotereceivableSeeNoteV(11)FinancialInstrumentsfordetails.

13.AccountreceivableSeeNoteV(11)FinancialInstrumentsfordetails.

14.FinancingreceivableNotapplicable

15.OtheraccountreceivableDeterminationmethodofexpectedcreditlossofotherreceivablesandaccountingtreatmentmethodSeeNoteV(11)FinancialInstrumentsfordetails.

16.ContractassetsSeeNoteV(11)FinancialInstrumentsfordetails.

17.Inventories

(1)ClassificationofinventoriesInventoriesintheCompanymainlycomprisefuelandspareparts

(2)ValuationofinventoriesTheinventoryoftheCompanyispricedatactualcostuponacquisition.Costoffueliscalculatedusingtheweightedaveragemethod.Sparepartsareamortisedinfullamountwhenissuedforuse.

(3)BasisfordeterminingandmethodofcalculatinginventoryreservesOnthebalancesheetdate,inventoryismeasuredatthelowerofcostandnetrealizablevalue.Whenthenetrealizablevalueislowerthanthecost,aninventoryreserveisaccrued.Netrealizablevalueisdeterminedbasedontheestimatedsellingpriceintheordinarycourseofbusiness,lesstheestimatedcostsnecessarytomakethesaleandrelatedtaxes.Whendeterminingthenetrealizablevalueofinventory,itisbasedonconclusiveevidenceobtained,whileconsideringthepurposeofholdinginventoryandtheimpactofeventsafterthebalancesheetdate.Amongthem,sparepartsarerecognisedprovisionfordeclineinthevalueofinventoriesbasedonfactorssuchasinventoryageandstoragestatusForinventorieswithalargequantityandlowunitprice,thecompanyaccruesinventoryreservesbasedoninventorycategories.Onthebalancesheetdate,ifthefactorsthatpreviouslycausedthewrite-downofinventoryvaluehavedisappeared,theinventoryreservesshallbereversedwithintheoriginallyaccruedamount.

(4)InventorysystemTheinventorysystemoftheCompanyadoptstheperpetualinventorysystem.

(5)Amortizationmethodoflow-valueconsumablesLowvalueconsumablesareamortisedinfullamount

18.Held-for-saleassetsNotapplicable

19.Creditor'srightsinvestmentNotapplicable

20.OtherCreditor'srightsinvestmentNotapplicable

21.Long-termaccountreceivableSeeNoteV(11)FinancialInstrumentsfordetails.

22.Long-termequityinvestmentsLong-termequityinvestmentscomprisetheCompany’slong-termequityinvestmentsinitssubsidiaries,andtheCompany’slong-termequityinvestmentsinitsjointventuresandassociates.IftheCompanyisabletoexertsignificantinfluenceovertheinvestedentity,itisconsideredastheCompany'sassociatedenterprise.

(1)DeterminationofinitialinvestmentcostForlong-termequityinvestmentsacquiredthroughabusinesscombinationinvolvingenterprisesundercommoncontrol,theinvestmentcostshallbetheabsorbingparty’sshareofthecarryingamountofowners’equityofthepartybeingabsorbedintheconsolidatedfinancialstatementsoftheultimatecontrollingpartyatthecombinationdate;forlong-termequityinvestmentsacquiredthroughabusinesscombinationinvolvingenterprisesnotundercommoncontrol,theinvestmentcostshallbethecombinationcost.Forlong-termequityinvestmentsacquirednotthroughabusinesscombination:forlong-termequityinvestmentsacquiredbypaymentincash,theinitialinvestmentcostshallbethepurchasepriceactuallypaid;forlong-termequityinvestmentsacquiredbyissuingequitysecurities,theinitialinvestmentcostshallbethefairvalueoftheequitysecuritiesissued.

(2)SubsequentmeasurementandrecognitionofprofitorlossInvestmentsinsubsidiariesareaccountedforusingthecostmethod,unlesstheinvestmentmeetstheconditionsforheld-for-sale;investmentsinassociatesandjointventuresareaccountedforusingtheequitymethod.Forlong-termequityinvestmentsaccountedforusingthecostmethod,exceptfortheactualpaymentmadeatthetimeofinvestmentorthecashdividendsorprofitsincludedintheconsiderationthathavebeendeclaredbutnotyetdistributed,thecashdividendsorprofitsdeclaredanddistributedbytheinvesteearerecognizedasinvestmentincomeinprofitorlossforthecurrentperiod.

Forlong-termequityinvestmentsaccountedforusingtheequitymethod,wheretheinitialinvestmentcostexceedstheCompany’sshareofthefairvalueoftheinvestee’sidentifiablenetassetsatthetimeofacquisition,theinvestmentsareinitiallymeasuredatthatcost;wheretheinitialinvestmentcostislessthantheCompany’sshareofthefairvalueoftheinvestee’sidentifiablenetassetsatthetimeofacquisition,thedifferenceisincludedinprofitorlossforthecurrentperiodandthecostofthelong-termequityinvestmentisadjustedupwardsaccordinglyWhenaccountingusingtheequitymethod,investmentincomeandothercomprehensiveincomearerecognizedbasedontheshareofnetprofitorlossandothercomprehensiveincomerealizedbytheinvestedentitythatshouldbeenjoyedorshared,andthebookvalueofthelong-termequityinvestmentsisadjustedaccordingly.Theportionofprofitsorcashdividendsdeclaredanddistributedbytheinvestedentitythatshouldbeenjoyediscalculated,andthebookvalueofthelong-termequityinvestmentsiscorrespondinglyreduced.Forother

changesintheowner'sequityoftheinvestedentityotherthannetprofitorloss,othercomprehensiveincome,andprofitdistribution,thebookvalueofthelong-termequityinvestmentisadjustedandincludedincapitalreserves(othercapitalreserves).Whenrecognizingtheshareofnetprofitorlossoftheinvestedentitythatshouldbeenjoyed,thefairvalueoftheidentifiableassetsandotheritemsoftheinvestedentityatthetimeofinvestmentacquisitionisusedasthebasis,andthenetprofitoftheinvestedentityisadjustedaccordingtotheaccountingpoliciesandaccountingperiodsofthecompanybeforerecognition.If,duetoreasonssuchasadditionalinvestments,theinvestorisabletoexertsignificantinfluenceorjointcontrolovertheinvesteebutdoesnotconstitutecontrol,onthetransitiondate,thesumofthefairvalueoftheoriginalequityandthenewlyaddedinvestmentcostshallberegardedastheinitialinvestmentcostaccountedforusingtheequitymethod.Iftheoriginalequityisclassifiedasanontradingequityinstrumentinvestmentmeasuredatfairvaluewithchangesrecognizedinothercomprehensiveincome,thecumulativefairvaluechangespreviouslyrecognizedinothercomprehensiveincomerelatedtoitshallbetransferredtoretainedearningswhenaccountingforitusingtheequitymethod.Ifjointcontrolorsignificantinfluenceovertheinvesteeislostduetoreasonssuchasthedisposalofaportionofequityinvestment,theremainingequityafterdisposalshallbeaccountedforinaccordancewith"AccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments"onthedatewhenjointcontrolorsignificantinfluenceislost.Thedifferencebetweenfairvalueandbookvalueshallberecordedintheprofitorlossforthecurrentperiod.Forothercomprehensiveincomerecognizedfromtheoriginalequityinvestmentaccountedforusingtheequitymethod,accountingtreatmentshallbeconductedonthesamebasisasthedirectdisposalofrelatedassetsorliabilitiesbytheinvesteewhentheequitymethodisnolongerusedforaccounting.Allotherchangesinowner'sequityrelatedtotheoriginalequityinvestmentshallbetransferredtotheprofitorlossforthecurrentperiod.Ifcontrolovertheinvestedentityislostduetoreasonssuchasthedisposalofaportionofequityinvestment,andtheremainingequityafterdisposalcanjointlycontrolorexertsignificantinfluenceovertheinvestedentity,theequitymethodshallbeadoptedforaccounting,andtheremainingequityshallbeadjustedasifithadbeenaccountedforusingtheequitymethodfromthetimeofacquisition.Iftheremainingequityafterdisposalcannotjointlycontrolorexertsignificantinfluenceovertheinvestedentity,accountingtreatmentshallbeconductedinaccordancewiththerelevantprovisionsof"AccountingStandardsforBusinessEnterprisesNo.22-RecognitionandMeasurementofFinancialInstruments",andthedifferencebetweenitsfairvalueandbookvalueatthedateoflossofcontrolshallberecognizedinprofitorlossforthecurrentperiod.IftheCompany'sshareholdingratiodecreasesduetocapitalincreasesbyotherinvestors,resultinginthelossofcontrolbutstillenablingjointcontrolorsignificantinfluenceovertheinvestedentity,theCompanyshallrecognizeitsshareofthenetassetsincreasedbytheinvestedentityduetothecapitalincreasebasedonthenewshareholdingratio.Thedifferencebetweenthisshareandtheoriginalbookvalueofthelong-termequityinvestmentcorrespondingtothedecreasedshareholdingratioshallberecordedinprofitorlossforthecurrentperiod.Subsequently,adjustmentsshallbemadeusingtheequitymethodasifthenewshareholdingratiohadbeenappliedfromthetimeofinvestmentacquisition.TheunrealizedinternaltransactionlossesandgainsbetweentheCompanyanditsassociatedenterprisesandjointventuresarecalculatedbasedontheshareholdingratioandattributedtotheCompany.Theinvestmentlossesandgainsarerecognizedonanoffsetbasis.AnylossesresultingfromtransactionsbetweentheCompanyanditsinvestees,whichareattributabletoassetimpairmentlossesarenoteliminated.

(3)Basisfordeterminingexistenceofcontrol,jointcontrolorsignificantinfluenceoverinvesteesJointcontrolistheagreedsharingofcontroloveranarrangement,andthedecisionofactivitiesrelatingtosucharrangementrequirestheunanimousconsentoftheCompanyandotherpartiessharingcontrol.Indetermining

whetherjointcontrolexists,thefirststepistoassesswhetherallparticipatingpartiesoracombinationofparticipatingpartiescollectivelycontrolthearrangement.Thesecondstepistodeterminewhetherdecisionsregardingtherelevantactivitiesofthearrangementmustbeunanimouslyagreeduponbythesecollectivelycontrollingparties.Ifallparticipatingpartiesoragroupofparticipatingpartiesmustactinunisontodecideontherelevantactivitiesofanarrangement,itisconsideredthatallparticipatingpartiesoragroupofparticipatingpartiescollectivelycontrolthearrangement.Iftherearetwoormorecombinationsofparticipatingpartiescapableofcollectivelycontrollinganarrangement,itdoesnotconstitutejointcontrol.Whendeterminingwhetherjointcontrolexists,protectiverightsenjoyedarenotconsidered.

Significantinfluenceisthepowertoparticipateinmakingthedecisionsonfinancialandoperatingpoliciesoftheinvestee,butisnotcontrolorjointcontrolovermakingthosepolicies.Whendeterminingwhethertheinvestorcanexertsignificantinfluenceontheinvestedentity,theconsiderationincludesthevotingsharesdirectlyorindirectlyheldbytheinvestorintheinvestedentity,aswellastheimpactofthecurrentexecutablepotentialvotingrightsheldbytheinvestorandotherpartiesafterassumingthattheyareconvertedintoequityintheinvestedentity,includingtheimpactofthecurrentconvertiblewarrants,shareoptions,andconvertiblecorporatebondsissuedbytheinvestedentity.WhentheCompanydirectlyorindirectly,throughitssubsidiaries,holdsmorethan20%(inclusive)butlessthan50%ofthevotingsharesoftheinvestedentity,itisgenerallyconsideredtohavesignificantinfluenceovertheinvestedentity,unlessthereisclearevidenceindicatingthatitcannotparticipateintheproductionandoperationdecisionsoftheinvestedentityinsuchcircumstancesanddoesnotexertsignificantinfluence.WhentheCompanyholdslessthan20%(exclusive)ofthevotingsharesoftheinvestedentity,itisgenerallynotconsideredtohavesignificantinfluenceovertheinvestedentity,unlessthereisclearevidenceindicatingthatitcanparticipateintheproductionandoperationdecisionsoftheinvestedentityinsuchcircumstancesandexertsignificantinfluence.

(4)ImpairmenttestingmethodandimpairmentprovisionmethodThemethodforcalculatingassetimpairmentforinvestmentsinsubsidiaries,associates,andjointventuresisprovidedintheNoteV.30.

23.InvestmentpropertiesThemeasurementmodeofinvestmentpropertyThemeasurementbythecostmethodDepreciationoramortizationmethodInvestmentpropertyreferstorealestateheldforthepurposeofgeneratingrentalsorcapitalappreciation,orboth.TheinvestmentpropertiesoftheCompanyincludelanduserightsthathavebeenleasedout,landuserightsheldfortransferafterappreciation,andbuildingsthathavebeenleasedout.TheinvestmentpropertiesoftheCompanyareinitiallymeasuredattheiracquisitioncostsandaresubjecttodepreciationoramortizationonaregularbasisinaccordancewiththerelevantprovisionsforfixedassetsorintangibleassets.Theestimatedusefullives,thenetresidualvaluesthatareexpressedasapercentageofcostandtheannualdepreciation(amortization)ratesofinvestmentpropertiesareasfollows:

Theinvestmentproperty’sestimatedusefullife,estimatednetresidualvalueanddepreciation(amortization)methodappliedarereviewedandadjustedasappropriateateachyear-end.

Whenaninvestmentpropertyistransferredtoowner-occupiedproperty,itisreclassifiedtofixedassetandintangibleassetswiththecarryingamountsdeterminedatthecarryingamountsoftheinvestmentpropertyatthedateofthetransfer.Aninvestmentpropertyisderecognisedondisposalorwhentheinvestmentpropertyispermanentlywithdrawnfromuseandnofutureeconomicbenefitsareexpectedfromitsdisposal.Thenetamountofproceedsfromsale,transfer,retirementordamageofaninvestmentpropertyafteritscarryingamountandrelatedtaxesandexpensesisrecognisedinprofitorlossforthecurrentperiod.Forinvestmentpropertiesmeasuredusingthecostmodel,themethodforcalculatingassetimpairmentisprovidedinNoteV.30

24.Fixedassets

(1)RecognitionandinitialmeasurementoffixedassetsThefixedassetsofthecompanyrefertotangibleassetsheldforthepurposeofproducinggoods,providingservices,leasing,orbusinessmanagement,withaservicelifeexceedingoneaccountingyear,includingbuildings,powergenerationequipment,motorvehicles,andotherequipment.FixedassetsarerecognisedwhenitisprobablethattherelatedeconomicbenefitswillflowintotheGroupandthecostscanbereliablymeasured.FixedassetspurchasedorconstructedbytheGroupareinitiallymeasuredatcostatthetimeofacquisition.ThefixedassetscontributedbytheStateshareholdersatthereorganizationoftheCompanyintoacorporationentityarerecognisedbasedontheevaluatedamountsapprovedbythestate-ownedassetsadministrationdepartment.SubsequentexpendituresincurredforafixedassetareincludedinthecostofthefixedassetwhenitisprobablethattheassociatedeconomicbenefitswillflowtotheGroupandtherelatedcostcanbereliablymeasured.Thecarryingamountofthereplacedpartisderecognised.Alltheothersubsequentexpendituresarerecognisedinprofitorlossfortheperiodinwhichtheyareincurred.

(2)Depreciationmethods

TheCompanyadoptsthestraight-linemethodfordepreciationaccrual.Depreciationisaccruedforfixedassetsfromthetimetheyreachtheirintendedusableconditionandceaseswhentheyarederecognizedorclassifiedasnon-currentassetsheldforsale.

Exceptforfixedassetspurchasedusingworksafetyfunds,otherfixedassetsaredepreciatedusingthestraight-linemethodtoallocatethecostoftheassetstotheirestimatednetresidualvaluesovertheirestimated

usefullives.Forthefixedassetsthathavebeenprovidedforimpairmentloss,therelateddepreciationchargeisprospectivelydeterminedbasedupontheadjustedcarryingamountsovertheirremainingusefullives.TheimpairmenttestmethodandimpairmentprovisionmethodforfixedassetsaredescribedinNoteV.30.Attheendofeachyear,theCompanyreviewstheusefullife,estimatednetresidualvalue,anddepreciationmethodofitsfixedassets.DisposalsoffixedassetsAfixedassetisderecognisedondisposalorwhennofutureeconomicbenefitsareexpectedfromitsuseordisposal.Theamountofproceedsfromdisposalsonsale,transfer,retirementordamageofafixedassetnetofitscarryingamountandrelatedtaxesandexpensesisrecognisedinprofitorlossforthecurrentperiod.

25.ConstructioninprogressConstructioninprogressismeasuredatactualcost,includingvariousnecessaryengineeringexpendituresincurredduringtheconstructionperiod,borrowingcoststhatshouldbecapitalizedbeforetheprojectreachesitsintendedusablestate,andotherrelatedexpenses.Constructioninprogressistransferredtofixedassetswhentheassetisreadyforitsintendeduse,anddepreciationischargedstartingfromthefollowingmonth.Whentheconstructioninprogresscompletesitstrialoperationperiodandmeetsthecontractdesignobjectivesandcomprehensivequalityindicatorsthatcomplywithindustrytechnicalstandards,thecompanydeemsittohavereacheditsintendedoperationalcondition.ThemethodforcalculatingassetimpairmentforconstructioninprogressisprovidedinNoteV.30.

26.Borrowingcosts

(1)RecognitionprincipleforcapitalizationofborrowingcostsTheborrowingcostsincurredbytheCompany,whichcanbedirectlyattributedtotheacquisition,construction,orproductionofassetseligibleforcapitalization,shallbecapitalizedandincludedinthecostoftherelevantassets.Otherborrowingcostsshallberecognizedasexpensesbasedontheiractualamountatthetimeofoccurrenceandincludedinprofitorlossforthecurrentperiod.Borrowingcoststhatmeetthefollowingconditionsshallcommencecapitalization:

①Assetexpenditurehasalreadyoccurred,whichincludesexpenditureincurredintheformofcashpayments,transfersofnon-cashassets,ortheassumptionofinterest-bearingdebtsfortheacquisition,construction,orproductionofassetseligibleforcapitalization;

②Theborrowingcostshavealreadybeenincurred;

③Theacquisition,construction,orproductionactivitiesnecessarytopreparetheassetforitsintendeduseorsalehavecommenced.

(2)CapitalizationperiodofborrowingcostsWhentheassetseligibleforcapitalizationacquired,constructed,orproducedbythecompanyreachtheexpectedusableormarketablestate,thecapitalizationofborrowingcostsceases.Borrowingcostsincurredafter

theassetseligibleforcapitalizationreachtheexpectedusableormarketablestatearerecognizedasexpensesbasedontheiractualamountatthetimeofoccurrenceandrecognizedprofitorlossforthecurrentperiod.Capitalizationofborrowingcostsissuspendedduringperiodsinwhichtheacquisitionorconstructionofanassetisinterruptedabnormallyandtheinterruptionlastsformorethan3months,untiltheacquisitionorconstructionisresumed;borrowingcostsincurredduringnormalinterruptionsshallcontinuetobecapitalized.

(3)CalculationmethodforcapitalizationrateandcapitalizationamountofborrowingcostsTheamountofinterestexpensesactuallyincurredonspecialborrowingsinthecurrentperiod,afterdeductingtheinterestincomeearnedontheunusedborrowingfundsdepositedinthebankortheinvestmentincomeearnedfromtemporaryinvestments,shallbecapitalized.Forgeneralborrowings,thecapitalizationamountshallbedeterminedbymultiplyingtheweightedaverageofassetexpendituresexceedingthespecialborrowingsbythecapitalizationrateofthegeneralborrowingsused.Thecapitalizationrateshallbecalculatedanddeterminedbasedontheweightedaverageinterestrateofthegeneralborrowings.Duringthecapitalizationperiod,theexchangedifferencesonforeigncurrencyspecificborrowingsarefullycapitalized;theexchangedifferencesonforeigncurrencygeneralborrowingsarerecordedprofitorlossforthecurrentperiod.Duringthecapitalizationperiod,theexchangedifferencesonforeigncurrencyspecificborrowingsarefullycapitalized;theexchangedifferencesonforeigncurrencygeneralborrowingsarerecordedprofitorlossforthecurrentperiod.

27.BiologicalAssetsNotapplicable

28.Oil&GasassetsNotapplicable

29.Intangibleassets

（1）Servicelifeanditsdeterminationbasis,estimation,amortizationmethodorreviewprocedureTheintangibleassetsofthecompanyprimarilycompriselanduserights,seaareauserights,rightstousesupportingpowertransmissionandtransformationprojects,software,non-patentedtechnology,andothers.Intangibleassetsareinitiallymeasuredatcost,andtheirusefullivesareassesseduponacquisition.Iftheusefullifeisfinite,anamortizationmethodthatreflectstheexpectedrealizationofeconomicbenefitsrelatedtotheassetisadopted,startingfromthepointwhentheintangibleassetisreadyforuse,andamortizationiscarriedoutovertheexpectedusefullife.Iftheexpectedrealizationmethodcannotbereliablydetermined,thestraight-linemethodisusedforamortization.Intangibleassetswithanuncertainusefullifearenotamortized.Theamortizationmethodforintangibleassetswithlimitedservicelifeisasfollows:

Attheendofeachyear,theCompanyreviewstheusefullifeandamortizationmethodofintangibleassetswithalimitedusefullife.Ifthereviewresultsinadifferencefrompreviousestimates,theoriginalestimatesareadjustedandtreatedasachangeinaccountingestimates.Ifitisestimatedonthebalancesheetdatethatanintangibleassetcannolongerbringfutureeconomicbenefitstotheenterprise,theentirebookvalueoftheintangibleassetshallbetransferredtoprofitorlossforthecurrentperiod.ThemethodforcalculatingassetimpairmentforintangibleassetsisprovidedinNoteV.30.

（2）CollectionscopeofR&DexpenditureandrelatedaccountingtreatmentmethodsTheexpenditureonaninternalresearchanddevelopmentprojectisclassifiedintoexpenditureontheresearchphaseandexpenditureonthedevelopmentphasebasedonitsnatureandwhetherthereismaterialuncertaintythattheresearchanddevelopmentactivitiescanformanintangibleassetattheendoftheproject.Expenditureontheresearchphaseisrecognisedinprofitorlossintheperiodinwhichitisincurred.Expenditureonthedevelopmentphaseiscapitalizedonlyifallofthefollowingconditionsaresatisfied:

managementintendstocompletetheintangibleasset,anduseorsellit;itcanbedemonstratedhowtheintangibleassetwillgenerateeconomicbenefits:productswiththeapplicationofintangibleassetsortheintangibleassetsthemselvescanprovetohavemarketvalue,intangibleassetsforinternaluseapplicationcanprovetobeofusefulness;thereareadequatetechnical,financialandotherresourcestocompletethedevelopmentandtheabilitytouseorselltheintangibleasset;itistechnicallyfeasibletocompletetheintangibleassetsothatitwillbeavailableforuseorsale;andtheexpenditureattributabletotheintangibleassetduringitsdevelopmentphasecanbereliablymeasured.Otherdevelopmentexpendituresthatdonotmeettheconditionsabovearerecognisedinprofitorlossintheperiodinwhichtheyareincurred.Developmentcostspreviouslyrecognisedasexpensesarenotrecognisedasanassetinasubsequentperiod.Capitalizedexpenditureonthedevelopmentphaseispresentedasdevelopmentcostsinthebalancesheetandtransferredtointangibleassetsatthedatethattheassetisreadyforitsintendeduse.

30.Impairmentoflong-termassetsTheimpairmentofassetssuchaslong-termequityinvestmentsinsubsidiaries,associates,andjointventures,investmentpropertiesmeasuredusingthecostmodel,fixedassets,constructioninprogress,right-of-useassets,intangibleassets,goodwill,etc.(excludinginventories,deferredtaxassets,andfinancialassets)shallbedeterminedaccordingtothefollowingmethods:

Onthebalancesheetdate,weassesswhetherthereareanyindicationsthatassetsmaybeimpaired.Iftherearesuchindications,thecompanywillestimatetheirrecoverableamountsandconductanimpairmenttest.Impairmenttestsareconductedannuallyforgoodwillformedthroughbusinesscombinations,intangibleassets

withuncertainusefullives,andintangibleassetsthathavenotyetreachedtheirintendeduse,regardlessofwhetherthereareanyindicationsofimpairment.Therecoverableamountisdeterminedbasedonthehigherofthenetamountafterdeductingdisposalexpensesfromthefairvalueoftheassetandthepresentvalueoftheexpectedfuturecashflowsoftheasset.TheCompanyestimatestherecoverableamountofanindividualasset;ifitisdifficulttoestimatetherecoverableamountofanindividualasset,therecoverableamountoftheassetgrouptowhichtheassetbelongsisdetermined.Theidentificationofanassetgroupisbasedonwhetherthemaincashinflowsgeneratedbytheassetgroupareindependentofthecashinflowsofotherassetsorassetgroups.Whentherecoverableamountofanassetorassetgroupislowerthanitscarryingamount,theCompanywillreduceitscarryingamounttotherecoverableamount,andthereducedamountwillberecordedprofitorlossforthecurrentperiod.Atthesametime,acorrespondingprovisionforassetimpairmentwillbemade.Regardingtheimpairmenttestofgoodwill,thecarryingvalueofgoodwillformedthroughbusinesscombinationsisamortizedtotherelevantassetgroupsusingareasonablemethodfromtheacquisitiondate.Ifitisdifficulttoallocatetotherelevantassetgroups,itisamortizedtotherelevantcombinationsofassetgroups.Therelevantassetgroupsorcombinationsofassetgroupsarethosethatcanbenefitfromthesynergisticeffectsofbusinesscombinationsandarenotlargerthanthereportingsegmentsdeterminedbythecompany.Duringimpairmenttesting,iftherearesignsofimpairmentintheassetgrouporcombinationofassetgroupsrelatedtogoodwill,theimpairmenttestisfirstconductedontheassetgrouporcombinationofassetgroupsexcludinggoodwill.Therecoverableamountiscalculated,andthecorrespondingimpairmentlossisrecognized.Then,theimpairmenttestisconductedontheassetgrouporcombinationofassetgroupsincludinggoodwill.Thebookvalueiscomparedwiththerecoverableamount.Iftherecoverableamountislowerthanthebookvalue,theimpairmentlossofgoodwillisrecognized.Oncetheassetimpairmentlossisrecognized,itwillnotbereversedinsubsequentaccountingperiods.

31.Long-termprepaidexpenses

Thelong-termdeferredexpensesincurredbythecompanyarepricedatactualcostandamortizedevenlyovertheexpectedbenefitperiod.Forlong-termdeferredexpenseitemsthatdonotbenefitfutureaccountingperiods,theiramortizedvalueisfullyrecordedinprofitorlossforthecurrentperiod.

32.ContractLiabilitiesSeeNoteV(37)Revenuefordetails.

33.Employeebenefits

(1)Short-termemployeebenefitsShort-termemployeebenefitsincludewagesorsalaries,bonus,allowancesandsubsidies,staffwelfare,premiumsorcontributionsonmedicalinsurance,workinjuryinsuranceandmaternityinsurance,housingfunds,unionrunningcostsandemployeeeducationcostsandshort-termpaidabsences.Theshort-termemployeebenefitsactuallyoccurredarerecognisedasaliabilityintheaccountingperiodinwhichtheserviceisrenderedbytheemployees,withacorrespondingchargetotheprofitorlossforthecurrentperiodorthecostofrelevantassets.

(2)Post-employmentbenefitsTheCompanyclassifiespost-employmentbenefitplansaseitherdefinedcontributionplansordefinedbenefitplans.Definedcontributionplansarepost-employmentbenefitplansunderwhichtheCompanypaysfixedcontributionsintoaseparatefundandwillhavenoobligationtopayfurthercontributions;anddefinedbenefitplansarepost-employmentbenefitplansotherthandefinedcontributionplans.Duringthereportingperiod,theCompany’spost-employmentbenefitsmainlyincludebasicpensions,unemploymentinsuranceandsupplementarypensions,andallofthembelongtothedefinedcontributionplans;non-plannedexpensesprovidedtoretiredemployeesfallunderdefinedbenefitplans.BasicpensionsTheGroup’semployeesparticipateinthebasicpensionplansetupandadministeredbylocalauthoritiesofMinistryofHumanResourceandSocialSecurity.Monthlypaymentsofpremiumsonthebasicpensionsarecalculatedaccordingtothebasesandpercentageprescribedbytherelevantlocalauthorities.Whenemployeesretire,therelevantlocalauthoritiesareobligedtopaythebasicpensionstothemSupplementarypensionsTheCompanypurchasessupplementarypensionsforemployees,andpaysinsurancepremiumaccordingtothepoliciesoftheparentcompany,GuangdongEnergyGroup.Theamountsbasedontheabovecalculationsarerecognisedasliabilitiesintheaccountingperiodinwhichtheservicehasbeenrenderedbytheemployees,withacorrespondingchargetotheprofitorlossforthecurrentperiodorthecostofrelevantassets.Definedbenefitplan

Fordefinedbenefitplan,theCompanyusestheprojectedunitcreditmethodandincludestheobligationofthedefinedbenefitplanintheaccountingperiodinwhichtheservicehasbeenrenderedbytheemployees,withacorrespondingchargetotheprofitorlossfortheperiod.Thecostofemployeebenefitsarisingfromdefinedbenefitplansisclassifiedintothefollowingparts:Servicecosts(includingcurrentservicecostsandsettlementgainsandlosses);Netinterestonnetliabilitiesofdefinedbenefitplans(includinginterestexpensesondefinedbenefitplanobligations);aswellasremeasurementthechangesarisingfromthenetliabilityofthedefinedbenefitplan.Servicecostsandnetinterestonnetliabilitiesofdefinedbenefitplansarerecordedinprofitorlossforthecurrentperiod.Changesarisingfromtheremeasurementofnetliabilitiesofdefinedbenefitplans,includingactuarialgainsorlosses,arerecordedinothercomprehensiveincome.

(3)TerminationbenefitsTheCompanyrecognisesaliabilityarisingfromcompensationforterminationoftheemploymentrelationshipwithemployees,withacorrespondingchargetoprofitorlossforthecurrentperiodattheearlierofthefollowingdates:whentheCompanycannotunilaterallywithdrawanemploymentterminationplanoracurtailmentproposal;orwhentheCompanyrecognisescostsorexpensesforarestructuringthatinvolvesthepaymentofterminationbenefits.Fortheimplementationofinternalemployeeretirementplans,theeconomiccompensationbeforetheofficialretirementdateisconsideredasadismissalbenefit.Fromthedatewhentheemployeeceasestoprovideservicesuntilthenormalretirementdate,theproposedpaymentofwagesforearlyretiredemployeesandsocialinsurancepremiumsareincludedinprofitorlossforthecurrentperiodonaone-timebasis.Theeconomiccompensationaftertheofficialretirementdate(suchasnormalpensionbenefits)istreatedaspost-employmentbenefits.

(4)Otherlong-termbenefitsEarlyretirementbenefits:

TheCompanyoffersearlyretirementbenefitstothoseemployeeswhoacceptearlyretirementarrangements.TheearlyretirementbenefitsrefertothesalariesandsocialsecuritycontributionstobepaidtoandfortheemployeeswhoacceptvoluntaryretirementbeforethenormalretirementdateprescribedbytheState,asapprovedbythemanagement.TheGrouppaysearlyretirementbenefitstothoseearlyretiredemployeesfromtheearlyretirementdateuntilthenormalretirementdate.TheGroupaccountsfortheearlyretirementbenefitsinaccordancewiththetreatmentforterminationbenefits,inwhichthesalariesandsocialsecuritycontributionstobepaidtoandfortheearlyretiredemployeesfromtheoff-dutydatetothenormalretirementdatearerecognisedasliabilitieswithacorrespondingchargetotheprofitorlossforthecurrentperiod.Thedifferencesarisingfromthechangesintherespectiveactuarialassumptionsoftheearlyretirementbenefitsandtheadjustmentsofbenefitstandardsarerecognisedinprofitorlossintheperiodinwhichtheyoccur.TheterminationbenefitsexpectedtobepaidwithinoneyearfromthebalancesheetdatearepresentedasEmployeebenefitspayable.34．ProvisionsIftheobligationsrelatedtocontingenciessimultaneouslymeetthefollowingconditions,theCompanywillrecognizethemasprovisions：

(1)ThisobligationisapresentobligationundertakenbytheCompany;

(2)Itisprobablethatanoutflowofeconomicbenefitswillberequiredtosettletheobligation;

(3)Theamountoftheobligationcanbereliablymeasured.Aprovisionisinitiallymeasuredatthebestestimateoftheexpenditurerequiredtosettletherelatedpresentobligation.Factorssurroundingacontingency,suchastherisks,uncertaintiesandthetimevalueofmoney,aretakenintoaccountasawholeinreachingthebestestimateofaprovision.Wheretheeffectofthetimevalueofmoneyismaterial,thebestestimateisdeterminedbydiscountingtherelatedfuturecashoutflows.Thecarryingamountofprovisionsisreviewedateachbalancesheetdateandadjustedtoreflectthecurrentbestestimate.

Iftheexpenditurerequiredtosettletheconfirmedprovisionsisexpectedtobefullyorpartiallycompensatedbyathirdpartyorotherparties,thecompensationamountcanonlybeseparatelyrecognizedasanassetwhenitisvirtuallycertainthatitwillbereceived.Therecognizedcompensationamountshallnotexceedthebookvalueoftheconfirmedliability.

35.SharepaymentNotapplicable

36.OtherfinancialinstrumentssuchaspreferredstocksandperpetualbondsNotapplicable

37.RevenueAccountingpoliciesadoptedforincomerecognitionandmeasurement

(1)GeneralprinciplesTheCompanyrecognizesrevenuewhenithasfulfilleditsperformanceobligationsunderthecontract,thatis,whenthecustomerobtainscontrolovertherelevantgoodsorservices.Ifacontractcontainstwoormoreperformanceobligations,theCompany,onthecontractstartdate,allocatesthetransactionpricetoeachindividualperformanceobligationbasedontherelativeproportionoftheseparatesellingpricesofthegoodsorservicespromisedundereachindividualperformanceobligation,andmeasuresrevenuebasedonthetransactionpriceallocatedtoeachindividualperformanceobligation.Whenoneofthefollowingconditionsismet,itisconsideredfulfillingtheperformanceobligationwithinacertaintimeperiod;otherwise,itisconsideredfulfillingtheperformanceobligationatacertainpointintime:

①Customersobtainandconsumetheeconomicbenefitsbroughtbythecompany'sperformancewhilethecompanyisfulfillingitscontract.②Customershavetheabilitytocontrolthegoodsthatareinprogressduringthecompany'sfulfillmentprocess.③Thegoodsproducedbythecompanyduringtheperformanceofthecontracthaveirreplaceableuse,andthecompanyhastherighttocollectpaymentsfortheaccumulatedperformancecompletedtodatethroughoutthecontractperiod.Forperformanceobligationsthatarefulfilledwithinacertainperiod,theCompanyrecognizesrevenuebasedontheprogressoffulfillmentduringthatperiod.Whentheprogressoffulfillmentcannotbereasonablydetermined,ifthecostsalreadyincurredbytheCompanyareexpectedtobecompensated,revenueisrecognizedattheamountofthecostsalreadyincurreduntiltheprogressoffulfillmentcanbereasonablydetermined.Forperformanceobligationsthatarefulfilledatacertainpointintime,theCompanyrecognizesrevenueatthepointwhenthecustomerobtainscontrolovertherelevantgoodsorservices.Indeterminingwhetherthecustomerhasobtainedcontroloverthegoodsorservices,theCompanyconsidersthefollowingindicators:

①Thecompanyhasacurrentrighttoreceivepaymentforthegoodsorservices,whichmeansthecustomerhasacurrentobligationtopayforthegoods.②Thecompanyhastransferredthelegalownershipoftheproducttothecustomer,meaningthatthecustomernowholdsthelegalownershipoftheproduct.

③Thecompanyhastransferredthephysicalpossessionoftheproducttothecustomer,meaningthatthecustomerhasphysicallytakenpossessionoftheproduct.④Thecompanyhastransferredthesignificantrisksandrewardsofownershipofthegoodstothecustomer,meaningthatthecustomerhasassumedthesignificantrisksandrewardsofownershipofthegoods.⑤Thecustomerhasacceptedtheproductorservice.

⑥Othersignsindicatingthatthecustomerhasobtainedcontroloverthegoods.

(2)Specificmethods

Whenthecustomerobtainscontrolovertherelevantgoodsorservices,thecompanyrecognizesrevenuebasedontheexpectedamountofconsiderationitisentitledtoreceive.

①RevenuefromsaleofelectricityandheatenergyRevenueisrecognisedwhenelectricityandheatenergyaresuppliedtogridcompaniesorcustomers,andtheyobtaincontroloverelectricity.②Revenuefromsaleofby-products

②RevenuefromthesaleofgoodsisrecognisedwhentheCompanytransfersby-products(suchascoalash)

producedbyelectricitygenerationtothedesignateddeliveryplacepursuanttothecontractoragreement,theresourceutilizationenterpriseconfirmsreceiptandobtainscontrolovertheby-products.

③Provisionofelectricpowertransactionservice

FortheelectricpowertransactionserviceprovidedbytheCompanytoexternalparties,uponthereceiptoftheservice,revenueisrecognisedbasedonthedifferencebetweenthepurchasepriceandthesellingpriceofelectricity

④Renderingofservices

TheCompanyprovidesmaintenanceservicestoexternalclients,andrecognizesrevenueoveraperiodoftimebasedontheprogressoftheservicescompleted.Theprogressofthecompletedservicesisdeterminedbytheproportionofincurredcoststotheestimatedtotalcosts.Onthebalancesheetdate,thecompanyre-estimatestheprogressofthecompletedservicestoreflectchangesinperformance.Whenrecognizingrevenuebasedontheprogressofcompletedlaborservices,theCompanyrecognizestheportionforwhichithasobtainedunconditionalrightstoreceivepaymentasaccountsreceivable,andtheremainingportionascontractassets.Lossprovisionsarerecognizedforaccountsreceivableandcontractassetsbasedonexpectedcreditlosses,fordetails,pleasereferto(NoteV5(11).IfthecontractpricereceivedorreceivablebytheCompanyexceedsthelaborservicescompleted,theexcessisrecognizedascontractliabilities.TheCompanypresentscontractassetsandcontractliabilitiesunderthesamecontractonanetbasis.Contractcostsincludecontractperformancecostsandcontractacquisitioncosts.ThecostsincurredbytheCompanyforprovidingmaintenanceservicesarerecognizedascontractperformancecosts,andarecarriedforwardandincludedinthemainbusinesscostsbasedontheprogressofthecompletedserviceswhenrevenueisrecognized.

38.ContractCostsContractcostsincludeincrementalcostsincurredforobtainingthecontractandcontractperformancecosts.Incrementalcostsincurredtoobtainacontractrefertocoststhatwouldnothavebeenincurredifthecompanydidnotobtainthecontract(suchassalescommissions).Ifsuchcostsareexpectedtoberecoverable,thecompanyrecognizesthemascontractacquisitioncostsandrecognizesthemasanasset.Otherexpensesincurredbythecompanytoobtainacontract,otherthantheincrementalcostsexpectedtoberecoverable,arerecognizedinprofitorlossfortheperiodwhentheyareincurred.Forcostsincurredintheperformanceofacontract,iftheydonotfallwithinthescopeofotherenterpriseaccountingstandardssuchasinventoriesandsimultaneouslymeetthefollowingconditions,thecompanyrecognizesthemascontractperformancecostsandrecognizesthemasanasset:

①Thecostsaredirectlyattributabletoacontractorananticipatedcontract,includingdirectlabor,direct

materials,overheads(orsimilarexpenses),coststhatareexplicitlychargeabletothecustomer,andothercoststhatareincurredsolelyinconnectionwiththecontract;

②ThecostsenhancetheCompany'sfutureresourcesforfulfillingitsperformanceobligations;③Thecostsareexpectedtoberecovered.Assetsrecognizedforcostsofobtainingacontractorcoststofulfillacontract(hereinafterreferredtoas"assetsrelatedtocontractcost")shallbeamortizedonthesamebasisasrevenuerecognitionofgoodsorservicesrelatedtosuchassetsandrecognizedintoprofitorlossforthecurrentperiodwhenincurred.Whenthecarryingamountofanassetrelatedtocontractcostsexceedsthedifferencebetweenthefollowingtwoitems,theCompanymakesanimpairmentprovisionfortheexcessandrecognizesitasanassetimpairmentloss:

1TheremainingconsiderationthattheCompanyexpectstoreceiveinexchangeforthegoodsorservicesto

whichtheassetrelates;

2Thecoststobeincurredforthetransferoftherelevantgoodsorservices

39.GovernmentgrantsGovernmentsubsidiesarerecognizedwhentheconditionsattachedtothesubsidiesaremetandthesubsidiescanbereceived.Forgovernmentsubsidiesformonetaryassets,theyaremeasuredatthereceivedorreceivableamount.Forgovernmentsubsidiesfornon-monetaryassets,theyaremeasuredatfairvalue;ifthefairvaluecannotbereliablyobtained,theyaremeasuredatanominalamountof1yuan.Governmentsubsidiesrelatedtoassetsrefertothoseobtainedbythecompanyandusedfortheacquisition,construction,orformationoflong-termassetsthroughothermeans;otherwise,theyareconsideredgovernmentsubsidiesrelatedtoincome.

Forgovernmentdocumentsthatdonotexplicitlyspecifytherecipientsofsubsidies,ifthesubsidycanformlong-termassets,theportionofthegovernmentsubsidycorrespondingtotheassetvalueshallberegardedasgovernmentsubsidiesrelatedtoassets,andtheremainingportionshallberegardedasgovernmentsubsidiesrelatedtoincome;ifitisdifficulttodistinguish,theentiregovernmentsubsidyshallberegardedasgovernmentsubsidiesrelatedtoincome.Governmentsubsidiesrelatedtoassetsarerecognizedasdeferredincomeandarerecordedinprofitorlossovertheusefullifeoftherelevantassetsusingareasonableandsystematicmethod.Governmentsubsidiesrelatedtoincome,whichareusedtocompensateforrelatedcostsorlossesalreadyincurred,arerecordedinthecurrentprofitorloss.Thoseusedtocompensateforrelatedcostsorlossesinfutureperiodsarerecordedindeferredincomeandarerecordedinthecurrentprofitorlossduringtheperiodwhentherelatedcostsorlossesarerecognized.Governmentsubsidiesmeasuredattheirnominalamountsaredirectlyrecordedinthecurrentprofitorloss.TheCompanyadoptsaconsistentapproachtohandlingthesameorsimilargovernmentsubsidytransactions.Governmentsubsidiesrelatedtodailyactivitiesarerecordedinotherincomebasedonthesubstanceoftheeconomictransaction.Governmentsubsidiesunrelatedtodailyactivitiesarerecordedinnonoperatingincome.Whenconfirmedgovernmentsubsidiesneedtobereturned,ifthebookvalueoftherelevantassetswasoffsetduringinitialrecognition,thebookvalueoftheassetsshouldbeadjusted.Ifthereisabalanceofrelateddeferredincome,thebookbalanceoftherelateddeferredincomeshouldbeoffset,andtheexcessshouldberecordedinprofitorlossforthecurrentperiod.Inothercases,itshouldbedirectlyrecordedintprofitorlossforthecurrentperiod.

40.DeferredtaxassetsanddeferredtaxliabilitiesIncometaxcomprisescurrentincometaxanddeferredincometax.Exceptfortheadjustedgoodwillarisingfrombusinesscombinationsorthedeferredincometaxrelatedtotransactionsoreventsdirectlyrecognizedinowner'sequity,whichisrecordedinowner'sequity,allotherincometaxesarerecognizedasincometaxexpensesandrecordedinprofitorlossforthecurrentperiod.

TheCompanyrecognizesdeferredincometaxusingthebalancesheetliabilitymethodbasedonthetemporarydifferencesbetweenthecarryingamountofassetsandliabilitiesatthebalancesheetdateandtheirtaxbases.

Thedeferredincometaxliabilitiesarerecognizedforalltaxabletemporarydifferences,unlessthetaxabletemporarydifferencearisesfromthefollowingtransactions:

(1)Initialrecognitionofgoodwill,orinitialrecognitionofassetsorliabilitiesarisingfromtransactionsthatmeetthefollowingcriteria:thetransactionisnotabusinesscombination,andatthetimeofoccurrence,itneitheraffectsaccountingprofitnoraffectstaxableincome(exceptforindividualtransactionswheretheinitiallyrecognizedassetsandliabilitiesresultinequalamountsoftaxabletemporarydifferencesanddeductibletemporarydifferences);

(2)Fortaxabletemporarydifferencesrelatedtoinvestmentsinsubsidiaries,jointventures,andassociatedenterprises,thetimingofthereversalofsuchtemporarydifferencescanbecontrolled,anditislikelythatsuchtemporarydifferenceswillnotreverseintheforeseeablefuture.Fordeductibletemporarydifferences,deductiblelossesthatcanbecarriedforwardtofutureyears,andtaxcredits,theCompanyrecognizestheresultingdeferredtaxassetstotheextentthatitislikelytoobtainfuturetaxableincomethatcanbeusedtooffsetthedeductibletemporarydifferences,deductiblelosses,andtaxcredits,unlessthedeductibletemporarydifferencesarisefromthefollowingtransactions:

(1)Thetransactionisnotabusinesscombination,andatthetimeoftransaction,itneitheraffectsaccountingprofitnoraffectstaxableincome(exceptforindividualtransactionswheretheinitialrecognitionofassetsandliabilitiesresultsinequalamountsoftaxabletemporarydifferencesanddeductibletemporarydifferences);

(2)Fordeductibletemporarydifferencesrelatedtoinvestmentsinsubsidiaries,jointventures,andassociatedenterprises,correspondingdeferredtaxassetsarerecognizedwhenbothofthefollowingconditionsaremet:thetemporarydifferencesarelikelytobereversedintheforeseeablefuture,anditislikelythatfuturetaxableincomewillbeavailabletooffsetthedeductibletemporarydifferences.Onthebalancesheetdate,theCompanymeasuresdeferredtaxassetsanddeferredtaxliabilitiesatthetaxrateapplicableduringtheexpectedperiodofassetrecoveryorliabilitysettlement,andreflectstheincometaximpactoftheexpectedassetrecoveryorliabilitysettlementmethodonthebalancesheetdate.Onthebalancesheetdate,theCompanyreviewsthecarryingamountofdeferredtaxassets.Ifitislikelythatsufficienttaxableincomewillnotbeavailableinfutureperiodstooffsetthebenefitofthedeferredtaxasset,thecarryingamountofthedeferredtaxassetisreduced.Whensufficienttaxableincomeislikelytobeavailable,thereducedamountisreversed.Onthebalancesheetdate,deferredtaxassetsanddeferredtaxliabilitiesarepresentedatthenetamountafteroffsettingwhenbothofthefollowingconditionsaremet:

(1)Thetaxableentitywithinthecompanyhasthestatutoryrighttosettlecurrentincometaxassetsandcurrentincometaxliabilitiesonanetbasis;

(2)Deferredtaxassetsanddeferredtaxliabilitiesarerelatedtoincometaxesleviedbythesametaxauthorityonthesametaxableentitywithinthecompany.

41.Leases

(1)TheGroupasthelessee

Attheleasecommencementdate,theCompanyrecognisestheright-of-useassetandmeasurestheleaseliabilityatthepresentvalueoftheleasepaymentsthatarenotpaidatthatdate.Leasepaymentsincludefixedpayments,theexercisepriceofapurchaseoptionorterminationpenaltyifthelesseeisreasonablycertaintoexercisethatoptionetc.Variableleasepaymentsinproportiontosalesareexcludedfromleasepaymentsandrecognisedinprofitorlossasincurred.Leaseliabilitiesthatareduewithinoneyear(inclusive)asfromthebalancesheetdateareincludedinthecurrentportionofnoncurrentliabilities.Right-of-useassetsoftheGroupcompriseleasedlanduserights,buildings,machineryandequipment,andmotorvehicles.Right-of-useassetsaremeasuredinitiallyatcostwhichcomprisestheamountoftheinitialmeasurementofleaseliabilities,anyleasepaymentsmadeatorbeforethecommencementdateandanyinitialdirectcosts,lessanyleaseincentivesreceived.IfthereisreasonablecertaintythattheGroupwillobtainownershipoftheunderlyingassetbytheendoftheleaseterm,theassetisdepreciatedoveritsremainingusefullife;otherwise,theassetisdepreciatedovertheshorteroftheleasetermanditsremainingusefullife.Thecarryingamountoftheright-of-useassetisreducedtotherecoverableamountwhentherecoverableamountisbelowthecarryingamount..Fordetails，pleaserefertoNoteIII.30.Forshort-termleaseswithatermof12monthsorlessandleasesofanindividualasset(whennew)oflowvalue,theCompanychoosestoincludetheleasepaymentsinthecostoftheunderlyingassetsorintheprofitorlossforthecurrentperiodonastraight-linebasisovertheleaseterm,insteadofrecognizingright-of-useassetsandleaseliabilities.TheGroupaccountsforaleasemodificationasaseparateleaseifboth:

①Themodificationincreasesthescopeoftheleasebyaddingtherighttouseoneormoreunderlyingassets;

②Theconsiderationfortheleaseincreasesbyanamountcommensuratewiththestand-alonepricefortheincreaseinscopeandanyappropriateadjustmentstothatstand-alonepricetoreflectthecircumstancesofthecontract.Whenleasemodificationsarenotaccountedforasaseparatelease,exceptforcontractmodificationsthatcanadoptasimplifiedmethodasstipulatedbytheMinistryofFinance,thecompanyredeterminestheleasetermontheeffectivedateoftheleasemodification,andusesthereviseddiscountratetodiscounttheleasepaymentamountaftermodification,therebyremeasuringtheleaseliability.Iftheleasemodificationresultsinareductioninthescopeoftheleaseorashortenedleaseterm,thecompanycorrespondinglyreducesthebookvalueoftheright-to-useassetandincludestherelatedgainsorlossesfrompartialorcompleteterminationoftheleaseinprofitorlossforthecurrentperiod.Forotherleasemodificationsthatresultinaremeasurementoftheleaseliability,thecompanycorrespondinglyadjuststhebookvalueoftheright-to-useasset.Foreligiblerentreductionsagreeduponinexistingleasecontracts,theCompanyoptstoadoptasimplifiedapproach.Uponreachinganagreementtoterminatetheoriginalpaymentobligation,theundiscountedamountofthereductionisrecordedinprofitorlossforthecurrentperiod,andtheleaseliabilityisadjustedaccordingly.

（2）TheGroupasthelessorLeasesthathaveessentiallytransferredalmostallrisksandrewardsrelatedtotheownershipoftheleasedassetareclassifiedasfinancialleases.Otherleasesareclassifiedasoperatingleases.OperatingleasesWheretheCompanyleasesoutself-ownedbuildingsandlanduserightsunderoperatingleases,rentalincometherefromisrecognisedonastraight-linebasisovertheleaseterm.Variablerentalthatislinkedtoacertainpercentageofsalesisrecognisedinrentalincomeasincurred.

Forthequalifiedrentconcessionsagreedonexistingleasecontracts,theCompanyappliesthepracticalexpedienttoaccountfortheconcessionsasvariableleasepaymentsandrecordtheconcessionsinprofitorlossduringthewaivingperiodExceptthattheabovechangesinqualifiedcontractwhichareaccountedforbyapplyingthepracticalexpedient,foraleasemodification,theCompanyaccountsforitasanewleasefromtheeffectivedateofthemodification,andconsidersanyleasepaymentsreceivedinadvanceandreceivablerelatingtotheleasebeforemodificationasreceivablesofthenewlease

42.Othersignificantaccountingpoliciesandestimates

（1）WorksafetyfundsInaccordancewithrelevantregulations,theCompanyallocatesworksafetyfundsinaccordancewiththe"AdministrativeMeasuresfortheAllocationandUseofWorkSafetyExpensesinEnterprises"(CaiZi[2022]No.136).Subsidiariesengagedinpowergenerationbusinessshallappropriateworksafetyfundsbasedontheactualrevenueinthepreviousyearandatthefollowingpercentages:

?3%fortheproportionofrevenueuptoRMB10millioninthepreviousyear;?

1.5%fortheproportionofrevenuebetweenRMB100millionandRMB1billioninthepreviousyear;?1%fortheproportionofrevenuebetweenRMB100millionandRMB1billioninthepreviousyear;?

0.8%fortheproportionofrevenuebetweenRMB1billionandRMB5billioninthepreviousyear;?

0.6%fortheproportionofrevenuebetweenRMB5,000millionandRMB10,000millioninthepreviousyear;?

0.2%fortheproportionofrevenueexceedingRMB10billioninthepreviousyear.Worksafetyfundsarerecognisedinprofitorlossasthe"Specificreserve"itemforthecurrentperiodwhenappropriated.Whenusingthespecialreserve,iftheexpendituresareexpensesinnature,theexpensesincurredareoffsetagainstthespecificreservedirectlywhenincurred.Iftheyresultintheformationoffixedassets,theincurredexpendituresshallfirstbecollectedunderthe"ConstructioninProgress"account.Oncethesafetyprojectiscompletedandreachesitsintendedusablestate,thefixedassetsshallberecognized.Simultaneously,thespecialreservesshallbeoffsetagainstthecostofformingthefixedassets,andtheaccumulateddepreciationofthesameamountshallberecognized.Nofurtherdepreciationshallbeaccruedforthisfixedassetinsubsequentperiods.

（

）CarbonemissionuserightsCategorizedasanEnterprisewithHighEmissions,theGroupneedstofulfillitsemissionreductionobligationsandrecognisecarbonemissionrelatedassetsandexpendituresperrelevantregulations:

(i)ThepresentobligationsincurredbytheGroupinfulfillingitsemissionreductionobligationsaremeasuredatthebestestimateoftheexpenditurerequiredandrecognisedasotherpayablesandnon-operatingexpenses.(ii)TheGrouppurchasescarbonemissionallowancesandrecognisesrelatedcarbonemissionrightsassetsbasedonthecostpaidorpayableattheacquisitiondate,andthebalanceisincludedinothercurrentassets;theGroupmakesnoaccountingtreatmentforcarbonemissionallowancespurchasedatnilconsideration;(iii)TheGroupusesthepurchasedcarbonemissionallowancestofulfillitsemissionreductionobligationsandrecognisesthebookbalanceoftheallowancesusedasareductionofcarbonemissionrightsassets;theGroupmakesnoaccountingtreatmentifitusescarbonemissionallowancespurchasedatnilconsiderationtofulfillitsobligations;

(iv)TheGroupsellscarbonemissionallowancesandrecognisesrelatednon-operatingincomeornon-operatingexpensesbasedonthedifferencebetweentheamountreceivedorreceivableatthedateofsaleandthebookbalanceoftheallowancessold

（

）SegmentinformationTheGroupidentifiesoperatingsegmentsbasedontheinternalorganisationstructure,managementrequirementsandinternalreportingsystem,anddisclosessegmentinformationofreportablesegmentswhichisdeterminedonthebasisofoperatingsegments.AnoperatingsegmentisacomponentoftheGroupthatsatisfiesallofthefollowingconditions:(a)thecomponentisabletoearnrevenueandincurexpensesfromitsordinaryactivities;(b)whoseoperatingresultsareregularlyreviewedbytheGroup’smanagementtomakedecisionsaboutresourcestobeallocatedtothesegmentandtoassessitsperformance,and(c)forwhichtheinformationonfinancialposition,operatingresultsandcashflowsisavailabletotheGroup.Twoormoreoperatingsegmentsthathavesimilareconomiccharacteristicsandsatisfycertainconditionscanbeaggregatedintoonesingleoperatingsegment.（

）CriticalaccountingestimatesandjudgementsTheGroupcontinuallyevaluatesthecriticalaccountingestimatesandkeyjudgementsappliedbasedonhistoricalexperienceandotherfactors,includingexpectationsoffutureeventsthatarebelievedtobereasonableunderthecircumstances.(a)Criticaljudgementsinapplyingtheaccountingpolicies(i)ClassificationoffinancialassetsSignificantjudgementsmadebytheGroupintheclassificationoffinancialassetsincludeanalysisonbusinessmodelsandcontractualcashflowcharacteristics.TheGroupdeterminesthebusinessmodelforfinancialassetmanagementatthelevelofdifferentgroups,andfactorstobeconsideredincludethemethodsofevaluationonfinancialassetperformanceandreportingoffinancialassetperformancetokeymanagementpersonnel,risksaffectingfinancialassetperformanceandmanagementmethodsforsuchrisks,thewaysinwhichrelatedbusinessmanagementpersonnelareremunerated,etc.Whenassessingwhethercontractualcashflowcharacteristicsoffinancialassetsareconsistentwithbasiclendingarrangement,keyjudgementsmadebytheGroupinclude:thepossibilityofchangesintimingoramountoftheprincipalduringthedurationduetoreasonssuchasearlyrepayment;whetherinterestonlyincludestimevalueofmoney,creditrisks,otherbasiclendingrisksandconsiderationsforcostsandprofits.Forexample,whethertheamountofprepaymentonlyreflectstheprincipaloutstandingandtheinterestbasedontheprincipaloutstanding,aswellasthereasonablecompensationduetotheearlyterminationofthecontract.

(ii)DeterminationofsignificantincreaseincreditriskWhentheGroupclassifiesfinancialinstrumentsintodifferentstages,itscriteriaforsignificantincreaseincreditriskandcredit-impairedareasfollows:

JudgementoftheGroupforsignificantincreaseincreditriskismainlybasedonwhetheroneormoreofthefollowingindicatorschangedsignificantly:businessenvironmentofthedebtor,internalandexternalcreditrating,significantchangesinactualorexpectedoperatingresults,significantdecreaseinvalueofcollateralorcreditrateofguarantor,etc.JudgementoftheGroupontheoccurredcreditimpairmentismainlybasedonwhetheritmeetsoneormoreofthefollowingconditions:thedebtorissufferingsignificantfinancialdifficulties,engagedinotherdebtrestructuring,oritisprobablethatthedebtorwillenterbankruptcy,etc.(iii)Timingofrevenuerecognition

Withregardtosaleofelectricitytogridcompanies,theGroupsupplieselectricitytogridcompaniesinaccordancewiththecontract.Thereafter,thegridcompanieshavetherighttosellelectricityandthediscretioninpricing,andtaketherisksofanypricefluctuationorlossoftheproducts.TheGroupbelievesthatthegridcompaniesobtaincontroloverelectricpoweruponthereceivingoftheelectricpower.Therefore,revenueisrecogniseduponthereceivingoftheelectricpowerofgridcompanies.(b)Criticalaccountingestimatesandkeyassumptions(i)AssessmentonimpairmentoffixedassetsAfixedassetistestedforimpairmentbytheGroupifthereisanyindicationthatitmaybeimpairedatthebalancesheetdatebycalculatingandcomparingtherecoverableamountofthefixedassetwithitscarryingamounttocheckthedifference.Iftheresultoftheimpairmenttestindicatesthattherecoverableamountofanassetislessthanitscarryingamount,aprovisionforimpairmentandanassetimpairmentlossarerecognisedfortheamountbywhichtheasset’scarryingamountexceedsitsrecoverableamount.Therecoverableamountisthehigherofanasset’sfairvaluelesscoststosellandthepresentvalueofthefuturecashflowsexpectedtobederivedfromtheasset.Thedeterminationoftherecoverableamountinvolvesaccountingestimates.Whenassessingwhethertheaboveassetsareimpaired,managementmainlyevaluatesandanalyses:(i)whethereventsaffectingassetimpairmentoccurred;(ii)whetherthepresentvalueofexpectedcashflowsarisingfromthecontinuinguseordisposalsoftheassetislowerthanitscarryingamount;and(iii)whetherthesignificantassumptionsusedinthecalculationofthepresentvalueoftheestimatedcashflowsareappropriateThecalculationofthepresentvalueoffuturecashflowsinvolvesmanagement’ssignificantestimatesandjudgements,includingthediscountrate,thegrowthrateoftheestimatedon-gridelectricityprice,thegrowthrateoftheestimatedelectricitysaleandthevariabilityrateoftheestimatedpriceofcoalusedinpowergeneration.Changesintheseassumptionsmayhavematerialimpactonthepresentvalueusedintheimpairmenttest,andcauseimpairmentintheabove-mentionedlong-termassetsoftheGroup(ii)MeasurementofECLTheGroupcalculatesECLthroughexposureatdefaultandECLrates,anddeterminestheECLratesbasedonprobabilityofdefaultandlossgivendefault.IndeterminingtheECLrates,theGroupusesdatasuchasinternalhistoricalcreditlossexperience,etc.,andadjustshistoricaldatabasedoncurrentconditionsandforward-lookinginformation.Whenconsideringforward-lookinginformation,theGroupconsidereddifferentmacroeconomicscenarios.SignificantmacroeconomicassumptionsandparametersrelatedtotheestimationofECLincludetheriskofeconomicdownturn,externalmarketenvironment,technologicalenvironment,changesincustomerconditions,GrossDomesticProduct(“GDP”)andConsumerPriceIndex(“CPI”),etc.TheGroupregularlymonitorsandreviewsassumptionsandparametersrelatedtothecalculationofECL(iii)IncometaxesanddeferredincometaxesTheGroupissubjecttoincometaxesinnumerousjurisdictions.Therearesometransactionsandeventsforwhichtheultimatetaxdeterminationisuncertainduringtheordinarycourseofbusiness.SignificantjudgementisrequiredfromtheGroupindeterminingtheprovisionforincometaxineachofthesejurisdictions.Wherethefinaltaxoutcomesofthesemattersaredifferentfromtheamountsthatwereinitiallyrecorded,suchdifferenceswillimpacttheincometaxanddeferredincometaxprovisionsintheperiodinwhichsuchdeterminationismade.AsstatedinNote6,somesubsidiariesoftheGrouparehigh-techenterprises.Thehigh-techenterprisecertificateiseffectiveforthreeyears.Uponexpiration,applicationforhigh-techenterpriseidentificationshouldbesubmittedagaintotherelevantgovernmentauthorities.Basedonthehistoricalexperienceofreassessmentforhigh-techenterpriseuponexpirationandtheactualconditionofthesubsidiaries,theGroupconsidersthat

thesubsidiariesareabletoobtainthequalificationforhigh-techenterprisesinfutureyears,andthereforeapreferentialtaxrateof15%isusedtocalculatethecorrespondingdeferredincometax.Ifsomesubsidiariescannotobtainthequalificationforhigh-techenterpriseuponexpiration,thenthesubsidiariesaresubjecttoastatutorytaxrateof25%forthecalculationoftheincometax,whichfurtherinfluencestherecogniseddeferredtaxassets,deferredtaxliabilitiesandincometaxexpenses.Adeferredtaxassetisrecognisedforthecarryforwardofunuseddeductiblelossestotheextentthatitisprobablethatfuturetaxableprofitswillbeavailableagainstwhichthedeductiblelossescanbeutilised.Futuretaxableprofitsincludetaxableprofitsthatcanbeachievedthroughnormaloperationsandtheincreaseintaxableprofitsduetothereversaloftaxabletemporarydifferencesarisingfrompreviousperiodinfutureperiod.TheGroupdeterminesthefuturetaxableprofitsbasedonthefuturefinancialforecast,whichrequiresmanagement’ssignificantestimatesandjudgements,includingtheestimatedelectricitysale,estimatedon-gridelectricityprice,theestimatedpriceofcoalusedinpowergenerationandotheroperatingexpenses.Ifthereisanydifferencebetweentheactualandtheestimates,adjustmentmaybemadetothecarryingamountofdeferredtaxassets.

43.Changeofmainaccountingpoliciesandestimations

(1)Changeofmainaccountingpolicies

□Applicable?Notapplicable

(2)Changeofmainaccountingestimations

□Applicable√Notapplicable

（3）Theinformationoftheadjustingitemsrelatedtothefinancialstatementsatthebeginningoftheyearoffirstimplementationduetothefirstimplementationofnewaccountingstandardsfrom2025.Adjustmentdescription

□Applicable√Notapplicable

44.OtherNotapplicableVI.Taxation

1.Maincategoriesandratesoftaxes

Incasethereexistanytaxpayerpayingcorporateincometaxatdifferenttaxrates,disclosetheinformation

2.TaxpreferenceCorporateincometaxincentivesPursuanttotheapprovaldocuments(CaiShui[2008]No.46andGuoShuiFa[2009]No.80),theCompanyandseveralsubsidiariesareapprovedtoengageinwindpowerprojectsandphotovoltaicprojectssince1January2008andareexemptedfromenterpriseincometaxinthefirstthreeyearscountingfromtheyearwhenrevenuefromproductionandoperationsofthoseprojectsisrecordedforthefirsttime,andcanenjoyhalfratereductioninthefollowingthreeyears(“three-yearexemptionsandthree-yearhalves”).PursuanttotheSupplementaryNoticeonIssuesConcerningthePreferentialEnterpriseIncomeTaxPoliciesforPublicInfrastructureProjects(CaiShui[2014]No.55),enterprisesinvestandoperatepublicinfrastructureprojectsincompliancewiththeListofPublicInfrastructureProjectsEnjoyingEnterpriseIncomeTaxPreferential,thosewhichadoptone-offapprovalandaresubjecttoconstructioninbatches(suchasterminals,berths,airportterminals,runways,sections,generatorunits,etc.)aresubjecttoincometaxcalculatedinunitsofeachbatchandenjoythetaxpreferentialpolicyof“three-yearexemptionsandthree-yearhalves”whenthefollowingconditionsaresatisfied:(i)differentbatchesarespace-independent;(ii)eachbatchhasitsownrevenuefunction;(iii)theyareaccountedforinunitsofeachbatchandaresubjecttoincometaxindividually,whiletheperiodexpensesareallocatedrationally.

Thesubsidiarieswhichenjoythistaxpreferencearelistedasbelow

In2022,theGroup'ssubsidiaries,ZhanjiangWindPowerandBiomassPowerGeneration,obtainedthe"High-techEnterpriseCertificate"(certificatenumbersGR202244006758andGR202244008597)jointlyissuedbytheGuangdongProvincialDepartmentofScienceandTechnology,theGuangdongProvincialDepartmentofFinance,andtheGuangdongTaxServiceundertheStateTaxationAdministration.Thecertificateisvalidfor3yearsandwasissuedonDecember22,2022.AccordingtoArticle28ofthe"EnterpriseIncomeTaxLawofthePeople'sRepublicofChina",theapplicableenterpriseincometaxrateforZhanjiangWindPowerandBiomassPowerGenerationfrom1January2025to30June2025is15%.In2024,theGroup'ssubsidiary,GuangdongWindPower,obtainedthe"High-techEnterpriseCertificate"(CertificateNo.GR202444008116)jointlyissuedbytheGuangdongProvincialDepartmentofScienceandTechnology,theGuangdongProvincialDepartmentofFinance,andtheGuangdongProvincialTaxServiceoftheStateTaxationAdministration.Thecertificateisvalidfor3yearsandwasissuedonDecember11,2024.AccordingtoArticle28ofthe"EnterpriseIncomeTaxLawofthePeople'sRepublicofChina",theapplicableenterpriseincometaxrateforGuangdongWindPowerfrom1January2025to30June2025is15%.Accordingtothe"NoticeoftheStateTaxationAdministrationGuangxiZhuangAutonomousRegionTaxBureauonClarifyingtheExemptionPolicyfortheLocalSharingPartofEnterpriseIncomeTaxunderCertainCircumstances"(CaiShui[2023]No.5),forenterprisesnewlyestablishedintheBeibuGulfEconomicZonefrom2014to2020,andthosenewlyestablishedinthePearlRiver-XijiangEconomicBelt(Guangxi)from2016to2020,whichhavenotpreviouslyappliedfortheexemptionofthelocalsharingpartofenterpriseincometax,thefollowingexemptionpolicyforthelocalsharingpartofenterpriseincometaxshallbeimplemented:Forenterprisesthatmeettheconditionsforthepreferentialtaxpolicyforenterpriseincometaxunderthenationalwesterndevelopmentprogramduringtheperiodfrom2021to2025,theyshallbeexemptfromthelocalsharingpartofenterpriseincometaxforfiveconsecutiveyearsstartingfromthetaxyearinwhichtheyfirstmeettheconditionsforthepreferentialtaxpolicyforenterpriseincometaxunderthewesterndevelopmentprogram.Thesubsidiariesofourcompany,GuangxiWuxuanYuefengNewEnergyCo.,Ltd.andGuangxiHangneng,enjoytheabovetaxbenefitsfrom1January2025to30June2025.AccordingtotheapprovalprovidedinAnnouncementNo.6of2023bytheStateTaxationAdministration,"AnnouncementoftheMinistryofFinanceandtheStateTaxationAdministrationonPreferentialIncomeTaxPoliciesforSmallandMicroEnterprisesandSelf-EmployedIndividuals",forsmallandmicro-profitenterpriseswithannualtaxableincomenotexceeding1millionyuan,thetaxableincomeshallbecalculatedatareduced

rateof25%,andtheenterpriseincometaxshallbepaidatarateof20%.Theaforementionedsmallandmicroenterprisesrefertothoseengagedinindustriesnotrestrictedorprohibitedbythestate,andsimultaneouslymeetingthreeconditions:(1)annualtaxableamountdonotexceedRMB3million,(2)numberofemployeesdonotexceed300staff,and(3)totalassetsdonotexceedRMB50million.SomesubsidiariesoftheCompanyenjoytheabovetaxbenefitsfrom1January2025to30June2025.AccordingtotheNoticeonIssuesConcerningtheImplementationofthePreferentialIncomeTaxCatalogueforEnterprisesEngagedinComprehensiveResourceUtilization(CaiShui[2008]No.47),fromJanuary1,2008,enterprisesthatuseresourceslistedinthePreferentialIncomeTaxCatalogueforEnterprisesEngagedinComprehensiveResourceUtilization(2008Edition)astheirmainrawmaterialstoproduceproductsthatmeetrelevantnationalorindustrystandardswithintheaforementionedcataloguewillhavetheirincomecalculatedatareducedrateof90%forthetotalincomeoftheenterpriseforthecurrentyear.Thesubsidiariesofourgroup,ZhanjiangElectricPowerCo.,Ltd.andPinghaiPowerPlant,useflyashtoproducecommercialflyash,whichmeetstheaforementionedpreferentialincometaxconditionsforcomprehensiveresourceutilizationandwillenjoytheaforementionedtaxbenefitsfrom1January2025to30June2025.Accordingtothe"NoticeoftheMinistryofFinanceandtheStateAdministrationofTaxationonIssuesConcerningtheImplementationofthePreferentialIncomeTaxCatalogueforEnterprisesUsingSpecializedEquipmentforEnvironmentalProtection,thePreferentialIncomeTaxCatalogueforEnterprisesUsingSpecializedEquipmentforEnergyandWaterConservation,andthePreferentialIncomeTaxCatalogueforEnterprisesUsingSpecializedEquipmentforSafeProduction"(CaiShui[2008]No.48),enterprisesthatpurchaseandactuallyusespecializedequipmentforenvironmentalprotection,energyandwaterconservation,andsafeproductionwithinthescopeofthe"PreferentialIncomeTaxCatalogueforEnterprisesUsingSpecialEquipmentforEnvironmentalProtection",the"PreferentialIncomeTaxCatalogueforEnterprisesUsingSpecialEquipmentforEnergyandWaterConservation",andthe"PreferentialIncomeTaxCatalogueforEnterprisesUsingSpecializedEquipmentforSafeProduction"fromJanuary1,2008,canoffset10%oftheinvestmentamountinspecializedequipmentagainstthecurrentyear'senterpriseincometaxpayable.Ifthecurrentyear'senterpriseincometaxpayableislessthan10%oftheinvestmentamount,itcanbecarriedforwardtofutureyearsbutthecarry-forwardperiodshallnotexceedfivetaxableyears.Somesubsidiariesofthegroupenjoytheabovetaxbenefitsfrom1January2025to30June2025.

VATtaxincentivesAccordingtothe"NoticeontheCatalogueofProductsandServicesforComprehensiveResourceUtilizationEligibleforValue-AddedTaxPreferences"(CaiShui[2015]No.78),taxpayerswhosellself-producedproductsforcomprehensiveresourceutilizationandprovideservicesforcomprehensiveresourceutilizationcanenjoytheimmediaterefundpolicyforvalue-addedtax.From1January2025to30June2025,thesubsidiariesoftheGroupincludesGuangdongYudeanZhanjiangBiomassPowerGenerationCo.,Ltd.,GuangdongHuizhouPinghaiPowerCo.,Ltd.,GuangdongYudeanTechnologyEngineeringManagementCo.,Ltd.andGuangdongYudeanYunhePowerCo.,Ltd.,enjoyedtheimmediatetaxrefundpolicyforvalue-addedtax.Accordingtothe"NoticeontheValue-AddedTax(VAT)PolicyforWindPowerGeneration"(CaiShui[2015]No.74),apolicyofimmediaterefundof50%oftheVATleviedonthesaleofself-producedelectricityproductsgeneratedbywindpowerbytaxpayersisimplemented.ThesubsidiariesoftheGroup,includingGuangdongYudeanZhanjiangWindPowerGenerationCo.,Ltd.,GuangdongYudeanDianbaiWindPowerCo.,

Ltd.,GuangdongYudeanXuwenWindPowerElectricityCo.,Ltd.,GuangdongYuenengWindPowerCo.,Ltd.,GuangdongYudeanShibeishanWindPowerCo.,Ltd.,LeizhouWindPower,HuilaiWindPowerCo.,Ltd.,HunanXupuYuefengNewEnergyCo.,Ltd.,TongdaoYuexinWindPowerGenerationCo.,Ltd.,GuangxiWuxuanYuefengNewEnergyCo.,Ltd.,andDachengCountyDun'AnNewEnergyCo.,Ltd.,enjoytheaforementionedtaxbenefitsfrom1January2025to30June2025.

3.OtherNotapplicableVII.Notesonmajoritemsinconsolidatedfinancialstatements

1.Monetaryfunds

InRMB

Othernote（a）AsofJune30,2025,theGrouphadnofundsdepositedoverseas(December31,2024:None).（b）AsofJune30,2025,OthermonetaryfundsamountedtoRM24,299,955(OnDecember31,2024:

RMB33,925,897),whichmainlyweredepositssuchasecologicalprotectiondepositsandperformanceguaranteedeposits.Othernote

2.Transactionalfinancialassets

Notapplicable

3.DerivativefinancialassetsNotapplicable

4.Notesreceivable

(1)Notesreceivablelistedbycategory

InRMB

（2）Byaccrualofbaddebtprovision

InRMB

Nameofbaddebtprovisionbyportfolio:portfolioofnotesreceivable

InRMB

Note：

Iftheprovisionforbaddebtsofnotesreceivableismadeinaccordancewiththegeneralmodelofexpectedcreditlosses,pleaserefertothedisclosureofotheraccountreceivabletodiscloserelatedinformationaboutbad-debtprovisions:

□Applicable?Notapplicable

(3)Baddebtprovisionaccrual,collectedorreversalintheperiodNotapplicable.Includingimportantamountofbaddebtprovisioncollectedorreversalintheperiod:

□Applicable?Notapplicable

(4)Notesreceivablepledgedatperiod-endNotapplicable

(5)Notereceivablewhichhasendorsedanddiscountatperiod-endandhasnotexpiredonbalancesheetdateNotapplicable

(6)Notereceivableactuallywritten-offintheperiodNotapplicable

5.Accountreceivable

(1)Accountsreceivabledisclosedbycategory

InRMB

（2）Accordingtothebaddebtprovisionmethodclassificationdisclosure

InRMB

Accrualofbaddebtprovisionbyportfolio:Electricitysalesreceivable

InRMB

Note：

Portfolio1.Asat30June2025,theGroup’sreceivablesfromsaleofelectricityamountedtoRMB8,761,704,315(31December2024:RMB8,998,642,889),whichmainlycomprisedreceivablesofRMB8,586,156,670fromChinaSouthernPowerGridCo.,Ltd.anditssubsidiaries(collectivelyreferredtoas“ChinaSouthernPowerGrid”)andRMB175,547,645fromStateGridCorporationofChina(“StateGrid”)anditssubsidiaries.ConsideringthefavorablecredithistoryofChinaSouthernPowerGridandStateGrid,theGroupheldthattherewasnosignificantcreditriskarisingfromreceivablesfromsaleofelectricity.SincethepossibilityofmateriallossesduetothedefaultbyChinaSouthernPowerGridandStateGridwasextremelylow,theGroupmadenoprovisionfortheECLofthereceivablesfromsaleofelectricity(31December2024:Nil)Forthereceivablesofrenewableenergysubsidies,theGrouphasmadeprovisionforbaddebtsbasedontheexpectedcreditlossmodel,thebalanceofwhichisRMB37,914,154asofJune30,2025(31December2024:

RMB30,986,374)AsofJune30,2025,therighttocollectelectricchargesoftheGroup’scertainsubsidiaries,waspledgedtobankstoobtainlong-termborrowingswithaprincipalofRMB4,570,263,542,includingcurrentportionoflong-termborrowingswithaprincipalofRMB357,839,261.(December31,2024:long-termborrowingswithaprincipalofRMB5,171,411,604,includingcurrentportionoflong-termborrowingswithaprincipalofRMB451,067,263.).Accrualofbaddebtprovisionbyportfolio:Relatedpartyreceivable

InRMB

Note：

Portfolio2：

-Relatedpartyreceivable：Asat30June2025,theamountofreceivablesfromrelatedpartiesoftheGroupwasRMB40,982,029（December31,2024:RMB37,889,672),andthehistoricallossratewasextremelylow.Therefore,TheGroupbelievesthatthereisnosignificantcreditriskinthereceivablesfromrelatedparties,andthepossibilityofsignificantlossesduetotheirdefaultisextremelylow.TheGroup'sexpectedcreditlossrateforreceivablesfromrelatedpartiesis0%.（December31,2024:0%).Accrualofbaddebtprovisionbyportfolio:Steamsaleandotherreceivable

InRMB

Note：

Portfolio3-ForotherfundreceivableexceptPortfolio1andPortfolio2,BaddebtprovisionaccordingtotheexpectedcreditlossmodeRelevantinformationoftheprovisionforbaddebtswillbedisclosedwithreferencetothedisclosuremethodof

otherreceivablesiftheprovisionforbaddebtsofbillsreceivableisaccruedaccordingtothegeneralmodelofexpectedcreditloss:

□Applicable?Notapplicable

(3)Accountsreceivablewithdrawn,reversedorcollectedduringthereportingperiodThewithdrawalamountofthebaddebtprovision：

InRMB

Theimportantamountofbaddebtprovisionrecoveredorreversedinthecurrentperiodthereinto:

Notapplicable

(4)Theactualwrite-offaccountsreceivableNotapplicable

（5）Accountsreceivableandcontractassetsofthetopfiveendingbalancescollectedbydebtor

InRMB

6.Contractassets